HNI Corporation (HNI) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the HNI Corporation second quarter fiscal year 2026 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Matt McCall. Please go ahead.

各位早安，感謝您稍候。歡迎參加 HNI Corporation 2026 會計年度第二季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。現在我想把會議交給今天的第一位講者 Matt McCall。請開始。

Good morning. My name is Matt McCall. I'm Vice President, Investor Relations, and Corporate Development for HNI Corporation. Thank you for joining us to discuss our second quarter 2026 results. With me today are Jeff Lorenger, Chairman, President and CEO; and VP Berger, Executive Vice President and CFO.

各位早安。我是 Matt McCall，HNI Corporation 投資人關係與企業發展副總裁。感謝各位參與，與我們一同討論 2026 年第二季業績。今天與我一同出席的有董事長、總裁暨執行長 Jeff Lorenger，以及執行副總裁暨財務長 VP Berger。

Copies of our financial news release and non-GAAP reconciliations are posted on our website. Statements made during this call that are not strictly historical facts are forward-looking statements, which are subject to known and unknown risks. Actual results could differ materially. The financial news release posted on our website includes additional factors that could affect actual results. The corporation assumes no obligation to update any forward-looking statements made during the call.

我們的財務新聞稿與非 GAAP 調節表已公布於公司網站。本次電話會議中所作、非嚴格屬於歷史事實的陳述，均為前瞻性陳述，可能受到已知與未知風險影響，實際結果可能出現重大差異。發布於公司網站的財務新聞稿包含可能影響實際結果的其他因素。本公司不承擔更新本次電話會議中任何前瞻性陳述之義務。

I'm now pleased to turn the call over to Jeff Lorenger. Jeff?

現在我很高興把電話會議交給 Jeff Lorenger。Jeff？

Good morning. Thank you for joining us. Second quarter demonstrates the focus of our members, indicates an improving demand environment and supports expectations of stronger 2026 earnings growth. Through focused cost management and the net benefits of price cost and productivity, we were able to deliver second quarter results that were in line with our expectations. And encouragingly, our internal leading indicators improved further in the quarter.

各位早安，感謝加入我們。第二季展現了我們成員的專注，顯示需求環境正在改善，並支持我們對 2026 年更強勁獲利成長的預期。透過聚焦的成本管理，以及價格/成本與生產力帶來的淨效益，我們得以交出符合預期的第二季成果。令人鼓舞的是，我們的內部領先指標在本季進一步改善。

The positive momentum of our strategies, both revenue and cost focused, the benefits of our diversified revenue streams, the merits of our customer-first business model and the integration of Steelcase are delivering significant shareholder value. And we continue to expect a strong year in 2026 with a fifth straight year of double-digit earnings improvement and revenue growth in the low single digits in both segments.

我們的策略動能（同時聚焦營收與成本）、多元化營收來源的效益、以客戶為先的商業模式優勢，以及 Steelcase 的整合，正在為股東創造顯著價值。我們仍預期 2026 年將是強勁的一年：連續第五年實現雙位數獲利改善，且兩大事業部門的營收皆可望呈現低個位數成長。

On today's call, I'll break my comments into three sections. First, our quarterly results. Again, we delivered solid second quarter earnings with EPS in line with our expectations. Second, our back half outlook. Our revenue backdrop strengthened in the second quarter, providing increased confidence in the full year outlook.

今天的電話會議，我將把評論分成三個部分。第一，季度業績。我們再次交出穩健的第二季獲利表現，EPS 符合我們的預期。第二，下半年展望。第二季的營收背景轉強，提升了我們對全年展望的信心。

And third, our outlook beyond 2026. We have numerous sources of margin improvement and EPS visibility, and we project double-digit EPS growth again next year, and we have multiple years of elevated earnings growth visibility beyond 2027. Following my comments, VP will provide more details about the second quarter, our outlook, cash flow and balance sheet. I will close with some additional commentary before we open the call to your questions.

第三，2026 年以後的展望。我們有多項毛利率改善來源與 EPS 能見度，預估明年 EPS 仍將再度呈現雙位數成長，且在 2027 年之後，我們對於未來多年的較高獲利成長也具備能見度。在我發言後，VP 將提供第二季、展望、現金流與資產負債表的更多細節。我會在開放提問前再補充一些評論。

I will start with some highlights from the second quarter. We continue to effectively manage the middle of the income statement, and we're able to deliver solid second quarter results. Non-GAAP EPS was $1.27 and was up 14% year over year. Versus the second quarter of 2025, the addition of Steelcase profit, price/cost, including the net impact of tariffs, legacy network optimization savings and productivity benefits combined to double operating profit on a year-over-year basis.

我先從第二季重點開始。我們持續有效管理損益表中段項目，並得以交出穩健的第二季成果。非 GAAP EPS 為 1.27 美元，年增 14%。相較 2025 年第二季，Steelcase 的獲利貢獻、價格/成本（含關稅的淨影響）、既有網路優化節省，以及生產力效益，共同推動營業利益年增一倍。

Revenue was in line with our expectations in both segments with Workplace up slightly and Building Products down slightly. Encouragingly, and as we expected, second quarter orders strengthened. I will provide more color on the order patterns in a moment.

兩大事業部門的營收皆符合我們預期：Workplace 小幅成長，Building Products 小幅下滑。令人鼓舞的是，且如我們所預期，第二季訂單轉強。我稍後會對訂單型態提供更多說明。

In the legacy Workplace Furnishings businesses, second quarter net sales were up slightly year over year on an organic basis, consistent with commentary we provided last quarter. Growth was fueled by our businesses focused on small- and medium-sized customers. Moreover, a firming industry backdrop became more apparent during the quarter. In 2026, we expect stronger organic revenue growth in the back half and solid year-over-year margin expansion in legacy Workplace while we continue to invest to drive future growth.

在既有的 Workplace Furnishings 業務中，第二季淨銷售額以有機基礎計算，年比小幅成長，與我們上季提供的評論一致。成長主要來自聚焦中小型客戶的業務。此外，產業背景在本季更明顯轉趨穩固。2026 年，我們預期既有 Workplace 下半年有機營收成長將更強，同時在持續投資以推動未來成長之際，仍可實現穩健的年比毛利率/利潤率擴張。

The integration of Steelcase is going well, and synergy capture and accretion are progressing as expected. A new leadership team is largely in place, and we expect the President to be on board in the second half.

Steelcase 的整合進展良好，協同效益的取得與增益（accretion）均按預期推進。新的領導團隊大致已就位，我們預期總裁將於下半年到任。

We continue to expect modest accretion in 2026 and now expect total synergies will reach at least $120 million when fully mature. In Residential Building Products, revenue decreased 1.6% versus the prior year period. Again, this was consistent with our expectations communicated on the first quarter call. Revenue from the remodel retrofit business increased solidly but was more than offset by continued market-driven weakness in the new construction channel. In both markets, our members continue to deliver strong relative performance.

