Steelcase Inc (SCS) 2026 Q2 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 second quarter fiscal 2026 conference call. (Operator Instructions) Mr. O'Meara, you may begin your conference.

早安.我叫羅布，今天我將擔任你們的會議主持人。現在，我歡迎大家參加 Steelcase 2026 財年第二季電話會議。（操作員指示）奧米拉先生，您可以開始會議了。

Thank you, Rob. Good morning, everyone. Thank you for joining us for the recap of our second 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 財年第二季的財務表現。今天與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 second 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.

我們昨天發布的第二季財報可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新聞稿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. As related to the pending merger approval with HNI, we will not be taking questions today, and we refer you to the publicly available filings. I will now turn the call over to our President and Chief Executive Officer, Sara Armbruster.

在我們準備好發言之後，我們將回答投資人和分析師的問題。關於與 HNI 待決合併批准的問題，我們今天不會回答問題，請您參閱公開的文件。現在我將把電話轉給我們的總裁兼執行長 Sara Armbruster。

Thanks, Mike, and hi, everyone, and thanks for joining today's call. I'll begin with an overview of our performance in the quarter. In the second quarter, we delivered strong financial results that build on our recent momentum. Our revenue and adjusted earnings grew over the prior year and exceeded our expectations, and they marked our highest quarterly results over the past 5 years.

謝謝，麥克，大家好，謝謝你們參加今天的電話會議。我將首先概述我們本季的表現。在第二季度，我們取得了強勁的財務業績，這鞏固了我們近期的發展勢頭。我們的營收和調整後收益比上一年有所增長，超出了我們的預期，創下了過去五年來的最高季度業績。

Overall, we increased revenue by 5%, led by strong growth from our large corporate customers in the Americas. Our International segment posted 13% revenue growth, including 8% on an organic basis with especially strong results from India. Our adjusted earnings improvement was supported by the revenue growth in addition to strong cost controls.

整體而言，我們的營收成長了 5%，這主要得益於美洲大型企業客戶的強勁成長。我們的國際部門營收成長了 13%，其中有機成長 8%，印度的業績尤其強勁。除了強有力的成本控制外，收入成長也促進了我們調整後獲利的成長。

Turning to profitability. Our Americas segment delivered an adjusted operating margin of 11%. And in our International segment, our adjusted operating results improved by $5 million compared to the prior year. The improvement in the International segment was driven in part by the cost reduction actions we've been implementing over the past couple of years.

轉向盈利能力。我們美洲分部的調整後營業利益率為 11%。在我們的國際部門，我們的調整後經營業績與前一年相比提高了 500 萬美元。國際部門的改善部分得益於我們過去幾年實施的成本削減措施。

Our revenue growth was supported by strong orders, which grew by 6% in the second quarter, including 8% growth in the Americas, which was driven by continued growth from our large corporate customers. Orders from our global client collaboration customers posted year-over-year growth for the third consecutive quarter.

我們的營收成長得益於強勁的訂單，第二季訂單成長了 6%，其中美洲地區的成長了 8%，這得益於我們大型企業客戶的持續成長。我們的全球客戶合作客戶的訂單連續第三個季度同比增長。

As we've mentioned before, our customers are recognizing the need to transform their spaces to support new ways of working as their employees more fully return to the office. In our International segment, strong order growth in India and some of our other markets was offset by declines in Germany and France, which continued to be impacted by macroeconomic challenges. In those markets, we're focusing on winning as much available business as possible. And at the same time, we're aligning resources to focus on the best opportunities.

正如我們之前提到的，隨著員工更多地返回辦公室，我們的客戶認識到需要改變他們的空間以支持新的工作方式。在我們的國際部門，印度和其他一些市場的訂單強勁成長被德國和法國的訂單下滑所抵消，這兩個市場繼續受到宏觀經濟挑戰的影響。在這些市場中，我們專注於贏得盡可能多的業務。同時，我們正在整合資源，專注於最佳機會。

In the Americas, our win rates continue to remain strong, which we believe is evidence that we continue to lead the transformation of the workplace. We saw strong growth this quarter from both the financial services sector and from large technology customers. Companies across these leading industries are investing in their offices as they seek to bring their teams together in new spaces that support higher levels of connection, creativity and performance, and Steelcase is well positioned to capitalize on this ongoing trend.

