固安捷 (GWW) 2026 Q1 法說會逐字稿

Greetings and welcome to the WW Grainger first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加WW Grainger 2026年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce Kyle Bland, Vice President of Investor Relations. Thank you. You may begin.

現在我很榮幸介紹投資人關係副總裁Kyle Bland。謝謝。您可以開始了。

Good morning. Welcome to Grainger's first quarter 2026 earnings call. With me are DG Macpherson, Chairman and CEO; and Dee Merriwether, Senior Vice President and CFO.

各位早安。歡迎參加Grainger 2026年第一季財報電話會議。與我一同出席的有董事長兼執行長DG Macpherson，以及資深副總裁兼財務長Dee Merriwether。

As a reminder, some of our comments today may include forward-looking statements that are subject to various risks and uncertainties. Additional information regarding factors that could cause actual results to differ materially is included in the company's most recent Form 8-K and other periodic reports filed with the SEC.

提醒各位，我們今天的部分評論可能包含前瞻性陳述，並受各種風險與不確定性影響。關於可能導致實際結果與前述陳述有重大差異之因素的更多資訊，已載於公司最新的Form 8-K及其他向美國證券交易委員會（SEC）提交的定期報告中。

This morning's call includes non-GAAP financial measures, which reflect certain adjustments in previous periods as noted in the presentation. There were no adjusting items in the first quarter 2026 period.

今天上午的電話會議包含非GAAP財務衡量指標，如簡報所述，反映了先前期間的特定調整。2026年第一季期間沒有調整項目。

We have also included organic revenue adjustments in the presentation, which normalize sales growth to reflect our exit from the UK market, including the Cromwell divestiture and the closure of Zoro UK, both of which are completed in the fourth quarter 2025.

我們也在簡報中納入有機營收調整，以將銷售成長常態化，反映我們退出英國市場的影響，包括Cromwell的處分以及Zoro UK的關閉，兩者皆已於2025年第四季完成。

Definitions and full reconciliations of our non-GAAP financial measures with our corresponding GAAP measures are found in the tables at the end of this presentation and in our earnings release, both of which are available on our IR website.

非GAAP財務衡量指標的定義，以及與相對應GAAP衡量指標的完整調節表，載於本簡報末尾的表格與我們的財報新聞稿中，兩者皆可於我們的投資人關係網站取得。

We'll also share results related to MonotaRO. Please remember that MonotaRO is a public company and follows Japanese GAAP, which differs from US GAAP and is reported in our results one month in arrears. As a result, the numbers discussed will differ from MonotaRO's public statements.

我們也將分享與MonotaRO相關的結果。請記得MonotaRO是一家上市公司，採用日本GAAP，與美國GAAP不同，且其業績在我們的結果中會延後一個月入帳。因此，所討論的數字將與MonotaRO對外公開的聲明有所不同。

Now I'll turn it over to DG.

現在我把時間交給DG。

Thanks, Kyle. Good morning, everyone, and thank you for joining today. We're off to a strong start in 2026 with both our business segments performing well.

謝謝你，Kyle。各位早安，感謝今天撥冗參與。我們在2026年有個強勁的開局，兩大業務部門表現都很出色。

Despite the ongoing tariff uncertainty and the broader geopolitical climate, we are encouraged by the positive signals we're seeing in the demand environment. By staying focused on what we can control, we continue to drive performance through solid execution and by consistently delivering value to our customers.

儘管關稅不確定性仍在，以及更廣泛的地緣政治情勢，我們仍對需求環境中看到的正面訊號感到鼓舞。透過專注於我們可控的事項，我們持續以扎實的執行力推動績效，並一貫地為客戶創造價值。

I had the opportunity to experience this firsthand on a recent visit with a major agricultural customer. While many of our large customers are complex, our approach is simple: start with the customer, stay curious about how their operation works, and then bring our full suite of capabilities to solve the MRO challenges end-to-end.

我最近拜訪一位大型農業客戶時，親身體驗到這一點。雖然我們許多大型客戶的需求相當複雜，但我們的方法很簡單：以客戶為起點，對其營運方式保持好奇，然後運用我們完整的能力組合，端到端解決其MRO挑戰。

What differentiated Granger with this customer and with other contract customers where we are seeing growth is our ability to deliver highly coordinated capabilities beyond the products themselves. That same coordinated approach is on display at our most recent Grainger sales meeting in March.

在這位客戶以及其他我們正看到成長的合約客戶中，使Grainger脫穎而出的，是我們能提供超越產品本身、且高度協同的能力。同樣的協同方式，也在我們3月最新一場Grainger銷售會議中充分展現。

This event showcased the breadth of our products, services and solutions. With more than 10,000 customer, supplier and team member attendees, the event demonstrated the power of listening, asking good questions and staying focused on the problem the customer is trying to solve.

這場活動展示了我們產品、服務與解決方案的廣度。活動吸引超過10,000名客戶、供應商與團隊成員參與，展現了傾聽、提出好問題，以及專注於客戶試圖解決之問題的力量。

We invest in this meeting because it results in stronger teams, stronger partnerships and ultimately improved performance. Earning trust and building strong relationships is also at the core of how we approach our workplace and culture.

我們投資於這場會議，因為它能帶來更強的團隊、更強的合作夥伴關係，並最終提升績效。贏得信任並建立穩固關係，也是我們打造職場與文化的核心。

While awards aren't the goal, they serve as useful signals that we're executing the right way. In recent weeks, Grainger was once again recognized as a top workplace, this time being named one of the Fortune 100 Best Companies to Work For and the 2026 Platinum Employer on the Where You Work Matters list, which is powered by the American Opportunity Index.

雖然獎項不是目標，但它們可作為我們以正確方式執行的有用訊號。近幾週，Grainger再次獲評為頂尖職場，這次入選《Fortune》100家最佳雇主（Best Companies to Work For），並在由American Opportunity Index支持的Where You Work Matters榜單中獲選為2026年白金雇主（Platinum Employer）。

We don't take this recognition like this for granted, and we're proud that it reflects the experiences we create for team members and the outcomes we deliver to our stakeholders.

我們不會把這樣的肯定視為理所當然，也很自豪它反映了我們為團隊成員創造的體驗，以及我們為利害關係人帶來的成果。

On the subject of team members, you may have seen that several of our senior leaders recently took on new roles within the organization. We are fortunate to have a broad and deep set of leaders at Grainger, a clear strategy, and high-performing company. Having such a strong foundation allows us to provide leaders with new experiences to develop for the future.

談到團隊成員，您可能已看到我們數位資深領導近期在組織內擔任新職務。我們很幸運，Grainger擁有廣且深的領導梯隊、清晰的策略，以及高績效的公司。如此堅實的基礎，使我們能讓領導者獲得新的歷練，以為未來發展。

Now moving to Q1 results. We delivered a strong quarter of profitable growth, meaningfully outpacing the expectations we communicated for the company back in February. Results benefited from healthy price realization, strong operational execution across both segments and improved market demand.

接著談第一季業績。我們交出一個強勁且具獲利性的成長季度，明顯優於我們2月對外溝通的公司預期。業績受惠於良好的價格實現、兩大部門的強勁營運執行，以及市場需求改善。

The broader MRO market showed positive momentum as we move through the quarter and appears to have sustained that strength in April. At the same time, our high-touch growth engines are gaining traction. And the EA segment is continuing to power the flywheel.

整體MRO市場在本季進行期間展現正向動能，且看來在4月仍維持強勢。同時，我們的高接觸式成長引擎正逐步發力。而EA部門持續推動飛輪效應。

Total company reported sales for the quarter were up 10.1% or 12.2% on a daily organic constant currency basis. Operating margin was strong at 16.7% and diluted EPS finished the quarter up over 18%. Operating cash flow came in at $739 million, which allowed us to return a total of $345 million to Grainger shareholders through dividends and share repurchases.

本季公司合併報告銷售額年增10.1%，若以每日有機、固定匯率口徑計算則成長12.2%。營業利益率維持強勁，達16.7%，稀釋後每股盈餘（EPS）本季成長超過18%。營運現金流為7.39億美元，使我們得以透過股利與庫藏股回購，合計向Grainger股東返還3.45億美元。

I also want to mention that we recently announced a 10% increase to our quarterly dividend, marking the 55th consecutive year of dividend increases. This reflects our continued commitment to returning cash to shareholders to a balanced and return-focused approach.

