史丹利百得 (SWK) 2024 Q1 法說會逐字稿

Welcome to the First Quarter 2024 Stanley Black & Decker Earnings Conference Call. My name is Shannon, and I will be your operator for today's call.

歡迎參加 Stanley Black & Decker 2024 年第一季財報電話會議。我叫香農，我是今天電話的接線生。

(Operator Instructions)

（操作員說明）

Please note that this conference is being recorded. I will now turn the call over to the Vice President of Investor Relations, Dennis Lange. Mr. Lange, you may begin.

請注意，本次會議正在錄製中。我現在將把電話轉給投資者關係副總裁丹尼斯·蘭格。蘭格先生，您可以開始了。

Thank you, Shannon. Good morning, everyone, and thanks for joining us for Stanley Black & Decker's 2024 First Quarter Webcast. Here today, in addition to myself is Don Allan, President and CEO; and Chris Nelson, COO, EVP and President of Tools & Outdoor; and Pat Hallinan, EVP and CFO.

謝謝你，香農。大家早安，感謝您加入我們的 Stanley Black & Decker 2024 年第一季網路廣播。今天，除了我本人之外，還有總裁兼執行長 Don Allan； Chris Nelson，營運長、執行副總裁兼工具與戶外業務總裁；以及執行副總裁兼財務長 Pat Hallinan。

Our earnings release, which was issued earlier this morning and a supplemental presentation, which we will refer to, are available on the IR section of our website. A replay of this morning's webcast will also be available beginning at 11 a.m. today.

我們今天早上早些時候發布的收益報告和我們將參考的補充簡報可在我們網站的投資者關係部分取得。今天早上的網路廣播也將於今天上午 11 點開始重播。

This morning, Don, Chris and Pat will review our 2024 first quarter results and various other matters followed by a Q&A session. Consistent with prior webcast, we are going to be sticking with just one question per caller. And as we normally do, we will be making some forward-looking statements during the call based on our current views.

今天早上，Don、Chris 和 Pat 將回顧我們 2024 年第一季的業績和各種其他事項，然後進行問答環節。與先前的網路廣播一致，我們將堅持每個呼叫者僅提出一個問題。正如我們通常所做的那樣，我們將在電話會議期間根據我們當前的觀點做出一些前瞻性聲明。

Such statements are based on assumptions of future events that may not prove to be accurate, and as such, they involve risks and uncertainty. It's therefore possible that the actual results may materially differ from any forward-looking statements that we might make today. We direct you to the cautionary statements in the 8-K that we filed with our press release and in our most recent '34 Act filing.

此類陳述是基於對未來事件的假設，但事實可能並不準確，因此涉及風險和不確定性。因此，實際結果可能與我們今天可能做出的任何前瞻性陳述有重大差異。我們將引導您查看我們隨新聞稿提交的 8-K 以及我們最近的《34 法案》文件中的警告聲明。

I'll now turn the call over to our President and CEO, Don Allan.

現在我將把電話轉給我們的總裁兼執行長唐艾倫 (Don Allan)。

Thank you, Dennis, and good morning, everyone. Our first quarter performance was the result of consistent, solid execution, and we are making progress against key operational objectives. We continue to see significant value creation opportunities tied to our strategic business transformation and the entire company is focused on the disciplined execution of this strategy.

謝謝丹尼斯，大家早安。我們第一季的業績是一致、紮實執行的結果，我們正在朝著關鍵營運目標取得進展。我們繼續看到與我們的策略業務轉型相關的重大價值創造機會，整個公司都專注於這項策略的嚴格執行。

We are encouraged by the momentum that is building across the organization. Two of our primary areas of emphasis are free cash flow generation and gross margin expansion. We are focused on what is within our control and are pleased with the momentum behind our gross margin. This is particularly notable considering a significantly worse negative macro environment and corresponding revenue performance in 2023 and '24 versus our initial expectations at the outset of our transformation in mid-2022.

我們對整個組織正在形成的勢頭感到鼓舞。我們的兩個主要重點領域是自由現金流的產生和毛利率的擴張。我們專注於我們控制範圍內的事情，並對毛利率背後的勢頭感到滿意。考慮到 2023 年和 24 年的負面宏觀環境和相應的收入表現與我們在 2022 年中期轉型開始時的初步預期相比，這一點尤其值得注意。

Our global cost reduction program remains on track for expected run rate savings of $1.5 billion by the end of 2024. And $2 billion by the end of 2025. As we hit the halfway point of our journey, our decisive actions are delivering quantifiable results.

我們的全球成本削減計劃仍在按計劃進行，預計到2024 年底，運行率將節省15 億美元。帶來可量化的成果。

Specifically, we have captured $1.2 billion of run rate savings program to date. We remain confident this will support 30% gross margins in 2024, consistent with our guidance. We are encouraged that approximately 80% of the company's revenue is expected to carry 2024 adjusted gross margins in excess of 30% and exit this year at or ahead of initial expectations.

具體來說，迄今為止，我們已經實現了 12 億美元的運行率節省計劃。我們仍然有信心這將支持 2024 年 30% 的毛利率，這與我們的指導一致。我們感到鼓舞的是，該公司約 80% 的收入預計到 2024 年調整後毛利率將超過 30%，並在今年退出，達到或提前於最初預期。

We believe these product lines will continue to improve upon their current adjusted gross margin profile over the next 18 to 24 months. As it relates to the rest of the portfolio or that 20%, which is predominantly our cyclically-depressed outdoor business and the rapidly-recovering aerospace fastener business.

我們相信，這些產品線將在未來 18 至 24 個月內繼續改善目前調整後的毛利率狀況。因為它與投資組合的其餘部分或 20% 相關，這主要是我們週期性蕭條的戶外業務和快速復甦的航空航天緊固件業務。

We are actioning significant cost efficiencies to make necessary improvements to the profitability of outdoor in response to the current market demand and refining the aerospace fastener product line cost base to drive significant growth leverage as wide-body plane production continues to recover.

我們正在採取顯著的成本效率行動，對戶外業務的盈利能力進行必要的改進，以應對當前的市場需求，並完善航空航天緊固件產品線的成本基礎，以在寬體飛機生產持續復甦的情況下推動顯著的成長槓桿。

Our long-term success will be driven by improved profitability, coupled with consistent market share gains. We believe our share position in tools is now stable to increasing. For example, our 2023 point-of-sale data in tools performed better than the category average across the North American home centers, which was led by our iconic DEWALT Professional brand.

我們的長期成功將取決於獲利能力的提高以及市場份額的持續成長。我們相信我們在工具領域的份額現在正在穩定成長。例如，我們的工具中的 2023 年銷售點數據表現優於北美家居中心的類別平均水平，其中以我們標誌性的 DEWALT Professional 品牌為主導。

We are also serving our customers better by delivering improved fill rates, earning the right for more activity across our brands. Retailers are recognizing this performance. For 2023, Ace Hardware named CRAFTSMAN as Vendor of the Year and Grainger recognized Stanley Black & Decker with their partners and Performance Award.

我們也透過提高填充率來更好地為客戶服務，贏得跨品牌進行更多活動的權利。零售商正在認識到這種表現。 2023 年，Ace Hardware 將 CRAFTSMAN 評為年度供應商，Grainger 則表彰 Stanley Black & Decker 及其合作夥伴和績效獎。

Congratulations to our organization. This is a testament to the team's efforts and as we work to get closer to our partners. It's an early indication that we are on the right track. As we report our first quarter performance, we are energized by how our transformation efforts are taking root. I am confident that by executing our strategy, we are positioning the company to deliver high levels of organic revenue growth, profitability, and cash flow to drive strong long-term shareholder return.

祝賀我們的組織。這是對團隊努力的證明，也是我們努力拉近與合作關係的證明。這是我們走在正確軌道上的早期跡象。當我們報告第一季業績時，我們對轉型努力的紮根感到振奮。我相信，透過執行我們的策略，我們將使公司實現高水準的有機收入成長、獲利能力和現金流，從而推動強勁的長期股東回報。

Turning to the first quarter results. Our top line showed signs of stabilization with organic revenues down a point. Excluding the now divested infrastructure business, organic revenue was flat as Engineered Fastening and the DEWALT growth was offset by muted consumer and DIY demand.

轉向第一季業績。我們的營收顯示出穩定的跡象，有機收入下降了一個百分點。不包括現已剝離的基礎設施業務，有機收入持平，因為工程緊固件和得偉的增長被消費者和 DIY 需求的疲軟所抵消。

Adjusted gross margin was 29%, up 590 basis points versus the first quarter of last year and 30 basis points above the second half of 2023. Adjusted diluted earnings per share was $0.56. Adjusted gross margin expansion and EPS growth were both supported by lower inventory destocking costs, supply chain transformation benefits and reduced shipping costs.

調整後毛利率為 29%，比去年第一季成長 590 個基點，比 2023 年下半年成長 30 個基點。調整後的毛利率擴張和每股盈餘成長均受到庫存去庫存成本降低、供應鏈轉型效益和運輸成本降低的支撐。

We are reiterating our 2024 full year adjusted diluted EPS guidance range of $3.50, up to $4.50 as well as our expected free cash flow of $600 million to $800 million. Pat will provide more color on this later in our presentation.

我們重申 2024 年全年調整後稀釋每股收益指引範圍為 3.50 美元至 4.50 美元，以及我們預期的 6 億至 8 億美元自由現金流。帕特將在稍後的演示中對此進行更多闡述。

On April 1, we completed the sale of Stanley Infrastructure Epiroc. We have already deployed net proceeds from the transaction to reduce short-term debt, demonstrating our commitment to further strengthening our balance sheet.

