史丹利百得 (SWK) 2025 Q4 法說會逐字稿

Welcome to the fourth-quarter full-year 2025 Stanley Black & Decker earnings conference call. My name is Shannon, and I will be your operator for today's call. (Operator Instructions) Please note this conference is being recorded. I will now turn the call over to Vice President of Investor Relations, Michael Wherley. Mr. Wherley, you may begin.

歡迎參加史丹利百得公司 2025 年第四季全年業績電話會議。我叫香農，我將擔任您今天通話的接線生。（操作員說明）請注意，本次會議正在錄音。現在我將把電話轉交給投資人關係副總裁麥可‧惠利。韋爾利先生，您可以開始了。

Thank you, Shannon. Good morning, everyone, and thanks for joining us for our fourth-quarter and full-year earnings call. With us today are Chris Nelson, President and CEO; and Pat Hallinan, Executive Vice President, CFO, and Chief Administrative Officer. 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 today's webcast will also be available beginning around 11:00 AM Eastern Time.

謝謝你，香農。各位早安，感謝各位參加我們的第四季及全年財報電話會議。今天與我們在一起的是總裁兼首席執行官克里斯·尼爾森；以及執行副總裁、首席財務官兼首席行政官帕特·哈利南。我們今天早上早些時候發布的盈利報告以及我們將要提到的補充演示文稿，都可以在我們網站的投資者關係部分找到。今天網路直播的重播將於美國東部時間上午 11:00 左右開始提供。

This morning, Chris and Pat will review our fourth-quarter and full-year results along with our outlook for 2026, followed by a Q&A session. During today's call, we will be making some forward-looking statements based on 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 actual results may materially differ from any forward-looking statements that we might make today.

今天上午，克里斯和帕特將回顧我們第四季和全年業績以及我們對 2026 年的展望，隨後進行問答環節。在今天的電話會議上，我們將根據目前的觀點做出一些前瞻性陳述。此類聲明是基於對未來事件的假設，而這些假設可能並不準確，因此，它們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聲明有重大差異。

We direct you to the cautionary statements in the 8-K that will be filed with our press release and in our most recent '34 Act filing. 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 the corresponding press release, which are available on our website. I will now turn the call over to our President and CEO, Chris Nelson.

我們建議您參閱將與新聞稿一起提交的 8-K 表格以及我們最新的 '34 法案文件中的警示性聲明。此外，我們也可能在電話會議中提及非GAAP財務指標。有關相關 GAAP 財務指標的適用調節表和補充信息，請參閱補充演示文稿的附錄和相應的新聞稿，這些資料可在我們的網站上查閱。現在我將把電話轉交給我們的總裁兼執行長克里斯·尼爾森。

Thank you, Michael, and good morning, everyone. I am proud of the results our team delivered in 2025, a testament to our resilience, innovation, and relentless pursuit of excellence. DEWALT and aerospace fasteners were areas of notable revenue growth this year. Up low-single digits and 25%, respectively, which contributed to full year revenues of $15.1 billion.

謝謝你，邁克爾，大家早安。我為我們團隊在 2025 年所取得的成果感到自豪，這證明了我們的韌性、創新精神和對卓越的不懈追求。今年，得偉 (DEWALT) 和航空航天緊固件是收入成長顯著的領域。分別實現了低個位數成長和 25% 的成長，這使得全年收入達到 151 億美元。

Total revenues were down about 1 point organically in 2025. Stanley Black & Decker has remained steadfast in our commitment to disciplined execution. This is especially important considering the constantly shifting macroeconomic and operating environment. We continue to proactively execute targeted growth investments and to pursue aggressive tariff-mitigation actions. Part of our tariff-mitigation strategy has been pricing actions and we are closely monitoring the market response to ensure a balanced approach to top-line growth and margin expansion. We are confident that over the long term, these thoughtful actions will continue to drive strong performance and deliver meaningful value for our end users, channel partners, and our shareholders.

2025 年總收入自然下降約 1 個百分點。史丹利百得始終堅持嚴謹的執行原則。考慮到不斷變化的宏觀經濟和經營環境，這一點尤其重要。我們將繼續積極執行有針對性的成長投資，並採取積極的關稅緩解措施。我們應對關稅影響的策略之一是採取價格措施，我們正在密切關注市場反應，以確保在營收成長和利潤率擴張之間取得平衡。我們相信，從長遠來看，這些深思熟慮的舉措將繼續推動強勁的業績成長，並為我們的終端用戶、通路合作夥伴和股東帶來有意義的價值。

Our tariff-mitigation actions, along with supply chain transformation efficiencies, led to our adjusted gross margin expanding 70 basis points to 30.7% for full-year 2025. We also marked the completion of our global cost reduction program, successfully capturing $2.1 billion of run rate pretax cost savings since the program's inception in mid-2022. As we have stated before, we will continue to tenaciously pursue annual productivity savings in the neighborhood of 3% net spend on an ongoing basis.

我們的關稅緩解措施，以及供應鏈轉型效率的提高，使我們 2025 年全年的調整後毛利率成長了 70 個基點，達到 30.7%。我們也標誌著全球成本削減計畫的完成，自該計畫於 2022 年年中啟動以來，已成功實現 21 億美元的稅前成本節約。正如我們之前所說，我們將繼續不懈地追求每年淨支出降低約 3% 的生產力節約目標。

The global cost reduction program helped to set a foundation from which we are institutionalizing the achievement of annual productivity savings to drive sustainable growth and support our adjusted gross margin expansion goals. Full-year adjusted EBITDA grew by 5% as the adjusted gross margin improvement drove a 70-basis-point improvement in adjusted EBITDA margin. We rigorously controlled costs throughout the organization while prioritizing targeted strategic growth investments to support our brand activation and innovation agendas.

全球成本削減計畫為我們奠定了基礎，在此基礎上，我們將實現年度生產力節約的成果制度化，以推動永續成長並支持我們調整後的毛利率擴張目標。全年調整後 EBITDA 成長 5%，調整後毛利率的提高帶動調整後 EBITDA 利潤率提高了 70 個基點。我們嚴格控制了整個組織的成本，同時優先考慮有針對性的策略成長投資，以支持我們的品牌推廣和創新計劃。

Adjusted earnings per share grew 7% in 2025 to $4.67. We view this as a solid outcome considering the dynamic operating and macroeconomic environment this year including the substantial tariff headwinds incurred by our industry. Earnings growth and working capital efficiencies each contributed to strong free cash flow of almost $700 million in 2025. These funds not only supported our dividend and continued debt reduction, but they also provided capital for impactful initiatives that amplify the power of our brands and accelerate innovation.

2025年調整後每股盈餘成長7%至4.67美元。考慮到今年動態的經營和宏觀經濟環境，包括我們行業面臨的巨大關稅阻力，我們認為這是一個穩健的結果。獲利成長和營運資本效率的提高，使得公司在 2025 年的自由現金流接近 7 億美元。這些資金不僅支持了我們的分紅和持續的債務削減，而且還為能夠增強我們品牌影響力並加速創新的重大舉措提供了資金。

Additionally, on December 22, we announced the definitive agreement to sell our aerospace fasteners business. This portfolio change is consistent with our dedication to focusing on growing our biggest brands and businesses in enhancing shareholder value. We expect to use the net proceeds of over $1.5 billion to significantly reduce our debt, affording us flexibility to pursue a much more dynamic capital allocation strategy.

此外，12月22日，我們宣布了出售航空航太緊固件業務的最終協議。此投資組合調整符合我們致力於發展旗下最大品牌與業務，進而提升股東價值的宗旨。我們預計將利用超過 15 億美元的淨收益大幅減少債務，使我們能夠靈活地採取更動態的資本配置策略。

Now shifting to performance in the fourth quarter. We delivered strong results across many of our key metrics in the period. With continued gross margin expansion, robust free cash flow, and a strengthened balance sheet, revenue was down 1% overall and 3% organically, which was below our expectations. We posted a 4% price increase and benefited from a 2% currency tailwind, which were offset by the 7% volume decline. We will unpack these drivers shortly.

現在轉向第四季的表現。我們在此期間的許多關鍵指標都取得了強勁的成績。儘管毛利率持續擴張，自由現金流強勁，資產負債表也得到加強，但整體收入下降了 1%，有機成長下降了 3%，低於我們的預期。我們漲價 4%，並受益於 2% 的匯率利好，但這些都被 7% 的銷售下降所抵消。我們稍後將詳細介紹這些驅動程式。

The adjusted gross margin rate of 33.3% was strong and towards the high end of our planning range as we continue to deliver supply chain cost reductions, implement tailored pricing plans, and execute tariff-mitigation actions. Adjusted EBITDA margin of 13.5% was up by a robust 330 basis points year-over-year. Adjusted earnings per share were $1.41. Fourth-quarter free cash flow was over $880 million. A very strong result as we effectively manage working capital while continuing to optimize our operations and supply chain.

調整後的毛利率為 33.3%，表現強勁，接近我們計劃範圍的高端，這得益於我們持續降低供應鏈成本、實施量身定制的定價計劃以及執行關稅緩解措施。經調整後的 EBITDA 利潤率為 13.5%，較去年同期成長 330 個基點。調整後每股收益為 1.41 美元。第四季自由現金流超過 8.8 億美元。我們有效管理了營運資金，同時不斷優化營運和供應鏈，取得了非常優異的成績。

Turning to our fourth-quarter operating performance by segment. I'll start with Tools and Outdoor. Fourth quarter revenue was approximately $3.2 billion, down 2% year over year. Organic revenue was down 4% as a 5% benefit from targeted pricing actions was more than offset by 9% of volume pressure. Currency contributed a 2% benefit in the quarter. We successfully implemented our second price increase of the year in our US tools business, a low single-digit increase this time with full implementation in the back half of Q4.

