固安捷 (GWW) 2026 Q2 法說會逐字稿

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

各位好，歡迎參加 W.W. Grainger 2026 年第二季財報電話會議。(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, 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 second-quarter 2026 earnings call. With me are D.G. Macpherson, Chairman and CEO; and Dee Merriweather, Senior Vice President and CFO.

早安。歡迎參加 Grainger 2026 年第二季財報電話會議。與我一同出席的有董事長暨執行長 D.G. Macpherson，以及資深副總裁兼財務長 Dee Merriweather。

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。有關可能導致實際結果與預期有重大差異之因素的更多資訊，載於公司最新的 Form 8-K 以及向 SEC 提交的其他定期報告中。

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 second-quarter 2026 period. 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 were completed in the fourth quarter 2025. Definitions and full reconciliations of our non-GAAP financial measures with their 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.

今天上午的電話會議包含非 GAAP 財務衡量指標，如簡報所述，反映了先前期間的若干調整。2026 年第二季期間沒有調整項目。我們也在簡報中納入有機營收調整，以常態化銷售成長，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。非 GAAP 財務衡量指標的定義，以及與其對應 GAAP 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 will 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，今天討論的數字將與 MonotaRO 對外公開的聲明有所不同。

Now, I'll turn it over to D.G.

接下來我把時間交給 D.G.。

Thanks, Kyle. Good morning, everyone, and thanks for joining today. Building on our momentum from the start of the year, we delivered strong performance in the second quarter by executing well and delivering exceptional service to customers. Despite ongoing uncertainty, sales remained strong in both the High-Touch and Endless Assortment segments and core operating profitability was in line with expectations. While the external landscape remains fluid, we're confident in our ability to manage the impact or remaining committed to our pricing tenets.

謝謝你，Kyle。各位早安，感謝今天加入我們。延續年初以來的動能，我們在第二季透過良好的執行並為客戶提供卓越服務，交出強勁表現。儘管不確定性仍在，高接觸（High-Touch）與無限選品（Endless Assortment）兩個事業部的銷售皆維持強勁，核心營運獲利能力也符合預期。外部環境仍然多變，但我們有信心能管理其影響，並持續堅守我們的定價原則。

We also saw a continued strength in the demand environment during the period, with most end markets showing acceleration. As I spend time with customers, I can see this playing out in the way we serve them on-site and inside their operations. Recently, I visited several manufacturing customers where our teams are closely connected to the day-to-day work. We're helping them manage inventory in ways that fit their specific needs, and that is contributing to strong year-over-year growth of these locations.

我們也看到本期需求環境持續強勁，多數終端市場呈現加速。當我與客戶相處時，我能從我們在現場以及在其營運內部提供服務的方式，看見這一點正在發生。近期我拜訪了幾家製造業客戶，我們的團隊與其日常工作緊密連結。我們協助他們以符合其特定需求的方式管理庫存，這也帶動這些據點強勁的年對年成長。

More and more customers are asking us to help them run their operations more efficiently and solve specific challenges, including areas like safety. One customer our safety expertise was the catalyst for accelerating that partnership. We're also seeing solid growth from our national accounts in both the US and Canada. On Canada specifically, we have seen tremendous improvement over the past several years as it seemed to stay focused on two things, serving customers well and building a stronger, more profitable business.

越來越多客戶要求我們協助他們更有效率地運作並解決特定挑戰，包括安全等領域。對某位客戶而言，我們在安全方面的專業成為加速該合作關係的催化劑。我們也看到美國與加拿大的全國性客戶（national accounts）皆有穩健成長。就加拿大而言，過去幾年我們看到顯著改善，因為他們似乎始終聚焦兩件事：把客戶服務好，以及打造更強健、更高獲利的業務。

They've made great progress improving service, resetting their sales force and revamping their website while also diversifying their customer end markets and product offering. These efforts have driven strong sales growth and operating margin recovery to the highest levels we have seen in nearly a decade. Now turning to our second quarter results. We delivered another quarter of strong growth and profitability. Results benefited from ongoing operational execution across both segments and an improving market, which helped accelerate volume growth in the period.

他們在提升服務、重整銷售團隊與改版網站方面取得很大進展，同時也讓客戶終端市場與產品供給更加多元。這些努力帶動強勁的銷售成長，並使營業利益率回升至近十年來最高水準。接著談我們第二季的結果。我們再度交出強勁的成長與獲利表現。成果受惠於兩個事業部持續的營運執行力與市場改善，並在本期推動出貨量成長加速。

We are pleased with what we are seeing from our High-Touch growth engine and from our efforts within the EA segment to continue propelling the flywheel. Total company reported sales for the quarter were up 10.3% or 13.7% on a daily organic constant currency basis. Operating margin was strong at 16.1% and diluted EPS finished the quarter of over 20%, inclusive of the impact of IEEPA tariff refunds recognized in the period. Operating cash flow came in at $444 million, which allowed us to return a total of $341 million to Grainger shareholders through dividends and share repurchases.

我們對高接觸成長引擎的表現，以及在 EA 事業部持續推動飛輪效應的努力所見成果感到滿意。本季公司合併報告銷售額年增 10.3%，若以每日有機、固定匯率基礎計算則年增 13.7%。營業利益率維持強勁，達 16.1%；稀釋後每股盈餘（EPS）本季成長超過 20%，其中包含本期認列的 IEEPA 關稅退稅影響。營運現金流為 4.44 億美元，使我們得以透過股利與庫藏股回購，合計向 Grainger 股東回饋 3.41 億美元。

Lastly, we are excited to announce that our new Northwest distribution center in Oregon began outbound operations in July. This new technology-enabled building gives us another way to get more of the products customers need closer to where and when they need them. Overall, we're encouraged by the progress we've made across the business. And after our strong first half performance and continued momentum, we are increasing our outlook for the year.

最後，我們很高興宣布位於奧勒岡州的新西北區配送中心已於 7 月開始出貨作業。這座導入科技的全新建築，讓我們能以另一種方式，將客戶所需的更多產品更貼近其需要的地點與時間。整體而言，我們對公司各面向所取得的進展感到鼓舞。在上半年強勁表現與持續動能之後，我們上調全年展望。

With that, I'll turn it over to Dee for a closer look at our financials from the quarter.

接下來我把時間交給 Dee，請她更深入說明本季財務表現。

Thanks, D.G. Turning to slide 7, you can see the high-level results we had in the second quarter with total company sales of 10.3% or 13.7% on a daily organic constant currency basis, which included strong growth across High-Touch Solutions and Endless Assortment. Gross margin for the quarter was healthy at 39.5%, up 100 basis points versus the prior year period as we saw expansion in both segments and recognized a 90 basis point tailwind from IEEPA tariff refunds on products directly imported by Grainger. Operating margin was 16.1%, up 120 basis points year-over-year as gross margin flow through and leverage in Endless Assortment contributed to results.

