Pool Corporation (POOL) 2026 Q2 法說會逐字稿

Good day, and welcome to the Pool Corporation second quarter 2026 conference call. (Operator Instructions) Please also note, today's event is being recorded.

大家好，歡迎參加 Pool Corporation 2026 年第二季財報電話會議。(接線員指示) 也請注意，今天的活動將被錄音。

I'd now like to turn the conference over to Kristin Byars, Director of Investor Relations. Please go ahead.

現在我想把會議交給投資人關係總監 Kristin Byars。請開始。

Welcome to our second quarter 2026 earnings conference call. During today's call, our discussion, comments, and responses to questions may include forward-looking statements, including management's outlook for 2026 in future periods. Actual results may differ materially from those discussed today. Information regarding the factors and variables that could cause actual results to differ from projected results are discussed in our 10-K.

歡迎參加我們 2026 年第二季財報電話會議。在今天的電話會議中，我們的討論、評論以及對問題的回應可能包含前瞻性陳述，包括管理層對 2026 年及未來期間的展望。實際結果可能與今天討論的內容有重大差異。有關可能導致實際結果與預測結果不同的因素與變數之資訊，已在我們的 10-K 中說明。

In addition, we may make references to non-GAAP financial measures in our comments. A description reconciliation of non-GAAP financial measures are included in our press release or posted on our corporate website in the Investor Relations section. Additionally, we have provided a presentation summarizing key points from our press release and today's call, which can also be found on our Investor Relations website.

此外，我們在評論中可能會提及非 GAAP 財務衡量指標。非 GAAP 財務衡量指標的說明與調節表已包含在我們的新聞稿中，或張貼於公司網站的投資人關係專區。另外，我們也提供了一份簡報，彙整新聞稿與今天電話會議的重點，同樣可在投資人關係網站上找到。

I am now pleased to introduce John Watwood, our President and CEO, who will begin today's call.

現在我很高興介紹我們的總裁暨執行長 John Watwood，他將開始今天的電話會議。

Thanks, Kristin. Good morning, everyone, and thank you for joining our call. Before we cover the first -- the quarter, I first want to thank our employees for their tireless efforts and their dedication to our customers day in and day out, especially during these critical pool season months. I also want to take a moment as this is my first earnings call as POOLCORP's CEO, to share my perspective on our business and where we are headed.

謝謝你，Kristin。各位早安，感謝各位參加我們的電話會議。在我們回顧本季之前，我想先感謝員工不懈的努力，以及他們日復一日對客戶的投入與奉獻，尤其是在泳池旺季這些關鍵月份。我也想藉此機會，因為這是我以 POOLCORP 執行長身分主持的第一次財報電話會議，分享我對我們業務的看法以及我們的前進方向。

I came into POOLCORP with a deep appreciation for what makes distribution businesses successful. Branch-level execution, strong supplier partnerships, technical sales expertise, disciplined inventory and service level management, and seamless coordination across local markets, these capabilities have supported POOLCORP's value proposition for more than 30 years and provide us a strong foundation for continued growth.

我加入 POOLCORP 時，對於讓通路分銷型企業成功的關鍵有深刻的理解與重視。分公司層級的執行力、強健的供應商夥伴關係、技術型銷售專業、嚴謹的庫存與服務水準管理，以及跨在地市場的無縫協作——這些能力 30 多年來一直支撐著 POOLCORP 的價值主張，也為我們持續成長提供了堅實基礎。

Additionally, the structural drivers of POOLCORP's business model are powerful: a large installed base of pools that naturally grows each year and generates recurring revenues from ongoing maintenance and periodic remodel activities, a professional customer base that depends on our scale, and service and a distribution network that is difficult to replicate. With our eye set on crisp execution, I believe we can continue to generate above-market growth and control how we respond to any type of industry backdrop.

此外，POOLCORP 商業模式的結構性驅動因素十分強勁：龐大的既有泳池裝機基礎每年自然成長，並透過持續維護與週期性翻新活動帶來經常性收入；仰賴我們規模與服務的專業客戶群；以及難以複製的通路與配送網路。在我們專注於精準執行的前提下，我相信我們能持續創造高於市場的成長，並掌握在任何產業環境下的應對方式。

Our fundamental strategy is unchanged. We aim to be the best worldwide distributor of outdoor lifestyle products by growing our share with our customers, building density in our network, and executing consistently across every market we serve. Our products must be on the shelves when the customer walks in the door and when it comes down to service, supplier relationships, and operational discipline. Every investment and initiative we make has to support the customer experience, strengthen supplier relationships, improve productivity, and generate an appropriate return. If it doesn't, we don't do it and where it does, we will invest with discipline.

我們的基本策略維持不變。我們的目標是成為全球最優秀的戶外生活風格產品分銷商，透過提升在客戶中的市占、提高網路密度，並在我們服務的每個市場持續一致地執行。我們必須在客戶進門時就讓產品上架到位，並在服務、供應商關係與營運紀律方面做到位。我們所做的每一項投資與倡議，都必須支持客戶體驗、強化供應商關係、提升生產力，並創造適當的報酬。如果做不到，我們就不做；若能做到，我們將以紀律進行投資。

Deliver on that strategy, we are focused on four priorities, each built to grow the business. First, sales excellence. Our growth starts with serving our customers better than anyone else. We are equipping our sales teams with the talent, training, and tools to help our existing customers grow their business with us and to broaden our reach to new customers. Our digital platform, our proprietary products, and the expertise in every call centers are how we deliver that value. When we make our customers more successful, we capture share, and we grow.

為了落實這項策略，我們聚焦四項優先事項，每一項都以推動業務成長為目標。第一，銷售卓越。我們的成長始於比任何人都更好地服務客戶。我們正為銷售團隊配置人才、訓練與工具，協助既有客戶與我們一起擴大其業務，同時拓展我們對新客戶的觸及。我們的數位平台、自有專有產品，以及各客服中心的專業能力，都是我們交付價值的方式。當我們讓客戶更成功時，我們就能取得市占並實現成長。

Second, pricing and supply chain discipline: pricing sharply and competitively, running strong chemical, and building materials playbooks and growing our private label and proprietary brands, which deepen customer loyalty and strengthen our margins. Third, operational execution: running our sales centers with speed and consistency, holding a high service standard across all 455 locations and getting our recently opened greenfields to their full potential.

第二，定價與供應鏈紀律：以精準且具競爭力的方式定價，建立強而有力的化學品與建材作戰手冊，並擴大我們的自有品牌與專有品牌，進一步深化客戶忠誠度並強化我們的毛利率。第三，營運執行：以速度與一致性營運我們的銷售中心，在全部 455 個據點維持高服務標準，並讓近期新設的綠地據點發揮其全部潛力。

And fourth, growth through disciplined M&A: adding density, new markets, and capabilities where the operational and financial fit is clear. Together, these four priorities are how we drive profitable growth, widen our competitive advantages, and create long-term value for our shareholders.

第四，透過具紀律的併購實現成長：在營運與財務契合度明確之處，增加網路密度、拓展新市場與能力。綜合而言，這四項優先事項將推動我們的獲利成長、擴大競爭優勢，並為股東創造長期價值。

None of this works without our people. At every level of the organization, our team should know what's expected of them, understand how their work matters, and feel empowered to serve our customers. Over the last six months, I've spent significant time in the field with our operators, customers, and suppliers, met with employees across various functions, levels, and locations, and more recently with our shareholders. Everything I've seen and heard confirms what excited me about joining POOLCORP. This is a great business built by passionate employees, the best suppliers, and hundreds of thousands of customers who trust us to service and partner with them.

沒有我們的人才，這一切都無法實現。在組織的每個層級，我們的團隊都應清楚知道對他們的期待、理解自身工作的重要性，並感到有權能去服務客戶。過去六個月，我花了大量時間在第一線與我們的營運團隊、客戶與供應商相處，也與不同職能、層級與地點的員工會面，最近也與股東交流。我所見所聞的一切，都印證了我加入 POOLCORP 時最感到振奮的原因。這是一門由充滿熱情的員工、最優秀的供應商，以及數十萬名信任我們、讓我們為其服務並與其合作的客戶所打造的卓越事業。

I am proud to lead POOLCORP's global team of employees as we work to deliver even higher levels of performance.

我很榮幸能領導 POOLCORP 的全球員工團隊，並與大家一起努力交付更高水準的績效表現。

Now I'll discuss how the business performed during the quarter, and Melanie will take you through the financial detail.

接下來我將說明本季的業務表現，Melanie 會帶各位深入了解財務細節。

Net sales grew 2% in the second quarter, a result that reflects the resilience of our model, as strength in our reoccurring maintenance business and continued share gains in building materials offset a soft new construction and discretionary environment. Where we serve our customers best, we win. Our large and growing installed base drove healthy recurring maintenance demand.

第二季淨銷售額成長 2%，此結果反映了我們模式的韌性；經常性維護業務的強勁表現，以及建材領域持續的市占提升，抵銷了新建案與非必需性需求環境的疲弱。在我們最能把客戶服務好的地方，我們就能勝出。我們龐大且持續成長的既有裝機基礎，帶動了健康的經常性維護需求。

Building materials grew 4%, and that outperformance reflects our national full trend showrooms, our product breadth, and the way our teams help builders bring their projects to life. Our proprietary and private label offerings continue to gain traction and POOL360 reached 18% of sales, deepening how our customers engage with us, and extending our reach.

