Steelcase Inc (SCS) 2026 Q1 法說會逐字稿

Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Steelcase's first quarter fiscal 2026 conference call. (Operator Instructions)

早安.我叫羅布，今天我將擔任您的會議主持人。現在，我歡迎大家參加Steelcase 2026財年第一季電話會議。（操作員指示）

Mr. O'Meara, you may begin your conference.

奧米拉先生，您可以開始您的會議了。

Thank you, Rob. Good morning, everyone. Thank you for joining us for the recap of our first quarter fiscal 2026 financial results. Here with me today are Sara Armbruster, our President and Chief Executive Officer; and Dave Sylvester, our Senior Vice President and Chief Financial Officer.

謝謝你，羅布。大家早安。感謝您與我們一起回顧 2026 財年第一季的財務表現。今天和我一起在場的有我們的總裁兼執行長 Sara Armbruster 和我們的高級副總裁兼財務長 Dave Sylvester。

Our first quarter earnings release, which crossed the wires yesterday, is accessible on our website. This conference call is being webcast, and this webcast is a copyrighted production of Steelcase Inc. A replay of this webcast will be posted to ir.steelcase.com later today.

我們的第一季財報已於昨天發布，您可以在我們的網站上查閱。本次電話會議正在進行網路直播，該網路直播是 Steelcase Inc. 的版權作品。該網絡直播的重播將於今天晚些時候發佈到 ir.steelcase.com。

Our discussion today may include references to non-GAAP financial measures and forward-looking statements. Reconciliations to the most comparable GAAP measures and details regarding the risks associated with the use of forward-looking statements are included in our earnings release, and we are incorporating by reference into this conference call the text of our safe harbor statement included in the release.

我們今天的討論可能涉及非公認會計準則財務指標和前瞻性陳述。我們的收益報告中包含了與最具可比性的 GAAP 指標的對帳以及有關使用前瞻性陳述的風險的詳細信息，並且我們通過引用將報告中包含的安全港聲明文本納入本次電話會議中。

Following our prepared remarks, we will respond to questions from investors and analysts. I'll now turn the call over to our President and Chief Executive Officer, Sara Armbruster.

在發表準備好的發言之後，我們將回答投資人和分析師的問題。現在我將把電話轉給我們的總裁兼執行長 Sara Armbruster。

Hi, everyone, and thanks for joining the call. Today, I'll highlight our financial results and where we continue to build momentum against our strategy. And I'll start with our results.

大家好，感謝大家參加電話會議。今天，我將重點介紹我們的財務表現以及我們繼續增強策略發展勢頭的地方。我先從我們的結果開始。

We saw a very strong start to the first quarter with the majority of our businesses and geographies performing well. The Q1 results continued our momentum from fiscal year 2025. In the first quarter, we delivered 7% revenue growth, which drove strong earnings improvement, and our adjusted earnings per share of $0.20 was up 25% versus the prior year. Our Q1 adjusted operating margin was 5% or 110 basis points higher than last year, driven by the Americas, which posted a 6.7% margin. I'm proud to say we delivered our 12th consecutive quarter of year-over-year gross margin expansion.

第一季開局非常強勁，我們的大部分業務和地區都表現良好。第一季的業績延續了 2025 財年的良好勢頭。第一季度，我們的營收成長了 7%，推動了強勁的獲利成長，調整後每股收益為 0.20 美元，較前一年成長了 25%。我們第一季的調整後營業利潤率比去年高出 5% 或 110 個基點，這得益於美洲地區的利潤率達到 6.7%。我很自豪地說，我們連續第 12 個季度實現了毛利率同比增長。

Looking at total orders in Q1, we saw a less than 1% decline compared to the prior year and were up 7% on a two-year stack basis. In the Americas, we continued to see order growth from large corporate customers. We've been predicting that our customers would recognize the need to transform their space to support hybrid work once their employees return to the office.

從第一季的總訂單量來看，與去年同期相比，下降幅度不到 1%，而以兩年累計計算，則增加了 7%。在美洲，我們繼續看到來自大型企業客戶的訂單成長。我們一直預測，一旦員工回到辦公室，我們的客戶就會意識到需要改變他們的空間以支援混合工作。

And this growth from large customers was offset, however, by some declines from our education and government customers, which we believe were largely impacted by changes in federal funding policies. In International, growth in many of our markets was offset by declines in Germany and France, which were impacted by macroeconomic challenges.

然而，來自大客戶的成長被來自教育和政府客戶的一些下滑所抵消，我們認為這在很大程度上受到了聯邦資助政策變化的影響。在國際上，我們許多市場的成長被德國和法國的下滑所抵消，這兩個市場受到宏觀經濟挑戰的影響。

So, we're doing the right things to win as much available business as possible. And at the same time, we're aligning our resources to focus on the best opportunities. In the Americas, our win rates in the first quarter continued to remain strong, and orders from our Global Client Collaboration customers grew again this quarter.

因此，我們正在採取正確措施來贏得盡可能多的業務。同時，我們正在整合資源，集中尋找最佳機會。在美洲，我們第一季的贏單率持續保持強勁，本季來自全球客戶合作客戶的訂單再次成長。

The positive performance is the result of executing our strategy. So, I'll take a few minutes now to describe how we're delivering on our three strategic pillars.

積極的表現是我們執行策略的結果。因此，我現在將花幾分鐘來描述我們如何實現我們的三大策略支柱。

So I'll start with leading the transformation of the workplace. Across the large corporate customer base, we continue to lead the transformation of the workplace. At the beginning of last fiscal year, the Americas experienced order growth from financial services companies as those customers returned to the office. This quarter, we saw strong order growth from our large technology customers who are now also increasing their workplace presence and related investments. Companies across these leading industries, I think, are seeing the opportunity to use space to drive outcomes around productivity, innovation and growth.

