史丹利百得 (SWK) 2026 Q2 法說會逐字稿

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

歡迎參加 Stanley Black & Decker 第二季財報電話會議。我是 Shannon，將擔任今天會議的接線員。(接線員指示) 請注意，本次電話會議將被錄音。

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

現在我將把電話交給投資人關係副總裁 Michael Wherley。Wherley 先生，您可以開始了。

Good morning, everyone, and thanks for joining us for our second quarter earnings call. With us today are Chris Nelson, President and CEO; and Patrick 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.

各位早安，感謝各位參加我們的第二季財報電話會議。今天與會者包括總裁暨執行長 Chris Nelson，以及執行副總裁、財務長兼首席行政長 Patrick Hallinan。我們今天稍早發布的財報新聞稿，以及我們將引用的補充簡報，皆可於本公司網站投資人關係（IR）專區取得。今天網路直播的重播也將於美東時間上午 11:00 左右開始提供。

This morning, Chris and Pat will review our second quarter results along with our updated outlook for 2026, followed by a Q&A session.

今天上午，Chris 與 Pat 將回顧我們第二季業績，以及更新後的 2026 年展望，隨後進行問答環節。

During today's call, we will be making some forward-looking statements 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 actual results may differ materially from any forward-looking statements that we might make today.

在今天的電話會議中，我們將根據目前觀點發表若干前瞻性陳述。此類陳述係基於對未來事件的假設，而這些事件未必會準確發生，因此涉及風險與不確定性。因此，我們今天所做的任何前瞻性陳述，實際結果皆可能與之存在重大差異。

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 filings. Additionally, we will also discuss non-GAAP financial measures during the call.

我們請各位參閱我們隨新聞稿一併提交的 8-K 文件，以及我們最近的《1934 年證券交易法》（'34 Act）申報文件中的警示性聲明。此外，我們也將在本次電話會議中討論若干非 GAAP 財務衡量指標。

For applicable reconciliations to the related GAAP financial measures and additional information, please refer to the appendices in today's earnings release and supplemental presentation.

有關與相關 GAAP 財務衡量指標之適用調節表及其他資訊，請參閱今日財報新聞稿與補充簡報的附錄。

I'll now turn the call over to our President and CEO, Chris Nelson.

現在我將把電話交給我們的總裁暨執行長 Chris Nelson。

Thank you, Michael, and thank you all for joining us today. Stanley Black & Decker delivered a solid second quarter. Through disciplined execution of our strategy, we are delivering profitable organic growth and remain on track to achieve full year sales and margin targets.

謝謝你，Michael，也感謝各位今天與會。Stanley Black & Decker 第二季表現穩健。透過嚴謹執行我們的策略，我們正實現具獲利性的有機成長，並持續朝達成全年營收與利潤率目標邁進。

We are confident in our strategy and in the team's ability to continue to execute and deliver results. Total revenue for the second quarter was in line with prior year and up 3% organically. This was slightly ahead of our expectations, driven primarily by volume strength in the US across both retail and the commercial and industrial channels within Tools & Outdoor.

我們對自身策略以及團隊持續落實執行並交付成果的能力充滿信心。第二季總營收與去年同期持平，有機成長 3%。此表現略優於我們的預期，主要由 Tools & Outdoor 事業中，美國零售通路以及商用與工業通路的銷量強勁所帶動。

Our adjusted gross margin rate of 33.7% was up 620 basis points year-over-year, largely supported by gross productivity and product mix. We also received tariff refunds during the second quarter, which contributed to adjusted gross margins.

我們的調整後毛利率為 33.7%，年增 620 個基點，主要受惠於毛利生產力提升與產品組合改善。我們也在第二季收到關稅退稅，對調整後毛利率有所貢獻。

We will use tariff refunds to accelerate growth investments, and we have incorporated the net impact within the revised EPS and cash flow guidance that we will outline today. Second quarter adjusted gross margins included a benefit of approximately 250 basis points from these net tariff refunds.

我們將運用關稅退稅加速成長投資，並已將其淨影響納入我們今天將說明的修訂後 EPS 與現金流指引中。第二季調整後毛利率包含上述關稅退稅淨額帶來約 250 個基點的助益。

Adjusted EBITDA margin of 11.3% was up 320 basis points year-over-year, slightly ahead of our planning assumptions for the period. Adjusted earnings per share were $1.57, $0.37 above the midpoint of our guidance range. Below the line items contributed about $0.20 and net tariff refunds contributed about $0.17.

調整後 EBITDA 利潤率為 11.3%，年增 320 個基點，略優於我們對本期間的規劃假設。調整後每股盈餘為 1.57 美元，較我們指引區間中點高出 0.37 美元。線下項目貢獻約 0.20 美元，關稅退稅淨額貢獻約 0.17 美元。

Pat will discuss this in more detail as well as our underlying guidance assumptions for the balance of the year. Following the sale of our aerospace fasteners business early in the quarter, we were able to deploy those proceeds plus additional operating cash flows to pay down debt by $1.7 billion and buy back 3.2 million SWK shares for $250 million.

Pat 也將就此進一步說明，並闡述我們對今年剩餘期間的指引假設。在本季初完成出售航太緊固件業務後，我們得以運用該等出售所得加上額外的營運現金流，將負債降低 17 億美元，並以 2.5 億美元回購 320 萬股 SWK 股票。

We are continuing to advance our strategy with a focused portfolio, balance sheet strength and a thoughtful approach to capital allocation. Our priorities remain to invest in growth, support the dividend, repurchase shares and pursue M&A if and when appropriate.

