馬斯科 (MAS) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the Masco Corporation first-quarter 2025 conference call. My name is Joelle, and I will be your conference operator for today's call. As a reminder, today's conference is being recorded for replay purposes. (Operator Instructions).

女士們、先生們，早安。歡迎參加 Masco Corporation 2025 年第一季電話會議。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.

現在我將電話轉給投資者關係和 FP&A 副總裁 Robin Zondervan，您可以開始。

Thank you, operator, and good morning, everyone. Welcome to Masco Corporation's 2025 first quarter conference call. With me today are Keith Allman, President and CEO of Masco; and Rick Westenberg, Masco's Vice President and Chief Financial Officer. Our first 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.

謝謝接線員，大家早安。歡迎參加馬斯科公司2025年第一季電話會議。今天和我一起的還有 Masco 總裁兼執行長 Keith Allman；以及 Masco 副總裁兼財務長 Rick Westenberg。我們的第一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。

(Event Instructions)

（活動須知）

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. We described these risks and uncertainties in our risk factors and other disclosures in our Form 10-K and our Form 10-Q that we filed with the Securities and Exchange Commission.

我們今天的聲明將包括我們對未來業績的看法，這些看法構成前瞻性陳述。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。我們在向美國證券交易委員會提交的 10-K 表和 10-Q 表中的風險因素和其他揭露中描述了這些風險和不確定性。

Our statements will also include non-GAAP financial metrics. 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.

我們的報表也將包括非公認會計準則財務指標。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幻燈片中將這些調整後的指標與 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. I want to start today by talking about some significant changes that have occurred since our last quarterly call. One of these changes was the announcement of my decision to retire as President and CEO of Masco; and the appointment of Jon Nudi, as our incoming President and CEO. It has truly been an honor to lead Masco for over a decade, and I'm so very proud of all our employees and the work we've accomplished together.

謝謝你，羅賓。大家早安，感謝大家的收看。今天，我想先談談自上次季度電話會議以來發生的一些重大變化。其中一個變化是我宣布決定退休，不再擔任 Masco 總裁兼執行長；並任命 Jon Nudi 為我們的新任總裁兼執行長。十多年來領導馬斯科真的是我的榮幸，我為我們所有的員工和我們共同完成的工作感到非常自豪。

We've built and refined our core portfolio of leading brands to focus on innovative repair and remodel products. We've embedded the Masco operating system throughout the entire company, which has allowed us to significantly expand our operating profit margins. And finally, we've delivered long-term value to our shareholders, achieving compound annual earnings per share growth of more than 12% over the last five calendar years.

我們建立並完善了領導品牌的核心組合，專注於創新修復和改造產品。我們已將 Masco 作業系統嵌入整個公司，這使我們能夠大幅提高營業利潤率。最後，我們為股東帶來了長期價值，過去五年每股盈餘複合年增長率超過 12%。

I'm confident that Masco is in great hands going forward under John's leadership. John has been on our Board of Directors since 2023, and -- and I've seen firsthand his strategic vision, his commitment to customer service and is recognition of the strength of our Masco team in delivering superior results.

我相信，在約翰的領導下，馬斯科將會取得良好的發展。約翰自 2023 年起擔任我們的董事會成員，我親眼目睹了他的策略眼光、對客戶服務的承諾以及對我們 Masco 團隊在提供卓越成果方面的實力的認可。

I am currently working very closely with John in order to ensure a seamless transition, and we are excited about officially welcoming him to the Masco team at the beginning of July. We also experienced significant changes in the geopolitical and macroeconomic environment, including the enactment of new and broad-reaching tariffs.

我目前正在與約翰密切合作，以確保順利過渡，我們很高興在 7 月初正式歡迎他加入 Masco 團隊。我們也經歷了地緣政治和宏觀經濟環境的重大變化，包括新頒布的廣泛關稅。

The extent of the tariffs currently imposed on imports from China is substantial and will increase our overall costs considerably, particularly in our Plumbing segment. Our experienced teams are actively taking steps in an effort to mitigate these increased costs. Our mitigation efforts are extensive and include pricing actions, additional cost savings initiatives and ongoing changes to our sourcing footprint.

目前對從中國進口的產品徵收的關稅金額相當大，將大大增加我們的整體成本，特別是在管道部門。我們經驗豐富的團隊正在積極採取措施，努力降低這些增加的成本。我們的緩解措施非常廣泛，包括定價行動、額外的成本節約措施以及持續改變我們的採購足跡。

As we have done in the past, we are rapidly responding to the shifting economic landscape. However, a high level of uncertainty remains around how these changes and associated higher prices will ultimately impact demand trends across our industry moving forward.

正如我們過去所做的那樣，我們正在迅速應對不斷變化的經濟狀況。然而，這些變化和相關的價格上漲最終將如何影響我們整個行業未來的需求趨勢，仍然存在很大的不確定性。

Therefore, we will not be providing full year financial guidance this quarter. However, we do want to dimension how we are thinking about the impact of tariffs and the related mitigation actions in 2025. First, based on the tariffs enacted this year, we expect in-year cost of approximately $400 million prior to mitigation efforts.

因此，本季我們不會提供全年財務指引。然而，我們確實想衡量我們如何看待關稅和2025年相關緩解行動的影響。首先，根據今年實施的關稅，我們預計在採取緩解措施之前，年內成本約為 4 億美元。

Second, based on our extensive mitigation actions, we currently estimate that we can offset approximately $200 million to $250 million or roughly 50% to 65% of these costs during the current year. We currently anticipate mitigating the remaining net tariff costs by the end of 2026.

其次，根據我們廣泛的緩解措施，我們目前估計，我們可以在今年抵消約 2 億至 2.5 億美元或約 50% 至 65% 的成本。我們目前預計到 2026 年底將降低剩餘的淨關稅成本。

Finally, while it is reasonable to assume a potential softening of demand in the near term, we are not yet able to estimate the timing or extent of the impact on volumes that may result from the direct or indirect impacts of these additional tariffs. Rick will provide additional details in a few minutes about these expected in-year and annualized impacts from the enacted tariffs and our related mitigation actions.

最後，雖然可以合理地假設短期內需求可能會減弱，但我們還無法估計這些額外關稅的直接或間接影響對產量造成影響的時間或程度。幾分鐘後，里克將提供更多詳細信息，介紹已頒布關稅和我們相關緩解措施的預期年內和年度影響。

Our teams have demonstrated their capability to manage through these environments in the past, from the COVID pandemic to unforeseen supply chain challenges to previously enacted tariffs. Therefore, we are confident that we have the right teams and plans in place to work quickly toward mitigating the various impacts arising from the recently enacted tariffs.

我們的團隊過去已經證明了他們有能力應對這些環境，從新冠疫情到不可預見的供應鏈挑戰，再到先前頒布的關稅。因此，我們相信，我們擁有合適的團隊和計劃，可以迅速採取行動，減輕最近實施的關稅帶來的各種影響。

Amidst all these changes and the work we are doing to address their impact on our business, we remain focused on our core strengths, our market-leading brands, our exceptional customer service and our innovative product portfolio. This quarter, we introduced several innovative new products and received a variety of awards across our businesses, a few of which are highlighted on slide 5.

在所有這些變化以及我們為應對其對我們業務的影響而開展的工作中，我們仍然專注於我們的核心優勢、我們市場領先的品牌、我們卓越的客戶服務和我們創新的產品組合。本季度，我們推出了幾款創新的新產品，並在業務範圍內獲得了各種獎項，其中一些在第 5 張幻燈片中重點介紹。

Beginning with North American Plumbing. Delta Faucet showcased multiple new and award-winning products at the Kitchen & Bath Industry Show held in February, including the Pivot Pro 3 in 1 combination shower, the Showersense digital shower and the Frank Lloyd Wright Kitchen and Bath collections.

從北美管道開始。Delta Faucet 在二月份舉行的廚房和浴室行業展會上展示了多款新產品和獲獎產品，包括 Pivot Pro 三合一組合淋浴器、Showersense 數位淋浴器和 Frank Lloyd Wright 廚房和浴室系列。

Additionally, Delta Faucet received multiple awards in recognition of their outstanding service to their customers, including the prestigious J.D. Powers Customer Service Excellence Award, which they received for the fourth year in a row.

此外，Delta Faucet 還因其為客戶提供的出色服務而獲得了多個獎項，其中包括著名的 J.D. Powers 客戶服務卓越獎，這是該公司連續第四年獲得該獎項。

In our spa business, Watkins Wellness launched two new cold plunge products. Cold plunge is the ideal complement to our existing Spa and Sona portfolio as customers can enjoy the multiple benefits of integrating both cold and hot therapies into their wellness routine.

在我們的水療業務中，Watkins Wellness 推出了兩款新的冷水浴產品。冷水浴是我們現有的 Spa 和 Sona 產品組合的理想補充，因為客戶可以享受將冷熱療法融入其健康常規的多重益處。

In our International Plumbing business, Hansgrohe continued to demonstrate their leadership at the ISH Sanitation and Heating Show held in March. Two of their new premium products Reign Dan Salive and Avllegra and Avllegra received IF Design Gold awards in the sanitary category. Since 2015, Hansgrohe has won more IF Gold Awards than any other manufacturer.

