實耐寶 (SNA) 2022 Q3 法說會逐字稿

Hello, and welcome to the Snap-on Incorporated Third Quarter 2022 Results Conference Call. My name is Caroline, and I will be your coordinator for today's event. Please note, this call is being recorded for the duration of the call. (Operator Instructions)

您好，歡迎參加 Snap-on Incorporated 2022 年第三季度業績電話會議。我的名字是卡羅琳，我將擔任您今天活動的協調員。請注意，此通話在通話期間會被錄音。 （操作員說明）

I will now hand over the call to your host, Sara Verbsky to begin the conference.

現在，我將把電話轉交給您的主持人 Sara Verbsky 開始會議。

Thank you, Caroline. Good morning, everyone. Thank you for joining us today to review Snap-on's third quarter results, which are detailed in our press release issued earlier this morning. We have on the call today, Nick Pinchuk, Snap-on's Chief Executive Officer and Aldo Pagliari, Snap-on's Chief Financial Officer. Nick will kick off our call with his perspective on our performance. Aldo will then provide a more detailed review of our financial results. After Nick provides some closing thoughts, we'll take your questions. As usual, we have provided slides to supplement our discussion. These slides can be accessed under the Downloads tab in the webcast viewer (inaudible) us on our website, snapon.com, under the Investors section.

謝謝你，卡羅琳。大家，早安。感謝您今天加入我們，回顧 Snap-on 的第三季度業績，我們今天上午早些時候發布的新聞稿中對此進行了詳細說明。我們今天有 Snap-on 首席執行官 Nick Pinchuk 和 Snap-on 首席財務官 Aldo Pagliari 參加電話會議。尼克將以他對我們表現的看法開始我們的電話會議。然後，Aldo 將對我們的財務業績進行更詳細的審查。在尼克提供了一些結束的想法之後，我們會回答你的問題。像往常一樣，我們提供了幻燈片來補充我們的討論。這些幻燈片可以在我們網站 snapon.com 的“投資者”部分下的網絡廣播查看器（聽不清）中的“下載”選項卡下訪問。

These slides will be archived on our website along with a transcript of today's call. Any statements made during this call relative to management's expectations, estimates or beliefs or that otherwise management or the company's outlook, plans or projections are forward-looking statements and actions to differ materially from those made in such statements. Additional information and the factors that could cause our results to differ materially from those in the forward-looking statements are contained in our SEC filings. Finally, this presentation includes non-GAAP measures of financial performance which are not meant to be considered an isolation or as a substitute for their GAAP counterparts. Additional information regarding these measures is included in our earnings release issued today, which can be found on our website.

這些幻燈片將與今天的電話會議記錄一起存檔在我們的網站上。本次電話會議期間就管理層的預期、估計或信念或管理層或公司的前景、計劃或預測作出的任何陳述均為前瞻性陳述和行動，與此類陳述中的陳述和行動存在重大差異。其他信息和可能導致我們的結果與前瞻性陳述中的結果大不相同的因素包含在我們提交給美國證券交易委員會的文件中。最後，本演示文稿包括非 GAAP 財務業績衡量標準，這些衡量標準不應被視為孤立或替代其 GAAP 同行。有關這些措施的更多信息包含在我們今天發布的收益報告中，可以在我們的網站上找到。

With that said, I'd now like to turn the call over to Nick Pinchuk. Nick?

話雖如此，我現在想把電話轉給 Nick Pinchuk。缺口？

Thanks, Sara. Good morning, everybody. As you know I'll start the call by covering the highlights of third quarter, I'm going to give you an update on the environment and the trends we see. I'll take you through some of the turbulence we encountered thinking about (inaudible) Aldo will provide a more detailed...

謝謝，薩拉。大家早上好。如您所知，我將通過介紹第三季度的亮點來開始電話會議，我將為您提供有關環境和我們看到的趨勢的最新信息。我將帶您了解我們遇到的一些動盪，考慮（聽不清）Aldo 將提供更詳細的...

He got a better game see how well dollar tree. Apparently they were unhappy with them leave in advance.

他得到了一個更好的遊戲，看看美元樹有多好。顯然他們對提前離開感到不滿。

Story of the Snap-on core -- Apparently, we have some cross-talk we're hearing here. But the story of the Snap-on quarter is momentum overcoming challenges. Momentum rooted in the resilience of our market, the capability of our experienced team and the tactical and strategic advantage in our product, our brand and our models, all coming together to create considerable and ongoing strength. In effect, the third quarter once again demonstrated our ability to continue a trajectory of positive results despite the headwinds, and the numbers they say it so.

Snap-on 核心的故事——顯然，我們在這裡聽到了一些串擾。但 Snap-on 季度的故事是克服挑戰的動力。動力植根於我們市場的彈性、我們經驗豐富的團隊的能力以及我們的產品、品牌和模型的戰術和戰略優勢，所有這些共同創造了可觀的持續實力。實際上，第三季度再次證明了我們有能力在逆風和他們所說的數字的情況下繼續取得積極成果的軌跡。

Our reported sales in the quarter of $1.1025 billion were up $64.8 million or 6.2% versus last year, including $39.1 million of unfavorable foreign currency. Organic sales grew 10.4%, with gains in every group, our ninth straight quarter of year-over-year expansion. And if you compare it to the pre-pandemic levels of 2029 -- 2019, you see a clear and unmistakable upward drive versus 2019 sales were up 22.3% as reported and 22.8% organically, continuing our positive trend and accelerating our expansion, demonstrating that we're only getting stronger every day.

我們報告的本季度銷售額為 11.025 億美元，比去年同期增長 6480 萬美元或 6.2%，其中包括 3910 萬美元的不利外匯。有機銷售額增長了 10.4%，每個組別都有所增長，這是我們連續第九個季度實現同比增長。如果您將其與 2029 年至 2019 年的大流行前水平進行比較，您會看到明顯且明確的上升驅動力，而 2019 年的銷售額據報導分別增長 22.3% 和 22.8%，繼續我們的積極趨勢並加速我們的擴張，這表明我們每天都在變得更強大。

I did say momentum. Quarter also bears the mark of Snap-on value creation processes, safety, quality, customer connection, innovation and rapid continuous improvement or RCI. Once again, they all combine to offer significant progress. And progress to what? Opco operating income of $223.5 million increased $22.2 million from last year, and the Opco operating margin was 20.3%, up 90 basis points from last year and rising 170 basis points over 2019.

我確實說動量。 Quarter 還帶有 Snap-on 價值創造流程、安全性、質量、客戶聯繫、創新和快速持續改進或 RCI 的標誌。再一次，它們都結合起來提供了顯著的進步。進展到什麼程度？ Opco 營業收入 2.235 億美元，比去年增加 2220 萬美元，Opco 營業利潤率為 20.3%，比去年增加 90 個基點，比 2019 年增加 170 個基點。

For financial services and operating income of $66.4 million compared to the $70.6 million of last year, a decrease reflecting the forecasted return to more usual provision levels. And that result, combined with OpCo for a consolidated margin of 24.4%, up 20 basis points from last year and 120 basis point improvement from 2019. The quarterly EPS, it was $4.14, rising 16% over the $3.57 from a year ago and 39.9% over the $2.96 recorded in 2019, a significant gain. I said it before, and I'll say it again. We believe Snap-on is stronger now than when we entered this great withering, and the third quarter results are an unmistakable confirmation of that fact.

金融服務和營業收入為 6,640 萬美元，而去年為 7,060 萬美元，下降反映了預計將恢復到更正常的撥備水平。這一結果，加上 OpCo 的綜合利潤率為 24.4%，比去年上升 20 個基點，比 2019 年提高 120 個基點。季度每股收益為 4.14 美元，比一年前的 3.57 美元和 39.9 美元增長 16% % 超過 2019 年記錄的 2.96 美元，這是一個顯著的收益。我之前說過，我會再說一遍。我們相信 Snap-on 現在比我們進入大蕭條時更強大，第三季度業績明確證實了這一事實。

Well, those are the numbers. Now let's speak about the markets. Auto repair continues to remain strong. The key metrics are all favorable, spending on vehicle maintenance repair, the vehicle technician comp and technician wage is up, up and up again. It's no wonder, it's no wonder the repair industry is resilient. Repair spending is rising. The cars are more complex. They need more repairs, and it costs more. The technician count is at its highest point in 3 decades, and shop owners keep telling me they need more, many more.

嗯，這些是數字。現在讓我們談談市場。汽車維修繼續保持強勁。關鍵指標都是有利的，車輛維修支出、車輛技術員薪酬和技術員工資不斷上漲。難怪，難怪維修行業有彈性。維修支出正在上升。汽車更複雜。他們需要更多的維修，而且成本更高。技術人員數量達到了 3 年來的最高點，店主不斷告訴我他們需要更多，更多。

Wages continue to grow, and they simply reflect the increased demand for the skills that are now necessary to complete critical repair [caps]. It's never been more evident that repairing a modern vehicle with the new technology is difficult. It's an exercise of extraordinary skill. And the salaries are rising to show it.

工資繼續增長，它們只是反映了對完成關鍵維修[上限]所需技能的需求增加。使用新技術修理現代車輛的難度從未如此明顯。這是一項非凡技能的鍛煉。薪水正在上漲以表明這一點。

Auto repair is resilient. When I meet up with the people at the shop, as I often do, our franchisees and our technician customers, you can feel their exhilaration in the now and their confidence in the future. And they're making sure they can participate in that future by being ready with the tools they need.

汽車維修是有彈性的。當我和我經常在店裡見面的人、我們的加盟商和我們的技術客戶見面時，你可以感受到他們對現在的興奮和對未來的信心。他們正在確保他們可以通過準備好他們需要的工具來參與這個未來。

Vehicle repair, it's a space filled with opportunity. You can hear it in the optimism in the voices of the shop, and you can see it clearly confirmed in Snap-on's performance. But it's not just the techs, shop owners are also a big -- shop owners and managers are also big players in the rise to repair. And our repair systems and information group or RS&I is positioned to take advantage. Everybody knows that cars are scarce. New and used. But for Snap-on, that doesn't matter. Repair and collision shops are busy. It's a tune we like very much. And it's evident in the rising sales of our undercar equipment and collision businesses, both strong.

