MSC Industrial Direct Co Inc (MSM) 2025 Q2 法說會逐字稿

Good morning, and welcome to the MSC Industrial Supply fiscal 2025 second-quarter conference call. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎參加 MSC 工業供應 2025 財年第二季電話會議。（操作員指示）請注意，此事件正在被記錄。

For webcast listeners, we have become aware of an issue accessing the three supporting files, including the earnings presentation and the operating statistics. We are currently working on resolving the issue. Please e-mail Ryan Mills at rmills@mscdirect.com to request materials.

對於網路廣播聽眾，我們已經意識到存取三個支援文件（包括收益報告和營運統計數據）存在問題。我們目前正在努力解決該問題。請發送電子郵件至 Ryan Mills (rmills@mscdirect.com) 索取資料。

I would now like to turn the conference over to Ryan Mills, Head of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係主管 Ryan Mills。請繼續。

Thank you, and good morning, everyone. Welcome to our second-quarter fiscal 2025 earnings call. Erik Gershwind, Chief Executive Officer; Martina McIsaac, President and Chief Operating Officer; and Kristen Actis-Grande, Chief Financial Officer, are on the call with me today.

謝謝大家，早安。歡迎參加我們的 2025 財年第二季財報電話會議。執行長 Erik Gershwind；總裁兼營運長 Martina McIsaac；和財務長 Kristen Actis-Grande 今天與我一起通話。

During today's call, we will refer to various financial data in the earnings presentation and operational statistics documents, both of which can be found on our Investor Relations website. Let me reference our Safe Harbor statement found on slide 2 of the earnings presentation.

在今天的電話會議中，我們將參考收益報告和營運統計文件中的各種財務數據，這些數據都可以在我們的投資者關係網站上找到。讓我參考一下收益報告第 2 張投影片上的安全港聲明。

Our comments on this call, as well as the supplemental information we are providing on the website, contain forward-looking statements within the meaning of the US securities laws. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by these statements. Information about these risks are noted in our earnings press release and our other SEC filings.

我們對本次電話會議的評論以及我們在網站上提供的補充資訊包含美國證券法所定義的前瞻性陳述。這些前瞻性陳述涉及風險和不確定性，可能導致實際結果與這些陳述預期的結果有重大差異。有關這些風險的資訊已在我們的收益新聞稿和其他美國證券交易委員會文件中註明。

Lastly, during this call, we may refer to certain adjusted financial results, which are non-GAAP measures. Please refer to the GAAP versus non-GAAP reconciliations in our presentation or on our website, which contain the reconciliation of the adjusted financial measures to the most directly comparable GAAP measures.

最後，在本次電話會議中，我們可能會參考某些調整後的財務結果，這些結果是非 GAAP 指標。請參閱我們的簡報或網站上的 GAAP 與非 GAAP 對賬，其中包含調整後的財務指標與最直接可比較的 GAAP 指標的對帳。

I'll now turn the call over to Erik.

我現在將電話轉給埃里克。

Thank you, Ryan. Good morning, everyone, and thank you for joining us. On today's call, I'll briefly cover our fiscal second-quarter performance, then offer my perspective on the state of the company and the current macro environment, before turning things over to Martina and Kristen.

謝謝你，瑞安。大家早安，感謝大家的收看。在今天的電話會議上，我將簡要介紹我們第二財季的業績，然後就公司狀況和當前宏觀環境提供我的看法，然後將主題交給 Martina 和 Kristen。

Our fiscal second-quarter results highlight that while the demand environment remains soft, we are taking measured steps towards improving execution and returning the company to growth. Average daily sales declined 4.7% year over year, though we were encouraged to see trends improve through the quarter, with January and February outperforming historical sequential averages.

我們第二季的財務表現表明，儘管需求環境仍然疲軟，但我們正在採取有針對性的措施來改善執行情況並使公司恢復成長。平均每日銷售額年減 4.7%，但我們高興地看到整個季度的趨勢有所改善，1 月和 2 月的表現優於歷史連續平均水準。

Gross and adjusted operating margins both came in towards the high end of our expectations, driven by solid execution and some favorability in supplier rebates during the quarter, that Kristen will speak to in more detail.

毛營業利潤率和調整後營業利潤率均達到我們預期的高端，這得益於本季度穩健的執行力和供應商返利的有利因素，Kristen 將對此進行更詳細的說明。

I'll begin by focusing on what is most in our control: execution. There is certainly more wood to chop or in our case, more metal to grind. But we are making progress in improving execution along several dimensions, which I'll describe in more detail. We set out to complete a handful of important initiatives in the second quarter, and I'm pleased with how our team rose to the occasion and delivered.

我首先要關注的是我們最能控制的事情：執行。確實，有更多的木材需要砍伐，或者就我們的情況而言，有更多的金屬需要研磨。但我們在多個方面改進執行方面正在取得進展，我將對此進行更詳細的描述。我們計劃在第二季完成一些重要舉措，我對我們的團隊能夠應對並完成這些舉措感到滿意。

First, we continue to maintain momentum in our high-touch solutions. On a year-over-year basis, we improved our In-Plant program count by 24% to 387 programs and total installed Vending machines by 9% to over 28,000 machines. While growth rates in many of these customers are suppressed due to soft demand conditions, we believe that the ongoing expansion of our solutions footprint positions us to benefit with a strong volume rebound when the demand environment improves.

首先，我們持續保持高接觸解決方案的發展動能。與去年同期相比，我們的廠內項目數量增加了 24%，達到 387 個項目，安裝的自動販賣機總數增加了 9%，達到 28,000 多台。雖然由於需求疲軟，許多客戶的成長率受到抑制，但我們相信，當需求環境改善時，我們解決方案覆蓋範圍的不斷擴大將使我們受益於強勁的銷售反彈。

Second, we took important steps to re-energize our core customer growth. I'll begin with the website upgrades that were completed during the latter half of our fiscal second quarter. As a reminder, these enhancements were focused on making it faster and easier for customers to do business with us, improving our product discovery platform, streamlining our customers' buying journey, and increasing personalization. The recent upgrades serve as a strong foundation that we'll build upon. We've included several slides in the presentation to highlight these changes.

第二，我們採取重要措施，重振核心客戶成長。我首先要介紹我們第二財季後半段完成的網站升級。提醒一下，這些增強功能的重點是讓客戶更快、更輕鬆地與我們開展業務，改進我們的產品發現平台，簡化客戶的購買流程，並提高個人化。最近的升級為我們未來的發展奠定了堅實的基礎。我們在簡報中加入了幾張投影片來強調這些變化。

Starting with slide 4, one of our biggest priorities was improving search or product discovery. We want the site experience to reflect the technical expertise that MSC delivers to our customers every day. Achieving this requires a search platform that is built by technical experts who understand the product, the customers' buying journey, and their native language and industry terms. And that is our objective with the new search function. Based on customer sentiment and early indicators, we're off to a good start.

從投影片 4 開始，我們的首要任務之一就是改善搜尋或產品發現。我們希望現場體驗能體現 MSC 每天為客戶提供的技術專長。要實現這一點，需要一個由了解產品、客戶購買歷程以及他們的母語和行業術語的技術專家建立的搜尋平台。這就是我們推出新搜尋功能的目標。根據客戶情緒和早期指標，我們有一個好的開始。

We're also aiming to make the search experience more visual as we did with MSC's print catalog, The Big Book. What you see here is our newly created table view that we began rolling out across our good-better-best offerings to make it easier for customers to compare products when making a purchasing decision.

我們也致力於使搜尋體驗更加直觀，就像我們對 MSC 的印刷目錄 The Big Book 所做的那樣。您在此處看到的是我們新建立的表格視圖，我們開始在我們的「好-更好-最好」產品中推出該視圖，以便客戶在做出購買決定時更輕鬆地比較產品。

Customers also want the experience to be fast and simple. We made significant improvements towards that end to our checkout experience. As you can see on slide 5, our new single page checkout has reduced the average number of clicks to complete a purchase by about 50%. In conjunction with the completion of our web upgrades, we also launched our enhanced marketing efforts during the quarter, which Martina will cover in more detail.

客戶也希望獲得快速而簡單的體驗。為此，我們對結帳體驗做出了重大改進。正如您在投影片 5 上看到的，我們新的單頁結帳流程將完成購買的平均點擊次數減少了約 50%。在完成網站升級的同時，我們也在本季啟動了強化行銷工作，Martina 將對此進行更詳細的介紹。

And while it's still early days, we're encouraged by initial progress on several leading indicators. We're seeing increases in new customer acquisition in mscdirect.com traffic, average daily website revenues, and improvements in several website KPIs. We also continued momentum in one of our other growth priorities: expanding the OEM product line. Average daily sales grew 4% in our fiscal second quarter, aided by a growing cross-sell pipeline.

雖然現在還處於早期階段，但幾項領先指標的初步進展令我們感到鼓舞。我們看到 mscdirect.com 流量中的新客戶獲取量、網站平均每日收入有所增加，並且多個網站 KPI 也有所改善。我們也持續保持另一個成長重點：擴大 OEM 產品線。由於交叉銷售通路的不斷成長，我們第二財季的平均日銷售額成長了 4%。

Switching to the macro environment, as you can see on slide 6, the IP readings across most of our top manufacturing end markets continue to contract and weigh on our performance against the overall index. Customer sentiment and future outlook have been improving as is evidenced by recent MBI readings, which have hovered around 50 for the past couple of months.