在我們的國際管道業務中，漢斯格雅在三月舉行的ISH衛生和供熱展上繼續展示其領導地位。他們的兩款新優質產品 Reign Dan Salive 和 Avllegra 以及 Avllegra 獲得了衛生類別的 IF 設計金獎。自 2015 年以來，漢斯格雅贏得的 IF 金獎比其他製造商都多。

In our Decorative Architectural segment, Behr was voted the most trusted paint and stain brand among consumers in the United States and Canada by BrandSpark, demonstrating the continued strength and exceptional quality of our leading Behr brand.

在我們的裝飾建築領域，Behr 被 BrandSpark 評選為美國和加拿大消費者最信賴的油漆和染色品牌，證明了我們領先的 Behr 品牌的持續實力和卓越品質。

With that, I'll now discuss our first quarter results. Please turn to slide 6. In the first quarter, our top line decreased 6%, partially due to our divestiture of Kichler in the prior year. Excluding this divestiture and the unfavorable impact of currency, sales decreased 3% primarily due to lower volumes in the Decorative Architectural segment. Gross margins increased 20 basis points to 35.9%.

現在我將討論我們的第一季業績。請翻到幻燈片 6。第一季度，我們的營業收入下降了 6%，部分原因是我們去年剝離了 Kichler。除此次資產剝離和貨幣的不利影響外，銷售額下降了 3%，主要原因是裝飾建築部門的銷售下降。毛利率增加20個基點至35.9%。

Operating profit was $288 million and operating profit margin was solid at 16%. Earnings per share for the quarter was $0.87. Turning to our segments. Plumbing sales increased 1% in local currency. North American Plumbing sales also increased 1% in local currency, driven by higher volumes in our spa and sauna business and favorable pricing, partially offset by lower volumes in our retail channel.

營業利潤為 2.88 億美元，營業利益率穩定在 16%。本季每股收益為 0.87 美元。轉向我們的部分。以當地貨幣計算，管道銷售額成長了 1%。北美管道銷售額以當地貨幣計算也增長了 1%，這得益於水療和桑拿業務銷量的增加和優惠的價格，但零售渠道銷量的下降部分抵消了這一增長。

International Plumbing sales were flat in local currency as higher volumes in Europe and slightly favorable pricing were offset by unfavorable mix. Operating profit for the segment was $219 million and operating margin was 18.5%.

由於歐洲銷售增加和略微優惠的定價被不利的產品組合所抵消，國際管道銷售以當地貨幣計算持平。該部門的營業利潤為 2.19 億美元，營業利益率為 18.5%。

We are pleased with our overall performance in the Plumbing segment this quarter as sales were slightly higher than anticipated and operating margin was in line with our expectations. Turning to our Decorative Architectural segment. Sales decreased 16% or 8% excluding our divestiture of Kichler.

我們對本季管道部門的整體表現感到滿意，因為銷售額略高於預期，營業利潤率符合我們的預期。轉向我們的裝飾建築部分。銷售額下降了 16%，若不計剝離 Kichler 業務，則下降了 8%。

3Overall, paint sales were down high single digits and included a partial reversal of the inventory timing benefit that impacted Q4 of 2024. Excluding this impact, overall paint sales were down mid-single digits, and DIY paint sales were down high single digits, while pro paint sales were up mid-single digits.

3 總體而言，油漆銷售額下降了高個位數，其中包括影響 2024 年第四季的庫存時機效益的部分逆轉。排除這一影響，整體油漆銷售額下降了中等個位數，DIY油漆銷售額下降了高個位數，而專業油漆銷售額則增長了中等個位數。

Operating profit for the segment was $96 million and operating margin was 15.6%. We are seeing ongoing demand pressure across the industry in DIY paint, driven by dampened macroeconomic environment and expect that this will continue as the year progresses.

該部門的營業利潤為 9,600 萬美元，營業利潤率為 15.6%。我們看到，受宏觀經濟環境低迷的影響，整個 DIY 塗料行業的需求壓力持續存在，預計這種趨勢將持續到今年年底。

However, we continue to grow in the pro paint category, driven by the quality and performance of our products, the strength of our partnership with The Home Depot and our expanded services and support for our Pro customers.

然而，由於我們產品的品質和性能、與家得寶的強大合作關係以及我們為專業客戶提供的擴展服務和支持，我們在專業塗料領域繼續成長。

This has led to ongoing share gains as we continue to capitalize on the sizable growth opportunity in the pro paint market. As we look across both segments for the balance of the year, we anticipate demand softening as consumers spend more cautiously amidst this uncertain economic backdrop.

隨著我們繼續利用專業塗料市場的巨大成長機會，這導致了持續的市場份額成長。當我們展望今年剩餘時間的兩個領域時，我們預計需求將會疲軟，因為在這種不確定的經濟背景下，消費者的支出將更加謹慎。

However, as I mentioned earlier, the extent and duration of this impact cannot yet be determined until there is more clarity on the tariff policies and the overall macroeconomic conditions. Once that occurs, and as additional information becomes available, we will be able to provide further financial guidance at that time.

不過，正如我之前提到的，在關稅政策和整體宏觀經濟狀況更加明朗之前，這種影響的程度和持續時間尚無法確定。一旦發生這種情況，並且隨著更多資訊的出現，我們將能夠提供進一步的財務指導。

Masco is a resilient company, and the long-term fundamentals of the repair and remodel industry remains strong. Our product portfolio is well positioned to deliver meaningful results as we execute on our strategic initiatives and maintain our disciplined capital deployment.

Masco 是一家具有韌性的公司，維修和改造行業的長期基本面仍然強勁。隨著我們執行策略性舉措並保持嚴謹的資本部署，我們的產品組合將能夠帶來有意義的成果。

As I reflect on my tenure as CEO of Masco, it's the strength of our people and our teams that has allowed us to outperform the market and drive long-term shareholder value creation, especially in dynamic times. Our people are at the heart of what we do each day, and we remain focused on driving results through our leading global brands, innovative products and customer service.

回顧我擔任馬斯科執行長的任期，我​​認為正是我們員工和團隊的力量讓我們能夠超越市場並推動長期股東價值創造，尤其是在動態時期。員工是我們日常工作的核心，我們始終致力於透過我們領先的全球品牌、創新產品和客戶服務來推動業績。

With that, I'll turn the call over to Rick for further details around our first quarter expected tariff impacts and related mitigation actions. Rick?

接下來，我將把電話轉給里克，以了解有關我們第一季預期關稅影響和相關緩解措施的更多詳細資訊。瑞克？

Thank you, Keith, and good morning, everyone. Thank you for joining. Before I get started, I'd like to take a moment to congratulate Keith on a successful 27-year career at Masco. Through his strong leadership, he has been instrumental in reshaping Masco's portfolio, driving significant operational improvements across the company, developing senior leadership talent and delivering outstanding financial results.

謝謝你，基思，大家早安。感謝您的加入。在我開始之前，我想花點時間祝賀 Keith 在 Masco 27 年的職業生涯中取得了成功。憑藉其強大的領導力，他幫助重塑了馬斯科的產品組合，推動了整個公司的重大營運改進，培養了高級領導人才，並實現了出色的財務業績。

On a personal note, I'd like to thank Keith for his partnership over the past one and half years and wish him all the best in his future endeavors. Now turning to our results. As Robin mentioned, my comments today will focus on adjusted performance, excluding the impact of rationalization charges and other onetime items.

就我個人而言，我要感謝 Keith 在過去一年半中的合作，並祝他在未來的事業中一切順利。現在來看看我們的結果。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 8. Sales in the first quarter decreased 6% or 3% excluding the impact of our divestiture of Kichler and unfavorable currency. Our divestiture of Kichler in the third quarter of 2024, decreased sales by 3% year-over-year in the first quarter of 2025. In local currency, North American sales decreased 7%, but decreased 3%, excluding the divestiture impact. International sales were in line with the prior year in local currency.

翻到幻燈片 8。第一季銷售額下降了 6%，若不計剝離 Kichler 業務和不利貨幣的影響，則下降了 3%。我們於 2024 年第三季剝離了 Kichler 業務，導致 2025 年第一季的銷售額年減 3%。以當地貨幣計算，北美銷售額下降了 7%，但如果不包括資產剝離的影響，則下降了 3%。以當地貨幣計算，國際銷售額與上年持平。

Gross margin increased 20 basis points in the quarter to 35.9%. SG&A decreased $9 million year-over-year, driven by our divestiture, partially offset by increased marketing expenses. SG&A as a percent of sales was 19.9% in the quarter.

本季毛利率增加 20 個基點，達到 35.9%。由於資產剝離，銷售、一般及行政費用年減 900 萬美元，但行銷費用增加部分抵銷了這一減少。本季銷售、一般及行政費用佔銷售額的百分比為 19.9%。

Given the current environment, we are actively managing our expenses and taking appropriate cost savings actions. Operating profit was $288 million in the quarter, and our margin was 16%. Operating profit was impacted primarily by lower volume and higher marketing costs. Lastly, our EPS was $0.87 per share.

鑑於當前環境，我們正在積極管理我們的開支並採取適當的成本節約措施。本季營業利潤為 2.88 億美元，利潤率為 16%。營業利潤主要受到銷售下降和行銷成本上升的影響。最後，我們的每股收益為 0.87 美元。

Turning to slide 9. Plumbing sales decreased 1% in the first quarter but increased 1% excluding the unfavorable impact of currency. Favorable pricing increased sales by 1%, offset by unfavorable mix, which reduced sales by 1%.

