馬斯科 (MAS) 2024 Q4 法說會逐字稿

Good morning ladies and gentlemen. Welcome to the Masco Corporation 2024 fourth-quarter and full year conference call. My name is Joelle and I will be your conference operator for today's call. As a reminder, today's conference call is being recorded for replay purposes. (Operator Instructions)

女士們、先生們，早安。歡迎參加馬斯科公司2024年第四季及全年電話會議。我叫喬爾，我將擔任今天電話會議的接線生。提醒一下，今天的電話會議將被錄音以供重播。（操作員指令）

I will now turn the call over to Robin Zondervan, Vice President, Investor Relations and FP&A. You may begin.

現在我將把電話轉給投資者關係和 FP&A 副總裁 Robin Zondervan。你可以開始了。

Thank you, operator, and good morning, everyone. Welcome to Masco Corporation's 2024 fourth quarter and full year conference call. With me today are Keith Allman, President and CEO of Masco; and Rick Westenberg, Masco's Vice President and Chief Financial Officer.

謝謝接線員，大家早安。歡迎參加馬斯科公司 2024 年第四季及全年電話會議。今天與我在一起的有 Masco 總裁兼執行長 Keith Allman；以及馬斯科副總裁兼財務長里克·韋斯滕伯格（Rick Westenberg）。

Our fourth quarter earnings release and the presentation slides are available on our website under investor relations. Following our remarks, we will open the call for analyst questions. Please limit yourself to one question with one follow-up. If we can't take your question now, please call me directly at 313-792-5500.

我們的第四季財報和簡報投影片可在我們網站的投資者關係部分找到。在我們發言之後，我們將開始分析師提問環節。請限制自己只問一個問題並進行一次跟進。如果我們現在無法回答您的問題，請直接撥打我的電話：313-792-5500。

Our statements today will include our views about our future performance, which constitute forward-looking statements. These statements are subject to risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements.

我們今天的聲明將包括我們對未來表現的看法，這些看法構成前瞻性聲明。這些聲明受風險和不確定性的影響，可能導致我們的實際結果與前瞻性聲明有重大差異。

We described these risks and uncertainties and our risk factors and other disclosures in our Form 10-K and our Form 10-Q that we file with the Securities and Exchange Commission. Our statements will also include non-GAAP financial metrics.

我們在向美國證券交易委員會提交的 10-K 表和 10-Q 表中描述了這些風險和不確定性以及我們的風險因素和其他揭露。我們的聲明還將包括非公認會計準則財務指標。

Our references to operating profit and earnings per share will be as adjusted, unless otherwise noted. We reconcile these adjusted metrics to GAAP in our earnings release and presentation slides which are available on our website under investor relations.

除非另有說明，否則我們對營業利潤和每股收益的引用將進行調整。我們在收益報告和簡報投影片中將這些調整的指標與 GAAP 進行協調，這些投影片可在我們網站的投資者關係部分找到。

With that, I will now turn the call over to Keith.

說完這些，我現在將電話轉給 Keith。

Thank you, Robin. Good morning everyone, and thank you for joining us today. Please turn to slide 5. I wanted to start this morning by reflecting on some of our key accomplishments across our businesses, brands and products for 2024.

謝謝你，羅賓。大家早安，感謝大家今天的參與。請翻到投影片 5。今天早上，我想先回顧一下我們在 2024 年業務、品牌和產品方面取得的一些主要成就。

Beginning with our Plumbing segment. We introduced several innovative new products in the market and entered into new product categories. At Delta Faucet, we're focused on being a leader in water quality and introduced water filtration products for both the sink and shower categories.

從我們的管道部分開始。我們在市場上推出了多款創新的新產品，並進入了新的產品類別。在 Delta Faucet，我們致力於成為水質領域的領導者，並推出了針對水槽和淋浴類別的水過濾產品。

At hansgrohe, we continue to increase market share by offering products with premium and customizable designs and products that are focused on saving energy and water. At Watkins Wellness, we introduced FreshWater IQ, a smart monitoring system that automatically test the water chemistry in your spa and communicates recommended adjustments to maintain clean, natural feeling water. Finally, our integration of Sauna360 is ahead of schedule, and we are actively launching our branded Sauna into our existing Watkins dealer network.

在漢斯格雅，我們透過提供優質、可客製化的設計以及專注於節能節水的產品來持續增加市場份額。在 Watkins Wellness，我們推出了 FreshWater IQ，這是一種智慧監控系統，可自動測試水療中心的水化學性質，並傳達建議的調整建議，以保持水的清潔、自然。最後，我們對Sauna360的整合已經提前完成，我們正在積極地將我們的品牌桑拿推向現有的Watkins經銷商網路。

In our Decorative Architectural segment, the strength of our brands continues to resonate with our customers and generate additional share gains. Behr was rated number one in interior paint, number one in exterior paint, and number one in exterior stain in a third-party study demonstrating the strength and exceptional quality of our leading Behr brand.

在我們的裝飾建築領域，我們品牌的實力繼續引起客戶的共鳴並產生額外的份額成長。在第三方研究中，Behr 被評為內牆塗料第一名、外牆塗料第一名和外牆著色劑第一名，充分證明了我們領先的 Behr 品牌的實力和卓越品質。

Our investments in our paint business to continue to expand our services and build upon our successful partnership with the Home Depot, have helped drive share gains in both the DIY and pro paint categories. In our pro paint category, our annual sales are now over $900 million, which is an increase of over 70% since 2020.

我們對油漆業務的投資繼續擴大了我們的服務範圍，並鞏固了我們與家得寶的成功合作夥伴關係，這有助於推動DIY和專業油漆類別的份額成長。在我們的專業塗料類別中，我們的年銷售額現在超過 9 億美元，自 2020 年以來成長了 70% 以上。

Our products resonate with pro painters and have enabled us to capitalize on the sizable growth opportunity in the pro paint market. Finally, we completed the sale of Kichler Lighting in 2024. We are confident that this transaction to further streamline our portfolio will drive greater value for Masco's shareholders as we focus on the strategic initiatives of our core businesses.

我們的產品引起了專業畫家的共鳴，使我們能夠利用專業塗料市場的巨大成長機會。最終，我們在 2024 年完成了 Kichler Lighting 的出售。我們相信，此交易將進一步精簡我們的投資組合，為馬斯科的股東創造更大的價值，因為我們將專注於核心業務的策略計畫。

I want to thank all our employees for their excellence in execution, their focus on the customer and their continuous improvement mindset that delivered these key accomplishments during the year.

我要感謝我們所有的員工，感謝他們出色的執行力、對客戶的關注以及持續改進的心態，這些使得他們在今年取得了這些關鍵的成就。

With that, I'll now make some brief comments on our fourth quarter and full year results, and then I'll finish by discussing our outlook for 2025, and provide an update on our margin targets for 2026. Please turn to slide 6.

接下來，我將對我們的第四季和全年業績做一些簡短的評論，然後我將討論我們對 2025 年的展望，並提供我們 2026 年利潤目標的最新資訊。請翻到幻燈片 6。

We wrapped up 2024 with another quarter of solid operating results. In the fourth quarter, our top line decreased 3%, primarily due to the divestiture of Kichler. Excluding this divestiture and the unfavorable impact of currency, sales increased 1%, primarily due to higher volumes in our Decorative segment.

我們以另一個穩健的經營業績結束了 2024 年。第四季度，我們的營業收入下降了 3%，主要原因是剝離了 Kichler。除此次資產剝離和貨幣的不利影響外，銷售額增長了 1%，這主要歸功於我們裝飾部門的銷量增加。

Operating profit increased $19 million in the quarter due to our continued efforts to drive cost savings and efficiency across our operations. Operating profit margin improved 140 basis points to 15.9%. Our performance in the fourth quarter marked the seventh quarter in a row of year-over-year margin expansion.

由於我們不斷努力節約整個營運成本並提高效率，本季營業利潤增加了 1,900 萬美元。營業利益率提高140個基點至15.9%。我們第四季的業績標誌著利潤率連續第七個季度年增。

With our strong execution, our earnings per share for the quarter increased 7% to $0.89 per share. Turning to our segments. Plumbing sales decreased 1% in local currency. We saw lower volumes in both trade and retail in North America. While the industry continues to show signs of stabilization, it remains choppy and has not yet pivoted to sustained growth.

憑藉我們強勁的執行力，本季我們的每股盈餘成長了 7%，達到每股 0.89 美元。轉向我們的細分領域。以當地貨幣計算，管道銷售額下降了 1%。我們發現北美的貿易和零售量都有所下降。儘管該行業繼續顯示出穩定的跡象，但仍然不穩定，尚未轉向持續成長。

International Plumbing grew slightly as we saw growth again this quarter in our business in both Europe and China despite a challenging market environment. Operating profit for the segment was $200 million, and operating margin was 16.8%, an improvement of 40 basis points.

國際管道業務略有成長，儘管市場環境充滿挑戰，但本季我們在歐洲和中國的業務均再次成長。該部門營業利潤為 2 億美元，營業利潤率為 16.8%，提高了 40 個基點。

We continue to see the benefits of our focus on productivity, efficiency, and cost savings initiatives throughout our Plumbing segment. Additionally, our investments in our leading global brands, innovative products, and customer service are producing results, and we will continue to capitalize on these investments.

我們繼續看到，在整個管道部門中，專注於生產力、效率和成本節約措施所帶來的好處。此外，我們對全球領先品牌、創新產品和客戶服務的投資正在產生成果，我們將繼續利用這些投資。

Turning to our Decorative Architectural segment, sales decreased 6%, primarily due to our divestiture. Overall, paint sales were up mid-single digits, including a benefit from inventory timing. Excluding this benefit, overall paint sales were down low single digits. Pro paint sales were up high single digits, and DIY paint sales were down mid-single digits. Operating profit for the segment was $113 million and operating margin was 17.7%, an improvement of 290 basis points.

