實耐寶 (SNA) 2025 Q4 法說會逐字稿

Good morning, and welcome to the Snap-on Inc. Fourth Quarter and Full Year 2025 Results Conference Call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加 Snap-on 公司 2025 年第四季及全年業績電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給投資者關係副總裁薩拉·維爾布斯基。請繼續。

Thank you, Drew, and good morning, everyone. We appreciate you joining us today as we review Snap-on's fourth quarter and full year results, which are detailed in our press release issued earlier this morning. We have on the call Nick Pinchuk, Snap-on's Chief Executive Officer; and Aldo Pagliari, Snap-on's Chief Financial Officer. Nick will kick off our call this morning with his perspective on our performance. Aldo will then provide a more detailed review of our financial results.

謝謝你，德魯，大家早安。感謝您今天與我們一起回顧 Snap-on 的第四季度和全年業績，詳情請參閱我們今天早上發布的新聞稿。本次電話會議我們邀請了 Snap-on 的執行長 Nick Pinchuk 和 Snap-on 的財務長 Aldo Pagliari。今天上午，Nick 將首先就我們公司的表現發表看法。隨後，Aldo 將對我們的財務表現進行更詳細的分析。

After Nick provides some closing thoughts, we'll take your questions.

Nick作總結發言後，我們將回答大家的問題。

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。您可以在網路直播檢視器的「下載」標籤下找到這些投影片，也可以在我們的網站 snapon.com 的「投資者」部分找到它們。這些幻燈片將與今天電話會議的文字記錄一起存檔在我們的網站上。

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

本次電話會議中任何有關管理層預期、估計或信念，或討論管理層或公司展望、計劃或預測的聲明均為前瞻性聲明，實際結果可能與此類聲明中所述結果存在重大差異。有關可能導致我們的實際結果與前瞻性陳述中的結果有重大差異的更多資訊和因素，請參閱我們向美國證券交易委員會提交的文件。

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，本簡報包含非公認會計準則（non-GAAP）的財務績效指標，這些指標不應單獨考慮，也不應取代公認會計準則（GAAP）的相應指標。有關這些措施的更多資訊已包含在我們今天發布的盈利報告中，該報告可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?

接下來，我想把電話交給尼克·平丘克。缺口？

Thanks, Sara. Good morning, everybody. Well, I'll start by saying these times are something. Things like every day brings a new twist of considerable significance. Fluctuating tariffs with a big swing, unprecedented domestic and international events that dominate the news, prolonged government shutdowns.

謝謝你，莎拉。大家早安。首先，我想說，如今的時代非同尋常。諸如此類的事情每天都會帶來意義重大的新轉折。關稅波動劇烈，前所未有的國內外事件佔據新聞頭條，政府長期停擺。

We just avoided another one. The hits just keep on coming.

我們剛剛避免了另一次事故。好戲還在繼續。

But as we speak about the period, I believe you'll see that in the middle of it all, Snap-on shines through with strength. I'm going to tell you about that as we review the quarter. It's a story of resilient markets, sales progress, profitability and continuing investments that further fortify our advantages in product and brand and people. And so as I cover the highlights in the last three months, I'll give you my perspective on the performance, on the markets and on the progress we've made. Then Aldo will move into a more detailed review of the financials.

但當我們談到這段時期時，我相信你會發現，在這一切之中，Snap-on 展現了強大的實力。在回顧本季時，我會詳細介紹這件事。這是一個關於市場韌性、銷售成長、獲利能力和持續投資的故事，這些都進一步鞏固了我們在產品、品牌和人才方面的優勢。因此，在回顧過去三個月的亮點時，我將向大家介紹我對業績、市場以及我們所取得進展的看法。接下來，阿爾多將對財務狀況進行更詳細的審查。

Our fourth quarter was (inaudible). We believe it emphatically serves a testimony that our balanced approach, growth and improvement is effective enough. Our advantages are powerful enough, and our team is experienced, capable and committed enough to perform even in the most challenging environment. So here are the numbers.

我們的第四季是（聽不清楚）我們相信，這有力地證明了我們平衡的方法、成長和改進是有效的。我們的優勢足夠強大，我們的團隊經驗豐富、能力出眾、盡職盡責，即使在最具挑戰性的環境中也能出色完成任務。以下是具體數字。

In the fourth quarter, sales were $1.239 billion, up 2.8% from last year as reported, including a 1.4% organic increase and $15.6 million favorable foreign currency, positive growth against the winner. And our Opco operating income OI for the quarter was of $265.2 million was equal to last year's. And the OI margin for the period was 21.5%, 60 basis points short of last year. The impact of unfavorable currency, combined with additional investments in brand building and product development.

第四季銷售額為 12.39 億美元，比去年同期成長 2.8%，其中包括 1.4% 的有機成長和 1,560 萬美元的有利外匯收益，較上年同期實現正成長。本季我們的營運公司營業收入 (OI) 為 2.652 億美元，與去年同期持平。該期間的未平倉合約利潤率為 21.5%，比去年同期下降了 60 個基點。不利的匯率影響，加上對品牌建立和產品開發的額外投資。

For financial services, OI of $74.4 million was up $7.7 million or 11.5% from last year to a large part to the 53 week in the 2025 fiscal calendar being uniquely beneficial to the credit company. And when combined with Opco, the overall earnings for the corporation of $339.6 million was up 2.3% versus '24, and total margin was 25.3%.

金融服務業的未償付收入為 7,440 萬美元，比去年增加了 770 萬美元，增幅達 11.5%，這主要是因為 2025 財年日曆中的第 53 週對信貸公司來說具有獨特的優勢。加上 Opco 的收益，公司總收益為 3.396 億美元，比 2024 年增長了 2.3%，總利潤率為 25.3%。

Our overall quarterly EPS, it reached $4.94, up $0.12 from the $4.82 recorded last year. The quarter shows the same resilience demonstrated over the years as we've paid dividends every quarter since 1939 without a single interruption or reduction. In fact, in November, it was with clear belief in our future that we raised our dividend by 14%, the 16th straight year of increase. It was another strong and tangible estimate to Snap-on's consistency right through a variety of environments. All those are the numbers.

我們本季的每股盈餘達到 4.94 美元，比去年同期的 4.82 美元成長了 0.12 美元。本季業績展現了與多年來一樣的韌性，自 1939 年以來，我們每季都派發股息，從未中斷或減少過。事實上，11 月份，我們滿懷信心地將股息提高了 14%，這是連續第 16 年提高股息。這再次有力地證明了 Snap-on 在各種環境下的穩定性。這些都是數字。

Now to the markets. We believe the automotive repair remains very favorable, and that's validated by the average age of the car park, now at 12.8 years, and it's continuing to rise. By the growing number -- by the growing complexity of new platforms driving more difficult and time-consuming repairs and by the ongoing climb in household spending on vehicle repair is up again.

現在來看市場。我們認為汽車維修業仍然非常有利，停車場的平均車齡也證實了這一點，目前為 12.8 年，而且還在持續增長。由於車輛維修數量不斷增加，新平台的複雜性日益增加，導致維修難度和耗時越來越長，以及家庭在車輛維修方面的支出持續攀升，車輛維修費用再次上漲。

And the vehicles and fixers all over are cashing in on the surge, tech wages are up again, extending a fairly positive trend. Hours worked in the bays are also on the rise. We believe technicians are financially stronger than ever, and their prospects just keep getting better. It's not mistakable. There's a growing demand for capable vehicle repair. Shop owners tell us all the time.

各地的車輛和維修人員都從這波熱潮中獲利，科技業的薪資再次上漲，延續了相當正面的趨勢。海灣作業人員的工作時長也在增加。我們認為技術人員的經濟狀況比以往任何時候都好，而且他們的前景只會越來越好。這絕對不會錯。對技術精湛的車輛維修服務的需求日益增長。店主們常這樣告訴我們。

They need more tests. And we believe the need to continue for -- and we believe this need will continue for several years. In fact, that's a good piece, I think. A recent article in The Economist, Ditch textbooks and leave how -- and learn how to use a wrench to AI-proof your job. That piece emphasized the considerable need for more technicians and the solid security provided by the profession.

他們需要進行更多測試。我們認為這種需求將會持續數年。事實上，我認為這是一篇不錯的文章。《經濟學人》最近發表了一篇文章，題為《拋棄教科書和方法論－學習如何用扳手來保護你的工作免受人工智慧的影響》。那篇文章強調了對更多技術人員的巨大需求，以及該職業所提供的可靠保障。

And it cites vehicle repair as one of the most AI proof of jobs. Work is pretty challenging, both physically and mentally. Each repair is different, with variations and conditions that never seem to be the same. And as such, a mechanic needs a mastery of a massive repertoire of procedures, must summon the logic to troubleshoot puzzling failures and must be able to navigate intricate mechanical setups with precision. It's a job that's getting more complex every day. The techs need help in keeping up, and Snap-on's well -- very well positioned to do just that.

報告也指出，汽車維修是人工智慧應用最廣泛的工作之一。這份工作很有挑戰性，無論是體力上還是精神上。每次維修的情況都不一樣，各種情況和條件似乎永遠都不一樣。因此，一名機械師需要精通大量的操作流程，必須運用邏輯思維來解決令人費解的故障，並且必須能夠精確地操作複雜的機械裝置。這項工作每天都變得越來越複雜。技術人員需要幫助才能跟上時代步伐，而 Snap-on 正好具備這樣的優勢。

Now a related but different segment, shop owners and managers are also adapting, continuing to invest in the advanced equipment and specialty tools required to attend the latest vehicles. This is where repair systems information or the RS&I group resides.

現在，另一個相關但不同的領域，汽車修理廠的老闆和經理們也在做出調整，繼續投資先進的設備和專用工具，以便為最新的車輛提供服務。這裡是維修系統資訊或 RS&I 群組所在的位置。

It's a target-rich environment. It's a target-rich environment for our capable undercar and collision equipment, and it's a great and growing opportunity for our expanding array of software and data products. It's an arena where Snap-on is well positioned with our extensive line of proprietary and comprehensive databases, billions of data points.

這是一個目標人才濟濟的環境。對於我們強大的底盤和碰撞檢測設備而言，這是一個充滿目標的環境；對於我們不斷擴展的軟體和數據產品而言，這是一個巨大且不斷增長的機會。在這個領域，Snap-on 憑藉其廣泛的專有和綜合資料庫（包含數十億個數據點）佔據了有利地位。

Now leveraged with large language models, language machine learning programs that search the exhaustive and complex information, matching the promise signature with just the right repair procedure in a split second, greatly expediting the vehicle fix, increasing shop productivity and getting the vehicle back on the road faster than ever.