翻到第 9 張投影片。第一季管道銷售額下降了 1%，但如果除去貨幣的不利影響，則增加了 1%。優惠的定價使銷售額增加了 1%，但不利的產品組合卻導致銷售額減少了 1%。

In local currency, North American Plumbing sales increased 1% in the quarter. This performance was driven by continued share gains in the e-commerce channel and growth at our specialty spa and sauna dealers, partially offset by softness in the retail channel.

以當地貨幣計算，本季北美管道銷售額成長了 1%。這一業績得益於電子商務通路的持續份額增長以及我們的專業水療和桑拿經銷商的增長，但零售通路的疲軟部分抵消了這一增長。

In local currency, International Plumbing sales were in line with the prior year, driven by favorable volume and pricing actions, offset by unfavorable mix. Hansgrohe achieved growth in its key market of Germany as well as other European markets.

以當地貨幣計算，國際管道業務的銷售與上年持平，這得益於有利的銷售和定價舉措，但被不利的產品組合所抵消。漢斯格雅在其主要市場德國以及其他歐洲市場均實現了成長。

This was offset by softness in various other markets, particularly China. Segment operating profit in the first quarter was $219 million, and operating margin was 18.5%. Operating profit was impacted by unfavorable mix and higher trade show costs during the quarter, partially offset by cost savings initiatives and a favorable price cost relationship.

這被其他市場（尤其是中國）的疲軟所抵消。第一季分部營業利潤為2.19億美元，營業利益率為18.5%。本季營業利潤受到不利的產品組合和更高的貿易展成本的影響，但成本節約措施和有利的價格成本關係部分抵消了這一影響。

Turning to slide 10. Decorative Architectural sales decreased 16% in the first quarter. The divestiture of Kichler lowered sales by 8%. In the quarter, total paint sales decreased high single digits, impacted by a partial reversal of the favorable inventory impact in Q4 of last year, as mentioned in our February call.

翻到第 10 張投影片。第一季裝飾建築銷售額下降了 16%。剝離 Kichler 業務導致銷售額下降了 8%。本季度，油漆總銷售額下降了高個位數，正如我們在二月電話會議上提到的，這是受到去年第四季度有利庫存影響的部分逆轉的影響。

Excluding this unfavorable inventory impact, total paint sales were down mid-single digits in the first quarter, with propane sales up mid-single digits, in line with our expectations and DIY paint sales down high single digits, below our expectations.

排除這一不利的庫存影響，第一季油漆總銷售額下降了中等個位數，其中丙烷銷售額增長了中等個位數，符合我們的預期，而DIY油漆銷售額下降了高個位數，低於我們的預期。

DIY paint performance was driven by continued softness in the DIY market, and we now anticipate this weakness to continue as the year progresses. Operating profit in the first quarter was $96 million and operating margin was 15.6%. Operating profit was primarily impacted by lower volume, including inventory timing.

DIY 塗料的表現受到 DIY 市場持續疲軟的推動，我們預計這種疲軟態勢將持續到今年年底。第一季營業利潤為9,600萬美元，營業利益率為15.6%。營業利潤主要受到銷售量下降（包括庫存時間）的影響。

Turning to slide 11. Our balance sheet remains strong with a gross debt to EBITDA at 2.1x at quarter end. We ended the quarter with $1.2 billion of liquidity including cash and availability under our revolving credit facility.

翻到第 11 張投影片。我們的資產負債表依然強勁，季末總負債與 EBITDA 比率為 2.1 倍。本季末，我們擁有 12 億美元的流動資金，包括現金和循環信貸額度下的可用資金。

Working capital was 18.7% of sales at quarter end, in line with Q1 2024. Given our strong cash performance, we were able to return $196 million to shareholders through dividends and share repurchases, including the repurchase of $130 million in stock in the first quarter.

本季末營運資本佔銷售額的 18.7%，與 2024 年第一季持平。鑑於我們強勁的現金表現，我們能夠透過股息和股票回購向股東返還 1.96 億美元，其中包括第一季回購的價值 1.3 億美元的股票。

As it relates to capital allocation for the remainder of the year, there is no change to our overall framework. We continue to expect to invest approximately $175 million through capital expenditures, to pay a dividend of $1.24 per share and to deploy all available free cash flow towards share repurchases or acquisitions.

由於它與今年剩餘時間的資本配置有關，我們的整體框架沒有變化。我們繼續預計透過資本支出投資約 1.75 億美元，支付每股 1.24 美元的股息，並將所有可用的自由現金流用於股票回購或收購。

Lastly, as Keith mentioned earlier, given the highly volatile and uncertain market environment related to tariffs, we are not providing 2025 financial guidance. However, I will try to provide some clarity around our tariff exposure and impact based on the currently enacted tariffs as well as the estimated benefits from our ongoing mitigation actions.

最後，正如 Keith 之前提到的，鑑於與關稅相關的市場環境高度波動且不確定，我們不會提供 2025 年的財務指引。不過，我將嘗試根據目前實施的關稅以及我們正在採取的緩解行動預計帶來的效益，闡明我們的關稅風險和影響。

As discussed on our fourth quarter call, our current import exposure to China tariffs is approximately $450 million, representing a 45% reduction from our peak exposure in 2018. We estimate the total annualized impact from incremental tariffs to be approximately $675 million before mitigation.

正如我們在第四季度電話會議上所討論的那樣，我們目前對中國關稅的進口風險敞口約為 4.5 億美元，比 2018 年的峰值風險敞口減少了 45%。我們估計，在減稅之前，增量關稅的年總影響約為 6.75 億美元。

This includes the incremental China tariffs of 145%, which amounts to an annualized cost impact of approximately $625 million, plus an approximately $50 million of incremental annual expense from tariffs on steel and aluminum and a 10% global reciprocal tariffs.

其中包括145%的中國增量關稅，相當於年化成本影響約為6.25億美元，加上鋼鐵和鋁關稅造成的約5000萬美元的年度增量費用以及10%的全球互惠關稅。

Of this approximately $675 million total annual cost, we expect a 2025 in-year impact of approximately $400 million before mitigation with the impact largely occurring in the second half of the year. We are actively working to mitigate these additional costs through price increases, cost reductions and continued efforts to change our sourcing footprint.

在這約 6.75 億美元的年度總成本中，我們預計 2025 年的年度影響在緩解之前約為 4 億美元，並且影響主要發生在下半年。我們正在積極努力透過提高價格、降低成本以及持續努力改變我們的採購足跡來減輕這些額外成本。

First, we expect to implement meaningful price increases over the course of 2025. Second, we are expanding our cost reduction efforts across the business. Delaying or eliminating noncritical spend while preserving investments in key growth areas of the business. Furthermore, we continue to work with our suppliers to achieve additional cost reductions.

首先，我們預計在 2025 年期間實施大幅漲價。其次，我們正在擴大整個業務的成本削減力道。推遲或消除非關鍵支出，同時保留對業務關鍵成長領域的投資。此外，我們繼續與供應商合作，以進一步降低成本。

Based on our expectations of the extent and timing of our price and cost reduction actions, we currently believe we can mitigate approximately $200 million to $250 million or roughly 50% to 65% of the tariff cost in 2025, leaving a net impact of approximately $150 million to $200 million in 2025 prior to any potential volume impact.

根據我們對價格和成本削減行動的程度和時間的預期，我們目前認為，到 2025 年，我們可以減輕約 2 億至 2.5 億美元或約 50% 至 65% 的關稅成本，在對產量產生任何潛在影響之前，到 2025 年，淨影響約為 1.5 億至 2 億美元。

As we exit 2025, we believe our actions have the potential to mitigate 60% to 75% of the impact of the currently enacted tariffs on a run rate basis. We will continue to work to mitigate the remaining impact by the end of 2026 through accelerating changes to our sourcing footprint.

在 2025 年結束時，我們相信我們的行動有可能以運行率的方式減輕目前實施的關稅 60% 至 75% 的影響。我們將繼續努力，透過加速改變我們的採購足跡，在 2026 年底之前減輕剩餘的影響。

It is important to note that these tariff impacts and mitigation estimates do not consider potential unfavorable impacts on volumes related to price increases or the overall market environment. These impacts remain highly uncertain as does the overall tariff and macroeconomic environment.

值得注意的是，這些關稅影響和緩解估計並未考慮與價格上漲或整體市場環境相關的對產量的潛在不利影響。這些影響以及整體關稅和宏觀經濟環境仍然具有很大的不確定性。

Additionally, these estimates are based on currently enacted tariffs, and do not attempt to estimate the impact of potential future tariffs or changes in existing tariffs. Needless to say, the overall environment remains highly uncertain. We will provide updates to the impacts on our business as appropriate and expect to update our outlook for 2025 once we have more clarity.

此外，這些估計是基於目前頒布的關稅，並不試圖估計未來潛在關稅或現有關稅變化的影響。毋庸置疑，整體環境仍高度不確定。我們將適時更新對我們業務的影響，並期望在獲得更清晰的資訊後更新我們對 2025 年的展望。

To echo Keith's comments, I would like to recognize and thank our teams for their tremendous efforts in responding to this rapidly changing environment. Our teams have a demonstrated track record, and I'm confident in our ability to navigate these challenging times.

為了回應 Keith 的評論，我要認可並感謝我們的團隊為應對這一快速變化的環境所做的巨大努力。我們的團隊有著良好的業績記錄，我相信我們有能力度過這些充滿挑戰的時期。

With that, I would like to open up the call for questions. Operator?

現在，我想開始提問。操作員？

(Operator Instructions)

（操作員指示）

Michael Rehaut, JP Morgan.