因此，我將從引領工作場所的轉型開始。在龐大的企業客戶群中，我們持續引領工作場所的轉型。上個財年初，隨著客戶重返辦公室，美洲地區的金融服務公司訂單成長。本季度，我們看到大型技術客戶的訂單強勁成長，他們現在也在增加工作場所的存在和相關投資。我認為，這些領先產業的公司都看到了利用太空來推動生產力、創新和成長成果的機會。

Earlier this month, I met with multiple customers at the Design Days event in Chicago where we unveiled a brand new WorkLife Center in Fulton Market, which is city's vibrant Westside neighborhood, which is centered on design, commerce, art and culture. We saw thousands of attendees over the few days as they toured our space. We introduced an expansion of our innovative Ocular Collection that creates a reimagined hybrid work experience and improve how people see here and connect with each other and their content.

本月初，我在芝加哥的設計日活動上會見了多位客戶，我們在富爾頓市場推出了一個全新的 WorkLife 中心，富爾頓市場是芝加哥充滿活力的西區社區，以設計、商業、藝術和文化為中心。幾天內，我們看到了數千名參觀者參觀我們的空間。我們推出了創新 Ocular Collection 的擴展，它創造了一種重新構想的混合工作體驗，並改善了人們在這裡的觀察方式以及彼此之間及其內容的聯繫方式。

We also showcased a variety of ancillary lines, most notably our new Jean Nouvel Seating Collection by Coalesse, which underscores our commitment to premium design and functional versatility. One customer mentioned that our Jean Nouvel Collection was most comfortable lounge at the trade show.

我們還展示了各種輔助產品線，其中最引人注目的是 Coalesse 推出的全新 Jean Nouvel 座椅系列，該系列彰顯了我們對高端設計和功能多樣性的承諾。一位顧客提到，我們的 Jean Nouvel 系列是展會上最舒適的休息室。

These products create great conversation spaces for any work environments and help maximize the limited real estate that employers have. The response from our applications at Design Days reinforces the positive sentiment we're feeling in the market right now. In fact, one influential architect commented that the new showroom highlights the full capabilities of what Steelcase has the potential to deliver.

這些產品為任何工作環境創造了良好的對話空間，並有助於最大限度地利用雇主有限的房地產。我們在設計日上收到的申請回饋強化了我們目前在市場上感受到的正面情緒。事實上，一位有影響力的建築師評論說，新展廳凸顯了 Steelcase 的全部潛力。

We also saw a large client facilities team placing orders as they toured our space, remarking several times that they wanted to embed various applications into their upcoming projects. Attendees left Design Days with strong optimism about our brands and applications. And we're hearing and seeing the momentum in building for Steelcase to continue to lead the transformation of the workplace.

我們還看到一個大型客戶設施團隊在參觀我們的空間時下了訂單，並多次表示他們希望將各種應用程式嵌入到他們即將開展的項目中。與會者在設計日結束時對我們的品牌和應用抱持強烈的樂觀態度。我們聽到並看到了 Steelcase 繼續引領工作場所轉型的勢頭。

Now as we think about expanding our reach within the markets we serve, which is our second strategic pillar, we continue to grow our capabilities while each market faces a bit of a different dynamic. In education, changing federal policies impacting the buying patterns of [K through12] school districts. The expiration of [ESSER] funds and uncertainty in the United States around future funding is causing some budget adjustments and project delays across the sector.

現在，當我們考慮擴大我們所服務的市場的影響力（這是我們的第二個策略支柱）時，我們會繼續提升我們的能力，而每個市場都面臨著不同的動態。在教育方面，聯邦政策的變化影響了[K 至 12] 學區的購買模式。[ESSER] 資金到期以及美國未來資金的不確定性導致整個產業的一些預算調整和專案延遲。

Within the entire learning landscape, we're focused on supporting our customers as they manage this environment and on delivering our value proposition because the need to invest in learning environments continues and Steelcase remains well positioned.

在整個學習領域中，我們專注於支持客戶管理這種環境並提供我們的價值主張，因為對學習環境的投資需求持續存在，而 Steelcase 仍然處於有利地位。

In health, we're seeing key customers move forward with projects as the demand for health care services continues to grow. The need for more health care space is climbing as patient demand expands. And this quarter, both orders and revenue from our health care customers increased. Across all the vertical businesses, we continue to see our investments pay off.

在醫療領域，隨著醫療保健服務需求的不斷增長，我們看到主要客戶正在推進專案。隨著患者需求的擴大，對更多醫療保健空間的需求也不斷增加。本季度，來自我們的醫療保健客戶的訂單和收入均有所增加。在所有垂直業務中，我們都看到我們的投資不斷獲得回報。

Finally, turning to how we strengthen profitability and reinvest in the business, I want to build on my opening remarks. In fiscal 2025, we delivered 110 basis points of gross margin improvement over the prior year. And we continued that progress in the first quarter where we drove 170 basis points of gross margin improvement. Strong volume growth was a major contributor to the margin increase this quarter, but we also continued to see the benefits of our cost reduction efforts, which partially offset the higher tariff costs net of pricing benefits.

最後，關於我們如何增強獲利能力和對業務進行再投資，我想在開場白的基礎上再進一步。2025 財年，我們的毛利率比前一年提高了 110 個基點。我們在第一季延續了這一進展，毛利率提高了 170 個基點。強勁的銷售成長是本季利潤率成長的主要原因，但我們也持續看到成本削減措施帶來的好處，這部分抵銷了扣除定價效益後的較高關稅成本。

Our teams continue to do a great job improving processes, implementing new technologies and adjusting our production flow to drive higher efficiency.

