實耐寶 (SNA) 2025 Q2 法說會逐字稿

Good day and welcome to the Snap-on Incorporated 2025 second-quarter results conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Ms. Sara Verbsky, Vice President of Investor Relations. Please go ahead, ma'am.

大家好，歡迎參加 Snap-on Incorporated 2025 年第二季業績電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給投資者關係副總裁 Sara Verbsky 女士。請繼續，女士。

Thank you, Chuck, and good morning, everyone. We appreciate you joining us today as we review Snap-on's second quarter results, which are detailed in our press release issued earlier this morning.

謝謝你，查克，大家早安。感謝您今天加入我們，我們將回顧 Snap-on 的第二季業績，詳情請參閱我們今天早上發布的新聞稿。

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.

我們與 Snap-on 的執行長 Nick Pinchuk 和財務長 Aldo Pagliari 進行了電話交談。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 Investor Section. These slides will be archived on our website along with the 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。這些幻燈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 的投資者部分下訪問。這些幻燈片將與今天的電話會議記錄一起存檔在我們的網站上。

Any statements made during this call relative to management's expectations, estimates, or beliefs or that otherwise discuss management or the company's outlook, plans, or projections are forward-looking statements, and actual results may differ materially from those made in such statements. Additional information and the factors that could cause our results to differ materially from those in the forward-looking statements are contained in our SEC filings.

本次電話會議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。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。

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.

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. Morning, everybody. As usual, I'll start the call by covering the highlights from our second quarter.

謝謝，薩拉。大家早安。像往常一樣，我將首先介紹我們第二季度的亮點。

And I'll tell you right now, we're encouraged by the results; resilience and balance against an environment that's been quite turbulent. It's like one long mad minute where the commercial ground keeps shifting. But with the resilience of our markets, the balance of our portfolio, our advantages, and products, and brand, and people, we navigated the roller coaster and exited the quarter stronger than when we answered. So that's my view.

我現在就告訴你們，我們對結果感到鼓舞；在相當動盪的環境下，我們展現了韌性和平衡感。這就像是漫長而瘋狂的一分鐘，商業基礎不斷改變。但憑藉我們市場的韌性、產品組合的平衡、我們的優勢、產品、品牌和人才，我們順利度過了這段過山車時期，並在本季度結束時表現得比當時更加強勁。這就是我的觀點。

And as we proceed today, I'll fill you in with more color on our financial results, on our markets, the current environment, the progress we made, and I'll give you another take on what I think it all means. Then Aldo will move to a more detailed review of the financials.

今天，我將向大家詳細介紹我們的財務表現、市場狀況、當前環境、我們所取得的進展，並提供大家我認為這一切意味著什麼的另一種看法。然後，阿爾多將對財務狀況進行更詳細的審查。

Let's talk about the results. Our sales of $1,179.4 million as reported, were flat to last year, including $8.6 million in favorable foreign currency translation. Organic sales were down -- organic sales were down 0.7%, and they were mixed, but overall balanced.

讓我們來談談結果。據報道，我們的銷售額為 11.794 億美元，與去年持平，其中包括 860 萬美元的有利外幣折算。有機銷售額下降－有機銷售額下降 0.7%，情況有好有壞，但總體上是平衡的。

OpCo Operating income for the quarter was $259.1 million, 7.6% below last year, which included $11.2 million from the non-recurring 2024 legal win. OI margin was 22.0%, lower by 180 basis points versus last year, which included a higher basis points from that legal matter.

OpCo 本季營業收入為 2.591 億美元，比去年低 7.6%，其中包括來自 2024 年非經常性法律勝利的 1,120 萬美元。OI利潤率為22.0%，較去年同期下降180個基點，其中包括此法律問題帶來的較高基點。

Notably, the gross margin was 50.5%, 10 basis points behind last year, reflecting continued resilience. Rapid continuous improvement balanced 50 basis points of unfavorable currency transactions. In fact, our OpCo OI GAAP primarily represented our ongoing investment in maintaining and strengthening our advantages of product and brand and people, believing as we did in the pandemic, that it's best to emerge from the disruption at full strength. And we believe we're on course to do just that.

值得注意的是，毛利率為 50.5%，比去年同期低 10 個基點，反映出持續的韌性。快速持續的改善平衡了50個基點的不利貨幣交易。事實上，我們的 OpCo OI GAAP 主要代表了我們在維護和加強產品、品牌和人員優勢方面的持續投資，正如我們在疫情期間所做的那樣，我們相信最好能夠全力以赴擺脫困境。我們相信我們正朝著這個目標前進。

For financial services, operating earnings of $68.2 million were down 2.8% from last year's $70.2 million. And combined with the OpCo results, the overall OI margin for the quarter was 25.5%, which compared to the 27.4% recorded last year, which included the legal benefits, this time, was 90 basis points.

金融服務業務的營業利潤為 6,820 萬美元，較去年同期的 7,020 萬美元下降 2.8%。結合 OpCo 的業績，本季的整體 OI 利潤率為 25.5%，而去年同期為 27.4%，其中包括法律福利，這次為 90 個基點。

EPS for the quarter was $4.72, $0.35 below last year. $0.16 from last year's legal payment was included in the '24 number, and this year's level included $0.09 impact from higher pension amortization costs. In other words, there were $0.25 a headwinds in the year over year comparison of EPS.

本季每股收益為 4.72 美元，比去年低 0.35 美元。 24 財年的數據中包含了去年法定付款的 0.16 美元，而今年的水平則包括了退休金攤銷成本增加的 0.09 美元的影響。換句話說，與去年同期相比，每股盈餘存在 0.25 美元的不利因素。

So now let's speak about the market. So those are results but now let's speak about the market. We believe the Automotive Repair environment continues to be favorable. We did see mix but improved results with the technicians.

現在我們來談談市場。這些就是結果，但現在讓我們來談談市場。我們相信汽車維修環境持續向好。我們確實看到了技術人員的混合但改進的結果。

The Tools Group was up low single digits in the US network while the international [vans] were flat. And from what we're hearing directly from the franchisees and the techs, from the grassroots, I believe the Vehicle Repair emphatically remains a very favorable place to operate, and the industry metrics continue to confirm that view. Miles driven, average vehicle age, household spend on repairs, tech town and tech wages, they're all up.

工具集團在美國網路中的銷售量呈現個位數低成長，而國際[貨車]銷售持平。從我們直接從加盟商和技術人員以及基層聽到的消息來看，我相信汽車修理業仍然是一個非常有利的經營場所，行業指標繼續證實了這一觀點。行駛里程、車輛平均年齡、家庭維修支出、科技城鎮和技術工資都在上漲。

Now the macro environment is still turbulent. But the tech uncertainty has stabilized. And having said that, it remains significant. And all that, however, the Tools Group pivot does appear to be gaining traction in overcoming the ends.

現在宏觀環境依然動盪。但技術不確定性已經穩定下來。話雖如此，它仍然意義重大。儘管如此，工具集團的轉型似乎確實在克服困難方面取得了進展。

You can see it in our second quarter results. We like the way the numbers are moving. It's a positive sign.

您可以在我們的第二季業績中看到這一點。我們喜歡數字的變化方式。這是一個正面的信號。

On the other side of the Auto Repair where repair systems and information in the RS&I Group is displaying encouraging progress, expanding Snap-on's presence with repair shop owners and managers with particular strength in OEM dealerships. Things are looking okay.

在汽車修理的另一方面，RS&I 集團的修理系統和資訊正在顯示出令人鼓舞的進展，擴大了 Snap-on 在修理店老闆和經理中的影響力，尤其是在 OEM 經銷商中。一切看起來都還好。

Upgrading facilities and the -- the OEM dealerships upgraded facilities and equipment to match the growing complexity of the new models. Now, there are pockets of hesitation on garage projects. With some independent shops thinking that delay in the turbulence is the right move.

升級設施和—OEM 經銷商升級了設施和設備，以適應新車型日益複雜的情況。現在，人們對車庫專案有些猶豫。一些獨立商店認為，延緩動盪是正確的舉措。

But in general, the shops know that deeper complexity is rolling and the challenges are coming and they must be ready. So in general, the segment remains strong and you can see it all over the RS&I results and for critical industries.

但總的來說，商店知道更深層的複雜性正在湧現，挑戰即將到來，他們必須做好準備。因此，總體而言，該領域依然保持強勁，您可以從 RS&I 結果和關鍵行業中看到這一點。

Now, here, we saw uncertainty and hesitation early in the period. Liberation Day and the weeks that followed created a lot of windage in project planning and execution. Many businesses adopted a wait-and-see approach, waiting to let the trade program develop before pulling the trigger, and we did see postponements.

現在，我們在這段時期的早期就看到了不確定性和猶豫。解放日以及隨後的幾週給專案規劃和執行帶來了很多阻礙。許多企業採取了觀望態度，等待貿易計畫發展後再採取行動，我們確實看到了延遲的情況。

As the quarter progressed, however, the initial shock gave way to what I would call accommodation. Project flow came back, and a lot of work has grown. So the critical industries built momentum through the quarter and they remain a very attractive place to operate, despite what we believe may have been a shock blip in the quarter.

然而，隨著本季的進展，最初的衝擊逐漸被我所說的適應所取代。專案流程又回來了，很多工作也增加了。因此，儘管我們認為本季可能出現了一些令人震驚的波動，但關鍵產業在本季仍保持了強勁發展勢頭，仍然是非常有吸引力的經營場所。

So overall, I describe our markets as continuing to offer opportunities that we believe display momentum. Challenges do exist. There are headwinds, but we're confident with our advantages and strengthening product lines that solve critical tasks.

因此，總體而言，我認為我們的市場將繼續提供我們認為顯示出強勁勢頭的機會。挑戰確實存在。儘管存在阻力，但我們對自己的優勢以及解決關鍵任務的強化產品線充滿信心。

In our extraordinary brand that marks the serious, the critical, and the professional; and our very experienced team that's capable, committed, and battle tested, we'll prevail against the difficulties and continue moving positively.

我們擁有代表嚴肅、批判和專業的非凡品牌；我們擁有一支經驗豐富、能力強、忠誠且久經考驗的團隊，我們將克服困難，繼續積極前進。

So now let's move to the segment. The Commercial and Industrial Group was the place most impacted by the shock early in the quarter. It has the largest international presence and it's critical division has a substantial slice of project business.

現在讓我們進入正題。商業和工業集團是本季初受衝擊最嚴重的地方。該公司擁有最大的國際影響力，其關鍵部門擁有相當大的專案業務份額。

So the group's second quarter, as reported, volume decreased 6.5%, including $4.5 million in favor of foreign currency translation and an organic sales decline of 7.6%. C&I's operating income was $46.9 million, below 2024 levels by $15.3 million. Operating margin was 13.5%, down 320 basis points.

據報道，該集團第二季度的銷量下降了 6.5%，其中包括 450 萬美元的外幣折算損失和 7.6% 的有機銷售額下降。C&I 的營業收入為 4,690 萬美元，比 2024 年的水準低 1,530 萬美元。營業利益率為13.5%，下降320個基點。

But we did see upward motion as the quarter progressed, as the customers accommodated to the environment. So we're confident in -- committed to extending in the critical industries, and we'll keep strengthening our position with C&I as we move forward, observing the task, using the insights created to create products that make work easier.

但隨著本季的進展，隨著客戶適應環境，我們確實看到了上升趨勢。因此，我們有信心——致力於在關鍵行業中擴張，並且我們將在前進的過程中不斷加強我們在 C&I 中的地位，觀察任務，利用產生的見解來創造使工作更輕鬆的產品。

A great example is the next generation -- our next generation of -- the next generation 1/4 inch 14.4 volts cordless ratchets, increased power and speed, [44] pounds of torque for breaking loose stubborn fasteners. And once freed, the tool's 400 RPMs kick in and the fasteners fly off.

一個很好的例子是下一代——我們的下一代——下一代 1/4 英寸 14.4 伏無線棘輪扳手，功率和速度都得到了增強，[44] 磅的扭矩可以鬆開頑固的緊固件。一旦鬆開，工具的 400 RPM 轉速就會啟動，緊固件就會飛出。

It's a real time saver. Emerging North Carolina plant just released two models, the CTRA 25, offering a compact frame; and a CTRA 27 with an extended neck. Two tools to maximize efficiency when techs are working in hard to reach out of the way applications.

這確實節省時間。新興的北卡羅來納工廠剛剛發布了兩款型號，CTRA 25，提供緊湊的框架；以及帶有加長頸部的 CTRA 27。當技術人員在難以觸及的應用程式中工作時，這兩種工具可以最大限度地提高效率。

And there are other great features of the tools. The brushless motors provide improved durability and longer run time. The variable speed trigger gives the tech more control, preventing in this situation that over tightening that can damage components. And a ring of fire creates a 360 degrees of daylight beaming from six LEDs generating 27 lumens, illuminating even a cavernous workplace. All of this serving to make work much easier.