我們持續以聚焦的投資組合、強健的資產負債表，以及審慎的資本配置方式推進策略。我們的優先事項仍是投資成長、支持股利、回購股票，並在適當時機進行併購（M&A）。

Turning to second quarter operating performance by segment. I'll start with Tools & Outdoor. Second quarter revenue was approximately $3.6 billion, up 3% year-over-year. Organic revenue was also up 3%, comprised of 3% volume growth from strong demand generation and flat pricing versus the prior year. Currency was a 1% benefit in the quarter, which was offset by the impact of the previously announced strategic transition to a licensing model for the gas walk-behind outdoor products.

接著按事業部門說明第二季營運表現。我先從 Tools & Outdoor 開始。第二季營收約 36 億美元，年增 3%。有機營收亦成長 3%，其中 3% 來自強勁需求帶動的銷量成長，價格相較去年持平。匯率在本季帶來 1% 的正面效益，但被先前公告之燃油手推式戶外產品策略性轉型為授權模式的影響所抵銷。

We were encouraged by the organic growth we saw across our three global priority brands, DEWALT, STANLEY, and CRAFTSMAN in the quarter. Supported by well-executed demand generation, Tools & Outdoor second quarter adjusted segment margin was 11.8%, which was up 380 basis points year-over-year. This was predominantly due to net productivity gains and favorable product mix. Net tariff refunds also contributed approximately 150 basis points.

我們對本季三大全球優先品牌 DEWALT、STANLEY 與 CRAFTSMAN 的有機成長感到鼓舞。在需求創造執行到位的支持下，Tools & Outdoor 第二季調整後部門利潤率為 11.8%，年增 380 個基點。此主要歸因於淨生產力提升與有利的產品組合。關稅退稅淨額亦貢獻約 150 個基點。

Now for additional context on the top line performance by product line in the second quarter. Power tools organic revenue increased by 8% and hand tools, accessories and storage organic revenue increased by 2%, which were both driven by strong market activation and global priority brand performance.

接著補充第二季按產品線的營收表現，以提供更多背景。電動工具有機營收成長 8%，手工具、配件與收納有機營收成長 2%，兩者皆由強勁的市場推廣與全球優先品牌表現所帶動。

Outdoor organic revenue decreased 7%, pressured by fewer replenishment orders as a result of weather-related demand softness. As for Tools & Outdoor performance by region, in North America, organic revenue increased 4%. US retail was up mid-single digit as a result of strong demand generation. This includes strength across DEWALT, STANLEY and CRAFTSMAN and improved penetration and presence with channel partners.

戶外產品有機營收下滑 7%，主要受天候相關需求疲弱影響，導致補貨訂單減少。就 Tools & Outdoor 各地區表現而言，北美有機營收成長 4%。美國零售通路因需求創造強勁而呈現中個位數成長。其中包括 DEWALT、STANLEY 與 CRAFTSMAN 的強勢表現，以及與通路夥伴合作下滲透率與能見度的提升。

Momentum across the US commercial and industrial channel accelerated and revenue in this channel grew low double digits in the quarter with the continuation of key investments complementing strong market demand, which I will elaborate on in a moment. North America point of sale in aggregate was broadly consistent with reported home improvement consumer credit card data with strength in power tools and softness in outdoor.

美國商用與工業通路的動能加速，本季該通路營收成長低雙位數；在強勁市場需求之下，關鍵投資持續推進，我稍後將進一步說明。北美整體 POS（銷售點）表現大致與已公布的居家修繕消費者信用卡數據一致：電動工具走強、戶外產品偏弱。

In Europe, organic revenue was down 2%, although growth continued in our prioritized investment markets, including Eastern Europe and Iberia. This was more than offset by challenging market conditions in France and other parts of the region.

在歐洲，有機營收下滑 2%，但我們優先投資的市場仍持續成長，包括東歐與伊比利半島。然而，法國及該區域其他地區的市場環境具挑戰性，抵銷了上述成長。

The Rest of the World organic revenue was up 3%, led by double-digit growth in Latin America with strength driven by innovation and investments in pro channels. Across the rest of the region, there were broad-based contributions, partially offset by pockets of market softness and disruption from the Middle East.

世界其他地區有機營收成長 3%，主要由拉丁美洲的雙位數成長帶動，成長動能來自創新與對專業通路的投資。在該區域其他市場亦有廣泛貢獻，但部分市場的需求疲弱，以及中東地區的干擾，對表現造成部分抵銷。

Turning now to Engineered Fastening. Second quarter revenue was down 18% as the Aerospace Fasteners divestiture reduced revenue by 21%. On an organic basis, the segment grew 3%, with volume contributing 2% to growth and higher pricing contributing 1% Currency was flat.

接著談 Engineered Fastening（工程緊固）。第二季營收下滑 18%，其中航太緊固件業務的剝離使營收減少 21%。以有機基礎計算，該部門成長 3%，其中銷量對成長貢獻 2%，較高定價貢獻 1%；匯率持平。

Organic revenue performance was driven by low single-digit organic growth in Automotive Systems and Fasteners, which outpaced the market as well as broad-based strength across global industrial markets, resulting in high single-digit organic growth for that portion of the business.

有機營收表現主要由 Automotive Systems and Fasteners（汽車系統與緊固件）低個位數的有機成長所帶動，增速優於市場；同時全球工業市場亦呈現廣泛強勁表現，使該部分業務達成高個位數的有機成長。

Adjusted segment margin for Engineered Fastening was 13% in the quarter. Year-over-year expansion of 220 basis points was largely driven by net productivity gains and favorable volume and mix in automotive. Net tariff refunds contributed approximately 50 basis points. Segment margin continues to be favorable on a year-over-year basis.