汽車維修，這是一個充滿機遇的空間。你可以從店裡的樂觀情緒中聽到它，你可以看到它在 Snap-on 的表現中得到了清晰的印證。但不僅僅是技術人員，店主也是一個大人物——店主和經理也是維修崛起的重要參與者。我們的維修系統和信息小組或 RS&I 可以利用這一優勢。大家都知道汽車是稀缺的。新的和二手的。但對於 Snap-on，這並不重要。維修和碰撞店很忙。這是一首我們非常喜歡的曲子。從我們的車底設備和碰撞業務的銷售增長中可以看出這一點，兩者都很強勁。

You have a repair shop today, you see a bright future with changing technologies, and you want to be ready. New vehicles are being released with a greater variety of drivetrains than ever from internal combustion engines to hybrid to plug-in electric to full electric. And the range of options is growing. More driver assist, more vehicle automation, increasing vehicle complexity, and we're ready to help the repair shops keep pace with powerful products like a range of Fast-Track Intelligent Diagnostics, the ZEUS, the TRITON, the APOLLO handheld enabling repair at all levels, like our celebrated Mitchell 1 ProDemand repair information, our award-winning Tru-Point Advanced Driver Assistant Calibration System and our 3D alignment systems like the new Hofmann geoliner, all representing new technologies, and all [yielding] big databases deployed to make work easier in the shop. Vehicle repair looks more promising than ever and Snap-on is positioned to capitalize.

你今天有一家維修店，你看到了技術不斷變化的光明未來，你想做好準備。從內燃機到混合動力再到插電式電動再到全電動，新車發布的動力傳動系統種類比以往任何時候都多。選擇的範圍越來越大。更多駕駛員輔助、更多車輛自動化、增加車輛複雜性，我們已準備好幫助維修店跟上功能強大的產品的步伐，例如一系列 Fast-Track Intelligent Diagnostics、ZEUS、TRITON、APOLLO 手持設備，完全可以進行維修水平，例如我們著名的 Mitchell 1 ProDemand 維修信息、我們屢獲殊榮的 Tru-Point 高級駕駛員輔助校準系統和我們的 3D 對準系統（例如新的 Hofmann geoliner），所有這些都代表著新技術，以及所有 [yielding] 為進行工作而部署的大型數據庫在店裡更容易。車輛維修看起來比以往任何時候都更有希望，而 Snap-on 已做好充分利用的準備。

Now let's talk about the critical industries where the Snap-on roles -- the Snap-on brand rolls out of the garage solving tasks of consequence. This is where commercial industrial C&I operates with our broadest region into international markets, and with the locations impacted the most by the challenges of the day. I mean C&I is headwind headquarters supply changes or option, rising -- rises in commodity costs, uncertain fuel supply, currency fluctuations, continuing COVID lock downs. Troubled economies and war in Ukraine, well, C&I had it all. But it rolls to the occasion. And in the quarter, the group took some lumps in Europe, but over came with strong gains in North America and in Asia, despite the difficulties. And while the military sector is still down, C&I's critical industries -- the other C&I critical industries are all showing life.

現在讓我們談談 Snap-on 角色的關鍵行業 - Snap-on 品牌從車庫中推出解決重要任務。這是商業工業 C&I 在我們最廣泛的地區進入國際市場的地方，也是受當今挑戰影響最大的地點。我的意思是 C&I 是逆風總部供應變化或選擇，上升——商品成本上升、燃料供應不確定、貨幣波動、持續的 COVID 鎖定。陷入困境的經濟和烏克蘭的戰爭，好吧，C&I 擁有一切。但它順勢而為。在本季度，該集團在歐洲取得了一些成績，但儘管困難重重，但在北美和亞洲取得了強勁的收益。雖然軍工行業仍在低迷，但工商業的關鍵行業——其他工商業關鍵行業都在顯示生機。

So I describe our C&I markets as challenged in certain geographies but demonstrating continuing gains and having strong and ongoing possibilities going forward. And coupled with our auto repair related businesses, we believe there is clear and compelling opportunity along our runways for growth, enhancing the band network, expanding with repair shop owners and managers, extending the critical industries and building in emerging markets.

因此，我將我們的 C&I 市場描述為在某些地區面臨挑戰，但展示了持續的收益並具有強大且持續的發展潛力。再加上我們的汽車維修相關業務，我們相信在我們的跑道上存在明顯且引人注目的增長機會，增強樂隊網絡，與維修店所有者和經理一起擴展，擴展關鍵行業並在新興市場建設。

And in this quarter, we've seen that potential pay off nicely. At the same time, it's clear that we have ongoing possibilities on our runways for improvement. The Snap-on Value Creation processes. They've never been more important, helping to counter the turbulence of the day. Especially important is with customer connection, understanding the work of professional technicians and innovation, matching that insight with technology, driving new products.

在本季度，我們已經看到這種潛在的回報很好。同時，很明顯，我們在跑道上還有不斷改進的可能性。 Snap-on 價值創造流程。它們從未像現在這樣重要，有助於應對當天的動盪。尤其重要的是與客戶聯繫，了解專業技術人員的工作和創新，將洞察力與技術相匹配，推動新產品。

And just this quarter, Snap-on was prominently recognized with 5 PTEN, Professional Tools and Equipment News, innovation awards. And we were also honored with 2 motor magazine top tool awards. An essential driver of our growth. is innovative product make work easier. And the awards, hard one. Our testimony that great Snap-on products just keep coming, matching the growing complexity of the task becoming more essential to technicians and driving our positive results.

就在本季度，Snap-on 獲得了 5 PTEN、Professional Tools and Equipment News、創新獎項的突出認可。我們還獲得了 2 個電機雜誌頂級工具獎。我們增長的重要驅動力。是創新產品，讓工作更輕鬆。還有獎項，很難。我們見證了出色的 Snap-on 產品不斷湧現，與日益複雜的任務相匹配，這對技術人員來說變得越來越重要，並推動了我們的積極成果。

Now let's turn to the segments. In the C&I group. Sales in the quarter of $356.8 million were up 1.5% or $5.4 million as reported versus 2021, including a $26.2 million or 7.9% organic uplift, operating progress across all divisions, which was offset partially by $20.8 million in unfavorable foreign currency. From an earnings perspective, C&I operating income of $52.3 million, including $2.1 million of unfavorable currency represents a decrease of $1.3 million compared to '21. The effects of volume gains were more than offset by the substantial impact of currency and by supply chain inefficiencies.

現在讓我們轉向細分市場。在 C&I 組中。據報告，本季度銷售額為 3.568 億美元，與 2021 年相比增長 1.5% 或 540 萬美元，其中包括 2620 萬美元或 7.9% 的有機增長，所有部門的運營進展，部分被不利的外幣 2080 萬美元所抵消。從收益的角度來看，C&I 營業收入為 5230 萬美元，其中包括 210 萬美元的不利貨幣，與 21 年相比減少了 130 萬美元。貨幣的重大影響和供應鏈效率低下大大抵消了銷量增長的影響。

The OI margin was 14.7%, down from last year, but still representing the highest level since the rise of the significant supply turbulence. Compared with the pre-pandemic level, sales were up 7.7% organically, and the OI margin of 14.7% was up 30 basis points despite a 60 basis point negative impact of acquisitions and unfavorable currency.

OI 利潤率為 14.7%，較去年有所下降，但仍是自重大供應動盪上升以來的最高水平。與大流行前水平相比，銷售額有機增長了 7.7%，儘管收購和不利貨幣帶來了 60 個基點的負面影響，但 14.7% 的 OI 利潤率增長了 30 個基點。

Now we remain committed to extending in critical industries, the C&I sweet spot, and we'll keep strengthening our position to capture those opportunities as they arise and enabling that intent is our expanding C&I lineup of innovative products, designed specifically to make critical work easy.

現在，我們仍然致力於在關鍵行業、C&I 最佳點進行擴展，我們將繼續加強我們的地位，以在這些機會出現時抓住這些機會，並實現這一意圖是我們不斷擴大的 C&I 創新產品陣容，專為簡化關鍵工作而設計.

One example is our brushless CDR9015 18 volt drill. It's newest member of our MonsterLithium family aimed at industrial manufacturing and repair professionals, enabling work with the toughest materials, 470-inch pounds of torque, enough to handle even hardened alloys, 2,000 RPMs, speed to get the job done quickly. And with heavy duty -- with the heavy-duty gearing and the enhanced cooling, this tool is rugged, durable, even in extreme use. The 9015 also offers an 18-speed clutch, a variable speed trigger, a 2-speed gearbox, all the -- all for precise control, a feature that's essential for serious drilling, for professional drilling. And the 18-volt battery with 5.5 hours ensures consistent output and extended run time in effect, less charging for a more efficient workday. Tools also fitted with a 100 lumen headline, helping technician works -- helping technicians work in dark environments just what's needed for those coal sub jobs. The CT9015 has got power, speed, precision and durability. It's a great tool and the techs know it. They've already made the new drill one of our $1 million hit products. So that's C&I: continued progress against the turbulence.

一個例子是我們的無刷 CDR9015 18 伏電鑽。它是 MonsterLithium 系列的最新成員，面向工業製造和維修專業人員，能夠使用最堅硬的材料、470 英寸磅的扭矩、足以處理甚至硬化合金、2,000 RPM 的速度，快速完成工作。重型 - 重型齒輪和增強冷卻，該工具堅固耐用，即使在極端使用中也是如此。 9015 還提供一個 18 速離合器、一個變速觸發器、一個 2 速變速箱，所有這些都用於精確控制，這是專業鑽孔和專業鑽孔必不可少的功能。 5.5 小時的 18 伏電池可確保穩定的輸出並延長運行時間，減少充電次數，提高工作日效率。工具還配有 100 流明的標題，可幫助技術人員工作——幫助技術人員在黑暗環境中工作，這正是煤炭作業所需要的。 CT9015 具有功率、速度、精度和耐用性。這是一個很棒的工具，技術人員知道這一點。他們已經將這款新鑽機作為我們價值 100 萬美元的熱門產品之一。這就是 C&I：在動盪中持續進步。

Now on to the Tools Group. The team just keeps driving upward, leaving the pre-pandemic levels behind by a wider distance every quarter. Sales of $496.6 million were up $25.2 million or 5.3% over 2021. Organic growth of $34.1 million or 7.4%, partially offset by $8.9 million of unfavorable foreign currency. The operating margin was 20.6%, down slightly, 20 basis points, but overcoming a 40 basis points of unfavorable foreign currency. Compared with pre-virus 2019, sales were $111.4 million or 28.9%, including a $113 million or 29.5% organic gain, and this quarter's 20.6% operating margin was up 680 basis points versus 2019, coming out of the pandemic stronger indeed.