摩根大通的麥可雷豪特。

Thanks for all the comments, and John, welcome to the call and to the company. First, I'd love to delve a little bit into some of the top line trends not only in the first quarter, but if you can provide any kind of commentary on April?

感謝所有的評論，約翰，歡迎您來電並來到公司。首先，我很樂意深入探討第一季的一些主要趨勢，但您能否對四月份的趨勢發表一些評論？

You mentioned during the prepared remarks that your DIY paint was a little bit below expectations. I'm really more interested in the trend line through the first, let's say, roughly 4 months of the year, both in paint and plumbing. And if you have any kind of insights into maybe 2Q overall, how we should think about the top line.

您在準備好的演講中提到，您的 DIY 油漆有點低於預期。我真正感興趣的是一年中前 4 個月左右的趨勢線，包括油漆和管道行業。如果您對第二季整體情況有任何見解，我們應該如何看待營收？

Thanks, Mike. Just to be clear, I'm on the call today, and John will be joining us in July.

謝謝，麥克。需要明確的是，我今天參加了電話會議，約翰將於 7 月加入我們。

Yes. No, got that. I wasn't sure if he was there, but okay.

是的。不，明白了。我不確定他是否在那裡，但好吧。

Yes. Fair enough. So with regards to how the overall top line trends are looking as we sit here kind of mid-April. In e-commerce, I'll take a channel cut at it first. In e-commerce, we continue to have really nice strong performance.

是的。很公平。那麼，就四月中旬的整體營收趨勢而言。在電子商務方面，我會先切入一個管道。在電子商務領域，我們持續保持著非常強勁的表現。

So that continues to be a favorable aspect of our business. We've been investing in that, both in terms of technology and people for quite some time, have what we believe to be a leadership position and that continues to grow and do well for us. We did particularly well in International Plumbing.

所以這仍然是我們業務的一個有利方面。我們一直在技術和人員方面進行投資，相信我們已佔據領先地位，並將繼續發展並為我們帶來好處。我們在國際管道領域做得特別好。

That continues to be strong for us in Central Europe. We're seeing and getting more stabilization, specifically in our home country of Germany, where we're the share leader, and that continues to go well. Of course, we're having a little bit of a slowdown, if you will, in China. It's a higher-end part of our business. So that's giving us a little bit of a mix hit geographically when we think about the overall International Plumbing demand in China.

對我們中歐地區來說，這依然是強勁的。我們看到並獲得了更多的穩定，特別是在我們的祖國德國，我們是那裡的市場份額領先者，而且這種情況繼續良好發展。當然，如果你願意的話，我們在中國正經歷一些放緩。這是我們業務的高端部分。因此，當我們考慮中國整體的國際管道需求時，這在地理上給我們帶來了一點混合影響。

In the US, we're seeing and plumbing a little bit of softening in both the trade and the retail channel, but particularly in the retail channel. And then on the paint side, very strong performance in our pro paint segment. We continue to what we believe to be outgrow the market and gain share.

在美國，我們看到貿易和零售通路都出現了一些疲軟現象，尤其是零售通路。在油漆方面，我們的專業油漆領域表現非常強勁。我們將繼續朝著我們認為能夠超越市場並贏得份額的方向發展。

So we're gaining share and we're holding share, very strong Net Promoter Scores continue with our customers and the value proposition that we're able to deliver with our partner -- the Home Depot, remain strong. We are seeing some softening in the DIY paint market.

因此，我們正在獲得市場份額並保持市場份額，我們客戶的淨推薦值仍然非常高，而且我們能夠與合作夥伴——家得寶一起提供的價值主張仍然強勁。我們發現 DIY 塗料市場有些疲軟。

We've -- this has been relatively consistent, and we can expect. Again, this is a view in terms of the future but we expect this softness to continue through the remainder of the year. So I think we've got pockets of good strength and continued growth that are favorable.

我們 — — 這一直相對一致，我們可以期待。再次強調，這是對未來的看法，但我們預計這種疲軟態勢將持續到今年剩餘時間。因此我認為我們擁有良好的實力和持續的有利成長。

But overall, I would say that our view is that the consumer is tentative, particularly as we look at the volatility that exists in both geopolitically and from a macroeconomic perspective. So hopefully, that gives you a little bit of view across the --

但總的來說，我認為我們的觀點是消費者是猶豫不決的，特別是當我們從地緣政治和宏觀經濟角度來看存在的波動性時。希望這能讓你對--

No, no. That's very helpful, Keith. Appreciate that. I guess, secondly, maybe to try and dimensionalize a little bit, specifically when you talk about mitigation efforts on the tariffs and specifically the price increases, which I would assume would be the primary offset or mitigation action for the back half of this year at least? And correct me if I'm wrong on that.

不，不。這非常有幫助，基斯。非常感謝。其次，我想，也許可以嘗試稍微維度化一下，特別是當您談到關稅和價格上漲的緩解措施時，我認為這至少是今年下半年的主要抵消或緩解措施？如果我錯了，請糾正我。

But if we're talking about $200 million, $250 million, maybe you could dimensionalize that in terms of maybe what that would mean in terms of an average price increase for your key plumbing products. And if you've seen any type of prior instances of demand elasticity or inelasticity or the amount that you would expect maybe demand to react off of those price increases, let's say, in a vacuum. And I know that obviously, a lot of different macro drivers influencing demand as well. But do you have any thoughts on that?

但如果我們談論的是 2 億美元、2.5 億美元，也許您可以根據這對主要管道產品的平均價格上漲意味著什麼來對其進行量化。如果您之前看過任何類型的需求彈性或無彈性的例子，或者您預期需求可能會對價格上漲做出反應的量，比如說，在真空中。我知道，顯然有很多不同的宏觀驅動因素也在影響需求。但你對此有什麼想法嗎？

Sure, Mike. It's Rick. I'll take a shot at that. So as we articulated in terms of our mitigation -- components of our mitigation actions, there's obviously a number of facets to it. The main buckets are pricing, cost reduction and sourcing footprint changes.

當然，麥克。是瑞克。我會嘗試一下。因此，正如我們在緩解措施方面所闡明的那樣——我們的緩解行動的組成部分，它顯然包含許多方面。主要內容包括定價、降低成本和採購足跡變化。

And as you anticipated, at least in the near term, i.e., 2025, the bulk of those actions are going to be pricing and cost reductions. Those are the things that we can pull in the near term. sourcing footprint is something that we continue to focus on.

正如您所預料的，至少在短期內，即 2025 年，大部分行動將是降低價格和成本。這些都是我們近期可以實現的目標。採購足跡是我們持續關注的重點。

We've made meaningful progress in terms of changing our sourcing footprint over time, and the team continues to execute and to accelerate that, but it will take a longer horizon to effectuate some of those sourcing changes. So as it pertains to 2025, it is primarily price and cost.

我們在改變採購足跡方面取得了有意義的進展，團隊也持續執行和加速這項進程，但實現其中一些採購變更需要更長的時間。因此，就 2025 年而言，主要涉及的是價格和成本。

The bulk of -- the majority of that is pricing, as you anticipated. We are not going to quantify the pricing magnitude per se or the price increases. They vary by business unit and they vary by product category. And it's over the course of 2025, as you would anticipate, the tariffs started to roll into effect on February 4, continued in March and then again escalated in April. And so our pricing has been responsive to that, and we're going to continue to execute on that.

正如您所預料的，其中大部分是定價。我們不會量化定價幅度本身或價格上漲。它們因業務部門和產品類別而異。正如您所預料的那樣，在 2025 年期間，關稅於 2 月 4 日開始生效，3 月繼續生效，4 月再次升級。因此，我們的定價已對此作出反應，並且我們將繼續執行此政策。

As it pertains to elasticity, I think we're in a bit of uncharted territory as it pertains to that. We obviously are confident in the strength of our brands and our products. So we think there's some resiliency there. But ultimately, just given not only the elasticity dynamic, but the uncertainty in terms of the macroeconomic and the consumer sentiment are unknown. And quite frankly, that is really the root of why we were -- we prudently decided not to provide financial guidance just given the uncertainty.

至於彈性，我認為我們處於一個未知領域。我們顯然對我們的品牌和產品的實力充滿信心。所以我們認為那裡有一定的彈性。但最終，不僅彈性動態，而且宏觀經濟和消費者情緒的不確定性也是未知的。坦白說，這確實是我們做出這項決定的根本原因——考慮到不確定性，我們謹慎地決定不提供財務指導。

But the teams like -- rest assured the teams are hyper-focused with regards to developing and executing mitigation strategies. And as Keith mentioned in his remarks, we've got confidence, given the team's experience and capabilities that we'll navigate this as we've done in the past.

但請放心，這些團隊高度重視制定和執行緩解策略。正如基斯在演講中提到的那樣，鑑於團隊的經驗和能力，我們有信心像過去一樣解決這個問題。

Great. Thanks so much. Rick. Mike.

偉大的。非常感謝。瑞克。麥克風。

Stephen Kim, Evercore ISI.

史蒂芬金 (Stephen Kim)，Evercore ISI。

And yes, we obviously appreciate all the efforts here to give us some framework for how you're going to manage this tariff thing. I guess I wanted to drill in on the pricing. I guess with respect to being an unchartered territory because of consumer sentiment and those impacts, I mean, it seems like in DIY paint, you're already starting to see that -- and you haven't even taken any pricing actions, really, I'm assuming yet.