我也想提到，我們近期宣布將季度股利提高10%，這是連續第55年調升股利。這反映我們持續致力於以兼顧平衡、並以報酬為導向的方式向股東返還現金。

Overall, the quarter finished ahead of expectations, and we are increasing our 2026 guidance to reflect the strong start and continued momentum we are seeing.

整體而言，本季表現優於預期，因此我們上調2026年財測指引，以反映強勁開局與我們所見的持續動能。

I will now turn it over to Dee.

現在我把時間交給Dee。

As mentioned, we had a great start to the year with total company sales up 10.1% or 12.2% on a daily organic constant currency basis, which included strong growth across high-tech solutions and endless assortment.

如前所述，我們今年開局非常強勁，公司合併銷售額年增10.1%，若以每日有機、固定匯率口徑計算則成長12.2%，其中包含高科技解決方案與無限品項（endless assortment）的強勁成長。

Gross margin for the quarter was healthy at 40%, up 30 basis points versus the prior year period as we saw expansion in both segments. Operating margin was up 110 basis points year over year as gross margin flow through and leverage in both segments helped drive results.

本季毛利率維持健康水準，為40%，較去年同期提升30個基點，因兩大部門皆出現擴張。營業利益率年增110個基點，主要受惠於毛利率的傳導效應，以及兩大部門的營運槓桿帶動成果。

Both gross margin and operating margin benefited from the exit of the UK market. Overall, we delivered diluted EPS for the quarter of $11.65, which was up 18.2% versus the first quarter of 2025.

毛利率與營業利益率皆受惠於退出英國市場。整體而言，本季稀釋後每股盈餘為11.65美元，較2025年第一季成長18.2%。

Moving to segment-level results, the high-tech Solutions segment delivered sales growth of 10.5% on a reported basis or 10% on a daily constant currency basis. Sales growth included roughly equal contributions from price and volume.

接著看部門層級結果，高科技解決方案部門的銷售額在報告口徑下成長10.5%，若以每日固定匯率口徑計算則成長10%。銷售成長約由價格與銷量各貢獻一半。

From an end-market perspective, we believe that MRO market demand gained momentum in the period. This view is supported by various market indicators as well as the activity we're seeing on the ground with customers. For Grainger, specifically, we saw broad-based acceleration across end markets with strong contributions from manufacturing, government, and contractor customers.

從終端市場的角度來看，我們認為本期 MRO 市場需求動能有所增強。此觀點獲得多項市場指標以及我們在第一線與客戶互動所觀察到的活動所支持。就 Grainger 而言，我們看到各終端市場普遍加速成長，其中製造業、政府以及承包商客戶貢獻強勁。

On profitability, gross margin finished the quarter at 42.6%, up 20 basis points versus the prior year as positive mix and freight were partially offset by the impact of the annual Grainger sales meeting. We also continue to experience LIFO inventory valuation headwinds in the quarter.

在獲利能力方面，本季毛利率為 42.6%，較去年同期上升 20 個基點；正向的產品組合與運費因素，部分被年度 Grainger 銷售會議的影響所抵銷。我們在本季也持續面臨 LIFO 存貨評價帶來的不利因素。

Relative to our verbal guide, gross margin results exceeded expectations for the quarter as price cost was roughly neutral, faring better than anticipated on stronger price realization. Further, we saw cost timing favorability compared to expectations on lower sell-through of certain SKUs within our private label inventory. We anticipate this cost pressure will now hit in the second quarter.

相較於我們口頭指引，本季毛利率表現優於預期，因為價格與成本大致持平，且價格實現優於原先預估。此外，相較預期，我們在成本時點上也出現有利因素，原因是自有品牌存貨中部分 SKU 的售出比例較低。我們預期這項成本壓力將在第二季反映出來。

On SG&A, we gained nice leverage year over year as we benefited from strong sales, productivity and a tailwind from the Grainger sales meeting. This more than offset continued marketing investment and higher payroll and benefits expense, including higher incentive-based compensation given our strong start to the year.

在 SG&A 方面，我們年對年取得良好的槓桿效益，受惠於強勁銷售、效率提升，以及 Grainger 銷售會議帶來的順風。這些因素足以抵銷持續的行銷投資與較高的薪資及福利費用，其中包含因年初表現強勁而增加的激勵型薪酬。

This helped drive operating margin for the segment to 18.3% or 60 basis points versus the prior-year period. All told, it was a great start for the high-touch segment, and we're excited about the momentum we have as we move toward the rest of the year.

這也帶動該事業部的營業利益率提升至 18.3%，較去年同期增加 60 個基點。總體而言，高接觸（high-touch）事業部開局表現出色，我們對於在今年其餘時間延續這股動能感到振奮。

Now focusing on Endless Assortment segment. Sales increased 19.6% on a reported basis. Or 21.9% on a daily organic constant currency basis, which normalizes for the closure of the Zoro UK business and the impact of foreign currency exchange.

接著聚焦於「無限品項（Endless Assortment）」事業部。銷售額以報表口徑成長 19.6%。若以每日有機、固定匯率口徑計算（排除 Zoro UK 業務關閉及外匯匯率影響），則成長 21.9%。

Zoro US was up 18.7% on a daily basis, while MonotaRO achieved 24.3% in local days, local constant currency. At a business level, Zero saw strong growth from its core B2B customers, along with improving customer retention rates.

Zoro US 以每日口徑成長 18.7%，而 MonotaRO 以當地天數、當地固定匯率口徑達到 24.3%。就業務層面而言，Zoro 來自其核心 B2B 客戶的成長強勁，同時客戶留存率也持續改善。

The team continued to deliver on core foundational capabilities, improving the customer experience across pricing, fulfillment and website functionality. At MonotaRO, all sales were strong with continued growth from enterprise customers, coupled with solid acquisition and repeat purchase rates with small and mid-sized businesses.

團隊持續交付核心基礎能力建設，在定價、履約與網站功能等面向提升客戶體驗。在 MonotaRO 方面，各項銷售表現皆強勁，企業客戶持續成長，同時中小企業的獲客與回購率也維持穩健。

Additionally, MonotaRO continued to benefit from an increase in web traffic stemming from a competitor's cyber outage, which provided a meaningful tailwind to sales in the period. As expected, this impact waned as we move through the quarter.

此外，MonotaRO 也持續受惠於競爭對手遭遇網路攻擊停擺所帶來的網站流量增加，為本期銷售提供了顯著順風。如預期所示，隨著季度推進，這項影響逐漸減弱。

On profitability, operating margins increased 190 basis points to 10.6% with favorability across the segment. MonotaRO margins remained strong at 12.9%, up 90 basis points and zero margin improved to 7.3%, up 210 basis points, with both businesses benefiting from healthy top-line leverage. Overall, another strong quarter for the Endless Assortment team.

在獲利能力方面，該事業部整體營業利益率提升 190 個基點至 10.6%，各業務均呈現有利表現。MonotaRO 利潤率維持強勁，達 12.9%，上升 90 個基點；Zoro 利潤率改善至 7.3%，上升 210 個基點；兩項業務皆受惠於健康的營收槓桿。整體而言，無限品項團隊再度交出強勁的一季。

Before moving on, I wanted to share a brief update on the inflationary environment as we navigate tariffs and geopolitical cost pressures. We continued to manage the business with the goal of maintaining price cost neutrality over time.

在進入下一部分之前，我想簡要更新我們在關稅與地緣政治成本壓力下所面對的通膨環境。我們持續以長期維持「價格—成本中性」為目標來管理業務。

With this, we passed further price increases in January in response to previously delayed tariff inflation and to offset annually negotiated cost increases with our suppliers, which were largely in effect as of February 1. These actions were net of a partial rollback on certain Chinese tariffs announced at the end of last year.

因此，我們在 1 月進一步調漲價格，以因應先前延後反映的關稅通膨，並抵銷與供應商年度議價後的成本上升（多數自 2 月 1 日起生效）。上述措施已扣除去年底宣布對部分中國關稅的部分回撤所帶來的影響。

As it relates to the recent Supreme Court ruling on IEPA tariffs, we are only anticipating a modest impact on the business since the tariff rate differential with prevailing Section 122 duties is minimal. With this, our May pricing actions were net neutral in total where we have seen modest cost reductions, namely on products that Grainger is directly importing, we adjusted prices as part of our May update.

