實耐寶 (SNA) 2024 Q3 法說會逐字稿

Good morning, and welcome to the Snap-on Incorporated 2024 third-quarter results conference call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加實耐寶公司 2024 年第三季業績電話會議。（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Sarah Verbsky, Vice President, Investor Relations. Please go ahead.

我現在想將會議交給投資者關係副總裁 Sarah Verbsky。請繼續。

Thank you, Aaron, and good morning, everyone. We appreciate you joining us today as we review Snap-on's third-quarter results, which are detailed in our press release issued earlier this morning. We have on the call Nick Pinchuk, Snap-on's Chief Executive Officer, and Aldo Pagliari, Snap-On's Chief Financial Officer.

謝謝你，亞倫，大家早安。感謝您今天加入我們，我們將回顧 Snap-on 第三季的業績，這些業績在我們今天早上早些時候發布的新聞稿中進行了詳細介紹。參加電話會議的有 Snap-On 執行長 Nick Pinchuk 和 Snap-On 財務長 Aldo Pagliari。

Nick will kick off our call this morning 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've provided slides to supplement our discussion. These slides can be accessed under the downloads tab in the webcast viewer as well as on our website, snapon.com, under the Investors Section. These files will be archived on our website along with the transcript of today's call.

尼克將在今天早上的電話會議上發表他對我們表現的看法。然後奧爾多將對我們的財務業績進行更詳細的審查。在尼克提供一些結束語後，我們將回答您的問題。像往常一樣，我們提供了幻燈片來補充我們的討論。這些投影片可以在網路廣播檢視器的下載標籤下以及我們的網站 snapon.com 的投資者部分下存取。這些文件將與今天的通話記錄一起存檔在我們的網站上。

Any statements made during this call relative to management's expectations, estimates or beliefs or that otherwise discuss management's or the company's outlook, plans or projections are forward-looking statements and actual results may 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.

本次電話會議期間發表的任何與管理層的期望、估計或信念相關的聲明，或以其他方式討論管理層或公司的前景、計劃或預測的聲明均屬於前瞻性聲明，實際結果可能與此類聲明中的結果存在重大差異。我們向 SEC 提交的文件中包含了其他資訊以及可能導致我們的結果與前瞻性聲明中的結果有重大差異的因素。

Finally, this presentation includes non-GAAP measures financial performance which are not meant to be considered in 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.

最後，本簡報包括非 GAAP 衡量財務績效的指標，這些衡量指標不應單獨考慮或取代 GAAP 指標。有關這些措施的更多資訊包含在我們今天發布的收益報告中，您可以在我們的網站上找到該報告。

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尼克·平丘克。缺口？

Thanks, Sara. Good morning, everyone. As usual, I'll start with the highlights of our third quarter. I'll provide my perspectives on the results, on our markets and on our path ahead. After that, Aldo will give you a detailed review of the financials. My perspective, I am encouraged. And we believe our third quarter was encouraging, another period of broad profitability growth and significant forward progress product and process success and clear traction in our Tools Group pivot to quick paybacks.

謝謝，薩拉。大家早安。像往常一樣，我將從第三季的亮點開始。我將提供我對結果、市場和未來道路的看法。之後，奧爾多將為您詳細介紹財務狀況。我的觀點，我很受鼓舞。我們相信，我們的第三季度是令人鼓舞的，這是又一個盈利能力廣泛增長、產品和流程取得重大進展、以及我們工具集團轉向快速回報的明顯牽引力的時期。

Of course, the quarter again had its challenges, ongoing macro pressures, creating obstacles of uncertainty, just like we've encountered before, but in the end, we adjusted. We stood the turbulence, took advantage of the opportunities and drove another strong earnings performance, and all of that is written clearly across the results. Here they are.

當然，本季度再次遇到了挑戰，持續的宏觀壓力，造成了不確定性的障礙，就像我們之前遇到的那樣，但最終我們進行了調整。我們經受住了動盪，抓住了機遇，再次推動了強勁的盈利表現，所有這些都清楚地寫在了業績中。他們在這裡。

Third quarter sales of $1,147 million were slightly down from the $1,159.3 million recorded last year. On an organic basis, excluding $200,000 in unfavorable foreign currency translation and $7.2 million from acquisitions, our organic sales were lowered by 1.7%, but the OpCo operating income was up, and the OI margin was 22%, up 80 basis points, setting a new benchmark for our third quarters.

第三季銷售額為 11.47 億美元，略低於去年的 11.593 億美元。在有機基礎上，排除20 萬美元的不利外幣換算和720 萬美元的收購費用，我們的有機銷售額下降了1.7%，但OpCo 營業收入上升，OI 利潤率為22%，上升80 個基點，設定了有機銷售額我們第三季的新基準。

For financial services, the OI grew to $71.7 million. That's up from the $69.4 million of 2023, a number that when combined with our OpCo result raised our consolidated OI margin to 26%, up 90 basis points from last year's 25.1%, and EPS, it was $4.70, a nice gain from last year's $4.51. Those are the overall results, marked by operating capability, structural balance and consistent resilience prevailing against significant headwinds.

對於金融服務，OI 成長至 7,170 萬美元。這高於2023 年的6,940 萬美元，與我們的OpCo 業績相結合，我們的綜合OI 利潤率提高到26%，比去年的25.1% 提高了90 個基點，每股收益為4.70 美元，比去年有不錯的成長4.51 美元。這些是整體結果，以運作能力、結構平衡和麵對重大逆風時的持續彈性為標誌。

Now let's take a view of the market. During the third quarter, automotive repair remained robust. It continues to expand in complexity. New models enter the market, unveiling a rollout of new drivetrains, motor configuration, and high-tech electrical systems that control a neural network of sensors woven together that enable driver-assistant vehicle autonomy, all of it housed in modern chassis, fashioned out of state age materials.

現在讓我們來看看市場。第三季度，汽車維修依然強勁。它的複雜性繼續擴大。新車型進入市場，推出了新的動力傳動系統、電機配置和高科技電氣系統，這些系統控制著編織在一起的傳感器神經網絡，從而實現駕駛員輔助車輛的自主性，所有這些都安裝在現代底盤中，由註明年齡的材料。

And this cavalcade and sophisticated advancement combines with an aging car parc. Now we average 12.6 years to make fixing vehicles even more challenging. If you're from Snap-on, this is music to your ears, and the hits just keep on coming, creating opportunities for years to come.

這一行列和先進的進步與老化的汽車保有量相結合。現在，我們平均需要 12.6 年，這使得修理車輛變得更具挑戰性。如果您來自 Snap-on，這對您來說就是美妙的音樂，而且熱門歌曲不斷湧現，為未來創造機會。

Let's talk about organizations. The OEM, the dealerships, the independent garages, the segment that primarily focuses on infrastructure-type investments, recover things like renovating bays and upgrading repair equipment, meaning the challenges of new vehicle models and expanding shop capacities to match the rise of repair work driven by the ongoing increase in vehicle complexity.

我們來談談組織。原始設備製造商、經銷商、獨立車庫，主要關注基礎設施類型的投資，回收諸如翻新車庫和升級維修設備之類的東西，這意味著新車型和擴大車間產能以適應維修工作增長的挑戰。車輛複雜性的不斷增加。

New list to support the extra way to battery systems, sophisticated undercar equipment to calibrate the driver assist systems that enable vehicle automation and more powerful software suite for managing parts from service base and customer interfaces, enhanced vehicle communication devices to interact with the more complex design and more powerful repair information database to read, to diagnose, and to fix the vehicles of the now and of the future.

新清單支援電池系統的額外方式、用於校準駕駛員輔助系統的複雜車下設備（實現車輛自動化）、用於管理服務基礎和客戶界面零件的更強大的軟體套件、增強的車輛通信設備以與更複雜的設計進行互動以及更強大的維修資訊資料庫，用於讀取、診斷和修理現在和未來的車輛。

Our repair information group, or RS&I thrives in this world of complexity, serving repair shop owners and managers delivering solutions that make the full repair path much easier, paving a way forward with innovative dealership management systems, proprietary one-of-a-kind intelligent diagnostics platforms and the full array of -- a full array of capable shop equipment.

我們的維修資訊團隊(RS&I) 在這個複雜的世界中蓬勃發展，為維修店業主和經理提供解決方案，使整個維修路徑變得更加容易，為創新的經銷商管理系統、專有的獨一無二的智能系統鋪平了道路。

Now the opportunities for the garage is strong, but uncertain interest rates, rumors of tax changes, and worries over the elections are all weighing on investment decisions, creating a mixed landscape across the market, but the overall outlook still remains quite positive, and we believe that Snap-on and RS&I are poised to participate fully in the abundant opportunities.

現在車庫的機會很大，但不確定的利率、稅收變化的傳言以及對選舉的擔憂都在影響投資決策，形成整個市場的混合格局，但整體前景仍然相當樂觀，我們相信Snap-on 和RS&I 已準備好充分參與這些豐富的機會。

Now let's shift to the technician market. These are the folks who decipher the data, touch the screen, diagnose the problems, pull the wrenches and wheel their extraordinary skills to execute the repair. It's where our van network flies its straight.

現在讓我們轉向技術人員市場。這些人破解數據、觸摸螢幕、診斷問題、拉動扳手並運用非凡的技能來執行修復。這是我們的貨車網路直飛的地方。

In that regard, the third quarter is always a great time for me because it's when we hold our annual Snap-on franchisee competency or SFC, it's a gathering of men and women who drive the vans and call on hundreds of thousands of techs every week. It's an unmatched connection to the world of vehicle repair. Again, this year, I had extended conversations with dozens and dozens of our franchisees and each encounter resonated with enthusiasm.

在這方面，第三季對我來說始終是一個美好的時光，因為這是我們舉行年度Snap-on 特許經營商資格賽或SFC 的時候，這是開貨車的男男女女的聚會，每週都會拜訪數十萬技術人員。這是與汽車維修世界無與倫比的連結。今年，我再次與數十家加盟商進行了深入的交談，每次見面都引起了熱情的共鳴。

We say Snap-on for fails and turbulence and proceeds with confidence and the franchisees know it's true. Now with that said, the micro-environment is still weighing on our technician customers with considerable uncertainty driven by the election and its perceived impact. The fears of ongoing inflation by border pressure and by the specter of prolonged wars. The shops are full. Tech wages are up. The hours are expanding and the demand for tech continues, and they have cash but there's still confidence poor.

我們說 Snap-on 代表失敗和動盪，但充滿信心地前進，特許經營商知道這是真的。話雖如此，微觀環境仍然給我們的技術客戶帶來壓力，選舉及其感知影響帶來了相當大的不確定性。由於邊境壓力和長期戰爭的幽靈，人們對持續通貨膨脹的擔憂。商店都滿了。技術工資上漲了。工作時間正在延長，對科技的需求仍在持續，他們有現金，但信心仍然不足。

The bad news they get every day for breakfast is weighing on them. Right now, they're hesitant on the future. And as such, the reluctant on big ticket items with longer paybacks. So to accommodate, the Tools Group continues to pivot, focusing on shorter payback items to match the technician's current preferences. And the third quarter results confirm that it's working.

他們每天早餐時收到的壞消息都讓他們感到沉重。現在，他們對未來猶豫不決。因此，人們不願意購買回報較長的大件商品。因此，為了適應這種情況，工具組繼續進行轉型，並專注於回報期較短的項目，以滿足技術人員當前的偏好。第三季的結果證實它正在發揮作用。

So we believe the automotive repair market is robust. Current uncertainty notwithstanding, it's a great place to operate. Now let's turn to the critical industries where the penalty for failure is high. This is where our commercial and industrial group or our C&I makes its living. It's challenging to work in environments like oil and gas platforms, mining sites and battlefields, but it also includes sensitive and sophisticated atmospheres needed to manufacture computer chips to build airplanes and to launch rockets.

