實耐寶 (SNA) 2024 Q4 法說會逐字稿

Good day, and welcome to the Snap-on Incorporated Q4 full-year 2024 results conference call. (Operator Instructions) Note this event is being recorded.

大家好，歡迎參加 Snap-on Incorporated 2024 年第四季全年業績電話會議。（操作員指示）注意此事件正在被記錄。

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

現在，我想將會議交給投資者關係副總裁 Sara Verbsky。請繼續。

Thank you, Alan, and good morning, everyone. We appreciate you joining us today as we review Snap-on's fourth quarter and full year 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. 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.

謝謝你，艾倫，大家早安。感謝您今天加入我們，一起回顧 Snap-on 的第四季度和全年業績，詳情已在我們今天早些時候發布的新聞稿中說明。參加我們電話會議的是 Snap-on 的執行長 Nick Pinchuk；以及 Snap-on 財務長 Aldo Pagliari。尼克將在今天上午的電話會議中闡述他對我們表現的看法。然後，Aldo 將對我們的財務結果進行更詳細的審查。

After Nick provides some closing thoughts, we'll take your questions. As usual, we 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 slides will be archived on our website along with the transcript of today's call.

在尼克發表一些結束語之後，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」標籤下找到，也可以在我們的網站 snapon.com 的「投資者」部分找到。這些幻燈片將與今天電話會議的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 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.

本次電話會議中所做的任何與管理層的預期、估計或信念有關的陳述，或以其他方式討論管理層或公司的前景、計劃或預測的陳述均為前瞻性陳述，實際結果可能與此類陳述存在重大差異。

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 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.

我們向美國證券交易委員會提交的文件中包含了其他資訊和可能導致我們的結果與前瞻性陳述有重大差異的因素。最後，本簡報包括非 GAAP 財務績效指標，這些指標並非旨在單獨考慮或取代 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，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，我現在想將電話轉給 Nick Pinchuk。缺口？

Thanks, Sara. Good morning, everybody. I'll start with the highlights of our fourth quarter. I'll give you my perspective on the results, on the market environment and on our progress. It was considerable.

謝謝，薩拉。大家早安。我將從我們第四季的亮點開始。我將向您介紹我對結果、市場環境和我們進展的看法。這是相當可觀的。

After that, and as usual, Aldo will move into a more detailed review of the financials. These are interesting times, filled with uncertainty. But Snap-on is built to prevail even in turbulence. And this isn't our first rodeo, it's our job to confront and to overcome and to proceed with confidence in the resilience of our market, confidence in the strength of our strategic and tactical advantages and confidence in the insight and energy of our consistent and capable people. And all of that echoed in the numbers.

之後，和往常一樣，阿爾多將對財務狀況進行更詳細的審查。這是有趣的時代，充滿了不確定性。但 Snap-on 的設計初衷是即使在動盪時期也能順利生存。這不是我們第一次面臨挑戰，我們的任務是面對挑戰、克服困難，並繼續前進，對我們市場的韌性充滿信心，對我們戰略和戰術優勢的信心，對我們始終如一、能力出眾的員工的洞察力和活力充滿信心。所有這些都在數字中得到了體現。

So here they are. Overall sales in the quarter were $1,198.7 million, up 0.2% both as reported and organically, returned to positive territory. Profitability was strong with gross margin of 49.7%, a gain of 140 basis points.

所以他們就在這裡。本季整體銷售額為 11.987 億美元，報告銷售額和有機銷售額均成長 0.2%，重回正值。獲利能力強勁，毛利率為49.7％，成長140個基點。

And the opco OI margin was 22.1%, an increase of 50 basis points over 2023 and an all-time high for the fourth quarter. Financial Services earnings of $66.7 million in the quarter were lower by $1.2 million, leading to a consolidated margin, including both opco and financial services at 25.5%, an improvement of 30 basis points. Our EPS for the quarter was $4.82, up $0.07 from the $4.75 recorded last year.

而 opco OI 利潤率為 22.1%，較 2023 年增加 50 個基點，創下第四季歷史新高。本季金融服務收益為 6,670 萬美元，下降 120 萬美元，導致包括 opco 和金融服務在內的綜合利潤率為 25.5%，提高了 30 個基點。本季我們的每股收益為 4.82 美元，比去年的 4.75 美元上漲 0.07 美元。

The results show broad gains overcoming the uncertainty, another period of sequential progress, brought by record performances by both the commercial and industrial, C&I, by the commercial industrial C&I group and by Repair System Information, or the RS&I group, combined with the Tools Group successfully pivoting to match tech preferences and continuing to narrow the gap versus last year. It was an encouraging demonstration of advantage our resilience and of capability.

結果顯示，業務廣泛增長，克服了不確定性，又經歷了一個連續進步的時期，這得益於商業和工業、C&I、商業工業 C&I 集團和修復系統資訊或 RS&I 集團的創紀錄表現，再加上工具集團成功調整以適應技術偏好，並繼續縮小與去年相比的差距。這是對我們的韌性和能力優勢的令人鼓舞的展示。

But first, let's speak about the markets. We believe the vehicle repair market is robust, a continuing stream of new tools and data to confront the rising complexity of the modern vehicle. The repair shops today, dealerships or independents must deal with an expanding array of challenges, multiple powertrains, EV, plug-in hybrid, super hybrid, advanced combustion, sophisticated digital system and a wide range of autonomous operations, devices like adaptive cruise control, lane departure warning, collision avoidance sensors, self-parking features, it goes on and on and on, and the list is getting longer. And technicians have to fix it all, addressing a array of procedures. It's daunting, but this is where Snap-on shines, scanning, diagnosing, guiding and fixing, enabling the techs -- making -- enabling the techs, making the difficult tasks easier and when combined with an aging car park that now averages 12.6 years and includes a multitude of technology generations, all needing to be fixed, driving even more complexity and requiring even more tools and more data.

但首先，我們來談談市場。我們相信汽車維修市場前景廣闊，不斷湧現的新工具和新數據將應對現代汽車日益複雜的問題。如今的維修廠、經銷商或獨立經銷商必須應對越來越多的挑戰，多種動力系統、電動車、插電式混合動力汽車、超級混合動力汽車、先進的燃燒系統、複雜的數位系統和各種自主操作、自適應巡航控制、車道偏離警告、防撞感測器、自動停車功能等設備，不勝枚舉，而且名單越來越長。技術人員必須修復所有問題，解決一系列問題。這很令人生畏，但這正是 Snap-on 的閃光點，掃描、診斷、指導和修復，為技術人員提供支持，使技術人員能夠更輕鬆地完成困難的任務，再加上現在平均使用年限為 12.6 年且包含多代技術的老化停車場，所有這些都需要修復，從而帶來更大的複雜性，需要更多的工具和更多的數據。

It represents even more opportunity. We love it. Vehicle repair has several slices. So let's start by focusing on shops, the dealerships and the independent shops, adjusting to the complexity often requiring things like new lifting equipment to handle the increased weight of EVs, tire changes that accommodate larger wheel sizes, software suites for managing the shop, for organizing parts data into streamlined catalog, for scheduling repairs and customer interfaces and for guiding the techs to the most sophisticated or complicated of repairs. This is where RS&I operates.

它代表著更多的機會。我們喜歡它。車輛維修有幾個部分。因此，讓我們首先關注商店、經銷商和獨立商店，適應複雜性，通常需要新的起重設備來處理電動汽車增加的重量、適應更大車輪尺寸的輪胎更換、用於管理商店的軟體套件、將零件數據組織成精簡的目錄、安排維修和客戶界面以及指導技術人員進行最複雜的維修。這就是 RS&I 運作的地方。

It's a target-rich environment for our array of undercar and collision equipment, and it's a growing market for our software and data products. And Snap-on is well positioned with our innovative hardware, but especially with our proprietary comprehensive database, billions of insightful records, advantages that we believe -- there are advantages that we believe make Snap-on the data king in vehicle repair, a position that I think you'll see was reinforced again [by our quarter] by our rising gains in that arena.

對於我們的一系列底盤和碰撞設備來說，這是一個目標豐富的環境，對於我們的軟體和數據產品來說，這是一個不斷成長的市場。Snap-on 憑藉其創新的硬體、專有的綜合資料庫和數十億條富有洞察力的記錄，佔據了有利地位。

Now let's shift to the techs. The individuals working in a base, under the hood, twirling the wrenches, hitting the touchscreen, applying their skill and making -- and actually making the repair. Again, this quarter, I had the opportunity to meet with a number of franchisees and their customers. And they all expressed their enthusiasm for the strength of vehicle repair and external data confirms that view. Miles driven up.

現在讓我們來討論技術。在基地、在引擎蓋下工作的人們，旋轉扳手、點擊觸控屏，運用他們的技能，實際上就是在進行維修。再次，本季度，我有機會與許多特許經營商及其客戶會面。而他們都表達了對汽車維修實力的熱情，外部數據也證實了這個觀點。行駛了數英里。

The car park age, hospital spending on auto -- household spending on auto repair is higher, hours were increasing. And best of all, tech wages rising. I was recently in a garage and the service manager emphatically proclaimed to me that the work just keeps rolling in. We need more techs makes sense, expanding complexity means more time spent on each repair and more trained professionals needed to meet the demand and keep the shops prospering.

停車場年齡、醫院在汽車上的支出——家庭在汽車維修上的支出更高，工作時間也在增加。最重要的是，技術工資正在上漲。我最近在一個車庫裡，服務經理向我強調地說，工作一直在持續進行。我們需要更多的技術人員，這是有道理的，增加複雜性意味著每次維修需要花費更多的時間，並且需要更多訓練有素的專業人員來滿足需求並保持商店的繁榮。

So it's clear the techs are in a good position, but that doesn't make them immune to the macro uncertainty around the ongoing wars, immigration disputes, lingering inflation. And although the election's in the rear mirror and the new team may be more focused on business expansion, there's a rapid fire of new initiatives, tariff bonds, on and off again actions, impending shakeups and foreign ventures of many varieties up to now, it's hard not to be uncertain about what's up.