是的，我們非常感謝您為我們提供一些框架，以便我們了解如何管理關稅問題。我想我想深入了解定價。我想，由於消費者情緒和那些影響，這是一個未知領域，我的意思是，似乎在 DIY 塗料中，你已經開始看到這一點——而且你甚至還沒有採取任何定價行動，我猜真的還沒有。

I'm curious if you think that maybe what you're seeing in the consumer is maybe some stockpiling ahead of some tariffs and maybe their cherrypicking or prioritizing some products where they think that they could be vulnerable in paint, would maybe not be one of them.

我很好奇，您是否認為，也許您所看到的消費者是在關稅實施前囤積物資，也許他們會挑選或優先購買一些他們認為可能易受影響的產品，例如油漆，但這也許不是其中之一。

And if you think that had any impact on what you saw in the quarter or if there's anything else that would provide a little bit of color for why DIY paint in particular, would have been impacted it feels like more than some of your other products, particularly propane seems like it did better.

如果您認為這對您在本季度看到的情況有任何影響，或者還有其他因素可以解釋為什麼 DIY 塗料會受到影響，那麼感覺它比其他一些產品受影響更大，尤其是丙烷似乎表現得更好。

And just if you could help us drill in a little bit more about what you saw in the DIY paint that caused the miss relative to what we are looking for.

如果您能幫助我們更深入地了解您在 DIY 油漆中看到的內容，從而導致我們找不到我們想要的東西，該怎麼辦？

With regards to stockpiling, we don't have specific data where we went out and queried the consumer to see if they're stocking up and putting faucets in their basement or stacking up gallons of paint and anticipation of future projects.

關於囤積，我們沒有具體的數據，因此我們出去詢問消費者，看看他們是否囤積並在地下室安裝水龍頭或堆積數加侖的油漆並為未來的項目做準備。

I doubt significantly that, that is the case as we see rather consistent POS data -- that indicative of something like some sort of a pre-COVID stockpile of some consumer goods or something of that sort. So I discount that and I'm confident that you don't have data.

我對此非常懷疑，因為我們看到了相當一致的 POS 數據——這表明在疫情之前人們囤積了某種消費品或類似的東西。所以我不相信這一點，而且我確信你沒有數據。

With regards to the DIY paint performance, this is something that we've seen consistently now for, Jason, a number of years where, if you recall, having been following us for a while, Stephen, where DIY paint was a flat to slightly down kind of market overall for, call it, five years.

關於 DIY 塗料的表現，傑森，這是我們多年來一直看到的情況，如果你還記得的話，史蒂芬，在關注我們有一段時間了，DIY 塗料市場總體上處於平穩或略有下降的狀態，可以說有五年了。

And of recent times as we see the demographic shift the baby boomers who are very much strong and avid painters now getting to an age where they're choosing to use a professional to install the paint rather than themselves.

近年來，我們看到人口結構的變化，嬰兒潮世代非常熱衷於繪畫，現在他們到了選擇使用專業人士而不是自己來安裝油漆的年齡。

And the backfill of the millennials, which we are seeing, and we do believe that -- and our data shows that they are not only DIYers, but multiple project DIYers rather than say a one and done. So it's just not -- it hasn't come to the level of where it's backfilling that. So there's clearly a shift from DIY to Pro. So that's a component of it.

我們看到千禧世代的回歸，我們確實相信這一點——我們的數據顯示他們不僅是 DIY 愛好者，而且是多個專案的 DIY 愛好者，而不是一次性完成的。所以它還沒有達到填補這一空缺的水平。因此，顯然存在從 DIY 到專業的轉變。這是其中的一個組成部分。

Secondly, when you think about sensitivity, we believe that the consumer that is in that DIY market tends to be more price sensitive and more sensitive to overall macroeconomic concerns like we're in now, than a more affluent customer.

其次，當你考慮敏感度時，我們認為 DIY 市場的消費者往往比富裕的消費者對價格更敏感，對我們現在所處的整體宏觀經濟問題也更敏感。

So when we -- interestingly, when we look across our portfolio, we continue to see the higher-end consumer hanging in there relatively robustly. When we look at our higher-end plumbing brands, for example, we do see -- continue to see some pretty good demand.

因此，有趣的是，當我們審視我們的投資組合時，我們仍然看到高端消費者相對強勁地堅持下去。例如，當我們看我們的高端管道品牌時，我們確實看到——繼續看到一些相當不錯的需求。

So I think it's a combination of the consumer itself in that DIY space as it relates to sensitivity to price and a migration from a heavy consumer that is continuing as it relates to the baby boomer starting to hire a pro. Now when I step back and look at what type of assortment I would want to have leading into these kind of conditions as it relates to what's going to be the most resilient and tough times, what's going to be able to rebound, it is, in fact, a lower-ticket repair and remodel product, particularly the products and the assortments that we have that give a very nice bang for the buck.

所以我認為這是 DIY 領域消費者本身對價格的敏感性，以及從重度消費者的轉變（由於嬰兒潮一代開始聘請專業人士）的結合。現在，當我退一步考慮在這種條件下我想要什麼樣的產品組合時，因為這與最具彈性和最艱難的時期有關，什麼能夠反彈，事實上，這是一種低價的維修和改造產品，特別是我們擁有的產品和產品組合，可以帶來非常好的性價比。

So I think when you combine that -- the strength of our assortment that we've built over time, together with the experience of our leadership teams, even though these are tough times, I think we have a nice hand to play.

因此，我認為，當我們將這些結合起來時——我們長期以來建立的產品組合的優勢，加上我們領導團隊的經驗，儘管現在是艱難時期，但我認為我們仍然有不錯的表現。

That's really interesting. Just want to pull on that thread a little bit more, Keith. So initially, when you were talking about the fact that the price elasticity was typically more felt immediately by the lower-end consumer. I was curious as to whether you thought that, that could actually lead to maybe a richer mix, but it sounds like what you're saying is that maybe that might happen in the near term, but then on a longer-term basis, you actually think that the lower end, which is maybe more need-based is going to be more resilient. So I want to make sure I'm understanding that what you're describing there is a bit of a dichotomy from a timing perspective.

這真的很有趣。我只是想再多說幾句，基斯。因此，最初，當您談到價格彈性通常會被低端消費者立即感受到這一事實時。我很好奇您是否認為這實際上可能導致更豐富的組合，但聽起來您說的是這可能在短期內發生，但從長期來看，您實際上認為低端，可能更基於需求的，將會更有彈性。因此，我想確保我理解你所描述的從時間角度來看有點二分法。

And then that kind of leads into my broader question, which is about how dynamic you can be with pricing. We're not used to situations where you're need to increase price and then maybe take it back and all that, but we're living in a world right now where the primary driver to your need to raise price is actually quite unpredictable. And so I'm curious if you could talk about your ability to be dynamic with your pricing as we may be heading in uncharted waters there.

這就引出了我更廣泛的問題，即定價的動態性如何。我們不習慣需要提高價格然後可能又收回價格的情況，但我們現在生活的世界裡，促使你提高價格的主要驅動因素實際上是相當難以預測的。因此，我很好奇您是否可以談談您在定價方面保持動態的能力，因為我們可能正在進入未知領域。

Yes, great questions. In terms of the mix, while we are seeing the premium consumer hanging in there, I do believe -- and we did see a little bit of a mix hit this quarter. And I do believe in tough economic times, generally speaking, there will tend to be a trade down.

是的，很好的問題。就產品組合而言，雖然我們看到高端消費者仍在堅持，但我確實相信——我們本季確實看到了產品組合受到一點衝擊。我確實相信，在經濟困難時期，一般來說，交易量會下降。

We've worked hard as we've discussed in the past and in prior calls, to use our operating system to reduce the margin performance across both pricing segmentation in the assortment as well as various channels so that we are more agnostic to shifts across channels or across price segments, but there will be, I believe, a mix shift down.

正如我們在過去和之前的電話會議中所討論的那樣，我們一直努力使用我們的作業系統來降低產品組合中不同價格區間以及不同管道的利潤率，以便我們能夠更好地了解不同管道或不同價格區間的變化，但我相信，產品組合會有所下降。

Now in this environment, an interesting thing to consider is while I believe there will be and we are seeing a mix shift down in prior cycles like this, I've seen the private label portion of the assortment take some share. We generally performed pretty well because we're across all the segments.

現在，在這種環境下，值得考慮的一個有趣的事情是，雖然我相信會有這種情況，而且我們在之前的周期中也看到了混合轉變，但我已經看到自有品牌部分的產品組合佔據了一些份額。由於我們的業務涉及所有領域，因此總體而言，我們的表現相當不錯。

But it's a little -- it will be, I believe, a little bit different dynamic due to the high concentration of China buy in that private label piece of the assortment. So I do think there will be within segments of the assortment, there will be a trade down with the caveat of I'm not so sure about what's going to happen on the private label side. With response to pricing and being able to be dynamic with the pricing, you're exactly right.

但我相信，由於中國消費者高度集中在自有品牌產品，情況會有所不同。因此，我確實認為，在產品分類的各個部分中，會出現交易下降，但需要注意的是，我不太確定自有品牌方面會發生什麼。透過對定價做出回應並能夠動態地調整定價，您說得完全正確。

And that is what we are driving our leadership teams towards is the ability to not only understand our assortment and to have a keen data set on where that sweet spot is between price and volume. Obviously, this is a multipronged approach.

我們正在推動領導團隊實現這一目標，不僅要了解我們的產品組合，還要擁有敏銳的數據，了解價格和數量之間的最​​佳平衡。顯然，這是一個多管齊下的方法。

We do not believe that pricing alone is the best -- most competitive tool set to manage through these dynamic times. We think it is a combination of pricing, cost out supplier negotiations and footprint changes. So we're driving across that whole basket of initiatives.