謝謝你，D.G. 請看第 7 頁投影片，您可以看到我們第二季的整體結果：公司合併銷售額年增 10.3%，若以每日有機、固定匯率基礎計算則年增 13.7%，其中包含高接觸解決方案（High-Touch Solutions）與無限選品（Endless Assortment）的強勁成長。本季毛利率維持健康水準，為 39.5%，較去年同期提升 100 個基點，因兩個事業部皆呈現擴張，且我們在本期就 Grainger 直接進口產品認列 IEEPA 關稅退稅帶來的 90 個基點順風。營業利益率為 16.1%，年增 120 個基點，主要受惠於毛利率的傳導效應，以及無限選品事業部的規模槓桿。

Both gross margin and operating margin benefited from our exit of the UK market. If you were to normalize for the tariff refund benefit realized in the period, operating margins were in line with our verbal guide, aided by better than expected top-line leverage. Overall, results were strong for the quarter and we delivered diluted EPS of $12.01, which was up over 20% versus the prior year period. Moving to segment level results.

毛利率與營業利益率皆受惠於我們退出英國市場。若將本期實現的關稅退稅利益予以常態化排除，營業利益率與我們口頭指引一致，並受惠於優於預期的營收端槓桿。整體而言，本季結果強勁，我們交出稀釋後每股盈餘 12.01 美元，較去年同期成長超過 20%。接著看各事業部層級的結果。

The High-Touch Solutions segment delivered sales growth of 11.9% on a reported basis or 11.7% on a daily constant currency basis. Results were driven by strong volume growth and healthy price contribution to revenue and also benefited from some project-based spend. From an in-market perspective, MRO market demand continued to improve in the period. For Grainger specifically, we saw broad-based acceleration across nearly all customer groups with strong contributions from manufacturing and government sectors.

高接觸解決方案（High-Touch Solutions）事業部銷售額以報告基礎計年增 11.9%，以每日固定匯率基礎計年增 11.7%。結果主要由強勁的出貨量成長與健康的價格貢獻帶動營收，同時也受惠於部分專案型支出。就市場面而言，MRO 市場需求在本期持續改善。就 Grainger 而言，我們看到幾乎所有客群皆呈現廣泛加速，其中製造業與政府部門貢獻尤為強勁。

This was alongside outsized growth in our contractor and retail end markets, which are both benefiting from data center activities as new facilities are stood up. On profitability, gross profit margin finished the quarter at 41.8%. Of 80 basis points versus the prior year. Results were driven by the benefit from IEEPA tariff refunds and slightly positive mix, although mix came in less favorable than expected on a higher volume of lower margin products and project related spend.

這也伴隨著我們承包商與零售終端市場的超常成長，兩者皆因新資料中心設施陸續啟用而受惠於資料中心相關活動。在獲利方面，毛利率本季為 41.8%。較去年同期提升 80 個基點。結果主要受惠於 IEEPA 關稅退稅以及略為正向的產品組合，惟由於較低毛利產品出貨量增加及專案相關支出，產品組合較預期不利。

These impacts were partially offset by private label cost headwinds and unfavorable freight as we absorbed the higher cost in the period. Price cost was roughly neutral during the quarter. On SG&A, we deleverage slightly year-over-year as strong sales and productivity were offset by continued marketing investment and higher payroll and benefits expense, including higher incentive-based compensation given our strong top-line results. Taking all of this together, operating margins for this segment finished at 17.3%, up 70 basis points versus the prior year quarter.

上述影響部分被自有品牌成本逆風及不利運費所抵銷，因為我們在本期吸收了較高成本。本季價格與成本大致持平。在 SG&A 方面，我們相較去年同期略有去槓桿，因強勁銷售與生產力提升被持續的行銷投資以及較高的薪資與福利費用所抵銷，其中包含因營收表現強勁而提高的以激勵為基礎的薪酬。綜合以上，本分部營業利益率為 17.3%，較去年同期提升 70 個基點。

All told, we are pleased with the continued strength across the High-Touch segment as we move into the second-half of the year. Now focusing on Endless Assortment segment. Sales increased 13.5% on a reported basis or 20.6% on a daily organic constant currency basis, which normalizes for the closure of our Zoro UK business and adjusts for the impact of the depreciated Japanese yen. Zoro U.S. was up 18.4% on a daily basis, while MonotaRO achieved 24% growth in local days and local constant currency.

總體而言，隨著我們進入下半年，我們對 High-Touch 分部持續全面走強感到滿意。接著聚焦 Endless Assortment 分部。銷售額以報表口徑成長 13.5%，或以每日有機固定匯率口徑成長 20.6%；該口徑已將我們關閉 Zoro UK 業務的影響正常化，並調整日圓貶值的影響。Zoro 美國以每日口徑成長 18.4%，而 MonotaRO 以當地工作日與當地固定匯率計算成長 24%。

At a business level, Zoro saw strong growth from its core B2B customers along with higher customer retention rates as our marketing program, both targeted and efficiency, continued to improve. The team remains focused on delivering our core foundational capabilities to improve the assortment, search experience, pricing and delivery. At MonotaRO, sales were strong with continued growth from enterprise customers, coupled with solid acquisition and repeat purchase rates with small and mid-sized businesses. Additionally, MonotaRO benefited from customer pre-buying of certain petroleum-related products ahead of anticipated shortages due to the conflict in the Middle East.

就業務層面而言，Zoro 受惠於核心 B2B 客戶的強勁成長，以及更高的客戶留存率；我們的行銷方案（無論是精準投放或效率提升）持續改善。團隊仍專注於交付核心基礎能力，以改善商品組合、搜尋體驗、定價與配送。在 MonotaRO，銷售表現強勁，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。此外，MonotaRO 亦受惠於客戶因預期中東衝突可能導致短缺，而提前採購部分石油相關產品。

This behavior has fully subsided and our updated guide reflects slower growth in the back half of the year as this benefit moderates. On profitability, operating margins increased by 160 basis points to 11.5% with favorability across the segment. MonotaRO margins were strong at 14%, up 80 basis points and Zoro margins improved to 7.6%, up 180 basis points with both businesses benefiting from healthy top-line leverage. Overall, another great quarter for the Endless Assortment team.

此一行為已完全消退，我們更新後的指引反映下半年隨著該項利多趨於正常化而出現較慢的成長。在獲利方面，營業利益率提升 160 個基點至 11.5%，整個分部皆呈現有利表現。MonotaRO 利潤率維持強勁，達 14%，提升 80 個基點；Zoro 利潤率改善至 7.6%，提升 180 個基點；兩項業務皆受惠於健康的營收槓桿。整體而言，Endless Assortment 團隊再度交出亮眼的一季。

As we look to the back half of the year, I want to share a brief update on the inflationary environment. We continue to manage the business with the goal of maintaining price cost neutrality over time. With ongoing shifts in the tariffs environment, we've had to remain nimble. With this, in the second quarter, we adjusted prices to reflect the changing tariff landscape, including the rollback of IEEPA tariff pricing and offsetting Section 122 tariff impacts.