在美洲，我們的成功率持續保持強勁，我們相信這證明我們繼續引領工作場所的轉型。本季度，我們看到金融服務業和大型科技客戶均實現了強勁成長。這些領先行業的公司正在對其辦公室進行投資，因為他們尋求將團隊聚集在新的空間中，以支持更高水平的聯繫、創造力和績效，而 Steelcase 已準備好利用這一持續趨勢。

Our proposed transaction with HNI is expected to further our strategy of expanding our reach within markets. We believe that combining with HNI brings together the industry's best brands to more customers, and that's been excited to pursue the transaction. We are confident that the combination will be a win for all of our stakeholders.

我們與 HNI 的擬議交易預計將進一步推進我們擴大市場影響力的策略。我們相信，與 HNI 的合併將把業內最好的品牌聚集到更多的客戶面前，我們很高興能夠進行這項交易。我們相信，這項合併將為所有利害關係人帶來雙贏。

We're working with HNI to complete this transaction, which is expected to occur by the end of calendar year 2025. I want to thank our Steelcase team for their incredible hard work and commitment, as we continue to execute during this transition period. It is because of the team's talent, their dedication and passion that makes Steelcase the industry leader that we are today and why we were an attractive choice for HNI. We look forward to the closing with HNI and to realizing the significant benefits that our combined company is expected to bring to our shareholders, customers, dealers and employees.

我們正在與 HNI 合作完成此項交易，預計將於 2025 年底完成。我要感謝 Steelcase 團隊的辛勤工作和承諾，我們將在這段過渡時期繼續努力。正是由於團隊的才華、奉獻精神和熱情，才使得 Steelcase 成為如今的行業領導者，並成為 HNI 的理想選擇。我們期待與 HNI 的合併交易順利完成，並期待實現合併後的公司將為我們的股東、客戶、經銷商和員工帶來的巨大利益。

And now I'll turn it over to Dave.

現在我將把發言權交給戴夫。

Thank you, Sara, and good morning, everyone. My comments today will cover the highlights related to our second quarter results, balance sheet and cash flow. In light of our pending combination with HNI, we will not be providing forward-looking guidance at this time. Our second quarter revenue of $897 million was above the estimated range we provided in June due to stronger-than-expected orders from our large corporate customers and favorable shipment timing in our Americas segment.

謝謝你，薩拉，大家早安。我今天的評論將涵蓋與我們第二季業績、資產負債表和現金流相關的亮點。鑑於我們即將與 HNI 合併，我們目前不會提供前瞻性指引。我們第二季的營收為 8.97 億美元，高於我們 6 月提供的估計範圍，這得益於我們大型企業客戶的訂單量超出預期，以及美洲分部的出貨時機有利。

Our adjusted earnings of $0.45 per share also finished above our estimated range, driven by the higher revenue and favorable gross margins which benefited from favorable shifts in business mix. Our international segment also finished better than our expectations, as Asia Pacific performed better than expected, while EMEA's results were somewhat below our expectations.

我們的調整後每股收益為 0.45 美元，也高於我們的預期範圍，這得益於業務組合的有利轉變帶來的更高的收入和良好的毛利率。我們的國際部門的表現也優於我們的預期，因為亞太地區的表現優於預期，而歐洲、中東和非洲地區的業績略低於我們的預期。

Compared to the prior year, we posted organic revenue growth of 4%, including 3% growth in the Americas and 8% growth in International. The Americas growth was driven by our large corporate customers, partially offset by a decline from our education customers. The international organic revenue growth was primarily driven by India, China and the UK, partially offset by continued weakness in Germany and France.

與前一年相比，我們的有機收入成長了 4%，其中美洲成長了 3%，國際成長了 8%。美洲地區的成長主要由我們的大型企業客戶推動，但教育客戶數量的下降部分抵消了這一增長。國際有機收入成長主要受到印度、中國和英國的推動，但卻被德國和法國的持續疲軟所部分抵銷。

Our adjusted operating margin of 8.4% in the second quarter represented a 40 basis point improvement compared to the prior year. The improvement was driven by revenue growth and cost reduction efforts across the International segment. The Americas posted an adjusted operating margin of 11.0% in Q2, which was approximately flat with the prior year.