該工具還有其他出色的功能。無刷馬達具有更高的耐用性和更長的運行時間。變速扳機為技術人員提供了更多的控制，防止在這種情況下過度擰緊而損壞組件。火環可形成 360 度日光，由六個 LED 發出 27 流明的光束，甚至照亮寬敞的工作場所。所有這些都使工作變得更加輕鬆。

The CTRA 25 and 27 compact frame and long neck designs, techs love them. They know they need both of them. And based on a strong recession, it's now clear that they're destined for $1 million hit product list.

CTRA 25 和 27 緊湊型框架和長頸設計深受技術人員的喜愛。他們知道他們需要這兩者。並且基於嚴重的經濟衰退，現在很明顯，他們注定會進入 100 萬美元的熱門產品名單。

Now, especially torque business remains red hot. It actually had a strong core. Part of the reason is our lineup continues to expand, moving to meet the increasing and complex challenges of essential bolting and tensioning.

現在，尤其是扭矩業務仍然炙手可熱。它實際上有一個強大的核心。部分原因是我們的產品線不斷擴大，以應對基本螺栓連接和張緊日益複雜化的挑戰。

And recently, we introduced the new CTM 550 unit. So it joined our growing array of cordless torque multipliers. This tool is 66% lighter and 20% smaller than it's big brother, the 1-inch CTM 800. And it delivers -- effortlessly delivers torque all the way from [160-foot pounds] to [550-foot pounds]. It's ideal for tackling a range of tasks and a growing number of heavy-duty applications that require precise torque.

最近，我們推出了新的 CTM 550 單元。因此它加入了我們不斷增長的無線扭力倍增器系列。該工具比其大哥 1 英寸 CTM 800 輕 66%，小 20%。它能夠毫不費力地將扭矩從 [160 英尺磅] 輸送到[550 英尺磅]。它非常適合處理一系列任務和越來越多的需要精確扭矩的重型應用。

The new tool enables much greater efficiency and comfort. It replaces -- and it replaces the commonly used impact gun and torque wrench combinations with a single tool, eliminating several cumbersome steps; providing a much safer and more ergonomic path to repair.

新工具可實現更高的效率和舒適度。它用單一工具取代了常用的衝擊槍和扭矩扳手組合，省去了幾個繁瑣的步驟；提供了更安全、更符合人體工學的維修方法。

It's a design that combines the efficiency of our extraordinary [north] of our gear designs, with the blushless motors of our power tools operation to make problem torque, to make precision torque at high outputs a breeze. And the unique snap on advanced cooling system, no pun intended, means extended use and increased durability.

該設計將我們非凡的齒輪設計效率與電動工具操作的無刷馬達相結合，使問題扭矩和高輸出下的精確扭矩變得輕而易舉。獨特的先進冷卻系統（並非雙關語）意味著更長的使用壽命和更高的耐用性。

The CTM also has multiple connection options enabling the accuracy of the procedure to be documented and reviewed, ensuring that the job was done correctly, and that bus or semi-truck or bulldozer or operate as designed and safely and without failure. Our CTM 550, sophisticated, powerful, versatile, with the durability to tackle the harshest environments, servicing the needs of the critical.

CTM 還具有多種連接選項，可記錄和審查程序的準確性，確保工作正確完成，並確保巴士、半掛卡車或推土機按照設計安全無故障地運行。我們的 CTM 550 精密、強大、多功能，具有應對最惡劣環境的耐用性，可滿足關鍵需求。

And as you might imagine, it's been well received. Well, that's C&I absorbing the shock, moving forward, delivering solutions that make critical work easier, safer, and more productive.

正如您可能想像的那樣，它受到了熱烈歡迎。嗯，這就是 C&I 吸收衝擊、繼續前進、提供使關鍵工作更輕鬆、更安全、更有效率的解決方案。

Now on to the Tools Group. Organic sales were up 1.6% with a low single-digit improvement in the US and the international network flat to last year. The operating income, it was $116.7 million, and that compares with $114.8 million in 2024, with an operating margin of 23.8%, flat to last year, but still one of the group's top margin levels ever achieved against the wind.

現在轉到工具組。有機銷售額成長 1.6%，其中美國銷售額成長較低（個位數），國際網路銷售額與去年持平。營業收入為 1.167 億美元，而 2024 年為 1.148 億美元，營業利潤率為 23.8%，與去年持平，但仍是該集團在逆境中取得的最高利潤水平之一。

As I said, technicians are still cash rich but confidence poor, and they're still hesitant to tie themselves to long-term obligations. Originations were down 4.9%. Sales of items like large storage boxes decreased in the quarter, but our connection with grassroots customers indicate that the uncertainty is stabilized.

正如我所說，技術人員仍然資金充裕，但信心不足，他們仍然不願意承擔長期義務。發起量下降了 4.9%。大型儲物箱等物品的銷量在本季度有所下降，但我們與基層客戶的聯繫表明，不確定性已經穩定下來。

And over the period, the Tools grew pivot to faster payback items gained traction against the continuing wars, the rapid-fire announcements in the Capitol, and the threats of inflation. All through the quarter, we kept working; shift in production, refocusing marketing and promotional campaigns, and most important of all, introducing innovative new products that make an immediate impact, offerings that created a short-term payback.

在此期間，工具逐漸轉向更快的回報項目，以應對持續的戰爭、國會大廈的快速聲明以及通貨膨脹的威脅。整個季度，我們一直在努力；轉變生產方式，重新調整行銷和促銷活動，最重要的是推出能夠立即產生影響的創新新產品，提供能夠帶來短期回報的產品。

So for tech servicing growing -- servicing vehicles of growing complexity access is big. They need help reaching, squeezing, contorting their way into compact areas trying to make repairs without dismantling things like parts -- like components like fenders or grills or dashboards.

因此，對於技術服務而言，服務日益複雜的車輛的管道非常重要。他們需要幫助才能到達、擠進、扭動進入狹窄的區域，試圖在不拆卸零件（如擋泥板、格柵或儀表板等部件）的情況下進行維修。

Every day, we're there in the garage observing these tasks, developing the solutions that make the work easier and more profitable. It's Snap-on's principal value-creating mechanism well in the -- during the quarter, the Tools Group launched a number of new products, each delivering unparalleled access and matching the customer's preference for faster paybacks.

每天，我們都在車庫裡觀察這些任務，開發出讓工作更輕鬆、更有利可圖的解決方案。這是 Snap-on 的主要價值創造機制——在本季度，工具集團推出了許多新產品，每種產品都提供了無與倫比的存取體驗，並滿足了客戶對更快回報的偏好。

One is the SGA S102, a two-piece radiator pick set. Each unit is seven inches from handle to the tip and offers a unique design. One is hooked shape, ideal for pulling hoses away. And the other is straight, perfect for pushing the coolant lines free.

一個是 SGA S102，一套兩件式散熱器撬棒。每個部件從手柄到尖端長七英寸，具有獨特的設計。一種是鉤形，非常適合拉開軟管。另一根是直的，非常適合推動冷卻液管線。

The complete set is built in our Elkmont, Alabama facility. And it might seem trivial but I assure you, modern vehicle engine bays are jam packed. Hoses are no longer out in the open. And now, even basic repairs more often than not requires require removing fan shrouds or a range of other parts.

整套設備均在我們位於阿拉巴馬州埃爾克蒙特的工廠生產。這看起來可能微不足道，但我向你保證，現代車輛的引擎室擠滿了東西。軟管不再暴露在外。現在，即使是基本的維修也常常需要拆除風扇罩或一系列其他部件。

But with these tools, a tech can extract the hose with ease. Conventional setups have similar geometries, but they require much more space to function. Our new techs get great access, and they do save a lot of time and the techs have noticed.

但有了這些工具，技術人員就可以輕鬆地拔出軟管。傳統裝置具有類似的幾何形狀，但它們需要更多的空間才能發揮作用。我們的新技術獲得了極大的便利，他們確實節省了大量的時間，技術人員也注意到了這一點。

Another quick payback is our FKC72, a three-inch drive, stubby length, hand ratchet in our Elizabethton and Tennessee plant. It's our smallest three agent inch ratchet ever. I mean, it's tiny. About the length of your pinky. And there are a lot of narrow passages in the car. Well this stuff you can go wherever your fingers can reach.

另一個快速回報是我們的 FKC72，這是一款位於伊麗莎白頓和田納西工廠的三英寸驅動器、短粗長度的手動棘輪。這是我們迄今為止最小的三英寸棘輪扳手。我的意思是，它很小。大約和你的小指一樣長。而且車內有很多狹窄的通道。嗯，你可以把這個東西帶到手指夠得著的地方。

But even though it's small, it offers great strength courtesy of Snap-on's unique dual pole system, and the 72-tooth design enables a five-degree swing arch, another access enabler. And the sealed head increases reliability, keeping the debris that can mop up the works from entering the gear mechanism. It's another Snap-on must have for serious checks, and it helps drive the pivot in the quarter.

但儘管它很小，卻因 Snap-on 獨特的雙桿系統而具有強大的強度，並且 72 齒設計可實現五度擺動拱，這是另一種實現通道的手段。密封的頭部提高了可靠性，防止了可能影響工作的碎片進入齒輪機構。這是 Snap-on 進行嚴肅檢查時必須具備的另一項功能，它有助於推動本季的轉型。

Perhaps best of all, just released, the redesigned 15-inch extra-long needle-nose plier set. Cold forest at our Milwaukee plant. Now that's a process that's difficult to master. But if you get it right, and Milwaukee is one of the few who can, it results in greater strength and delivers tighter tolerances without additional and more costly machining.

也許最好的是剛剛發布的重新設計的 15 英寸超長尖嘴鉗套裝。我們密爾瓦基工廠的寒冷森林。這是一個很難掌握的過程。但如果你做對了，密爾瓦基是少數能夠做到這一點的公司之一，它可以帶來更大的強度並提供更嚴格的公差，而無需額外和更昂貴的加工。

The long plier neck reaches through restricted openings, creating access. And the cold forging process and the associated shaft strength enabled 85% more gripping power than other models. And that makes this tool a real time saver. I mean, if you drop a part in a recessed area, no need to disassemble the workpiece. These units will navigate through the confined space and they'll grab the lost component without letting go, making sure of a quick -- making sure and quick retrieval. That's a great and significant advantage.

長鉗頸可穿過受限的開口，從而形成通道。冷鍛製程和相關的軸強度使其抓握力比其他型號高出 85%。這使得該工具真正節省時間。我的意思是，如果您將零件掉落在凹陷區域，則無需拆卸工件。這些裝置將在狹窄的空間內導航，並抓住丟失的部件而不會鬆手，確保快速檢索。這是一個巨大而顯著的優勢。

Each of these new products make work easier and repairs faster. And all three have already achieved what we call our $1 million hit product status. And meeting the tech -- in the last quarter, we talked about this, about the bottom end of the bigger ticket items.

每一款新產品都讓工作變得更容易、更維修。這三款產品都已達到我們所說的 100 萬美元暢銷產品的地位。上個季度，我們討論了有關技術的問題，有關大件商品的底端問題。

After meeting the tech -- and meeting the tech's preference for faster payback tool storage, our plant in Algona, Iowa released a special offering of our entry-level KRA2422 classic series roll tab. Boxes 55 inches wide, built from one piece welded body, which is -- with reinforced corners and a 14-gauge steel bottom panel that supports a payload of 2,400 pounds over a ton of tools.

在滿足技術人員的需求並滿足技術人員對更快回報工具儲存的偏好後，我們位於愛荷華州阿爾戈納的工廠推出了入門級 KRA2422 經典系列捲片的特別產品。箱子寬 55 英寸，由一體式焊接機身製成，帶有加固的邊角和 14 號鋼底板，可支撐 2,400 磅的有效載荷，裝載一噸以上的工具。

It's ideal for organizing a tech investment with two drawers spanning 50 inches wide, one five-inch deep for deep sockets, and a three-inch drawer for storing long ply bars and extensions. The box is functional, rugged, and it's relatively economical.

它非常適合整理技術投資，有兩個抽屜，寬度為 50 英寸，一個抽屜深 5 英寸，用於存放深插座，還有一個 3 英寸的抽屜，用於存放長膠合板和延長桿。盒子功能齊全、堅固耐用，而且相對經濟。

But we'll get your attention in this -- is the array of eye pop and two-tone paint schemes. One, a black case with extreme green doors and black trim is my personal favorite. I can tell you, it is bright. Any tech would stand out with this beaming box in this space. Series just came out and it's already had significant demand.

