史丹利百得 (SWK) 2024 Q3 法說會逐字稿

Welcome to the third quarter 2024 Stanley Black & Decker earnings conference call. My name is Shannon, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.

歡迎參加 Stanley Black & Decker 2024 年第三季財報電話會議。我叫香農 (Shannon)，今天我將擔任您的電話接線生。（操作員指示）請注意，本次會議正在錄音。

I will now turn the call over to Vice President of Investor Relations, Dennis Lange. Mr. Lange, you may begin.

現在我將電話轉給投資者關係副總裁丹尼斯·蘭格 (Dennis Lange)。蘭格先生，你可以開始啦。

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

謝謝你，香農。大家早安，感謝您收看 Stanley Black & Decker 2024 年第三季網路直播。今天，除了我之外，還有總裁兼執行長唐艾倫 (Don Allan)； Chris Nelson，Tools & Outdoor 營運長、執行副總裁兼總裁；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 11:00 AM today.

我們的收益報告（已於今天早上發布）和我們將參考的補充報告可在我們網站的 IR 部分找到。今天上午的網路直播重播也將於今天上午 11 點開始提供。

This morning, Don, Chris and Pat will review our 2024 third 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.

今天上午，唐、克里斯和帕特將回顧我們 2024 年第三季的業績和其他各種事項，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只提出一個問題。

And as we normally do, we'll be making some forward-looking statements during the call based on our current views. Such statements are based on assumptions of future events that may not prove to be accurate and as such, they involve risk 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.

像往常一樣，我們將根據目前的觀點在電話會議中做出一些前瞻性的陳述。這些陳述是基於對未來事件的假設，但這些假設可能並不準確，因此涉及風險和不確定性。因此，實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。請注意，我們已在新聞稿中提交了 8-K 表格，並已在最近的 34 號法案文件中載明了警示聲明。

Additionally, we may also reference non-GAAP financial measures during the call. For applicable reconciliations to the related GAAP financial measure and additional information, please refer to the appendix of the supplemental presentation and corresponding press release, which are available on our website under the IR section.

此外，我們也可能在電話會議中參考非公認會計準則財務指標。有關相關 GAAP 財務指標的適用對帳和其他信息，請參閱補充報告的附錄和相應的新聞稿，可在我們網站的 IR 部分找到。

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. This quarter, our team again delivered gross margin improvements as well as robust cash generation, all as a result of continued solid execution against our operational priorities, and framework we created over two years ago. As you saw in this morning's release, we remain focused on executing against key areas within our control, our supply chain transformation, and initiatives to accelerate share gain.

謝謝你，丹尼斯，大家早安。本季度，我們的團隊再次實現了毛利率的提高以及強勁的現金創造，這一切都歸功於我們持續穩步執行兩年多前創建的營運重點和框架。正如您在今天早上的發布中看到的那樣，我們仍然專注於執行我們控制範圍內的關鍵領域、我們的供應鏈轉型以及加速份額成長的舉措。

By executing our strategy, we continue to reshape our cost structure to capture efficiencies across our value chain and fund new growth investments in a slow, choppy market to gain share. We expect these actions together will further strengthen our powerful brands, accelerate innovation and enhance our in-market activation to position us as a supplier of choice and capture the compelling long-term opportunities in our industries we serve. Our priorities remain consistent as we work towards completing our strategic transformation.

透過執行我們的策略，我們繼續重塑我們的成本結構，以提高整個價值鏈的效率，並在緩慢、波動的市場中為新的成長投資提供資金，以獲得份額。我們期望這些舉措將進一步加強我們強大的品牌，加速創新，增強我們的市場活力，使我們成為首選供應商，並抓住我們所服務行業中引人注目的長期機會。在我們努力完成策略轉型的過程中，我們的優先事項始終保持一致。

On today's call, you will hear about progress in each of our key areas of focus: gross margin expansion, strong free cash flow generation and prioritize investments to stimulate sustainable growth and share gain.

在今天的電話會議上，您將了解我們每個重點關注領域的進展：毛利率擴大、強勁的自由現金流產生以及優先投資以刺激可持續增長和份額增長。

First, gross margin. We continue to drive profitability through the significant transformation of our supply chain to achieve our target of 35%-plus gross margin. 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.

第一，毛利率。我們繼續透過供應鏈的重大轉型來提高獲利能力，以實現35％以上的毛利率目標。我們的全球成本削減計畫進展順利，預計到 2024 年底可節省 15 億美元，到 2025 年底可節省 20 億美元。

Next, we experienced strong free cash flow generation behind profitability improvements, supporting further balance sheet strength. The progress on reducing our leverage has been significant in 2024.

其次，我們在獲利能力改善的背後經歷了強勁的自由現金流產生，進一步支持了資產負債表的強勁。2024年，我們在降低槓桿率方面取得了重大進展。

And finally, we have deployed new investments to stimulate sustainable growth with the primary goal of reinvigorating share gain to achieve organic growth at 2 to 3 times the market over the long term.

最後，我們部署了新的投資來刺激永續成長，主要目標是重振份額成長，實現長期2至3倍於市場的有機成長。

Through our transformation, we have stabilized the company and are setting a solid foundation for future growth and significant EBITDA expansion. We're also strengthening our organizational culture to be centered around organic growth with an operational excellence mindset, which we expect to carry forward into the future for the next decade.

透過轉型，我們穩定了公司局面，並為未來成長和 EBITDA 大幅擴張奠定了堅實的基礎。我們也正在加強我們的組織文化，以有機成長為中心，以卓越營運為理念，我們希望在未來十年繼續發揚這種文化。

The entire Stanley Black & Decker team has persevered through challenges and with hard-earned self-generated momentum behind us, we have conviction that there are solid value creation opportunities in the short, medium and the long term.

整個史丹利百得團隊都堅持不懈地應對挑戰，憑藉來之不易的自我創造動力，我們堅信在短期、中期和長期內都存在著堅實的價值創造機會。

As we look at our markets in aggregate today, they remain relatively stable on the service. That said, some continue to be pressured by the continuation of mixed consumer trends, especially related to housing as well as weak automotive production backdrop. These factors are informing our current focus to refine and improve agility within our current cost structure.

今天，當我們總體回顧我們的市場時，我們會發現它們的服務仍然相對穩定。儘管如此，部分企業仍受到持續混雜的消費趨勢的壓力，尤其是住房消費趨勢以及汽車生產背景疲軟的影響。這些因素決定了我們目前的重點是在當前成本結構內改善和提高靈活性。

At the same time, we are funding new growth investments in the relatively healthy pockets of our business such as DEWALT professional tools, which gained share for the sixth consecutive quarter. We are optimistic that the markets will turn in our favor in the future as interest rate cuts in many geographies likely will prove to be an initial catalyst. There will be a lag between lower rates and the flow-through to demand for our categories, and we expect choppy markets will extend into the front half of next year until interest rate reductions have a greater effect and the US election result is known and settled.

同時，我們正在對業務中相對健康的領域進行新的成長投資，例如 DEWALT 專業工具，該產品的份額已連續六個季度增長。我們樂觀地認為，未來市場將對我們有利，因為許多地區的降息可能會成為最初的催化劑。降低利率和傳導至我們類別的需求之間會存在滯後，我們預計波動的市場將持續到明年上半年，直到降息發揮更大作用並且美國大選結果公佈並塵埃落定。

As a short-cycle business, we will plan our production and inventory thoughtfully to ensure we are ready for stronger demand in the future, which could be as early as the second half of 2025.

作為短週期企業，我們將精心規劃生產和庫存，確保為未來更強勁的需求做好準備，最早可能在 2025 年下半年。

Before I get into the third quarter results, I'd like to mention our upcoming Capital Markets Day on November 20, at the New York Stock Exchange, which will also be available via live webcast. The leadership team and I are looking forward to hosting this event. We will use it as a forum for key leaders, many new to the company with fresh perspective, to share more about how the operational changes implemented over the last two years set us up for future success.

在介紹第三季業績之前，我想提一下我們即將於 11 月 20 日在紐約證券交易所舉行的資本市場日，屆時也將透過網路直播進行觀看。我和領導團隊都非常期待舉辦這次活動。我們將把它作為一個論壇，讓公司的主要領導者（其中許多新加入的公司成員）更多地分享過去兩年實施的營運變革如何為我們未來的成功奠定基礎。

We will discuss what is next as we continue to position the company to deliver higher levels of organic revenue growth, profitability, and cash flow over the long term, which will drive strong long-term shareholder return via significant EBITDA expansion. If you are interested in attending, reach out to Dennis and the IR team for more information.

我們將討論下一步行動，繼續推動公司在長期內實現更高水準的有機收入成長、獲利能力和現金流，透過大幅的 EBITDA 擴張推動強勁的長期股東回報。如果您有興趣參加，請聯絡 Dennis 和 IR 團隊以獲取更多資訊。

Now shifting to the third quarter results. We delivered $3.8 billion of revenue, down 5% versus the prior year with organic revenue down 2 points. Volume was down 3 points on a weak consumer backdrop and mixed end market demand, which was partially offset by a point of price. We capitalized on pockets of relatively healthy market demand and delivered our sixth consecutive quarter of DEWALT growth as well as higher sales in aerospace fasteners.