Engineered Fastening 第二季調整後部門利潤率為 13%。年增 220 個基點，主要由淨生產力提升，以及汽車業務有利的銷量與組合所驅動。關稅退稅淨額貢獻約 50 個基點。部門利潤率在年對年基礎上仍持續呈現有利表現。

In summary, through effective market activation and demand generation and consistent execution of operational cost improvements, we delivered second quarter top line and margin performance for both segments slightly ahead of our expectations, and we are confident in achieving our full year targets.

總結來說，透過有效的市場啟動與需求創造，以及持續落實營運成本改善，我們第二季兩個事業部門的營收與利潤率表現均略優於預期，我們也有信心達成全年目標。

Before I turn to our brand and strategic highlights for the quarter, I want to take a moment to remind everyone of our guiding ambition, and that is to empower our end users to conquer their greatest challenges through groundbreaking solutions and becoming their partner of choice.

在我轉到本季的品牌與策略重點之前，我想先花一點時間提醒大家我們的指導性願景：透過突破性的解決方案，賦能終端使用者克服他們最大的挑戰，並成為他們的首選合作夥伴。

Accomplishing this requires a commitment to quality, agility and innovation. That ambition is shaping how we focus our portfolio, where we invest and how we execute. It is also at the core of the strategic imperatives guiding our company, purposeful brand activation, operational excellence and accelerated innovation.

要達成這一點，需要對品質、敏捷性與創新作出承諾。這項願景正在形塑我們如何聚焦產品組合、在哪裡投資以及如何執行。它同時也是引導公司策略要務的核心：有目的的品牌啟動、卓越營運，以及加速創新。

As we continue to build a world-class branded industrial company, the progress we are making across DEWALT, STANLEY and CRAFTSMAN is a reflection of our strategy in action. Across all three brands, innovation and platforming are helping us to move faster and serve end users more effectively.

在我們持續打造世界級的品牌工業公司之際，我們在 DEWALT、STANLEY 與 CRAFTSMAN 三大品牌上取得的進展，正是我們策略落地的體現。在這三個品牌中，創新與平台化正幫助我們加快速度，並更有效地服務終端使用者。

We are directing investments towards the markets with the best prospects for growth, working together with our channel partners to serve end-user categories where we see the greatest opportunity to activate each of our brands, deepen market penetration and generate attractive returns. And underpinning all of this is our continued focus on operational excellence, which is enabling us to execute with discipline in what remains a geopolitically uncertain environment.

我們正將投資導向最具成長前景的市場，並與通路夥伴協同合作，服務我們認為最有機會啟動各品牌、加深市場滲透並創造具吸引力報酬的終端使用者類別。支撐這一切的是我們對卓越營運的持續聚焦，使我們能在地緣政治仍不確定的環境中，以紀律執行。

I'll start with DEWALT, which continues to lead as our growth engine focused on the Pro. In a world with limited supply of skilled trade labor, our professional end users are looking for solutions that help them to work more productively and with greater confidence while remaining safe. That need is increasingly relevant in nonresidential construction, where the market context is strong, especially in areas like data centers, power generation and prefabrication manufacturing.

我先從 DEWALT 談起，它持續領航，作為我們聚焦專業用戶（Pro）的成長引擎。在熟練技工供給有限的世界裡，我們的專業終端使用者正在尋找能幫助他們更高效、更有信心且同時維持安全的解決方案。這項需求在非住宅建築領域愈發重要，該市場情境強勁，尤其是在資料中心、發電以及預製化製造等領域。

The majority of the professional needs in this space are served through the commercial and industrial distribution channel. Against that backdrop, we expect our US commercial and industrial channel annual sales to approach 10% of total Tools & Outdoor sales in 2026, assuming roughly double-digit organic growth this year.

此領域中多數專業需求是透過商業與工業分銷通路來滿足。在此背景下，假設我們今年有約雙位數的有機成長，我們預期到 2026 年，美國商業與工業通路的年度銷售額將接近工具與戶外（Tools & Outdoor）總銷售額的 10%。

Our ambition for DEWALT is to be the partner of choice for the professional end user. This means serving the full cycle of design, construction and operations for large-scale commercial projects. This is more than a statement or an aspiration. It is the direction that has been guiding our investments to drive demand with the professional, including strong penetration within the US commercial and industrial channel.

我們對 DEWALT 的願景，是成為專業終端使用者的首選合作夥伴。這意味著在大型商業專案中，服務從設計、施工到營運的完整週期。這不僅是一句口號或願望。這一直是引導我們投資方向的準則，用以推動專業用戶端的需求，包括在美國商業與工業通路中的強勢滲透。

Projects predominantly served by this channel represent trillions of dollars of committed capital spending over the next 5 years. The expectations are demanding. The time lines are tight, and the owners and project managers have no tolerance for downtime. To succeed in this type of environment, holistic solutions are required to support our customers and end users every hour of every day. Over the past 2 years, I have spoken about the investments we are making to strengthen our go-to-market capabilities and expand our field presence.

主要由此通路服務的專案，在未來 5 年代表著數兆美元的已承諾資本支出。其要求非常嚴苛。時程緊迫，而業主與專案經理對停機時間零容忍。要在這類環境中成功，需要整體性的解決方案，才能每天每小時支援我們的客戶與終端使用者。過去兩年，我談到我們為強化上市（go-to-market）能力並擴大前線佈局所做的投資。

Let me talk about how that comes to life in the US commercial construction market. We have hired professionals with deep experience in large job site processes and project management and dedicated them full time to specific large construction sites. As project solution managers, their role is to serve as the primary point of contact for the general contractor, ensuring DEWALT shows up as a coordinated partner to support successful project execution. Take a look at slide 6.