4 月 1 日，我們完成了 Stanley Infrastructure Epiroc 的出售。我們已經將交易的淨收益用於減少短期債務，這表明了我們進一步加強資產負債表的承諾。

Looking forward in 2024, we expect mixed demand trends to persist across our businesses. and we are driving supply chain cost improvements to expand margins, deliver earnings growth and generate strong cash flow. At the same time, we are funding investments designed to fuel targeted long-term growth and market share gains across our businesses. I want to thank our team members around the world for their contributions to the progress that we have made on our transformation journey and for their energy and focus as we continue to charge forward.

展望 2024 年，我們預期我們的業務將持續存在混合需求趨勢。我們正在推動供應鏈成本改善，以擴大利潤、實現獲利成長並產生強勁的現金流。同時，我們正在為旨在推動我們業務的長期目標成長和市場份額成長的投資提供資金。我要感謝我們世界各地的團隊成員為我們轉型之旅所取得的進展做出的貢獻，以及他們在我們繼續前進的過程中所付出的精力和專注。

I will now pass it to Chris Nelson to review the business segment performance.

我現在將其交給克里斯·尼爾森（Chris Nelson）來審查業務部門的表現。

Thank you, Don, and good morning, everyone. Beginning with Tools & Outdoor, First quarter revenue was approximately $3.3 billion, down 1% organically versus prior year, as growth in DEWALT was more than offset by muted consumer and DIY demand, which pressured volume.

謝謝你，唐，大家早安。從工具和戶外產品開始，第一季營收約為 33 億美元，較上年同期有機下降 1%，因為得偉的成長被疲軟的消費者和 DIY 需求所抵消，從而對銷量造成壓力。

Pricing was relatively flat, consistent with our expectations. Adjusted segment margin was 8.5% in the first quarter, a 550 basis point improvement compared to the first quarter of 2023. This was achieved through lower inventory destocking costs, supply chain transformation savings and shipping cost reductions, which were partially offset with targeted investments designed to accelerate share gain in organic growth.

定價相對平穩，符合我們的預期。第一季調整後的部門利潤率為8.5%，與2023 年第一季相比提高了550 個基點。被設計的目標投資部分抵消加速有機成長的份額成長。

Now turning to the product lines. Power Tools was up one point organically led by pro-driven growth into DEWALT and international sales. We are also seeing benefits from a return to historic promotional levels on high-margin DEWALT cordless, Organic revenue for hand tools declined 7% pressured by lower DIY demand.

現在轉向產品線。在得偉和國際銷售的推動成長的推動下，電動工具有機地成長了 1 個百分點。我們也看到，由於 DIY 需求下降的壓力，高利潤得偉無線手動工具的有機收入下降了 7%，因此恢復到歷史促銷水平帶來了好處。

Outdoor product line organic revenue grew 2% in the quarter, driven by strong demand for handheld cordless outdoor power equipment and incremental retail product listings. We are encouraged by U.S. retail point-of-sale data, which showed an early start to the season versus prior year.

由於手持式無線戶外電源設備的強勁需求和增量零售產品清單的推動，本季戶外產品線有機收入成長了 2%。我們對美國零售銷售點數據感到鼓舞，該數據顯示本季比去年提早開始。

We are cautiously optimistic that demand can be better than the last 2 years. Our visibility will improve as we move through the second quarter and hit key U.S. holidays.

我們對需求可能好於過去兩年持謹慎樂觀態度。隨著第二季和美國重要假期的到來，我們的知名度將會提高。

The independent dealer channel continues to work through significant on-hand inventory, which pressured shipments in the quarter. We are monitoring POS trends in this channel and currently expect that they can clear their inventory during the 2024 season to set up a stronger 2025. As Don alluded earlier, the outdoor market remains soft versus 2019 volume levels. We are not standing still and are moving with speed to improve profitability by continuing to optimize our cost structure.

獨立經銷商通路繼續處理大量現有庫存，這對本季的出貨量造成壓力。我們正在監測該通路的 POS 趨勢，目前預計他們可以在 2024 年季節期間清理庫存，以建立更強勁的 2025 年。我們並沒有停滯不前，而是快速行動，透過持續優化成本結構來提高獲利能力。

Consistent with our overall strategy, our intent is to focus resources towards capturing targeted share gain opportunities in the most profitable and attractive growth segments such as electric handheld outdoor power equipment.

與我們的整體策略一致，我們的目的是集中資源，在電動手持式戶外動力設備等最有利可圖、最具吸引力的成長領域捕捉目標份額成長機會。

Turning to Tools & Outdoor performance by region. North America was down 2% organically, driven by factors consistent with the overall segment. In Europe, organic revenue was down 3% as declines in France and Germany were partially offset by growth in the Nordics and the U.K.

轉向按地區劃分的工具和戶外表現。受與整個細分市場一致的因素推動，北美地區有機下降 2%。在歐洲，有機收入下降了 3%，法國和德國的下降被北歐和英國的成長部分抵消。

We are making targeted investments in the region to expand professional product offerings and activate these innovations in the market to capture share. In aggregate, all other regions were up 7% organically in the quarter, driven by mid-teens growth in Latin America, Brazil, Mexico, Central America and the Caribbean led this performance for the quarter.

我們正在該地區進行有針對性的投資，以擴大專業產品範圍並激活市場上的這些創新以佔領份額。總體而言，在拉丁美洲、巴西、墨西哥、中美洲和加勒比地區的成長帶動下，本季所有其他地區有機成長了 7%。

In summary, for Tools & Outdoor, we are acutely focused on successfully winning with our customers and winning with the Pro, while making profitability improvements. We are navigating mixed market conditions with the goal to capitalize on the areas of strength. We are making deliberate investments in our brands, market activation, and innovation to capture the growth and margin opportunities that will contribute to long-term shareholder returns.

總而言之，對於工具和戶外產品，我們非常注重成功贏得客戶和專業人士的青睞，同時提高獲利能力。我們正在應對複雜的市場環境，目標是利用優勢領域。我們正在對我們的品牌、市場活化和創新進行深思熟慮的投資，以抓住有助於長期股東回報的成長和利潤機會。

I will now discuss our Industrial segment performance. First quarter industrial revenue declined 5% versus last year. Price realization of 1% across the segment and Engineered Fastening volume growth was more than offset by infrastructure volume declines and a point of currency pressure.

我現在將討論我們的工業部門的表現。第一季工業收入比去年同期下降5%。整個細分市場的價格實現了 1%，工程緊固件銷量的成長被基礎設施銷售的下降和一定程度的貨幣壓力所抵消。

Within the Industrial segment, Engineered Fastening organic revenue growth of 5% includes aerospace growth of 30% and auto growth of 4%. We believe we are outpacing customer production levels as a result of targeted share gains, particularly in EV automotive. This growth was partially offset by market softness in general industrial fastening.

在工業領域，工程緊固件有機收入成長了 5%，其中航空航太成長了 30%，汽車成長了 4%。我們相信，由於目標份額的成長，我們正在超越客戶的生產水平，特別是在電動車領域。這一增長被一般工業緊固件市場疲軟部分抵消。

Industrials adjusted segment margin was 12.1%, an improvement of 110 basis points versus prior year, driven by price realization and cost actions taken to improve productivity. This was a strong performance considering the infrastructure volume decline that the team faced. The quarter was a result of focused execution by our Industrial business associates. On behalf of the entire leadership team, I'd like to thank our colleagues around the world for delivering another solid quarter of results and a strong start to the year.

受價格實現和為提高生產力而採取的成本行動的推動，工業調整後的分部利潤率為 12.1%，比上年提高 110 個基點。考慮到團隊面臨的基礎設施數量下降，這是一個強勁的表現。該季度是我們工業業務夥伴集中執行的結果。我謹代表整個領導團隊，感謝世界各地的同事再次取得了堅實的季度業績，並為今年帶來了良好的開端。

Now turning to the next slide. I would like to now highlight a few of our recent DEWALT product introductions, which are the results of our investments in innovation. The new DEWALT 20V MAX XR cordless framing nailer is engineered for enhanced productivity and performs applications that are traditionally served by pneumatic tools. It is designed to allow the end user to sync framing nails consistently sub flush into LVL material and when used in rapid sequential mode, ramp-up time is eliminated between shots.

現在轉到下一張投影片。我現在想重點介紹我們最近推出的一些得偉產品，它們是我們創新投資的成果。新型得偉 20V MAX XR 無線框架釘槍專為提高生產力而設計，可執行傳統上由氣動工具提供的應用。它的設計目的是讓最終用戶能夠將框架釘同步地埋入 LVL 材料中，並且在快速順序模式下使用時，可以消除兩次注射之間的加速時間。

DEWALT is also introducing the world's first 20V MAX cordless 2.25 peak horsepower dedicated plunge router. It provides power like a corded midsized router with the convenience of a cordless tool, a prime example of how we continue to help our Pro users transition to a cordless job site.

得偉也推出了全球首款 20V MAX 無線 2.25 峰值馬力專用插入式刳鉋機。它提供像有線中型路由器一樣的電源以及無線工具的便利性，這是我們如何繼續幫助專業用戶過渡到無線工作現場的典型例子。

Additionally, our ToughSystem 2.0 DXL workstation is the industry's first portable storage solution with a 30-inch platform that helps pros maximize their productivity. This all-in-one workstation delivers customizable mobile storage and a functional work top that is unlike anything else currently available for commercial construction job sites.

此外，我們的 ToughSystem 2.0 DXL 工作站是業界首款配備 30 吋平台的便攜式儲存解決方案，可協助專業人士最大限度地提高工作效率。這款一體化工作站提供可自訂的行動儲存和功能性工作台，與目前商業建築工地可用的任何其他工作站不同。

These are just a few examples of how we continue driving our innovation engine in a manner that is centered on the professional with the intent of making our users more productive. We believe these innovations, coupled with our investments in brand and market activation will stimulate share gains. As we celebrate the DEWALT 100-year anniversary, we also reflect on our responsibility and commitment to serving the trades people around the world with brands like DEWALT, CRAFTSMAN and Stanley.