但我們會吸引您的注意—這是一系列引人注目的雙色塗裝方案。其中一個是黑色的機箱，配有極綠色的門和黑色的裝飾，是我個人最喜歡的。我可以告訴你，它很明亮。在這個空間中，任何技術都會因這個光束盒而脫穎而出。該系列剛推出，就已經獲得了大量需求。

So that's the Tools Group. Pivoting. Gaining uncertainty. Back to growth. Exiting the quarter with momentum. And great American-made products were the big drivers.

這就是工具組。旋轉。不確定性增加。恢復增長。本季結束時勢頭強勁。而優質的美國製造產品是主要推動力。

Now RS&I. Sales in the second quarter of $468.6 million with an organic gain of 2.3%, a high single-digit advancement in diagnostic information and strong double-digit improvements in our OEM businesses. Operating earnings for RS&I were $119.8 million, up $6.2 million or 5.5%, and the operating margin of 25.6% was 60 basis points better than 2024.

現在是 RS&I。第二季銷售額為 4.686 億美元，有機成長率為 2.3%，診斷資訊業務實現高個位數成長，OEM 業務實現強勁的兩位數成長。RS&I 的營業利潤為 1.198 億美元，成長 620 萬美元，成長 5.5%，營業利潤率為 25.6%，比 2024 年高出 60 個基點。

Now just a little fun fact, the OI margin for RS&I have increased year over year for 12 of the last 13 quarters, six straight. That's the rise of the software and the power of RS&I. Boom shakalaka!

現在講一個小趣聞，RS&I 的 OI 利潤率在過去 13 個季度中連續 12 個季度同比增長，即連續 6 個季度。這就是軟體的崛起和 RS&I 的力量。轟隆轟隆！沙卡拉卡！

RS&I shines through the turbulence, leveraging our customer connection and launching innovative products. One example is the home of TRITON. Born in our San Jose facility, positioned in the middle of our intelligent diagnostics offering. TRITON provides a wireless connection between the car and the handout.

RS&I 在動盪中脫穎而出，利用我們的客戶關係推出創新產品。TRITON 的所在地就是一個例子。誕生於我們的聖荷西工廠，位於我們的智慧診斷產品中心。TRITON 為汽車和講義之間提供了無線連接。

Techs can move freely around the bay, under the car inspecting, troubleshooting and testing without restraint. And this is important, it does that without losing the lightning speed that's the hallmark of our wired units.

技術人員可以在車間內、車底自由移動，不受限制地進行檢查、故障排除和測試。這一點很重要，它實現了這一點，同時又不失去我們有線設備標誌性的閃電般的速度。

And TRITON's two-channel scope now provides zoom capability, and this is crucial. When a wane form glitches happen in a blink of an eye, and they often do, they're hard to catch on a standard unit. So TRITON customers can now record, play back the test, magnify the patterns, zero in on the abnormally, and identify intermittent problems.

TRITON 的雙通道示波器現在提供縮放功能，這一點至關重要。當一個故障在眨眼間發生時（這種情況經常發生），它們很難在標準單元上被發現。因此，TRITON 客戶現在可以記錄、回放測試、放大模式、集中精力解決異常問題並識別間歇性問題。

It's flexibility, speed, zoom capability, eight-hour battery life for extended use, and 4 times the memory, handling more procedures and data than ever. The launch easily exceeded prior releases as you might expect. This gangbuster's platform is powerful in tech hands and it's a clear winner in the shops.

它具有靈活性、速度、縮放功能、可延長使用的八小時電池壽命以及四倍的內存，可以處理比以往更多的程式和資料。正如您所預料的，這次發布會輕鬆超越了先前的發布會。這個轟動一時的平台在技術人員手中非常強大，在商店中顯然是一個贏家。

RS&I is our role; great diagnostic units; powerful databases; Mitchell ProDemand repair information; the proprietary power of intelligent diagnostics; effective shop management systems; continuing upward progress driven by great hardware, significant advantage of the software, and a dedication to RCI. We're going to keep driving and expand our position with repair shop owners and managers, offering more new products developed by our value creation process, and we're confident it's a winning formula.

RS&I 是我們的職責；出色的診斷裝置；強大的資料庫；Mitchell ProDemand 維修資訊；智慧診斷的專有能力；有效的車間管理系統；由出色的硬體、顯著的軟體優勢和對 RCI 的奉獻精神推動的持續向上進步。我們將繼續推動並擴大我們在修理店老闆和經理中的地位，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 second quarter. Marked by both challenge and advancement, C&I down impacted by the shock of Liberation Day and a bout of wait-and-see. But some recovery is underway as a combination develops.

嗯，這是我們的第二季。工商產業既面臨挑戰，又有進步，但受到解放日衝擊和一段時間的觀望情緒影響。但隨著組合的發展，一些復甦正在進行中。

The Tools Group, the pivot to quicker paybacks gaining traction, sales up 1.6% organically. OI margin 23.8% flat to last year but representing the third highest in the group's history against the winds.

工具集團以更快的回報為重點，銷售額有機成長 1.6%。OI利潤率為23.8%，與去年持平，但創下了集團史上逆風航行的第三高水準。

And RS&I, sales up 2.2%. OI margin at 25.6%, up 60 basis points, software rising and RCI delivering again. It all came together for overall sales of $1,179.4 million flat gross margins, 50.5%, down 10 basis points. Unfavorable currency transaction and the impact of value volatile trade policy balanced by RCI.

RS&I 的銷售額成長了 2.2%。OI 利潤率為 25.6%，上漲 60 個基點，軟體上漲，RCI 再次交付。所有這些加起來，總銷售額為 11.794 億美元，毛利率持平，為 50.5%，下降了 10 個基點。RCI 平衡了不利的貨幣交易和價值波動的貿易政策的影響。

And OI margins of 22%, down 80 basis points, adjusting for last year's legal benefit. Primarily reflecting the conviction to keep investing in products and brands and people. Results demonstrating operational strength all achieved in difficult conditions. It was an encouraging quarter.

OI利潤率為22%，根據去年的法定收益進行調整，下降了80個基點。主要體現了繼續投資於產品、品牌和人才的信念。結果表明，所有作戰實力都是在困難條件下取得的。這是一個令人鼓舞的季度。

Now, turn the call over to Aldo. Aldo?

現在，將電話轉給阿爾多。阿爾多？

Thanks, Nick. Our consolidated operating results in the second quarter are summarized on slide 6. Net sales of $1,179.4 million in the quarter were unchanged from last year, reflecting an $8.6 million organic sales decline that was offset by favorable foreign currency translation.

謝謝，尼克。投影片 6 總結了第二季的綜合經營業績。本季淨銷售額為 11.794 億美元，與去年同期持平，反映出 860 萬美元的有機銷售額下降，但被有利的外幣折算所抵消。

Sales in our Automotive Repair markets were up with gains both in our franchise van channel and in activity with OEM dealership and independent repair shop owners and managers. Within the Industrial Sector or our C&I group, sales were down year over year, reflecting the economic and geopolitical uncertainty that occurred throughout the period. Consolidated gross margin of 50.5% compared to 50.6% last year and included 50 basis points of unfavorable foreign currency effects, partially offset by benefits from the company's RCI initiatives.

我們的汽車維修市場的銷售額有所上升，我們的特許貨車通路以及與 OEM 經銷商和獨立維修店老闆和經理的活動均有所增長。在工業部門或我們的商業與工業集團內，銷售額同比下降，反映了整個時期發生的經濟和地緣政治不確定性。綜合毛利率為 50.5%，而去年為 50.6%，其中包括 50 個基點的不利外匯影響，但部分被公司 RCI 計劃帶來的好處所抵消。

While Snap-on is relatively advantaged in the current tariff environment, generally manufacturing products in the markets where they are sold, our cost can be affected by trade policies. In the quarter, we mitigated the effects of incremental tariffs, managing material and other costs so that there was no meaningful impact on gross margins.

雖然 Snap-on 在當前關稅環境下相對具有優勢，通常在產品銷售的市場生產產品，但我們的成本可能會受到貿易政策的影響。本季度，我們減輕了增量關稅的影響，管理了材料和其他成本，因此對毛利率沒有重大影響。

With respect to the unfavorable foreign currency effects in the quarter, much of this was due to transaction impacts of the year over year strengthening of the Swedish kroner versus the euro and the US dollar, as we have factories in Sweden serving both the C&I and RS&I groups. In C&I, we manufacture cutting tools for our European and emerging markets, while in the RS&I, our car liner facility produces collision products that are sold globally.

至於本季不利的外匯影響，很大程度上是由於瑞典克朗兌歐元和美元同比走強對交易的影響，因為我們在瑞典設有工廠，同時為 C&I 和 RS&I 集團提供服務。在 C&I，我們為歐洲和新興市場生產切削工具，而在 RS&I，我們的汽車內襯工廠生產銷往全球的碰撞產品。

Operating expenses as a percentage of net sales rose 170 basis points to 28.5% from 26.8% in 2024, mostly due to a non-recurring benefit of $11.2 million from legal payments received last year and increased personnel and other costs, including ongoing brand investments. Operating earnings before financial services of $259.1 million in the quarter compared to $280.3 million in 2024.

營業費用佔淨銷售額的百分比從 2024 年的 26.8% 上升 170 個基點至 28.5%，主要原因是去年收到的法律付款產生了 1,120 萬美元的非經常性收益，以及人員和其他成本的增加，包括持續的品牌投資。本季金融服務前營業利潤為 2.591 億美元，而 2024 年為 2.803 億美元。

As a percentage of net sales, operating margin before financial services of 22% compared to 23.8% reported last year, which included a benefit of 100 basis points from the legal payments. Financial Services revenue of $101.7 million in the second quarter compared to $100.5 million last year, while operating earnings of $68.2 million compared to $70.2 million in 2024. Consolidated operating earnings of $327.3 million compared to $350.5 million last year.

以淨銷售額的百分比計算，金融服務前的營業利潤率為 22%，而去年同期為 23.8%，其中包括來自法律付款的 100 個基點的收益。第二季金融服務收入為 1.017 億美元，而去年同期為 1.005 億美元；營業利潤為 6,820 萬美元，而 2024 年同期為 7,020 萬美元。綜合營業利潤為 3.273 億美元，去年同期為 3.505 億美元。

As a percentage of revenues, the operating earnings margin of 25.5% compared to 27.4% in 2024, again, including a benefit from the legal payments. Our second quarter effective income tax rate was 22.5% in 2025 and 22.6% in 2024.

以收入百分比計算，營業利益率為 25.5%，而 2024 年為 27.4%，同樣包括法律支付的收益。我們第二季的有效所得稅率在 2025 年為 22.5%，在 2024 年為 22.6%。

Net earnings of $250.3 million compared to $271.2 million in 2024. And net earnings per diluted share $4.72 in the quarter compared to $5.07 per diluted share last year. When comparing the quarters' earnings per share with the second quarter of the prior year, there is $0.25 per share of headwinds on a year-over-year basis.

淨利潤為 2.503 億美元，而 2024 年為 2.712 億美元。本季每股攤薄淨收益為 4.72 美元，而去年每股攤薄淨收益為 5.07 美元。與去年同期第二季相比，本季每股收益年減 0.25 美元。

In the second quarter of 2025, the looted earnings per share included approximately $0.09 per share of increased year-over-year non-service and net periodic pension expenses, primarily from higher amortization of actuarial losses. While the second quarter of 2024 included $0.16 per share benefit from the legal payments.

2025 年第二季度，被掠奪的每股收益包括每股約 0.09 美元的年比增加的非服務性和淨定期退休金支出，主要來自精算損失攤銷的增加。而 2024 年第二季則包括每股 0.16 美元的合法付款收益。

Now, let's turn to our segment results for the quarter, starting with C&I Group on slide 7. Sales of $347.8 million compared to $372 million last year, reflecting a 7.6% organic sales decline, partially offset by $4.5 million of favorable foreign currency translation.

現在，讓我們來看看本季的分部業績，從第 7 張投影片上的 C&I 集團開始。銷售額為 3.478 億美元，而去年同期為 3.72 億美元，有機銷售額下降 7.6%，但有利的 450 萬美元外幣折算因素部分抵消了這一下降。

The organic reduction includes double-digit decreases in the segments' Asia-Pacific and European-based hand tools businesses. And a mid-single digit decline in activity with customers in critical industries, partially offset by a high-single digit rise in the specialty torque operations.

