實耐寶 (SNA) 2025 Q1 法說會逐字稿

Good day and welcome to the Snap-on Incorporated 2025 first quarter results conference call.

大家好，歡迎參加 Snap-on Incorporated 2025 年第一季業績電話會議。

(Operator Instructions) Please note that this event is being recorded.

（操作員指示）請注意，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, ma'am.

現在，我想將會議交給投資者關係副總裁 Sara Verbsky。請繼續，女士。

Thank you, Nick, and good morning, everyone. We appreciate you joining us today as we review Snap-on's first 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. 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.

謝謝你，尼克，大家早安。感謝您今天加入我們，我們將回顧 Snap-on 的第一季業績，詳情請參閱我們今天早上發布的新聞稿。參加我們電話會議的是 Snap-on 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首先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。在尼克發表一些總結性發言後，我們將回答您的問題。

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 slides will be archived on our website along with a transcript of today's call.

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訪問，也可以在我們的網站 snapon.com 的投資者部分存取。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 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.

本次電話會議中所做的任何有關管理層的預期、估計或信念的陳述，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以及可能導致我們的結果與前瞻性陳述產生重大差異的因素。最後，本簡報包括非 GAAP 財務績效指標，這些指標不應被孤立地考慮或取代 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，我現在想把電話轉給 Nick Pinchuk。缺口？

Thanks, Sara. Good morning, everybody. As usual, I'll start by covering the first quarter and along the way, I'll give you my perspective on our results, our markets, the current environment, our position in the turbulence, how we're engaging the situation and what we think it all means going forward. Then Aldo will move on to a more detailed review of the financials. Well, these are interesting times.

謝謝，薩拉。大家早安。像往常一樣，我將首先介紹第一季的情況，並在此過程中，向您介紹我對我們的業績、我們的市場、當前環境、我們在動盪中的地位、我們如何應對局勢以及我們認為這一切對未來意味著什麼的看法。然後，阿爾多將對財務狀況進行更詳細的審查。嗯，這是有趣的時刻。

I don't think we've seen an interlude so packed with economic news, government shakeups, tariff first, the administration declaring that there's likely to be pain before the renaissance emerges. I mean, the hits just keep on coming. You can see that uncertainty, though, in a more formal way in the consumer sentiment index. It dropped precipitously, decreasing by 30% just since December.

我認為，我們從未見過如此充斥著經濟新聞、政府改組、關稅等的時期，政府宣稱在復興到來之前可能會經歷痛苦。我的意思是，熱門話題不斷湧現。不過，你可以在消費者信心指數中以更正式的方式看到這種不確定性。它急劇下降，自 12 月以來就下降了 30%。

The second lowest rating ever and it particularly impacted the perspective of our grassroots economy like our technician customers, it prompted an avoidance of a longer payback finance items that outran the tools pivoting to quicker payback products.

這是有史以​​來第二低的評級，它尤其影響了我們基層經濟的觀點，例如我們的技術客戶，它促使我們避免使用較長的回報融資項目，而這些項目超過了轉向更快回報產品的工具。

It created the pause in our upward trajectory that's visible in the quarter's numbers. Our sales of $1,141.1 million, as reported, represented a 3.5% decline and including $13.9 million unfavorable foreign currency translation and organic sales that were down low single digits, 2.3% on mixed results across the operating groups.

它導致我們的上升軌跡出現停頓，這從本季的數據中可以看出。據報道，我們的銷售額為 11.411 億美元，下降了 3.5%，其中包括 1,390 萬美元的不利外幣折算和有機銷售額下降 2.3%，各營運集團的業績好壞參半。

Operating income for the quarter was $243.1 million, and that compared to $270.9 million in 2024. OI margin was 21.3%, and that was versus last year's 22.9%, which I remind you, included 90 basis points associated with the benefit from the 2024 legal win.

本季營業收入為 2.431 億美元，而 2024 年為 2.709 億美元。OI 利潤率為 21.3%，而去年為 22.9%，我提醒您，其中包括與 2024 年法律勝利收益相關的 90 個基點。

Now notably, the gross margin was 50.7%, up 20 basis points despite the reduced volume. In effect, our OI margin gap reflected the fact that we kept spending on maintaining and strengthening our advances in product and branded and people believing as we did in the pandemic that it's best to emerge from turbulence at full strength. And we plan to do just that.

值得注意的是，儘管銷量減少，但毛利率仍達到 50.7%，上漲了 20 個基點。實際上，我們的 OI 利潤率差距反映了這樣一個事實：我們一直在投入資金來維持和加強我們在產品和品牌方面的進步，人們也像我們在疫情期間一樣相信，全力以赴擺脫動盪是最好的辦法。我們計劃這樣做。

For financial services, operating earnings of $70.3 million were up 2.9% from last year, still from last year's $68.3 million. So as reported OI margins in the quarter, including both financial services and OpCo, were 25.2% versus the 26.5% recorded last year. Quarterly EPS is $4.51, was down $0.40, which reflected the lower volume and 16% from last year's legal payment and $0.09 in higher pension amortization costs included in the 2025 number.

金融服務業務的營業利潤為 7,030 萬美元，較去年同期的 6,830 萬美元成長 2.9%。因此，本季報告的 OI 利潤率（包括金融服務和 OpCo）為 25.2%，去年同期為 26.5%。季度每股收益為 4.51 美元，下降 0.40 美元，這反映了去年法定支付額的減少和 16% 以及 2025 年數字中包含的退休金攤銷成本增加 0.09 美元。

So now let's talk about the markets. We believe auto repair is quite critical. It remains strong. It continues to be a great place to operate, and the industry metrics agree. Now some people have pointed out that hours worked are down over the last couple of months, and that's true. But there's positive news almost everywhere else.

現在我們來談談市場。我們認為汽車維修非常重要。它依然強勁。它仍然是一個經營的好地方，行業指標也證實了這一點。現在有些人指出，過去幾個月工作時間有所減少，這是事實。但幾乎​​其他地方都有好消息。

The US car park on average is 12.6 years old and is -- it's old now and it's getting older. Household spending on repairs and car repairs are up substantially both year-over-year and over the trailing 12 months, and Techway just continue to rise nicely, mid-single digits.

美國的停車場平均使用年限為 12.6 年，現在已經很舊了，而且還在變得越來越舊。家庭在維修和汽車維修方面的支出與去年同期相比以及過去 12 個月相比都大幅增加，而 Techway 的支出也繼續保持中等個位數的良好增長。

Now having said that, the technicians are among those who were dogged by the current turbulence. Many of them believe will go into a more positive place. What they fear the economy will crane off the rails before we get there. Those people who work are part of the broad group driving the drop in consumer sentiment. But even though they're now cash rich, they feel they don't have the financial cushion for an off-the-rails event as such.

話雖如此，技術人員也是受到當前動盪困擾的人群之一。他們中的許多人相信將會走向一個更積極的地方。他們擔心的是，在我們到達那裡之前，經濟就會脫軌。這些工作的人是導致消費者信心下降的廣大群體的一部分。但儘管他們現在資金充裕，但他們感覺自己沒有足夠的財務緩衝來應對此類脫軌事件。

And as such, they're reluctant to embrace finance products. Items like tool storage boxes or top-of-the-line diagnostics, we can see it clearly in the double-digit drop in our credit company originations.

因此，他們不願意接受金融產品。諸如工具儲物箱或頂級診斷設備之類的物品，我們可以從信貸公司發起量的兩位數下降中清楚地看到這一點。

On the other hand, we do believe that the tech's though confidence poor still have an interest in quicker payback items that makes their work easier. They want to make more money. So our Tools Group will keep pivoting to match the current preferences, working with the perseverance, with focus and with confidence to restore that group's advance in closing its sales graph, just like it had established last year, -- so that's the way -- that's the tech sector.

另一方面，我們確實相信，儘管技術人員信心不足，但他們仍然對能夠讓他們的工作更輕鬆的更快回報的項目感興趣。他們想賺更多的錢。因此，我們的工具集團將繼續調整以適應當前的偏好，堅持不懈、專注並充滿信心地努力恢復該集團在銷售圖表上的領先地位，就像去年所建立的那樣——這就是科技行業的方式。

But also on vehicle repair. We have independent shops and OEM dealerships approximate, but distinct segment from the tech's. That's the market of RS&I. The garages, those people there continue to tool up with the latest equipment and diagnostic systems, meeting the needs of the customers, getting them back on the road quickly. They know they have to invest. They know they need innovative new products, hardware and software that improve efficiency, repair efficiency and accuracy.

而且還涉及車輛維修。我們擁有獨立的商店和 OEM 經銷商，但與技術人員的細分市場不同。這就是 RS&I 的市場。車庫和那裡的工作人員不斷配備最新的設備和診斷系統，滿足客戶的需求，讓他們能夠快速地重新上路。他們知道他們必須投資。他們知道他們需要創新的新產品、硬體和軟體來提高效率、修復效率和準確性。

It's an imperative to match the repair complexity as the way sophisticated and technically advanced vehicles. It stables stakes for them in the world of today and the repair shop owners and management will keep moving in that direction.

維修的複雜性必須與車輛的複雜程度和技術先進程度相符。它為他們在當今世界奠定了穩定的基礎，修理店老闆和管理層將繼續朝著這個方向努力。

Another opportunity in the markets -- in the market we've focused on is critical industries. We've termed the market, critical industries, sectors like natural resources, the military aviation, heavy-duty fleets, where the penalty for failure is high. This is where C&I makes its money, where we're offering custom solutions to reach new operations and make their critical work easier.

我們關注的市場中的另一個機會是關鍵產業。我們已經將市場稱為關鍵產業，例如自然資源、軍事航空、重型車隊等部門，這些部門的失敗代價很高。這就是 C&I 盈利的地方，我們提供客製化解決方案來實現新的營運並使他們的關鍵工作變得更容易。

Of course, like everything we see period-to-period challenges and variations across geographies and across segments, particularly in this time. And in the first quarter, we did see the usual pause in military business that almost always temporarily accompanies a new share in the defense department, but after a period -- after a period of dysfunction, however, the war fighters went out and the process gets back on track.

當然，就像所有事物一樣，我們看到不同地區、不同領域在不同時期存在著挑戰和變化，尤其是在這個時期。在第一季度，我們確實看到了軍事業務的正常停頓，這種停頓幾乎總是伴隨著國防部門新份額的暫時出現，但經過一段時間——在一段功能障礙之後，作戰人員撤出後，整個進程又回到了正軌。

But in general, this is a robust arena. And we believe the critical industries are in a place of abundant opportunity, and we believe we're growing stronger in that arena every day, connecting with more customers, using the insight to expand our product line and extend our presence wider and deeper.

但總體來說，這是一個強大的競技場。我們相信關鍵產業充滿了機遇，我們相信我們每天都在這個領域變得更加強大，與更多的客戶建立聯繫，利用洞察力擴展我們的產品線，並更廣泛、更深入地拓展我們的業務。

So overall, I describe our markets as continuing to offer opportunities. Now of course, this is an environment where challenges do exist, and there is turbulence. But we are confident that with our advantages, and our strengthening product lines that solve critical challenges and our extraordinary brand that literally defines a professional and our very experienced team that so enabled we believe we'll prevail against these challenges.

總的來說，我認為我們的市場將繼續提供機會。當然，現在的環境確實存在挑戰，也存在動盪。但我們堅信，憑藉我們的優勢、能夠解決關鍵挑戰的不斷增強的產品線以及我們卓越的品牌（這真正定義了一支專業且經驗豐富的團隊），我們相信我們能夠克服這些挑戰。

Now -- now let's briefly address the issue of the day, tariffs. A word that was mentioned last Friday in the Wall Street Journal, 254 times, yesterday, it was down to a mere 163 mentions. Paraphrasing CloudSwitch, the world is in a fog of tariffs. A time in which there are so many changing variables that it's difficult to see the way forward.

現在——讓我們簡要討論一下今天的問題，關稅。上週五《華爾街日報》提到這個詞 254 次，而昨天，它被提及的次數下降到僅僅 163 次。套用 CloudSwitch 的話來說，世界正處於關稅的迷霧之中。在這個充滿變數的時代，很難看清前進的方向。

It's an environment that will require urgent action to adjust to optimize and to take advantage, and we're confident in that fog. We are, of course, not immune to the challenge of tariffs, but we believe Snap-on is greatly advantaged by our manufacturing strategy to make in the markets where we sell and enable quick adjustment to changing production landscapes that are likely to happen.