我們仍預期 2026 年將有溫和的增益，並且現在預期協同效益在完全成熟時將至少達到 1.2 億美元。在 Residential Building Products 方面，營收較去年同期下降 1.6%。同樣地，這與我們在第一季電話會議中傳達的預期一致。翻修/改裝（remodel retrofit）業務營收穩健成長，但被新建（new construction）通路持續受市場驅動的疲弱所抵銷。在兩個市場中，我們的成員仍持續展現強勁的相對表現。

Second quarter segment operating margin expanded 470 basis points year over year, including net benefits of tariffs, reaching a strong 20.4%. Our unique operating model continues to deliver strong profit margins. Despite expectations of ongoing housing uncertainty, we remain encouraged about opportunities tied to the broader markets, and we continue to invest to grow our operating model and revenue streams.

第二季事業部門營業利益率年增 470 個基點（含關稅的淨效益），達到強勁的 20.4%。我們獨特的營運模式持續帶來優異的利潤率。儘管預期房市不確定性仍將延續，我們對於與更廣泛市場相關的機會仍感到鼓舞，並持續投資以擴大我們的營運模式與營收來源。

In summary, the strength of our strategies and our ability to manage daily uncertainty through varying macroeconomic conditions, all while remaining focused on investing for the future was evident in the second quarter results. That leads to my comments on our outlook for the second half of 2026. Again, our revenue backdrop strengthened in the second quarter, providing increased confidence for the remainder of the year.

總結而言，第二季結果清楚展現了我們策略的強度，以及我們在不同總體經濟情境下管理日常不確定性的能力，同時仍專注於為未來投資。接下來談 2026 年下半年展望。如前所述，我們的營收背景在第二季轉強，提升了我們對今年剩餘期間的信心。

In addition to an improving organic revenue growth rate, the Steelcase acquisition and operational productivity gains are expected to continue driving strong results in the second half. From a segment perspective, beginning in our legacy Workplace businesses, we expect volume growth to return in the third quarter, driving mid- to high single-digit net sales growth in the second half.

除了有機營收成長率改善之外，Steelcase 併購案與營運生產力提升，預期將持續推動下半年強勁表現。以事業部門來看，先從既有 Workplace 業務開始，我們預期第三季將恢復量的成長，帶動下半年淨銷售額呈現中到高個位數成長。

Our segment outlook is supported by external industry metrics and by internal pipeline data. Specifically, in addition to strengthening orders in the quarter, preorder metrics all remain highly active, including project funnel, bid quotes and design requests.

我們的事業部門展望同時受到外部產業指標與內部管線數據的支持。具體而言，除本季訂單轉強外，所有預訂單（preorder）指標仍維持高度活躍，包括專案漏斗、投標報價與設計需求。

For Steelcase, after a market soft patch to start the year, we saw pre-order activity and order momentum accelerate in late Q1 and continue in the second quarter. As we expect second half revenue -- and we expect second half revenue to increase solidly year over year. We project Steelcase will be modestly accretive in the second half and for the full year.

就 Steelcase 而言，在年初市場短暫走弱之後，我們看到預訂單活動與訂單動能在第一季末加速，並延續至第二季。正如我們所預期，下半年營收——我們預期下半年營收將較去年同期穩健成長。我們預估 Steelcase 在下半年及全年都將帶來溫和的增益。

In Residential Building Products, our structural changes to organize around the customer, along with our growth investments are expected to drive continued market outperformance. For 2026, we expect modest price-driven revenue growth in the second half despite expectations of ongoing housing market softness. From a profit perspective, we project both our legacy Workplace and our Building Products segments will solidly expand margins in 2026.

在 Residential Building Products 方面，我們以客戶為核心進行組織調整的結構性變革，加上成長投資，預期將帶動持續的市場超額表現。2026 年，儘管預期房市仍將偏弱，我們仍預期下半年在價格帶動下，營收將呈現溫和成長。就獲利而言，我們預估既有 Workplace 與 Building Products 兩個事業部門在 2026 年都將穩健擴大利潤率。

Moving on to my third point, our outlook beyond 2026. We have multiple sources of margin improvement and EPS growth visibility, and we project double-digit EPS growth again next year, driven primarily by expected synergies from Steelcase and legacy network optimization projects. Beyond 2027, we have numerous years of elevated earnings visibility driven by multiple factors.

接著談第三點：2026 年以後的展望。我們有多項毛利率改善來源與 EPS 成長能見度，並預估明年 EPS 將再度呈現雙位數成長，主要由 Steelcase 預期協同效益與既有網路優化專案所驅動。2027 年之後，在多項因素帶動下，我們對於未來多年的較高獲利水準仍具備能見度。

During the quarter, we continue to smartly manage costs across all our businesses as we continue to navigate ongoing geopolitical and macro dynamics. Benefits associated with these cost management actions are in addition to the previously announced $30 million of legacy workplace network optimization savings and the synergies associated with the integration of Steelcase, which, as I stated earlier, are on track and now expected to be at least $120 million.

本季期間，面對持續的地緣政治與總體環境變化，我們仍在所有業務中審慎管理成本。這些成本管理行動所帶來的效益，還額外加上先前已宣布的 3,000 萬美元既有 workplace 網路優化節省，以及 Steelcase 整合相關的協同效益；如我先前所述，這些都按計畫推進，且目前預期至少可達 1.2 億美元。

The combination of our disciplined cost management, Steelcase synergies and ongoing legacy network optimization projects continue to support our earnings visibility story. Of note, additional items may provide incremental benefits.

我們嚴謹的成本管理、Steelcase 協同效益以及持續推進的既有網路優化專案之結合，持續支撐我們「獲利能見度」的論述。值得注意的是，其他額外項目可能帶來增量效益。

For context, our current synergy projections are focused on the Steelcase Americas business only, and we are assuming no benefits from revenue synergies. In addition, our outlook for double-digit EPS growth next year does not rely on improved volume from current levels.

作為背景說明，我們目前的協同效益預估僅聚焦於 Steelcase 美洲業務，且我們假設不會從營收協同中獲得任何效益。此外，我們對明年每股盈餘（EPS）雙位數成長的展望，並不依賴於銷量自目前水準回升。

Now I will turn the call over to VP. VP?

現在我把電話交給 VP。VP？

Thanks, Jeff. I'll start with some additional comments about the second quarter. GAAP diluted EPS for the second quarter was $0.70. On a non-GAAP basis, diluted EPS totaled $1.27, which was ahead of our internal expectations. The net tariff impact on operating margin in the quarter was about 150 basis points, and we expect approximately 40 basis points of benefit for the full year.

謝謝，Jeff。我先補充一些關於第二季的評論。第二季 GAAP 稀釋後 EPS 為 0.70 美元。以非 GAAP 基礎計算，稀釋後 EPS 合計為 1.27 美元，高於我們內部預期。本季關稅對營業利益率的淨影響約為 150 個基點，而我們預期全年約可帶來 40 個基點的淨效益。

From an EPS perspective, the net tariff benefit in the second quarter was approximately $0.25. Organic volume in the quarter was negatively impacted by geopolitical pressures to begin the year, especially in the Workplace Furnishings segment. However, the addition of Steelcase profit, price/cost benefits, including the net impact of tariffs, expense control and productivity savings offset the volume softness and continued investments in initiatives aiming to drive future growth.