有機減幅包括亞太地區和歐洲手動工具業務部門的兩位數降幅。關鍵產業客戶的活動出現中等個位數下降，但專業扭力業務的高個位數成長部分抵消了這一下降。

Overall, the sales decline reflects a reduction in certain cross-border sourcing activities in the current trade situation and the slowdown of projects by our customers in some industries and geographies, including US aviation and the military. With respect to critical industries, demand was challenged in April but improved as we moved through the quarter.

總體而言，銷售額下降反映了當前貿易情勢下某些跨境採購活動的減少，以及包括美國航空和軍事在內的某些行業和地區的客戶專案放緩。對於關鍵產業而言，4 月需求面臨挑戰，但隨著本季的推進，需求有所改善。

Gross margin of 40% in the second quarter compared to 41.7% in 2024. This decline was primarily due to the lower sales volumes and 50 basis points of unfavorable foreign currency effects, partially offset by savings from RCI initiatives.

第二季毛利率為 40%，而 2024 年為 41.7%。下降的主要原因是銷售量下降和 50 個基點的不利外匯影響，但 RCI 計劃帶來的節省部分抵消了這一影響。

Operating expenses as a percentage of sales of 26.5% in the quarter compared to 25%, largely reflecting the impact of reduced sales volumes, as well as increased personnel and other costs. Operating earnings for the C&I segment of $46.9 million compared to $62.2 million last year. The operating margin of 13.5% compared to 16.7% in 2024.

本季營業費用佔銷售額的百分比為 26.5%，而去年同期為 25%，這主要反映了銷售量下降以及人員和其他成本增加的影響。C&I 部門的營業利潤為 4,690 萬美元，而去年同期為 6,220 萬美元。營業利益率為 13.5%，而 2024 年為 16.7%。

Turning now to slide 8. Sales of the Snap-on Tools Group of $491 million compared to $482 million a year ago, reflecting a 1.6% organic gain and a $1.2 million of favorable foreign currency translation. The organic increase reflects a low-single digit rise in the United States business while activity in our international operations was essentially flat.

現在翻到幻燈片 8。Snap-on 工具集團的銷售額為 4.91 億美元，而去年同期為 4.82 億美元，反映了 1.6% 的有機收益和 120 萬美元的有利外幣折算。有機成長反映了美國業務的低個位數成長，而我們的國際業務活動基本上持平。

During the quarter, we believe our ongoing pivot to shorter payback items was successful in overcoming the continuing uncertainty of technician customers in the current environment. Gross margin declined 50 basis points to 48.3% in the quarter from 48.8% last year, mostly due to 40 basis points of unfavorable foreign currency effects.

在本季度，我們相信，我們持續轉向較短的回報項目成功克服了當前環境下技術人員客戶持續存在的不確定性。本季毛利率從去年的 48.8% 下降 50 個基點至 48.3%，主要由於 40 個基點的不利外匯影響。

Operating expenses as a percentage of sales improved 50 basis points to 24.5% in the quarter from 25% in 2024, largely reflecting the higher sales volumes. Operating earnings for the Snap-on Tools Group of $116.7 million compared to $114.8 million last year. The operating margin of 23.8% was unchanged from 2024.

本季營業費用佔銷售額的百分比從 2024 年的 25% 提高了 50 個基點至 24.5%，這主要反映了銷售量的增加。Snap-on 工具集團的營業利潤為 1.167 億美元，而去年同期為 1.148 億美元。23.8%的營業利益率與2024年相比沒有變化。

Turning to the RS&I group shown on slide 9. Sales of $468.6 million compared to $454.8 million in 2024, reflecting a 2.3% organic sales increase and $3.1 million of favorable foreign currency translation. The organic gain includes a double-digit increase in activity with OEM dealerships and a high single-digit gain in sales of diagnostics and repair information products to independent repair shop owners and managers. These gains more than offset a high single-digit decline in sales of undercar equipment, including collision repair products.

轉到幻燈片 9 上顯示的 RS&I 群組。銷售額為 4.686 億美元，而 2024 年為 4.548 億美元，反映出有機銷售額成長 2.3% 和 310 萬美元的有利外幣折算。有機收益包括與 OEM 經銷商的業務活動的兩位數增長，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高個位數增長。這些成長足以抵銷包括碰撞修復產品在內的車底設備銷售額的個位數高點下滑。

Gross margin improved 130 basis points to 46.8% from 45.5% last year, primarily reflecting increased sales of higher gross margin products and benefits from RCI initiatives, partially offset by higher material freight and other costs, as well as 40 basis points of unfavorable foreign currency effects. Operating expenses as a percentage of sales rose 70 basis points to 21.2% and 20.5% in 2024, largely due to increased personnel and other costs.

毛利率從去年的 45.5% 提高 130 個基點至 46.8%，主要反映了高毛利率產品銷售額的增長和 RCI 計劃的好處，但部分被材料運費和其他成本的增加以及 40 個基點的不利外匯影響所抵消。營業費用佔銷售額的百分比上升了 70 個基點，達到 21.2%，到 2024 年則為 20.5%，這主要是由於人員和其他成本的增加。

Operating earnings for the RS&I group of $119.8 million compared to $113.6 million last year. The operating margin improved 60 basis points to 25.6% from 25% reported in 2024.

RS&I 集團的營業利潤為 1.198 億美元，而去年同期為 1.136 億美元。營業利益率從 2024 年報告的 25% 提高 60 個基點至 25.6%。

Now turning to slide 10. Revenue from Financial Services of $101.7 million reflected an increase of $1.2 million from $10.5 million last year. Financial Services operating earnings of $68.2 million compared to $70.2 million in 2024.

現在翻到第 10 張投影片。金融服務收入為 1.017 億美元，比去年的 1,050 萬美元增加了 120 萬美元。金融服務營業利潤為 6,820 萬美元，而 2024 年為 7,020 萬美元。

Financial Services expenses of $33.5 million compared to $30.3 million last year. The increase is primarily due to $1.5 million of higher provisions for credit losses, as well as a rise in personnel and other costs.

金融服務支出為 3,350 萬美元，而去年同期為 3,030 萬美元。成長的主要原因是信貸損失準備金增加 150 萬美元，以及人員和其他成本增加。

As a percentage of the average Financial Services, portfolio expenses were 1.3% in the second quarter of 2025 and 1.2% in 2024. In the second quarters of 2025 and 2024, the respective average yields on finance receivables were 17.5% and 17.7%, while the average yields on contract receivables were 9.1% and 8.9%, respectively.

作為平均金融服務的百分比，投資組合費用在 2025 年第二季為 1.3%，在 2024 年為 1.2%。2025年第二季及2024年第二季度，融資應收款項平均收益率分別為17.5%及17.7%，合約應收款項平均收益率分別為9.1%及8.9%。

Total loan originations of $293 million in the second quarter represented a decrease of $15.1 million or 4.9% from 2024 levels, including a 5% decline in extended credit originations. The reduction in extended credit originations mostly reflects lower sales of discretionary big-ticket items such as tool storage units, partially offset by higher originations associated with the successful launch of the new TRITON Diagnostics platform during the quarter.

第二季貸款發放總額為 2.93 億美元，較 2024 年水準減少 1,510 萬美元，降幅 4.9%，其中延期信貸發放額下降 5%。延期信貸發放量的減少主要反映了工具儲存單位等非必需大件商品的銷售額下降，但本季成功推出新的 TRITON 診斷平台帶來的信貸發放量增加部分抵消了這一減少。

Moving to slide 11. Our quarter-end balance sheet includes approximately $2.5 billion of gross financing receivables and $2.2 billion from our US operations. For extended credit or finance receivables, the US 60-day plus delinquency rate of 1.8% is up 20 basis points in the second quarter of 2024, but down 20 basis points from the rate 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和來自美國業務的 22 億美元。對於延期信貸或融資應收款項，美國 60 天以上拖欠率為 1.8%，比 2024 年第二季上升了 20 個基點，但比上一季報告的拖欠率下降了 20 個基點。

Trailing 12-month net losses for the overall extended credit portfolio of $69.5 million represented 3.46% of outstandings at quarter end. We believe 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 6,950 萬美元，佔季末未償還債務的 3.46%。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 $237.2 million in the quarter compared to $301.1 million last year. The lower cash flow generation as compared to the second quarter of 2024 largely reflects higher year over year increases in working investment and lower net earnings.

現在翻到第 12 張投影片。本季經營活動提供的現金為 2.372 億美元，去年同期為 3.011 億美元。與 2024 年第二季相比，現金流產生率較低，主要反映了營運投資年增率較高以及淨收益下降。

Net cash used by investing activities of $46 million, mostly reflecting net additions to finance receivables of $26.4 million and capital expenditures of $19.7 million. Net cash used by financing activities of $170.9 million included cash dividends of $111.8 million and the repurchase of 250,000 shares of common stock for $79 million under our existing share repurchase programs. As of quarter end, we had remaining availability to repurchase up to an additional $357.9 million of common stock under our existing authorizations.

投資活動所用淨現金為 4,600 萬美元，主要反映應收融資款淨增加 2,640 萬美元及資本支出 1,970 萬美元。融資活動所使用的淨現金為 1.709 億美元，其中包括 1.118 億美元的現金股利以及根據我們現有的股票回購計劃以 7,900 萬美元回購 250,000 股普通股。截至季末，根據現有授權，我們仍可回購最多價值 3.579 億美元的普通股。

Turning to slide 13. Trade and other accounts receivable represented an increase of $26.8 million from 2024 year-end. Days sales outstanding of 65 days were down 1 day sequentially from last quarter and compared to 62 days at 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 2,680 萬美元。應收帳款週轉天數為 65 天，較上一季減少 1 天，而 2024 年底為 62 天。

Inventories increased by $54.3 million from 2024 year-end, primarily due to $37.4 million of currency translation and some investment intended to mitigate supply chain uncertainty. On a trailing 12-month basis, inventory returns of 2.4% were the same as year-end 2024.

庫存較 2024 年底增加了 5,430 萬美元，主要原因是 3,740 萬美元的貨幣換算和一些旨在緩解供應鏈不確定性的投資。過去 12 個月，庫存回報率為 2.4%，與 2024 年底相同。

At quarter-end, cash position of $1,458.3 million compared to $1,360.5 million at year-end 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 facilities during the year, nor was any commercial paper issued or outstanding in the year.

截至本季末，現金狀況為 14.583 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 a second 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.

這就是我對第二季業績的評論。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 recognize and expect to continue to incur approximately $6 million pre-tax per quarter of increased non-service pension costs, largely due to higher amortization of actuarial losses. These non-cash 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，如前所述，在 2025 年，我們認識到並預計每季非服務退休金成本將繼續增加約 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，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 approximately $100 million and we currently anticipate that our full-year 2025 effective income tax rate will be in a range of 22% to 23%. Our expected range, which factors in the US Tax Bill that was recently passed, is unchanged from previous estimates.

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。我們的預期範圍考慮到了最近通過的美國稅收法案，與先前的估計相比沒有變化。

Finally, in 2025, our fiscal year will contain 53 weeks of operating results, with an additional week occurring at the end of the fourth quarter. This occurs every five or six years and, historically, it has not had a significant effect on our full year or fourth quarter total revenues or net earnings.

最後，到 2025 年，我們的財政年度將包含 53 週的營運業績，其中第四季末將增加一週。這種情況每五、六年發生一次，從歷史上看，它對我們的全年或第四季度總收入或淨利潤沒有重大影響。

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

我將把電話轉回給尼克，聽聽他的最後發言。缺口。

Thanks, Aldo. Now on the second quarter, results marked by resilience, portfolio balance, shock accommodation, and progress.

謝謝，阿爾多。現在進入第二季度，業績表現為韌性、投資組合平衡、抗衝擊能力和進步。

C&I. International markets and critical industries disrupted by Liberation Day. The shock giving way to accommodation in the storm or to this storm.

商業與工業。解放日擾亂了國際市場和關鍵產業。震驚讓位給在暴風雨中的安頓，或是讓位給這場暴風雨。

Tools Group. Continuing uncertainty. The pivot gaining some traction. Sales up 1.6% organically. US up, international flat. A return to positive. OI margins, 23.8% flat to last year, but among the group's strongest ever.

工具組。持續的不確定性。這一轉變正在獲得一些動力。銷售額有機成長 1.6%。美國上漲，國際持平。恢復正值。OI利潤率為23.8%，與去年持平，但仍是集團史上最高的利潤率之一。

RS&I. Continuing strength, sales up 2.3% organically. OpCo OI margin of 25.6%, up 60 basis points, rising again. And it all came together for an overall demonstration of performance against turbulence.