因此，很明顯科技股處於有利地位，但這並不意味著它們能夠免受持續戰爭、移民爭端、持續通膨等宏觀不確定性的影響。儘管選舉已結束，新團隊可能更注重業務擴張，但到目前為止，新舉措、關稅債券、時斷時續的行動、即將發生的改組和各種各樣的海外投資接踵而至，很難不對正在發生的事情感到不確定。

So the franchisees, they echo that uncertainty. And in the turbulence, the technicians continue to prefer quick payback items. Ones that make work easier and cut labor times right away, items like hand tools and (inaudible) diagnostics that can be paid off in shorter cycles. And they remain cool on big ticket, longer payback items like tool storage. So the Tools Group is continuing its pivot, focusing its engineering, it's manufacturing and it's selling to match the shift in those customer preferences.

因此，特許經營者也表達了同樣的不確定性。而在動盪之中，技術人員仍青睞那些能快速獲得回報的項目。那些使工作更輕鬆並且立即減少勞動時間的物品，例如手動工具和（聽不清楚）診斷工具，可以在更短的周期內獲得回報。而他們對諸如工具存儲等大件且回報期較長的項目則保持冷靜。因此，工具集團正在繼續轉型，專注於工程、製造和銷售，以適應客戶偏好的變化。

So despite some challenges in automotive, so despite some challenges, automotive repair does remain strong, and we believe we're pivoting successfully to take greater advantage. Now let's talk about critical industries, where C&I take Snap-on out of the garage, solving consequent that require precision durability, reliability and repeatability all performed in some of the most demanding (inaudible) environment, from clean rooms to mine pits to assembly lines to building spacecraft in this market. I can tell you, it's very promising.

因此，儘管汽車行業面臨一些挑戰，但汽車維修仍然保持強勁，我們相信我們正在成功轉型以獲得更大的優勢。現在讓我們來談談關鍵產業，在這些產業中，C&I 將 Snap-on 從車庫中取出，解決了需要精確耐用性、可靠性和重複性的問題，所有這些都是在最苛刻（聽不清楚）的環境中執行的，從潔淨室到礦坑到裝配線再到建造這個市場的太空船。我可以告訴你，它非常有前景。

Our activity in critical industries continued rising across multiple sectors aviation, natural resources and general industry were all up nicely. The arena also represents our most significant international presence. And those markets were mixed. In Europe, UK, and Southern Europe up; Germany, down; and Asia Pacific, China weaker, but gains in Japan and South Asia, despite -- in Southeast Asia, despite unfavorable currency.

我們在關鍵產業的活動持續上升，涵蓋多個領域，航空、自然資源和一般工業均有良好成長。該競技場也代表了我們最重要的國際影響力。這些市場好壞參半。在歐洲，英國和南歐上漲；德國，下滑；亞太地區方面，中國表現較弱，但日本和南亞表現上漲，儘管東南亞地區貨幣匯率不利。

And gains in South Korea as well. I'll add that to that situation, despite unfavorable currency. So C&I does have its challenges across the geographies and the segments, but we have made significant advantages -- advancements and do see substantial opportunities for tomorrow, leveraging our advantages in product, in our brand, in our people.

韓國也同樣有所收穫。儘管貨幣不利，我仍將這一點添加到這種情況中。因此，C&I 在各個地區和各個領域都面臨著挑戰​​，但我們也取得了顯著的優勢——取得​​了進步，並且看到了未來的巨大機遇，利用了我們在產品、品牌和人才方面的優勢。

And I think when you see the results, you realize, it's working. So both the auto repair and critical industries market remain positive, and we're ready and well positioned to advance on those, I don't know, very wide runways. At the same time, it's clear, it's clear to us, and I hope it's clear to you that we have more potential along our runways for improvement. And as we proceed, we're fortified by our Snap-on value creation process, safety, quality, customer protection, innovation, and rapid continuous improvement or RCI, they've never been more important, helping overcome the turbulence and [authoring] our resilience. Especially important is customer connection and innovation.

我認為，當你看到結果時，你就會意識到它正在發揮作用。因此，汽車維修和關鍵行業市場都保持積極態勢，我們已做好準備並處於有利位置，可以在這些非常寬闊的跑道上前進。同時，我們很清楚，我希望你們也很清楚，我們的跑道還有很大的改進潛力。隨著我們繼續前進，Snap-on 價值創造流程、安全、品質、客戶保護、創新和快速持續改進 (RCI) 為我們提供了強大的支撐，這些從未像現在這樣重要，幫助我們克服動盪並增強我們的韌性。客戶聯繫和創新尤其重要。

That's our unique advantage standing next to working men and women observing each task, matching the insights gained with technology master developing new and innovative products that makes work easier.

這是我們獨特的優勢，站在工人身邊觀察每項任務，將獲得的見解與技術大師結合起來，開發出新的創新產品，使工作更輕鬆。

And it's a considerable strength, and our team is committed to continue to wheel it with determination. Now let's talk about the operating groups. Let's start with C&I. Fourth quarter sales of $379.2 million was an all-time high, represented an increase of $15.3 million versus last year and included $2.1 million in acquisition-related sales, $1 million in unfavorable foreign currency and our organic rise of 3.9%, driven by gains with customers in critical industries. Strong sales of our customized kits led the way, meeting the rising demand for solutions that match specific tasks.

這是相當大的優勢，我們的團隊致力於繼續堅定地推動這項優勢。現在我們來談談操作組。讓我們從 C&I 開始。第四季銷售額達 3.792 億美元，創歷史新高，較去年同期增加 1,530 萬美元，其中包括 210 萬美元的收購相關銷售額、100 萬美元的不利外幣影響以及 3.9% 的有機增長，這得益於關鍵行業客戶的增長。我們的客製化套件銷售強勁，滿足了對符合特定任務的解決方案日益增長的需求。

Our Specialty Torque division was also a clear positive. Precision is becoming more essential every day and our broad torque offering put C&I right on target, and you can see it clearly in the numbers.

我們的專業扭力部門也表現出明顯的正面優勢。精度日益重要，我們提供的廣泛扭矩使 C&I 正處於目標位置，您可以從數字中清楚地看到這一點。

OI for C&I was $63.5 million in the quarter, up $9.4 million or 17.4% from 2023 and the group gross margin, it was up 180 basis points, and the operating margin was 16.7%. That was also up 180 basis points. C&I just keeps getting better. It's a great indication of our ability to roll out of the garage. The specialty torque business of C&I is really making strides.

本季 C&I 的 OI 為 6,350 萬美元，較 2023 年增加 940 萬美元或 17.4%，集團毛利率上升了 180 個基點，營業利潤率為 16.7%。這也上漲了 180 個基點。C&I 一直在不斷進步。這充分證明了我們的能力。C&I 的專業扭力業務確實正在取得長足進步。

Torque is hot now. And Snap-on is at the party with a growing array of new products like our heavy-duty cordless torque multiplier, we call it the CTMA 100 delivering torque from 160-foot pounds all the way up to 800-foot pounds, just what's needed to meet the broad challenge of across mining, in oil and gas and rail and heavy duty. It's a tool that anyhow -- it was a tool that was made possible by our expansion in torque.

扭矩現在很熱。Snap-on 也帶著越來越多的新產品參加了此次展會，例如我們的重型無線扭矩倍增器，我們稱之為 CTMA 100，其提供的扭矩從 160 英尺磅一直到 800 英尺磅，這正是應對採礦、石油天然氣、鐵路和重型領域的廣泛挑戰所需要的。無論如何，它都是一種工具——它是透過擴大扭力而成為可能的工具。

Combining the efficiencies of a Norbar gear design with the compact operation of a Snap-on power tool, authoring the wide range, making the delivery of high torque levels easy and safe. So enabling easy access to tight spots. The new units also equipped with a specially designed transducer control for applying just the precise force, a breakthrough. And it benefits from our advanced power tool cooling system that makes it much more durable. The CTM 800 torque packs a lot into one compact tool, improvement in versatility, safety, access, durability and precision. It has it all and where the tasks are critical. It's already a big hit.

將 Norbar 齒輪設計的效率與 Snap-on 電動工具的緊湊操作相結合，創造出廣泛的產品系列，使高扭矩水平的傳輸變得簡單且安全。因此可以輕鬆進入狹窄的地方。新裝置還配備了專門設計的感測器控制裝置，用於施加精確的力，這是一個突破。而且它受益於我們先進的電動工具冷卻系統，使其更加耐用。CTM 800 扭力將許多功能整合到一個緊湊的工具中，從而提高了多功能性、安全性、可訪問性、耐用性和精度。它擁有一切，任務至關重要。它已經非常受歡迎了。

C&I, sales up, customized kits and precision torque, rising to new levels, all with record profitability, a high point profitability, with much more room to grow and improve. Now on to the Tools Group. Quarterly sales of $506.6 million, down but representing progress and narrowing the gap versus 2023. The progress is evident, but uncertainty still lingers. And OI for the Tools Group was $106.9 million, $4.1 million below 2023 with an operating margin of 21.1%.

C&I、銷售額上升、客製化套件和精密扭矩上升到新的水平，均具有創紀錄的盈利能力、高點盈利能力，並且具有更大的增長和改進空間。現在轉到工具組。季度銷售額為 5.066 億美元，有所下降，但代表著進步並且與 2023 年的差距正在縮小。進展顯而易見，但不確定性仍然存在。工具集團的營業利益率為 1.069 億美元，比 2023 年低 410 萬美元，營業利益率為 21.1%。

But despite the turbulence, we remain steadfast in supporting our van network, keeping it strong, spending on it. And that profitability was regionally acknowledged by multiple publications. The Franchise Business Review recognized us and its latest ranking for franchisee satisfaction, listing Snap-on as a top 50 franchise for the 18th consecutive year.