接下來，我們來看看第四季各業務部門的經營績效。我先從工具和戶外用品開始。第四季營收約32億美元，年減2%。有機收入下降了 4%，因為有針對性的定價措施帶來的 5% 的收益被 9% 的銷售壓力所抵消。匯率波動在本季度貢獻了 2% 的收益。我們在美國工具業務中成功實施了今年的第二次漲價，這次漲幅為個位數，並在第四季下半年全面實施。

The volume decrease was largely due to power tool demand dynamics in retail channels in North America and a soft market backdrop in North America and other developed markets. Much of the US tools retail volume headwind was experienced with opening price point products and in select promotional areas as consumers have gravitated towards promotions during these uncertain economic times. As we have mentioned previously, we have expected consumer, competitor, and channel response to the meaningful tariff pricing would take a while to shake out and that our top line could be volatile during this period. We see the fourth-quarter result as an indication of this.

銷量下降主要是由於北美零售通路電動工具需求動態變化以及北美和其他已開發市場疲軟的市場環境所致。美國工具零售量的大部分阻力來自低價位產品和特定促銷區域，因為在當前經濟情勢不明朗的情況下，消費者更傾向於促銷活動。正如我們之前提到的，我們預計消費者、競爭對手和通路對有意義的關稅定價的反應需要一段時間才能明朗，並且在此期間我們的收入可能會波動。我們認為第四季的業績就反映了這一點。

We expect top-line volatility through at least the first quarter as competitors continue to take price and as we tune our approach to promotions. Tools and Outdoor fourth-quarter adjusted segment margin was 13.6%, up 340 basis points year over year. Margin expansion was primarily driven by higher pricing, tariff mitigation, and supply chain cost reductions. Now for additional context on the top line performance by product line in 4Q. Power Tools organic revenue declined 8%, largely resulting from factors consistent with my previous comments and partially offset by professional strength in the commercial and industrial channel.

我們預計至少在第一季營收將出現波動，因為競爭對手將繼續採取價格策略，而我們也需要調整促銷策略。工具和戶外用品業務第四季調整後分部利潤率為 13.6%，較去年同期成長 340 個基點。利潤率擴張主要得益於更高的定價、關稅減免和供應鏈成本降低。現在來詳細了解第四季各產品線的營收表現。電動工具的有機收入下降了 8%，這主要是由於與我先前的評論一致的因素造成的，部分被商業和工業通路的專業實力所抵消。

Hand tools, accessories, and storage organic revenue was flat as strong professional-grade power tool accessory performance was offset by hand tools due to conditions observed across the broader segment. Outdoor revenue increased 2% organically driven by strong preseason ordering for 2026. The independent retail channel also exited the year with normalized inventory levels. These factors are both indications of a solid setup for growth in 2026.

手動工具、配件和儲存用品的有機收入持平，因為專業級電動工具配件的強勁表現被手動工具所抵消，而這又是由於整個細分市場的情況所致。受 2026 年季前強勁訂單的推動，戶外業務收入自然成長 2%。獨立零售通路的庫存水準也在年底恢復正常。這兩個因素都表明，2026 年的成長前景良好。

Now, Tools and Outdoor performance by region. In North America, organic revenue declined 5% reflecting trends consistent with the overall segment performance. In Europe, organic revenue declined 3%. Growth in key investment markets, including Central Europe and Iberia was offset by softer market conditions in other parts of the region. The Rest of World organic revenue declined 4%, primarily due to market softness in Asia and South America.

現在，按地區劃分工具和戶外性能。在北美，有機收入下降了 5%，反映出與整體業務板塊表現一致的趨勢。在歐洲，有機收入下降了3%。中歐和伊比利亞半島等主要投資市場的成長被該地區其他地區疲軟的市場狀況所抵消。世界其他地區的有機收入下降了 4%，主要原因是亞洲和南美市場疲軟。

On a full-year basis, Tools and Outdoor organic revenue declined 2% due to the aforementioned factors impacting the fourth quarter, combined with the midyear tariff-related promotional reductions. Full-year POS demand was in the same zone as the organic change. DEWALT successfully overcame broader headwinds and posted low-single-digit organic growth for the full year, including organic growth across all product lines and regions. Our success was underpinned by prioritized marketing activation and accelerated innovation initiatives, both of which I've highlighted as strategic imperatives at Stanley Black & Decker.

從全年來看，由於上述影響第四季的因素，加上年中與關稅相關的促銷活動減少，工具和戶外用品的有機收入下降了 2%。全年POS需求與自然成長處於同一水準。得偉成功克服了更廣泛的不利因素，全年實現了低個位數的有機成長，包括所有產品線和地區的有機成長。我們的成功得益於優先進行行銷活動和加速推進創新舉措，這兩點我都強調是史丹利百得公司的策略要務。

A prime example of these imperatives in action is the launch of our ATOMIC 20-Volt MAX cordless grinder suite. Designed for high performance and mobility in tight spaces, this new product lineup allows users executing demanding applications to transition from pneumatic to cordless. The fabrication trades, particularly fitters and welders, perform some of the most demanding applications in the field. Our dedicated team of trade specialists are actively in the market now, offering hands-on experiences to end users to convert this high-power sector of tools to enjoy the benefits of a cordless, compact tool without sacrificing performance.

這些必要性在實際應用中的最佳例證就是我們推出的 ATOMIC 20 伏特 MAX 無線研磨機系列。該系列新產品專為在狹小空間內實現高性能和移動性而設計，使執行高要求應用的用戶能夠從氣動設備過渡到無線設備。製造業，特別是裝配工和焊工，承擔著該領域一些要求最高的作業。我們專業的貿易專家團隊目前正積極投身市場，為終端用戶提供實際體驗，幫助他們將這個高功率工具領域轉變為無線、緊湊型工具，同時又不犧牲效能。

There are also several differentiating features, such as the DEWALT Perform & Protect anti-rotation to maximize user control and the option to pair with Tool Connect for job site asset management, to name a few. Our platforming method enabled a swift launch of these tailored solutions, adding to our more than 300 product 20-volt MAX system for the toughest job sites. We intend to continue setting the industry benchmark in redefining the threshold of productivity for our end users.

此外，還有幾項差異化功能，例如 DEWALT Perform & Protect 防旋轉功能，可最大限度地提高使用者控制力，以及可與 Tool Connect 配對以進行工地資產管理等。我們的平台化方法使得這些客製化解決方案得以迅速推出，為我們超過 300 種產品 20 伏 MAX 系統增添了更多選擇，適用於最嚴苛的作業現場。我們將繼續樹立產業標桿，重新定義終端用戶的生產力門檻。

Turning now to Engineered Fastening. Fourth quarter revenue grew 6% on a reported basis and 8% organically. Revenue growth was comprised of 7% volume increase, 1% higher pricing, and a 1% currency tailwind. This was partially offset by a 3% headwind from the previously disclosed product line transfer to the Tools and Outdoor segment. This is the final quarter where this impact will be a factor. The aerospace business continued its strong trajectory achieving 35% organic growth in the quarter. The automotive business delivered mid-single-digit organic growth, reflecting strong sales of our systems for auto OEMs. General industrial fasteners organic revenue declined low-single digits.

接下來我們來談談工程緊固。第四季營收按報告數據成長 6%，以有機成長計算成長 8%。營收成長包括銷量成長 7%，價格上漲 1%，以及匯率利多 1%。先前揭露的產品線轉移到工具和戶外用品部門帶來了 3% 的不利影響，部分抵消了上述影響。這是這種影響發揮作用的最後一個季度。航空航太業務持續保持強勁成長勢頭，本季實現了 35% 的內生成長。汽車業務實現了中等個位數的內生成長，反映出我們以汽車 OEM 廠商為導向的系統銷售強勁。通用工業緊固件的有機收入下降了低個位數百分比。

Adjusted segment margin for Engineered Fastening was 12.1% in the quarter. Year-over-year expansion was primarily driven by higher volumes, modest price increases and strong cost controls. On a full-year basis, the Engineered Fastening segment delivered 3% organic revenue growth. This included high single-digit organic revenue growth in the second half, which more than offset the end market pressure experienced during the first half of the year.

本季工程緊固件業務的調整後分部利潤率為 12.1%。年比擴張主要得益於銷售成長、價格小幅上漲和強有力的成本控制。從全年來看，工程緊固件業務部門實現了 3% 的有機收入成長。這其中包括下半年較高的個位數有機收入成長，足以抵銷上半年終端市場面臨的壓力。

Overall, both the Tools and Outdoor and Engineered Fastening segments delivered margin rates in line or better than expectations this quarter through disciplined execution, targeted pricing strategies, and continuous improvements across our operations. I would like to thank our team for their resilience and commitment to serving our customers and achieving these results. I will now pass the call to Pat to discuss progress we achieved on key performance metrics and to outline our 2026 planning assumptions.

總體而言，本季度工具和戶外用品以及工程緊固件業務部門的利潤率均達到或超過預期，這得益於我們嚴格的執行、有針對性的定價策略以及營運方面的持續改進。我要感謝我們的團隊，感謝他們的韌性和對客戶服務的奉獻精神，以及他們取得這些成果所付出的努力。現在我將把電話轉給 Pat，討論我們在關鍵績效指標方面的進展，並概述我們 2026 年的規劃假設。

Thank you, Chris, and good morning to everyone joining us today. During the fourth quarter, we delivered significant progress on two of our top strategic priorities. Expanding gross margins and improving the health of our balance sheet. I'll begin by taking a closer look at our gross margin performance. In the fourth quarter, we delivered an adjusted gross margin of 33.3%, a 210-basis-point increase over the same period last year. This is a meaningful accomplishment achieved through pricing, tariff mitigation, and supply chain cost reductions.