談到我們的裝飾建築部門，銷售額下降了 6%，主要是由於我們的資產剝離。總體而言，油漆銷售額成長了中等個位數，其中包括庫存定時帶來的好處。除去這項福利，整體油漆銷售額下降了個位數。專業塗料的銷售額成長了高個位數，而DIY塗料的銷售額則下降了中等個位數。該部門的營業利潤為 1.13 億美元，營業利潤率為 17.7%，提高了 290 個基點。

Now let's review our full year performance. Please turn to slide 7. Masco executed extremely well in 2024. And for the second year in a row, we improved nearly every operating metric for the full year. Gross margin improved 110 basis points to 36.3%. Operating margin expanded 70 basis points to 17.5%.

現在讓我們回顧一下我們的全年業績。請翻到幻燈片 7。馬斯科在 2024 年的表現非常出色。連續第二年，我們全年幾乎所有營運指標都得到了改善。毛利率提高110個基點至36.3%。營業利益率擴大70個基點至17.5%。

Plumbing margin expanded 100 basis points to 19%. Decorative margin expanded 70 basis points to 18.5%. Earnings per share grew 6% to $4.10 per share, up from $3.86 per share in 2023. We delivered a return on invested capital of 44% and our strong cash flows, including the proceeds from our divestiture, allowed us to return more than $1 billion to shareholders in the form of dividends and share repurchases in 2024.

管道利潤率擴大100個基點，至19%。裝飾利潤率擴大70個基點至18.5%。每股收益從 2023 年的每股 3.86 美元增長 6% 至每股 4.10 美元。我們實現了 44% 的投資回報率，強勁的現金流（包括資產剝離所得）使我們能夠在 2024 年以股息和股票回購的形式向股東返還超過 10 億美元。

Importantly, we have achieved compound annual earnings per share growth of over 12% over the last five years, delivering on our target of double digit EPS growth through cycles. This growth demonstrates the strength of our brands, service and innovation, and the benefits of a portfolio focused on lower ticket, repair and remodel oriented products.

重要的是，我們在過去五年中實現了超過 12% 的每股盈餘複合年增長率，實現了周期內每股盈餘兩位數成長的目標。這一成長證明了我們品牌、服務和創新的實力，以及專注於低價、維修和改造產品的產品組合的優勢。

Turning to slide 8. As we look to the future, we are well positioned to achieve strong profitable growth through continued market share gains, margin expansion and disciplined capital deployment. The 2025 estimates we are providing today include the impact from the recently enacted China tariffs, net of mitigation actions, but do not include impacts from any potential future tariffs.

翻到幻燈片 8。展望未來，我們有能力透過持續擴大市場份額、提高利潤率和嚴謹的資本配置來實現強勁的獲利成長。我們今天提供的 2025 年估算包括最近實施的中國關稅的影響（扣除緩解措施），但不包括任何潛在未來關稅的影響。

We have demonstrated our ability to navigate these types of situations in the past, from COVID to unforeseen supply chain challenges to previously enacted tariffs, and we are confident that we have the right teams and plans in place to respond quickly to any new tariffs.

從新冠疫情到不可預見的供應鏈挑戰，再到先前實施的關稅，我們過去已經證明了我們有能力應對此類情況，我們有信心，我們擁有合適的團隊和計劃，能夠對任何新的關稅做出快速反應。

Moving to our expectations for 2025, I will begin with the following market assumptions. For global repair and remodel markets, in aggregate, we expect the market to be flat to down low single digits. For the North American repair and remodel market, we expect the market to be roughly flat. For international markets, we expect the markets in aggregate to be down low single digits.

談到我們對 2025 年的預期，我將從以下市場假設開始。對於全球維修和改造市場而言，整體而言，我們預期市場將保持穩定或下降個位數。對於北美維修和改造市場，我們預期市場將大致持平。對於國際市場，我們預期整體市場將下降個位數。

Our expectations for our own sales in 2025 is to be down low single digits. However, if we exclude the unfavorable impacts from our divestiture of Kichler of approximately 2% and currency of approximately 1%, we expect our sales to be roughly flat to up low single digits. Our estimate includes our expectations that we will continue to outperform the market in 2025.

我們預計 2025 年我們的銷售額將下降個位數。然而，如果我們排除剝離 Kichler 約 2% 和貨幣約 1% 的不利影響，我們預計我們的銷售額將大致持平至略有個位數成長。我們的估計包括我們對 2025 年將繼續跑贏大盤的預期。

Despite the relatively flat top line assumption, we will continue to expand our margins through disciplined pricing, innovative product introductions, cost savings initiatives, and operational efficiencies across our business.

儘管營收假設相對平穩，我們仍將繼續透過嚴格的定價、創新的產品推出、成本節約措施和整個業務的營運效率來擴大利潤率。

We have consistently demonstrated our ability to execute in dynamic times, and plan to deliver further operating margin expansion across our business in 2025. We expect Plumbing margins in the range of 19% to 19.5%, and Decorative margins also in the range of 19% to 19.5%, resulting in a Masco operating margin of approximately 18%.

我們始終如一地展現出我們在動態時期的執行能力，並計劃在 2025 年進一步擴大我們業務的營業利潤率。我們預計管道利潤率在 19% 到 19.5% 之間，裝飾利潤率也在 19% 到 19.5% 之間，因此 Masco 的營業利潤率約為 18%。

Turning to capital allocation, our strategy remains unchanged. First, we will reinvest in our business to maintain and grow our leadership positions and win in the marketplace. This includes ongoing investments in our growth initiatives to continue to gain share in the domestic plumbing, wholesale channel, international plumbing and propane.

談到資本配置，我們的策略保持不變。首先，我們將對我們的業務進行再投資，以保持和發展我們的領導地位並在市場上取得勝利。這包括持續投資於我們的成長計劃，以繼續在國內管道、批發管道、國際管道和丙烷領域獲得份額。

Second, we will continue to maintain a strong investment-grade balance sheet. Third, we have a targeted dividend payout ratio of 30%. I'm pleased to share that our Board approved a 7% increase in our dividend for 2025, which will bring our annual dividend to $1.24 per share and marks the 12th consecutive annual increase.

第二，我們將持續保持強勁的投資等級資產負債表。第三，我們的目標股利支付率為30%。我很高興地告訴大家，董事會批准將 2025 年的股息提高 7%，這將使我們的年度股息達到每股 1.24 美元，這也是連續第 12 年增加。

And fourth and finally, we will deploy our remaining available free cash flow to share repurchases or acquisitions. Based on our projected free cash flow, we expect to deploy approximately $600 million to share repurchases or acquisitions in 2025.

第四，也是最後一點，我們將利用剩餘的可用自由現金流進行股票回購或收購。根據我們預測的自由現金流，我們預計 2025 年將部署約 6 億美元用於股票回購或收購。

Our M&A strategy has not changed. We continue to review and selectively pursue opportunities that have the right strategic fit and the right return for Masco, with the goal of adding 1% to 3% annual top line growth through acquisitions over the long term.

我們的併購策略沒有改變。我們將繼續審查並選擇性地尋求與 Masco 具有正確的策略契合度和可帶來適當回報的機會，目標是透過長期收購實現 1% 至 3% 的年營收成長率。

Based on our expected operating performance and capital deployment actions, we anticipate earnings per share for 2025 to be in the range of $4.20 to $4.45 per share. One year ago, we provided our margin expansion targets for 2026, and we are reiterating those targets on this call.

根據我們預期的經營業績和資本配置行動，我們預計 2025 年每股收益將在 4.20 美元至 4.45 美元之間。一年前，我們提出了2026年的利潤率擴大目標，我們在這次電話會議上重申了這些目標。

For our Plumbing segment, with our industry-leading brands, including Delta and hansgrohe, we expect to expand margins to 20% in 2026, up from 19% in 2024. For our Decorative segment, led by our industry leading Behr brand, we expect to achieve margins of 19% to 20% in 2026, up from 18.5% in 2024. This range reflects the benefit from our Kichler divestiture, partially offset by a slower than initially expected return to growth in the DIY paint market.

對於我們的管道部門，憑藉我們行業領先的品牌，包括 Delta 和 hansgrohe，我們預計利潤率將從 2024 年的 19% 擴大到 2026 年的 20%。對於我們的裝飾部門，以業界領先的 Behr 品牌為首，我們預計到 2026 年的利潤率將達到 19% 至 20%，高於 2024 年的 18.5%。這個範圍反映了我們剝離 Kichler 業務的好處，但 DIY 塗料市場的成長恢復速度低於最初的預期，這在一定程度上抵消了這一好處。

For Masco overall, we expect to expand operating profit margins to 18.5% in 2026, up 100 basis points from 17.5% in 2024, and up 170 basis points from 16.8% in 2023. While we expect a stabilizing but challenging market in 2025, we anticipate that the market will return to its historical growth rates of 3% to 5% in 2026. Therefore, we believe we can achieve these margins through leveraging incremental volume, exercising pricing discipline and executing on operational improvements.

對馬斯科整體而言，我們預計 2026 年營業利潤率將擴大至 18.5%，較 2024 年的 17.5% 上升 100 個基點，較 2023 年的 16.8% 上升 170 個基點。我們預計 2025 年市場將趨於穩定但充滿挑戰，但我們預計 2026 年市場將恢復到 3% 至 5% 的歷史成長率。因此，我們相信我們可以透過利用增量產量、嚴格定價紀律和執行營運改善來實現這些利潤。

I want to finish by reiterating the structural factors that remain supportive of increased repair and remodel activity in the mid to long term. Homeowners that took advantage of low mortgage rates are likely to remain in their homes for longer and invest in upgrades and remodels. 1.7 million more homes will reach the prime remodeling ages of 20 to 39 years old by 2027.