切換到宏觀環境，正如您在投影片 6 上看到的，我們大多數頂級製造終端市場的 IP 讀數繼續收縮，並對我們相對於整體指數的表​​現造成壓力。最近的 MBI 讀數表明，客戶情緒和未來前景一直在改善，過去幾個月一直徘徊在 50 左右。

For now though, there remain hesitancy and caution among our customer base around future production levels due to tariff uncertainty, potentially looming inflation, and sustained high interest rates. We feel well positioned, however, to navigate this uncertain environment for a number of reasons that Martina will explain in just a second.

不過，目前由於關稅的不確定性、潛在的通貨膨脹以及持續的高利率，我們的客戶群對未來的生產水準仍然猶豫不決、謹慎行事。然而，我們覺得自己已經做好了應對這種不確定環境的準備，原因有很多，Martina 稍後會解釋。

In summary, while the near term remains choppy, the combination of a solid long-term manufacturing outlook, improving execution, and a robust portfolio of tools to help our customers during these uncertain times leaves us feeling encouraged about our future prospects.

總而言之，儘管短期內仍然動盪，但穩固的長期製造業前景、不斷改善的執行力以及在不確定時期幫助客戶的強大工具組合，讓我們對未來前景感到鼓舞。

And with that, I'll turn the call over to Martina.

說完這些，我將把電話轉給 Martina。

Thank you, Erik, and good morning, everyone. I'll begin by describing how we're navigating the tariff landscape.

謝謝你，艾瑞克，大家早安。我將首先描述我們如何應對關稅情況。

As a reminder, our direct COGS exposure to China is approximately 10%, and we have low single-digit exposure in Mexico and Canada. While the tariff situation remains fluid, we are confident that we have a playbook in place, which covers all aspects, including purchasing, pricing, assortment management, and productivity tools for customers. We continue to execute on all areas of that playbook.

提醒一下，我們對中國的直接 COGS 曝險約為 10%，對墨西哥和加拿大的曝險則為個位數。儘管關稅情況仍不穩定，但我們相信我們已經制定了一套方案，涵蓋所有方面，包括採購、定價、分類管理和客戶生產力工具。我們將繼續執行該劇本的所有領域。

First, in purchasing, we took advantage of our strong balance sheet and accelerated purchases ahead of tariffs on our higher-turn products during the quarter. Second, in pricing, we've taken select tariff-related price increases in late March, and we'll continually evaluate additional moves as warranted. In assortment, our intentional sourcing efforts over the years have resulted in a diverse product offering that we will lean on now as we assist customers in working through impact from tariffs.

首先，在採購方面，我們利用強勁的資產負債表，在本季加快了對高週轉產品徵收關稅之前的採購。其次，在定價方面，我們已於 3 月底採取了與關稅相關的部分價格上調措施，並且我們將繼續評估是否有必要採取其他措施。在產品種類方面，我們多年來刻意進行的採購努力已帶來多樣化的產品供應，我們現在將依靠這些產品來幫助客戶應對關稅的影響。

As shown on slide 7, we offer over 200,000 made-in-USA products that are in stock and ready to ship. Of those, 40,000 are our own exclusive branded products, including well-known brands such as Accupro and [Hurdle].

如投影片 7 所示，我們提供超過 20 萬種美國製造的現貨產品，可隨時出貨。其中 40,000 種是我們自己的獨家品牌產品，包括 Accupro 和[欄]。

Not only are these products at lower price points than most industry brands, they're also gross margin accretive. We believe that our made-in-USA product offerings, combined with our technical expertise and proven track record of delivering productivity to our customers, will further differentiate MSC in the marketplace as our customers seek to navigate this changing landscape.

這些產品不僅價格低於多數行業品牌，還能增加毛利率。我們相信，隨著我們的客戶尋求應對這一不斷變化的形勢，我們的美國製造產品、技術專長和為客戶提供生產力的良好記錄將進一步使 MSC 在市場上脫穎而出。

As Erik previously mentioned, we also kicked off our enhanced marketing efforts this quarter. And our made-in-USA portfolio is featured as a component of that messaging. We are expanding our reach through several high-return marketing outlets, resulting in increased traffic to our website.

正如 Erik 之前提到的，我們也在本季開始了加強行銷力度。我們的美國製造產品組合是該訊息傳遞的一部分。我們正在透過多個高回報的行銷管道擴大我們的覆蓋範圍，從而增加我們網站的流量。

As it pertains to our productivity support to customers, the traffic has exceeded our expectations. For example, views in the first three months of our new cost savings case studies page on mscdirect.com increased around 60 times compared to the prior three months before launch.

就我們對客戶的生產力支援而言，流量已經超出了我們的預期。例如，mscdirect.com 上新的成本節約案例研究頁面的前三個月的瀏覽量與發布前的三個月相比增加了約 60 倍。

Now let me turn to an update on our productivity initiatives. First, progress on the initiatives designed to maximize coverage and seller effectiveness remains on track. In the Public Sector, we completed this work prior to the start of the fiscal year. And we're pleased with the double-digit growth we achieved in the second quarter.

現在讓我來介紹一下我們的生產力舉措的最新情況。首先，旨在最大限度提高覆蓋率和賣家效率的措施仍在穩步推進。在公共部門，我們在財政年度開始之前完成了這項工作。我們對第二季度實現的兩位數成長感到非常滿意。

This work was completed for National Accounts just prior to the quarter start. Implementation in field sales targeting the core customer was completed last month and is ahead of schedule. However, given the unusually soft December and our typical 2Q sequential decline, benefits from the completion of these actions are difficult to see in our quarterly results.

這項工作是在本季開始之前為國民帳戶完成的。針對核心客戶的現場銷售實施工作已於上個月完成，並且比計劃提前。然而，考慮到 12 月異常疲軟以及我們第二季度典型的連續下滑，完成這些行動的好處很難在我們的季度業績中看到。

However, I have confidence when looking at our National Account and core customer performance during the last two months of the quarter and into March. In addition to structural change as we focus on core growth, we're increasing our use of marketing automation and AI to support our sellers. Our customer care center, for example, is harnessing advanced technology to better execute on opportunities to both upsell and cross-sell.

然而，當我看到本季最後兩個月以及三月我們的全國客戶和核心客戶表現時，我充滿信心。除了專注於核心成長的結構性變化之外，我們還在增加行銷自動化和人工智慧的使用來支援我們的賣家。例如，我們的客戶服務中心正在利用先進的技術來更好地抓住追加銷售和交叉銷售的機會。

And lastly, we're pleased with the progress of our network optimization initiatives and remain on track to deliver $10 million to $15 million in annualized savings by fiscal year '26. As a reminder, this will be achieved through three critical actions: consolidating demand planning and procurement functions to streamline the supply chain of our OEM and C-part categories; upgrading our use of technology in our system-wide inventory planning and allocation to ensure that we have the right inventory close to the customer, reducing working capital cost in carbon; and third, acting on opportunities to optimize our management of inbound and outbound freight by reducing split shipments and reliance on air freight through more sophisticated demand planning.

最後，我們對網路優化計畫的進展感到滿意，並預計在 26 財年實現每年 1,000 萬至 1,500 萬美元的年度節省。提醒一下，這將透過三項關鍵行動實現：整合需求規劃和採購職能，以簡化我們的 OEM 和 C 零件類別的供應鏈；升級我們系統範圍內庫存規劃和分配的技術使用，以確保我們在靠近客戶的地方擁有合適的庫存，從而降低碳的營運資本成本；第三，抓住機會，透過更複雜的需求規劃減少分裝運送和進出空運的管理。

And with that, I'll turn the call over to Kristen.

說完這些，我會把電話轉給克里斯汀。

Thank you, Martina, and good morning, everyone. Please turn to slide 8, where you can see key metrics for the fiscal second quarter on both a reported and adjusted basis.

謝謝你，瑪蒂娜，大家早安。請翻到投影片 8，您可以看到第二財季的報告和調整後的關鍵指標。

Fiscal second-quarter sales of $892 million declined 4.7% year over year. Sequentially, average daily sales declined 5.5% despite January and February exceeding historical month-over-month trends. By customer type, we were pleased with another quarter of strong growth in the Public Sector, with 13.2% improvement year over year.

第二財季銷售額為 8.92 億美元，較去年同期下降 4.7%。儘管 1 月和 2 月的銷量超過了歷史月度趨勢，但每日平均銷量仍較上季下降 5.5%。以客戶類型來看，我們很高興看到公共部門在本季再次強勁成長，年增 13.2%。

National Accounts declined 5.4% year over year, while core and other customers declined 6.8%. However, as Martina mentioned, both customer types improved as the quarter progressed. We continue to expand our solutions footprint in the second quarter. Despite soft industrial demand and a particularly weak December from a shift in holiday timing, we are encouraged by the continued growth in our installed base.

國民帳年減 5.4%，核心客戶和其他客戶下降 6.8%。然而，正如 Martina 所提到的，隨著季度的進展，兩種客戶類型都有所改善。我們在第二季度繼續擴大我們的解決方案覆蓋範圍。儘管工業需求疲軟，且由於假期時間的變化，12 月表現尤為疲軟，但我們對安裝基數的持續成長感到鼓舞。

In Vending, second-quarter average daily sales were up 1% year over year and represented 18% of total company net sales. Sales through our In-Plant programs also grew 1% year over year and represented approximately 18% of total company net sales.

在自動販賣機方面，第二季平均日銷售額年增 1%，占公司淨銷售額的 18%。透過我們的廠內專案實現的銷售額也比去年同期成長了 1%，約占公司淨銷售額的 18%。

Moving to profitability for the quarter, gross margin of 41% declined 50 basis points year over year, driven by higher-priced inventories working through the P&L, customer mix, and a slight headwind from acquisitions. The 30 basis points of sequential improvement in our gross margin was driven by a greater-than-expected benefit from supplier rebates due to accelerated purchases at calendar year-end.