但是，儘管存在動盪，我們仍然堅定不移地支持我們的貨車網絡，保持其強勁發展，並對其投入資金。這項獲利能力已獲得地區多家出版物的認可。《特許經營商業評論》對我們以及其最新的特許經營商滿意度排名給予了認可，連續第 18 年將 Snap-on 列為 50 強特許經營商之一。

We renamed number one among all franchisees in Entrepreneur Magazine's 2024 list of top franchises for veterans. And Snap-on was ranked by the UK Elite Franchise Magazine as the number one franchise in that country, a distinction we've held for three consecutive years. Now these types of rankings confirm the fundamental strengths of our franchisees individually and of our van business in general. And I can tell you that this would not have been achieved without a continuous stream of new products developed through our strong customer connections, insight and experience transformed an innovation for a significant advantage in the rapidly changing world that's vehicle repair.

在《企業家》雜誌 2024 年退伍軍人最佳特許經營權榜單中，我們位居所有特許經營權第一名。Snap-on 也被英國《精英特許經營雜誌》評選為全國第一大特許經營店，我們已經連續三年保持這項殊榮。現在，這些類型的排名證實了我們各個特許經營商以及我們整個貨車業務的根本實力。我可以告訴你們，如果沒有我們透過強大的客戶關係、洞察力和經驗不斷開發新產品，將創新轉化為在快速變化的汽車維修領域取得顯著優勢，這一目標是不可能實現的。

One of the latest of those additions is our Milwaukee-manufactured special Hex driver, specifically designed for modern vehicles equipped with advanced driver assist systems like adaptive cruise control in the base standing side-by-side with the techs making the actual repairs, we saw the difficulty in aligning the radar centers that enable that autonomous control, enable the adaptive cruise control.

這些新增功能之一是我們在密爾瓦基製造的特殊 Hex 驅動器，專為配備先進駕駛輔助系統（如自適應巡航控制）的現代車輛而設計，在與進行實際維修的技術人員並肩站立時，我們發現在對準能夠實現自動控制和自適應巡航控制的雷達中心時存在困難。

And the work was difficult. Techs are removing the bumpers in the grills, dismantling the front end of the car just to reach the workplace, a very time-consuming and non-value-added exercise that risks damage to nearby -- that also risks damage to nearby parts and components, all just to clear the pathway for the eventual repair. And that observation drove the design of our new [NDDM 35] a 3.5-millimeter hex driver featuring an extra long 5.75-inch shaft, an enhanced reach that bypasses the obstructions with ease, allowing the necessary adjustments without dismantling anything. And that newly launched tool also includes our Snap-on instinct ergonomic handle design, providing superior control, making it easier to execute the work with the precision required for the very sensitive radar brackets.

而且工作很困難。技術人員正在拆除格柵中的保險槓，拆卸汽車的前端以到達工作場所，這是一項非常耗時且無增值的工作，可能會損壞附近的部件和組件，所有這些都只是為了為最終的維修掃清道路。這項觀察促使我們設計了新款 [NDDM 35]，這是一款 3.5 毫米六角驅動器，配備 5.75 英寸的超長軸，增強的伸展範圍可輕鬆繞過障礙物，無需拆卸任何東西即可進行必要的調整。而且，新推出的工具還採用了我們 Snap-on 本能的人體工學手柄設計，可提供卓越的控制，從而更輕鬆地以非常靈敏的雷達支架所需的精度執行工作。

Our new NDD35 -- M35 makes repairs faster, easier and more profitable and the techs have noticed it. Also in the quarter, we launched a new lineup of hand tools based on another customer connection. We're seeing the difficulty of applying leverage to the opening of a standard combination wrench, the box end of the tool was great for engaging a fastener in a crowded engine bay, just slide it right in there. But when extreme force was needed and a grip at the opposite far end was necessary, the task was extremely uncomfortable because the open end of the wrench digs into your hand.

我們的新 NDD35--M35 讓維修更快、更輕鬆、更有利可圖，技術人員已經注意到了這一點。此外，在本季度，我們根據另一個客戶關係推出了一系列新的手動工具。我們發現利用槓桿作用來打開標準組合扳手存在困難，而該工具的盒端非常適合在擁擠的引擎室中接合緊固件，只需將其滑入其中即可。但是當需要極大的力量並且必須抓住遠端時，這項任務會非常不舒服，因為扳手的開口端會扎進你的手。

To solve the problem, our engineers designed our new XDSGM, a series that combines a box in, low profile ahead with a soft grip ratchet handle, providing the access technicians need but enabling the maximum force to be applied comfortably with the ergonomically and contoured cushion grip handle, breaking bolts free without wincing in pain or slipping off under load. The new XD SGM, I talk about it here because it's a prime example of a fast payback item, a simple but powerful innovation that makes work safer, faster and easier and the techs have loved it, making the wrench one of our million dollar hit products just since it launched a few months ago.

為了解決這個問題，我們的工程師設計了新的 XDSGM 系列，該系列將盒式、低調的前部與軟握棘輪手柄相結合，為技術人員提供了所需的訪問能力，同時通過符合人體工程學和輪廓的緩衝握柄舒適地施加最大力量，無需因疼痛而畏縮或在負載下滑落即可鬆開螺栓。我在這裡談論新的 XD SGM，是因為它是快速回報產品的典型例子，這是一項簡單但功能強大的創新，可以使工作更安全、更快捷、更容易，技術人員非常喜歡它，使得該扳手自幾個月前推出以來就成為我們價值百萬美元的暢銷產品之一。

Well, that's the Tools Group. Customer connection, producing innovative products, operations continuing to pivot meeting the customers' perseverance for fast payback items and making progress and narrowing of the gap, all while keeping the network strong in the turbulence.

嗯，這就是工具組。客戶連接、生產創新產品、持續營運以滿足客戶對快速回報專案的要求並取得進展和縮小差距，同時保持網路在動盪中的強大。

Now for RS&I. Volume in the fourth quarter was $456.6 million, up organically, 1.6%. gains with both OEM dealerships and with independent shop owners for diagnostic platforms and repair information products, partially offset by lower activity in undercar equipment. RS&I operating earnings in the quarter were of $121.4 million represented an increase of $8.1 million or 7.1%. Gross margins were up 200 basis points, and the operating margin, the operating margin was a strong 26.6%, up 150 basis points from last year from the prior year, the highest ever, a record -- and the record reflects a rise in software, but it's also evidence of -- the rising software is a great thing, but it's also evidence of strong and broad [RSI] with the great majority of RSI businesses, software and hardware, increasing margins by well over 100 basis points .

現在討論 RS&I。第四季營業額為 4.566 億美元，有機成長 1.6%。在診斷平台和維修資訊產品方面，OEM經銷商和獨立店主的合作取得了進展，但被車底設備活動的減少部分抵消。本季 RS&I 營業收入為 1.214 億美元，增加 810 萬美元，成長 7.1%。毛利率上升了 200 個基點，經營利潤率則強勁上漲至 26.6%，比去年同期上漲了 150 個基點，創下了歷史新高。。

We really love that kind of thing because it makes our profitability soar. And our Mitchell 1 specialty -- speaking of profitability, our Mitchell 1 specialty software division provides software to independent shops, continue (inaudible) success expanding its database, Big data, reaching 3 billion repair records and 500 million data points, a powerful and proprietary advantage that fuels our intelligent diagnostics platform, communicating directly with vehicles, translating to [trouble codes] supplying complex inductive weldings, complex inductive models, identifying the problem and guiding technicians through the repair process, all with unprecedented speed, productivity and profitability.

我們真的很喜歡這種事情，因為它使我們的盈利能力飆升。說到獲利能力，我們的 Mitchell 1 專業軟體部門為獨立商店提供軟體，繼續（聽不清楚）成功擴展其資料庫，大數據，達到 30 億筆維修記錄和 5 億個數據點，這一強大而專有的優勢為我們的智慧診斷平台提供了動力，可直接與車輛通信，轉化為[故障碼]，提供複雜的感應

Now we can't talk about that without talking about the APOLLO+, the newest member of the intelligent diagnostics lineup, released in the late third quarter, and it continues to shine, surpassing previous generations and very importantly, expanding the number of software subscriptions. It's easy, fast and smart. And for this day and age, at this time, it represents a tech's quickest payback access to the power of Snap-on Intelligent Diagnostics. We expected it to be a winner, and it is.

現在，我們不能不談論 APOLLO +，它是智慧診斷系列的最新成員，於第三季末發布，它繼續大放異彩，超越了前幾代產品，而且非常重要的是，擴大了軟體訂閱的數量。它簡單、快速而且聰明。在當今這個時代，在這個時候，它代表了技術人員利用 Snap-on 智慧診斷功能的最快回報方式。我們期望它會成為贏家，事實也確實如此。

Also in the quarter, Undercar Equipment division released the new V4400 Commander wheel alignment machine. It's a game changer for shops because of its unique flexibility. A lot of shops don't have space and they don't do alignments at all. They send them out. Garages today need new equipment for matching the equipment of that kind, for matching the rising complexity.

本季度，底盤設備部門也發表了新型 V4400 Commander 車輪定位機。由於其獨特的靈活性，它能夠改變商店的遊戲規則。許多商店沒有空間，而且他們根本不進行調整。他們把他們送出去了。如今，車庫需要新的設備來匹配此類設備，以適應日益增加的複雜性。

For example, alignment has never been more important. But where do you fit the new units without a costly expansion.

例如，對齊從未如此重要。但是，如果不進行昂貴的擴建，那該把新設備安裝在哪裡呢？

And in many cases, the buildings are already land locked. And shop owners can't sacrifice an everyday repair base for periodic, but necessary profitable and profitable alignment procedures. So the answer is the V4400, a versatile smart and modular system. It's got an innovative design with a control center housed in a small toolbox that wirelessly connects with the two twin independent mobile towers that holds sophisticated force camera -- that hold a sophisticated force camera setup.