我們第二季的調整後營業利潤率為 8.4%，與去年同期相比提高了 40 個基點。這項改善是由國際部門的收入成長和成本削減努力所推動的。美洲地區第二季調整後的營業利益率為 11.0%，與前一年基本持平。

We incurred $10 million of restructuring costs in our International segment in the second quarter, primarily related to the exit of salaried employees in EMEA. These exits were part of a series of restructuring activities, which are expected to be completed in fiscal year 2027. Shifting to orders, Q2 grew 6% compared to the prior year, driven by 8% growth in the Americas, net of a 1% decline in international.

我們第二季在國際部門產生了 1000 萬美元的重組成本，主要與 EMEA 地區受薪員工的離職有關。這些退出是一系列重組活動的一部分，預計將於 2027 財年完成。轉向訂單，第二季度與上年相比增長了 6%，其中美洲地區增長了 8%，而國際地區下降了 1%。

In the Americas, continued order growth from large corporate customers was partially offset by declines from education customers, who had grown strongly in the prior year and are now being impacted by changes in federal funding policies. The growth in large corporate customers was driven by the financial services and technology sectors as well as our HALCON brand.

在美洲，大型企業客戶的訂單持續成長被教育客戶的訂單下降部分抵消，教育客戶在上一年增長強勁，目前正受到聯邦資助政策變化的影響。大型企業客戶的成長是由金融服務和科技產業以及我們的 HALCON 品牌所推動的。

For International, the 1% decline in orders was driven by continued weakness in Germany and France, largely offset by strong growth in India and Japan. As it relates to cash flow and the balance sheet, cash and short-term investments increased $32 million from Q1, driven primarily by $100 million of adjusted EBITDA, partially offset by a $28 million seasonal increase in accounts receivable, $18 million of capital expenditures and our $12 million quarterly dividend payment.

對於國際市場而言，訂單量下降 1% 是由於德國和法國的持續疲軟，但印度和日本的強勁成長在很大程度上抵消了這一影響。就現金流量和資產負債表而言，現金和短期投資較第一季增加了 3,200 萬美元，主要受 1 億美元調整後 EBITDA 的推動，但部分被 2,800 萬美元的季節性應收帳款增加、1,800 萬美元的資本支出和 1,200 萬美元的季度股息支付所抵消。

Our trailing four-quarter adjusted EBITDA of $278 million was 8.5% of revenue. Our total liquidity, which includes the cash surrender value of COLI, aggregated to $427 million at the end of the quarter, and our total debt was $447 million. In closing, and as Sara mentioned, we're encouraged by the momentum we sustained into our second quarter, especially with the continued growth from our large corporate customers. From there, we'll turn it back to the operator for questions.

我們過去四個季度的調整後 EBITDA 為 2.78 億美元，佔營收的 8.5%。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 4.27 億美元，我們的總債務為 4.47 億美元。最後，正如 Sara 所提到的，我們對第二季保持的勢頭感到鼓舞，特別是我們的大型企業客戶的持續成長。然後，我們會將其交還給操作員以回答問題。

(Operator Instructions)

（操作員指示）

Joe Gomes, NOBLE Capital.

喬·戈麥斯（Joe Gomes），NOBLE Capital。

Congrats on the quarter. So just a question, Dave, I don't know if you could kind of break out in the outperformance, what was volume versus the price increases that you guys are pushing through?

恭喜本季取得佳績。所以只是一個問題，戴夫，我不知道你是否能突破表現，你們推動的銷量與價格上漲有何關係？

I think if we talk about the order growth in the Americas, as an example, I start there, the 8% order growth. I would say more of it was driven by volume than price. I don't think the price benefits for more than a couple of percent.

我想，如果我們談論美洲的訂單成長，例如，我從那裡開始，訂單成長了 8%。我想說的是，這更多的是由數量而不是價格驅動的。我認為價格上漲幅度不會超過幾個百分點。

Okay. And do you have any more plans for additional price increases coming? Or you think you've got most of the tariff stuff offset?