最後，我想重申中長期內仍然支持增加修復和改造活動的結構性因素。利用低抵押貸款利率的房主可能會在自己的房屋中保留更長時間並投資進行升級和改造。到 2027 年，將有 170 萬戶家庭達到 20 至 39 歲這項最佳改造年齡。

Home equity levels are at record high levels, and millennial household formation is rising. All of these structural forces provide tailwinds for our business and increase our confidence for a strong repair and remodel market in the coming years.

房屋淨值水平處於歷史最高水平，千禧世代的家庭組成正在增加。所有這些結構性力量都為我們的業務提供了順風，並增強了我們對未來幾年強勁的維修和改造市場的信心。

We believe we are well positioned to capitalize on future volume growth as our capacity, efficiency, productivity and cost structure are set up to drive favorable incremental benefits from additional volume. With these favorable fundamentals, the continued successful execution of our strategic initiatives and our disciplined capital deployment, we are well positioned to outperform the competition and deliver double digit EPS growth through cycles for our investors.

我們相信，我們已做好準備，充分利用未來產量的成長，因為我們的產能、效率、生產力和成本結構都已準備好從額外的產量中獲得有利的增量效益。憑藉這些良好的基本面、持續成功執行我們的策略舉措以及嚴謹的資本配置，我們完全有能力超越競爭對手，並為我們的投資者帶來週期性兩位數的每股收益成長。

Now, I'll turn the call over to Rick to go over our fourth quarter, full year, and 2025 outlook in more detail. Rick?

現在，我將把電話轉給里克，讓他更詳細地介紹我們第四季、全年和 2025 年的展望。瑞克？

Thank you, Keith, and good morning, everyone. Thank you for joining. As Robin mentioned, my comments today will focus on adjusted performance, excluding the impact of rationalization charges and other one-time items.

謝謝你，基思，大家早安。感謝您的加入。正如羅賓所提到的，我今天的評論將集中在調整後的業績，不包括合理化費用和其他一次性項目的影響。

Turning to slide 10. Sales in the fourth quarter decreased 3%, but increased 1% excluding the unfavorable impact of our divestiture of Kichler and currency. Our divestiture of Kichler in the third quarter of 2024 decreased sales by 3% in the fourth quarter.

翻到第 10 張投影片。第四季銷售額下降 3%，但若除去剝離 Kichler 業務和貨幣帶來的不利影響，銷售額則增加了 1%。我們在 2024 年第三季剝離了 Kichler，導致第四季的銷售額下降了 3%。

In local currency, North American sales decreased 4%, but increased 1% excluding the divestiture impact. International sales increased 2% in local currency. Gross margin in the quarter was 34.8%. SG&A as a percent of sales decreased 170 basis points year-over-year to 18.9% in the quarter, primarily driven by our divestiture and lower expenses.

以當地貨幣計算，北美銷售額下降了 4%，但如果除去資產剝離的影響則增加了 1%。以當地貨幣計算，國際銷售額成長了 2%。本季毛利率為34.8%。本季度，銷售、一般及行政費用佔銷售額的百分比年減 170 個基點至 18.9%，主要由於我們的資產剝離和費用降低。

Our operating profit grew $19 million to $291 million, and our margin was strong for the fourth quarter at 15.9%. Our margin performance was primarily driven by executing on our cost savings initiatives and lower expenses. This resulted in EPS growth of 7% to $0.89 per share.

我們的營業利潤成長 1,900 萬美元，達到 2.91 億美元，第四季利潤率強勁，達到 15.9%。我們的利潤表現主要得益於執行成本節約計劃和降低開支。這導致每股收益成長 7% 至每股 0.89 美元。

Turning to the full year 2024. Sales decreased 2% over the prior year or 1% excluding the unfavorable impact of net acquisition and divestiture activity as well as currency. In local currency, North American sales decreased 2% or 1% excluding the net impact of acquisition and divestiture activity, and international sales were in line with the prior year.

展望 2024 年全年。銷售額較上年下降 2%，若不計淨收購和資產剝離活動以及貨幣的不利影響，則下降 1%。以當地貨幣計算，北美銷售額下降 2%（剔除收購和資產剝離活動的淨影響則下降 1%），國際銷售額與前一年持平。

Our focus on driving operational efficiencies in 2024 contributed to strong gross margin of 36.3%, an expansion of 110 basis points year-over-year. SG&A as a percent of sales was 18.7%. Operating profit for the full year increased $36 million, and operating margin expanded 70 basis points to 17.5%. Lastly, our EPS for the full year increased 6% to $4.10 per share.

我們專注於提高 2024 年的營運效率，推動毛利率達到 36.3%，較去年同期成長 110 個基點。銷售、一般及行政費用佔銷售額的百分比為 18.7%。全年營業利潤增加3,600萬美元，營業利益率擴大70個基點至17.5%。最後，我們的全年每股收益成長 6% 至每股 4.10 美元。

Turning to slide 11. Plumbing sales decreased 1% in the fourth quarter. Currency had a minimal impact on the results. Lower volume and unfavorable mix each reduced sales by 1%, partially offset by favorable pricing of 1%.

翻到第 11 張投影片。第四季管道銷售額下降了 1%。貨幣對結果的影響微乎其微。銷售下降和產品組合不利均導致銷售額下降 1%，但 1% 的優惠定價部分抵消了這一影響。

In local currency, North American plumbing sales decreased 2% in the quarter, driven by softness in the wholesale and retail channels, partially offset by growth in the e-commerce channel and at our specialty spa and Sauna dealers.

以當地貨幣計算，本季北美管道銷售額下降 2%，主要原因是批發和零售通路疲軟，但電子商務通路和專業水療及桑拿經銷商的成長部分抵消了下降。

In local currency, international plumbing sales increased 2% in the quarter, driven by favorable volume and pricing actions, partially offset by unfavorable mix. This performance was driven by growth we achieved across various European markets and slight growth in China, despite a challenging market environment.

以當地貨幣計算，本季國際管道銷售額增長了 2%，這得益於有利的銷售和定價舉措，但被不利的產品組合部分抵消。儘管市場環境充滿挑戰，但我們在歐洲各個市場都取得了成長，並且在中國市場實現了小幅成長，推動了這一業績。

Segment operating profit in the fourth quarter was $200 million, up 1% year-over-year, and operating margin was 16.8%, up 40 basis points. This operating profit performance was driven primarily by cost savings initiatives and lower expenses, partially offset by unfavorable volume and mix, and higher commodity and freight costs.

第四季分部營業利潤為2億美元，較去年同期成長1%，營業利益率為16.8%，上升40個基點。這項營業利潤表現主要得益於成本節約措施和費用降低，但被不利的銷售和產品組合以及更高的商品和運費成本部分抵銷。

Turning to the full year 2024. Plumbing sales were in line with the prior year, or up 1% excluding the unfavorable impact of currency. Favorable pricing contributed 2% of growth in our Sauna360 acquisition in the third quarter of last year contributed 1%. This was largely offset by lower volume and unfavorable mix, which each decreased sales by 1%.

展望 2024 年全年。管道銷售額與上年持平，除去貨幣的不利影響則增加了 1%。優惠的定價為我們去年第三季收購 Sauna360 帶來了 2% 的成長貢獻，貢獻率為 1%。這在很大程度上被銷量下降和產品組合不利所抵消，這兩項因素均導致銷售額下降 1%。

In local currency, North American plumbing sales increased 1%, including a 2% impact from acquisitions. And international plumbing sales were in line with the prior year. Full year operating profit increased 6%, and margin expanded 100 basis points to 19%.

以當地貨幣計算，北美管道銷售額成長了 1%，其中收購帶來了 2% 的影響。國際管道銷售額與上年持平。全年營業利潤成長 6%，利潤率擴大 100 個基點至 19%。

Turning to slide 12. Decorative Architectural sales decreased 6% in the fourth quarter. The divestiture of Kichler lowered sales by 9%, and currency had an unfavorable impact of 1%. In the quarter, total paint sales increased mid-single digits, aided by a favorable impact of inventory timing. Excluding this favorable impact, total paint sales were down low single digits year-over-year, with pro paint sales up high single digits and DIY paint sales down mid-single digits.

翻到第 12 張投影片。第四季裝飾建築銷售額下降了 6%。剝離 Kichler 業務導致銷售額下降 9%，匯率因素也產生了 1% 的不利影響。本季度，受庫存時機的有利影響，油漆總銷售額實現了中等個位數成長。除去這一有利影響，油漆總銷量較去年同期降低個位數，其中專業油漆銷量增長高個位數，DIY油漆銷量下降中個位數。

Operating profit in the fourth quarter was $113 million, up 13% year-over-year, and operating margin was 17.7%. Operating profit performance was driven by incremental volume including the impact of favorable inventory timing and cost savings initiatives, partially offset by an unfavorable price cost relationship.

第四季營業利潤為1.13億美元，年增13%，營業利益率為17.7%。營業利潤表現主要受銷售量增量（包括有利的庫存時機和成本節約措施的影響）的推動，但被不利的價格成本關係部分抵銷。

Turning to the full year 2024, sales decreased 5% driven by our Kichler divestiture and a low single digit decline in our paint business. For the year, excluding the impact of the inventory benefit, pro paint sales were up mid-single digits, slightly better than expected, and DIY paint sales were down high single digits, consistent with our expectations. Full year operating income was $550 million in the segment and operating margin expanded 70 basis points to 18.5%.