我們的團隊持續出色地改進流程、實施新技術並調整生產流程以提高效率。

So in closing, our first quarter results were a strong start to the year. We continue to make progress against our strategy, while we work through a dynamic environment of evolving tariff and trade policies. But as we highlighted last quarter, we continue to make adjustments in the business to navigate the uncertainty. We're proud of the momentum we're seeing from our businesses that are performing well.

總而言之，我們第一季的業績對於今年來說是一個強勁的開端。我們在不斷變化的關稅和貿易政策的動態環境中努力推進我們的策略，並不斷取得進展。但正如我們在上個季度所強調的那樣，我們將繼續對業務進行調整以應對不確定性。我們對我們的業務表現良好的勢頭感到自豪。

And I'll now turn it over to Dave to review the financial results and our outlook in more detail.

現在我將把時間交給戴夫來更詳細地回顧財務結果和我們的展望。

Thank you, Sara, and good morning, everyone. My comments today will start with the highlights related to our first quarter results, balance sheet and cash flow. I will then cover the outlook for the second quarter. Our first quarter revenue of $779 million was in the upper end of the estimated range we provided in March. Our adjusted earnings of $0.20 per share finished above our range, driven by favorable gross margins and lower operating expenses in the Americas.

謝謝你，薩拉，大家早安。我今天的評論將從與我們第一季業績、資產負債表和現金流相關的亮點開始。然後我將介紹第二季度的展望。我們第一季的營收為 7.79 億美元，處於我們 3 月提供的估計範圍的上限。受有利的毛利率和美洲地區較低的營運費用的推動，我們的調整後每股收益為 0.20 美元，高於我們的預期範圍。

The impact of tariffs was in line with our projections for the first quarter and approximated $7 million net of pricing benefits. Our International segment finished near our expectations as Asia Pacific performed better than expected, while EMEA results were below our expectations. Compared to the prior year, we posted organic revenue growth of 7%, including 9% growth in the Americas and a 1% decline in International. The Americas growth was driven by a strong beginning backlog versus the prior year and was led by our large corporate customers.

關稅的影響與我們對第一季的預測一致，扣除定價收益後約為 700 萬美元。我們的國際部門業績接近預期，因為亞太地區的表現優於預期，而歐洲、中東和非洲地區的表現則低於我們的預期。與前一年相比，我們的有機收入成長了 7%，其中美洲地區成長了 9%，國際地區下降了 1%。美洲地區的成長得益於與上年相比強勁的期初積壓訂單，並由我們的大型企業客戶引領。

The Americas posted an adjusted operating income margin of 6.7% or 200 basis points higher than the prior year. The International organic revenue decline of 1% included declines in Germany and France, mostly offset by growth in India, the UK and China. Our adjusted EPS increased $0.04 over prior year, and our adjusted operating income increased $11 million due primarily to the strong revenue growth.

美洲地區調整後的營業利益率為 6.7%，比前一年高出 200 個基點。國際有機收入下降 1%，其中包括德國和法國的下降，但大部分被印度、英國和中國的成長所抵消。我們的調整後每股收益比上年增加了 0.04 美元，調整後的營業收入增加了 1,100 萬美元，這主要得益於強勁的收入成長。

We incurred $9 million of restructuring costs in the Americas in the first quarter related to the exit of approximately 85 salaried employees. The expected benefits from those reductions were reflected in the fiscal 2026 targets we communicated in March. And these actions were done to prioritize investments in our strategic growth initiatives.

第一季度，我們在美洲地區發生了 900 萬美元的重組成本，與約 85 名受薪員工的離職有關。這些削減帶來的預期收益已反映在我們 3 月公佈的 2026 財年目標。採取這些行動是為了優先投資我們的策略成長計畫。

As it relates to cash flow and the balance sheet, we used $141 million of cash in operating activities during the first quarter, primarily related to seasonal disbursements of fiscal 2025 variable compensation and retirement plan contributions and $45 million of higher working capital driven by the initial building of inventory for summer seasonality.

就現金流量和資產負債表而言，我們在第一季的營運活動中使用了 1.41 億美元的現金，主要用於 2025 財年浮動薪酬和退休計畫供款的季節性支出，以及因夏季季節性庫存初期建設而產生的 4,500 萬美元更高營運資本。

Our trailing four-quarter adjusted EBITDA of $266 million was 8.3% of revenue. Our total liquidity, which includes the cash surrender value of COLI aggregated to $392 million at the end of the quarter, and our total debt was $447 million.

我們過去四個季度的調整後 EBITDA 為 2.66 億美元，佔營收的 8.3%。我們的總流動資金（包括中國海外發展的現金退保價值）在本季末總計為 3.92 億美元，我們的總債務為 4.47 億美元。

Shifting to orders. Q1 declined modestly compared to the prior year, driven by a 1% decline in the Americas and 1% growth in International. In the Americas, continued order growth from large corporate customers was offset by declines from education and government customers who had grown strongly in the prior year and now are being impacted by changes in federal funding policies.

轉向訂單。與前一年相比，第一季略有下降，主要是因為美洲地區下降了 1%，而國際地區則成長了 1%。在美洲，大型企業客戶的訂單持續成長被教育和政府客戶的訂單下降所抵消，後者在前一年增長強勁，目前正受到聯邦資助政策變化的影響。

The growth in large corporate customers was driven by the technology sector as well as our HALCON brand. In the prior year, the Americas orders grew 10% compared to the first quarter of fiscal 2024, which included strong growth from large corporate customers in the financial services sector. For International, the 1% growth in orders was driven by India, China and Central Europe, largely offset by continued weakness in Germany and France, which reflected order declines from small to midsized businesses that are likely impacted by the soft macroeconomic environment.