我們不認為單憑定價就是在這些動態時期進行管理的最好的、最具競爭力的工具。我們認為這是定價、成本供應商談判和足跡變化的結合。所以我們正在推動這一整套措施。

But the ultimate objective here is to reach the profit maximization point as it relates to the combination of all those factors, volume and price being primary. So the ability to be dynamic with our pricing, to be able to execute -- to understand the best price to be at and to be able to execute that quickly, both ways, both up and down, together with a very strong drive on the cost-outs, we think, is the right dynamic.

但這裡的最終目標是達到利潤最大化點，因為它與所有這些因素的組合有關，其中數量和價格是主要因素。因此，我們認為，能夠動態地制定定價，能夠執行——了解最佳價格，並且能夠快速執行，無論是上漲還是下跌，再加上對成本的強大驅動力，是正確的動態。

And again, in these kind of times, it's really about the people, and it's about the systems we have in place. And the portfolio that you're dealing with. And we are dealing with what I believe to be the best possible portfolio of products and businesses that we could have going into an environment like this because we set out to build that, less cyclical, more resilient high margin.

再說一次，在這種時候，真正重要的是人民，也重要的是我們現有的製度。以及您正在處理的投資組合。我認為，我們正在處理的產品和業務組合是我們在這樣的環境中所能擁有的最佳組合，因為我們著手建立週期性較小、更具彈性的高利潤率產品和業務組合。

We're also dealing with an extremely experienced team. Our -- we recovered from COVID and we brought higher margins to our investors. When we had unheard of price escalations, we were able to manage that with higher margins, more price and took market share.

我們也與一支極為有經驗的團隊合作。我們從 COVID 中恢復過來，並為投資者帶來了更高的利潤。當我們聽到前所未聞的價格上漲時，我們能夠以更高的利潤、更高的價格來應對，並佔領市場份額。

When we were dealt with absolutely unheard of supply chain challenges, whether you talk about a ship blocking the Suez Canal or freeze in Southern Texas that practically took down the petrochemical industry to a paint colorant plant exploding. We were the most dynamic in that environment, and we took significant market share in paint, for example, through those.

當我們處理絕對聞所未聞的供應鏈挑戰時，無論是談論堵​​塞蘇伊士運河的船隻，還是德克薩斯州南部的嚴寒，這實際上摧毀了石化行業，導致油漆著色劑工廠爆炸。在那個環境中，我們是最具活力的，透過這些，我們在油漆等市場佔據了相當大的份額。

So we're a battle-tested team. And whilst nobody wants this macroeconomic challenge, we're ready for both with our assortment and with our dynamic pricing capability and with our dynamic supply chain.

所以我們是一支久經沙場的團隊。雖然沒有人希望面臨這種宏觀經濟挑戰，但我們已經做好了準備，透過我們的產品組合、動態定價能力和動態供應鏈來應對。

Got it. Best of luck and yeah, I appreciate all the color. Thanks.

知道了。祝你好運，是的，我很欣賞所有的色彩。謝謝。

Thanks, Steve.

謝謝，史蒂夫。

Sam Reid, Wells Fargo.

富國銀行的薩姆·里德。

Awesome thanks so much. I wanted to touch on the new build channel. I know you have some exposure here in -- on the plumbing side. There's been some talk about one of your large competitors attempting to take share in new builds.

太棒了，非常感謝。我想談談新建管道。我知道您在管道方面有一些經驗。有傳言說，你們的一個大型競爭對手正試圖搶佔新建專案的份額。

Have you had to adjust your go-to-market strategy with respect to price? And maybe just contrast price realization potential from tariffs and new build versus some of your more traditional and retail trade channels.

您是否必須根據價格調整您的市場進入策略？也許只是對比一下關稅和新建產品與一些更傳統和零售貿易管道的價格實現潛力。

Are you expecting to get more price realization in retail and trade versus, say, the builders, given this dynamic?

考慮到這種動態，您是否預期零售和貿易領域的價格實現會高於建築商領域？

Yes. We're a remodel repair and remodel company. I think our mix is north of 85% of repair and remodel. And we -- approximately, and we pick and choose the new build customers that we go after that value the innovation and the service basket that we bring to them. So that is not a part of our focus.

是的。我們是一家改造修復和改造公司。我認為我們的修復和改造佔了 85% 以上。而且我們——大致來說，我們會挑選那些重視我們為他們帶來的創新和服務包的新客戶。所以這不是我們關注的重點。

In terms of a specific pricing strategy and how we're looking to price across channels and ability to get price and how hard or easy it is across different channels. I'm not going to get into that. We're not going to get into our specific pricing strategies for obvious reasons. But I will tell you that we have -- it's not only just the dynamic capabilities in our systems to get price. It's also our talented sales force and our commercial folks.

就具體的定價策略以及我們如何尋求跨通路定價以及獲取價格的能力以及跨不同通路定價的難易程度而言。我不想談論這個。由於顯而易見的原因，我們不會討論我們的具體定價策略。但我會告訴你，我們擁有的不僅僅是我們系統中獲取價格的動態能力。這也是我們優秀的銷售團隊和商務人員。

And it's the the value we bring with our strong brands and innovation pipelines to give us that must-have position on the shelf, so to speak. So it's a whole collection of what Masco brings. And we're going to continue to drive that, and I feel good about our capabilities entering into these challenges.

可以說，我們強大的品牌和創新管道所帶來的價值，使我們在貨架上佔據了不可或缺的地位。所以這是 Masco 帶來的完整集合。我們將繼續推動這項進程，我對我們應對這些挑戰的能力感到很滿意。

No, that's helpful, Keith. And then maybe switching gears, and you sort of alluded to this in your response to Stephen, but maybe just to put a finer point on that. Just want to think through brand performance quarter to date.

不，這很有幫助，基思。然後也許換個話題，您在回覆史蒂芬時提到了這一點，但也許只是為了更詳細地說明這一點。只是想思考本季迄今的品牌表現。

So you sell brands like Delta which maybe are a little bit more over indexed to home centers, you sell brands like Brizo that index to higher-income consumers. Just curious if there's been any noticeable differential in terms of performance across those brands quarter-to-date as the consumer has digested the early effects of tariffs.

因此，您銷售的 Delta 等品牌可能更適合家居中心，而您銷售的 Brizo 等品牌則適合高收入消費者。只是好奇，由於消費者已經消化了關稅的早期影響，這些品牌在本季度迄今為止的表現方面是否出現了明顯的差異。

Well, as I said earlier, we're seeing some strong performance in e-commerce and in our international plumbing businesses. It's tough, as I've always said, to really nail down specifically the market size quarter-to-quarter.

嗯，正如我之前所說，我們在電子商務和國際管道業務方面表現強勁。正如我一直說的那樣，要真正確定每個季度的具體市場規模是很困難的。

But when we look across our businesses versus -- and performance versus competition, I'm very comfortable in saying we're gaining share in e-commerce, and we're gaining share in International Plumbing, and they're doing a great job there.

但是，當我們回顧我們的業務與競爭對手的表現時，我可以輕鬆地說，我們在電子商務領域的份額正在增長，我們在國際管道領域的份額也在增長，而且他們在那裡做得很好。

With regards to in the showroom and the higher end. We've got pockets of our higher end still hanging in there in geographies internationally, where we tend to have a higher mix, they're still hanging in there well, so less affected. And we are seeing some pressure, as I mentioned, in retail and specifically in the DIY paint area.

關於展廳和高端產品。在國際地區，我們的高端產品仍有一些保留，在這些地區，我們的產品組合往往更為多樣化，它們仍然保持良好狀態，因此受到的影響較小。正如我所提到的，我們在零售業，特別是 DIY 油漆領域看到了一些壓力。

Oh that's helpful I'll pass it on. Thanks.

哦，這很有幫助，我會傳達的。謝謝。

Anthony Pettinari, Citi.

花旗銀行的安東尼‧佩蒂納裡 (Anthony Pettinari)。

Good morning. And Keith, congratulations for everything you've done at Masco in the next chapter. Rick, you talked about changes in sourcing. And I'm wondering if you can talk about how you're attacking this maybe versus the last round of tariffs and I guess, the first Trump administration or maybe even during the pandemic.

早安.基思，恭喜你在下一章為 Masco 所做的一切。里克，你談到了採購方面的變化。我想知道您是否可以談談您是如何應對這一問題的，也許是與上一輪關稅，我想，第一輪川普政府，甚至是在疫情期間。

Is this moving out of China into Asia or Mexico and Canada or back to the US? And if you can just talk about sort of the activities involved. And has some of the sort of low-hanging fruit in terms of resourcing been picked? Or how do you think about it?

這是從中國遷往亞洲、墨西哥和加拿大，還是遷回美國？您能否談談所涉及的活動？在資源方面，一些唾手可得的成果是否已經被摘取了呢？或者您對此有何看法？

Sure. Anthony. So as you alluded to, we've been on a sourcing footprint journey for a number of years, really dating back to 2018, 2019. And we've successfully reduced our exposure our tariff import exposure to China by about 45%. And that journey continues, even predating the tariffs that were enacted this year.