因此我們相信汽車維修市場是強勁的。儘管目前存在不確定性，但它是一個運作的好地方。現在讓我們轉向失敗懲罰很高的關鍵產業。這是我們的商業和工業集團或我們的工商業集團賴以生存的地方。在石油和天然氣平台、採礦場和戰場等環境中工作具有挑戰性，但它還包括製造電腦晶片、製造飛機和發射火箭所需的敏感和複雜的氣氛。

The customers in this segment are organizations big and small. And they're more influenced by the data than the text, interest rates, GDP, and industry demands. And as such, these segments are pretty positive.

該細分市場的客戶包括大大小小的組織。他們更容易受到數據的影響，而不是文字、利率、GDP 和行業需求。因此，這些細分市場非常積極。

And we see it in the results, growth in aviation, in defense and general industries and sectors that need our precision torque device to execute and document accuracy and the areas enabled by our custom kits packages that meet the specific needs of the task that improve quality, productivity and safety in other words, solutions that are right up our ally.

我們在航空、國防和一般工業和部門的成果中看到了這一點，這些領域需要我們的精密扭矩設備來執行和記錄準確性，以及我們的定制套件包所支持的領域，以滿足提高質量的任務的特定需求換句話說，生產力和安全性是我們盟友的解決方案。

This is also the segment where our largest international presence is, and consequently, it's the segment with the headwinds of geopolitical turbulence. In that regard, Europe continues to vary region by region. The South remains positive. But several countries, particularly in the North are dealing with difficulty in some cases, technical recessions.

這也是我們最大的國際影響力所在的領域，因此，它也是面臨地緣政治動盪不利因素的領域。在這方面，歐洲各地的情況仍然存在差異。南方依然積極。但有些國家，特別是北方國家，在某些情況下正在應對困難，即技術性衰退。

And in Asia, it's also mixed. China is still recovering from the pandemic and the effects of the extended lockdown. At the same time, Korea and Japan are resilient. So there are geographic challenges in the critical industries. But overall, this market is positive. The potential is considerable, and we believe we are well positioned to capitalize on these possibilities, or those in the market.

在亞洲，情況也好壞參半。中國仍在從疫情和延長封鎖的影響中恢復。同時，韓國和日本也表現強勁。因此，關鍵產業存在地理挑戰。但總體而言，這個市場是正面的。潛力是巨大的，我們相信我們有能力利用這些可能性或市場上的可能性。

Now let's -- those are the -- the automotive repair is mixed in the now, but broad potential for the future. And the critical industries are still robust and rich with opportunities. Now let's talk about the operating groups. In C&I, sales of $365.7 million compared to $366.4 million registered last year. Sales, excluding $7.3 million of acquisition-related volume excluding the $7.2 million of acquisition-related volume, the organic sales were down by 2.1%.

現在讓我們——這些是——汽車維修現在是混合的，但未來潛力巨大。關鍵產業仍然強勁且充滿機會。現在我們來談談操作組。工商業領域的銷售額為 3.657 億美元，而去年的銷售額為 3.664 億美元。銷售額（不包括 730 萬美元的收購相關銷售額（不包括 720 萬美元的收購相關銷售額））有機銷售額下降了 2.1%。

From an earnings perspective, however, C&I OI $61 million approved by $2.9 million or 5% over last year. And the OI margin was 16.7%, up 80 basis points, expanding to -- equaling the record high established in the last quarter. The major contributors were -- major contributor was our industrial division, continuing its upward trajectory and strong profitability, welding the capacity provided by its new kitting center in Kenosha and meeting the rising demand for customized solutions along the way.

然而，從獲利角度來看，C&I OI 批准額為 6,100 萬美元，比去年增加了 290 萬美元，即 5%。OI 利潤率為 16.7%，上升 80 個基點，追平上季創下的歷史新高。主要貢獻者是我們的工業部門，繼續保持上升趨勢和強勁的盈利能力，焊接基諾沙新配套中心提供的能力，並滿足一路上對定制解決方案不斷增長的需求。

In addition to our investments in the kitting center, our acquisition amounts last year is rolling into its 12 months, and it's been a valuable contributor meeting the needs of our customers for small precision torque. Torque continues to be -- to rise in significance with critical industries -- with critical industry customers.

除了我們對配套中心的投資之外，我們去年的收購金額已經進入了12個月，它為滿足客戶對小精密扭矩的需求做出了寶貴的貢獻。扭力對關鍵產業客戶的重要性持續上升。

And to meet this need, we packaged our existing medium and heavy-duty torque products with mouses lighter offerings, giving us a wide spectrum of clamping forces that are essential to the critical industry from oil and gas, the aviation to defense. We're capitalizing on that opportunity, and the quarter showed it.

為了滿足這一需求，我們將現有的中型和重型扭矩產品與滑鼠打火機產品打包在一起，為我們提供了廣泛的夾緊力，這對於從石油和天然氣、航空到國防等關鍵產業至關重要。我們正在利用這個機會，本季就證明了這一點。

Our specialty torque business rose significantly, both in volume and in profitability. We also continued adding to our portfolio of professional cordless tools, engineered products aligned with the work performed and the expectations that techs doing repairs. For the serious people of work, new products can add great value and our quarter was marked by that effect.

我們的特種扭矩業務在數量和盈利能力方面均顯著增長。我們也持續增加專業無線工具的產品組合，設計符合所執行的工作和技術人員進行維修的期望的產品。對於認真工作的人來說，新產品可以增加巨大的價值，我們的季度就體現了這種效果。

For working on large equipment and over-the-road trucks, we unveiled a CT9175 3/4 inch 18-volt impact, not for the faint of heart. This unit delivers 1,550-foot pounds of bolt breakaway torque. It's ideal for the most challenging jobs. The rugged lightweight housing shakes of harsh environment, the ergonomic design reduces stress and fatigue, pretty important when you reeled in 1,550 foot-pounds.

為了在大型設備和越野卡車上工作，我們推出了 CT9175 3/4 英寸 18 伏特衝擊，不適合膽小的人。該裝置可提供 1,550 英尺磅的螺栓脫離扭矩。它是最具挑戰性的工作的理想選擇。堅固的輕盈外殼可抵禦惡劣環境，符合人體工學的設計可減輕壓力和疲勞，當您捲起 1,550 英尺磅的重物時，這一點非常重要。

And the -- this 9175 monster has a great feature set like LED spotlights, multiple power settings and a variable speed trigger to just apply the right torque to the job. It's a great tool, just what you'd expect from Snap-on, powerful application, easy to use and very efficient. It's a tool that tech increasingly want in their arsenal when they're fighting the toughest jobs, the 9175. It's a great productivity enhancer and the technicians have noticed.

這款 9175 怪物擁有一系列出色的功能，如 LED 聚光燈、多種功率設定和變速觸發器，可在工作中施加正確的扭矩。這是一個很棒的工具，正是您對 Snap-on 的期望，功能強大、易於使用且非常有效率。當技術人員應付最艱鉅的工作時，他們越來越需要這樣的工具：9175。它是一個偉大的生產力增強器，技術人員已經注意到了。

One last thought about the results. C&I kept investing in the quarter, maintaining and expanding our advantage of product, brand, and in people. Operating expenses were 140 basis points of sales higher than last year. But with the benefits of rapid continuous improvement, or RCI, the value of new product -- and the value of new products, gross margins rose by 220 basis points and the OI margin despite the spending was up 80 basis points, higher spending and higher profits without additional scales, boom shakalaka. That's C&I. Innovative products, custom solutions, precision instruments, all combined to reach customers in critical industries and extend the Snap-on brand out of the garage with momentum and profitability.

最後考慮一下結果。C&I 在本季持續投資，維持和擴大我們的產品、品牌和人員優勢。營業費用比去年的銷售額高出 140 個基點。但隨著快速持續改善（RCI）的好處，新產品的價值以及新產品的價值，毛利率上升了220 個基點，OI 利潤率上升了80 個基點，儘管支出增加了80 個基點，支出更高，利潤無需額外的規模，繁榮shakalaka。這就是 C&I。創新產品、客製化解決方案、精密儀器，所有這些結合在一起，可以接觸到關鍵行業的客戶，並以動力和盈利能力將 Snap-on 品牌走出車庫。

Now for the Tools Group. Sales in the third quarter of $500.5 million included an organic decrease of 3.1% with a US decrease that was not much different. The OI margin in the period was 21.6%, down 40 basis points from the last year due to the lower volume. With that said, gross margins remained strong, improving 100 basis points driven by new product, RCI, and manufacturing efficiencies. That was quite a feat actually.

現在是工具組。第三季銷售額為 5.005 億美元，有機下降 3.1%，美國地區的下降幅度也相差不大。由於成交量下降，期內持股利潤率為 21.6%，較去年下降 40 個基點。儘管如此，毛利率仍然強勁，在新產品、RCI 和製造效率的推動下提高了 100 個基點。這實際上是一項壯舉。

And during the period, our team maintained its focus on product development, designing solutions that make work easier and provide customers with a quick payback. And that pivot is taking hold. Closing the deficit, both overall in the US to less than half it was in the second quarter. And that trend was reinforcing the peers by sales being $18.5 million higher than the second quarter.

在此期間，我們的團隊繼續專注於產品開發，設計解決方案，使工作更輕鬆，並為客戶提供快速回報。這個支點正在紮根。美國整體赤字已減少至第二季的一半以下。這一趨勢進一步增強了同業的實力，銷售額比第二季高出 1,850 萬美元。

With summer vacation and SFC breaks, we haven't seen the Tools Group up sequentially in the third quarter for some time. We believe it's a sign of considerable momentum. The Tools Group's coming back. Beyond the numbers, we held our annual SFC in August this year in Orlando with the tenants reaching 9,000 franchisees, guests and Snap-on associates. This tool show spanned over three football fields, showcasing the latest in product innovation, more than 4,500 SKUs strong.

由於暑假和證監會休息，我們已經有一段時間沒有看到工具組在第三季度連續上漲了。我們相信這是勢頭強勁的跡象。工具組回來了。除了這些數字之外，我們還於今年 8 月在奧蘭多舉辦了年度 SFC，租戶人數達到 9,000 名加盟商、賓客和 Snap-on 員工。本次工具展跨越三個足球場，展示了最新的產品創新，超過 4,500 個 SKU。

The weekend also was packed with training sessions purposely designed to grow each fan's business and expand the franchisees already substantial product knowledge, among those seminars was an in-depth review of our intelligent diagnostics portfolio with instructors connected directly to the vehicles, communicating with the cars in real time and clearly demonstrating our industry-leading advantage it attracted a lot of attention.

週末還舉辦了一系列培訓課程，旨在發展每個粉絲的業務並擴展特許經營商已經豐富的產品知識，其中包括對我們的智能診斷產品組合的深入審查，講師直接連接到車輛，與汽車進行溝通即時、清晰地展示了我們領先業界的優勢，引起了廣泛關注。

And we celebrated Saturday nights by transporting the entire crew and what could be described as an armada of buses, the Sea World for a night of rollercoasters, aquatic shows in a lot of fun. It was another memorable event, but principally, it serves as a testament to the unique bond that our franchisees hold with a Snap-on team.

週六晚上，我們透過運送全體船員和巴士艦隊來慶祝，在海洋世界度過一個過山車之夜，還有有趣的水上表演。這是另一個令人難忘的活動，但主要是，它證明了我們的特許經營商與 Snap-on 團隊之間的獨特聯繫。

I believe anyone attending would affirm that the franchisees left reassured on the power of our operation, enthusiastic, about the way forward with our enterprise and convinced that Snap-on really does prevail in difficulty and proceed with confidence. The product booths at this year's event were pretty busy, especially near the cartway to heaven. It was an eye-catching and colorful wall of mobile tool carts.