就近期最高法院對 IEPA 關稅的裁決而言，我們預期對業務僅有溫和影響，因為與現行第 122 條關稅（Section 122 duties）相比，關稅稅率差異不大。因此，我們 5 月的定價動作整體而言為淨中性；在我們看到成本小幅下降之處（主要是 Grainger 直接進口的產品），我們已在 5 月更新中相應調整價格。

For the remainder of our assortment, we're working with supplier partners to assess cost reduction opportunities and we'll take subsequent pricing actions as warranted. Moving forward, the team is busy evaluating further inflationary pressures from recently announced tariff changes and the knock-on effects from the conflict in the Middle East.

至於其餘品項，我們正與供應商夥伴合作評估降成本機會，並將視需要採取後續定價行動。展望未來，團隊正積極評估近期宣布的關稅變動所帶來的進一步通膨壓力，以及中東衝突的連鎖影響。

On fuel, we're working with our supplier and transportation partners to minimize cost headwinds that have risen as diesel prices remain pressured. We ultimately strive to pass these costs through to customers, but there is some leakage since a number of our customers don't fully pay for partial shipping.

在燃料方面，我們正與供應商及運輸夥伴合作，將柴油價格持續承壓所帶來的成本逆風降至最低。我們最終目標是將這些成本轉嫁給客戶，但由於部分客戶未完全支付分段運輸（partial shipping）費用，因此仍存在一定的滲漏。

While currently only modest in total, these heightened costs are pressuring our margins, and this will likely continue until our next pricing window. We have included this fuel impact in our updated guidance.

雖然目前整體影響仍屬溫和，但這些上升的成本正在壓縮我們的利潤率，且可能會持續到下一個定價窗口。我們已在更新後的指引中納入此燃料影響。

On the recently announced Section 232 modifications, given the significant complexity, we are still working to understand what the full impact might be across our assortment, but our initial analysis suggests it is likely minimal.

關於近期宣布的第 232 條（Section 232）修正案，由於其複雜度相當高，我們仍在釐清其對我們品項組合可能造成的完整影響；但初步分析顯示，影響可能有限。

Separately, we're starting to see supply pressure from the conflict in the Middle East related to certain raw material inputs on some categories like nitrile-based gloves. As of now, this is minimal on the US Business, but we're starting to see more strain in the Japanese market given the region's reliance on energy inputs, which move through the Strait of Hormuz. We will continue to assess the situation and are working with our suppliers and manufacturing partners to minimize supply impacts, including changing our sourcing strategy where needed.

另外，我們開始看到中東衝突對部分品類的特定原物料投入造成供應壓力，例如丁腈（nitrile）材質手套。目前對美國業務的影響仍小，但由於日本市場對能源投入的依賴較高，且能源運輸需經由荷莫茲海峽（Strait of Hormuz），我們開始在日本市場看到更大的壓力。我們將持續評估情勢，並與供應商及製造夥伴合作將供應影響降至最低，包括在必要時調整採購策略。

Despite these challenges, we're not anticipating a step change in cost inflation from these pressures at this time and thus have not included any impact in our updated guidance. However, if the conflict persists, these impacts could result in incremental costs for the business, and this will be felt more quickly in the US based on LIFO accounting.

儘管面臨這些挑戰，我們目前不預期上述壓力會導致成本通膨出現階躍式上升，因此未在更新後的指引中納入任何影響。然而，若衝突持續，這些影響可能為業務帶來額外成本，且基於 LIFO 會計處理，這些影響在美國將更快反映出來。

Lastly, we're also monitoring for the potential recovery of previously paid IEPA tariffs where Grainger is the importer of record, but the timing and the magnitude of any recovery remains uncertain at this time. As you might imagine, the broader inflationary landscape remains highly fluid, as it has been for the last several quarters. Importantly, our team is staying agile, and we continue to be confident in our ability to maintain supply for our customers while adhering to our core pricing tenants.

最後，我們也在關注先前已支付的 IEPA 關稅是否可能在 Grainger 為進口登記人（importer of record）的情況下獲得退還，但任何退還的時點與金額目前仍不確定。如各位所想像，更廣泛的通膨情勢仍高度變動，且過去數季皆是如此。重要的是，我們團隊保持敏捷，並持續有信心在遵循核心定價原則的同時，維持對客戶的供應能力。

Now turning to our guide, as a result of our strong start and continued momentum, we are raising our full-year 2026 guidance. On the top line, our new outlook includes expected daily organic constant currency sales growth between 9.5% and 12%, reflecting first quarter strength, continued strong execution and improved MRO market demand.

接著談我們的指引：由於年初開局強勁且動能延續，我們上調 2026 全年指引。在營收方面，新展望預期每日有機、固定匯率銷售成長介於 9.5% 至 12%，反映第一季的強勁表現、持續優異的執行力，以及 MRO 市場需求改善。

Our operating margin expectations for the full year have ticked up slightly at the midpoint to incorporate our first quarter outperformance. This is partially offset by headwinds from higher incentive-based compensation and leakage related to increased fuel costs. While incremental margins remain healthy, you'll see that the added revenue dollars for the balance of the year are less profitable because of these transitory headwinds.

我們對全年營業利益率的預期在中位數略為上調，以納入第一季超預期表現。此上調部分被較高的激勵型薪酬以及燃料成本上升所造成的滲漏逆風所抵銷。雖然增量利潤率仍然健康，但你會看到，由於這些短期逆風，今年剩餘期間新增的營收美元獲利性較低。

Taking all this together, EPS is expected to be between $44.25 and $46.25, representing nearly 15% year-over-year growth at the midpoint. This represents $1.75 improvement at the midpoint versus the prior guidance range.

綜合以上因素，預期 EPS 將介於 44.25 美元至 46.25 美元之間，以中位數計算，年增幅接近 15%。以中位數計算，較先前指引區間提升 1.75 美元。

We've also updated our supplemental guidance in the appendix, which includes an increase in total company operating cash flow compared to the prior guide. We've continued our strong momentum into the second quarter with preliminary April sales up north of 13% on a daily organic constant currency basis.

我們也更新了附錄中的補充指引，其中包含相較先前指引提高的全公司營運現金流。我們在第二季延續強勁動能，4 月初步銷售在「每日、有機、固定匯率」基礎上成長超過 13%。

This start supports our expectations for the second quarter sales north of $4.9 billion or approaching 12% on a daily organic constant currency basis, which is 330 basis points lower on a reported basis when normalizing for the UK market exit and currency headwinds. We expect operating margins will be down sequentially in the second quarter compared to the first quarter.

這樣的開局支持我們對第二季銷售額高於 49 億美元、或在「每日、有機、固定匯率」基礎上接近 12% 成長的預期；若在剔除英國市場退出與匯率逆風後進行常態化，按報表口徑則低 330 個基點。我們預期第二季營業利益率將較第一季呈現季減。

Beyond normal seasonality, we expect this step down will be exacerbated by headwinds from fuel costs along with increased costs on our private label inventory, the latter of which is in line with what we had expected to hit in the first quarter. All told, we anticipate second quarter operating margins will be in the low 15% range for the total company.

除了正常季節性因素之外，我們預期這一降幅將因燃料成本逆風以及自有品牌庫存成本上升而加劇；後者與我們原先預期會在第一季反映的情況一致。總體而言，我們預期全公司第二季營業利益率將落在 15% 的低段區間。

With that, I'll hand it back over to DG for his closing remarks.

接下來我把時間交回 DG，請他做結語。

Thanks, Dee. Overall, we feel good about how the business is operating and are confident in our strategy. I'm encouraged by our ability to continue to grow profitably in this ever-evolving environment while staying focused on creating value for the long-term.

謝謝，Dee。整體而言，我們對業務運作狀況感到良好，並對我們的策略充滿信心。在這個不斷演變的環境中，我們仍能持續以獲利方式成長，同時專注於創造長期價值，這讓我備受鼓舞。

Looking ahead, we will continue to focus on what matters most for our customers and earn their trust through strong execution, differentiated capabilities and a consistent focus on doing the right thing. We recognize the significant uncertainty in the macro, but we'll stay nimble to serve customers and perform well in any environment.