RS&I。持續強勁成長，銷售額有機成長 2.3%。OpCo OI利潤率25.6%，上漲60個基點，再次上漲。所有這些結合在一起，全面展示了其抗湍流性能。

Sales for the corporation were $1,179.4 million, essentially flat in the difficulty. OpCo OI margin, 22%, down 80 basis points, adjusting for last year's legal benefit with the gap driven primarily by spending to maintain full strength, preserving advantage for when the turbulence of abates.

該公司的銷售額為 11.794 億美元，與去年同期基本持平。OpCo OI 利潤率為 22%，下降 80 個基點，根據去年的法定收益進行調整，差距主要由維持全部實力的支出所致，從而在動盪減弱時保留優勢。

And EPS, $4.72 against the comparisons against 25% -- $0.25 a headwind. We believe that these results demonstrate our overall strength. They also highlight a relative advantage in the turbulence of the volatile trade policy; strengths rooted in our strategy of making in the markets where we sell; and in our solid structure of broadly based facilities, 36 factories, 15 in the US; and in the considerable distributed know-how.

而每股收益為 4.72 美元，相比之下，25% 的逆風為 0.25 美元。我們相信這些結果證明了我們的整體實力。它們也凸顯了我們在動盪的貿易政策中的相對優勢；這些優勢源自於我們在銷售市場進行生產的策略；源自於我們廣泛的設施結構，包括 36 家工廠，其中 15 家位於美國；源自於大量的分散式專業知識。

We make a version of our products in almost every region, but especially in the US. We believe this advantage is clearly on display in our quarter's gross margin of 50.5%, down 10 basis points from last year. But a shortfall more than explained by 50 basis points of unfavorable currency that was offset by the RCI.

我們在幾乎每個地區都會生產不同版本的產品，尤其是在美國。我們認為，這一優勢明顯體現在我們本季 50.5% 的毛利率上，比去年下降了 10 個基點。但這缺口可以用 50 個基點的不利貨幣來解釋，並被 RCI 所抵銷。

You see, we said we believe we're resisting the tariffs. And we meant it.

你看，我們說過我們相信我們正在抵制關稅。我們是認真的。

And we further believe that as we move forward, we have momentum. As a shock, we see and we have advantage rooted deeply in our products, continually matching the increase of the complexity of work, making it much easier advantage in our brand that really does mark the professional and displays personal and collective pride and dignity.

我們進一步相信，隨著我們不斷前進，我們將擁有動力。令人震驚的是，我們看到我們的優勢深深紮根於我們的產品中，並不斷適應工作複雜性的增加，這使得我們品牌的優勢變得更加容易，真正標誌著專業性並展現了個人和集體的自豪感和尊嚴。

Of course, advantage in our people, dedicated, capable, battle-tested, and wielding the Snap-on value creation processes to approve every day as they demonstrated in the quarter. So we believe that as we move forward using those strengths and here in our enterprise, we'll prevail against the difficulty, execute on our abundant opportunities, and move positively through the last half of 2025 and well beyond.

當然，我們的優勢在於我們的員工，他們敬業、有能力、久經考驗，並且能夠運用 Snap-on 價值創造流程來批准每一天，正如他們在本季度所展示的那樣。因此，我們相信，隨著我們利用這些優勢在企業中不斷前進，我們將克服困難，抓住豐富的機遇，並在 2025 年下半年及以後取得積極進展。

Before I turn the call over to the operator, I'll speak directly to our associates and franchisees. I know many are listening.

在我將電話轉給接線員之前，我將直接與我們的同事和加盟商通話。我知道很多人都在聽。

My friends, I know that the encouraging results we just discussed was created by your efforts, past and present. For your progress against the turbulence, you have my congratulations. For the energy you bring to our enterprise every day, you have my admiration. And for your confident and unwavering commitment to our future, you have my thanks.

朋友們，我知道我們剛才討論的令人鼓舞的成果是你們過去和現在的努力創造的。對於你們在逆境中所取得的進步，我向你們表示祝賀。對於您每天為我們的企業帶來的活力，我深表欽佩。我感謝你們對我們未來的信心和堅定不移的承諾。

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) Luke Junk, Baird.

（操作員指示）盧克瓊克，貝爾德。

Good morning. Thanks for taking the questions.

早安.感謝您回答這些問題。

Nick, I want to start just with the big shift we're seeing the Tools Group in Q1 into Q2. I guess with the benefit of hindsight, is there anything that sticks out to you is, I guess what I'd say, less normal in the first quarter in the Tools Group or maybe particular areas where you may have gotten caught a little bit flatfooted in this environment?

尼克，我想先從我們在第一季到第二季看到的工具組的巨大轉變開始。我想，事後看來，有什麼事情讓您印象深刻嗎？我想說的是，工具組在第一季的表現不太正常，或者在特定領域，在這種環境下，您可能會有些措手不及？

Just thinking through the lens of Q2 now that feels a lot more normal in terms of the company's ability to navigate this turbulence. Just what was do you think the most important area of internal execution this quarter, and so we think you can lean into that even more into the back half of the year?

現在，僅從第二季的角度來看，該公司應對這一動盪的能力就感覺正常得多。您認為本季內部執行最重要的領域是什麼？我們認為您可以在下半年更加關注這個領域嗎？

Well, part of it was, I think, the technicians. I think you saw -- I think there was some evidence that the technicians had more uncertainty -- accelerating uncertainty in the first quarter versus prior quarters. You saw consumer sentiment drop from December to January by I think it was 20 basis points, the lowest since '22, since the last, big problem with supply chain.

嗯，我認為部分原因是技術人員。我想你看到了——我認為有證據表明技術人員有更多的不確定性——與前幾季相比，第一季的不確定性加劇了。您會看到消費者信心指數從 12 月到 1 月下降了 20 個基點，這是自 2022 年以來，自上次供應鏈出現重大問題以來的最低水準。

And it's still down, but it's [manageable] a little bit. I would say that the early days of the administration spooked the grassroots. And so our pivoting was going better. It's been going, but that spooking -- that 20 basis points reflected in, I don't mean to tie it exactly to that, really outran the pivot.

雖然現在仍處於下降趨勢，但還是可以控制的。我想說，政府執政初期讓基層感到恐慌。因此我們的轉型進展順利。它一直在進行，但那種恐慌——反映出的 20 個基點，我並不是要將它與那完全聯繫起來，確實超出了樞軸點。

But it kind of stabilized. They aren't affected so much by tariffs. Liberation Day didn't affect them so much. So a more sitting there and not much happens really in the last -- I guess, the bombing of Iran happened but not so much. And we started to gain ground on that. That's what happened.

但它已經穩定下來了。他們並沒有受到關稅太大的影響。解放日對他們的影響不大。所以更多的是坐在那裡，最後並沒有發生太多事情——我想，伊朗遭到轟炸，但並沒有發生太多事情。我們開始在這方面取得進展。事情就是這樣的。

I guess the one learning we learned in the first quarter that we applied in the second quarter, you might remember that I talked in the first quarter about, I think we can nibble into the lower end of the big-ticket items, like the SOLUS in the first quarter. Salute to SOLUS. It was pretty successful. And we sold some heavy-duty carts in the first quarter that were economical.

我想，我們在第一季學到的那個經驗，我們在第二季度應用了，你可能還記得我在第一季談到的，我認為我們可以蠶食高價位商品的低端市場，比如第一季的 SOLUS。向 SOLUS 致敬。這是相當成功的。我們在第一季銷售了一些經濟實惠的重型推車。

And so we did some more of that in the second quarter. I talked about it on the call. The classic series, box set that is cheaper than the other series and holds a ton of tools; and has these eye popping colors, that was pretty popular.

因此我們在第二季度做了更多這樣的事。我在電話裡談到了這一點。經典系列，盒裝比其他系列便宜，包含大量工具；並且具有令人眼花繚亂的顏色，非常受歡迎。

So I think we learned we can add to the pivoting to what the obvious things are like hand tools and power tools and other stuff like that, eating at the bottom end of the big line and focusing on that. And I think that's one of the things we did.

所以我認為我們學會了，我們可以把重點放在顯而易見的東西上，例如手動工具、電動工具和其他類似的東西，在大線的底端進食，並專注於此。我認為這就是我們所做的事情之一。

I'm not sure that that keeps working because you always have to do some different things, but I think the pivot is now working pretty well. And I think we have momentum. I've said this, in this thing, we exited the quarter stronger than when we entered.

我不確定這是否能一直有效，因為你總是需要做一些不同的事情，但我認為現在這個轉變非常有效。我認為我們有動力。我說過，在這件事上，我們在本季結束時表現比本季開始時更加強勁。

What about the origination side of things that can just generating demand for new credit? You mentioned in your script the benefit of diagnostic units that we're seeing in that originations decline, moderating sequentially. But do you think there's an opportunity to get franchisees to lean into credit a little bit more as we go through the back half of the year?

那麼，起源方面是否可以產生對新信貸的需求呢？您在腳本中提到了診斷單元的好處，我們看到起源數量正在下降，並逐漸減緩。但是，您是否認為，在下半年，是否有機會讓特許經營商更依賴信貸？

No, your guess is just as good as mine. I don't know. You know what I mean? Look, I think this. Originations were better. Like for government work, they're like, we're down half as much. That sounds -- that's a tough statement. We're down half as much as we were in the first quarter.

不，你的猜測和我的一樣好。我不知道。你知道我的意思？瞧，我是這樣認為的。起源更好。例如對於政府工作，他們說，我們的工作量減少了一半。這聽起來——這是一個艱難的聲明。我們的降幅是第一季的一半。

I think we're down more. This quarter where we're down 4.8%, 4.9% originations. And certainly that would have been -- the originations were somewhat plumped up by the launch of the TRITON. So tools storage is probably down more than that would indicate. But I do -- I don't know how that goes forward. I think it's going to take a while for customers to accommodate.

我認為我們跌得更厲害了。本季度，我們的發起量下降了 4.8%，下降了 4.9%。確實如此——TRITON 的推出在一定程度上使起源變得更加豐富。因此，工具儲存量的下降幅度可能比預想的還要大。但我確實——我不知道事情會如何發展。我認為客戶需要一段時間才能適應。

But as we saw in the pandemic, which is really -- I'm talking about that with the C&I shock question. It's like a pandemic event. Everybody got shocked. I think the technicians have been shocked for a while. I think sooner or later when nothing new happens, they start to accommodate.

但正如我們在疫情中看到的那樣，這確實是——我正在談論的是 C&I 衝擊問題。這就像一場流行病事件。大家都很震驚。我想技術人員一時已經震驚了。我認為，遲早當沒有新的事情發生時，他們就會開始適應。

And they start to realize, well, I'm worried, but nothing's really happened to me. My wages keep going up and I start to say I can take a few -- I can tie myself to more normal situations. So I would expect that to get better as we go forward.

他們開始意識到，嗯，我很擔心，但實際上我什麼事都沒發生。我的薪水不斷上漲，我開始說我可以拿一些——我可以把自己束縛在更正常的情況下。因此我希望隨著我們不斷前進，情況會變得更好。

Plus, I do think we're better at the pivot. We're getting better and better and better and better and better. So that works for us. I don't know if -- I don't know if I need the originations to come back right away. But I do think that eventually people, if nothing big happens, they start to stabilize even more and people start to come back with predictions. But I'm not predicting anything like for the next quarter.

另外，我確實認為我們在樞紐方面做得更好。我們正在變得越來越好。所以這對我們有用。我不知道——我不知道我是否需要立即恢復起源。但我確實認為，如果沒有發生什麼大事，人們最終會開始更加穩定，並開始做出預測。但我對下一季的情況沒有做出任何預測。

As you know, Luke, I'm going to say this again because I said it at every third but the third quarter is always [scorling], harder to predict than anything because the SFC is during that quarter and that creates a turbulence that you can never predict. So we'll see how it goes but I like the way things are going. I'll tell you that. You can see it in the numbers.

盧克，你知道，我要再說一遍，因為我每到第三節就會這麼說，但第三節總是會得分，比任何事情都更難預測，因為 SFC 就在那個季度，這會造成你永遠無法預測的動盪。所以我們會看看事情進展如何，但我喜歡事情的進展方式。我會告訴你的。您可以從數字中看到這一點。

Maybe before I turn it back, Aldo, could you just give us maybe a feel for some of the key and market trends within critical industries in C&I, and it was mentioned that momentum was much better exiting the quarter relative to this more COVID-like shock. Can you just give us a feel for where that runway was directionally relative to getting close to the plant?