我相信所有與會的人都會肯定，加盟商離開時對我們的經營實力感到放心，對我們企業的前進方向充滿熱情，並相信實耐寶確實能夠戰勝困難，充滿信心地前行。今年展會上的產品攤位非常繁忙，尤其是在通往天堂的車道附近。這是一面引人注目的、色彩繽紛的移動工具車牆。

The model that stole the show was our brand-new KRSC2460 flip-top roll cart, a unit that offers Snap-on Tool storage in a quick payback form, just what tech want in today's world. That's why we're so popular. The 2460 can hold a significant breadth of sockets, wrenches and power tools and a variety of drawers that range from 2-inch to 3-inch to 5-inch configurations and the ultra deep compartment is designed with 5 AC outlets and 2 USB ports to ensure that electrical devices are charged and at the ready for any use at any time.

引人注目的型號是我們全新的 KRSC2460 翻蓋式滾輪推車，該裝置以快速回報的形式提供實耐寶工具存儲，這正是當今世界技術所需要的。這就是為什麼我們如此受歡迎。2460 可容納各種插座、扳手和電動工具以及各種尺寸從2 英寸到3 英寸到5 英寸配置的抽屜，超深隔間設計有5 個交流電源插座和2 個USB 端口，可方便地存放物品。

The launch was a significant success and it provides even more testimony that the Tools Group traction is to pivoting and pivoting to shorter payback items is working. Also on the shop floor, we're products highlighting Snap-on's customer connection. We stand next to mechanics, observing or experiencing the complexity of vehicle repair. And we use those insights game and design innovations that make work easier.

這次發布取得了巨大的成功，它提供了更多證據，證明工具集團正在轉向更短的回報項目，並且轉向更短的投資回收項目正在發揮作用。在車間裡，我們的產品也強調了 Snap-on 的客戶聯繫。我們站在機械師旁邊，觀察或體驗車輛維修的複雜性。我們利用這些洞察力遊戲和設計創新來讓工作變得更輕鬆。

One such custom solution available at the SFC was our new S8400 quarter -- half inch drive axle spindle nut cycle. That's a mouthful. It's manufactured right here in the USA at our Elkmont, Alabama plant. Since 2022, GM3500 heavy-duty pickups have used a unique fastener that's very deep into the axle, inside the axle hub.

SFC 提供的此類客製化解決方案之一是我們的新型 S8400 四分之一英吋 - 半英吋驅動軸主軸螺母循環。那是一口。它是在美國阿拉巴馬州埃爾克蒙特工廠生產的。自 2022 年以來，GM3500 重型皮卡使用了獨特的緊固件，該緊固件深入車軸，位於車軸輪轂內部。

It's a very difficult and time-consuming operation to extract it with standard tooling. So our new specialty design socket reaches in, links precisely with the embedded fastener and it makes the removal or installation safe, quick, and effortless. Each vehicle is unique, and a range of different repairs are needed as they age.

使用標準工具提取它是一項非常困難且耗時的操作。因此，我們新的專業設計插座可以伸入並與嵌入式緊固件精確連接，使拆卸或安裝安全、快速、輕鬆。每輛車都是獨一無二的，隨著年齡的增長，需要進行一系列不同的維修。

This is the mother load for a toolmaker, and Snap-on customer connection positions our teams have just the device to match the test. It's a great advantage that was on display at the SFC and it was on display in our third quarter results. The Tools Group, pivoting to quick paybacks, launching, differentiating new products and some resilience against the headwinds.

這是工具製造商的主要負載，而 Snap-on 客戶連接位置我們的團隊正好擁有與測試相符的設備。這是一個巨大的優勢，在證監會和我們第三季的業績中都得到了體現。工具集團致力於快速回報、推出差異化新產品以及抵禦逆風的能力。

Now for RS&I. Sales of $422.7 million in the third quarter represented an organic decline of 1.9%. Lower sales in undercar equipment and reduced activity with OEM dealerships for partially offset by higher sales and diagnostics and information products to independent shops -- for independent shops. In effect, declines in hardware, balanced by gains in software.

現在介紹 RS&I。第三季銷售額為 4.227 億美元，有機下降 1.9%。車底設備銷售額的下降以及與 OEM 經銷商的活動減少，部分被獨立商店的銷售額以及診斷和資訊產品的增加所抵消。實際上，硬體的下降被軟體的成長所平衡。

OI for RS&I was $107.3 million, up 2.3% compared to last year despite the lower sales. And the OI margin of 25.4%, one of the group's highest for some time, was up 110 basis points from 2023. All of it was authored by big product and RCI-driven gains in gross margins, partially offset by spending in operating expenses, gross margins up, operating expense is balancing some of it, but it was all an investment was there to maintain and extend our advantages.

儘管銷售額有所下降，RS&I 的 OI 仍為 1.073 億美元，較去年增長 2.3%。OI 利潤率為 25.4%，是該集團一段時間以來的最高水準之一，比 2023 年上升了 110 個基點。所有這些都是由大產品和RCI 驅動的毛利率增長造成的，部分被運營費用支出所抵消，毛利率上升，運營費用正在平衡其中的一部分，但這都是一項投資，旨在維持和擴展我們的業務優點。

And so we did -- during the quarter, RS&I had launched its latest addition to our intelligent diagnostics lineup, the APOLLO+. This is a new ergonomically designed handheld that offers a two-second boot up, the fastest in the industry and a large touchscreen for improved visibility and navigation. Most importantly, the platform is powered by our proprietary intelligent diagnostics software, with almost 3 billion data records and over 400 billion unique diagnostic events, all organized to help the technicians diagnose and fix vehicles much faster.

我們做到了——在本季度，RS&I 推出了我們智慧診斷產品系列的最新成員 APOLLO+。這是一款符合人體工學設計的新型手持設備，啟動時間為業界最快的兩秒，並配有大觸控屏，可提高可視性和導航能力。最重要的是，該平台由我們專有的智慧診斷軟體提供支持，擁有近30 億條數據記錄和超過4000 億個獨特的診斷事件，所有這些都經過組織以幫助技術人員更快地診斷和修復車輛。

It was introduced in mid-August, toward the end of the quarter, and it represents a tech's most economical way to wheel the power of intelligent diagnostics. And it already has the customers' attention. Our on-the-street feedback as a new sophisticated platform with a quick payback is a real hit, and we believe it has a great future. We're encouraged by the strength of our handheld diagnostics and the other unique solutions we provide. And that confidence is reinforced by outside experts.

它是在八月中旬，即本季末推出的，它代表了科技界發揮智慧診斷能力的最經濟的方式。而且它已經引起了客戶的注意。作為一個回報快的新型複雜平台，我們的街頭回饋非常受歡迎，我們相信它有一個美好的未來。我們的手持式診斷技術和我們提供的其他獨特解決方案的實力令我們深受鼓舞。外部專家增強了這種信心。

Our solar handheld was eligible for our 2024 -- for the 2024 award, and it was cited by motor magazine as one of the top -- of the 2024 top 20 tools. And it was also recognized by Power Tools & Equipment News or PTEN for one of its -- as one of the 2024 People's Choice Award as a distinction based on the endorsements from real technicians, actual users from all across the nation, RS&I received PTEN recognitions for its collision repair package. It's on truck break blade. It's heavy-duty diagnostic software, and it's M1, Mitchell 1 shop management system, collectively this year across all our operations. Snap-on won 20 such awards.

我們的太陽能手持設備有資格獲得 2024 年 2024 年獎項，並被《汽車》雜誌評為 2024 年 20 強工具之一。它也被《電動工具和設備新聞》或 PTEN 認可為 2024 年人民選擇獎之一，這是一項基於來自全國各地的真正技術人員和實際用戶的認可的榮譽，RS&I 獲得了 PTEN 認可其碰撞修復包。它在卡車煞車刀片上。它是重型診斷軟體，也是 M1、Mitchell 1 商店管理系統，今年將應用於我們所有的營運。實耐寶榮獲 20 項此類獎項。

Product is a Snap-on advantage and everybody knows it. We're confident in the strength of RS&I, and we'll keep driving to expand its position with fair shop owners and managers making work easier, the bay is more productive and providing the garages with a means to match the ever-growing challenge of modern vehicle repair. Well, those are the third quarter results.

產品是實耐寶的優勢，這是眾所周知的。我們對 RS&I 的實力充滿信心，我們將繼續努力擴大其在展會店主和經理中的地位，讓工作更輕鬆，海灣更有生產力，並為車庫提供一種方法來應對日益增長的挑戰現代汽車維修。嗯，這些是第三季的業績。

Tools Group demonstrating improvement sequentially, pivoting effectively to meet customer preferences, C&I and RS&I, innovative new products, and operating efficiencies in managing the headwinds, producing benchmark OI margins, and for the overall corporation. Sales organically down 1.7%, but OpCo OI up 2.9%. OpCo OI margin of 22%, up 80 basis points. And EPS, $4.70, up 4.2%, rising over every comparison, all achieved against the win. It was another encouraging quarter.

工具集團在管理逆風、產生基準 OI 利潤率以及整個公司方面連續展示了改進、有效地滿足客戶偏好、C&I 和 RS&I、創新的新產品和營運效率。銷售額有機下降 1.7%，但 OpCo OI 成長 2.9%。OpCo OI 利潤率為 22%，上升 80 個基點。EPS 為 4.70 美元，上漲 4.2%，在所有比較中均有所上漲，全部都是在勝利的情況下實現的。這是另一個令人鼓舞的季度。

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

現在我將把電話轉給奧爾多。奧爾多？

Thanks, Nick. Our consolidated operating results are summarized on slide 6. Net sales of $1,147 million in the quarter compared to 1,159.3 million last year, reflecting a 1.7% organic sales decline and $300,000 of unfavorable foreign currency translation, partially offset by $7.2 million of acquisition-related sales.

謝謝，尼克。我們的綜合經營績效總結於投影片 6 中。本季淨銷售額為 11.47 億美元，而去年為 11.593 億美元，反映出有機銷售額下降 1.7% 和 30 萬美元的不利外幣換算，部分被 720 萬美元的收購相關銷售額所抵消。

Despite the ongoing uncertainties of the current environment, overall sales activity in the quarter can be characterized as stable. And while our franchise van channel revenues continue to be tempered by technician confidence, the Tools Group generated higher sales sequentially versus last quarter.

儘管當前環境持續存在不確定性，但本季的整體銷售活動仍保持穩定。儘管我們的特許經營貨車通路收入繼續受到技術人員信心的影響，但工具集團的銷售額比上季度連續增長。

Generally, the third quarter reflects lower sales dollar activity as compared to the second quarter. Consolidated gross margin improved 130 basis points to 51.2% from 49.9% last year, reflecting increased sales and higher gross margin businesses, benefits from the company's RCI initiatives and lower material and other costs.

一般來說，第三季的銷售額活動低於第二季。綜合毛利率從去年的 49.9% 提高了 130 個基點，達到 51.2%，這反映出業務銷售額的增長和毛利率的提高、公司 RCI 計劃的收益以及材料和其他成本的降低。

Operating expenses as a percentage of net sales rose 50 basis points to 29.2% from 28.7% in 2023, primarily due to the lower sales volumes. Operating earnings before financial services of $252.4 million in the quarter compared to $245.2 million in 2023. As a percentage of net sales, operating margin before financial services of 22%, represented an improvement of 80 basis points from the 21.2% reported last year.