展望下半年，我想就通膨環境提供一個簡要更新。我們持續以長期維持價格與成本中性為目標來經營業務。在關稅環境持續變動下，我們必須保持靈活應對。因此在第二季，我們調整價格以反映關稅版圖的變化，包括回撤 IEEPA 關稅定價，並以此抵銷第 122 條關稅的影響。

While we made several changes across our assortment, our May pricing actions were net neutral in total. Also in the quarter, we recognized refunds from the federal government for previously paid IEEPA tariffs where Grainger was the importer of record. The majority of this benefit was recognized during the second quarter as a reduction to our cost of goods sold with a small remainder expected to flow through over the next couple of quarters. When considering these refunds, it's important to remember that they relate only to tariffs paid directly by Grainger and represent only a small portion of the many tariff costs that we faced over the last year and a half.

雖然我們在多個品類上做了若干調整，但我們 5 月的定價行動整體而言為淨中性。同樣在本季，我們就先前已繳納、且 Grainger 為進口登記人（importer of record）的 IEEPA 關稅，確認收到聯邦政府退稅。此項利得的大部分已於第二季以降低銷貨成本的方式認列，剩餘少部分預期將在接下來幾季陸續反映。在考量這些退稅時，重要的是要記得它們僅與 Grainger 直接支付的關稅相關，且僅占我們過去一年半所面臨眾多關稅成本中的一小部分。

Importantly, these refund proceeds and the price passed on these SKUs only partially offset the costs we absorbed in 2025 related to IEEPA. Separately, we continue to face inflationary pressures from rising freight and product costs due to the conflict in the Middle East. As these pressures persist, we expect to take additional pricing actions in September to help mitigate this impact. Our September pricing actions will also reflect adjustments related to the recent Section 232 tariff modifications in addition to new Section 301 tariffs.

重要的是，這些退稅款項以及對這些 SKU 轉嫁的價格，僅能部分抵銷我們在 2025 年因 IEEPA 而吸收的成本。此外，由於中東衝突導致運費與產品成本上升，我們仍持續面臨通膨壓力。在這些壓力持續之下，我們預期將於 9 月採取額外的定價行動，以協助緩解其影響。我們 9 月的定價行動亦將反映近期第 232 條關稅修訂的相關調整，以及新增的第 301 條關稅。

Though we anticipate that these tariff-related changes will be minimal. Following our September pricing actions, the majority of known cost increases will have been addressed. And although the situation remains highly fluid, our team continues to stay focused on adhering to our two core pricing tenets, to maintain market-relevant pricing and to achieve price cost neutrality over time. Now turning to our guide. We are raising our guidance to reflect the strong sales momentum along with the impact of tariff refunds.

不過，我們預期這些與關稅相關的變動影響將相對有限。在完成 9 月的定價行動後，已知的大部分成本上升將會被處理。儘管情勢仍高度變動，我們的團隊仍專注於遵循兩項核心定價原則：維持符合市場的定價，以及長期達成價格與成本中性。接著談我們的指引。我們上調指引，以反映強勁的銷售動能以及關稅退稅的影響。

On the top-line, this translates to expected daily organic constant currency sales growth between 11.5% and 13%, reflecting our second quarter performance and expectations for continued solid MRO market demand in the second-half. Updated operating margin range has increased versus the prior guide to 15.8% to 16.2%. This includes the tariff refund benefit, most of which was recognized in the second quarter and improved sales leverage, but is partially offset by anticipated mix headwinds and cost timing pressures as inflation builds ahead of our September pricing round. Lastly, rounding out our guide, you can see EPS is expected to be between $45.50 and $47.25 or up over 17% year-over-year at the midpoint.

在營收端，這意味著預期每日有機固定匯率銷售成長介於 11.5% 至 13%，反映我們第二季表現，以及對下半年 MRO 市場需求持續穩健的預期。更新後的營業利益率區間較先前指引上調至 15.8% 至 16.2%。其中包含關稅退稅的利得（多數已於第二季認列）以及銷售槓桿改善，但部分被預期的產品組合逆風與成本時點壓力所抵銷，因通膨在我們 9 月定價回合前逐步累積。最後，在指引的其餘部分，您可看到 EPS 預期介於 45.50 美元至 47.25 美元，中位數較去年同期成長逾 17%。

This represents an improvement of over $1 at the midpoint versus the prior guidance range. We've also updated our supplemental guidance in the appendix, which includes a slight increase in total company operating cash flow at the midpoint compared to the prior guide. We've continued our strong momentum into the third quarter with preliminary July sales up north of 13% on a daily organic constant currency basis. This start supports our expectation for third quarter sales north of $5 billion, or up over 12% on a daily organic constant currency basis, which is 380 basis points lower on a reported basis when normalizing for the UK market exit and currency headwinds.

這代表中位數較先前指引區間提升超過 1 美元。我們也更新了附錄中的補充指引，其中包含公司整體營業現金流量中位數相較先前指引小幅上調。我們在第三季延續強勁動能，初步數據顯示 7 月銷售以每日有機固定匯率口徑成長超過 13%。這樣的開局支持我們對第三季銷售額超過 50 億美元的預期，或以每日有機固定匯率口徑成長逾 12%；若將英國市場退出與匯率逆風正常化，則以報表口徑將低 380 個基點。

We expect operating margins will be down sequentially in the third quarter compared to the second quarter, largely driven by the lap of tariff refunds. With this, we anticipate third quarter operating margins will be in the mid 15% range for the total company.

我們預期第三季營業利益率將較第二季呈現季減，主要原因是關稅退稅的比較基期效應。因此，我們預期公司整體第三季營業利益率將落在 15% 的中段水準。

I'll now hand it back over to D.G. for his closing remarks.

我現在把時間交還給 D.G.，請他做結語。

Thanks, Dee. To wrap things up, we feel good about how the business is operating, and we're confident in our strategy. I'm encouraged by our ability to continue growing profitably in this ever-evolving environment while staying focused on creating value over the long-term. Before I turn it over to Q&A, I want to take a minute to acknowledge the news we shared yesterday that Dee Merriweather has made the personal decision to step down to pursue another opportunity, effective September 4, 2026.

謝謝你，Dee。總結一下，我們對業務的運作狀況感到滿意，並且對我們的策略充滿信心。在這個不斷演變的環境中，我們仍能專注於創造長期價值並持續實現獲利成長，這讓我備受鼓舞。在我把時間交給問答之前，我想花一點時間提及我們昨天分享的消息：Dee Merriweather 已做出個人決定，將卸任以追求另一個機會，並自 2026 年 9 月 4 日起生效。

On behalf of the company, I want to thank Dee for her many contributions to Granger. Dee has been a trusted advisor guiding us with deep knowledge and sound judgment during her tenure. With this transition, Lori Thompson, VP Controller and Principal Accounting Officer, has been appointed Interim CFO, effective September 5. She will also maintain our existing controlship responsibilities. Lori brings strong financial expertise and guidance, and I'm confident in our leadership.