大型企業客戶的成長主要由科技產業以及我們的 HALCON 品牌推動。上一年，美洲地區訂單較 2024 財年第一季成長了 10%，其中包括來自金融服務領域大型企業客戶的強勁成長。對於國際市場而言，訂單量成長 1% 主要得益於印度、中國和中歐地區，但德國和法國的持續疲軟在很大程度上抵消了這一增長，這反映出中小企業的訂單量下降可能受到疲軟的宏觀經濟環境的影響。

In response, we have initiated procedures with applicable unions and work councils in Europe as part of actions which are targeted to further reduce our cost structure. These actions are in support of our broader goal to improve profitability in our International segment.

作為回應，我們已與歐洲相關工會和工作委員會啟動程序，作為進一步降低成本結構的行動的一部分。這些措施有助於我們實現提高國際部門獲利能力的更廣泛目標。

Turning to our outlook for the second quarter. Our overall backlog at the end of the first quarter was up 2% compared to the prior year. Orders during the first three weeks of the second quarter grew significantly versus the prior year. However, they include the pull-forward benefit ahead of a price increase we recently implemented.

談談我們對第二季的展望。第一季末我們的總積壓訂單比去年同期增加了 2%。第二季前三週的訂單量與去年同期相比大幅成長。然而，它們包括我們最近實施的價格上漲之前的提前收益。

Accordingly, we expect to report revenue in the second quarter within a range of $860 million to $890 million, which represents organic growth of up to 3% compared to the prior year, with expected growth from large corporate customers projected to more than offset expected declines in the education and government segments.

因此，我們預計第二季的營收將在 8.6 億美元至 8.9 億美元之間，與上年相比有機成長高達 3%，預計大型企業客戶的預期成長將超過教育和政府部門的預期下滑。

As it relates to earnings, we expect to report adjusted earnings of between $0.36 and $0.40 per share in the second quarter, which compares to $0.39 in the prior year. In addition to the projected range of revenue, the adjusted earnings estimate includes gross margin of approximately 33% to 33.5%, which includes an assumption that higher tariff costs and inflation of approximately $20 million will be offset by higher pricing benefits in the Americas as compared to the prior year, and operating expenses of between $230 million to $235 million, which includes $4.3 million of amortization related to purchased intangible assets.

就收益而言，我們預計第二季調整後每股收益將在 0.36 美元至 0.40 美元之間，而去年同期為 0.39 美元。除了預期的收入範圍外，調整後的獲利預測還包括約 33% 至 33.5% 的毛利率，其中包括假設約 2,000 萬美元的較高關稅成本和通貨膨脹將被美洲與上年相比更高的定價優勢所抵消，以及 2.3 億美元至 2.35 億美元的營運費用，其中包括與購買無形資產相關的 430 萬美元的 430 萬美元的營運費用。

Lastly, we expect interest expense and other non-operating items to net to approximately $3 million of expense, and we're projecting an effective tax rate of approximately 27%.

最後，我們預計利息支出和其他非營業項目淨支出約為 300 萬美元，預計有效稅率約為 27%。

In closing, and as Sara mentioned, we're encouraged by the momentum we sustained in our first -- into our first quarter with the majority of our business performing well as compared to the prior year and as compared to our year-to-date expectations for fiscal 2026. Importantly, our large corporate customers are continuing to invest more significantly in their workplaces.

最後，正如 Sara 所提到的，我們對第一季度保持的勢頭感到鼓舞，與去年同期相比以及與我們對 2026 財年的年初至今的預期相比，我們的大部分業務表現良好。重要的是，我們的大型企業客戶正在繼續對其工作場所進行更多投資。

We have a strong balance sheet and we're implementing necessary actions to: one, address the tariff and inflationary environment to mitigate the impact on our operating results; two, respond to the soft macroeconomic environment in Germany and France, and bolster our prospects for improved international profitability; and three, prioritize our strategic growth initiatives in the Americas.

我們擁有強大的資產負債表，並且正在採取必要的措施：第一，解決關稅和通膨環境問題，以減輕對我們經營業績的影響；第二，應對德國和法國疲軟的宏觀經濟環境，增強我們改善國際盈利能力的前景；第三，優先考慮我們在美洲的戰略增長計劃。

From there, we'll turn it back to the operator for questions.

然後，我們會將其交回給操作員以回答問題。

(Operator Instructions)

（操作員指示）

Reuben Garner, Benchmark.

魯本·加納，基準。

Thank you. Good morning, everyone. Dave, can you help us size up how much -- I know education plays a big role in the quarter that you just reported, like it may not be as big of a piece of the business for the full year. But how big of a drag was that in the quarter? And more importantly, I guess, what does that say about how strong your typical corporate customer was from a growth perspective?

謝謝。大家早安。戴夫，你能幫我們估算一下嗎——我知道教育在你剛剛報告的這個季度中扮演著重要的角色，但它在全年業務中所佔的比重可能並不大。但這對本季的影響有多大呢？我想，更重要的是，從成長角度來看，這說明您的典型企業客戶有多強大？

That's a good question, Reuben. I'd size it something in the neighborhood of one-third, two-thirds, and I'm going to speak to orders. So, in the first quarter, about one-third of our orders came from education and government inside the Americas and two-thirds came from large corporate, SMB, health, consumer, all the other vertical markets that we track.

這是個好問題，魯本。我會將其大小定在三分之一、三分之二左右，然後我會根據訂單進行調整。因此，在第一季度，我們大約三分之一的訂單來自美洲的教育和政府，三分之二的訂單來自大型企業、中小企業、醫療、消費者以及我們追蹤的所有其他垂直市場。

And the other vertical markets, the two-thirds of our business in the Americas that grew, grew not only versus prior year, but was at or above our expectations for the quarter. So a good start to the year for two-thirds or 70% of our business and a tough challenge in the education and government sectors inside the Americas.