從本季的獲利情況來看，毛利率為 41%，年減 50 個基點，因為高價庫存影響了損益表、客戶結構以及收購帶來的輕微阻力。我們的毛利率連續 30 個基點提高，這得益於日曆年末採購加速而帶來的供應商回扣收益大於預期。

Operating expenses in the fiscal second quarter were approximately $302 million on both a reported and adjusted basis. On an adjusted basis, operating expenses were up approximately $11 million year over year, as productivity improvements were more than offset by the combination of personnel-related costs, investments, and higher depreciation.

第二財季的營運費用（報告和調整後）約為 3.02 億美元。經調整後，營運費用年增約 1,100 萬美元，因為生產率的提高被人員相關成本、投資和更高的折舊等因素所抵消。

Combined with lower sales year over year, this resulted in a 270-basis-point step-up in adjusted operating expense as a percentage of sales for the quarter. Sequentially, adjusted operating expenses were down $2 million and performed better than expected. This decline was primarily driven by lower variable expenses associated with the decline in sales and benefits from productivity that were partially offset by an increase in personnel-related expenses.

加上銷售額年減，導致本季調整後營業費用佔銷售額的百分比上升了 270 個基點。調整後的營運費用較上季下降 200 萬美元，表現優於預期。這一下降主要是由於銷售額下降和生產力效益下降導致的變動費用降低，但被人員相關費用的增加部分抵消。

Reported operating margin for the quarter was 7% compared to 9.7% in the prior year. On an adjusted basis, operating margin of 7.1% declined 340 basis points year over year. We delivered GAAP earnings per share of $0.70 compared to $1.10 in the prior-year quarter. On an adjusted basis, earnings per share was $0.72 compared to $1.18 in the prior year.

本季報告的營業利潤率為 7%，而去年同期為 9.7%。經調整後，營業利益率為 7.1%，較去年同期下降 340 個基點。我們實現的每股 GAAP 收益為 0.70 美元，去年同期為 1.10 美元。經調整後，每股收益為 0.72 美元，去年同期為 1.18 美元。

Now let's turn to slide 9 to review our balance sheet and cash flow performance. We continue to maintain a healthy balance sheet, with net debt of approximately $498 million, representing roughly 1.2 times EBITDA. Working capital was a use of cash in the quarter, with the step-up in inventories being one of the primary drivers. However, operating cash flow conversion remained strong in the quarter, coming in at 139%.

現在讓我們翻到第 9 張投影片來回顧我們的資產負債表和現金流表現。我們繼續保持健康的資產負債表，淨債務約為 4.98 億美元，約為 EBITDA 的 1.2 倍。營運資本是本季現金的使用，庫存增加是主要驅動因素之一。不過，本季經營現金流轉換率依然強勁，達到 139%。

Capital expenditures increased approximately $4 million year over year to $30 million. This resulted in free cash flow conversion of approximately 63% in the fiscal second quarter and 125% fiscal year-to-date, keeping us on track to achieve our 100% target for the full year.

資本支出較去年增加約 400 萬美元，達到 3,000 萬美元。這使得第二財季的自由現金流轉換率達到約 63%，本財年迄今的自由現金流轉換率達到 125%，使我們有望實現全年 100% 的目標。

Turning to capital allocation on slide 10, our priorities remain the same, with organic investment to fuel growth and operational efficiencies being first in the pecking order. Additionally, we will continue to pursue our strategic bolt-on M&A strategy and return capital to our shareholders.

談到第 10 張投影片上的資本配置，我們的優先事項保持不變，即有機投資以促進成長和提高營運效率是首要任務。此外，我們將繼續推行我們的策略性附加併購策略，並向股東返還資本。

We repurchased approximately 158,000 shares during the quarter, following the 219,000 of shares repurchased last quarter. Combined with the dividend, we returned approximately $60 million to shareholders in fiscal 2Q and $125 million year-to-date.

繼上個季度回購 219,000 股之後，本季我們又回購了約 158,000 股。加上股息，我們在第二財季向股東返還了約 6,000 萬美元，年初至今已返還 1.25 億美元。

Moving to our expectations for the fiscal third quarter on slide 11, we expect average daily sales to be down 2% to flat compared to the prior year. Our expected range takes into consideration sales in March that improved approximately 1.3% year over year, inclusive of an estimated benefit of 200 basis points from the timing of Easter that will become a headwind in April.

根據投影片 11 中對第三財季的預期，我們預計平均日銷售額將與上年相比下降 2% 至持平。我們的預期範圍考慮了 3 月份的銷售額同比增長約 1.3%，其中包括復活節時間帶來的 200 個基點的預期收益，但這將成為 4 月份的阻力。

Under this revenue assumption, we expect our adjusted operating margin in the fiscal third quarter to be between 8.7% and 9.3%, and reflects the following quarter-over-quarter or sequential assumptions: fiscal Q3 gross margin of 40.9%, plus or minus 20 basis points, as second-quarter benefits from supplier rebates won't likely repeat in the third quarter and largely offset any benefits from price sequentially; and a sequential step-up in adjusted operating expenses, primarily driven by higher variable expense associated with the expected sequential lift in sales in our 3Q outlook.

根據這個收入假設，我們預計第三財季調整後的營業利潤率將在 8.7% 至 9.3% 之間，並反映以下環比或連續假設：第三財季毛利率為 40.9%，上下浮動 20個基點，因為第二季度來自供應商返利的好處不太可能在第三季度重現，並且在很大程度上抵消了價格帶來的好處；調整後營業費用也隨之環比上升，這主要是由於我們預期第三季度銷售額環比增長導致的變動費用增加。

Turning to slide 12, our expectations on certain line items for the full year remain unchanged. As a reminder, this includes depreciation and amortization expense of $90 million to $95 million for an increase of $10 million to $15 million year over year; interest and other expense of roughly $45 million; capital expenditures, including cloud computing arrangements, of $100 million to $110 million; a tax rate between 24.5% and 25.5%; and lastly, free cash flow generation of approximately 100% of net income.

轉到第 12 張投影片，我們對全年某些項目的預期保持不變。提醒一下，這包括 9,000 萬至 9,500 萬美元的折舊和攤銷費用，年比增加 1,000 萬至 1,500 萬美元；利息和其他費用約為 4,500 萬美元；資本支出（包括雲端運算安排）為 1 億至 1.1 億美元；現金稅率在24.5%至24.5%之間佔 5.5%。

To assist in modeling the cadence of sales for the remainder of the fiscal year, the bottom of the slide provides historical quarter-over-quarter averages and other key considerations.

為了幫助模擬本財政年度剩餘時間的銷售節奏，幻燈片底部提供了歷史季度平均值和其他關鍵考慮因素。

And with that, we will open the line for Q&A.

接下來，我們將開通問答熱線。

(Operator Instructions) Ryan Cooke, Wolfe Research.

（操作員指示）Ryan Cooke，Wolfe Research。

Good morning, and thank you for taking my questions. Maybe to start on the top-line guide --

早上好，感謝您回答我的問題。也許可以從頂線指南開始--

Good morning, Ryan.

早安，瑞安。

Good morning. Maybe we could start on the top-line guidance and just how you're thinking about the back half. So we have marched down about 70 basis points adjusting for Easter, which I think implies kind of flattish ADS in 3Q based on normal April, May seasonality.

早安.也許我們可以從頂線指導開始，看看您對後半部的看法。因此，我們根據復活節調整了約 70 個基點，我認為這意味著根據 4 月和 5 月的正常季節性，第三季的 ADS 將持平。

So is the kind of down 0% to 2% guidance assumes some softening in the end markets at the low end? And is it reasonable for us to be thinking that 4Q is getting back to positive year-over-year growth based on normal seasonality?

那麼，0% 至 2% 的降幅指引是否假設低端市場出現一些疲軟？那麼，我們認為第四季將根據正常的季節性恢復年增率是否合理？

Yeah. I can start with that, and Erik, feel free to jump in with any color more broadly that you want to add. So I agree with your comment, Ryan, on how to think about March and your comment about the implication on the midpoint guide for April and May.

是的。我可以從那裡開始，Erik，您可以隨意添加任何您想要的顏色。因此，瑞安，我同意你關於如何看待三月的評論，以及你關於四月和五月中點指南的影響的評論。

We're not necessarily assuming significant further erosion anywhere at this time. I think we're very cautious about the end markets. If you look at how the sequencing in the quarter would play out relative to Q1, it basically assumes that we're fairly flat with Q2 into Q3. Obviously, some things that we would expect to come online that are going our way with the share gain initiatives.

目前我們並不一定認為任何地方都會出現進一步的嚴重侵蝕。我認為我們對終端市場非常謹慎。如果您觀察本季相對於第一季的排序情況，您會發現基本上可以認為第二季到第三季的排序基本上持平。顯然，我們期望的一些事情會隨著份額增加計劃的實施而順利進行。

We're not contemplating much improvement in the top line from pricing related to tariffs at this point. So I think we are leaving some room for some potential softening in the macro. But we're very focused on delivering on the share gain initiatives right now, which we're feeling confident about coming out of the second quarter.

目前，我們並不認為與關稅相關的定價能夠為營收帶來太大改善。因此我認為我們為宏觀經濟的潛在軟化留下了一些空間。但我們目前非常專注於實現份額成長計劃，我們對第二季的業績充滿信心。

Okay. That all makes sense, and it's very clear. And maybe if we could just touch on the moving pieces for margins in the back half next. I know you called out the 20-basis-point sequential headwind for supplier rebates that won't be repeating. But I guess, anything else you'd note in the bridge?