我謹代表公司，感謝 Dee 對 Granger 的諸多貢獻。在任期內，Dee 以深厚的專業知識與穩健的判斷力引導我們，是我們信賴的顧問。隨著此次交接，副總裁、財務控制長兼首席會計主管 Lori Thompson 已被任命為代理財務長（Interim CFO），自 9 月 5 日起生效。她也將繼續承擔我們現有的財務控制職能責任。Lori 具備扎實的財務專業與領導指引能力，我對我們的領導團隊充滿信心。

The transition has no impact on our day-to-day operations, and D and Lori will partner in a smooth transition over the next couple of weeks. We will begin our search process for the next CFO immediately. We wish you all the best in the future, and I look forward to working with Lori in the interim.

此次交接不會影響我們的日常營運，Dee 與 Lori 將在接下來幾週內合作，確保順利交接。我們將立即啟動下一任財務長的搜尋程序。祝福你未來一切順利，也期待在過渡期間與 Lori 共事。

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

那麼，接下來我們開放問答。

(Operator Instructions) David Manthey, Baird.

(接線員指示) David Manthey，Baird。

Thank you. Good morning, D.G. and Dee, thank you and best of luck. First question is on the refunds, of course. One thing you mentioned in the slide deck, I think you said the majority of refunds are reflected in the second quarter, but you didn't say all. So I'm just wondering if. If there's any kind of estimate you can give us on third quarter and fourth quarter potential refund benefits there, so we can anticipate those.

謝謝。各位早安，D.G. 和 Dee，謝謝你們，也祝你們好運。第一個問題當然是關於退款。你們在簡報投影片中提到，我想你說大多數退款反映在第二季，但你沒有說是全部。所以我想請問。第三季和第四季是否還可能有退款帶來的效益？能否給我們任何估計，讓我們可以預先掌握？

Yeah, again, the vast majority, as we noted, would have been accrued for and received. And so in the back half, we think it's going to be fairly immaterial based upon that, and it was very hard to estimate from a quarterly perspective. So we focused mostly on what we could estimate and what we felt was probable at this time, and that's what we booked in second quarter.

是的，如同我們提到的，絕大多數已經提列並且已收到。因此在下半年，我們認為影響會相當不重大，而且從季度角度來看也很難估計。所以我們主要聚焦在目前能夠估計、且我們認為具有高度可能性的部分，並將其在第二季入帳。

And then thinking about the guidance relative to what you reported this quarter and the benefit from the refund, could you just talk about you mentioned a few of these things, I know we're splitting hairs here, but. Could you talk about the offsetting factors that caused you to raise full year gross margin by less than the benefit that you got from the second quarter refunds alone?

再來，關於你們的財測，相較於本季所報告的結果以及退款帶來的效益，你能否談談——你們提到其中幾項因素，我知道我們在這裡有點吹毛求疵——但。你能否說明一下，哪些抵銷因素導致你們上調全年毛利率的幅度，小於僅第二季退款本身所帶來的效益？

Sure. You're talking about kind of decomposing the guide a little bit, right, as it relates to gross margins? Yeah, so if you kind of really just start with, where we're at, we noted that the impact in the quarter was about 90 basis points. But if you look at it on a full-year basis, the tariff refunds account for, call it 23 basis points on the year. That was offset by what you hear us talk about, higher volume on lower.

當然可以。你是想把指引稍微拆解一下，對吧，特別是毛利率的部分？是的，如果從我們目前的狀況開始看，我們提到本季的影響約為 90 個基點。但若以全年來看，關稅退款約占全年 23 個基點。這部分被你們常聽我們提到的因素所抵銷，也就是較高的銷量來自較低。

Gross margin products or project-based sales that we're incurring with some of our new large customers as we ramp, that offsets that. So that nets to about 15 basis points. And then we see some continued net headwinds as we go through the year, mostly related to fuel and freight, related to the crisis. And then secondly, we do expect to have less of a mix benefit in the second-half. So we expect that to have some headwinds.

毛利率的產品，或是我們在與一些新的大型客戶加速導入（ramp）時所承接的專案型銷售，這些會抵銷上述效益。因此淨額約為 15 個基點。另外，我們預期今年接下來仍會有一些淨逆風，主要與燃油與運輸費用有關，並與該危機相關。其次，我們也預期下半年組合（mix）帶來的效益會較少。因此我們預期這會形成一些逆風。

And so that nets that benefit down that we're receiving from the tariff refunds.

因此，這些因素會把我們從關稅退款所獲得的效益往下抵銷。

I would just add that I think the mixed benefits oftentimes we see, if you look historically when we are in really hot market times. Big projects come through, we've seen quite a bit of that actually from customers. And so those tend to be at lower gross margin, they're strong contribution margin, so we expect that to that's a big part of the change actually that we're talking about and a bit of a drag on gross margin but not on profitability overall. And then the phrase, if you thought about how we managed tariffs last year, we didn't increase price immediately, we were patient with customers, we started raising them in September substantially and we got.

我再補充一下，我認為組合效益往往會出現於——如果你回顧歷史，在市場非常火熱的時期。大型專案會進來，我們其實也從客戶那邊看到不少這種情況。而這些通常毛利率較低，但貢獻毛利（contribution margin）很強，所以我們預期——這其實是我們所談變化中的很大一部分，會對毛利率造成一些拖累，但對整體獲利能力並不會造成拖累。另外，如果你回想我們去年如何管理關稅，我們並沒有立刻調價，我們對客戶保持耐心，我們在 9 月開始大幅調升，並且我們達到。

Sort of price cost neutral by January, we're actually price cost neutral in the quarter this time, but that same pattern will play out in September, we'll start to recover some of the headwind we're seeing from freight and Middle East products. Thank you. I appreciate the detail.

到 1 月時大致做到價格與成本中性；而這次我們在本季就已經做到價格與成本中性，但同樣的模式會在 9 月再度上演，我們將開始回收部分我們目前因運費與中東產品所承受的逆風。謝謝。我很感謝這些細節。

Jacob Levinson, Melius Research.

Jacob Levinson，Melius Research。

Hi. Good morning, everyone, and the best of luck in your new role. I appreciate your help over the last couple of years.

嗨。各位早安，也祝你在新職務上一切順利。感謝你過去幾年對我的協助。

Thank you.

謝謝。

Maybe just following up on David's question a little bit. I'm just trying to think about maybe putting a finer point on the pricing actions because I know there's a lot of moving pieces between product prices going up and down and I'm sure surcharge is in there as well. But can you help us understand where we're going to shake out in the third quarter and into the first quarter because I'd imagine you're going to be exiting the year at a bit of a higher rate maybe than where we are today?