而其他垂直市場，即我們在美洲的三分之二的業務均實現了增長，不僅比去年同期有所增長，而且達到或超過了我們對本季度的預期。因此，對於我們三分之二或 70% 的業務來說，今年是一個良好的開端，但對於美洲的教育和政府部門來說，這是一個嚴峻的挑戰。

Interestingly enough, it's kind of a similar ratio or mix of business in the International segment. Something like two-thirds of our business in the International segment is doing quite well and meeting expectations for order growth. But one-third, which is a big piece of our business is related to the small to midsized business we do in Germany and France, and that continues to be negatively impacted by macro factors.

有趣的是，這與國際部門的業務比例或組合類似。我們國際業務中大約三分之二的業務表現良好，並達到了訂單成長的預期。但三分之一，也就是我們業務的很大一部分，與我們在德國和法國開展的中小型企業有關，而這些業務繼續受到宏觀因素的負面影響。

And Dave, that one-third education and federal in this quarter, what does that look like on a go-forward basis? Like next quarter, it won't be quite that large of a piece of the orders, will it?

戴夫，本季有三分之一的教育和聯邦支出，未來情況如何？就像下個季度一樣，這部分訂單不會那麼多，對嗎？

Well, we have historically still received a significant amount of education orders early in the second quarter for shipment in the second quarter -- later in the second quarter. So from an orders perspective and a revenue perspective, it will still have a relatively high mix. But then it has much less of an impact in the back half of the year because I think you'll recall that Smith System, as an example, tends to ship a significant amount of their business in the summer quarter, while schools are on holiday.

嗯，從歷史上看，我們在第二季度初仍然會收到大量教育訂單，這些訂單將在第二季後期發貨。因此從訂單角度和收入角度來看，它仍將具有相對較高的組合性。但它對下半年的影響要小得多，因為我想你會記得，以史密斯系統公司為例，該公司傾向於在夏季學校放假期間運送大量業務。

Yes. That's great. And then in terms of -- you guys, I think, are implying price cost from a dollars perspective is neutral in the next quarter that you're guiding to. Any signs of pull forward in demand in the quarter from your corporate customers? Can you talk about, I guess, the timing of when your surcharge and price increases went into place relative to kind of your order patterns throughout the quarter?

是的。那太棒了。然後就——我認為，你們暗示從美元角度來看，下一季的價格成本是中性的。本季貴公司企業客戶的需求有任何提前跡象嗎？您能否談談相對於整個季度的訂單模式，您的附加費和價格上漲的具體時間？

Sure. First of all, our tariff recovery charge went into effect on March 29. And we estimate that, that all settled within the quarter. So of course, we had a significant pull forward of orders in advance of that tariff recovery charge. But we don't feel that any meaningful amount of orders were pulled from Q2 into Q1 as an example.

當然。首先，我們的關稅恢復費用於3月29日生效。我們估計，這一切都將在本季內解決。因此，我們當然會在關稅恢復費用徵收之前大幅提前訂單。但我們認為，從第二季到第一季的訂單量並沒有顯著增加。

And then I also referenced pull forward in the first three weeks of the second quarter. So, we announced a price increase back when we announced the tariff recovery charge. The price increase went into effect in mid-June. So, we had a pull-forward effect in the middle of June, but we don't think that any orders from Q2 were pulled into Q1 related to that mid-June price increase that we had in the Americas. So, it's all kind of contained within each quarter, we believe.

然後我還提到了第二季前三週的提前。因此，我們在宣布關稅恢復費用時就宣布了價格上漲。此次價格上漲於六月中旬生效。因此，我們在 6 月中旬產生了提前效應，但我們認為，與 6 月中旬美洲的價格上漲有關的第 2 季的任何訂單都不會被拉入第 1 季。因此，我們相信，這一切都包含在每個季度內。

Okay. That's really helpful. And then last one for me. I don't think you updated the full year guidance, but it sounds like the general drivers of your expectations for the year kind of remain intact with maybe a couple of caveats. How do we think about your updated thoughts on the full year?

好的。這真的很有幫助。這是我的最後一個。我認為您沒有更新全年指引，但聽起來您對今年預期的整體驅動因素仍然保持不變，但可能有一些警告。我們如何看待您對全年的最新想法？

There seems to be even more momentum in corporate, kind of coming out of Design Days, but maybe that incremental upside is offset by education and things you have going on in that small piece of international?

似乎在企業中出現了更多的發展勢頭，有點像設計日一樣，但這種增量優勢可能被教育和你們在那一小塊國際上開展的活動所抵消了？

Yes. I mean, we're -- there are a lot of moving pieces in this year, and we'll see what happens come July 9, which is a date that some of the reciprocal tariffs and other changes are set to go back into effect. So, we'll see what plays out and have to react or deal with any meaningful movement there. But we are still targeting mid-single-digit organic revenue growth, and we are still targeting to expand our adjusted operating margin for the year compared to the prior year.

是的。我的意思是，今年有很多事情要發生，我們將拭​​目以待 7 月 9 日會發生什麼，這一天是一些互惠關稅和其他變化重新生效的日期。因此，我們將觀察事態發展，並對任何有意義的動向做出反應或處理。但我們仍以中等個位數的有機收入成長為目標，並且仍以與前一年相比擴大今年的調整後營業利潤率為目標。

Now in the prior year, you have to adjust for the land gain and some other things. But on an adjusted basis, we are targeting to expand our operating margin, and it's going to be fueled in large part by mid-single-digit organic revenue growth.

現在，在前一年，您必須調整土地收益和其他一些事項。但在調整後，我們的目標是擴大營業利潤率，而這在很大程度上將受到中等個位數有機收入成長的推動。

Great. Good luck, guys, and thank you for the time.