展望未來，我們將持續聚焦於客戶最在意的事，透過強而有力的執行、差異化能力，以及一貫堅持做對的事來贏得他們的信任。我們認知到總體環境存在顯著不確定性，但我們會保持靈活，以服務客戶並在任何環境下都能有良好表現。

With that, we'll open it up for Q&A.

接下來我們開放問答。

(Operator Instructions) David Manthey, Baird.

(接線員指示) David Manthey，Baird。

Thank you, DG, Dee. Good morning. First off, I appreciate that you finally moved away from the myopic quarter to quarter share gain discussion, particularly in a quarter where you could have taken a major victory lap, so thanks for that, we'll draw our own conclusions.

謝謝你，DG、Dee。各位早安。首先，我很感謝你們終於不再以短視的逐季市占提升來討論，尤其是在一個你們本可以大肆慶祝勝利的季度，所以謝謝；我們會自行得出結論。

My first question is on price. Could you just tell us in simple terms as well as price contribution by each segment and overall?

我的第一個問題是關於價格。你們能否用簡單的方式告訴我們，各事業部以及整體的價格貢獻是多少？

So generally, I'll talk about the segment detail. Dave, thank you for the question, though. And so I would say when you look at North America, we're about 5% or 5 points of price.

我先大致談一下各事業部的細節。Dave，謝謝你的提問。我會說，當你看北美時，我們大約有 5% 或 5 個百分點來自價格。

All right. Thank you. And then, Dee, maybe you could update us on the pacing of margins through the year. When I look back to last quarter, you said seasonally gross margin would deviate from its normal pattern. You had LIFO price cost in the show impacting that. And you said that first half gross margins would be at or slightly below the annual guide and then rebounding in the back half.

好的。謝謝。接著，Dee，也許你可以更新一下今年利潤率的走勢節奏。回顧上一季，你提到由於季節性因素，毛利率會偏離其正常型態。你提到 LIFO 的價格成本會影響其中。你也說上半年毛利率會落在全年指引附近或略低，然後在下半年回升。

And operating margins would follow a similar trajectory. I was just wondering if you could give us an update on your view there.

而營業利益率也會呈現類似的軌跡。我想請問你能否更新一下你目前的看法。

Yes, I would say now we believe it's going to have more of a U-shape. And part of that is because Q1 performance, we did very well from a price realization perspective. As price continued to build. Based upon the changes that we made in 2025 and then, of course, the change we made in January.

是的，我會說我們現在認為走勢會更像 U 型。部分原因是第一季表現——從價格實現（price realization）的角度來看，我們做得非常好。隨著價格持續累積。基於我們在 2025 年所做的變更，當然也包括我們在 1 月做的調整。

I believe you heard in prepared remarks that we had expected to sell through more of our private label inventory in Q1, which would have created a drag. Not as much sold through, we're starting to see that sell-through already in Q2, so we expect that negative impact to then hit in the second quarter.

我相信你在事先準備的發言中也聽到，我們原本預期第一季會更大量地銷售消化（sell-through）自有品牌庫存，這會造成拖累。但實際消化沒有那麼多；我們已在第二季開始看到這種消化，因此我們預期那個負面影響會在第二季反映。

And then we also have the normal seasonality decline that happens from Q1 to Q2 because we take a larger price increase in January and that bleeds off through the year.

此外，從第一季到第二季也有正常的季節性下滑，因為我們在 1 月進行較大幅度的漲價，而這個效果會在全年逐步消退。

As you also heard us talk about the impact that we have related to fuel, we believe that is going to build. That was not necessarily anticipated in the original guide. So that is new news here that we've added to the guide. And the challenge that we have with the majority of our very large customers have free parcel shipping.

另外你也聽到我們談到燃料相關影響，我們認為這個影響會逐步加大。這在原先指引中不一定有預期到。所以這是我們此次新增到指引中的新訊息。而我們面臨的挑戰是，我們的大多數大型客戶都提供免運的包裹配送（free parcel shipping）。

And as a result of that. It is more difficult for us to pass on acid soils and other fuel charges to them, and so that's going to take us some time. We noted that we're going to have some leakage, and then we're going to have some timing implications. However, we are confident that we will find a way to work through that, i.e. The U-shaped. And as the year goes on, we will have a means to pass some of that price on to those customers and some of our broader customers, while still remaining competitive in the marketplace.

因此。我們更難把附加費（surcharges）以及其他燃料費用轉嫁給他們，所以這需要一些時間。我們提到會有一些漏損（leakage），也會有一些時點上的影響。不過，我們有信心能找到方法來消化這些影響，也就是呈現 U 型走勢。隨著年度推進，我們將有方式把其中一部分價格轉嫁給這些客戶以及更廣泛的客戶群，同時仍能在市場上保持競爭力。

That's very clear. Thank you both.

非常清楚。謝謝你們兩位。

Jacob Levinson, Melius Research.

Jacob Levinson，Melius Research。

Hey. Good morning, everyone.

嗨。各位早安。

Good morning.

早安。

It might be a little too early to really see any impact here, but if we look at Japan, I think that's probably a blind spot for a lot of us on this call. But is the team in Monitoro seeing anything to be concerned about? Because I know they've certainly borne quite a bit of the energy shock here.

現在可能還有點太早，未必能真正看到任何影響，但如果我們看日本，我想這對本次電話會議上的許多人而言可能是個盲點。不過 Monitoro 的團隊有看到任何值得擔憂的跡象嗎？因為我知道他們確實承受了相當大的能源衝擊。

Yeah, so you're right that certainly East Asia, in particular, bears more of the brunt here, given most of their energy, most of their oil and natural gas, frankly, comes through the straight onwards.

是的，你說得對，東亞尤其承受了更大的衝擊，因為他們的大部分能源——坦白說，大部分的石油與天然氣——都是經由海峽運輸而來。

So what we've seen is some price pressure with some products there. And then we have seen a little bit of buying in the end of the first quarter, they talked about in their call today, of those products that are potentially at risk. It hasn't been material yet, but certainly it could become so depending on how long it goes.

所以我們看到那邊部分產品出現一些價格壓力。另外，我們也看到第一季末有一些採購行為——他們今天在電話會議上也提到——針對那些可能面臨風險的產品。目前影響還不算重大，但視情況持續多久，確實可能變得更顯著。

Okay, that makes sense. And just on the private level side, I assume no news is good news, but I know that that was a potential concern last year. But have you been able to adapt that business to just given the tariff environment, it's hard for us to know what all the moving pieces are there.

好的，這很合理。另外關於自有品牌（private label）這一塊，我想沒有消息就是好消息，但我知道去年這曾是潛在疑慮。不過在目前關稅環境下，你們是否已能調整這項業務？因為對我們來說，很難掌握其中所有變動因素。

Yeah, and it's not a simple it's not a simple challenge either, so what I would say is there have been some private label products where the cost spread between it and the national products have compressed and so we have seen some impact there and some more buying of national brand versus private brand.

是的，而且這也不是一個簡單的挑戰，所以我想說的是，我們有一些自有品牌產品，其成本與全國性品牌產品之間的價差已經收斂，因此我們在那裡確實看到了一些影響，也看到相較於自有品牌，更多採購轉向全國性品牌。

Some of that will probably work its way out over time, we think, and so we'll get back to having an appropriate gap and having very high-quality products at reasonable prices for customers in a private brand. I would also note, we're having tremendous success with leveraging the Grainger brand for certain areas of our private brand as well, so we're pretty excited about the path there. Overall, we're still very confident in our private brand path, but there has been some impact for sure.

我們認為其中一部分可能會隨著時間推移而逐步消化，因此我們會回到一個適當的價差，並以合理的價格為客戶提供高品質的自有品牌產品。我也想補充，我們在自有品牌的某些領域運用 Grainger 品牌取得了巨大的成功，所以我們對這條路徑感到相當興奮。整體而言，我們對自有品牌的發展路徑仍然非常有信心，但確實也受到了一些影響。

Great. Thank you, DG. I'll pass it on.

很好。謝謝你，DG。我把問題交給下一位。

Ryan Merkel, William Blair.

Ryan Merkel，William Blair。

Hey, everyone. Nice job this quarter. First question is just on the demand environment. DG, what was the surprise for you on revenue in the quarter? Was it just better end market demand or is the company-specific story also a part of it?