好的。您還有其他進一步漲價的計劃嗎？或者您認為您已經抵消了大部分關稅？

Well, I won't comment on pricing actions planned or contemplated, but I will share that we were able to offset the year-over-year inflation and tariff costs with incremental pricing benefits that were related to the actions we took earlier in the year.

好吧，我不會對計劃或考慮的定價行動發表評論，但我要分享的是，我們能夠透過與今年早些時候採取的行動相關的增量定價優勢來抵消同比通貨膨脹和關稅成本。

Okay. And then one more for me, if I may. If you stand here today, you're kind of looking at the end markets, they more or less favorable than what you were anticipating earlier in the year.

好的。如果可以的話，我再說一句。如果您今天站在這裡，您會看到終端市場，它們比您今年早些時候預期的或多或少更有利。

It's a good question. I would say they are more favorable. We anticipated a recovery in large corporate demand, and it's playing out, but it's playing out at a higher level. If we didn't have the declines that we're experiencing in the education business due to the federal funding policy, I think you'd really be impressed with the growth rate. But the net 8% suggests that the large corporate demand was very strong in the quarter.

這是個好問題。我想說他們更有利。我們預計大型企業的需求將會復甦，而且這種復甦正在發生，但它是在更高層次上發生的。如果我們的教育業務沒有因為聯邦資助政策而遭遇衰退，我想你會對成長率印象深刻。但淨增8%顯示本季大型企業需求非常強勁。

Steven Ramsey, TRG.

史蒂文·拉姆齊，TRG。

Maybe to stick with the demand patterns that you're seeing in the Americas, you've seen strong order growth now for the last six quarters maybe you can give a flavor of the demand profile if it's more return to office driven or if it's companies that were already in the office, but maybe moving locations to better spaces or doing major updates to existing space? Just any flavor of the good order growth now versus order growth maybe in the last few quarters?

也許為了堅持您在美洲看到的需求模式，您已經看到過去六個季度的強勁訂單增長，也許您可以描述一下需求概況，如果它更多地是由重返辦公室驅動的，或者是已經在辦公室的公司，但也許是將地點搬到更好的空間或對現有空間進行重大更新？現在的訂單成長與過去幾季的訂單成長相比有何不同？

Yes. So Steven, I think it's all of the above. And I would think what we definitely see is that many of these clients are rethinking their office space, whether it's rethinking in existing space or moving to new space and really focus on outcomes, really asking questions about kind of what is the space designed to support, whether that's creativity or collaboration or connection.

是的。所以史蒂文，我認為以上都是。我認為我們確實看到，許多客戶正在重新考慮他們的辦公空間，無論是重新考慮現有空間還是搬到新空間，並真正專注於結果，真正詢問這些空間的設計目的是為了支持什麼，無論是創造力、協作還是聯繫。

I think the win rates with our largest customers remain strong and consistent, and we continue to see employers realize that they need to redesign their spaces, as they return to office and provide better solutions, whether it's privacy, collaboration, et cetera. So I think that's a pretty consistent theme kind of across segments. And again, it's a mix of companies taking on new space and moving and renovating spaces that they're already occupying.

我認為我們與最大客戶的合作成功率仍然強勁且穩定，我們不斷看到雇主意識到他們需要重新設計他們的空間，因為他們回到辦公室並提供更好的解決方案，無論是隱私、協作等等。所以我認為這是各領域相當一致的主題。而且，有些公司會租用新空間，有些公司會搬遷或翻新他們已經佔用的空間。

Steven, maybe just to add some color to that, would be that our project orders grew at a faster rate than our continuing business, supporting Sara's remarks that a lot of this is about changing and transforming the office whether in new space or their current space.

史蒂文，也許只是為了補充一點，我們的項目訂單增長速度比我們的持續業務增長速度更快，這支持了薩拉的說法，即這在很大程度上是關於改變和改造辦公室，無論是在新空間還是在現有空間。

Okay. That's helpful from both of you. And maybe to clarify, was continuing business positive, but project was more positive?

好的。你們兩個都這麼做很有幫助。也許需要澄清的是，繼續經營是正面的，但專案更積極？

Yeah.