也許稍微延續 David 的問題。我想更精準地理解你們的定價動作，因為我知道其中有很多變動因素，包括產品價格上上下下，我也確定其中還包含附加費（surcharge）。但你們能否協助我們理解，第三季以及到第一季時，最終會落在什麼樣的狀態？因為我猜想你們在年底的退出水準，可能會比今天的水準高一些？

Yeah, so Dee talked about the price actions in May, and we basically had zero price change overall for May. We had some ups and downs. What we're doing in September, we'll add about a point annually, so less than that, obviously, for the balance of the year, maybe 40 basis points or something like that. And for the whole year, we'll be around 4%. We originally said 3% to 4% at the high end of that given those increases.

好的，Dee 談到 5 月的調價動作，而我們 5 月整體而言基本上是零價格變動。我們有一些上調也有一些下調。我們在 9 月要做的動作，按年化計大約會增加 1 個百分點，因此在今年剩餘期間當然會少於這個數字，可能是 40 個基點左右之類的。而就全年而言，我們大約會在 4% 左右。我們原先說的是 3% 到 4%，在這些調升之下會落在區間高端。

I guess it was just a matter of time before you mentioned data center as a tailwind for you folks, but I'm just trying to get a sense of the materiality of that market over time because I'm sure there's a construction phase and then after that you've got those facilities that are going to be around for a long time. So I'm not even sure how you would think about sizing that potential over time.

我想你們提到資料中心作為你們的順風只是時間早晚的問題，但我想了解的是，隨著時間推移，這個市場的量體到底有多大，因為我確定有一個建設期，之後那些設施又會長期存在。所以我甚至不太確定該如何隨時間去衡量那個潛在規模。

Yeah, so let me start with, it shows up in maybe strange places if you look at our comps, retail will include data centers because some of those companies actually have retail operations even though the data centers aren't very retail-esque. Our exposure to the data centers directly is probably less than 1%. We're seeing obviously strong growth there, but it's having a bigger impact on the ecosystem. I think for everybody, it's probably having a bigger impact and we see it in construction, different.

是的，那我先從這點開始說：如果你看我們的同業比較（comps），它可能會出現在一些看起來很奇怪的分類裡；零售（retail）會包含資料中心，因為其中一些公司其實有零售業務，儘管資料中心並不是很「零售」的東西。我們直接曝險於資料中心的比重可能不到 1%。我們顯然看到那邊成長很強，但它對整個生態系的影響更大。我想對所有人來說，它可能都有更大的影響，我們在建築等不同領域也看得到。

To construction, we maybe see a little bit in the general strength of manufacturing, hard to quantify though. So the direct exposure is pretty small, but the exposure overall is probably.

就建築而言，我們或許也能從製造業整體強勁中看到一點，但很難量化。所以直接曝險相當小，但整體曝險可能是。

Bigger than that as far as we can tell.

就我們所能判斷，會比那個更大。

Ryan Merkel, William Blair.

Ryan Merkel，William Blair。

Hey, everyone, thanks for the questions. I want to start on gross margin for the quarter, it looks like excluding the tariff refund, it was a little bit below what you guys expected. So was the surprise, the fuel and the freight, and maybe you could quantify what that impact was, and then it also sounds like maybe large projects and mix was the other reason?

各位好，謝謝讓我提問。我想先從本季的毛利率談起，看起來若排除關稅退稅（tariff refund），毛利率比你們原先預期略低一些。所以這個意外主要是燃料與運輸（fuel and freight）嗎？你們是否可以量化其影響？另外聽起來大型專案與產品組合（mix）也可能是另一個原因？

Yeah, I'd say it's more mix actually than freight, but it's a little bit of both. So both of those were the complete driver of that. The other thing is, arguably, we knew the tariff refunds were coming in. We did not want to get aggressive with price increases because that doesn't make sense competitively. So we're holding that purposely and we'll make that up as we go through the balance of the year, but mix is the bigger part of it actually with really big projects and product sales.

是的，我會說其實更多是組合因素，而不是運輸，但兩者都有一點。所以這兩項就是造成那個結果的完整驅動因素。另外一點是，嚴格來說，我們知道關稅退稅會進來。我們不想在漲價上採取過於激進的作法，因為在競爭上那沒有意義。所以我們刻意先按兵不動，接下來在今年剩餘期間會逐步補回來；但更大的部分其實是組合，尤其是非常大型的專案與產品銷售。

Interesting. Thanks for that. And then SG&A, and I'm focusing on High-Touch, but it didn't lever in the quarter. And it sounds like maybe incentive comp is the main reason there. So that's the first part of the question. And then should you see better SG&A leverage in the second-half? It looks like that's implied in the guide, but just want to know how you're thinking about it.

了解。謝謝說明。接著是 SG&A，我聚焦在 High-Touch 這塊，但本季並沒有產生槓桿效益（lever）。聽起來主要原因可能是激勵性薪酬（incentive comp）。這是問題的第一部分。第二部分是，下半年 SG&A 槓桿是否會更好？指引看起來是這樣暗示的，但想了解你們的思考。

Yeah, so any year when we get the forecast incorrect and the market stronger than we expect or we perform better than we expect, we have headwinds in both management bonus and commissions. We also spent more on marketing in the quarter. We're seeing good returns on that. So those are the three SG&A elements that were higher than we would have expected to start the year. None of them are concerning, to be frank. In the back of the year, we expect some moderation in the outsized cost there, and we expect to be more in line.

是的，任何一年只要我們的預測不夠準、而市場比我們預期更強或我們表現比預期更好，我們在管理層獎金（management bonus）與業務佣金（commissions）兩方面都會面臨逆風。我們本季也在行銷上花得更多。我們看到不錯的回報。所以這三個 SG&A 項目都比我們年初預期更高。坦白說，這些都不令人擔心。在下半年，我們預期這些偏高的成本會有所趨緩，並且回到更一致的水準。

Chris Snyder, Morgan Stanley.

Chris Snyder，Morgan Stanley。

I was just hoping for maybe a little bit more color on the sequential bridge from first quarter to second quarter just to better understand some of the moving parts. I guess it was down, I guess maybe like 140 basis points sequentially ex. If we kind of adjust out the tariff refund, if my math's right, so just kind of wondering the seasonality on that mix, anything you could just help us as we kind of think about the recovery opportunity into the back half?

我希望能多一點關於第一季到第二季的連續變動（sequential bridge）的細節，好更理解一些變動因素。我想若排除關稅退稅，毛利率連續下滑大概是 140 個基點。如果我算得沒錯的話。

Yes, it relates to gross margin specifically, we saw normal seasonality. From a gross margin perspective related to price running off. But as we kind of talked about, we've had some leakage related to fuel costs, so that also was a factor from first quarter gross margin to second quarter as well as additional private label inventory costs. We've had, as D.G. kind of articulated and as we talked about on the call, a lot of moving pieces as it relates to that.