建材成長 4%，這樣的優於市場表現反映了我們全國性的完整趨勢展示間、產品廣度，以及團隊協助建商將專案落地實現的方式。我們的專有產品與自有品牌產品持續獲得市場動能，POOL360 的銷售占比達到 18%，加深客戶與我們互動的方式，並擴大我們的觸及範圍。

In Europe, sales grew 11% on strong demand and improving sentiment. The softness we saw was concentrated where the cycle is weakest. New pool construction stayed muted as US pool permits are tracking down low single digits year-to-date, and discretionary demand remain measured, felt most in our year-round markets.

在歐洲，受惠於強勁需求與情緒改善，銷售成長 11%。我們看到的疲弱主要集中在景氣循環最弱的區域。新泳池建造仍然低迷，因為美國泳池許可證年初至今的趨勢為低個位數下滑，而非必需性需求仍偏審慎，全年型市場感受最為明顯。

Our overall sales in California, Texas, and Arizona were down mid-single digits, and Florida declined 1%. Much of that drag was our Horizon irrigation and landscape business, which is concentrated in those markets and saw further pressure as residential projects slowed.

我們在加州、德州與亞利桑那州的整體銷售下滑約中個位數，佛羅里達州則下滑 1%。其中相當一部分拖累來自我們的 Horizon 灌溉與景觀業務，該業務集中於上述市場，且隨著住宅專案放緩而承受更大壓力。

Our seasonal markets, by contrast, grew 6%. Equipment grew 3% on price and repair-related demand, while chemicals declined 2% on pricing. Sales to retail customers were down 1%, and Pinch A Penny franchise sales were flat.

相較之下，我們的季節性市場成長 6%。設備在價格因素與維修相關需求帶動下成長 3%，而化學品因定價因素下滑 2%。對零售客戶的銷售下滑 1%，Pinch A Penny 加盟體系銷售持平。

On gross margin, higher inbound freight was the primary pressure, and it's an area we're actively working to offset. Melanie will cover the additional details behind our gross margin performance and implications to the full year.

在毛利率方面，較高的進口運費是主要壓力來源，我們正積極努力加以抵銷。Melanie 將進一步說明毛利率表現背後的細節，以及對全年表現的影響。

Consistent with our productivity first posture, we remain deliberate on network expansion, adding one location in a key US pool market and closing one Horizon location. The greenfields we've opened over the past year continue to ramp, and their performance is improving. The class of 2022 and the remaining classes are trending in the right direction, but we still have room to grow as these locations mature.

秉持我們「生產力優先」的立場，我們在網路擴張上仍保持審慎，在美國一個關鍵的 POOL 市場新增一個據點，並關閉一個 Horizon 據點。我們在過去一年開設的綠地據點持續爬坡，其表現也在改善。2022 年開設的那一批以及其餘批次的據點趨勢朝正向發展，但隨著這些據點逐步成熟，我們仍有成長空間。

Across the rest of our network, ongoing process improvements and the continued adoption of our digital tools remain a focus for driving efficiency and productivity and getting more from the investments we've already made. Taken together, the quarter reinforces our strategy and our confidence, and we remain on track to achieve our adjusted earnings guidance range of $10.87 a share to $11.17 a share.

在我們網路的其餘部分，持續的流程改善與我們數位工具的持續導入，仍是推動效率與生產力、並從既有投資中取得更多效益的重點。綜合而言，本季再次印證了我們的策略與信心，我們仍按計畫達成調整後每股盈餘指引區間：每股 10.87 美元至 11.17 美元。

In closing, I would like to emphasize how honored I am to lead the POOLCORP team and generate further value from the fundamentals of our business and the investments in place over the past several years. We compete in large markets with recurring repeat demand, and I don't take for granted the advantages we have built to serve them, a distribution network that's hard to replicate supplier relationships built over decades and one of the broadest product assortments in the industry.

最後，我想強調，能夠領導 POOLCORP 團隊，並在我們業務基本面與過去數年既有投資的基礎上創造更多價值，我深感榮幸。我們在具備經常性、重複性需求的大型市場中競爭；我不會把我們建立的優勢視為理所當然——包括難以複製的配送網路、數十年建立的供應商關係，以及業界最廣泛的產品組合之一。

We are continually investing in tools and services that make it simpler for customers to grow their businesses with us, and we are doing that from a position of financial flexibility with ample capital available to reinvest, positioning us to emerge stronger as the cycle recovers. I'm grateful to our employees, suppliers, and customers for the solid foundation they have built.

我們持續投資於工具與服務，讓客戶更容易與我們一起擴展其業務；同時，我們是在具備財務彈性的狀態下推動這些投資，擁有充足資本可再投資，使我們在景氣循環復甦時能以更強的姿態脫穎而出。我感謝我們的員工、供應商與客戶，為我們奠定了堅實的基礎。

I will now turn the call over to Melanie Hart, our Chief Financial Officer, to review our second quarter results in more detail.

接下來我將把電話會議交給我們的財務長 Melanie Hart，請她更詳細地回顧第二季業績。

Thank you, John, and good morning, everyone. We delivered a solid second quarter, growing sales to $1.8 billion, holding expenses tight, and generating strong earnings. Net sales increased 2% over prior year, with a 3% contribution from pricing as we lap prior year mid-season vendor price increases. We were pleased to see that building materials volume grew again even with softer demand in other discretionary categories and noted a 2% decline in chemicals on lower pricing.

謝謝你，John，各位早安。我們第二季表現穩健，銷售額成長至 18 億美元，嚴控費用，並創造強勁獲利。淨銷售額較去年同期增加 2%，其中 3% 來自定價貢獻，因為我們已經度過去年年中供應商調價的比較基期。我們很高興看到，即使其他可選消費類別需求較疲弱，建材銷量仍再度成長；同時也注意到化學品因價格較低而下滑 2%。

Gross profit grew 1% to $541 million, with a gross margin of 29.7%, down 30 basis points year-over-year. Product mix overall was neutral. The decline was driven primarily by inbound freight costs which we were not able to fully recoup in selling price this quarter and by unfavorable customer mix as we saw a higher portion of our sales from larger customers. Supply chain gains partially offset these areas. We made strong progress on expense discipline this quarter, managing adjusted operating expense growth down to 1% from 5% in the first quarter.

毛利增加 1% 至 5.41 億美元，毛利率為 29.7%，年減 30 個基點。整體產品組合影響中性。毛利率下滑主要由於進口運費成本上升，而本季我們無法在售價中完全回收；以及客戶組合不利，因為來自大型客戶的銷售占比提高。供應鏈改善的效益部分抵銷了上述影響。本季我們在費用紀律方面取得重大進展，將調整後營業費用成長率從第一季的 5% 降至 1%。

Our continued focus on capacity absorption, cap compensation, and outbound freight costs well managed. As reported, operating expenses were $273 million, up 4%. The adjusted figure excludes a onetime $8.3 million charge, primarily the non-cash acceleration of unvested equity grants tied to the CEO transition.

我們持續聚焦於產能吸收、封頂式薪酬（cap compensation），並妥善管理出貨運費成本。按申報口徑，營業費用為 2.73 億美元，增加 4%。調整後數字排除了一筆一次性 830 萬美元費用，主要為與 CEO 交接相關、對尚未歸屬的股權授予進行非現金加速認列。

Adjusted operating income increased 1% to $276 million, with an operating margin of 15.1%. Reported operating income was $268 million a decrease of 2% versus prior year. Interest and other expenses increased $2 million versus the second quarter of last year, driven by higher average debt outstanding. Adjusted net income increased 1% to $196 million. On a reported basis, net income was $188 million, down 3% from a year ago.

調整後營業利益增加 1% 至 2.76 億美元，營業利益率為 15.1%。按申報口徑，營業利益為 2.68 億美元，較去年同期下降 2%。利息及其他費用較去年第二季增加 200 萬美元，主要因平均未償債務餘額較高。調整後淨利增加 1% 至 1.96 億美元。按申報口徑，淨利為 1.88 億美元，較一年前下降 3%。

Without the after-tax impact of CEO transition costs, earnings per diluted share increased 4% to $5.38 compared to $5.17 in the second quarter of last year. As reported, earnings per diluted share was $5.17 in both periods.

若不計入 CEO 交接成本的稅後影響，稀釋後每股盈餘增加 4% 至 5.38 美元，去年第二季為 5.17 美元。按申報口徑，兩個期間的稀釋後每股盈餘皆為 5.17 美元。

Next, I will discuss our balance sheet and capital allocation. Inventory increased 4% to $1.4 billion at June 30, compared to $1.3 billion at the end of second quarter of prior year. Consistent with the seasonal early buy and opportunistic purchases we discussed last quarter and the normal seasonal (inaudible) we anticipated, we sold through our peak season stocking levels, moderating year-over-year inventory growth. We are comfortable with the quality and positioning of our inventory.

接下來我將說明資產負債表與資本配置。截至 6 月 30 日，存貨增加 4% 至 14 億美元，去年第二季末為 13 億美元。如同我們上季所討論的季節性提前採購與機會性採購，以及我們預期的正常季節性（聽不清），我們已在旺季期間消化了高峰備貨水位，使存貨年增幅趨於緩和。我們對存貨的品質與配置位置感到安心。

Second quarter represents our peak debt levels as we stock up for seasons and pay vendor early by payments, ahead of cash collections on in-season sales. Total debt was $1.3 billion, an increase of $111 million over the past 12 months. Our weighted average effective interest rate improved to 4.3% from 4.7% last year as we continue to benefit from our swap agreements that are in place and expire in February of 2027. At $1.78 billion, we remain within our expected debt leverage ratio of 1.5 to 2 times.