好的。這一切都很有道理，而且非常清楚。也許我們接下來可以談談後半部的邊距移動部分。我知道您指出供應商回扣將面臨 20 個基點的連續不利因素，而且這種情況不會再發生。但我想，您還會注意到橋上的其他東西嗎？

I think you had previously mentioned a framework for kind of 8% to 10% incremental OpEx on the first-half or second-half sales. So would that still be the case? And I think that pencils out to about 8% operating margin this year.

我認為您之前提到過上半年或下半年銷售額 8% 到 10% 增量營運支出的框架。那麼情況還會是這樣嗎？我認為今年的營業利潤率預計約為 8%。

Yeah, that's -- so roughly, I would think about the big moving driver in OpEx as you sequence it through 3Q and 4Q to be the variable expense. I'll put maybe a little bit more color on this. There are some other things moving up and down, to be clear. But if you're trying to net out a simple way to model OpEx, that would be it.

是的，大致來說，我認為在第三季和第四季中，營運支出 (OpEx) 的重大變動驅動因素是變動費用。我可能會為它添加更多顏色。需要明確的是，還有一些其他的事情也起伏不定。但如果您嘗試找到一種簡單的方法來模擬營運支出，那就這樣了。

One thing I'll clarify, Ryan, on how you cast out 4Q, is that, that 8% to 10% variable expense associated with your top-line change would be excluding anything that you add on for tariffs at this point. That's how we're still thinking about the guide on OpEx, although we're not giving a specific number out into Q4, if that provides some helpful color on sequencing.

瑞恩，關於您如何計算第四季度的數據，有一件事我要澄清一下，那就是與您的營業收入變化相關的 8% 到 10% 的變動費用將不包括您此時為關稅添加的任何費用。這就是我們仍然在考慮營運支出指南的方式，儘管我們沒有給出第四季度的具體數字，但如果這能為排序提供一些有用的信息。

Yes, that does. Thank you. I'll turn it over.

是的，確實如此。謝謝。我把它翻過來。

Tommy Moll, Stephens.

湯米·莫爾，史蒂芬斯。

Good morning, and thank you for taking my questions.

早上好，感謝您回答我的問題。

Good morning, Tommy.

早安，湯米。

Good morning, Tommy.

早安，湯米。

You mentioned some price increases announced in late March. And I was hoping to just get more detail there: magnitude, scope, likelihood after yesterday's announcement that you'll need to circle back for more. Anything you can give there would be helpful. Thank you.

您提到了三月底宣布的一些價格上漲。我希望能得到更多細節：規模、範圍、可能性，在昨天的公告發布後，你需要回過頭來了解更多。您提供的任何幫助都會有所幫助。謝謝。

Yeah. So maybe, Erik, do you want to start broadly, and I can talk about some side notes? Or Martina, anyone want to jump in? Let me start by answering your question, Tommy, first. And then, Martina, I'll turn it over to you a little bit on what we're doing.

是的。那麼，埃里克，也許你想從廣泛的角度開始，然後我可以談一些側注？或是 Martina，有人想加入嗎？湯米，首先讓我來回答你的問題。然後，瑪蒂娜，我會向你稍微介紹一下我們正在做的事情。

Your direct question, Tommy, I think, was about the March increase first. So obviously, this entire thing is very fluid, and we got a lot of new information yesterday. The increase that we took in late March was small, and it was mainly covering items where we are the importer of record. And that's primarily, in this case, on product that's coming in from China.

湯米，我認為，你的直接問題首先是關於三月的增長。顯然，整個事情進展非常不穩定，昨天我們得到了很多新資訊。我們在三月底的增幅很小，主要涵蓋了我們是記錄進口商的商品。在這種情況下，這主要針對來自中國的產品。

And if you're trying to size that, I'd say it's about 0.5 point of price benefit on the top line. And we don't expect to see much of that in the third quarter. But again, all of this is evolving. The modeling is challenging right now. I think fluid is probably the best word to describe the situation. And I'll let Martina share some color on this. But we don't have a lot of firm information from our suppliers yet on cost or timing, which is obviously a key variable in our modeling.

如果你要衡量一下，我會說這相當於營收方面 0.5 個百分點的價格優勢。我們預計第三季不會出現太多此類情況。但同樣，所有這一切都在不斷發展。目前建模具有挑戰性。我認為“流暢”可能是描述這種情況的最佳詞語。我會讓 Martina 分享一些這方面的知識。但我們尚未從供應商處獲得大量有關成本或時間的確切信息，而這顯然是我們建模中的關鍵變數。

We've been running a pretty robust process on scenario planning, monitoring what's happening, and then decisioning, of course, in response to what increases become clear. We'll keep providing color right on the road in May, so we can add more detail as it becomes available. But that's really color-specific to how to think about cost and price related to tariffs.

我們一直在進行相當嚴格的情境規劃流程，監控正在發生的事情，然後根據情況的明朗化做出決策。我們將在五月繼續提供路上的色彩，以便我們可以在有更多細節時添加它們。但這實際上與如何考慮與關稅相關的成本和價格有關。

What makes this even more challenging is you have a lot of second-order derivatives here that are harder to predict. And that's, I think, pretty obvious things. But, like, is there a mix shift that results from this across products, is there any change in underlying demand levels, those are some things that we really need to continue working through on scenario planning. And, Martina, I think you're running a pretty tight playbook on how we're managing this. Maybe you can jump in and add some color?

讓這個問題更具挑戰性的是，這裡有許多二階導數更難預測。我認為這些都是非常明顯的事。但是，這是否會導致產品組合發生變化，潛在需求水準是否發生變化，這些都是我們在情境規劃中真正需要繼續研究的問題。而且，瑪蒂娜，我認為你對我們如何處理這個問題有著非常嚴密的計劃。也許您可以加入並添加一些顏色？

So maybe just in light of the news from yesterday, let me recap our mix. So I think we've said some of this before, but just to review, more than half of our product is sourced in the US. We have roughly 10% coming from China. We have another -- about the same amount coming from Europe, low single digits from Canada and Mexico. And then beyond that, it's low single digits from a number of countries.

因此，也許只是根據昨天的新聞，讓我來回顧一下我們的組合。所以我想我們之前已經說過一些這方面的內容，但只是回顧一下，我們一半以上的產品都來自美國。其中約10%來自中國。我們還有另一份——來自歐洲的援助數量大致相同，來自加拿大和墨西哥的援助數量也較低（個位數）。除此之外，許多國家的成長速度都低於個位數。

What's important, though, to understand is we're not the importer of record on all of that. So about 75% of our sales are industry brands that are coming from other suppliers. And right now, the way suppliers are handling this, it sort of falls into a few buckets.

但重要的是要明白，我們並不是所有這些產品的進口商。因此，我們約 75% 的銷售額來自來自其他供應商的行業品牌。目前，供應商處理此問題的方式大致分為幾種。

So as Kristen said, we're really the importer of record. That's very clear. We know what the tariff is. That's the price increase that we pushed through at the end of March. Then we have a group of suppliers who are importing finished goods. They, up until now, had a relatively clear line of sight and are communicating to us kind of in more of a surcharge format. So it's a little clearer for us to model.

正如克里斯汀所說，我們實際上是記錄的進口商。這非常清楚。我們知道關稅是多少。這是我們在三月底實施的價格上漲。然後我們有一組正在進口成品的供應商。到目前為止，他們的視線相對清晰，並以一種附加費的形式與我們溝通。這樣我們的建模就更加清晰一些。

But the bulk of our suppliers are looking at multiple overlapping tariffs that are impacting them. And so to simplify it, they're still doing the math. And of course, now they have -- we have new information as of yesterday.

但我們的大部分供應商正在考慮對他們產生影響的多重重疊關稅。為了簡化，他們仍在進行計算。當然，現在他們已經有了——截至昨天我們有了新的資訊。

So while we're in negotiations with them, they haven't given us size or timing yet. So -- but what they're implying is it will come in the form of a general price increase across their whole product line, not in a visible surcharge.

因此，雖然我們正在與他們談判，但他們還沒有告訴我們規模或時間。所以——但他們暗示的是，這將以整個產品線的普遍價格上漲的形式出現，而不是以明顯的附加費的形式出現。

So in the meantime, we're working the playbook, as Kristen said. And we're working with customers on how to understand their mix and how their mix could possibly be shifted to a made-in-America framework and how we can help them with productivity to offset any tariffs.

因此，正如克里斯汀所說，與此同時，我們正在製定劇本。我們正在與客戶合作，了解他們的產品組合，如何將他們的產品組合轉變為美國製造的框架，以及我們如何幫助他們提高生產力以抵消任何關稅。

Thank you, both. As a follow-up, I wanted to touch on the web enhancements and recent marketing initiatives. Correct me if I'm wrong, but it seems like the takeaway there for this quarter is on track. But I wanted to go a little bit deeper.

謝謝你們兩位。作為後續，我想談談網路增強功能和最近的行銷舉措。如果我錯了，請糾正我，但看起來本季的收穫是正常的。但我想更深入一點。

If there are specific areas of the programs that you could highlight as progressing ahead of plan. And then the flip side, are there any areas that are proving a little more difficult than anticipated, maybe behind plan? And if you just think ahead, what would you frame for us as to what's to come here? Thank you.