從 EPS 的角度來看，第二季關稅的淨效益約為 0.25 美元。本季有機銷量受到年初地緣政治壓力的負面影響，尤其是在 Workplace Furnishings（工作場所家具）部門。然而，Steelcase 利潤的併入、價格/成本效益（包含關稅的淨影響）、費用控管與生產力節省，抵銷了銷量疲弱，並支撐我們持續投入旨在推動未來成長的各項計畫。

Total net sales in the quarter increased 121% overall. From an organic standpoint, net sales were up slightly on a year-over-year basis. Moving to Q2 orders and backlog. In the Workplace Furnishings segment, organic orders in the second quarter increased 5% compared to the prior year period. Legacy order growth rates from small- to medium-sized customers and from contract customers were comparable in the quarter.

本季總淨銷售額整體成長 121%。以有機角度來看，淨銷售額年增小幅上升。接著談 Q2 訂單與積壓訂單（backlog）。在 Workplace Furnishings 部門，第二季有機訂單較去年同期成長 5%。本季來自小型至中型客戶以及合約客戶的既有訂單成長率相近。

Legacy Workplace backlog also ended the quarter 5% higher than the year ago period. Steelcase order growth was slightly better than legacy Workplace Furnishing trends. Over the most recent five-week period, the year-over-year segment order growth rate accelerated above the 5% average in the second quarter.

既有 Workplace 的積壓訂單在季末也較去年同期高出 5%。Steelcase 的訂單成長略優於既有 Workplace Furnishings 的趨勢。在最近五週期間，該部門的年增訂單成長率加速，超過第二季 5% 的平均水準。

Orders in the Residential Building Products segment were mostly unchanged compared to the second quarter of 2025. Solid remodel retrofit order growth essentially offset modest declines from the new construction channel. However, both segments continue to outperform the respective markets. Over the most recent five-week period, segment orders grew at a low single-digit pace on a year-over-year basis. For the third quarter of 2026, we expect net sales in legacy Workplace to increase to a high single-digit rate year over year.

Residential Building Products（住宅建材產品）部門的訂單與 2025 年第二季相比大致持平。穩健的翻修/改裝（remodel retrofit）訂單成長，基本抵銷了新建通路的溫和下滑。然而，兩個部門仍持續優於各自市場表現。在最近五週期間，該部門訂單年增以低個位數速度成長。對於 2026 年第三季，我們預期既有 Workplace 的淨銷售額年增將提升至高個位數。

Including Steelcase, total Workplace Furnishings net sales are expected to increase approximately 175% to 180% versus the prior year period. In Residential Building Products, third quarter 2026 net sales are expected to be roughly unchanged versus same period in 2025.

包含 Steelcase 在內，Workplace Furnishings 的總淨銷售額預期將較去年同期增加約 175% 至 180%。在 Residential Building Products 方面，2026 年第三季淨銷售額預期與 2025 年同期大致持平。

Non-GAAP diluted earnings per share in the third quarter of 2026 are expected to increase at a rate in the mid- to high 20% range from the third quarter 2025 levels. Steelcase accretion, productivity savings, volume growth and price costs are expected to fuel the EPS increase.

2026 年第三季非 GAAP 稀釋後每股盈餘預期將較 2025 年第三季水準成長約中段至高段 20% 的區間。Steelcase 的增益（accretion）、生產力節省、銷量成長以及價格/成本因素，預期將推動 EPS 的提升。

Our new outlook for 2026 full year earnings reflects expectations of 20% to 25% non-GAAP EPS growth from 2025 full year of $3.46, with accelerating double-digit earnings growth in the second half of the year. As we look at the second half, we now expect non-GAAP diluted earnings per share in the third quarter to be approximately 15% above the fourth quarter. This is primarily tied to the expected timing of revenue and investments.

我們對 2026 全年獲利的新展望，反映出相較 2025 全年 3.46 美元，非 GAAP EPS 預期成長 20% 至 25%，且下半年獲利成長將加速至雙位數。展望下半年，我們目前預期第三季非 GAAP 稀釋後 EPS 將較第四季高出約 15%。這主要與營收與投資的預期時點有關。

As Jeff mentioned, we expect double-digit diluted non-GAAP EPS growth again next year, and we have multiple years of elevated earnings growth visibility beyond 2027. The combination of Steelcase synergies, cost management actions and legacy workplace network optimization initiatives are expected to yield a total cumulative savings exceeding $70 million in 2027 and more than $150 million when fully mature. Next, a few additional items to assist you in your 2026 modeling.

如 Jeff 所提，我們預期明年非 GAAP 稀釋後 EPS 將再次呈現雙位數成長，且在 2027 年之後，我們仍有多年的高成長獲利能見度。Steelcase 協同效益、成本管理行動以及既有 workplace 網路優化計畫的組合，預期在 2027 年可帶來累計節省超過 7,000 萬美元，並在完全成熟後超過 1.5 億美元。接下來提供幾項額外資訊，協助各位進行 2026 年模型推估。

Combined depreciation and amortization are expected to be approximately $170 million to $180 million, excluding purchase accounting impact of approximately $100 million. Net interest expense is expected to total about $80 million, and our tax rate should be approximately 25% to 26%.

折舊與攤銷合計預期約為 1.70 億至 1.80 億美元（不含約 1.00 億美元的收購會計影響）。淨利息費用預期合計約 8,000 萬美元，而我們的稅率應約為 25% 至 26%。

And finally, from a cash flow and balance sheet perspective, our balance sheet is strong, and we remain committed to maintaining significant financial flexibility to fund ongoing business investments to drive growth and payment of our long-standing dividend. Free cash flow was used to reduce net debt levels by approximately $100 million during the quarter as we continue to decrease leverage following the Steelcase acquisition.

最後，從現金流與資產負債表的角度來看，我們的資產負債表強健，且我們仍致力於維持充足的財務彈性，以支應持續的業務投資來推動成長，並支付我們長期以來的股利。本季自由現金流用於將淨負債水準降低約 1.00 億美元，因我們在完成 Steelcase 收購後持續降低槓桿。

Quarter ending debt leverage was at 2.4 times, down from 2.5 times last quarter. We continue to expect leverage to move back to pre-Steelcase acquisition levels within 18 to 24 months of the closing of the deal in December of 2025. Leverage is expected to trend lower as the year progresses.

季末負債槓桿倍數為 2.4 倍，低於上季的 2.5 倍。我們仍預期在 2025 年 12 月交易完成後的 18 至 24 個月內，槓桿將回到 Steelcase 收購前的水準。隨著年度推進，槓桿預期將呈下降趨勢。

I will now turn the call back over to Jeff for some long-term thoughts and closing comments. Jeff?

我現在把電話交回給 Jeff，請他分享一些長期想法與結語。Jeff？

Thanks, VP. Our members continue to manage our businesses well, and we delivered another solid quarter. Order patterns showed noticeable improvement during the quarter as expected, especially in Workplace. As a result, as we look forward to the remainder of 2026, we expect year-over-year volume growth in Workplace Furnishings, while Building Products volume pressure is expected to moderate.