現在轉向第三季的業績。我們實現了 38 億美元的收入，比前一年下降 5%，其中有機收入下降 2 個百分點。由於消費環境疲軟和終端市場需求好壞參半，銷量下降了 3 個百分點，但價格的上漲部分抵消了這一影響。我們利用相對健康的市場需求，實現了 DEWALT 連續第六個季度成長以及航空緊固件銷售額成長。

The infrastructure divestiture, which closed early in the second quarter was a 2-point drag. Currency had a negative 1 point impact to revenue. Adjusted gross margin was 30.5%, up 290 basis points versus the third quarter of last year, a step-up primarily attributed to the supply chain transformation. Adjusted EBITDA margin was 10.8%, which is up 140 basis points versus prior year. This was driven by our gross margin expansion partially offset by prioritized investments designed to deliver future market share gains. Adjusted diluted earnings per share was $1.22 for the quarter.

基礎設施資產剝離於第二季初完成，造成 2 個百分點的拖累。貨幣對收入產生了負面 1 個百分點的影響。調整後毛利率為30.5%，較去年第三季上升290個基點，此成長主要歸功於供應鏈轉型。調整後的 EBITDA 利潤率為 10.8%，較前一年上升 140 個基點。這是由我們的毛利率擴張所推動的，但被旨在實現未來市場份額增長的優先投資所部分抵消。本季調整後每股攤薄收益為 1.22 美元。

Free cash flow was approximately $200 million in the third quarter, which provided capacity to reduce debt by $100 million. Strong cash generation continues to support our ongoing capital allocation priorities, namely shareholder dividends, balance sheet strength, and organic investments.

第三季的自由現金流約為 2 億美元，這為減少 1 億美元的債務提供了能力。強勁的現金創造能力繼續支持我們正在進行的資本配置重點，即股東分紅、資產負債表實力和有機投資。

Finally, we are narrowing our 2024 full year adjusted diluted EPS guidance range to $3.90, up to $4.30 and reiterating our free cash flow guidance of $650 million to $850 million. Pat will provide more color on this later in our presentation.

最後，我們將 2024 年全年調整後攤薄每股收益預期範圍縮小至 3.90 美元，最高可達 4.30 美元，並重申 6.5 億美元至 8.5 億美元的自由現金流預期。Pat 將在我們稍後的演示中對此進行更詳細的闡述。

I want to thank our team members for their persistence in staying focused and forging ahead despite a choppy macro environment. We continue to make substantial progress on our transformation plan and achieve the financial milestones we established over two years ago. We will remain committed to our investments for share gain and the margin expansion journey that is generally within our control.

我要感謝我們的團隊成員，儘管宏觀環境動盪，他們仍然堅持專注、奮進前進。我們的轉型計畫持續取得實質進展，實現了兩年多前設定的財務里程碑。我們將繼續致力於投資以實現我們能夠控制的份額成長和利潤擴張。

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

我現在將交給克里斯·尼爾森來審查業務部門的表現。

Thank you, Don, and good morning, everyone.

謝謝你，唐，大家早安。

Beginning with tools & outdoor, third quarter revenue was approximately $3.3 billion, down 2% organically versus prior year. DEWALT was a bright spot, delivering its sixth consecutive quarter of organic growth as the brand continues to attract demand across the tools and outdoor product line. Price was plus 1% in the quarter, a weak consumer and DIY backdrop contributed to volumes declining 3%, with currency impacting revenue by another 1%.

從工具和戶外用品開始，第三季營收約 33 億美元，較上年同期有機下降 2%。DEWALT 是一個亮點，連續第六個季度實現有機成長，該品牌繼續吸引工具和戶外產品線的需求。本季價格上漲了 1%，但由於消費者和 DIY 背景疲軟，導致銷量下降 3%，而貨幣對收入的影響又增加了 1%。

Third quarter adjusted segment margin rate was 11.1%, a 180 basis point improvement compared to the third quarter last year. Our supply chain transformation continues to help us deliver year-over-year margin expansion, while also funding our deliberate increase in growth investments.

第三季調整後分部利潤率為 11.1%，較去年第三季提高 180 個基點。我們的供應鏈轉型持續幫助我們實現利潤率的逐年擴大，同時也為我們刻意增加的成長投資提供資金。

Turning to the product line performance for the third quarter. Power tools declined 1% organically due to softness in consumer and DIY brands. On the positive side, DEWALT cordless products grew in the quarter. Volume was also supported by the initial holiday season sell-in across our priority brands. We are excited by a great lineup of offerings that will be available to our end users in the fourth quarter.

談到第三季的產品線表現。由於消費品和 DIY 品牌的疲軟，電動工具有機下滑了 1%。從積極的一面來看，DEWALT 無線產品在本季實現了成長。我們重點關注的品牌的假期季初期銷售也推動了銷售的成長。我們對第四季度即將向最終用戶提供的一系列出色產品感到非常興奮。

Hand tools face similar pressure from the consumer environment and organic revenue was down 3%. However, we saw a strong customer response to our recent product launches of the DEWALT ToughSystem 2.0 DXL storage lineup as well as our expansion in the material handling space with the construction jack. These innovative new products designed to enhance end user safety and productivity were meaningful contributors to the DEWALT sales growth in the quarter. Outdoor organic revenue declined 3%, pressured by what we believe to be the final innings of destocking within the independent dealer channel.

手動工具面臨來自消費環境的類似壓力，有機收入下降了 3%。然而，我們看到客戶對我們最近推出的 DEWALT ToughSystem 2.0 DXL 儲存系列產品以及我們透過建築千斤頂在物料搬運領域的擴展做出了強烈的反應。這些旨在提高最終用戶安全性和生產力的創新新產品對本季 DEWALT 銷售成長做出了重大貢獻。戶外有機收入下降了 3%，我們認為這是由於獨立經銷商通路去庫存的最後階段所造成的壓力。

Turning to performance by region. North America declined 4% organically driven by the same factors as the overall segment. European revenue grew 1% organically despite a soft market backdrop. This was driven by double-digit growth in both Central Europe and Iberia, which more than offset pressure in the UK. We are prioritizing investments to advance our regional presence and accelerate new product listings. These investments are designed to support market share expansion and will serve us well as our customers become more optimistic on the prospects for market growth.

轉向各地區的表現。受與整體部門相同因素影響，北美地區有機下滑 4%。儘管市場環境疲軟，但歐洲收入仍有機成長了 1%。這是由於中歐和伊比利亞地區的兩位數成長所推動的，這足以抵消英國的壓力。我們正在優先考慮投資以提升我們的區域影響力並加速新產品的上市。這些投資旨在支持市場份額的擴大，隨著我們的客戶對市場成長前景變得更加樂觀，這些投資也將為我們提供良好的服務。

Our remaining regions outside North America and Europe, in aggregate, delivered solid performance generating 6% organic growth. This was driven by double-digit growth in Latin America, led by Brazil, along with high single-digit growth in India. In summary, for tools & outdoor, growth in DEWALT was once again to highlight, along with the strong segment margin performance.

總體而言，我們在北美和歐洲以外的其他地區表現穩健，實現了 6% 的有機成長。這是由以巴西為首的拉丁美洲的兩位數增長以及印度的高個位數增長所推動的。綜上所述，對於工具和戶外產品而言，DEWALT 的成長再次成為亮點，同時分部利潤率表現強勁。

As we look ahead, we remain focused on our efforts to continue to improve our gross margins and further strengthen our growth culture. Focusing on these two core imperatives allows us to prioritize resources and make new investments behind our best prospects for share gain.

展望未來，我們將繼續致力於繼續提高毛利率並進一步加強我們的成長文化。專注於這兩個核心要務使我們能夠優先分配資源，並在實現最佳份額成長前景的基礎上進行新的投資。

Now moving to industrial. Third quarter revenue declined 80% on a reported basis versus the prior year, which was nearly all attributable to the infrastructure business divestiture. Organic revenue was down 1% as market softness in automotive contributed to segment volumes declining 2%, which was offset by 1 point of price.

現在轉向工業化。第三季營收與去年同期相比下降了 80%，幾乎全部歸因於基礎設施業務的剝離。由於汽車市場疲軟導致分部銷量下降 2%，但被 1 個點的價格下降所抵消，有機收入下降 1%。

Automotive was down double digits as OEMs reduced light vehicle production schedules and constrained CapEx spending. The aerospace business grew 22% organically, supported by new content wins and a strong booking rate. General industrial fasteners was up low single digits, and we were pleased to see this business return to growth after prolonged customer destocking.

由於原始設備製造商減少了輕型汽車生產計劃並限制了資本支出，汽車銷量下降了兩位數。受新內容和強勁預訂率的推動，航空航太業務有機成長了 22%。通用工業緊固件銷售成長了個位數，我們很高興看到該業務在長期客戶去庫存後恢復成長。

The industrial adjusted segment margin rate was 13.9%, an improvement of 170 basis points versus prior year, driven predominantly by price realization and cost control. This performance is notable given the mixed market conditions. We are encouraged to see the enterprise-wide transformation efforts resulting in adjusted operating margin expansion across both segments.

工業調整後分部利潤率為 13.9%，較前一年提高 170 個基點，主要得益於價格實現和成本控制。在複雜的市場條件下，這樣的表現非常引人注目。我們很高興地看到，整個企業的轉型努力使得兩個部門的調整後營業利潤率都有所擴大。

Moving to the next slide. I would like to highlight a couple of examples of how we are thoughtfully and aggressively prioritizing resources to accelerate growth in tools & outdoor.

移至下一張投影片。我想強調幾個例子，說明我們如何深思熟慮並積極地優先分配資源，以加速工具和戶外事業的發展。

First, we have committed to investing $30 million by 2027 in initiatives to support trades people and their priorities, including skills development. There is a shortage of trades people today and they are both our core end users and in high demand. We've already invested more than $10 million in the program and related initiatives since its inception and will continue to fund this commitment.