當然。安東尼。正如您所提到的，我們已經進行了多年的採購足跡之旅，實際上可以追溯到 2018 年、2019 年。我們已成功將對中國的進口關稅風險降低了約 45%。這項進程仍在持續，甚至早於今年實施的關稅。

The team have been working very methodically to migrate our footprint to different jurisdictions. I'm not going to get into the specifics of the strategy, but it has been something that the team has continued to do in a very cost-effective way.

團隊一直在有條不紊地工作，將我們的足跡遷移到不同的司法管轄區。我不會深入討論該策略的具體細節，但這是團隊一直在以非常經濟高效的方式做的事情。

Clearly, given the increase in tariffs, specifically on China, we've accelerated or are accelerating those efforts. And as we articulated, it is something that we're working through this year, but will stem into next year as well. As it pertains to the US, we do have -- it's worth noting a very strong and robust footprint in the US.

顯然，鑑於關稅的增加，特別是針對中國的關稅，我們已經加快或正在加快這些努力。正如我們所闡述的，這是我們今年正在努力解決的問題，但也會延續到明年。就美國而言，我們確實有——值得注意的是，我們在美國有著非常強大和穩健的足跡。

We've got 29 manufacturing facilities and a similar number of warehouses and distribution centers. And the majority of our sourcing for the US market is in the US But we have a diversified and extensive supply chain. Like many multinational companies, it's international in terms of sourcing and similar to ours, it is.

我們擁有 29 個製造工廠以及類似數量的倉庫和配送中心。我們針對美國市場的採購主要集中在美國，但我們擁有多元化且廣泛的供應鏈。與許多跨國公司一樣，它的採購也是國際化的，與我們的公司類似。

And from our perspective, we're focused on a resilient, diversified and robust supply chain. And we'll factor that in as we continue to make moves. In terms of the specific geographies, that's something that we continue to evaluate running scenarios as it pertains to what may happen in the future.

從我們的角度來看，我們專注於建立有彈性、多樣化和強大的供應鏈。我們會在繼續採取行動時考慮到這一點。就具體地理位置而言，我們將繼續評估運行場景，以確定未來可能發生的事情。

Quite frankly, that's part of the challenge in terms of the uncertainty in the dynamic environment of the tariff policy as it stands today. But rest assured the team is working very assertively in terms of not only reducing our exposure to China, but making sure that we've got a robust and resilient supply chain going forward.

坦白說，這是當今關稅政策動態環境不確定性所帶來的挑戰的一部分。但請放心，團隊正在非常積極地工作，不僅要減少我們對中國的依賴，還要確保我們未來擁有強大而有彈性的供應鏈。

Okay. That's very helpful. And then just a follow-up. You talked about, I think, April demand by channel. But I'm just curious, did you see consumers or channel partners really pull back hard following the tariff news itself, which I think was April 2?

好的。這非常有幫助。然後只是後續行動。我認為您談到了四月各通路的需求。但我只是好奇，在關稅消息公佈之後（我認為是 4 月 2 日），您是否看到消費者或通路夥伴真的大幅退縮？

Or is the volume impact that you're talking about maybe more anticipatory or something that you sort of expect to occur?

或者您談論的數量影響可能更具預期性或您預計會發生的情況？

The volume trends, I think that Keith articulated, are really what we've seen year-to-date. So as articulated in Q1, our opening remarks in terms of our strengths from an e-commerce perspective, as well as a pro paint standpoint in International Plumbing and our continued industry weakness in DIY paint are ones that we've seen kind of year-to-date.

我認為 Keith 所闡述的交易量趨勢確實是我們今年迄今為止所看到的。因此，正如在第一季所闡明的，我們在開場白中談到了我們在電子商務方面的優勢，以及我們在國際管道方面的專業油漆觀點，以及我們在 DIY 油漆方面的持續行業弱點，這些都是我們今年迄今為止所看到的。

Really, we haven't seen any meaningful inflection points as it pertains to post the April 2, announcement. I think it's just introduced an amount of uncertainty and volatility in the market as it pertains to expectations and consumer confidence as we've all seen. And that's something that is really highly uncertain in terms of how it's going to play out.

事實上，我們還沒有看到 4 月 2 日公告發布後出現任何有意義的轉折點。我認為，正如我們所見，這在市場預期和消費者信心方面引入了一定程度的不確定性和波動性。而這件事最終會如何發展，確實存在著很大的不確定性。

But it's still early days, and we're monitoring and tracking the situation very closely. But given the uncertainty, that's why we've elected not to provide an outlook not only on the market, but in terms of our financial expectations for the year.

但現在還為時過早，我們正在密切監視和追蹤局勢。但考慮到不確定性，這就是為什麼我們選擇不提供市場展望，也不提供今年的財務預期。

In terms of inventory, if that was what you were getting at, we really -- what we've seen is what I would classify as typical seasonal trends on inventory. We did have some beneficial inventory that we pulled forward last year in Q4 that we talked about on the last call, and we saw a partial unwinding of that this quarter. But I would say no significant changes as it relates to inventories in the channels.

就庫存而言，如果這就是您所要表達的，那麼我們所看到的就是我所認為的典型的庫存季節性趨勢。我們確實有一些有益的庫存，我們在去年第四季度提前了，我們在上次電話會議上談到了這一點，但本季度我們看到這些庫存有所減少。但我想說，就通路庫存而言，沒有重大變化。

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

好的，這非常有幫助。我把它翻過來。

John Lovallo, UBS.

瑞銀的約翰·洛瓦洛。

The first one is on the partial reversal of the inventory timing that you talked about on the paint side. It seems to imply that there's some more that needs to be worked through. Can you just help us quantify the impact that's expected in the second quarter?

第一個是關於您在油漆方面談到的庫存時間的部分逆轉。這似乎意味著還有一些事情需要解決。您能否幫助我們量化預計第二季的影響？

Sure, John. So just to maybe dimension the reversal that we saw in Q1. So the way I would think about it is a couple of fold. One is our paint sales in Q1 were down high single digits, adjusted for the reversal of the favorable inventory build in Q4, in our key channel partner we were down mid-single digits. So the difference between high and mid-single digits.

當然，約翰。因此，也許只是為了衡量我們在第一季看到的逆轉。因此，我會從幾個方面來考慮這個問題。一是，我們第一季的油漆銷售額下降了高個位數，經第四季度有利的庫存累積的逆轉調整後，我們的主要通路合作夥伴的銷售額下降了中等個位數。因此高位和中位數個位數之間的差異。

The other way to triangulate it is we were down 16% year-over-year in terms of our Decorative Architectural product sales, half of that related to our Kichler divestiture and the other half related to basically volume, and half of that volume are roughly 4% related to the partial unwind of the inventory. As it pertains to what we see going forward, it's not an exact science.

另一種三角測量方法是，我們的裝飾建築產品銷售額年減了 16%，其中一半與 Kichler 資產剝離有關，另一半與銷量有關，而銷量的一半約有 4% 與庫存的部分清倉有關。就我們所看到的未來​​而言，它並不是一門精確的科學。

Obviously, inventory varies quarter-to-quarter, year-over-year. But what I would say is that inventory levels in the channel are still higher year-over-year. We -- a big chunk of that reversed in Q1, but there is presumably potentially more "normalization" to be expected.

顯然，庫存每季、每年都會有所不同。但我想說的是，渠道中的庫存水準比去年同期仍然較高。我們——其中很大一部分在第一季發生了逆轉，但預計可能會有更多的「正常化」。

We're not going to size that at this point, but it's -- is there still something that we think is still a potential headwind going forward, and that's reflected in terms of our expectations.

我們目前還不能確定其規模，但我們認為未來是否仍有一些潛在的阻力，而這些阻力是否反映在我們的預期中。

Understood. The follow-up would be then just on the SG&A side, the 19.9% as a percentage of sales. Understanding that there's some loss of leverage there, and you talked about higher marketing costs. I guess I wanted to focus on the higher marketing costs. I mean can you quantify what that was in the quarter and the ability to kind of pull those out here as we move forward?

明白了。後續將只關注銷售、一般及行政費用 (SG&A) 方面，即銷售額的 19.9%。我了解到那裡存在一些槓桿損失，您也談到了更高的行銷成本。我想我想專注於更高的行銷成本。我的意思是，您能否量化本季的情況以及在我們前進的過程中將其提取出來的能力？

Sure, John. Yes. The higher marketing costs are principally related to the higher trade show costs in Q1 that we communicated in our Q4 call in February that we expected to see in Q1. So it's not only the in Vegas, but principally the biannual ISH show in Frankfurt.

當然，約翰。是的。行銷成本的增加主要與第一季貿易展成本的增加有關，我們在今年 2 月的第四季電話會議上曾表示，預計第一季的貿易展成本將會增加。因此，它不僅在拉斯維加斯舉行，而且主要是在法蘭克福舉辦的兩年一度的 ISH 展會。

And so from a standpoint of year-over-year, that's a big driver in terms of marketing cost. In terms of sizing, I guess what I would -- how I would characterize it is, in terms of our Plumbing segment, we were down $9 million year-over-year, and we'd say a majority of that could be attributed to a number of factors, but a majority of that could be attributed to the higher trade show costs. And that's a Q1 phenomenon.

因此，從同比角度來看，這是行銷成本的一個重要驅動因素。就規模而言，我想我會如何描述它？就我們的管道部門而言，我們比去年同期下降了 900 萬美元，我們可以說其中大部分可以歸因於許多因素，但其中大部分可以歸因於更高的貿易展成本。這就是 Q1 現象。

Got it. Thanks very much.

知道了。非常感謝。

Matthew Bouley, Barclays.