這是一個需要採取緊急行動來調整、優化和利用的環境，我們對這種迷霧充滿信心。當然，我們也無法免受關稅的挑戰，但我們相信，Snap-on 的製造策略為我們帶來了巨大優勢，即在我們銷售的市場進行生產，並能夠快速適應可能發生的生產格局的變化。

We already have the facilities. 36 factories around the world, 15 right here in the USA, many of which we've just expanded. We're positioned well with American products. Our major product lines are already made in America, using American steel and our US plants already produce some version of almost all our product lines.

我們已經擁有這些設施。我們在全球擁有 36 家工廠，其中 15 家就在美國，其中許多工廠我們剛剛擴建。我們在美國產品方面佔據有利地位。我們的主要產品線已經在美國製造，使用美國鋼材，我們的美國工廠已經生產幾乎所有產品線的某些版本。

What that means is no extended ramp-ups for relocated products. We already have the resident know-how right here in the USA. And for the select rate placed in America, where we use some high tariff components, we have 21 factories outside the US sourcing activities in civil location, and that gives us access to a myriad of alternative sources.

這意味著重新安置的產品不會再延長生產週期。我們在美國已經擁有了常駐技術。對於在美國使用一些高關稅組件的選擇性稅率，我們在美國境外有 21 家工廠從事民用採購活動，這使我們能夠獲得無數的替代來源。

Finally, skilled America workers, one of the barriers to reshoring are reacting to tariffs that skilled American workers are in short supply. The National Association of Manufacturers after all says there are -- there are 500,000 openings in US manufacturing right now, but we haven't had difficult in filling positions. And we believe we can continue to do just that in the future. So we're in the flag of tariffs, but we are confident. And we believe we can engage and manage the turbulence. We're not immune to the impact, but we believe we are very advantaged.

最後，美國熟練工人，回流的障礙之一是對關稅的反應，即美國熟練工人供應短缺。畢竟，美國製造商協會表示——目前美國製造業有 50 萬個職缺，但我們在填補職位方面並不困難。我們相信，未來我們能夠繼續做到這一點。因此，我們處於關稅的旗幟下，但我們有信心。我們相信我們能夠應對並控制動盪。我們並不能免受影響，但我們相信我們非常有優勢。

Now let's move to the segments. In the C&I group, organic sales decreased by 2.9%, low single digits. C&I's operating income was $53.2 million, below the 2024 levels by $2.2 million, but operating margins were 15.5%, a new first quarter record, up 10 basis points from last year. First quarter, remember is always seasonally kind of weaker for C&I.

現在讓我們進入片段。在商業和工業集團，有機銷售額下降了 2.9%，為低個位數。C&I 的營業收入為 5,320 萬美元，比 2024 年的水平低 220 萬美元，但營業利潤率為 15.5%，創下第一季新高，比去年同期增長 10 個基點。請記住，第一季對於 C&I 來說總是季節性較弱。

In effect, though, if you think about the -- this is the key point, gross margin for C&I -- gross margin in C&I in the period were 42.6%, up 180 basis points. Yes, 180 basis points. In effect, we continue to only investments to expand our advantage despite the lower volume, and it was a well-considered offset to gross margin gains, but we believe it was worth it.

但實際上，如果你考慮一下——這是關鍵點，商業與工業的毛利率——該期間商業與工業的毛利率為 42.6%，上漲了 180 個基點。是的，180個基點。實際上，儘管交易量較低，我們仍繼續進行投資以擴大我們的優勢，這是對毛利率收益的深思熟慮的抵消，但我們相信這是值得的。

We're confident in and committed to extending in critical industries, and we'll keep strengthening our position with C&I as we move forward. Observing the task and using those insights to design products that make work easier all across the critical industries. You can see that in our torque lineup where precision and accuracy are essential. In Asian market, where penalty for fair -- where the penalty fair vary is high and continues to adapt our control tech ranches or what we call the C-tech mainly USA built in our plant located in city Minnesota, California.

我們對關鍵產業的擴張充滿信心並致力於此，我們將在未來不斷加強我們在 C&I 領域的地位。觀察任務並利用這些見解來設計產品，使所有關鍵產業的工作變得更加輕鬆。您可以看到，在我們的扭力系列中，精確度和準確度至關重要。在亞洲市場，公平的懲罰範圍很高，並且繼續調整我們的控制技術牧場或我們稱為 C-tech 的牧場，主要是在美國加州明尼蘇達州的工廠建造的。

It's an expanding presence in aviation, covering a wide range of sizes, each specifically matched to a unique test. Aerospace makers and fixers love these products for its quality and accuracy, but the big kahuna is its ability to document the whole supply to the fastener, wirelessly creating a record -- a sensitive test has been completed just specified. Now as we recently learned, this is a -- this is pretty important where aircraft are involved. It's one of the reasons why it's so strong a product.

它在航空領域的影響力不斷擴大，涵蓋各種尺寸，每種尺寸都專門針對一項獨特的測試。航空航太製造商和修理工喜歡這些產品的品質和準確性，但最大的特點是它能夠記錄緊固件的整個供應過程，以無線方式創建記錄——一項敏感測試剛剛完成。正如我們最近了解到的，這在涉及飛機時非常重要。這也是該產品如此強大的原因之一。

Our carol stream facility in Illinois produces an elite lineup of preset torque wrenches and wireless controllers, devices that excel in any production operation, we are approving -- reducing rework, decreasing warranty and just raising customer satisfaction are vital. Actually, it's pretty much everywhere. The operation is critical.

我們位於伊利諾州卡羅爾溪的工廠生產一系列預設扭力扳手和無線控制器，這些設備在任何生產作業中都表現出色，我們認可——減少返工、減少保固和提高客戶滿意度至關重要。事實上，它幾乎無所不在。手術十分關鍵。

So our SR control is linked with the manufacturer internal system and they relay engineering protocols directly to the shop floor operator identifying the right tool, confirming the test is complete and correct, storing the record all to ensure that the right specs were applied and make sure nothing leaves the line without being fully correct.

因此，我們的 SR 控制與製造商內部系統相連，它們將工程協議直接傳遞給車間操作員，識別正確的工具，確認測試完整且正確，存儲所有記錄，以確保應用正確的規格，並確保沒有任何東西在未完全正確的情況下離開生產線。

And our newly expanded Kenosha facility, another one of our expansions in the United States, the C&I custom tool department makes the very difficult possible. A recent example is the aviation maintenance operation -- an aviation maintenance operation that required a one-of-a-kind abnormally long, 3-inch flying cycle to effectively access a very tight area and an exceptionally high performance wing structure.

我們新擴建的基諾沙工廠是我們在美國擴張的另一個工廠，其 C&I 定制工具部門使這一非常困難的事情成為可能。最近的一個例子是航空維修作業——一項航空維修作業，它需要一個獨特的異常長的 3 英寸飛行週期才能有效進入非常狹窄的區域和性能極高的機翼結構。

Now this is not an easy tool to make or to come by, but our customer product team in Kenosha designed and tested it and put it in the customer hands, all in quick time, making that critical task easier with insight and speed that's only enabled by an operation close to the customer, that only such an operation close to the customer can achieve.

現在這不是一個容易製造或獲得的工具，但我們位於基諾沙的客戶產品團隊設計並測試了它，並將其交到客戶手中，所有這些都是在短時間內完成的，透過洞察力和速度使這項關鍵任務變得更容易，而這只有透過靠近客戶的營運才能實現，也只有這種靠近客戶的操作才能實現。

In Murphy, North Carolina, our power tool plan, launched a new combination set that was quite what we see. The starter set was our PH3050B-series air hammer that really packs a punch, hitting with unwavering force, tackling heavy-duty repairs with power and speed, 2,500 blows per minute, our specialty hardened pistons and strikes the chisel with enough force of kinetic energy that dislodge even the most stubborn components. But the coolest part of the design is the special Kevlar disk inside the hammers body, absorbing the shock, dramatically softening the vibration, making it more ergonomic, much easier and more comfortable with the operator, no more jackhammer joints.

在北卡羅來納州墨菲，我們的電動工具計劃推出了一款與我們見到的完全一樣的新組合套件。入門套件是我們的 PH3050B 系列氣錘，其衝擊力強大，打擊力度堅定，能夠以強大的力量和速度完成重型維修，每分鐘打擊次數達 2,500 次，採用我們特製的硬化活塞，並以足夠的動能打擊鑿子，甚至能夠拆除最頑固的部件。但該設計最酷的部分是錘體內特殊的凱夫拉圓盤，它可以吸收衝擊力，大大減輕振動，使其更符合人體工學，操作者更容易、更舒適，不再有風鎬接頭。

Now in -- now in item set that beast hammer is paired with our most popular air chisel set, hotspots for durability in our Lizabeth and Tennessee plant and kit it into a phone pallet for easy storage. It's a great package and the techs know it. So that's C&I, a high in first quarter profit margins, delivering solutions that make work easier, make work safer and easier and more productive, all enabled by American plants.

現在 - 現在的物品套裝中，野獸錘與我們最受歡迎的氣動鑿子套裝配對，在我們的 Lizabeth 和田納西工廠中實現耐用性的熱點，並將其裝入電話托盤中以便於存儲。這是一個很棒的軟體包，技術人員都知道這一點。這就是 C&I，第一季利潤率很高，提供使工作更輕鬆、更安全、更輕鬆、更有效率的解決方案，所有這些都由美國工廠實現。

Now on to the Tools Group. Organic schools -- organic sales were down 6.8%, with a high single-digit decline in the US, partially offset by a low single-digit gain internationally. The difference between those markets you notice, opportunity income of $92.4 million compared with the $117.3 million of 2024 with an operating margin of 20%.

現在轉到工具組。有機學校—有機銷售額下降 6.8%，其中美國市場出現高個位數降幅，但國際市場出現低個位數成長，部分抵消了這一降幅。您會注意到這些市場之間的差異，機會收入為 9,240 萬美元，而 2024 年為 1.173 億美元，營業利潤率為 20%。

The Tools Group continued to see challenges with the technicians sliding confidence with greater hesitancy to purchase long payback items like large tool storage buckets or big ticket items in general. The pivot to faster payback items was gaining traction against the worry brought on by the ongoing wars, the border crisis and a consistent inflation. But we believe the events of the first quarter drove down confidence at an accelerated rate outrunning the continuing progress of the group's pivot.

工具集團持續面臨挑戰，技術人員信心下滑，越來越不願意購買回報期較長的物品，例如大型工具儲存桶或一般高價物品。面對持續的戰爭、邊境危機和持續的通貨膨脹所帶來的擔憂，加快償還計畫的速度越來越受到人們的關注。但我們認為，第一季發生的事件導致信心下降，速度超過了集團轉型持續進展的速度。

Our shift is powered by altered capacities and refocused marketing and promotion campaigns and probably most importantly, by the introduction of innovative new products that make immediate impact with a short-term payback. Products like Maiden Snap-on factories, like our recently expanded Milwaukee, Wisconsin plant, bringing raw American steel into the back door, forging it is a near net shape, applying skill and know-how to harden and finish the steel into a final product.

我們的轉變是由改變的能力和重新調整的行銷和促銷活動所推動的，或許最重要的是，透過推出具有短期回報和立即產生影響的創新新產品。像 Maiden Snap-on 工廠這樣的產品，例如我們最近擴建的威斯康辛州密爾瓦基工廠，將美國原料鋼材帶入後門，將其鍛造成近淨形狀，運用技能和專業知識對鋼材進行硬化和精加工，製成最終產品。

One example is our low profile of flank drive socket capacity recently expanded, purposely built to navigate tight quarters, enabling to tech to beat the clock, beat the flat rate and expedite the repair by maneuvering around instead of removing obstacles to reach the fastener. It's to get right around. It doesn't have to spend the time removing the obstacle. Once engaged, the patent design grips the bolt on flat and not on the corner, is quickly moving the part with ease without debilitating damage to the points of the fastener.

一個例子是我們最近擴大了低調的側面驅動插座容量，專門用於在狹窄的空間內航行，使技術人員能夠打敗時間，打敗固定費率，並通過操縱而不是移除障礙物來到達緊固件來加快維修速度。這是為了四處走走。不必花時間清除障礙。一旦接合，專利設計就會將螺栓固定在平面上而不是角落上，從而輕鬆快速地移動零件，而不會對緊固件的點造成嚴重損壞。

Quick payback items like our -- other quick payback items like our Synergy 102 hunter tooth ratchet Maynard Lizabeth and Tennessee Forge, a design that's unprecedented for strong and easy operation and tight spaces. It's now been introduced for our entire range, including our challenging to make a long handled versions. This quarter, we put the synergy together with an array of those low-profile sockets, a combination that offers increasing accessibility, versatility and reliability, a powerful match the shops love those quick payback sets and they're right in the current preferences for the tech.