現在進入工具組。團隊只是繼續向上行駛，每個季度都將大流行前的水平拋在後面更遠的距離。銷售額為 4.966 億美元，比 2021 年增長 2520 萬美元或 5.3%。有機增長 3410 萬美元或 7.4%，部分被 890 萬美元的不利外幣抵消。營業利潤率為 20.6%，小幅下降 20 個基點，但克服了不利的外幣 40 個基點。與病毒爆發前的 2019 年相比，銷售額為 1.114 億美元或 28.9%，其中包括 1.13 億美元或 29.5% 的有機收益，本季度 20.6% 的營業利潤率與 2019 年相比上升了 680 個基點，從大流行中走出來確實更加強勁。

So this group is responding to the challenges of the day, increasing its product advantage, fortifying its brands, further enabling the franchisees, guiding them to more selling capacity, and it's all working. You can witness it in any time you meet the franchisees. One big opportunity for that is our annual Snap-on Franchisee Conference, or SFC, held this year at the Gaylord Texan Hotel in Dallas. The theme was breaking barriers. It's a reminder of our record franchisee performance driving ever upward over the last 9 quarters, and it's a recognition of the clear opportunity to reach even greater heights going forward, almost -- yes, almost 8,000 individuals attended.

所以這個團隊正在應對當今的挑戰，增加產品優勢，強化品牌，進一步賦能加盟商，引導他們提高銷售能力，這一切都在發揮作用。您可以在遇到特許經營商的任何時候見證它。一個重要的機會是我們今年在達拉斯的 Gaylord Texan 酒店舉行的年度 Snap-on 加盟商會議 (SFC)。主題是打破障礙。這提醒我們，在過去 9 個季度中，我們創紀錄的特許經營商業績不斷上升，這是對未來達到更高高度的明顯機會的認可，幾乎 - 是的，近 8,000 人參加。

And I can tell you, they were pumped, excited by the products more than 3 football fields of our latest offerings were on display, all available for viewing, handling and ordering. And order they did setting new records that we can also offer a variety of training seminars, where franchisees were able to sharpen and expand their skills to selling the full range of our complex and broad product line. It's an important movement. We say we're working to expand the selling capacities are eventually, SFC is a big part of that effort, and Dallas was another great step forward to that end. You can bet. You can bet on it. Our entire team departed as this year's get together and Dallas indicated, energized and eager to extend the Snap-on difference, reaching new individual and collective levels of success throughout the base to come.

我可以告訴你，我們展示了超過 3 個足球場的最新產品，所有產品都可供查看、處理和訂購，他們對此感到非常興奮和興奮。並且他們確實創造了新的記錄，我們還可以提供各種培訓研討會，特許經營商能夠在其中提高和擴展他們的技能，以銷售我們複雜而廣泛的產品線的全部範圍。這是一個重要的運動。我們說我們最終正在努力擴大銷售能力，證監會是這一努力的重要組成部分，而達拉斯是朝著這一目標邁出的又一大步。你可以打賭。你可以賭一把。我們整個團隊在今年的聚會上離開了，達拉斯表示，充滿活力並渴望擴大 Snap-on 的差異，在未來的整個基地達到新的個人和集體成功水平。

They left excited and strong. The Dallas SFC will lead to breaking barriers. The franchisees' enthusiasm for their businesses and their confidence in their future will make it so. During the SFC, the Tools Group presented the newest addition to the Snap-on ratchet lineup, our FLF80, a 3-inch drive extra-long locking flex head ratchet. This new innovation provides easy access to superior turning power. Our patented duality technology makes it stronger. And the 20-inch length, the longest in the category, provides even greater -- provides great ability to reach deeper in a crowded spaces, extending reach and increasing leverages. It's a great addition to any toolbox. And as an added bonus, the new patent-pending, self-cleaning feature vanishes dirt and grim ensuring that the flex head locks firmly in place at even -- at any angle even under high-stress applications. The F80 is a special offering: access, leverage and stability in 1 ratchet. The initial launch exceeded $1 million is to hit product and sales. And volume continues to move forward upward on a steep trajectory.

他們興奮而堅強地離開了。達拉斯證監會將導致打破障礙。加盟商對其業務的熱情和對未來的信心將使其如此。在 SFC 期間，Tools Group 展示了 Snap-on 棘輪系列的最新成員，我們的 FLF80，一款 3 英寸驅動超長鎖定柔性頭棘輪。這項新的創新提供了輕鬆獲得卓越的轉向能力。我們的專利二元技術使其更強大。而 20 英寸的長度是同類產品中最長的，它提供了更大的能力 - 提供了在擁擠的空間中伸入更深、擴大範圍和增加槓桿作用的強大能力。這是對任何工具箱的一個很好的補充。作為額外的獎勵，新的正在申請專利的自清潔功能可以消除污垢和污垢，確保彈性頭即使在高應力應用下也能以任何角度牢固地鎖定到位。 F80 是一種特殊產品：1 個棘輪的訪問、槓桿和穩定性。首次推出超過 100 萬美元是為了打擊產品和銷售。成交量繼續以陡峭的軌跡向上移動。

Beyond product, we spend time working to expand the franchisee's selling capacity, harnessing social media, improving product training, RCI-ing and the van operations. It's been effective. So capacity is clearly on the rise. And you can see it in the results. The Tools Group is on a very positive trend, ascending and leaving pre-pandemic levels well behind. And as we said in the SFC, it's breaking new barriers right now, and we believe it will all continue.

除了產品之外，我們還花時間努力擴大加盟商的銷售能力、利用社交媒體、改進產品培訓、RCI 和貨車運營。它很有效。因此，容量顯然在上升。您可以在結果中看到它。工具組處於非常積極的趨勢，不斷上升，遠遠落後於大流行前的水平。正如我們在證監會所說的那樣，它現在正在打破新的障礙，我們相信這一切都會繼續下去。

Now on to RS&I. Sales were sales of $414 million, were up $49.6 million or 13.6%, including $60.8 million or 17.2% organic uplift. Growth was weighted toward undercar equipment and sales for the OEM dealerships, but our information and diagnostics businesses were also players in the year-over-year improvement. RCI -- our RS&I operating earnings were $95.4 million representing a $12.1 million increase versus 2021, and the operating margin was up 10 basis points from last year to 23%. Compared with 2019, sales grew $91.3 million or (inaudible), including an $86 million or 27.2% organic gain.

現在轉到 RS&I。銷售額為 4.14 億美元，增長 4960 萬美元或 13.6%，其中包括 6080 萬美元或 17.2% 的有機增長。增長主要集中在 OEM 經銷商的車底設備和銷售上，但我們的信息和診斷業務也是同比增長的參與者。 RCI——我們的 RS&I 營業收入為 9540 萬美元，與 2021 年相比增加了 1210 萬美元，營業利潤率比去年增加了 10 個基點，達到 23%。與 2019 年相比，銷售額增長了 9130 萬美元或（聽不清），其中包括 8600 萬美元或 27.2% 的有機收益。

Operating margin was down 280 basis points versus 2019, primarily reflecting the business mix and the acquisitions. But at 23%, it was still strong. We see significant potential in our size runways for growth, expanding Snap-on's presence in the garage with the coherent acquisitions and with a broad array of powerful products, and the industry experts feel the same. In fact, our TRITON-D10, Fast Track Intelligence Diagnostic units was just selected (inaudible) the top 2 award and rightly so. The TRITON type deal for shop owners and for general technicians, it provides a comprehensive system verification to identify troubles there -- troubled areas, and tools diagnostic testing to pinpoint repair actions and a powerful lab scope to confirm component level functionality, all in 1 package. The D10 advanced scoping -- the D10's advanced scoping capability helps users dig deep into the vehicle systems and evaluate performance with the comparative data, and it's Fast-Track Intelligent Diagnostics, greatly shortcut the work and streamlines the repair processes, making shops more productive, more profitable.

營業利潤率與 2019 年相比下降了 280 個基點，主要反映了業務組合和收購。但在 23% 時，它仍然很強勁。我們看到了我們規模跑道的巨大增長潛力，通過連貫的收購和廣泛的強大產品擴大了 Snap-on 在車庫中的存在，行業專家也有同感。事實上，我們的 TRITON-D10，Fast Track 智能診斷單元剛剛被選為（聽不清）前 2 名，這是正確的。 TRITON 類型的交易適用於店主和一般技術人員，它提供全面的系統驗證以識別那裡的故障 - 故障區域和工具診斷測試以查明維修操作和強大的實驗室範圍以確認組件級功能，所有這些都在 1 包中. D10 高級範圍界定——D10 的高級範圍界定功能可幫助用戶深入挖掘車輛系統並通過比較數據評估性能，它的快速通道智能診斷，大大縮短了工作並簡化了維修流程，提高了車間的生產力，更有利可圖。

Unit also offers a rugged hardware exclusively designed for -- you expect this from Snap-on. The unit also offers rugged hardware exclusively designed for shop environments -- tough shop environment, a super fast, 2-second boot-up, and a 10-inch touchscreen. It all comes together for unprecedented reliability and speed and ease of use. It's a -- I'm telling you, the technicians will tell you, it's a (inaudible) product. And with the selection of the TRITON motor magazine and with the selection of the TRITON, motor magazines, now recognized Snap-on diagnostic units in 22 of the last 23 years, 22 of the last 23 years, we believe it's more testimony that RS&I is stronger than ever in shops and dealerships.

Unit 還提供專為您所期望的 Snap-on 設計的堅固硬件。該裝置還提供專為商店環境設計的堅固硬件——惡劣的商店環境、超快的 2 秒啟動和 10 英寸觸摸屏。這一切結合在一起，帶來了前所未有的可靠性、速度和易用性。這是一個——我告訴你，技術人員會告訴你，這是一個（聽不清的）產品。隨著 TRITON 電機雜誌的選擇和 TRITON 電機雜誌的選擇，在過去 23 年中的 22 年，過去 23 年中的 22 年，現在認可 Snap-on 診斷單元，我們相信這更多地證明了 RS&I 是在商店和經銷商中比以往任何時候都更強大。

Well, that's the highlights for our quarter. Tools Group, strong progress. C&I recording a positive performance and an upward trajectory against the variations across industries and geographies. And RS&I, expanding profitable volume with repair shop owners and managers, staff on overall sales rising again, 10.4% and 22.8% organically versus last year and the pre-pandemic level, respectively, continuing clear and positive growth. Opco operating margins, are robust 20.3% rising again this quarter, up 90 basis points. EPS, $4.14 up versus last year and accelerated well beyond pre-pandemic levels. It was another encouraging quarter.