營運費用佔淨銷售額的百分比從 2023 年的 28.7% 上升 50 個基點至 29.2%，這主要是由於銷量下降。本季不計金融服務營業利潤為 2.524 億美元，而 2023 年為 2.452 億美元。扣除金融服務之前的營業利潤佔淨銷售額的百分比為 22%，比去年報告的 21.2% 提高了 80 個基點。

Financial services revenues of $100.4 million in the third quarter of 2024 compared to $94.9 million last year, while operating earnings of $71.7 million compared to $69.4 million in 2023. Consolidated operating earnings of $324.1 million compared to $314.6 million last year. As a percentage of revenues, the operating earnings margin increased 90 basis points to 26% and from 25.1% in 2023.

2024 年第三季金融服務收入為 1.004 億美元，而去年同期為 9,490 萬美元；營業利潤為 7,170 萬美元，而 2023 年第三季為 6,940 萬美元。綜合營業利潤為 3.241 億美元，去年為 3.146 億美元。營業利潤率佔收入的百分比從 2023 年的 25.1% 增加了 90 個基點至 26%。

Our third quarter effective income tax rate of 22.9% compared to 22.6% last year. Net earnings of $251.1 million compared to $243.1 million in 2023 and net earnings per diluted share of $4.70 in the quarter compared to $4.51 per diluted share last year, an increase of 4.2%.

我們第三季的有效所得稅率為 22.9%，去年為 22.6%。淨利潤為 2.511 億美元，而 2023 年為 2.431 億美元，本季稀釋後每股淨利為 4.70 美元，而去年稀釋後每股淨利為 4.51 美元，成長 4.2%。

Now let's see to our segment results for the quarter. Starting with C&I on slide 7. Sales of $365.7 million compared to $366.4 million last year, reflecting a 2.1% organic sales decline, partially offset by $7.2 million of acquisition-related sales.

現在讓我們來看看本季的部門業績。從幻燈片 7 上的 C&I 開始。銷售額為 3.657 億美元，而去年為 3.664 億美元，有機銷售額下降 2.1%，但被收購相關銷售額 720 萬美元部分抵銷。

The organic decrease is primarily due to double-digit reduction with respect to intersegment sales of power tools and a mid-single-digit decline in the segment's European-based hand tool businesses. These were partially offset by a gain in sales to customers in critical industries, including a high single-digit increase in specialty torque. With respect to critical industries, in addition to higher torque product sales, defense and aviation-related activity was strong, but it was somewhat offset by declines in the natural resources sector.

有機下降主要是由於電動工具部門間銷售額出現兩位數下降，以及該部門位於歐洲的手動工具業務出現中個位數下降。這些成長被關鍵產業客戶的銷售額成長所部分抵消，其中包括特種扭力的個位數高成長。就關鍵產業而言，除了扭力產品銷售較高外，國防和航空相關活動也很強勁，但在一定程度上被自然資源產業的下滑所抵消。

Gross margin improved 220 basis points to 41.2% in the third quarter from 39% in 2023. This was largely due to the increased sales volume and higher gross margin critical industry sectors lower material and other costs, savings from RCI initiatives and 50 basis points of benefit from acquisitions. These improvements were partially offset by 30 basis points of unfavorable foreign currency effects.

第三季毛利率從 2023 年的 39% 提高了 220 個基點至 41.2%。這主要是由於銷售增加和毛利率提高，關鍵產業部門的材料和其他成本降低，RCI 計畫節省了成本，以及收購帶來的 50 個基點的收益。這些改善被 30 個基點的不利外匯影響部分抵消。

Operating expenses as a percentage of sales rose 140 basis points to 24.5% in the quarter from 23.1% in 2023, primarily due to investments in personnel and other costs and a 50-basis point impact from acquisitions. Operating earnings for the C&I segment of $61 million compared to $58.1 million last year.

本季營運費用佔銷售額的百分比從 2023 年的 23.1% 上升 140 個基點至 24.5%，這主要是由於人員和其他成本的投資以及收購帶來的 50 個基點的影響。C&I 部門的營業利潤為 6,100 萬美元，而去年為 5,810 萬美元。

The operating margin improved 80 basis points to 16.7% from 15.9% in 2023. Turning now to slide 8. Sales in the Snap-on Tools Group of $500.5 million compared to $515.4 million a year ago, reflecting a 3.1% organic sales decline and $900,000 of favorable foreign currency translation. The organic decrease reflects a mid-single-digit decline in our US business, partially offset by a low single-digit gain in our international operations.

營業利益率從 2023 年的 15.9% 提高 80 個基點至 16.7%。現在轉到投影片 8。實耐寶工具集團的銷售額為 5.005 億美元，而去年同期為 5.154 億美元，反映出有機銷售額下降 3.1% 和 90 萬美元的有利外幣折算。有機下降反映了我們美國業務的中個位數下降，部分被我們國際業務的低個位數成長所抵消。

That being said, it is meaningful to highlight that sales in a historically lower third quarter period are higher than the [$482 million] recorded in the second quarter of this year, representing a sequential increase of 3.8%. We believe this as well as the more modest year-over-year sales decline in the US van network in the third quarter than in previous quarters favorably demonstrates the resilience of this business.

話雖如此，值得注意的是，歷史上較低的第三季銷售額高於今年第二季的[4.82 億美元]，環比成長 3.8%。我們認為，這一點以及美國貨車網絡第三季銷量同比降幅較前幾個季度更為溫和，都有利地證明了該業務的彈性。

Gross margin improved 100 basis points to 47.3% in the quarter from 46.3% last year, primarily due to lower material and other costs and benefits from RCI initiatives. Operating expenses as a percentage of sales rose 140 basis points to 25.7% in the quarter from 24.3% in 2023, largely due to the lower sales volume. Operating earnings for the Snap-on Tools Group of $108.3 million compared to $113.4 million last year, the operating margin of 21.6% compared to 22% in 2023.

本季毛利率從去年的 46.3% 提高了 100 個基點，達到 47.3%，這主要是由於材料和其他成本的降低以及 RCI 計劃帶來的好處。本季營運費用佔銷售額的百分比從 2023 年的 24.3% 上升 140 個基點至 25.7%，這主要是由於銷量下降。實耐寶工具集團的營業利潤為 1.083 億美元，而去年為 1.134 億美元，營業利益率為 21.6%，而 2023 年為 22%。

Turning to the RS&I group shown on slide 9. Sales of $422.7 million compared to $431.8 million in 2023, reflecting a 1.9% organic sales decline and $900,000 of unfavorable foreign currency translation. The organic decrease includes a mid-single-digit decline in the sales of undercar equipment and a low single-digit reduction in activity with OEM dealerships, where we often see variability in essential tool programs from period to period. These decreases were partially offset by a low single-digit gain in sales of diagnostic and information products to independent repair shop owners and managers.

轉向幻燈片 9 所示的 RS&I 群組。銷售額為 4.227 億美元，而 2023 年為 4.318 億美元，反映出有機銷售額下降 1.9% 和 90 萬美元的不利外幣換算。有機下降包括車底設備銷量的中個位數下降以及 OEM 經銷商活動的低個位數下降，我們經常看到重要工具項目在不同時期存在變化。這些下降被向獨立維修店所有者和經理銷售的診斷和資訊產品的低個位數增長所部分抵消。

Gross margin improved 190 basis points to 47.4% from 45.5% last year, primarily reflecting increased sales of higher gross margin products. Operating expenses as a percentage of sales rose 80 basis points to 22% from 21.2% in 2023, largely due to lower sales volumes and increased personnel and other costs. Operating earnings for the RS&I group of $107.3 million compared to $104.9 million last year. The operating margin improved 110 basis points to 25.4% from the 24.3% reported last year.

毛利率從去年的 45.5% 提高了 190 個基點至 47.4%，主要反映了毛利率較高的產品銷售增加。營運費用佔銷售額的百分比從 2023 年的 21.2% 上升 80 個基點至 22%，這主要是由於銷售下降以及人員和其他成本增加。RS&I 集團的營業利潤為 1.073 億美元，而去年為 1.049 億美元。營業利潤率從去年的 24.3% 提高了 110 個基點，達到 25.4%。

Now turning to slide 10. Revenue from financial services increased $5.5 million or 5.8% to $100.4 million from $94.9 million last year, primarily reflecting the growth of the loan portfolio. Financial services operating earnings of $71.7 million compared to $69.4 million in 2023. Financial services expenses were up $3.2 million from 2023 levels, including $2.4 million of higher provisions for credit losses.

現在翻到投影片 10。金融服務收入從去年的 9,490 萬美元增至 1.004 億美元，成長 550 萬美元，即 5.8%，主要反映了貸款組合的成長。金融服務營業利潤為 7,170 萬美元，而 2023 年為 6,940 萬美元。金融服務支出較 2023 年水準增加 320 萬美元，其中信貸損失準備金增加 240 萬美元。

Sequentially, the provisions for credit losses were lower by $1.6 million. In the third quarters of both 2024 and 2023, the average yield on finance receivables was 17.7%. In the third quarters of 2024 and 2023, the average yield on contract receivables were 9.1% and 8.8%, respectively.

隨後，信貸損失撥備減少了 160 萬美元。2024年及2023年第三季度，金融應收帳款平均收益率均為17.7%。2024年及2023年第三季度，合約應收帳款平均收益率分別為9.1%及8.8%。

Total auto originations of $288 million in the third quarter represented a decrease of $17.2 million or 5.6% from 2023 levels, reflecting a 6.7% decline in extended credit originations and a 1.3% decrease in originations of contract receivables. The decrease in extended credit originations mostly reflects lower sales of big-ticket items. Geographically, extended credit originations were consistent with the sales activity in the Tools Group, with the decline in the US only partially offset by growth in originations internationally.

第三季汽車發放總額為 2.88 億美元，較 2023 年水準減少 1,720 萬美元，或 5.6%，反映出延期信貸發放下降 6.7%，合約應收帳款發放減少 1.3%。延期信貸發放的減少主要反映了大件商品銷售的下降。從地理上看，延期信貸發放與工具集團的銷售活動一致，美國的下降僅被國際發放的成長部分抵消。

Moving to slide 11. Our quarter end balance sheet includes approximately $2.5 billion of gross financing receivables with $2.2 billion from our US operation. For extended credit or finance receivables, the US 60-day plus delinquency rate of 1.9% is up 40 basis points from the third quarter of 2023. Trailing 12-month net losses for the overall extended credit portfolio of $62.3 million represented 3.1% of outstandings at quarter end. While delinquencies and net losses are trending upward, we believe that these portfolio performance metrics remain relatively balanced considering the current environment.

轉到投影片 11。我們的季末資產負債表包括約 25 億美元的融資應收帳款總額，其中 22 億美元來自我們的美國業務。延期信貸或融資應收帳款，美國 60 天加拖欠率為 1.9%，較 2023 年第三季上升 40 個基點。整個擴展信貸投資組合過去 12 個月的淨虧損為 6,230 萬美元，佔季末未償還餘額的 ​​3.1%。雖然拖欠和淨損失呈上升趨勢，但我們認為，考慮到當前環境，這些投資組合績效指標仍然相對平衡。

Now turning to slide 12. Cash provided by operating activities of $274.2 million in the quarter represented 106% of net earnings when compared to $285.4 million last year. The decrease in cash flow as compared to the third quarter of 2023 primarily reflects increases in working investment, which were partially offset by higher net earnings.

現在轉到投影片 12。本季經營活動提供的現金為 2.742 億美元，佔淨利的 106%，去年同期為 2.854 億美元。與 2023 年第三季相比，現金流量減少主要反映了營運投資的增加，但淨利潤的增加部分抵消了這一增加。

Net cash used by investing activities of $40.5 million, mostly reflected net additions to finance receivables of $20.6 million and capital expenditures of $20.4 million. Net cash used by financing activities of $156.2 million included cash dividends of $97.9 million and the repurchase of 215,000 shares of common stock for $59.9 million under our existing share repurchase programs.