展望 2024 年全年，由於我們剝離 Kichler 業務以及油漆業務出現個位數低幅下滑，銷售額下降了 5%。全年而言，排除庫存收益的影響，專業塗料銷售額成長中個位數，略好於預期，而DIY塗料銷售額下降高個位數，符合我們的預期。該部門全年營業收入為 5.5 億美元，營業利益率擴大 70 個基點，達到 18.5%。

Turning to slide 13. Our balance sheet remains strong, with gross debt to EBITDA at 1.9 times at year-end. We ended the year with $1.6 billion of liquidity, including cash and availability under our revolving credit facility.

翻到第 13 張投影片。我們的資產負債表依然強勁，年底總負債與 EBITDA 比率為 1.9 倍。截至年底，我們的流動資金為 16 億美元，包括現金和循環信貸額度下的可用資金。

Working capital improved by 6 days to 53 days or 15.1% of sales. This improvement includes the favorable impact related to the divestiture of Kichler, and is expected to normalize at approximately 16% of sales going forward.

營運資金改善了 6 天，達到 53 天，佔銷售額的 15.1%。這項改善包括與剝離 Kichler 相關的有利影響，預計未來銷售額將正常化至約 16%。

Our free cash flow for the year was over $900 million, driving our free cash flow conversion to 96%. Given our strong cash performance coupled with the proceeds from our divestiture, we were able to return over $1 billion to shareholders through dividends and share repurchases, including the repurchase of $268 million in stock in the fourth quarter.

我們今年的自由現金流超過 9 億美元，自由現金流轉換率達 96%。鑑於我們強勁的現金表現加上資產剝離的收益，我們能夠透過股息和股票回購向股東返還超過 10 億美元，其中包括第四季度回購價值 2.68 億美元的股票。

Now let's turn to slide 14 and review our outlook for 2025. Please note that guidance being provided today includes the impact from the recently enacted China tariffs, net of mitigation actions, but does not include any potential future tariffs.

現在讓我們翻到第 14 張投影片，回顧一下我們對 2025 年的展望。請注意，今天提供的指導包括最近實施的中國關稅的影響（扣除緩解措施），但不包括任何潛在的未來關稅。

For Masco overall, we expect 2025 sales to be down low single digits, but operating margin to expand to approximately 18%, up from 17.5% in 2024. Our 2025 sales guide reflects an assumption that the global repair and remodel markets in aggregate will be flat to down low single digits.

對於馬斯科整體而言，我們預計 2025 年銷售額將下降個位數，但營業利潤率將從 2024 年的 17.5% 擴大至約 18%。我們的 2025 年銷售指南反映了這樣一種假設：全球維修和改造市場總體上將保持平穩或下降個位數。

Our sales in 2025, which are expected to be down low single digits will be impacted by the 2024 divestiture of Kichler, which will reduce sales by approximately 2% year-over-year. Additionally, given the stronger US dollar, we anticipate currency will have an unfavorable impact of approximately 1%. Excluding these impacts, we expect our sales to be roughly flat to up low single digits year-over-year.

我們 2025 年的銷售額預計將下降個位數，而 2024 年 Kichler 的剝離將對此產生影響，導致銷售額年減約 2%。此外，鑑於美元走強，我們預計貨幣將產生約 1% 的不利影響。除去這些影響，我們預計銷售額將與去年同期大致持平或略有成長。

As we think about the cadence for the year, excluding the impacts of our divestiture and currency, we expect sales to be slightly down in the first half of the year with modest growth in the back half of the year. We will continue to invest in our business for future growth, while also maintaining cost discipline.

當我們考慮今年的節奏時，排除資產剝離和貨幣的影響，我們預計上半年銷售額將略有下降，下半年將溫和成長。我們將繼續投資我們的業務以實現未來成長，同時保持成本控制。

As a result, we expect SG&A as a percent of sales to be in line with 2024. As always, we will take appropriate actions to address our cost as the year develops based on market conditions. Also, as it relates to operating margins, with a softer sales outlook in the first half of the year, the timing of net tariff impact as well as additional trade show costs in Q1, we anticipate total Masco margins will be roughly flat in the first half of the year, with expansion expected in the second half.

因此，我們預期銷售、一般及行政費用佔銷售額的百分比將與 2024 年保持一致。像往常一樣，我們將根據市場情況，隨著時間的推移採取適當的措施來解決成本問題。此外，就營業利潤率而言，由於上半年銷售前景較弱、淨關稅影響的時間以及第一季的額外貿易展成本，我們預計馬斯科的總利潤率在上半年將大致持平，預計下半年將有所擴大。

In our Plumbing segment, we expect 2025 full year sales to be flat to up low single digits. We anticipate the full year Plumbing margin will be in the range of approximately 19% to 19.5%. Margin expansion will primarily be driven by pricing discipline, operational efficiencies and continued cost savings initiatives.

在我們的管道部門，我們預計 2025 年全年銷售額將持平至低個位數成長。我們預計全年管道利潤率將在約 19% 至 19.5% 之間。利潤率的擴大主要受定價紀律、營運效率和持續的成本節約措施的推動。

In our Decorative Architectural segment, we expect 2025 sales to be down mid-single digits or roughly flat with the prior year, excluding the impact of our divestiture. Looking specifically at our paint business in 2025, we anticipate our pro paint business to increase mid-single digits and our DIY paint business to decrease low single digits.

在我們的裝飾建築領域，我們預計 2025 年的銷售額將下降中位數個位數或與前一年大致持平（不包括資產剝離的影響）。具體展望 2025 年的油漆業務，我們預計專業油漆業務將實現中等個位數成長，而 DIY 油漆業務將實現低個位數下降。

We anticipate the full year decorative architectural margin to be in the range of approximately 19% to 19.5%, up from our 2024 margin of 18.5%, driven by the favorable impact of our divestiture, as well as cost savings initiatives.

我們預計全年裝飾建築利潤率將在約 19% 至 19.5% 之間，高於 2024 年的 18.5%，這得益於我們資產剝離以及成本節約措施的有利影響。

With regards to capital allocation, we expect to reinvest approximately $175 million through capital expenditures to pay a dividend of $1.24 per share, up 7% from the 2024 dividend, and to deploy approximately $600 million towards share repurchases or acquisitions in 2025.

在資本配置方面，我們預計透過資本支出再投資約 1.75 億美元，支付每股 1.24 美元的股息，比 2024 年股息成長 7%，並在 2025 年部署約 6 億美元用於股票回購或收購。

Finally, as Keith mentioned earlier, our 2025 EPS estimate is $4.20 to $4.45 per share. This assumes a 211 million average diluted share count for the year and a 24.5% effective tax rate, which is consistent with our 2024 effective tax rate.

最後，正如 Keith 之前提到的，我們預計 2025 年每股收益為 4.20 美元至 4.45 美元。假設當年平均稀釋股數為 2.11 億股，有效稅率為 24.5%，與我們 2024 年的有效稅率一致。

As mentioned previously, our 2025 guidance includes the impact from the recently enacted China tariffs. To provide an update on our China exposure, in 2025, we expect to import approximately $450 million from China, which represents a reduction of approximately 45% since 2018.

如前所述，我們的 2025 年指引包括最近實施的中國關稅的影響。為了更新我們在中國的業務情況，到 2025 年，我們預計將從中國進口約 4.5 億美元，將比 2018 年減少約 45%。

From a segment perspective, 80% of this exposure resides in our Plumbing products, and 20% in Decorative Architectural products. As a result, the impact of the newly imposed 10% tariff on all imports from China, would have an annualized impact of approximately $45 million before mitigating actions.

從細分市場來看，80% 的份額集中在管道產品上，20% 集中在裝飾建築產品上。因此，對所有從中國進口的產品徵收 10% 的關稅，在採取緩解措施之前，其年化影響約為 4,500 萬美元。

That said, we have been proactively planning various short term and longer term actions such as pricing, negotiating with our suppliers and changing our sourcing footprint. Based on these plans and our proven ability to navigate previous tariffs, we are confident that we will be able to mitigate these additional costs and minimize the impact to our results in 2025.

儘管如此，我們一直在積極規劃各種短期和長期行動，例如定價、與供應商談判以及改變我們的採購足跡。基於這些計劃以及我們已證明的應對先前關稅的能力，我們相信我們將能夠減輕這些額外成本，並將對我們 2025 年業績的影響降至最低。

The overall tariff environment remains highly uncertain. We will provide updates to the impacts on our business and outlook for 2025 as more information becomes available. I would like to take a moment to thank our supply chain teams.

整體關稅環境仍高度不確定。隨著更多資訊的出現，我們將更新其對我們的業務的影響以及 2025 年的展望。我想花點時間感謝我們的供應鏈團隊。

They have done a tremendous job of managing our sourcing footprint to reduce our exposure while managing our costs. And they continue to pursue opportunities to further optimize our operations. We will continue to closely monitor the tariff situation, and we'll be prepared to respond as this fluid situation continues to unfold.

他們在管理我們的採購足跡方面做了大量工作，以減少我們的風險並管理我們的成本。他們繼續尋求機會進一步優化我們的營運。我們將繼續密切關注關稅情況，並隨著情況的不斷發展做好應對準備。

Lastly, additional financial assumptions for 2025 can be found on slide 17 of our earnings deck. With that, I would like to open up the call for questions. Operator?

最後，您可以在我們的收益報告第 17 張投影片中找到有關 2025 年的額外財務假設。現在，我想開始提問。操作員？

(Operator Instructions) Stephen Kim, Evercore ISI.

（操作員指示） Stephen Kim，Evercore ISI。

Thanks very much guys. I appreciate all the color. Yeah, really helpful there. I wanted to ask you a question about the timing that you talked about in Decorative Architectural, just was curious if you could give us a sense for this inventory timing, how much of an operating margin benefit you think you may have received in the quarter, and whether or not this is going to be a headwind to 1Q results that maybe you could quantify for us, either on the sales margins or both?