首先，我們承諾在 2027 年投資 3,000 萬美元，用於支持工匠及其優先事項（包括技能發展）的措施。目前，我們缺乏技術人才，他們是我們的核心終端用戶，而且需求量很大。自該計劃啟動以來，我們已經為該計劃及其相關舉措投資了1000多萬美元，並將繼續為此承諾提供資金。

The program is designed to grow the number of skilled trades people, which means investing both in initiatives to support newer generations entering into the trades as well as to upskill trades people that are already established in their careers.

該計劃旨在增加技術熟練的工人的數量，這意味著既要投資於支持新一代進入該行業的舉措，也要投資於提升已經在職業生涯中站穩腳跟的工人的技能。

Helping to solve the gap in trade skills is important not only to support the communities we serve, but it is also key to unlocking future growth in our industry. These investments also advance our end-user focused business strategy. By investing more to promote the long-term vitality and success of our professional end users, we can support both newer generations and established trades people to help expand trades capacity building deeper connections with our end users while amplifying DEWALT's strong brand loyalty.

幫助解決貿易技能方面的差距不僅對於支持我們服務的社區很重要，而且也是釋放我們行業未來成長的關鍵。這些投資也推動了我們以最終用戶為中心的業務策略。透過投入更多資金來促進我們專業終端用戶的長期活力和成功，我們可以支持新一代和成熟的行業人士，幫助擴大行業能力，與我們的終端用戶建立更深層次的聯繫，同時增強 DEWALT 強大的品牌忠誠度。

To highlight a couple of recent examples where we partnered with organizations that share our commitment, on September 20, in honor of National Trades Person today, we announced that DEWALT awarded nearly $4 million in grow the trades grants to 166 organizations in the United States and Canada, focused on skilling, reskilling, and upskilling tradespeople. DEWALT also sponsors trade scholarships to support education in fields, including the concrete, mechanical, finishing, and pipe trades.

為了強調我們與有著共同承諾的組織合作的幾個最近的例子，9 月 20 日，為了紀念今天全國貿易人士，我們宣布 DEWALT 向美國和加拿大的 166 個組織頒發了近 400 萬美元的貿易發展補助金，重點是培訓、再培訓和提升貿易人員的技能。DEWALT 也贊助行業獎學金來支持混凝土、機械、精加工和管道行業等領域的教育。

We are also proud of our long-standing partnership with WorldSkills. This year, the competition in Lyon, France, DEWALT was the Platinum partner. Stanley and Facom were also featured as official tools partners. One final highlight I'll share is our recent participation at the Tradeswomen Build Nations Conference in New Orleans. At our booth and throughout the event, our DEWALT team members spent time getting to know the trades women better their personal experiences, challenges and aspirations.

我們也為與世界技能大賽的長期合作感到自豪。今年，在法國里昂舉行的比賽中，DEWALT 是白金合作夥伴。史丹利 (Stanley) 和 Facom 也被列為官方工具合作夥伴。我要分享的最後一個亮點是我們最近參加在新奧爾良舉行的女工建設國家會議。在我們的展位和整個活動期間，我們的 DEWALT 團隊成員花時間更好地了解行業女性的個人經歷、挑戰和抱負。

You're accustomed to hearing from us about new product innovations, but these investment programs are just as important. They are creating a virtuous flywheel by supporting our end users today to create more sustainable demand in the future.

您已經習慣聽到我們有關新產品創新的消息，但這些投資計畫也同樣重要。他們透過目前支持我們的最終用戶來創造良性飛輪，以便在未來創造更永續的需求。

And as I shared last quarter, our loyal end users are one of the top essential attributes for success. We continue to prioritize building deeper connections with these end users to deliver purpose-built innovation.

正如我上個季度所分享的，我們忠實的最終用戶是成功的首要關鍵因素之一。我們將繼續優先與這些最終用戶建立更深層的聯繫，以實現專門的創新。

Another key attribute for success is our differentiated innovation engine. As a leader in total job site solutions, we are focused on continuing to empower our trades people on the job site by optimizing user workflow, productivity and safety.

成功的另一個關鍵因素是我們差異化的創新引擎。作為整體施工現場解決方案的領導者，我們致力於透過優化使用者工作流程、生產力和安全性來持續增強施工現場技術人員的能力。

The recent unveil of the 20-volt MAX GRABO Lifter is one of several new additions to DEWALT's ecosystem of tools and technology that provides end-to-end solutions designed for trade professionals. The GRABO utilizes a powerful electric vacuum pump to help maximize user control during lifting, carrying or installation applications for a wide range of heavy construction materials.

最近推出的 20 伏特 MAX GRABO 升降機是 DEWALT 工具和技術生態系統的幾項新產品之一，旨在提供專為貿易專業人士設計的端到端解決方案。GRABO 採用強大的電動真空泵，幫助使用者在起重、搬運或安裝各種重型建築材料的過程中最大限度地提高控制力。

This is just one example of how we are focused on driving robust innovation to help solve the most pressing challenges our professional end users face, particularly to enhance safety and productivity on the job site. Our talented team is moving with speed and a clear mandate, executing our transformation plan and accelerating share gain. We are focused and organized, and we believe we are well positioned to deliver sustainable, profitable growth.

這只是一個例子，說明我們致力於推動強勁創新，以幫助解決專業終端使用者面臨的最緊迫挑戰，特別是提高工作現場的安全性和生產力。我們的優秀團隊正快速行動，按照明確的任務要求執行我們的轉型計劃並加速提高市場份額。我們專注且有條理，我們相信我們有能力實現可持續的獲利成長。

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

非常感謝，現在我將電話轉給 Pat Hallinan。

Thanks, Chris, and good morning. As Don shared, we continue to make meaningful progress on our transformation journey. I will now highlight our financial accomplishments during the third quarter, and detail our focus on delivering our 2024 objective and our margin progression in 2025 and beyond.

謝謝，克里斯，早安。正如唐納所言，我們在轉型之路上不斷取得有意義的進展。我現在將重點介紹我們在第三季的財務成就，並詳細說明我們對實現 2024 年目標以及 2025 年及以後的利潤率成長的關注。

In the third quarter, we achieved approximately $105 million of pretax run rate cost savings, bringing our aggregate savings to approximately $1.4 billion since the program's inception. Our third quarter and program to date performance demonstrates strong execution by employees across our organization. We are tracking to plan, driven by consistent progress across our work streams. We are diligently capturing cost efficiencies amidst a backdrop of soft demand and freight inflation as we complete the transformation and pursue the actions needed to meet our gross margin objectives.

第三季度，我們實現了約 1.05 億美元的稅前運行成本節約，自該計劃實施以來，我們的總節約額已達到約 14 億美元。我們第三季和迄今為止的計劃表現證明了我們整個組織員工的強大執行力。我們正在按照計劃進行，並由整個工作流程的持續進展推動。在需求疲軟和運費上漲的背景下，我們正在努力提高成本效率，完成轉型並採取實現毛利率目標所需的行動。

Stepping back, we continue to target $1.5 billion of pretax run rate savings by the end of 2024, and $2 billion of pretax run rate savings by the end of 2025. We are on track to achieve both targets as we work towards our 35%-plus adjusted gross margin target. As a reminder, our core supply chain transformation savings initiatives are strategic sourcing, operations excellence, footprint actions, and complexity reduction.

退一步來說，我們仍將目標設定為在 2024 年底實現 15 億美元的稅前運行率節省，到 2025 年底實現 20 億美元的稅前運行率節省。我們正在努力實現 35% 以上的調整後毛利率目標，預計將實現這兩個目標。提醒一下，我們的核心供應鏈轉型節約措施是策略採購、卓越營運、足跡行動和複雜性降低。

Strategic sourcing remains the largest contributor to our transformation savings to date, driven by component-related savings captured in 2024. Sourcing activities are leveraging the advantages of a functional center of excellence, capturing economies of scale, and rationalizing our supply base to focus spend on our critical strategic suppliers.

策略採購仍然是迄今為止我們轉型節約的最大貢獻者，這得益於 2024 年實現的與組件相關的節約。採購活動正在利用功能卓越中心的優勢，實現規模經濟，並合理化我們的供應基礎，以便將支出集中在我們的關鍵策略供應商上。

Operations excellence is the next area of opportunity, which translates to productivity improvements across our system. This initiative leverages lean principles, which are being implemented at targeted sites throughout the globe. We are optimizing our distribution footprint as well as redesigning our manufacturing network to leverage scale and centers of excellence as we maximize operational efficiency.

卓越營運是下一個機會領域，它可以提高整個系統的生產力。該計劃充分利用了精實原則，目前正在全球各地的目標站點實施。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，以利用規模和卓越中心，最大限度地提高營運效率。

Approximately one-third of our facilities are undergoing significant change during 2024. We expect this work to continue into 2025 and potentially beyond. We are well underway with our platforming strategy as we identify methods to standardize parts and components across product families. The aim is simplicity, which we will achieve by reducing complexity, improving procurement scale, and ultimately decreasing the cycle time of our innovation process. We are combining this with a fresh design-to-value approach to better serve our customers at a competitive cost advantage.