謝謝，VP。我們的成員持續把業務管理得很好，我們又交出一個穩健的季度表現。如預期，本季訂單型態出現明顯改善，尤其是在 Workplace。因此，展望 2026 年剩餘期間，我們預期 Workplace Furnishings 的銷量將年增，而 Building Products 的銷量壓力預期將趨於緩和。

More specifically, our updated outlook calls for accelerating revenue and operating profit growth in the Workplace Furnishings segment. This view is supported by both external macro and industry demand metrics, internal preorder, order and backlog data and multiple cost and expense initiatives.

更具體而言，我們更新後的展望預期 Workplace Furnishings 部門的營收與營業利益成長將加速。此觀點同時受到外部總體與產業需求指標、內部預訂單（preorder）、訂單與積壓訂單數據，以及多項成本與費用計畫的支持。

In Residential Building Products, we anticipate revenue to be flat year over year in the second half, and we expect both of our segments to solidly expand margins in 2026. While we remain focused, conservative and ready to adjust as required, our new outlook demonstrates our growing confidence in revenue growth, our ongoing visibility story and our proven ability to manage through dynamic economic conditions.

在 Residential Building Products 方面，我們預期下半年營收將與去年同期持平，且我們預期兩個部門在 2026 年都將穩健擴大利潤率。儘管我們仍保持專注、保守並隨時準備視需要調整，我們的新展望展現了我們對營收成長日益提升的信心、持續的能見度論述，以及我們在動態經濟環境中管理營運的既有能力。

From a demand indicator perspective, the workplace furnishing spec pattern we have discussed the last few quarters is unchanged, and we remain bullish about the segment's demand environment. Return to office continues to be a positive driver. Office leasing activity grew for the fourth straight quarter in Q2 with trailing four-quarter leasing activity now up 27% year over year.

從需求指標角度來看，我們在過去幾季討論的 workplace furnishing 規格（spec）型態並未改變，我們仍看好該部門的需求環境。重返辦公室持續是正向驅動因素。第二季辦公室租賃活動已連續第四季成長，過去四季合計的租賃活動目前年增 27%。

Net absorption of office space, which has historically been a good leading indicator of future industry demand was positive for the fourth straight quarter with more than 11 million square feet absorbed in Q2. This brings the trailing four-quarter total to nearly 31 million square feet absorbed, the highest level since 2019.

辦公空間的淨吸納量（net absorption）歷來一直是未來產業需求的良好領先指標，已連續第四季為正，第二季吸納超過 1,100 萬平方英尺。使得過去四季合計吸納量接近 3,100 萬平方英尺，為 2019 年以來最高水準。

And finally, sublease activity has returned to pre-COVID levels, another indication of the improving health of the office market. While supply of new office space will remain a headwind, we see multiple cyclical drivers of growth outside of new construction. As I mentioned earlier, these encouraging industry drivers are consistent with recent order patterns and internal preorder metrics in both workplace -- legacy Workplace and Steelcase.

最後，轉租（sublease）活動已回到 COVID 之前的水準，這也是辦公市場健康狀況改善的另一項指標。雖然新增辦公空間供給仍將構成逆風，但我們看到除新建之外仍有多項景氣循環性的成長驅動因素。如我先前所述，這些令人鼓舞的產業驅動因素，與近期的訂單型態以及我們在 workplace（既有 Workplace 與 Steelcase）兩者的內部預訂單指標一致。

Our funnel continues to expand with second quarter bid quotes up solidly year over year, and the number of large dollar projects continues to increase. Customer visits, RFPs and design requests were all strong during the second quarter. We are competing well and win rates are improving as market momentum continues to accelerate.

我們的銷售漏斗持續擴大，第二季投標報價較去年同期穩健成長，且大額專案的數量持續增加。第二季客戶拜訪、RFP（提案徵求書）以及設計需求皆表現強勁。我們的競爭表現良好，隨著市場動能持續加速，得標率也在提升。

Moving on to housing. Headlines continue to point to ongoing softness, especially in the new build space. Interest rates remain relatively elevated, prices remain high and affordability concerns persist. As a result, we expect continued new construction weakness in 2026. However, new single-family permits surprised to the upside in June and were up 4% year over year with each region either flat or up.

接著談住宅。新聞標題仍指向持續疲弱，尤其是在新建市場。利率仍相對偏高、價格仍高，且可負擔性疑慮持續存在。因此，我們預期 2026 年新建住宅仍將持續疲弱。不過，6 月新建獨棟住宅許可證數量優於預期，年增 4%，各區域不是持平就是成長。

Our go-to-market initiatives and growth investments will allow us to continue to outperform the market. In remodel retrofit, we are assuming modest market growth in 2026. We also expect to continue to outperform the market in our R&R business. And importantly, we expect ongoing margin and cash flow consistency from the Residential Building Products segment.

我們的市場推進（go-to-market）計畫與成長投資將使我們能持續跑贏市場。在翻修改造（remodel retrofit）方面，我們假設 2026 年市場溫和成長。我們也預期在 R&R（翻修與汰換）業務上持續優於市場。更重要的是，我們預期住宅建材產品（Residential Building Products）部門的毛利率與現金流將持續保持一致性。

In conclusion, post the acquisition of Steelcase, we are a transformed and fundamentally stronger organization. The benefits of the Steelcase acquisition, the strength of our strategies and our financial discipline are expected to continue to drive strong free cash flow and allow us to maintain a strong balance sheet. This will enable us to continue to deliver exceptional value to our shareholders, customers, dealers, members and communities.

總結而言，在完成收購 Steelcase 之後，我們已蛻變為一個更強大、基本面更穩健的組織。Steelcase 收購帶來的效益、我們策略的強度以及財務紀律，預期將持續推動強勁的自由現金流，並使我們得以維持強健的資產負債表。這將使我們能持續為股東、客戶、經銷商、員工（members）與社區創造卓越價值。

I want to thank all HNI members for their continued focus and commitment. Thank you again for joining us. We will now open the call to your questions.

我要感謝所有 HNI 成員持續的專注與投入。再次感謝各位加入我們。接下來我們將開放提問。

(Operator Instructions) Reuben Garner, Benchmark.

（接線員指示）Reuben Garner，Benchmark。

So the subtle tweak to the language on the Steelcase synergies, I think there was something similar several quarters after the Kimball acquisition. Can you just talk about why the tweak and what you're seeing there so far in the integration process? And then, I guess, any potential upside to that figure as we move forward?

關於 Steelcase 協同效益（synergies）措辭上的細微調整，我記得在 Kimball 收購後的幾個季度也有類似情況。你們能否談談為何要調整，以及目前在整合過程中看到的進展？另外，隨著後續推進，這個數字是否有任何上行空間？

Sure, Reuben. I think there's two parts to it. We went in with a target of $120 million that we've said we've been confident in. That was pure analytics. That was before we even got in and start working with the teams, and that was based on KI's history as well as taking the Steelcase EBITDA business to the legacy targets.