是的。

Okay. Great. And then second one for me. I wanted to dig into the profitability improvement in International maybe if you could parse it out Asia Pacific profitability trend there and how much of the better profitability was APAC versus Europe?

好的。偉大的。然後對我來說是第二個。我想深入研究國際市場的獲利能力改善情況，也許您可以分析出亞太地區的獲利趨勢，以及亞太地區的獲利能力比歐洲高出多少？

I don't remember the specifics, but both, I believe, improved versus prior year. We feel pretty good about where the Asia Pacific business is at the moment. They still have additional (technical difficulty) to do. They're in the process of continuing to drive some cost reductions that are in various stages of implementation, but they were profitable in the quarter and we feel pretty good about where they are from a demand perspective, especially with China starting to show some demand improvement for the last couple of quarters.

我不記得具體情況，但我相信，與去年相比，兩者都有所進步。我們對亞太地區目前的業務狀況感到非常滿意。他們還有其他（技術難題）要做。他們正在繼續推動處於不同實施階段的成本削減，但他們在本季度實現了盈利，從需求角度來看，我們對他們的現狀感到相當滿意，尤其是中國在過去幾個季度開始顯示出一些需求改善。

And in EMEA, we had improvements largely because of certainly the revenue growth but because of some of the cost reductions that they've been driving over the last couple of years. And what's interesting about EMEA is when you break it down and look at the drivers of demand, France and Germany are down and really the rest of the markets in aggregate are up, and they're up nicely. And there, I'm speaking to UK, Spain, Middle East and Africa, the export markets of Eastern Central, Southern parts of Europe. It's really about a French and German macro situation that we're facing.

在歐洲、中東和非洲地區，我們取得了進步，這主要是因為收入成長，但也因為他們在過去幾年中一直在推動一些成本削減。而 EMEA 的有趣之處在於，當你將其細分並觀察需求驅動因素時，你會發現法國和德國的市場在下滑，而其餘市場總體上卻在上漲，而且漲勢良好。我正在與英國、西班牙、中東和非洲以及東歐、中歐和南歐的出口市場進行交流。這實際上與我們所面臨的法國和德國的宏觀情況有關。

Reuben Garner, Benchmark.

魯本·加納，基準。

First, a clarification, Dave, your comments on your pricing actions. Did you say that you had already fully offset any inflation in tariff costs on a dollar perspective with the pricing out there? Or are you kind of -- were you able to recover your margin with the actions so far? And I guess, historically, these take time to flow through. How much of the earlier pricing actions, I guess, are going to continue to flow through into your numbers over the coming quarters?

首先，戴夫，澄清一下你對定價行為的評論。您是否說過，從美元角度來看，目前的定價已經完全抵銷了任何關稅成本的通膨？或者您已經能夠透過迄今為止的行動恢復您的利潤？我想，從歷史上看，這些都需要時間完成。我猜想，早期的定價行動有多少會在未來幾季繼續影響您的業績？

Yes. So what I was referring to was the second quarter and on a year-over-year basis, the benefits from our pricing actions offset the tariffs and incremental inflation again year-over-year. And I think we actually started to get a little margin from those actions. On a cumulative basis, though, we are still trying to catch up because tariffs hit us right away and pricing lagged given the amount of backlog that we had in place that we did not apply the tariff surcharge to.

是的。所以我指的是第二季度，與去年同期相比，我們的定價行動帶來的好處再次抵銷了關稅和增量通膨。我認為我們實際上開始從這些行動中獲得一點利潤。然而，從累積來看，我們仍在努力追趕，因為關稅立即對我們產生了影響，而且由於我們積壓了大量未徵收關稅附加費的訂單，定價也因此滯後。

So it's going to probably take another couple of quarters before we fully catch up on a cumulative basis and begin to get margin on all of that inflation and tariff costs, but it remains quite volatile week to week. We seem to get new information that we have to run through our modeling and see how it affects us. And so I will stop short of predicting when we will be out of the woods on tariffs and the related inflation.