投資活動使用的現金淨額為 4,050 萬美元，主要反映應收帳款融資淨增加 2,060 萬美元和資本支出 2,040 萬美元。融資活動使用的現金淨額為 1.562 億美元，其中包括 9,790 萬美元的現金股利以及根據我們現有的股票回購計畫以 5,990 萬美元的價格回購 215,000 股普通股。

As of quarter end, we had remaining availability to repurchase up to an additional $471.5 million of common stock under our existing authorizations, including under the $500 million authorization recently approved by the Board of Directors in August of this year.

截至季末，根據現有授權，包括今年 8 月董事會最近批准的 5 億美元授權，我們還有餘力回購最多 4.715 億美元的普通股。

Turning to slide 13. Trade and other accounts receivable increased $5.1 million from 2023 year-end days sales outstanding of 61 days compared to 60 days at year-end 2023. Inventories decreased $10.1 million from 2023 year-end. On a trailing 12-month basis, inventory turns of 2.3 remained unchanged from year-end. Our quarter-end cash position of $1,313.3 million compared to $1,001.5 million at year-end 2023.

轉到投影片 13。貿易應收款項和其他應收帳款增加了 510 萬美元，2023 年底銷售未清天數為 61 天，而 2023 年底為 60 天。與 2023 年底相比，庫存減少了 1,010 萬美元。過去 12 個月的庫存週轉率為 2.3，與年底持平。我們季末的現金部位為 13.133 億美元，而 2023 年底為 10.015 億美元。

In addition to cash and expected cash flow from operations, we have more than $900 million available under our credit facilities. As of quarter end, there were no amounts outstanding under the credit facility, and there were no commercial paper borrowings outstanding.

除了現金和預期營運現金流之外，我們的信貸額度下還有超過 9 億美元的可用資金。截至季末，信貸安排下沒有未償還金額，也沒有未償還的商業票據借款。

That concludes my remarks on our third quarter performance. I'll now briefly review a few outlook items for 2024. For the full year, we expect that capital expenditures will be approximately $100 million. And we currently anticipate that our full-year 2024 effective income tax rate will be in the range of 22% to 23%.

我對第三季業績的評論到此結束。現在我將簡要回顧 2024 年的一些展望。我們預計全年資本支出約 1 億美元。我們目前預計 2024 年全年有效所得稅稅率將在 22% 至 23% 範圍內。

Finally, with respect to corporate cost, we would expect expenses in the upcoming fourth quarter to be more in line with those incurred in the third quarter of this year as the fourth quarter of 2023 included some benefit for the recovery of cost associated with a legal matter, which will not repeat.

最後，就企業成本而言，我們預計即將到來的第四季度的支出將與今年第三季的支出更加一致，因為 2023 年第四季包括與法律相關的成本回收的一些福利。重複。

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

現在我將把電話轉回給尼克，聽聽他的結束語。缺口？

Well, thanks, Aldo. Well, that's our quarter, resilience against the turbulence. We believe the period demonstrated that with great clarity, sales attenuated. But great products, solving critical pass material savings and RCI drove strong and substantial gains in gross margins, strong enough that we're able to keep investing in our product, brand and our people, maintaining and building them for the opportunities to come and still increase OI margins significantly

嗯，謝謝，奧爾多。好吧，這就是我們的季度，抵禦動蕩的能力。我們認為，這段時期非常清楚地表明，銷量正在減弱。但是，出色的產品、解決關鍵透過材料節省和RCI 問題推動了毛利率的強勁和實質性增長，這種增長足以讓我們能夠繼續投資於我們的產品、品牌和員工，維護和建造它們，以迎接即將到來的機會。

And all of that was authored by the ongoing characteristics of the Snap-on enterprise. Businesses that are strategically positioned for advantage for establishing and maintaining ongoing connections to the customers, processes embedded in Snap-on Value Creation that really do deliver progress every day, and a very capable team that's committed to our enterprise, greatly experience and battle tested and is well able to consistently marshal advantage to drive -- for driving positive outcomes. And you see that all across the corporation.

所有這一切都是由 Snap-on 企業的持續特徵所創造的。具有策略優勢的企業能夠建立和維持與客戶的持續聯繫，嵌入實耐寶價值創造中的流程確實每天都能取得進展，並且擁有一支非常有能力的團隊，致力於我們的企業，擁有豐富的經驗和經過戰鬥考驗的團隊能夠始終如一地整合優勢來推動——推動積極成果。你在整個公司都看到了這一點。

C&I sales down low single digits for profit, OI margin, 16.7%, up 80 basis points. Gross margins up 220 basis points, gains from yielding customization in the critical industry. The Tools Group, meeting all the challenges of the day, executing the pivot to quick payback items causing the sales gap and displaying momentum. Sales down low single digits. OI margin is 21.6%, down 40 basis points, but gross margins up 100 basis points. RS&I, wielding its advantage with software. Sales down low single digits, but profits up an OI margin of 25.4%, up 110 basis points, and gross margins up 190 basis points, and they all came together with corporation.

C&I 銷售額下降了低個位數利潤，OI 利潤率為 16.7%，上升 80 個基點。毛利率成長 220 個基點，受益於關鍵產業的客製化。工具集團應對當今的所有挑戰，轉向快速回報項目，從而造成銷售差距並顯示出勢頭。銷售額下降低個位數。OI利潤率為21.6%，下降40個基點，但毛利率上升100個基點。RS&I，利用軟體優勢。銷售額下降了低個位數，但利潤卻成長了 25.4%，OI 利潤率提高了 110 個基點，毛利率提高了 190 個基點，所有這些都與公司一起實現。

Sales are tenured, lower by 1.7% organically, but OI rising from last year. OI margins reaching 22%, up 80 basis points and gross margins up triple-digit basis points all across the corporation. And an EPS of $4.70, up versus every -- up over every comparison, it was another encouraging quarter.

銷售額持續下降，有機下降 1.7%，但 OI 較去年上升。OI 利潤率達到 22%，成長了 80 個基點，整個公司的毛利率成長了三位數基點。每股收益為 4.70 美元，高於所有比較，這又是一個令人鼓舞的季度。

And we believe that propelled by our decisive advantage in our product, in our brands, and our people, all maintained and strengthened even in the turbulence, Snap-on will continue its momentum so clearly demonstrated in the quarter and extend and the positive performance well on through the days and years to come.

我們相信，在我們的產品、品牌和員工的決定性優勢的推動下，即使在動盪中也能保持和加強，實耐寶將繼續其在本季度清晰展示的勢頭，並很好地延續和延續積極的業績在未來的日子和歲月。

Now before I turn the call over to the operator, I want to speak directly to our franchisees and associates. As always, I know many of you are listening. Our quarter demonstrates that Snap-on does indeed prevail in turbulence. And once again, you are the creators of that result, hard won.

現在，在將電話轉給接線員之前，我想直接與我們的特許經營商和合作夥伴交談。一如既往，我知道你們很多人都在聽。我們的季度表明 Snap-on 確實能在動盪中獲勝。再一次，你們是這個來之不易的結果的創造者。

For your achievements and altering our success, you have my congratulations. For the skill, energy and experience you bring to bear every day on behalf of our team, you have my admiration and for your unshakable confidence in and dedication to the future of our enterprise, you have my thanks.

對於您所取得的成就並改變了我們的成功，我向您表示祝賀。對於您每天代表我們團隊所展現的技能、精力和經驗，我對您表示欽佩；對於您對我們企業未來堅定不移的信心和奉獻精神，我對您表示感謝。

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

現在我將把電話轉給接線員。操作員？

(Operator Instructions) Christopher Glynn, Oppenheimer.

（操作員說明）克里斯托弗·格林，奧本海默。

Good morning, Nick. I wanted to dive into the kind of seasonal strength at SOT. Does that feel like kind of reset baseline for normal seasonal kind of pattern from here? We usually have a fourth quarter lift or maybe that gets into what the sell-in, sell-through was in the third quarter, too, and if that needs to be tested on the sell-through in the current quarter.

早安，尼克。我想深入了解 SOT 的季節性優勢。這感覺像是從這裡開始為正常季節性模式重置基準嗎？我們通常會有第四季度的提升，或者可能涉及第三季度的銷售、銷售率，以及是否需要在當前季度的銷售率上進行測試。

The sell-through, as you know, hasn't been -- the sales off the van for sometime have been a little bit more than our sales to the van. In this particular quarter, it was slightly reversed in that situation. The sales to the van were a little bit better. But the third quarter is kind of a hard one to predict. I always call it quarterly in that situation.

如你所知，銷量並沒有——有一段時間，貨車的銷量比我們對貨車的銷量要多一些。在這個特定的季度，情況略有逆轉。貨車的銷量稍好一些。但第三季的情況很難預測。在這種情況下，我總是稱之為季度。

So we -- if it wasn't for the third quarter, I think this is much more definitive, but it's clear that the Tools Group is doing better, certainly did better in the third quarter. And we have not seen a third quarter over the second quarter in a broad range, except for the one in the COVID where we had -- we came out in the V-shaped recovery in the third quarter. But you're going to look back for a long time and you don't see that. And this is the total group and it's the US in general. And so we view it as some momentum.

因此，如果不是第三季度，我認為這更明確，但很明顯，工具組做得更好，當然在第三季度做得更好。我們還沒有看到第三季度在大範圍內超過第二季度，除了在新冠疫情期間出現的情況——我們在第三季度出現了 V 型復甦。但當你回頭看很長一段時間時，你卻看不到這一點。這是整個群體，也是整個美國。因此，我們將其視為某種動力。

The question is, I suppose, will they be able to continue that momentum where we think they can we like their products, and we like the fact that doing this has come out of their profitability, up 100 basis points they got a little bit of volume impact, but the 100 basis points of gross margin yielded by great new products and the manufacturing efficiencies in some ways that come out of the new expansions that are more productive than you all in across the major plants in the United States. So we think things are moving positively. But we don't give guidance, but I like our chances going forward for the tools.

我想，問題是，他們是否能夠繼續保持這種勢頭，我們認為他們可以，我們喜歡他們的產品，我們喜歡這樣的事實，這樣做是因為他們的盈利能力，提高了100 個基點，他們得到了一點點銷量的影響，但出色的新產品帶來的毛利率提高了 100 個基點，以及新擴張所帶來的製造效率在某些方面比美國主要工廠的生產效率更高。所以我們認為事情正在積極發展。但我們不提供指導，但我喜歡我們繼續使用這些工具的機會。

Sounds great. And then just switching on RS&I. It's been very sturdy run rate, third quarter, a bit of a step down, historically not much routine seasonality, but 3Q last year also kind of deviated a little lower versus the way the business had been trending. So curious if you can offer any insights around that. Maybe does it feel like the equipment side is entering an interim pause after some steady customers recapitalizing.

聽起來很棒。然後打開 RS&I。第三季的運行率非常強勁，略有下降，歷史上沒有太多常規季節性，但去年第三季的運行率也與業務趨勢相比略有下降。很好奇你是否能提供任何相關的見解。在一些穩定的客戶進行資本重組後，也許感覺設備方面正在進入暫時停頓。

Well, I'd say you look, I think the thing as I stated, that the -- I've said in my very simple hardware down, software up. So the hardware piece is the equipment piece, and that was -- there was some attenuation of that. Some of that can be seasonal. I don't know. I wouldn't hang my hat on that, but there is a little bit of headwind in the third quarter. Vacations to happen in the garages and so on and stuff like that. But I think there is some uncertainty in the garages that may weigh on that, and we'll see how that plays out going forward.