非常感謝大家。我欣賞這一切的色彩。是的，真的很有幫助。我想問您一個關於您在裝飾建築中談到的時間的問題，只是很好奇您是否可以告訴我們這個庫存時間安排，您認為您在本季度可能獲得了多少營業利潤率收益，以及這是否會對第一季度的業績造成不利影響，您能否為我們量化一下，無論是在銷售利潤率還是兩者方面？

Yeah, good morning, Stephen, it's Rick. I'll be happy to tackle that. So as we indicated in our opening comments, the inventory timing benefit for the fourth quarter was about a mid-single digit benefit to our top line.

是的，早安，史蒂芬，我是瑞克。我很樂意解決這個問題。因此，正如我們在開場白中所指出的，第四季度的庫存時機效益對我們的營收產生了約中等個位數的效益。

You can imagine the or envision that the profit dynamic is consistent with our profitability for the segment, proportionally speaking. And you're right, as it pertains to timing, all else being equal, we would anticipate that to be a headwind as we go into this year 2025, particularly early this year, kind of an equal amount.

你可以想像或設想利潤動態與我們該部門的獲利能力在比例上是一致的。您說得對，就時間而言，在其他條件相同的情況下，我們預計這將是 2025 年，尤其是今年年初的一個阻力，阻力相當大。

That said, as it pertains to our overall expectations for the segment, we do anticipate that excluding the divestiture of Kichler, we do expect Decorative Architectural to be roughly flat for the year, and for our pro paint business to be up mid-single digits. So continued progress in that space.

話雖如此，就我們對該部門的總體預期而言，我們確實預計，除 Kichler 的剝離外，裝飾建築業務今年將大致持平，而我們的專業塗料業務將實現中等個位數增長。因此該領域持續取得進展。

Yeah. That's helpful. Appreciate that. And then the acquisition continues to be a modest driver to sales longer term. I was wondering if you could give us -- remind us again sort of where your focuses are in that I'm thinking particularly, are you expecting to lean more -- is that pretty much all Plumbing or are you thinking that we should also expect something in the Decorative Architectural space.

是的。這很有幫助。非常感謝。從長期來看，此次收購將繼續溫和地推動銷售成長。我想知道您是否可以給我們 - 再次提醒我們您的重點在哪裡，我特別想，您是否期望更多地傾向於 - 幾乎所有的管道還是您認為我們也應該在裝飾建築領域期待一些東西。

Just give us a sense for what kinds of things -- what kind of opportunities you are seeing out there? And the macro environment, how conducive that is currently actually acting on some of these? Or if this is more -- maybe more something that you think the timing would favor maybe the back half of the year?

請讓我們了解您看到了什麼樣的機會？宏觀環境目前對這些因素的實際影響有多大？或者如果這更多 — — 也許您認為時機更適合在今年下半年？

Stephen, this is Keith, good morning. As we said in our prepared remarks, our strategy with regards to M&A hasn't changed. We're looking for the right strategic fit for Masco to drive our strategy of bolt-ons in paint and Plumbing.

史蒂芬，我是基思，早安。正如我們在準備好的演講中所說，我們的併購策略並沒有改變。我們正在為 Masco 尋找合適的策略契合點，以推動我們在油漆和管道領域的附加策略。

So specifically to your question, we're looking at both paint and plumbing. With regard to the overall market, I would say that it remains to be a little bit soft, maybe a little bit of uplift in terms of the deals that we're seeing, but not a significant change.

具體來說，針對您的問題，我們正在研究油漆和管道。就整體市場而言，我想說它仍然有點疲軟，從我們看到的交易來看可能略有提升，但不會有重大變化。

So I'd hesitate to quantify if we think that our acquisitions would come to fruition more in the back half or the first -- or the front half, it's really about finding those bolt-ons that are the right fit. We're patient, as we've talked in the past.

因此，如果我們認為我們的收購將在下半年或上半年或前半年取得更多成果，我會猶豫是否要量化，這實際上是為了找到那些合適的附加組件。正如我們過去所說的那樣，我們很有耐心。

And I think Sauna360 is a good example of what we're looking for. Tuck-in acquisitions, paint and Plumbing where we can leverage either our channel expertise or our brands, or we can take particular technologies from a specific acquisition. So hopefully that gives you a flavor for what we're looking at for what we're looking for, and what the overall M&A market looks like for us today.

我認為Sauna360 是我們所尋找的一個很好的例子。透過收購，油漆和管道，我們可以利用我們的管道專業知識或品牌，或者我們可以從特定的收購中獲得特定的技術。所以希望這能讓您了解我們正在尋找什麼，以及今天整體併購市場的情況。

That is very helpful. Appreciate it. I guess, Keith, just the one thing that you didn't mention that I thought maybe you might is the degree to which technology might be something that factors into your M&A outlook?

這非常有幫助。非常感謝。我想，基思，你沒有提到的一件事，我認為你可能會提到，那就是科技在多大程度上會成為影響你的併購前景的因素？

Absolutely. I mean there's aspects of our M&A pipeline where we are looking at technology that we would think would be more advantageous for us to buy rather than grow our own, and it goes the other way as well.

絕對地。我的意思是，在我們的併購管道中，我們正在尋找一些我們認為購買比自己開發更有利的技術，反之亦然。

So it's a mixed bag, but technology plays a piece of it, presence in markets plays a piece the overall innovation pipeline of a target certainly factors into it, and overlaying all of that is our ability to create shareholder value through our expertise in channel and brand.

所以，這是一個好壞參半的問題，但技術是其中的一部分，市場存在是其中的一部分，目標的整體創新管道當然也是其中的一個因素，而最重要的是，我們能夠透過我們在通路和品牌方面的專業知識來創造股東價值。

Okay, thanks so much guys, appreciate it.

好的，非常感謝大家，我很感激。

John Lavallo, UBS.

瑞銀的約翰·拉瓦洛。

Good morning, guys. Thank you for taking my questions. The first one is just on the maintained fiscal year 2016 margin targets despite the sale of Kichler. I mean, assuming Kichler contributed about $250 million of sales at sort of mid-single digit EBITDA margins.

大家早安。感謝您回答我的問題。第一個是儘管出售了 Kichler，但仍維持 2016 財年的利潤率目標。我的意思是，假設 Kichler 貢獻了約 2.5 億美元的銷售額，EBITDA 利潤率約為個位數中等。

It would appear that this could mechanically improve margins by like 100 basis points. I know you mentioned an offset from, I think, softer DIY, so curious when do you think those DIY volumes could turn positive? It's been several years of negative comps at this point.

看起來這可以機械地將利潤率提高 100 個基點。我知道您提到了抵消因素，我認為是較軟的 DIY，所以很好奇您認為這些 DIY 量何時會轉為正值？到目前為止，已經有好幾年的業績表現不佳了。

Well, that's a bit of a million dollar question, of course. And the way we think about it first is we look at the fundamentals. And when you think about whether it's millennial household formations or age of housing stock or what we believe to be deferred demand.

嗯，當然，這是一個價值百萬美元的問題。我們思考這個問題首先要看基本面。當您考慮千禧世代的家庭組成、住房存量的年齡或我們認為的延遲需求。

We've talked about this in the past where when you look at the pull forward from COVID and then when you look at what happens to demand as the market recovered from that pull forward. We're well below the historical line of growth even factoring in and compensating for the pull forward of the demand. So we believe we're in a deferred state and fundamentally, it comes down to consumer confidence.

我們過去曾經討論過這個問題，當你觀察 COVID 帶來的拉動時，然後當你觀察市場從這種拉動中恢復時需求會發生什麼變化時。即使考慮並補償需求的提前拉動，我們的成長水準仍遠低於歷史成長線。因此，我們認為我們處於延遲狀態，從根本上來說，這取決於消費者信心。

So as we see consumer confidence start to change and people come out of that deferred mode and pull the trigger on these deferred projects. we think it's going to be a wonderful opportunity for us. And again, we have the capacity in place to be able to address the increased demand, and we have certainly the efficiency.

因此，我們看到消費者信心開始發生變化，人們擺脫了延遲模式，並開始實施這些被延遲的項目。我們認為這對我們來說是一個絕佳的機會。再說一次，我們有能力滿足日益增長的需求，而且我們肯定也有效率。

Very proud of what the team has been able to do over the last couple of years in depressed markets as it relates to improving our margins and our overall operating efficiency. So when that happens, we look to the point of sale information that we have and trends that we're seeing in the market to help inform that.

我們對團隊在過去幾年低迷的市場中為提高我們的利潤率和整體營運效率所做的努力感到非常自豪。因此，當這種情況發生時，我們會查看我們掌握的銷售點資訊和我們在市場上看到的趨勢，以幫助了解情況。

And I'll tell you that where we sat coming out of 2024 is in more of a position of stability than what we saw in the prior year. But fundamentally, it's an estimate of when that consumer comes back. It's a volatile market. And I think one of the keys for us is the fact that we have demonstrated the ability to execute well in these kind of volatile markets because of our portfolio, because of our Masco operating system where we drive down to the penny, how we manage our businesses and that's been very productive for us, and we're going to continue to do that.

我可以告訴你們，2024 年我們所處的境況比前一年更穩定。但從根本上來說，這是對消費者何時回歸的估計。這是一個動盪的市場。我認為，對我們來說，關鍵之一是我們已經證明了我們在這種動蕩的市場中表現良好的能力，這得益於我們的投資組合，得益於我們精確計算的 Masco 操作系統，得益於我們如何管理我們的業務，這對我們來說非常有成效，我們將繼續這樣做。

Okay. So just to be clear, the DIY headwind is offsetting the Kichler benefit, the mechanical Kichler benefit?