謝謝克里斯，也祝福今天所有收看節目的朋友們早安。第四季度，我們在兩項最重要的策略重點方面取得了顯著進展。提高毛利率，改善資產負債表狀況。我將首先仔細分析我們的毛利率表現。第四季度，我們實現了調整後的毛利率 33.3%，比去年同期成長了 210 個基點。這是透過定價、關稅減免和供應鏈成本降低而取得的一項意義重大的成就。

These factors were also the drivers of the company's full-year performance of 30.7% adjusted gross margin. This represents a solid 70 basis point improvement compared to the prior year, an achievement made even more impressive given the broader market volatility we faced. I'd like to commend our team's outstanding execution as we encountered unprecedented tariff rate increases that began during the first quarter and peaked in April. The team's swift adaptability limited the gross margin decline to just one quarter before we resumed our positive year-over-year margin expansion trajectory in the second half of the year.

這些因素也是該公司全年調整後毛利率達到 30.7% 的驅動因素。與前一年相比，這代表著70個基點的顯著改善，考慮到我們面臨的整體市場波動，這項成就更加令人印象深刻。我要表揚我們團隊的出色執行力，因為我們遇到了前所未有的關稅稅率上漲，這一上漲始於第一季度，並在四月份達到頂峰。團隊的快速適應能力將毛利率的下降限制在一個季度內，之後我們在下半年恢復了同比毛利率成長的良好勢頭。

As Chris mentioned, our global cost reduction program achieved its targeted objectives. Having delivered $2.1 billion of pretax run rate cost savings in total, including approximately $120 million of incremental savings in the fourth quarter. Operational excellence is one of the company's three strategic imperatives. Going forward, we expect operational excellence to remain a strategic imperative and to target gross improvement of 3% of net spend annually.

正如克里斯所說，我們的全球成本削減計畫實現了既定目標。已累計實現稅前營運成本節約 21 億美元，其中第四季新增節約 1.2 億美元。卓越營運是公司三大策略要務之一。展望未來，我們預期卓越營運仍將是一項策略要務，目標是每年淨支出達到 3% 的毛利改善。

Looking ahead, we remain fully committed to achieving adjusted gross margins that are above 35%, a long-standing objective that continues to guide our efforts and priorities. We continue to aim for reaching this milestone by the fourth quarter of 2026. Now turning to our cash flow and year-end leverage results. We generated $883 million of free cash flow in the fourth quarter, bringing the 2025 total to $688 million. This performance surpassed our planning assumption of $600 million, driven by disciplined management of working capital, particularly in receivables and inventory.

展望未來，我們將繼續全力以赴實現調整後毛利率超過 35% 的目標，這是我們長期以來的目標，也將繼續指導我們的努力和優先事項。我們仍力爭在 2026 年第四季實現這一里程碑。現在來看我們的現金流和年終槓桿率結果。我們在第四季產生了 8.83 億美元的自由現金流，使 2025 年的總自由現金流達到 6.88 億美元。這項業績超過了我們 6 億美元的計畫預期，這主要得益於對營運資金的嚴格管理，特別是應收帳款和庫存管理。

Our capital deployment in 2025 was consistent with the progress of recent years. As we reduced debt by $240 million, returned $500 million of cash to shareholders via our dividend, and also invested greater than $100 million in growth initiatives to fuel brand building and innovation. This approach underscores our ongoing commitment to deliver value to our shareholders while strengthening our financial position. In just the past two years, we have taken significant strides in reducing our net debt to adjusted EBITDA leverage ratio, bringing it down by 2.5 turns.

我們在2025年的資本部署與近年來的發展趨勢保持一致。我們減少了 2.4 億美元的債務，透過股息向股東返還了 5 億美元的現金，並投資超過 1 億美元用於成長計劃，以推動品牌建設和創新。這項措施凸顯了我們持續致力於為股東創造價值，同時增強自身財務實力的承諾。在過去的兩年裡，我們在降低淨債務與調整後 EBITDA 槓桿率方面取得了顯著進展，使其下降了 2.5 倍。

We have reduced debt by $1.3 billion supported by working capital efficiencies and organic cash generation and increased adjusted EBITDA by $500 million or 44% over this two-year period. In December, we announced a definitive agreement to sell our TAM business for $1.8 billion in cash. We expect net proceeds after taxes and fees ranging between $1.525 billion to $1.6 billion. We will apply these proceeds to pay down debt supporting incremental leverage reduction of 1 to 1.25 turns in 2026 and positioning the company to meet our target leverage ratio of at or below 2.5 times.

在過去兩年中，我們透過提高營運資本效率和實現內生現金流，減少了13億美元的債務，並將調整後的EBITDA提高了5億美元，增幅達44%。去年 12 月，我們宣布達成最終協議，將以 18 億美元現金出售我們的 TAM 業務。我們預計扣除稅費後的淨收益將在 15.25 億美元至 16 億美元之間。我們將利用這些收益來償還債務，從而在 2026 年將槓桿率降低 1 至 1.25 倍，並使公司達到我們設定的槓桿率目標，即 2.5 倍或更低。

Achieving this critical financial milestone will provide us with greater flexibility. We will be well positioned to respond to market dynamics, invest in growth, and enhance shareholder value creation. We are committed to maintaining a solid investment-grade credit rating to support our brands and our businesses, and we will continue to allocate capital thoughtfully with organic value creation, the priority.

實現這一關鍵的財務里程碑將使我們擁有更大的靈活性。我們將做好充分準備，因應市場動態，投資成長，並提升股東價值創造。我們致力於維持穩健的投資等級信用評級，以支持我們的品牌和業務，我們將繼續謹慎地分配資本，並將創造有機價值作為首要任務。

Overall, our capital allocation priorities remain consistent with those communicated at our 2024 Capital Markets Day. Funding organic growth investments that drive long-term value continues to be our top priority. The company also remains committed over time to maintaining a strong and growing dividend and as a preference towards opportunistic share repurchases, which reflect our confidence in the company's future. In recent periods, our excess capital has been deployed to reduce debt, but following the CAM transaction, we anticipate having additional options for capital deployment, always guided by our disciplined approach and focus on organic shareholder value creation.

總體而言，我們的資本配置優先事項與我們在 2024 年資本市場日上公佈的優先事項保持一致。為能夠推動長期價值成長的有機成長投資提供資金仍然是我們的首要任務。公司始終致力於維持強勁且不斷成長的股息，並傾向於擇機回購股票，這反映了我們對公司未來的信心。近來，我們已將多餘的資金用於減少債務，但在完成 CAM 交易後，我們預計將有更多資金部署選擇，始終遵循我們嚴謹的方法，專注於創造股東的有機價值。

Now let me walk you through our planning assumptions for 2026. We anticipate that 2026 will be another year of progress towards our key financial objectives. Though we do not expect progress to be linear as peak '25 tariff expense and second-half 2025 volume deleverage rolls off our balance sheet into first quarter and first half expenses, and as macroeconomic and geopolitical uncertainties continue.

現在讓我帶您了解我們對 2026 年的規劃假設。我們預計 2026 年將是我們在實現關鍵財務目標方面取得另一個進展的一年。儘管我們預計進展不會是線性的，因為 2025 年的關稅支出高峰和 2025 年下半年的銷售去槓桿化將從我們的資產負債表中轉移到第一季和上半年的支出中，而且宏觀經濟和地緣政治的不確定性仍然存在。

Despite this backdrop, we expect to make meaningful progress towards our objectives as we did during 2025. For 2026, we expect adjusted earnings per share to be in the range of $4.90 to $5.70, representing growth of 13% at the midpoint. This planning assumption includes a half year of CAM results. We are working to close the CAM transaction during the first half, though the actual closing date is subject to customary regulatory approval. We expect CAM to contribute quarterly sales of approximately $110 million to $120 million and quarterly segment profit of approximately $10 million to $20 million in each of the first two quarters, which includes expected corporate and segment allocations.

儘管面臨這樣的背景，我們仍有望像 2025 年一樣，在實現目標方面取得實質進展。對於 2026 年，我們預計調整後的每股盈餘將在 4.90 美元至 5.70 美元之間，中位數為 13%。此規劃假設包括半年的CAM結果。我們正在努力爭取在上半年完成 CAM 交易，但實際交割日期取決於慣例監管批准。我們預計 CAM 在前兩個季度將貢獻約 1.1 億美元至 1.2 億美元的季度銷售額和約 1,000 萬美元至 2,000 萬美元的季度分部利潤，其中包括預期的公司和分部分配。

We are targeting free cash flow generation of $700 million to $900 million for the year, reflecting our expected continuation of strong cash flow conversion. This will be accomplished through a disciplined and efficient approach to working capital management, progressing inventory towards pre-pandemic norms, while remaining attentive to our ongoing tariff mitigation and footprint optimization initiatives.

我們預計今年的自由現金流將達到 7 億至 9 億美元，這反映了我們預期強勁的現金流轉換率將持續維持。我們將透過嚴謹且有效率的營運資金管理方式來實現這一目標，逐步恢復庫存水平，使其達到疫情前的正常水平，同時繼續關注我們正在進行的關稅減免和佈局優化舉措。

We are planning total company revenue to grow in the low-single digits year-over-year, with organic revenue also expected to grow at a similar rate. This outlook reflects our focus on pivoting to growth and our confidence in seizing share opportunities across our key markets. This revenue outlook includes an expectation of 50 to 100 basis points of benefit from foreign exchange, which would predominantly benefit the first half.