我來談談這些如何在美國商業建築市場落地。我們聘用了在大型工地流程與專案管理方面具深厚經驗的專業人士，並讓他們全職投入特定的大型建築工地。作為專案解決方案經理，他們的角色是擔任總承包商的主要聯絡窗口，確保 DEWALT 以協同一致的合作夥伴姿態出現，支援專案順利執行。請看第 6 頁投影片。

The person pictured in the center is one of our DEWALT project solution managers. I spent a day with him recently at a major data center project. Our project solution managers are the central hub of all DEWALT activity happening on a project site. In addition, DEWALT assets and capabilities encompass the commercial construction ecosystem and our approach to full-scale project life cycle solutions.

照片中央的人是我們的一位 DEWALT 專案解決方案經理。我最近在一個大型資料中心專案與他一起待了一天。我們的專案解決方案經理是專案工地上所有 DEWALT 活動的中樞。此外，DEWALT 的資產與能力涵蓋商業建築生態系，並體現在我們對全規模專案生命週期解決方案的做法上。

We always begin with safety and productivity. Our Perform and Protect product line of over 200 end user-oriented solutions are designed to defend against one or more of the following: dust inhalation, loss of torque control and tool vibration without sacrificing the performance that professional end users demand. These safety features are especially important when we are working with the owners and general contractors at the mega construction sites.

我們一向從安全與生產力開始。我們的 Perform and Protect 產品線包含超過 200 項以終端使用者為導向的解決方案，旨在防護下列一項或多項風險：粉塵吸入、扭矩控制喪失，以及工具振動，同時不犧牲專業終端使用者所要求的性能。當我們與超大型建築工地的業主與總承包商合作時，這些安全特性尤其重要。

We support the end-to-end workflow through an integrated hardware and software portfolio. For example, our anchor and fastening solutions are valued by our end users as part of our comprehensive offerings, which span the design, construction and operations of a job site.

我們透過整合的硬體與軟體產品組合，支援端到端的工作流程。例如，我們的錨固與緊固解決方案，作為我們涵蓋工地設計、施工與營運之完整方案的一部分，深受終端使用者重視。

DEWALT construction technology, digital solutions also complement our hardware portfolio and all work together to support a safe, productive and profitable job site. We also partner with local distributors to offer on-site product availability, allowing us to serve the professional end users directly on the job site.

DEWALT 的建築科技與數位解決方案也能補強我們的硬體產品組合，並彼此協同運作，以支援安全、高效且具獲利性的工地。我們也與在地經銷商合作，提供工地現場的產品供應，使我們能在工地直接服務專業終端使用者。

Next is training. We provide on-job site training resources in partnership with the general contractor. We align with the project schedule to provide tailored application-based training for the specific tools and work being done each day.

接下來是訓練。我們與總承包商合作，提供工地現場的訓練資源。我們會配合專案進度，針對每天進行的特定工具與作業，提供量身打造、以應用為基礎的訓練。

We take a 360-degree approach to training and recently launched DEWALT On-Demand, which allows users to scan a QR code on a tool and access multilingual manuals and resources online whenever they need them. To surround and engage with the end user, we have invested in hiring hundreds of trade specialists that work with contractors in the market to ensure that they are familiar with and have access to all DEWALT solutions designed for their particular trade.

我們採取 360 度的訓練方式，並於近期推出 DEWALT On-Demand，讓使用者可掃描工具上的 QR code，隨時在線上取得多語言手冊與資源。為了全方位包圍並與終端使用者互動，我們投資聘用數百位工種專家（trade specialists），在市場上與承包商合作，確保他們熟悉並能取得所有為其特定工種所設計的 DEWALT 解決方案。

We bring the newest innovations to them and help them operate from their fabrication shop to the job site. We have also hired salespeople to call on the distribution channel to ensure that our products and solutions are always available to end users, contractors and job sites.

我們把最新的創新帶到他們面前，並協助他們從加工製造車間一路運作到工地現場。我們也聘用業務人員拜訪分銷通路，確保我們的產品與解決方案始終可供終端使用者、承包商與各工地取得。

Further complementing the Global DEWALT brand strategy, including the efforts of our trade specialists in the field and our sales and distribution resources, our global DEWALT No Quit marketing campaign is ramping up across digital channels and our global influencer network continues. We are seeing indicators that this campaign is having a measurable impact on demand generation.

為進一步配合全球 DEWALT 品牌策略，包括我們前線工種專家的努力，以及我們的銷售與分銷資源，我們的全球 DEWALT「No Quit」行銷活動正在各數位通路加速推進，並持續透過全球影響者網絡擴散。我們看到一些指標顯示，這項活動對需求創造產生了可衡量的影響。

We also invest in trade schools to help build a well-trained workforce. Over the last three years, we have invested $27 million through our DEWALT Grow the Trades program. and we're committed to investing $60 million by 2030.

我們也投資技職學校，以協助培育訓練有素的勞動力。過去三年，我們透過 DEWALT Grow the Trades 計畫投資了 2,700 萬美元，並承諾在 2030 年前投資 6,000 萬美元。

These efforts support the critical need for skilled tradespeople and are also synergistic with our business strategy. At the same time, we work with the owners and developers of mega construction sites to understand where and how they will need skilled tradespeople for future projects. We then bring these learnings back to trade schools to help build, educate and upskill workers for the future.

這些努力支援對熟練技工的關鍵需求，也與我們的業務策略形成綜效。同時，我們與超大型建築工地的業主與開發商合作，了解他們在未來專案中將於何處、以何種方式需要熟練技工。接著我們把這些洞見帶回技職學校，協助為未來培育、教育並提升勞工技能。

Through our full ecosystem approach, DEWALT makes sure the right products are in the hands of well-trained end users at the right time. Taken together, these capabilities and initiatives continue to deepen DEWALT's relevance to help improve safety, productivity and profitability for our end users while strengthening our position as a trusted partner.