第二季代表我們的債務高峰水位，因為我們為季節備貨，並在旺季銷售現金回收之前，先行向供應商進行提前付款。總債務為 13 億美元，過去 12 個月增加 1.11 億美元。我們的加權平均有效利率由去年的 4.7% 改善至 4.3%，因我們持續受惠於既有的利率交換協議，該協議將於 2027 年 2 月到期。在 17.8 億美元水位下，我們仍維持在預期的債務槓桿比率 1.5 至 2 倍範圍內。

On capital allocation, we are anticipating another strong cash flow year, with cash from operations expected to come in around 100% of net income. We returned capital to shareholders through dividends and share repurchases, paying $93 million in dividends and completing approximately $86 million in share repurchases year-to-date. In April, our Board increased our share repurchase authorization to $600 million, of which $580 million remains available. As a reminder, the second half of the year as we exit the season is when we generate the bulk of our operating cash flow.

在資本配置方面，我們預期今年仍將是強勁的現金流年度，營運活動現金流預計約為淨利的 100%。我們透過股利與庫藏股回購向股東返還資本，今年迄今已支付 9,300 萬美元股利，並完成約 8,600 萬美元的股票回購。4 月時，董事會將股票回購授權提高至 6 億美元，目前仍有 5.8 億美元可用額度。提醒一下：每年下半年在旺季結束、退出季節時，是我們產生大部分營運現金流的期間。

With the first half behind us, here's how we see the balance of the year. We expect trends consistent with year-to-date. On pricing, that means higher inflation on equipment, modest inflation on all other products, and continued chemical pricing drag. On the demand side, slight growth in the maintenance portion of the business, some incremental remodel activity, and still soft but stable pool builds. Together, we expect low single-digit top line growth for the full year with approximately 2% to 3% from pricing. The benefit from pricing is expected to be lower in the second half of the year.

上半年已過，以下是我們對今年剩餘期間的看法。我們預期趨勢將與年初至今一致。在定價方面，這意味著設備通膨較高、其他所有產品為溫和通膨，以及化學品價格持續帶來拖累。在需求方面，維護保養業務小幅成長、翻新改造活動略有增加，而泳池新建仍偏弱但保持穩定。綜合而言，我們預期全年營收將呈低個位數成長，其中約 2% 至 3% 來自定價。預期下半年定價帶來的效益將較低。

Second quarter margins reflected higher inbound freight and an unfavorable customer mix. We still expect pricing and supply chain benefits in the second half. However, on a comparable basis, these are tempered by last year's mid-season price increases. Given the second quarter's weight in the year, we now expect full year gross margin approximately 30 basis points below prior year versus in line previously.

第二季毛利率反映了較高的進口運費以及不利的客戶組合。我們仍預期下半年將受惠於定價與供應鏈改善。然而，在可比基礎上，這些效益會受到去年年中調價的影響而有所抵銷。考量第二季在全年中的權重，我們目前預期全年毛利率將較去年低約 30 個基點；先前的預期為與去年大致持平。

We are pleased with the expense progress we made in the second quarter, and we will continue to operate efficiently through the rest of the year. As a result, we expect adjusted operating expenses to be an increase of approximately 2% to 3% for the full year, including a modest amount of incentive compensation recovery over the prior year. This likely will be an expense increase on the higher end in the third quarter and lower end in the fourth quarter. This is because the fourth quarter prior year had incremental IT expenses that are not expected to reoccur in 2026.

我們對第二季在費用方面取得的進展感到滿意，並將在今年剩餘期間持續以高效率營運。因此，我們預期全年調整後營業費用將增加約 2% 至 3%，其中包含相較去年小幅回升的激勵性薪酬。這可能使第三季的費用增幅偏向區間高端，而第四季偏向低端。原因是去年第四季有額外的 IT 費用，預期在 2026 年不會再發生。

We have opened fewer new sales centers this year, so these additional investments have moderated as we continue to focus on expanding profitability at the greenfield locations opened over the last several years. Interest expense is still estimated to be between $49 million and $51 million.

今年我們新開設的銷售中心較少，因此在我們持續聚焦於提升過去幾年新設綠地據點（greenfield locations）獲利能力的同時，這些額外投資已趨於溫和。利息費用仍預估介於4,900萬至5,100萬美元之間。

Our full year tax rate is forecasted to be approximately 25%, with a lower rate in the third quarter and no additional benefit from ASU for the remainder of the year. Our weighted average shares outstanding are expected to be approximately 36.4 million, reflecting the incremental share repurchases completed to date.

我們預估全年有效稅率約為25%，第三季稅率較低，且今年剩餘期間不再有來自ASU的額外利益。加權平均流通在外股數預期約為3,640萬股，反映截至目前已完成的增量庫藏股回購。

Within our full year outlook, the puts and takes have shifted modestly. We now expect slightly better top-line growth, offset by lower gross margin, largely reflecting the higher inbound freight and customer mix we saw this quarter.

在我們的全年展望中，利多與利空因素出現了些許變化。我們目前預期營收端成長略優，但將被較低的毛利率所抵銷，主要反映本季我們看到較高的入境運費以及客戶組合的變化。

On balance, these roughly offset. As a result, our underlying adjusted earnings guidance is unchanged at $10.87 to $11.17. In the current quarter, we recognized $0.21 related to onetime CEO transition expenses, have updated our diluted EPS range to $10.66 to $10.96.

整體而言，這些因素大致相互抵銷。因此，我們的核心調整後盈餘指引維持不變，仍為每股10.87至11.17美元。本季我們認列了每股0.21美元的一次性CEO交接相關費用，並已將稀釋後EPS區間更新為每股10.66至10.96美元。

We see this playing out largely as we expected, and our team executed well through the peak months. We are focused on a clear set of strategic priorities across sales, pricing, supply chain, and operations, aimed at unlocking profitability and extending our competitive advantage.

我們看到情勢的發展大致符合預期，而我們的團隊在旺季月份的執行表現良好。我們聚焦於銷售、定價、供應鏈與營運等面向的一組明確策略優先事項，目標在於釋放獲利能力並延伸我們的競爭優勢。

While our gross margin reflects cyclical pressure from this environment, we view it as temporary rather than structural. We continue to expand our network in a way that strengthens our competitive position for the long term, and we're confident that the actions we're taking today will leave us better positioned as discretionary demand recovers.

雖然我們的毛利率反映了此環境帶來的景氣循環壓力，但我們認為這是暫時性的，而非結構性的。我們持續以能強化長期競爭地位的方式擴張網絡，並有信心我們今天採取的行動，將使我們在可選性需求回升時處於更有利的位置。

We will now move to our question-and-answer session.

接下來我們將進入問答環節。

(Operator Instructions) David Manthey, Baird.

(接線員指示) David Manthey，Baird。

John, relative to the four priorities here, just a couple of questions. One on M&A, if you could outline broad areas that might be attractive to you? And then two, on operational execution, could you talk about any fine-tuning actions around the sales force or branch economics that you've initiated so far?

John，針對這四項優先事項，我有幾個問題。第一個關於併購（M&A），你能否概述一下哪些大方向的領域可能對你們具有吸引力？第二個關於營運執行，你能否談談截至目前你們在銷售團隊或分支據點經濟效益方面，已啟動的任何微調措施？

Yeah. Thanks. So look, on the M&A piece, obviously, tuck-ins, anything that's called a business, we would be super interested in, and that's where our focus has been. And then as you break that down a little further, you get to more product category-specific opportunities. Outside of that, everything's got to have the right strategic fit, cultural, financial fit as well. So I think that pretty much summarizes where our views are without giving too much detail or information.

好的。謝謝。關於併購部分，顯然我們對補強型收購（tuck-ins）——任何可稱之為一門生意的標的——都會非常有興趣，而這也一直是我們的重點。再進一步拆解，就會看到更偏向特定產品類別的機會。除此之外，所有標的都必須具備正確的策略契合度，以及文化與財務上的契合。我想在不透露過多細節或資訊的前提下，這大致總結了我們的看法。

On the operational execution, when you think about sales in an operational execution, we've already made some investments in both of those areas and looking to refine what we're getting out of it and iterate as needed, right? So we're now in season where we're seeing kind of what's working and maybe what needs to be peaked a little bit. So without getting in too much detail there, I'm pleased with where we're at. I think, we'll get a little sharper focus in some areas around some of our product category specific initiatives.

至於營運執行，當你把銷售納入營運執行來看，我們在這兩個領域都已經做了一些投資，現在則希望精煉投資成效，並視需要反覆調整，對吧？因此我們正處於一個季節性階段，能看出哪些做法有效、哪些可能需要再加強一些。在不深入細節的情況下，我對目前的進展感到滿意。我認為我們會在某些產品類別的專項推動上，讓焦點更為銳利。

But overall, you can't really change too much in season. It's just all about execution right now. So any kind of big changes come after we get through the season as we prepare the next selling season going into 2027.

但整體而言，在旺季期間其實不太能做太多改變。現在重點就是執行。任何較大的變革都會在旺季結束後進行，並在我們為下一個銷售季做準備、邁向2027年時推動。

Makes sense. And then as a follow-up, we've discussed this before, but I was hoping you could talk about it in this forum. The market seems skeptical about your ability to gain market share, I mean, the stock market and investors in general. Could you just outline some of the key areas where you think Pool can gain incremental share within the business?

了解。接著追問一下，我們之前討論過，但我希望你能在這個場合談談。市場似乎對你們提升市占率的能力抱持懷疑——我是指股市以及投資人整體而言。你能否概述一下，你認為Pool在業務中可以在哪些關鍵領域取得額外市占？

Yeah. Look, we have -- I think we've got a lot of right win when it comes to building materials and when it comes to chems and I think even in other areas, with some better connectivity down the organization throughout the industry as well. I believe we have a lot of opportunities now. I've obviously been out meeting with a lot of customers. And I think first step of that is listening to the customers and understanding where they're at, where they're going, and how they view us right now and where we need to pivot.