您可以重點介紹計劃中某些特定領域的進展。那麼另一方面，是否存在一些領域比預期的更困難，或落後於計劃？如果您只是向前思考，您會為我們描繪出接下來會發生什麼嗎？謝謝。

Tommy, good morning. It's Erik. I'll take this one. So I think you're right. I would say -- I would characterize progress is on track. And you heard in the prepared remarks that we were pleased we had a bunch of things that we wanted to get over the finish line in Q2. We did. So across the board, the overwhelming headline is on track.

湯米，早安。是埃里克。我要這個。所以我認為你是對的。我想說——我認為進展正在按計劃進行。您在準備好的發言中聽到了，我們很高興我們有很多事情想要在第二季完成。我們做到了。因此，總體而言，絕大多數標題都是正確的。

I would not call out anything where we're behind. Look, last year, we had areas to call out behind. I think we're doing what we said we were going to do as of now, Tommy. Progress has generally been encouraging.

我不會指出我們落後的任何事情。你看，去年，我們有一些地方需要呼籲。我認為我們正在做我們說過要做的事情，湯米。整體而言，進展令人鼓舞。

And obviously, this is going to -- we're going to be -- our performance is going to be influenced by the macro. We've talked about a lot of uncertainty now. But what we're focused on is what can we control. And that's, do we deliver what we say we're going to deliver. And then how do the leading indicators look.

顯然，我們的表現將會受到宏觀因素的影響。我們現在已經討論了很多不確定性。但我們關注的是我們能夠控制什麼。那就是，我們是否兌現了我們所說的承諾。那麼領先指標看起來怎麼樣呢？

And that's in terms of the web marketing. We gave you a sense of some of the KPIs we're tracking internally. They're on track. So as far as we're concerned, it was a solid quarter. Each one of those tracks. It's not like it's one and done. There's continue -- what we talked about with the web upgrades. We got a good foundation in place that we're going to build upon with a product road map now.

這就是網路行銷方面的內容。我們讓您了解了我們內部追蹤的一些 KPI。他們正走在正軌上。因此就我們而言，這是一個穩健的季度。每一條軌道。這並不是一次性的事。我們繼續討論網路升級問題。我們已經打下了良好的基礎，現在我們將在此基礎上製定產品路線圖。

On the marketing front, we got started. We're seeing some nice traction and momentum. I mentioned in the prepared remarks, seeing new customer acquisition tick up, which is encouraging. There's a lot more to come there. And then, of course, Martina hit sales optimization, which is running ahead of plan in terms of executing on the actions. Now it's about translating those into results.

在行銷方面，我們已經起步了。我們看到了一些良好的牽引力和勢頭。我在準備好的演講中提到，看到新客戶獲取量上升，這是令人鼓舞的。還有很多事情要做。然後，當然，Martina 進行了銷售優化，從執行行動的角度來看，這已經超出了計劃。現在要做的就是將這些轉化為成果。

So I think in general, what I would say is we're on track. We expect core customer growth to improve. Of course, obviously, we'll be influenced by stuff that's outside of our control here. But in terms of how we execute and perform, we expect to see some improvement.

所以我認為總的來說，我們正在走在正確的軌道上。我們預期核心客戶成長將會改善。當然，顯然我們會受到一些我們無法控制的事物的影響。但就我們的執行和表現而言，我們期望看到一些改進。

Thanks, Erik. I'll turn it back.

謝謝，埃里克。我會把它轉回去。

Ken Newman, KeyBanc Capital Markets.

肯‧紐曼 (Ken Newman)，KeyBanc 資本市場。

Hey, good morning, guys.

嘿，大家早安。

Good morning, Ken.

早安，肯。

Good morning.

早安.

Good morning. So for my first question, Erik, it doesn't seem like you guys are seeing any prebuy activity, at least through the quarter. But I'm curious if you're getting a sense that some of these customers, they've been trying to get ahead of yesterday's announcement, and if that's being reflected in the preliminary March numbers.

早安.所以對於我的第一個問題，艾瑞克，看起來你們似乎沒有看到任何預購活動，至少在本季沒有。但我很好奇，您是否感覺到其中一些客戶一直在努力搶在昨天的公告發布之前採取行動，而這是否反映在三月的初步數據中。

Ken, we have not -- and our stuff, it's tricky because our customer spend with us is fragmented across so many SKUs. But we've seen to date -- and I would include March in that -- no evidence of outsized prebuying to speak of.

肯，我們沒有——我們的產品，這很棘手，因為我們的客戶在我們這裡的支出分散在許多 SKU 上。但到目前為止，包括三月在內，我們還沒有看到任何值得一提的超額預購跡象。

Okay. And then maybe quickly for my follow-up here. I totally get that the visibility in the cycle is limited just given all the moving pieces. But maybe if we could just dig a little deeper into the individual end markets from a manufacturing perspective. I know automotive and aero are two of your larger ones. I think they're both 10% each direct.

好的。然後也許我會很快跟進。我完全明白，考慮到所有移動的部分，週期的可見度是有限的。但也許我們可以從製造業的角度更深入地了解各個終端市場。我知道汽車和航空是你們的兩個較大的領域。我認為它們都是直接的 10%。

Obviously, we've got some news on the tariff side from automotive, some incremental stuff there yesterday as well. Any high-level thoughts on how you're thinking about those end markets in particular and how you're looking to navigate some of these moving pieces?

顯然，我們昨天得到了一些有關汽車關稅方面的消息，還有一些增量消息。您對這些終端市場有何高層次的看法，以及如何因應這些變化？

Yeah, sure, Ken. I'll take that one as well. So look, I'll give you -- look, the headline was Q2 remains soft for heavy manufacturing. And you could see that in the IP metrics that we referenced.

是的，當然，肯。我也會選擇這個。所以你看，我會給你——你看，標題是第二季重型製造業仍然疲軟。您可以在我們引用的 IP 指標中看到這一點。

I think another headline, though, is we saw continued improvement through the quarter. And that improvement continued into March, for the most part, across our heavy manufacturing end markets. So while soft, progressive improvement with pretty much all of them with the exception of automotive and heavy truck, which still remain really soft.

不過，我認為另一個主要內容是，我們看到本季持續改善。3 月份，我們的重型製造終端市場基本上延續了這種改善動能。因此，儘管汽車和重型卡車行業表現疲軟，但幾乎所有行業都出現了逐步改善，而汽車和重型卡車行業仍然表現疲軟。

Now, obviously, trying to predict what's to come is nearly impossible right now. One would think that automotive has been really soft. One would think that yesterday's news and the recent events could weigh on that segment further.

現在，顯然，試圖預測未來會發生什麼幾乎是不可能的。人們可能會認為汽車產業確實很疲軟。人們可能會認為昨天的新聞和最近發生的事件可能會進一步影響這一部分。

The flip side is aerospace, the outlook continues to be robust. But I would say the general tone would be soft but improving over the past few months and just a lot of uncertainty around how recent events are going to shake out.

另一方面，航空航太業的前景依然強勁。但我想說，整體基調是溫和的，但在過去幾個月裡有所改善，只是最近發生的事件將如何發展存在很大的不確定性。

Very helpful. Thanks.

非常有幫助。謝謝。

Stephen Volkmann, Jefferies.

傑富瑞的史蒂芬·福爾克曼。

Hi. Good morning, guys. Thanks for taking the question. I'm just (multiple speakers) curious -- a little surprised to see that your pricing was down slightly in the quarter. Can you just talk about sort of what's happening there and what you expect maybe for the third quarter?

你好。大家早安。感謝您回答這個問題。我只是（多位發言者）好奇——有點驚訝地看到你們的定價在本季略有下降。您能否談談那裡發生的事情以及您對第三季的預期？

Yeah. In the second quarter, Steve, we saw a pretty healthy amount of mix within that price number. And some of that has to do with how customer sector mix, for example, comes into the calculation. There's a few different ways that we look at the price measurement. If we look at it on sort of a lower level of detail, same customer, same item, we had a more favorable price number. It was washed out in the way we reported overall because of mix within customer types.

是的。史蒂夫，在第二季度，我們看到該價格範圍內的混合量相當健康。其中一些與客戶行業組合如何納入計算有關。我們採用幾種不同的方式來衡量價格。如果我們從較低層次的細節來看，同一個客戶、同一個商品，我們會得到更優惠的價格。由於客戶類型的混合，我們整體報告的方式將其沖淡了。

That was 2Q, and I think you asked about 3Q on price cost. So I'll remind everyone, 3Q last year, we were -- this is when we comp -- the issues we had with the web price realignment in the third quarter of last year. So that creates a tailwind for us on a year-over-year basis of about 30 basis points. So if you think about the midpoint guide of 40.9% on gross margin, that would imply flat to prior year.

那是第二季度，我想您詢問的是第三季的價格成本。所以我要提醒大家，去年第三季度，我們——這是我們比較的時候——我們在去年第三季的網路價格調整中遇到了問題。因此，這為我們帶來了同比約 30 個基點的順風。因此，如果您考慮毛利率 40.9% 的中間點指南，那就意味著與去年持平。

And to break that down, you've got 30 basis points of tailwind on the price-cost lapping from web price realignment. We're expecting some additional improvement from productivity and very slight benefit on the tariffs, that's probably worth about 10 to 20 basis points. But we're also expecting continued mix headwinds. And then we have some headwind from acquisitions completed since the prior year, that largely offset that to get you to about flat at the midpoint gross margin number for 3Q.