嗯，這是我們季度的亮點。工具集團，強勢上進。 C&I 記錄了積極的表現和針對不同行業和地區的變化的上升軌跡。 RS&I 與維修店老闆和經理一起擴大了盈利量，員工的整體銷售額再次增長，與去年和大流行前的水平相比，有機增長了 10.4% 和 22.8%，繼續保持明顯和正增長。 Opco 的營業利潤率在本季度再次強勁增長 20.3%，上升 90 個基點。每股收益比去年增加 4.14 美元，增速遠超大流行前水平。這是另一個令人鼓舞的季度。

Now I'll turn the call over to Al. Aldo?

現在我將把電話轉給 Al。阿爾多？

Thanks, Nick. Our consolidated operating results are summarized on Slide 6. Net sales of $1.1025 billion in the quarter increased 6.2% from 2021 levels, reflecting the 10.4% organic sales gain, partially offset by $39.1 million of unfavorable foreign currency translation. The organic sales gain this quarter reflects high single-digit growth in both the Snap-on Tools Group and the Commercial Industrial Group and double-digit gains in the repair systems and information group. This growth compares to the 8.4% year-over-year organic increase recorded last quarter.

謝謝，尼克。我們的綜合經營業績匯總在幻燈片 6 中。本季度的淨銷售額為 11.025 億美元，比 2021 年的水平增長了 6.2%，反映了 10.4% 的有機銷售增長，部分被不利的外幣換算的 3910 萬美元所抵消。本季度的有機銷售額增長反映了 Snap-on 工具集團和商業工業集團的高個位數增長以及維修系統和信息集團的兩位數增長。這一增長與上一季度錄得的 8.4% 的同比有機增長相比。

From a geographic perspective, continued sales strength in the United States and several emerging markets more than offset weaker demand in Europe. Consolidated gross margin of 48.3% declined 190 basis points from 50.2% last year. Higher material and other costs were partially offset by contributions from the increased sales volumes and pricing actions as well as benefits from the company's RCI initiatives, and 30 basis points of favorable foreign currency effects. Again, this quarter, we believe the corporation through pricing, and RCI actions continue to navigate effectively the cost and other supply chain dynamics of the current environment.

從地理角度來看，美國和幾個新興市場的持續銷售強勁抵消了歐洲需求疲軟的影響。綜合毛利率為 48.3%，較去年的 50.2% 下降 190 個基點。較高的材料和其他成本被增加的銷量和定價行動以及公司 RCI 舉措帶來的好處以及 30 個基點的有利外匯影響所部分抵消。同樣，本季度，我們相信公司通過定價和 RCI 行動繼續有效地駕馭當前環境的成本和其他供應鏈動態。

Operating expenses as a percentage of net sales are 28% improved 280 basis points from 30.8% last year. The improvement is primarily due to sales volume leverage and savings from RCI initiatives. Operating earnings from -- before financial services of $223.5 million in the quarter compared to $201.3 million in 2021. As a percentage of net sales, operating margin before financial services of 20.3% improved 90 basis points from last year. Financial services revenue of $87.3 million in the third quarter of 2022 was unchanged from last year. Operating earnings of $66.4 million decreased $4.2 million from 2021 levels, primarily as a result of higher provisions for credit losses than those recorded last year.

營業費用占淨銷售額的百分比為 28%，比去年的 30.8% 提高了 280 個基點。這種改善主要是由於銷售量的槓桿作用和 RCI 計劃的節省。本季度金融服務前的營業利潤為 2.235 億美元，而 2021 年為 2.013 億美元。作為淨銷售額的百分比，金融服務前的營業利潤率為 20.3%，比去年提高了 90 個基點。 2022 年第三季度的金融服務收入為 8730 萬美元，與去年持平。營業收入為 6640 萬美元，比 2021 年的水平減少了 420 萬美元，這主要是由於信貸損失準備金高於去年記錄的水平。

Consolidated operating earnings of $289.9 million compared to $271.9 million last year. As a percentage of revenues, the operating earnings margin of 24.4% compared to 24.2% in 2021. Our third quarter effective income tax rate of 21.6% compared to 23.7% last year. The lower rate in the quarter was primarily due to tax benefits realized from the favorable settlements of income tax audits. Net earnings of $223.9 million or $4.14 per diluted share increased $27.7 million or $0.57 per share from last year's levels, representing a 16% increase in diluted earnings per share.

合併營業利潤為 2.899 億美元，而去年為 2.719 億美元。作為收入的百分比，營業利潤率為 24.4%，而 2021 年為 24.2%。我們第三季度的有效所得稅率為 21.6%，而去年為 23.7%。本季度較低的稅率主要是由於所得稅審計的有利結算實現了稅收優惠。淨收益為 2.239 億美元或稀釋後每股收益 4.14 美元，比去年的水平增加了 2770 萬美元或每股收益 0.57 美元，稀釋後每股收益增加了 16%。

Now let's turn to our segment results, starting with C&I group on Slide 7. Sales of $356.8 million increased from $351.4 million last year, reflecting a $26.2 million or 7.9% organic sales gain, partially offset by $20.8 million of unfavorable foreign currency translation. The organic growth primarily reflects double-digit gains in the segment to Asia Pacific operations and specialty tools business as well as a low single-digit increase in sales to customers in critical industries. Lower activity with the military was more than offset by gains in aviation, mining, power generation as well as in oil and gas.

現在讓我們看看我們的分部業績，從幻燈片 7 上的 C&I 集團開始。銷售額從去年的 3.514 億美元增加了 3.568 億美元，反映了 2620 萬美元或 7.9% 的有機銷售收益，部分被 2080 萬美元的不利外幣換算所抵消。有機增長主要反映了亞太地區業務和特種工具業務部門的兩位數增長，以及關鍵行業客戶銷售額的低個位數增長。軍事活動的減少被航空、採礦、發電以及石油和天然氣的收益所抵消。

Gross margin of 36.9% declined 130 basis points from 38.2% in the third quarter of 2021. This is primarily due to increased material and other input costs partially offset by benefits from the higher sales volumes and pricing actions and 20 basis points of favorable foreign currency effects.

毛利率為 36.9%，較 2021 年第三季度的 38.2% 下降 130 個基點。這主要是由於材料和其他投入成本的增加，部分被銷量增加和定價行動帶來的好處以及有利的外幣 20 個基點所抵消效果。

Operating expenses as a percentage of sales of 22.2% in the quarter improved 70 basis points from 22.9% in 2021, primarily due to the effects of sales volume leverage. Operating earnings for the C&I segment of $52.3 million compared to $53.6 million last year, the operating margin of 14.7% compared to 15.3% a year ago.

本季度營業費用佔銷售額的百分比為 22.2%，比 2021 年的 22.9% 提高了 70 個基點，這主要是由於銷量槓桿的影響。 C&I 部門的營業收入為 5230 萬美元，而去年為 5360 萬美元，營業利潤率為 14.7%，而去年同期為 15.3%。

Turning now to Slide 8. Sales in the Snap-on Tools Group of $496.6 million increased 5.3% from $471.4 million in 2021, reflecting a 7.4% organic sales gain, partially offset by $8.9 million of unfavorable foreign currency translation. The organic sales growth reflects a high single-digit gain in our U.S. business, which was partially offset by a low single-digit decrease in our international operations, the latter largely reflecting weakness in the United Kingdom.

現在轉到幻燈片 8。 Snap-on Tools Group 的銷售額為 4.966 億美元，比 2021 年的 4.714 億美元增長 5.3%，反映了 7.4% 的有機銷售額增長，部分被不利的 890 萬美元外幣換算所抵消。有機銷售增長反映了我們美國業務的高個位數增長，部分被我們國際業務的低個位數下降所抵消，後者主要反映了英國的疲軟。

Gross margin of 44.9% in the quarter declined 90 basis points from 45.8% last year. The year-over-year decrease is primarily due to higher material and other costs, and 40 basis points of unfavorable foreign currency effects, partially offset by benefits from increased sales volumes and the pricing actions. Operating expenses as a percentage of sales of 24.3% improved 70 basis points from 25% last year, reflecting the benefits from higher sales volumes and savings from RCI initiatives. Operating earnings for the Snap-on Tools Group of $102.2 million compared to $98.2 million last year. The operating margin of 20.6% compared to 20.8% in 2021 and to 13.8% in the pre-pandemic third quarter of 2019.

本季度毛利率為 44.9%，比去年的 45.8% 下降 90 個基點。同比下降主要是由於較高的材料和其他成本，以及40個基點的不利外匯影響，部分被銷量增加和定價行動帶來的好處所抵消。營業費用佔銷售額的百分比為 24.3%，比去年的 25% 提高了 70 個基點，這反映了銷量增加和 RCI 計劃節省的好處。 Snap-on Tools Group 的營業收入為 1.022 億美元，而去年為 9820 萬美元。營業利潤率為 20.6%，而 2021 年為 20.8%，2019 年第三季度大流行前為 13.8%。

Turning to the RS&I Group shown on Slide 9. Sales of $414 million compared to $364.4 million a year ago, reflecting a 17.2% organic sales gain, partially offset by $11.2 million of unfavorable foreign currency translation. The organic gain is comprised of double-digit increases in activity with OEM dealerships, and in sales of undercar and collision repair equipment, and a low single-digit gain sales of diagnostic and repair information products to independent shop owners and managers. Gross margin of 42.9% declined 390 basis points from 46.8% last year. This is primarily due to higher material and other input costs and increased sales and lower gross margin businesses. These declines were partially offset by benefits from pricing actions and savings from RCI initiatives as well as 40 basis points of favorable foreign currency effects.

轉向幻燈片 9 中顯示的 RS&I 集團。銷售額為 4.14 億美元，而一年前為 3.644 億美元，反映了 17.2% 的有機銷售額增長，部分被不利的 1120 萬美元外幣換算所抵消。有機收益包括與 OEM 經銷商的活動以及車底和碰撞維修設備的銷售實現兩位數增長，以及向獨立店主和經理銷售診斷和維修信息產品的低個位數增長。毛利率為 42.9%，比去年的 46.8% 下降了 390 個基點。這主要是由於較高的材料和其他投入成本以及銷售增加和業務毛利率下降。這些下降部分被定價行動帶來的好處和 RCI 舉措帶來的節省以及 40 個基點的有利外匯影響所抵消。

Operating expenses as a percentage of sales of 19.9% improved 400 basis points from 23.9% last year, primarily due to benefits from sales volume leverage, higher activity and lower expense businesses and savings from RCI initiatives. Operating earnings for the RS&I Group of $95.4 million compared to $83.3 million last year. The operating margin of 23% improved 10 basis points from 22.9% reported a year ago.