在我回頭之前，Aldo，您能否先讓我們了解一下 C&I 關鍵行業的一些關鍵市場趨勢，並且提到，相對於這次類似 COVID 的衝擊，本季度的勢頭要好得多。您能否讓我們了解一下該跑道相對於靠近工廠的方向？

Oddly speaking, Luke, April was much slower than what the full quarter turned out to be. So as I said, they improved as the quarter moved out. And we saw the biggest changes, I'd say, would be in the aviation and military related non-defense sector, things of that nature. But general industry also started to improve, so again, while down yet in the quarter, we started to see some signs of improvement.

奇怪的是，盧克，四月的進展比整個季度慢得多。正如我所說，隨著季度的結束，情況有所改善。我認為，我們看到的最大變化是在航空和軍事相關的非國防部門等諸如此類的領域。但整體產業也開始好轉，因此，儘管本季仍處於下滑狀態，但我們開始看到一些改善的跡象。

Got it. I'll leave it there. Thank you.

知道了。我就把它留在那裡。謝謝。

Gary Prestopino, Barrington Research.

巴林頓研究公司的加里‧普雷斯托皮諾 (Gary Prestopino)

Good morning, all. Did you call out what the FX impact on earnings per share was for the quarter in your narrative?

大家早安。在您的敘述中，您是否提到了外匯對本季每股盈餘的影響？

I did not. Would you like to know?

我沒有。你想知道嗎？

Yes, I would.

是的，我願意。

Okay. $0.06, negative.

好的。 0.06 美元，負數。

$0.06, negative. Okay. Great. Thank you. Then a couple of questions here. The RS&I growth was pretty strong and you mentioned something about a new TRITON platform. Could you maybe elaborate on that and what the price points are and what are the differences with this platform versus what you had in the market before?

0.06 美元，負數。好的。偉大的。謝謝。這裡有幾個問題。RS&I 成長非常強勁，您提到了一些有關新 TRITON 平台的事情。您能否詳細說明一下這一點，價格點是多少，以及這個平台與您之前在市場上推出的產品相比有哪些不同？

Sure. Look, Gary, I don't know if I can say the price point on this. Yeah, okay, let's say $4,500, ballpark $4,500 might be -- I don't know how we can afford to sell it for that number, but okay. Around that number. It depends.

當然。聽著，加里，我不知道我是否可以說出這個的價格點。是的，好吧，假設是 4,500 美元，大概是 4,500 美元——我不知道我們如何以這個價格賣出它，但好吧。大約是這個數字。這取決於。

There's a lot of factors. What is on promotion, what is it? But let's say, $4,500 to $5,000 or something like that. It's in the middle of the intelligent diagnostic range. It's right in below ZEUS and above APOLLO. And the differences are that it's wireless rather than wired.

有很多因素。正在促銷什麼？是什麼？但是，假設是 4,500 美元到 5,000 美元或類似的金額。它處於智慧診斷範圍的中間。它就在宙斯的正下方和阿波羅的正上方。不同之處在於它是無線的而不是有線的。

And the big deal here is that our wire units were -- their hallmark was they were like lightning. You plug them in; you started them up and they really rolled up. This one comes up right away. And it's wireless so it gives you both the flexibility of wireless and the speed, the instant on of wired, and that's a cool thing.

這裡最重要的是我們的線束——它們的特點是像閃電一樣。你把它們插上電源，啟動它們，它們就會真正捲起來。這個馬上就出現了。而且它是無線的，因此它既能提供無線的靈活性，又能提供有線的速度和即時開啟的功能，這很酷。

And then you have the other thing that we have a zoom feature on the -- these things have two-channel scopes. So what you do is you put the scope on a car and you watch a wave form there. But the thing is sometimes the problems in the car are very intermittent and very quick. They only have them for a little while and you can't really see them on the wave form carefully until you zoom right in and look at the small glitches.

另外，我們也提供了縮放功能——這些東西都有雙通道示波器。所以你要做的就是把示波器放在車上，然後觀察那裡形成的波形。但問題是，有時汽車的問題會非常間歇性地發生，而且發生得非常快。它們只存在一小會兒，你無法在波形上仔細看到它們，除非你放大並查看小故障。

And the zoom feature allows you to freeze it and move it in. The wave forms a dynamic thing at first, so then you record it, freeze it, zoom in, and catch the glitches. That's a big help. And then it has a eight-hour battery life, which is pretty long and it makes it quite usable.

縮放功能可讓您凍結它並將其移動。波首先形成動態的東西，然後你記錄它、凍結它、放大並捕捉故障。這有很大幫助。而且它的電池續航力為八小時，相當長，非常實用。

And then the other thing I think that's different is it has 4 times the memory. So 4 times memory means you can store a whole lot of stuff, like a lot of waveforms, a lot of procedures in it, a lot of data from other things, and it helps a lot. Technicians really like it.

我認為另一個不同之處是它的記憶體是原來的 4 倍。因此，4 倍記憶體意味著您可以儲存大量內容，例如大量波形、大量程式、大量來自其他事物的數據，這很有幫助。技術人員非常喜歡它。

I just was out with franchisees in Connecticut and in Atlanta, having dinner with a bunch of these guys and then they're all I think are pretty positive and they love this unit. They love selling it and the techs seem to like it too. So we feel pretty good about it. It sold pretty well for -- the launch look was [baco].

我剛剛和康涅狄格州和亞特蘭大的特許經營商一起吃了晚飯，我認為他們都非常積極，並且非常喜歡這個單位。他們喜歡銷售它，技術人員似乎也喜歡它。所以我們對此感覺很好。它的銷量相當不錯——首發時的樣子[培根]。

So we'll see how it goes. We like it though. I mean, it's having an impact.

我們將拭目以待。但我們喜歡它。我的意思是，它正在產生影響。

Yeah, that's good to hear. And then just lastly, in the C&I group, I think you called out that the international operations were sluggish. Did the US mimic that? I'm not sure how many -- how much you do in US and C&I, but I want to get an idea.

是的，聽到這個消息真好。最後，在 C&I 集團中，我認為您指出國際業務發展緩慢。美國也模仿了這一點嗎？我不確定你在美國和 C&I 做了多少，但我想了解一下。

C&I, roughly, for government work, Gary, the C&I is fifty-fifty. 50 in North America, but 50 outside the United States. Europe tops. Asia are, well -- Asia, we ourselves said, we're not importing anything from China. The thing is there's a 170% tariffs. Remember when they were 170%? We just said no. So Asia is very discombobulated in this situation.

加里，對於政府工作來說，C&I 的比例大致是五五開。在北美是 50%，但在美國以外是 50%。歐洲位居榜首。亞洲是亞洲，我們自己說，我們不會從中國進口任何東西。問題是關稅高達 170%。還記得他們曾經達到 170% 嗎？我們只是說不。因此，亞洲在這種情況下非常混亂。

Not to mention, you got some other markets disturbed, like South Korea, they just arrested the old President, and everybody's moaning. And then in Thailand, they just declared the former -- the new prime minister a traitor and took her out of office. So things are pretty turbulent in Asia. I was just there. And the markets are pretty bad.

更不用說，其他一些市場也受到了乾擾，例如韓國，他們剛剛逮捕了老總統，每個人都在抱怨。然後在泰國，他們宣布前新總理為叛徒，並將她趕下台。所以亞洲的情況相當動盪。我剛剛還在那裡。市場情況相當糟糕。

You look at Europe. I mean, Europe is, again, a cross-border position. They've got -- GDP in the UK was 0.1%, GDP in Germany 0.3%, GDP in Spain, 0.5%. Europe has got problems. I think at least for us we're seeing that.

看看歐洲。我的意思是，歐洲再次成為一個跨國的立場。英國的 GDP 為 0.1%，德國的 GDP 為 0.3%，西班牙的 GDP 為 0.5%。歐洲遇到了問題。我認為至少我們確實看到了這一點。

And then in the United States really what happens. That's like the European businesses and the Asian businesses, a lion share of which is in C&I.

那麼在美國到底發生了什麼事呢？這就像歐洲企業和亞洲企業一樣，其中大部分是在商業和工業領域。

And then you've got the Industrial businesses. Industrials got pick and ship businesses, which quick. It's off the shelf, a little bit like the tools group one. And then it's got project business, which is a big slug of their business.

然後你就有了工業業務。工業得到了提貨和運輸業務，這很快。它是現成的，有點像工具組一。然後還有專案業務，這是他們業務的一大塊。

And these things -- you think about it, okay, Liberation Day happens. Over on tariffs. Well, the tariffs changed three times for China in the month of April. And then nobody -- they come out with 46% for Vietnam and then they say, never mind, it's going to go to 10% until July 9. And then July 9, they come out and say, well, it's 40% and 20%, but we're not sure because the 20% is for direct -- the standard stuff and 40% of you have transshipments.

這些事情——你想想，好吧，解放日發生了。關於關稅。四月份，針對中國的關稅已經調整了三次。然後沒有人——他們給出越南的 46% 稅率，然後他們說，沒關係，直到 7 月 9 日稅率才會升至 10%。然後 7 月 9 日，他們出來並說，嗯，是 40% 和 20%，但我們不確定，因為 20% 是直達的——標準的東西，而 40% 是轉運的。

So people are sitting there saying, it's a very interesting phenomenon. It's a little bit like the pandemic, I would say. It's not congruent to the pandemic, but it's similar. If you have projects and you're thinking about doing things, you're saying, I'm not going to commit to very much because I don't know where the world's going to be. And I have a feeling that there's a pretty close horizon and it's going to resolve itself.

所以人們坐在那裡說，這是一個非常有趣的現象。我想說，這有點像大流行病。這與疫情並不一致，但很相似。如果你有專案並且正在考慮做某事，你會說，我不會投入太多，因為我不知道世界會變成什麼樣子。我有一種感覺，地平線已經很近了，它將會自行解決。

So that means that put people back, particularly in the early parts of the quarter. And people just said, jeez, I don't want to commit. I'll look like a fool if I make a mistake. And so you saw some of that working through the system, especially in a project (technical difficulty) and our orders.

這意味著人們會回歸，特別是在本季初期。人們只是說，天哪，我不想承諾。如果我犯了錯誤，我就會看起來像個傻瓜。因此，您會看到其中的一些功能透過系統發揮作用，特別是在專案（技術難題）和我們的訂單中。

Our orders kept getting stronger. People just didn't pull the trigger for delivery. And so we like the order book. It's just that people have to figure out how they're going to accommodate the tariffs and people are gradually coming back (technical difficulty) as they did with the pandemic. That's what happened to the pandemic. At first people panicked, then everything started to work out, as you can see in the pandemic (inaudible)

我們的訂單越來越強烈。人們只是沒有扣動扳機進行交付。所以我們喜歡訂單簿。只是人們必須弄清楚如何適應關稅，人們正在逐漸恢復（技術困難），就像疫情期間一樣。這就是疫情發生的情況。起初人們感到恐慌，但後來一切開始好轉，正如你在疫情中看到的那樣（聽不清楚）

Okay. Thank you very much for that.

好的。非常感謝。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

Thanks. Yeah, a lot of -- a lot on that last topic, but just maybe a little follow up. Description of upper motion through the quarter seem to center a little bit on critical industries in US project timing. But I think you said it really spanned APAC and Europe. So just wanted to clarify if that motion really spanned all those categories?

謝謝。是的，關於最後一個主題有很多討論，但也許只是一點點後續討論。本季上行動向的描述似乎有點集中在美國專案時間的關鍵產業。但我認為您說它確實橫跨亞太地區和歐洲。所以只是想澄清一下，該動議是否真的涵蓋了所有這些類別？

No, what I was talking about, maybe a little bit in Europe. Asia is kind of a different view. Asia is going to take a lot longer to deal with, I think, because you got those -- just what I said. I mean, they've got the political turbulences in a bunch of different places.

不，我剛才說的，也許在歐洲有一點。亞洲則有另一種不同的觀點。我認為，處理亞洲問題將花費更長的時間，因為你已經了解了這些——正如我所說的。我的意思是，許多不同的地方都出現了政治動盪。

And you got China, which is a basket case. China's really screwed up, huh? And so you got all that stuff in Asia -- and on top of which, you got the cross-border flows, which everybody's trying to figure out what to do, including us.

而中國則是一個一團糟的國家。中國真的搞砸了，對吧？所以你在亞洲得到了所有這些，除此之外，還有跨境流動，每個人都在試圖弄清楚該怎麼做，包括我們。

We're not taking tariffs, but we got to figure out what to do with our plants in China. We don't want to use them in the United States. And we sell in Asia, so we got to just help them a little bit. But I don't think that gets solved just by the Liberation Day situation.

我們不會徵收關稅，但我們必須想辦法處理我們在中國的工廠。我們不想在美國使用它們。而且我們在亞洲銷售，所以我們必須給他們一點幫助。但我不認為解放日事件本身就能解決這個問題。

Europe is more like that, but I really was talking about mostly just in the last discussion, really, about the critical industries business and their project-based businesses. That's what I was talking about.