這些只是我們如何以以專業人士為中心的方式繼續推動我們的創新引擎的幾個例子，旨在提高我們的用戶的工作效率。我們相信這些創新，加上我們在品牌和市場活化方面的投資，將刺激份額成長。在慶祝得偉 100 週年之際，我們也反思了透過得偉、CRAFTSMAN 和 Stanley 等品牌為世界各地的行業人士提供服務的責任和承諾。

Thank you, and I'll now pass the call over to Pat Hallinan.

謝謝您，我現在將把電話轉給帕特·哈利南 (Pat Hallinan)。

Thanks, Chris, and good morning. Turning to the next slide. I would like to highlight the progress we've made along our transformation journey in the first quarter. We achieved approximately $145 million pretax run rate cost savings in the period, bringing our aggregate savings to approximately $1.2 billion since program inception.

謝謝克里斯，早安。轉到下一張投影片。我想強調一下我們在第一季的轉型之旅中取得的進展。在此期間，我們實現了約 1.45 億美元的稅前運行成本節省，使自計劃啟動以來的總節省達到約 12 億美元。

As we focus our portfolio, streamline our business structure and transform our operations, our teams are actively identifying and prioritizing opportunities to further optimize our cost structure. Given the dynamic macro environment, we continue to refine and mobilize plans to deliver targeted savings. We are confident in our ability to execute those plans. We continue to target $1.5 billion of pretax run rate savings by the end of 2024 and $2 billion pretax run rate cost savings by the end of 2025.

當我們專注於我們的投資組合、簡化我們的業務結構並轉變我們的營運時，我們的團隊正在積極識別和優先考慮機會，以進一步優化我們的成本結構。鑑於動態的宏觀環境，我們繼續完善和動員計劃以實現有針對性的節約。我們對執行這些計劃的能力充滿信心。我們繼續目標是到 2024 年底節省 15 億美元的稅前營運費用，到 2025 年底節省 20 億美元的稅前營運費用。

Strategic sourcing remains the largest contributor to our transformation savings to date. We are leveraging savings on the $5 billion of addressable spend across areas such as materials and components, finished goods and indirect expenditures. Our operations excellence program, which leverages lean manufacturing principles is driving productivity improvements. The scope of this work stream improves efficiency and effectiveness within our production and distribution facilities.

迄今為止，策略採購仍然是我們轉型節省的最大貢獻者。我們正在利用材料和零件、製成品和間接支出等領域 50 億美元可處理支出的節省。我們的卓越營運計劃利用精益製造原則，正在推動生產力的提高。此工作流程的範圍提高了我們生產和分銷設施的效率和有效性。

A pipeline of projects is robust with initiatives lined up to deliver efficiency gains in 2024 and beyond. Footprint-related projects and product platforming, which are more event-driven, will become increasingly important throughout the remainder of our transformation.

一系列項目十分強勁，並計劃在 2024 年及以後實現效率提升。與足跡相關的專案和產品平台更加由事件驅動，在我們轉型的剩餘過程中將變得越來越重要。

We are optimizing our distribution footprint as well as redesigning our manufacturing network to leverage centers of excellence and to optimize our operations. This multiyear endeavor is accelerating in 2024 as we plan to exit or transform a number of facilities across the globe during 2024 and 2025.

我們正在優化我們的分銷足跡，並重新設計我們的製造網絡，以利用卓越中心並優化我們的營運。這項為期多年的努力將在 2024 年加速，因為我們計劃在 2024 年和 2025 年期間退出或改造全球許多設施。

The manufacturing sites we previously announced for closure have ceased production, and we expect to exit these sites in the near future. We continue to execute manufacturing footprint changes during the first quarter, which affected 5 sites with the goal to complete these site modifications this year regarding product platforming, this initiative will unlock value by reducing complexity across our value chain. This savings initiative identifies various parts and components that can be standardized across a product family, which eliminates complexity and improves procurement scale.

我們先前宣布關閉的生產基地已停止生產，我們預計將在不久的將來退出這些基地。我們在第一季繼續執行製造足跡變更，這影響了 5 個工廠，目標是今年完成有關產品平台的這些工廠修改，這項舉措將透過降低整個價值鏈的複雜性來釋放價值。這項節省計畫確定了可以在整個產品系列中標準化的各種零件，從而消除了複雜性並提高了採購規模。

In aggregate, our supply chain transformation initiatives are expected to generate approximately $0.5 billion of savings in 2024, improving margins and generating resources for additional growth investments in our core business. we remain confident that our transformation can support the sustainable cost structure and efficiency needed to return our adjusted gross margin to 35% or greater, while enabling targeted growth investments.

總的來說，我們的供應鏈轉型計畫預計將在 2024 年節省約 5 億美元，提高利潤率並為我們核心業務的額外成長投資創造資源。我們仍然相信，我們的轉型能夠支持可持續的成本結構和效率，使調整後的毛利率恢復到 35% 或更高，同時實現有針對性的成長投資。

Moving to the next slide. We continue prioritizing free cash flow generation and gross margin expansion to support long-term growth and value creation. First quarter free cash outflow was in line with typical historical trends due to seasonal account receivable increases. This quarter, our inventory control contained the working capital build to approximately $360 million, where we've traditionally averaged a roughly $700 million increase in the first quarter of the year. Days of inventory is now approximately 150 days, an improvement of 10 days versus the prior year and moving toward our long-term target of approximately 120 to 130 days.

轉到下一張投影片。我們繼續優先考慮自由現金流的產生和毛利率的擴張，以支持長期成長和價值創造。由於季節性應收帳款增加，第一季自由現金流出符合典型的歷史趨勢。本季度，我們的庫存控制將營運資金增加至約 3.6 億美元，而我們傳統上今年第一季的平均增幅約為 7 億美元。庫存天數現在約為 150 天，比去年增加了 10 天，正在朝著我們約 120 至 130 天的長期目標邁進。

We used the net proceeds from the infrastructure sale to reduce our commercial paper balance in the beginning of the second quarter. Because this occurred subsequent to the first quarter close, it is not reflected in the first quarter balance sheet.

我們利用基礎設施出售的淨收益來減少第二季初的商業票據餘額。由於這是在第一季結束後發生的，因此沒有反映在第一季的資產負債表中。

We remain focused on working capital optimization and profitability improvement to generate strong free cash flow in 2024. For the full year 2024, we plan to reduce inventory by $400 million to $500 million as we continue prioritizing working capital efficiency. CapEx is expected to range between $400 million to $500 million, which includes support for the footprint-related transformation initiatives. These items, combined with organic cash generation, support our full year free cash flow range of $600 million to $800 million, which is unchanged from our guidance communicated earlier in the year.

我們仍然專注於營運資本優化和盈利能力提高，以在 2024 年產生強勁的自由現金流。資本支出預計在 4 億至 5 億美元之間，其中包括對與足跡相關的轉型計畫的支持。這些項目與有機現金生成相結合，支持我們 6 億至 8 億美元的全年自由現金流範圍，這與我們今年稍早傳達的指導意見沒有變化。

Our capital deployment priorities remain consistent. Investing in organic growth and our transformation, funding our long-standing commitment to return value to shareholders through cash dividends and further strengthening our balance sheet.

我們的資本部署優先事項保持一致。投資於有機成長和轉型，為我們透過現金股利向股東回報價值的長期承諾提供資金，並進一步加強我們的資產負債表。

Turning to profitability. Adjusted gross margin of 29% in the first quarter improved 590 basis points versus prior year, driven by lower inventory destocking costs, supply chain transformation benefits and lower shipping costs.

轉向盈利能力。受庫存去庫存成本降低、供應鏈轉型效益和運輸成本降低的推動，第一季調整後毛利率為 29%，較上年同期提高 590 個基點。

We expect to increase adjusted gross margin sequentially in each half of 2024, and we are planning for total company adjusted gross margin to approximate 30% for the full year. We continue to expect to exit the year at an adjusted gross margin rate in the low 30s. We are off to a solid start in 2024 and the hard work we've done to make adjusted gross margin progress allows us to fund incremental investments to accelerate long-term organic revenue growth.

我們預計在 2024 年上半年連續提高調整後毛利率，並計劃全年公司調整後毛利率總額達到約 30%。我們仍然預計今年調整後的毛利率將在 30 左右。我們在 2024 年有了一個良好的開端，我們為實現調整後的毛利率進步所做的努力使我們能夠為增量投資提供資金，以加速長期有機收入成長。

Now turning to the 2024 guidance and the remaining key assumptions. In addition to the free cash flow guidance I just covered, we are reiterating GAAP earnings per share range of $1.60 to $2.85 and an adjusted earnings per share range of $3.50 to $4.50.

現在轉向 2024 年指導和其餘關鍵假設。除了我剛剛介紹的自由現金流指引外，我們還重申 GAAP 每股收益範圍為 1.60 美元至 2.85 美元，調整後每股收益範圍為 3.50 美元至 4.50 美元。

We are maintaining the range of organic revenue assumptions to be plus or minus low single digits. We believe the most likely outcome for organic revenue is to be flat to down 1%. At this level, we expect to achieve the midpoint of our adjusted EPS range through cost controls.

我們將有機收入假設範圍維持在正負低個位數。我們認為有機收入最有可能的結果是持平或下降 1%。在此水準上，我們預期透過成本控制達到調整後每股收益範圍的中點。

Our view incorporates modest headwinds in aggregate for our markets, and we remain focused on gaining share in this environment. We are maintaining a disciplined approach to cost management and remain committed to funding investments for long-term organic growth.