2024 年期間，我們約有三分之一的設施將經歷重大變革。我們預計這項工作將持續到 2025 年，甚至更久。隨著我們找到跨產品系列標準化零件的方法，我們的平台化策略正在順利進行中。我們的目標是簡單，透過降低複雜性、提高採購規模以及最終縮短創新流程的周期來實現這一目標。我們將此與全新的設計到價值方法相結合，以具有競爭力的成本優勢更好地服務我們的客戶。

This method takes a holistic approach to designing and bringing new products to market faster while also doing so more efficiently, which can generate material productivity and cost savings well beyond 2025. As much as it's a method, it's a mindset that we are instilling across the company as we continue to look for productivity enhancements going forward.

該方法採用整體方法來設計並將新產品更快地推向市場，同時也提高了效率，可以在 2025 年以後提高材料生產率並節省成本。這不僅是一種方法，也是一種思維方式，我們在整個公司範圍內灌輸這種思維方式，因為我們將繼續尋求未來的生產力提升。

I would like to commend the organization for diligently pursuing the goals of our transformation, this journey would not be possible without everyone's contribution. The progress we've shared today, including developing a sustainable cost structure and generating operational efficiency gives us confidence in our ability to achieve our gross margin objectives for 2024 and to achieve 35%-plus adjusted gross margin as we work to close out the transformation. With that said, we believe this is not the end goal, rather a way point on the journey.

我要讚揚該組織勤奮追求我們的轉型目標，如果沒有每個人的貢獻，這趟旅程就不可能實現。我們今天分享的進展，包括開發可持續的成本結構和提高營運效率，使我們有信心實現 2024 年的毛利率目標，並在努力完成轉型的過程中實現 35% 以上的調整後毛利率。話雖如此，我們認為這不是最終目標，而是旅途中的路標。

Moving to the next slide. During the third quarter, we continued to make progress on two main areas of focus: generating free cash flow and expanding gross margins to support investment in long-term profitable growth and share gain.

移至下一張投影片。第三季度，我們繼續在兩個重點領域取得進展：創造自由現金流和擴大毛利率，以支持對長期獲利成長和份額成長的投資。

We generated nearly $200 million of free cash flow in the third quarter. This brings year-to-date free cash flow broadly in line with where it was in the prior year. That said, and importantly, the composition of free cash flow reflects a healthier mix. In the current fiscal year, free cash flow is weighted towards cash earnings and benefits from transformation cost efficiencies in addition to working capital reductions, the latter of which dominated 2023 free cash flow generation. This shift in makeup is a strong signal that our profitability and operating improvements are translating to sustainable free cash flow generation.

我們在第三季產生了近2億美元的自由現金流。這使得年初至今的自由現金流與去年同期水準大致一致。儘管如此，重要的是，自由現金流的組成反映了更健康的組合。在本財年，自由現金流主要集中在現金收益上，除了營運資本減少外，還受益於轉型成本效率，其中營運資本減少主導了 2023 年自由現金流的產生。這種結構的變化強烈表明我們的盈利能力和營運改善正在轉化為可持續的自由現金流的產生。

We are reiterating our full year free cash flow guidance range of $650 million to $850 million. We expect fourth quarter cash generation to be supported by positive earnings, working capital reductions from a seasonal drawdown of receivables, as well as a modest reduction in inventory. Our 2024 outlook for capital expenditures is $325 million to $375 million, which is approximately $75 million lower at the midpoint than our previous assumption.

我們重申全年自由現金流預期範圍為 6.5 億美元至 8.5 億美元。我們預計第四季度的現金產生將受到正收益、季節性應收帳款減少導致的營運資本減少以及庫存適度減少的支持。我們對 2024 年資本支出的預測為 3.25 億美元至 3.75 億美元，中間值比我們先前的假設低約 7,500 萬美元。

This benefit for 2024 is offset by an expectation that we will carry slightly higher levels of inventory at year-end versus our July guidance. With that in mind, we are taking a measured approach to inventory management in the back half of 2024 and into 2025, as we navigate potential changes to the external environment and our markets, including the possibility for an acceleration of demand.

2024 年的這項收益被我們預期的年底庫存水準將略高於 7 月的預期所抵銷。考慮到這一點，我們將在 2024 年下半年和 2025 年採取審慎的庫存管理方法，同時應對外部環境和市場可能出現的變化，包括需求加速的可能性。

Looking forward, we are planning to allocate free cash flow in excess of the dividend to support debt reduction, which we expect will result in a total gross debt balance that is a little over $6 billion as of the end of 2024. Beyond 2024, we are planning for further deleveraging with the goal to achieve our targeted leverage metrics of approximately 2.5 times net debt to EBITDA by year-end 2025. We plan to achieve this objective by utilizing excess free cash flow beyond the dividend and modest portfolio pruning actions.

展望未來，我們計劃分配超過股息的自由現金流來支持減債，我們預計這將導致截至 2024 年底的總債務餘額略高於 60 億美元。2024 年以後，我們計劃進一步去槓桿，目標是到 2025 年底實現淨債務與 EBITDA 比率約 2.5 倍的目標槓桿指標。我們計劃透過利用股利以外的過剩自由現金流和適度的投資組合調整行動來實現這一目標。

Turning to profitability. Adjusted gross margin was 30.5% in the third quarter, a 290 basis point improvement versus prior year, primarily driven by savings from the supply chain transformation net of normal wage and benefit inflation. We are planning for further sequential improvement in the fourth quarter, supported by our supply chain transformation initiatives. Our current plan puts us on a path to achieve our goal of approximately 30% full year 2024 adjusted gross margin.

轉向盈利能力。第三季調整後毛利率為30.5%，較上年同期提升290個基點，主要得益於供應鏈轉型帶來的扣除正常薪資和福利通膨後的節約。在供應鏈轉型措施的支持下，我們計劃在第四季實現進一步的連續改善。我們目前的計劃使我們預計將實現 2024 年全年調整後毛利率約 30% 的目標。

Now turning to 2024 guidance and the remaining key assumptions. In addition to reiterating free cash flow guidance, we are guiding GAAP earnings per share range to $1.15 to $1.75 and adjusted earnings per share range to $3.90 to $4.30 with both ranges narrowed, but unchanged at the midpoint as compared to our prior guidance.

現在轉向 2024 年指引和其餘的關鍵假設。除了重申自由現金流指引外，我們還預期 GAAP 每股收益範圍為 1.15 美元至 1.75 美元，調整後每股收益範圍為 3.90 美元至 4.30 美元，兩個範圍均有所縮小，但中間值與先前的指引相比沒有變化。

Our outlook factors in the continuation of a relatively soft macro environment in the fourth quarter, one that is marginally weaker than that anticipated at the end of the second quarter, driven by continued consumer softness and global automotive production declines that appear to have yet bottomed.

我們的展望考慮到第四季宏觀環境將繼續相對疲軟，略弱於第二季末的預期，原因是消費持續疲軟，且全球汽車產量下滑似乎尚未觸底。

As we have done throughout the year, we are leveraging the cost savings primarily within our control, to offset these pressures and generate adjusted EBITDA growth versus the prior year. At the midpoint of our guidance, we are assuming full year organic revenue will be down 1 percentage point with fourth quarter organic revenue declining approximately 1.5%.

正如我們全年所做的那樣，我們正在利用我們控制範圍內的成本節約來抵消這些壓力並實現調整後的 EBITDA 較上年增長。在我們的指導中點，我們假設全年有機收入將下降 1 個百分點，第四季度有機收入將下降約 1.5%。

Our full year total revenue guidance, at the third quarter ending foreign currency rates, is relatively similar to our prior revenue guidance as recent currency rates are less negative than previously forecast, offsetting the moderate incremental weakness in organic revenue.

以第三季末的外匯匯率計算，我們的全年總收入預期與我們先前的營收預期相對相似，因為最近的匯率沒有先前預測的那麼負面，抵消了有機收入的適度增量疲軟。

Turning to the segments. Our outlook for tools & outdoor full year organic revenue is unchanged at down 1% at the midpoint, plus or minus 50 basis points, with relatively flat pricing for the full year. We have updated our expectation for the industrial segment to be down 1% at the midpoint, plus or minus 50 basis points. This assumption now incorporates more pronounced global automotive production headwinds than our prior guidance and assumes that the fourth quarter organic revenue will be in a similar zone to that at the end of the third quarter.

轉向各個部分。我們對工具和戶外產品全年有機收入的預期保持不變，中位數下降 1%，上下浮動 50 個基點，全年價格相對持平。我們已更新工業部門的預期，中間值為下降 1%，上下浮動 50 個基點。這個假設現在比我們先前的指引包含了更明顯的全球汽車生產逆風，並假設第四季的有機收入將與第三季末處於相似的水平。

Broadly, we remain positive about our industry's long-term growth prospects. Near term, we expect markets to remain choppy and soft until interest rate reductions have greater effect, global automotive production fully corrects, and the US election result is known. We remain committed to our investments for share gain and the margin expansion journey that is generally within our control.

整體而言，我們對產業長期成長前景仍持樂觀態度。短期內，我們預計市場將保持波動和疲軟，直到降息發揮更大作用、全球汽車生產完全恢復正常以及美國大選結果揭曉。我們將繼續致力於投資以實現份額成長和利潤擴張，這基本上在我們的控制範圍內。

Turning to SG&A. We are maintaining a disciplined approach to cost management given the near-term market softness, while prioritizing investments for long-term organic growth. Our planning assumption for innovation, brand, marketing activation, and technology growth investments remains an incremental $100 million in 2024. We expect full year 2024 SG&A, as a percentage of sales, to be in the low 21% zone.