具體來說，網路價格調整為價格成本重疊帶來了 30 個基點的順風。我們預計生產力將進一步提高，關稅也將帶來輕微的優惠，這可能價值約 10 到 20 個基點。但我們也預期混合逆風將持續存在。然後，我們遇到了一些來自上一年完成的收購的阻力，這在很大程度上抵消了這一阻力，使第三季的毛利率中位數基本持平。

Great. Okay. That's super helpful. Thank you. And I apologize, this question might be a little bit too theoretical. But I've been trying to think about price-cost from a bigger perspective. And obviously, you and lots of distributors benefited in terms of gross margin from our last bout of inflation. However, that was also against the backdrop of very strong demand.

偉大的。好的。這非常有幫助。謝謝。抱歉，這個問題可能有點太理論化了。但我一直試著從更大的角度考慮價格成本。顯然，您和許多分銷商都從我們上一輪通貨膨脹的毛利率中受益。然而，這也是在需求非常強勁的背景下發生的。

So I'm trying to figure out sort of how you look at price-cost, assuming that we're headed into an inflationary period. Are you going to be able to sort of get ahead of that and get a little bit of gross margin benefit from this as it happens? Or is that going to be tougher this time because we're not in quite as big a demand environment?

因此，我試圖弄清楚，假設我們正進入通膨時期，您如何看待價格成本。您是否能夠領先一步並從中獲得一點毛利率收益？或者這次會更困難，因為我們所處的需求環境沒有那麼大？

Yeah, Steve, I'll take that one. And look, you and everybody else are trying to figure it out, right? It's fluid, as Kristen said. But in all seriousness, here's what I'd say.

是的，史蒂夫，我會接受這個。瞧，你和其他人都在試著弄清楚，對嗎？正如克里斯汀所說，它是流動的。但嚴肅地說，這就是我要說的。

We have always said and continue to believe that, in general, inflation, and particularly the early stages of an inflation cycle, is constructive and positive for a distributor and for us. And that -- we continue to believe that. So particularly, as I said, early stages of an inflation cycle, we do expect to be able to pass pricing along as we did in the past.

我們一直說並且繼續相信，總體而言，通貨膨脹，特別是通貨膨脹週期的早期階段，對於分銷商和我們來說都是建設性和積極的。我們仍然相信這一點。因此，正如我所說，特別是在通膨週期的早期階段，我們確實希望能夠像過去一樣傳導定價。

Martina referenced, we're going to lean hard on two things, this go-around in particular, that are tools at are disposal even more so than they were kind of in tariffs 1.0, if you will. One is our product offering, which is -- we have made some moves certainly reducing China exposure. And we've got a really strong made-in-USA offering; and then two is our playbook in terms of productivity to deliver for customers.

瑪蒂娜提到，我們將重點關注兩件事，特別是這次，這些工具比關稅 1.0 中可用的工具更多，如果你願意的話。一是我們提供的產品，我們已經採取了一些舉措，肯定會減少對中國的依賴。我們擁有真正強大的美國製造產品；其次，我們在生產力方面為客戶提供的服務策略。

So we think all of those things, even notwithstanding what happens in the demand environment, support our ability to get pricing through. We're going to have to. And those are supportive of it and will help with customers.

因此，我們認為，無論需求環境如何變化，所有這些因素都支持我們實現定價的能力。我們必須這麼做。這些都是支持性的，並且會幫助客戶。

That said, Steve, it's really difficult to go back to prior cycles here because this is a little bit of uncharted water in terms of, number one, the fluidity and just how fast things are moving and changing; number two, the scope. Obviously, we're looking at, at least as of yesterday's announcement, far reaching beyond China.

話雖如此，史蒂夫，現在要回到以前的周期確實很困難，因為就流動性以及事物發展和變化的速度而言，這有點像未知領域；第二，範圍。顯然，至少從昨天的公告來看，我們的關注遠遠超出了中國。

So there's a lot of uncharted water here. But if I pull it back to the headline, we would expect to get price through. We're going to lean on our playbook, our inflationary and tariff playbook here. And particularly early stages of an inflation cycle, we would expect to be price-cost positive as we have been in other cycles.

所以這裡有很多未知領域。但如果我將其拉回標題，我們預計價格將會上漲。我們將依靠我們的劇本、我們的通貨膨脹和關稅劇本。特別是在通膨週期的早期階段，我們預期價格成本將呈正值，就像我們在其他週期中遇到的情況一樣。

Much appreciated. Thanks.

非常感謝。謝謝。

Chris Dankert, Loop Capital Markets.

Chris Dankert，Loop 資本市場。

Hey, morning. Thanks for taking the questions. I guess, Erik, maybe just to dig in a little bit more on the digital KPIs. Any update on the conversion ratio, order size, something that can kind of put a little more meat on the bone for what we can expect sales in the future maybe here?

嘿，早安。感謝您回答這些問題。我想，埃里克，也許只是為了更深入地了解數字 KPI。關於轉換率、訂單規模等有任何更新嗎？這些資訊能否為我們未來預期的銷售情況提供一些參考？

Yeah, Chris, so good question. You heard us reference some of the indicators that we're looking at. And then we kind of said some website KPIs, which -- obviously, we're sensitive to how much we share on a call like this for competitive reasons. But you could imagine, you hit on two of them that we're looking at very carefully: conversion rate and average order value.

是的，克里斯，這個問題問得好。您聽到我們提到了我們正在關注的一些指標。然後我們說了一些網站 KPI，顯然，出於競爭原因，我們對在這樣的電話會議上分享多少資訊很敏感。但你可以想像，你遇到了我們正在仔細研究的兩個因素：轉換率和平均訂單價值。

Conversion rate in particular, out of average order value, has some other moving parts. But conversion rate does give us a good indication of how the site is doing, and we are seeing -- we referenced some improvements.

尤其是平均訂單價值中的轉換率，還有一些其他的變動因素。但轉換率確實能讓我們很好地了解網站的運作情況，而且我們看到了——我們提到了一些改進。

And obviously, it's still early days here because the -- most of the meaningful upgrades, the ones that you saw on the slide, happened fairly late in Q2. But we are starting to see positive momentum in those indicators, which would bode well.

顯然，現在還為時過早，因為大多數有意義的升級（您在幻燈片上看到的升級）都發生在第二季度的相當晚的時候。但我們開始看到這些指標出現正面勢頭，這是一個好兆頭。

We are seeing sequential increases in website revenues as well. But I would call the revenue one a trailing indicator, whereas the conversion rate, the average order value, there's one or two other things that we look at or leading indicators. We are starting to see some movement there.

我們也看到網站收入連續成長。但我會把收入稱為落後指標，而轉換率、平均訂單價值等還有一兩個我們要關注的指標或領先指標。我們開始看到那裡的一些動靜。

Got it. Got it. Good news there, I guess. And then I'm going to ask an unfair question, I guess. Just conceptually, is there any way to size what percent of your sales are tied to customers who are exporting product here? I mean, it's been a bit, but it seems like trade wars are just going to accelerate. What's the risk of those customers having to pull back? I just need to size the export exposure here.

知道了。知道了。我想，這是一個好消息。然後我想問一個不公平的問題。從概念上講，有沒有辦法衡量您的銷售額中有多少百分比與在這裡出口產品的客戶有關？我的意思是，雖然已經過去一段時間了，但看起來貿易戰似乎只會加速。這些客戶撤離的風險有多大？我只需要在這裡確定出口風險的大小。

That would be -- so a tough one to size. Chris, I see where you're going, if things were to escalate. Look, I think that's one of the unknowns. So the short answer is, it's tough to size. We do know that -- I'm thinking back to prior cycles.

那將會是——一個很難確定大小的問題。克里斯，如果事態進一步升級，我知道你要做什麼。瞧，我認為這是未知數之一。所以簡單的回答就是，很難確定其規模。我們確實知道這一點——我正在回想之前的周期。

If there were a trade war, would there be impact on demand? Would there be impact on production in the US? Yeah, there would. We've seen it in other cycles, where there's been massive -- I mean, I'm thinking of past cycles where it's less about tariffs, more about currency. Does that impact production? It does. So there would be an impact sort of directionally, and this is qualitative, not quantitative.

如果發生貿易戰，會對需求產生影響嗎？這會對美國的生產產生影響嗎？是的，會有的。我們已經在其他週期中看到過這種情況，當時出現了大規模的——我的意思是，我想到過去的周期，它與關稅關係不大，而與貨幣關係更大。這會影響生產嗎？確實如此。因此會產生某種方向性的影響，而且是定性的，而不是定量的。

But since prior cycles, there has been a shift back to made in USA, meaning putting production closer to end markets to shrink lead times, which might buffer some of the impact. Because there'd be more stuff here that's going to this market as opposed to being exported. But in general, if export demand softens, we would feel it here.

但自前幾個週期以來，生產已經重新轉向美國製造，這意味著將生產地點更靠近終端市場，以縮短交貨時間，這可能會緩衝部分影響。因為流入這個市場的商品比出口的多。但整體而言，如果出口需求疲軟，我們就會感受到。

Understood. (multiple speakers) --

明白了。（多位發言者）——

I couldn't give -- I realized that's qualitative, not quantitative.

我無法給予——我意識到這是定性的，而不是定量的。

No, I knew it was an unfair question at the beginning, so thanks for your thoughts.

不，我一開始就知道這是一個不公平的問題，所以謝謝你的想法。

And, Chris, going back to your previous question on the web enhancements, just to give you a size, if you look at the e-commerce -- the op stats, we have the e-comm sales. About half of that is website sales, just to give you an idea on the size of our website.

克里斯，回到你之前關於網路增強的問題，只是為了給你一個規模，如果你看看電子商務 - 營運統計數據，我們就有電子商務銷售額。其中大約一半是網站銷售額，只是為了讓您了解我們網站的規模。

Thanks, Ryan.