營業費用佔銷售額的百分比為 19.9%，比去年的 23.9% 提高了 400 個基點，這主要得益於銷量槓桿、更高的活動和更低的費用業務以及 RCI 計劃帶來的節省。 RS&I 集團的營業收入為 9540 萬美元，而去年為 8330 萬美元。營業利潤率為 23%，比一年前報告的 22.9% 提高了 10 個基點。

Now turning to Slide 10. Revenue from financial services of $87.3 million, including $1 million of unfavorable foreign currency translation was unchanged from last year. Financial Services operating earnings of $66.4 million, including $800,000 of unfavorable foreign currency effects compared to $70.6 million in 2021. Financial Services expenses of $20.9 million were up $4.2 million from 2021 levels, mostly due to $3.7 million of increased provisions for credit losses. While provisions have increased versus the historically lower provision rate experienced last year, we believe that loan portfolio trends remain stable. As a percentage of the average portfolio, Financial Services expenses were 0.9% and 0.8% in the third quarter of 2022 and 2021, respectively.

現在轉向幻燈片 10。金融服務收入為 8730 萬美元，其中包括 100 萬美元的不利外幣折算，與去年相比沒有變化。金融服務營業收入為 6640 萬美元，包括 80 萬美元的不利外匯影響，而 2021 年為 7060 萬美元。金融服務費用為 2090 萬美元，比 2021 年的水平增加 420 萬美元，主要是由於信貸損失準備金增加了 370 萬美元。儘管與去年曆史上較低的撥備率相比，撥備有所增加，但我們認為貸款組合趨勢保持穩定。作為平均投資組合的百分比，金融服務費用在 2022 年第三季度和 2021 年第三季度分別為 0.9% 和 0.8%。

In the third quarters of 2022 and 2021, respective average yield on finance receivables were 17.7% and 17.8%. In the third quarters of 2022 and 2021, the average yield on contract receivables were 8.6% and 8.5%, respectively. The blended yield for the portfolio was 15.8% in the third quarter of 2022, which is the same as last year. Total loan originations of $300.2 million in the third quarter increased to $30.9 million or 11.5% from 2021 levels, reflecting a 12.5% increase in originations of finance receivables and an 8% increase in originations of contract receivables.

2022年和2021年第三季度，應收融資款的平均收益率分別為17.7%和17.8%。 2022年和2021年第三季度，合同應收賬款的平均收益率分別為8.6%和8.5%。 2022年第三季度投資組合的混合收益率為15.8%，與去年持平。第三季度的貸款總額為 3.002 億美元，比 2021 年的水平增加至 3090 萬美元或 11.5%，反映出應收融資款的來源增加了 12.5%，合同應收款的來源增加了 8%。

Moving to Slide 11. Our quarter end balance sheet includes approximately $2.2 billion of gross financing receivables, including $2 billion from our U.S. operation. The 60-day plus delinquency rate of 1.5% for the United States extended credit compared to 1.4% in 2021 and 1.7% in the pre-pandemic period of 2019. On a sequential basis, the rate is up 10 basis points, reflecting the seasonal trend we typically experience between the second and third quarters. As it relates to extended credit or finance receivables, trailing 12-month net losses of $42.2 million represented 2.41% of outstandings at quarter end, and were down 7 basis points as compared to the same period last year.

轉到幻燈片 11。我們的季度末資產負債表包括大約 22 億美元的總融資應收賬款，其中 20 億美元來自我們的美國業務。美國延長信貸的 60 天以上拖欠率為 1.5%，而 2021 年為 1.4%，2019 年大流行前期間為 1.7%。環比上升 10 個基點，反映了季節性我們通常在第二季度和第三季度之間經歷的趨勢。由於與延期信貸或金融應收賬款有關，過去 12 個月的淨虧損為 4,220 萬美元，佔季度末未償餘額的 2.41%，與去年同期相比下降了 7 個基點。

Now turning to Slide 12. Cash provided by operating activities of $129.9 million in the quarter compared to $186.4 million last year. The decrease from the third quarter of 2021 primarily reflects a $63.5 million increase in working investment. The change in working investment dollars is largely driven by greater demand, resulting in increased receivables and higher levels of inventory this year. In addition to demand-based requirements, the inventory increase also reflects higher in-transit inventory amounts as well as incremental buffer stocks associated with the supply chain dynamics in the current macro environment.

現在轉向幻燈片 12。本季度經營活動提供的現金為 1.299 億美元，而去年為 1.864 億美元。與 2021 年第三季度相比的減少主要反映了營運投資增加了 6350 萬美元。營運投資美元的變化主要是由需求增加推動的，導致今年應收賬款增加和庫存水平增加。除了基於需求的需求外，庫存增加還反映了更高的在途庫存量以及與當前宏觀環境中供應鏈動態相關的緩衝庫存增加。

Net cash used by investing activities of $57.9 million included net additions to finance receivables of $38.2 million and capital expenditures of $20 million. Net cash used by financing activities of $120.7 million included cash dividends of $75.7 million and the repurchase of 228,000 shares of common stock for $50.2 million under our existing share repurchase programs. As of quarter end, we had remaining availability to repurchase up to an additional $396 million of common stock under existing authorizations.

投資活動使用的淨現金為 5,790 萬美元，其中包括 3,820 萬美元的應收款項淨增加和 2,000 萬美元的資本支出。融資活動使用的 1.207 億美元現金淨額包括 7570 萬美元的現金股息和根據我們現有的股票回購計劃以 5020 萬美元回購 228,000 股普通股。截至季度末，我們仍有剩餘可根據現有授權回購多達 3.96 億美元的普通股。

Turning to Slide 13. Trade and other accounts receivable increased $56.7 million from 2021 year-end. Days sales outstanding of 60 days compared to 58 days at 2021 year-end. Inventories increased $151.3 million from 2021 year-end. On a trailing 12-month basis, inventory turns of 2.6 compared to 2.8 at year-end 2021 and 2.6 as of the pre-pandemic third quarter of 2019. Our quarter end cash position of $759.3 million compared to $380 million at year-end 2021. Our net debt-to-capital ratio of 9.3% compared to 9.1% at year-end 2021. In addition to cash and expected cash flow from operations, we have more than $800 million available under our credit facilities. As of quarter end, there were no outstanding amounts under the credit facility, and there were no commercial paper borrowings outstanding.

轉到幻燈片 13。貿易和其他應收賬款比 2021 年底增加了 5670 萬美元。銷售天數為 60 天，而 2021 年底為 58 天。庫存比 2021 年底增加了 1.513 億美元。在過去 12 個月的基礎上，庫存周轉率為 2.6，而 2021 年底為 2.8，截至 2019 年第三季度大流行前第三季度為 2.6。我們的季度末現金頭寸為 7.593 億美元，而 2021 年底為 3.8 億美元. 我們的淨債務與資本比率為 9.3%，而 2021 年底為 9.1%。除了現金和預期的運營現金流外，我們的信貸額度下可用資金超過 8 億美元。截至季度末，信貸額度下沒有未償金額，也沒有商業票據借款未償。

That concludes my remarks on our third quarter performance. I'll now briefly review a few outlook items for the remainder of 2022. We anticipate that capital expenditures will be in the range of $90 million to $100 million. In addition, we currently anticipate, absent any changes to U.S. tax legislation, that our full year 2022 effective income tax rate will be in the range of 23% to 24%.

我對第三季度業績的評論到此結束。我現在將簡要回顧 2022 年剩餘時間的一些展望項目。我們預計資本支出將在 9000 萬美元至 1 億美元之間。此外，我們目前預計，在美國稅法沒有任何變化的情況下，我們 2022 年全年的有效所得稅稅率將在 23% 至 24% 之間。

I'll turn the call back over to Nick now for his closing thoughts. Nick?

我現在將電話轉回給尼克，了解他的結束想法。缺口？

Thanks, Aldo. Well, it was quite a quarter. A staggering number of media pieces have exhaustively documented the modern-day hydro turbulence that marks this period. So we all know the challenges are many, and they're substantial. But despite the headwinds, Snap-on stayed on the mod train, and that momentum shines through in the quarter across all our groups, all of them. C&I, growing 7.9% organically, extending its position in the critical with robust gains in North America and Asia Pacific, overcoming the variations in Europe, registering an OI margin of 14.7%, the strongest since the supply chain disruptions began in earnest, demonstrating continuing progress.

謝謝，阿爾多。好吧，那是四分之一。數量驚人的媒體文章詳盡地記錄了標誌著這一時期的現代水力湍流。所以我們都知道挑戰很多，而且是巨大的。但是，儘管有逆風，Snap-on 仍然保持在 mod 火車上，這種勢頭在本季度在我們所有的團隊中都閃耀著光芒。 C&I 有機增長 7.9%，擴大其在關鍵領域的地位，在北美和亞太地區強勁增長，克服了歐洲的變化，實現了 14.7% 的 OI 利潤率，這是自供應鏈中斷認真開始以來的最高水平，表明持續進步。

The Tools Group. We believe the franchise network is stronger and more capable than ever. Sales up 7.4% organically. OI margins 20.6% down 20 points, but against 40 basis points of unfavorable currency and representing a rise of 680 basis points above 2019. RS&I aggressively expanding with repair shop owners and managers, growing organically 17.2% over last year and 27.2% over the pre-virus era. And the OI margin was a strong 23%, and it all ends up to ongoing and ongoing upward trend for the corporation. Activity rising 10.4% organically versus last year and up 22.8% compared with 2019. OI margin for the corporation was 20.2%, up 90 basis points from last year and 170 basis points above the pre-pandemic level. And 1 final testimony to (inaudible). The EPS was $4.14 a significant gain of 16% versus 2021 and 39.9% over 2019. It was an encouraging quarter, and we are convinced it's an extremely promising future. You see, we believe that the resilience of our markets, coauthored by critical tasks and changing technologies will drive opportunity against the in. We believe that our strength in customer connection and innovative products and in the special power of our brand, will position Snap-on to fully participate in those possibilities. We believe that the considerable capability of our experienced team can navigate to any turbulence, and we believe that these are unique advantages that will maintain our substantial momentum, breaking barrier after barrier, reaching new highs through the remainder of this year on into 2023 and well beyond.