透過我們的完整生態系方法，DEWALT 確保在正確的時間，將正確的產品交到受過良好訓練的終端使用者手中。綜合而言，這些能力與倡議持續提升 DEWALT 的相關性，協助改善終端使用者的安全性、生產力與獲利能力，同時強化我們作為可信賴合作夥伴的地位。

It also further reinforces DEWALT's role as a key driver of profitable organic growth. In addition and just as encouraging is the performance across the STANLEY and CRAFTSMAN brands. While there is work ahead, we believe positive organic growth in the second quarter for both brands is an important indicator that the actions we are taking are translating into results.

這也進一步鞏固 DEWALT 作為獲利性有機成長關鍵驅動力的角色。此外，同樣令人鼓舞的是 STANLEY 與 CRAFTSMAN 品牌的表現。儘管前方仍有工作要做，我們認為兩個品牌在第二季實現正向有機成長，是一項重要指標，顯示我們正在採取的行動正轉化為成果。

In the case of STANLEY, a brand revitalization, product refresh and commercial actions are building STANLEY's position in the market and creating a more durable platform for consistent growth over time.

就 STANLEY 而言，透過品牌再造、產品更新與商業行動，正在鞏固 STANLEY 在市場中的地位，並打造更具韌性的基礎平台，以支持長期穩健且一致的成長。

Our international field resources are focused on working closer with channel partners to refresh in-store walls and optimize shelves in ways that help improve sell-through, broaden assortment uptake and strengthen conversion into our brand. Similarly, CRAFTSMAN brand positioning and portfolio expansion is resonating with consumers, and the new V20 advanced batteries have been well received and supported strong V20 platform performance in the quarter.

我們的國際前線資源聚焦於與通路夥伴更緊密合作，更新店內陳列牆面並以有助於提升銷售速度、擴大品類導入、並強化轉換為我們品牌的方式來優化貨架。同樣地，CRAFTSMAN 的品牌定位與產品組合擴張正引起消費者共鳴，而全新 V20 進階電池也獲得良好回響，並在本季支撐 V20 平台的強勁表現。

CRAFTSMAN continues to strengthen its role within our business portfolio with an improving margin profile and a robust product road map, including the wave of new products hitting shelves now and through the balance of the year. There is an exciting runway for continued growth ahead. None of this would be achievable without the commitment of our teams around the world.

CRAFTSMAN 透過改善的毛利結構與強健的產品藍圖，持續強化其在我們業務組合中的角色，其中包括目前已上架以及今年剩餘期間將陸續上架的一波新產品。未來仍有令人振奮的持續成長跑道。若沒有我們全球團隊的投入承諾，這一切都無法達成。

I want to thank them for maintaining a customer-centric approach and for continuing to advance our vision of building a world-class branded industrial company. Their focus, resilience and execution are what make our progress possible.

我要感謝他們始終維持以客戶為中心的做法，並持續推進我們打造世界級品牌工業公司的願景。他們的專注、韌性與執行力，讓我們的進展成為可能。

I will now pass the call to Pat to discuss more detail on the performance in the quarter, to outline our 2026 guidance and to share progress on a few key performance metrics.

接下來我將把電話交給 Pat，請他更詳細說明本季表現、概述我們的 2026 年指引，並分享幾項關鍵績效指標的進展。

Thank you, Chris, and good morning to everyone joining us today. I will start by providing a bit more detail on our adjusted EPS outperformance in the second quarter and then turn to guidance. As Chris noted, second quarter adjusted EPS was $1.57, exceeding the midpoint of our April guidance range by $0.37.

謝謝你，Chris，也向今天加入我們的各位道早安。我將先就第二季調整後 EPS 優於預期的表現提供更多細節，接著說明指引。如 Chris 所提，第二季調整後 EPS 為 1.57 美元，較我們 4 月指引區間中點高出 0.37 美元。

Above-line operating performance was largely in line with our expectations with the outperformance primarily driven by below-the-line items and the net tariff refund benefit. The below-the-line items made up approximately $0.20 of the outperformance, with roughly half of that from discrete tax items, along with lower interest expense and other factors. The tax benefit was purely timing, and we still expect the adjusted tax rate to be at 19% for the full year.

線上（above-the-line）的營運表現大致符合我們的預期；優於預期主要由線下（below-the-line）項目以及關稅退稅淨收益所帶動。線下項目約貢獻 0.20 美元的超預期表現，其中約一半來自一次性稅務項目，另包含較低的利息費用及其他因素。稅務利益純屬時點差異，我們仍預期全年調整後有效稅率為 19%。

Relative to our expectations for 2Q, interest costs came in lower due to strong operational cash flows, which meant less short-term debt on the balance sheet. On a year-over-year basis, interest expense was lower due to the debt reduction following the CAM sale in the quarter.

相較於我們對 2Q 的預期，利息成本較低，原因在於營運現金流強勁，使資產負債表上的短期負債較少。以年對年來看，本季利息費用較低，係因本季完成 CAM 出售後進行了減債。

The remainder of the outperformance came from a net tariff refund benefit in the quarter. This net benefit reflects the Phase 1 tariff refunds we received during the second quarter, partially offset by variable incentive compensation, growth investments and taxes associated with those refunds. While a portion of the costs offsetting the refund landed in 2Q, the remaining portion will flow through in the second half of the year, primarily in the form of incremental growth investments.