當然，Reuben。我認為有兩個部分。我們一開始設定的目標是 1.2 億美元，並且一直表示對此有信心。那是純粹基於分析推導；在我們真正進場、開始與團隊合作之前就已完成，並且也參考了 KI 的歷史，以及將 Steelcase 的 EBITDA 水準拉升至我們既有的目標水準。

They were just over 8%, and we were driving over 13.5%. So our confidence was high. And what's happened in the last seven months is we've put the integrated management office teams together. Their bottom-up project lists have started in SG&A, logistics, procurement, network optimization. And we now have a view of a list of projects that are larger than $120 million, which is very consistent to Kimball.

他們的 EBITDA 利潤率略高於 8%，而我們推動到超過 13.5%。因此我們信心很高。過去七個月，我們已成立整合管理辦公室（IMO）團隊。他們自下而上的專案清單已在 SG&A、物流、採購、網路（據點）最佳化等領域展開。我們現在看到的專案清單規模已大於 1.2 億美元，這與 Kimball 的情況非常一致。

So now what we'll do, which is why you heard Jeff say at least. Now what we'll do over the next 60 days is put project time lines on those and finalize our confidence levels. And with that, we'll come back to a new adjusted target. So I think we're kind of -- you called it well. It's similar to what we did with Kimball.

因此接下來我們會做的事情，也就是你聽到 Jeff 說「至少」的原因：未來 60 天內，我們會為這些專案設定時間表並最終確認信心程度。完成後，我們會回來提出新的調整後目標。所以我認為你說得很準，這與我們當時對 Kimball 的做法相似。

And I'd say we're on track, and we're encouraged that the number is going to be higher than $120 million.

我會說我們進度如期，而且我們也受到鼓舞，這個數字將會高於 1.2 億美元。

And then a little help on the gross margin line. I think you guys -- your accounting maybe a little bit different than the way Steelcase accounted gross versus SG&A or cost of goods versus SG&A expenses. Can you just talk about on a like-to-like basis, what gross margins have been doing and what you expect for the balance of the year kind of embedded in your guide?

另外想請你們協助解讀毛利率這一行。我想你們的會計分類可能與 Steelcase 對毛利與 SG&A、或銷貨成本與 SG&A 費用的分類方式略有不同。你們能否以可比口徑談談毛利率的走勢，以及在你們的全年指引中，對下半年隱含的預期？

Yes. The way you would have looked at the Steelcase margin would not mirror against the legacy workplace because of what's in there in freight and distribution. So to answer your question on what to expect on the workplace side, we still have high confidence of 150 basis point increase this year from 10.5% to 12% before the tariff refund that happened.

可以。你過去看 Steelcase 的毛利率方式，無法與我們既有的 Workplace 業務直接對照，因為其中包含了運費與配送等項目。就你問的 Workplace 端預期而言，我們仍高度有信心今年可提升 150 個基點，從 10.5% 提升到 12%，且這是在關稅退稅（tariff refund）發生之前的假設。

So those projects, and Jeff talked about improving margins in both the businesses, those projects are in place, and we still have high confidence there. On the residential side on margins, we feel the same. There's a 90-basis point plan for incremental improvement this year, and that's before the tariff refund.

因此這些專案——Jeff 也提到兩個業務的毛利率都在改善——都已到位，我們對此仍很有信心。住宅端的毛利率方面，我們感受相同。今年規劃有 90 個基點的增量改善，且同樣是在關稅退稅之前。

And then if you look at actual Steelcase, you follow P&L throughout the year, you'll see that it's now aligning with the way we did with legacy, and you'll start to see the benefits of the synergies. We will have synergies hit in the third and fourth quarter that will start to improve those margins.

另外，如果你沿著全年損益表（P&L）追蹤 Steelcase 的實際表現，你會看到它現在正逐步與我們既有的呈現方式對齊，你也會開始看到協同效益的好處。第三季與第四季會有協同效益反映，將開始改善那些毛利率。

And ultimately, analytically, the $120 million, that will incrementally improve margins for Steelcase and overall Workplace, each quarter for the next several years.

最終，從分析角度來看，那 1.2 億美元將在未來數年、逐季地為 Steelcase 以及整體 Workplace 帶來毛利率的增量改善。

And I'm going to sneak one more in. The mid-single-digit order growth, the five-week comment about it accelerating. Just to clarify, I don't know if that was the last five weeks of the quarter or if that was essentially the month of July.

我再偷偷問一個。關於訂單中段個位數成長，以及你提到「五週」加速的評論。想確認一下，我不確定那是指本季最後五週，還是基本上指 7 月。

But either way, what mid-single-digit kind of growth rate last quarter in orders, your outlook is for high single-digit revenue growth for the balance of the year in that segment. What gives you the confidence that, that acceleration is to come?

不過不管是哪一種，上季訂單是中段個位數成長，而你們對該部門下半年營收展望是高個位數成長。你們有什麼信心認為接下來會出現那樣的加速？

There's three parts to that, Reuben. Yes, that -- it's a good catch. So there's three parts. First, backlog at 5% going into a quarter and order growth rates at 5% going into -- coming out of the quarter support it. The second thing is the order acceleration that happened after the quarter.

Reuben，這有三個部分。是的，你抓得很準。三個部分如下：第一，進入本季時的在手訂單（backlog）為 5%，以及出季後的訂單成長率為 5%，這些都支持該展望。第二，是季後出現的訂單加速。

You heard Jeff mention that orders accelerated. That was at a much higher percentage than 5%, specifically on the contract side of our business. That was a lot stronger. So that supports the high single digits. And then the third thing is a weighted funnel.

你聽到 Jeff 提到訂單加速，那個增幅遠高於 5%，尤其是在我們業務的合約（contract）端，表現強很多。因此這支撐了高個位數的預期。第三，是加權後的銷售漏斗（weighted funnel）。

So the mention of preorder metrics, we can see what's out in front of us that's actually going to come in, in the quarter. So we have a good feel because our customers order based on our lead times. So those three things give us confidence in the high single digits for the third quarter.

因此提到預訂（preorder）指標，我們能看到前端有哪些機會實際會在本季轉入。由於客戶會依照我們的交期（lead times）下單，所以我們掌握度很高。這三點讓我們對第三季高個位數成長有信心。

Greg Burns, Sidoti. We'll go to our next question. Steven Ramsey, Thompson Research Group.

Greg Burns，Sidoti。接下來進行下一個問題。Steven Ramsey，Thompson Research Group。

I wanted to continue the thoughts on workplace strength. And you talked about win rates improving. Maybe you can put into context the drivers of better win rates, dissect where it's coming from, if it's legacy and/or Steelcase and if the marketplace around you is being rational as we see the backdrop improve.

我想延續關於 Workplace 強勁表現的討論。你提到得標率正在改善。也許你可以把得標率提升的驅動因素放在脈絡中說明，拆解一下來源，是來自既有業務和／或 Steelcase？以及在景氣背景改善之際，你周遭的市場競爭是否也更趨理性？

Yes, good question. I think, Steven, it's kind of across the board, both legacy and Steelcase, teams are competing well. There's been -- it's a lot of project business, small, medium and large kind of across the board by business. And so there's not like a standout. It's kind of universal.