我們的觀點包括我們市場整體上的溫和阻力，我們仍然專注於在這種環境中獲得份額。我們保持嚴格的成本管理方法，並繼續致力於為長期有機成長的投資提供資金。

Turning to the segments. Tools & Outdoor organic revenue is expected to be plus or minus low single digits, most likely below flat consistent with the total company. The Industrial segment organic revenue is expected to be relatively flat to slightly positive.

轉向細分市場。工具和戶外業務的有機收入預計將達到正負低個位數，很可能低於與公司整體持平的水平。工業部門的有機收入預計將相對持平或略有成長。

Infrastructure's first quarter decline will impact the segment's full year organic growth. And now that the deal is closed, we will report the divestiture revenue impact quarterly. Our planning assumption for growth investments is approximately an incremental $100 million in 2024. These are designed to accelerate innovation, market activation and to support our powerful DEWALT, CRAFTSMAN and Stanley brands.

基礎設施第一季的下滑將影響該部門全年的有機成長。現在交易已經完成，我們將每季報告剝離收入的影響。我們的成長投資規劃假設是到 2024 年增加約 1 億美元。

This should result in 2024 SG&A as a percentage of sales in the mid-21% zone for the full year. We will remain agile with the pace of investments should the demand outlook swing in or out of our favor.

這將導致 2024 年 SG&A 佔全年銷售額的百分比處於 21% 的中間區域。如果需求前景對我們有利或不利，我們將保持靈活的投資節奏。

Turning to profitability. We expect total company adjusted EBITDA margin to approximate 10% for the full year, supported by the benefits of the transformation program. Segment margin in Tools & Outdoor is planned to be up year-over-year, also driven by continued momentum from our ongoing strategic transformation. The Industrial segment margin is expected to be flat to slightly positive versus prior year as operating improvement in Engineered Fastening is offset by the dilution from the infrastructure business divestiture.

轉向盈利能力。我們預計，在轉型計畫帶來的好處的支持下，公司全年調整後 EBITDA 利潤率將達到約 10%。工具和戶外部門的利潤率預計將同比增長，這也是受到我們正在進行的策略轉型的持續動力的推動。由於工程緊固件業務的營運改善被基礎設施業務剝離帶來的稀釋所抵消，工業部門的利潤率預計將與去年持平或略有上升。

Our adjusted EPS range remains $1, with variability in market demand being the largest contributor, we will work to optimize adjusted gross margin and manage SG&A thoughtfully throughout the year to balance the macro uncertainty, while working hard to preserve investments to position the business for longer-term growth.

我們調整後的每股盈餘範圍仍為1 美元，市場需求的變化是最大的影響因素，我們將全年努力優化調整後的毛利率並深思熟慮地管理SG&A，以平衡宏觀不確定性，同時努力保留投資，以使業務定位更長期長期成長。

Turning to other elements of guidance. GAAP earnings include pretax non-GAAP adjustments ranging from $290 million to $340 million, largely relating to the supply chain transformation program, with approximately 25% of these expenses being noncash footprint rationalization costs.

轉向其他指導要素。 GAAP 收益包括 2.9 億美元至 3.4 億美元的稅前非 GAAP 調整，主要與供應鏈轉型計劃有關，其中約 25% 是非現金足跡合理化成本。

Our adjusted tax rate is expected to be 10% for 2024, with the second and third quarters in the low 30s. Discrete tax planning items are expected to reduce the full year rate and primarily impact the fourth quarter.

2024 年我們調整後的稅率預計為 10%，第二季和第三季在 30 左右。離散稅務規劃項目預計將降低全年稅率，並主要影響第四季。

Other 2024 guidance assumptions at the midpoint are noted on the slide to assist with modeling. We expect the second quarter adjusted earnings per share to be approximately 21% to 22% of the full year at the midpoint. Adjusted EBITDA for the second quarter as a percentage of the full year is expected to exceed 25%, with EPS contribution lower due to the quarterly tax profile.

幻燈片中標註了 2024 年中點的其他指導假設，以幫助建模。我們預計第二季調整後每股盈餘約為全年中位數的 21% 至 22%。第二季調整後 EBITDA 佔全年的百分比預計將超過 25%，每股盈餘貢獻因季度稅收狀況而下降。

In summary, we continue to make progress on our transformation journey with an unwavering focus on gross margin expansion, cash generation, balance sheet strength and share gains in a soft market. We are confident that successful execution of our strategy can position the company for long-term growth and value creation.

總而言之，我們繼續在轉型之旅中取得進展，堅定不移地關注毛利率擴張、現金產生、資產負債表實力和疲軟市場中的股票收益。我們相信，成功執行我們的策略可以使公司實現長期成長和價值創造。

With that, I will now pass the call back to Don.

現在，我將把電話轉回給唐。

Thank you, Pat. As we report another quarter of progress, our consistent execution against our plan is building momentum and energizing our team. As our profitability continues to improve, we are focusing organic growth investments behind our most powerful brands. particularly DEWALT, CRAFTSMAN and Stanley. We believe these investments can enable organic growth to outpace the market by 2 to 3x. Stanley Black & Decker continues to become a more streamlined business built on the strength of our people and culture with an intensified emphasis on our core market leadership positions in Tools & Outdoor and Engineered Fastening.

謝謝你，帕特。當我們報告又一個季度的進展時，我們對計劃的持續執行正在積聚動力並激勵我們的團隊。隨著我們的獲利能力不斷提高，我們將重點放在最強大的品牌背後的有機成長投資。特別是 DEWALT、CRAFTSMAN 和 Stanley。我們相信這些投資可以使有機成長超過市場 2 到 3 倍。史丹利百得繼續成為一家更精簡的企業，建立在我們的員工和文化的基礎上，並更加重視我們在工具和戶外以及工程緊固領域的核心市場領導地位。

We are focused on consistent execution, while positioning the company to deliver higher levels of sustainable organic revenue growth, profitability and cash flow to drive strong long-term shareholder returns.

我們專注於一致的執行，同時使公司能夠實現更高水準的可持續有機收入成長、獲利能力和現金流，以推動強勁的長期股東回報。

With that, we are now ready for Q&A, Dennis.

丹尼斯，我們現在準備好要進行問答了。

Great. Thanks, Don. Shannon, we can now start the Q&A, please. Thank you.

偉大的。謝謝，唐。香農，我們現在可以開始問答了。謝謝。

(Operator Instructions)

（操作員說明）

Our first question is from the line of Julian Mitchell of Barclays.

我們的第一個問題來自巴克萊銀行的朱利安·米切爾。

Maybe just my question would be around the second quarter, just honing in on that a little bit. I guess, just to make sure, based on the seasonality comment and I think the low 30s tax rate, are we sort of thinking it's flattish sequential revenue in Q2 and then a kind of 9% operating margin?

也許我的問題是在第二季左右，只是稍微磨練。我想，只是為了確定一下，根據季節性評論和我認為 30 年代的低稅率，我們是否認為第二季的連續收入持平，然後是 9% 的營業利潤率？

Just wanted to make sure that's the broad assumption and to check what you're assuming for Outdoor? And also for Q2, how we think about free cash. Is that sort of flattish year-on-year or still down year-on-year like in Q1?

只是想確保這是廣泛的假設並檢查您對戶外的假設是什麼？對於第二季度，我們如何看待自由現金。是同比持平還是仍像第一季那樣年減？

Yes. Julian, I'll try to unpack all of those, see if I can remember them. I think you starting with sales. I think sales will be flat to slightly down fractionally down. I don't think there'll be -- the first quarter was down about one point, it probably won't be that steep.

是的。朱利安，我會嘗試解開所有這些，看看我是否能記住它們。我認為你從銷售開始。我認為銷售額將持平或略有下降。我認為不會——第一節下降了大約一個百分點，可能不會那麼陡峭。

And your OM margin of 9-ish percent, you're in the ZIP code. I think the first half of the year seems to be playing out in a manner that's consistent broadly with the consensus from our original guide. And so I think that's all in the ZIP code.

您的 OM 利潤為 9％左右，您就在郵遞區號中。我認為今年上半年的情況似乎與我們最初指南中的共識大致一致。所以我認為這一切都在郵遞區號中。

In terms of cash, yes, I think cash will be up -- flat to slightly up for the quarter. What I'd remind everybody about cash is this year, our cash output is going to be driven differently than last year.

就現金而言，是的，我認為現金將會增加——本季持平或略有增加。關於現金，我想提醒大家的是，今年我們的現金產出驅動方式將與去年不同。

Last year, we took out $1 billion plus of inventory, and that was a massive driver of '23 cash flow. We'll still be using inventory to drive cash flow this year, but it will be more like $400 million to $500 million.

去年，我們拿出了超過 10 億美元的庫存，這是 23 年現金流的巨大推動力。今年我們仍將使用庫存來推動現金流，但金額將更接近 4 億至 5 億美元。

And then income expansion through margin expansion will drive the balance. And so we'll have the producers of cash this year be roughly the same order of magnitude, but disproportionately driven by operating profits this year. And so obviously, those operating profits are going to flow the way the quarterly revenue and the margin expansion flows.

然後透過利潤率擴張來擴大收入將推動平衡。因此，我們今年的現金生產量將大致相同的數量級，但不成比例地受到今年營業利潤的推動。顯然，這些營業利潤將按照季度收入和利潤擴張的方式流動。

And so I think that's what's being observed here in the first quarter is we had a really nice organic cash flow in the first quarter, but we had, as expected, less inventory reduction, and that's the net delta year-over-year in the first quarter, but I think it will be more like flat to slightly up when we get the second quarter versus last year.