我們預計公司總收入將逐年低個位數成長，有機收入也預計將以類似的速度成長。這項展望反映了我們對轉向成長的重視，以及我們對在主要市場抓住市場佔有率機會的信心。該收入預期包括外匯收益 50 至 100 個基點的預期，這將主要惠及上半年。

There are two important revenue dynamics to appreciate for 2026. First, there is a second half year-over-year impact of the CAM divestiture. Second, we will be transitioning our gas-powered walk behind outdoor product lines to a license model during 2026, which will enhance margin and returns but will result in a reduction of in-year revenue.

2026 年有兩個重要的收入動態值得關注。首先，CAM資產剝離對上半年業績產生了年比影響。其次，我們將於 2026 年將我們的燃氣動力手推戶外產品線過渡到授權模式，這將提高利潤率和回報，但會導致當年收入減少。

Let me provide more detail on this gas-powered product transition. Starting around the middle of the year, we will move away from manufacturing gas-powered walk behind outdoor products ourselves and instead adopt a licensing model for these products. The impact of this change will not be reported in organic revenue performance and will be a separate factor. This product area represents a lower margin portion of our outdoor portfolio and a shrinking part of the outdoor market.

讓我更詳細地介紹一下這款瓦斯動力產品轉型的情況。從年中左右開始，我們將停止自行生產燃氣動力手推戶外產品，轉而採用授權模式生產這些產品。這項變更的影響不會計入有機收入表現，而將作為一個單獨的因素來考慮。該產品領域在我們戶外產品組合中利潤率較低，並且在戶外市場中佔比越來越小。

Importantly, this strategic shift does not alter our long-term view for Outdoor, particularly as we advance the electrification of our product lineup. We expect this change to result in a revenue reduction of approximately $120 million to $140 million in 2026 and another $150 million to $170 million reduction in 2027, with most of the impact to be realized in the second half of '26 and the first half of 2027. We expect this business model transition to enhance margins and returns. This business model change is already contemplated in our sales, margin and EPS guidance.

重要的是，這項策略轉變不會改變我們對戶外業務的長期願景，尤其是在我們推動產品線電氣化進程的情況下。我們預計這項變更將導致 2026 年收入減少約 1.2 億美元至 1.4 億美元，2027 年收入再減少 1.5 億美元至 1.7 億美元，其中大部分影響將在 2026 年下半年和 2027 年上半年顯現。我們預計這種商業模式轉型將提高利潤率和回報。我們已經在銷售額、利潤率和每股盈餘預期中考慮了這種商業模式的改變。

Moving to gross margin expectations. We anticipate adjusted gross margin will expand by approximately 150 basis points year over year, supported by top line expansion, price, ongoing tariff mitigation efforts, and continuous operational improvement. We expect year-over-year gross margin improvement in both halves of the year, though as indicated in my earlier comments, first half margins will reflect headwinds from tariff expense and under absorption from 2025.

接下來談談毛利率預期。我們預計，在營收成長、價格上漲、持續的關稅緩解措施以及持續的營運改善的支持下，調整後的毛利率將年增約 150 個基點。我們預計今年上下半年毛利率將年比有所改善，但正如我先前的評論所指出的，上半年的毛利率將受到關稅支出和2025年吸收不足等不利因素的影響。

Our planning assumes that tariff levels remain at current levels, and we will continue to progress our tariff-mitigation initiatives. Our planning reflects margin recovery from tariff-mitigation efforts. We plan to continue growth investments in 2026 to further advance our robust innovation pipeline and fuel market activation with the goal of enhancing brand health and accelerating organic growth. We expect SG&A as a percentage of sales to remain around 22%. We will continue to manage SG&A thoughtfully preserving strategic investments that position the business for long-term growth.

我們的規劃假設關稅水準維持在當前水平，我們將繼續推進關稅緩解措施。我們的計劃體現了透過關稅緩解措施實現的利潤恢復。我們計劃在 2026 年繼續進行成長投資，以進一步推進我們強大的創新產品線和市場激活，從而提高品牌健康度並加速內生成長。我們預期銷售、管理及行政費用佔銷售額的比例將維持在 22% 左右。我們將繼續謹慎管理銷售、一般及行政費用，保留策略投資，為企業的長期發展奠定基礎。

Looking at our segments. We are planning for organic revenue growth and segment margin expansion across both segments. Tools and Outdoor is expected to deliver low-single-digit organic growth in 2026 with an emphasis on market share gains and what we anticipate will be a roughly flat market characterized by continued uncertainty.

看看我們的細分市場。我們計劃在兩個業務板塊實現有機收入成長和利潤率擴張。預計 2026 年工具和戶外用品市場將實現個位數低位的有機成長，重點在於市場份額的提升，而我們預計市場將大致保持平穩，並持續存在不確定性。

Organic revenue in the first quarter is projected to be down in a low-single-digit range, reflecting North American retail dynamics like those in the fourth quarter. Ahead of full implementation of promotional adjustments and changes to opening price points in nonstrategic brands and product categories. We are confident in our plans to drive organic revenue growth beyond the first quarter as we start lapping the price increases and promotional disruptions that started in 2Q 2025. And as we refine some of our promotional strategies, we expect to see sales trends improve from our new product launches and commercial initiatives with a focus on outperforming the market.

預計第一季有機收入將出現個位數百分比的下降，反映出北美零售業的動態，與第四季的情況類似。在非策略品牌和產品類別全面實施促銷調整和起始價格點變更之前。我們有信心在第一季之後繼續推動有機收入成長，因為我們將逐漸擺脫從 2025 年第二季開始的價格上漲和促銷活動中斷的影響。隨著我們不斷完善一些促銷策略，我們預計隨著新產品的推出和商業舉措的推進，銷售趨勢將有所改善，我們將致力於超越市場表現。

Adjusted segment margin is expected to improve year over year, driven primarily by price actions, tariff mitigation, operational excellence, and thoughtful SG&A investment. Engineered Fastening is planned to grow mid-single digits organically with comparatively strong performance in the first half, reflecting an anticipated half-year contribution from CAM. Our other two businesses, excluding CAM, are expected to deliver low- to mid-single-digit growth for the year. Adjusted segment margin is expected to improve year over year primarily due to continuous operating cost improvement and volume leverage.

經調整後的分部利潤率預計將年比提高，主要得益於價格策略、關稅緩解、卓越營運以及審慎的銷售、一般及行政費用投資。工程緊固件業務計劃實現中等個位數的自然成長，上半年業績相對強勁，這反映了CAM業務預計在上半年的貢獻。除 CAM 外，我們的其他兩項業務預計今年將實現個位數低至中等的成長。經調整後的分部利潤率預計將年增，主要原因是營運成本持續改善和銷售成長。

Turning to other 2026 assumptions. Our GAAP earnings guidance of $3.15 to $4.35 includes pretax non-GAAP adjustments ranging from $270 million to $345 million, primarily from footprint optimization actions with approximately 20% of the total representing noncash charges. Now for additional planning assumptions on the first quarter. We are planning for net sales to be around $3.7 billion, down roughly 1% year over year due to a solid 25% comparable.

接下來討論其他關於 2026 年的假設。我們根據美國通用會計準則 (GAAP) 制定的每股收益預期為 3.15 美元至 4.35 美元，其中包括 2.7 億美元至 3.45 億美元的稅前非美國通用會計準則 (non-GAAP) 調整，主要來自業務佈局優化措施，其中約 20% 為非現金支出。接下來是對第一季進行一些額外的規劃假設。我們預計淨銷售額約 37 億美元，年減約 1%，原因是去年同期可比銷售額高達 25%。

Adjusted earnings per share are expected to be approximately $0.55 to $0.60. In the first quarter, our earnings contribution will be impacted primarily by the timing of tariff cost realization as peak '25 tariff expense rolled off our balance sheet into the first-quarter income statement.

調整後每股收益預計約為 0.55 至 0.60 美元。第一季度，我們的獲利貢獻將主要受到關稅成本實現時間的影響，因為 2025 年的關稅支出高峰將從我們的資產負債表轉入第一季損益表。

We anticipate the first quarter will reflect the highest level of tariff expense on the P&L, which combined with the second half 2025 volume deleverage, offsets pricing and productivity initiatives. As a result, we expect adjusted gross margin rate to be roughly flat year over year. Additionally, our adjusted EPS for the quarter assumes a planned tax rate of approximately 30%.

我們預期第一季將反映出損益表上最高的關稅支出水平，再加上 2025 年下半年銷售下降，將抵銷定價和生產力提升措施的效果。因此，我們預計調整後的毛利率將與去年同期基本持平。此外，我們本季的調整後每股盈餘假設計畫稅率約為 30%。

In summary, 2026 is set to be another important year for our company with a strong foundation set sharpened portfolio, disciplined cost and capital allocation, and a relentless focus on customers, we are well positioned to deliver growth and create long-term value for our shareholders.

總而言之，2026 年對我們公司來說將是另一個重要的年份。憑藉堅實的基礎、精簡的產品組合、嚴格的成本和資本配置以及對客戶的不懈關注，我們已做好充分準備，實現成長並為股東創造長期價值。

Thank you, and I will now turn the call back to Chris.

謝謝，我現在把電話轉回給克里斯。

Thank you, Pat. With a strong foundation in place and with a significantly simplified and focused business, we believe our future success will now be determined by how effectively we execute our strategy, which is firmly anchored by our three strategic imperatives: activating our brands with purpose, driving operational excellence and accelerating innovation.