謝謝，瑞安。

David Manthey, Baird.

大衛‧曼西，貝爾德。

Thanks. May you live in interesting times, right?

謝謝。希望你活在一個有趣的時代，對嗎？

You ain't kidding, Dave, especially with the timing of this call.

你不是在開玩笑，戴夫，尤其是在這個時間打來的電話。

Well, good morning. My question is on performance versus IP. It looks like it took another step back this quarter. And even relative to your -- the five heavy industries of IP, it seems like you're losing share measurably currently.

早安.我的問題是關於效能與 IP 的關係。本季它似乎又倒退了一步。即使相對於你們的——智慧財產權的五大重工業，你們目前的份額似乎也在明顯下降。

And, Kristen, in your comments, you said you're confident in your share gain efforts. I'm wondering if you can outline sort of from a timeline perspective, which of the initiatives are going to start to chip away at that gap the soonest, maybe in the next quarter or two?

克里斯汀，在你的評論中，你說你對自己的份額成長努力充滿信心。我想知道您是否可以從時間軸的角度概述一下，哪些舉措將最快開始縮小這一差距，也許是在下個季度或兩個季度？

Yeah, Dave, maybe I'll take it. So -- and let me parse out sort of two things, which is if confidence in executing on what we said we were going to do and beginning to see early leading indicators that those initiatives are going to make a difference, Dave, you're absolutely right.

是的，戴夫，也許我會接受它。所以 — — 讓我分析兩件事，那就是，如果我們有信心執行我們說過要做的事情，並且開始看到早期的領先指標表明這些舉措將會產生影響，戴夫，你完全正確。

The one thing I would call out is -- and Martina mentioned this in her prepared remarks -- looking at the quarter on an average, what -- part of what we are encouraged about is seeing sequential improvement through the quarter and into March. So for instance, if you look at performance the last two months, let's say, February or March, you're going to get a much different story.

我想指出的一件事是——瑪蒂娜在她準備好的發言中也提到了這一點——從平均水平來看本季度，我們感到鼓舞的是看到本季度和三月份的連續改善。舉例來說，如果你查看過去兩個月的表現，比如說二月或三月，你會看到一個截然不同的情況。

It was sort of a tale of two quarters. December was heavily weighed down by holiday timing. The first part of January was really lousy. And we think some of that -- may have been weather or whatever -- but the second -- the back half of January into February now into March, a bit of a different story.

這就像是兩個季度的故事。12 月因假期時間而受到嚴重影響。一月初真是糟糕透了。我們認為部分原因可能是天氣或其他原因，但從一月下半月到二月再到三月，情況就有所不同了。

Look, I would say, from the start here, we have underperformed in part portfolio mix and in part our own doing. And where it's own doing, it was around the core customer predominantly. And we've outlined four things, Dave, to get done: web pricing, e-commerce, marketing, and sales optimization.

我想說，從一開始，我們的表現就不佳，部分原因是投資組合，部分原因是我們自己的原因。而它所做的一切，主要都是圍繞著核心客戶。戴夫，我們已經概述了四件需要完成的事情：網路定價、電子商務、行銷和銷售優化。

And if I think about those four, web pricing pretty much behind us and complete; e-commerce, the heavy lifting portion of it now complete -- just complete, but now complete; marketing, now in market and in-flight will build; sales optimization, winding down. So we feel like we are just at the beginning stages of seeing the fruits from the labor.

如果我考慮這四個，網路定價基本上已經落後於我們並且完成了；電子商務，其中最重要的部分現在已經完成——只是完成，但現在已經完成；營銷，目前在市場和飛行中將會建設；銷售優化，逐步結束。因此，我們感覺我們才剛開始看到勞動成果。

So what we're encouraged by is from an execution standpoint, we're on track with what we said we're going to do. And the leading indicators seem encouraging. We now need to see that. And again, February and March may have been early signs. We got to see more of that.

因此，從執行的角度來看，令我們感到鼓舞的是，我們正在按照我們所說的去做。領先指標看起來令人鼓舞。我們現在需要看到這一點。再次，二月和三月可能已經是早期跡象。我們必須看到更多這樣的情況。

That's great, Erik. Thank you.

太棒了，埃里克。謝謝。

One point of clarification from what Erik said, too, like if you go and you look at that year-over-year performance that Erik referenced like in January, February, and into March, that's a true statement for core and National Accounts like within that, which obviously are two areas that we're really focused on right now.

艾瑞克所說的還有一點需要澄清，如果你去查看埃里克提到的 1 月、2 月和 3 月的同比表現，你會發現這對核心帳戶和國民帳戶來說是一個真實的陳述，這顯然是我們目前真正關注的兩個領域。

Yeah, thanks, Kristen. That leads me to my next question. I know it's hard to think about anything in a vacuum right now. But could you talk about the effect on gross and operating margin as the shift towards Vending and In-Plant happen?

是的，謝謝，克里斯汀。這引出了我的下一個問題。我知道現在在真空中思考任何事情都很困難。但是，您能否談談向自動販賣機和廠內銷售轉變對毛利率和營業利潤的影響？

And then you also have this effect of core customer reacceleration you just mentioned. Where should we think these things net out over the next, say, two to three years, not just near term?

然後你也會得到剛才提到的核心客戶重新加速的效果。我們該如何看待這些事情在未來兩到三年內（而不僅僅是短期內）所產生的影響？

Yeah. So just to make sure I understand your question, Dave, you're saying long-term impact from growth of In-Plant. And you said something else after. Was it In-Plant and Vending?

是的。因此，為了確保我理解你的問題，戴夫，你說的是工廠內部成長的長期影響。隨後你又說了些其他話。是廠內銷售還是自動販賣？

Yeah, In-Plant, Vending, and then there's the impact also of the core customer reacceleration, I would imagine.

是的，我想，廠內、自動販賣，以及核心顧客再加速的影響也會存在。

Yes, got you. Yeah, so In-Plant and Vending, when we -- I'll start with gross margin and then go to operating margin. We tend to see, on the gross margin line, that on the -- you see more National Accounts participating in those programs.

是的，明白了。是的，因此，當我們——我將從毛利率開始，然後轉到營業利潤率。我們傾向於在毛利率線上看到——你會看到更多的國家帳戶參與這些計劃。

The National Accounts, as we've talked about, tend to have a lower gross margin than the average of the company. So from a gross margin perspective, there's some pressure there. And then the profile of those accounts, though, the longer that they are in place and the more they mature, we see that impact start to neutralize and eventually will benefit operating margin, especially relative to where we are today.

正如我們所討論的，國家帳戶的毛利率往往低於公司的平均水平。因此從毛利率的角度來看，存在一些壓力。然而，從這些帳戶的概況來看，它們存在的時間越長，越成熟，我們就會發現影響開始消除，並最終有利於營業利潤率，特別是相對於我們目前的狀況而言。

But core customer is the one that we're really the most focused on, that you have the opposite effect on core customer gross margin. And that is higher than the company average, typically has a lower cost of support in a lot of cases, so very accretive on the operating margin side. And that's really one of the areas that have been challenging our operating profit levels today, also the area where we've chronically kind of undergrown the most in the last 18 to 24 months.

但我們真正最關注的是核心客戶，因為您對核心客戶的毛利率有相反的影響。這高於公司平均水平，在許多情況下，支援成本通常較低，因此在營業利潤率方面非常有增值作用。這確實是目前對我們的營業利潤水準構成挑戰的領域之一，也是我們在過去 18 到 24 個月中長期成長最為緩慢的領域。

So as we think about how those two elements move together, we haven't necessarily guided like a desired mix of revenue across the two. But we would expect core, as these initiatives come online, to start growing at a faster rate than some of the underlying In-Plant and Vending businesses, where we've continued to do fairly well despite the overall growth declines in the company.

因此，當我們思考這兩個元素如何共同作用時，我們不一定會引導出兩者之間理想的收入組合。但我們預計，隨著這些措施的實施，核心業務的成長速度將快於一些基礎的廠內和自動販賣機業務，儘管公司整體成長放緩，但我們在這些業務上仍然表現良好。

And, Dave, I'm just going to chime in with one more point on In-Plant and Vending. And particularly this impacts like our outlook, which hopefully, what you're hearing from us, is obviously some near-term caution in terms of the environment, but encouraged by improving execution. And if we get past '25 and the end market outlook is sound, the picture for '26 and '27, why we're encouraged.

戴夫，我只是想再談一點關於廠內和自動販賣機的問題。尤其是這對我們的前景有影響，希望您從我們這裡聽到的，顯然是對環境方面的一些近期謹慎，但執行力的改善會鼓舞我們。如果我們度過 25 年並且最終市場前景良好，那麼 26 年和 27 年的前景就會讓我們感到鼓舞。

So In-Plant and Vending, Kristen mentioned the gross margin percentage headwind. When these programs are fully in place, the op margins are strong. They are, though, subject to -- when you put an In-Plant program or a Vending program into a customer and the economy softens and their spend reduces, there's an element of fixed cost there. Because you have a person, you have depreciation on a machine. These are very sticky relationships.

因此，在工廠內和自動販賣方面，克莉絲汀提到了毛利率百分比的逆風。當這些計劃全面實施後，營運利潤率將會很高。然而，當你向客戶推出廠內計畫或自動販賣計畫時，如果經濟變得疲軟，客戶的支出減少，那麼就會產生固定成本。因為你有人，所以你的機器就會貶值。這些都是非常緊密的關係。

And so what we're living with now is the fixed cost for those programs. And you could hear like the program counts are way up, and yet the program revenues are up 1%. Obviously, on a per machine on a per site basis, they're down because things are soft right now.