快速回報項目，例如我們的 - 其他快速回報項目，例如我們的 Synergy 102 獵齒棘輪 Maynard Lizabeth 和 Tennessee Forge，其設計是前所未有的，適用於強大且易於操作和狹小空間。現在它已應用於我們的整個產品系列，包括我們具有挑戰性的長柄版本。本季度，我們將協同效應與一系列低調插座結合在一起，這種組合提供了更高的可訪問性、多功能性和可靠性，強大的匹配使商店喜歡這些快速回報套裝，而且它們正好符合當前對該技術的偏好。

And when technicians are bouncing from bay to bay, or job to job. They need versatility to make speedy adjustments and remove hardware. So another quick payback hit product was is our lineup of adjustable ranches made at our Elkmont, Alabama facility. It's the only American made adjustable ranch on the market. It's a demonstration of US made flexibility, handling a wide range of different size fasteners with just one tool. And the kind of the cool part about this is the smaller models are easy to fit in your pocket. So they're always as ready as you move from bay to bay.

當技術人員從一個工作區跳到另一個工作區或從一個工作崗位跳到另一個工作崗位。他們需要具備多功能性，以便快速調整和移除硬體。因此，另一個快速獲得回報的熱門產品是我們在阿拉巴馬州埃爾克蒙特工廠生產的可調式牧場系列。這是市場上唯一一款美國製造的可調式牧場。它體現了美國製造的靈活性，只需一個工具就可以處理各種不同尺寸的緊固件。這款產品最酷的地方在於，較小的型號可以輕鬆放入您的口袋中。因此，當您從一個海灣移動到另一個海灣時，它們總是做好準備。

And for customers needing to secure their tool investments, we released our latest additions to the roll cart lineup, our KHP46. Now this is at the bottom end of the bigger ticket items. It rolls out of our Algona, Iowa facility, and it provides a rugged and secured storage that's only 40 inches wide, making it easy to position right in the work area. But it's equipped with slides providing drawer capacity up to 240 pounds. That means it's a solid chassis that can hold everything necessary for positioning essential tools close to the workplace.

對於需要保護其工具投資的客戶，我們發布了最新的滾動推車系列產品 KHP46。現在，這是較大件商品的底端。它從我們位於愛荷華州阿爾戈納的工廠推出，並提供堅固且安全的存儲空間，寬度僅為 40 英寸，可輕鬆放置在工作區域內。但它配備的滑軌可提供高達 240 磅的抽屜容量。這意味著它是一個堅固的底盤，可以容納將必需工具放置在工作場所附近所需的一切。

In addition, the unit's top compartment can be configured in multiple layouts for managing power tools. And it's got an installed 120-volt outlet and USB port that allow all tech electronic accessories and cordless batteries to be charged and be at the ready.

此外，裝置的頂部隔間可配置多種佈局，用於管理電動工具。它配備了 120 伏特插座和 USB 端口，可為所有科技電子配件和無線電池充電並隨時使用。

The KHP46, a role part that's solid mobile with powerful features, a study storage solutions with a quicker payback. It matches the needs of competence poor tech that require storage upgrade now and it is popular. Well, that's the Tools Group armed with US factories, vertically integrated with the ability to speed designs and flexibility for pivoting the short payback items determine to prevail in the turbulence.

KHP46 是​​一款堅固耐用、功能強大的移動部件，是一款可快速獲得回報的研究儲存解決方案。它滿足了現在需要升級儲存能力的較差技術的需求，並且很受歡迎。嗯，這就是擁有美國工廠的工具集團，該集團採用垂直整合的方式，能夠加快設計速度，並能夠靈活地調整短期回報項目，從而在動盪中佔據上風。

Now let's move to RS&I. Sales in the first quarter, $475.9 million with an organic gain of 3.7% advancements in our Diagnostics and Mitchell 1 operations and strong double-digit improvements in our OEM markets. Operating earnings for RS&I were $122.1 million, up $9.2 million or 8.1% from last year. And the operating margin was 25.7%, representing an all-time high for the first quarter, and that was up 140 basis points better than 2024, reflecting continuing software expansion and the benefits of RCI.

現在讓我們轉到 RS&I。第一季銷售額為 4.759 億美元，其中診斷業務和 Mitchell 1 業務有機成長 3.7%，OEM 市場實現強勁的兩位數成長。RS&I 的營業收入為 1.221 億美元，比去年同期成長 920 萬美元，增幅為 8.1%。營業利潤率為 25.7%，創第一季歷史新高，比 2024 年高出 140 個基點，反映了持續的軟體擴張和 RCI 的好處。

RCI shined through the turbulence this quarter with a gangbusters performance, and it was enabled by product. So let's talk about that product. And we continue to enhance our software coverage, leveraging our proprietary databases with over 500 billion data points and 3 billion repair records, numbers that are unrivaled in the industry and unrivaled and helping text navigate and diagnose cars faster. It's a lasting advantage. And keeping current with the tech preference -- keeping consistent or current with the tech now preferences.

本季度，RCI 在動盪中脫穎而出，取得了驚人的業績，而這得益於其產品。那麼讓我們來談談該產品。我們將繼續增強軟體覆蓋範圍，利用我們專有的資料庫，其中包含超過 5000 億個數據點和 30 億條維修記錄，這些數字在業內無與倫比，並且無與倫比，可幫助文本導航和更快地診斷汽車。這是一個持久的優勢。並與當前的技術偏好保持一致 - 與當前的技術偏好保持一致或同步。

We celebrated the 20th anniversary of our SOLUS diagnostic unit. This version, the latest version called SOLUS+ built in our San Jose, California production and development center. It's aimed at simplifying the complex and making tech faster at diagnosing with true failures of modern vehicles. It's our fastest handout with a two second boot up and it's our fastest payback way to powerful vehicle diagnostics. And the tech we responded to the campaign, recognizing the power and the speed of the handheld all at a quick payback. The program was actually one of the highlights of the quarter.

我們慶祝了 SOLUS 診斷部門成立 20 週年。此版本，最新版本稱為 SOLUS+，在我們位於加州聖荷西的生產和開發中心建置。其目的是簡化複雜問題，使技術能夠更快地診斷現代車輛的真正故障。這是我們最快的產品，只需兩秒鐘即可啟動，也是我們實現強大車輛診斷的最快回報方式。我們響應這項活動，認識到手持設備的強大功能和速度，並迅速獲得回報。該計劃實際上是本季的亮點之一。

Later in the quarter, our Rochester Hills, Michigan facility released our all-new PRO-LINK+ platform. The diagnostic -- handheld diagnostic platform focused on heavy-duty commercial trucks, new hardware, a faster processor and an improved touch speed. But the major advancement is integration with our repair database with the repair databases of Mitchell 1 putting repair procedures, vehicle specifications and step-by-step routine for fixing the truck directly into the tech's hand.

本季度晚些時候，我們位於密西根州羅徹斯特山的工廠發布了全新的 PRO-LINK+ 平台。診斷—手持式診斷平台專注於重型商用卡車、新硬體、更快的處理器和更快的觸控速度。但主要的進步是將我們的維修資料庫與 Mitchell 1 的維修資料庫相集成，將維修程序、車輛規格和修理卡車的分步程序直接交給技術人員。

The new Michigan-based PRO-LINK put Snap-on in the clear lead for multi-model heavy-duty diagnostics. And Louie, Kentucky is home to our vehicle lift plant, all types and sizes of lift. And among the biggest kits is our challenger CB10AB3, the two post lift with the unique ability to adjust and with on the fly. It's flexible enough to be installed in any facility, in any way and powerful enough to handle a wide range of vehicles. Lifting vehicles is essential for accessing suspension system and for making transmission setups and for EV repairs.

總部位於密西根州的新 PRO-LINK 使 Snap-on 在多型號重型診斷領域佔據領先地位。肯塔基州路易是我們的汽車升降機工廠所在地，生產各種類型和尺寸的升降機。最大的套件之一是我們的挑戰者 CB10AB3，它是雙柱升降機，具有獨特的調整能力和動態能力。它足夠靈活，可以以任何方式安裝在任何設施中，並且功能強大，可以處理各種車輛。舉升車輛對於檢修懸吊系統、設置傳動裝置以及維修電動車至關重要。

And for a range of shop test with this list, the techs can adjust the suspended height, allowing for the best economic approach to the sort of work and bringing them closer to the workplace to execute the repair. The challenge of 334 B, it's a great product, and everybody knows it is from Louisville, Kentucky. We know this is -- we know this is a turbulent time. But RS&I had a strong quarter, and we believe it's poised for more. And we keep driving to expand that group's position with repair sub-owner and managers, offering more new products developed by our value creation process, and we believe it is a winning formula.

對於使用此清單進行的一系列車間測試，技術人員可以調整懸吊高度，從而以最經濟的方式完成工作，並使他們更接近工作場所進行維修。334 B 的挑戰是一款很棒的產品，每個人都知道它來自肯塔基州路易斯維爾。我們知道這是一個動盪的時期。但 RS&I 本季表現強勁，我們相信它還有進一步發展的潛力。我們將繼續努力擴大集團在維修分包商和經理中的地位，提供更多透過我們的價值創造流程開發的新產品，我們相信這是一個成功的秘訣。

Well, that's our first quarter, quarters of both challenge and advancement, gross margin, 50.7%, up 20 basis points despite the volume, the lower volumes. The Tools Group continues to pivot towards shorter payback items, match and tech preferences. C&I penetrating critical industries, recording Q1 operating margin of 15.5%, driven by Precision Torque and Custom Solutions. RS&I also recorded an operating margin record in the first quarter, 25.7%, driven by software and unmatched database.

嗯，這是我們的第一季度，既有挑戰又有進步，毛利率為 50.7%，儘管銷量較低，但仍上漲了 20 個基點。工具組繼續轉向較短的回報項目、匹配和技術偏好。C&I 滲透關鍵產業，在精密扭力和客製化解決方案的推動下，第一季營業利潤率達到 15.5%。在軟體和無與倫比的資料庫的推動下，RS&I 第一季的營業利潤率也創下了 25.7% 的新高。

The environment is interesting. We are on alert, but we are confident, confident in our product, in our brand and in our people and confident in our ability to confront the fog with clear advantage.

環境很有趣。我們處於警覺狀態，但我們有信心，對我們的產品、我們的品牌、我們的員工有信心，並對我們以明顯優勢應對迷霧的能力有信心。

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

現在我將把電話轉給阿爾多。阿爾多？

Thanks, Nick. Our consolidated operating results for the first quarter are summarized on slide 6. Net sales of $1.141 billion in the quarter compared to $1.182 billion last year, reflecting a 2.3% organic sales decline and $13.9 million of unfavorable foreign currency translation. Activity in our automotive repair markets was mixed. Gains in sales to OEM and independent shop owners and managers were more than offset by lower sales to technicians through our franchise van channel.

謝謝，尼克。投影片 6 總結了第一季的綜合經營業績。本季淨銷售額為 11.41 億美元，而去年同期為 11.82 億美元，反映出有機銷售額下降 2.3% 以及 1,390 萬美元的不利外幣折算影響。我們的汽車維修市場活動好壞參半。透過我們的特許貨車管道向技術人員銷售的銷售額下降，抵消了向 OEM 和獨立店主及經理銷售的銷售額成長。

Within the industrial sector, our C&I group, as compared to last year, declines in sales to the military and in our European-based hand tools business more than offset increases with other critical industry customers. Consolidated gross margin improved 20 basis points to 50.7% from 50.5% last year, primarily reflecting benefits from the company's RCI initiatives.

在工業領域，與去年相比，我們的商業與工業集團對軍方和歐洲手動工具業務的銷售額下降，抵消了其他關鍵產業客戶的銷售成長。綜合毛利率從去年的 50.5% 提高 20 個基點至 50.7%，主要反映了公司 RCI 措施帶來的好處。

Operating expenses as a percentage of net sales rose 180 basis points to 29.4% from 27.6% in 2024, mostly due to a nonrecurring benefit of $11.3 million from legal payments received last year and the effects of lower sales volumes, partially offset by savings from RCI initiatives.