好的。所以需要明確的是，DIY 逆風是否抵消了 Kichler 效益，即機械 Kichler 效益？

That's right.

這是正確的。

Okay, got it. And then second question is you mentioned some recent mitigation efforts in relation to the China tariffs. Curious if there are tariffs on Mexico, there is the Watkins facility there. Is there anything you can do to resource any of that product elsewhere, given that it's one of two facilities, I believe?

好的，明白了。第二個問題是您提到了與中國關稅有關的一些近期緩解措施。好奇墨西哥是否有關稅，那裡有沃特金斯工廠。我相信，鑑於它是兩家工廠之一，您是否能從其他地方獲得該產品的資源？

Yeah, we do have a manufacturing plant in Mexico for our Spa business. Of course, we have significant manufacturing facilities in the United States. I think we have some 30 manufacturing facilities in the United States and 20 distribution centers throughout the country. So far and away, our biggest footprint is here in North America.

是的，我們在墨西哥確實有一個生產 Spa 業務的工廠。當然，我們在美國擁有重要的製造設施。我認為我們在美國有大約 30 個製造工廠，在全國有 20 個配送中心。到目前為止，我們最大的足跡是在北美。

And we do have the opportunity to resource product from Mexico into the United States, significant manufacturing down in Southern Cal -- near the border in the San Diego area where Watkins headquarters is. So there is a capability to move products from Mexico.

我們確實有機會將產品從墨西哥運送到美國，大部分製造業務都在南加州進行——靠近邊境的聖地牙哥地區，沃特金斯的總部就在那裡。因此有能力從墨西哥運送產品。

Okay, thank you guys.

好的，謝謝大家。

Anthony Pettinari, Citi.

花旗銀行的安東尼‧佩蒂納裡 (Anthony Pettinari)

Good morning. I was wondering if you could talk a little bit more about kind of the cost inflation assumptions embedded in the '25 guidance, and any kind of offsetting pricing actions that could be considered in the guide maybe if you can speak to Plumbing and DA.

早安.我想知道您是否可以再多談談 25 指引中所包含的成本通膨假設，以及指南中可以考慮的任何抵銷定價行動，如果您可以與 Plumbing and DA 交談的話。

Yeah sure, Anthony, it's Rick. So with regards to our expectations for commodities, as we go into this 2025 calendar year, our expectations on Plumbing is low single digit inflation, and that includes commodity and freight costs.

是的，安東尼，我是瑞克。因此，就我們對商品的預期而言，隨著我們進入 2025 日曆年，我們對管道的預期是低個位數通膨，其中包括商品和運費成本。

Commodity and freight costs are down from their peaks in mid-2024, but they still remain elevated and so we expect that to be a bit of a headwind as we go into this 2025 calendar year. That said, we do expect our pricing to more than offset the commodity headwind, and therefore to have a positive price cost dynamic as we go into -- as we are entering into 2025.

商品和運費成本已從 2024 年中期的峰值回落，但仍處於高位，因此我們預計，在進入 2025 日曆年時，這將會成為一點阻力。儘管如此，我們確實預計我們的定價將足以抵消大宗商品逆風的影響，因此在進入 2025 年時，我們的定價將呈現積極的價格成本動態。

As it pertains to Decorative Architectural products, overall inflation, we do see a bit of a headwind, and we are seeing some inflation -- sorry, some upward pressure as it pertains to our raw material inputs of resins and TiO2, we're not calling it quite yet, but we are seeing some pressure there.

就裝飾建築產品而言，整體通貨膨脹，我們確實看到了一些阻力，我們看到了一些通貨膨脹 - 抱歉，就我們的樹脂和二氧化鈦的原材料投入而言，存在一些上行壓力，我們還沒有完全意識到，但我們確實看到了一些壓力。

With regards to pricing, as we've mentioned previously, we do have an arrangement with our channel partner with regards to price cost neutral in terms of our dynamics. And so from a price, cost perspective, we are assuming a price cost flat dynamic for DA&P in 2025.

關於定價，正如我們之前提到的，我們與通路合作夥伴就價格成本中立達成了協議。因此，從價格和成本的角度來看，我們假設 2025 年 DA&P 的價格成本將保持穩定。

Okay, that's very helpful. And then just companywide, I mean, you cited cost savings initiatives as a driver of margin expansion in '24. I'm wondering, as you think about this year, would the margin benefit or the dollar amount of cost savings initiatives be similar this year?

好的，這非常有幫助。然後就整個公司而言，我的意思是，您將成本節約舉措作為 24 年利潤率擴大的驅動力。我想知道，當您考慮今年時，今年的利潤收益或節省成本計劃的金額是否會相似？

Would it be greater, maybe smaller, or is that something that you would dial up or down kind of as the year goes on. Just wondering if you can kind of frame that.

它是變得更大還是更小，或者隨著時間的推移它會增加或減少嗎？我只是想知道您是否可以將其框定為某種形式。

Sure, Anthony. So with regards to our cost savings initiative and operational efficiencies, those continue to be a huge priority. And as Keith articulated, we've had a lot of success driving those initiatives and leveraging our Masco operating system to drive efficiencies throughout our businesses.

當然，安東尼。因此，就我們的成本節約計劃和營運效率而言，這些仍然是我們的首要任務。正如 Keith 所言，我們在推動這些計劃和利用 Masco 作業系統提高整個業務效率方面取得了很大成功。

And that's allowed us to expand margins each of the last couple of years with regards to our overall business. We're going to continue to drive that performance. As we've articulated, our expectations for the market and the industry for 2025 are rather modest. And so in order to deliver continued margin expansion, we're going to continue to drive the operational efficiencies and cost savings initiatives as we've done in previous years.

這使得我們過去幾年的整體業務利潤率不斷擴大。我們將繼續推動這項表現。正如我們所表達的，我們對 2025 年的市場和行業預期相當溫和。因此，為了持續提高利潤率，我們將像前幾年一樣繼續推動營運效率和成本節約措施。

Okay, that's helpful. I'll turn it over.

好的，這很有幫助。我把它翻過來。

Sam Reid, Wells Fargo.

富國銀行的薩姆·里德。

Awesome, thanks so much. I wanted to talk on your growth outlook. Kind of when you think about that 1H versus 2H dynamic that you talked to, kind of what gives you the confidence that growth can accelerate in the second half.

太棒了，非常感謝。我想談談你的成長前景。當您思考剛才談到的上半年與下半年的動態時，您就會明白是什麼讓您有信心下半年能夠加速成長。

Is it based on industry growth improving in 2H relative to 1H? And then can you just give us some underlying assumptions that might be embedded in that outlook, macro, et cetera? Just to help us frame it. Thanks.

這是基於下半年產業成長相對於上半年有所改善嗎？那麼您能否為我們提供一些可能包含在該觀點、宏觀等等中的基本假設？只是為了幫助我們建立它。謝謝。

Well, first of all, we look at the fundamentals that I've talked about before. And they are really stacking up in the favor of an improved market. When you think about a bit repetitive here, but it is very significant when you think about the age of stock, and then the key metrics, as you asked for some metrics that we look at, equity in the home, average home prices, age of stock, millennial household formations, those are the things that are really correlated quite well to R&R demand.

嗯，首先，我們來看看我之前談到的基本面。它們確實為市場改善做出了貢獻。當您想到這裡有點重複時，但當您考慮庫存年齡時，它非常重要，然後是關鍵指標，正如您要求我們查看的一些指標，房屋淨值，平均房價，庫存年齡，千禧一代家庭組建，這些都是與 R&R 需求真正密切相關的東西。

And at the end of the day, it's about the consumer and being confident investing in their homes. So all things that I just mentioned are tailwinds to that. Secondly, and broadly speaking, we look at how the year finished out and how we're entering this year versus last year.

歸根究底，這關乎消費者以及他們對房產的信心投資。因此，我剛才提到的所有事情都對此有利。其次，從廣義上講，我們要看這一年結束的情況，以及今年與去年相比的情況。

And our estimation is that while it will be call it slightly down in the first half and modest growth in the second half, our estimation is that this industry will return to growth in 2026. And that's how we're calling and laying out 2025 with a particular focus on being able to manage our business in dynamic times when changes happen that weren't necessarily called for.

我們估計，雖然上半年會略有下降，下半年將溫和成長，但我們估計該產業將在 2026 年恢復成長。這就是我們對 2025 年的展望和規劃，我們特別注重在動態時期管理我們的業務，因為動態時期會發生一些不必要的變化。

And as I mentioned in my prepared remarks, we did a fantastic job and gained significant share during our most volatile times, be it COVID supply chain interruptions, Texas freezes, colorant plants that explode, all those sorts of things that were curveballs thrown at us, we were able to not only manage it in terms of consistent margin expansion, but manage it in terms of consistent share gain as well, and that's our plan going forward.

正如我在準備好的發言中提到的那樣，我們做得非常出色，在最動蕩的時期獲得了顯著的份額，無論是 COVID 供應鏈中斷、德克薩斯州的凍害、著色劑工廠爆炸，還是所有這些向我們拋出的意外事件，我們不僅能夠管理利潤率的持續擴大，還能夠管理份額的持續增長，這就是我們未來的計劃。

No, that helps. And then maybe switching gears, touching on tariffs a bit more, and then drilling down the Plumbing specifically, was there any distributors kind of retail activity where there was perhaps a step-up in plumbing inventory ahead of tariffs, thinking specifically kind of in that late November, early December period right after the election when the expectations for tariffs potentially ramping more likely in the narrative? Just curious kind of did you see any inventory stock up ahead of that?