其餘的超預期表現來自本季關稅退稅的淨收益。此淨收益反映我們在第二季收到的第一階段（Phase 1）關稅退稅，並部分被與該等退稅相關的變動獎酬、成長投資及稅負所抵銷。雖然部分抵銷成本已在 2Q 入帳，但其餘部分將於下半年反映，主要以額外成長投資的形式呈現。

This is why we are not adding the full $0.17 benefit realized during 2Q to our full year EPS guidance as the incremental investments will be reflected in 3Q and 4Q EPS. But the bottom line is this, tariff refunds provide us with the flexibility to accelerate investment in our strategic growth priorities, and we have already started making such investments in the second quarter.

這也是為什麼我們未將 2Q 已實現的 0.17 美元利益全數加回至全年 EPS 指引，因為相關的增量投資將反映在 3Q 與 4Q 的 EPS 中。但重點是：關稅退稅讓我們更有彈性加速投資於策略性成長優先事項，而我們已在第二季開始進行此類投資。

Now let me talk you through some of the key underlying assumptions embedded in our updated guidance. First, consistent with the prior guidance assumptions, we maintain our view that the new Section 301 tariffs, including those implemented just last week, are likely to be introduced during the next few months at the same level as the old IEEPA tariffs, which means our underlying run rate tariffs costs are expected to return back to the prior IEEPA levels within a few months. This is our current expectation, but as policies are finalized, we may update our assumptions as appropriate.

接下來我將說明我們更新後指引中所包含的一些關鍵基本假設。第一，與先前指引假設一致，我們維持看法：新的《301 條款》（Section 301）關稅（包含上週才實施的部分）很可能在未來幾個月內以與舊 IEEPA 關稅相同的水準導入，這意味著我們的基礎運行率（run rate）關稅成本預期將在數個月內回到先前 IEEPA 的水準。這是我們目前的預期，但隨著政策定案，我們可能會視情況更新相關假設。

Second, a temporary period of lower tariff rates continues to persist as the Section 122 tariffs were lower than the former IEEPA tariffs and the subsequent 301s are not yet fully implemented. This temporary tariff tailwind, however, is still being offset by persistent inflationary pressures from battery metals, tungsten, oil and oil derivatives. For 2026 guidance purposes, we expect these to neutralize each other. Given inflationary pressures remain persistent, it appears more likely than not a price increase will be necessary by 2027.

第二，由於《122 條款》（Section 122）關稅低於先前 IEEPA 關稅，且後續的 301 關稅尚未完全實施，因此較低關稅稅率的暫時期間仍在持續。然而，這項暫時性的關稅順風仍被電池金屬、鎢、原油及原油衍生品所帶來的持續通膨壓力所抵銷。就 2026 年指引而言，我們預期兩者將大致互相抵銷。鑑於通膨壓力仍然持續，到了 2027 年更可能需要進行漲價。

Third, as we think about the full year, we are only including the tariff refunds we have received during the second quarter, along with the partially offsetting costs and taxes. We have not included any possible second half tariff refunds in guidance because the timing and amounts remain too uncertain to include.

第三，就全年而言，我們僅納入第二季已收到的關稅退稅，以及部分抵銷的成本與稅負。我們未在指引中納入任何可能於下半年收到的關稅退稅，因其時點與金額仍過於不確定，無法納入。

Moving on to our guidance metrics. For 2026, we are raising and tightening adjusted earnings per share to be in the range of $5.20 to $5.80 representing year-over-year growth of 18% at the midpoint and $0.20 higher than the midpoint of our prior guidance range. Approximately $0.15 of the increase is below the line, reflecting lower interest expense due to better cash performance, the share repurchases we did in the second quarter, which will reduce our weighted shares to around 151 million for the year and lower expenses on the other net line from the first half. The remaining $0.05 reflects the expected net tariff refund benefit. We continue to expect our revenue outlook to be consistent with our prior guidance framework.

接著說明我們的指引指標。針對 2026 年，我們上調並收斂調整後每股盈餘（EPS）至 5.20 至 5.80 美元區間，以中點計算年增 18%，且較先前指引區間中點高出 0.20 美元。其中約 0.15 美元的上調來自線下項目，反映因現金表現更佳而使利息費用降低、我們在第二季進行的庫藏股回購（將使全年加權平均股數降至約 1.51 億股），以及上半年其他淨項目（other net line）費用降低。其餘 0.05 美元則反映預期的關稅退稅淨收益。我們仍預期營收展望將與先前指引架構一致。

Total company revenue will be about flat compared to last year, and organic revenue is still expected to grow by a low single-digit percentage year-over-year, split about evenly between volume and price. This outlook reflects our continued focus on pivoting to growth and our confidence in seizing the share opportunities across our key markets.

公司整體營收預計與去年大致持平，而有機營收仍預期年對年以低個位數百分比成長，且成長來源約由銷量與價格各占一半。此展望反映我們持續聚焦轉向成長，以及我們對於在關鍵市場把握市占機會的信心。

Moving to gross margin expectations. In line with prior guidance, we anticipate full year adjusted gross margins will expand by approximately 150 basis points year-over-year, exclusive of the net tariff refund benefit. This is primarily driven by net productivity with additional contributions from pricing and product mix. We estimate that the net tariff refund will add an incremental 60 to 70 basis points to our full year adjusted gross margin forecast. We continue to have conviction in achieving 34% to 35% adjusted gross margin in the second half, and I will talk more about that on the next slide.