歐洲的情況更是如此，但我在上次討論中主要談論的是關鍵行業業務及其基於專案的業務。這就是我所說的內容。

When we talk about -- Chris, when we say that we exited the quarter stronger than when we entered, we mean the Tools Group as well. We mean -- in fact we do mean the Tools Group. So we're actually talking about C&I and the Tools Group. But at C&I, it's most pronounced in the Industrial business, which, by the way, is the big kahuna engine in the C&I business.

當我們談論——克里斯，當我們說我們在本季度結束時比本季開始時表現更強時，我們也指工具集團。我們的意思是──事實上我們的意思是工具組。所以我們實際上是在談論 C&I 和工具組。但在商業與工業領域，這種趨勢在工業業務中表現得最為明顯，順便說一句，工業業務是商業與工業業務中最重要的引擎。

Perfect. Thanks. Very clear. And then I just wondering about capital. Get a nice neck cash position here. Any comments on state of the acquisition pipeline and update on types of focus that inorganic business development efforts are taking lately?

完美的。謝謝。非常清楚。然後我只是想知道資本。在這裡獲得良好的頸部現金位置。對於收購通路的現況以及無機業務發展工作最近關注的重點類型有何評論？

Sure. We got a bunch of stuff looking at. I mean, I think you can -- it's no secret that we have a pretty large landscape or a landscape of acquisitions that we look at every -- constantly. And generally there's not much to acquire around the Tools Group.

當然。我們正在看一堆東西。我的意思是，我認為你可以——我們擁有一個相當大的格局或一個收購格局，我們時刻關注著它，這不是什麼秘密。一般來說，工具組周圍沒有太多東西可供收購。

Probably, you don't look so much at Asia these days because who knows what's going to happen there. And so you're talking about the expanding the repair shop owners and managers or extending the critical industry, those are the areas you look in more or less.

或許，現在你不會太關注亞洲，因為誰知道那裡會發生什麼事。所以，您談論的是擴大修理店老闆和經理或擴展關鍵行業，這些或多或少都是您關注的領域。

And we're looking at several places. Sometimes as we peel the onion, it looks like, hey, these guys are only 20% or 30% off, and we don't like the other stuff sometimes. And in this situation, of course, you want to be pretty careful. You don't want to acquire something and then wake up and figure out, the tariffs aren't looking so good for these guys.

我們正在考察幾個地方。有時當我們剝洋蔥時，我們會發現，嘿，這些傢伙只打了 20% 或 30% 的折扣，有時我們不喜歡其他的東西。在這種情況下，當然要非常小心。你不想買了一些東西，然後醒來才發現，關稅對這些人來說並不是什麼好事。

So you want to be more careful and due diligence. I'm not saying -- I'm not giving any future view of that, that's just a little color. So in this situation, I think, you might be able to get that bargains, but you're worried about what you might buy. And so you want to be very careful in due diligence. And we are. We take care of our money.

所以你要更加小心和盡職。我並不是說——我沒有給出任何關於未來的看法，這只是一點色彩而已。因此，在這種情況下，我認為，你也許能夠買到便宜貨，但你擔心自己會買到什麼。因此，你需要非常小心地進行盡職調查。我們確實如此。我們保管好自己的錢。

Great. And then, SOT, so sounds like the sentiment moved off the bottom a little reconciliation in the mindsets there and escalating of your pivot work going well. I just wanted to see if any other factors layered in. What's selling versus sell through and is there any restock or maybe price related pull forward that came to bear?

偉大的。然後，SOT，聽起來情緒已經從谷底走出來，心態上有了一點和解，你的關鍵工作也進展順利。我只是想看看是否還有其他因素。銷售量與銷售量有何關係？是否有補貨或與價格相關的上漲？

I don't think there's any of that. Actually, our prices were pretty normal. We might have had a little more pricing in Canada than normal, maybe, because of the situation there. We can always price if we get -- if we have tariff problems. But generally, we're resistant to that stuff.

我認為沒有這樣的事。事實上，我們的價格非常正常。也許是受加拿大局勢的影響，我們在加拿大的定價可能比平常高一點。如果我們遇到關稅問題，我們總是可以定價。但一般來說，我們對這些東西是抵制的。

You might see some of that in Canada. And Canada actually was okay in a quarter, so that wasn't afflicted. I don't think -- I don't -- I think you saw it. I mean, I think the international business is mixed and so that was flat.

您可能會在加拿大看到一些這樣的情況。而加拿大在一個季度內實際上表現還不錯，所以沒有受到影響。我不認為——我不認為——我認為你看到了。我的意思是，我認為國際業務好壞參半，所以表現平平。

I think the big news is US up. And that was driven by the pivot. The hand tools were pretty successful. And the diagnostics business was pretty successful. So those two things made hay in the situation. And we liked that idea.

我認為最大的新聞是美國崛起。這是由樞紐推動的。手工工具相當成功。診斷業務相當成功。因此，這兩件事使情況變得嚴峻。我們喜歡這個想法。

And I think we felt -- if you look at the structure of the quarter for the Tools Group, we exited stronger. That's simply it. That's no prediction. I've already said that the third quarter is swirly, but generally, I like the direction we're going there.

我認為我們感覺到——如果你看一下工具集團本季的結構，我們表現得更強勁。就是這麼簡單。這不是預測。我已經說過第三季會有些混亂，但總的來說，我喜歡我們前進的方向。

It seems like -- and I think it's simple as this, we've been pivoting. We're getting better at it. But the uncertainty has stabilized. So if the uncertainty stabilizes every month, we gain ground on it with the pivot. Every month.

看起來——我認為就這麼簡單，我們一直在轉變。我們在這方面做得越來越好。但不確定性已經穩定下來。因此，如果不確定性每個月都趨於穩定，我們就能透過調整取得進展。每個月。

Great. Thanks for all that.

偉大的。謝謝你們。

Scott Stember, Roth.

斯科特·斯坦伯，羅斯。

Good morning. Thanks for taking my questions as well. Just to clarify, I guess there was a question about, maybe, selling versus sell through if I thought I heard correctly. But could you talk about Tools? I know there's a lot of new products that are out but sell into the channel versus sell off the van in the quarter?

早安.也感謝您回答我的問題。只是為了澄清一下，如果我認為我聽得正確的話，我想這可能是關於銷售還是銷售完畢的問題。但是能談談工具嗎？我知道有很多新產品已經上市，但本季是銷售到通路還是透過貨車銷售？

Yeah, look, I think they're about the same. I think the sales off the van were a little bit lower, but that would be expected when you have the -- I've described to you exiting stronger than when you entered. So that would mean it takes time for stuff to get through the vans. And so, therefore, you would have that kind of effect naturally.

是的，看，我認為它們差不多。我認為貨車的銷量略低一些，但這是可以預料的，因為——我已經向你描述過，出口時的銷量比進口時的銷量更強勁。所以這意味著貨物需要時間才能通過貨車。因此，你自然就會得到那種效果。

Generally, we haven't seen turbulence. We haven't seen in all this turbulence really much variation for -- if you look at bigger periods. The quarter is a kind of blip in that kind of view. You know what I mean? It depends on what's launched, when it's launched, when it hits our bands, and then when it -- and so it's a lot of things like that.

整體來說，我們沒有看到湍流。如果你觀察更長的周期，我們並沒有看到所有這些動盪中存在太大的變化。從這種觀點來看，本季只不過是曇花一現。你知道我的意思？這取決於推出什麼產品、何時推出、何時進入我們的樂隊，以及何時推出——諸如此類的事情有很多。

So I think they're pretty much in balance this time. As I said, the actual numbers are a little lower, but that would be natural expectation given how we described how the quarter went.

所以我認為這次他們基本上處於平衡狀態。正如我所說，實際數字略低，但根據我們對本季表現的描述，這也是自然的預期。

Got it. And then you talked about some of these higher ticket items or less expensive higher category sales that you're seeing. (multiple speakers) --

知道了。然後您談到了您所看到的一些高價商品或較便宜的高類別商品的銷售情況。（多位發言者）——

Was Diagnostics the leader in tools in the quarter?

診斷工具在本季是否處於領先地位？

No, hand tools was the leader.

不，手動工具才是主導。

Okay.

好的。

Hand tools was the leader. But hand tools -- and that's why I spent so much time talking about hand tools because the hand tools are great. Those pliers are great. The pole for pliers, unbelievable. The strength of those things. And Milwaukee is probably one of the only places in the world that can do that.

手動工具是其中的佼佼者。但是手動工具——這就是為什麼我花這麼多時間談論手動工具，因為手動工具很棒。這些鉗子很棒。鉗子用的桿子，難以置信。那些東西的力量。密爾瓦基可能是世界上唯一能夠做到這一點的地方之一。

So we really like that kind of thing. And I see it doesn't mean much to -- if you're like us, like me anyway, we who pushes the pencil all the time, but it's a lot. It's important to the techs, and they're liking some of the stuff we're bringing out.

所以我們真的很喜歡這種東西。我認為這並沒有多大意義——如果你像我們一樣，至少像我一樣，我們一直在推鉛筆，但這很重要。這對技術人員來說很重要，他們喜歡我們推出的一些東西。

Now, Diagnostics did pretty well. Don't get me wrong. The TRITON was stupendous, but some storage down, and stuff like that. Every quarter, there's a new story about the products. I think generally though, the big thing is the overall number.

現在，診斷表現相當不錯。別誤會我的意思。TRITON 非常棒，但是有些儲存空間不足，諸如此類。每個季度，都會有一個關於產品的新故事。但我認為總體而言，最重要的是總體數量。

And I don't want to go off the pole without reemphasizing what we think is the bellwether number and that is 50.5% gross margin, down only 10 basis points against 50 basis points of negative currency transactions. Think about that one for a minute.

我不想離題萬裡，而是要再次強調我們認為的領頭羊數字，那就是 50.5% 的毛利率，僅下降了 10 個基點，而負面貨幣交易則下降了 50 個基點。想一想這個問題。

And you see that, boy, that just lays out what we did, what we're doing. We're doing okay. We're winning the battle at the point of sale. And we're -- but since the sales are a little -- are flattish, we're still spending more because we want to keep building our advantage in product and branding people.

孩子，你看，這正好說明了我們做了什麼、正在做什麼。我們做得很好。我們在銷售點上贏得了勝利。但由於銷售額略有持平，我們仍在增加支出，因為我們希望繼續在產品和品牌方面打造優勢。

We're hiring a lot. We hired more engineers in RS&I. No kidding. The margins are up about 12 in the last 13 quarters.

我們正在大量招募。我們在 RS&I 僱用了更多的工程師。不是開玩笑。過去 13 個季度中利潤率上漲了約 12%。

And just last question on tariffs, nice job on, essentially, mitigating everything in the quarter. But could you dimensionalize what the headwind was? And as more tariffs start flowing through, how much bigger that get in the back half of the year?

最後一個關於關稅的問題，本季我們基本上緩解了所有關稅，做得很好。但您能具體說明一下逆風是什麼嗎？隨著更多關稅開始實施，今年下半年的關稅將增加多少？

I swore I was not going to do that because I think -- no, I'm not going to do that. It's hard for me. We can make changes every day and mitigate. And the thing is, every day, something new comes up. I got somebody who every day writes a paper on what comes out of Washington and we have to review it because the tariffs are always changing. Your guess is as good as mine.

我發誓我不會這麼做，因為我認為──不，我不會這麼做。這對我來說很難。我們可以每天做出改變並緩解。事實是，每天都會有新的事情發生。我找了個人每天寫一篇關於華盛頓消息的論文，我們必須對其進行審查，因為關稅總是在變化。你的猜測和我的一樣好。

So we have to move with alacrity against it, so it's impossible to predict. And all I can tell you is I like our position versus any of that stuff. Our position is pretty good. We make in the markets where we sell now. We do have some exposures (technical difficulty) but we know how to make everything almost everywhere.

所以我們必須迅速採取行動來應對它，所以這是無法預測的。我能告訴你的是，我喜歡我們相對於任何這些東西的立場。我們的處境非常好。我們在現在銷售的市場上進行生產。我們確實有一些暴露（技術難度），但我們知道如何讓一切幾乎無處不在。

Got it. That's all I have. Thanks again.

知道了。這就是我所擁有的一切。再次感謝。

David MacGregor, Longbow Research.

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

Hey, good morning, everyone. Congrats on the progress, Nick. Hey, good morning.