是的，若特別針對毛利率來說，我們看到的是正常的季節性。從毛利率角度，與價格效益逐步消退（price running off）有關。但如同我們提到的，我們也有一些與燃料成本相關的滲漏（leakage），因此這也是第一季毛利率到第二季的一個因素，另外還有額外的自有品牌（private label）庫存成本。如 D.G. 所闡述、以及我們在電話會議上談到的，這裡面有很多變動因素。

So that was also a negative impact. As you noted, the tariff refunds were not known, at the time. And so, that was a benefit, but then that was offset by mix. And so that gets us down, about 50 basis points first quarter to second quarter.

所以那也帶來負面影響。如你所說，當時我們並不知道會有關稅退稅。因此那是一項利多，但之後又被組合因素所抵銷。所以第一季到第二季大約下滑了 50 個基點。

Thank you. I appreciate that. And then just any color, and I don't know if you talked about this when you were talking about some of the third quarter moving parts, but is there any color on the third quarter versus fourth quarter gross margin. Just as we kind of think through the, I guess, third quarter is behind on price cost, fourth quarter catches up. I would imagine some of the mix headwinds get better as the year goes on, just given the hard to predict nature of that, but just kind of I would appreciate any color on just kind of that back half gross margin.

謝謝。我很感謝這些說明。另外想問一些補充資訊：我不確定你們在談第三季的一些變動因素時是否已提到，但能否談談第三季相對第四季的毛利率？就我們的理解，第三季價格相對成本可能落後，第四季再追上。我想隨著年度推進，一些組合逆風可能會改善，但這也很難預測；所以希望你們能就下半年毛利率提供一些看法。

Yes, as we talked last time, we expect the U-shape to continue with our gross margins and don't forget, we won't have the tariff impact in third quarter that we have now and then we'll pick up and have stronger supplier rebates as we end the year.

是的，如同我們上次談到的，我們預期毛利率的 U 型走勢會延續；另外別忘了，第三季不會有像現在這樣的關稅影響，然後在年底我們會因供應商回饋（supplier rebates）更強而回升。

Christopher Glynn, Oppenheimer & Company.

Christopher Glynn，Oppenheimer & Company。

Thanks, good morning everybody. I was wondering about how the private label headwinds in the cost of goods is phasing here. Is it sort of a steady state from here? I know that there was an adverse bridge from the second quarter from the first. Just curious how long that lasts, if that starts to phase better later in the year.

謝謝，各位早安。我想請教自有品牌在銷貨成本（cost of goods）上的逆風，接下來會如何分期（phasing）。從現在起會進入某種穩態（steady state）嗎？我知道第二季相較第一季的橋接是偏不利的。想了解這會持續多久，以及是否會在今年稍晚開始改善。

Yeah, so it will still be a headwind. It won't be much different than it was in the first quarter, first half of the year. The issue is, of course, to some degree, private brand has been hit by tariffs, but it's also compressed some of the cost. I would say we've launched the Grainger brand, and that has shown good growth. And so we're excited about what we're seeing in terms of private brand going forward with many of our products converting to Grainger branded items.

是的，它仍會是逆風。但不會比第一季、上半年差太多。當然，某種程度上自有品牌受到關稅影響，但也壓縮了一部分成本。我會說我們已推出 Grainger 品牌，而它展現了良好的成長。因此就自有品牌的後續發展而言，我們對所看到的情況感到振奮，因為我們許多產品正在轉換為 Grainger 品牌品項。

D.G., could you spend a little bit more another minute about that, like what private label brands are being retired, is this more of a margin play or an incremental growth play?

D.G.，你能否再多花一分鐘談談這點？例如哪些自有品牌會被淘汰？這比較是毛利策略，還是增量成長（incremental growth）的策略？

Yeah, it's probably more of an incremental growth play to be fair, but we had 14 brands previously that were sort of historical but built over decades and decades and decades, I guess. Some of them didn't have customer appeal or even didn't even know that they were Grainger related. And so brands like Dayton will certainly remain, but a lot of the other categories will shift. To Grainger, we'll probably end up with four or five brands at the end of this process, but we're well into that shift at this point.

是的，公平地說，這可能更偏向增量成長的策略；但我們先前有 14 個品牌，算是歷史沿革，經過很多很多很多年建立起來的。其中一些對客戶沒有吸引力，甚至客戶根本不知道它們與 Grainger 有關。因此像 Dayton 這類品牌當然會保留，但其他許多品類會轉向 Grainger。在這個流程結束時，我們最終可能會剩下四到五個品牌；但就目前而言，我們已經在這個轉換上進行到相當程度了。

Okay, great. And what's just the latest on the cadence of supplier price increase announcements of those stabilized?

好的，很好。那供應商漲價公告的發布節奏，最近是否已經穩定下來了？

Yes, those are consistent, and we'll start to get an idea about what the price requests are for next year now. So that is coming in, so we'll start to have a little more visibility. We won't talk about that until February, but there hasn't been huge changes. There's been certain categories where we've seen significant increases that are kind of Middle East centric in terms of where the raw materials come from. But generally, it's been pretty stable the last couple of months.

是的，那些都很一致，而且我們現在會開始對明年價格調整的要求有一些概念。所以這些資訊正在進來，我們會開始有更多能見度。我們要到二月才會談這個，但目前沒有出現很大的變化。有些品類我們看到顯著上漲，主要與中東相關，因為原物料來源地偏向中東。但整體而言，過去幾個月都相當穩定。

Deane Dray, RBC Capital Markets.

Deane Dray，RBC Capital Markets。

Thank you. Good morning, everyone, and I'll add my best wishes to De. Hey, can we just circle back on the pre-buy impact for Zoro and MonotaRO? Can you size it for us? And to be fair, you flagged this last quarter, so it shouldn't be surprising, maybe the magnitude might be different, but just how did it play out and did you see any pre-buy elsewhere, let's say in the U.S.?

謝謝。各位早安，我也向De致上我最誠摯的祝福。嘿，我們能不能回到Zoro和MonotaRO的預先採購（pre-buy）影響？你們能幫我們量化一下嗎？公平地說，你們上季就有提到，所以不該意外，可能只是幅度不同；但實際上是怎麼發生的？另外你們在其他地方有看到預先採購嗎，例如在美國？

Yes, no, we did not see any pre-buy in the U.S. We did not see any pre-buy for Zoro with MonotaRO, given their reliance on the Middle East, there was a run on mostly TPU, nitrile glove and related products, it's roughly $45 million. That was the total magnitude. You never know at the pre-buy, how much of that actually plays out going forward. People can continue to buy even after pre-buying, you just never know, but that's sort of the rough magnitude.