工具組。我們相信特許經營網絡比以往任何時候都更強大、更有能力。銷售額有機增長 7.4%。 OI 利潤率下降 20.6%，下降 20 個百分點，但相對於不利貨幣 40 個基點，比 2019 年上升 680 個基點。RS&I 與維修店所有者和經理一起積極擴張，比去年有機增長 17.2%，比前一年增長 27.2% -病毒時代。 OI 利潤率達到了 23% 的強勁水平，這一切都以公司持續不斷的上升趨勢而告終。活動與去年相比有機增長 10.4%，與 2019 年相比增長 22.8%。公司的 OI 利潤率為 20.2%，比去年增長 90 個基點，比大流行前水平高 170 個基點。和 1 個最終證詞（聽不清）。每股收益為 4.14 美元，與 2021 年相比顯著增長 16%，比 2019 年增長 39.9%。這是一個令人鼓舞的季度，我們相信這是一個非常有希望的未來。您會看到，我們相信，由關鍵任務和不斷變化的技術共同創造的市場彈性將推動逆勢而上的機會。我們相信，我們在客戶聯繫和創新產品方面的優勢以及我們品牌的特殊力量，將使 Snap-充分參與這些可能性。我們相信，我們經驗豐富的團隊的強大能力可以駕馭任何動盪，我們相信這些都是獨特的優勢，將保持我們的強勁勢頭，突破一個又一個障礙，在今年剩餘時間內達到新高，直到 2023 年甚至超過。

Before I turn the call over to the operator, I'll speak directly to our franchisees and associates. As always, I know many of you are listening in. The encouraging performance, we detailed here today, was made possible only by your individual and your efforts and your collective actions for your extraordinary success in authoring another strong Snap-on quarter, you have my congratulations. For the unique skills and capabilities you're display and overcoming the challenges of these days, you have my [aberration], and for your unwavering confidence in our future and your continuing commitment to our team, you have my thanks.

在我將電話轉給接線員之前，我將直接與我們的特許經營商和合作夥伴交談。與往常一樣，我知道你們中的許多人都在傾聽。我們今天在這裡詳述的令人鼓舞的表現，只有通過你們的個人和你們的努力以及你們的集體行動才成為可能，因為你們在創作另一個強勁的 Snap-on 季度時取得了非凡的成功，你們有我的祝賀。對於你所展示的獨特技能和能力以及克服這些天的挑戰，你有我的[失常]，對於你對我們未來的堅定信心和你對我們團隊的持續承諾，我感謝你。

Now I'll turn the call over to the operator. Operator? Come in operator.

現在我將把電話轉給接線員。操作員？進來接線員。

Caroline, can we please take our first question.

卡羅琳，我們能不能回答我們的第一個問題。

Yes sure. So we will take the first question from line Gary from Barrington.

是的，當然。因此，我們將從 Barrington 的 Gary 行提出第一個問題。

A couple of things here. Could you, first of all, quantify how much currency impacted EPS this quarter?

這裡有幾件事。首先，您能否量化本季度貨幣對每股收益的影響？

It was $0.09, Gary.

這是 0.09 美元，加里。

$0.09. $0.09.

0.09 美元。 0.09 美元。

Okay. And then Nick, you mentioned that there was some pretty good robust order flow out of the conference that you had this year. Can you maybe give us a quantifiable range of what that was year-over-year? And then where was there really particular interest in the part of the franchisees and specific Tool Groups? Was it storage, diagnostic, just general households, whatever.

好的。然後尼克，你提到今年的會議有一些非常強勁的訂單流。您能否給我們一個可量化的同比範圍？那麼，特許經營商和特定工具組的部分真正特別感興趣的地方在哪裡？是存儲、診斷，還是普通家庭等等。

I'll tell you that I heard -- I heard like somebody mentioned double digits versus last year. But look, I want to quickly say, these are orders. They're not sales, people order. And so we had a pretty robust pretty robust number. And I don't like to say the real amount here, the exact number. It was pretty good. It's dangerous to extrapolate because they are orders. But orders of that level are better than the poking an eye with a sharp stick, I'll tell you that. So we feel pretty good about this. Where it was ordered, I think tool storage was terrific in this quarter. Hand tools were very strong. And the big packs did pretty well. Big pack is kind of a comprehensive thing that people order. So we saw in those categories. I think everything did pretty well. But the big ticket items were kind of good in this particular quarter. I'd say we're (inaudible) in the SFC as they were in the quarter, big ticket items were strong enough.

我會告訴你，我聽說了——我聽說有人提到了與去年相比的兩位數。但是看，我想快點說，這些是命令。他們不是銷售，人們訂購。所以我們有一個非常強大的非常強大的數字。我不想在這裡說真正的數量，確切的數字。這是相當不錯的。推斷是危險的，因為它們是命令。不過那種級別的命令總比用尖棍戳眼睛好，我告訴你。所以我們對此感覺很好。在訂購的地方，我認為本季度的工具存儲非常好。手工工具非常強大。大包裝做得很好。大包裝是人們訂購的一種綜合性物品。所以我們在這些類別中看到了。我認為一切都做得很好。但在這個特定的季度，大件商品還算不錯。我想說我們在證監會（聽不清），就像他們在本季度一樣，大票項目足夠強大。

Okay. And then you're kind of breaking up there, but I think...

好的。然後你就在那里分手了，但我認為...

I'll say it again. Big orders. They were big order, something like double-digit. but they're orders. And secondly, generally, I think if you ask me to make a couple -- I think the big ticket items were pretty strong for us. And -- but generally, we have these things, Gary, called big packs where franchisees order comprehensive arrays of tools, hand tools and so on. And so they were also pretty strong. So hand tools are pretty good.

我再說一遍。大訂單。他們是大訂單，有點像兩位數。但他們是命令。其次，一般來說，我想如果你讓我做一對——我認為大件物品對我們來說非常強大。而且 - 但一般來說，我們有這些東西，加里，稱為大包裝，特許經營商訂購全面的工具、手動工具等。所以他們也很強大。所以手工工具還是不錯的。

Okay. And then just one last one, if I may. In terms of diagnostics, are your diagnostic tools at this point, fairly drivetrain agnostic? Or do you actually have a specialized diagnostic product that is just systemic to electric vehicles.

好的。如果可以的話，然後就是最後一個。在診斷方面，您目前的診斷工具是否與動力傳動系統完全無關？或者您是否真的有專門針對電動汽車的診斷產品。

No, no, no. We would probably not do that. We would probably have -- we would put them in -- we would put all types of drivetrains in 1 tool. You wouldn't necessarily have one because you do it now. You have hybrids and you have -- you'd have -- you have anything in the product. The beauty of the diagnostic unit is you can repair anything. So part of the ideas you plug it in, no matter what the car is, the model, the make, the type of thing. And so you try to have that in terms of comprehension around, in that situation. And we have the best -- we are the best, certainly in terms of comprehensive data. Coverage is (inaudible)

不不不。我們可能不會那樣做。我們可能會——我們會把它們放進去——我們會把所有類型的動力傳動系統放在一個工具中。您不一定會擁有一個，因為您現在就這樣做了。你有混合動力車，你有——你應該有——你在產品中有任何東西。診斷單元的美妙之處在於您可以修復任何東西。所以你插入的部分想法，不管是什麼車，型號，品牌，東西的類型。因此，在那種情況下，你試圖在理解方面做到這一點。我們擁有最好的——我們是最好的，當然就綜合數據而言。覆蓋範圍是（聽不清）

We will take the next question from line of Bret Jordan from Jefferies.

我們將從 Jefferies 的 Bret Jordan 中提出下一個問題。

All right. Nick, you talked about RCI opportunities at the van level, I think, in the prepared remarks. Could you talk about maybe in greater detail what you're doing there?

好的。尼克，你在準備好的評論中談到了麵包車級別的 RCI 機會。你能更詳細地談談你在那裡做什麼嗎？

Well, there's a couple of things. I mean one of the things we're getting better at applying social media. So the idea behind social media, it's a big RCI opportunity because the better we can pre brief the customers. So when we enter the shops, the customer kind of knows the product -- he knows the -- and we have a lot of promotions. So he knows the promotion. So the franchisee can spend his limited time with that particular individual, customizing why those characteristics mean a lot to them, and he can use them. And so that is really 1 huge thing. It's one of the things that we're getting better at day-by-day, but it has driven some of our capabilities in those kinds of situations.

嗯，有幾件事。我的意思是我們在應用社交媒體方面做得越來越好。因此，社交媒體背後的想法是一個巨大的 RCI 機會，因為我們可以更好地預先向客戶介紹情況。因此，當我們進入商店時，顧客就知道產品——他知道——我們有很多促銷活動。所以他知道晉升。因此，加盟商可以將有限的時間花在那個特定的人身上，定制為什麼這些特徵對他們很重要，並且他可以使用它們。所以這真的是一件大事。這是我們每天都在變得更好的事情之一，但它推動了我們在這種情況下的一些能力。

There's other things in terms of collections, in terms of taking inventories on the vans in terms of adjusting the computer system. So it's easier to use and quicker those kinds of things in ways in which they can status their orders, which is a big deal these days because you've got a lot of people clamoring for product, and they're looking for it. So those are the kinds of things.

在收集方面還有其他事情，在調整計算機系統方面對貨車進行盤點。因此，這些東西更容易使用，也更快捷，可以讓他們處理訂單，這在當今很重要，因為你有很多人爭相購買產品，他們正在尋找它。所以這些就是這樣的事情。

Okay. And then all the -- a quick question on the Financial Services. You've mentioned sort of higher provisions. Could you talk about maybe what you're seeing, a cadence of what you're seeing as far as the credit books are the mechanics -- I mean, obviously, the wage growth has been great, but is there sort of broader pressure on the credit side.

好的。然後是所有關於金融服務的快速問題。你提到了更高的規定。您能否談談您所看到的，就信用賬簿而言，您所看到的節奏是機械 - 我的意思是，顯然，工資增長很大，但是否存在更廣泛的壓力？信用方面。

Bret, good question. We actually saw exceptionally strong performance in 2020, 2021. You read about it from other people as well that people service their debt in a more aggressive fashion, bringing it down, people were more current than ever in servicing debt. So we had unusually low provisions in 2021 and in 2020 in the back half of 2020. What you see now is kind of a return to a more normal pace. And even in the quarter, based on comparing it to '17, '18, '19, the rate of provision is still less than that era. So in the quarter, they're performing well. I mean it's a very typical performance that we're seeing. And all the leading indicators still give rise to the fact that we think we'll do okay in the credit company.