現在，借助大型語言模型和語言機器學習程序，可以搜索詳盡複雜的信息，在瞬間將承諾簽名與正確的維修程序進行匹配，從而大大加快車輛維修速度，提高維修店的生產力，並使車輛比以往任何時候都更快地重新上路。

Again, this quarter, I had the opportunity to meet with our -- with franchisees from coast to coast. They're a great barometer. They were all positive about the new -- about the now and very enthusiastic about their futures. Sure, they still encounter the ongoing hesitation of techs have toward long-term payback purchases. But at the same time, they're energized by the (inaudible) of the Tools Group execution, pivoting the faster payback items, rolling out a continuous stream of innovative offerings that are making difficult and critical repair work faster and much easier.

本季度，我再次有機會與來自全國各地的加盟商會面。它們是很好的風向標。他們對新事物都持正面態度──對現在充滿信心，對未來也充滿熱情。當然，他們仍會遇到科技界人士對長期投資回報型採購的持續猶豫。但同時，他們也受到了工具集團執行力的鼓舞，該集團正在調整投資回報更快的項目，不斷推出創新產品，使困難和關鍵的維修工作更快、更容易。

And now in the current environment, so storage remains the most impacted category, but we do see demand for smaller boxes and our large range of accessories are starting to grow. In fact, the fourth quarter showed kind of some significant improvement in originations. They were almost flat in the quarter. It's a clear game that bodes well for the future. It appears that our pivot is working.

而現在，在當前的環境下，儲存仍然是受影響最大的類別，但我們確實看到對小型盒子的需求，而且我們種類繁多的配件也開始增長。事實上，第四季貸款發放情況出現了一些顯著改善。它們幾乎是平的。這是一場明朗的比賽，預示著美好的未來。看來我們的轉型策略奏效了。

So despite the challenges, automotive repair remains robust, and we believe we're well positioned to capitalize.

因此，儘管面臨挑戰，汽車維修業依然保持強勁勢頭，我們相信我們已做好充分準備，從中獲益。

Now let's turn to critical industries, where commercial and industrial or C&I group operates with a focus on taking Snap-on out of the garage, the places where work is very critical, justifying a Snap-on level product. Complex tasks performed in harsh and ruling environments, from oilfields to subsea floors, the clean rooms for chip manufacturing and to tightly control base for rocket manufacturing.

現在讓我們轉向關鍵產業，即商業和工業 (C&I) 集團專注於將 Snap-on 產品從車庫帶出的關鍵產業，這些產業的工作至關重要，需要 Snap-on 等級的產品。從油田到海底，從晶片製造的潔淨室到火箭製造的嚴格控制基地，在惡劣和嚴苛的環境中執行複雜的任務。

This arena relies on our extensive catalog of products that provide precision, durability, reliability and repeatability, all characteristics required to get the job done where the tasks are essential and critical. We believe we have a decisive advantage in these critical areas. And we keep investing to make it even stronger, and the fourth quarter was no exception.

該領域依賴我們豐富的產品目錄，這些產品具有精準性、耐用性、可靠性和可重複性，這些都是在至關重要的職位上完成工作所需的特性。我們相信我們在這些關鍵領域擁有決定性的優勢。我們持續投資使其更加強大，第四季也不例外。

This is also in the market where -- with the largest global footprint for us. And that creates challenges in navigating the international headwinds like government protocols, varying economies and currency fluctuations. And during the quarter, Europe saw the continuing impact of the Ukrainian war. And Asia was marked by the general loss of confidence in the Chinese economy and the impact of the -- and the impact of the evolving U.S. tariff regime, changes all the time.

這也是我們在全球業務規模最大的市場。這就為應對國際逆風帶來了挑戰，例如政府規章制度、經濟差異和貨幣波動。本季度，歐洲持續感受到烏克蘭戰爭的影響。亞洲的顯著特徵是普遍喪失對中國經濟的信心，以及不斷變化的美國關稅制度的影響。

More than any group, C&I encounters these obstacles from country to country, and it does cause some adversities across the group. But we're confident we have the strengths to overcome the variation and keep progressing, making the most of the abundant opportunities in this critical center.

與其他任何群體相比，工商企業在各國之間更容易遇到這些障礙，這確實為整個群體帶來了一些不利影響。但我們有信心，我們有能力克服各種變化，不斷進步，充分利用這個關鍵中心所提供的豐富機會。

So that's an overview of our markets. Resistance against turbulence filled with opportunities. And we're well -- I should say resilience and resistance against the turbulence, and it's filled with opportunities. And we're well positioned to leverage the possibilities, progressing down our runways for growth, efforts that are fortified by our Snap-on [four,five] processes, safety, quality, customer connection, innovation and rapid continuous improvement, or RCI, the core activities that underpin our performance, enabling it to hold vast despite the difficult headwinds of these days.

以上就是我們市場的概況。抵禦充滿機會的動盪局面。我們狀態良好——應該說，我們展現出了抵禦動蕩的韌性和抵抗力，而且充滿了機會。我們已做好充分準備，利用各種可能性，沿著成長的軌道穩步前進。我們的 Snap-on [四、五] 流程、安全、品質、客戶聯繫、創新和快速持續改進 (RCI) 等核心活動，鞏固了我們的業績，使我們即使在當今艱難的逆風中也能保持強勁的發展勢頭。

Now for the operating groups. Let's start with C&I. Fourth quarter sales of $398.1 million for the group were up $18.9 million or 5%, with our organic gain of $2.8 million and $7.9 million of favorable foreign currency translation. Our power dual division (inaudible) the way with that growth with double-digit gains, moving forward on the market enthusiasm for our new innovative power solutions that make work much easier. And especially the torque business was also up, driven by the ever-growing need for precision instruments and in the critical industries come back.

接下來是各營運部門。我們先從C&I開始。集團第四季銷售額為 3.981 億美元，成長 1,890 萬美元，增幅 5%，其中有機成長 280 萬美元，有利的外匯折算帶來 790 萬美元的成長。我們的電力雙部門（聽不清楚）實現了兩位數的成長，市場對我們創新電力解決方案的熱情推動著我們不斷前進，這些解決方案讓工作變得更加輕鬆。扭矩業務尤其成長，這得益於對精密儀器的需求不斷增長，以及關鍵產業的復甦。

Our industrial operations overcame the impact of the prolonged U.S. government shutdown to kind of cut off things for a while, things were kind of slow for a while. They overcame that wielding. It's increasingly powerful custom [kitting] operations like never before to come roaring down the stretch, registering a positive volume and catching up. I mean you should have seen this team, seeing them working on catching up. It was a [wowza].

雖然美國政府長期停擺導致生產一度中斷，但我們的工業營運克服了這項影響，業務也因此一度放緩。他們克服了這種運用。客製化（套件）業務正以前所未有的速度蓬勃發展，在最後階段勢如破竹，取得了積極的銷售業績並迎頭趕上。我的意思是，你應該看看這支隊伍，看看他們是如何努力追趕的。那是一個[哇哦]

OI for C&I was $60.6 million and included a benefit of $4.5 million related to the refinement of our footprint and compared -- and then compared with the $63.5 million registered last year. The OI margin was 15.2% versus the 16.7% in 2024, primarily due to material cost increase and stronger sales in some of the group's lower-margin businesses.

工商業營業收入為 6,060 萬美元，其中包括因優化我們的業務佈局而獲得的 450 萬美元收益，並與去年註冊的 6,350 萬美元進行了比較。營業利潤率為 15.2%，而 2024 年為 16.7%，主要是由於材料成本增加以及集團一些低利潤業務的銷售強勁增長。

As I said, the sales growth was fueled by new innovative power tools engineered by our team in Murphy, North Carolina and (inaudible), Wisconsin in the back half of the quarter.

正如我所說，銷售成長得益於我們位於北卡羅來納州墨菲和威斯康辛州（聽不清楚）的團隊在本季後半段研發的創新電動工具。

For example, in the back half of the quarter, we launched our new Nano Axcess cordless lineup. I mean this baby is groundbreaking. Developed from insights gained from customer connections right in the shops at the point of work. The Nano is a compact power tool. And when I say compact, I mean small enough to fit right in the palm of your hand, and it can be carried everywhere in a small pocket to be always on hand when the need arises.

例如，在本季後半段，我們推出了全新的 Nano Axcess 無線系列產品。我的意思是，這個嬰兒具有開創性意義。該產品是根據在門市工作現場與顧客直接溝通所獲得的洞察而開發的。Nano是一款小巧的電動工具。我說的「小巧」是指它小到可以放在手掌裡，可以放在小口袋裡隨身攜帶，以便在需要時隨時使用。

The big advantage is as techs change positions across the shop or venture out into the yard. The unit has an internal -- also has an internal ampere hour battery that drives over 600 fasteners, 600 fasteners on a single charge. You see from our customer connections, we know that most inspections and general repairs are low torque applications like removing panels, clams and fasteners under the dash and in crowded compartment.

最大的優勢在於技術人員可以在車間內輪換崗位，或到車間外的場地進行作業。該裝置內建安時電池，一次充電即可驅動 600 多個緊固件。從我們與客戶的溝通中，我們了解到大多數檢查和一般維修都是低扭矩應用，例如拆卸儀表板下方和擁擠隔間內的面板、卡扣和緊固件。

For these common tasks that Nano has the power for rapid removal, the control to avoid stripping the fastener and has the right size to fit where no other power tool can go. It's a real time saver and a fast payback item, and it's right on target for the environment. The initial release featured two models that are one straight and one 90-degree pistol driver.

Nano 能夠快速拆卸這些常見任務，控制力強，不會損壞緊固件，而且尺寸合適，可以伸入其他電動工具無法到達的地方。它非常省時省力，投資回報快，而且完全符合環保要求。首發版本包含兩款型號，一款是直式，另一款是 90 度手槍式。

Both -- and both units set new records for new power tool rollouts. Pretty strong.

這兩款產品都創下了新型電動工具上市的新紀錄。相當不錯。

Also in the quarter, our industry factor in California launched our new ControlTech+ torque wrench. It's a unit that has high precision needed for critical industries and performs a great liability in the harsh conditions that are often encountered outside the garage. It's robust oil steel construction, it's durable, perfect for heavy-duty use. And the design includes a large LED display that's visible in bright sunlight or in dark work areas, anywhere an industrial tech applies their trade.

本季度，我們在加州的產業合作夥伴推出了我們全新的 ControlTech+ 扭力扳手。它是一款高精度設備，適用於關鍵行業，並且在車庫外經常遇到的惡劣條件下具有極高的性能。它採用堅固的油鋼結構，經久耐用，非常適合重型用途。該設計包括一個大型 LED 顯示屏，即使在明亮的陽光下或黑暗的工作區域，工業技術人員在任何需要他們的地方都能清晰可見。

And that unit is intrinsic -- and the unit is intrinsically safe, meaning it's certified to work in flammable areas. It's an important feature for critical applications. And the internal rechargeable battery ensures the device is always powered up and ready for work, a new ControlTech+, accurate, durable, easier to use and safe, taking Snap-on out of the garage and helping deliver the C&I quarter. Well, that's C&I, sales up, a powerful come back, wielding our critical custom kit capacity, mighty might power tools and precision torque, rising -- all rising to new levels.