好的。你看，我們——我認為在建材以及化學品（chems）方面，我們有很多有利條件；我想即便在其他領域也是如此，並且在整個產業內、組織上下之間若能有更好的連結性，也會帶來助益。我相信我們現在有很多機會。我當然也一直在外面拜訪許多客戶。我認為第一步就是傾聽客戶，了解他們目前的狀況、未來走向、他們現在如何看待我們，以及我們需要在哪些地方轉向調整。

And secondarily, it's with our suppliers as well, how do we make sure we're the best partner, the best go-to-market channel for them. So I think when you take all that input, and you look at where we're at and where we're going, I believe we got a heck of a network to build off of for sure, right? So the foundation is there, and we've got a lot of capacity we can pull through that network.

其次也包括我們的供應商——我們如何確保自己是他們最好的合作夥伴、最好的市場推進通路。因此我認為把所有這些意見整合起來，再看我們現在的位置與未來方向，我相信我們確實擁有一個非常強大的網絡可以作為發展基礎，對吧？所以基礎已經在那裡，而且我們有很大的產能可以透過這個網絡導入與放大。

We let know what the market is telling us. We adjust. We execute on that. I think our ability to go gain share is substantial.

我們會了解市場在告訴我們什麼。我們會調整。我們會據此執行。我認為我們取得市占的能力相當可觀。

Susan Maklari, Goldman Sachs.

Susan Maklari，Goldman Sachs。

My first question is, building off of your last answer, John, you mentioned listening to the customers. I guess when you've been out there, can you talk a bit about what you are hearing from customers about POOLCORP, what's working, what's not working, and how that is shaping the strategy and the areas that you're focused on?

我的第一個問題是，延續你剛才的回答，John，你提到在傾聽客戶。我想問的是，當你在外面與客戶交流時，你能否談談你從客戶那裡聽到關於POOLCORP的看法：哪些做得好、哪些做得不夠好，以及這如何形塑你們的策略與你們聚焦的領域？

Yeah. So I'm going to give you somewhat direct quote that I've heard several times, is that POOLCORP is really good at doing the hard stuff. And I think when you want to break that down and say, what's the hard stuff? I mean, that's the operational execution day in, day out within and outside four walls. I believe that's a testament to just have in the decades of running a very large, very efficient network that we continue to improve and continue to iterate on.

好的。我給你一段我聽過好幾次、算是相當直接的原話：POOLCORP非常擅長做「困難的事」。如果要拆解一下，什麼是困難的事？我的意思是，在四面牆內外，日復一日的營運執行。我認為這證明了我們數十年來經營一個非常龐大、非常高效率的網絡的能力，而我們也持續改善、持續迭代。

Do I feel like we can be more aggressive in commercial? Of course, I can. That's why I've been harping on that. And I believe just the connectivity throughout the organization is key. I think it's a key part of winning in this industry.

我是否覺得我們在商用（commercial）領域可以更積極？當然。這也是我一直反覆強調的原因。而我相信，組織內部上下的連結性至關重要。我認為這是贏得這個產業競爭的關鍵一環。

And that's really what I've heard from feedback, is they want to learn more about where Pool is going they want to hear more from the executive team, and we're going to make sure we're more, I would say, vocal and present with industry associations and -- with all of our customers as possible. So that's really the two main, I'd say, feedback components I've gotten, and it's been -- overall, it's been super positive.

而這也正是我從回饋中聽到的：他們想更了解Pool將往哪裡走、想從管理團隊聽到更多；我們也會確保自己在產業協會——以及在所有可能的情境下，對所有客戶——更為積極發聲並更常出現。所以我會說，這就是我收到的兩個主要回饋面向，而整體而言——整體回饋非常正面。

Okay. Okay. That's great color. It's good to hear. And then when you think about the four initiatives that you outlined, are there some that perhaps need to come before others? Are you focused on all four sort of equally? Can you just give us any sense of how they sort of stack up? And then how you're thinking about the level of investment that's required as you pursue these initiatives?

好的。好的。這些補充資訊很有幫助。很高興聽到。那麼，當你思考你剛才概述的四項倡議時，是否有些可能需要先於其他項目推進？你是否對這四項大致同等著力？你能否讓我們了解一下它們大概的優先順序如何排列？另外，在推進這些倡議時，你如何看待所需的投資水準？

Yeah. Well, I mean, it all starts when you sell something, right? So that's where our focus is at. And that's a broad statement. That's got a lot up under it, right? That's ground level execution, connectivity throughout the organization, the (inaudible) operational execution that comes under it as well. So those would be the two primaries if we're going to rank anything here. And of course, pricing supply chain falls under that as well in its own category.

是的。嗯，我的意思是，一切都從你賣出某樣東西開始，對吧？所以我們的重點就在那裡。而這是一個很廣泛的說法。它底下涵蓋很多內容，對吧？包括第一線的執行、整個組織的連結性，以及其下的（聽不清）營運執行。所以如果要在這裡做任何排序，這兩項會是最主要的。當然，定價與供應鏈也會歸在其中，並且各自成為一個類別。

M&A, M&A is opportunistic. So you got to have a willing buyer, you got to have a willing seller, and all the other stars have to align, so you take that as you can get it.

併購，併購是機會導向的。所以你得有願意的買方、願意的賣方，還有其他所有條件都要到位，因此能遇到就把握。

As far as the level of investment, again, when you've got the network we have already, there's no significant major investments that really need to be made to execute on a lot of this. M&A stands on its own. It's whatever the price is. But when you think about, again, sales excellence, pricing, supply chain discipline, operational execution, we got a lot under our roof right now that we continue to refine. We continue to leverage. So I'm pretty excited about what the future holds for us.

至於投資水準，再次強調，考量到我們已經擁有的網路規模，為了執行其中很多事項，其實不需要進行重大的資本投資。併購則是另一回事。那就是看價格是多少。但如果你想到的是銷售卓越、定價、供應鏈紀律、營運執行，我們目前在公司內部已經具備很多能力，並持續精進。我們也持續加以運用。所以我對我們未來的發展非常期待。

David MacGregor, Longbow Research.

David MacGregor，Longbow Research。

John, you talked about sort of leveraging some of the investments that have been made up to this point and sort of transitioning, I guess, from sort of investment mode to leveraging those investments mode. Can you just talk specifically about the technology investments and the opportunity that you see there?

John，你談到要善用截至目前已完成的一些投資，並且我想是從「投資模式」轉向「發揮投資效益的模式」。你能否具體談談科技投資，以及你在那裡看到的機會？

Yeah, yeah. So there's been a lot of investment in technology, been a lot of conversation about it. Excited to say, as you saw in our release that POOL360 adoption is 18%. That's a record.

是的，是的。我們在科技方面投入了很多，也談了很多。很高興地說，正如你在我們的新聞稿中看到的，POOL360 的採用率達到 18%。這是新高。

So we're starting to see a lot more integrations in that area, I'd say a continued acceleration in integrations. We're having some conversations about other pieces and parts of the business, what those investments are giving us right now, I'd say, so far, very positive. When we look at water test, we've got some integrations going on with service as well.

所以我們開始在那個領域看到更多整合，我會說整合持續加速。我們也在討論業務的其他部分，這些投資目前帶給我們什麼成果；到目前為止，我會說非常正面。當我們看水質檢測時，我們也在與服務端進行一些整合。

So I would say that the summary of that overall is we've made the right investments. We're going to continue to listen to the customer and continue to iterate in the right directions in the right areas, and that's really where our focus is right now, again, continue to benchmark where our right to win is. But I'm pleased with them, good to have them behind us, and then we just got to continue to increase our return out of those investments. But again, when you look at the 18% adoption in POOL360, continues to increase, that's a very positive sign.

所以我會說整體總結是：我們做了正確的投資。我們會持續傾聽客戶，並在正確的方向、正確的領域持續迭代；這就是我們目前的重點，同樣地，持續對標我們的致勝權所在。但我對這些投資的成果感到滿意，很高興它們已經完成，接下來我們只需要持續提高這些投資的報酬。不過再次強調，看到 POOL360 18% 的採用率且持續提升，這是一個非常正面的訊號。

Good. As a follow-up, I guess a similar question around just the profitability of private label and Horizon in Europe and some of those businesses. How do you approach that?

很好。追問一下，類似的問題是關於自有品牌以及歐洲的 Horizon 和其中一些業務的獲利能力。你們如何看待並處理這件事？

Yeah. So when we discuss private label, that's more in chems and building materials, and obviously, it's a good margin profile for us. So that's why you hear us talk about it a good bit. And that doesn't come at the expense of any other product category. We just -- that's what's been driving the business for us and provide some continued growth there. So we'll continue to double down on that and see what we can get out of the market.

是的。當我們討論自有品牌時，主要是在化學品和建材領域，而顯然這對我們而言有不錯的毛利結構。所以你會常聽到我們談這個。而這並不是以犧牲其他產品類別為代價。我們只是——這一直是推動我們業務的動力，並在那裡帶來一些持續成長。所以我們會繼續加碼投入，看看能從市場中取得什麼成果。

When you think about Horizon, yeah, it was a tough quarter for them, for sure. I mean, we typically don't mention Horizon on its own. But as you've heard others that have come out and announced that are in that space, the market's not giving us a lot of tailwind right now. So happy to say though, we brought in a new leader for Horizon as well. And so we're investing in that business.