在許多情況下，這些建築物已經被陸地包圍。並且，店主不能為了定期但必要的、有利可圖且盈利的調整程序而犧牲日常的維修基礎。答案是 V4400，一種多功能智慧模組化系統。它採用創新設計，控制中心位於一個小的工具箱內，可以透過無線方式與兩個獨立的移動塔連接，移動塔上裝有先進的力場攝影機——配備了先進的力場攝影機裝置。

Those sections can easily be stored out of the way while not in action and can be assembled anywhere in the shop quickly, delivering an alignment capability as needed and on command regardless of the layout, whether you shop is short or wide or deeper narrow, it doesn't matter. And our proprietary software with our -- based on our four-camera systems, enables a very quick setup. So therefore, setting it up is pretty easy and quick. And no shop is perfect. So our system also automatically eliminate imperfections like unlevel lifts or uneven floors, ensuring an accurate, straight as an arrow alignment, the V4400 aligner is nimble, versatile, quick and smart and it makes profitable alignment possible and many more shops.

這些部分在不使用時可以輕鬆地存放在不妨礙的地方，並可在商店的任何位置快速組裝，根據需要和命令提供對齊能力，無論佈局如何，無論您的商店是短是寬還是深是窄，都沒關係。我們的專有軟體基於我們的四相機系統，可以實現非常快速的設定。因此，設定起來非常簡單和快速。沒有哪家商店是完美的。因此，我們的系統還會自動消除諸如昇降機不平或地板不平等缺陷，確保準確、筆直的對準，V4400 對準器靈活、多功能、快速且智能，可使更多商店實現有利可圖的對準。

It's a great product.

這是一個很棒的產品。

We keep driving to expand RS&I's position with repair shop owners and managers, offering more new products, all developed by our value creation processes, and we're confident it's a winning formula. And the Q4 results say it so. Well, that's the quarter. Sales up, 0.2% back to level. opco operating margin of 22.1%, up 50 basis points, a new all-time high for the fourth quarter.

我們不斷努力擴大 RS&I 在修理店老闆和經理中的地位，提供更多新產品，所有這些都是由我們的價值創造流程開發的，我們相信這是一個成功的秘訣。第四季的業績也證實了這一點。嗯，這就是本季的情況。銷售額上升0.2%，回到正常水準。 opco營業利益率為22.1%，上漲50個基點，創第四季歷史新高。

The Tools Group down, but narrowing the gap. The pivot is working. RS&I operating margin, 26.6%, up 150 basis points, another profit high for an already high-margin group. C&I operating margins up -- operating earnings, up 17.4%; operating margin, 16.7%, up 180 basis points, also at a high resilience, balance, advantage and results. It was an encouraging quarter.

工具組下滑，但差距正在縮小。這一樞紐正在發揮作用。RS&I 營業利益率為 26.6%，上漲 150 個基點，對於利潤率本來就很高的集團來說，再創利潤新高。C&I 營業利益率上升－營業收入上升 17.4%；營業利益率16.7%，較去年同期上漲180個基點，同樣維持較高的彈性、平衡、優勢與績效。這是一個令人鼓舞的季度。

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

現在我將電話轉給阿爾多。阿爾多？

Thanks, Nick. Our consolidated operating results for the fourth quarter are summarized on Slide 6. Net sales of $1,198.7 million in the quarter were slightly above the $1.196.6 million reported last year, reflecting an organic sales increase of $2 million. Continued strength in sales to customers in critical industries as well as gains with repair shop owners and managers, offset the marginally lower sales of our franchise van network. Consolidated gross margin improved 140 basis points to 49.7% from 48.3% last year, reflecting increased sales and higher gross margin businesses as well as benefits from the company's RCI initiatives.

謝謝，尼克。我們的第四季綜合經營業績總結在投影片 6 中。本季淨銷售額為 11.987 億美元，略高於去年的 11.966 億美元，有機銷售額成長 200 萬美元。關鍵產業客戶的銷售持續強勁，以及修理店老闆和經理的銷售成長，抵消了我們特許貨車網路銷售額的小幅下滑。綜合毛利率從去年的 48.3% 提高 140 個基點至 49.7%，反映出銷售額增加、業務毛利率提高以及公司 RCI 舉措帶來的好處。

Operating expenses as a percentage of net sales rose 90 basis points to 27.6% from 26.7% in 2023, primarily due to increased corporate and other operating costs. Operating earnings before financial services of $265.2 million in the quarter compared to $257.9 million in 2023. As a percentage of net sales, operating margin before financial services of 22.1% represented an improvement of 50 basis points from the 21.6% reported last year. Financial services revenue of $100.5 million in the fourth quarter compared to $97.2 million last year, while operating earnings of $66.7 million compared to $67.9 million in 2023.

營業費用佔淨銷售額的百分比從 2023 年的 26.7% 上升 90 個基點至 27.6%，這主要是由於公司和其他營業成本增加。本季金融服務前營業利潤為 2.652 億美元，而 2023 年為 2.579 億美元。以淨銷售額的百分比計算，金融服務前的營業利潤率為 22.1%，較去年的 21.6% 提高了 50 個基點。第四季金融服務收入為 1.005 億美元，而去年同期為 9,720 萬美元，營業利潤為 6,670 萬美元，而 2023 年為 6,790 萬美元。

Consolidated operating earnings of $331.9 million compared to $325.8 million last year. As a percentage of revenues, the operating earnings margin increased 30 basis points to 25.5% in 2024. Our fourth quarter effective income tax rate of 22.5% compared to 21.4% last year. Net earnings of $258.1 million compared to $255.3 million in 2023 and net earnings per diluted share of $4.82 in the quarter, compared to $4.75 per diluted share last year.

綜合營業利潤為 3.319 億美元，去年同期為 3.258 億美元。作為收入的百分比，營業利潤率到 2024 年將增加 30 個基點，達到 25.5%。我們第四季的有效所得稅率為 22.5%，去年同期為 21.4%。本季淨利為 2.581 億美元，而 2023 年為 2.553 億美元，每股攤薄淨利潤為 4.82 美元，而去年每股攤薄淨利潤為 4.75 美元。

Now let's turn to our segment results for the quarter. Starting with C&I on slide 7. Sales of $379.2 million compared to $363.9 million last year, reflecting a 3.9% organic sales gain and $2.1 million of acquisition-related sales, partially offset by $1 million of unfavorable foreign currency translation. The organic improvement is largely due to gain in sales to customers serving critical industries, including a high single-digit increase in specialty torque.

現在讓我們來看看本季的分部業績。從幻燈片 7 上的 C&I 開始。銷售額為 3.792 億美元，而去年同期為 3.639 億美元，反映出 3.9% 的有機銷售額成長和 210 萬美元的收購相關銷售額，部分被 100 萬美元的不利外幣折算所抵銷。有機成長主要歸功於服務關鍵產業客戶的銷售額成長，其中包括特殊扭力的個位數高成長。

With respect to critical industries, in addition to higher torque product sales, activities in aviation and general industries were encouraging during the period. Gross margin improved 180 basis points to 41% in the fourth quarter from 39.2% in 2023. This is largely due to increased sales volumes and higher gross margin, critical industry sectors and savings from RCI initiatives. Operating expenses as a percentage of sales of 24.3% in the quarter was unchanged from last year. Operating earnings for the C&I segment of $63.5 million compared to $54.1 million last year.

對於關鍵產業而言，除了較高扭力產品的銷售外，航空和一般產業的活動在此期間也令人鼓舞。毛利率從 2023 年的 39.2% 提高 180 個基點至第四季的 41%。這主要是由於銷售量增加、毛利率提高、關鍵行業部門以及 RCI 計劃帶來的節約。本季營業費用佔銷售額的百分比為 24.3%，與去年同期持平。商業與工業部門的營業利潤為 6,350 萬美元，去年同期為 5,410 萬美元。

The operating margin improved 180 basis points to 16.7% from 14.9% in 2023.

營業利益率從 2023 年的 14.9% 提高 180 個基點至 16.7%。

Turning now to slide 8. Sales in the Snap-on Tools Group of $506.6 million compared to $513.3 million a year ago, reflecting a 1.4% organic sales decline and $600,000 of favorable foreign currency translation. The organic decrease reflects a low single-digit decline in the United States business, partially offset by a mid-single-digit gain in our international operations. Again, this quarter, we believe that continued attenuation and a relatively modest year-over-year sales decline in the US mobile network favorably demonstrates the resilience of this business given the still uncertain environment.

現在翻到幻燈片 8。Snap-on 工具集團的銷售額為 5.066 億美元，而去年同期為 5.133 億美元，反映出有機銷售額下降 1.4% 和 60 萬美元的有利外幣折算。有機下降反映了美國業務的低個位數下降，但被國際業務的中等個位數成長部分抵消。同樣，我們認為，本季美國行動網路的持續衰減和相對溫和的同比銷售額下降，在仍存在不確定性的環境下，有利地證明了該業務的韌性。

Gross margin declined 60 basis points to 44.6% in the quarter from 45.2% last year, mostly due to the decreased volumes and the effects of increased sales of lower gross margin products. Operating expenses as a percentage of sales improved 10 basis points to 23.5% in the quarter from 23.6% in 2023. Operating earnings for the Snap-on Tools Group of $106.9 million compared to $111 million last year. The operating margin of 21.1% compared to 21.6% in 2023.

本季毛利率從去年同期的 45.2% 下降 60 個基點至 44.6%，主要原因是銷量下降以及低毛利率產品銷量增加的影響。本季營業費用佔銷售額的百分比從 2023 年的 23.6% 提高了 10 個基點至 23.5%。Snap-on 工具集團的營業利潤為 1.069 億美元，去年同期為 1.11 億美元。營業利益率為 21.1%，而 2023 年為 21.6%。

Turning to the RS&I Group shown on Slide 9. Sales of $456.6 million compared to $450.8 million in 2023, reflecting a 1.6% organic sales increase, partially offset by $1.5 million of unfavorable foreign currency translation. The organic gain includes a mid-single-digit increase in activity with OEM dealerships, and a low single-digit gain in sales of diagnostic and repair information products to independent repair shop owners and managers.