而且該裝置是本質安全的——這意味著它經過認證可以在易燃區域工作。對於關鍵應用而言，這是一項重要功能。內建可充電電池確保設備始終處於通電狀態，隨時準備工作。全新的 ControlTech+ 技術精準、耐用、易於使用且安全，讓 Snap-on 走出車庫，協助 C&I 產業取得佳績。嗯，C&I 的銷售額上升了，強勁復甦，憑藉我們關鍵的定制套件能力、強大的電動工具和精確扭矩，一切都在上升——所有方面都達到了新的水平。

Now on to the Tools Group. Quarterly sales of $505 million -- quarterly sales were -- of $505 million were down -- down from the -- were $505 million, down from the $506.6 million of last year. But the OI was $107.3 million, up from $106.9 million last year. And the OI margin was 21.2%, rising 10 basis points. The fluctuating tariffs, the prolonged shutdown and the constant parade of big bang actions and ideas coming out of Washington has stope technician uncertainty and reinforced reluctance toward longer payback items.

接下來是工具組。季度銷售額為 5.05 億美元——季度銷售額為——5.05 億美元，低於——低於——為 5.05 億美元，低於去年的 5.066 億美元。但未平倉合約額為 1.073 億美元，高於去年的 1.069 億美元。未平倉合約利潤率為 21.2%，上升了 10 個基點。關稅波動、長期停擺以及華盛頓不斷湧現的重大舉措和想法，加劇了技術人員的不確定性，並增強了他們對投資回報週期較長產品的抵觸情緒。

But the Tools Group -- but the Tools Group's ongoing pivot has authored a series of shorter payback items that are bringing high value and strengthen margins for the shop. And that positive is evidenced by the group's gross margins of 46.1%, a gain of 150 basis points over last year despite the flat volume, boom shakalaka. This is an eyepopper.

但工具集團——工具集團持續的轉型催生了一系列投資回報週期短的產品，這些產品為商店帶來了高價值並提高了利潤率。這一積極因素體現在該集團 46.1% 的毛利率上，儘管銷量持平，但仍比去年增長了 150 個基點，繁榮景像一片。這真是令人瞠目結舌。

And at the same time, even in a turbulence, we remain committed towards investing. Even in a turbulence, we remain committed towards investing in the van network, maintaining our advantage in product and brand and in people. So the quarter in the Tools Group -- so in the quarter, spending on operating expenses rose 140 basis points, helping to ensure that the group will be at full strength when the uncertainty thaws.

同時，即使在動盪時期，我們仍然致力於投資。即使在動盪時期，我們仍然致力於投資貨車網絡，保持我們在產品、品牌和人才方面的優勢。因此，工具集團本季營運支出成長了 140 個基點，這有助於確保集團在不確定性消退時能夠充分發揮實力。

But the Snap-on core, the core of our business here is our powerful product line. Now over 85,000 strong across the corporation over 40,000 just in the Tools Group. And the period saw a number of great new examples in the Tools Group. During the quarter, our Milwaukee, Wisconsin facility released a new line of impact flex sockets. Customer connection identified a range of tests where removing components to access the fix was burning a lot of tech time.

但Snap-on的核心，我們業務的核心，是我們強大的產品線。目前整個公司擁有超過 85,000 名員工，光是工具集團就有超過 40,000 名員工。在此期間，工具組湧現了許多優秀的新案例。本季度，我們位於威斯康辛州密爾瓦基的工廠推出了一系列新型衝擊式柔性插座。客戶聯繫發現，在進行一系列測試時，移除組件以進行修復會浪費大量技術時間。

Armed with that insight, our engineers have designed the new 307 RIP LMS, a seven-piece impact socket set featuring extra long reduced diameter shafts and low-profile exits. This design enables easy access to deeply recess fasteners and it provides a clearance around, blocking obstruction, all without removing additional parts. It's an ideal tool for speeding up routine path like brake caliber removals, catalytic converter replacements and extracting exhaust (inaudible).

憑藉這一洞察力，我們的工程師設計了全新的 307 RIP LMS，這是一款七件組衝擊套筒組，具有超長的縮徑軸和低輪廓出口。這種設計使得可以輕鬆接觸到深嵌式緊固件，並在周圍提供間隙，防止障礙物，所有這些都無需拆卸額外的部件。它是加快常規操作流程的理想工具，例如拆卸煞車卡鉗、更換觸媒轉換器和抽取廢氣。（聽不清楚）

Our new long (inaudible) impact set is a winner. It increases productivity, creates quick paybacks, and the technicians have noticed, making this design on another hit product, $1 million hit product.

我們新推出的長（聽不見的）衝擊套裝非常成功。它提高了生產效率，帶來了快速的回報，技術人員也注意到了這一點，使得這種設計成為另一款爆款產品，一款價值 100 萬美元的爆款產品。

Also rolling out in the Algona, Iowa plant, a new true storage configuration, the KPL 1021 54-inch single bank master series roll clip cab, but with the unique features that all seven drawers span the full width of the box. And those drawers are equipped with heavy-duty dual ball bearing slides. The unit has the space and the strength to handle additional storage without -- within a compact footprint. 9,300 square inches to be exact. Now space and strength define a storage utility.

在愛荷華州阿爾戈納工廠，一種全新的真正存儲配置——KPL 1021 54 英寸單組主係列卷夾櫃——也正在推出，但其獨特之處在於所有七個抽屜都橫跨了箱子的整個寬度。這些抽屜都配備了重型雙滾珠軸承滑軌。該設備空間寬敞、結構堅固，無需額外佔用空間即可容納更多儲存空間。確切地說，其儲存面積為 9300 平方英吋。如今，空間和強度定義了儲存設施。

And the new unit has plenty of space for our full organizing trades at (inaudible) and a low capacity of nearly 3.5 tons big. It's an offering with powerful capabilities at a midrange price point and it's just the storage product for this environment. And as you might expect, it was a great success. Some of what you see in the originations come from this. Well, that's the Tools Group.

新的設備空間充足，足以容納我們所有的整理工作（聽不清楚），容量也低至近 3.5 噸。它是一款功能強大、價格適中的產品，正是這種環境下理想的儲存產品。不出所料，它取得了巨大的成功。你在起源故事中看到的一些內容就源自於此。嗯，那是工具組。

Matching technician preferences, leveraging customer connections, investing in our strengths all in a turbulence.

在動盪的環境中，我們努力滿足技術人員的偏好，利用客戶關係，並投資我們的優勢。

Now for RS&I. Sales in the quarter were $467.8 million, up $11.2 million compared to 2022 and including our annex sales gain of $4.8 million. The group's fifth consecutive quarter of growth against the turbulence. Higher volume with vehicle OEMs and dealerships and games with this information databases to independent garages led the way, more than offsetting lower sales and big ticket diagnostic units.

現在進入RS&I環節。本季銷售額為 4.678 億美元，比 2022 年成長 1,120 萬美元，其中包括附屬銷售成長 480 萬美元。儘管市場動盪，該集團仍連續第五個季度實現成長。與汽車製造商和經銷商的大量合作，以及與獨立維修廠合作，利用這些資訊資料庫進行遊戲，取得了顯著成效，足以彌補銷量下降和高價診斷設備的不足。

RS&I operating earnings for the quarter were $117.7 million, and the operating margin was a strong 25.2%. But it was down 140 basis points from the 26.6% recorded last year. That reduction represents very robust investment in software development and brand building.

RS&I 本季營業利潤為 1.177 億美元，營業利益率高達 25.2%。但與去年同期的 26.6% 相比，下降了 140 個基點。這一降幅體現了對軟體開發和品牌建立的大力投入。

Similar to the Tools Group, RS&I gross margins were strong, 46.9%, about equal to last year despite cost increases. And just like tools, the group invested to build this advantage in both hardware and software, helping the -- helping -- driving the operating expenses 130 basis points over last year.

與工具集團類似，RS&I 的毛利率表現強勁，達到 46.9%，與去年基本持平，儘管成本增加。就像工具一樣，該集團投資於硬體和軟體方面的這一優勢，幫助——幫助——推動營運費用比去年降低了 130 個基點。

That's the numbers. But we believe the spending will be well worth, and we'll make our advantages even stronger going forward.

這就是數據。但我們相信這筆投入是值得的，而且我們將使我們的優勢在未來更加穩固。

You see growing vehicle complexity paired with an aging car park makes understanding the different vehicle setups very difficult, especially with the variations of creature comforts and safety equipment found in modern vehicles. And this is where RSI itself, converting billions of data points within microseconds and delivering it in the hands of the tech, enabling them to diagnose the problem and execute the fix quickly. That's already happened.

你會發現，車輛的複雜性日益增加，而停車場卻日益老化，這使得理解不同的車輛配置變得非常困難，尤其是現代車輛中各種舒適性和安全設備。而這正是 RSI 發揮作用的地方，它在微秒內轉換數十億個數據點，並將其傳遞給技術人員，使他們能夠快速診斷問題並執行修復。這事已經發生了。

In the quarter, the group believes the all-new MT, the Snap-on MT2600 diagnostic platform, offering a quick payback unit positioned as a powerful entry-level device for the diagnostic -- or the automotive diagnostic arena. The new unit is capable of communicating with 50 different OEMs from around the globe, on models dating back to 1983. In other words, it handles a wide range of vehicles. And it is fast, with live data graphs, functional tests and the capability to reset service and check engine lines. Plug into this vehicle's diagnostic -- into a vehicle's diagnostic port and press go.

該集團認為，本季全新的 MT，即 Snap-on MT2600 診斷平台，是一款投資回報快的設備，定位為診斷（或汽車診斷領域）的強大入門級設備。這款新設備能夠與全球 50 家不同的 OEM 廠商進行通信，支援最早可追溯到 1983 年的型號。換句話說，它適用於多種類型的車輛。而且速度很快，具有即時數據圖表、功能測試以及重置保養和檢查引擎線路的功能。將插頭插入車輛的診斷端口，然後按下啟動鍵。

It's ready to go. No time wasted loading software. And it automatically identifies the vehicle's specific information. Just because the same -- just because it's the same make and model doesn't mean the vehicle is the same in the repair world. Models are not the same in the repair world. One could have been ordered with options like parking assist and the other with air-ride suspension.

準備就緒。無需浪費時間載入軟體。它可以自動識別車輛的具體資訊。僅僅因為是相同的品牌和型號，並不意味著在維修方面車輛也相同。維修業的情況並不相同。其中一輛可以選配泊車輔助等功能，另一輛則可選配空氣懸吊。

But there's -- but there's no need to look it up. Now the MT2600 knows the unique differences instantly without any additional input, and it's a real-time saver, it's a productivity advancer, and it's a pay raiser for entry level techs.