談到 Horizon，是的，對他們來說這一季確實很艱難。我的意思是，我們通常不會單獨提 Horizon。但正如你聽到其他同業在那個領域出來公告的內容一樣，目前市場並沒有給我們太多順風。不過很高興地說，我們也為 Horizon 引進了一位新的領導者。因此我們正在投資這項業務。

We think there's a lot of potential there. It's a great group of people that are running it and that are out there executing every day. Really got some excitement through the rest of this year and see what we can do in 2027.

我們認為那裡有很大的潛力。這是一群很棒的人在經營，也在每天對外落地執行。我們對今年剩餘時間感到相當振奮，也看看 2027 年我們能做到什麼。

And then Europe was a bright spot for us. It's been very hot over there, so double-digit growth out of those guys. Super excited about their execution and what they brought to the table. And outside the heat, there's a little bit of -- the comment I heard from various sources was, a little bit of a mini COVID going on, not from the sense of COVID, but from the sense of investment in the backyard right now, people are kind of staying around the home and not taking vacations. And I think we're realizing some benefits to some of those investments.

另外，歐洲對我們而言是一個亮點。那邊天氣非常炎熱，所以他們實現了兩位數成長。我們對他們的執行力以及帶來的成果感到非常興奮。除了高溫之外，還有一點——我從各種來源聽到的說法是，有點像「迷你 COVID」正在發生，不是指 COVID 本身，而是指目前大家在後院/居家環境上的投資：人們有點傾向待在家裡、不去度假。我想我們正在從這些投資中看到一些好處。

Ryan Merkel, William Blair.

Ryan Merkel，William Blair。

First topic is just on revenue trends and cadence in the quarter. Just would love to hear how the quarter played out on a monthly basis. And then any comments on how July is starting?

第一個主題是關於營收趨勢以及本季的節奏。很想聽你談談這一季按月來看是如何發展的。另外，7 月開始的情況有什麼評論嗎？

Yeah. On the revenue trends, there wasn't really anything significantly different when you look at the months across the quarter. For us, when you get into season, you don't see that same level of variability as you do in the first quarter or the fourth quarter. So no real major differences there.

是的。就營收趨勢而言，若看本季各月份，其實沒有什麼顯著不同。對我們來說，進入旺季後，你不會像第一季或第四季那樣看到同等程度的波動。所以那裡沒有什麼重大的差異。

And I would say July is pretty much on point with -- as we look at kind of our forward-looking guidance. We talk about our expectations for second half would be a little bit less price because we're lapping those mid-season price increases that took effect really late April, May last year. And so that's coming through. But from the volume discretionary spend, no significant difference there in July.

我會說 7 月的表現基本上符合——就我們對前瞻性指引的看法。我們談到下半年預期價格因素會少一些，因為我們正在對比去年 4 月底、5 月才真正生效的季中漲價所形成的高基期。所以這正在反映出來。但就銷量與可選性支出而言，7 月沒有顯著差異。

Got it. Okay. And then just a question on page 4. In terms of Horizon, do you think it gets any better in the second half? Or is it going to kind of stay down mid-single digits?

了解。好的。另外一個問題在第 4 頁。就 Horizon 而言，你認為下半年會有所改善嗎？還是會大致維持在中個位數的下滑？

And then the big four states there, all of those are negative. I'm curious, is that just chem deflation in the new pool market week? Just talk about why that was.

然後那裡的四個大州，全部都是負的。我想了解，這只是新泳池市場那一週的化學品通縮嗎？請談談為什麼會這樣。

Yeah. So on the Horizon side, that is -- Horizon has a little bit, when you think about the mix of products, they generally have more commercial and they're also more tried to residential, so that's really what's kind of creating that drag overall in the Horizon market, is just the mix there and the timing of those commercial products -- projects.

是的。所以在 Horizon 這邊——Horizon 在產品組合上，你如果去想，他們一般商用占比更高，而且也比較偏向住宅端，所以在 Horizon 市場整體造成拖累的，主要就是那邊的組合，以及那些商用產品——專案的時點。

And then on the sales by state, kind of across the board, you would see that roughly a point in each of those markets was the drag that was created by Horizon. But also, if you recall, when you looked at first quarter, we did talk out in the first quarter that we had higher early buy sales. And so some of those states that benefited from those extra early buy sales in first quarter, we had a slight shift on the blue side of the business with those sales between first and second quarter.

然後就各州的銷售來看，基本上全面來說，你會看到在每一個市場大約有 1 個百分點的拖累是由 Horizon 造成的。不過另外，如果你還記得第一季，我們確實有提到第一季有較高的提前採購（early buy）銷售。因此，一些在第一季受惠於額外提前採購銷售的州，在第一季與第二季之間，我們在藍色業務那一側的銷售出現了些微的移轉。

I see. So absent some of that first quarter, sort of, I guess, pull forward, if you will, or timing, nothing's really changed in those big states? Is that the right way?

了解。所以如果排除第一季那種——我想你可以說是提前拉貨或時點因素——那些大州其實沒有真正改變什麼？這樣理解對嗎？

That's right. That's right way to look at it.

沒錯。這樣看是對的。

Trey Grooms, Stephens.

Trey Grooms，Stephens。

This is Ethan on for Trey. First, John, I wanted to start off on the efficiencies and productivity piece mentioned within the new strategic priorities. You guys have been focused on capacity absorption here for the last couple of quarters. You've opened something in the range of 50 new sales centers over the past five years. Obviously, at different parts of the cycle.

我是 Ethan，代 Trey 發言。首先，John，我想先從你們在新策略優先事項中提到的效率與生產力談起。過去幾季你們一直聚焦在產能吸收。過去五年你們大概新開了約 50 個銷售中心。顯然是在景氣循環的不同階段。

So can you just touch on the runway here in terms of improving the productivity of those recently opened locations?

所以你能否談談，就提升這些近期新開據點的生產力而言，接下來還有多大的提升空間（runway）？

Yeah. So the good news is when we open a location, it's really not a new greenfield, right? We get to see that location with a lot of existing inventory because we're typically just following where the market is going in an individual space, right? So we start from a position of at least some pretty good revenue on through. But as with any new location, right, you want to continue to refine and grow and then obviously make up the revenue. It's (inaudible) to trim to grow, right, or cut to grow.

好的。好消息是，我們開一個據點，其實並不是全新的綠地（greenfield），對吧？我們通常只是跟著單一區域市場的移動方向走，所以那個據點周邊通常已經有不少既有庫存可供我們服務。因此我們起步時，至少就能帶來相當不錯的營收。但就像任何新據點一樣，你會希望持續精進、擴張，然後當然把營收做上來。這是（聽不清）所謂為了成長而精簡，或為了成長而削減。

So as we look at those locations, those new locations we've done over the past, I'd say, few years, we're pretty pleased with the performance. But it's always going to be a one- to two- to three-year runway, especially when you're in a market that's not really giving you a ton of tailwind here. So we just have to remain focused and diligent with these, what we call, newer locations or focused stores to make sure that they become accretive or at least, I would say, in line with our broader network.

所以當我們看這些據點——過去幾年新開的據點——我們對表現相當滿意。但這通常都會是一到兩年、甚至三年的提升跑道，尤其是在一個並沒有給你太多順風的市場環境下。因此我們必須保持專注與嚴謹，針對這些我們稱為「較新據點」或「重點門市」的地方，確保它們能夠增益（accretive），或至少我會說，能與我們更廣泛的門市網路表現一致。

So overall, I mean, as we look at future greenfields, I mean, we're going to be very selective with where we need to go. Again, very specific market driven, if we feel like the market is moving somewhere we're not in, obviously, we'll make those investments. But I would say there's not a tremendous amount of new greenfields moving forward that we'll need to invest in at least in the near future.

整體來說，當我們看未來新的綠地據點時，我們會非常有選擇性地決定要去哪裡。同樣地，會非常以特定市場驅動；如果我們覺得市場正在往我們尚未布局的地方移動，當然我們會做那些投資。但我會說，至少在可預見的近期，未來不會有非常大量的新綠地據點需要我們投入。

Right. Got it. Got it. Okay. That's super helpful. And then switching gears, perhaps, Melanie, on the revision to the gross margin guide, it sounds like that revision is primarily a function of the lower 2Q gross margin and then perhaps some continued realization of these higher freight costs. So one, is that the right way to think about it? And two, from a gross margin standpoint, at what point do you expect to potentially recover the higher freight costs? Is that more of a 2027 event? Just any more color there would be great.

好的。了解。了解。好。這非常有幫助。接著換個話題，Melanie，關於你們下修毛利率指引，聽起來主要是因為第二季毛利率較低，然後可能還有這些較高運費成本的持續反映。第一，這樣理解對嗎？第二，就毛利率而言，你們預期在什麼時點可能收回（recover）較高的運費成本？這會比較像是 2027 年才會發生的事嗎？如果能多給一些說明就太好了。

Yeah. So because Q2 is such a large portion of the year, that 30 basis points, when you're looking at the year in total, it will have that impact on the year-over-year comparison. When we look out kind of third and fourth quarter, at this point, we are projecting that we will have a similar 30 basis point differential when compared to the prior year. With that being said, we acknowledge the -- what was happening early on and saw the changes and track the rates -- the higher rates that were coming in from vendors, particularly in some of those heavier density items such as the building materials.

是的。因為第二季占全年比重很大，所以那 30 個基點，當你看全年合計時，會對年對年的比較造成那樣的影響。當我們往第三、第四季看，目前我們預估相較去年仍會有類似的 30 個基點差異。話雖如此，我們也注意到——早期發生的狀況，並看到變化，並追蹤費率——供應商端上調的費率，特別是在一些高密度、較重的品項，例如建材。

And so we have actions underway that'll be starting in -- early third quarter to be able to start managing some of that. And so we are actively working to improve it, but recognize that we may not be able to recoup all of it immediately. And so, do expect to see the full year impact.