各位好。本季表現不錯。第一個問題是關於需求環境。DG，本季營收有哪些讓你意外的地方？是終端市場需求比預期更好，還是公司自身的因素也有貢獻？

Yeah, I think it's a bit of three things. One is the end market demand, we did flip, it's been negative for several years now and we think the volume growth in the market most signals would suggest it turned to slightly positive. So that's a benefit for sure.

是的，我認為大概有三個因素。第一是終端市場需求，我們確實出現了反轉——過去幾年一直是負成長，而我們認為從市場上多數訊號來看，市場的量成長已轉為小幅正成長。所以這當然是一個利多。

Our price realization has been higher than we had anticipated to start the year, so that's a benefit for sure and then our share gain has been strong as well. So I think all of that has conspired to create a really strong demand environment for us.

我們的價格實現（price realization）高於年初預期，所以這當然也是利多；另外，我們的市占率提升也很強勁。因此我認為這些因素共同促成了對我們而言非常強勁的需求環境。

Got it. That's great. And then second question is on gross margin, I guess, for Dee. So you did 40%, I think you thought it would be 39. So is all of the beat this mix timing? And I guess my question is, what drove the mix timing? And then can you unpack why in the second quarter the cost increase in the private labels a negative?

了解。很好。第二個問題是關於毛利率，我想問 Dee。你們做到 40%，我記得你們原本以為會是 39%。所以超出預期的部分全部都是組合時點（mix timing）造成的嗎？那我的問題是，什麼因素驅動了這個組合時點？另外，你能否拆解一下為什麼第二季自有品牌的成本上升會帶來負面影響？

Here, so let me start with the first part of that, which is why we, in my words, overmade versus where we thought we would be in the first quarter. And Digi talked about some of this, but we did achieve better price realization in the first quarter than what we had anticipated based upon. Some of the SKUs that customers were purchasing, and so that was very helpful to us.

好的，我先從第一部分開始，也就是為什麼用我的話說，我們第一季的表現超出原先預期。Digi 也提到了一些，但我們第一季達成的價格實現確實比我們原先預期的更好，這是基於……客戶所購買的一些 SKU 組合，因此這對我們非常有幫助。

The other part of the other side of that relates to the private label inventory. We had assumed that with some of this growth, we would be selling through much more of our lower-cost private label inventory and have that impact in Q1.

另一部分、也就是相反的一面，與自有品牌庫存有關。我們原本假設在這些成長之下，我們會更大量地銷售掉較低成本的自有品牌庫存，並在第一季反映出其影響。

We sold through a whole lot less of that than what we anticipated and so when we now move to the second part of your question related to Q2, that negative impact, we now we we can start seeing it come through already in our April results will hit in the second quarter.

但我們實際上消化的量遠低於預期；因此當我們進到你問題的第二部分、也就是第二季的負面影響時，我們現在——我們已經開始在 4 月的結果中看到它浮現，並會在第二季反映出來。

So that's the difference between those two pieces of that. And in the second quarter, as we have a normal seasonality with gross margin because of the price increase that we take, of course, in January that then normally. As we go through the year and into second quarter. So we're planning for that to continue to occur as well.

所以這就是這兩部分之間的差異。而在第二季，由於我們毛利率存在正常的季節性——因為我們在 1 月調價，當然通常會……隨著年度推進進入第二季。所以我們也規劃這種情況會持續發生。

I think the other thing to just clarify is, while we are mostly on LIFO, our private brand inventory is on FIFO. So it adds complexity here to things. And so that has always been the case. It's just obviously in the last. Year, it's all that's become more clear and necessary to talk about. So that's what we're talking about on the private brand. We didn't sell three layers yet, and now we are that are higher cost.

我想另外澄清的是，雖然我們大多採用 LIFO（後進先出），但我們的自有品牌庫存是採用 FIFO（先進先出）。因此這讓情況更為複雜。而這一直都是如此。只是很明顯在過去……一年裡，這點變得更清楚，也更有必要拿出來討論。所以這就是我們在自有品牌上所談的情況。我們還沒有把三層庫存賣完，而現在要賣的是成本更高的那些層。

All right. Very helpful. I'll pass it on. Thanks.

好的。非常有幫助。我把問題交給下一位。謝謝。

Chris Snyder, Morgan Stanley.

Chris Snyder，Morgan Stanley。

Thank you. I appreciate the question. Could you just maybe talk about the impact that the leading on the price cost, I guess, primarily on the private brands, how much of an impact did that have to Q1 gross margin?

謝謝。我想問一個問題。你們能否談談價格相對成本的領先（leading on the price cost）所帶來的影響，我想主要是在自有品牌上，這對第一季毛利率的影響大概有多少？

About 20 basis points in the first quarter.

第一季大約 20 個基點。

Thank you. I really appreciate that. And then if I could just maybe follow-up on some of the price conversation just to make sure I'm understanding all of that right. So it sounds like you guys did the typical January start of the year price increase.

謝謝。我非常感謝。然後如果可以的話，我想就價格的討論再追問一下，確認我是否理解正確。聽起來你們在 1 月照例做了年度期初的調價。

And then it sounds like there was another round that came, I think, in May, you said, Dee. I guess just in response to all the inflation we're seeing now between metal, freight, tariffs, everything. I just want to make sure I have that right. And if you. Provide any relative sizing for either of those two just to help us calibrate the models. Thank you.

然後聽起來還有另一輪是在 5 月，我想你說的，Dee。我猜是因應我們現在看到的通膨，包括金屬、運費、關稅等等。我只是想確認我理解得沒錯。以及如果你……能提供這兩次調價的相對幅度，幫助我們校準模型。謝謝。

Chris, just to be clear, so January 1, May 1 and September 1 are our normal price cycles. So the May 1 wasn't in response to anything in particular. We just happened to ponder some of the things going on in that price cycle.

Chris，先澄清一下，1 月 1 日、5 月 1 日和 9 月 1 日是我們正常的調價週期。所以 5 月 1 日那次並不是針對任何特定事件的回應。只是剛好在那個調價週期，我們也把一些正在發生的事情納入考量。

Yes, that's the timing at which we can take it. And so I'll point you to slide 11, but I'll talk a little bit more about it. But again, as you noted, January incorporated, any lag we had from being able to take tariff actions from 2025 plus what we were negotiating late in the year that would impact us in 2026. So that was the January price, and that was a slightly positive.

是的，那就是我們可以調價的時間點。我會請你參考第 11 頁投影片，但我也再多說一點。不過如你所提到的，1 月的調價納入了我們因 2025 年關稅措施而在可調價時點上存在的任何落後（lag），再加上我們在年底較晚時談判、會在 2026 年影響我們的部分。所以那就是 1 月的調價，而且是小幅正向。

Sorry, my voice is -- I'm losing it on this call -- slightly positive pricing action that we took because it was also net of certain Chinese tariff changes that were announced, basically rollbacks in November.

抱歉，我的聲音——我在這通電話上快失聲了——我們採取的是小幅正向的定價行動，因為其中也扣除了某些已宣布的中國關稅變動，基本上是在 11 月宣布的回撤（rollback）。

And then, as you and DG were just noting, in May, which is a normal time where we can take pricing actions we did, and that was really a net neutral.

然後，正如你和 DG 剛才提到的，5 月是我們正常可以採取定價行動的時間點，我們也確實做了，而那次基本上是淨中性。

Price for corrections or things like that that we might need to take as related to January, also incorporated Section 122 actions, and it was offset by IEPA rollback for our private label products that we directly source, because we know what those standard price changes should be, and that was net neutral.

針對我們可能需要視為與一月相關的更正或類似事項的價格，也納入了第122條款的行動，並且被我們直接採購的自有品牌產品之IEPA回溯調整所抵銷，因為我們知道那些標準價格變動應該是多少，因此整體影響為中性。

Christopher Glynn, Oppenheimer.

Christopher Glynn，Oppenheimer。

So you've talked about in the past few quarters an elevated backdrop for a chunkier contract cycle. Just curious what pace you're seeing those rolling into the outgrowth. And the length of the tail of, I guess, what we're calling a more elevated cycle for chunkier wallet and share pickup.

你在過去幾個季度談到，合約週期出現較為「大額/不均勻」的提升背景。想請教你看到這些合約以什麼樣的節奏滾動進入成長（outgrowth）。以及我想，我們所稱的更高檔的「大額錢包份額與市占提升」週期，其尾端會有多長。

Yes, I'm not sure I would describe it necessarily as chunkier, a lot chunkier than the past. I think we have our contract business has been net positive to start the year. We've had a number of successes and implementations. I think we are seeing. A lot of customer demand to serve them on-site in ways that are really important to them.