轉向幻燈片 9 上顯示的 RS&I 群組。銷售額為 4.566 億美元，而 2023 年為 4.508 億美元，反映出有機銷售額成長 1.6%，但部分被 150 萬美元的不利外幣折算所抵銷。有機收益包括與 OEM 經銷商的業務往來呈現中等個位數增長，以及面向獨立維修店主和經理的診斷和維修資訊產品銷售額呈現低個位數增長。

The latter aided by the introduction of our new APOLLO+ handheld diagnostic platform. These gains more than offset a low single-digit decline in sales of undercar equipment. Gross margin improved 200 basis points to 47% from 45% last year, primarily reflecting increased sales of higher gross margin products, including a more favorable mix of software and benefits from RCI initiatives. Operating expenses as a percentage of sales rose 50 basis points to 20.4% from 19.9% in 2023, largely due to increased personnel and other costs.

後者得益於我們推出的全新 APOLLO+ 手持式診斷平台。這些成長足以抵銷車底設備銷售額的個位數低幅下滑。毛利率從去年的 45% 提高 200 個基點至 47%，主要反映了高毛利率產品銷量的成長，包括更有利的軟體組合和 RCI 計畫帶來的好處。營業費用佔銷售額的百分比從 2023 年的 19.9% 上升 50 個基點至 20.4%，這主要是由於人員和其他成本的增加。

Operating earnings for the RS&I Group of $121.4 million compared to $113.3 million last year, the operating margin improved 150 basis points to 26.6% from the 25.1% reported last year. Now turning to Slide 10. Revenue from financial services increased $3.3 million or 3.4% to $100.5 million from $97.2 million last year. Financial services operating earnings of $66.7 million compared to $67.9 million in 2023. Financial services expenses were up $4.5 million from 2023 levels, including $4.4 million of higher provisions for credit losses.

RS&I 集團的營業利潤為 1.214 億美元，而去年同期為 1.133 億美元，營業利潤率從去年的 25.1% 提高了 150 個基點，達到 26.6%。現在轉到投影片 10。金融服務收入從去年的 9,720 萬美元增加 330 萬美元至 1.005 億美元，增幅為 3.4%。金融服務營業利潤為 6,670 萬美元，而 2023 年為 6,790 萬美元。金融服務支出較 2023 年水準增加了 450 萬美元，其中包括 440 萬美元的更高信貸損失準備金。

As a percentage of the average services portfolio, the financial services portfolio, expenses were 1.3% in the quarter as compared to 1.2% last year. In the fourth quarter of 2024 and 2023, the respective average yield on finance receivables were 17.7% and 17.8%, while the average yield on contract receivables were 9.1% and 8.9%, respectively. Total loan originations of $285.1 million in the fourth quarter represented a decrease of $18 million or 5.9% from 2023 levels, including a 5.8% decline in extended credit originations.

作為平均服務組合的百分比，金融服務組合的支出本季為 1.3%，而去年同期為 1.2%。2024年及2023年第四季，融資應收款平均報酬率分別為17.7%及17.8%，合約應收款平均報酬率分別為9.1%及8.9%。第四季貸款發放總額為 2.851 億美元，較 2023 年水準減少 1,800 萬美元或 5.9%，其中延期信貸發放額下降 5.8%。

The decrease in extended credit originations mostly reflects lower sales of big-ticket longer payback items. Moving to Slide 11. Our year-end balance sheet includes approximately $2.5 billion of gross financing receivables with $2.2 billion coming from our US operation. For extended credit or finance receivables, the US 60-day plus delinquency rate of 2% is up 20 basis points from the fourth quarter of 2023. The Trailing 12-month net losses for the overall extended credit portfolio of $66.3 million represented a 3.32% of outstandings at year-end.

延期信貸發放量的減少主要反映了大件且回報期較長的產品銷售下降。移至投影片 11。我們的年終資產負債表包括約 25 億美元的總融資應收帳款，其中 22 億美元來自我們的美國業務。對於延期信貸或融資應收帳款，美國 60 天以上的拖欠率為 2%，比 2023 年第四季上升了 20 個基點。過去 12 個月，整體中期信貸組合的淨虧損為 6,630 萬美元，佔年末未償還債務的 3.32%。

While delinquencies and net losses have been trending upward, we believe that these portfolio performance metrics remain relatively balanced considering the current environment. Now turning to slide 12 for the quarter. Cash increased by $47.2 million as compared to an increase of $42.2 million in the fourth quarter of last year. Cash provided by operating activities of $293.5 million in the quarter represented 11% of net earnings.

儘管拖欠率和淨虧損呈上升趨勢，但我們認為，考慮到當前環境，這些投資組合的績效指標仍然相對平衡。現在翻到本季的第 12 張投影片。現金增加了 4,720 萬美元，而去年第四季則增加了 4,220 萬美元。本季經營活動提供的現金為 2.935 億美元，佔淨收益的 11%。

Net cash used by investing activities of $40.2 million, mostly reflected net additions to finance receivables of $26.2 million and capital expenditures of $18.1 million. Net cash used by financing activities of $201.5 million included cash dividends of $112.3 million and the repurchase of 315,000 shares of common stock for $112.5 million under our existing share repurchase programs. As of year-end, we had remaining availability to repurchase up to an additional $429.4 million of common stock under our existing authorizations.

投資活動所使用的淨現金為 4,020 萬美元，主要反映了融資應收帳款淨增加額 2,620 萬美元和資本支出 1,810 萬美元。融資活動所使用的淨現金為 2.015 億美元，其中包括現金股利 1.123 億美元以及根據現有股票回購計畫以 1.125 億美元回購 31.5 萬股普通股。截至年底，根據現有授權，我們仍可回購最多 4.294 億美元的普通股。

Turning to slide 13. Trade and other accounts receivable increased $24.3 million from 2023 year-end. Days sales outstanding of 62 days compared to 60 days at year-end 2023. Inventories decreased $62.5 million from 2023 year-end and on a trailing 12-month basis, inventory turns of 2.4 compared to 2.3 at year-end 2023. Our year-end cash position of $1,360.5 million compared to $1,001.5 million at the end of 2023.

翻到第 13 張投影片。貿易和其他應收帳款較 2023 年底增加了 2,430 萬美元。應收帳款週轉天數為 62 天，而 2023 年底為 60 天。庫存較 2023 年底減少 6,250 萬美元，以過去 12 個月計算，庫存週轉率為 2.4，而 2023 年底為 2.3。我們的年末現金狀況為 13.605 億美元，而 2023 年底為 10.015 億美元。

In addition to our existing cash and expected cash flow from operations, we have more than $900 million available under our credit facilities, and there were no amounts borrowed or outstanding under the credit facility during the year, nor was any commercial paper issued or outstanding in the year.

除了我們現有的現金和預期的經營現金流外，我們的信貸安排下還有超過 9 億美元的可用資金，並且本年度內信貸安排下沒有借入或未償還的金額，也沒有發行或未償還任何商業票據。

That concludes my remarks on our fourth-quarter performance. I'll now briefly review a few outlook items for 2025. With respect to corporate cost, we currently believe that the expenses in each quarter of 2025 will be relatively in line with those incurred in the fourth quarter of 2024 or about $27 million per quarter. Additionally, during 2025, we expect to incur approximately $6 million pretax per quarter of increased nonservice pension costs, largely due to higher amortization of actuarial losses.

這就是我對我們第四季業績的評論。現在我將簡要回顧 2025 年的幾個展望。關於企業成本，我們目前認為 2025 年每季的費用將與 2024 年第四季的費用相對一致，或每季約 2,700 萬美元。此外，到 2025 年，我們預計每季非服務退休金成本將增加約 600 萬美元的稅前支出，這主要是由於精算損失的攤銷額增加。

These noncash costs will be recorded below operating earnings as part of other income and expense net on our statement of earnings. We expect that capital expenditures will approximate $100 million and we currently anticipate that our full year 2025 effective income tax rate will be in a range of 22% to 23%. Finally, in 2025, our fiscal year will contain 53 weeks of operating results with the additional week occurring at the end of the fourth quarter. This occurs every 5 or 6 years. And historically, it has not had a significant effect on our full year or fourth quarter total revenues or net earnings.

這些非現金成本將記錄在我們的損益表中，作為其他收入和支出淨額的一部分，低於營業收入。我們預計資本支出約為 1 億美元，目前預計 2025 年全年有效所得稅率將在 22% 至 23% 之間。最後，到 2025 年，我們的財政年度將包含 53 週的營運業績，其中額外的一週出現在第四季末。這種情況每五、六年發生一次。從歷史上看，它並沒有對我們的全年或第四季度的總收入或淨利潤產生重大影響。

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

現在我將再次請尼克發表他的最後感言。缺口？

Okay. Thanks, Aldo. Well, our fourth quarter progressed against uncertainty. The markets remain robust, repair spending up, the number of techs up, wages up, car park aging and the vehicle complexity rising. But the uncertainty remains created by the unpredictable macro environment, but we did make progress against the wind.

好的。謝謝，阿爾多。嗯，我們的第四季在充滿不確定性的情況下取得了進展。市場仍維持強勁，維修支出增加，技術人員數量增加，薪資上漲，停車場老化，車輛複雜性增加。但宏觀環境難以預測，不確定性仍然存在，但我們確實逆風而行。

Resilience was on display in the Tools Group. The pivot is succeeding and the gap shrinking. And the balance and breadth of our operations was evident in the performance of C&I and RS&I, both turning in solid quarters with gangbusters profitability, resilience, balance and progress written across the results. The Tools Group.

工具組展示了其彈性。重心轉移正在取得成功，差距正在縮小。我們業務的平衡性和廣度在 C&I 和 RS&I 的表現中得到了明顯體現，這兩個部門都表現穩健，業績中體現出了強勁的盈利能力、彈性、平衡性和進步。工具組。

Organic sales down 1.4%, but making continuing progress and maintaining the strength of the network. C&I sales up 3.9% organically. OI margins of 16.7%, up 180 basis points at another high, significant sales and profit gains in custom kits and precision torque, confirming that we can roll out the Snap-on brand out of the garage successfully and very profitably.