因此我們已經在推動一些措施，會在——第三季初開始啟動，以便開始管理其中一部分影響。我們正積極努力改善，但也認知到我們可能無法立刻把全部都收回。所以，確實預期會看到對全年造成的影響。

Scott Schneeberger, Oppenheimer.

Scott Schneeberger，Oppenheimer。

Just following up on that and the (inaudible). Melanie, how are you thinking about for the second half, flat at current levels, expecting it to increase or decrease? Just curious what's behind your assumptions in the guidance.

就這點再追問一下，以及(聽不清)。Melanie，你對下半年是怎麼看的：維持在目前水準持平、預期上升，還是下降？我想了解一下你們指引假設背後的考量。

And then just a quick follow-up on the supply chain. What -- is it mostly transportation costs that are impacting you? Are there any significant changes you're going to do on the front end, on the inbound side or on the outbound side as a reaction or an add to the initiatives?

然後再快速追問供應鏈。主要是運輸成本在影響你們嗎？你們是否會在前端做任何重大調整——不論是進口端（inbound）或出貨端（outbound）——作為回應或作為這些計畫的補充？

Yeah. So right now, we're not expecting any significant change in the cost environment as it relates to freight. So with that, we have acknowledged that we need to look toward pricing and ensuring that we're having these conversations with the customers to recoup the incremental costs coming through. And so that doesn't just flow through straight to us.

是的。目前我們不預期在運費相關的成本環境上會有任何顯著變化。因此，我們已經認知到需要朝向定價著手，並確保與客戶進行這些對話，以回收（recoup）逐步反映進來的增量成本。這樣就不會讓它直接全部由我們吸收。

So again, that process is what's underway because we don't see anything significant changing. And that's looking at the inbound side. On the outbound side, we did earlier in the year, put through some freight charges to help us to recoup the extra cost that we're seeing just on the delivery side.

所以再次強調，因為我們看不到有什麼重大改變，那個流程正在進行中。這主要是針對進口端（inbound）。至於出貨端（outbound），我們在今年稍早已經加收了一些運費費用，來幫助我們回收在配送端看到的額外成本。

And then with regard to, we've been talking about supply chain initiatives for a long time. Could you delve in a little bit to what some of those initiatives are, John, maybe your comments on things that may be added? And is there opportunity for there to be more financial power with some of the things that you're doing over the back half and really more so into next year?

另外，關於供應鏈的各項計畫我們談了很久。John，你能否更深入說明其中一些計畫是什麼，也許也談談可能會新增哪些項目？而且，對於你們在下半年、尤其延伸到明年所做的一些事情，是否有機會帶來更強的財務效益？

Yeah. So I think when supply chain initiatives as a whole, you got a network as big as ours, is pretty efficient, but you can always look for efficiencies. And there was a lot of things already in play before I came to the company that we're working through the process now, see what that return is going to be, and it could be how you -- where you stock, how you ship, growth of replenishment is, what those games are. I would say we're not quite ready to come out and say quite yet. We're still working through the math behind it.

是的。所以我認為，從整體供應鏈倡議來看，我們這麼大的網路其實相當有效率，但你永遠都還能再找出更多效率。而在我加入公司之前，其實就已經有很多事情在推進了；我們現在正在把流程走完，看看最終的回報會是什麼，可能涉及你如何——在哪裡備貨、如何出貨、補貨成長的情況，以及那些操作方式。我會說我們還沒準備好現在就對外明確說明。我們仍在推算背後的數學。

But the freight is a big piece, right? So we've been super focused on that. As we started seeing it creep up, and they jumped on is pretty hot and heavy. So that's really where our focus will remain for the remainder of this year. And I think there are some things we can do not just to help with the here and now but in the future as well.

但運費是一大塊，對吧？所以我們一直非常專注在這上面。當我們開始看到它往上爬時，他們就非常積極、強力地介入處理。所以今年剩下的時間，我們的重點也會持續放在這裡。而且我認為我們有一些事情不只是能改善眼前狀況，也能對未來有所幫助。

So I think that really sums up kind of where my thoughts are in the near term and then again, in the long term, as we continue to look for the most efficient way to operate the network is the right way to look at it. And we'll have more commentary on that going into next year.

所以我想這大致總結了我對短期的看法；同樣地，長期而言，當我們持續尋找最有效率的方式來營運這個網路時，這就是正確的思考方式。我們在進入明年時會對此提供更多評論。

Andrew Carter, Stifel.

Andrew Carter，Stifel。

I wanted to ask about the change in kind of the gross margin assumptions because, first off, this year's updated guidance would imply a level of decline similar with the second half, and you are lapping kind of extraordinary pricing from last year, so that seems difficult.

我想問一下毛利率假設的變化，因為首先，今年更新後的指引意味著下半年會出現類似幅度的下滑，而你們又在與去年某種程度上非常特殊的定價做比較，所以這看起來很困難。

Second question I would ask is, given the Pentair update, what were your assumptions originally around the performance by customers? And is that impacting kind of the gross margin, given opportunistic purchases and also different levels of vendor rebates?

我想問的第二個問題是，考量到Pentair的更新，你們原先對客戶端表現的假設是什麼？而這是否正在影響毛利率，例如機會性採購，以及不同水準的供應商回饋（rebates）？

Yeah. So there is no change in our guidance that is reflective of anything that Pentair has reported. When we look at our stocking levels and our opportunistic purchases, we talked about in the first quarter that we were heavy because we had bought ahead and that we would expect to bring that down to more normalized levels throughout the season. And so what we had intended is how things played out. The impact to the gross margin is specific of the two items that I talked about, which is the higher inbound freight cost and then also continued customer mix.

是的。所以我們的指引沒有任何變動是反映Pentair所報告的任何事情。當我們看我們的庫存水位與機會性採購時，我們在第一季提到過，因為我們提前採購，所以庫存偏高，而我們預期在整個旺季期間把它降回較正常的水準。因此，我們原本的規劃就是目前實際發生的情況。對毛利率的影響，主要就是我提到的兩個項目：較高的進貨運費成本，以及持續的客戶組合（mix）變化。

Okay. Second question. In the script, you said 2% to 3% pricing. The deck says, too. I want to square that away real quick, and I'll pass it on.

好的。第二個問題。在講稿裡你說定價是2%到3%。簡報也寫了。我想先把這點快速釐清一下，然後我就把時間交出去。

Yeah. So that will be -- it's 3% in the second half. So you'll look at both first and second quarter pricing is 3%, and then when we get into the back half, we're expecting that to moderate because of last year's mid-season price increases. So it will be probably 2%, maybe slightly less, so we'll finish up the year at 2%.

是的。所以——下半年會是3%。所以你會看到第一季和第二季的定價都是3%，然後進入下半年時，我們預期會因為去年旺季中段的漲價而趨於溫和。所以大概會是2%，可能略低一些，因此全年最後會落在2%。

Collin Verron, Deutsche Bank.

Collin Verron，德意志銀行。

I just wanted to start on the commentary around pricing. I think you called out pricing sharply and competitively going forward. I'm just curious what this means exactly, with pool price too high or too low kind of going into it and just sort of how you anticipate this shaking out? And then around your initiative -- your priorities, I guess, any color as to sort of the long-term sales growth algorithm? Are you reiterating the 6% to 9%? Or would you make some adjustments based on the priorities that you outlined.

我想先從你們對定價的評論開始。我記得你提到未來會更精準且更具競爭力地定價。我想了解這具體是什麼意思——例如泳池相關產品的價格在進入下一階段時是偏高還是偏低，以及你們預期這會如何發展？另外關於你們的倡議——也就是你們的優先事項，我想請你們多談一些長期銷售成長的算法（growth algorithm）。你們是否重申6%到9%？或者會根據你們所概述的優先事項做一些調整？

Yes. So on the pricing piece, when we say sharply and competitively, right? It's not a matter of up and down, indexing to one side or the other. It's a matter of really understanding the market conditions. And I'm not saying that we don't do a good job of that now. But when you've got this prolonged downturn, obviously, it's a super competitive market out there and not that it wasn't competitive prior to this downturn.

是的。在定價這一塊，當我們說要更精準且更具競爭力時，對吧？這不是上調或下調、偏向某一邊或另一邊的問題。而是要真正理解市場狀況。我不是說我們現在做得不好。但當你遇到這種長時間的下行週期時，顯然市場競爭非常激烈——並不是說在下行之前就不競爭。

But when we look at also some of the variabilities that we have, particularly in chems and with some of the freight coming through and things like that, all these factors coming at us. We just need to make sure we're processing that information the right way. We're listening to our customers. We're doing the right thing by our shareholders. Taking all that into account, understanding where we need to be on a local level.

但當我們也看到一些變動因素，特別是在化學品（chems）以及部分運費的變化等，這些因素同時向我們襲來。我們需要確保以正確的方式處理這些資訊。我們在聽取客戶的聲音。我們也在為股東做正確的事。把這些都納入考量，理解在地方層級我們應該處於什麼位置。

So it's just a function of running a large distributor, right, a large decentralized distribution network. It's taking the local input, understanding what that looks like, overlaying the macro conditions that you have, and figuring out what that pricing file is going to look like. So we break that down by product category.