是的，我不確定我會把它形容為「更大額」，或比過去大很多。我認為我們的合約業務在年初至今是淨正向的。我們有多項成功案例與導入落地。我想我們正在看到。許多客戶需求，希望我們以對他們非常重要的方式到現場提供服務。

I think, secondly, I think there's just less labor with any of our customers, and so we're getting asked to do more things, and we are doing more things on-site with our customers and providing more services than we have historically. I don't think it's necessarily. A significant departure from the past, but I do think that we've had some success in terms of growing our large customer volume in the last six months.

第二點，我認為我們的客戶普遍面臨勞動力更少的情況，因此他們要求我們做更多事情，而我們也確實在客戶現場做了比以往更多的工作並提供更多服務。我不認為這必然是。與過去相比的重大偏離，但我確實認為，過去六個月我們在擴大大型客戶量方面取得了一些成功。

And just curious what now you're seeing in terms of most productive use cases for AI?

另外也想請教，你目前看到AI最具生產力的使用情境是哪些？

Yeah, I mean, I think there's many use cases, but I would highlight a few. I think I would put them in a couple of categories. There are AI use cases that we have that are implemented in areas that drive productivity in the business.

是的，我的意思是，我認為有很多使用情境，但我會強調幾個。我想我會把它們分成幾個類別。我們有一些AI使用情境已在能提升企業生產力的領域落地。

We have AI use cases and customer service that are working with our agents to our customer service reps to make sure we provide great service and do it faster and easier. There's a lot of work in finance in the back office that we've put in AI solutions. We're putting AI solutions in our supply chain to drive.

我們在客服方面也有AI使用情境，與我們的客服專員/客服代表協作，確保我們提供優質服務，並且更快、更容易完成。在後台的財務作業上，我們也導入了許多AI解決方案。我們也在供應鏈導入AI解決方案，以推動。

More one-piece flow in our warehouses, for example. So there's a lot of things going on with AI. And then I think there's a number of use cases around the customer experience that are absolutely critical for us for long-term success. Investing and improving search, investing and improving merchandising capabilities are examples of that.

例如在倉庫中實現更多的一件流（one-piece flow）。所以AI方面有很多事情正在進行。另外，我認為在客戶體驗方面也有多個使用情境，對我們的長期成功至關重要。投資並改善搜尋、投資並提升商品陳列（merchandising）能力，就是其中的例子。

So I would say it's pervasive in terms of where we're using it and will become more so. And I think pointing at the right things is really critical and making sure we create advantage through the efforts in addition to driving productivity is really important.

所以我會說，我們使用AI的範圍非常廣，未來會更普及。我認為指向正確的重點非常關鍵，並確保除了提升生產力之外，我們也能透過這些投入建立優勢，這點非常重要。

And if I could sneak in one more and might build up that prior answer. But from Zoro, you talked about website functionality as a driver. So just curious what -- it sounds like maybe early days talking about that, but as that normalizes the implications for margin and outgrowth from Zoro with the website work and implementing lessons learned.

如果我可以再追問一個，可能延伸你剛才的回答。但就Zoro而言，你提到網站功能性是驅動因素。所以想請教——聽起來可能還在早期階段——但當這些改善逐步常態化後，Zoro在網站工作與導入經驗教訓方面，對毛利與成長（outgrowth）的意涵是什麼？

Yeah, I think that the website changes and improvements are in process. We probably haven't seen too much benefit yet from those. We've seen a lot of benefit from getting repeat business with customers, improving the quality of our acquisitions and the business improve both margins and growth rate as a result of those things, but the website improvements will be fast off that and drive a lot of benefit we think too, so we're excited about what they're doing.

是的，我認為網站的變更與改善正在進行中。我們可能還沒有從中看到太多效益。我們已經從提升客戶回購、改善獲客品質中看到很多效益，而這些因素也讓業務的毛利與成長率都得到改善；但我們認為網站改善會在此基礎上快速帶來更多效益，所以我們對他們正在做的事情感到很興奮。

Great. Thank you.

很好。謝謝。

Andrew Obin, Bank of America.

Andrew Obin，美國銀行。

Yeah. Can you hear me?

是的。你聽得到我嗎？

Yes, we can.

是的，我們聽得到。

Okay. Excellent. So just a question in terms of guidance range. It seems that a lot of debate on the stock has been about your ability to push pricing and I think gross margins in this quarter reflects quite a bit of success in doing that.

好的。太好了。那我想問一下關於指引區間的問題。看起來市場對這檔股票的許多爭論，都是圍繞在你們推動定價的能力上；而我認為本季的毛利率反映了你們在這方面相當成功。

But at the same time, most of the raise reflects the deep in the quarter, and maybe I appreciate some of the headwinds in the second-half. So how should we think about sustainability of this pricing momentum into the second-half?

但同時，上調幅度多數反映在本季後段，而且我也理解下半年可能有一些逆風。那我們應該如何看待這股定價動能在下半年的可持續性？

So the way I describe it is that debate has not been happening internally, it's been happening with others. And frankly, so the reality is, we always said as we went through the tariffs that it would take we we would lag in terms of getting to price cost neutrality, we did it, you see that in the first quarter and now there's some things that may cause us to, as Dee says, go through a U-shape and do it again, but generally the fundamental and that's partly because we're on LIFO, the fundamental of price cost is perfectly strong with the business and very stable and has been for some time.

我會這樣描述：這個爭論並沒有在公司內部發生，而是在外部發生。坦白說，現實是，我們在關稅期間一直說，達到價格與成本中性（price-cost neutrality）會有滯後；我們做到了，你在第一季看到了。現在可能有一些事情會讓我們——如Dee所說——經歷一個U型走勢再做一次；但整體而言，價格與成本的基本面非常強勁、非常穩定，而且已經維持一段時間了，部分原因是我們採用LIFO。

And what about not flowing through for the second-half of the year, is it just being conservative?

那關於下半年沒有完全反映出來，是因為比較保守嗎？

No, it's the things we talked about. So it's potential fuel cost, it's the Pl. The private brands cost coming through, but it's just the basics basically and some seasonality. So really there's nothing there that isn't very explainable.

不是，是我們談到的那些因素。包括潛在的燃料成本，以及損益表（P&L）。自有品牌成本的傳導，但基本上就是這些基本因素，再加上一些季節性。所以其實沒有什麼是無法解釋的。

You could argue whether we're being conservative or not on increased fuel cost. There's just so much uncertainty with that one, right? Who knows? Obviously, if the conflict ended today and the straight opened up next week, which is unlikely to happen, that would be great. We'd love for that to happen. But what we're forecasting now is some challenge with fuel, and that's just a reality.

你可以爭論我們對燃料成本上升是否過於保守。那一項不確定性太大了，對吧？誰知道呢？顯然，如果衝突今天就結束、海峽下週就開放——雖然不太可能發生——那會很棒。我們也很希望那樣。但我們目前的預測是燃料會帶來一些挑戰，這就是現實。

And just a question, could you just size the LIFO impact this quarter relative to other quarters just directionally?

再問一個問題：你能否就方向性地說明，本季LIFO的影響相對於其他季度大概如何？

Yeah, so LIFO, as we talked about, never goes down, right? It normalizes and subsides. And so when we went from Q4 to here for at the total company level in Q1, we think it's about 70 bits on the total company.

可以。正如我們談過的，LIFO不會下降，對吧？它會回歸正常並逐步消退。所以從第四季到這裡，在第一季的全公司層面，我們認為大約是影響全公司70個基點。

Well, Teresa and I hope you get your voice back. I appreciate you. You're doing great.

Teresa，我希望你能把嗓子養回來。我很感謝你。你做得很好。

I'll try to answer what I can.

我會盡量回答我能回答的部分。

Stephen Volkmann, Jefferies.

Stephen Volkmann，Jefferies。

Great. Good morning, everybody. And I'll ask a couple of growth questions and maybe save Dee's voice a little as well. I'm curious, your slide 19 where you show the various end markets. Pretty nice inflection in a lot of these. Would you say, DG, that any of these were specifically benefiting from share gains or more than the others or is it a more broad-based approach?