有機銷售額下降 1.4%，但繼續取得進展並保持了網路實力。C&I 銷售額有機成長 3.9%。OI 利潤率為 16.7%，上漲 180 個基點，再創歷史新高，客製化套件和精密扭力的銷售額和利潤顯著增長，證實我們可以成功推出 Snap-on 品牌，並獲得豐厚的利潤。

And finally, RS&I, sales up 1.6%. OI margins of 26.6%, a rise of 150 basis points, representing another record, all driven by the promising and powerful quarters of software and committed RCI. It all came together for sales of $1,198.7 million, an increase of 0.2%, return to positive territory. The overall gross margin was up 140 basis points to 49.7% and the OI margin was 22.1%, up 50 basis points, yet another record.

最後，RS&I 的銷售額成長了 1.6%。OI 利潤率為 26.6%，上升 150 個基點，再創歷史新高，這一切都得益於軟體產業前景看好、業績強勁以及 RCI 承諾的推動。全部銷售額總計 11.987 億美元，成長 0.2%，重回正值。整體毛利率上升140個基點至49.7％，OI利潤率為22.1％，上升50個基點，再創歷史新高。

We are encouraged by the quarter and by our prospects going forward. Notwithstanding continuing uncertainty. We believe our markets will remain resilient and robust, reflecting the essential nature of the critical tasks that define them. We believe we've not only maintained but have expanded our considerable advantages in product and brand and in people, even as we proceeded through the turbulence. We believe our Snap-on Value Creation processes do deliver value every day, day in and day out.

我們對本季的表現以及未來的前景感到鼓舞。儘管不確定性仍然存在。我們相信，我們的市場將保持彈性和強勁，反映出定義它們的重大任務的本質。我們相信，即使在經歷動盪時期，我們不僅保持了而且擴大了在產品、品牌和人才方面的巨大優勢。我們相信，我們的 Snap-on 價值創造流程確實日復一日地創造價值。

We believe our capable team really is a difference maker, battle tested, enabled to wheel advantage to consistently create positive outcomes, overcoming obstacles. It's happened over and over, and we have all been witnesses.

我們相信，我們有能力的團隊確實能夠創造不同，經過實戰考驗，能夠發揮優勢，不斷創造正面成果，克服困難。這種事一再發生，我們都是見證者。

And we believe that all these positives will keep our enterprise moving forward, extending and continuing its positive trajectory throughout 2025 and for many years beyond. Before I turn the call over to the operator, I'm going to speak directly to our franchisees and associates. I know many of you are listening. I've spoken today on the special nature of our enterprise, resilient, capable, determined, wringing progress from challenge, you are the principal authors of all that. For your success in moving our company forward, prevailing in turbulence and proceeding with confidence, you have my congratulations.

我們相信，所有這些積極因素將推動我們的企業繼續前進，並在 2025 年及以後的許多年裡延續並延續其積極的軌跡。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同事通話。我知道你們很多人都在聽。我今天談到了我們企業的特殊性，堅韌、有能力、決心大、在挑戰中不斷取得進步，你們是這一切的主要創造者。對於您成功帶領公司向前發展、在動盪中取得勝利並充滿信心地前進，我向您表示祝賀。

For the capability and scale you marshal every day, on behalf of our team, you have my admiration. And for your unwavering dedication too and strong belief in the future of our corporation, you have my thanks.

對於您每天代表我們團隊所展現的能力和規模，我深表欽佩。我還要感謝您堅定不移的奉獻精神和對我們公司未來的堅定信念。

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) Scott Stember, Roth MKM.

（操作員指示） Scott Stember，Roth MKM。

Talking about tools. I'm just trying to flesh out how close we are to, I guess, turning positive. Can you maybe talk about the confidence at the shop level. I know you talked about it, I guess, still being high, but the -- I guess, their confidence high but cash poor. Has that scenario actually gone backwards at all.

談論工具。我只是想具體說明我們距離轉變還有多遠。能談談商店層面的信心嗎？我知道你談到了這一點，我想，他們的信心仍然很高，但是——我想，他們的信心很高，但現金很少。這種情況實際上是否完全倒退了？

And the second part of that --

第二部分--

I don't think it's going back. Look, I think it's like this. I was just a -- I was in a shop a couple of weeks ago and talked to some franchisees the other day and talked to some other techs and other parts of the country and talked to franchisees all over the country. And it's sort of like this. I think people are pretty confident that vehicle repair is robust because of all the things I went through on my, the complexity, you see the Bureau Labor data, it's pretty much everybody is talking about we need more techs, they got a lot of work.

我認為它不會再回去了。你看，我覺得是這樣的。我只是——幾週前我在一家商店，前幾天和一些特許經營商進行了交談，還和其他一些技術人員、全國各地的特許經營商進行了交談。有點像這樣。我認為人們非常有信心汽車維修業是穩健的，因為我經歷過的所有事情，複雜性，你看勞工局的數據，幾乎每個人都在談論我們需要更多的技術人員，他們有很多工作。

I can't do it -- try getting your car repair and you'll find out what I mean.

我做不到──試著修理你的車，你就會明白我的意思。

And then you address the uncertainty. And one thought might have been, I think, is that when the election resolved itself, and things went forward, maybe the, I guess, stated positive view of the current team toward business and particularly towards the people who work. I mean they said stuff like the other day about its technical education month and we will find alternate paths to higher education that will provide real skills for real careers. And we will make technology work for Americans, not Americans work for technology, stuff like that.

然後你解決不確定性。我認為，一種想法可能是，當選舉結果塵埃落定，事情向前發展時，也許現任團隊會對企業，特別是對工作人員，持正面的看法。我的意思是，他們前幾天談到技術教育月，我們將找到高等教育的替代途徑，為真正的職業提供真正的技能。我們將讓科技為美國人服務，而不是美國人為科技服務，諸如此類。

So those are music to the ears of the techs. But on the other hand, they see all these initiatives. And every day you get up, and you've got to read the paper on what's going on in Washington, you hear words like Panama and Greenland and Gaza and all this stuff. And as I said in the remarks, nobody knows what's up. So you kind of have this idea they're like, you know what it is, it's like being on Space Mountain at Disney World.

這對技術人員來說無疑是個好消息。但另一方面，他們看到了所有這些舉措。每天起床後，你都必須閱讀報紙，了解華盛頓發生的事件，你會聽到諸如巴拿馬、格陵蘭、加薩等消息。正如我在評論中所說，沒有人知道發生了什麼。所以你有這樣的想法，他們就像，你知道它是什麼，就像在迪士尼世界的太空山上一樣。

You could get on Space Mountain, you get in a car and you're in the dark and a car's going left and right, left and right, turns, you don't know where you're going, but you know you're pretty confident that you're going to get to the right place at the bottom.

你可以登上太空山，坐上汽車，在黑暗中，汽車左轉又右轉，左轉又右轉，轉彎，你不知道自己要去哪裡，但你很有信心你會到達山下的正確地方。

And so that's where they are now. They're kind of waiting to see what's going to happen. So I think the only change between last time, they're still uncertain. They're still looking at short payback items. But I would think people often asking, what do you think would have to happen to make them positive?

這就是他們現在的處境。他們正在等著看會發生什麼。因此我認為與上次相比唯一的變化是他們仍然不確定。他們仍在關注短期回報項目。但我認為人們經常問，你認為要發生什麼才能讓他們變得積極？

I think if things calm down in Washington, and there will be more predictable activity and more quarters of advancement that didn't change all the time. And then I think that would be a big change. So that's where I see them now. They're talking about this up, gee, we like them and it doesn't really -- don't know where they're going.

我認為，如果華盛頓的情況平靜下來，就會出現更多可預測的活動和更多不會一直改變的進步。我認為這將是一個巨大的變化。這就是我現在看到它們的地方。他們正在談論這件事，哎呀，我們喜歡他們，但實際上——不知道他們要去哪裡。

Got it. And as far as Snap-on and the actual pivoting, are you guys fully pivoted in making the product --

知道了。至於 Snap-on 和實際的轉型，你們在生產產品時是否完全轉型了？--

We wanted to. But I was -- look, I was encouraged by the 1.4. If you look at each year it was something like we came out of the box down 7, then we were 7.7 down, then we're at 3.7 down and now we're 1.4 [down] organically. And so I think that's a pretty positive indication. You could have said, well, it might have been better, I never -- I'm pretty confident of our direction because we keep pivoting.

我們想這麼做。但是我——看，我受到了 1.4 的鼓舞。如果你回顧每一年，你會發現情況是這樣的：我們一開始下降了 7 分，然後下降了 7.7 分，然後下降了 3.7 分，而現在我們自然下降了 1.4 分。所以我認為這是一個非常積極的跡象。你本可以說，嗯，情況可能會更好，但我從來沒有——我對我們的方向非常有信心，因為我們一直在轉變。

We keep getting better at things. But I can't tell you the slope of the curve. But I do see (inaudible) it's working.

我們不斷進步。但我無法告訴你曲線的斜率。但我確實看到（聽不清楚）它正在發揮作用。

Great. And then just last question on C&I and RS&I. Could you tell us what the external sales were for each on an organic basis?

偉大的。然後最後一個問題是關於 C&I 和 RS&I。您能告訴我們每家公司的外部銷售額的具體情況嗎？

External sales, I think you could say the external sales for RS&I was closer to what it is. C&I external sales were somewhere in the range of half of what that was something like that, that was still kind of in the same range, but around a little bit less than that. That's how it is because it was -- the idea about C&I, some of the stuff they produce, some of the tool stuff, the torque stuff goes through the Tools Group.

外部銷售，我認為你可以說 RS&I 的外部銷售額更接近實際情況。C&I 的外部銷售額大約是這個數字的一半左右，仍然在同一範圍內，但大約比這個數字略低一點。情況就是這樣，因為——關於 C&I 的想法，他們生產的一些東西，一些工具，扭矩的東西都經過工具組。

Sherif El-Sabbahy, Bank of America.

美國銀行的 Sherif El-Sabbahy。

I was just wondering if you could add a bit more color on the decline in originations. Is that mostly a function of product mix? Are you seeing customers finance less of the purchases overall?