所以我們現在面臨的是這些項目的固定成本。您可能會聽到節目數量大幅增加，但節目收入卻增加了 1%。顯然，從每個站點的每台機器來看，它們都癱瘓了，因為現在情況很糟糕。

It is part of the bullishness, if you will, for us looking out. Because beyond core customer reacceleration, we should get a strong rebound here. And the cost structure on those accounts is pretty fixed. Other than a little bit of variable cost, we get the benefit of existing accounts coming back online with the same costs in place. And we get the benefit of an expanded footprint. So all of that is what has us encouraged and excited about the outlook when we get beyond '25.

如果你願意的話，這是我們看漲情緒的一部分。因為除了核心客戶重新加速之外，我們還應該在這裡獲得強勁反彈。這些帳戶的成本結構相當固定。除了少量變動成本外，我們還獲得了現有帳戶以相同成本重新上線的好處。我們也因此獲得了擴大影響力的好處。所以，所有這些都讓我們對 25 年以後的前景感到鼓舞和興奮。

Thank you, and good luck.

謝謝，祝你好運。

Thanks, Dave.

謝謝，戴夫。

Patrick Baumann, JPMorgan.

摩根大通的派崔克‧鮑曼。

Hi, good morning.

嗨，早安。

Good morning, Pat.

早上好，帕特。

Good morning, Pat.

早上好，帕特。

I just had a couple of, I guess, cleanups here. First, on the price that you put through in March, I just wanted to get a sense of what tariff rates you're pricing to offset? And I'm asking because you said it was China related. But before yesterday, I think there's been 20% tariffs on China and also like the Section 232 tariffs, which were 25%.

我想我剛剛在這裡做了幾次清理工作。首先，關於您在三月制定的價格，我只是想了解您制定的用來抵消關稅的定價是多少？我之所以問這個問題是因為你說這跟中國有關。但在昨天之前，我認為對中國徵收了 20% 的關稅，而且根據第 232 條徵收的關稅也是 25%。

So I guess, I'm wondering why it only provides a 0.5% impact if China is 10% of COGS? I'm sure it's like simple math, and I'm missing something. But just wanted to clarify that. And then also kind of relatedly, like what's the type of products you're importing from China? Is it like a certain type of MRO? Is it metalworking skewed? Any color on that?

所以我想知道，如果中國佔銷貨成本的 10%，為什麼它只會產生 0.5% 的影響？我確信這就像簡單的數學，但我忽略了一些東西。但只是想澄清這一點。然後還有一點相關的，例如您從中國進口什麼類型的產品？它像某種類型的 MRO 嗎？是金工歪斜嗎？有顏色嗎？

Yeah. So on the first part of your question, Pat, you're right; that was sort of like the known tariffs at the time. But just to clarify, the 10% of COGS in China is looking at total COGS with the country of origin from China, not necessarily where we are the importer of record.

是的。所以關於你問題的第一部分，帕特，你是對的；這有點像當時已知的關稅。但需要澄清的是，中國 10% 的銷貨成本是指原產國為中國的總銷貨成本，而不一定是我們作為記錄進口商的銷貨成本。

So there are more things that we will likely be responding to as our suppliers provide information for us. As we just get our arms around the whole picture, there will likely be more to come. And that kind of leads you into that bucket of what is yet to be quantified that I alluded to earlier, in response to one of the first questions. And then your -- can you clarify the second part of your question again? What products do we (multiple speakers) --?

因此，隨著我們的供應商向我們提供信息，我們可能會對更多的事情做出回應。當我們剛剛了解整個情況時，可能會有更多事情發生。這就引出了我之前在回答第一個問題時提到的尚未量化的問題。然後你——你能再次澄清一下你問題的第二部分嗎？我們有什麼產品（多位發言者）－？

Sure. I can clarify. But -- so basically, you're saying that you're -- less than 5% of your COGS is where you're an importer of record from China, is basically what you're saying?

當然。我可以澄清一下。但是 - 所以基本上，您說的是 - 您作為中國記錄進口商的銷貨成本 (COGS) 不到 5%，這基本上就是您說的嗎？

That would be the way to interpret that.

這就是解釋這一點的方式。

Okay. And then the types of products you're bringing in from there?

好的。那麼你們從那裡引進了哪些類型的產品呢？

Yeah. It's a broad spectrum, Pat, which is probably not a surprise, just considering how much is coming out of China.

是的。帕特，範圍很廣，考慮到有多少是來自中國的，這可能並不奇怪。

Martina or Erik, if you want to jump in on anything. We're more overweighted, too. But it really is about every product line or some portion of that coming out of China.

如果您想參與任何事情，請聯絡 Martina 或 Erik。我們的負擔也更加重了。但實際上，這涉及來自中國的每個產品線或其中的一部分。

Yeah. And I would say more towards MRO than metalworking. You heard Martina reference our private brands in metalworking, which are pretty robust, a good portion of which are sourced domestically. So it would be more MRO, Pat.

是的。我想說的是，MRO 比金屬加工更重要。您聽到 Martina 提到了我們在金屬加工領域的自有品牌，這些品牌非常強大，其中很大一部分來自國內。因此它將是更多的 MRO，Pat。

Okay. That's helpful. And then my second question is on the e-comm sales down 4% in the quarter. I think you said in response to a question that website is half of that category. I don't know if you provided color on how website sales are tracking year over year within that. Or if you could, that would be useful.

好的。這很有幫助。我的第二個問題是關於本季電子商務銷售額下降 4% 的情況。我認為您在回答問題時說過，網站屬於該類別的一半。我不知道您是否提供了網站銷售情況逐年變化的詳細資訊。或者如果你可以的話，那將會很有用。

And then maybe also in the operating stats stack, there's like an other category. And it was 10% of sales in the quarter, was 13% last year, 14% in the fourth quarter -- in the first quarter, I think. So that implies like it was down 25% year over year, 30% sequentially. What is happening in that other category in the op stats stack?

然後也許在操作統計堆疊中還有其他類別。本季的銷售額為 10%，去年為 13%，第四季（我想是第一季）為 14%。這意味著同比下降 25%，環比下降 30%。操作統計堆疊中其他類別的情況如何？

Yeah. So let me take the -- so I can take the first part of your question on e-commerce and answer the op stats question, Pat.

是的。所以請允許我回答一下——我可以回答你關於電子商務的問題的第一部分，並回答操作統計問題，帕特。

So on the e-commerce number, a couple of things I would reference in there. I won't go specifically into like mscdirect.com performance through the quarter necessarily. But particularly in the end of December, beginning of January, we saw some movement in e-comm that was pretty depressed, that would have impacted that number.

因此，關於電子商務數字，我會參考一些內容。我不會特別談論 mscdirect.com 本季的表現。但特別是在 12 月底和 1 月初，我們看到電子商務的某些動向相當低迷，這會對這個數字產生影響。

And then because there is quite a lot of things that actually are considered e-commerce, one thing to keep in mind is that when we see really strong growth in Public Sector, for example, or in businesses that are not as weighted to an e-commerce transaction, that creates a movement in the numbers since we're reporting it as a percentage of total revenue. The Public Sector probably being the most notable one. There is not as much electronic ordering that happens in that -- or not as much e-comm exposure within Public Sector.

然後，因為實際上有很多東西被認為是電子商務，所以要記住的一件事是，當我們看到公共部門或那些不太重視電子商務交易的企業出現真正強勁的增長時，這會導致數字發生變化，因為我們將其作為總收入的百分比進行報告。公共部門可能是最引人注目的。其中電子訂購並不多——或者公共部門內的電子商務曝光率也不高。

And then your question on other in the operating statistics, so two things. There's a lot of industries that map in there where we're like -- have very low weighted exposure. I believe we say under 2%, under 3% of the operating statistics.

然後您的問題是關於營運統計數據中的其他內容，所以有兩件事。有很多行業在我們的圖中顯示為 - 加權曝光度非常低。我相信我們說的是低於2%、低於3%的營運統計數據。

But the other thing that can happen in there is, as we clarify certain end markets that customers belong to, they may move out of other if we can more clearly assign them somewhere. So there's a lot of pass-through in and out of that bucket. So I would not -- I would encourage you not to draw any strong conclusions from the other being down that much.

但其中可能發生的另一件事是，當我們明確客戶所屬的某些終端市場時，如果我們能夠更明確地將他們分配到某個地方，他們可能會轉而離開其他市場。因此，這個桶子裡有很多進出。所以我不會——我鼓勵你不要根據對方的跌幅得出任何強有力的結論。

Okay, okay. So don't look at like the -- got it. Understood. Okay. Thanks a lot. Best of luck. Appreciate the time.

好的，好的。所以不要看起來像——明白了。明白了。好的。多謝。祝你好運。珍惜時間。

Thanks, Pat.

謝謝，帕特。

This concludes our question-and-answer session. I would like to turn the conference back over to Ryan Mills for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Ryan Mills 做最後發言。

Thank you for joining us today. As Kristen mentioned earlier, we'll be on the road in May at the Wolfe Research Conference and the KeyBanc Capital Markets Conference. And we'll host our fiscal third-quarter 2025 earnings call on Tuesday, July 1. Thank you.

感謝您今天加入我們。正如克里斯汀之前提到的，我們將於 5 月參加 Wolfe 研究會議和 KeyBanc 資本市場會議。我們將於 7 月 1 日星期二召開 2025 財年第三季財報電話會議。謝謝。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。