不，這有幫助。然後也許可以轉換主題，更多地談及關稅，然後具體深入研究管道，是否有任何分銷商的零售活動，在關稅之前可能增加管道庫存，具體想想在選舉後的 11 月下旬、12 月初期間，當時對關稅的預期可能會在敘述中上升？只是好奇您是否看到之前有任何庫存？

Sam, it's Rick. No, we did not. We didn't see any material change in the channel inventories in Q4. So I know what you're referring to in terms of some contingency planning, but we didn't see that in any meaningful way, at least in terms of our channel.

山姆，我是瑞克。沒有。我們沒有看到第四季通路庫存有任何重大變化。所以我知道你指的是一些應急計劃，但我們沒有看到任何有意義的進展，至少在我們的管道方面沒有。

Got you. Thanks so much. I'll pass it on.

明白了。非常感謝。我會傳達的。

Matthew Bouley, Barclays.

巴克萊銀行的馬修‧布萊 (Matthew Bouley)。

Hey, good morning everyone. Thank you for taking the questions. So sticking with the topic of tariffs. I think the way you quantified it, I don't know if that's in terms of a growth impact, if that's maybe $0.15 or a little bit more than that impact to the year.

嘿，大家早安。感謝您回答這些問題。因此堅持討論關稅問題。我認為您量化它的方式是，我不知道這是否是對成長的影響，這是否可能是 0.15 美元或比對今年的影響略多一點。

My question is on the mitigation. If that's mainly sourcing or operational or if there's any assumption of kind of incremental price, and how you guys are thinking about mitigating that? Did you announce any kind of incremental price since China tariffs went through? Or did sort of your initial price increases cover it?

我的問題是關於緩解。如果這主要是採購或營運問題，或有任何增量價格的假設，那麼你們如何考慮緩解這種情況？自從中國實施關稅以來，你們有沒有宣布任何形式的增量價格？或者說你們最初的價格上漲是否已經涵蓋了這一點？

Just kind of how are you thinking a little bit more detail and maybe quantification around that mitigation side of it? Thank you.

您是如何考慮更詳細和量化緩解方面的問題的？謝謝。

Sure, Matt, good morning. So as it pertains to our mitigation actions, we're really -- we've been preparing for mitigation over the last several months. As you would imagine, this has been telegraphed for a while, and we've been preparing both short term and long term litigation actions. And it's really a combination of a number of levers like we did in the 2019 -- 2018, 2019 time frame. And that is a combination of the sourcing footprint.

當然，馬特，早安。因此就我們的緩解行動而言，我們實際上——過去幾個月我們一直在為緩解行動做準備。正如你所想像的，這個消息已經傳了一段時間了，我們一直在準備短期和長期的訴訟行動。這實際上是多種槓桿的組合，就像我們在 2019 年、2018 年、2019 年所做的那樣。這就是採購足跡的組合。

And as I mentioned in my opening comments, we've successfully reduced our exposure to China by 45% since 2018, really excellent work by the supply chain team here at Masco with regards to managing in a very methodical way, a change in our sourcing footprint, while preserving cost and operational efficiencies.

正如我在開場白中提到的，自 2018 年以來，我們已成功將對中國的敞口減少了 45%，馬斯科的供應鏈團隊在以非常有條不紊的方式進行管理、改變採購足跡方面做得非常出色，同時保持了成本和運營效率。

In addition, we are having discussions with our suppliers in terms of some partial offset as well as pricing. Those are all in flight with regards to the action. We're not going to quantify the specific components of those here.

此外，我們正在與供應商就部分抵銷和定價進行討論。這些都是與行動有關的飛行。我們不會在這裡量化這些具體成分。

But we do believe that the combination of those mitigation actions will significantly mitigate our exposure and minimize the impact to 2025. And as we indicated in our -- in the opening comments that we've factored in the net impact of tariffs in our 2025 guidance.

但我們確實相信，這些緩解措施的結合將顯著減輕我們的風險，並將影響降至最低，直至 2025 年。正如我們在開場白中所指出的，我們已經將關稅的淨影響考慮在了 2025 年的指引中。

One thing to note is there is from a timing perspective, the tariffs as we all know, went into place on February 4. There is some delay with regards to when they will roll into our in terms of parts and components that are on their way to the US as well as they flow through our inventory.

需要注意的一點是，從時間角度來看，眾所周知，關稅於 2 月 4 日生效。就零件運往美國途中以及流經我們的庫存而言，它們何時進入我們的庫存存在一些延遲。

Our mitigating actions will have -- will layer in over time, and we'll some will be concurrent with the tariff impact and some will be delayed. And so that factors into a little bit of our cadence of our operating profit margins being flattish in the first half of the year and increasing in the second half of the year. So hopefully that provides some additional color.

我們的緩解措施將會隨著時間的推移而逐漸顯現，有些措施將與關稅影響同時採取，有些措施將會延後。這也一定程度導致了我們上半年營業利潤率持平、下半年上升的節奏。所以希望這能提供一些額外的色彩。

Got it, yeah, thank you for that, Rick, very helpful. And then secondly, maybe jumping over to the paint side. you're kind of guiding DIY down low singles and pro up mid-singles in 2025. Clearly, that's a continuation of a reasonably long trend here.

明白了，是的，謝謝你，瑞克，非常有幫助。其次，也許會跳到油漆區。你正在引導 DIY 走向低單打，並在 2025 年引導專業走向中單打。顯然，這是一個相當長期趨勢的延續。

So the question is kind of where we are on DIY. You mentioned this kind of deferred state of demand and just kind of slower-than-expected return to growth there. I mean the longer we get into this, do you start thinking it's just something more structural around the industry kind of going back to do it for me.

所以問題是我們在 DIY 方面處於什麼位置。您提到了這種需求的延遲狀態以及比預期更慢的成長恢復速度。我的意思是，我們越深入研究這個問題，你是否會開始認為這只是行業中某種更具結構性的東西，可以回去為我做這件事。

And in that sense, maybe it makes more sense to just push harder on to the pro side. So just how are you thinking about any eventual return to growth on the DIY side? Thank you.

從這個意義上來說，也許更努力地向專業方面努力更有意義。那麼您如何看待 DIY 方面最終會恢復成長呢？謝謝。

Matt, I think there was a bit of a structural explanation. As you think about going back a few years and the baby boomers and those the baby boomers being a significant DIY cohort. And as they are getting older, there is a tendency to switch to some degree to a do-it-for-me model for some of that cohort.

馬特，我認為這裡有一點結構上的解釋。回想幾年前，嬰兒潮世代是一個重要的 DIY 族群。而隨著年齡的增長，這群人中的一些人傾向於某種程度上轉向「替我做」的模式。

And I think structurally, that combating that or kind of weighing in on the other side is the household formations, the millennials. And we're seeing that clearly. I think it's rather obvious. But we're also seeing that there and they're DIY is not just single project DIY.

我認為，從結構上來說，對抗這種現像或影響另一方的是家庭的形成，即千禧世代。我們清楚地看到了這一點。我認為這是相當明顯的。但我們也看到，他們的 DIY 不僅僅是單一項目的 DIY。

So when you look at where we are with regards to our portfolio and particularly in the case of coatings or architectural paint, it's a relatively low cost as a percent of total project costs when you look at the product cost. So it's a very -- it's practically a perfect combination for a DIY product.

因此，當您查看我們的產品組合時，特別是塗料或建築塗料的情況時，從產品成本來看，其佔總項目成本的百分比相對較低。所以對於 DIY 產品來說，這其實是一個非常完美的組合。

It's a low cost on the product. It's something that's relatively easy to do. It makes a big bang for the buck in terms of the change it makes in a person's home and it's something that a couple can do with their small children around. So it's a good project for us.

該產品成本較低。這是一件相對容易做到的事。從它為人們的家居帶來的改變來看，這是物超所值的，而且一對夫婦可以在他們年幼的孩子身邊做這件事。所以這對我們來說是一個很好的項目。

And I think that from a structural perspective, those are a couple of dynamics. I would remind you that we're expecting to -- in our business to outperform the market. So when we adjust for X ex-divestiture, we plan on being relatively flat in our Deco segment.

我認為從結構角度來看，這些是一些動態因素。我要提醒大家，我們期望我們的業務表現優於市場。因此，當我們針對 X 業務剝離進行調整時，我們計劃將 Deco 部門相對穩定。

Got it thanks Keith. Good luck, guys.

明白了，謝謝 Keith。祝你們好運。

Thank you.

謝謝。

Trevor Allinson, Wolfe Research.

艾林森（Trevor Allinson），沃爾夫研究公司（Wolfe Research）。

Hi, good morning. Thank you for taking my questions. First, I want to follow up on the reiterated 2026 margin targets for both Plumbing and Dec Arc. You provided some of the color on the unchanged Dec Arc guide, softer volumes, offsetting some of the Kichler divestiture tailwinds.

嗨，早安。感謝您回答我的問題。首先，我想跟進 Plumbing 和 Dec Arc 重申的 2026 年利潤目標。您為未改變的 Dec Arc 指南提供了一些色彩，較弱的交易量抵消了部分 Kichler 資產剝離的順風影響。

On Plumbing, presumably, volumes are also weaker than you likely expected when initially laying out that 2026 guidance, but you're still retaining margin expectations there. Can you just talk about maybe what's coming in better than what you were previously anticipating that's perhaps offsetting some of the softer volumes there?

就管道而言，大概其銷量也比您最初制定 2026 年指引時預期的要弱，但您仍然保留了利潤率預期。您能否談談未來的發展是否比您之前預期的更好，從而抵消一些疲軟的銷售？

I've got a lot of confidence based on what we've been able to do in the past. Our production system is very mechanical as it relates to moving projects through a pipeline. So we have visibility of the size of our productivity pipeline.

根據我們過去的所作所為，我非常有信心。我們的生產系統非常機械化，因為它涉及透過管道移動專案。因此，我們可以清楚地了解我們的生產力管道的規模。

And we also have data on how long it takes to move through the pipeline and what is our hit rate, if you will, or our batting average on our product. So we are just getting more confident in our ability to continue to grind and continue to drive productivity. So that's a piece of it.