但是——但是沒必要去查。現在，MT2600 無需任何額外輸入即可立即識別獨特的差異，它能真正節省時間，提高生產力，並提高入門級技術人員的收入。

The Snap-on MT2600, a powerful feature set and a price to line to match current technician preferences, and it was a hit with franchisees and with the customers alike. So that's RS&I. Trends remain robust, aging car park, vehicle technology continuing to advance, making repairs complex, abundant opportunities for growth. And Snap-on is the position in the product line to take advantage, and we're investing to extend that lead. That's our fourth quarter performance in the midst of turbulence.

Snap-on MT2600 功能強大，價格也符合當前技術人員的偏好，因此深受加盟商和客戶的歡迎。這就是RS&I。趨勢依然強勁，停車場老化，車輛技術不斷進步，使得維修變得複雜，成長機會眾多。Snap-on 在產品線中佔據有利地位，我們正在投資以擴大這一領先優勢。這是我們在動盪時期取得的第四季業績。

C&I sales up, critical industries impeded by the shutdown, but roaring back to report a positive, substantial gains with new power tools and precision torque products. The Tools Group, about flat, attenuated by tech uncertainty by growing gross margins, up 150 basis points without of volume booth. Continuing investments in products and brands and its people.

工商業銷售額上升，關鍵產業受到停工影響，但隨著新型電動工具和精密扭矩產品的出現，這些產業正在強勁復甦並取得積極、實質的成長。工具集團業績基本上持平，儘管受到技術不確定性的影響，但毛利率成長，在銷量未成長的情況下仍上漲了 150 個基點。持續投資於產品、品牌和人才。

RS&I, a fifth straight quarter of growth, gains with OEMs and independent shops, strengthening its proprietary database and its software. And the overall business, sales up 2.8% as reported, 1.4% organically, and an EPS of $4.94, up again over last year. Progress and investments in a difficult market. It was an encouraging quarter.

RS&I 連續第五個季度實現成長，在 OEM 和獨立維修店方面均取得進展，增強了其專有資料庫和軟體。整體業務方面，據報告銷售額增長 2.8%，有機增長 1.4%，每股收益為 4.94 美元，比去年再次增長。在艱難的市場環境下取得進展並進行投資。這是一個令人鼓舞的季度。

Now I'll turn the call over to Aldo.

現在我把電話交給阿爾多。

Thanks, Nick. Our consolidated operating results for the fourth quarter are summarized on Slide 6. Net sales of $1,231.9 million in the quarter represented increased 2.8% to 2024 levels, reflecting a 1.4% organic sales gain and $15.6 million of favorable foreign currency translation.

謝謝你，尼克。我們第四季的綜合經營業績總結請見投影片 6。本季淨銷售額為 12.319 億美元，比 2024 年水準成長 2.8%，反映了 1.4% 的有機銷售額成長和 1,560 萬美元的有利外匯折算。

Sales in our commercial and industrial sector or the C&I group increased year-over-year, led by strong performances, with critical industry customers and robust sales by our power tools operations. In our automotive repair market, sales gains with repair shop owners and managers were somewhat tempered by slightly lower activity through our franchise [Amgen].

在關鍵產業客戶的強勁表現以及電動工具業務的穩健銷售的帶動下，我們商業和工業部門（C&I 集團）的銷售額同比增長。在我們的汽車維修市場，雖然透過加盟店銷售活動略有下降，但與維修店老闆和經理的銷售成長在一定程度上抵消了這一成長。[安進]

Consolidated gross margin of 49.2% compared to 49.7% in the fourth quarter last year. The decline of 50 basis points primarily reflect a higher material and other costs as well as higher sales and lower gross margin businesses within the C&I group. These headwinds were partially offset by benefits from the company's RCI initiatives.

綜合毛利率為 49.2%，去年第四季為 49.7%。下降 50 個基點主要反映了 C&I 集團內材料和其他成本的增加，以及銷售額的增加和毛利率的降低。這些不利因素被公司 RCI 計劃帶來的收益部分抵銷。

And while Snap-on is relatively advantaged in the current tariff environment, generally manufacturing products in the markets where they're sold, our costs can be affected by trade policies.

雖然 Snap-on 在當前的關稅環境下具有相對優勢（通常在產品銷售市場進行生產），但我們的成本可能會受到貿易政策的影響。

Operating expenses as a percentage of net sales of 27.7% compared to 27.6% in 2024. Operating earnings before financial services of $265.2 million in the quarter were unchanged from last year. As a percentage of net sales, operating margin before financial services of 21.5% compared to the 22.1% reported in 2024.

營業費用佔淨銷售額的百分比為 27.7%，而 2024 年為 27.6%。本季扣除金融服務前的營業利潤為 2.652 億美元，與去年同期持平。以淨銷售額的百分比計算，不計金融服務的營業利潤率為 21.5%，而 2024 年報告的營業利潤率為 22.1%。

As you may know, Snap-on operates on a fiscal calendar which results in an additional week being added to our fiscal year every five years to six years. Accordingly, the 2025 fiscal year contains 53 weeks of operating results, with the extra week relative to the prior year occurring in the fourth quarter.

您可能知道，Snap-on 的財政年度採用的是固定的財務日曆，每五到六年，我們的財政年度就會增加一週。因此，2025 財年包含 53 週的經營業績，比前一年多出的一週出現在第四季。

While the impact of this additional week was not material to Snap-on's consolidated fourth quarter total revenues and net earnings, our financial services segment did earn an additional full week of interest income from its financing portfolio. At the consolidated level, the net earnings benefit from the additional week of financial services interest income was largely offset by a corresponding additional week of fixed expenses, primarily personnel-related costs.

雖然這額外的一周對 Snap-on 第四季度合併總收入和淨利潤的影響並不重大，但我們的金融服務部門確實從其融資組合中獲得了額外一整週的利息收入。從合併層面來看，額外一週的金融服務利息收入所帶來的淨收益，很大程度被相應額外一週的固定支出（主要是人員相關成本）所抵銷。

With that said, financial services' revenue of $108.0 million in the fourth quarter, including $7.4 million of revenue resulting from the extra week of interest income compared to $100.5 million last year, while operating earnings of $74.4 million compared to $66.7 million in 2024. Consolidated operating earnings of $339.6 million compared to $331.9 million last year. As a percentage of revenues, the operating earnings margin of 25.3% compared to 25.5% in 2024.

儘管如此，金融服務業第四季營收為 1.08 億美元，其中包括因額外一週的利息收入而增加的 740 萬美元收入，而去年同期為 1.005 億美元；營業利潤為 7,440 萬美元，而 2024 年為 6,670 萬美元。綜合營業利潤為 3.396 億美元，去年同期為 3.319 億美元。營業利益率佔收入的百分比為 25.3%，而 2024 年為 25.5%。

Our fourth quarter effective income tax rate was 22.3% in 2025 and 22.5% in 2024. Net earnings of $260.7 million or $4.94 per diluted share compared to $258.1 million or $4.82 per diluted share in 2024.

2025 年第四季實際所得稅率為 22.3%，2024 年為 22.5%。2024 年淨利為 2.607 億美元，即每股攤薄收益 4.94 美元，而 2024 年淨利為 2.581 億美元，即每股攤薄收益 4.82 美元。

Now let's turn to our segment results for the quarter. Starting with the C&I Group on Slide 7. Sales of $398.1 million rose $18.9 million compared to 2024 levels, reflecting a 2.8% organic sales increase and $7.9 million of favorable foreign currency translation.

現在讓我們來看看本季各業務區的業績。從第 7 張投影片上的 C&I 組開始。銷售額為 3.981 億美元，比 2024 年的水平增長了 1890 萬美元，反映了 2.8% 的有機銷售額增長和 790 萬美元的有利外匯折算。

The organic gain includes a mid-single-digit increase in activity with customers in critical industries, a double-digit rise in power tools and a mid-single-digit improvement in specialty torque. These gains were partially offset by lower sales to the United States markets by the Asia Pacific business.

有機成長包括關鍵產業客戶活動的小幅個位數成長、電動工具的兩位數成長以及特種扭力的小幅個位數改善。亞太業務對美國市場的銷售額下降，部分抵銷了這些成長。

Overall, the organic sales gain largely reflects successful new product launches from our power tools operation and continued improving demand from our critical industry customers, including those in the United States and International Aviation, heavy-duty and technical education.

總體而言，有機銷售成長主要反映了我們電動工具業務新產品的成功推出，以及來自我們重要行業客戶（包括美國和國際航空、重型機械和技術教育領域的客戶）的持續增長的需求。

Despite delays associated with the government shutdown in October and November, sales into military and defense applications rebounded and were down only slightly for the quarter versus last year, with activity increasing as we exited the fourth quarter.

儘管受 10 月和 11 月政府停擺的影響，軍事和國防應用領域的銷售額有所下降，與去年同期相比僅略有下降，而且隨著第四季度的結束，市場活動有所增加。

Gross margin of 38.6% compared to 41% in 2024. This decline was primarily due to higher material and other cost, increased sales in lower gross margin businesses and 30 basis points of unfavorable foreign currency effects, partially offset by savings from RCI initiatives.

毛利率為 38.6%，而 2024 年將達到 41%。這一下滑主要是由於材料和其他成本上漲、毛利率較低的業務銷售額增加以及 30 個基點的不利外匯影響，部分被 RCI 舉措帶來的節省所抵消。

During the fourth quarter, the C&I group refined its footprint and go-to-market strategy, resulting in a net benefit to operating expenses of $4.5 million. As detailed on Slide 7, these actions included a net gain on the sale of a building that was partially offset by cost to retire certain trademarks and by restructuring charges. As such, operating expenses as a percentage of sales of 23.4% in the quarter, including the net benefit compared to 24.3% last year. Operating earnings for the C&I group of $60.6 million compared to $63.5 million in 2024 and the operating margin of 15.2% compared to 16.7% last year.

第四季度，工商業集團優化了業務佈局和市場進入策略，為營運支出帶來了 450 萬美元的淨收益。如投影片 7 所述，這些行動包括出售建築物的淨收益，但部分收益被註銷某些商標的成本和重組費用所抵銷。因此，本季營業費用佔銷售額的 23.4%（含淨收益），而去年同期為 24.3%。2024 年，工商業集團的營業利潤為 6,060 萬美元，而 2024 年為 6,350 萬美元；營業利潤率為 15.2%，而去年為 16.7%。

Now turning to Slide 8. Sales in the Snap-on Tools Group of $505 million compared to $506.6 million last year, reflecting a [0.07%] organic sales decline, largely offset by $1.8 million of favorable foreign currency translation. The organic decrease reflects a low single-digit decline in the United States, partially offset by a high single-digit gain in the segment's international operations.