我只是想知道您是否可以對發起量下降的情況再多說一點。這主要是產品組合的功能嗎？您是否發現客戶整體的購物融資減少了？

Mostly, mostly tool storage down that was it. You know what I mean? And so remember, that's part of the pivot, Sherif. In other words, the people are less willing. I think this is a predictable outcome all we've been saying about customer preference.

大部分情況下，大部分工具都儲存在那裡。你知道我的意思？所以請記住，這是轉變的一部分，警長。換言之，民眾的意願降低了。我認為這是我們關於客戶偏好的可以預見的結果。

Part of it is they want quick paybacks. In other words, they want stuff that will work right away, but also the stuff is when they buy the stuff off the van on what we would call revolving accounts, they pay it off in 16 weeks or they pay in cash or if they want. And so that tends to be -- so they spend more of their money on those shorter items that they liquidate the obligation in 15 weeks, and they don't get involved in like a 3-year deal. And that is the origination.

部分原因是他們想要迅速得到回報。換句話說，他們想要可以立即使用的東西，但當他們用我們所謂的循環帳戶從貨車上購買東西時，他們會在 16 週內付清款項，或者以現金支付，或者如果他們願意的話。所以，他們往往會把更多的錢花在那些期限較短的項目上，以便在 15 週內清償債務，而不會參與 3 年期的交易。這就是起源。

The other factor is, and you put your finger on, it was very (inaudible) strange view is that the APOLLO+ is at the lower end of the -- remember, I said it was the quickest payback, which means lowest cost access to full intelligent diagnostics and more of that would be handled on an RA than, say, like a ZEUS, which is much more expensive like the top of the line. So the diagnostic line, the new product we introduced could be -- some portion of that could be handled not on EC. So those are all contributing. But I will point out to you though, as well as I do on all these calls, is originations are associated with sales off the van, not sales to the van. So they don't necessarily follow in the same time frame.

另一個因素是，正如您所指出的，這是一個非常（聽不清楚）奇怪的看法，即 APOLLO+ 處於較低水平——記住，我說過它是最快的回報，這意味著可以以最低的成本獲得完整的智能診斷，而且更多的工作可以在 RA 上處理，而不是像 ZEUS 那樣，而 ZEUS 的價格要比頂級產品貴得多。因此，我們推出的新產品診斷線可能部分無法透過 EC 來處理。所以這些都是有貢獻的。但是我要指出的是，正如我在所有這些電話中所做的那樣，發起是與貨車銷售相關的，而不是與貨車銷售相關的。因此它們不一定在同一時間範圍內遵循。

We sell a box to a van, it doesn't necessarily sell off right away. Sometimes the guy shops it for a while to people. So it's an imprecise science. But what you're seeing most of all, to answer quickly, that 5.9% reduction in originations in total, I believe that was the number, is principally driven by lower tool storage sales.

我們將一個箱子賣給一輛貨車，它不一定馬上就賣出去。有時，這傢伙會向人推銷一段時間。所以它是一門不精確的科學。但您最常看到的是，總發起量減少了 5.9%，我相信這個數字主要是因為工具儲存銷售下降所致。

Luke Junk, Baird.

盧克瓊克，貝爾德。

I'm hoping you could double-click on the strength that you're seeing in specialty torque right now and just at a high level, I mean, it seems like that should benefit multiple areas across both critical industries and some of the growing opportunities within auto repair. And maybe, Nick, any thoughts around investment there, quickly, I think, an organic focus area. But could we see any additional M&A. It seems like Mounts has been a pretty good dealer.

我希望您可以雙擊您現在在專業扭矩中看到的優勢，並且僅在高水平上，我的意思是，這似乎應該使關鍵行業的多個領域以及汽車維修領域的一些不斷增長的機會受益。尼克，您對那裡的投資有什麼想法嗎？但我們是否可以看到任何額外的併購？看來 Mounts 是相當不錯的經銷商。

That's certainly a place where we've looked at we have -- Mounts last year, which we acquired, I think, in the fourth quarter last year was a torque related, a torque control power tool company. So it gave us -- it was some of the technology that drove that CTM800 to fruition. One of the things we're doing, I think we would look to invest in there. And so that would be one of our principal quarters for exploration of things to invest because we really believe in that. The other thing we're investing in a kind of an organic way is to try to bring the operations together to create more combinations like the CTM 800 is a compendium of the technologies we had in the gears of Norbar and that drives the basically front end of the power tools and Mounts acquisitions and some of the systems we have in terms of torque control, from Mounts and cooling that we had in power tools.

這當然是我們去年關注的地方——我想，我們在去年第四季度收購了Mounts，這是一家與扭矩相關的扭矩控制電動工具公司。所以它給了我們——這是推動 CTM800 實現的一些技術。我認為我們正在做的事情之一就是我們會考慮在那裡進行投資。因此，這將成為我們探索投資的主要領域之一，因為我們確實相信這一點。我們以有機方式進行投資的另一件事是嘗試將各項業務整合在一起，以創造更多的組合，例如 CTM 800 是 Norbar 齒輪技術的匯總，它推動了電動工具和支架收購的前端以及我們在扭矩控制、支架和電動工具冷卻方面的一些系統。

And that came together and created a superior tool that we believe has no equal. So that -- so you're going to see us look at acquisitions, but you're also going to see us trying to invest some money and [smashing] those businesses, not smashing, but trying to make sure there's a good irrigation of technologies, related technologies between those businesses because we believe in some total, they are quite powerful.

這些結合在一起，創造了我們認為無與倫比的卓越工具。所以，你會看到我們考慮收​​購，但你也會看到我們試圖投資一些錢並[打破]這些業務，不是打破，而是試圖確保這些業務之間有良好的技術灌溉、相關技術，因為我們相信，總的來說，它們非常強大。

Good stuff. And then for my follow-up, and I know this is hard to dial in precisely. But Nick, any thoughts on just the continued headwinds in big ticket right here and the initiation origination trend, I should say. And just as we think about the potential growth of the Tools Group this year, how much if any big ticket would you need if you were going to grow in line with the longer term 4% to 5% and relative to the pivot to small ticket just -- any way to kind of calibrate how much is left there to go after.

好東西。然後對於我的後續行動，我知道這很難準確撥通。但是尼克，對於這裡持續存在的大票房逆風以及發起趨勢，我應該說一下你的看法。正如我們思考工具集團今年的潛在成長一樣，如果您要按照長期 4% 到 5% 的成長目標進行成長，並且相對於小額訂單的轉變，您需要多少大額訂單——有什麼方法可以校準還剩下多少可以追求的。

Sure. Look, I think there's a lot left in small ticket. It's a question of getting things that attract people. In other words, the idea behind the pivot is, first and foremost, I think, is widening and bringing out more like attractive new products, what I call -- we call [Hey you] product, hit products in the small ticket arena therefore, getting the customer excited about things, he will actually pull the trigger on in this environment.

當然。你看，我覺得小票上還剩下很多。這是一個獲得能夠吸引人們的東西的問題。換句話說，我認為，轉型背後的想法首先是擴大範圍並推出更多有吸引力的新產品，我稱之為——我們稱之為“嘿你”的產品，小額票價領域的熱門產品，因此，讓客戶對產品感到興奮，他實際上會在這種環境下扣動扳機。

That's really what's going on here. That's what we call Pivot. It includes manufacturing and design and manufacturing and, of course, marketing to dress it all up in a promotion. But -- so you can keep doing that. And we believe that brings us -- that keeps us on an upward trend.

這確實是現在發生的事。這就是我們所說的 Pivot。它包括製造、設計和生產，當然還有行銷，以便進行促銷。但是——所以你可以繼續這樣做。我們相信這會讓我們保持上升趨勢。

Of course, if you're having people shy away from big ticket items, you're not firing completely on all cylinders. So it's hard for me to answer that trajectory.

當然，如果人們對高價位物品望而卻步，那麼您就沒有全力以赴。所以我很難回答這個軌跡。

I think with pivoting, we keep going positive because we know how to improve. We probably don't fire on all cylinders, so people get a little more comfortable, but I don't think it's a matter of if we can keep -- I think there's a what I would call almost inexhaustible upward trend in the pivot. It's just we'd like to have all our products because our tool storage products are thoughtful. It's just that -- so if we can get them engaged, we've got to be even more stuff and people would buy even more. So it's a hard thing to answer.

我認為，透過轉型，我們會繼續保持正面態度，因為我們知道如何改進。我們可能不會全力以赴，所以人們會感到更舒服一些，但我不認為這是一個我們能否保持的問題——我認為在轉型過程中存在著一種我稱之為幾乎取之不盡的上升趨勢。我們只是希望擁有我們所有的產品，因為我們的工具儲存產品是周到的。只是──如果我們能夠讓他們參與進來，我們就必須提供更多的東西，人們就會買更多。所以這是一個很難回答的問題。

But I do think even if we didn't get the uncertainty broken, we believe we could keep going.

但我確實認為，即使我們沒有打破不確定性，我們也相信我們能夠繼續前進。

If the uncertainty breaks, then there would be a more normalization. I'm not saying we can't get back to normal without breaking the uncertainty, but it will take longer. That's all.

如果不確定性消除，那麼就會出現更正常化的情況。我並不是說，如果不打破不確定性我們就無法恢復正常，但這將需要更長的時間。就這樣。

Bret Jordan, Jefferies.

布雷特·喬丹，傑富瑞。

Let me throw the tariff question out there for you. And I guess sort of relative positioning around what may or may not happen here. Your domestic mix versus your competitors, how do you see yourself positioned? And what's the impact?

讓我向您提出關稅問題。我想這是一種關於這裡可能發生或不發生的事情的相對定位。與競爭對手相比，您的國內產品組合如何，您認為自己的定位如何？其影響是什麼？

You tell me how the tariff is going to play out, and I'll tell you what the impact is going --

你告訴我關稅將如何發揮作用，我會告訴你會產生什麼影響--

Well, I was looking for the answer too.