謝謝你，帕特。憑藉著堅實的基礎和大幅簡化及專注的業務，我們相信，未來的成功將取決於我們如何有效地執行我們的戰略，而我們的戰略又牢牢地建立在我們的三大戰略要務之上：以目標為導向激活我們的品牌，推動卓越運營，加速創新。

As Pat outlined, we are continuing to proactively manage factors within our control to effectively navigate evolving market conditions and make progress towards achieving our goals. We believe our planning assumptions for 2026 are balanced given the elevated levels of global uncertainty, and we remain committed to driving towards the long-term goals outlined during our November 2024 Capital Markets Day.

正如 Pat 所概述的那樣，我們將繼續積極主動地管理我們可控的因素，以有效應對不斷變化的市場狀況，並朝著實現我們的目標取得進展。鑑於全球不確定性程度較高，我們認為我們對 2026 年的規劃假設是平衡的，我們將繼續致力於實現我們在 2024 年 11 月資本市場日上概述的長期目標。

We expect to achieve the following level of performance in 2028, mid-single-digit sales growth. 35% to 37% adjusted gross margins on a full-year basis, accompanied by adjusted EBITDA margins of mid- to high teens. Cash flow conversion of net income approximating 100%. Cash flow return on investment margins in the low to mid-teens. This will all be complemented by disciplined capital allocation and asset efficiency.

我們預計2028年將達到以下業績水準：銷售額達到中位數個位數成長；全年調整後毛利率為35%至37%；調整後EBITDA利潤率達到15%至10%左右。淨收入現金流轉換率接近 100%。現金流投資報酬率在十幾到十之間。所有這些都將透過嚴格的資本配置和資產效率來實現。

As Pat and I discussed, we are focused on significantly deleveraging our balance sheet this year, which goes hand in hand with continuing to have a solid investment-grade credit rating. For clarity, the assumptions that underlie these 2026 to 2028 targets are that our markets are growing by low-single digits and that the inflationary/deflationary environment is reasonable, avoiding the extremes of either.

正如我和 Pat 討論的那樣，我們今年的重點是大幅降低資產負債率，這與繼續保持穩健的投資等級信用評級密不可分。為明確起見，這些 2026 年至 2028 年目標的前提假設是，我們的市場以較低的個位數增長，並且通膨/通縮環境是合理的，避免了任何極端情況。

Finally, these goals assume the current tariff landscape. As we look ahead, I am energized by the opportunities that lie before us, and I'm confident in our strategy. With a clear vision for 2026, we are building on our hard-earned momentum to serve our end users and create lasting value for our stakeholders. We are now ready for Q&A, Michael.

最後，這些目標是在當前關稅環境下實現的。展望未來，我為我們面前的機會感到振奮，並且對我們的策略充滿信心。展望 2026 年，我們制定了清晰的願景，並在此基礎上繼續努力，為最終用戶提供服務，為利害關係人創造持久價值。邁克爾，現在可以進入問答環節了。

(Operator Instructions) Julian Mitchell, Barclays.

（操作說明）朱利安·米切爾，巴克萊銀行。

I just wanted to dial in a little bit more into the cadence of the gross and operating margin performance for the year. I think you said gross margin is flat year on year in the first quarter, up 150 points for the year. So just trying to understand, does that imply in, say, the fourth quarter, you're up 300 points or something and maybe flesh out a little bit how quickly that gross margin improvement happens? Do we see it in the second quarter, for example, growing year on year?

我只是想更深入地了解今年的毛利率和營業利潤率的走勢。我想你說過，第一季的毛利率與去年同期持平，全年毛利率上升了150個百分點。所以，我只是想了解一下，這是否意味著，比如說，在第四季度，你們的利潤提高了 300 點左右，並能具體說明毛利率的改善速度有多快？例如，我們是否在第二季度看到年成長？

Julian, good question. Certainly, a lot of moving pieces in gross margin as we head into 2026. I'd say the cadence throughout the year is we expect the first quarter to be around 30.5%, the second quarter to be between that and maybe 31% and then the back half to be for each of the third and the fourth quarter in the 34% to 35% range. And the reason for that, a bit maybe unanticipated gross margin cadence coming off of the 33.3% in the fourth quarter is we do have affecting both the first and the second quarter. Peak tariff expense across the two years, our quarterly reported tariff expense in the first quarter and second quarter of '26 will be at their peak.

朱利安，問得好。當然，展望 2026 年，毛利率會受到許多因素的影響。我認為全年的節奏是這樣的：第一季預計在 30.5% 左右，第二季預計在 30.5% 到 31% 之間，然後下半年，第三季和第四季預計都在 34% 到 35% 之間。而造成這種情況的原因，可能是第四季毛利率達到 33.3% 後，出現了一些意料之外的波動，這確實影響了第一季和第二季。兩年來的關稅支出峰值，我們在 2026 年第一季和第二季的季度報告關稅支出將達到峰值。

And we have the volume deleverage, which was effectively under absorption in the back half of '25 rolling off the balance sheet, affecting both quarters, and that under absorption came from the volume declines associated with tariff pricing. As we said, before as we went into tariff pricing, we were emphasizing margin preservation with our pricing and mitigation actions and service level by keeping that capacity in place, but it does have a deleverage effect as an expense in the first half of the year. And roughly, you can kind of think of those as tariffs are about 100 basis points a quarter or maybe slightly less than that and deleverage is 100 basis points or more than that in the -- in those two quarters.

我們也面臨銷售去槓桿化的問題，這在 2025 年下半年實際上已被吸收，並從資產負債表中剝離，影響了兩個季度，而這種吸收是由於與關稅定價相關的銷售下降造成的。正如我們之前所說，在製定關稅定價時，我們強調透過定價、緩解措施和服務水準來維持利潤率，從而維持產能，但這確實會在今年上半年產生去槓桿效應，成為一項支出。粗略地說，你可以把這些理解為：關稅大約每季增加 100 個基點，或略少於這個數字；而去槓桿化在這兩個季度中增加 100 個基點或更多。

So you're -- between the two of those factors you're losing about 200 basis points a quarter in each of the first and the second quarter, whether you're looking sequentially coming off Q4 or whether you're looking for what would typically be the 200 basis points of margin improvement year over year, it's the same way you look at it. You're both getting affected by tariff expenditure rolling off the balance sheet and volume deleverage rolling off the balance sheet.

所以，由於這兩個因素，你在第一季和第二季每季都會損失大約 200 個基點，無論你是從第四季開始環比觀察，還是從同比觀察通常情況下 200 個基點的利潤率改善，都是同樣的道理。你們倆都受到了關稅支出從資產負債表上消失和銷售去槓桿化從資產負債表上消失的影響。

The good news is we've already got actions underway in the form of tariff mitigation and in the form of production cost reduction as we recalibrate our plants for the volume realities. So we started those actions, as you can imagine in the back part of last year. We accelerated them in the fourth quarter. We'll continue with tariff mitigation throughout the year, but that's pacing well, and we'll do a bit more capacity resizing in the early part of this first quarter.

好消息是，我們已經採取了一系列措施，包括關稅減免和降低生產成本，同時調整工廠以適應實際產量。所以，正如你所想，我們在去年下半年開始了這些行動。我們在第四季加快了他們的步伐。我們將繼續在全年採取關稅緩解措施，目前進展順利，我們將在第一季初進行一些產能調整。

So by the time we get through with the first half, we'll kind of have neutralized those headwinds. And therefore, that expansion in the back half becomes much more manageable because we've rightsized plant capacity. We've accelerated tariff mitigation in the launching off point for the back half, means that those back half year-over-year margin improvements are much like our annual continuous improvement, and we have the plans in place to deliver those.

所以，等我們完成上半程的時候，我們就能基本消除這些不利因素了。因此，後半部的擴建變得更加容易管理，因為我們已經合理調整了工廠產能。我們在下半年啟動階段加快了關稅緩解措施，這意味著下半年同比利潤率的改善與我們年度持續改善非常相似，而且我們已經制定了實現這些目標的計劃。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

I just wanted to pick up maybe on the tariff mitigation measures, Chris. It doesn't sound like price is part of that. And I'd just like you to touch on the fact that you mentioned consumers are a bit more promotional sensitive. So maybe just address the price elasticity as part of this question. But I'm more interested really in the tariff mitigation and the measures you're taking around supply chain and other factors to USMCA to mitigate those tariffs.

克里斯，我只是想了解關稅緩解措施的情況。聽起來價格似乎與此無關。我想請您談談您剛才提到的消費者對促銷活動更加敏感這一點。所以或許只要在這個問題中討論價格彈性。但我更感興趣的是關稅緩解措施，以及你們為緩解美墨加協定中的供應鏈和其他因素所採取的措施。

Sure, Nigel. Nice hearing from you as always. So I'll start with the tariff mitigation. And just to make sure I re-baseline everybody, is that we started with the premise, as Pat said, that we're going to continue to emphasize the service levels for our customers, which we've done very well. We're actually at all-time highs right now from recent history, as well as making sure that through mitigation and pricing actions, we would be covering margin and cash going forward.