布雷特，好問題。實際上，我們在 2020 年和 2021 年看到了異常強勁的表現。您也從其他人那裡了解到，人們以更積極的方式償還債務，降低了債務，人們比以往任何時候都更及時地償還債務。因此，我們在 2021 年和 2020 年下半年的準備金異常低。你現在看到的是恢復到更正常的速度。而且即使在本季度，基於與'17、'18、'19的比較，提供率仍然低於那個時代。因此，在本季度，他們表現良好。我的意思是這是我們看到的非常典型的表現。所有領先指標仍然表明我們認為我們在信貸公司會做得很好。

We will take the next question from the line Scott Stember from MKM Partners.

我們將從 MKM Partners 的 Scott Stember 中提出下一個問題。

Can you talk about sell-in to the channel, the van channel versus sell-out? Is it fair to assume that things are pretty much one for one? Or was there any coming (inaudible)

你能談談渠道銷售，貨車渠道與售罄嗎？假設事情幾乎是一對一的，這是否公平？或者有沒有來（聽不清）

Yes. It varies from time to time, but this quarter was sort of right on, pretty much the same. Maybe even I'd say right up. Maybe even a little better, but not -- for government work, you can say, sell-in, sell-out was about the same.

是的。它不時變化，但本季度有點正確，幾乎相同。也許我會直接說。甚至可能會好一點，但不是——對於政府工作，你可以說，賣進、賣完差不多。

All right. And then RS&I talk about undercar equipment. Can you maybe give a little more granularity? Was that related to collision repair? Or was that just everything?

好的。然後 RS&I 談到了車底設備。您能否提供更多粒度？這和碰撞修復有關嗎？或者這只是一切？

Actually, everything is selling in undercar. It's one of the things that (inaudible) collision repair is a start in this era. I think it's driven by the idea that collision, the cars now has that neural network of sensors. So every time if you just dent your bumper, it's thousands of dollars of repair because you've got to recalibrate everything and so on. So collision shops kind of upgrades to take advantage of that to be actually be able to effectively, not only be store shape but put things back into operating performance. But also the other businesses we're selling via the other products like lifts, just basic lifts, which you would think would be the most vanilla of products in the situation are selling quite well.

實際上，所有東西都在車底出售。這是（聽不清）碰撞修復是這個時代開始的事情之一。我認為這是由碰撞的想法驅動的，汽車現在擁有傳感器的神經網絡。所以每次如果你只是把你的保險槓弄凹了，那就是數千美元的維修，因為你必須重新校準一切等等。所以碰撞商店的那種升級利用這一點實際上能夠有效地，不僅是商店的形狀，而且把東西放回經營業績。而且我們通過其他產品銷售的其他業務，如昇降機，只是基本的升降機，你會認為這是最普通的產品在這種情況下銷售得很好。

So I think it's on collisions as the situation, but also repair shops in general are seeing the future, and they are pumped about this. Like I said, I think even the dealerships are starting to get over the idea, they don't have cars to sell and are turning to repair.

所以我認為這是在碰撞的情況下，但一般維修店也看到了未來，他們對此很興奮。就像我說的，我認為即使是經銷商也開始克服這個想法，他們沒有汽車可賣，正在轉向維修。

Got it. And just last question. Obviously, you guys have put up some stellar results the last couple of years, but the uncertainty for next year with a recession. Could you just give us an idea of what we should look at for a potential canary in the coal mine that we need to look at that will give us an early warning sign?

知道了。最後一個問題。顯然，你們在過去幾年中取得了一些出色的成績，但明年經濟衰退的不確定性。您能否告訴我們我們應該在煤礦中尋找潛在的金絲雀時需要注意什麼，這會給我們一個預警信號？

Well, first of all, I have to say, though, I think when you walk in the garage, you don't hear a recession. It's like when you watch the -- when you watch the programs like Squawk Box in the morning, every 10 words are -- every 10th word is recession. You don't hear that in the factories of the -- among the people of work. You just don't hear it. They're really robust about this. But -- if you're talking about canary in the coal mine, if you looked at the last each one to differ. But certainly, the last ordinary recession that wasn't (inaudible). You would see a reduction maybe in bigger ticket items perhaps because of the confidence in the future. So generally, repair needs to go on. It's essentially doing it, but people might be packing to shorter payback items and longer payback items when they're a little more uncertain about the future. That happens in the financial recession. Now as it turns out in the quarter, our big ticket items were robust.

好吧，首先，我不得不說，不過，我認為當你走進車庫時，你不會聽到經濟衰退的聲音。就像當你看——當你早上看像 Squawk Box 這樣的節目時，每 10 個詞是——每 10 個詞就是衰退。你在工廠裡聽不到——在工作的人中間。你只是聽不見。他們對此非常堅定。但是——如果你在談論煤礦中的金絲雀，如果你看最後一個，每個人都會有所不同。但可以肯定的是，上一次不是（聽不清）的普通衰退。您可能會看到可能由於對未來的信心而減少較大的門票項目。所以一般來說，維修需要繼續。它本質上是這樣做的，但是當人們對未來更加不確定時，他們可能會打包到更短的回報項目和更長的回報項目。這發生在金融衰退時期。現在事實證明，在本季度，我們的大件商品很強勁。

We will take the next question from line Luke Junk from Baird.

我們將從 Baird 的 Luke Junk 行提出下一個問題。

First, Nick, just curious to get your perspective on investment in posture of the company given the macro backdrop, thinking, especially with regards to maintaining the momentum that you've got in the Tools Group right now. And as we look outside the Tools Group as well, it's just some of the key considerations around investment if we do get into a choppier macro in RS&I and C&I as well?

首先，尼克，只是想知道您在宏觀背景下對公司投資狀況的看法，思考，特別是在保持您現在在工具集團中獲得的勢頭方面。而且，當我們也將目光投向工具集團之外時，如果我們在 RS&I 和 C&I 中也進入波動較大的宏觀，這只是圍繞投資的一些關鍵考慮因素嗎？

Well, look, I don't think -- and I now have been I've been through 2 big downturns: one, the financial recession, and 2 the COVID, if you can call it. And I don't remember restricting our investment in the business. I do not remember that. If we wanted to do it -- if we thought it was important for the future, if these it was efficacious for our customers, we were able to do it. Because Snap-on, maybe you get a little -- you're off the bubble a little bit, but we've never really been restricted in a recession. And those are 2 big ones, 2 big ones. And so I don't anticipate doing that. I anticipate our ability to keep investing in the business. We might tighten our belt in terms of travel and things -- other things people do. But if you're talking about investing in a business, we said last time, we kept going, we kept investing in product and brand and people. We didn't lay anybody off. And that's what we did. And that's why we came out of the recession stronger. So we do the same thing.

好吧，看，我不認為 - 我現在已經經歷了兩次大衰退：一是金融衰退，二是 COVID，如果你可以稱之為的話。而且我不記得限制我們對業務的投資。我不記得了。如果我們想這樣做——如果我們認為這對未來很重要，如果這些對我們的客戶有效，我們就能做到。因為 Snap-on，也許你會得到一點——你離泡沫有點遠，但我們從未真正受到經濟衰退的限制。那是兩個大的，兩個大的。所以我不希望這樣做。我預計我們有能力繼續投資於業務。我們可能會在旅行和其他事情上勒緊褲腰帶——人們會做的其他事情。但是，如果您談論的是對企業的投資，我們上次說過，我們一直在前進，我們一直在對產品、品牌和人員進行投資。我們沒有解僱任何人。這就是我們所做的。這就是為什麼我們能夠更強大地走出衰退。所以我們做同樣的事情。

Okay. Really a question around margins and profitability going into next year. And my -- the question is around recovering price cost, clearly, we can see the impacts of higher material prices and other costs in the quarter here in 3Q. And I'm just wondering, as we turn the page to next year, especially in C&I, where I know your ability to recover cost real time is limited just given the nature of the customers and the contracts, how you're positioning going into conversations next year. And then also in the Tools Group, of course, just how much price elasticity do you think there is in that business today?

好的。確實是關於明年利潤率和盈利能力的問題。我的問題是關於恢復價格成本，很明顯，我們可以在第三季度的這個季度看到更高的材料價格和其他成本的影響。我只是想知道，當我們翻到明年時，尤其是在 C&I，我知道你實時收回成本的能力是有限的，只是考慮到客戶和合同的性質，你如何定位進入明年的對話。當然，在工具集團中，您認為今天該業務的價格彈性有多大？

I think we certainly -- let me take the Tools Group first. I think there's -- and Tools Group, I said many times, we control the customer interface. We believe we can price for visible inflation. We were pretty satisfied, we were pretty encouraged by this quarter. Third quarter -- I've said this like in 15 third quarters that I've been on this call, it's always squirrely. So the idea is -- I thought the Tools Group had a great -- a very encouraging third quarter, especially against the currency, and being up over 2019. If you come to C&I, yes, it's a little bit more viscous in terms of pricing. But if you look at C&I, I think we thought 7.9% up organically. It's pretty good. It's starting to break out of the problem. And the 14.7% OI margin. While down year-over-year is the highest since we actually started getting this turbulence.

我想我們當然- 讓我先談談工具組。我認為有 - 工具組，我多次說過，我們控制客戶界面。我們相信我們可以為可見的通貨膨脹定價。我們很滿意，這個季度我們很受鼓舞。第三季度——我在 15 個第三季度都這麼說，我一直在接這個電話，總是很鬆懈。所以這個想法是——我認為工具集團有一個很棒的——一個非常令人鼓舞的第三季度，尤其是兌貨幣，並且比 2019 年上漲。如果你來到 C&I，是的，它在價錢。但如果你看看 C&I，我認為我們認為有機增長了 7.9%。這個很不錯。它開始擺脫問題。以及 14.7% 的 OI 利潤率。雖然同比下降是自我們實際開始出現這種動盪以來的最高水平。

So we see -- when we step back on it, we see C&I fighting against turbulences, both geographically and sector-wise. But we see them winning the war and moving forward, and we would consider that to happen. If you look at cost overall, generally, there's a lot of variation in this, but steel cost -- for example, some steel costs are down now. So you're going to start seeing that versus last year. Others are down versus the peak, but not down versus last year. So you're going to see variation going forward, but it's got to be an easing of the situation, at least a more positive situation. The worry about C&I is the ability of getting things and getting them delivered when you have those hundred tool -- 100-unit complex kits to deliver, and you have to have them all in place before you send out the kit. And so that can be devil C&I. That's the major battle for them. But I feel pretty confident about the situation. I think things are getting better.