是的，這問題問得好。我想，Steven，這算是全面性的，既有業務與 Steelcase 的團隊都競爭得很好。專案型業務很多，小型、中型到大型，各業務線都差不多。因此沒有哪一塊特別突出，算是普遍性的改善。

I think it kind of goes to these macro drivers, I believe, that are happening with the leasing activity and the absorption and the dealer surveys are trending positive. And so that's the bottom line. And I don't really -- the marketplace seems to be rational at this point. I know we've all been through our periods as we've been in this space long enough. But right now, it seems everyone is -- there's nothing that pops as being unusual relative to how the market is behaving or how our customers and our sales teams are addressing those behaviors.

我認為這與一些宏觀驅動因素有關：租賃活動與吸納（absorption）正在發生，經銷商調查也呈現正向趨勢。這就是結論。而且我不覺得——目前市場看起來是理性的。我知道我們在這個產業待得夠久，都經歷過不同階段。但就現在而言，市場行為、以及我們的客戶與銷售團隊對這些行為的應對方式，並沒有出現任何異常之處。

And then on the resi side of things, I want to make sure I understand this. The pricing-driven revenue growth in the second half, is there an implication that volumes are negative in the second half? And maybe you can talk to mix in that picture.

接著在住宅端（resi）這一塊，我想確認我理解正確。下半年由定價帶動的營收成長，是否意味著下半年出貨量是負的？也請你談談在這個情境下的產品組合（mix）。

Yes, Steven, the volume in the second half in the residential is low single digits negative. So there's a little bit of pressure. The price is going to offset that to make it relatively flattish for the second half or low single digits. So the point is even in a challenging housing market, we're going to hold revenue flat.

是的，Steven，下半年住宅端的量是低個位數的負成長。所以會有一點壓力。價格會抵消那部分，讓下半年整體看起來相對持平，或是低個位數的表現。重點是，即使在具挑戰性的房市環境下，我們也會把營收維持在持平。

Yes, Steven, I think I would add that I kind of made the comment, we believe we're outperforming the markets we're in, given kind of the macro and the cyclical and the headwinds that we are seeing. But I think we're pretty happy with that performance relative to our specific investments.

是的，Steven，我想我會補充一下，我之前有提到，我們相信在目前所處的市場中，我們的表現優於市場本身，考量到我們看到的總體環境、景氣循環以及逆風。但我認為，相對於我們特定投資而言，我們對這樣的表現相當滿意。

We've done a lot with focusing on builders specifically, the service model that we continue to build out and work on our RDC and our service model and our lean process with the vertical integration. So all that is being ramped with some more new product development because like I said, we're bullish on this space long term. And so we're taking this time to make investments when the market does turn in the meantime, kind of outperform while the markets are flattish or slightly down.

我們做了很多工作，特別是聚焦在建商（builders）上，持續打造並優化服務模式，並在我們的RDC與服務模式、以及結合垂直整合的精實流程上持續推進。因此，這些都在加速推動，同時也增加一些新產品開發，因為如我所說，我們長期看好這個領域。所以我們利用這段時間進行投資，當市場回轉時就能受益；而在此期間，當市場持平或小幅下滑時，我們也能相對地跑贏市場。

Greg Burns, Sidoti.

Greg Burns，Sidoti。

Can you hear me now?

你們現在聽得到我嗎？

We can hear you now.

現在聽得到。

All right. Great. So a lot of the focus on the Steelcase acquisition has been on the cost side of the equation. I just maybe wanted to get your thoughts on the longer term maybe revenue synergy opportunities. Any early indications of how the brands are working together across your dealer network?

好。太好了。大家對Steelcase收購案的關注多半放在成本面。我想請教你們對較長期、可能的營收協同（revenue synergy）機會有什麼看法？目前是否有任何早期跡象顯示，這些品牌如何在你們的經銷商網路中協同運作？

And maybe any plans on putting specific programs in place to maybe accelerate any of that activity that you might be seeing in the network?

另外，你們是否計畫推出一些特定方案，來加速你們在網路中可能看到的這些活動？

Yes, it's a great question, Greg. I mean I think that as you well know, none of that was programmed into our thinking going in. And so we're kind of watching that. I would tell you, some of that is occurring naturally in the ecosystem. And so that is -- there was a lot of excitement at Design Days this year, a lot of customers and dealers visiting all the spaces going to the Hans space, going to the Kimball space, what have you.

是的，這是個很好的問題，Greg。我想如你所知，我們在一開始的規劃中並沒有把這些納入，因此我們目前是在觀察。我可以告訴你，其中一部分在生態系中是自然發生的。所以——今年的Design Days有很多令人振奮的氛圍，很多客戶與經銷商走訪各個展區，去Hans的展區、去Kimball的展區等等。

So I think that's been really positive. I think the teams are excited about the opportunities. We have focused a lot. The sales force, we're going to continue to invest in selling. That's a critical element as we build this potential revenue synergy out.

所以我認為這是非常正面的。我也覺得團隊對這些機會感到興奮。我們在銷售團隊上投入很多，未來也會持續投資銷售。這是我們打造潛在營收協同時的一個關鍵要素。

I will say we're not going to -- we haven't forced it at this point because this first year in these kind of transactions, we're very pleased with where we're at. And there's a lot of moving parts.

我會說，我們目前不會——我們到現在還沒有刻意去推動，因為在這類交易的第一年，我們對目前的進展非常滿意，而且有很多變動因素。

So we kind of want to get through the transition year. But you are right, there will be -- there are opportunities that we have kind of studied relative to how we're seeing the natural ecosystem respond and where we could program in some benefits in order to help that to happen.

所以我們希望先度過這個過渡年度。但你說得對，確實會有——我們也已經研究過一些機會，基於我們看到自然生態系的反應，以及我們可以如何透過一些制度化的安排來導入效益，以促成這些事情發生。

And the other thing I've said in the past, too, is the whole price mixing and blending of the floor plate in a lot of these opportunities. That's the way the market is kind of developing over time. And we have -- this all goes to how we can configure the network in order to take advantage of not only our assets, but to meet the market where the market is headed anyway.

另外我過去也提過，還有一點是，在許多機會中，整個樓層平面（floor plate）的價格組合與混搭（price mixing and blending）。市場長期就是朝這個方向發展。我們——這也回到我們如何配置網路，才能不僅善用我們的資產，也能在市場本來就要前往的方向上，與市場接軌。

David MacGregor, Longbow Research.

David MacGregor，Longbow Research。

Congratulations on the progress. Yes. I guess on your third quarter outlook, can you just talk in greater detail about what you're seeing in the presale indicators? Obviously, it's giving you a lot of confidence in the outlook.

恭喜你們的進展。是的，我想針對你們第三季展望，能否更詳細談談你們在預售指標（presale indicators）上看到什麼？顯然這讓你們對展望很有信心。

Yes. David, I think us sharing more about preorder activity and presale indicators, we're seeing all of them increase. We're seeing RFPs increase. A little bit about the question earlier about win rate. Some of the investments that we made over the last few years when volume wasn't helped in the front and more salespeople on the street allowed us to sophisticate some of these systems to see it.