是的，沒有，我們在美國沒有看到任何預先採購。我們在Zoro也沒有看到預先採購；至於MonotaRO，考量他們對中東的依賴，主要在TPU、丁腈手套及相關產品上出現一波搶購，約為4,500萬美元。那就是總體規模。你永遠無法在預先採購當下判斷，之後到底會有多少會在未來反映出來。人們即使預先採購後仍可能繼續購買，你真的無法確定，但大致規模就是這樣。

Good. But were you able to size it?

好的。但你們有辦法量化它嗎？

$45 million.

4,500萬美元。

Okay, good. And then. The second question, can you expand a bit on the project versus MRO? I mean, when we talk to investors, the differentiation for Grainger is you're primarily an MRO-focused model. When and how do the projects come up? Could you ever enter projects in a more deliberate way and it would end up being. A margin drag we know, but increased volume and just like what are the dynamics there and how you look at the project opportunity?

好，了解。然後……第二個問題，你能再多談一些「專案」相對於MRO嗎？我的意思是，當我們和投資人談時，Grainger的差異化在於你們主要是以MRO為核心的模式。專案是何時、如何出現的？你們是否可能更有意識地切入專案，最後會變成……我們知道會拖累毛利，但會增加量；想請教其中的動態，以及你們如何看待專案機會？

Yeah, so the one that typically plays out is that there's a customer that we have a relationship and are actually providing them and they have a product project they will ask for help and sometimes we provide that help. Like I mentioned in times when there's a lot of activity in the market like there is right now. Demand strong, and particularly around data centers, we've seen significant projects and project business come through. And so it's been a tailwind on revenue.

是的，所以通常的情況是：我們與某個客戶已有合作關係、也確實在供應他們；當他們有一個產品專案時，就會請我們協助，而有時我們會提供協助。如我提到的，在市場活動很熱絡、像現在這樣的時候，需求強勁，特別是在資料中心周邊，我們看到大量專案與專案型業務進來。因此在營收上形成順風。

It's been a headwind on gross margin. That typically doesn't sustain at these levels. I would not say we are going to shift to be a project-focused company, but we do serve customers in a lot of different ways, and we're always doing projects for customers. This year, it's just a bit more given some of the market dynamics.

在毛利率上則是逆風。這通常不會以這樣的水準持續下去。我不會說我們要轉型成以專案為主的公司，但我們以很多不同方式服務客戶，而且我們一直都會替客戶做專案。只是今年因為一些市場動態，專案比重稍微高一些。

Guy Hardwick, Barclays.

Guy Hardwick，Barclays。

Hi, guys. Good morning. I wonder if you could maybe expand a little bit more about the impact of large projects. I mean, does that give you more second-half visibility on top-line? Does it give you some visibility on next year? And if that's the case, is that a headwind to gross margin, but maybe the cost to serve those contracts is less at SG&A, so maybe are they neutral to EBITDA margin or enhancing the EBITDA margin or they would still be dilutive?

嗨，各位。早安。我想請你們再多談一點大型專案的影響。我的意思是，這是否讓你們對下半年營收（top-line）有更高的能見度？是否也讓你們對明年有一些能見度？如果是這樣，雖然對毛利率是逆風，但也許服務這些合約的成本在SG&A上較低；那麼它們對EBITDA利潤率是中性、提升，還是仍然會稀釋？

Yes, you got it right. They're diluted to gross margin, but they're not dilutive to the operating margin. Part of the reason we're raising revenue and I think maybe a lot of people are raising revenue right now is because of the project spend and just the. The race to get a lot of data centers up and get the electrical infrastructure built. And so we are certainly seeing a part of that. Like I said, it's not really our focus, but we do support our customers in those efforts.

是的，你說得沒錯。它們會稀釋毛利率，但不會稀釋營業利益率。我們之所以上調營收，我想現在很多人也在上調營收，部分原因就是專案支出，以及……大家在競相把大量資料中心建起來、把電力基礎設施建好。所以我們確實也看到其中一部分。如我所說，這並不是我們的主要重點，但我們會在這些努力上支持客戶。

It will be a tailwind from revenue for the remainder of this year and I would argue maybe further than that, given the cycle that this is going to take.

在今年剩餘期間，這會對營收形成順風；而且我認為，考量這個循環需要的時間，可能還會延續更久。

And Dee, it looks like the full-year guidance implies maybe a 6% increase in. SG&A, which kind of implies maybe 5% growth in the second-half. What are the kind of the risks to achieving that 5%? I know you have an easy comparative to fourth quarter because you have some unusual healthcare expenses, but maybe you could expand a little bit on the dynamics of the second-half OpEx trends?

另外，Dee，看起來全年指引隱含SG&A可能增加約6%，這似乎意味著下半年大概成長5%。達成這個5%有哪些風險？我知道第四季的比較基期較容易，因為你們有一些不尋常的醫療保健費用，但也許你可以多談談下半年營運費用（OpEx）趨勢的動態？

I would say there's two things that we feel really comfortable with. The guide, one of which you noted. The other one is, if you recall, we also had some slowdown in government business last year. And so we don't expect that -- because of the shutdown, we don't expect that to happen again this year or have no view of that in our guide. And so that will also help us from a leverage perspective.

我會說有兩件事讓我們對這個指引非常有信心，其中一件你已經提到。另一件是，如果你還記得，我們去年政府業務也有一些放緩。而且……因為停擺（shutdown），我們不預期今年會再發生，或至少在我們的指引中沒有把這種情況納入。因此，從槓桿效應的角度來看，這也會對我們有幫助。

(Operator Instructions) Chris Dankert, D.A. Davidson.

（接線員指示）Chris Dankert，D.A. Davidson。

I guess the point of clarification, Dee, and apologies if I missed it, but on the third quarter guidance from a top-line perspective, can you just give us a sense for how July was trending on a preliminary basis versus that growth rate?

我想釐清一下，Dee，若我漏聽了先說聲抱歉；就第三季指引的營收面（top-line）而言，你能否先給我們一個概念：以初步情況來看，7月的趨勢相對於那個成長率是如何？

Yes, we kind of noted on the call that we expect July to be up 13% and then on the quarter be up around 12%. Some of that is normal seasonality as we flow through a particular quarter on the top-line basis, but we expect third quarter to still continue our strong performance. And that's on a daily constant currency basis, the numbers that I just provided to you.

是的，我們在電話會議中有提到，我們預期7月成長13%，而整個季度大約成長12%。其中一部分是正常的季節性，因為我們在特定季度的營收表現會有一些季節性變化，但我們預期第三季仍會延續強勁表現。而我剛提供給你的數字，是以每日、固定匯率（constant currency）基礎計算。

Perfect. Thanks for the clarification there. I appreciate it. And then just on, if we could move to Zoro, the SKU optimization that we did about a year ago now, notice the SKU count is kind of drifting back up. Continue to prune at the same time, are we trying to keep that assortment optimized or is this kind of just maybe just kind of give us some color on the SKU count over at Zoro?