好吧，我想說你看，我認為正如我所說的那樣，我在非常簡單的硬體下降中說過，軟體上升。所以硬體部分就是設備部分，那就是——它有一些衰減。其中一些可能是季節性的。我不知道。我不會對此表示懷疑，但第三季有一些阻力。假期發生在車庫等等之類的地方。但我認為車庫存在一些不確定性可能會影響這一點，我們將看看未來的情況如何。

Look, I think the other piece of it is the OEM lumpy business, which kind of hit a flat spot in this quarter, but we don't think that that's going to be continuing every quarter. It's just that it's lumpy, and we happen to catch a lump -- downward lump depression in this quarter. But the real good thing is if you look at the software businesses, you look at the diagnostics business, the Mitchell -- those businesses -- the diagnostics and information, which is Mitchell in diagnostics itself, the repair shop owners and managers are up and those things are profitable.

看，我認為另一部分是 OEM 業務，該業務在本季度陷入停滯，但我們認為這種情況不會每個季度都持續下去。只是它是凹凸不平的，而我們碰巧在本季度遇到了凹凸不平的凹凸不平。但真正的好處是，如果你看看軟體業務，你看看診斷業務，米切爾——這些業務——診斷和訊息，這就是米切爾診斷本身，維修店老闆和經理都起來了，那些東西是有利可圖的。

And then you have the sales -- sales of parts -- electronic products, catalogs and another software piece, and it up. And if you look at the software in the Tools Group associated with Diagnostics, yeah, it's -- we're increasing the -- we're following hardware launches, but increasingly, the software looks pretty strong.

然後是銷售——零件銷售——電子產品、目錄和另一個軟體，等等。如果你看看與診斷相關的工具組中的軟體，是的，我們正在增加——我們正在追蹤硬體的發布，但越來越多的軟體看起來相當強大。

And if you look at the software and the diagnostics, just in the tools business, that's a pretty good piece of business that's up year over year, and that helped drive some of the profitability in the Tools Group. So I feel pretty good about RS&I. I'm not so worried about it. I think -- and by the way, if you could trade off the software businesses at high margins for a little bit of turbulence in the hardware business when you do it, I would.

如果你看看軟體和診斷，就在工具業務中，這是一項相當不錯的業務，逐年增長，並有助於推動工具集團的部分盈利能力。所以我對 RS&I 感覺很好。我不太擔心這個。我認為——順便說一句，如果你能用高利潤的軟體業務來換取硬體業務的一點動盪，我會的。

Gary Prestopino, Barrington Research.

加里‧普雷斯托皮諾，巴靈頓研究中心。

Hey, good morning, all. In your narrative, you did kind give us a peak here as to what this pivot in the Tools Group, how it impacted the quarter and on a quarterly basis, sequentially, you were up $18 million. Is -- could you maybe just help us here? Was the majority of that sequential increase due to the pivot in sales?

嘿，大家早安。在您的敘述中，您確實讓我們了解了工具組的這一重點是什麼，它如何影響本季度以及按季度計算，您連續增長了 1800 萬美元。是——你能幫我們一下嗎？連續成長的大部分是由於銷售的樞軸嗎？

A lot of it was. Hand tools were the strongest category in this quarter. And it was a bigger -- why we -- why you can see the pivot is when you look at it all, I don't like parsing those numbers because it would be a little bit squarely from quarter-to-quarter, but really, hand tools represented a major mix of Tools Group sales for the franchisees in this quarter than for -- I think all the way back to the pandemic.

很多都是。手動工具是本季最強勁的類別。這是一個更大的 - 為什麼我們 - 為什麼你可以看到樞軸是當你看到這一切時，我不喜歡解析這些數字，因為從季度到季度它會有點平方，但實際上手動工具代表了工具集團本季特許經營商銷售額的主要組合，我認為這可以追溯到大流行時期。

And so that is helping drive this. That is the real testimony to the pivot because that is what we wanted to have happened because this is what customers are ready to buy, and that helps a lot of that situation plus it helps the margins.

這有助於推動這一趨勢。這是轉向的真正見證，因為這就是我們希望發生的事情，因為這是客戶準備購買的東西，這對這種情況有很大幫助，並有助於提高利潤。

Is it safe to say that a lot of this was due to new products coming into the market that you've introduced?

可以肯定地說，這很大程度上是由於您推出的新產品進入市場所造成的嗎？

Well, I think yeah, and also promotions. -- overlay, look, we have 4,500 products, I think SKUs displayed in our tool show at the SFC, and all 4,500 were new in some way. Now I'm not saying it will all breakthrough products. But the 500 of the 4,500 franchisees could say, I'm offering our customers something they couldn't quite have before.

嗯，我想是的，還有促銷活動。 -- 覆蓋，看，我們有 4,500 種產品，我認為 SKU 已在 SFC 的工具展上展示，並且所有 4,500 種產品在某種程度上都是新產品。現在我並不是說這都會是突破性的產品。但 4,500 家特許經營商中的 500 家可能會說，我正在為我們的客戶提供他們以前無法享受到的東西。

And so that qualifies as something new, and it gives you something to sell, and that helped push some of this. And a lot of that was in that area. Although promotion can also make hand tools look good, if you strike the right cord -- buy a set of hand tools, you get a dinner with Allopagliari, for example. This will sell a lot of things.

因此，這算是一種新事物，它給了你一些東西可以賣，這有助於推動其中的一些發展。其中很多都在那個領域。儘管促銷也可以使手動工具看起來不錯，但如果您選對了繩子——購買一套手動工具，例如，您可以與 Allopagliari 共進晚餐。這樣可以賣很多東西。

That's -- I buy a whole Snap-on toolbox of tools just to do that. The last question is it seems like you've kind of talked about your torque products in C&I over the last couple of quarters. Now has that -- is something changing in the market that is moving more towards specialty torque. I know your developed products, and obviously, you've made some acquisitions in that area. But could you just help us out on what kind of secular tailwinds there are that's driving for.

那就是——我買了一整套實耐寶工具箱就是為了做到這一點。最後一個問題是，在過去的幾個季度中，您似乎在 C&I 中談論過您的扭矩產品。現在市場正在發生變化，正在朝著專業扭矩方向發展。我了解你們開發的產品，顯然，你們在該領域進行了一些收購。但你能幫我們了解一下這會帶來什麼樣的長期順風車嗎？

I can answer that and asking you a question. Can you say the word Boeing?

我可以回答這個問題並問你一個問題。你能說出波音這個字嗎？

Yeah.

是的。

I think this is -- it's a little bit like -- but this is kind of an example. I think people are becoming more and more aware that the mechanisms throughout critical industries are more and more complex and therefore, precision has to be greater than may have been applied in the past. So one, we need more precise tools and torque wrenches are an element of that or a deliverer of that and the more accurate they are, the wider range, they are, the better you're able to do that in your operations. That's number one.

我認為這有點像，但這只是一個例子。我認為人們越來越意識到關鍵產業的機制越來越複雜，因此精確度必須比過去更高。因此，我們需要更精確的工具，而扭力扳手是其中的一個要素或提供者，它們越精確，範圍越廣，您在操作中就越能做到這一點。這是第一名。

And then the second one, Gary, is everybody wants to say, if something goes wrong, I want to be able to tell people that I did the right product. I did the right thing. I performed the test and a lot of our products connect with the central system in a factory recording and documenting that the torque, the fasteners are applied correctly. And that's helping drive it. So the combination of the [IV] being accurate in the moment and being able to do it with accuracy and ease on the line.

第二個，加里，每個人都想說，如果有問題，我希望能夠告訴人們我做了正確的產品。我做了正確的事。我進行了測試，我們的許多產品都與工廠的中央系統連接，記錄並記錄扭矩、緊固件是否正確應用。這有助於推動它。因此，[IV] 必須在當下準確，並且能夠在線上準確輕鬆地完成。

And secondly, the document is helping torque go upwards. And that business grew both in profits and sales in the quarter, we like it. And as you know, we've been investing and doing it. We've been making quite a few investments. I mean acquisitions and in expanding that business, we like that as a business going forward, and it's essential in critical industries in a lot of different places.

其次，該文件正在幫助扭矩上升。該業務在本季度的利潤和銷售額均有所增長，我們喜歡它。如您所知，我們一直在投資並這樣做。我們已經進行了相當多的投資。我的意思是收購和擴展該業務，我們喜歡將其作為未來的業務，這對於許多不同地方的關鍵行業至關重要。

David MacGregor, Longbow Research.

大衛‧麥格雷戈，長弓研究中心。

Hey, good morning. I wonder if you could just -- a couple of just questions for the model. SFC order growth, I mean, you indicated last year in the third quarter, you saw a mid-single-digit growth. Can you just give us some sense of what that order growth or decline might have looked like this year? And just also with respect to -- so it was flat year over year or it was up mid-single to last year?

嘿，早安。我想知道您是否可以就該模型提出幾個問題。我的意思是，證監會訂單成長，您去年第三季表示，看到了中個位數的成長。您能否讓我們了解今年的訂單成長或下降？而且也只是 - 所以它與去年同期持平，還是比去年的中期有所上升？

It was flat year over year. So it's same as -- so in other words, we thought last year was a pretty good one. The products that came out of the SFC, people slammed into the wall of uncertainty that they saw, say, sometime in like NAV, and they started to back away from their orders. Remember, the SFC, sales, it's orders. And so of course, we've taken a lot of orders or better than open and I with a sharp stick, but -- so we felt pretty good. Now this year, we don't think there's any surprises on the horizon and people still order about the same amount.

同比持平。所以換句話說，我們認為去年是非常好的一年。從證監會出來的產品，人們撞上了他們在資產淨值等方面看到的不確定性之牆，他們開始放棄訂單。請記住，證監會是銷售，是訂單。當然，我們已經接受了很多訂單，或者比打開和我用鋒利的棍子更好，但是 - 所以我們感覺很好。今年，我們認為不會有任何意外，人們的訂購量仍然大致相同。

When you think about the fulfillment on those orders from SFC this year and sort of the cadence of the timing of those orders, will there be anything different in terms of the pattern as they fall across 3Q and 4Q than last year, maybe.

當你考慮今年 SFC 訂單的履行情況以及這些訂單的時間節奏時，第三季和第四季的模式可能會與去年有所不同。

The little difference is this, is that we didn't push it out quite as far -- and so it's a little shorter period. And we've planned some reinforcing promotions in between just that built and suspenders on this kind of thing. So we'll see how that plays out. That's the -- in terms of tools talk, that's what we're doing.

小小的差別是，我們沒有把它推得那麼遠——所以周期要短一些。我們已經計劃在此類產品的內建和吊帶之間進行一些加強促銷活動。所以我們將看看結果如何。這就是——就工具而言，這就是我們正在做的事情。

But in general, David, it's all okay, we got the same amount of orders as last year. If people don't see the same alarming uncertainty arising in front of them theoretically, it should go better. If they -- but on the other hand, you never know until you know in that situation.

但總的來說，大衛，一切都很好，我們收到的訂單數量與去年相同。如果人們在理論上沒有看到同樣令人擔憂的不確定性出現在他們面前，那麼情況應該會更好。如果他們——但另一方面，除非你在那種情況下知道，否則你永遠不會知道。

So I just want to clarify, you got about the same number of orders as you did last year, but you shipped a little more in 3Q versus 4Q this year than you would have last year is what you're saying?

所以我想澄清一下，你們收到的訂單數量與去年大致相同，但今年第三季與第四季的出貨量比去年多一點，這是你的意思嗎？

No, I'm not saying that. Yes, I am saying that. But when I say the same, I mean about the same amount of orders adjusted for the time that we sold these things. So you're saying, okay, maybe last year, we sold in a couple -- we had orders out in a couple of weeks in January. This year, we didn't have that. So when I say the same, I'm kind of rating it out over the shorter period, and that's the same.