營業費用佔淨銷售額的百分比從 2024 年的 27.6% 上升 180 個基點至 29.4%，主要原因是去年收到的法律付款產生了 1,130 萬美元的非經常性收益以及銷售量下降的影響，但 RCI 計劃帶來的節省部分抵消了這一影響。

Operating earnings before financial services of $243.1 million in the quarter, compared to $270.9 million in 2024, as a percentage of net sales, operating margin before financial services of 21.3% compared to 22.9% reported last year, which included a benefit of 90 basis points from the legal payments.

本季金融服務前營業利潤為 2.431 億美元，而 2024 年為 2.709 億美元，佔淨銷售額的百分比為 21.3%，而去年報告的營業利潤率為 22.9%，其中包括法律付款帶來的 90 個基點的收益。

Financial services revenue of $102.1 million in the first quarter, compared to $99.6 million last year, while operating earnings of $70.3 million compared to $68.3 million in 2024. And consolidated operating earnings of $313.4 million compared to $339.2 million last year. As a percentage of revenues, the operating earnings margin of 25.2%, compared to 26.5% in 2024, again, including the benefit from the legal payments. Our first quarter effective income tax rate was 22.2% in both the years.

第一季金融服務收入為 1.021 億美元，而去年同期為 9,960 萬美元；營業利潤為 7,030 萬美元，而 2024 年同期為 6,830 萬美元。綜合營業利潤為 3.134 億美元，去年同期為 3.392 億美元。以收入百分比計算，營業利益率為 25.2%，而 2024 年為 26.5%，這同樣包括了法律支付的收益。我們這兩年第一季的有效所得稅率為 22.2%。

Net earnings of $240.5 million compared to $263.5 million in 2024 and net earnings per diluted share of $4.51 in the quarter, compared to $4.91 per diluted share last year. When comparing the quarter's EPS with the first quarter of the prior year, there is a $0.25 of headwinds on a year-over-year basis. In the first quarter of 2025, diluted earnings per share included approximately $0.09 per share of increase year-over-year non-service net periodic pension expenses, primarily from higher amortization of actuarial losses while the first quarter of 2024 included a $0.16 per share benefit from the legal payments.

本季淨收益為 2.405 億美元，而 2024 年為 2.635 億美元；每股攤薄淨收益為 4.51 美元，而去年每股攤薄淨收益為 4.91 美元。與去年同期第一季的每股收益相比，本季的每股收益比去年同期下降了 0.25 美元。2025 年第一季度，稀釋每股收益包括約 0.09 美元的年成長非服務性淨定期退休金費用，主要來自精算損失的攤銷增加，而 2024 年第一季包括每股 0.16 美元的法定付款收益。

Now let's turn to our segment results for the quarter. Starting with the C&I group on slide 7. Sales of $343.9 million, compared to $359.9 million last year, reflecting a 2.9% organic sales decline and $5.6 million of unfavorable foreign currency translation. The organic reduction includes low single-digit decreases in activity with customers in critical industries and in the European-based hand tools business.

現在讓我們來看看本季的分部業績。從幻燈片 7 上的 C&I 組開始。銷售額為 3.439 億美元，而去年為 3.599 億美元，反映出有機銷售額下降 2.9% 和 560 萬美元的不利外幣折算影響。有機減少包括關鍵產業客戶活動和歐洲手動工具業務的個位數低幅減少。

With respect to critical industries, a double-digit reduction in sales to the military mostly as a result of contract delays more than offset higher sales of our specialty torque products and in other critical industry sectors. Gross margin improved 180 basis points to 42.6% in the first quarter from 40.8% in 2024. This was primarily due to lower material and other cost, increased volumes in the higher gross margin sectors of critical industries and savings from RCI initiatives.

對於關鍵產業，由於合約延遲導致軍方銷售額出現兩位數下降，但這遠遠抵消了我們的特種扭力產品和其他關鍵產業部門銷售額的成長。毛利率從 2024 年第一季的 40.8% 提高 180 個基點至 42.6%。這主要是由於材料和其他成本的降低、關鍵行業中毛利率較高的部門的產量增加以及 RCI 計劃帶來的節省。

Operating expenses as a percentage of sales, 27.1% in the quarter, compared to 25.4% largely reflecting the impact of reduced sales volumes. Operating earnings for the C&I segment of $53.2 million, compared to $55.4 million last year, the operating margin improved 10 basis points to 15.5% from 15.4% in 2024.

本季營業費用佔銷售額的百分比為 27.1%，而上一季為 25.4%，主要反映了銷售量下降的影響。商業與工業部門的營業利潤為 5,320 萬美元，而去年為 5,540 萬美元，營業利潤率從 2024 年的 15.4% 提高 10 個基點至 15.5%。

Turning now to slide 8. Sales in the Snap-on Tools Group of $462.9 million compared to $500.1 million a year ago, reflecting a 6.8% organic sales decline and $3.6 million of unfavorable foreign currency translation. The organic decrease reflects a high single-digit decline in the US business, partially offset by a low single-digit gain in our international operations.

現在翻到幻燈片 8。Snap-on 工具集團的銷售額為 4.629 億美元，而去年同期為 5.001 億美元，反映出有機銷售額下降 6.8% 和 360 萬美元的不利外幣折算影響。有機下降反映了美國業務的高個位數下降，但被國際業務的低個位數成長部分抵消。

During the quarter, we believe the heightened economic uncertainty continue to weaken confidence and technician sentiment, which impacted their willingness to increase their purchases in the current environment.

我們認為，在本季度，經濟不確定性的加劇繼續削弱信心和技術人員的情緒，這影響了他們在當前環境下增加購買的意願。

Gross margin declined 190 basis points to 46.3% in the quarter from 48.2% last year, mostly due to a year-over-year shift in product mix and from the decreased volumes. Operating expenses as a percentage of sales of 26.3% in the quarter compared to 24.7% in 2024, largely reflecting the lower sales volumes. Operating earnings for the Snap-on Tools Group of $92.4 million, compared to $117.3 million last year, the operating margin of 20% compared to 23.5% in 2024.

本季毛利率從去年的 48.2% 下降 190 個基點至 46.3%，主要原因是產品結構年變動以及銷售量下降。本季營業費用佔銷售額的 26.3%，而 2024 年為 24.7%，主要反映了銷售量的下降。Snap-on 工具集團的營業利潤為 9,240 萬美元，而去年為 1.173 億美元，營業利潤率為 20%，而 2024 年為 23.5%。

Turning to the RS&I Group shown on slide 9. Sales of $475.9 million compared to $463.8 million in 2024, reflecting a 3.7% organic sales increase partially offset by $4.9 million of unfavorable foreign currency translation. The organic gain includes a double-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. These gains more than offset a mid-single-digit decline in sales of undercar equipment.

轉到幻燈片 9 上顯示的 RS&I 群組。銷售額為 4.759 億美元，而 2024 年為 4.638 億美元，反映出 3.7% 的有機銷售額增長，但 490 萬美元的不利外幣折算影響部分抵消了這一增長。有機收益包括與 OEM 經銷商的業務往來的兩位數增長，以及向獨立維修店老闆和經理銷售的診斷和維修資訊產品的個位數低增長。這些成長足以抵銷車底設備銷售額的中等個位數下滑。

Gross margin improved 70 basis points to 45.7% from 45% last year, primarily reflecting increased sales of higher gross margin products and benefits from RCI initiatives, partially offset by higher material and other costs. Operating expenses as a percentage of sales improved 70 basis points to 20% and from 20.7% in 2024, largely due to the higher sales volumes and savings from RCI initiatives. Operating earnings for the RS&I Group of $122.1 million, compared to $112.9 million last year. The operating margin improved 140 basis points to 25.7% from the 24.3% reported last year.

毛利率從去年的 45% 提高 70 個基點至 45.7%，主要反映了高毛利率產品銷售額的成長和 RCI 計畫的好處，但材料和其他成本的增加部分抵消了這一增長。營業費用佔銷售額的百分比從 2024 年的 20.7% 提高了 70 個基點，達到 20%，這主要歸功於銷售量的增加和 RCI 計劃帶來的節省。RS&I 集團的營業利潤為 1.221 億美元，而去年同期為 1.129 億美元。營業利益率從去年的 24.3% 提高 140 個基點至 25.7%。

Now turning to slide 10. Revenue from financial services of $102.1 million reflected an increase of $2.5 million or 2.5% from $99.6 million last year. Financial services operating earnings of $70.3 million, compared to $68.3 million in 2024. Financial services expenses of $31.8 million compared to $31.3 million last year, provisions for credit losses of $19.1 million, compared to $18.8 million in 2024. As a percentage of the average financial services portfolio, expenses were 1.3% in the first quarters of both years.

現在翻到第 10 張投影片。金融服務收入為 1.021 億美元，比去年的 9,960 萬美元增加 250 萬美元，增幅為 2.5%。金融服務營業利潤為 7,030 萬美元，而 2024 年為 6,830 萬美元。金融服務費用為 3,180 萬美元，而去年為 3,130 萬美元，信貸損失準備金為 1,910 萬美元，而 2024 年為 1,880 萬美元。作為平均金融服務投資組合的百分比，兩年第一季的支出均為 1.3%。

In the first quarter of 2025 and 2024, the respective average yield on finance receivables were 17.6% and 17.7%. While the average yield on contract receivables were 9.1% and 9%, respectively. Total loan originations of $268.7 million in the first quarter represented a decrease of $33 million or 10.9% from 2024 levels, including an 11.7% decline in extended credit originations. The decrease in extended credit origination mostly reflects lower sales of big-ticket, longer payback items such as tool storage units.

2025年第一季及2024年第一季，應收融資款平均收益率分別為17.6%及17.7%。合約應收帳款平均收益率分別為9.1%和9%。第一季貸款發放總額為 2.687 億美元，較 2024 年水準減少 3,300 萬美元，降幅 10.9%，其中延期信貸發放額下降 11.7%。延期信貸發放的減少主要反映了工具儲存單元等大件、較長回報期物品的銷售下降。

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 2% is up 20 basis points from the first quarter of 2024, but unchanged from the last reported -- the number reported last quarter.

移至投影片 11。我們的季末資產負債表包括約 25 億美元的總融資應收款，其中 22 億美元來自我們美國的業務。對於延期信貸或融資應收款，美國 60 天以上的拖欠率為 2%，較 2024 年第一季度上升了 20 個基點，但與上次報告的數字（上一季報告的數字）相比沒有變化。

Trailing 12-month net losses for the overall extended credit portfolio of $7.8 million, represented 3.41% of outstandings at quarter end. While delinquencies and net losses have been trending upward, we believe that these portfolio performance metrics remain relatively balanced considering the current environment.

過去 12 個月，整體延期信貸組合的淨虧損為 780 萬美元，佔季末未償還債務的 3.41%。儘管拖欠率和淨虧損一直呈上升趨勢，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 $298.5 million in the quarter represented 121% of net earnings and compared to $348.7 million last year. The decline as compared to the first quarter of 2024, largely reflects the lower net earnings and higher year-over-year increases in working investment. Net cash used by investing activities of $32 million mostly reflected capital expenditures of $22.9 million and net additions to finance receivables of $8.2 million.

現在翻到第 12 張投影片。本季經營活動提供的現金為 2.985 億美元，佔淨收益的 121%，去年同期為 3.487 億美元。與 2024 年第一季相比的下降，主要反映了淨收益的下降和營運投資年增率的增加。投資活動所使用的淨現金為 3,200 萬美元，主要反映了 2,290 萬美元的資本支出和 820 萬美元的融資應收帳款淨增加額。

Net cash used by financing activities of $193.6 million included cash dividends of $112.2 million and the repurchase of 260,000 shares of common stock for $87.2 million under our existing share repurchase program. As of quarter end, we had remaining availability to repurchase up to an additional $398.4 million of common stock under our existing authorizations.

融資活動所使用的淨現金為 1.936 億美元，其中包括現金股利 1.122 億美元以及根據我們現有的股票回購計劃以 8,720 萬美元回購 260,000 股普通股。截至季末，根據現有授權，我們仍可回購最多價值 3.984 億美元的普通股。

Turning to slide 13. Trade and other accounts receivable increased $37.1 million from 2024 year-end. Days sales outstanding of 66 days, compared to 62 days at year-end 2024. Inventories increased $17.8 million from 2024 year-end, including some investment to mitigate supply chain uncertainties. On a trailing 12-month basis, inventory turns of 2.4, were the same as year-end 2024.