是的。David，我想我們分享更多關於預訂（preorder）活動與預售指標，我們看到它們都在上升。我們看到RFP（提案邀請）增加。稍微呼應前面關於得標率（win rate）的问题：過去幾年在量沒有起來時，我們做了一些投資，前端增加了更多業務人員，讓我們能把一些系統做得更成熟，以便看得更清楚。

So you think of -- not just win rates, the amount of bids and size of bids, all of those are what's given us confidence to lean into the third quarter. And I think the last is the point on the weighted funnel. We can actually see in working with our clients that this preorder metric of won but not ordered is going to get ordered.

所以你可以想像——不只是得標率，投標數量與投標規模，這些都是讓我們有信心在第三季更積極投入的原因。最後一點是加權漏斗（weighted funnel）。我們實際上可以在與客戶合作的過程中看到，這個「已贏單但尚未下單」的預訂指標，將會轉成下單。

So I think as this evolves, we'll just get more confidence to how that weighted funnel plays inside the quarter. That's obviously our internal. Certainly, Jeff mentioned a lot of the macro items, specifically absorption and leasing activity. All of those are green, and it's not accelerating as well. So market health plus our sales management systems give us confidence there.

所以我認為，隨著這個情況演進，我們會更有信心了解這個加權漏斗在季度內如何落地。這當然是我們內部的觀察。當然，Jeff也提到很多總體因素，特別是去化（absorption）與租賃活動（leasing activity）。這些都呈現綠燈，而且也沒有在加速。因此，市場健康度加上我們的銷售管理系統，讓我們對此有信心。

And then the third quarter adjusted EPS guidance of up mid- to high 20s, how much of that is the improving demand fundamentals versus how much is acceleration in cost synergies, execution versus maybe how much is just push forward from the January, February pause in purchase orders?

另外，你們第三季調整後EPS指引為成長約中到高20%區間，其中有多少來自需求基本面改善？有多少來自成本協同加速、執行力提升？以及有多少只是把1、2月暫停的採購訂單往前推？

Yes. I mean a lot of it, when we just -- if I talk dollars just at the highest level, David, the Steelcase profit is going to drive a lot of it. Our productivity is increasing. And then everything we just talked about on volume, we're back to volume growth. We haven't talked about that in a few quarters.

是的。我的意思是，其中很大一部分——如果我用最高層級、以金額角度來談，David，Steelcase的獲利會驅動很大一部分。我們的生產力也在提升。再加上我們剛剛談到的量，我們又回到量的成長。我們已經好幾季沒有談到這點了。

And that's obviously a significant driver. And actually, the one that we're probably most excited about because that's the better indication of what the market is doing and it's getting momentum.

而這顯然是一個重要的驅動因素。其實這也是我們可能最興奮的一點，因為它更能反映市場正在發生什麼，而且正在累積動能。

And then you noted the double-digit EPS growth you expect in 2027. How much of that is kind of the strong pattern of growth you're seeing in new orders versus Steelcase cost synergies?

另外，你們提到2027年預期有雙位數EPS成長，其中有多少是來自你們在新訂單上看到的強勁成長趨勢？又有多少來自Steelcase的成本協同？

Yes, minimal. We've been conservative on that approach. Our visibility story for '27 of the $70 million is Steelcase network and the network optimization. And those numbers have been consistent. Those projects are in place, and we're building them. So growth on top of that is not in the economics, and certainly, that would be upside.

是的，占比很小。我們在這個做法上一直很保守。我們對2027年可見度的敘事中，那7,000萬美元是來自Steelcase網路以及網路優化。而這些數字一直都很一致。那些專案都已經到位，我們也正在推進建置。因此，在此之上的成長並沒有納入經濟假設中；當然，那會是上行空間。

So I just want to be clear, VP, you've got synergies in there, obviously, you just mentioned that. You probably have some pricing in there as well, price cost, but you just don't have any volume. I just want to make sure I'm clear on that.

所以我想確認一下，VP，你們的假設裡面有協同，顯然你剛剛提到了。你們可能也有一些定價因素，價格/成本（price cost），但你們其實沒有把任何量納入。我只是想確認我理解正確。

Price cost is assumed neutral and there is no -- there's minimal volume in there, David. That would be upside.

價格/成本假設為中性，且沒有——裡面只有極少量的量假設，David。那會是上行空間。

So there's quite a bit of upside here if the strength you're seeing in the market right now should continue.

所以如果你們現在在市場上看到的強勢能延續，這裡其實有相當大的上行空間。

Yes.

是的。

And then can you just talk about how the mix of business you're seeing is changing with the Steelcase acquisition? And given they typically play in a space where I guess the project sizes are typically larger than what the legacy HNI was used to seeing. And also, what are you learning from that in terms of how you reinvest back in the business going forward?

最後，能否談談Steelcase收購後，你們看到的業務組合（mix）如何改變？考量到他們通常參與的領域，我想專案規模通常比HNI既有業務過去習慣看到的更大。另外，你們從中學到什麼，關於未來如何把資源再投資回業務？

Yes, it's a good question. We are -- this first year is a year of, I would say, transition. There's a lot of moving parts. But their exposure, obviously, is to larger opportunities than we typically have been operating kind of the standard deviation. It makes it a little lumpier, I would say.

是的，這是個好問題。我們——我會說，今年第一年是一個過渡年。有很多變動的部分。但他們的曝險顯然是面向比我們過去通常運作範圍（標準差）更大的機會。我會說，這讓結果看起來會更不平滑一些。

So we're kind of getting our arms around predictability. That's kind of why we're talking a lot about the funnel and the activities because that's kind of a precursor. But some of the pace of some of these from one to order and kind of in the funnel is -- we're working with the Steelcase team to make sure we have a -- we can predict that more accurately.

所以我們正在努力掌握可預測性。這也是為什麼我們一直在談漏斗和各項活動，因為那算是一個前置指標。不過，這些案子從線索到下單、以及在漏斗中的推進速度——我們正與 Steelcase 團隊合作，確保我們能更準確地預測。

But that's the beauty of this, though, it's exposure to pieces of the market we didn't have before and Steelcase does a great job. Their sales team does a great job, and they're really connected in with their customer base. So -- and this has gone well. I would say the team has responded well. We will probably look to reinvest more in the NPD.

但這件事的美妙之處在於，它讓我們接觸到以前沒有的市場區塊，而 Steelcase 做得非常好。他們的銷售團隊做得很棒，且與客戶基礎連結非常緊密。所以——而且目前進展順利。我會說團隊的反應也很好。我們可能會考慮在 NPD 上再投入更多。

As you recall, last quarter, we talked about one of the surprises we had was this -- they had a BT project, and we kind of came in and made a fairly good deep assessment that we needed to stop that. We thought there was another way to do that was kind of holding back some other areas of business.

如你所記得的，上季我們談到一個讓我們意外的點是——他們有一個 BT 專案，而我們介入後做了相當深入的評估，認為需要把它停掉。我們覺得有另一種做法，而那個專案其實在拖累其他一些業務領域。

And now the team has responded well. We're diverting those resources and some of this into actions in product development, supporting the sales force, all to kind of what I call win at the point of attack in the market.