太好了。謝謝你在這裡的釐清。我很感謝。接著如果可以談到Zoro，我們大約一年前做了SKU最佳化；注意到SKU數量似乎又慢慢回升。在持續修剪的同時，我們是想讓品項組合維持最佳化，還是……能否就Zoro那邊的SKU數量給我們一些說明？

Yeah, so a lot of the SKU pruning was around items that just never sold and weren't going to sell and that we're not really core to what we're trying to do. We are in a constant training period now. We're growing SKU count, not nearly as fast as we have at times in the past, but we expect it to continue to grow for the next couple of years, but just more modestly.

是的，所以很多 SKU 精簡主要是針對那些根本從未賣出、也不太可能賣出、而且並非我們想做的核心品項。我們現在處於一個持續的調整與訓練期。我們正在增加 SKU 數量，雖然不像過去某些時期那麼快，但我們預期未來幾年仍會持續成長，只是步調會更為溫和。

Understood. Well, thanks for the color and best of luck to you.

了解。謝謝你提供的補充資訊，也祝你一切順利。

Tommy Moll, Stephens.

Tommy Moll，Stephens。

D.G., I wanted to ask about some of the September pricing, specifically around freight and fuel. Should we think of this as part of the regular cadence of negotiations you have with customers or are these surcharges that may require some kind of force majeure. Discussion here.

D.G.，我想問一下 9 月的一些定價，特別是運費和燃料相關。我們應該把這視為你們與客戶談判的例行節奏之一，還是屬於可能需要某種不可抗力（force majeure）條款的附加費？想請你談談。

These are mostly going to be normal course discussions, price increases with our customers. It's not going to be a force majeure.

這些大多會是正常業務流程中的討論，也就是與客戶的漲價溝通。不會是不可抗力。

And then on the competitive environment and share, noted we're not going to split hairs on how many basis points of share in any given quarter, but I did just want to circle back in light of some of the strong. Top-line performance, any anecdotes or update you could give us on how you think your share is trending, how the competitive marketplace has been, particularly on the High-Touch side?

另外關於競爭環境與市占，你們提到不會去細分每一季市占變動了多少個基點，但我想在近期強勁的營收表現背景下再追問一下。你能否分享一些例子或更新，談談你們認為市占趨勢如何、競爭市場狀況如何，特別是在 High-Touch 這一端？

Yeah, I mean, we think that we've gotten benefit on the top-line from pricing from the market demand after share gain, and we think all of those have been reasonably strong. We would expect that to continue through the balance of the year. The market has turned from negative for several years to clearly positive and. Maybe low single-digits, but maybe not so low single-digits now. It's almost like you're in a -- you're trying to figure out where the puck is moving, but certainly it has got as the year is going on.

是的，我們認為營收端受益於定價、來自市場需求，以及市占提升之後的帶動，我們覺得這些因素都相當強勁。我們預期這樣的態勢會延續到今年剩餘時間。市場已經從過去幾年的負成長轉為明顯正成長，並且。可能是低個位數，但現在可能也不那麼「低」了。有點像你在——你在試著判斷冰球會往哪裡走，但可以確定的是，隨著今年進行，趨勢確實在改善。

Thank you for the insight. I'll turn it back.

謝謝你的見解。我把時間交回去。

Connor Cerniglia, Bernstein.

Connor Cerniglia，Bernstein。

Great. Thank you for having me. Earlier in the call, you mentioned that the IEEPA tariff was a small impact, I guess, on the total tariff cost you've experienced. Is that more of a hint that you could see more refunds in the future beyond the $43 million you mentioned this quarter and I guess the next few quarters? I know it's probably pretty difficult to size, but do you expect more refunds from IEEPA going forward?

很好。謝謝讓我提問。你在前面提到 IEEPA 關稅對你們整體關稅成本的影響算小。這是否暗示未來除了你們本季提到的 4,300 萬美元，以及接下來幾季之外，還可能看到更多退稅？我知道這可能很難量化，但你們預期未來還會有更多來自 IEEPA 的退稅嗎？

No, we think that that that was more just a point to make the point that the overall tariff increases were much larger than that that we've taken. So it's a small portion of the total that we took, but we don't think there's going to be a lot more refunds.

不，我們認為那更多只是想強調：整體關稅上升幅度遠大於我們所提到的那一部分。所以它只占我們承擔的總額中的一小部分，但我們不認為還會有很多額外退稅。

Okay, helpful. And I guess switching back to data center large capital projects, have you all tried to emphasize the contribution from a volume perspective from these large projects? Is it too small to size it or kind of any color or refined points on the actual contribution of volumes for data centers could be helpful. Thank you.

好的，很有幫助。那我再切回資料中心的大型資本專案，你們是否有試著從出貨量角度強調這些大型專案的貢獻？是規模太小而難以估算，還是你能提供一些補充或更精準的說法，關於資料中心實際帶來的量的貢獻？謝謝。

Yeah, I mean, we think the project spend this year has then increased our growth rate about 90 basis points. High-touch, not for the company, but for High-Touch, we don't see project spend really at Zoro. So, yes, that's the sizing of it at this point. And like I said, we always look at overall profitability on those projects. We want to make sure it's profitable. So that's sort of looking at a net margin perspective and they generally are.

是的，我們認為今年的專案支出使我們的成長率提高了大約 90 個基點。這是針對 High-Touch，而不是整家公司；至於 Zoro，我們沒有看到專案支出真正出現。所以，就目前而言大致就是這樣的規模。而且如我所說，我們一向會看這些專案的整體獲利能力。我們要確保它是有利可圖的。因此我們會從淨利潤率的角度來看，而一般而言它們確實是有利可圖的。

Great. That's it for me. Thank you so much.

很好。我就這些問題。非常感謝。

Thank you. And there are no further questions at this time, so I'll hand the floor back to D.G. Macpherson for closing remarks.

謝謝。目前沒有其他問題了，我把時間交回給 D.G. Macpherson 做結語。

All right. Thank you. Appreciate everybody being on the call. I'll just reiterate, we think that we are taking the right actions and making our moves to continue to grow, gain share, grow profitably. There's always puts and takes in the external environment, but generally we try to focus on the long-term. We continue to invest in creating better solutions for customers, and that's going to be our focus. And I'd like to thank Dee once again for her time and wish her luck.

好的。謝謝。感謝各位參與這通電話會議。我再重申一次，我們認為我們正在採取正確的行動並做出相應布局，以持續成長、提升市占並實現獲利性成長。外部環境總是有利有弊，但整體而言我們會專注於長期。我們會持續投資，為客戶打造更好的解決方案，這將是我們的重點。也再次感謝 Dee 撥冗參與，並祝她一切順利。

And I hope everybody has a great rest of your day. Thank you.

也希望大家今天剩下的時間都過得愉快。謝謝。

Thank you. This concludes today's call. All participants may disconnect. Have a good day.

謝謝。今天的電話會議到此結束。所有與會者可斷線離開。祝各位有美好的一天。