因此，我認為第一季觀察到的情況是，我們第一季的有機現金流量非常好，但正如預期的那樣，庫存減少量較少，這就是去年同期的淨增量。我認為當我們得到第二季度與去年相比時，它會更趨於持平甚至略有上升。

In terms of Outdoor, as Chris mentioned in his comments, we've seen a more traditional timing and order of magnitude start to the outdoor season, which is certainly welcome, and hope carries throughout, but it's early in the season, and we'll see where that plays out through the balance of the season, but coming off of two pretty tough seasons, we would welcome that. And so obviously, if that continued, that would put Outdoor on a growth trajectory.

在戶外方面，正如克里斯在評論中提到的那樣，我們看到戶外季節以更傳統的時間和數量級開始，這當然是受歡迎的，並且希望貫穿始終，但現在還處於季節初期，我們'我們會在整個賽季的剩餘時間裡看看這會發生什麼，但在經歷了兩個相當艱難的賽季後，我們會對此表示歡迎。顯然，如果這種情況持續下去，戶外運動將會走上成長軌道。

Our next question comes from the line of Tim Wojs with Baird.

我們的下一個問題來自 Tim Wojs 和 Baird 的對話。

I was just hoping maybe you could expand a little bit on the DEWALT growth. Just maybe some color on the underlying drivers of growth there, just whether it's kind of organic user kind of growth and expansion or just inventory availability or Outdoor, just some color there and maybe the sustainability of the growth trajectory. And then maybe just as you think about SG&A reinvestment this year, just how much are you specifically looking at kind of reinvesting that into DEWALT specifically versus some of the other brands?

我只是希望你能稍微擴展得偉的成長。也許只是關於成長的潛在驅動因素的一些顏色，無論是有機用戶類型的成長和擴張，還是只是庫存可用性或戶外，只是那裡的一些顏色，也許是成長軌蹟的可持續性。然後，也許正如您考慮今年的 SG&A 再投資一樣，與其他一些品牌相比，您特別考慮將其再投資到 DEWALT 的程度是多少？

Well, thanks a lot, Tim. This is Chris. So first of all, I'd say that we're we are encouraged by what we're seeing from DEWALT on the growth side. And it was something that has been a continued bright spot in the portfolio, and we expect it to continue to gather momentum.

嗯，非常感謝，提姆。這是克里斯。首先，我想說的是，我們對得偉在成長方面看到的情況感到鼓舞。它一直是產品組合中的一個持續亮點，我們預計它將繼續積聚動力。

If I would think about where the sources of growth are coming from, I would say that, first and foremost, the progress that we've made as a part of our supply chain transformation and allowing higher fill levels and service rates for our customers is certainly driving more momentum there.

如果我要思考成長的來源來自哪裡，我會說，首先也是最重要的是，我們在供應鏈轉型以及為客戶提供更高的填充水平和服務率方面所取得的進展是肯定會在那裡推動更多動力。

Secondarily, I think if we think about the ongoing sustainability and trajectory of that growth, as we have been pivoting our dollars and investments into more of the pro-driven end user, not only product development but also engagement in the marketplace and really highlighting the DEWALT brand, I think that, that is something that we see as a long-term sustainable trend and actually something that we're going to continue to put a lot of those investments into.

其次，我認為，如果我們考慮這種成長的持續可持續性和軌跡，因為我們一直在將我們的美元和投資轉向更多的專業驅動的最終用戶，不僅是產品開發，而且是市場參與度，並真正強調我認為，得偉品牌被我們視為長期永續趨勢，實際上我們將繼續投入大量投資。

And while I'll turn it over to the path of specifics, what I'd say as far as the investments and where they're going, really, if you think about it, we're -- the majority of it is going into development -- product development and activation, where we're saying we want to be making sure that we're developing the innovative products for our professional end users, specifically driving a lot of innovation in DEWALT.

雖然我會把它轉向具體的路徑，但我想說的是，就投資及其去向而言，實際上，如果你仔細想想，我們——其中大部分都會去進入開發階段——產品開發和激活，我們希望確保為專業最終用戶開發創新產品，特別是推動得偉的大量創新。

And then also, having a significant amount of that investment going into activation resources that can work with our end users and our partners in the field to make sure that they are able to understand launch and drive the success of those products as well. So we feel very good about the sustainability and we're encouraged by the progress we're making with this -- with the way that we're prioritizing here. I don't know, Pat, if you wanted to add anything there?

然後，將大量投資投入到激活資源中，這些資源可以與我們的最終用戶和該領域的合作夥伴合作，以確保他們能夠了解產品的發布並推動這些產品的成功。因此，我們對永續性感到非常滿意，並且我們對我們在這方面取得的進展以及我們在這裡優先考慮的方式感到鼓舞。我不知道，帕特，你是否想在那裡添加什麼？

Yes. I mean I think in terms of SG&A for the year, Tim, I think it's 21% in kind of the middle fractions, 21.5-ish plus or minus 20 basis points is kind of where SG&A is for the year. And as our opening comments mentioned, that's about $100 million of incremental investment. I'd say $60 million to $70 million of that in the Tools & Outdoor business. And as Chris mentioned, A lot of that is on innovation. And therefore, a healthy portion of that goes to DEWALT. And a lot of it is on field activation and so again, because DEWALT is the biggest brand out in the field, a lot of that ends up going to DEWALT.

是的。我的意思是，我認為就今年的 SG&A 而言，Tim，我認為 21% 屬於中間分數，21.5 左右正負 20 個基點是今年 SG&A 的情況。正如我們在開場白中提到的，這大約是 1 億美元的增量投資。我認為其中 6000 萬至 7000 萬美元用於工具和戶外業務。正如克里斯所提到的，其中許多都與創新有關。因此，其中很大一部分都歸得偉所有。其中許多都是在現場激活，因此，因為得偉是該領域最大的品牌，所以許多人最終都流向了得偉。

Our next question comes from the line of Jeffrey Sprague with Vertical Research Partners.

我們的下一個問題來自 Jeffrey Sprague 和 Vertical Research Partners 的電話。

Big picture question for Don and then maybe just some loose ends for Pat. But first, just -- sorry if I missed it at the beginning, but the after-tax proceeds on infrastructure, and then Pat also, can you just address what that other was in cash outflow of $250 million-ish in the quarter.

唐的大局問題，帕特的可能只是一些懸而未決的問題。但首先，抱歉，如果我一開始就錯過了，但是基礎設施的稅後收益，然後帕特，你能解決一下本季度 2.5 億美元左右的現金流出嗎？

And Don, I'm just wondering if you could speak maybe to the portfolio now more broadly with infrastructure, Don, as kind of the portfolio simplification in your view, behind the company now, and we're focused on these operational elements that remain central to the margin improvement plan or are there other things that maybe could happen here as you chart the path forward?

唐，我只是想知道您是否可以更廣泛地談談現在的基礎設施投資組合，唐，在您看來，現在是公司背後的投資組合簡化，我們專注於這些仍然存在的運營要素是利潤改善計劃的核心，還是在您制定前進道路時可能會發生其他事情？

Sure, Jeff. Pat, maybe you take those questions and I'll answer Jeff's second question.

當然，傑夫。派特，也許你回答這些問題，我會回答傑夫的第二個問題。

Jeff, the after-tax proceeds on the infrastructure deal, I'd say the pretax are in the our 730-ish range. 730, 729 a fraction. And the tax impact to that will be de minimis, probably in the 10% or less range when is all said and done. And that all went down to pay the commercial paper balance down. And that all happened in the front of the second quarter.

Jeff，基礎設施交易的稅後收益，我想說稅前在我們的 730 左右範圍內。 730、729 的一小部分。稅收影響將是微乎其微的，最終可能會在 10% 或更少的範圍內。這一切都用來支付商業票據餘額。而這一切都發生在第二節前段。

Therefore, it's in the second quarter financials that you'll see 90 days down the road. In terms of other cash outflows, that is driven by, let's say, 2 things predominantly. There's many things in that bucket. One is a return to normal MICP or annual compensation, variable compensation payments, which go out in the first quarter.

因此，您將在 90 天後看到第二季的財務數據。就其他現金流出而言，主要由兩件事驅動。那個桶子裡有很多東西。一個是恢復正常的 MICP 或年度薪酬、可變薪酬支付，這些薪酬將在第一季支付。

You can imagine 2022 was very, very low by traditional standards. And so the payout for '22 that happened in '23 was very low by traditional standards. And the payout that happened in the first quarter of this year for '23 was kind of back to normal standards and then cash taxes. Those are the 2 big drivers of that outflow in the other bucket.

你可以想像，以傳統標準，2022 年是非常非常低的。因此，按照傳統標準，23 年發生的 22 年支出非常低。今年第一季 23 年的支出有點回到正常標準，然後是現金稅。這些是另一個桶中資金外流的兩個主要驅動因素。

Thanks, Pat. And so on the portfolio question, as we all know, we've done a fair amount of work of pruning the portfolio of businesses here at Stanley Black & Decker, in particular, the Security segment, which had 2 businesses. And then in Industrial, we've done some things related to not only infrastructure, but oil and gas a little while back as well.

謝謝，帕特。關於投資組合問題，眾所周知，我們在史丹利百得公司進行了大量的業務組合調整工作，特別是安全部門，該部門有兩項業務。然後在工業領域，我們不僅做了一些與基礎設施相關的事情，而且不久前還做了一些與石油和天然氣相關的事情。

We will continue to evaluate other things to prune going forward based on value creation opportunities. I think we've gotten ourselves down to a place where we have some very high-quality assets in our portfolio. And there's not an urgent need to do anything at this stage.