現在請看第8張投影片。Snap-on Tools Group 的銷售額為 5.05 億美元，而去年為 5.066 億美元，反映出有機銷售額下降了 0.07%，但 180 萬美元的有利外匯折算基本上抵消了這一下降。有機成長下降反映了美國市場的個位數低幅下滑，但部分被該業務板塊國際業務的個位數高幅成長所抵消。

During the quarter, we believe our ongoing pivot to featuring the benefits of shorter payback items continued to mitigate the persistent uncertainty of technician customers in the current environment. Gross margin improved 150 basis points to 46.1% in the quarter from 44.6% last year, mostly due to a year-over-year shift in product mix, including higher sales of new products and savings from the segment's RCI initiatives.

在本季度，我們相信，我們持續轉向宣傳投資回收期短的產品優勢，繼續緩解了當前環境下技術人員客戶持續存在的不確定性。本季毛利率較去年同期提高 150 個基點至 46.1%，而去年同期為 44.6%，這主要是由於產品組合同比發生變化，包括新產品銷量增加以及該部門 RCI 計劃帶來的成本節約。

Operating expenses as a percentage of sales of 24.9% compared to 23.5% in 2024, largely reflecting increased brand building and other costs. Operating earnings for the Snap-on Tools Group of $107.3 million compared to $106.9 million in 2024. The operating margin of 21.2% improved 10 basis points from last year.

2024 年，營業費用佔銷售額的 24.9%，而 2024 年為 23.5%，主要反映了品牌建立和其他成本的增加。Snap-on Tools Group 的營業利潤為 1.073 億美元，而 2024 年為 1.069 億美元。營業利益率為 21.2%，比去年提高了 10 個基點。

Turning to the RS&I Group shown on Slide 9. Sales of $467.8 million compared to $456.6 million a year ago, reflecting a 1% organic sales increase and $6.4 million of favorable foreign currency translation. The organic improvement includes low single-digit gains in activity with OEM dealerships and in sales of diagnostics and repair information products to independent repair shop owners and managers.

接下來請看投影片 9 所示的 RS&I 集團。銷售額為 4.678 億美元，而去年同期為 4.566 億美元，這反映了 1% 的有機銷售額增長和 640 萬美元的有利外匯折算。有機成長包括與 OEM 經銷商的業務往來以及向獨立維修店老闆和經理銷售診斷和維修資訊產品方面實現了個位數低成長。

While our undercar equipment sales were flat with last year, the business experienced improving activity in all of our product lines outside of collision repair, which continue to be down year-over-year. Gross margin for the RS&I group of 46.9% compared to 47% last year, and savings from RCI nearly offset the effects of tariffs and higher material costs.

雖然我們的底盤設備銷售額與去年持平，但除碰撞維修外，我們所有產品線的業務活動均有所改善，而碰撞維修的銷售額則繼續同比下降。RS&I 集團的毛利率為 46.9%，而去年為 47%，RCI 節省的費用幾乎抵消了關稅和材料成本上漲的影響。

Operating expenses as a percentage of sales of 21.7% compared to 20.4% in 2024, largely reflecting increased activity in higher expense businesses and a rise in other costs. Operating earnings of $117.7 million compared to $121.4 million last year. The operating margin of 25.2% compared to 26.6% (inaudible) 2024.

營業費用佔銷售額的百分比為 21.7%，而 2024 年為 20.4%，這主要反映了高支出業務活動的增加以及其他成本的上升。營業利潤為 1.177 億美元，而去年同期為 1.214 億美元。營業利益率為 25.2%，而 2024 年為 26.6%（聽不清楚）。

Now turning to Slide 10. Revenue from financial services of $108 million compared to $100.5 million last year. As previously stated, this includes $7.4 million of higher revenue resulting from a full additional week of interest income due to our 53 week fiscal year. Financial services operating earnings of $74.4 million compared to $66.7 million in 2024, largely reflecting the additional interest income. Financial services expenses of $33.6 million compared to $33.8 million last year.

現在請看第10張投影片。金融服務收入為 1.08 億美元，而去年為 1.005 億美元。如前所述，這包括由於我們 53 週的財政年度而額外增加的一周利息收入帶來的 740 萬美元的更高收入。金融服務營業收入為 7,440 萬美元，而 2024 年為 6,670 萬美元，這主要反映了額外的利息收入。金融服務支出為 3,360 萬美元，而去年為 3,380 萬美元。

As a percentage of the average financial services portfolio, expenses were 1.3% in the fourth quarters of both 2025 and 2024.

2025 年及 2024 年第四季度，支出佔平均金融服務組合的百分比均為 1.3%。

In the fourth quarter, the average yield on finance receivables of 17.6% in 2025 compared to 17.7% in 2024, while the average yield on contract receivables was 9.1% in both years. Total loan originations of $285.1 million in the fourth quarter were unchanged from last year and on a year-over-year basis, reflected stable originations of tool storage products.

第四季度，2025 年融資應收款的平均報酬率為 17.6%，而 2024 年為 17.7%；合約應收款的平均報酬率在這兩年均為 9.1%。第四季貸款發放總額為 2.851 億美元，與去年同期持平，年比來看，這反映了工具儲存產品貸款發放的穩定性。

Moving to Slide 11. Our year-end balance sheet includes approximately $2.5 billion of gross financing receivables with $2.2 billion from our U.S. operation. For extended credit or finance receivables, the U.S. 60-day plus delinquency rate of 2.1% is up 10 basis points from the fourth quarter of 2024.

切換到第11張投影片。我們年末資產負債表包括約 25 億美元的融資應收款總額，其中 22 億美元來自我們的美國業務。對於延期信貸或融資應收款項，美國 60 天以上的逾期率為 2.1%，比 2024 年第四季上升了 10 個基點。

Additionally, it is also up 10 basis points from last quarter, reflecting the typical seasonal increase between the third and fourth quarters. Trailing 12-month net losses for the overall extended credit portfolio of $72.1 million represented 3.67% of outstandings at year-end. We believe that these portfolio performance metrics remain relatively balanced considering the current environment.

此外，與上一季相比也上漲了 10 個基點，反映了第三季和第四季之間典型的季節性成長。過去 12 個月，整體延期信貸組合的淨虧損為 7,210 萬美元，佔年末未償餘額的 3.67%。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 $268.1 million in the quarter decreased $25.4 million from comparable 2024 levels, primarily reflecting a $52.7 million increase in net cash paid for income taxes, partially offset by a $23 million decrease in working investment.

現在請看第12張投影片。本季經營活動產生的現金為 2.681 億美元，比 2024 年同期水準減少了 2,540 萬美元，主要反映出淨支付的所得稅現金增加了 5,270 萬美元，部分被營運投資減少了 2,300 萬美元所抵銷。

Net cash provided by investing activities of $25.9 million included proceeds from the sale of a building, a net decrease in finance receivables of $11.2 million as well as capital expenditures of $13.5 million. Net cash used by financing activities of $204.5 million included cash dividends of $126.7 million and the repurchase of 227,000 shares of common stock for $80.4 million under our existing share repurchase programs. As of year-end, we had remaining availability to repurchase up to an additional $260 million of common stock under our existing authorizations.

投資活動產生的淨現金為 2,590 萬美元，其中包括出售建築物所得款項、融資應收款淨減少 1,120 萬美元以及資本支出 1,350 萬美元。融資活動使用的淨現金為 2.045 億美元，其中包括現金股利 1.267 億美元，以及根據我們現有的股票回購計畫以 8,040 萬美元的價格回購 227,000 股普通股。截至年底，根據我們現有的授權，我們仍有餘力回購最多 2.6 億美元的普通股。

Turning to Slide 13. Trade and other accounts receivables of $881.4 million represented an increase of $65.8 million from 2024 year-end levels and included $25.3 million of foreign currency translation, $19.8 million related to the previously discussed sale of a building and a higher mix of sales with longer payment terms.

翻到第13張幻燈片。貿易和其他應收帳款為 8.814 億美元，比 2024 年末水準增加了 6,580 萬美元，其中包括 2,530 萬美元的外幣折算，1,980 萬美元與之前討論過的建築物出售有關，以及付款期限較長的銷售組合比例較高。

Days sales outstanding of 67 days compared to 62 days at year-end 2024. Inventories increased by $81.8 million from 2024 year-end levels, and that included $41.4 million of foreign currency translation. On a trailing 12-month basis, inventory turns of 2.4 were the same as last year ended.

應收帳款週轉天數為 67 天，而 2024 年底為 62 天。庫存較 2024 年末水準增加了 8,180 萬美元，其中包括 4,140 萬美元的外幣折算。過去 12 個月的存貨週轉率為 2.4，與去年同期持平。

Our year-end cash position of $1,624.5 million compared to $1,360.5 million at the end of 2024. In addition to our existing cash and expected cash flows 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 at the end of the year.

我們截至年底的現金餘額為 16.245 億美元，而 2024 年底的現金餘額為 13.605 億美元。除了我們現有的現金和預期經營現金流外，我們還可根據信貸額度使用超過 9 億美元。本年度未依信用安排借入或未償還任何款項，年末也未發行或未償還任何商業票據。

That concludes my remarks on our fourth quarter performance. I have a few outlook items for 2026. With respect to corporate cost, we currently believe that the expenses will approximate $28 million each quarter. We expect that capital expenditures for the year will approximate $100 million, and we currently anticipate that our full year 2026 effective income tax rate will be in the range of 22% to 23%.

我的第四季業績報告到此結束。我有一些2026年的展望計劃。關於公司成本，我們目前預計每季支出約為 2,800 萬美元。我們預計本年度資本支出將達到約 1 億美元，目前預計 2026 年全年實際所得稅率將在 22% 至 23% 之間。

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

現在我將把電話轉回給尼克，聽聽他的總結發言。缺口？

Thanks, Aldo. Well, that's the quarter. Sales growth, solid profitability and expanded investments in fortifying our inherent advantages. All at the time of turbulence tariffs, shutdown and conflicts, considerable uncertainty.

謝謝你，阿爾多。好了，季度就到此結束了。銷售成長、穩健的獲利能力以及加大投資以鞏固我們固有的優勢。這一切都發生在動盪時期，關稅上漲、停擺和衝突不斷，充滿了相當大的不確定性。

C&I sales were up 5% as reported, 2.8% organically. A late comeback for critical industries. We're covering some of the shutdown impact, great -- and great new products in power tools and specialty torque Tools Group. Volume down 0.3% as reported, 0.7% organically about flat. OI margin of 21.2%, up 10 basis points, and gross margin of 42.1%, up 150 basis points against the impact of higher material costs and inflation.

據報告，工商業銷售額成長了 5%，其中有機成長為 2.8%。關鍵產業姍姍來遲的復甦。我們正在報告停工帶來的一些影響，很好——以及電動工具和特種扭矩工具集團的優秀新產品。報告顯示成交量下降 0.3%，有機成長 0.7%，基本持平。營業利益率為 21.2%，上升 10 個基點；毛利率為 42.1%，上升 150 個基點，克服了材料成本上漲和通貨膨脹的影響。

And RS&I, sales up 2.5% as reported, 1% organically. OI margins down, but still strong at 25.2%, and gross margins about flat, resistant to the pressure of cost rises and tariffs, making gains on our advantage in both software and data. And it all came together for diluted EPS of $4.94, up from the $4.82 since reported last year. It was, as I said many times, it's all an encouraging quarter.