當然可以，奈傑爾。很高興一如既往地收到你的來信。那麼，我先從關稅緩解措施說起。為了確保我重新明確每個人的基準，我想說，正如 Pat 所說，我們一開始的前提是，我們將繼續強調為客戶提供的服務水平，而我們在這方面做得非常好。實際上，我們目前的水平正處於近期歷史最高水平，同時我們也在確保透過緩解和定價措施，確保未來的利潤率和現金流。

If we start with the specific operational mitigation plans, I think you're referencing, recall that rough order of magnitude, we were importing about 20% of -- a little bit less than 20% of our volume for North America sale from China. And we had talked about by the end of this year, 2026, largely being out of China for US consumption, less than 5%. Those actions are a multiple of actions, whether it was transferring from China to North America whether it was taking dual-qualified SKUs and starting the production in North America versus exclusively in China. And we are pacing ahead of those mitigation transfers vis-a-vis what our plan was.

如果我們從具體的營運緩解計劃開始，我想你指的是這個計劃，回想一下大致的數量級，我們向北美銷售的產品中，大約有 20%——略低於 20% 的產品是從中國進口的。我們曾討論過，到今年年底（2026 年），美國消費的中國產品將大幅減少，佔不到 5%。這些行動是多項行動的組合，無論是將生產從中國轉移到北美，還是將雙重認證的 SKU 投入北美生產，而不是完全在中國生產。而且，我們在緩解措施轉移方面比我們原計劃進展得更快。

So we are comfortably on a glide path and actually a little bit ahead of the glide path in order to be at that level of essentially being out by the end of the year. So that's that. I would just be remiss to say that in all of this, the amount of work that the team has done to get us ahead of the game is really admirable. And as we talked about, when Pat said a little bit of the capacity rolling off, a part of that is intentional because as you can imagine, as we're moving production around the world, we want to make sure that we have the appropriate amount of capacity to receive that in locations, and we'll start to be able to study that as we go.

因此，我們目前進展順利，實際上還略微領先於預期，以便在年底前達到基本完成目標的水平。事情就是這樣。如果我不說團隊為使我們取得領先地位所做的工作真的令人欽佩，那就太失職了。正如我們之前討論過的，帕特提到產能略有下降，這其中一部分是故意的，因為你可以想像，隨著我們將生產轉移到世界各地，我們希望確保我們在各地擁有足夠的產能來接收這些產能，我們將在推進過程中開始研究這個問題。

Secondarily, on USMCA, I had previously said that we started at less than a third of our products that were USMCA qualified. And we said that in the medium term, we saw no reason that we would not be able to be at or around industry averages for what that USMCA qualified percentage of imports would look like for a company, an industrial company such as ourselves. We actually are making great progress in that area, and we see absolutely no barrier to be at or maybe slightly above what that industry average would be. And we're pacing once again, ahead of making that.

其次，關於美墨加協定，我之前說過，我們最初只有不到三分之一的產品符合美墨加協定的要求。我們表示，從中長期來看，我們認為沒有理由不能達到或接近行業平均水平，即符合美墨加協定規定的進口百分比對於像我們這樣的工業公司來說意味著什麼。我們在這方面確實取得了很大的進步，我們認為完全沒有障礙可以達到甚至略高於行業平均。我們再次踱步，為達成目標做準備。

I think we had talked about that being in an 18-month to two-year time frame. We're pacing nicely ahead of that right now. So the operational mitigation is going very strong, and we actually feel that that is a big part of what we'll be able to continue to do to deliver -- continue to deliver the margin expansion that Pat referenced.

我想我們之前討論過，這大概需要 18 個月到兩年的時間。我們目前的進度遠遠領先於預期。因此，營運緩解措施進展非常順利，我們實際上認為這是我們能夠繼續實現 Pat 所提到的利潤率擴張目標的重要組成部分。

I think that you asked a little bit about the volume in 4Q, as well as what that means from a pricing perspective. So I would just say, if I think about 4Q and what we saw, I think there's a couple of things in there, Nigel. One would be that there was certainly in the market and I think specifically in North American in retail, and this is, I think, a common thread that we've seen in a lot of different people's releases. It was just a softer market backdrop.

我想你問了一些關於第四季銷售的問題，以及從定價角度來看這意味著什麼。所以我想說，如果我回顧第四季度以及我們所看到的情況，我認為其中有幾點值得注意，奈傑爾。一方面，市場上肯定存在這種情況，我認為尤其是在北美零售市場，我認為這是我們在許多不同人士的產品發布中看到的共同點。當時的市場環境較為疲軟。

Secondarily, that in that environment in our industry in particular, as you think about the pricing actions that have been taken, we saw a particularly noted sensitivity -- in pricing sensitivity in the opening price point products and brands. And an example of that, Nigel would be our cleaning and vacuum business and our Black & Decker branded portfolio, which are both reported in our power tool results.

其次，在我們所處的產業環境中，尤其是在考慮已採取的定價措施時，我們發現了一種特別明顯的敏感度——對入門級價格點產品和品牌的定價敏感度。奈傑爾，舉個例子來說，我們的清潔和吸塵器業務以及我們的 Black & Decker 品牌產品組合就是如此，這兩項業務都在我們的電動工具業績報告中有所體現。

Those are on that line where people are looking at, should I be trading down and what is the right value that I should be taking a look at. So that is where we have a look at making sure that we understand, are we appropriately making the price volume margin trade-offs in those OPP type of products, and we're working through those plans as we speak there. And then secondarily, yes, it was -- we saw more consumers and buyers looking for promotions. And I think that, that would be expected in an environment like this. And we will continue to tweak and modify our promotional assortment and promotional plans as we go forward to adjusted.

人們都在思考，我是否應該降級交易，以及我應該關注的合理價值是什麼。所以，我們需要仔細研究一下，確保我們理解，對於這類 OPP 產品，我們是否在價格、銷售和利潤率之間做出了適當的權衡，而我們現在正在研究這些計劃。其次，是的，確實如此——我們看到越來越多的消費者和買家在尋找促銷活動。我認為，在這種環境下，出現這種情況是意料之中的。我們將繼續調整和修改我們的促銷產品組合和促銷計劃，以適應未來的變化。

These are minor types of issues that we understand what's going on, and we have the actions in place to address them. And they are around the edges to be sure. Because if I just bring back once again and reiterate where we started in saying we wanted to make sure that we are pricing and mitigating for preserving our margin to make sure that we had the right margin structure for long-term investment and growth of our core brands, that's where we are, and we've accomplished that very nicely.

這些都是一些小問題，我們了解問題所在，並且已經採取了相應的措施來解決。它們確實位於邊緣地帶。因為如果我再次回顧並重申我們最初的想法，即確保我們的定價和緩解措施能夠維持我們的利潤率，從而確保我們擁有合適的利潤結構，以進行長期投資並促進我們核心品牌的成長，這就是我們目前所處的位置，而且我們已經很好地實現了這一點。

And we also said that we expected a level of volatility as all of this plays out, and we're seeing that now. And I would expect that volatility to continue to play out because candidly, there has been a large shock put into our industry and people are adjusting their promotional approaches as we go in a post-tariff pricing world. And even right now, as we continue, as we speak, more pricing is going into the market from different members of the competitive set.

我們也說過，我們預期這一切發展過程中會出現一定程度的波動，而現在我們看到了這一點。我預期這種波動性還會持續下去，因為坦白說，我們的產業受到了巨大的衝擊，在後關稅時代的定價機制下，人們正在調整他們的促銷策略。甚至就在我們繼續交談的此刻，市場上又有更多來自不同競爭對手的定價資訊湧入市場。

So I think that this will continue to monitor and adjust around the edges where necessary. But we're very happy with where we are, and we're very confident that we understand the issues from a pricing perspective and that we're right on where we wanted to be from executing the strategy that we laid out from the very beginning of this episode.

所以我認為我們會繼續監測，並在必要時進行一些調整。但我們對目前的狀況非常滿意，並且非常有信心，我們已經從定價的角度理解了相關問題，並且我們執行了從本期節目一開始就制定的戰略，正朝著我們想要的方向前進。

Tim Wojs, Baird.

提姆·沃伊斯，貝爾德。

Chris, I had a follow-up on that question and then just my question. So the follow-up is the tweaks that you're making to some of the promotional cadences and price points and things. Is that really more of a reaction to what the consumer and how they're reacting to price? Or is it more competitive? So that's my follow-up question.

克里斯，我還有一個關於那個問題的後續問題，然後我又問了我自己的問題。所以後續工作就是對一些促銷節奏、價格點等方面進行調整。這真的更反映了消費者對價格的反應嗎？還是競爭更加激烈？這是我的後續問題。

And then the question I have is just on volume. You do kind of expect -- it does seem like you kind of expect volume to start to improve at some point in 2026. How much visibility, I guess, do you have to that? And any specific share gains that you could kind of talk about outside of just having some easier volume comps as you're going to work through the year?

那麼，我的問題就只是關於音量的問題了。你似乎確實會預期——看起來你似乎會預期銷量在 2026 年的某個時候開始好轉。我想，你對這件事的了解程度如何？除了銷售量年比數據相對容易成長之外，您能否談談今年還有哪些具體的市佔率成長點？

Yeah. Tim, thank you. It's great to hear from you. I would just start by saying that everything that we do is going to be in response to what we see our end users and our buyers and our customers' doing. And I think it's -- obviously, there's a byproduct of what the competitive set is doing. But we are looking at our core end users and customers by segment. And these are tweaks around the edges that you would expect to modify as we go forward. And I think that I can't completely tease the two apart because as I said, right now, there are still pricing actions being taken in the market by the competitive set. And obviously, we'll keep that as a part of what we monitor as we make the modifications.