所以我們看到 - 當我們退後一步時，我們看到 C&I 在地理和部門方面與動盪作鬥爭。但我們看到他們贏得了戰爭並繼續前進，我們會認為這會發生。如果你從整體上看成本，一般來說，這有很多變化，但是鋼鐵成本——例如，一些鋼鐵成本現在下降了。因此，與去年相比，您將開始看到這一點。其他人與峰值相比有所下降，但與去年相比沒有下降。所以你會看到未來的變化，但這必須是局勢的緩和，至少是更積極的局勢。對 C&I 的擔憂在於，當您擁有數百個工具（包含 100 個單元的複雜套件要交付）時，您能否獲得併交付它們，並且您必須在發送套件之前將它們全部準備好。所以這可能是魔鬼 C&I。這是他們的主要戰鬥。但我對這種情況很有信心。我認為情況正在好轉。

And then if I can sneak it in, just a quick question for Aldo, on the credit business. And what I'm hoping -- I already got a question on this, but I just want to ask it a little bit differently in terms of parsing out decrease in credit income, especially the provision-related impacts on a year-over-year basis. Can you just help us understand the moving pieces there between mechanical moving pieces as things normalize post-COVID, and separately changes in your assumptions around underlying credit that's driving the change? Just trying to square that with what are clearly still very low delinquency rates.

然後，如果我可以偷偷摸摸，只是對 Aldo 的一個簡短問題，關於信貸業務。我希望 - 我已經對此提出了一個問題，但我只是想在分析信貸收入減少方面提出一些不同的問題，特別是與撥備相關的同比影響基礎。您能否幫助我們了解機械移動部件之間的移動部件，因為事情在 COVID 後正常化，以及您對推動變化的潛在信用的假設分別發生變化？只是試圖將其與顯然仍然非常低的拖欠率相提並論。

I would just say at the highest level -- look, I'd say a way to look back that. When the world broke into the era of COVID, there was a lot of trepidation as to what does that mean. And looking backwards, you probably have a period, including Snap-on, where we over reserved and the provisions were probably higher than that was necessary. And as a result of that, when you actually see the proof as it played out, that you didn't require those, you had been a need for lower provisions in 2021. And now you're starting to get back to what I call a more normal pace of activity. And if you look at the portfolio itself, it's got a little bit better credit characteristics.

我只想在最高級別上說——看，我會說一種回顧過去的方式。當世界進入 COVID 時代時，人們對這意味著什麼充滿了恐懼。回顧過去，您可能有一段時間，包括 Snap-on，我們過度保留，並且規定可能高於必要的水平。因此，當你真正看到證據表明你不需要這些時，你就需要在 2021 年降低準備金。現在你開始回到我所說的更正常的活動節奏。如果你看一下投資組合本身，它的信用特徵會更好一些。

What I mean by that is maybe $1 of conservatism on the part of who we granted credit to, so it's less high-risk candidates in the pool. And people's FICO scores have improved marginally. So again, at a macro 30,000-foot level, there's probably a slightly less amount of credit risk in the portfolio. And therefore, as you go forward in these trends, I think it's kind of getting back to norm for lack of a better word, with that macro backdrop that Nick just described.

我的意思是，對於我們授予信用的人來說，這可能是 1 美元的保守主義，所以它是池中風險較低的候選人。人們的 FICO 分數略有提高。同樣，在宏觀 30,000 英尺的水平上，投資組合中的信用風險可能略少。因此，當你在這些趨勢中前進時，我認為在尼克剛剛描述的宏觀背景下，由於缺乏更好的詞，這有點恢復常態。

We will take the last question from David MacGregor.

我們將回答 David MacGregor 的最後一個問題。

Yes. Can you hear me okay?

是的。你能聽到我的聲音嗎？

Yes, I can hear you.

是的，我能聽到你的聲音。

All right, wonderful. I guess -- I wanted to just build on that last question. And a question with respect to the tools segment. And you reported 7.4% growth. And to the extent that you are sort of maintaining pace with inflation, that would suggest that the bulk of that was pricing, and volume might have been up kind of low single-digit kind of numbers. And so I guess...

好吧，太好了。我想——我想以最後一個問題為基礎。還有一個關於工具部分的問題。你報告了 7.4% 的增長。如果你在某種程度上與通貨膨脹保持同步，這表明其中大部分是定價，而交易量可能會上升到個位數的低數字。所以我猜...

That's not -- but okay. Okay. Go ahead.

那不是——但沒關係。好的。前進。

But we'll start with that. Yes, go ahead. Go ahead.

但我們將從那開始。好，去吧。前進。

No. I -- we don't think -- we think pricing ends up being around -- we do a list price, but the list prices don't all flow, and then we've got the -- it doesn't all hold. And then we've got the promotions, which go out and some of them are leaner and some of them are more rich. And so you have that. And then you've got new products that are rolling through the system and they get repriced. So when we look -- we all said and done, we would say that tools may be getting half of that in price or maybe a little bit less. That's the way we see it. It doesn't -- you can't really just look at the list price because it gets so complicated in looking at that. But our best guess is that it's around that number. So okay, you see -- okay. Yes, it's not 7.4% volume growth, but it's certainly not 0.

不，我 - 我們不認為 - 我們認為定價最終會出現 - 我們制定標價，但標價並非全部流動，然後我們得到了 - 它沒有都持有。然後我們得到了促銷，它們出去了，其中一些更精簡，一些更富有。所以你有那個。然後你有新產品在系統中滾動並重新定價。因此，當我們查看時 - 我們都說過並做過，我們會說工具的價格可能是該價格的一半，或者可能會少一點。這就是我們的看法。它沒有——你不能真的只看標價，因為看它太複雜了。但我們最好的猜測是它在這個數字附近。好吧，你看——好吧。是的，這不是 7.4% 的銷量增長，但肯定不是 0。

Sure. No, I understand. So if we assume maybe prices is maybe 300 basis points and you got 400 basis points...

當然。不，我明白。所以如果我們假設價格可能是 300 個基點，而你得到 400 個基點......

Maybe. But it sounds like that, yes.

也許。但聽起來是這樣，是的。

Yes. It sounds like it. And then you got 400 basis points of volume growth. And it sounds like from what you said earlier in the call that inventory on the trucks was pretty stable, but it was pretty even growth between the wholesale and the retail I guess I'm just trying to reconcile the 11% originations growth, which suggests that big ticket was up very, very large. And the implication of that would be that maybe smaller ticket or hand tools was mathematically a negative number, but maybe I'm misunderstanding that.

是的。聽起來像。然後你得到了 400 個基點的銷量增長。從你之前在電話會議中所說的聽起來，卡車上的庫存相當穩定，但批發和零售之間的增長相當均衡，我想我只是想調和 11% 的原始增長，這表明那張大票漲得非常非常大。這意味著可能較小的票據或手動工具在數學上是一個負數，但也許我誤解了這一點。

David, David, yes, that's cool, but that's not true. The thing is that remember, you got pricing also rolling through those things year-over-year, the same way you did that calculation on the overall number, you got some of that. But tool storage was strong. But you've got other small ticket items. You've got power tools, you got, what we call shop-in tech, which is a myriad of other things that we might sell like lights and pressure gauges and things like that. And so you have a lot of things that go to that. But if you want to pinpoint on hand tools, I'll tell you hand tools is good in the quarter, up double digits again. So generally, the core products were okay. The things that are normal. So that's -- That's what happened in that situation.

大衛，大衛，是的，這很酷，但那不是真的。問題是請記住，您的定價也逐年滾動，就像您對總數進行計算一樣，您得到了一些。但是工具存儲很強大。但是你還有其他小票項目。你有電動工具，你有，我們稱之為店內技術，這是我們可能出售的無數其他東西，比如燈和壓力表之類的東西。所以你有很多事情要做。但如果你想確定手工具，我會告訴你手工具在本季度表現不錯，再次上升兩位數。所以總的來說，核心產品還可以。正常的事情。所以那是- 這就是在那種情況下發生的事情。

Okay. Thanks for addressing that. And -- sorry go ahead.

好的。感謝您解決這個問題。而且——對不起，請繼續。

No. No, no. Go ahead. Go ahead. I'm trying to answer your question.

不不不。前進。前進。我試圖回答你的問題。

Sure. I guess I'm just trying to get a sense of -- within your credit business, I don't think there's ever really many serious questions about the quality of credit in this portfolio. You guys have always done a fantastic job of managing that, and I expect that will be the case going forward. Could you foresee any circumstances whatsoever where you would consider lowering what you charge on extended credit from that 17%, 18% yield to something that's maybe a little more a little more accessible for (inaudible) for all these...

當然。我想我只是想了解一下——在你的信貸業務中，我認為這個投資組合中的信貸質量從來沒有真正嚴重的問題。你們在管理這方面一直做得非常出色，我希望今後也會如此。您能否預見任何情況下您會考慮將延長信貸的費用從 17%、18% 的收益率降低到對所有這些可能更容易獲得（聽不清）的東西......

You always think about these things, David. We review it all the time. But in reality, we've kind of held there, and it's worked for us for a long time. And so I think we are -- we think it's appropriate for the credit profile of the people we deal with. And so we haven't changed anything in that macro in a long time. So when you look back and you look at the performance of the credit company, it really isn't marked by major changes in the core model. It's generally been the same. Now it isn't that we don't review it or anything, but I don't think we're seeing ourselves do that right now anyway.

你總是在想這些事情，大衛。我們一直在審查它。但實際上，我們已經堅持了很長時間，而且它對我們有用很長時間。所以我認為我們是 - 我們認為這適合我們與之打交道的人的信用狀況。所以我們很長一段時間都沒有改變那個宏中的任何東西。因此，當您回顧並查看信貸公司的表現時，它實際上並沒有以核心模型的重大變化為標誌。它通常是相同的。現在並不是說我們不審查它或其他任何東西，但我認為無論如何我們現在都不會看到自己這樣做。

And that was our final question. Thank you all for joining us today. A replay of this call will be available shortly on snapon.com. As always, we appreciate your interest in Snap-on. Good day. .

這是我們的最後一個問題。感謝大家今天加入我們。 snapon.com 上將很快提供此電話的重播。一如既往，我們感謝您對 Snap-on 的興趣。再會。 .