我們將繼續根據價值創造機會評估其他需要修剪的事情。我認為我們的投資組合中已經擁有一些非常優質的資產。而現階段並不急需採取任何行動。

As we look at the portfolio going forward, there will be more opportunities likely in the next 18 to 24 months to do a little bit more pruning. Some of it could actually be in Tools & Outdoor as we put more and more emphasis on the 3 big brands that Chris has talked about in a couple of different settings over the last 6 months. And we'll look at some of the smaller assets we have and decide whether those make sense for it to be part of the portfolio over the long term.

當我們展望未來的投資組合時，未來 18 至 24 個月內可能會有更多機會進行更多的修剪。其中一些實際上可能是在工具和戶外領域，因為我們越來越重視克里斯在過去 6 個月裡在幾個不同環境中談到的 3 個大品牌。我們將研究我們擁有的一些較小的資產，並決定從長遠來看這些資產是否有意義，使其成為投資組合的一部分。

And so we will continue to be active. I think we've demonstrated over the years that pruning the portfolio is something that is important to do. but you need to do it in a way that creates value for your shareholders.

因此，我們將繼續積極行動。我認為多年來我們已經證明，修剪投資組合是一件很重要的事情。但你需要以一種為股東創造價值的方式來做這件事。

Our next question comes from the line of Michael Rehaut with JPMorgan.

我們的下一個問題來自摩根大通的 Michael Rehaut。

I wanted to just kind of dial in a little bit more on how you're thinking about the demand trends playing out for the rest of the year in Tools & Storage. You have 1Q organic revenue growth down 1%. You're talking about the full year flat to maybe down a little bit as the most likely scenario. So are we to assume kind of the current trend more or less persisting through 2Q and the back half? And I'm also curious about how in the first quarter, you had the 7% drop in hand tools and storage, if there was any inventory destocking or anything going on that drove that adjustment?

我想更多地了解您如何看待今年剩餘時間工具和儲存領域的需求趨勢。第一季的有機收入成長下降了 1%。你說的是全年持平，可能會下降一點，這是最有可能的情況。那麼我們是否可以假設當前的趨勢或多或少會持續到第二季​​和下半年？我還很好奇，第一季手動工具和庫存下降了 7%，是否有任何庫存去庫存或發生了什麼推動了這項調整？

Separately, if I can sneak in another one on the mid-21% SG&A, if that's something where just given the backdrop and your goals around share gains over the next couple of years, if we should think about that as a sustainable rate over the next 12, 18, 24 months?

另外，如果我可以偷偷地再介紹一下 21% 的 SG&A，如果這是考慮到未來幾年的背景和你的股票收益目標，如果我們應該將其視為一個可持續的利率接下來的12、18 、24 個月？

Mike, this is Pat. I'll take your kind of balance of the year revenue flows and SG&A, and then I'll let Chris expand on a few things. I think as you think of year-over-year revenue for the balance of the year, I think any given quarter is going to be in that down 50 to down 200 basis points across the quarter, probably averaging down 1-ish for the year, if I had to kind of point you in a direction for the balance of the year.

麥克，這是帕特。我將採用您的年度收入流和銷售管理費用（SG&A）的平衡，然後我將讓克里斯擴展一些事情。我認為，當你考慮到今年剩餘時間的同比收入時，我認為任何特定季度都將下降 50 到 200 個基點，全年可能平均下降 1 左右，如果我必須為您指出今年剩餘時間的方向。

And any one of those quarters, the difference probably more to do with year-over-year comps and promotional activity or currency then some really noteworthy demand dynamic that we're expecting to change from one quarter to the next.

在這些季度中的任何一個季度，差異可能更多地與同比比較和促銷活動或貨幣有關，然後是我們預計從一個季度到下一個季度會發生變化的一些真正值得注意的需求動態。

I'd say in terms of the SG&A at kind of 21.5-ish percent, I think that's likely where we are in a year like this where we're being thoughtful to manage expenses across our enterprise, while preserving growth investments to still deliver profit and cash on our transformation journey. And I certainly think, as you look longer term, that could be a sustainable percentage as well.

我想說的是，就 SG&A 而言，大約為 21.5%，我認為這可能是我們在今年的情況，我們正在考慮管理整個企業的支出，同時保留增長投資以仍然提供利潤並為我們的轉型之旅帶來現金。我當然認為，從長遠來看，這也可能是一個可持續的百分比。

We have talked about in a number of forms over the last year or 2 that once we start seeing the market growth and we're a bit farther down the AGM journey, we may choose for a period of time to take that percentage to 22% or potentially even a little above 22% for a while as we invest for growth on the backs of a little more gross margin and macro demand. We're not quite there yet.

在過去的一兩年裡，我們以多種形式討論過，一旦我們開始看到市場成長，並且我們在年度股東大會上走得更遠，我們可能會選擇在一段時間內將該百分比提高到22 %甚至可能在一段時間內略高於 22%，因為我們在毛利率和宏觀需求稍高的情況下投資成長。我們還沒有完全做到這一點。

So I think kind of managing in that 21% and a fraction range for this year and for the long term is probably a decent modeling assumption. But like we've said, we may choose at periods of time to go to 22% plus when we feel that there's good returns for those growth investments.

因此，我認為今年和長期管理在 21% 和一小部分範圍內可能是一個不錯的建模假設。但正如我們所說，當我們認為這些成長投資有良好的回報時，我們可能會在一段時間內選擇將利率提高到 22% 以上。

Yes. So if I take a step back and talk a little bit about where we see the markets from a macro perspective for the year. I think that what we're talking about is within it's a very tight range, up a point, down a point, and we're kind of thinking that we're trending towards.

是的。因此，如果我退後一步，談談我們從宏觀角度看待今年市場的情況。我認為我們正在談論的是一個非常狹窄的範圍，上升一個點，下降一個點，我們認為我們正在走向這一趨勢。

And there are specific areas that remain tepid, specifically, if we think about we've talked about the challenges in the outdoor market. We're encouraged by what we're seeing early. But we haven't hit the season yet for really any of our businesses. And specifically in outdoor.

如果我們考慮一下我們已經討論過的戶外市場的挑戰，那麼某些特定領域仍然不溫不火。我們對早期所看到的情況感到鼓舞。但我們的任何業務都還沒有進入旺季。特別是在戶外。

And then as is widely understood, the DIY and in some areas, general construction remains a little bit muted as well. That being said, we do see some bright spots as we look at the professional markets and as the earlier conversation, as we hone in on where we're going to really look for driving share and investments, a lot of our opportunities are there. So we remain optimistic there.

然後，正如人們廣泛理解的那樣，DIY 和在某些領域，一般建築也仍然有點低調。話雖這麼說，當我們審視專業市場時，我們確實看到了一些亮點，正如之前的對話一樣，當我們深入研究我們將真正尋找推動份額和投資的地方時，我們的許多機會就在那裡。所以我們對此保持樂觀。

I would just say, although there are certainly scenarios that you could see some level of back half acceleration, we think it's prudent to be looking at the outlook that we discussed earlier. Because really, if you think about it, a lot of our businesses are fairly interest-rate-sensitive and with the current environment and how we're thinking about what we see for residential, construction as well as renovation there certainly will be an unlock coming. I think it's just a matter of timing. And we think it's prudent to be looking at more of that flattish revenue environment for those reasons.

我只想說，儘管在某些情況下您肯定會看到一定程度的後半部加速，但我們認為謹慎對待我們之前討論的前景。因為實際上，如果你仔細想想，我們的許多業務都對利率相當敏感，在當前的環境下，以及我們對住宅、建築和裝修的看法肯定會有一個解鎖未來。我認為這只是時間問題。基於這些原因，我們認為謹慎的做法是更專注於收入持平的環境。

Our next question comes from the line of Nigel Coe with Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的奈傑爾·科 (Nigel Coe)。

So I just want to come back to the Jeff's question on the portfolio. I don't think that perhaps the industrial businesses -- with the remaining Industrial businesses, the fastening businesses were trending as more noncore. It doesn't sound like that's necessarily the case. So that's my primary question.

所以我只想回到傑夫關於投資組合的問題。我不認為工業業務——與其餘的工業業務一樣，緊固業務可能會變得更加非核心。聽起來不一定是這樣。這是我的首要問題。

But if I could just add on to that. Just want to confirm that the Infrastructure business have been the guide for 1Q. And then the stranded costs from that -- from the Infrastructure businesses is that impacting the margin progression with balance of the year? Is that material? Do you need to consider that?

但如果我能補充一下的話。只是想確認基礎設施業務已成為第一季的指南。那麼基礎設施業務的擱淺成本是否會影響今年剩餘時間的利潤率進展？那是材料嗎？你需要考慮這一點嗎？

Nigel, this is Pat. I'll take the infrastructure and then pass it back to Don on portfolio.

奈傑爾，這是帕特。我將採用基礎設施，然後將其透過投資組合傳回給 Don。

The infrastructure sale in April was always in our guide. And so our original guide and our current guide account for a very early April sale of infrastructure, which we always assumed was going to be in our Q1 results as a continuing operation and then out of our results effectively from April 2 or thereabouts on.

四月份的基礎設施銷售一直在我們的指導中。因此，我們最初的指南和目前的指南考慮了4 月初基礎設施的銷售，我們一直認為這將作為持續經營業務出現在我們的第一季業績中，然後從4 月2 日左右開始有效地出現在在我們的業績中。

And so there's nothing to adjust in the guide. The guide is the guide. And the -- we planned our cost structure this year to deal with the fact that there would be fixed cost in the Industrial business that had previously been supporting that business.

所以指南中沒有什麼需要調整的。嚮導就是嚮導。我們今年計劃了成本結構，以應對先前支持該業務的工業業務中存在固定成本的事實。

And the Industrial team has been doing a great job, both gaining share in the remaining businesses they have, especially in auto and aero and managing their cost structure proactively to deliver roughly flat margins on the year, maybe slight improvement even though they had a sizable business to part this year.