不，我不是這麼說的。是的，我就是這麼說的。但當我說同樣的話時，我的意思是根據我們銷售這些東西的時間調整的訂單數量大約相同。所以你會說，好吧，也許去年，我們賣出了幾件——我們在一月份的幾週內就收到了訂單。今年，我們沒有了。所以當我說同樣的話時，我是在較短的時間內對其進行評級，這是一樣的。

Okay. And then a question for Aldo, on the Snap-on Tools gross profits up 100 basis points. You called out in your slide deck, price cost of raw materials and RCI, you didn't mention the category mix with the stronger hand tools versus say, diagnostics. Is that just an oversight? Or is there something that we should read into the way you --?

好的。接著向 Aldo 提出一個關於實耐寶工具毛利成長 100 個基點的問題。您在幻燈片中提到了原材料的價格成本和 RCI，但您沒有提到與診斷相比更強大的手動工具的類別組合。這只是一個疏忽嗎？或者我們應該以您的方式解讀一些內容——？

(multiple speakers) I think that the product line, the efficiency across the board is better. Broadly speaking, the cost of steel is down, particularly in some of the cold rolled sheet steel that we use in the Algona factory, but that's one of the key contributors. And this are a little bit more efficient with some of the new factory arrangements. Some of that investment has resulted in slightly better efficiencies. So they're just a little bit better at delivering the demand that was in front of them. And the product mix is (technical difficulty). Yes, hand tools gives you a little bit of favorability, but they -- it was across the board.

（多位發言者）我認為產品線、全線效率比較好。從廣義上講，鋼材成本下降了，特別是我們在阿爾戈納工廠使用的一些冷軋鋼板，但這是關鍵因素之一。透過一些新的工廠安排，這會更有效率。其中一些投資帶來了稍微更高的效率。因此，他們在滿足擺在他們面前的需求方面只是稍微好一點。產品組合是（技術難度）。是的，手動工具會給你一點好感，但它們——這是全面的。

Okay. It sounds like maybe that category mix is not quite as big a contributor this quarter as it has been in previous quarters, your assessment?

好的。聽起來也許該類別組合在本季度的貢獻並不像前幾季那麼大，您的評估是？

No. I won't necessarily say that. I don't know where you get that I did. I mean the point is that these three pieces of this, as Aldo just said, it's the category mix, the product mix. There was -- as I said, there's efficiencies in the factory that are in there, RCI and the fact in, there's some material costs. So there are three things put you, you're talking about the 100-basis point improvement, right? Yes, there's three things -- when I was talking about in terms of anise profitability is an indication of the effect of the pivot. So that helped our sales.

不。我不一定會這麼說。我不知道你從哪裡得到我所做的。我的意思是，正如奧爾多剛才所說，重點是這三個部分，即品類組合、產品組合。正如我所說，工廠的效率很高，RCI 以及事實上存在一些材料成本。那麼，您所說的三件事就是提高 100 個基點，對嗎？是的，有三件事——當我談論茴香盈利能力時，這表明了支點的影響。這有助於我們的銷售。

Next question for me just on fourth quarter, the Snap-on Tools segment again, you've got an easier compare on a year-over-year basis. You talked about the third quarter truck restock going on. I guess, how are you thinking about the growth puts and takes for 4Q in Snap-on tools?

我的下一個問題就在第四季度，再次是實耐寶工具部分，您可以更輕鬆地進行同比比較。您談到了第三季卡車補貨的情況。我想，您如何看待實耐寶工具第四季的成長投入與支出？

Well, look -- that's a tough quarter -- look, we don't give guidance. There are a lot of variables going forward, but I like our chances. I'll say it looks, if you're talking about the Snap-on Tools Group, the Tools Group seems to have momentum. So if you were me and you were sitting here and saying, look, I'm confronted with uncertainty, people want to go to lower payback items.

好吧，看，這是一個艱難的季度，看，我們沒有提供指導。未來有很多變數，但我喜歡我們的機會。我想說的是，如果你談論的是實耐寶工具集團，那麼該工具集團似乎勢頭強勁。因此，如果你是我，你坐在這裡說，看，我面臨不確定性，人們想要更低的回報項目。

I've seen our ability to cater to that to meet that -- to match that requirement. I've seen the factories come on stream. I've seen us launch new products that are compelling and strong. So I like where we're going on this. I believe we're going forward with momentum. I can't predict the slope of the curve.

我已經看到我們有能力滿足這項要求——滿足這項要求。我已經看到工廠開始投產了。我見過我們推出了引人注目且強大的新產品。所以我喜歡我們目前的進展。我相信我們正以強勁的勢頭繼續前進。我無法預測曲線的斜率。

Right. Okay. Last question for me. I wonder if you could just update us on franchisee attrition trends and -- can you just talk about what the typical experience is with growth performance when that route comes back to (multiple speakers) --?

正確的。好的。對我來說最後一個問題。我想知道您是否可以向我們介紹加盟商流失趨勢的最新情況，並且您能否談談當該路線回到成長績效時的典型體驗是什麼？（多位發言者）－？

It's been about the same. It's been about the same for some time. It moves tenth of a point from quarter-to-quarter and the fill rate varies depending on well, can you find people, how are you -- we don't like the lower standards and if people leave in a certain area, do we have people in that area, we can easily find and that's what drives the variation from quarter to quarter. I think that's -- one of the good things in the quarter was we saw the number of assistance as a percent of franchisees grow some.

情況大致相同。一段時間以來情況都差不多。它從一個季度到另一個季度移動了十分之一，填充率的變化取決於井，你能找到人嗎，你怎麼樣——我們不喜歡較低的標準，如果人們離開某個地區，我們會這樣做嗎？我認為，本季度的一件好事是我們看到援助數量隨著特許經營商的百分比增加。

So I like that structural point of view. Maybe a number of basis points. So upwards. The percentage seems to be moving upward in his era. So I view that as kind of a sub rows a favorable event that when we get all of this uncertainty, that's going to accrue to our benefit.

所以我喜歡這種結構觀點。也許有幾個基點。如此向上。在他那個時代，這一比例似乎正在上升。因此，我認為，作為一個有利的事件，當我們獲得所有這些不確定性時，這將為我們帶來好處。

Right. And the repurchase of inventory from exiting franchisees, did that impact the growth number this quarter?

正確的。從現有加盟商回購庫存，這是否影響了本季的成長數字？

I -- there was some of that. There was some of that, but I wouldn't have called a significant change year-over-year or quarter-to-quarter, some of it. But I -- we don't really -- we haven't seen it to be something that I would report to the world and say, oh, that's a significant thing. You want to consider it. It hasn't changed much. It can change from time to time, but not this quarter wasn't.

我——有一些這樣的事情。其中有一些，但我不會稱之為同比或季度間的重大變化，其中一些。但我——我們真的——我們還沒有看到它是我會向世界報告的事情，並說，哦，這是一件重要的事情。你想考慮一下。它沒有太大變化。它可能會不時發生變化，但本季不會。

Luke Junk, Baird.

路克垃圾，貝爾德。

Good morning, Nick. Thanks for taking question. I'll catch up with you too. First one for me is on the Tools Group, 3Q up versus 2Q, a great outcome. Obviously, most years, it's the opposite, as you noted. I want to focus on the execution side, clearly, the focus on quicker payback items is the same, but just the enabling activities, what do you think were the bigger contributors. Is it the capacity expansions helping incrementally in Milwaukee, especially, can you tie it back to getting the mix of promotions, right? Is there something we should be looking at the tool carts? Is it all the above, Nick, one thing you spike out.

早安，尼克。感謝您提出問題。我也會追上你的。對我來說，第一個是工具組，第三季比第二季高，這是一個很好的結果。顯然，正如您所指出的，大多數年份情況恰恰相反。我想專注於執行方面，顯然，對更快回報項目的關注是相同的，但只是支持活動，您認為更大的貢獻者是什麼。是產能擴張在密爾瓦基逐漸有所幫助，特別是，你能將其與促銷組合聯繫起來嗎？工具車上有什麼我們該注意的嗎？是不是以上所有的事情，尼克，你都指出了一件事。

It's probably some of all of that. But look, I think the thing is that we -- it's a combination of product development pivoting the -- pivoting to producing some of the more popular products in the midst of a factory expansion, no easy exercise or a plant manager. And those two things kind of came together with, as Aldo said, a range of things. We had RCI up and down the corporate, both from a design point of view.

這可能是其中的一些。但是看，我認為問題是，我們——這是產品開發的結合——在工廠擴張過程中轉向生產一些更受歡迎的產品，沒有簡單的鍛鍊或工廠經理。正如奧爾多所說，這兩件事與一系列事情結合在一起。從設計的角度來看，我們在公司上下都有 RCI。

So we design new products. In some cases, it allowed us to take advantage of material cost reductions. And so a lot of that all came together in this situation, driving the gross margin profitability 100 basis points. If you're talking about making the pivot in the sales, you're talking about pretty much getting closer to those quicker payback items and making them work and the factory being able to deliver better because we expanded the capacity.

所以我們設計新產品。在某些情況下，它使我們能夠利用材料成本的降低。在這種情況下，所有這些因素綜合在一起，將毛利率提高了 100 個基點。如果您談論的是銷售中的樞紐，那麼您談論的是越來越接近那些更快回報的項目並使它們發揮作用，並且工廠能夠因為我們擴大了產能而能夠更好地交付。

Remember, we entered this whole thing up to eyeballs in orders, and we couldn't deliver it. So we expanded the capacity, and that's all sort of normalizing out and the factories are able to get more in sync with the new products coming out, we're able to deliver better and that's working.

請記住，我們在訂單中輸入了整個事情，但我們無法交付它。因此，我們擴大了產能，這一切都在正常化，工廠能夠與新產品的推出更加同步，我們能夠提供更好的產品，這正在發揮作用。

Got it. And then second, if you could just double click on what you're seeing within diagnostics. Specifically, you can see the number, obviously, in RS&I, but I'm wondering about Tools Group as well. RS&I flip from down mid-single digit last quarter to now up low single digit. Apollo pluses out there right now is a newer product. Is that what we're seeing in the RS&I number incrementally does Tools Group benefit from that as well, Nick.

知道了。其次，如果您可以雙擊您在診斷中看到的內容。具體來說，您顯然可以在 RS&I 中看到這個數字，但我也想知道工具組。RS&I 從上個季度的中個位數下降到現在的低個位數上升。Apollo plus 目前是一款較新的產品。這就是我們在 RS&I 數字中看到的，工具組也逐漸從中受益嗎，Nick。

Tools Group does benefit. In other words, one of the good things in the quarter is year-over-year diagnostics were relatively stronger mainly on the launch of the APOLLO+. I'm not saying they were incandescent, but they were they were pretty good in this quarter and it kind of artificially -- plus with the APOLLO+ seemed to launch pretty well.

Tools Group 確實受益。換句話說，本季的一件好事是同比診斷相對較強，主要是由於 APOLLO+ 的推出。我並不是說它們是白熾燈，但它們在本季度表現得相當好，而且有點人為地——再加上 APOLLO+ 的推出似乎相當不錯。

It's early days because it's just introduced at the SFC, people got to see the guys on the floor, plug-in into cars -- how our databases can be wheeled and it's better, it gives some great advantage. Sp they went to the field and to ask you about that. So the sale was up substantially year over year, and the activations are up nicely in the quarter.

現在還處於早期階段，因為它剛剛在證監會推出，人們可以看到現場的人員，將其插入汽車中——我們的資料庫如何可以輪式運行，而且更好，它提供了一些巨大的優勢。Sp他們去了現場並向你詢問此事。因此，銷售額較去年同期大幅成長，本季的活化量也大幅成長。

So at least the launch look pretty good. You got to see how it plays out and how much legs it has, but we -- what we like about it is it's the most cost-effective way to get intelligent diagnostics. And we think that tagline has some appeal. Has considerable appeal in the market. So that works pretty well.