接著談毛利率預期。與先前指引一致，我們預期全年調整後毛利率（不含關稅退稅淨收益）將年對年擴張約 150 個基點。主要由淨生產力提升所帶動，並有定價與產品組合的額外貢獻。我們估計關稅退稅淨收益將使全年調整後毛利率預測額外增加 60 至 70 個基點。我們仍有信心在下半年達成 34% 至 35% 的調整後毛利率，我將在下一張投影片進一步說明。

We now expect SG&A as a percentage of sales to be around 23%, which includes about 60 basis points of incremental costs from compensation accruals and growth investments related to the tariff refunds received. We will continue to manage SG&A thoughtfully, allocating capital to strategic investments that position the business for long-term share gains.

我們目前預期 SG&A（銷售、一般及行政費用）占銷售額比重約為 23%，其中包含約 60 個基點的增量成本，來自與已收到關稅退稅相關的薪酬提列與成長投資。我們將持續審慎管理 SG&A，把資本配置於能讓業務在長期取得市占提升的策略性投資。

Keep in mind, this allocation of refund dollars to growth investments is incremental to the $75 million to $100 million of growth investments we planned for 2026 at the start of the year. They will further advance our robust innovation pipeline and fuel market activation with the goal of enhancing brand health and accelerating organic growth.

請記住，將退稅資金配置至成長投資，屬於增量投入，並不包含我們在年初為 2026 年規劃的 7,500 萬至 1 億美元成長投資。這些投入將進一步推進我們強健的創新產品管線，並驅動市場啟動（market activation），目標是提升品牌健康度並加速有機成長。

Free cash flow ranges have been raised to incorporate tariff refunds received in the second quarter. With that, we expect to deliver within the range of $600 million to $800 million, including projected taxes and fees associated with the CAM divestiture. Excluding such payments, free cash flow is expected to be in the range of $800 million to $1 billion.

我們已上調自由現金流區間，以納入第二季收到的關稅退稅。因此，我們預期自由現金流將落在 6 億至 8 億美元區間，其中包含與 CAM 出售相關的預估稅款與費用。若排除上述付款，自由現金流預期將落在 8 億至 10 億美元區間。

Our free cash flow performance is supported by a disciplined approach to working capital management, progressing inventory towards pre-pandemic norms while remaining attentive to our ongoing tariff mitigation and footprint optimization initiatives.

我們的自由現金流表現，得益於對營運資金管理的紀律性作法：在持續關注關稅緩解與產能/據點布局優化（footprint optimization）措施的同時，推動庫存逐步回到疫情前的常態水準。

We were pleased to make progress on inventory reduction in the first half. Looking at our segments, we reiterate our plan for organic revenue growth and segment margin expansion in both segments. Tools & Outdoor is still expected to deliver low single-digit organic growth in 2026, led by market share gains in what we anticipate will be a roughly flat to down market.

我們很高興在上半年於庫存去化方面取得進展。就各事業部門而言，我們重申在兩個部門皆推動有機營收成長與部門利潤率擴張的計畫。工具與戶外（Tools & Outdoor）仍預期在2026年實現低個位數的有機成長，主要由市占率提升所帶動；我們預期市場大致持平至下滑。

Through the remainder of 2026, we expect our demand generation initiatives, new product launches and strategic investments in the brands will position us to grow the top line with a focus on outperforming the market. Adjusted segment margin is expected to improve year-over-year, driven primarily by productivity gains, tariff mitigation and thoughtful SG&A management.

在2026年剩餘期間，我們預期需求創造（demand generation）計畫、新產品上市以及對品牌的策略性投資，將使我們得以在專注於優於市場表現的前提下推動營收成長。調整後部門利潤率預期將年增，主要受生產力提升、關稅緩解以及審慎的SG&A（銷售、一般及行政費用）管理所帶動。

Engineered Fastening continues to be on track to grow low single to mid-single digits organically, and we expect both our auto and industrial pieces will outperform the market. Adjusted segment margin is expected to improve year-over-year, primarily due to volume leverage and continuous operating improvement.

工程緊固件（Engineered Fastening）仍按計畫推進，預期有機成長為低個位數至中個位數；我們預期汽車與工業兩大業務皆將優於市場表現。調整後部門利潤率預期將年增，主要來自量增槓桿效益與持續的營運改善。

Turning to our other 2026 assumptions. Our GAAP earnings guidance of $4.60 to $5.45 includes pretax non-GAAP adjustments ranging from $0 to $40 million, inclusive of the second quarter CAM gain. Our full year interest expense is now expected to be about $255 million, which is slightly lower from prior guidance, resulting from a lower debt profile and strong free cash flow performance year-to-date. We now expect other net to be about $230 million, owing to lower cost in the first half.

接著談我們對2026年的其他假設。我們的GAAP每股盈餘指引為4.60至5.45美元，其中包含稅前非GAAP調整0至4,000萬美元，並已納入第二季CAM處分收益。我們目前預期全年利息費用約為2.55億美元，較先前指引略低，係因負債水位較低以及年初至今強勁的自由現金流表現。我們目前預期其他淨額（other net）約為2.30億美元，主要由於上半年成本較低。

Now for the third quarter guidance. We anticipate net sales to be around $3.7 billion, which will be flat overall due to the portfolio moves, including the CAM divestiture and transition of gas walk-behind mowers to a licensing model.

接著是第三季指引。我們預期淨銷售額約為37億美元，整體將持平，原因在於投資組合調整，包括CAM剝離以及將汽油手推式割草機轉為授權模式。

On an organic basis, we expect sales to be up 3% to 4% for the total company as well as for the Tools & Outdoor segment. Adjusted earnings per share are expected to be approximately $1.50 to $1.60, including the incremental investments directly related to the second quarter tariff refunds. Our adjusted EPS for the quarter assumes a planned tax rate of approximately 22% and a share count of about 150 million.