轉向銷售、一般及行政費用。鑑於短期市場疲軟，我們將繼續採取嚴謹的成本管理方法，同時優先投資長期有機成長。我們對創新、品牌、行銷活化和技術成長投資的規劃假設是，到 2024 年仍將增加 1 億美元。我們預計 2024 年全年銷售、一般及行政開支佔銷售額的百分比將處於 21% 的低點。

We expect total company adjusted EBITDA margin to approximate 10% for the full year, supported by savings from the transformation program. Our adjusted segment margin assumptions for tools & outdoor and industrial are relatively consistent with our prior plan and expected to be up year-over-year. Our adjusted earnings per share range is $0.40 with variability in market demand being the largest contributor between the high and low end.

我們預計，由於轉型計畫帶來的節約，公司全年調整後 EBITDA 利潤率將達到約 10%。我們對工具、戶外和工業部門的調整後利潤率假設與我們先前的計劃相對一致，預計將同比上升。我們的調整後每股收益範圍為 0.40 美元，市場需求的變化是高端和低端之間最大的影響因素。

We remain focused on our goals for adjusted gross margin and expect to manage SG&A thoughtfully in this environment. while working hard to make the investments that position the business for long-term growth.

我們將繼續專注於調整後毛利率的目標，並期望在這種環境下慎重管理銷售、一般和行政費用。同時努力進行投資，為企業的長期成長奠定基礎。

Turning to other elements of guidance. GAAP earnings include pretax non-GAAP adjustments ranging from $455 million to $485 million, unchanged at the midpoint versus prior guidance. These charges largely relate to the supply chain transformation program, the second quarter environmental reserve adjustment, and the noncash brand impairment charge from the third quarter.

轉向其他指導要素。GAAP 收益包括 4.55 億美元至 4.85 億美元的稅前非 GAAP 調整，與先前預期相比的中間值保持不變。這些費用主要與供應鏈轉型計劃、第二季環境儲備調整以及第三季的非現金品牌減損費用有關。

The adjusted tax rate is expected to be 10% for the full year, which will imply a tax benefit in the fourth quarter. Other 2024 guidance assumptions at the midpoint are noted on the slide to assist with modeling.

預計全年調整後的稅率為10%，這意味著第四季將有稅收優惠。投影片上註明了中點的其他 2024 年指導假設，以協助建模。

In summary, we remain focused on executing our supply chain improvements to further improve gross margin and earnings. Our progress to date supports our narrowed full year earnings and free cash flow outlook. We remain confident that our actions to drive towards our target of 35%-plus adjusted gross margin while funding additional organic revenue growth investments will continue to generate positive results. Our top priorities remain delivering margin expansion, generating cash, and further strengthening the balance sheet to position the company for long-term growth and value creation.

總而言之，我們仍然專注於執行供應鏈改進，以進一步提高毛利率和收益。我們迄今為止的進展支持了我們縮小的全年盈利和自由現金流前景。我們堅信，我們為實現 35% 以上的調整後毛利率目標而採取的行動，以及為額外的有機收入成長投資提供的資金，將繼續產生積極成果。我們的首要任務仍然是擴大利潤率、創造現金並進一步加強資產負債表，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.

說完這些，我現在將電話轉回給唐。

Thank you, Pat. As you heard this morning, the company is making meaningful progress across our key priorities of margin improvement, cash generation, and balance sheet strength, while also investing in future sustainable growth to drive share gains. We are moving decisively to continue to deliver results despite mixed end market demand, which likely will continue through the middle of 2025.

謝謝你，帕特。正如大家今天早上所聽到的，公司在提高利潤率、創造現金和增強資產負債表實力等關鍵重點方面取得了有意義的進展，同時還投資於未來的可持續增長以推動股價上漲。儘管終端市場需求好壞參半，而且這種情況可能將持續到 2025 年中期，但我們仍將果斷採取行動，繼續取得成果。

We will stay focused on this consistent execution while positioning the company to deliver higher levels of sustainable organic revenue growth, profitability, and cash flow, which will drive strong long-term shareholder return via significant EBITDA expansion.

我們將繼續專注於這一一致的執行，同時使公司實現更高水平的可持續有機收入增長、盈利能力和現金流，這將透過大幅的 EBITDA 擴張推動強勁的長期股東回報。

We are now ready for Q&A. Dennis?

我們現在準備好進行問答了。丹尼斯？

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

偉大的。謝謝，唐。香農，我們現在可以開始問答環節了。

(Operator Instructions) Julian Mitchell, Barclays.

（操作員指示）巴克萊銀行的朱利安·米切爾。

Maybe if you could flesh out a little bit how we're thinking about next year as within touching distance? So just wondered are you still confident of that 35%-plus gross margin exiting next year? And if we think about the construct as it looks today, should we be thinking first half of next year flat to down sales similar to how you're exiting 2024?

也許您可以稍微詳細說明一下我們對明年即將發生的事情的看法？所以我想知道您是否仍然對明年實現 35％ 以上的毛利率有信心？如果我們按照今天的結構來思考，我們是否應該認為明年上半年的銷售額將持平或下降，類似於 2024 年結束時的銷售額？

And then the margin expansion, it looks like operating margins, via exiting this year, up about 100 bps year-on-year in Q4. Is that a good placeholder early next year? And so next year, it's really about the second half when you see a big revenue and margin jump? Thank you.

然後是利潤率的擴大，看起來，透過今年的退出，第四季的營業利潤率同比增長了約 100 個基點。這是明年年初的一個好的佔位符嗎？那麼明年下半年真的會出現營收和利潤的大幅成長嗎？謝謝。

Thanks, Julian. So yeah, I'll let Pat give some color and thoughts of where we are related to 2025. And then I'll circle back at the end with some perspectives on progress in the transformation and how we close out the transformation in the next 12 to 18 months. Pat?

謝謝，朱利安。是的，我會讓帕特對我們與 2025 年的關係進行一些闡述和思考。最後，我將回顧對轉型進展的看法，以及我們如何在未來 12 到 18 個月內完成轉型。拍？

Yeah, Julian, a lot in there. If I start with sales, I would say, we're not here to give precise '25 guidance, but certainly, we expect the macros we're facing now to be characterizing the front part of next year. So soft and choppy, tools' demand and probably still some auto headwinds into the front part of next year. So more likely than not, we're expecting a flat to down start to the year. Obviously, we'll update that when we give guidance in the early days of '25, but I'd say flat to down, more likely down, is probably where we'd start.

是的，朱利安，裡面有很多東西。如果我從銷售開始，我想說，我們在這裡並不是要給出精確的 25 年指導，但可以肯定的是，我們預計現在面臨的宏觀因素將決定明年上半年的表現。工具需求如此疲軟且波動，到明年上半年仍可能面臨一些汽車產業的阻力。因此，我們預計今年年初經濟將呈現持平或下降趨勢。顯然，我們會在 25 年初提供指導時更新這一點，但我想說，持平或下降，更有可能是下降，可能是我們的起點。

And then on the gross margin, gross margin has been a key part of our journey and remains a key part of our journey. And certainly, we continue to work towards 35% in the fourth quarter of next year. But the transformation is about gross margin improvement. It's also about returning to share-driven growth and to getting the margin and the growth together to achieve $2 billion-plus of EBITDA output from the business. And as a team, we remain very confident in getting to 35% plus and to getting to $2 billion plus EBITDA. The timing of that is going to depend on the headwinds.

然後就毛利率而言，毛利率一直是我們旅程的關鍵部分，並且仍然是我們旅程的關鍵部分。當然，我們會繼續努力，爭取明年第四季實現 35% 的增幅。但轉型是為了提高毛利率。這也關乎回歸份額驅動型成長，並將利潤率和成長結合起來，實現 20 億美元以上的 EBITDA 產出。作為一個團隊，我們仍然非常有信心實現 35% 以上的成長以及 20 億美元以上的 EBITDA。具體時間將取決於逆風情況。

We really feel like those are the right targets. But we've had a lot of headwinds in this journey. We are right now identifying and accelerating incremental activities to drive that margin expansion. And to the extent to which those accelerated activities are timed up enough relative to the headwinds. Again, we'll update you when we give guidance in the early part of next year. But that is certainly our focus, and it's going to be just a balancing act of the acceleration of our activities relative to the headwinds.

我們確實覺得這些是正確的目標。但我們在這過程中遇到了許多阻力。我們目前正在確定並加速增量活動以推動利潤率的擴張。而這些加速活動相對於逆風的時機已經足夠成熟。再次強調，我們將在明年年初提供指導時向您通報最新情況。但這確實是我們的重點，這只是我們活動加速與逆風之間的平衡行為。

And then in terms of the margin in the early part of the year, I mean, I think we will be 31%-ish in the fourth quarter of this year. And then it will be a little bit of a similar dynamic as we click into the first half of next year relative to the back half of this year, where you have some of the natural seasonal headwinds from the Outdoor business in the early part of the year plus some of the under absorption from the slow demand in the back part of this year.

然後就今年年初的利潤率而言，我認為今年第四季的利潤率將達到 31% 左右。然後，當我們進入明年上半年相對於今年下半年時，情況將有點類似，年初戶外業務會受到一些自然的季節性逆風，而今年下半年需求放緩會導致吸收不足。

So I do expect the year-over-year dynamics, at least first half of '25 to first half of '24, to look a little bit in terms of incremental improvement, a bit like what you saw from '24 to '23.

因此，我確實預計，至少從 25 年上半年到 24 年上半年，同比動態會有所改善，有點像 24 年到 23 年的情況。

If I just circle back to the overall broader transformation framework that we established about 2.5 years ago roughly -- and we went into this journey knowing that there were a handful of things that we needed to address. And obviously, the first thing was developing a muscle around organic growth and gaining share that had not been consistently in place at Stanley Black & Decker over the last several decades.