偉大的。祝大家好運，感謝你們抽出時間。

Thanks, Reuben.

謝謝，魯本。

Greg Burns, Sidoti.

格雷格·伯恩斯，西多蒂。

Morning. When we look at the profitability of the International segment, do you think that the actions you're projecting to take and get that business back to profitability at the current demand levels? Or I guess what are the goals with the restructuring efforts? And are you going to need some volume benefit there to get that business back to consistent profitability?

早晨。當我們考察國際部門的獲利能力時，您是否認為您計劃採取的行動能夠使該業務在當前需求水準下恢復獲利能力？或者我猜重組努力的目標是什麼？您是否需要一些數量優勢來使該業務恢復持續盈利？

We are definitely targeting consistent profitability and the actions that we're taking now are based on an outlook that we have -- the order patterns we're experiencing currently and an outlook that we have for the balance of the year that does not reflect a lot of improvement. So, we are trying to do inside of Europe, what we've done inside of Asia. Asia actually was profitable for the quarter, and we feel pretty good about where they're positioned.

我們的目標肯定是持續獲利，我們現在採取的行動是基於我們的展望——我們目前正在經歷的訂單模式，以及我們對今年剩餘時間的展望，這些展望並沒有反映出很大的改善。因此，我們正嘗試在歐洲做我們在亞洲做過的事情。本季亞洲實際上實現了盈利，我們對他們的定位感到非常滿意。

And in EMEA, we thought last year that things were starting to get a little bit better. There were a lot of signs, positive signs that they were. We took actions and it turned out -- our actions were successful, but it turned out the demand environment notched down another degree, which is why we're taking additional actions.

在歐洲、中東和非洲地區，我們認為去年情況開始好轉。有很多跡象、積極的跡象表明他們確實如此。我們採取了行動，事實證明——我們的行動是成功的，但事實證明需求環境又下降了一個等級，這就是我們採取額外行動的原因。

I don't know because we just initiated procedures yesterday with the applicable unions and works councils and that takes time to work through negotiations and discussions. So, I don't know exactly where we'll land, which is why we didn't size the amount of actions that we're targeting. But we are working shoulder to shoulder with our partners to get this business on a sustained level of profitability going forward.

我不知道，因為我們昨天才與相關工會和工會委員會啟動程序，這需要時間進行談判和討論。所以，我不知道我們究竟會落在哪裡，這就是為什麼我們沒有確定我們所針對的行動數量。但我們正在與合作夥伴並肩努力，使這項業務在未來保持持續的獲利水準。

All right. Great. And in terms of the large corporate demand that you're seeing, I think it's definitely been more resilient than I would have thought given some of the macro headwinds that are out there. Can you just point to maybe why you think that is what you're seeing in the market that is driving demand?

好的。偉大的。就您所看到的大量企業需求而言，我認為，考慮到目前存在的一些宏觀不利因素，它肯定比我想像的更有彈性。您能否指出為什麼您認為這就是您在市場上看到的推動需求的現象？

Yes. I mean I'll share that. I mean, I continue to hear consistently that people are, in many cases, back to the office, that work has really changed. So collaboration and privacy and connection, I think, matter more, and our largest clients are seeking our help to reshape space to support those things and not the way work used to happen.

是的。我的意思是我會分享這一點。我的意思是，我不斷聽到人們說，在很多情況下，人們都回到了辦公室，工作確實改變了。因此，我認為協作、隱私和聯繫更為重要，我們最大的客戶正在尋求我們的幫助來重塑空間以支持這些事情，而不是像以前的工作方式那樣。

So I would say that's why I think in Design Days, we saw such a, I think, excited reception to products like Ocular and Campers & Dens and Jean Nouvel Collection because I think these solutions directly reflect the evolving needs of teams. So I think that those are the trends and the forces that are creating new opportunity and allowing us to continue to see nice strength in the large corporate sector.

所以我想說，這就是為什麼我認為在設計日，我們看到了對 Ocular、Campers & Dens 和 Jean Nouvel Collection 等產品的如此熱烈的歡迎，因為我認為這些解決方案直接反映了團隊不斷變化的需求。所以我認為這些趨勢和力量正在創造新的機遇，並讓我們繼續看到大型企業部門的強勁實力。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Steven Ramsey, Thompson Research Group.

史蒂文·拉姆齊，湯普森研究小組。

Hi, good morning. I wanted to come back to the Asia profitability comment you just made with Greg's question, the demand is better there, and I think you said it's profitable. Do you think that, that geography needs more cost improvement moves to see more progress? Or is it more of a volume and operating leverage driven story?

嗨，早安。我想回到您剛才針對 Greg 的問題所做的關於亞洲盈利能力的評論，那裡的需求更好，我認為您說的是那裡有利可圖。您是否認為該地區需要採取更多成本改進措施才能取得更多進展？或者這更多的是由交易量和經營槓桿驅動的故事？

I'd say it's both. And we're in the midst of actually shrinking our footprint in China within our existing campus. We had favorable negotiations with our landlord to reduce the amount of space that we're utilizing. So, I see some continued cost reduction efforts, and I know the team is working very hard to drive efficiencies in different processes, trying to automate things and move us away from kind of a historic manual effort to do some of the things in our business that you would typically do as more of a start-up.

我想說兩者都有。事實上，我們正​​在縮小現有園區內在中國的影響力。我們與房東進行了有利的談判，以減少我們所利用的空間量。因此，我看到了一些持續的成本削減努力，我知道團隊正在非常努力地提高不同流程的效率，試圖實現流程自動化，讓我們擺脫傳統的手動操作，去做一些我們通常在新創公司會做的事情。

But given the size of that business, we want to begin to drive some more automation and efficiency. But there's definitely growth on the horizon as well, especially with China now starting to show a couple of quarters in a row of order growth. It's more than just a suggestion, we might be coming off the bottom. It feels like we are coming off the bottom. And India just remains an incredibly strong market for us.