很好。各位早安。我想問幾個成長方面的問題，也順便讓 Dee 的嗓子省一點。我很好奇，你們投影片第 19 頁展示了各個終端市場。其中不少都有相當不錯的拐點上升。DG，你會說這些之中有任何一個是特別受惠於市占率提升、或受惠程度高於其他的嗎？還是說這是一種更廣泛、全面性的趨勢？

I think that it's more broad-based in terms of share gains. Share gain for us typically are providing great service, helping customers make sure they can find their own product, providing. On-site support for inventory management. It's a set of core things that we do. And generally, those things impact most segments at the same time if we're performing well. And I think that's really what's reflected here.

我認為就市占率提升而言，這比較偏向廣泛、全面性的。我們的市占率提升通常來自於提供很好的服務，協助客戶確保他們能找到自己需要的產品，並提供。到場支援以進行庫存管理。這是一套我們在做的核心事項。一般來說，如果我們執行得好，這些事情會同時影響大多數的細分市場。我想這也正是這裡所反映的情況。

Okay. And then any potential that you saw some customers buying a little extra inventory, given all the uncertainty around price and availability and so forth?

了解。那你們是否看到有些客戶因為對價格、供應可得性等不確定性，而多買一些庫存？

Not in the US. We have not seen that in the US. We've also not seen customers stop projects given the uncertainty really. I think we've seen things just in normal status here in the US. We mentioned before that in Japan, at the end of the first quarter, we saw a little bit of maybe buying ahead just to make sure that customers could secure products that are petroleum-based, but not in North America, we haven't seen that.

在美國沒有。我們在美國沒有看到這種情況。我們也沒有看到客戶因為不確定性而停止專案。我認為在美國，我們看到的狀況基本上都維持正常。我們之前提到，在日本第一季末，我們看到一點點可能的提前採購，主要是為了確保客戶能取得以石油為基礎的產品；但在北美，我們沒有看到。

Great. I appreciate that. And then finally, just competitively, we hear pockets of availability issues. I'm just wondering, are you seeing any of your competitors do more or less pricing or be able to pass through diesel maybe or not or having issues getting anything?

很好。謝謝你的說明。最後一個問題，從競爭面來看，我們聽到某些區域有供應可得性問題。我想了解的是，你們是否看到任何競爭對手在定價上更積極或更保守、或是否能把柴油成本轉嫁出去、或不能轉嫁、或在取得任何產品上遇到問題？

I think it's too early for us to really know that. In North America, we don't anticipate having challenges, the fuel impact. If there were challenges, it would be things going on in Southeast Asia that we're all procuring and we'd all be procuring the same things.

我認為現在要真正判斷還太早。在北美，我們不預期會有挑戰，燃料的影響也是如此。如果真的有挑戰，可能會是東南亞那邊的狀況，因為我們大家都在那裡採購，而且採購的東西也都差不多。

Generally, that's what we've seen in the past. But so far, we haven't seen trouble getting product in the US, and we haven't seen any unusual competitor behavior.

一般而言，過去我們看到的就是這樣。但到目前為止，我們在美國沒有看到取得產品有困難，也沒有看到任何不尋常的競爭對手行為。

Deane Dray, RBC Capital Markets.

Deane Dray，RBC Capital Markets。

I'm not sure you gave this data point yet, but what was the benefit to margin in the quarter for the two European exits and what would be the benefit for the year?

我不確定你們是否已經提供過這個數據點，但本季退出兩個歐洲業務對毛利率的貢獻是多少？那全年會帶來多少好處？

Yeah, so I'll start with the last part of it, which is about the same as the total, but year over year is about 45 basis points equally split between gross margin and SG&A. And then as it relates to top-line, of course, Cromwell sales, that's about a 210 basis point impact on total company and 110 basis point impact on [EA40] UK exit.

好的，我先從後半段開始，也就是全年部分，基本上與總體相同；但以年對年來看，大約是 45 個基點，且在毛利率與 SG&A 之間各占一半。至於營收端，當然，Cromwell 的銷售對全公司總體約有 210 個基點的影響，而對 [EA40] 英國退出約有 110 個基點的影響。

Got it. All right. And then for DG, just is this free shipping on the parcel shipments? Is that a non-negotiable? Is that just part of the service that you need to offer free shipping on that? And what is that impact? Is that on your total fuel cost? Is this a small sliver or is it meaningful?

了解。好。接著問 DG，這個包裹出貨免運費是嗎？這是不可協商的嗎？這只是你們必須提供的服務內容之一、所以必須提供免運嗎？那影響是什麼？這會反映在你們的總燃料成本上嗎？這只是很小的一部分，還是影響顯著？

It's a meaningful portion of the total. It's very common to build free partial shipping into contracts with large customers in our space, that's not an unusual thing to do and we would face similar things.

這在總體中占比是顯著的。在我們這個產業，與大型客戶簽約時把包裹免運納入合約是很常見的，這並不罕見，我們也會面臨類似情況。

We have the ability to do certain things to mitigate this and will overtime, depending on how long this goes. So we're not concerned about it, it's just in the short-term, it creates a headwind.

我們有能力採取一些措施來緩解，而且會隨時間推進、視這種情況持續多久而定。所以我們不擔心，只是短期內會形成逆風。

Part of the issue with large customers is their average order value is significantly higher and so the partial cost as a portion of the overall is pretty small relative to smaller customers.

大型客戶的其中一個問題是，他們的平均訂單金額明顯更高，因此包裹運費占整體的比例，相較於小型客戶其實小很多。

Got it. Thank you.

了解。謝謝。

Guy Hardwick, Barclays.

Guy Hardwick，Barclays。

Hi. Good morning. Excellent results. Congratulations. Thank you. Just one for DG and then just a quick aside for Dee. So you've probably had like six months now, if you include April, of better good trading, maybe better than expected and regarding double-digit organic growth this year.

嗨。早安。成果非常出色。恭喜。謝謝。我有一題問 DG，另外再快速補充一題給 Dee。如果把 4 月也算進去，你們大概已經有六個月的交易表現更好，可能也優於預期，並且今年有望達到兩位數的有機成長。

DG, does that give you a little bit of room for maybe investing more for organic growth in terms of market share gains or do the inflationary pressures that you guys have alluded to preclude that that you set your marketing budget or your investment for this year and it's probably not going to move upwards or is that subject to change?

DG，這是否讓你們在有機成長方面有多一點空間、例如為了市占率提升而加大投資？還是你們提到的通膨壓力會排除這種可能——也就是你們今年的行銷預算或投資已經定了，可能不會再往上調？還是這仍可能改變？

So I would say if we have the ability to invest profitably for growth, we will do it. We don't have a cash problem. I don't expect our budgets this year to change all that much given we set our budgets based on what we've seen from a cause and effect basis in areas like marketing and sales force coverage and things like that. So in general, I don't think that our added growth means we will invest it more.

我會說，如果我們有能力以具獲利性的方式投資成長，我們就會做。我們沒有現金方面的問題。我不預期今年的預算會有太大變動，因為我們是根據在行銷、業務覆蓋等領域所觀察到的因果關係來制定預算。所以整體而言，我不認為額外的成長意味著我們會加碼投資。

And in difficult times, you often won't see us investing much less either because if something's worth doing for the long-term, we will go ahead and do it to be successful through any cycle.

而在艱難時期，你們通常也不會看到我們大幅減少投資，因為如果某件事對長期而言值得做，我們就會去做，確保在任何景氣循環中都能成功。

And just for DD, on the SG&A growth, 6%, is that a sensible number to use for the rest of the year, that growth rate?

另外問 DD，SG&A 成長 6%，這個數字用來推估今年剩餘期間的成長率是否合理？

Yes, 5.5%, I think, is what we look at, 5.5% to 6%. So I think for the rest of the year, that's a fair number.

是的，我們看的大概是 5.5%，我想是 5.5% 到 6%。所以我認為今年剩餘期間用這個數字是合理的。

(Operator Instructions) Patrick Baumann, JPMorgan.

（接線員指示）Patrick Baumann，JPMorgan。

Hi. Good morning. Sorry, Dee, this is one for you probably, but when you're looking at the sequential move in margin into the, I guess, 15% range for the second quarter. Is all of that decline coming from the gross margin sequentially?