工業團隊一直做得很好，既在他們擁有的剩餘業務中獲得了份額，特別是在汽車和航空領域，又主動管理其成本結構，以實現今年大致持平的利潤率，儘管他們的利潤率相當大，但可能略有改善。

Yes. And the question on the portfolio, Nigel, and specifically around industrial. So what we're left with after the sale of Infrastructure is the Engineered Fastening business that we acquired with Black & Decker a few other fastening businesses we acquired since then. And then, of course, CAM, the Aerospace Fastener business is in there as well.

是的。奈傑爾，關於投資組合的問題，特別是圍繞工業的問題。因此，在出售基礎設施後，我們剩下的是工程緊固件業務，我們與 Black & Decker 一起收購了該業務，此後我們還收購了其他一些緊固件業務。當然，航空航太緊固件業務 CAM 也在其中。

When we look at the different portions of that, One, there's pieces that certainly could be evaluated for the word I use pruning in the future in the next 18 to 24 months, and we will continue to look at that.

當我們查看其中的不同部分時，第一，在接下來的 18 到 24 個月內，肯定可以對我在未來使用的“修剪”一詞進行評估，我們將繼續關注這一點。

The overall platform of Engineered Fastening is still a very substantial portion of Stanley Black & Decker. It contributes a significant amount to the EBITDA, to the cash flow of the company. And as the Tools & Outdoor portion of the business, the company continues to improve and EBITDA continues to grow as we improve our gross margins back up to 35% or more.

工程緊固件的整體平台仍然是 Stanley Black & Decker 的重要組成部分。它為公司的 EBITDA 和現金流做出了巨大貢獻。作為工具和戶外業務的一部分，隨著我們將毛利率提高至 35% 或更高，公司不斷改善，EBITDA 持續成長。

As we get back to gaining market share and organic growth in a much more substantial way, it will provide us more flexibility further down the road to decide ultimately what do we do with the entirety of the Engineered Fastening business.

當我們重新以更實質的方式獲得市場份額和有機成長時，它將為我們提供更大的靈活性，以決定我們最終如何處理整個工程緊固件業務。

But I think if you think about it in chunks of time in the next 18 to 24 months, there's probably opportunity to do a little pruning in industrial. And then beyond 24 months, it's a question of do you do something more substantial from a capital allocation point of view? Time will tell.

但我認為，如果你在未來 18 到 24 個月的時間裡仔細考慮一下，工業領域可能有機會進行一些修剪。然後超過 24 個月，問題是從資本配置的角度來看，你是否會做一些更實質的事情？時間會證明一切。

Our next question comes from the line of Adam Baumgarten with Zelman & Associates.

我們的下一個問題來自 Adam Baumgarten 和 Zelman & Associates。

Just a question on POS, what you saw throughout the quarter and into April at this point.

只是關於 POS 的問題，您在整個季度和 4 月份看到了什麼。

So POS was, I'd say, in Q1, it was negative, but in line with our plan or largely in line with our plan. And we remain fairly confident in supporting the outlook that we have for the balance of the year.

所以我想說，第一季的 POS 是負面的，但符合我們的計劃或基本上符合我們的計劃。我們對今年剩餘時間的前景仍然相當有信心。

As noted, we have seen some progress and pick up with a little bit earlier start to the season from the outdoor perspective that as of late has given a little bit more strength to POS and what we're trying to see now is how much of that carries through and how that continues to ramp up as we get further into the season.

如前所述，我們已經看到了一些進展，並且從戶外角度來看，本賽季開始得早了一點，最近這給 POS 帶來了更多的力量，我們現在想要看到的是有多少隨著賽季的深入，這種影響會持續下去，以及如何繼續加強。

But the highlight would be that we're fairly in line with projections from what we're seeing with POS, and we're encouraged with the areas of progress we're seeing from some nice movement on growth with some of our key brands.

但重點是，我們與 POS 的預測相當一致，並且我們對一些主要品牌的一些良好成長勢頭所看到的進展感到鼓舞。

Our next question comes from the line of Joe O'Dea with Wells Fargo.

我們的下一個問題來自 Joe O'Dea 與富國銀行的對話。

Just wanted to ask on Outdoor and as you see a more traditional start to the season, just any context on how you're thinking about 2024 demand in outdoor relative to 2019, trying to understand whether this is a return to a more normal demand environment?

只是想詢問一下戶外用品，當您看到本季的開局更加傳統時，想了解一下您如何看待 2024 年戶外用品相對於 2019 年的需求，試圖了解這是否是回歸到更正常的需求環境？

And then also thinking about what a normal environment means for Outdoor margins relative to where we are today to appreciate how much margin upside there could be there on just volume coming back.

然後還要考慮正常環境對戶外利潤率相對於我們今天的水平意味著什麼，以了解僅銷售回升即可實現多少利潤率上升空間。

Yes. So there's a lot of good questions in there related to the Outdoor business. And as a commentary on the margin, the -- I would say that in my presentation, we talked about 80% of the company being above kind of line average right now, at or above. And the other 20%, which is really made up of Outdoor and CAM or Aerospace Fasteners.

是的。因此，其中有很多與戶外業務相關的好問題。作為對利潤率的評論，我想說的是，在我的演講中，我們談到公司 80% 的公司現在高於平均水平，等於或高於平均水平。另外 20%，實際上是由戶外和 CAM 或航空航天緊固件組成。

The outdoor portion of the business, yes, it is below line average, but there's an opportunity to do a couple of things. One, right now, we're really adjusting the cost base for the new demand environment of what we've experienced over the last 12 to 15 months and dramatically lower demand in Outdoor, that's taking place over the next quarter or 2.

是的，戶外業務部分低於平均水平，但有機會做一些事情。一，現在，我們確實正在調整成本基礎，以適應過去 12 到 15 個月所經歷的新需求環境，以及戶外需求的大幅下降，這將在下一個或兩個季度發生。

The second phase of this will really be looking at some of the pruning activities that I described, what portions of the business do we want to be and which portion do we not want to be in. We think that the path to continue to improve the profitability of Outdoor. And that's something we'll continue to focus on over the coming quarters and into next year.

第二階段實際上將著眼於我所描述的一些修剪活動，我們想要成為業務的哪些部分以及我們不想成為哪些部分。這是我們在未來幾個季度和明年繼續關注的事情。

As far as the more detailed questions, I don't know if Pat or Chris, if you want to grab that?

至於更詳細的問題，我不知道帕特還是克里斯，你想抓住那個嗎？

Yes. I'd say on the volume, this year is certainly still going to be down substantially versus 2019 even if the shape of the trend line starts and starts to look more like a normal trend line. The absolute volume in dollars will be down substantially from 2019. And I would still say that most likely next year would be below 2019 as well, but starting to recover.

是的。我想說的是，就成交量而言，即使趨勢線的形狀開始變得更像正常趨勢線，今年肯定仍會比 2019 年大幅下降。以美元計算的絕對交易量將比 2019 年大幅下降。

And to Don's comment the big headwind in this business has been the volume retrenching more than we would have anticipated a year or 2 ago. And so a lot of our actions are both around the fixed cost base and then what we can do with product cost structure to drive profit improvement in that business.

根據唐的評論，這項業務的最大阻力是銷量縮減幅度超過我們一兩年前的預期。因此，我們的許多行動都是圍繞著固定成本基礎，然後我們可以透過產品成本結構來推動該業務的利潤提高。

Our next question comes from the line of Nicole DeBlase with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Nicole DeBlase。

Maybe just focusing on pricing a little bit. I think the original expectation was for a price to be kind of slightly negative in Tools & Outdoor in the first half, and it looks like maybe it came in a bit better than that in the quarter.

也許只是稍微關心一下定價。我認為最初的預期是上半年工具和戶外產品的價格略為負值，但看起來可能比本季的價格要好一些。

So can you just talk about the expectation for price for the rest of the year as well as what you guys are seeing from a competitive perspective?

那麼您能談談今年剩餘時間的價格預期以及您從競爭角度看到的情況嗎？

Yes. This is Chris. So Nicole, I'd say overall, what we're looking at for the year is price/cost neutral. And if we look at all the -- we try to sum up all the basket of goods and input costs we have, I'd say that we're -- we're looking at what would be a mildly inflationary environment, but we're going to be price/cost neutral in that environment.

是的。這是克里斯。所以妮可，我想說，總的來說，我們今年的目標是價格/成本中立。如果我們看看所有的東西——我們試圖總結我們擁有的所有一攬子商品和投入成本，我想說我們——我們正在考慮一個溫和的通膨環境，但我們在這種環境下，價格/成本將保持中性。

And as I take a little bit of a broader lens on that from a price cost perspective. I think it's important to remember that we had a pretty unique set of circumstances in 2022, where we were really hitting the peak of some historically high inflationary environments as -- and those input costs were going up significantly as our volume was peaking and starting to retrench.

我從價格成本的角度來看這個問題。我認為重要的是要記住，我們在2022 年遇到了一系列非常獨特的情況，我們確實達到了一些歷史高通膨環境的峰值，而且隨著我們的交易量達到頂峰並開始下降，這些投入成本正在顯著上升。

So if I take a broader look and a longer duration, we've still kind of only recouped 85-ish percent of that overall cost that we've absorbed. So we're certainly working on making sure that we can improve our pricing processes to be more quickly reactive to inflationary environments as well as more importantly, driving innovation so that we can be putting products in there that earn because of their differentiation accretive margin rates.

因此，如果我從更廣泛的角度和更長的持續時間來看，我們仍然只收回了我們所吸收的總成本的 85% 左右。因此，我們當然正在努力確保我們能夠改進我們的定價流程，以便更快地對通膨環境做出反應，更重要的是，推動創新，以便我們可以將產品放入其中，因為它們的差異化增值利潤率而獲利。

And then as I think about the competitive environment that we're seeing, thus far, we're seeing a stable environment. We're continuing to look at getting back to, and are more back to historical promotional levels, but that's healthy. And we're looking at those promotions in some important categories to us.