RS&I 的銷售額據報導成長了 2.5%，其中有機成長為 1%。營業利潤率有所下降，但仍保持在 25.2% 的強勁水平，毛利率基本持平，抵禦了成本上漲和關稅的壓力，在軟體和數據方面都取得了優勢。最終，稀釋後每股收益為 4.94 美元，高於去年同期的 4.82 美元。正如我多次說過的那樣，這是一個令人鼓舞的季度。

Going forward, we believe we'll benefit from our continuous investment in building our advantages. The uncertainty appears to be infra thought, and we believe the resilience of our markets will continue essentially and critical as they are.

展望未來，我們相信，持續投資以增強自身優勢將使我們受益。不確定性似乎低於預期，我們相信我們市場的韌性將基本保持不變，並且至關重要。

We are in -- we are building our advantages, and they are all our advantages, and they are powerful. With our advantage in product -- our product tools really do solve critical tasks. And we have boarded 85,000 of them with new entries always coming.

我們已經進入狀態——我們正在建立我們的優勢，這些都是我們的優勢，而且它們非常強大。我們擁有產品優勢—我們的產品工具確實能夠解決關鍵問題。我們已經接待了其中 85,000 人次，而且新的乘客還在增加。

Our advantages in brands. (inaudible) really is the outward sign of pride and dignity of working men and women taking their professions. It's a respected and preferred many. And with our advantages in people. Skill, committed, battle-tested and enlisted in the expectation of success as a standard.

我們在品牌方面的優勢。 （聽不清楚）確實是從事各自職業的男女勞動者引以為傲和尊嚴的外在體現。它備受尊敬，也是許多人的首選。以及我們在人才方面的優勢。技術精湛、盡責、身經百戰，並以成功為標準入伍。

We believe these strengths will set us apart, will enable us to overcome the turbulence, and will drive Snap-on to extend its positive trajectory throughout this year and well beyond.

我們相信這些優勢將使我們脫穎而出，使我們能夠克服動盪，並推動 Snap-on 在今年甚至更長的時間內保持積極的發展勢頭。

Before I turn the call over to the operator, I'll just speak directly to our franchisees and associates. When I refer to our advantages, both now and in the future, I think of you. The quarter was encouraging, and your conviction and hard work has made it so.

在將電話轉接給接線員之前，我先直接和我們的加盟商和員工談談。當我提到我們現在和未來擁有的優勢時，我就會想到你。本季業績令人鼓舞，這一切都歸功於你們的信念和努力。

For your success once again in authoring another positive performance, you have my congratulations. For the intense energy and extraordinary capability to break the barrier every day, you have my admiration.

對於你再次取得的優異成績，我表示祝賀。你每天都展現出驚人的能量和非凡的能力，不斷突破自我，我對此深感欽佩。

And for your continued commitment to our team and your unfailing confidence in our shared future, you have my thanks.

對於您一直以來對我們團隊的付出和對我們共同未來的堅定信心，我深表感謝。

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

現在我將把電話轉接給接線員。操作員？

(Operator Instructions)

（操作說明）

Scott Stember, ROTH Capital.

Scott Stember，ROTH Capital。

Mr. Scott Stember, how are you?

史考特‧史坦伯先生，您好嗎？

Good. I hope it will be the same for you. Question on the Tools Group. We saw a little bit of a rebound in the previous couple of quarters and returned a little bit negative here. Just trying to get a sense, are you seeing any increased level of technician softness?

好的。希望你也能如此。關於工具組的問題。前幾季我們看到了一些反彈，但這個季度又略有下滑。我只是想了解一下，您是否注意到技術人員的素質有所下降？

Or is this you guys just having a greater availability of these quicker payback items, and we're just seeing a little bit more of a mix towards the lower (inaudible) items?

或者，這是因為你們那裡有更多回本快的商品，而我們看到的是回本慢的商品比例略高一些？

Actually it's -- that's a great question. Look, I think this, I think -- it's about flat. We're up a little bit the last time. So you could look at that as a fact. But we don't see it that way.

其實——這真是個好問題。你看，我覺得，我覺得──它差不多是平的。我們上次稍微領先了一點。所以你可以把它看作一個事實。但我們並不這麼認為。

We see that the quarter was pretty turbulent. You might think that the shutdown doesn't affect the Tools Group, but you should have been there talking to the franchisees of Maryland and Virginia. They didn't get -- had any effect. They didn't think it was a no-effect situation.

我們看到，本季市場波動相當劇烈。你可能認為停工不會影響 Tools Group，但你應該去那裡和馬裡蘭州和維吉尼亞州的加盟商談談。它們沒有產生任何效果。他們不認為這是一個沒有影響的情況。

And then the tariffs are getting pretty turbulent and you just think about Canada. There have been 29 different presidential or Prime Minister pronunciation since the beginning of the year about changing the tariffs with Canada, and the other tariffs are not the way they are. And then you have this news every time you get up and they look at the (inaudible). So that affected their -- I think their general view, and then we heard a little bit about that. So I think that was part of it.

然後關稅變得非常不穩定，你就會想到加拿大。今年年初以來，已有 29 位總統或總理就改變與加拿大之間的關稅問題發表過不同的講話，而其他關稅情況也並非如此。然後，你每次起床都會看到這樣的新聞，他們看著…（聽不清楚）所以這影響了他們的——我認為是他們的整體看法，然後我們就聽到了一些相關的消息。所以我覺得那是其中一部分原因。

Now I think I said in the call, I think sooner or later, our people got to get used to this, so you could kind of expect the thought coming. You saw green shoots, I think, in one in the originations, and the originations being kind of flattish year-over-year and down a little bit, but that's better than it's been. So you kind of believe that, boy, things are -- that's a change. And part of it is pivot, but some of it may be some thaw. So we see that.

我想我在電話裡說過，我認為遲早有一天，我們的人會習慣這種情況，所以你可以預料到這種想法的出現。我認為，在某個起源中，你看到了復甦的跡象，雖然起源數量同比略有下降，但總比以前好。所以你會覺得，哎呀，事情就是這樣——這真是個變化。一部分是轉型，但部分可能是解凍。我們看到了這一點。

And then one of the things I think that's eye-popping, I said so in the call is geez, at this time, the gross margins are up 150 basis points, wowza. So whatever the Tools Group is doing and executing, they're doing pretty well within the conditions they've been handed.

然後，我認為最令人瞠目結舌的一件事，我在電話會議中也說過，那就是，哇，目前毛利率上升了 150 個基點，真是太棒了。所以無論工具組在做什麼、執行什麼，在現有條件下，他們都做得相當不錯。

Got you. And I think you alluded to tool storage actually. I think you said it was kind of flattish in the quarter. Can you talk about actual hand tools, diagnostics, just some of the other subsegments?

抓到你了。我想你其實是在暗示工具存放的問題。我想你說過這區域地勢比較平坦。您能談談實際的手動工具、診斷方法以及其他一些細分領域嗎？

Sure. Look, look, I'm not going to give you exact numbers. I don't want to pin myself to that cross. But I think -- look, this -- I didn't really say the tool storage is up. I said that originations, which is not what the Tools Group does. Remember, Tools Group sells to the franchisee, and the franchisee unsells, and that becomes an origination.

當然。聽著，聽著，我不會給你確切的數字。我不想把自己釘在那十字架上。但我認為——你看，這一點——我並沒有真的說過工具存放處已經滿了。我說過，發起業務並不是工具組所做的事情。請記住，Tools Group 將產品賣給加盟商，加盟商再將產品賣出，這就形成了一種新的銷售模式。

So the originations are more an indication of what's happening at the level between the franchisee and the customer. So that was sort of flattish, which is all the same positives as I said. The tool storage was still down some year-over-year in the Tools Group selling to the franchisees. So the hand tools is better, diagnostics was down, power tools is up.

因此，這些發起情況更反映了加盟商和客戶之間發生的事情。所以情況比較平坦，這和我說的所有優點都一樣。工具集團向加盟商銷售的工具儲存量較去年同期仍有所下降。所以手動工具的情況有所改善，診斷功能下降，電動工具的情況上升。

Okay. Sorry about that. And then just last question. Sales on to the van versus off the van?

好的。抱歉。最後一個問題。貨車上銷售和貨車下銷售哪個比較划算？

I hate talking about this, Scott, because no month is significant, really, fully significant. We always say that you have a lot of variations from month to month, but it all comes out in the wash in the end. And generally, what we sell on the van equals what we sell off. But this quarter, sales were up, over up, kind of substantially bigger. I don't know if you call it substantial, but clearly, clearly, with quite a bit of room bigger off the van than our sales to the van.

史考特，我討厭談論這個，因為沒有哪個月份是真正意義上的重要月份，完全沒有意義。我們常說，每個月都會有很多變化，但最終一切都會好起來的。一般來說，我們在貨車上賣的東西和我們賣出去的東西是一樣的。但本季度，銷售額大幅成長，而且增幅相當可觀。我不知道這算不算實質的，但很明顯，很明顯，貨車上的空間比我們的貨車銷售空間大得多。

So I think that's a better -- I would say, that's a nice data point, better than a poke in the eye with a sharp stick, but I'm not going to hang my hat on it, but it is -- if you want to classify green shoots, maybe this is a green shoot. I just hope the rabbits don't eat the green shoot. But I think -- it's a positive thing.

所以我覺得這算是比較好的數據點，比用尖棍戳眼睛要好得多，但我不會完全相信它，但如果你想對新芽進行分類，也許這就是一個新芽。我只希望兔子不要吃掉嫩芽。但我認為這是一件好事。

Luke Junk, Baird.

盧克瓊克，貝爾德。

Maybe if you could just jump off on one of the things you just said ex diagnostics. I think you said it was down in the Tools Group in the quarter. Can we just maybe double-click on that? Not sure if we should think there is some pull forward just from the launch strength that you saw in the middle part of this year? Or is there just maybe some inherent lumpiness?

或許你可以直接從剛才提到的某個面向入手，例如診斷。我想你說過，該季度工具組的業績有所下滑。我們能不能雙擊一下？我不確定我們是否應該認為，今年年中出現的強勁上市勢頭會帶來一些積極的推動作用？或者，是不是本身就存在一些固有的不均勻性？

Can you just separate the change --

你能把零錢分開嗎？--

Well, it's kind of -- I think it's more -- look, I think it's more inherent lumpiness, driven by the characteristics of the launch. So in the third quarter -- second and third quarter, towards the end of the second quarter, we have launched the TRITON. I think that's got a street price, I don't know, it must be $4,000, $4,500. It's a massive and powerful unit.