但考慮到該業務的規模，我們希望開始推動更多的自動化和效率。但未來肯定也會出現成長，尤其是中國現在開始連續幾季出現訂單成長。這不僅僅是一個建議，我們可能正在走出谷底。感覺我們正從谷底走出來。印度對我們來說仍然是一個極其強大的市場。

Our team is doing a terrific job in that market. And we are winning a lot of business with large global accounts that we work with in all parts of the world.

我們的團隊在該市場上做得非常出色。我們與世界各地的大型全球客戶合作，贏得了大量業務。

Okay. Great. That's helpful commentary. I wanted to dissect some of the Americas demand a little bit, and I apologize if I missed this in the prepared remarks, maybe the first way to break it out project first continuing activity kind of the year-over-year trends you're seeing there in the quarter and implied in the second quarter?

好的。偉大的。這是很有幫助的評論。我想稍微分析一下美洲的一些需求，如果我在準備好的發言中錯過了這一點，我深感抱歉，也許第一個打破這一局面的方法是項目首先持續的活動，即您在本季度看到的同比趨勢以及第二季度隱含的趨勢？

And then secondly, you've talked about conference rooms being a long-term opportunity as those are aging. Are you seeing that play out in current orders and implied in the FY guide? Or is that something that is more implied over the longer term?

其次，您談到會議室是一個長期機遇，因為會議室正在老化。您是否看到當前訂單中以及財政年度指南中暗示的情況？或者從長遠來看，這是否意味著更多的事情？

Maybe I'll take the first part and see what Sara wants to say about the second part on the conference room question. But on the first part, the orders in the Americas in the first quarter, continuing business grew at a mid-single digit and project business was down by a double digit, but project business last year grew like practically 40% over the previous year.

也許我會選擇第一部分，看看 Sara 對會議室問題的第二部分想說些什麼。但就第一部分而言，第一季美洲地區的訂單、持續業務實現了中等個位數成長，專案業務則下降了兩位數，但去年的專案業務比上一年增長了近 40%。

So, it was a tough comp in the project business more than anything. And on what we're seeing in demand patterns as it relates to conference rooms, I don't know that it's particularly Q1 or Q2, I think generally, we're --

因此，對於專案業務來說，這是一場最艱難的競爭。關於我們在會議室需求模式方面所看到的情況，我不知道這是否特別適用於第一季或第二季度，但我認為總體而言，我們--

Yes, I would say generally, I mean I say to your question about near-term demand, certainly, as we look at our plans and expectations and kind of data points around things like the Ocular Collection or other products that are really designed to support hybrid collaboration and conference rooms, obviously, our sort of near-term expectations about what we think demand and product orders, the sales (inaudible) are certainly built into our thinking for this fiscal year.

是的，我想說一般來說，我的意思是，對於你關於近期需求的問題，當然，當我們審視我們的計劃和期望以及圍繞 Ocular Collection 或其他真正旨在支持混合協作和會議室的產品的數據點時，顯然，我們對需求和產品訂單、銷售（聽不清）的預期肯定已經納入了我們對本財年的考慮之中。

But beyond that, I think we recognize that the installed base of conference rooms in the world is enormous. And if -- while I don't have a data point to give you, I think we can all imagine from our own experiences that the ratio of conference rooms that have been updated to reflect current technologies and currently the working relative to those that haven't, you have to believe that there is significant opportunity and need to continue to update that installed base because it's so massive.

但除此之外，我認為我們認識到世界上會議室的安裝基數是巨大的。雖然我沒有數據點可以提供給您，但我想我們都可以根據自己的經驗想像，已經更新以反映當前技術和當前工作的會議室與尚未更新的會議室的比例，您必須相信存在重大機會並且需要繼續更新該安裝基礎，因為它是如此龐大。

So I think while we can't quantify that, that's what gives us a lot of confidence in making the investments we're making in solutions to support conference rooms and hybrid collaboration that we think will carry for some time.

因此，我認為，雖然我們無法量化這一點，但這讓我們對投資支援會議室和混合協作的解決方案充滿信心，我們認為這種投資將持續一段時間。

Understood. That's helpful. And then last one for me. Gross margin, very strong in the first quarter. Thinking about the second quarter, the guidance a bit lower year-over-year, can you help me understand if that's the large corporate comp being a tough one, if it's the education coming in lower, given it's a busy seasonal quarter, maybe just to understand the gross margin comp in the second quarter?

明白了。這很有幫助。這是我的最後一個。第一季的毛利率非常強勁。考慮到第二季度，指引比去年同期略低，您能否幫助我了解這是否是因為大型企業的收入較低，或者是因為教育收入較低，考慮到這是一個繁忙的季節性季度，也許只是為了了解第二季度的毛利率？

Sure. Maybe two things. One is that remember, our guide includes tariff and inflation of approximately $20 million, offset by pricing benefits. So you have $20 million of revenue with no gross margin essentially in the guide. That's a component. Probably a bigger component is the demand impact in the education sector. I think you know from prior years with Smith System, in particular, reporting such a big piece of their year in the summer quarter, our fixed cost absorption is just incredible.

當然。也許是兩件事。首先，請記住，我們的指南包括約 2000 萬美元的關稅和通貨膨脹，由定價優惠抵消。因此，您的收入為 2000 萬美元，但毛利率基本上沒有達到預期。那是一個組件。可能更大的因素是教育領域的需求影響。我想您從史密斯系統公司前幾年的情況來看，特別是報告顯示夏季季度的銷售額佔了他們全年銷售額的很大一部分，我們的固定成本吸收量簡直令人難以置信。

And so, we really produce very, very strong operating margins and gross margins in the Smith System business in the summer quarter. And while they are still very good, it's a great business. It's not to the extent that it has been in prior years going from Q1 to Q2. So, I think those are probably the two biggest factors in the gross margin guide.