然後，當我想到我們所看到的競爭環境時，到目前為止，我們看到的是一個穩定的環境。我們正在繼續考慮回到歷史促銷水平，但這是健康的。我們正在關註一些對我們來說重要的類別的促銷活動。

And specifically, we've talked about the importance of being able to be promoting our cordless DEWALT products. So we feel comfortable where we are, and we think that the environment remains stable.

具體來說，我們已經討論了能夠推廣我們的無線 DEWALT 產品的重要性。所以我們對自己所處的位置感覺很舒服，我們認為環境保持穩定。

Our next question comes from the line of Rob Wertheimer with Melius Research.

我們的下一個問題來自 Melius Research 的 Rob Wertheimer。

I have another question on the Outdoor side. I think you made positive comment on market share for DEWALT, I suppose more on the tool side.

我還有一個關於戶外方面的問題。我認為您對得偉的市場份額做出了積極的評價，我想更多的是在工具方面。

I wanted to hear how you think you're positioned on breadth of portfolio and status of innovation, et cetera, on Outdoor? Do you need more investment to kind of achieve the same share gain? What do you think the season hold?

我想聽聽您認為您在戶外產品組合的廣度和創新狀況等方面的定位如何？您是否需要更多投資才能獲得相同的份額收益？你認為這個賽季會發生什麼事？

And then it may be very early for the second part of the question, but any split on big ticket versus small ticket in Outdoor? Just budget sensitivity among your customers?

那麼問題的第二部分可能還為時過早，但是戶外大門票和小門票有什麼區別嗎？只是您的客戶的預算敏感度嗎？

So I think that we feel well positioned with our outdoor portfolio. And I think, as I've stated previously is what we're really wanting to do is make sure that we're driving the prioritization of our innovation dollars into the categories that we think that we have the biggest opportunity for share gain as well as that are margin accretive.

因此，我認為我們的戶外產品組合處於有利位置。我認為，正如我之前所說，我們真正想做的是確保我們將創新資金優先投入到我們認為最有機會獲得份額的類別中因為這是利潤增值的。

And specifically, we've been really looking at growing our presence in the outdoor handheld electric market. And that's showing great lines of progress. And I would say that we're -- year-to-date, we're feeling good about where we are from a market perspective. And with some of the listings that we've picked up, we feel good about where we are trending from a share perspective as well.

具體來說，我們一直在真正考慮擴大我們在戶外手持電動市場的影響力。這顯示出巨大的進步。我想說的是，今年迄今為止，從市場角度來看，我們對自己的處境感覺良好。從我們挑選的一些上市公司來看，從股票的角度來看，我們也對自己的趨勢感到滿意。

As far as bigger ticket versus small ticket, certainly, in today's environment, we've seen that there are some levels of hesitation from the consumer and from any end user in the bigger ticket items. And we'll continue to monitor that.

當然，就大票與小票而言，在當今的環境下，我們已經看到消費者和任何最終用戶對大票商品都存在一定程度的猶豫。我們將繼續關注這一情況。

But like I said earlier, we're cautiously optimistic with how the season is starting, and we're going to continue to make sure that we're driving innovation into those areas that we believe are going to be important and accretive for us in the future.

但正如我之前所說，我們對本賽季的開始持謹慎樂觀態度，我們將繼續確保我們在那些我們認為對我們來說將是重要且有益的領域推動創新。

Our next question comes from the line of David MacGregor with Longbow Research.

我們的下一個問題來自長弓研究中心的大衛‧麥格雷戈。

I guess I just wanted to ask a question relating to progress on supply chain transformation and specifically tariffs. And can you just talk about what's changed in your sourcing and procurement operations since the -- around on tariffs?

我想我只是想問一個有關供應鏈轉型進展，特別是關稅的問題。您能否談談自關稅問題以來您的採購業務發生了哪些變化？

And if hypothetically, I guess if all of the import tariffs that were imposed back and I don't know, 2017, 2018 when all that was going on, if they were all reimposed tomorrow, how much different would your total tariff expense be versus what you reported last time around?

假設一下，我想如果所有徵收的進口關稅都回來了，我不知道，2017 年、2018 年發生的所有事情，如果明天全部重新徵收，那麼你的總關稅費用與你上次報告了什麼？

Sure. So I'll probably have a little PTSD thinking about tariffs back in 2016. But if we go -- maybe do a little bit of history here. So we experienced about $300 million of tariffs back in that time frame and made substantial production moves in response to that, which mitigated it down probably to about $100 million, maybe a little less than $100 million. And that $100 million or so was offset by price increases in the marketplace.

當然。因此，我可能會在 2016 年思考關稅問題時產生一點創傷後壓力症候群 (PTSD)。因此，我們在那段時間經歷了大約 3 億美元的關稅，並採取了大規模的生產措施來應對這一情況，這將關稅降低到了大約 1 億美元，可能略低於 1 億美元。這 1 億美元左右被市場價格上漲所抵銷。

Those tariffs are still in place today and have not changed even in the new administration or Biden administration. As we think about potential changes in the future, that could occur if there's a change in the administration in early '25.

這些關稅至今仍然有效，即使在新政府或拜登政府也沒有改變。當我們考慮未來潛在的變化時，如果 25 年初政府發生變化，這種情況就可能發生。

The landscape for us has changed. So back in that timeframe, things that came -- that were sold in the U.S. that were made in China was about 40% of the U.S. revenue. Today, it's closer to 20%, 25%. So it's substantially lower.

我們的風景已經改變。因此，回到那個時間段，在美國銷售、在中國製造的產品約占美國收入的 40%。今天，這個比例接近20%、25%。所以它要低得多。

And as we continue to drive our supply chain transformation, I mentioned on the call last quarter, that we continue to build out what we call centers of excellence for manufacturing that are in different geographies around the world. Some of them will be in Asia, not necessarily in China, but in other parts of Asia. Some are being built or have been built in the Americas and some in Eastern Europe.

隨著我們繼續推動供應鏈轉型，我在上個季度的電話會議上提到，我們將繼續在全球不同地區建立所謂的卓越製造中心。其中一些將在亞洲，不一定在中國，而是在亞洲其他地區。有些正在美洲建造或已經建造，有些在東歐建造。

And we will continue to build upon that, to try to -- if something changes with tariffs in '25 or beyond, we will be able to mitigate that through supply chain moves or actions. At the same time, we likely -- if that occurs, we'd likely have to do some surgical price actions as well as another lever to address. So we continue to build on the plans of what we could do or would do as we head into '25. We've started that planning about 3 months ago, and we will continue to work on that. The good news is it's really embedded more into the supply chain transformation program than it is some separate activity that we're looking at.

我們將繼續在此基礎上努力——如果 25 年或以後關稅發生變化，我們將能夠透過供應鏈舉措或行動來緩解這種變化。同時，我們可能——如果發生這種情況，我們可能必須採取一些外科手術式的價格行動以及另一個槓桿來解決。因此，當我們進入 25 世紀時，我們將繼續制定我們可以做或將要做的事情的計劃。我們大約三個月前就開始了這個計劃，我們將繼續努力。好消息是，它確實更多地嵌入到供應鏈轉型計劃中，而不是我們正在考慮的一些單獨的活動。

Our next question comes from the line of Eric Bosshard with Cleveland Research.

我們的下一個問題來自克利夫蘭研究中心的 Eric Bosshard。

A follow-up, if I could. Hand Tools down 7%. I'm just curious, a little bit more color there. And then also as you think about where retail inventories are now and the path forward, what retailer's mindset is about inventories and what they're ordering relative to what they're selling.

如果可以的話，後續行動。手動工具下降 7%。我只是好奇，那裡有更多的顏色。然後，當您思考零售庫存現在的情況和未來的發展方向時，零售商對庫存的心態是什麼，以及他們相對於銷售商品的訂購商品。

So I'll start with the second question, first. As far as our inventories in the retail channel, we're at -- essentially at historical levels, if not in some areas, a little bit below. So we're seeing a pretty good direct read on the correlation between what we see in POS and what we see going in from sales. And I think that's a good position to be in. And we're like we said, we're on relatively on plan for what we're seeing from POS.

我先從第二個問題開始。就我們零售通路的庫存而言，我們基本上處於歷史水平，即使不是在某些領域，也略低於歷史水平。因此，我們可以直接讀取 POS 中的資料與銷售中看到的資料之間的相關性。我認為這是一個很好的位置。

As far as Hand Tools, I would say that there's nothing that's a tremendous outlier there. I would say that there are some parts that are in the Hand Tools and Storage business that are, to the earlier comments, some larger ticket buys.

就手動工具而言，我想說沒有什麼是巨大的異常值。我想說的是，根據先前的評論，手動工具和儲存業務中的某些部分是一些較大的訂單購買。

And those have been more sensitive in the short term to some of kind of the consumer environment. But overall, we feel good about where that business is tracking. Good about the POS as well, and as well the inventory levels are similar to what we've seen across the business.

這些在短期內對某種消費環境較敏感。但總體而言，我們對該業務的發展狀況感到滿意。 POS 也很好，而且庫存水準與我們在整個企業中看到的類似。

Thank you. I would now like to hand the conference back over to Dennis Lange for closing remarks.

謝謝。現在我想將會議交還給丹尼斯·蘭格致閉幕詞。

Thanks, Shannon. We'd like to thank everyone again for their time and participation on the call. Obviously, just please contact me if you have any further questions. Thank you.

謝謝，香農。我們要再次感謝大家抽空參加電話會議。顯然，如果您有任何其他問題，請與我聯絡。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。