所以這就是在經營一家大型經銷商的本質，對吧——一個大型、去中心化的配送網路。就是把地方端的輸入納進來，理解那代表什麼，再疊加你所面對的總體環境，然後推導出那份定價檔（pricing file）應該長什麼樣子。因此我們會按產品類別來拆解。

I would say we're pretty good at it now. We can always get better. I think every distributor can get better. So I don't think we're in any different boat than anybody else. But it's more of a matter of me acknowledging that, too, that in any particular industry that, look, you got to be right on certain things.

我會說我們現在做得相當不錯。但永遠可以更好。我想每一家經銷商都可以更好。所以我不認為我們跟其他人有什麼不同。但更重要的是我也在承認這一點：在任何特定產業裡，你看，有些事情你必須做對。

You got to be variable on certain things, and there's other things that give you a little more leeway on stuff, and that's all, quite frankly, comes down to the customer. So it really ties into when we think about sales excellence, right, how are we arming ourselves with the right tools, technology, and training to capture as much market share as we can.

有些事情你必須保持彈性，而有些事情則會給你多一點操作空間；而這一切坦白說都回到客戶身上。所以這也連結到我們在思考銷售卓越（sales excellence）時：我們如何用正確的工具、科技與訓練來武裝自己，以盡可能取得更多市占。

And I think your other question was on -- yeah, the long-term growth algorithm. So yes, not really in a position to reiterate or change that. Obviously, the point I will say on that is we're going to need a little market help. I've been very clear about that that under current market conditions, I don't think the 6% to 9% is -- it is on the table, but in normal market conditions, we would go and we would talk about it at that point. So more commentary on that as we get out of 2026 and we look into 2027.

我想你另一個問題是——對，長期成長算法。所以是的，我們目前不太適合重申或改變那個目標。不過我想強調的一點是，我們需要市場給一點助力。我一直很清楚地說，在目前的市場狀況下，我不認為6%到9%——它仍然是可能的，但在正常市場狀況下，我們才會在那個時點出來談。所以當我們走出2026、展望2027時，會有更多評論。

Great. That's helpful. And then just a question on the operating expenses in the back half of the year. I think you said that you're expecting operating expenses to increase 2% to 3% for the full year. Does that just out the CEO transition cost in that 2% to 3%?

很好。這很有幫助。那再問一個關於下半年營業費用的問題。我記得你說你們預期全年營業費用會增加2%到3%。那這個2%到3%是否已經把CEO交接的成本排除在外？

And how should we think about sort of the magnitude of the adjusted operating expense increases in 3Q and 4Q to get to that point of the guide?

那麼，我們應該如何看待第三季與第四季為了達到指引所需的「調整後營業費用」增幅幅度？

That is an adjusted number with that range there. And so we would expect that expenses will be a little bit higher in the third quarter. So I mentioned, that will be kind of the top end of the 2% to 3% and then lower in the fourth quarter. And I just want to add one more thing. I mentioned it in the script. But that does include some amount of incremental incentive-based compensation that we are including in our assumptions there as well.

那是一個調整後的數字，並且有那個區間範圍。因此，我們預期第三季的費用會略高一些。如我提到的，第三季大概會落在2%到3%區間的上緣，而第四季則會較低。我還想再補充一點。我在講稿裡有提到。那也包含了我們在假設中納入的一定程度的、額外的以激勵為基礎的薪酬。

Sam Reid, Wells Fargo.

Sam Reid，富國銀行。

I wanted to just see if you could quantify the magnitude of some of the gross margin drivers that you cited in your bridge in slide 6. And then you talked to changing customer mix, it sounds like more large customers. Any way to size what large customer actually means? And what proportion of your mix are now large customers?

我想確認一下，您是否能量化您在第6頁投影片的橋接分析中提到的一些毛利率驅動因素的影響幅度。另外，您談到客戶組合的變化，聽起來像是大型客戶占比提高。有沒有辦法界定「大型客戶」實際上是指什麼規模？以及目前你們的組合中，大型客戶占比是多少？

Yeah. So from a sizing standpoint, we typically don't come out with some detail. But when we look at it internally, the inbound rate is, by far, the most significant component. So if you're looking at just the overall magnitude, inbound freight was the biggest impact in the quarter. I would say customer mix was a follow after that.

是的。就規模量化而言，我們通常不會對外提供太多細節。但從內部來看，進貨運費（inbound freight）費率是迄今為止最重要的組成部分。所以如果你看整體影響幅度，當季最大的影響來自進貨運費。我會說客戶組合的影響則是其次。

And then we continued on the supply chain to get benefits from the things that we've been working on there as it relates to continued good progress on our private label, continued good progress on our exclusive products, some of the areas as it relates to the building material, we saw some really nice pickup in some of the new products that we brought in there. So our expanded products that we brought in for the current season are helping us on the supply chain.

此外，我們也持續在供應鏈端取得我們一直在推動事項所帶來的效益，包括自有品牌（private label）持續有良好進展、獨家產品（exclusive products）持續有良好進展；以及在建材相關的一些品類上，我們看到新導入產品帶來相當不錯的拉升。因此，我們為本季擴充導入的產品組合，正在供應鏈端對我們有所助益。

That's helpful. And then I understand you've brought in some more -- or, I guess, I should say, some newer equipment, specifically move pumps. Just curious what the early uptake has been on that product? And then whether that has shifted in any way how you manage inventory for some of your other large OEM suppliers.

這很有幫助。另外，我理解你們引進了一些更多的——或者我應該說，一些較新的設備，特別是移動泵（move pumps）。想請教這個產品目前早期的採用/拉貨情況如何？以及這是否在任何程度上改變了你們對其他大型OEM供應商的庫存管理方式？

Yeah. So I'll take the last question first. No, that's not changed how we look at our inventory with it -- there, the big three, which is 40% of our COGS. So no impact on that whatsoever. I would say -- I wouldn't say move as material to the overall picture right now.

是的。我先回答最後一個問題。沒有，這並未改變我們對庫存的看法——就那邊而言，前三大供應商約占我們銷貨成本（COGS）的40%。所以完全沒有影響。我會說——我不會說move目前對整體格局有多大的實質性影響。

But to also give you a little insight on how we view our product portfolio briefly is, look, we're tied in, again, I mean, the big 3% or 4% of our revenue, so that's where our focus, and we just got through some really great meetings with all of our strategic suppliers, those that rank at that strategic level. So obviously, we're going to go hand in hand with those guys out in the market and understand, and that's where the brand acceptance is at, and that's where the installed base is at.

另外，簡要補充一點我們如何看待產品組合：你看，我們仍然與那些（供應商）緊密連結——再說一次，前三大大概占我們營收的3%到4%，所以那是我們的重點所在；而我們也剛與所有策略性供應商（屬於策略層級的那些）完成了一些非常好的會議。因此很明顯地，我們會與他們在市場上並肩合作、共同理解；品牌接受度在那裡、裝機基礎（installed base）也在那裡。

When we look at adding to our product portfolio, in the case of your question here, it's, hey, is there something out there that might bring more traffic in the door, not cannibalized? And again, I think that's the key point here, bring traffic through the door that we weren't getting or that maybe that was going somewhere else. And that's where our focus will be.

當我們考慮擴充產品組合時，就你這個問題而言，重點是：外面是否有某些產品能帶來更多進店人流，而且不會造成自我侵蝕（不被既有產品所稀釋）？而且我認為這是關鍵：帶來我們原本沒有的、或原本流向別處的客流。這會是我們的聚焦方向。

So I think that distinction probably needs to be made. But ultimately, no, it hasn't changed. It's been good for us. Don't get me wrong, but I wouldn't say it's material at this point, and it has not made any impact on any decision we've made with inventory decisions through our existing supplier base.

所以我想這個區分可能需要先說清楚。但總結來說，沒有，這並沒有改變。它對我們是有幫助的。別誤會我的意思，但我不會說目前它具有重大性；而且它也沒有對我們在既有供應商體系下所做的任何庫存決策造成影響。

Steve Forbes, Guggenheim.

Steve Forbes，Guggenheim。

John, maybe just revisiting priority number one, sales excellence. You mentioned commercial pricing, I believe, earlier in the call here. So curious if you can just remind us what Pool's commercial pricing strategy was from a regional perspective?

John，或許回到第一優先事項：銷售卓越（sales excellence）。我記得你在電話會議稍早提到商用定價（commercial pricing）。所以想請你提醒我們，Pool在區域層面上的商用定價策略是什麼？

And then with all your time in the field visiting the branch managers and talking to them, what are they asking for as it pertains to commercial? Is it pricing flexibility? And sort of like what are you implementing at the field level to maybe give the branch managers more control or tools, right, as you mentioned, to sort of drive share dynamics?

另外，你花了很多時間在第一線走訪分公司經理並與他們交流，他們在商用業務方面最常向你提出什麼需求？是定價彈性嗎？以及你們在第一線層級正在推行哪些措施，來讓分公司經理有更多掌控權或工具——如你所說——以推動市占變化？

Yeah. I think there's kind of one answer that summarizes all that, and it's speed, agility and flexibility, right, within reason. And it's not just picking its terms. It's all those things that we're dealing with and that all distributors are dealing with. And that's really what our people are asking for, right?

是的。我想有一個答案可以概括這些：速度、敏捷性與彈性——當然是在合理範圍內。而且不只是定價條件。這涵蓋了我們正在面對、以及所有經銷商都在面對的各種事情。這也正是我們的人所要求的，對吧？

You want to leverage your scale. You want to leverage your size. And obviously, we're the largest in the space, but you got to be locally oriented, locally focused. And the balance, I mean, I've said this a lot, with my one-on-one meetings and other meetings, distribution works best when there's balance. There's balance with the corporate initiatives, and there's balance with flexibility in the field.