我們還擁有關於產品通過管道需要多長時間以及我們的命中率（或我們產品的擊球率）是多少的數據。因此，我們對自己繼續努力和提高生產力的能力越來越有信心。這就是其中的一部分。

Certainly, we have strong efficiencies that then feed towards our incremental profit, on incremental volume, and we're getting more confidence in that, and that is improving. So it's a combination. But in a word, I'd say momentum. We feel good about our momentum in this space. and the plumbing business is running extremely well.

當然，我們擁有強大的效率，這將推動我們實現利潤增量和銷售增量，我們對此越來越有信心，而且情況正在改善。所以這是一個組合。但總而言之，我會說是動力。我們對自己在這個領域的發展動能感到很滿意。並且管道業務運作得非常好。

Okay, I understood. That's very encouraging. And then second, going back to supply chain and China exposure, I mean, clearly, there's been threats for tariff rates to move even higher from here moving forward. As you guys look out 12 months, I appreciate you've made a lot of progress here already, but you look out 12 months from now, do you expect to continue driving your China supply chain exposure even lower? And any help there on perhaps where that could go? Thanks.

好的，我明白了。這非常令人鼓舞。其次，回到供應鏈和中國風險敞口，我的意思是，顯然，從現在開始，關稅稅率有可能進一步上升。展望 12 個月，我很欣賞你們已經取得了很大進展，但展望 12 個月後，您是否預計繼續降低中國供應鏈的暴露程度？有誰能幫忙解決一下這個問題嗎？謝謝。

Yes, we do expect that, and we're continuing to do that. We're doing it carefully. We're working with our existing supply base by and large. So we're protecting our quality. We're protecting our delivery and fill rates. And we're working with suppliers that we've worked with for well over a decade, and are involved in our innovation pipeline and work with us in all aspects of our business.

是的，我們確實期待這一點，而且我們會繼續這樣做。我們正在認真地做這件事。總體而言，我們正在與現有的供應基地進行合作。所以我們正在保護我們的品質。我們正在保護我們的交付率和填充率。我們正在與十多年的合作供應商合作，他們參與我們的創新管道並與我們在業務的各個方面合作。

So they're true partners. So we would anticipate continuing to create a shift, if you will, or continuing with our shift away from China. We're also working on value engineering where we can continue to drive out costs that do not create customer benefit. We're working on cost sharing with our suppliers. And of course, we have prices to lever as well.

所以他們是真正的合作夥伴。因此，如果你願意的話，我們預計將繼續創造轉變，或繼續將業務從中國轉移。我們也致力於價值工程，以便繼續消除那些無法為客戶帶來利益的成本。我們正在與供應商分攤成本。當然，我們也可以運用價格槓桿。

Gotcha. Appreciate all the color. Good luck moving forward.

明白了。欣賞所有的色彩。祝你未來好運。

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

Good morning, everyone.

大家早安。

Good morning Susan.

早安，蘇珊。

Good morning Keith. Building up of your comments there on new products, can you talk a bit about the innovation pipeline that you have, how that's perhaps offsetting any price elasticity that could be a potential headwind in some of these operations. And any thoughts on the R&D and the vitality index, and how we should be thinking about those over the next year or two?

早安，基斯。在您對新產品發表評論的基礎上，您能否談談您擁有的創新管道，以及這些管道如何抵消可能對某些業務造成不利影響的價格彈性。您對研發和活力指數有何看法？

Yeah, our pipeline has our vitality index fairly steady at right around 30% of products less than 36 months old that were new. So I think it's steady as she goes, and we're continuing to drive it. We look at effectively solving customer pain points.

是的，我們的產品線活力指數相當穩定，36 個月以內的新產品佔比約 30%。所以我認為她會穩步前進，我們會繼續推動它。我們致力於有效解決客戶痛點。

So we don't necessarily target a particular technology for the technology sake, rather, we begin with a customer back approach. So things like returning product to service sooner after you're painting, things like being able to paint when you have a tighter window with regards to good sunny weather, for example.

因此，我們不一定為了技術而瞄準某一特定技術，而是從客戶支援方法開始。因此，您可以在繪畫後儘快將產品送回服務，或者在晴朗的天氣裡，在較短的時間內進行繪畫。

Intuitive solutions to what people care about in terms of water filtration, both in the shower and in the sync, ease of use those sorts of things. So we have a defined process that looks at and mines out if you will, customer pain points and things that are the customer is interested in.

直覺的解決方案可以解決人們所關心的水過濾問題，包括淋浴時和同步時，以及易用性等。因此，我們有一個明確的流程，可以研究並挖掘出客戶的痛點以及客戶感興趣的事情。

And in doing so, inevitably, that ends up being something that they're willing to pay for, that ultimately ends up helping with respect to our margin and making up for some headwinds that we might experience in other places in the business.

而這樣做最終不可避免地會成為他們願意支付的費用，最終有助於提高我們的利潤，彌補我們在其他業務領域可能遇到的一些阻力。

So both in Decorative Architectural and in our Plumbing space, both internationally and in North America, we have a very strong innovation pipeline and the people who are executing it are doing a great job.

因此，無論是在裝飾建築領域還是管道領域，無論是在國際上還是在北美，我們都擁有非常強大的創新管道，而執行這些管道的人員也做得非常出色。

Okay, that's helpful. And then you mentioned that you expect working capital to normalize to about 16% of sales this year. And plugging in the 2026 targets at a high level suggests you could see another step up in that working capital to sales.

好的，這很有幫助。然後您提到，您預計今年營運資本將正常化至銷售額的 16％ 左右。而在高水準上插入 2026 年的目標表明您可以看到營運資本與銷售額的比率再次上升。

Can you talk a bit about the efforts that you can realize there, especially perhaps as some of these efforts around efficiencies, productivity and cost savings come through? How should we think about the upside?

您能否談談您在那裡所做的努力，特別是在提高效率、生產力和節省成本方面的一些努力？我們該如何看待其好處？

Sure, Susan, it's Rick. With regards to working capital, we did see a benefit of the divestiture at Kichler really in the calculation for 2024, and that's why we were down closer to 15%. As indicated in my opening remarks, we would expect that to normalize around 16%. Obviously we're very focused with regards to being disciplined on working capital really throughout our supply chain.

當然，蘇珊，我是瑞克。關於營運資金，我們確實在 2024 年的計算中看到了 Kichler 資產剝離的好處，這就是為什麼我們的下降接近 15%。正如我在開場白中指出的那樣，我們預計該比率將正常化至 16% 左右。顯然，我們非常注重在整個供應鏈中對營運資本的嚴格管控。

And so as we continue to drive efficiencies in terms of our productivity, our cost savings initiative, we would see the benefit of that flow through working capital, but I think it's fair to assume that as for estimation or projection purposes that working capital as a percent of sales will scale with the business, and will stay at around about 16% of (inaudible) sales.

因此，隨著我們繼續提高生產力和成本節約計劃的效率，我們將看到營運資本流動的好處，但我認為可以公平地假設，就估計或預測目的而言，營運資本佔銷售額的百分比將隨著業務的增長而擴大，並將保持在（聽不清楚）銷售額的 16% 左右。

Okay. Thank you, and good luck with everything.

好的。謝謝你，祝你一切順利。

Thank you.

謝謝。

Adam Baumgarten, Zelman & Associates.

亞當‧鮑姆加登 (Adam Baumgarten)，澤爾曼及合夥人。

Hey, good morning, everyone. Just in paint, it's been a couple of months since the PPG architectural divestitures closed. Just curious if you've noticed any changes in the paint aisle at Home Depot or if you expect any going forward?

嘿，大家早安。僅就油漆業務而言，PPG 建築業務剝離已經結束幾個月了。只是好奇，您是否注意到家得寶 (Home Depot) 的油漆貨架有任何變化，或者您是否預計未來會有任何變化？

No, we really haven't, Adam. It's been fairly typical.

不，我們確實沒有，亞當。這是相當典型的情況。

Okay, got it. And then just lastly, just to clarify on the factoring in of the net impact of the incremental China tariffs. Just to be clear, I know you didn't give a number, but is that a modest negative impact you're embedding in '25?

好的，明白了。最後，我只想澄清一下中國增加關稅的淨影響。需要說明的是，我知道您沒有給出具體數字，但這是否是您在 25 年中嵌入的適度負面影響？

Yeah, Adam, it's Rick. So with regards to the net impact, it really depends on the timing in terms of the flow through. But we -- let me put it this way, we're minimizing the impact. We're obviously executing our mitigation actions as we speak, that's flowing through, and we'll factor that within -- with regards to our guidance range, and we would expect to mitigate a large chunk of that and minimize the impact in 2025.

是的，亞當，我是瑞克。因此，就淨影響而言，它實際上取決於流通的時間。但是我們——讓我這樣說吧，我們正在盡量減少影響。顯然，我們正在執行緩解措施，這些措施正在進行中，我們將其考慮在我們的指導範圍內，我們預計將在 2025 年緩解其中的大部分影響，並將影響降至最低。

Okay, got it. Thanks. Best of luck.

好的，明白了。謝謝。祝你好運。

Thank you.

謝謝。

There are no further questions at this time, I will now turn the call over to Robin Zondervan for closing remarks.

現在沒有其他問題了，我現在將電話轉給 Robin Zondervan 作結束語。

We'd like to thank all of you for joining us on the call this morning and for your interest in Masco. That concludes today's call. Have a wonderful day.

我們感謝大家今天早上參加我們的電話會議並感謝你們對 Masco 的關注。今天的電話會議到此結束。祝您有美好的一天。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your line.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。