如果我回顧一下大約 2.5 年前我們建立的更廣泛的整體轉型框架——我們在踏上這趟旅程時就知道，有一些事情需要解決。顯然，第一件事就是增強自身有機成長能力並爭取市場份額，而過去幾十年來，史丹利百得一直未能持續實現這一目標。

We grew through a lot of other things such as acquisitions that created a significant amount of value. And so we continue to build that muscle, and that's an important part of this transformation. And both I and Chris made comments today and the progress in that journey, and we still have more progress to make.

我們透過許多其他方式實現了成長，例如創造了大量價值的收購。因此，我們將繼續增強這股力量，這是轉型的重要組成部分。我和克里斯今天都對這趟旅程的進展發表了評論，我們還有更多的進展要取得。

The other thing was the profitability of the business and the cash flow and getting ourselves to 35%-plus. We still feel very strongly in our ability to get above 35% gross margin. The timing of it, as Pat said, could vary a little bit, but due to headwinds and other factors. But as we've gotten deeper and deeper into this in the last 18 months as we've worked together as a team, we see a lot of value drivers for the next three or four years that can continue to improve our margins and allow us to continue to invest more into the front end of the business so that we can develop the strength in the muscle.

另一件事是業務的盈利能力和現金流，使我們的盈利率達到35％以上。我們仍然堅信我們有能力實現35%以上的毛利率。正如帕特所說，具體時間可能會有一點變化，但這是由於逆風和其他因素造成的。但隨著我們在過去 18 個月裡作為一個團隊一起努力，對這一問題的研究越來越深入，我們看到了未來三四年的許多價值驅動因素，這些因素可以繼續提高我們的利潤率，並使我們能夠繼續在業務前端投入更多資金，從而增強我們的實力。

So we do gain share on a sustainable long-term basis in our industry, which is something that we think is the biggest value driver of all once we get our margins above that 35%.

因此，我們確實在該行業中獲得了可持續的長期份額，我們認為，一旦我們的利潤率超過 35%，這就是最大的價值驅動力。

So more to come on that at Investor Day. We're excited to walk through more details in about three weeks from now. But we're very pleased with the progress, and we still are very committed to the overall objectives we established through the transformation 2.5 years ago.

有關此內容的更多內容將在投資者日期間發布。我們很高興能在大約三週後公佈更多細節。但我們對進展感到非常滿意，並且我們仍然致力於實現兩年半前透過轉型確定的總體目標。

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

I wanted to follow up on the gross margin commentary. So it seems like 2024, maybe you will exit the year up 150 basis points. And to get to that 35% at year-end '25, you need to then have '25 be up 350 year-on-year basis points. So I guess, was the prior commentary basically saying that that's not a year-end '25 target anymore, it's more in the distance?

我想跟進一下毛利率的評論。因此看起來，到 2024 年，也許你會以 150 個基點的漲幅結束這一年。為了在 2025 年底達到 35% 的成長率，那麼 2025 年的成長率就需要達到 350 個基點。所以我想，之前的評論基本上是在說，這不再是一個 25 年末的目標，而是一個遙遠的目標？

And I know that it's macro dependent. So maybe if there's anything you can kind of say on the macro that's needed to get to that 35% to exit next year? That would be helpful. Thank you.

我知道這取決於宏觀。那麼，您是否能從宏觀角度談談，要達到明年退出的 35% 的目標需要什麼？那將會很有幫助。謝謝。

Yeah, Chris. I don't know that it's not the objective anymore. That's not what we said. We're still working towards it. It's really a question of given the headwind, the back part of this year, I'd say the back part of this year, our sales are about 1 point lower than we expected, and we still feel like auto hasn't fully corrected. That's a pretty profitable part of our industrial portfolio.

是的，克里斯。我不知道這是否不再是目標了。我們可沒這麼說。我們仍在努力實現這一目標。這確實是一個問題，考慮到今年後半段的逆風，我想說今年後半段，我們的銷售額比預期低了約 1 個百分點，而且我們仍然覺得汽車行業尚未完全糾正。這是我們工業組合中利潤頗豐的一部分。

And then while it's a smaller part of our portfolio, we'll probably see some blip next year from the Boeing strike. So it's just a question of will we tee up enough incremental and accelerated activities to offset that and any other headwinds that come our way. And we just don't want to get ahead of ourselves. We'll kind of update everybody on that when we get to guidance at the end of next year.

雖然它只占我們投資組合的一小部分，但明年波音公司的罷工可能會為我們帶來一些影響。所以，問題只是我們是否會採取足夠的漸進和加速活動來抵消這一因素以及我們面臨的任何其他不利因素。我們只是不想超越自己。當我們在明年年底獲得指導時，我們會向大家通報這一情況。

It's still the working goal of our team. I'd say what's really going to affect it, probably as much or more than anything, is at what pace do interest rates start taking effect. And how quickly does auto correct, because that's a very profitable part of that industrial business. And then how much fixed cost reduction activity will be able to both implement and complete in time for it to roll off the balance sheet next year. I think those will be the factors that affect that timing precisely.

這依然是我們團隊的工作目標。我想說，真正對其產生影響的，可能與任何事情一樣大甚至更大的影響，是利率以什麼速度開始生效。自動修正的速度有多快，因為這是工業業務中非常有利可圖的一部分。然後，有多少固定成本削減活動能夠及時實施和完成，以便明年從資產負債表中剔除。我認為這些正是影響時機的因素。

But like I said, that's still our working goal. And yes, along the way, the headwinds have certainly made the slope of next year a little bit steeper than we would have preferred. But we have every confidence we get to 35%-plus. In fact, we see good opportunities of platforming to go beyond that. So I think the timing is just a match-up of headwinds versus accelerated activities.

但正如我所說的，這仍然是我們的工作目標。是的，一路走來，逆風確實使得明年的情況比我們所期望的更為嚴峻。但我們完全有信心達到 35% 以上。事實上，我們看到了平台化超越這一點的良好機會。因此，我認為時機只是逆風與加速活動的對比。

Tim Wojs, Baird.

蒂姆·沃斯，貝爾德。

Good morning. Just a follow-up to that last question and then my question. So I guess first, Pat, could you just talk about what the accelerated activity is and kind of what cost buckets you're attacking because you guys are already taking out a lot of costs. I'm just curious where the incremental pieces are?

早安.這只是對最後一個問題和我的疑問的後續回答。所以我想首先，帕特，你能不能談談加速活動是什麼，以及你正在攻擊的成本範圍是什麼樣的，因為你們已經消除了很多成本。我只是好奇增量部分在哪裡？

And then second, just Don, as you kind of changed the mindset internally from maybe something that's more acquisition and kind of integration focus to organic focused. What are the biggest changes that you need to make to the organization internally to kind of get that algorithm right?

其次，唐，你從內部改變了思維方式，從更注重收購和整合轉變為注重有機發展。為了讓演算法正確，您需要對組織內部做出哪些最大的改變？

Why don't you start Pat? I'll answer that second.

為什麼不讓帕特開始呢？我第二個回答這個問題。

I'll start, Tim. I mean as you mentioned, yeah, we have a lot of streams of work going. I think when we're talking about '25, and '25 specifically, I think you're going to see acceleration on three fronts: sourcing, footprint and platforming, but the key to unlocking next year is probably more the middle one, footprint. But again, that's something we're still working internally, but we'll be pulling all three of those levers greater than expected. But I'd say the key to unlocking next year some footprint action.

我先開始，提姆。我的意思是，正如你所提到的，是的，我們有很多工作正在進行中。我認為，當我們談論‘25’，特別是‘25’時，你會看到三個方面的加速：採購、足跡和平台化，但明年解鎖的關鍵可能更多地在於中間的足跡。不過，這仍然是我們內部正在進行的工作，但我們將比預期更加大力推動這三個槓桿的運作。但我想說，解鎖明年的關鍵是一些足跡行動。

And thanks for the question, Tim, on the culture aspect of shifting from heavily weighted towards M&A to an intense focus on organic growth and market share gains. And it is something that we've been working very hard at for the last 2.5 years. But in particular, in the last 12 to 15 months, as Chris Nelson joined us, and he's made some changes to his team.

感謝蒂姆提出這個問題，關於從高度重視併購轉向高度關注有機增長和市場份額增長的文化方面。這是我們過去兩年半以來一直在努力的事情。但特別是在過去的 12 到 15 個月裡，克里斯·尼爾森 (Chris Nelson) 加入了我們，並對他的團隊做出了一些改變。

And so I'm going to actually ask Chris to give some color on the things that we're doing within T&O. And then as we work through that, we'll begin to translate some of that over to industrial. So Chris, why don't you give us some more color on that?

因此我實際上要請克里斯介紹一下我們在 T&O 內部所做的事情。然後，當我們完成這項工作時，我們將開始將其中的一些轉化為工業。那麼克里斯，你為什麼不給我們詳細講解一下呢？

Absolutely. So thanks a lot for the question, Tim. I mean, first of all, I'd say the most important thing that we have been changing and leaning into is really our focus and alignment around our core brands, understanding that, yes, we produce products, but what our customers and end users count on us for is to be able to provide them the solutions that they need with the brands that they respect and trust. And I think that as we've organized more around a brand-centric culture and how we can then provide those solutions, that has been a significant cultural change to the organization.