因此，我們可能還需要幾個季度的時間才能在累積基礎上完全趕上並開始獲得所有通貨膨脹和關稅成本的利潤，但每週的波動仍然很大。我們似乎獲得了新的訊息，我們必須透過我們的模型來運行它，看看它如何影響我們。因此，我不會預測我們何時才能擺脫關稅和相關通貨膨脹的困境。

Got it. And then can you talk about the cadence of order patterns, specifically in the Americas over the course of the quarter? And I guess, what you've seen, I don't think I heard you say what you saw quarter-to-date, but sometimes you guys give the order pattern for the start of the following quarter. What are you guys seeing here lately?

知道了。然後您能談談訂單模式的節奏嗎，特別是本季美洲的訂單模式？我想，您所看到的，我認為我沒有聽到您說過本季度迄今為止所看到的情況，但有時您會給出下一季開始的訂單模式。你們最近在這裡看到了什麼？

Nothing unusual. It wasn't like all back-end weighted or front-end weighted. I think it was spread evenly across the quarter. In fact, when you look at the overall level of kind of average weekly demand coming in, it was fairly steady. So the plus or minus versus prior year might have been bigger or smaller in one month or the other, but it would have been because of prior year patterns.

沒什麼不尋常的。它並不像所有後端加權或前端加權。我認為它在整個季度均勻分佈。事實上，當你觀察每周平均需求的總體水平時，你會發現它是相當穩定的。因此，與去年相比，某個月的增幅或減幅可能更大或更小，但這可能是因為去年的模式。

Got it. Last one --

知道了。最後一個--

And Reuben, the first three weeks are roughly flat compared to the prior year.

魯本，前三週與去年同期相比大致持平。

Okay. Last one for me. Given some of these are -- some of the strength here lately are more project-oriented larger customers return to office focus, what are you seeing from a mix perspective, if anything, on how these offices are being put together as kind of changes are made? Anything notable from maybe how it was last year or even maybe prior to 2020?

好的。對我來說是最後一個。鑑於其中一些是 - 最近這裡的一些優勢是更加以專案為導向的大型客戶重新將重點放在辦公室上，從混合角度來看，如果有的話，您如何看待這些辦公室在進行某種改變時是如何組合在一起的？與去年甚至 2020 年之前相比，有什麼值得注意的事情嗎？

I guess I would say that -- I would say we see more and more customers really rethinking like how the pace is going to support their strategic goals. I think there was still in the early days after COVID a couple of years back. There was still a backlog of people who I would say we're making changes and investing in their offices in ways that were maybe a continuation of the norm prior to COVID.

我想我會說——我想說我們看到越來越多的客戶真正重新思考步伐如何支持他們的策略目標。我認為幾年前新冠疫情爆發後的初期仍然存在這種情況。仍有一些積壓人員，我想說我們正在對他們的辦公室進行改變和投資，這可能是新冠疫情之前常態的延續。

But what we're definitely seeing now is customers who are realizing that they need to redesign their space. They're returning to office. They see that they've got to attract people, a lot people are working differently. And that they need privacy, they need collaborative solutions, they metalogy implemented in different ways. So we're definitely seeing more and more customers incorporating those new concepts or those newer concepts into their planning.

但我們現在確實看到，顧客意識到他們需要重新設計他們的空間。他們正在返回辦公室。他們意識到他們必須吸引人才，很多人都在以不同的方式工作。他們需要隱私，他們需要協作解決方案，他們需要以不同的方式實現元理論。因此，我們確實看到越來越多的客戶將這些新概念或較新的概念納入他們的規劃中。

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. Thanks. Well, just to recap, our second quarter results were strong and they continue the momentum we've been seeing in the business, supported by the ongoing strengthening from our largest customers. Our customers are recognizing the need to redefine their spaces to support new ways of working, as employees more fully return to the office. So we remain focused on our strategy with anticipation of an even stronger future with HNI. So thank you all for joining, and we appreciate your interest in Steelcase.

偉大的。謝謝。好吧，總結一下，我們的第二季業績表現強勁，延續了我們在業務中看到的勢頭，這得益於我們最大客戶的持續加強。隨著員工更多地返回辦公室，我們的客戶認識到需要重新定義他們的空間以支援新的工作方式。因此，我們將繼續專注於我們的策略，並期待 HNI 擁有更強大的未來。感謝大家的加入，我們感謝您對 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。