嗨。早安。抱歉 Dee，這題可能要請你回答：當你看第二季利潤率按季變動、我想大概是到 15% 左右的區間時。這個下滑是否全部都來自毛利率的按季下降？

And if you could piece for us like or bridge for us the drivers there between seasonal versus all the things you've talked about, private label costs or fuel costs or Granger meeting timing, et cetera, I don't know, any pieces you could help bridge that 150 basis point decline sequentially would be helpful?

如果可以的話，能否幫我們拆解或做個橋接，說明其中的驅動因素：季節性因素 vs. 你提到的各項因素，例如自有品牌成本、燃料成本、Grainger 會議時點等。我不知道，你能協助我們橋接這個按季 150 個基點的下滑、拆成幾個部分的話會很有幫助。

Sure. I'll talk about some of the numbers that we've talked about already. And so it's about a point difference on gross margin. And we've talked about the 60 basis points, which is what we believe is normal seasonality. And we've also talked about the increased cost related to the private label inventory moving from Q1 to Q2, being about 20 basis points.

好的。我會談談一些我們已經討論過的數字。因此，毛利率大約有 1 個百分點的差異。我們也談過 60 個基點，這是我們認為正常的季節性因素。另外，我們也談到自有品牌庫存從第一季移到第二季所帶來的成本增加，大約是 20 個基點。

And then you just have a little bit left from that, which is really the leakage that we expect that we're going to experience on this increased fuel cost. Really, some of that is timing because fuel is going to hit.

然後剩下的那一點點，基本上就是我們預期會因燃料成本上升而承受的漏損。其中一部分其實是時間點的問題，因為燃料成本會反映出來。

And we're not in a pricing cycle right now to go after that. So it may be the next pricing cycle that we start to recoup some of that back. And that gets you to about 1 point of the difference between the 40% gross margin and about the 39%.

而我們目前不在一個定價循環中，無法針對這點採取行動。所以可能要到下一個定價循環，我們才會開始把其中一部分收回來。這樣加總起來，大約就解釋了 40% 毛利率與約 39% 之間那 1 個百分點的差異。

Then when you move that down to operating margin, we have normal seasonality there as well as it relates to merit and stock comp, where we delever as we move from Q1 to Q2, and that gets you about there.

接著往下到營業利益率，我們那裡也有正常的季節性因素，主要與調薪（merit）和股票薪酬（stock comp）相關；從第一季到第二季我們會出現去槓桿（deleverage），大概就會到那個水準。

And so that would imply that your SG&A growth goes from 6% to high single-digits. And I think you just said you expect it to stay 5.5% to 6%. So what's the difference there?

所以這表示你的 SG&A 成長率會從 6% 變成高個位數。而我想你剛剛說你預期它會維持在 5.5% 到 6%。那這之間的差異是什麼？

Thousands of years, as we continue to grow, we still have investments that we're making through the year. So that's why the last call when they said, I think he said 6% or 5.5%, I said 5.5% to 6%.

幾千年來，隨著我們持續成長，我們一年當中仍然會進行一些投資。所以這就是為什麼上一次電話會議他們說——我想他說 6% 或 5.5%——我說的是 5.5% 到 6%。

In that range on average. And then what's embedded now for the guide for the year for in terms of market outlook and for price? And that's all I have.

平均而言在那個區間內。那麼，目前你們對全年指引中，關於市場展望與價格方面，內含的假設是什麼？我就這些問題。

Yes, market outlook is 0 to 1-ish. Somewhere in there. We think it's going to be positive for the year for volume growth, and price probably moderates and goes down from maybe $5 in the first quarter to $4 for the year.

是的，市場展望大概是 0 到 1 左右。大概在那個範圍。我們認為今年在銷量成長方面會是正向的，而價格可能會趨於溫和，從第一季可能約 5 美元降到全年約 4 美元。

Tommy Moll, Stephens.

Tommy Moll，Stephens。

Good morning, and thank you for taking my questions. DG, you made some comments at the annual shareholder meeting last week I wanted to follow-up on first was just on the Salesforce ads. I think you added 110 last year across the two geographies. Two-part question, is that a gross or a net ad number? And what do you have baked in for this year?

早安，謝謝你們回答我的問題。DG，你上週在年度股東會上對一些事項做了評論，我想先跟進一下，首先是關於 Salesforce 的廣告。我記得你們去年在兩個地區合計新增了 110 名。兩個問題：這是新增的總數（gross）還是淨新增（net）？以及你們今年預計納入多少？

Yeah, that's a net number. So we've been adding fairly consistently over the last several years. Probably between 60 and 120 every year, and we expect this year to be in the same general area.

是的，那是淨新增。所以過去幾年我們一直相當穩定地增加人力。大概每年增加 60 到 120 人，我們預期今年也會在相近的區間。

We've been -- some of the value we've had from having better data, better customer data in particular has allowed us to identify a place where we can fill in coverage, and so we've been doing it region by region.

我們一直——我們從擁有更好的數據、尤其是更好的客戶數據中獲得了一些價值，這讓我們能夠找出可以補足覆蓋的地方，因此我們是按區域逐一推進。

Really by next year, we should be done with those changes, is the expectation '27 that we should be done within '27 mostly. So we're well into that. But yet, those are net adds and we've been adding probably 3%, 4% to the sales force every year.

實際上，預期到明年我們應該就能完成這些調整，預期在 2027 年內大致完成，主要會在 2027 年完成。所以我們已經進行到相當程度。不過，這些都是淨新增，而我們每年大概會讓銷售團隊增加約 3% 到 4%。

And a related point on your distribution network, last week you just commented on the progress in Houston and in the Northwest facility. Looking ahead, are there other big. Geographies where you're contemplating a greenfield opportunity or a substantial increase in an existing footprint.

另外一個相關問題是關於你們的配送網路，上週你提到休士頓以及西北部設施的進展。往前看，是否還有其他大型——你們正在考慮以綠地（greenfield）方式新建，或是在既有據點大幅擴增的地區？

Yes, so Portland is going live this year. It's ramping up as we speak and so that's -- already exists. Houston will go live in 2028. It's a very big building, which expands our capacity in the Texas market, which is important.

是的，所以波特蘭今年會上線。目前正在如我們所說地逐步爬坡，因此那個——已經存在。休士頓會在 2028 年上線。那是一棟非常大的建築，能擴充我們在德州市場的產能，這很重要。

I would say as we go forward based on our growth, there may be other areas where we add to existing positions or scale from mid-size to much larger positions. We aren't really missing geographies at this point.

我會說，隨著我們的成長，未來可能還有其他區域，我們會在既有據點上加碼，或是把中型規模擴大到更大的規模。就目前而言，我們並沒有真正缺少任何地理覆蓋。

So it's still the investments we make, but they won't be fully new greenfield that we make, move a building from one location to another, expand capacity or find ways to expand capacity in these markets, it's more likely.

所以仍然會有我們要做的投資，但更可能不是全新的綠地投資；而是把某棟建築從一個地點移到另一個地點、擴充產能，或在這些市場中尋找擴充產能的方法，這種情況更有可能。

Thank you, DG. That's all I've got. I'll turn it back.

謝謝你，DG。我就這些。我把時間交回去。

Thank you. Appreciate it.

謝謝。感謝。

Thank you. And there are no further questions at this time. So I'll hand the floor back to management for any final remarks.

謝謝。目前沒有其他問題。那我把時間交回管理層，請問是否有最後補充。

Just I'd just say thank you for joining the call. Really appreciate your time. We feel good about the way things are going.

我只想說，謝謝大家參加這通電話會議。非常感謝各位的時間。我們對事情的進展感到不錯。

Obviously, there's a bunch of uncertainty in the world, but our job is to perform through that uncertainty and to make sure we're building for the future and we are focused on doing those things and we feel like we're a business that is very resilient and we're in good shape, so we're pretty optimistic about where we're headed. So thanks, again, and I hope you have a great rest of the week. Thank you.

顯然，世界上有很多不確定性，但我們的工作就是在這些不確定性中持續交出表現，並確保我們是在為未來做建設；我們專注在把這些事情做好，也覺得我們的業務非常具韌性、狀況良好，因此對未來的方向相當樂觀。所以再次感謝，也希望大家本週剩下的時間過得愉快。謝謝。

Thank you and this concludes today's conference. You may disconnect your lines at this time. Thank you all for your participation.

謝謝，今天的電話會議到此結束。您現在可以掛斷電話線。感謝各位的參與。