絕對地。非常感謝你提出這個問題，提姆。首先，我想說，我們一直在改變和傾向的最重要的事情實際上是我們對核心品牌的關注和協調，理解我們生產產品，但我們的客戶和最終用戶依靠我們能夠透過他們尊重和信任的品牌為他們提供他們需要的解決方案。我認為，隨著我們更多地圍繞以品牌為中心的文化以及我們如何提供這些解決方案進行組織，這對組織來說是一個重大的文化變革。

Secondarily, really as well as the laser focus that we have on the brand building, also making sure that we have a very clear focus on what end users we are serving and making sure that we are driving innovation that they need to make their lives easier. Particularly making sure that with the professional end user, we are driving more purpose-driven innovation to make sure that we can enhance the safety and productivity of our professional end users on their job site and making sure that all the innovation that's going into our pipeline really serves that end goal and serves the brands that we are focused on.

其次，我們不僅要高度重視品牌建設，還要確保我們非常明確地關注我們所服務的最終用戶，並確保我們正在推動他們所需的創新，使他們的生活更輕鬆。特別是針對專業的終端用戶，我們正在推動更多有目的的創新，以確保我們能夠提高專業終端用戶在工作現場的安全性和生產力，並確保進入我們管道的所有創新都能真正服務於最終目標，服務於我們關注的品牌。

From -- a third thing is really then making sure that we are focused on our speed to market that as we identify which brands we want to grow and as we identify the key pain points we want to address of those professional end users that we can get those products to market quickly and effectively in an integrated manner and make sure that we get those tools in the hands of our end users to drive growth.

第三件事是確保我們專注於產品上市速度，當我們確定想要發展的品牌並確定想要解決的專業終端用戶的關鍵痛點時，我們可以快速有效地以綜合的方式將這些產品推向市場，並確保我們將這些工具交到終端用戶手中，以推動增長。

And then finally is really making sure that we think in terms of driving investment into the front end of the business; meaning that we want to have our Stanley Black & Decker representatives meeting with our end users and our customers to make sure that we're supporting them and explaining our innovations and driving share gain in the field and then working integrated marketing programs so that they can understand sample [test] and then ultimately purchase and utilize our tools going forward.

最後，我們要確保從推動投資進入業務前端的角度進行思考；這意味著我們希望史丹利百得的代表與我們的最終用戶和客戶會面，以確保我們為他們提供支持，並解釋我們的創新並推動該領域的份額增長，然後開展整合營銷計劃，以便他們能夠了解樣品[測試]，然後最終購買和使用我們的工具。

I think that pivot to driving the preponderance of our investment towards the front end is the final piece of the puzzle.

我認為，將我們大部分的投資轉向前端是解決這個難題的最後一塊拼圖。

Jeffrey Sprague, Vertical Research Partners.

Jeffrey Sprague，垂直研究夥伴。

I guess just one follow-up on some of the outlook questions and comments and then something unrelated to that. But first, just on -- again, on the outlook and the trajectory, you had been previously pointing to that $2 billion-plus of EBITDA in 2026. Pat mentioned it again, but didn't say anything about the time frame. Just wonder if your confidence on that is slipping given the slow start to 2025?

我想只需對一些展望問題和評論進行一次跟進，然後談論一些與之無關的事情。但首先，再次談論前景和發展軌跡，您之前曾指出 2026 年的 EBITDA 將超過 20 億美元。帕特再次提到了這一點，但沒有提到時間框架。只是想知道，鑑於 2025 年的緩慢開局，您對此的信心是否正在下降？

And then my other question is just help us think about what's going on with share in North America you pointed to DEWALT gains that look like they are continuing and compounding on each other? Just also as a little mathematically curious though that North America sales and tools underperform each of your three categories, right, North America, down 4%, but PT only down 1% hand tools, and outdoor down 3%.

然後我的另一個問題是，幫助我們思考北美市場的份額情況，您指出 DEWALT 的成長看起來似乎持續且相互疊加？從數學角度來看，還有一點令人好奇的是，北美的銷售和工具表現不如您的三個類別，對吧，北美下降了 4%，但 PT 僅下降了 1% 的手動工具，戶外用品下降了 3%。

So is there something else going on there, maybe speak to share on CRAFTSMAN and Stanley brand? Or any other perspective you just add on that complexion of the North American sales?

那麼那裡還有其他事情發生嗎，也許可以談談 CRAFTSMAN 和 Stanley 品牌？或者您對北美銷售情況還有什麼其他看法嗎？

Jeff, it's Pat. I'll take the outlook question and then I'll let Chris comment on US market share. So I would still say, no, our -- we'll be very much targeting $2 billion-plus of EBITDA by '26. In fact, I think on a rolling four-quarter basis, that's probably somewhere in the front half of '26. So I don't think anything has changed there.

傑夫，我是帕特。我將回答前景問題，然後讓克里斯對美國市場份額發表評論。因此我仍然會說，不，我們的目標是到 26 年實現 EBITDA 超過 20 億美元。事實上，我認為以連續四個季度計算，這個數字可能處於26年上半年的某個時間點。所以我認為那裡沒有任何改變。

As I mentioned in the gross margin comments, we're accelerating initiatives to offset the headwinds, but we're also going to manage our total income statement to drive the EBITDA. I mean, we recognize the value driving EBITDA growth as quickly as possible. And so I don't think there's anything that's changed in terms of a meaningful time frame on EBITDA expansion. Like I said, probably on a rolling basis sometime in the front part of '26, we're at that $2 billion-ish threshold.

正如我在毛利率評論中提到的，我們正在加快舉措以抵消不利因素，但我們也將管理我們的總損益表以推動 EBITDA。我的意思是，我們盡快認識到推動 EBITDA 成長的價值。因此，我認為從 EBITDA 擴張的意義時間框架來看，沒有任何變化。就像我說的，可能在 26 年前後某個時候，我們就達到了 20 億美元左右的門檻。

All right. Jeff, this is Chris. Nice hearing from you. Just to provide a little more color on the share in North America. What I'd say is that, first of all, we're confident that we are stable to slightly growing our share over the course of this year for sure. And as you pointed out, we've certainly been experiencing nice success in that share gain with the DEWALT brand.

好的。傑夫，這是克里斯。很高興收到您的來信。只是為了提供更多關於北美份額的資訊。我想說的是，首先，我們有信心，今年我們的份額肯定會穩定或略有增長。正如您所指出的，我們憑藉 DEWALT 品牌在市佔率成長方面確實取得了巨大的成功。

I think underlying that would be a little bit of the dynamic we have been talking about where that the Pro is relatively stronger than the DIY due to the -- some of the underlying consumer trends. And as a result, we certainly have seen that play out and impact the CRAFTSMAN brand more than the DEWALT brand. So I think that as we see that not only the strength of that brand continuing to grow, but that as we see the consumer strengthen as well.

我認為這背後的原因是我們一直在談論的動態，由於一些潛在的消費趨勢，Pro 相對比 DIY 更強。結果，我們確實看到這種影響對 CRAFTSMAN 品牌的影響大於對 DEWALT 品牌的影響。因此我認為，我們看到的不僅是品牌實力持續成長，消費者實力也在增強。

As we talked about thinking about somewhere in the back half of next year, we should see some of that additional momentum compound what we're seeing with DEWALT.

正如我們談到對明年下半年某個時候的思考一樣，我們應該會看到一些額外的發展勢頭與我們在 DEWALT 身上看到的情況相結合。

Nicole DeBlase, Deutsche Bank.

德意志銀行的妮可‧德布拉斯 (Nicole DeBlase)。

Good morning, guys. Can you guys talk a little bit about what you're seeing on the cost side? Totally appreciate the additional pressures with respect to top line, but steel costs are down. Obviously, your component costs and input costs are much broader than steel. But if you could talk a little bit about what you're seeing there and how that's impacting gross margins?

大家早安。你們能不能稍微談談你們所看到的成本方面的情況？完全理解與營業收入相關的額外壓力，但是鋼鐵成本卻下降了。顯然，您的零件成本和投入成本比鋼材成本高得多。但是您能否稍微談談您所看到的情況以及這對毛利率有何影響？

Nicole, I'll would say, we expected all year materials to be slightly down, freight to be slightly up. And I'd say, thematically, that's largely been the play that's been running. Where I would say is ground freight in the US has been a bit higher and a bit more persistent than we would expect. And so you put the two together, you have some net inflation from ground freight, which -- and the ground freight seems to be moving these days a bit more from labor cost and actual vehicle capital cost as opposed to fuel.

妮可，我想說，我們預計全年材料價格會略有下降，運費會略有上漲。我想說，從主題上來說，這基本上就是正在上演的戲劇。我想說的是，美國的地面貨運量比我們預期的要高一些，而且持續時間更長。所以把兩者結合起來，就會發現地面貨運產生了一些淨通膨，而且如今地面貨運的漲幅似乎更多地來自於勞動成本和實際車輛資本成本，而不是燃料成本。

And so neither have been at extremes, I'd say just slightly higher headwinds from freight offsetting, as you mentioned, some of the material tailwinds that we would see. And I'd say for next year, at this point, we're expecting neutral price cost and no extremes in inflation or deflation.

因此，兩者都沒有達到極端水平，我想說，貨運帶來的稍微逆風，正如你所提到的，抵消了我們將看到的一些實質順風。我想說，就明年而言，我們預計價格成本將保持中性，不會出現極端通貨膨脹或通貨緊縮。

Nigel Coe, Wolfe Research.