嗯，我也在找答案。

I don't know. I mean, but look, I think -- let me state this. We certainly are more insulated from import tariffs on imports than most. So tariffs -- why tariffs grow on a lot of imported sources than I think we make out pretty well because I like our chances in that situation. That doesn't mean we're totally immune to it.

我不知道。我的意思是，但是看，我認為——讓我這樣說。我們確實比大多數國家更不受進口關稅的影響。所以關稅——為什麼許多進口產品的關稅會上升，我認為我們做得很好，因為我喜歡我們在這種情況下的機會。這並不意味著我們對其完全免疫。

We do have tariff costs right now. We've been eating them for years. We have -- we import some stuff that attracts tariffs. But generally, we make in the markets where we sell and a huge portion of our product line is made in the United States are in pretty good shape.

我們現在確實有關稅成本。我們已經吃它們好幾年了。我們進口了一些需要繳納關稅的商品。但總體來說，我們在銷售的市場生產，而且我們很大一部分產品線都是在美國生產的，而且狀況相當良好。

If you're talking about tariffs, retaliatory tariffs, who knows? It's -- you never know what people are going to do. But I think this isn't our first rodeo, as I said on my call, I mean you know our ways around that. When we saw the stuff come up, we were already thinking about ways to kind of minimize and optimize in that situation and there are paths to do that. So we're not shaking in our boots over the whole thing.

如果你談論的是關稅、報復性關稅，誰知道呢？你永遠不知道人們會做什麼。但我認為這不是我們第一次這樣做，正如我在電話中所說的那樣，我的意思是你知道我們的解決方法。當我們看到這些東西出現時，我們已經在思考如何在那種情況下最小化和優化，並且有途徑可以做到這一點。所以我們不會對整件事感到恐慌。

And then on the relative strength of international tools versus US, I mean, sort of what do you attribute that to? Is there less competition? There's no harbor freight or Matco in those markets. So it's a different competitive landscape or what you see there?

那麼，關於國際工具相對於美國的相對實力，我的意思是，您認為這是什麼原因造成的？競爭是不是少了？這些市場沒有港口貨運或 Matco。那麼，這是一個不同的競爭格局，還是您看到的呢？

What did you say?

你說什麼？

Matco, Harbor Freight, Mac, people who are selling tools in the US market that are not internationally.

Matco、Harbor Freight、Mac，這些公司在美國市場銷售工具，但不在國際上銷售。

No, look, I don't think -- I don't think that's the situation. I don't think that -- nobody really says that. That's not the situation in the US. The US is simply associated.

不，你看，我不認為——我不認為情況如此。我不這麼認為——其實沒人這麼說。美國的情況並非如此。美國祇是與之有聯繫。

If you think about the uncertainties that are in the US, the border, the idea now you do have the two wars and then have it other environments. Australia, I think thinks of itself as being insulated from all that. But then you have the election you have what I call the rapid fire ideas out of Washington, you have the rise in prices. So I think the uncertainty things kind of inflicts the US to a greater extent than anything else.

如果你考慮美國的不確定性、邊境問題、現在的情況，你就會知道確實有兩場戰爭，然後還有其他環境。我認為澳洲認為自己不會受到這些影響。但隨後你們經歷了選舉，經歷了我所說的華盛頓的快速反應，經歷了物價的上漲。所以我認為不確定性因素對美國造成的影響比其他任何因素都要大。

Our UK business seems to be more solid. And a lot of this stuff, Bret, is where you come from. So the international businesses, I think if you go back and look at it, they have been suffering for a while. Now they've come back somewhat. So you're seeing some of that snap back there in that situation. I don't think the competitive environment changes that much really in either place because you have other competitors that are national competitors.

我們的英國業務似乎更加穩固。布雷特，很多這類的東西都是你從哪裡來的。所以，如果你回顧一下，你會發現國際企業已經遭受了一段時間的苦難。現在他們已經有所恢復了。因此，在那種情況下，您會看到一些反彈。我認為這兩個地方的競爭環境實際上都不會發生太大變化，因為你還有其他的全國性競爭對手。

For example, if you're in Australia, you've got people there that people prefer and technicians don't own their own tools as to quite the same extent as they do here. You have all that kind of stuff. So I don't think there's much -- the competition isn't the variance between the organizations -- between the locations.

例如，如果你在澳大利亞，你會發現那裡的人更喜歡技術人員，而技術人員擁有自己的工具的程度不如這裡。你擁有所有這些東西。所以我認為，競爭並不在於組織之間、地點之間的差異。

David MacGregor, Longbow Research.

麥格雷戈（David MacGregor），長弓研究公司（Longbow Research）。

This is Joe Nolan on for David.

這是喬諾蘭 (Joe Nolan) 代替大衛。

I was just going to start. So first, just a strong quarter for the critical industries and for the toric tools business, you've invested in some capacity there. So I assume you're shipping against some backlog orders. I was just wondering what you're seeing in terms of order activity? And if you're --

我正要開始。首先，對於關鍵產業和曲面工具業務來說，這是一個強勁的季度，您已經在那裡投資了一些產能。因此我假設您正在根據一些積壓訂單進行發貨。我只是想知道您在訂單活動方面看到了什麼？如果你--

The order activity is pretty good. I mean, we do have some backlog there like always, it is -- it had been higher before. It built up and when we put on a new expansion that we kind of we didn't liquidate the backlog, but we more normalize it. So I wouldn't call it a buildup of backlog, but the backlog has been pretty solid. So I'm pretty positive about the critical industries. And the thing about it is that it seems like we have increasing demand all the time because the idea of complex and customized kitting seems to have high demand and growing everybody in their brother seems to want to have a set that matches the particular problem that they have, and we can put them right on target.

訂單活動還不錯。我的意思是，我們確實像往常一樣有一些積壓，以前積壓的比較多。它逐漸建立起來，當我們進行新的擴展時，我們並沒有清算積壓，而是使其更加正常化。因此，我不會稱之為積壓的積累，但積壓的訂單確實相當多。因此，我對關鍵產業持非常樂觀的態度。關於它的事情是，我們的需求似乎一直在增加，因為複雜和定制套件的想法似乎有很高的需求，並且兄弟中的每個人都在增長，似乎希望擁有一套與他們所遇到的特定問題相匹配的套件，我們可以把他們放在正確的目標上。

And we may be the only person who really does that very effectively, plus it includes a whole bunch of Snap-on tools, which creates a whole other cache to the combined kit. So we love that business. It seems that it was up substantially in the quarter. I'm not going to give you the number, but I can tell you that business went bananas in the quarter. So I feel pretty good about it, and it's very profitable.

我們可能是唯一能夠真正有效地做到這一點的人，而且它還包含一大堆 Snap-on 工具，這為組合套件創建了另一個快取。所以我們熱愛這個生意。看來本季它大幅上漲了。我不會告訴你具體數字，但我可以告訴你，本季的業務發展非常迅速。所以我對此感覺很好，而且利潤很高。

Yes. Sounds great. And I know you guys don't provide guidance, but just thinking about that business' margins into 2025, just any of the moving parts there, obviously, the strength in critical industries is a benefit for margins. So just anything more you can provide?

是的。聽起來不錯。我知道你們沒有提供指導，但只要考慮一下該業務到 2025 年的利潤率，只要考慮其中的任何一個活動部分，顯然，關鍵行業的實力都會對利潤率有利。那您還能提供什麼嗎？

All I can tell you is what I tried to make in this quarter was we had two things. We basically had the Tools Group returning -- pivoting and narrowing the gap. Of course, it was down some. -- much more of a sliver than it had been down. But the results, 22.1%, up 50 basis points.

我只能告訴你，本季我試著做的是兩件事。我們基本上讓工具組回歸——調整方向並縮小差距。當然，也下降了一些。 —— 比之前下降的幅度大得多。但結果顯示，成長率為22.1%，上升了50個基點。

And if you really looked at last year's number, you would see that there might have been some boost, some little help there from some like special items like legal settlements and stuff like that [in the quarter] so it was up tremendously and nicely, and that was brought by the other two groups really having wilds of quarters profitability-wise for sure. And that profitability was rooted in the idea that there are more profitable divisions in the case of RS&I, the software area was going gangbusters and in the C&I group, the custom tools, the critical industries, those customized kit gangbusters and though, on top of it, like I said in RCI and this was probably missed in my comment, across RS&I, a great majority of the businesses, even the hardware businesses were up over 100 basis points, and that was RCI, rapid continuous improvement. So going forward, what you have is good runway for those profitable businesses and then seemingly good momentum of RCI across the corporation. I hope nobody misses that in this quarter.

如果你認真看去年的數據，你會發現可能確實有一些提升，一些特殊項目（如法律和解等）的幫助（在本季度），所以增長幅度非常大，而且很不錯，而這肯定是由於其他兩個集團的季度盈利能力大幅提升所致。這種獲利能力的根源在於，在 RS&I 的案例中，有更多盈利部門，軟體領域發展勢頭強勁，在 C&I 集團中，定制工具、關鍵行業、那些定制套件也發展勢頭強勁，儘管如此，最重要的是，就像我在 RCI 中所說的那樣，這一點可能在我的評論中被忽略了，在硬件領域的快速改進業務，絕大多數業務，這一點甚至持續了 NCI 100 個硬體。因此，展望未來，這些獲利業務將獲得良好的發展基礎，而整個公司的 RCI 也將呈現良好的發展動能。我希望本季度沒有人錯過這一點。

Yes. Got you. That's great. And then just quickly on the Tools Group. Apologies if I missed this, but did you talk about sell-in versus sell-through in the quarter?

是的。明白了。那太棒了。然後快速進入工具組。如果我錯過了這一點，請原諒，但您是否談到了本季的銷售量與銷售率？

I did not. It's about the same.

我沒有。差不多。

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。我想將會議交還給 Sara Verbsky 做最後發言。

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.

感謝大家今天的參與。該通話的重播將很快在 snapon.com 上提供。像往常一樣，我們感謝您對 Snap-on 的關注。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。