而現在團隊的反應很好。我們正把那些資源以及其中一部分轉去做產品開發的行動、支援銷售團隊，整體目標就是我所說的：在市場的第一線攻防點取得勝利。

And so I think we get through that, and we've got that kind of retriggered going into the back half now, that's -- we really like where we're positioned as we look out into '27 with those moves.

所以我認為我們把這段走完，並且在進入下半年時把它重新啟動——就我們展望 2027 年而言，透過這些動作，我們非常喜歡目前的佈局位置。

Yes. I mean you talked about the investment. One of the things that we picked up in our dealer checks this quarter was just a lot of dealers investing in their showrooms right now. I guess we should interpret that as an indication of confidence.

是的。我的意思是你談到投資。我們這一季在通路商（dealer）訪查中看到的一件事是，很多通路商現在都在投資他們的展示間。我想我們應該把這解讀為信心的指標。

Yes, I think so. I think the dealers are bullish, and we're spending a lot of time there. And they're investing, we're investing. That's the beauty. And I think that's what it's going to take to win the race long term.

是的，我想是。我認為通路商偏多（看好），而我們也花很多時間在那裡。他們在投資，我們也在投資。這就是美妙之處。我認為這正是長期贏得競賽所需要的。

And that, again, goes to this -- goes to the transaction in general. And look, it's only seven months in, but seeing -- couldn't be more pleased with how everyone's responded relative to that kind of the Steelcase ecosystem, super excited. People have been great, and we're hitting at the right time with some of the macro drivers.

而這再次回到——回到整體交易本身。你看，雖然才過了七個月，但看到——我對大家在 Steelcase 生態系中相對於這件事的反應再滿意不過了，超級興奮。大家都很棒，而且我們也在一些總體驅動因素的正確時點切入。

And I guess just you were referencing earlier a little bit about NeoCon this year. Just what did you take away from the NeoCon experience in terms of the commercial synergy potential?

我想再追問一下，你先前稍微提到今年的 NeoCon。就商用協同效應的潛力而言，你從 NeoCon 的經驗中帶走了什麼收穫？

I took away that there's a lot of opportunity. There is a lot of -- to get to know you, it's an exploration -- that's why some of this is -- will happen naturally. There's early adopters. There's other people that are comfortable with where they're at. So you kind of got -- you got to kind of look at the whole network.

我的收穫是機會很多。有很多——彼此認識的機會，這是一個探索的過程——所以其中一些事情——會自然發生。有些是早期採用者，也有些人對現狀感到自在。所以你得——你得從整個網絡來看。

But the bottom-line takeaway is there's a lot of opportunity as our businesses cover the entire floor plate, like we've said, and the mixing and matching that's potentially available to some of our dealer partners is starting to be recognized. It's early days, but it's starting to be recognized. And all it takes is one or two experiences to win a job. But you also got to understand you don't snap your fingers.

但最核心的結論是：機會很多。正如我們說過的，我們的業務涵蓋整個樓層平面（floor plate），而對一些通路夥伴而言，我們產品之間可進行的混搭組合，正開始被認知到。現在還是早期，但已經開始被看見。而且只要一兩次成功的經驗就能拿下一個案子。但你也得理解，事情不是彈指之間就會發生。

I mean we have sales forces. We have people getting to know each other. Some of this is just natural matriculation of the system. And at the right time, we can then -- I got the question earlier, you can then kind of program in some of that, but you want to make sure you do that when people are ready and understand the program.

我的意思是，我們有銷售團隊，也有人在彼此熟悉。這其中有些只是系統自然的磨合與演進。在適當的時機，我們就可以——我先前也被問到——你就可以把其中一些做成更有系統的方案（program），但你要確保是在大家準備好、也理解這個方案時再做。

And do you think you're making progress with the international Steelcase business and how you can better sort of leverage that asset?

那你覺得你們在 Steelcase 的國際業務方面有進展嗎？以及你們如何能更好地槓桿運用那項資產？

That -- international, it's early days there. I was -- I've gotten more visibility. I did a trip over there, and there's opportunities to uncover there, the fresh eyes. But look, I mean, the international piece is there's two segments for us. We've got the EMEA and the APAC -- and so those even operate a little differently.

那——國際方面，現在還是早期。我——我獲得了更多能見度。我去那邊出差了一趟，以新的視角看到了可以挖掘的機會。但你看，我的意思是，國際這塊對我們來說有兩個區段。我們有 EMEA 和 APAC——而且它們的運作方式也略有不同。

But yes, there clearly is opportunities there to configure that network to maybe even be more potent than it is, but they have nice coverage. EMEA, obviously, is -- they've got some headwinds with the local economics and the war that too shall pass. And we've got good teams over there and people that are eager to contribute. So that's all you can ask for in the early days.

但是的，那裡顯然有機會去重新配置那個網絡，甚至可能讓它比現在更有戰力；不過他們的覆蓋其實不錯。EMEA 顯然——他們面臨一些逆風，包括當地經濟以及戰爭，但這些終將過去。我們在那邊有很好的團隊，也有渴望貢獻的人。在早期階段，你能要求的也就是這些。

Last question for me. I just -- you mentioned the Steelcase hiring of a President in the second half. I guess I'm just curious, how does that second half hire impact the synergies cadence? Do we see an acceleration shortly thereafter? Or how are you thinking about that?

我最後一個問題。我只是——你提到 Steelcase 會在下半年聘任一位總裁。我想了解的是，下半年這個聘任會如何影響協同效應的推進節奏？我們會在之後不久看到加速嗎？還是你們是怎麼思考的？

No, I don't think so, David. I think we've got, as VP mentioned and we mentioned, we got the IMO structure. We pretty much tipped that up and it's operating without a President. I mean, I think the President will spend more time in the market with dealers, with the sales force, winning business and getting to know the ecosystem well because we kind of have the IMO kind of locked down. It doesn't mean it won't -- they'll be involved, but we want to kind of focus on the front and focus on selling to start with.

不，我不這麼認為，David。我認為我們已經有——如 VP 提到、我們也提到的——我們有 IMO 架構。我們基本上已經把它搭起來，而且在沒有總裁的情況下也能運作。我的意思是，我認為總裁會把更多時間花在市場端，和通路商、銷售團隊一起贏得業務，並更深入了解生態系，因為我們的 IMO 基本上已經很穩固。這不代表他們不會參與，但我們希望先把重點放在前端、先聚焦在銷售上。

This concludes our question-and-answer session. I'd like to turn it back to Mr. Lorenger for closing remarks.

以上為我們的問答環節。接下來我想把時間交回 Lorenger 先生做結語。

Well, great. Thanks for taking the time today. I know it's always a busy time of the year. So I really appreciate everybody joining us for the summer call, so to speak. Thanks so much.

好的，很棒。感謝大家今天撥冗參與。我知道每年這個時候總是很忙。所以我非常感謝各位加入我們這場所謂的夏季電話會議。非常感謝。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以掛線。