嗯，我覺得更像是——你看，我覺得更像是發射特性導致的固有不均勻性。所以在第三季——第二季和第三季度，在第二季末，我們推出了 TRITON。我覺得它應該有個街頭售價，我不知道，應該是 4000 美元，或 4500 美元。這是一個體積龐大、動力強勁的裝置。

And this quarter, we launched the MT2600, which is an entry-level thing, which is substantially lower in price. But a sale is sort of a sale to a franchisee. Yes, maybe it has to work a little harder for the bigger ticket item, but not -- it's still probably got to put in the same amount of time for either one. And so he spends, he does his pitch, show and explains everything, and it gets $5000 or $4,000, I think that's pretty much what you're seeing in this quarter.

本季度，我們推出了MT2600，這是一款入門級產品，價格要低得多。但對加盟商來說，這筆交易某種程度上也算是交易。是的，對於價格較高的商品，它可能需要付出更多努力，但對於這兩件商品，它可能仍然需要投入相同的時間。所以他花錢，做推介，展示並解釋一切，然後賺了 5000 美元或 4000 美元，我想這差不多就是你在這個季度看到的情況。

Okay. Helpful. I wanted to switch gears to C&I. Critical industry is -- if we look at a quarter ago, returning to kind of modest growth, now tracking up mid-single exiting '25. But it sounds like it actually maybe has been -- was higher in December, given what you mentioned around the shutdown.

好的。很有幫助。我想轉行到工商業領域。關鍵產業－如果我們回顧上個季度，就會發現它已經恢復了溫和成長，而現在正朝著2025年年中成長的方向發展。但聽起來好像確實如此——考慮到你提到的停工情況，12 月的情況可能會更高。

Any reason to think that, that momentum doesn't carry over into next year in critical industries?

有什麼理由認為這種勢頭不會延續到明年，尤其是在關鍵產業？

Well, I think we have -- we have great optimism for our power in critical industries. We think our array of custom kits keeps growing, and therefore, we have a greater span of sale. Our custom kitting capacity, we keep increasing it. And one of the things I didn't fully, I suppose, tease out in this comments is that's what allowed us to catch up at the end. We really pumped it up.

嗯，我認為我們對自身在關鍵產業的實力充滿信心。我們認為我們的客製化套件種類不斷增加，因此，我們的銷售範圍也越來越廣。我們的客製化套件生產能力正在不斷提升。我想，我在這段評論中沒有完全闡明的一點是，正是這一點讓我們最終趕上了進度。我們真的把它宣傳得非常到位。

I mean if you looked at October and November, it wasn't the greatest time. Things had -- the military business, which is a nice business for them and go on to accrual, and then they came roaring back. Like I said, you had a see, these guys out there are working. The head of the division was out there and is longer working, packing. So I think this is -- yes, you should see momentum coming out of this quarter.

我的意思是，如果你看看十月和十一月，那並不是最好的時期。事情曾經是這樣的——軍工業務對他們來說是一門不錯的生意，而且利潤還在不斷增長，然後他們就強勢回歸了。正如我所說，你看到了，這些人都在努力工作。部門主管當時在外面，已經不工作了，正在收拾東西。所以我認為——是的，你應該會看到本季出現成長勢頭。

Now we don't give guidance. So this is one data point that we are positive. And they didn't fully catch up. So therefore, you would expect they have some catch-up coming out. We'll see how that plays out over three months. But I feel good about it.

現在我們不提供指導。所以，這是我們可以肯定的一個數據點。他們並沒有完全趕上。所以，可以預見的是，他們之後會推出一些追趕進度的產品。讓我們來看看三個月後情況會如何發展。但我感覺很好。

Last thing kind of coming across both C&I and the Tools Group, just the power tool strength. I mean that's been under pressure for a while here. Pretty short both back in the quarter. I just want to unpack maybe shorter-term impacts given the product launch momentum that you mentioned and just maybe your historical experience in terms of the tails of that momentum leaking into future periods?

最後一點是，C&I 和 Tools Group 都比較關注電動工具的實力。我的意思是，這個問題已經持續了一段時間。本季雙方的迴歸都比較短暫。我只是想分析一下，鑑於您提到的產品發布勢頭，以及您以往的經驗，這種勢頭的餘波可能會對未來時期產生哪些短期影響？

Well, I don't know. Look, I think, again, we don't give guidance, but the last time we've launched a product like the Nano, years ago, it was a while ago, this is kind of the uniqueness of it. And it had quite a bit of legs. It went on for a while. It's not -- it's a whole different line. So that tends to have more legs to it.

嗯，我不知道。你看，我想，我們再次強調，我們不提供指導，但上次我們推出像 Nano 這樣的產品已經是幾年前的事了，這算是它的獨特之處。而且它發展得相當順利。這種情況持續了一段時間。不是的——這是完全不同的另一條線。所以這種說法往往更有說服力。

If you're talking about other products like the long neck ratchet, which I didn't mention on this call, I mentioned last call, 13 inches -- 30% longer than anybody else, trends power at a distance, but that one can be more episodic. And so you have to sell -- find the people who don't have it already if you're a franchisee. And then to some extent, it is episodic, like the diagnostics.

如果你指的是其他產品，例如長頸棘輪扳手（我在這次電話會議中沒有提到，但在上次電話會議中提到過），它有 13 英寸長——比其他任何產品都長 30%，具有遠距離動力輸出的趨勢，但這種產品可能更不穩定。所以你必須推銷──如果你是加盟商，就要找到那些還沒擁有它的人。在某種程度上，它是階段性的，就像診斷一樣。

I do think, though, that you're going to see that more and more in power tools today for us because there was a period when we turned our power tools engineers and some of our engineers partially away from new products and said, this was the period in which we couldn't get components. And so you had to use engineering time to target the components that were actually -- you could actually get -- that actually were available and that meant a design change and it eats up time.

不過，我認為，如今我們在電動工具領域會越來越頻繁地看到這種情況，因為有一段時間，我們讓電動工具工程師和一些工程師暫時放棄了新產品的研發，因為我們當時無法獲得零件。因此，你必須利用工程時間來尋找真正可用的元件，這意味著設計變更，這會耗費時間。

And so now we've got everything full strength focused on new products, and they seem to be hitting the ball out of the park with repeatability. So I feel pretty good about it. I think the Nano has got legs, but generally, power tools can be upside.

所以現在我們全力以赴地研發新產品，而且新產品似乎在可重複性方面取得了巨大成功。所以我感覺還不錯。我認為Nano很有發展潛力，但總的來說，電動工具可能會帶來收益。

Sherif El-Sabbahy, Bank of America.

美國銀行謝里夫·埃爾-薩巴希。

I just wanted to -- on some of the brand building expenses that you had called out, particularly in the Tools Group. What exactly is embedded in those costs? And how do you expect them to what -- how do you expect them to look going forward? Is that sort of an ongoing cost --

我只是想就您提到的一些品牌建立費用，特別是工具組的費用，談談我的看法。這些成本究竟包含了哪些內容？你希望他們未來如何發展？你希望他們未來會是什麼樣子？那算是一種持續性成本嗎？--

Well, I'm not going to give you exactly what's in the cost because you'll be asking me how much I'm spending every quarter on each of those categories. I'm not going to say that. But look, here's the kind of things we worked on. We worked on training. This is the kind of thing, training in our business.

我不會告訴你具體的費用明細，因為你肯定會問我每季在每個類別上分別花了多少錢。我不會這麼說。但你看，這就是我們做過的事情。我們進行了培訓工作。這就是我們行業培訓的內容。

We work some on advertising for the brand. The advertising is up. We worked on building software, which spreads across this business and the RS&I business. We worked on social media, the use of social media more correctly. I mean, these guys are all individual businessmen, the 3,400 vans.

我們為該品牌做了一些廣告宣傳工作。廣告已上線。我們致力於開發軟體，該軟體廣泛應用於該業務和 RS&I 業務。我們致力於社群媒體，以及如何更正確地使用社群媒體。我的意思是，這 3400 輛貨車都是自僱者。

And some of them are great at this stuff and some of them are not. So we worked on those things. That's the -- those are the kinds of things we spent on in the tool.

他們當中有些人很擅長這方面，有些人則不擅長。所以我們著手處理這些事情。這就是──這就是我們在工具上花費的那些東西。

Understood. And I know the 53rd week wasn't necessarily impactful to the financials. Are you able to give us sort of a ring-fenced size of it and the impact of the year?

明白了。我知道第 53 週對財務狀況未必有影響。您能否大致估算一下規模以及這一年的影響？

Sure. One thing you got to know. It's vastly different between the financial company and the operating company. For the financial company, it's a bonanza. I think Aldo said, it's like $7 million extra profit.

當然。你必須知道一件事。金融公司和營運公司之間存在著巨大的差異。對這家金融公司來說，這是一筆意外之財。我想阿爾多說過，這相當於額外賺了700萬美元。

That was pretty much 53rd week. But if you look at the operating companies, you got to understand where it is and it's during the Christmas, the holiday period, and these are expense full, sales weak periods. So it generally is a loser. You have most -- you have a lot of the expenses flowed through your P&L. They're just there like clockwork.

那差不多是第53週了。但如果你看看營運公司，你必須了解情況，那就是在聖誕節、假期期間，這些都是支出高、銷售疲軟的時期。所以它通常是失敗的。大部分費用都計入了你的損益表。它們就像鐘錶一樣準時出現。

And they don't get any sales. That's what happens. So they're a negative. I will tell you that when you roll that out, it's not what we call it, it's not significant. It's not a significant thing for us, maybe, but it's a little bit of a weight, actually, a little bit of a negative, but not significant.

他們根本賣不出去東西。這就是事情的經過。所以它們是負面的。我要告訴你的是，當你把它推出來的時候，它並不是我們所說的，它並不重要。對我們來說，這或許不是什麼大事，但實際上也算是一種負擔，有點負面影響，但並不嚴重。

David MacGregor, Longbow Research.

David MacGregor，Longbow Research。

I guess I wanted to just ask you about last quarter, we had talked about the SFC and you had said there were great orders, you were up mid-single digits, but we're not getting money. I think, obviously the exact quote, you're not getting much of that at all.

我想問的是關於上個季度的情況，我們談到了SFC，你說訂單很多，你們的業績增長了個位數，但是我們卻沒有收到錢。我認為，顯然你根本無法得到確切的引述。

So I guess I'm having trouble reconciling that with essentially flat second half sort of Snap-on Tools segment organic growth. Can you just understand the dynamic and also maybe what you saw in the way of fourth quarter growth in the non-SFC fulfillment business?

所以我覺得很難將這種情況與 Snap-on Tools 業務部門下半年基本持平的自然增長聯繫起來。您能否理解一下這種動態，以及您在第四季度非SFC履行業務成長方面所觀察到的情況？

Yes. Look, I think -- remember, I think I say that the SFC are orders, not sales, so that (inaudible) cancellation.