是的。提姆，謝謝你。很高興收到你的來信。首先我想說的是，我們所做的一切都是為了回應我們的最終用戶、買家和客戶的行為。我認為這顯然是競爭格局所作所為的副產品。但我們正在按細分市場分析我們的核心終端用戶和客戶。這些只是一些細微的調整，隨著我們不斷推進，我們預計還會進行修改。我認為我無法將這兩者完全區分開來，因為正如我所說，目前市場上的競爭對手仍在採取定價策略。顯然，我們會將此作為我們進行修改時監控的指標之一。

Now as it relates to the promotional question you asked, these are things that are -- they're normal. They're normal course of business as you think about how you set up your promotional plans and there are normal modifications that we go through on an annual basis. I think what is different is that because we have gone through a step function change in pricing, getting those levels dialed in to understand exactly where our models say that we're getting the absolute optimal trade-off between the volume and the margin, we're just working through those in certain highly sensitive SKUs, but there are minor adjustments for us to make going forward. And we're once again just reiterate we're confident that we're on the path to being to do so. And it will be those -- those things will be able to be in place going into Q2, and we'll probably see them in Q2 and Q3.

至於你問的促銷問題，這些都是──都是正常的。這些都是正常的業務流程，就像你在考慮如何制定促銷計劃一樣，而且我們每年都會進行一些正常的修改。我認為不同之處在於，由於我們在定價方面經歷了階躍式變化，我們需要調整這些水平，以準確了解我們的模型表明，在銷售和利潤之間取得絕對最佳平衡點的位置，我們正在針對某些高度敏感的 SKU 進行調整，但未來我們還需要進行一些細微的調整。我們再次重申，我們有信心走在實現這一目標的道路上。這些事情——這些事情將在第二季到位，我們可能會在第二季和第三季看到它們。

From a volume perspective, I'd say that the most encouraging thing that we see is that through all of this, we have continued to see a very strong professional market. And our professional channels and construction and industrial channel was a nice growth generator in Q4, and we see that continuing. And as we get the different kind of -- opening price point branded type of work done in the retail segment, as well as our promotional line, underlying momentum that we're seeing there, I think, is going to be a nice -- it's a nice indication that the overall strategy that we've laid out is actually paying dividends and will continue to grow. So yeah, there would be nice indications underlying that we see the volume opportunity for 2026.

從交易量來看，最令人鼓舞的是，儘管經歷了這一切，我們仍然看到一個非常強勁的專業市場。我們的專業管道以及建築和工業通路在第四季度實現了良好的成長，我們預計這一趨勢將持續下去。隨著我們在零售領域開展不同類型的——入門級品牌產品工作，以及我們的促銷系列，我們看到的潛在成長勢頭，我認為這將是一個很好的跡象，表明我們制定的整體策略實際上正在產生回報，並將繼續增長。所以，是的，種種跡象表明，2026 年的銷售將迎來成長機會。

Chris Snyder, Morgan Stanley.

克里斯‧史奈德，摩根士丹利。

If we -- you guys talked a couple of quarters ago about an expectation that the tariff-related price increases on the industry would maybe have like a one-for-one elasticity on volume. If we look over the last three quarters, it seems like the elasticity has been more significant than that. The volume declines have been steeper than the price increases.

如果我們——你們幾個季度前討論過，預計關稅相關的行業價格上漲可能會對銷售產生一對一的彈性。如果我們回顧過去三個季度，就會發現彈性似乎比這更為顯著。銷量下降幅度大於價格上漲幅度。

So I guess, is that just a function of some of the soft consumer backdrop that we've talked about? Could it be a function of maybe something STANLEY-specific and maybe that could change as competitors push more price in '26 per some of the earlier conversation. But just any color on that? And what could maybe cause that to get better over the next 12 months?

所以我想，這是否只是我們之前討論過的一些軟性消費環境因素？這會不會是 STANLEY 特有的某種因素造成的？也許隨著競爭對手在 2026 年加大價格壓力（正如之前的一些討論中提到的），這種情況會有所改變。但任何顏色都可以嗎？那麼，未來 12 個月內，有什麼因素可能會讓情況好轉呢？

Yeah, Chris. That's certainly our expectation as we went into this pricing dynamic, which started in the second quarter. And for the first two quarters, our overall results were very much in line with that expectation. I mean, you could tell by the results we reported in the fourth quarter, we did see an elasticity that was greater than that one-for-one level. And consistent with some of the points Chris made in the last couple of questions, I said, we see that heightened sensitivity was really concentrated in opening price points and a few promotional areas.

是的，克里斯。這當然是我們在進入這種定價動態時所預期的，這種動態從第二季開始。前兩個季度，我們的整體業績與預期基本相符。我的意思是，從我們在第四季度公佈的業績可以看出，我們確實看到了大於 1:1 的彈性水平。正如克里斯在前幾個問題中提到的一些觀點一樣，我說，我們看到，高度敏感的現象主要集中在開盤價和一些促銷領域。

And as we expected all along on this journey because we and other players in the industry, both manufacturers and retailers took prices at very different time points in very different manners, that we'd all be adjusting along the way, and there'll be some choppiness along the way. And we think the fourth quarter was an indication of that choppiness.

正如我們一路以來所預料的那樣，因為我們和業內其他參與者，包括製造商和零售商，在非常不同的時間點以非常不同的方式定價，所以我們都會在此過程中進行調整，並且在此過程中會出現一些波動。我們認為第四節的表現就反映了這種波動性。

We probably have another at least first quarter to go of some of that choppiness. But we think with very manageable and modest adjustments to promotional rhythms and levels and a few targeted opening price points in some nonstrategic brands that we get back into that 1:1 zone is our expectation. We think that's very much within the manageable boundaries of all the things we're navigating during the tariff jolt that's impacted the industry.

我們可能至少還要經歷一個季度左右的波動。但我們認為，透過對促銷節奏和水平進行非常可控和適度的調整，以及對一些非策略品牌設定一些有針對性的初始價格點，我們就能重回 1:1 的市場水平，這是我們的預期。我們認為這完全在關稅衝擊對整個產業造成的影響範圍內，而這完全在我們所要處理的所有事情的可控範圍內。

David McGregor, Longbow Research.

David McGregor，Longbow Research。

This is [Joe Nolan] on for David. You guys talk about being focused on paying down debt after selling the aerospace fastener business. But can you just talk about plans to invest in growth in the CRAFTSMAN and STANLEY brands? And just -- or you expect to see share gains there and margin improvement in these brands in 2026? And just along with that, if we see the DIY space remain a little bit softer, just how much progress you can make in those spaces?

這是喬諾蘭為大衛解說。你們說在出售航空航太緊固件業務後，將專注於償還債務。但您能否談談對 CRAFTSMAN 和 STANLEY 品牌進行成長投資的計劃？那麼——或者說，您預計這些品牌在 2026 年的市佔率和利潤率都會有所提高？同時，如果我們看到 DIY 領域仍然比較溫和，那麼在這些領域你能達到多大的進步呢？

Yeah, I'll start and give you kind of some of the financials, and then I'll let Chris talk about some of the things going on with the STANLEY and the CRAFTSMAN brand, which we're very excited about, and we do expect to see sales inflections in both of those brands this year 2026.

好的，我先來給大家介紹一些財務數據，然後讓克里斯談談STANLEY和CRAFTSMAN品牌的一些最新動態，我們對此感到非常興奮，並預計這兩個品牌在2026年將迎來銷售增長。

From a pure financial framework, as we stated on the call, we'll get the proceeds from this transaction and pay down debt and get very much at or below the 2-point times debt to EBITDA threshold. We certainly plan to persist a growing dividend but that should still result in additional capital flexibility that we probably more likely been biased to pursue share repurchases as the next quarter of call. As it pertains to investments in the brands, we certainly in 2026, expect to be making an incremental $75 million to $100 million greater investments in the brands versus 2025. And you see our SG&A for the year will be up somewhere in that $90 million to $100 million range. And what's happening inside of SG&A is the brand investment is going in, but we continue with SG&A efficiencies elsewhere.

從純粹的財務角度來看，正如我們在電話會議上所說，我們將從這筆交易中獲得收益，償還債務，並將債務與 EBITDA 的比率控制在 2 倍或更低的水平。我們當然計劃繼續提高股息，但這仍將帶來額外的資本靈活性，因此我們可能更傾向於在下一季進行股票回購。就品牌投資而言，我們預計到 2026 年，對品牌的投資將比 2025 年增加 7,500 萬美元至 1 億美元。因此，我們今年的銷售、管理及行政費用（SG&A）將在 9,000 萬美元至 1 億美元之間。銷售、一般及行政費用 (SG&A) 內部正在發生的情況是，品牌投資正在進行，但我們在其他方面繼續提高 SG&A 效率。

So elsewhere, the efficiencies are offsetting the things like merit and benefit inflation and offsetting some of the overhead that gets stranded with CAM. And that just leaves our year-over-year SG&A cadence really reflecting the incremental investment in the business. But we don't see the investment in the business going beyond that kind of incremental $75 million to $100 million in 2026. But Chris can talk a little bit about what's going on with CRAFTSMAN and STANLEY. We've been making investments in those brands over a 24-month plus horizon, and we expect those investments to result in inflection this year.

因此，在其他方面，效率的提高抵消了績效和福利膨脹等因素，並抵消了CAM的一些滯留開支。這樣一來，我們逐年調整的銷售、一般及行政費用水準就真正反映了對業務的增量投資。但我們預計到 2026 年，該業務的投資不會超過 7,500 萬美元至 1 億美元。但克里斯可以稍微談談 CRAFTSMAN 和 STANLEY 的近況。在過去 24 個月多的時間裡，我們一直在對這些品牌進行投資，我們預計這些投資將在今年帶來轉機。

Yes. So thanks a lot, Pat. And Joe, great question. What I'd say is that I just take us at the beginning. And if you remember the beginning of the -- when I started talking about this, it was -- we made the conscious decision to start having our investment towards DEWALT out of the gate. It was in the professional segment, greater scale, as well as the most. But we thought clear quick payback on those quickly following that, we started, as Pat said, in the last 24 months ago to then layer in incremental investments in both STANLEY, as well as CRAFTSMAN as our other core brands.