因此，我們在夏季季度的 Smith System 業務中確實實現了非常非常強勁的營業利潤率和毛利率。儘管它們仍然非常出色，但這是一項偉大的事業。從第一季到第二季度，其成長幅度還沒有達到前幾年的水準。所以，我認為這可能是毛利率指南中的兩個最大因素。

All right. Thank you very much.

好的。非常感謝。

Joe Gomes, Noble Capital.

喬·戈麥斯 (Joe Gomes)，Noble Capital 的創始人。

Good morning. Just want to start out, you just mentioned that you took some pricing here in June. As you look out over the rest of the year, kind of what is your thoughts on additional price increases.

早安.首先，您剛才提到您在六月在這裡進行了一些定價。展望今年剩餘時間，您對進一步漲價有何看法？

Well, I mean, Joe, I think we have a history of managing inflation in multiple ways, including pricing. Our procurement teams work very hard to negotiate as much of the inflation away and force our suppliers to drive productivity, and we do varying supply chain moves and shifts, moving things in our production to try to mitigate inflation. But to the extent we can't mitigate it, we have historically taken price increases. So, if we have continued inflation, I think you'll see us follow our historical pattern.

嗯，喬，我認為我們過去一直透過多種方式管理通貨膨脹，包括定價。我們的採購團隊非常努力地協商，以盡可能降低通貨膨脹率，並迫使我們的供應商提高生產力，而且我們進行各種供應鏈的調整和轉變，在生產過程中調動各種資源，以試圖緩解通貨膨脹。但在無法緩解的情況下，我們歷來採取漲價措施。因此，如果通貨膨脹持續下去，我想你會看到我們遵循歷史模式。

Okay, thanks for that. And then if you look at the Conference Board Measure of CEO Confidence, it's been kind of on declining trend here. Kind of maybe you can talk about how that may play or may not play into some of the large corporate business for the rest of the year.

好的，謝謝。如果你看一下世界大型企業聯合會執行長信心指數，你會發現它一直呈現下降趨勢。或許您可以談談這對今年剩餘時間內的一些大型企業業務可能產生什麼影響或不產生什麼影響。

Yes. I'll start and then Sara can pile on. I mean, I think it's nothing but good. I mean, when Sara and I are confident about the future, we're investing in the business. And I think the same can be said about all of our customers.

是的。我先開始，然後 Sara 可以繼續。我的意思是，我認為這沒什麼不好。我的意思是，當 Sara 和我對未來充滿信心時，我們就會對業務進行投資。我認為我們所有的客戶都是如此。

If the sentiment is positive about the future, they're investing back in the business. And what is a multiplier, so to speak, for our industry is when the C-suite is actually paying attention to the workplace. And I think Sara can talk a lot about that, especially when she's at business roundtable and is one of the most popular people there these days.

如果對未來持樂觀態度，他們就會重新投資該業務。可以說，當高階主管真正關注工作場所時，我們的產業就會獲得倍增效應。我認為薩拉可以談論很多這方面的問題，尤其是當她出席商業圓桌會議時，她是目前那裡最受歡迎的人之一。

Yeah. No, I think that's right. And I think it's interesting because obviously, we're in a moment where there may be greater uncertainty in certain aspects of the economy or economic policy than maybe it past time. But I think even with that, there are so many organizations and so many CEOs that recognize the dynamics of their business are going to force them to invest.

是的。不，我認為是這樣。我認為這很有趣，因為顯然，我們正處於這樣一個時期，經濟或經濟政策的某些方面可能比過去存在更大的不確定性。但我認為，即便如此，仍有許多組織和執行長認識到他們的業務動態將迫使他們進行投資。

I was just thinking about a conversation I just had recently with the CEO of a major financial services firm who has been through kind of the same thing that many other companies have been through where everybody gets at home during COVID and during that period, they shed some leases and they consolidated real estate. But actually, their business continued to grow.

我正在想我最近與一家大型金融服務公司的執行長的一次談話，他經歷過和許多其他公司一樣的事情，在新冠疫情期間，每個人都待在家裡，在此期間，他們取消了一些租約，合併了房地產。但實際上，他們的業務仍在持續成長。

And so now they have several thousand more employees than they did pre pandemic and now that they brought everybody back to the office, I mean his comment to me is like, we literally have nowhere to put people like we are signing leases as fast as we can, and we need to fill these spaces.

因此，現在他們的員工人數比疫情前多了數千人，現在他們又把所有人都帶回了辦公室，我的意思是，他對我說，我們真的沒有地方安置員工，我們正在盡快簽署租約，我們需要填補這些空缺。

So I do think that there are stories like that out there. that, to me, speak to the likelihood of some continued strength and activity, even in an environment that arguably is a bit more uncertain than it was a year ago or prior.

所以我確實認為有這樣的故事。對我來說，這表明即使在比一年前或以前更不確定的環境中，也可能繼續保持實力和活動。

Great, thanks for that clarity. I appreciate it.

太好了，謝謝你的澄清。我很感激。

And there are no further questions at this time. Ms. Armbruster, I turn the call back over to you.

目前沒有其他問題。阿姆布魯斯特女士，我把電話轉回給您。

Great. Well, I'll just say thanks to all of you for joining us this morning, and we appreciate, as always, your interest in Steelcase.

偉大的。好吧，我只想感謝大家今天早上加入我們，我們也一如既往地感謝你們對 Steelcase 的關注。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。