翻到第 13 張投影片。貿易和其他應收帳款比 2024 年底增加了 3,710 萬美元。應收帳款週轉天數為 66 天，而 2024 年底為 62 天。庫存較 2024 年底增加了 1,780 萬美元，其中包括一些用於緩解供應鏈不確定性的投資。過去 12 個月，庫存週轉率為 2.4，與 2024 年底相同。

Our quarter end cash position of $1,434.9 million compared to$1,360.5 million at the end of 2024. In addition to our existing cash and expected cash flow from operations, we have more than $900 million available under our credit facilities. 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.

本季末現金狀況為 14.349 億美元，而 2024 年底為 13.605 億美元。除了我們現有的現金和預期的營運現金流外，我們還擁有超過 9 億美元的信貸額度。本年度，在信用安排下沒有借入或未償還的金額，也沒有發行或未償還的任何商業票據。

That concludes my remarks on our first quarter performance. I'll now review a few outlook items for the balance of the year. With respect to corporate costs, we currently believe that expenses for the remainder of 2025 will approximate $27 million per quarter.

這就是我對我們第一季業績的評論。我現在將回顧今年餘下時間的一些展望。關於公司成本，我們目前認為 2025 年剩餘時間的支出將約為每季 2,700 萬美元。

Additionally, during 2025, as previously shared, we have and expect to incur approximately $6 million pretax per quarter of increased nonservice pension costs, largely due to higher amortization of actuarial losses. These noncash costs are recorded below operating earnings as part of other income and expense net on our statement of earnings, and we'll have about a $0.09 per diluted share quarterly negative effect on EPS for the balance of 2025.

此外，如同先前所述，到 2025 年，我們預計每季非服務退休金成本將增加約 600 萬美元稅前，這主要是由於精算損失的攤銷額增加。這些非現金成本在我們的損益表中記錄在營業收益之下，作為其他收入和支出淨額的一部分，並且對於 2025 年的剩餘時間，我們將對每股收益產生約 0.09 美元的季度負面影響。

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 five or six years. And historically, has not had a significant effect on our full year or fourth quarter total revenues or net earnings.

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，其中額外的一週發生在第四季末。這種情況每五、六年發生一次。從歷史上看，這對我們的全年或第四季度總收入或淨利潤並沒有產生重大影響。

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，請他發表最後發言。缺口？

Thanks, Aldo. Well, that's our quarter. Some period marked by particular an acute uncertainty piling on our already confidence poor technicians and abrupt development that set us back for the quarter. . Overall sales were down low single digits, 2.4% organically. The OI margin was 21.3%, down but still relatively strong, authored by a gross margin of 50.7%, up 20 basis points despite the lower volume again, an attenuated by our considered decision to keep investing despite the lower volume.

謝謝，阿爾多。嗯，這就是我們的季度。某些時期尤其突出的是嚴重的不確定性，這加劇了我們信心不足的技術人員的士氣，而突然的發展也使我們在本季度遭遇了倒退。。整體銷售額有機下降 2.4%，降幅較小。OI利潤率為21.3%，有所下降但仍然相對強勁，毛利率為50.7%，儘管交易量再次下降，但仍上漲了20個基點，這受到我們深思熟慮後決定在交易量下降的情況下繼續投資的影響。

The Tools Group impacted by the continuous air burst of commercial change, sales and OI margin both afflicted but C&I and RS&I has bullwork performances pillars of -- there were pillars of continuing strength supporting the enterprise. C&I successful in critical industries with torque and custom solutions, sales down, but more than explain by the settling in of the new military leadership.

工具集團受到商業變革持續爆發的影響，銷售額和 OI 利潤率均受到影響，但 C&I 和 RS&I 擁有強勁的業績支柱——有持續的實力支柱支撐著企業。C&I 憑藉扭矩和定制解決方案在關鍵行業中取得了成功，銷售額下降，但更多的是由於新軍事領導層的安頓下來。

And overall, registering an OI margin of 15.5%, up 10 basis points for a first quarter record. RS&I another strong performance, sales up 3.7% organically, with OI margin of 25.7%, up 140 basis points for another first quarter record, driven by progress in software, the power of its databases and the benefits of RCI, gains across that group.

整體而言，未平倉部位保證金為 15.5%，上漲 10 個基點，創下第一季的最高紀錄。RS&I 再次表現強勁，有機銷售額成長 3.7%，OI 利潤率達到 25.7%，上漲 140 個基點，創下第一季新高，這得益於軟體的進步、資料庫的強大功能以及 RCI 的優勢，推動整個集團的成長。

And of course, the fog of tariffs, a challenge that dominates the commercial landscape and Snap-on is not immune to the effects, but we believe we are advantaged with newly expanded facilities, 15 factories all across America with deep know-how in America to make our major products, with global sourcing network, 21 plants all across the globe to be agile and optimizing it against whatever tariff array emerges and with an ability to attract and hold manufacturing associates.

當然，關稅迷霧是主宰商業格局的挑戰，Snap-on 也未能倖免，但我們相信，我們擁有優勢，我們擁有新擴建的設施，在全美擁有 15 家工廠，在美國擁有深厚的專業知識來生產我們的主要產品，擁有全球採購網絡，在全球擁有 21 家工廠，可以靈活地針對任何出現的關稅陣列

So these are interesting times, action packed with news every day. We are an alert. But we're also confident in our ability to navigate through the turbulence, confident in the opportunities available in our essential markets, and of our position in the fog of tariffs, not immune but advantaged.

這是一個有趣的時代，每天都充滿了新聞。我們已發出警報。但我們也對自己渡過動盪的能力充滿信心，對我們重要市場中的機會充滿信心，對我們在關稅迷霧中的地位充滿信心，雖然我們並非免疫，但卻具有優勢。

And most of all, confident in our product that truly does make work easier. Confident in our brand that really does mark a serious professionals and confident in our people, battle tested and committed that led us through -- that led Snap-on through the great financial recession and the pandemic and came out warring. And we believe that powerful combination will overcome the turbulence and extend our long-term positive trajectory as it has done so many times in the past.

最重要的是，我們對我們的產品充滿信心，它確實使工作變得更輕鬆。我們對我們的品牌充滿信心，這確實標誌著我們是一家專業的公司，我們也對我們的員工充滿信心，經過了戰鬥的考驗和承諾，帶領我們度過了難關——帶領 Snap-on 度過了嚴重的金融衰退和疫情，並最終走出了困境。我們相信，強大的聯合將克服動盪，延續我們長期積極的發展軌跡，就像過去多次做到的那樣。

Now before I turn the call over to the operator, I'll speak to our associates and franchisees in these turbulent days. I'll simply say, for your contributions made every day, for your deep dedication to our team and for your unshakable confidence in our future held fast, even in the turbulence. I thank you all.

現在，在我將電話轉給接線員之前，我想和我們的同事和特許經營商談談這些動盪的日子。我只想說，感謝您每天所做的貢獻，感謝您對我們團隊的深切奉獻，感謝您即使在動盪中也對我們未來的堅定信心。謝謝大家。

I now turn the call over to the operator. Operator?

我現在將電話轉給接線生。操作員？

(Operator Instructions)

（操作員指示）

Scott Stember, ROTH MKM.

史坦伯（Scott Stember），ROTH MKM。

Good morning. Thanks for taking my questions.

早安.感謝您回答我的問題。

Sure, Scott.

當然，斯科特。

Nick, you were talking about -- obviously, it sounds like the shops are still relatively strong, but the confidence for the technicians is falling even further than before. So what's the game plan here? Do we see opportunities to further pivot to lower price items or is there something else that needs to be done?

尼克，你剛才談到——顯然，聽起來商店仍然相對強勁，但技術人員的信心比以前下降得更厲害了。那麼這裡的遊戲計畫是什麼？我們是否看到了進一步轉向低價商品的機會，或者是否還有其他需要做的事情？

Look, I think there's a couple of factors there. One is the pivot worked in the first quarter. It's just I don't think we've seen a place where the hits just kept coming so much. I mean when the administration itself sets, there will be pain. This is kind of unprecedented.

看，我認為這裡有幾個因素。一是第一季的重點工作得以實施。我只是不認為我們見過一個地方能有如此多的熱門歌曲。我的意思是，當政府本身開始行動時，就會有痛苦。這是前所未有的。

And you can see it in the -- in the consumer center. If you look at those numbers, you see the drop from December is precipitous. And so we didn't know about that when we were talking to people. We talked to franchisees all over the country and we heard that in the shops. And really, what it is, is our pivots worked.

您可以在消費者中心看到它。如果你看一下這些數字，你會發現自 12 月以來，下降幅度非常大。因此，當我們與人們交談時，我們並不知道這一點。我們與全國各地的特許經營商進行了交談，並在商店裡聽到了這些消息。事實上，我們的支點發揮了作用。

I talked to some of them that did pretty well. Some of those sets I talked about sold well, some of the products in -- like the cars sold well. What we learned in the period, I think, that's a little bit different is we were pivoting to what you would call standard short quicker payback items. But what we found, if we tailored things at the bottom end of the bigger ticket items, like carts that simulated a box like the SOLUS, which is at the bottom of the diagnostics, we could make hay with those as well.

我和其中一些表現相當出色的人進行了交談。我談到的一些套裝賣得很好，其中的一些產品——比如汽車——賣得很好。我認為，我們在這段期間學到的東西有點不同，那就是我們正轉向所謂的標準短期快速報酬計畫。但我們發現，如果我們對大件物品的底部進行定制，例如模擬 SOLUS 等盒子的推車（位於診斷器的底部），我們也可以利用它們來賺錢。

Now you can't say you make great hay when you're down 6.8% organically, but -- that's really what we saw in that situation. So we're going to keep pivoting because we saw continued traction. It just got over run. This is an unusual period. I think anybody says this is an unusual period isn't reading the Wall Street Journal and seeing tariffs in 254 times.

現在，當你的有機收入下降 6.8% 時，你不能說你賺了很多錢，但——那確實是我們在那種情況下看到的情況。因此，我們將繼續轉變，因為我們看到了持續的牽引力。它剛剛被超越了。這是一個不尋常的時期。我認為任何人說這是一個不尋常的時期，都不會是讀過《華爾街日報》並看到 254 次關稅的人。

And so the thing is that's what we saw. So we think the pivot -- we learned some things on how to make the pivot better. So we're going to continue to do that. And we'll learn from those things as we adjust. We're pretty confident that this works. If you don't believe it's America, look at the outside the United States, outside the United States, less affected by all this turbulence in recent days, all those businesses went okay.

事實就是如此。因此，我們認為，我們學到了一些關於如何使轉型變得更好的知識。因此我們將繼續這樣做。我們會在調整過程中從這些事情中學到教訓。我們非常有信心這會有效。如果你不相信這是美國，看看美國以外的地方，美國以外的地方，最近幾天受到的動盪影響較小，所有的企業都安然無恙。

Got it. And then if you're looking at RS&I and C&I, RS&I in particular, if you were to back out the intercompany declines, which I assume had a pretty big impact there, what would the organic rates -- sales rates in RS&I had been?

知道了。然後，如果您查看 RS&I 和 C&I，特別是 RS&I，如果您要取消公司間下滑（我認為這對 RS&I 產生了相當大的影響），那麼 RS&I 的有機率——銷售率會是多少？

Scott, it's a little bit better. I think it's the organic rate was about 3.7%. And if you back out the inter-companies, you're probably in the 4 range, something like that, maybe a little bit better in that situation. RS&I -- the big thing about RS&I is its software packed these days. Software was up more than the increase in that.

斯科特，情況稍微好一點。我認為有機率約為 3.7%。如果你退出公司間交易，你可能會處於 4 個範圍內，類似這樣的範圍，在這種情況下可能會好一點。RS&I－RS&I 的一大亮點是其目前所配備的軟體。軟體的增幅超過了這一增幅。

And the cool thing about it, Scott, is if you look at the RS&I division, almost all of them are up nicely profitability. So they're hitting on all [cylinders]. They really did have a strong quarter. And if you look back, it's been a strong quarter, after strong quarter, after strong quarter.

斯科特，最酷的是，如果你看 RS&I 部門，你會發現幾乎所有部門的盈利能力都得到了很好的提升。所以他們正在攻擊所有[氣缸]。他們本季的表現確實強勁。如果你回顧一下，你會發現這是一個強勁的季度，一個又一個強勁的季度。

Now I realize some people may have thought have been done better. They might have sold more. You could have argued that maybe a percentage point more, you could have thought that. But 25.7%, up 140 basis points is a pretty good quarter. And it's driven on the strength of our product and the increasing ability to effect the database, AI is part of that.