巴克萊銀行的馬修·布萊（Matthew Bouley）。

And of course, congratulations to Keith and best wishes on retirement. So on the 2026, the idea that you'd be able to mitigate most of it by the end of next year. I guess, first, if you could just clarify, was that mitigating the entire $675 million or just the the $400 million of in-year costs?

當然，我也祝賀 Keith，並祝他退休一切順利。因此，對於 2026 年來說，我們的想法是到明年年底就能緩解大部分影響。我想，首先，如果您能澄清一下，這是否減輕了全部 6.75 億美元的損失，還是僅僅減輕了 4 億美元的年度成本？

So just a clarification there. But more broadly, next year, is it a similar playbook of kind of pricing first, followed by cost and sourcing so you would need to take additional price or in 2026, does it -- perhaps more come from sourcing as you've kind of shifted that over the next several months?

這只是澄清一下。但更廣泛地說，明年是否會採取類似的策略，首先是定價，然後是成本和採購，因此您需要提高價格，或者在 2026 年，也許更多的價格來自採購，因為您在接下來的幾個月裡已經對此進行了調整？

Yes. Sure, Matt. It's Rick. So as it pertains to the mitigation actions, as we articulated this year and year, we would anticipate that our actions would mitigate about 50% to 65% of the in-year $400 million impact. But by the end of the year, by the end of 2025, we would expect that run rate mitigation to be closer to 60% to 75% as pricing and other cost actions take hold.

是的。當然，馬特。是瑞克。因此，就緩解行動而言，正如我們今年和明年所闡明的那樣，我們預計我們的行動將減輕年度 4 億美元影響的約 50% 至 65%。但到今年年底，即 2025 年底，隨著定價和其他成本行動的實施，我們預計運行率降低將接近 60% 至 75%。

To answer your specific question as it pertains to 2026, our actions are targeting to mitigate the remainder of the annualized impact of $675 million by the end of 2026. Now as a caveat, that is really the raw numbers. We aren't factoring in or anticipating or guiding towards an expectation of what the volume impacts could be, the direct or indirect, but as it pertains to our mitigation actions, we are targeting to mitigate the full $675 million by the end of 2026.

為了回答您關於 2026 年的具體問題，我們的目標是在 2026 年底減輕剩餘的 6.75 億美元年度影響。需要注意的是，這確實是原始數字。我們沒有考慮、預測或指導可能產生的直接或間接影響，但就我們的緩解行動而言，我們的目標是到 2026 年底緩解全部 6.75 億美元的損失。

And then in terms of the proportion of the mitigation efforts in 2026, we would anticipate that to lean more heavily into the sourcing footprint changes more so than price or cost, but of course, we'll continue to drive cost and there will be targeted pricing actions across the assortment undoubtedly, but the majority of it would come in '26 from resourcing footprint.

然後，就 2026 年緩解措施的比例而言，我們預計會更傾向於採購足跡變化，而不是價格或成本，但當然，我們將繼續推動成本，並且毫無疑問會在各個產品系列中採取有針對性的定價行動，但其中大部分將來自 2026 年的資源足跡。

Yes. Got it. Okay. Perfect. And then secondly, obviously, you guys took down the slide around the kind of 2026 margin targets, which seems is entirely unsurprising.

是的。知道了。好的。完美的。其次，顯然，你們降低了 2026 年利潤目標的下滑幅度，這似乎完全不足為奇。

If 2025 as a starting point is unclear, just to ask the question and put it out there, do you view any kind of change to the structural profitability potential of the business? Or is it just simply the form or where there's too much uncertainty and this is more of a timing issue.

如果 2025 年作為起點尚不明確，那麼我只想問一下，您是否認為業務的結構性獲利潛力會發生任何變化？或者這只是形式問題，或者存在太多不確定性，而這更多的是一個時間問題。

We had strong margin performance in '24. Our pipeline looks -- our cost initiatives is very solid, very confident in the margin targets that we set out in 2026. So for us, it's not so much a question of if we can drive to those, it's when. And looking at the uncertainty that we're facing now, that's why we pulled our financial guidance. But we're confident in the ability of this business to continue to drive improved margin performance.

24 年我們的利潤率表現強勁。我們的管道看起來——我們的成本計劃非常穩固，對我們在 2026 年設定的利潤目標非常有信心。因此，對我們來說，問題不在於我們是否能夠到達這些地方，而在於何時能夠到達。考慮到我們現在面臨的不確定性，這就是我們撤回財務指引的原因。但我們相信該業務有能力繼續提高利潤率。

Got it. Thanks, Keith. Good luck guys.

知道了。謝謝，基斯。祝大家好運。

Michael Dahl, RBC.

邁克爾·達爾（Michael Dahl），RBC。

Congrats, and congrats on being able to step away and enjoy the next phase. I wanted to drill down on the actual numbers around the tariffs. It seems like the majority of your exposure that you're outlining is coming from China, but you do have exposures in Vietnam and Southeast Asia and in Mexico.

恭喜，恭喜你能夠離開並享受下一個階段。我想深入了解有關關稅的實際數字。您概述的大部分曝光似乎來自中國，但您在越南、東南亞和墨西哥也有一些曝光。

So maybe could you give us a little more clarity on your cost of goods exposure to those areas just since the tariff environment is uncertain where we ultimately land. And with Mexico specifically, how much of your product being shipped to the US is currently exempt under USMCA.

因此，也許您可以向我們更清楚地說明您在這些地區的商品成本敞口，因為關稅環境還不確定我們最終會落在哪裡。具體來說，對於墨西哥來說，根據 USMCA，目前有多少運往美國的產品是免稅的。

Sure, Mike. It's Rick. As you articulated, as we've outlined, our biggest exposure from a tariff perspective is our imports from China as evidenced by the fact that the current annualized impact based off of the currently enacted tariffs, million $625 million, the $675 million relates to China. I think that evidence is -- evidence of the disproportionate exposure to China. In terms of our other exposures, we're not going to quantify them, certainly not at this point.

當然，麥克。是瑞克。正如您所闡述的，正如我們所概述的，從關稅角度來看，我們面臨的最大風險是從中國進口的商品，事實就是，根據目前實施的關稅，目前的年化影響為 6.25 億美元，其中 6.75 億美元與中國有關。我認為這些證據就是對中國過度依賴的證據。就我們的其他風險敞口而言，我們不會對其進行量化，至少目前不會。

I think in terms of dimensionality as we did share that in terms of the other tariffs that were enacted on steel and aluminum and the 10% reciprocal tariffs that amounted or totaled to a $50 million annualized impact. So that puts it into perspective, I believe.

我認為就維度而言，正如我們分享的那樣，就對鋼鐵和鋁徵收的其他關稅以及 10% 的互惠關稅而言，其年化影響總額達到 5000 萬美元。我相信，這樣就可以看出這一點了。

As it pertains to Mexico and Canada, we've articulated this on a prior call. We do have a meaningful exposure from a Mexico import perspective, principally related to our Watkins Wellness business because we have a couple of facilities in Mexico that import into the US. And so that's something that we're tracking very closely.

至於墨西哥和加拿大，我們在先前的電話會議中已經明確表達了這一點。從墨西哥進口的角度來看，我們確實具有重大的意義，主要與我們的 Watkins Wellness 業務有關，因為我們在墨西哥有幾家工廠可以進口到美國。所以這是我們正在密切關注的事情。

Canada isn't as meaningful but something that we're monitoring closely. And to answer your last question, in terms of US MCA exemption, the vast majority of our products qualify for US MCA exemption.

加拿大雖然意義不大，但我們正在密切關注。回答您的最後一個問題，就美國 MCA 豁免而言，我們的絕大多數產品都符合美國 MCA 豁免的條件。

Okay, thanks, Rick. That's helpful. My follow-up question is just as a point of clarification, I think your higher guidance just assume the 10% tariffs on China and that you would effectively fully mitigate those. So when we're thinking about building the year, is it really just like this entire amount that you're outlining is effectively incremental, so the $150 million to $200 million of cost that you can't offset in year that is entirely incremental plus whatever the volume decremental is. Is that right?

好的，謝謝，里克。這很有幫助。我的後續問題只是為了澄清一下，我認為您的更高指導只是假設對中國徵收 10% 的關稅，並且您會有效地完全減輕這些關稅。因此，當我們考慮建造這一年時，您列出的整個金額實際上是增量的嗎？因此，您無法在一年內抵消的 1.5 億到 2 億美元的成本完全是增量加上數量減少的部分。是嗎？

Yes, Mike, your recollection is correct. When we provided our guidance on our February call, the 10% China tariff was in effect and what was baked into our guidance at that time. So incremental to that has been 135%, so 145% minus 10% in terms of incremental China tariffs, the 25% steel and aluminum tariffs and the 10% global reciprocal tariffs are all that I would consider incremental. So what we what we had contemplated and had known quite frankly, on our February call.

是的，麥克，你的記憶是正確的。當我們在二月的電話會議上提供指導時，10% 的中國關稅已經生效，並且已經納入了我們當時的指導中。因此增量為 135%，所以 145% 減去 10% 的增量中國關稅、25% 的鋼鐵和鋁關稅以及 10% 的全球互惠關稅就是我認為的增量。所以，我們在二月份的電話會議上坦率地談到了我們已經考慮過的事情，並且已經知道了這些事情。

Okay.

好的。

Thank you.

謝謝。

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

目前沒有其他問題。現在我將把電話交給羅賓來做結束語。

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 great day.

我們想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。祝你有美好的一天。

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

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。