你希望發揮規模優勢。你希望發揮體量優勢。而且很明顯，我們是這個領域最大的，但你必須以在地為導向、以在地為重心。而這個平衡——我在一對一會議和其他會議中常說——通路分銷在有平衡時運作得最好。企業層級的倡議要有平衡，第一線的彈性也要有平衡。

So I think to sum up what our pricing strategy is, is to take that local input and to look at the, again, macro drivers and leverage our scale and just put the best plan together. So the tools and the technology that we'll put in for that or that we already have for that in some cases is how do we do that quickly and effectively and also have a really good feedback loop to know what's working and what's not.

所以我想總結我們的定價策略，就是吸收在地端的意見，同時觀察——再說一次——總體驅動因素，並運用我們的規模優勢，把最佳方案整合出來。因此，我們將導入的工具與技術——或在某些情況下我們已經具備的——重點在於：如何快速且有效地做到這點，同時建立非常好的回饋迴路，以了解哪些有效、哪些無效。

That's helpful. And then just a quick follow-up. Obviously, the retail channel dynamics here, given some industry news, it remains, I guess, complex. So curious, maybe if you could just help us think through what the expectation is for the retail channel over the coming quarters here.

這很有幫助。再追問一個簡短問題。顯然，考量到一些產業新聞，零售通路的動態仍然——我想——相當複雜。因此想請你協助我們理解，未來幾季對零售通路的預期是什麼。

Are you expecting disruption? Are you seeing sort of disruptive pricing dynamics transpiring? Is it an opportunity, right, for sort of your retail customers? How are you sort of thinking through what's happening in the retail kind of base today?

你們是否預期會有干擾？你們是否看到具破壞性的定價動態正在發生？這是否是一個機會——對你們的零售客戶而言？你們如何看待目前零售客群基礎正在發生的事情？

Yeah. So I mean, obviously, our business model is to support the independent retailer, and we're going to do everything we can to make sure they're happy and healthy and growing and to get into the individual situations of our competitors and stuff. I'll leave that to the announcements and whatever.

是的。我的意思是，很明顯，我們的商業模式是支持獨立零售商，我們會盡一切努力確保他們滿意、健康、成長；至於深入談競爭對手的個別狀況等等，我就留給公告內容或其他資訊來說明。

Obviously, we're watching it. The competitive pricing on the retail side has been there. I mean, I don't think anything significantly shifted broadly, I would say market to market, you always get some noise for different reasons, right? Somebody runs a sales, somebody gets some import product, whatever it may be. And we know how to attack those things, and more importantly, help our partners, our customers attack those things.

顯然，我們正在密切關注。零售端的競爭性定價一直都存在。我的意思是，我不認為整體上有任何顯著的變化；我會說各個市場之間，你總會因為不同原因出現一些雜音，對吧？有人做促銷，有人拿到一些進口產品，無論是什麼情況。而我們知道該如何應對這些事情，更重要的是，協助我們的合作夥伴、我們的客戶去應對這些事情。

So as we look, obviously, the early buy season was really good on the retail side. I think that was a little bit of the impact of the numbers you see in Q2, as Melanie mentioned earlier, as we look to the rest of the year, we'll wait and see. I mean, I don't see anything right now. I realize it's out there on the news front, but can't really speculate on how that's going to impact anything until it plays out, if anything, plays out.

所以就我們的觀察，顯然，零售端的提前採購季表現非常好。我認為這也是你在第二季看到的數字的一部分影響，正如Melanie先前提到的；展望今年剩餘時間，我們會再觀察看看。我的意思是，我現在沒有看到任何跡象。我知道新聞上有在報，但在事情真正發展出來之前——如果真的會發生什麼——我們也無法推測它會如何影響任何事情。

Shaun Calnan, Bank of America.

Shaun Calnan，美國銀行。

Just a couple on the gross margin. So the large customer mix headwind, that's been a headwind for a long time now. Is there something temporary in the market that's driving that? Or should we expect that to continue to be a headwind as some of your dealers consolidate over time?

我有幾個關於毛利率的問題。大型客戶組合的不利因素，這已經拖累很久了。是市場上有什麼暫時性的因素在推動這種情況嗎？還是說，隨著你們的一些經銷商隨時間整併，我們應該預期這會持續成為不利因素？

Yeah. So I'm going to take a piece of that, and Melanie may want to add in a little bit. Look, there's roll-ups going on, and that's fine. We are well positioned to service the large customer, I mean, probably better than anybody else.

是的。所以我先回答其中一部分，Melanie可能也想補充一些。你看，市場上正在進行整併，這沒問題。我們在服務大型客戶方面具備很好的定位，我的意思是，可能比任何人都更好。

So is it temporary? I wouldn't say it's temporary necessarily, but I think we -- there's ways we can offset some of the margin pressures and things like that in other areas, as we've talked about, with product categories. And as those get more implemented and, I guess, more accepted or we did a better job of selling those product categories. There's, again, ways we can offset margin pressure from customer mix.

所以這是暫時性的嗎？我不會說它一定是暫時性的，但我認為我們——正如我們談過的，透過產品類別等其他領域，有方法可以抵消部分毛利壓力之類的影響。而隨著這些措施更落地、我想也更被接受，或者我們在銷售這些產品類別上做得更好。同樣地，我們有方法可以抵消因客戶組合帶來的毛利壓力。

But as it is right now, I think the roll-ups are relatively new to the industry. And yeah, there's competitive pressures there, obviously or, I would say, scale pressures there that we're working through, and we'll continue to. So probably haven't done a great job with that answer. Melanie, do you want to add any color to it?

但就目前而言，我認為這些整併對這個產業來說相對較新。而且是的，顯然存在競爭壓力——或者我會說是規模壓力——我們正在消化並且會持續處理。所以我可能沒有把這個問題回答得很好。Melanie，你要不要補充一些說明？

Yeah. I think the only thing I would add is when we start seeing the volume increase, we'll start seeing some of the smaller customers that maybe have exited the market come back particularly on the new build side. And so we generally have higher margins with some of those smaller customers. And so that's part of the customer mix. So I do think there'll be some improvement longer term when we start seeing some of that discretionary spend improved.

好的。我想我唯一要補充的是，當我們開始看到量回升時，我們會看到一些可能已退出市場的小型客戶回來，特別是在新建案那一端。而我們通常在這些較小客戶身上的毛利率會更高。所以這也是客戶組合的一部分。因此我確實認為，長期來看，當我們開始看到一些可選性支出改善時，會有一些改善。

Yeah. So to add on to that, I think it's a great point, too. I mean, we got to think about where the market is at right now and then what happens later on once we start getting some tailwinds. We all believe we're probably bouncing off the bottom right now. There's some stability, some good signs that shows stability.

是的。所以再補充一下，我也覺得這點很棒。我的意思是，我們必須思考市場現在所處的位置，以及之後當我們開始獲得一些順風時會發生什麼。我們都相信我們現在大概正從底部反彈。有一些穩定性，也有一些顯示穩定的正面跡象。

So I think long term, this will play out just fine. And again, we'll get some headwinds -- or excuse me, some tailwinds from some market growth. Maybe seeing what happens in the upcoming years, this will be less and less of a conversation.

所以我認為長期來看，這件事會順利發展。而且再說一次，我們會從市場成長中獲得一些逆風——呃，抱歉，是一些順風。也許看看未來幾年會怎麼發展，這將會越來越不是一個需要討論的話題。

Okay. Great. And then just going back to the higher transportation costs. So you guys are including that as a headwind for the full year in your guidance and saying that you're working to try and offset those. Are you including any of those actions to offset it, for example, like pricing in your base guidance? Or is that not assuming any surcharges that you're passing along?

好的。很好。然後再回到較高的運輸成本。所以你們在全年指引中把它列為不利因素，並表示正在努力抵消這些影響。你們的基本指引是否已經納入任何抵消措施，例如調價？還是說，這並未假設你們會轉嫁任何附加費？

Yeah. So we've had some freight surcharges to date on outbound freight. So that is included in our pricing. When you look out for the balance of the year, we're still working through any impact of what the future pricing might look like for some of that inbound. So we don't have anything material included in the guidance at this time. So we'll know more on that as we get through third quarter.

是的。截至目前，我們對出貨運費（outbound freight）已經收取了一些運費附加費。所以這已包含在我們的定價中。展望今年剩餘時間，我們仍在評估部分進貨運費（inbound）的未來定價可能帶來的影響。因此目前在指引中沒有納入任何重大的影響。所以等我們走過第三季後，會更清楚。

Thank you. And that concludes our question-answer session for today. I'd like to turn the conference back over to the company for any closing remarks.

謝謝。今天的問答環節到此結束。我想把電話會議交回公司，請他們做任何結語。

Yeah. So thanks again, everybody, for participating in the call. We've been working hard to deliver a strong summer season and are proud of performance in this quarter. However, as you can see, there's a lot more work to be done, and we're moving with urgency on focused initiatives to strengthen our execution and further enhance our performance.

好的。再次感謝各位參與本次電話會議。我們一直努力交出強勁的夏季旺季表現，並為本季的表現感到自豪。不過，如各位所見，仍有許多工作要做；我們正以緊迫感推動聚焦的計畫，以強化執行力並進一步提升績效。

We look forward to providing an update on October 22 when we announced our third quarter 2026 results. Have a great rest of your day.

我們期待在10月22日公布2026年第三季業績時，向各位提供最新進展。祝各位今天剩餘時間愉快。

Thank you, sir. That concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝您，先生。今天的電話會議到此結束。感謝各位出席今天的簡報。您現在可以掛線，祝您有美好的一天。