現在我意識到有些人可能認為已經做得更好了。他們可能賣得更多。您可能認為可能還要多一個百分點，您可能會認為是這樣。但25.7%、上漲140個基點是相當不錯的季度。它由我們產品的實力和不斷增強的資料庫影響能力所驅動，人工智慧是其中的一部分。

Part of the reason why the databases are getting better and more effective as we can now translate what the -- when you use natural language processing that will translate what the technicians say about the repairs much more efficaciously into a database without as much time. So we're able to move forward in building that database much more effectively. And that's helped us in this situation. But you can see there that even in Diagnostics, we're making them -- we're pretty well positioned against the tariffs.

資料庫變得越來越好、越來越有效的部分原因是，我們現在可以翻譯——當你使用自然語言處理時，我們可以將技術人員關於維修的描述更有效地翻譯到資料庫中，而無需花費太多時間。因此我們能夠更有效地推進資料庫的建置。這對我們目前的情況很有幫助。但你可以看到，即使在診斷領域，我們也在製造它們——我們在應對關稅方面處於相當有利的地位。

I'm not saying we're immune. I've said this many times, we're not immune, but we like where we are.

我並不是說我們有免疫力。我已經說過很多次了，我們並非免疫，但我們喜歡我們現在的處境。

Got it. And then last question before I go back in the queue. It sounds like the military had a pretty profound impact on critical industries. Was that having anything to do with these Dodge movements? Or is there something that we should expect to see in the quarters ahead --

知道了。在我回到隊列之前，最後一個問題。聽起來軍隊對關鍵產業產生了相當深遠的影響。這跟道奇運動有關係嗎？或者我們在未來幾季應該會看到什麼--

I don't know if it had anything to do with the Dodge. I think it more has to do with people trying to -- you've got budget cycles in there. But I will tell you, Scott, we saw it in applied administration. Any time the administration changed, the new sheriff's in town and he won't be pushed around. And so the thing is they changed, they start talking about the procurement processes and so on, slows everything down.

我不知道這是否與道奇有關。我認為這更多是與人們的嘗試有關——那裡有預算週期。但我會告訴你，斯科特，我們在應用程式管理中看到了它。每當政府發生變動時，新的警長就會上任，他不會被別人擺佈。所以事情是這樣的，他們改變了，他們開始談論採購流程等等，讓一切都慢了下來。

And then after a while, the war fighters kind of say the 50 caliber bullets when they go overhead, I'd like to have better tools. I don't want to have -- I don't have somebody else's tools or some tools that are missing and everybody pays and it goes back to normal.

過了一段時間，戰士們就會說，當 50 口徑的子彈從頭頂飛過時，我希望有更好的工具。我不想有——我沒有別人的工具或一些丟失的工具，每個人都付錢，一切就恢復正常了。

So I think that's really what you're seeing mostly in a situation. I don't think it was associated with Dodge except for maybe, Scott, the psychology of the Dodge sword waving overhead of all government employees. But I don't know how to evaluate that. It was significant. Without -- let's put it this way, without the military downturn, C&I would have been up.

所以我認為這確實就是你在某種情況下最常看到的情況。我不認為這與道奇有關，也許除了斯科特，道奇劍在所有政府僱員頭頂上揮舞的心理。但我不知道該如何評價。這意義重大。如果沒有——讓我們這樣說吧，如果沒有軍事衰退，C&I 就會上升。

Got you.

明白了。

One Dodge was enough. Everything else was good.

一次躲避就夠了。其他一切都很好。

Awesome. Thank you so much.

驚人的。太感謝了。

David MacGregor, Longbow Research.

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

Good morning, everybody.

大家早安。

Morning, David.

早安，大衛。

Good morning, Nick. I want to start off by just asking about truck level sales comps. What do you think those look like this quarter in the US?

早安，尼克。首先我想問一下卡車級的銷售情況。您認為本季美國的情況如何？

Say that again. You said try, you mean the van?

再說一次。你說嘗試，你是指那輛貨車嗎？

Yeah. The sales comps off the van?

是的。貨車的銷售情況如何？

They're about the same as we saw it to the band about that same level. It was pretty much matched up in this quarter. It hasn't always matched up in a quarter, but this particular quarter was kind of dead on, pretty much the same. So the -- we sold to them about what they sold off the vans. And I don't know what you make in that because it always rolls up and down, as you know, because you followed us for years, it kind of -- it's usually varies from period to period. But this was one of those that matched up.

它們和我們看到的同一水平的樂隊差不多。本季的情況基本一致。雖然在一個季度中它並不總是匹配，但這個特定季度的情況相當準確，幾乎相同。所以——我們把他們賣掉的貨車賣給他們了。我不知道你在其中做了什麼，因為它總是上下波動，正如你所知，因為你跟隨我們多年，它有點 - 它通常隨著時期而變化。但這是其中之一。

But you didn't see any destocking at the truck level?

但您沒有看到卡車層面有任何去庫存的情況嗎？

No, we didn't see that. Now it could have been some, but I don't think so because I think the numbers matched. Of course, it's an imperfect -- it's an imperfect situation. And I will tell you that the franchisees start to get canted when they hear the technicians talk about these things. But the franchisees have a lot more, I would say, cushion to deal with what I said would be an off-the-wall things -- off the rail things.

不，我們沒有看到。現在可能有一些，但我不這麼認為，因為我認為數字匹配。當然，這是一個不完美的情況。而且我可以告訴你，當加盟商聽到技術人員談論這些事情時，他們就開始感到困惑了。但我想說，特許經營者擁有更多的緩衝來應對我所說的那些不尋常的事情——不正常的事情。

I think really what happened is reflected in the customer sentiment and maybe some of the franchisees got some of that thing, but there wasn't much destocking.

我認為實際發生的情況確實反映在顧客情緒上，也許一些特許經營商得到了一些好處，但並沒有大量去庫存。

And then you talked about negative mix in the Tools segment. I'm just trying to reconcile that with the narrative big ticket.

然後您談到了工具部分的負面組合。我只是想將其與敘事大票相協調。

Diagnostics. The low-end diagnostics sold. Remember, I said that's why -- that's actually why I put the SOLUS thing in there. One, we learned something about it that we could chip away at the bottom end of the big ticket items and have success, if we position them and program them correctly. And diagnostics, driven by that low end, the SOLUS, the speedy one and cheaper was up in the quarter. And any time diagnostics is up in a quarter, it's a wait on Tools Group's margins because, as you know, they share the margin with the RS&I group.

診斷。低階診斷設備已售出。記住，我說過這就是為什麼——這實際上就是我把 SOLUS 放在那裡的原因。首先，我們了解到，如果我們正確地定位和編程，我們就可以削減高價商品的底端並取得成功。在低端診斷儀的推動下，速度更快、價格更便宜的 SOLUS 診斷儀在本季度有所增長。任何時候診斷在一個季度內上升，它都會等待工具集團的利潤，因為如你所知，他們與 RS&I 集團分享利潤。

Right. So what would the hand tools have look like, Nick, just to isolate that category?

正確的。那麼，尼克，為了區分這個類別，手動工具應該是什麼樣子的呢？

Hand tools were not up, but they were certainly not down the way Tool Storage was. Tool Storage was a killer. And if you look at the originations -- if you look at the originations in the quarter, you can see it. Coming out of last year, the originations were up 5.8% -- were down 5.8%, where they're down almost double in this quarter, 11.7%. And I think that's says it all.

手動工具沒有上行，但肯定也沒有像工具儲存那樣下行。工具儲存非常麻煩。如果你看一下起源——如果你看本季的起源，你就會看到它。去年同期，貸款發放量上漲了 5.8%，而本季下降了 5.8%，幾乎翻了一番，達到 11.7%。我想這就說明了一切。

Great. Okay. How do you respond promotionally to the weaker demand?

偉大的。好的。您如何透過促銷來因應較弱的需求？

Well, our margins -- our gross margins in the Tools Group were down some, but some of that has to do with the mix I just talked to you about. And we tend not to change prices that much. I mean, certainly, across the corporation, I would say the 50.7% gross margin is ample evidence that up 20 basis points when your volume is down like this is ample evidence that you aren't giving it away in pricing.

嗯，我們的利潤率——工具集團的毛利率有所下降，但這與我剛才談到的組合有關。而且我們往往不會對價格進行太大的變動。我的意思是，當然，在整個公司範圍內，我會說 50.7% 的毛利率足以證明，當你的銷量像這樣下降時，毛利率上升 20 個基點就足以證明你沒有在定價上放棄它。

So while we do get more active in promotions and we try to -- we try to make it more attractive to the customer, we're not out there begging for volume. I don't like that. And so we don't really do that.

因此，雖然我們在促銷方面確實更加積極，並且我們試圖讓它對客戶更具吸引力，但我們並不會在那裡乞求銷售。我不喜歡那樣。所以我們其實不會這麼做。

And Nick, can you talk about the regional kickoff -- can you talk about the regional kickoffs and just were orders up or down this year and by how much?

尼克，您能談談地區開球情況嗎？今年的訂單量是上升了還是下降了，上升了還是下降了多少？

The regional kickoffs were down this year -- and I'm not going to give you how much because it was distorted, David. It's hard for us to evaluate because not so great is that several of them were affected by snow. And so what happened with some of the region -- somebody's read, I was that one. Some of these regions, I'm thinking some of these regions are pretty big. And so snow storms were bearing down until people left early. And so we didn't quite have the full participation that we like to have in those situations.

今年地區開球率下降了——我不會告訴你下降了多少，因為數據被扭曲了，大衛。我們很難評估，因為不太好的是其中幾個受到了雪的影響。那麼，某些地區發生了什麼事呢──有人讀過，我就是其中之一。其中一些地區，我認為其中一些地區相當大。因此暴風雪一直下著，直到人們提早離開。因此，在那些情況下，我們並沒有充分參與。

So it was hard for us to evaluate. It was one of the things that was difficult to evaluate what was happening in the quarter and the beginning because we looked at those, and a lot of them were subject to these kinds of one-off type weather situations. And so we weren't sure what to make of that. But when you talk to the tax themselves, you can hear the certainly starting to break through, especially as we started to get later in January when you started here after the inauguration, everybody loves the -- our guys love the administration. But like I said -- I think I said last quarter, it feels like they're on Space Mountain, they're afraid they're going to go off the rails.

因此我們很難評估。這是很難評估本季和初期發生的事情的事情之一，因為我們觀察了這些事情，發現很多事情都受到了這種一次性天氣狀況的影響。所以我們不確定該如何解釋這一點。但是當你與稅務部門本身交談時，你可以聽到他們肯定會開始取得突破，特別是當我們在一月下旬就職典禮後開始在這裡工作時，每個人都喜歡——我們的人喜歡這個政府。但就像我說的——我想我上個季度就說過，感覺他們就像在太空山上一樣，他們害怕自己會脫軌。

Right. Last question for me is just on manufacturing capacity. And you've obviously done a lot there recently, but I'm also guessing that backlogs are directionally lower now as a consequence of this demand situation. Can you say about how much your backlogs are down? And in what product categories you may be seeing the greatest backlog depletion?

正確的。我的最後一個問題是關於製造能力。而且您最近顯然做了很多工作，但我還猜測，由於這種需求情況，積壓訂單現在會朝著較低的方向減少。您能說一下您的積壓訂單減少了多少嗎？哪些產品類別的積壓訂單減少最為嚴重？

Tool Storage. Remember, we used to have -- remember about -- what was it, 1 year, 1.5 years ago, we were up to our eyeballs on Tool Storage backlog. Well, we've kind of liquidated that. One, we expanded our Algona facility, and the demand has dropped off for the big ticket boxes. Now we shifted more capacity to lockers and carts and so on, which is I think one of the things we have confidence in going forward.

工具儲存。記住，我們曾經有過——記住——那是一年前，一年半前，我們忙於處理工具儲存積壓問題。嗯，我們已經將其清算了。首先，我們擴大了阿爾戈納的設施，大票箱的需求已經下降。現在我們將更多的容量轉移到儲物櫃和手推車等，我認為這是我們對未來充滿信心的事情之一。

So we think we're in good shape. I mean we don't have a lot of backlog everywhere. Now certain products are back look. Swivel sockets, for example, have a little bit of backlog. You always have some kinds of things. But generally, the expanded capacity has put us in the right position. That's why we think we're -- one of the reasons why we think we're advantaged with tariffs. We are available for American production.