是的。聽著，我認為——記住，我認為我說過 SFC 是訂單，而不是銷售，所以（聽不清楚）取消。

But you fulfill in the second half --

但你在後半段完成了任務--

No. And so what second half, I don't know -- do you mean the second half or the quarter or the fourth quarter?

不。那麼，你說的「下半場」是指哪一部分呢？我不知道──是指下半場、下半場還是下半場？

The second half of the year.

下半年。

Oh well, the second half of the year is not supported by the SFC. The SFC pretty much starts to blink out in terms of effect just as you cross over the year-end. So there isn't an effect. You see what I mean? It's all in the half.

哦，下半年沒有得到證監會的支持。隨著年末的到來，SFC 的影響力基本上就開始減弱了。所以沒有產生任何影響。你明白我的意思嗎？一切都在一半之中。

So you could ask why we didn't do better in the fourth quarter if we had mid-single digits in the SFC. And that's because the actual orders end up being a cocktail of about three things. They're the SFC for that half that we referred to as the kickoff for the second half. The big bang event, and then there are a bunch of usual programs that flow out at different times. They're big promotions.

所以你可能會問，如果我們在SFC中取得了個位數的成績，為什麼我們在第四季沒有做得更好。那是因為實際的訂單最終往往是三種東西的混合。他們是上半場的SFC，我們稱之為下半場的開球。宇宙大爆炸事件之後，就會出現許多在不同時間播出的常規節目。都是大型促銷活動。

And then there's the monthly meetings for the franchisees that roll out promotions in each one of those. So the combination of those is what makes the quarter.

此外，還有每月一次的加盟商會議，會上會公佈各加盟店的促銷活動。所以，這些因素結合起來就構成了季度。

So if you say that the SFC orders were 5.8% -- it was like mid-single digits -- and okay, you're not really -- you're not necessarily going to get those. They could be canceled, but they could all be taken up and you could have weakness in one of the promotions or just everybody say every month, well, I got enough, I'm not going to take anything this month. I'm going to take a lot less this month. That is -- that's what makes it so hard to predict.

所以，如果你說SFC訂單佔5.8%——這就像個位數中段——好吧，你實際上——你不一定會得到這些。它們可能會被取消，但也可能會全部被接受，你可能會在某個促銷活動中遇到困難，或者每個人每個月都會說：“我已經夠了，這個月我什麼都不參加了。”這個月我要少拿很多藥。正因如此，才使得預測變得如此困難。

Now SFC and kick off, you feel good if you get more orders, but it's not definitive. I think I say that when this happens. So that's a look at it. So it's a cocktail of a bunch of different selling efforts that result in the flat quarter.

現在，SFC 和開賽了，如果訂單更多你會感覺很好，但這並不絕對。我想當這種情況發生時，我會這麼說。以上就是對它的簡單介紹。所以，這是多種不同銷售策略共同作用的結果，最終導致本季業績持平。

Yes. Maybe I'll follow up with you offline on that. Is there anything you can say about the regional kickoffs, Nick, and how they're going?

是的。或許我會私下再跟你談這件事。尼克，關於區域賽的開幕式，你有什麼想說的嗎？比賽進行得怎麼樣？

Well, they're over. First of all also, they're behind -- okay, they were in the first quarter, so I don't comment on future, but the one I went to was very positive. People were very enthusiastic. And I would say that our reports from around the country, Aldo went to one, and this was similarly positive. So we think they came out well.

好了，他們結束了。首先，他們落後了——好吧，他們在第一季確實落後了，所以我對未來不予置評，但我去的體驗非常積極。人們熱情高漲。而且我想說，我們從全國各地收到的報道，阿爾多去了一家，結果也同樣是正面的。所以我們認為他們表現得很好。

I think like the -- I think the orders were reasonably robust. But like the SFC, they're not definitive. So if you were just going to base your view of the future on the kickoff, you would feel pretty good.

我認為——我認為這些命令相當有力。但就像 SFC 一樣，它們並非最終定論。所以，如果你只根據開球結果來判斷未來，你會感覺相當不錯。

I think what I'd say, David, is more or less, that this was a particularly turbulent time in terms of uncertainty. But if you look at the gross margins, the execution seems to be pretty good. If you look at the originations, it seems like the pivot is working because people buy in some of those small boxes, at least off the van.

大衛，我想說的是，這段時間充滿了不確定性，局勢尤其動盪不安。但從毛利率來看，執行情況似乎相當不錯。從源頭來看，這種轉型似乎奏效了，因為人們會購買一些小包裝的商品，至少是從貨車上購買的。

If you look at the sales off the van and you say, well, yes, it's only one quarter, but it's better than the sales through the van, that seems like a positive. And if you look at the nature of the world and you wonder if people aren't getting tired of being uncertain and things won't go.

如果你看看貨車上的銷售額，然後說，嗯，是的，雖然只有一季度，但比透過貨車銷售的銷售額要好，這似乎是一個積極的信號。如果你觀察世界的本質，你會想人們是否已經厭倦了這種不確定性，事情就不會再繼續下去了。

So I think we're kind of optimistic going forward.

所以我覺得我們對未來持樂觀態度。

Okay. Last question for me is just on the balance sheet. I mean you've got $1.6 billion of cash, a little over $400 million of net cash. You're generating $1 billion a year of free cash flow. I mean you're doing an extraordinary job here.

好的。我最後一個問題是關於資產負債表的。我的意思是，你們有16億美元的現金，淨現金略高於4億美元。你們每年能產生10億美元的自由現金流。我的意思是，你在這裡做得非常出色。

Where are you going to go with the cash? Remind us on your priorities for M&A?

你打算用這筆錢去哪裡？請提醒我們您在併購方面的優先事項？

Okay. Priorities are like this. Well, as you know, I bet you've been looking at us so long. You know this dead nuts. But the -- if you look at it, we're working capital hogs.

好的。優先事項就是這樣。正如你所知，我敢肯定你已經關注我們很久了。你知道這絕對錯不了。但是──如果你仔細看看，你會發現我們是營運資金的消耗大戶。

So we always have to have pretty good dollar of cash to make sure -- in case things should explode in terms of sales, we want to be ready to fund it because we are not working capital, we are not among the small working capital great inventory turnover, for example. But we -- that's our model. And so you got that. You got to have cash for that.

所以我們必須始終擁有相當可觀的現金，以確保——萬一銷售額出現爆炸式增長，我們能夠做好準備為其提供資金，因為我們不是營運資金，我們也不是營運資金規模小、庫存週轉率高的公司。但我們——這就是我們的模式。所以你明白了。你得有現金才行。

Then the whole thing is the dividend. We have -- as I said in my call, we have we have declared dividends every year since 1939, and we have never reduced it. So we think about the perpetuity of the dividend. And we think with 16 straight consecutive increases, we always look at in those contexts.

那麼，全部都歸結於股息了。正如我在電話中所說，自 1939 年以來，我們每年都宣布派發股息，從未減少過。所以我們考慮的是股利的永久性。我們認為，連續 16 次成長，總是會從這些角度來看這個問題。

And then you've got acquisitions. We always review -- we're always reviewing acquisitions. Now quite often you look closer and you find out so many awards you don't want it or it's selling into a segment we don't want. But we do look at acquisitions consistently. And we have made several of the car aligner, for example, in Norbar, a bunch of different things over the years.

然後還有收購。我們一直在審查——我們一直在審查收購項目。現在，你仔細觀察你會發現，很多獎項你不想要，或是它面向的是我們不想涉足的細分市場。但我們會持續關注收購事宜。例如，我們在諾巴爾製造了好幾台汽車定位儀，多年來還製造了許多不同的東西。

And then we look at, as Aldo took you through, I think we spent $80 million plus in share buybacks last year.

然後，正如 Aldo 向你介紹的那樣，我認為我們去年在股票回購上花費了超過 8000 萬美元。

Bret Jordan, Jefferies.

Bret Jordan，傑富瑞集團。

This is Patrick Buckley on for Bret. Within Tools Group in the US, could you talk a bit more about what you're seeing in the competitive landscape? Any notable shifts in strategies as far as pricing or mix or marketing?

這是帕特里克·巴克利替補布雷特上場。在美國工具集團內部，您能否詳細談談您在競爭格局中觀察到的情況？在定價、產品組合或行銷方面，策略是否有任何顯著變化？

Why do you always ask about the competitors? That's what I want to know. But anyway, look, no, we're not seeing -- I don't think we're seeing so much about that. I mean I think we have less pressure from tariffs than almost anybody else. I'm not sure that everybody's gross margins are up in the Tools Group, but I'm not hearing people talk about pressures, but that's normal.

為什麼總是問起競爭對手？這正是我想要知道的。但不管怎樣，你看，不，我們沒有看到——我認為我們沒有看到太多關於這方面的內容。我的意思是，我認為我們受到的關稅壓力比幾乎任何其他國家都小。我不確定工具組所有員工的毛利率是否都提高了，但我沒聽到有人談論壓力，但這很正常。

I'll tell you this. When I get on the van, and I do all the time or meet franchisees or it's -- they never mention the competition. They always -- I shouldn't say never, but they seldom mention the competition. And it's because Snap-on is in a different area. People decide to buy a Snap-on product or they decide to choose from a bunch of other alternatives. That's really the way it is.

我告訴你這件事。當我上車的時候，我經常這樣做，或者和加盟商見面，或者其他什麼情況——他們從來不提競爭。他們總是——我不該說從不，但他們很少提及競爭對手。這是因為 Snap-on 位於不同的地區。人們要麼決定購買 Snap-on 產品，要麼決定從眾多其他替代品中進行選擇。事實的確如此。

We're not actually competing with those guys for the same people. I don't -- we don't see -- our guys don't see it that way. Now I don't know. I think knowing where they source from and some have had difficulty in making in the United States. I think the tariffs have got to give them some fits, haven't given us fits.

我們其實並沒有和他們爭奪同一批人。我不這麼認為——我們不這麼認為——我們的人不這麼認為。現在我不知道了。我認為了解它們的原料來源很重要，因為有些原料在美國生產時遇到了困難。我認為關稅肯定會給他們帶來一些麻煩，但並沒有給我們帶來麻煩。

So I would think we'd be in a better position. Well, I'm not sure. I mean they might absorb it in profitability. Nobody said to us that anybody's drop in price. Nobody said to us, people are raising a price and it makes a difference to us because we're always above them anyway.

所以我覺得我們應該處於更有利的地位。嗯，我不太確定。我的意思是，他們或許能透過獲利來消化這部分損失。沒有人告訴我們價格會下降。沒有人告訴我們，有人在漲價，這對我們有影響，因為我們的價格總是高於他們。

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。我謹將會議交還給薩拉·維爾布斯基，請她作總結發言。

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.

感謝各位今天蒞臨。本次電話會議的錄音重播稍後將在 snapon.com 上提供。一如既往，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.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。