是的。非常感謝你，帕特。喬，問得好。我想說的是，我先從我們開始說起。如果你還記得事情的起因——當我開始談論這件事的時候——我們當時就做出了一個明確的決定，那就是從一開始就對得偉（DEWALT）進行投資。它屬於專業領域，規模更大，也是最多的。但我們認為，緊隨其後的投資能夠迅速獲得回報，因此，正如 Pat 所說，在過去的 24 個月裡，我們開始逐步增加對 STANLEY 和 CRAFTSMAN 這兩個核心品牌的投資。

And specifically, we're going to start to see the fruits of that what we've been putting in for the past 24 months and specifically a lot over the last 12 months as we come into this year, and we'll continue to invest. So let me give a little bit of color to that. I would say that from a product perspective, CRAFTSMAN and STANLEY are going to see the -- some of their largest new product launches from a quantity perspective, in certainly recent history as we're launching a large suite of CRAFTSMAN V20 products in 2026, as well as we've talked about before, we've put in a lot of work into redefining and refreshing the STANLEY lineup.

具體來說，隨著今年的到來，我們將開始看到過去 24 個月，特別是過去 12 個月所投入的成果，我們將繼續投資。那麼，讓我來補充一些細節。從產品角度來看，CRAFTSMAN 和 STANLEY 將迎來近年來最大的新產品發布，從數量上看，這無疑是近年來最大的。我們將在 2026 年推出一系列 CRAFTSMAN V20 產品，正如我們之前所討論的，我們也投入了大量精力來重新定義和更新 STANLEY 產品線。

And that is now coming in as we speak right now in the lineup of being launched into our channel -- with our channel partners. And we're very excited about the opportunities and what we see there. And I think that's going to be a nice inflection point that we can see coming. Secondarily, with those brands, and I'll talk about STANLEY specifically, for example, which the majority of STANLEY sales are outside the U.S. and we have been putting in dedicated sales and feet on the street for that STANLEY brand, specifically in the European hand tools market that we are seeing pay dividends.

而就在我們說話的此刻，這些內容正透過我們的通路夥伴陸續推出到我們的頻道中。我們對這些機會以及我們所看到的景象感到非常興奮。我認為這將是我們能夠預見的重要的轉捩點。其次，對於這些品牌，我以 STANLEY 為例，具體來說，STANLEY 的大部分銷售額都來自美國以外，我們一直在為 STANLEY 品牌投入專門的銷售人員，尤其是在歐洲手動工具市場，我們看到這些投入正在獲得回報。

And as we continue to build demand in shelf space, in what is a very professional market in Europe for those products. And we see that being something that will continue to pay off. And we've started to see certainly the inflection already. And then from an activation standpoint, I would say that we are going to be this year really amping up our efforts in social spend, we're going to be spending at or above what I think is the highest level we've done in the history of this company and those brands.

隨著我們不斷增加對貨架空間的需求，歐洲對這些產品而言是一個非常專業的市場。我們認為這樣做會持續帶來回報。我們已經開始看到這種轉變的跡象了。從行銷活動的角度來看，我認為我們今年將加大在社群媒體方面的投入，我們的投入將達到甚至超過公司和這些品牌歷史上的最高水準。

So we're very excited about the progress, obviously, that we've been talking about, and we've seen the results on in DEWALT and I would anticipate seeing that this year, probably STANLEY will be a little sooner than CRAFTSMAN, we'll see CRAFTSMAN inflect in the back half of the year as well. But we're really excited about what we have. And there are tangible things that are -- have been in progress for a couple of years that are now being launched in the marketplace.

所以，我們對我們一直在談論的進展感到非常興奮，顯然，我們已經在 DEWALT 上看到了成果，我預計今年 STANLEY 可能會比 CRAFTSMAN 早一些，我們也會在下半年看到 CRAFTSMAN 的進展。但我們對我們所擁有的感到非常興奮。還有一些實實在在的東西──已經研發了好幾年，現在正陸續推向市場。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

Question is a little bit about margin trajectory and just drivers beyond '26. I wonder if you can comment on what your rate of inflation, your natural rate of inflation is running. Does productivity fully offset that? And so kind of margin gains from here are price led? Is the idea that the 3% productivity will give you tailwinds versus your cost structure? I'll stop there.

這個問題有點關乎利潤率走勢，以及2026年以後的驅動因素。我想請你們談談貴國的通貨膨脹率，也就是你們的自然通貨膨脹率是多少。生產力提升能否完全抵銷這項損失？所以，從現在開始的利潤成長是由價格驅動的嗎？3% 的生產力提升能否對你的成本結構帶來有利影響？我就說到這裡吧。

Yeah, Rob, good question. I'd say beyond '26, as I think both Chris and I mentioned in the opening comments, we're pursuing gross annual savings roughly in the ballpark of 3% of our cost structure, which is, call it, $300-ish million in that ZIP code. Those are gross savings. And every year, you get a manner of wage and benefit inflation inside of our COGS cost structure, plus you get materials inflation and deflation that tends to be kind of net inflationary predominantly driven by metals. I'd say that that leaves you with usually a net savings after inflation in the $100-ish million range, which allows you to make choices on incremental margin expansion and/or investment in the brands.

是的，羅布，問得好。我想說，從 2026 年之後，正如我和 Chris 在開場白中提到的那樣，我們追求每年節省成本，目標約為成本結構的 3%，也就是，在這個郵政編碼區域內節省大約 3 億美元。這些是總節省額。每年，我們的銷售成本結構中都會出現工資和福利上漲，此外，材料價格也會上漲或下跌，這往往會導致淨通膨，主要受金屬價格上漲的影響。我認為，扣除通貨膨脹後，這通常會為你帶來大約 1 億美元的淨節省，這使你可以選擇逐步擴大利潤率和/或投資品牌。

And I'd say that's kind of our structure going forward. And we'll manage SG&A relative to overall volumes. So we'll manage SG&A up and down with the volumes in the business. And I'd say our pricing in the business will be -- will be driven by innovation and brand building that can be in place, should material inflation get outside of any kind of normal band. But I'd say that's our margin algorithm going forward that you should expect pricing to be something when you get high side margin or material inflation rather or things like tariffs that it self-help inside of COGS elsewhere and that we kind of manage SG&A to deal with volume versus SG&A inflation.

我認為這就是我們未來發展的大致架構。我們將根據整體交易量來控制銷售、管理及行政費用。因此，我們將根據業務量上下調整銷售、管理及行政費用。我認為，我們公司的定價將由創新和品牌建設驅動，以應對材料通膨超出正常範圍的情況。但我認為，這就是我們未來的利潤演算法，你應該預期，當利潤率較高或材料通膨，或者像關稅之類的因素在銷售成本中起到自我調節作用時，價格就會有所變化，而我們會透過管理銷售、一般及行政費用來應對銷量與銷售、一般及行政費用通膨之間的關係。

Eric Bosshard, Cleveland Research Company.

埃里克·博沙德，克利夫蘭研究公司。

I think I understand strategically what you're talking about in terms of managing pricing and promotion through the first half in order to get better volume. You also talked about some price increases in 4Q and competitors raising price in 1Q. And so I guess what I'm trying to really understand is how pricing behaves, 1Q, 2Q and into the back half, do you sustain the current level of price? Do you get more price? Do the tweaks mean you end up getting less price? Just trying to figure out how that behaves in 1Q, 2Q; and 2Q, and [two half].

我想我從策略上理解了你所說的，即透過管理上半年的定價和促銷來獲得更好的銷售。您還提到了第四季度的一些價格上漲以及競爭對手在第一季漲價的情況。所以我想真正了解的是，定價機制在第一季、第二季以及下半年是如何運作的，能否維持目前的價格水準？你能拿到更高的價格嗎？這些調整是否意味著最終價格會更低？我只是想弄清楚它在第一季、第二季以及第二季的表現如何。[兩半]。

Yes, Eric. I don't know that I know it intimately by quarter. I would say for the full year, enterprise-wide, we would expect pricing in the range of plus 2%. It's -- for the most part, the carry in with the absorption of -- kind of modest changes to promotions and OPP that are baked within that 2% pricing. Obviously, most of that's going to come in the first half of the year. I don't know it precisely by first quarter versus second quarter, but mostly that's going to come in the form of positive pricing. In the first and second quarter, I would assume, dominated by the first quarter since we started our pricing in the second quarter of last year and then be relatively flattish, the third and the fourth quarter.

是的，埃里克。我不知道我是否對它非常了解。我認為，就全年而言，企業整體價格預計會在上漲 2% 左右。在很大程度上，這主要是由於 2% 的價格調整中包含了促銷和 OPP 的一些適度變化。顯然，大部分工作將在今年上半年完成。我無法精確區分第一季度和第二季度，但主要反映在價格上漲方面。第一季和第二季度，我估計會以第一季為主，因為我們是從去年第二季開始定價的，然後第三季和第四季會相對穩定。

Thank you, everybody, for those questions. We would like to thank you for your time and participation on today's call. If you have any further questions, please reach out to me directly. Have a good day.

謝謝大家的提問。感謝您抽空參加今天的電話會議。如果您還有其他問題，請直接與我聯絡。祝你有美好的一天。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。