所以至少發射看起來相當不錯。你必須看看它是如何發揮作用的以及它有多少腿，但我們喜歡它的是它是獲得智慧診斷的最具成本效益的方式。我們認為這句標語有一定的吸引力。在市場上具有相當大的吸引力。所以效果很好。

The other thing, though, that I think can get lost is in a number of different ways inside the Tools Group, which bleeds into both groups in RS&I and C&I, I mean, and Tools Group is the ride of software. Subscriptions are up substantially. Titles are down, but in general, software growth is up nicely. And I don't have to tell you that, that's a nice profitability across the corporation. So that's another factor going on in Tools.

不過，我認為可能會迷失的另一件事是工具組內部以多種不同的方式，它滲透到 RS&I 和 C&I 的兩個組中，我的意思是，工具組是軟體的旅程。訂閱量大幅增加。遊戲數量有所下降，但總體而言，軟體成長勢頭良好。不用我說，整個公司的獲利能力都不錯。這是工具中發生的另一個因素。

Brett Jordan, Jefferies.

布雷特·喬丹，杰弗里斯。

Hey, good morning, guys. In the Tools Group, I mean, you talked about improving momentum, is that mix in the sense that the low value or the quick payback product is gaining share? Are you seeing sort of a sentiment change at the shop level. So it still seems like traffic is pretty sluggish from talking to parts distributors and the collision industry still down. Is it mix? Or is the mechanic sentiment improving?

嘿，早上好，夥計們。我的意思是，在工具組中，您談到了改善勢頭，這種混合是指低價值或快速回報產品正在獲得份額嗎？您是否看到商店層面的情緒發生了某種變化？因此，與零件經銷商交談後，交通似乎仍然相當低迷，碰撞行業仍然低迷。是混合的嗎？還是機械師的情緒有所改善？

Mechanics sentiment is not improving. The garage sales, I don't know who you're talking to, but the garages seems to be filled. The purchase of capital capital type equipment in the garages like collision is down. And actually it's kind of off the bubble a little bit netman equipment group. But the sentiment of the technician -- remember, we're dealing with the techs in terms of Tools Group. You're not seeing that change very much.

機械師情緒並未改善。車庫拍賣，我不知道你在跟誰說話，但車庫似乎已經滿了。車庫中碰撞等資本類型設備的購買量下降了。事實上，它有點像是網路設備組的泡沫。但技術人員的情緒 - 請記住，我們正在與工具組的技術人員打交道。你沒有看到這種變化太大。

What you're seeing, though, is the Tools Group pivoting its emphasis to try to present the people attractive and buy now ideas that they don't have to finance for three years. They can just deal with in 15 weeks. And so that's what we always said would work, and it has been working.

不過，你所看到的是，工具集團將重點轉向嘗試向人們展示有吸引力的、立即購買的想法，而他們不必在三年內融資。他們可以在 15 週內處理。所以這就是我們總是說會起作用的，而且它一直在起作用。

So that's what you see that come back. And for us, I don't know if you call it the whole conversation, but for us, one of the real indicators of momentum at least improvement and the traction that you're seeing in that pivot is the idea that the third quarter is up over the second quarter. We have seen that. And so that has to say there's some momentum in this situation. But it doesn't have to do with the attitudes get better.

這就是你看到的結果。對我們來說，我不知道你是否稱其為整個對話，但對我們來說，至少是改善勢頭的真正指標之一以及你在該樞軸中看到的牽引力是第三季度的想法較第二季度有所上升。我們已經看到了這一點。所以這不得不說這種情況有一些動力。但這與態度的改善無關。

Yes. The guys who sell parts to the garage I say it's pretty sluggish. I guess, although on the corporate expense modeling, I mean, could you help us a little bit with '25 just given the variation in that. Is there running Q3 to Q4 sort of flat, is that a rate we should continue into next year?

是的。我說那些向車庫賣零件的人生意相當遲緩。我想，儘管在公司費用模型方面，我的意思是，考慮到 25 年的變化，您能否為我們提供一些幫助。第三季到第四季的運行是否持平，我們應該在明年繼續保持這種速度嗎？

I'd say a little bit of hope here in my voice is that, but one of the reasons that we're lower this year is lower performance-based compensation expense. So as we reset our plan objectives for 2025, you usually start the year assuming you're going to hit a target. So that means if that were the case, I'd more model 27-ish per quarter, something in that range. That's how I would think about that, Brett. But this year, we're not growing as fast as we had expected coming into the year, and therefore, that's one of the key reasons why there's a performance-based compensation differences.

我想說的是，我的聲音裡有一點希望，但今年我們的薪酬較低的原因之一是基於績效的薪酬費用較低。因此，當我們重新設定 2025 年的計畫目標時，您通常會在新的一年開始時假設自己將實現目標。所以這意味著如果是這樣的話，我每季會推出 27 款左右的型號，在這個範圍內。我就是這麼想的，布雷特。但今年，我們的成長速度沒有我們預期的那麼快，因此，這是基於績效的薪資差異的關鍵原因之一。

Okay. Another quick question. I guess, election outcome is one better for you than another. If we're going to tariff imported everything, does that make the tools business less competitive or --? What do you think about that?

好的。另一個快速問題。我想，選舉結果對你來說是一個比另一個更好的結果。如果我們要對進口的所有東西徵收關稅，這是否會降低工具業務的競爭力或——？你對此有何看法？

Who knows? You know what I mean these guys -- look. Okay, you hear so many different things. We're not going to tax tips. We're not going to tax over time. We're going to control prices. We're going to ding the supermarket. We're going to tax unrealized capital gains. We're going to tariff the world. Welcome to the Mad Hatter tea party.

誰知道？你知道我的意思，這些傢伙——看。好吧，你聽到了很多不同的事情。我們不會對小費徵稅。我們不會隨著時間的推移而徵稅。我們將控制價格。我們要去超市。我們將對未實現的資本利得課稅。我們將對世界徵收關稅。歡迎來到瘋帽子茶會。

Nobody knows what actually is going to happen. So you can't even make a pronouncement. Each of these could be -- we want to raise corporate types. Each of these could be attenuating or not. It really depends on the details. I don't think you can discern anything from what these guys have been saying.

沒有人知道到底會發生什麼事。所以你甚至不能發表聲明。其中每一個都可能是——我們希望提高企業類型。其中每一個都可能減弱或不減弱。這確實取決於細節。我認為你無法從這些人所說的話中辨別出任何東西。

Of course, if they tear off everything in the world, that's probably -- it will take some adjustment for that. It will take some adjustment for sure, but maybe it helps people who sell in the markets where they produce. Sometimes that can happen over time. But boy, I'll tell you what, that's a torturous set of assumptions you have to make to come to any conclusion about which person would be best or would help us or hurt us.

當然，如果他們撕毀世界上的一切，那很可能——需要對此進行一些調整。這肯定需要一些調整，但也許它可以幫助那些在其生產的市場上銷售的人。有時隨著時間的推移，這種情況可能會發生。但是孩子，我告訴你，你必須做出一系列痛苦的假設才能得出關於哪個人是最好的或會幫助我們或傷害我們的結論。

Carolina Jolly, Gabelli.

卡羅萊納·喬利，加貝利。

Thank you for taking my question. So it sounds like within RS&I, software and Diagnostics, the higher-margin business is doing well. But can you remind me what's kind of happening in terms of the hardware in that business.

感謝您回答我的問題。因此，聽起來 RS&I、軟體和診斷領域的高利潤業務表現良好。但您能否提醒我該業務的硬體方面發生了什麼？

Say that again, please? I lost the last -- you can remind me what -- remind you of what.

請再說一次？我失去了最後一個——你可以提醒我什麼——提醒你什麼。

What's kind of happening in the hardware part of the business, the areas that might be a little more sluggish?

業務的硬體部分發生了什麼，這些領域可能更加低迷？

Well, look, I don't know, equipment was going gang busters for a long time. That's undercar equipment. It's like aligners and collision equipment and lifts and those kinds of things. And some of those product characters are up. lifts happen to be up a little bit, but -- in general, these are capital-light expansions, capital like expansions in a garage. They're fairly big ticket items, and they're sold through direct and through distributors to the actual repair shop owners or manager.

好吧，聽著，我不知道，設備已經在很長一段時間內成為幫派剋星了。那是車底設備。就像定位器、碰撞設備、升降機之類的東西。其中一些產品角色已經出現。電梯碰巧上升了一點，但是，總的來說，這些都是輕資本擴張，就像車庫的資本擴張。它們是相當大的商品，透過直接和分銷商出售給實際的維修店老闆或經理。

And what we're seeing here is a little back off an attitude. Some of it can be associated with the macro environment. Some of it could be saying, a, I don't know. Do I want to install something now and finance it at this level when the Feds are going to keep dropping interest rates by 50-point increments, and maybe I'll wait a little while.

我們在這裡看到的是一種有點退縮的態度。其中一些可能與宏觀環境有關。其中一些人可能會說，我不知道。當聯準會繼續將利率降低 50 點時，我是否想現在安裝一些東西並以這種水平融資，也許我會等待一段時間。

So our reports are a little bit like that, that people are saying, I need to put new stuff in because the complexity of the new vehicles need changes to manage it just I want to wait a little bit. Now on top of that, on top of that, you would say that CDK's disruption, and some of our people do say this, CDK's disruption in the quarter turn dealerships. I think there were 40% of the dealerships turned dealership attention away from saying adding a lift or an aligner to just trying to stay at their head above water while they didn't have a computer system.

所以我們的報告有點像這樣，人們說，我需要加入新的東西，因為新車的複雜性需要改變來管理它，只是我想等一下。現在最重要的是，最重要的是，你會說 CDK 的破壞，我們的一些人確實這麼說，CDK 對季度輪經銷權的破壞。我認為有 40% 的經銷商將經銷商的注意力從增加升降機或對準器轉移到只是試圖在沒有電腦系統的情況下保持在水面上。

So some of that probably was in the quarter, it's hard to really document that and I don't know how much it was, but that was certainly -- that wasn't a favorable event for us that happened in the quarter. I'm trying to hang the reduction on that, but that piled on top of the uncertainty. So that's what's happening. And we would think though that -- we kind of think this is a shorter-term than, say, the technicians worries -- a little bit more solvable.

因此，其中一些可能是在本季發生的，很難真正記錄下來，我也不知道具體有多少，但這肯定是——這對我們來說不是本季發生的有利事件。我正試圖將削減掛在這一點上，但這又疊加在了不確定性之上。這就是正在發生的事情。我們認為，儘管如此，我們認為這是一個比技術人員擔心的更短期的問題，但更容易解決。

It probably gets solvable by maybe somewhat by the election and maybe somewhat by interest rates being more definitive. In the technicians, you're more talking about broadband news for breakfast, things like, okay, two wars, the border is lousy, everything seems to be crushing down. I mean, we don't know what's going to happen in 15 weeks after 15 weeks. It's a little bit different.

這個問題可能可以透過選舉或更明確的利率來解決。在技​​術人員中，你在早餐時更多地談論寬頻新聞，例如，好吧，兩場戰爭，邊境很糟糕，一切似乎都在崩潰。我的意思是，我們不知道 15 週後的 15 週會發生什麼。有點不同。

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

我們的問答環節到此結束。我想將會議轉回薩拉·韋爾布斯基（Sara Verbsky）發表閉幕詞。

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.

感謝大家今天加入我們。本次電話會議的重播很快就會在 snapon.com 上發布。一如既往，我們感謝您對 Snap-on 的興趣。再會。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。