奈傑爾·科（Nigel Coe），沃爾夫研究公司。

Obviously, a lot of talk about the gradient of the gross margin improvement here. So is the message -- the $2 billion of exit rate for next year is still in place, but we've got some volume and mix factors at play here. I just want to make sure that's the case? And maybe just, Don, just talk about the election and some of the scenario plan you've got in place there, obviously, if Trump wins, tariffs are in play. Just maybe just address that.

顯然，這裡有很多關於毛利率改善梯度的討論。資訊也是如此——明年 20 億美元的退出率仍然有效，但這裡有一些數量和組合因素在起作用。我只是想確認一下情況確實如此？唐，也許只是談論選舉和你制定的一些情景計劃，顯然，如果川普獲勝，關稅就會發揮作用。也許只是解決這個問題。

You want to take that first part, Chris?

你想參加第一部分嗎，克里斯？

I'll start with the first part, Nigel. Yes, I'd say we're focused on all three returning to share gain driven growth, gross margin and EBITDA. And yeah, the precise timing of 35% may alter slightly, but we still feel like on an exit run rate basis or a rolling a 12-month basis, we're hitting that $2 billion EBITDA threshold in the first part of '26, and that's still our focus, and we'll manage the total income statement to get there.

我先從第一部分開始，奈傑爾。是的，我想說我們專注於這三項業務的回報，以推動份額成長、毛利率和 EBITDA。是的，35% 的具體時間可能會略有改變，但我們仍然覺得，以退出運行率或滾動 12 個月為基礎，我們將在 26 年上半年達到 20 億美元的 EBITDA 門檻，這仍然是我們的重點，我們將管理總損益表以實現這一目標。

Yeah. And then the tariff front related to the election. If Trump wins the election, we are likely in a new tariff regime. It is a question of the magnitude at this point exactly how that will be rolled out and will it be specific to industries or more broad-based? How many countries will be covered in it? And so there's a lot of still unknowns associated with it.

是的。接下來是與選舉相關的關稅問題。如果川普贏得大選，我們可能會面臨新的關稅制度。目前的一個重大問題是，這項政策將如何推行，將針對特定產業還是更為廣泛？它將涵蓋多少個國家？因此，仍有許多未知數。

However, as we've mentioned in previous settings, we have been planning for this possibility since the spring and have gone through a variety of different scenarios to plan for. And obviously, coming out of the gate, there would be price increases associated with tariffs that we put into the market. And so we've worked through a lot of that.

然而，正如我們在先前的設定中提到的那樣，我們從春天開始就一直在為這種可能性做計劃，並且已經考慮了各種不同的場景進行規劃。顯然，一開始，我們向市場徵收的關稅就會導致價格上漲。我們已經解決了很多這樣的問題。

We'll continue to work through as if the scenario plays out and the tariffs become more concrete. We will work through getting those into the market in a reasonable time frame, knowing that there's usually some type of delay given the processes that our customers have around implementing price.

隨著情況逐漸明朗並且關稅變得更加具體，我們將繼續努力。我們會努力在合理的時間範圍內將這些產品推向市場，但我們知道，考慮到客戶實施定價的流程，通常會出現某種延遲。

The second thing is we've built a fairly robust plan of how we would mitigate over the next two years, these tariffs by moving production and aspects of the supply chain to different parts of the world. And some of that would be potentially moving things from China to other parts of Asia, maybe to Mexico, we'll see but likely to other parts of Asia. And so unlikely that we're moving a lot back to the US, because it's just not cost effective to do. And there's questions about whether we even have the labor to actually do that in this country.

第二件事是，我們制定了一個相當完善的計劃，說明在未來兩年內如何透過將生產和供應鏈的各個部分轉移到世界各地來減輕這些關稅。其中一部分可能會將貨物從中國轉移到亞洲其他地區，也許是墨西哥，我們會看到，但也可能轉移到亞洲其他地區。我們不太可能大量搬回美國，因為這樣做不具成本效益。而有人質疑我們國家是否真的有足夠的勞動力來做這件事。

So we have a fairly robust plan. What we don't know is which scenario is going to play out and exactly how that would be. Is it going to be just China? Is it going to be every country? Is it going to be 60% China? Or is it going to be 25% China for everything? Those are all things that are to be determined. But I feel like we have a playbook on the shelf ready to go, depending if this scenario plays out.

所以我們有一個相當完善的計劃。我們不知道會出現哪種情況以及具體會如何發生。只有中國才會這樣嗎？每個國家都會這樣嗎？60% 是不是都會是中國產的？或者說所有產品的 25% 都是中國產？這些都是尚待確定的事情。但我覺得我們已經準備好了劇本，就看這種情況會不會發生。

And then obviously, we've been working our government relations activities vary significantly over the summer into the fall to educate a variety of different politicians as to this industry and the dynamics of supply chain and how we serve our customers and how this would actually play out over the next two years. So that's an important part of the process as well.

顯然，從夏季到秋季，我們一直在進行各種不同的政府關係活動，以便讓不同的政客了解這個行業和供應鏈的動態，以及我們如何服務我們的客戶，以及這將如何在未來兩年內發揮作用。所以這也是這個過程的一個重要部分。

Adam Bumgarten, Zelman & Associates.

亞當邦加滕 (Adam Bumgarten)，澤爾曼及合夥人。

Just on the path of gross margins from here. Obviously, [know that you] implied 4Q, should we expect gross margin to step down sequentially in 1Q and then move higher quarter-over-quarter from there next year, like you saw this year?

從現在起，我們就走在毛利率的道路上。顯然，[知道你]暗示了第四季度，我們是否應該預計毛利率將在第一季環比下降，然後明年開始逐季上升，就像你今年看到的那樣？

Yeah, Adam, I don't know that I'd get that precise in the sense that we'll get into the early parts of next year, things that drive gross margin variability across the early months of the year are just the mix of outdoor relative to everything else. And in this case, as we head into '25, it will be a little bit of how much of the auto correction in our industrials businesses, is starting to slow down or whether it's still in midstream.

是的，亞當，我不知道我是否會得到如此精確的解釋，因為我們將進入明年年初，推動今年頭幾個月毛利率變化的因素只是戶外相對於其他一切的混合。在這種情況下，當我們進入25年時，我們的工業業務中的汽車調整程度將開始放緩，或者是否仍處於中游。

And so I would just say, I think it's going to -- broadly, if you look at half to half, you'll just see somewhere in the 31%-ish , maybe 31%-plus or minus a few bps throughout the first half. Maybe we can accelerate a few things and get it above that. But I don't know that I'd start getting specific timing fourth quarter to first quarter because those types of things are going to get into very specific shipment flows.

因此，我想說的是，從大體上講，如果您看一下上半年的情況，您會看到上半年的成長率在 31% 左右，可能在 31% 左右加上或減去幾個基點。也許我們可以加速一些事情並使其超越這一目標。但我不知道我是否會從第四季到第一季開始獲得具體的時間，因為這些類型的事情將影響到非常具體的貨運流程。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

I wonder if you could unpack just a little bit more of the North American tools & outdoor? Maybe some of that is your channel partners wanting a different inventory strategy? Maybe some of that is just weakness at retail? Maybe some of that is an expectation of a weaker holiday season? Just maybe give a sense of order of magnitude how the different factors are contributing to the sales part? Thank you.

我想知道您是否可以再介紹一下北美工具和戶外用品？也許其中一部分是您的通路夥伴想要採用不同的庫存策略？或許其中的原因只是零售業的疲軟？或許這是人們對假日季銷售較弱的預期？或許可以給出一個數量級概念，說明不同因素對銷售部分的貢獻有多大？謝謝。

Yeah. So I think there's a few things in there. One would be that first and foremost, our POS was modestly negative in the quarter. And that's what we expected, and we had talked about that probably being the case as we -- one of the dynamics is as we rolled off of what was an earlier start to the outdoor season, we normalized in Q3. Secondarily, we do see there being much more momentum and strength on the professional than there would be on the DIY-er.

是的。所以我認為其中有幾件事。首先，本季我們的 POS 略微呈負成長。這正是我們所期望的，我們也曾討論過這種情況，其中一個動態是，隨著戶外賽季的提前開始，我們在第三季度恢復了正常。其次，我們確實看到專業人士比 DIY 者擁有更多的動力和實力。

And if you look at some of the underlying metrics that we look at in the marketplace to explain that, there's obviously consumer sentiment, but then there's also the activity levels for R&R activity, which are notably down this year. And I think that, that's probably having a pretty significant effect on what we're seeing in the DIY as well.

如果你看看我們在市場上關注的一些基本指標，就會明白這一點，顯然有消費者情緒，但還有 R&R 活動的活動水平，今年這一水平明顯下降。我認為，這可能對我們在 DIY 中看到的情況產生了相當大的影響。

Moving forward, as we talked about, we don't see any real catalyst in the first quarter or first half that will change those dynamics, but we are optimistic on taking a look at the longer-term trends in our industry. And as we start to see some of the improvements in some of those longer-term construction spending, construction earnings, R&R activity, residential home starts, we'll see more progress and growth in the marketplace.

展望未來，正如我們所討論的，我們認為第一季或上半年不會有任何真正的催化劑可以改變這些動態，但我們對產業的長期趨勢持樂觀態度。隨著我們開始看到一些長期建築支出、建築收入、R&R 活動、住宅開工等方面的改善，我們將看到市場取得更多進步和成長。

Thank you. This concludes the question-and- (technical difficulty) for closing remarks.

謝謝。到此，結束語中的問答（技術難題）就結束了。

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

香農，謝謝。我們想再次感謝大家在電話會議上付出的時間和參與。顯然，如果您還有其他問題，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。