所以我們認為我們狀況良好。我的意思是我們各地並沒有大量的積壓工作。現在某些產品又回來了。例如，旋轉插座有一點點積壓。你總是擁有一些東西。但總體而言，擴大產能使我們處於正確的位置。這就是我們認為我們在關稅方面具有優勢的原因之一。我們可以進行美國生產。

Got it. Thanks very much.

知道了。非常感謝。

Okay.

好的。

Gary Prestopino, Barrington Research

巴林頓研究公司的加里‧普雷斯托皮諾

Good morning, everyone.

大家早安。

Good morning here.

早安.

Nick, you mentioned in your opening comments about the fact that hours worked were down, like technicians as well in the quarter. I mean vehicle repair is generally kind of mission-critical. So could we assume that, that was less elective maintenance kind of services or would you --

尼克，你在開場白中提到，本季技術人員的工作時間有所減少。我的意思是車輛維修通常是一項至關重要的任務。那我們可以假設，這是不太需要維護的服務，或者你會--

Gary, I put that in because it's a fact. Hours down -- hours worked in the rolling 12 was up low single digits, but it was up. In the last couple of months, it was down. I want to say 3.3% or something like that? I'm not sure what that means over a couple of months.

加里，我之所以這麼說是因為這是事實。工作時間減少－連續 12 個月的工作時間只增加了個位數，但還是增加了。在過去的幾個月裡，它一直在下降。我想說 3.3% 或類似的數字？我不確定這幾個月來意味著什麼。

It does mean, I suppose that some of the garages aren't relatively white hot in the last couple of months. But in winter time, that could mean a lot of things. So in normal times, lately, those things -- and lately, all the metrics in vehicle repair have been monotonically improving, improving, improving, improving, improving. And so I suppose we're kind of sensitized to the idea for a couple of months if there was a drop off, and it got my attention and some other people's attention, but I'm not sure what to make of it as a long-term trend.

我認為，這確實意味著，在過去幾個月裡，一些車庫的生意並不那麼火爆。但在冬季，這可能意味著很多事情。因此，在正常時期，最近，這些事情——以及最近，車輛維修的所有指標都在單調地改善、改善、改善、改善、改善。因此，我想，如果出現下降趨勢，我們會在幾個月內對這個想法比較敏感，這引起了我和其他一些人的注意，但我不確定如何將其視為長期趨勢。

You would believe if ours are down, it probably is elective -- elective things because you've got to have your car. So you would think that would be the case. And maybe some people are worried about the off-the-rail scenario. I think one of the things you do see is you see consumer sentiment is down, you see our numbers down. But you see other people say, well, consumer activity is strong, but I think they're dealing with a different FICO zip code better credits, the more -- the better healed people than maybe the mechanics and the garage or the people of work.

您可能會相信，如果我們的汽車壞了，那可能是選修課——選修課，因為您必須有自己的車。所以你會認為情況確實如此。也許有些人擔心脫軌的情況。我認為你確實會看到的一個現像是消費者信心下降，我們的數據下降。但你會看到其他人說，嗯，消費者活動很強勁，但我認為他們正在處理不同的 FICO 郵遞區號，更好的信用，更多 - 比機械師和車庫或工作者更好的治癒者。

And I think that's part of what we see. Ourselves, Aldo, I think said in his presentation that our own yield dropped from 17.7% to 17.6%, and that really is the people who are originating loans for us are better credit risk than they were before. And so it just means that the people at the bottom end are to reticent. They're too reflected by the uncertainty. So maybe you see some of that in the garages too, I don't know. Because I think people got to repair the cars. Sooner or later, you got to go in.

我認為這就是我們所看到的一部分。阿爾多，我想我們自己在演講中說過，我們自己的收益率從 17.7% 下降到了 17.6%，而這實際上是因為為我們發放貸款的人的信用風險比以前更好了。所以這只是意味著底層人民太沉默寡言了。他們太過於關注不確定性了。所以也許你在車庫裡也看過一些，我不知道。因為我認為人們必須修理汽車。遲早你都得進去。

Right. All right. Thank you. And just lastly, could you maybe comment on -- you made a lot of reference to the fact that this whole issue with tariffs coming up could have impacted technician confidence. As you went through your quarter, did things really accelerate on the downside starting in March, one could take away from what you were saying that a lot of the impact in the Tools Group, in particular, was due to these -- the uncertainty regarding tariffs and that kind of cropped up in March. So maybe give us a guide?

正確的。好的。謝謝。最後，您能否評論一下——您多次提到即將到來的關稅問題可能會影響技術人員的信心。在您經歷這個季度的過程中，情況是否真的從 3 月開始加速下滑，從您所說的內容中可以看出，工具集團受到的很大影響，特別是由於這些因素——關稅的不確定性以及 3 月份出現的其他因素。那也許可以給我們一個指導？

I would say, Gary, for the guys I talked to, it wasn't only tariffs. You come out and you're saying, okay, we're going to reduce the government. But then they start -- I have no political -- there's a political commentary, but they are laying off people, seems like willy-nilly. In other words, no one knows what -- and so I think the people who work, even though they truly believe in the trajectory and the goals of the current administration, they're saying, I don't know, I don't know, how they can change all the government this much and not come out with some screw-ups. And then you start hearing stuff like Greenland, then Panama and Gaza, you hear that stuff.

加里，我想說，對於我交談過的人來說，這不僅僅是關稅問題。你站出來說，好吧，我們要減少政府規模。但後來他們開始——我沒有政治——有政治評論，但他們在解僱員工，似乎是隨意的。換句話說，沒有人知道——所以我認為，即使那些工作人員真正相信現任政府的發展軌跡和目標，他們也會說，我不知道，我不知道，他們如何能夠對整個政府進行如此大的改變，而不會犯下一些錯誤。然後你開始聽到格陵蘭、巴拿馬和加薩之類的消息。

And so even before they started talking about the tariffs, people are saying, Geez, I don't know, what's really happening here, I'm worried that the world is going to come off the rails and the tariffs came over the time. So that's a long way of saying.

因此，甚至在他們開始談論關稅之前，人們就在說，天哪，我不知道這裡到底發生了什麼，我擔心世界會脫軌，而關稅會隨著時間的推移而來。所以，這是一個很長的說法。

I don't think things change so much. I wouldn't say it got worse. I think just in general, this was a continual statements that people said, I don't know. Our people after all aren't really affected by the tariffs, but they're kind of saying the broad view, I don't know if some administration can do this many things, coming up with new ideas every day and not strike out a few times that might screw us up badly. That's the general view.

我認為事情不會有太大的改變。我不會說情況變得更糟。我認為總的來說，這是人們不斷說的一句話，我不知道。畢竟，我們的人民並沒有真正受到關稅的影響，但他們卻從廣泛的角度來看待這個問題，我不知道某個政府是否能夠做這麼多事情，每天都能提出新的想法，而不會出爾反爾，犯下一些可能讓我們陷入困境的錯誤。這是普遍的看法。

Now tariffs. Tariffs is a different thing. It more affects the companies. When I say the fog and tariffs, I'm talking about it at the Snap-on level or the company level, as dominating everybody. Everybody want -- by the way, everybody wants to talk about tariffs.

現在有關稅。關稅是另一回事。它對公司的影響更大。當我說迷霧和關稅時，我指的是 Snap-on 層面或公司層面，它們主宰著所有人。順便說一句，每個人都想談論關稅。

Anybody can talk, they want to talk about tariffs. And so it is a fog that does affect the technicians, and it affects a lot of different things. We just say, in that fog, as we look forward, we think we're advantaged.

任何人都可以談論，他們想談論關稅。所以，霧確實會影響技術人員，也影響很多不同的事情。我們只是說，在迷霧中，當我們向前看時，我們認為我們是佔優勢的。

Okay. Thank you.

好的。謝謝。

Thanks.

謝謝。

Sherif El-Sabbahy, Bank of America.

美國銀行謝里夫·埃爾-薩巴希。

Good morning.

早安.

Good morning, Sherif.

早安，警長。

Just within the Tools Group, are you able to give us a sense of how the demand drop looked throughout the quarter, maybe a bit of cadence if there's (multiple speaker)

就工具組內部而言，您能否告訴我們整個季度需求下降的情況，如果有的話，可以稍微介紹一下節奏。（多位發言者）

It wasn't much. Sherif, it's hard to say. Usually, things are different from week to week. This quarter was more uniform. It wasn't -- just like I tried to explain to Gary a minute ago, the -- it started out, we thought and there was really bad weather. So sometimes you can say, oh, okay, it's bad weather.

沒什麼。警長，這很難說。通常，每週的情況都會有所不同。本季的情況更加一致。事實並非如此——就像我剛才試圖向加里解釋的那樣——一開始，我們認為天氣確實很糟糕。所以有時你會說，哦，好吧，天氣不好。

And that happens often in the beginning of the year because volumes are always light. And so you like that legend, the Princess and the Pea, any little change will affect you. And -- but it kept being weak and when you talk to people, once the administration got in place, they started listing and they're saying, listening and they are saying these guys getting a little overactive, let's say. And that's when they started to worry about the world. It's interesting when you talk to the people at work, the technicians and the guys in the factory, they're pretty savvy on this stuff.

這種情況經常發生在年初，因為交易量總是很少。所以，就像豌豆公主的傳說一樣，任何小小的改變都會影響你。而且 — — 但它一直很弱，當你與人們交談時，一旦政府到位，他們就開始列舉，他們說，傾聽，他們說這些人有點過於活躍了，可以這麼說。從那時起，他們開始擔心世界。有趣的是，當你與工作中的人、技術人員和工廠裡的人交談時，他們會對這些事情非常精明。

And I think it's because they don't have that mush position. And so they're very sensitive to this. We found this all through a lot of different situations. And in some ways, there's a canary in the coal mine because that's why I've been talking about uncertainty for some time.

我認為這是因為他們沒有那麼強大的地位。所以他們對此非常敏感。我們在很多不同的情況下都發現了這一點。從某種程度上來說，煤礦裡有一隻金絲雀，這就是我一直在談論不確定性的原因。

Understood. And we've talked about this dynamic of a shift to quicker payback items for quite a while. Have you seen any shift in the quarter just with regards to the volume. Is that purely just a harder shift towards this trend? Or are you seeing lower demand for even some of the quicker payback items as well?

明白了。我們已經討論了轉向更快回報專案的動態很長一段時間了。您是否看到本季銷量有任何變化？這是否只是朝著這趨勢更艱難的轉變？或者您發現，即使是一些回報較快的商品的需求也在下降？

Well, yeah. We did see some -- but we -- look, I'm just telling you what I think happened from a lot of interviews, windshield surveys and fortified by the metrics of the customers, consumer sentiment numbers. But if you look at it, -- we had our -- the things I put out on the -- in the event, like in the script, in the discussions, like SOLUS, big hit. Synergy paired with the plant rockets, low product big hit, the ideas. So those are low payback items that are big. The tool -- the sturdy tool storage cart unprecedentedly holding 240 foot pounds, big hit.

嗯，是的。我們確實看到了一些——但是我們——你看，我只是透過大量的訪談、擋風玻璃調查以及客戶指標、消費者情緒數據來告訴你我認為發生的事情。但如果你看一下，——我們有——我在活動中提出的東西，比如在劇本中，在討論中，比如 SOLUS，大受歡迎。協同效應與植物火箭結合，低產品大受歡迎，創意十足。所以這些都是回報低但價值大的項目。工具——堅固的工具存儲車史無前例地承重 240 英尺磅，大受歡迎。

So you had hits in the lower payback items. We had almost no hits in the big payback guidance. So you could see the progress. I just think, like I said, my assessment, and I think this has played out as some both quantitative and qualitative support from interviews and from the consumer sentiment numbers is that the effects of the last quarter on the general populace with topped off by the tariffs were so pervasive that they outran our progress in those things. So I think we've made progress in our performance is just everything else kind of the level of everything else kind of drop. But the stuff we focused on seems to work. It's just the things you can't focus on everything.

因此，您在回報率較低的專案中獲得了成功。我們在巨額回報指引方面幾乎沒有任何進展。這樣你就能看到進展。我只是認為，就像我說的，我的評估，而且我認為這已經從採訪和消費者信心數據中得到了一些定量和定性的支持，那就是上個季度對普通民眾的影響，加上關稅，是如此普遍，以至於它們超過了我們在這些方面取得的進展。所以我認為我們的表現已經取得了進步，只是其他方面的水平有所下降。但我們關注的東西似乎有效。你只是無法集中精力於所有的事情而已。

Understood. Thank you for calling.