嘿，大家早安。恭喜你所取得的進步，尼克。嘿，早安。

I guess just on the C&I business, you talked about the project delays and how that led to some order backlog. Just talk about the timing of that realizations there. Are those projects that now that people maybe are feeling a little -- I don't know how much more confident, but maybe a little more confident that we see those projects fulfilled here in the second half, or is this just an indefinite push out?

我想，就 C&I 業務而言，您談到了專案延遲以及這如何導致一些訂單積壓。只談論實現這目標的時間。現在人們是否對這些項目有點信心了——我不知道信心有多少，但也許更有信心我們會在下半年看到這些項目完成，還是這只是無限期的推遲？

No, look, I think this, I think that. It's hard to get everything and all the nuances. But in reality, I was just talking about delays. People didn't pull the trigger. And I'm also talking about the orders impacting us kept going and doing well.

不，你看，我是這樣認為的，我是這樣認為的。很難掌握所有事物和所有細微差別。但實際上，我只是在談論延誤。人們沒有扣下板機。我還談到了影響我們繼續前進並取得良好業績的訂單。

So they didn't pull back on ordering so much as they pulled on delays and projects we expected to go. I don't -- I don't know about that. I think it -- I do think things -- we exited the business stronger than when we entered, and that's an important factor. It's hard for me to predict the structure or, I guess, the slope of that curve.

因此，他們並沒有減少訂單，而是推遲了我們預計會進行的延期項目。我不知道——我不知道那件事。我認為——我確實認為——我們退出該行業時比進入時更加強大，這是一個重要因素。我很難預測該曲線的結構或斜率。

It's hard for me to -- but what happens in a pandemic, and I think this is very similar. Thinking people start to look at it and they start to be comfortable with the environment. And they start to figure out how to just deal with it.

對我來說這很難——但大流行期間發生的事情和我認為這非常相似。人們開始思考並開始適應這個環境。他們開始想辦法解決這個問題。

It's sort of like all of us in business. Like things start to happen and you -- the waves are going up and down and you figure out how to navigate the waves after a while. First you get seasick and then you get used to it and you figure out how to do it.

這有點像我們所有人做生意一樣。就像事情開始發生，你——波浪起伏不定，過了一會兒你才弄清楚如何駕馭波浪。一開始你會暈船，然後你就習慣了，並且知道該如何應對。

And so I think that's what's going to happen. I think we're sanguine about it. But I can't predict anything like that. I do think that business is strong though, anyway. Despite the numbers this quarter.

所以我認為這就是即將發生的事情。我認為我們對此很樂觀。但我無法預測這樣的事情。無論如何，我確實認為業務很強勁。儘管本季的數字如此。

Let me ask you about the Tools business. Obviously, been a lot of moving parts. There's a lot of tumult in that space. But there was a time when you thought that Tools was a 4% grower on a long-term basis. Is that a number that you're starting to feel a little more comfortable with is achievable on a sustained basis or is that still something (multiple speakers) --

讓我問一下您有關工具業務的問題。顯然，有很多活動部件。那個地方很吵。但曾經有一段時間，你會認為 Tools 的長期成長率為 4%。您是否開始覺得這個數字可以持續實現，還是仍然需要（多位發言者）——

I think, if you look at our numbers over 20 years, you'll find that it's what we've done. And the profitability -- but the profitability is going up regularly. And that's really been the secret to Snap-on. We've been growing in the range we said over quite a long period of time.

我想，如果你看看我們過去 20 年的數據，你會發現這就是我們所做的。盈利能力——但盈利能力正在穩步上升。這確實是 Snap-on 的秘密。我們在相當長的一段時間內一直在我們所說的範圍內成長。

There's ups and downs. And our profitability is moving upwards. And so I do think the Tools business sees that kind of thing. And this was kind of a little unusual because you had this uncertainty go. I think there was good reasons for it though if you looked at the environment, particularly now.

有起有落。我們的獲利能力正在上升。所以我確實認為工具業務看到了這種情況。這有點不尋常，因為你面臨這種不確定性。我認為，如果你看一下環境，特別是現在，你會發現這是有充分理由的。

And so I'm pretty confident about the Tools business. I think -- when I talk to the franchisee, they seem pretty bad. When I talk to the customers, they seem to like our product. And I do think our product is stronger than ever, so I feel okay.

因此我對工具業務非常有信心。我認為——當我與特許經營商交談時，他們看起來相當糟糕。當我與顧客交談時，他們似乎很喜歡我們的產品。我確實認為我們的產品比以往更強大，所以我感覺還好。

I think, we have to keep executing. We have to keep working. I think we're good at it, but we have to keep getting better at it. And -- but I have no doubt that Tools is going to go upwards.

我認為，我們必須繼續執行。我們必須繼續努力。我認為我們在這方面做得很好，但我們必須不斷進步。而且——但我毫不懷疑工具將會上升。

Let me just go back to a previous question about cash and capital allocation, and you talked about the M&A funnel looked good. But historically, you've been -- I mean, you've done smaller transactions. Snap-on stayed away from large acquisitions.

讓我回到之前關於現金和資本配置的問題，您談到併購管道看起來不錯。但從歷史上看，你一直——我的意思是，你做過較小的交易。Snap-on 一直避免進行大規模收購。

You've got a net cash balance sheet. Strong free cash flow prospects. Maybe $1 billion annually. You just completed a large capacity build out program. You're not a particularly large share repurchaser, although maybe that changes here going forward.

您有一份淨現金資產負債表。強勁的自由現金流前景。也許每年10億美元。您剛完成了大規模容量擴建計畫。您並不是一個特別大規模的股票回購者，儘管這種情況未來可能會改變。

Would you consider a special dividend or a tender offer for shares? Or is there a possibility we'll see larger acquisitions? How do you put the cash to work, Nick?

您會考慮派發特別股息或進行股票要約收購嗎？或者我們有可能看到更大規模的收購嗎？尼克，你如何利用這些現金？

Look, I think -- well, I still think we're on a certain environment. And so I don't mind having cash. I don't mind having it.

看，我認為——嗯，我仍然認為我們處於特定的環境。所以我不介意有現金。我不介意擁有它。

I mean, I do think I have confidence in the future, but I still don't -- and I do believe -- I know -- we do believe we, at one of these points, will find a big acquisition. We just think it's a matter of time.

我的意思是，我確實認為我對未來有信心，但我仍然不相信——而且我確實相信——我知道——我們確實相信，在某個時候，我們會找到一次大的收購。我們只是認為這只是時間問題。

Now, I've been here a long time. We haven't found one because everything we looked at has been a little bit flawed and we -- but we're not afraid to acquire anything big. Our management team is quite capable.

現在，我已經在這裡待了很長時間了。我們還沒有找到這樣的公司，因為我們所考察的一切都存在一些缺陷，但我們不害怕收購任何大公司。我們的管理團隊非常有能力。

The only thing is, I'm telling you, we won't acquire anything that's transformative. We'll acquire things that's consistent with our coherent growth models. And we do think there are things out there if they became available, just haven't been available.

唯一的問題是，我告訴你，我們不會獲得任何具有改變意義的東西。我們將獲得與我們連貫的成長模式一致的東西。我們確實認為，如果這些東西可用的話，它們就在那裡，只是還沒有可用。

So I don't (multiple speakers) having said that, we always review on a periodic basis, and more than once a year, regularly, we review the capital allocation process. But right now, I don't see us contemplating any of those things. But we'll see, you never know.

因此，我不（多位發言者）說過，我們總是定期進行審查，並且每年不只一次，我們會定期審查資本配置流程。但目前，我看不到我們在考慮任何這些事情。但我們會看到，你永遠不知道。

Good. That's it for me. Thanks very much.

好的。對我來說就是這樣。非常感謝。

Bret Jordan, Jefferies.

布雷特·喬丹，傑富瑞。

Hey, good morning, guys. On the Collision segment, I think you called that it remains weak. Is that a structural problem or is that a cyclical problem? Is there lower demand for repair with AS?

嘿，大家早安。關於碰撞部分，我認為您說它仍然很弱。這是結構性問題還是週期性問題？使用 AS 修復的需求是否較低？

Look, I don't know. Look, I'm not sure. I think though that Collision might come under the group of -- a lot of it is -- as you're Mr. Collision, you know this probably better than I do. But the thing is you got a lot of those big multi-store operators that have been building up. And our view of the world is they got a little spooked lately.

瞧，我不知道。瞧，我不確定。我認為，儘管碰撞可能屬於這一類 — — 很多都是這樣 — — 但因為您是碰撞先生，您可能比我更了解這一點。但問題是，許多大型多店經營者正在不斷擴張。而我們對世界的看法是，他們最近有點驚慌失措。

And for maybe a variety of reasons, they're not investing as much as they used to. That's our view of the world. And so that may be true or not, but that's what our grassroots kind of said.

可能由於多種原因，他們的投資不再像以前那麼多了。這就是我們的世界觀。這也許是真的，也許不是，但這就是我們的基層民眾所說的。

And so we believe that's a factor. I think that's in Collision. That's a big factor. I think that's changing a Collision, making it a little more tepid.

因此我們認為這是一個因素。我認為那是在碰撞中。這是一個重要因素。我認為這會改變碰撞，使其變得更加溫和。

Now, it has been incandescent for a long time, as you probably know. There was a lot of movement. And maybe you're talking about people not so much spooked and saying, okay, I'm going to consolidate. I'm going to consolidate my gains for a while and then start to move on. I don't know, we'll see what happens.

現在，正如你們可能知道的，它已經白熾化很久了。有很多動靜。也許你說的是人們並沒有那麼害怕，他們說，好吧，我要鞏固。我將暫時鞏固我的成果，然後開始繼續前進。我不知道，我們看看會發生什麼。

Okay. And then a question I guess as far as the franchise event outlook. I mean, obviously, a slightly harder comparison on Q3 against a pretty strong franchise event last year. Any color as far as like what the attendance is looking like? I mean, it's coming up in a month or so I just (multiple speakers) --

好的。我猜還有一個問題與特許經營活動前景有關。我的意思是，顯然，與去年相當強勁的特許經營活動相比，第三季的比較要困難一些。就出席情況而言，有什麼顏色嗎？我的意思是，它大約在一個月後就會出現，我只是（多位發言者）——

Look, I think the -- I don't know. Look, this is our 205th anniversary. So yeah, 105th anniversary. 200, what am I talking about? 105th. And I think maybe it could be a little bit bigger. I don't know, we'll see what happens.

瞧，我認為──我不知道。看，這是我們的205週年紀念。是的，105 週年紀念日。 200，我在說什麼？第105屆。我認為它也許可以更大一點。我不知道，我們看看會發生什麼。

We kind of are planning for it to be slightly bigger. But it is last year was in Orlando and this year it's in Orlando for a number of reasons. So you never know how that's going to go over. But we expect a pretty robust -- as robust as last year looking now.

我們計劃讓它稍微大一點。但去年是在奧蘭多，今年也因多種原因也在奧蘭多。所以你永遠不知道事情會如何發展。但我們預計今年的勢頭會相當強勁——與去年一樣強勁。

You never know, Bret, until the last few weeks because a lot of the votes come in in the last few weeks. It's like waiting for -- like an Annual Meeting. A lot of the votes come in in the last day. So that kind of thing.

布雷特，你永遠不會知道，直到最後幾週，因為很多選票都是在過去幾週內得出的。這就像在等待——就像在等待一場年會。很多選票都是在最後一天投出的。諸如此類的事情。

But I do think it'll be pretty robust. Now, having said that though, the SFC, it's great. You like that. It's always enthusiastic. You can't go away from the SFC without feeling good about Snap-on.

但我確實認為它會非常強勁。現在，儘管這麼說，但 SFC 確實很棒。你喜歡那個。它總是充滿熱情。如果您對 Snap-on 沒有好感，就無法離開 SFC。

But it's only orders. And so when whatever happens at the SFC, you got to realize, it's only orders and, therefore, it has to play out in real sales. Getting high orders are better than getting a stick in the eye -- with getting a sharp stick in the eye, but they're not definitive, not fully definitive. They're just directional.

但這只是命令。因此，無論證監會發生什麼，你都必須意識到，這只是訂單，因此，它必須在實際銷售中發揮作用。獲得高額訂單比被人戳眼睛要好——雖然被人戳眼睛比被人戳眼睛要好，但這並不是決定性的，不是完全決定性的。它們只是有方向性的。

All right. Great. Thank you. Appreciate it.

好的。偉大的。謝謝。非常感謝。

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

我們的問答環節到此結束。我想將會議交還給 Sara Verbsky 女士，請她做最後發言。請繼續。

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。本次電話會議的重播將很快在 snapon.com 上提供。一如既往，感謝您對 Snap-on 的關注。再會。

The conference is 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。