明白了。感謝您打電話。

Luke Junk, Baird.

盧克·簡克，貝爾德。

Good morning, thanks for taking question. Nick, I wanted to start in terms of how you can play offense in this environment? And maybe just a finer point thinking mostly about the Tools Group in terms of marketing kind of the balance of engaging franchisees versus engaging with technicians directly. And in terms of investments, the steady pace of investment, just where we might see you look incrementally in terms of allocating dollars this year?

早安，感謝您的提問。尼克，我想先問一下在這種環境下你要如何進攻？也許只是從行銷的角度來考慮工具集團的一個更細微的要點，即在與特許經營商接觸和直接與技術人員接觸之間取得平衡。在投資方面，投資步伐穩步，我們可能會看到您今年在資金分配方面逐步增加嗎？

Well, I think I've said it. I think we're kind of encouraged by the idea that we can chip away at the lower end of what you might call our traditional big ticket items. After you run the programs after a while, say, like hand tools and power tools and the other stuff, you kind of got to recycle some. And so now we found a new and pretty successful area at the lower end of that, like SOLUS, which is way cheaper than, say, ZEUS or a cart, which is way cheaper. I mean it may be a factor of far cheaper than a big epic unit. And so you feel as though that's the kind of thing you can focus on. So we're kind of encouraged in that position.

嗯，我想我已經說過了。我認為，我們對於能夠逐步削減所謂的傳統高價商品的低端價格這一想法感到鼓舞。運行程序一段時間後，例如手動工具、電動工具和其他東西，你必須回收其中的一些。所以現在我們在低端找到了一個新的、相當成功的領域，例如 SOLUS，它比 ZEUS 或手推車便宜得多，而後者又便宜得多。我的意思是它可能比大型史詩單位便宜得多。所以你會覺得這就是你可以關注的事情。因此，我們對這一立場感到鼓舞。

And then, of course, you double down, you try to make sure that more of your new product introductions are in the area where you can have effect. You don't want to spend a lot of time worrying about, so you shift resources from the top of the line diagnostics from things like -- from things -- some of those are already in the pipeline sometimes or things like epic tool storage boxes or anything that's very expensive, and you try to hit that sweet spot and put most of -- most of your development and promotion sources in those areas.

然後，當然，你要加倍努力，確保更多的新產品在你能產生影響的領域推出。你不想花太多時間擔心，所以你把資源從頂級診斷轉移到諸如——從某些東西——其中一些有時已經在籌備中，或者像史詩工具存儲盒或任何非常昂貴的東西，你試圖達到那個最佳點，並將大部分——大部分開發和推廣資源投入到這些領域。

So we continue to do that. And particularly when we see this, because what happened in the quarter was the program seemed to work. The other stuff did. So the general level dropped because of uncertainty. So we think we can hit, it's just a matter. That's why I say that stuff overran us.

因此我們將繼續這樣做。特別是當我們看到這一點時，因為本季發生的事情表明該計劃似乎發揮了作用。其他東西也一樣。因此，整體水準因不確定性而下降。所以我們認為我們可以成功，這只是個問題。這就是為什麼我說那些東西已經佔領我們了。

You can think about this. That program is successful, the other products, sort of the underlying base dropped in this quarter beyond where it had been before. And so what we'll try to do going forward is focus on those in terms of product. Then in terms of -- we've got some ideas around getting to the customers, we're constantly evolving the idea of social media and putting out a little shorter videos, kind of a version of TikTok, a Snap-on network. We're trying to do that, that tends to work for us, but we might have done that anyway. I'm not sure, Luke. But I mean that's where we would allocate some resorts.

你可以考慮一下這個問題。該計劃是成功的，其他產品，某種程度上本季的基礎銷量下降幅度超過了之前的水平。因此，我們接下來要做的就是在產品方面專注於這些問題。然後就我們接觸客戶的一些想法而言，我們不斷發展社交媒體的理念，並推出一些較短的視頻，有點像 TikTok 或 Snap-on 網絡的一個版本。我們正在嘗試這樣做，這對我們很有幫助，但我們可能無論如何都會這樣做。我不確定，盧克。但我的意思是我們會在那裡分配一些度假村。

Got it. You've talked a lot about the tech condition side in terms of sentiment and just how they're reacting to the environment, what about franchisees and the folks that you're spending time on? I guess I'm thinking especially things like cushion and how they might be thinking about working capital and their businesses, be it inventory, their payables, extended credit, those sorts of things?

知道了。您已經從情緒和他們對環境的反應等方面談了很多關於技術狀況方面的問題，那麼特許經營商和您花時間服務的人又如何呢？我想我特別考慮的是緩衝之類的事情，以及他們如何考慮營運資金和他們的業務，無論是庫存、應付款項、延期信貸，還是諸如此類的事情？

Yeah. Look, I think well, it's down, but it's not bad compared to pre-pandemic levels. So -- and they're the same franchisees. So I don't think we quite have -- even though this is not something we are cheering about or something like that, it's hardly threatening. It's not enterprise threatening for Snap-on.

是的。聽著，我認為它確實下降了，但與疫情前的水平相比還不錯。所以——他們是同一個特許經營商。所以我認為我們還沒有——儘管這不是我們高興的事情或諸如此類的事情，但它幾乎不構成威脅。這對 Snap-on 的企業來說並不構成威脅。

You can look at the cash flows. I mean, the cash flow is down, but we aren't wringing our hands over. We're trying to figure out where to get cash. We're not going to step back from anything. And most franchisees are in that situation.

您可以查看現金流。我的意思是，現金流下降了，但我們並沒有感到焦慮。我們正在想辦法弄到現金。我們不會在任何事情上退縮。大多數加盟商都處於這種情況。

Now there are some in which the idea is like always, down at the bottom end, they may be threatened in this situation. We try to work with them to make sure they can survive this situation. That's another place where we'd spend time to try to make sure that the terminations, the exiting of the franchisees stay right in the same place.

現在有些人的想法一如既往，處於最底層的人可能會在這種情況下受到威脅。我們盡力與他們合作，以確保他們能夠度過這種情況。我們會花時間確保特許經營商的終止和退出都在同一地點進行。

And more or less, for government work, it has stayed right in the same place. It's just in this environment, it's a little harder to get people to move because everyone who might be a franchisee is, in fact, somewhat confidence impaired in this situation.

而對政府工作來說，它或多或少一直停留在同一個地方。只是在這種環境下，讓人們採取行動有點困難，因為在這種情況下，每個可能的特許經營者實際上都會受到一定程度的信心損害。

Got it. Thanks. I appreciate the comment.

知道了。謝謝。我很感謝你的評論。

Perfect.

完美的。

Patrick Buckley, Jefferies.

派崔克巴克利，傑富瑞集團。

Hey, good morning, guys. Could you talk a little bit more about recent dealer sentiment, I guess, Liberation Day and the auto tariffs are more of a Q2 event. So anything notable to call there to start the quarter?

嘿，大家早安。您能否再多談談最近經銷商的情緒，我想，解放日和汽車關稅更像是第二季的事件。那麼本季開始時有什麼值得注意的事情嗎？

What do you mean by dealers? Do you mean automotive dealers?

經銷商是什麼意思？您指的是汽車經銷商嗎？

Yeah, and just demand for higher --

是的，只是要求更高--

Semi dealers, you mean like semi dealers?

半經銷商，你的意思是像半經銷商嗎？

No, the auto dealers.

不，是汽車經銷商。

Yeah, yeah, like a Chevrolet dealer or BMW dealer?

是的，是的，就像雪佛蘭經銷商或寶馬經銷商一樣？

Yeah, exactly.

是的，確實如此。

Look, I don't think we saw any particular move in that situation. Here's the thing, in our ore, it doesn't really, for sure, make any difference what happens with new cars. Not for sure. In fact, the dealerships make -- you're probably very familiar with this because I think you look at dealers all the time. They make a lot of money on repair and spare parts and use cars.

聽著，我認為在那種情況下我們沒有看到任何特別的舉動。事情是這樣的，在我們這裡，新車的情況其實沒有什麼不同。不確定。事實上，經銷商——你可能對此非常熟悉，因為我認為你一直在關注經銷商。他們透過維修和使用汽車零件賺了很多錢。

They don't make so much money on new car. So if the new cars, if you have tariff problems in the new cars and the auto companies are splitting up blood all over the ID, they got tariffs going back and forth, they can and it doesn't make that much difference, I think, for the dealerships. Now the dealerships moan about not having new cars, but I do remember during the pandemic when they didn't have new cars, there margins were at an all-time high, I think.

他們從新車賺不到那麼多錢。因此，如果新車有關稅問題，而汽車公司在整個 ID 中分崩離析，他們來回徵收關稅，他們可以這樣做，而且我認為這對經銷商來說並沒有太大區別。現在經銷商抱怨沒有新車，但我記得在疫情期間他們沒有新車的時候，他們的利潤率達到了歷史最高水平，我想。

So I don't think being in the back shop, it doesn't affect us so much. And so when I talk to dealerships, they will moan about the worry that, boy, if they can't get cars, they are going to lose some -- and if asymmetrically, they have less cars and say their competition in the area, they may lose the customer bases that they work so hard to build up. There's that kind of thing. But I don't think for the near term, that makes much difference for our business with them. I don't think they pull back.

所以我不認為後面的商店對我們影響太大。因此，當我與經銷商交談時，他們會抱怨擔心，如果他們無法獲得汽車，他們就會失去一些汽車——如果不對稱，他們的汽車數量減少，並且他們在該地區的競爭對手減少，他們可能會失去他們辛苦建立的客戶群。有這種事。但我不認為短期內這會對我們與他們的業務產生太大影響。我認為他們不會退縮。

They might -- some of them do, but some of them actually think in those environments they want to invest and repair more because they're not going to get new cars, so they got to get the cash flow out of repair. So sometimes they want to do that in a situation. So it's unknowable in that situation.

他們可能——有些人確實會這麼做，但有些人實際上認為在那種環境下他們想要投資和進行更多維修，因為他們不會購買新車，所以他們必須從維修中獲得現金流。所以有時他們想在某種情況下這樣做。所以在那種情況下是無法知道的。

I suppose the one caveat to that is, Patrick, is that, to the extent we are commissioned by programs with the OEMs, that could be affected by turbulence with new cars and all this noise with the tariffs. We haven't seen it so far though.

派崔克，我想，對此的一個警告是，就我們受原始設備製造商委託的項目而言，這可能會受到新車動盪和關稅噪音的影響。但目前我們還沒有看到它。

Got it. Helpful. And then I guess looking at the Tools Group, it seems like international segment was a bit higher than US. Could you talk about maybe some of the drivers there and the outlook for the international segment there?

知道了。很有幫助。然後我想看看工具組，似乎國際部分比美國部分高一點。您能否談談那裡的一些驅動因素以及國際市場的前景？

Sure. The international segment isn't worried about any of this stuff. They're not worried that Donald Trump is talking about Greenland and Gaza, the Panama Canal. They're not worried that -- they're really not worried about -- at the grassroots level, at the grassroots level. I don't think they're worried about the idea that they're going to tariff China, 170% or whatever thing or 245%.

當然。國際部分並不擔心這些事情。他們並不擔心唐納德·川普談論格陵蘭、加薩和巴拿馬運河。他們並不擔心——他們真的不擔心——在基層，在基層。我認為他們並不擔心對中國徵收 170% 或 245% 的關稅。

I'm not sure what the number is these days. But I don't think they're so worried about that. And it's kind of proportional to where they sit. So Canada is probably more worried because the tit-for-tat with Trudeau and so on, I think, impacted them some.

我不知道現在的數字是多少。但我不認為他們對此那麼擔心。這與他們的坐姿有點成比例。因此，加拿大可能更加擔心，因為我認為與杜魯道等國的針鋒相對對他們產生了一定影響。

So -- and -- but if you look at Australia, the UK, they're kind of offshore. And so that I don't think we see much of an effect in those places. And I think that's simply because the whole cash-rich confidence poor phenomena has always been from the beginning when we started to see it a US phenomenon.

所以 — — 而且 — — 但如果你看看澳洲、英國，它們有點離岸。因此我認為我們不會在那些地方看到太大的影響。我認為這僅僅是因為從我們開始將其視為美國現像以來，整個現金充裕而信心不足的現象就一直存在。

Great. That's all from us. Thanks guys.

偉大的。我們就講到這裡。謝謝大家。

Okay.

好的。

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。