以有機基礎計算，我們預期全公司以及工具與戶外部門的銷售將成長3%至4%。調整後每股盈餘預期約為1.50至1.60美元，其中包含與第二季關稅退稅直接相關的增量投資。本季調整後EPS假設規劃稅率約22%，流通股數約1.50億股。

Turning now to slide 8. Our path forward on margin expansion and capital deployment remains consistent with what we outlined previously. In the first half, we overdelivered on the year-over-year improvements we anticipated, whether you include the net tariff refund or factor that out.

現在請看第8頁投影片。我們在利潤率擴張與資本配置方面的前進路徑，仍與先前所概述的一致。上半年，我們在預期的年對年改善上表現超前，不論是否將關稅退稅淨額納入或排除皆然。

We are encouraged by this and see it as further evidence of our ability to navigate a difficult macro environment and still meet our targets. As we look to the second half, we continue to have conviction in adjusted gross margin reaching the 34% to 35% range for the half year, a long-standing objective that continues to guide our efforts and priorities.

我們對此感到振奮，並視其為進一步證明：即使在艱困的總體環境下，我們仍有能力因應並達成目標。展望下半年，我們仍堅信調整後毛利率可在下半年達到34%至35%的區間；這是一項長期目標，持續引導我們的努力與優先順序。

This target assumes no meaningful impact from the tariff refunds received to date since that benefit landed in the second quarter AGM and most of the related second half investments are landing in SG&A. This second half improvement is expected to be driven by productivity and tariff mitigation initiatives, the latter of which should make a meaningful contribution as we continue to make progress on USMCA compliance and shifting production for our US tools business from China to North America.

此目標假設截至目前收到的關稅退稅不會造成顯著影響，因為該利益已反映於第二季的調整後毛利率（AGM），且多數相關的下半年投資將落在SG&A。預期下半年改善將由生產力與關稅緩解措施所帶動；其中後者在我們持續推進USMCA合規、並將美國工具業務的部分產能由中國移轉至北美之際，應會做出顯著貢獻。

We continue to target 35% to 37% adjusted gross margin by the end of 2028, as we stated on our last earnings call. On capital deployment, we closed the CAM transaction on April 6. We have used the vast majority of the net proceeds towards debt reduction of approximately $1.7 billion in the second quarter.

正如我們在上次財報電話會議所述，我們仍以在2028年底達成35%至37%的調整後毛利率為目標。在資本配置方面，我們已於4月6日完成CAM交易。我們已將絕大部分淨收益用於第二季約17億美元的減債。

We also executed $250 million of share repurchases during the quarter, as Chris mentioned, we will pursue share repurchases opportunistically. Such repurchases will remain a capital allocation priority for the near term.

如Chris所提及，我們也在本季執行了2.5億美元的庫藏股回購；我們將把握機會進行回購。在短期內，這類回購仍將是資本配置的優先事項。

We are firmly on track for net debt to adjusted EBITDA to be at or around 2.5 times by year-end, inclusive of buybacks. Free cash flow outperformed in the first half, landing at approximately $250 million, which included positive contributions from both operational cash flows as well as tariff refunds.

我們正穩健朝著年底淨負債對調整後EBITDA約2.5倍的目標前進，並已將回購納入考量。上半年自由現金流表現優於預期，約為2.5億美元，其中包含營運現金流與關稅退稅的正向貢獻。

We remain committed to disciplined capital allocation and accelerating value creation for our shareholders, including funding organic growth, returning excess capital to shareholders efficiently and if and when appropriate, considering bolt-on M&A.

我們仍致力於嚴謹的資本配置並加速為股東創造價值，包括投入有機成長、以有效率的方式將多餘資本回饋股東，以及在適當時機評估補強型併購（bolt-on M&A）。

All the while we strive to maintain an investment-grade credit rating. With our sharpened portfolio, disciplined cost and capital allocation and a relentless focus on our customers, we have the foundation in place to respond to market dynamics, deliver growth and create long-term value for our shareholders.

同時，我們也努力維持投資等級的信用評等。憑藉更聚焦的投資組合、嚴謹的成本與資本配置，以及對客戶不懈的專注，我們已具備回應市場動態、實現成長並為股東創造長期價值的基礎。

Thank you. I will now return the call back to Chris.

謝謝。我現在把電話交回給Chris。

Thank you, Pat. As you heard this morning, we are focused on what we can control, i.e., executing our strategy. We are confident in our path forward and our ability to activate our brands to generate demand, drive operational excellence for efficiency and productivity gains and accelerate innovation to serve our end users. We remain committed to driving towards our near-term targets and long-term goals. Through disciplined execution of our strategic priorities, we are strengthening Stanley Black & Decker's ability to deliver sustainable, profitable growth and create long-term value for our shareholders.

謝謝你，Pat。如各位今早所聽到的，我們專注於我們能掌控的事，也就是執行我們的策略。我們對前進方向以及啟動品牌以創造需求、推動營運卓越以提升效率與生產力、並加速創新以服務終端使用者的能力充滿信心。我們仍致力於達成短期目標與長期願景。透過對策略優先事項的嚴謹執行，我們正在強化Stanley Black & Decker實現可持續且具獲利性的成長能力，並為股東創造長期價值。

We are now ready for Q&A, Michael.

我們現在準備進入問答環節，Michael。

Thanks, Chris. Operator, we can now start the Q&A.

謝謝，Chris。接線員，我們現在可以開始問答。

(Operator Instructions) Tim Wojs, Baird.

（接線員指示）Tim Wojs，Baird。

Maybe just first question, Chris, just could you add some color on the rebound that you saw in the power tools business this quarter? I know it's been weaker the past few quarters. So maybe there's some catch-up there. But I think 8% growth in that line of business might be the strongest growth rate we've seen in several years. So just could you talk about kind of what changed and how sustainable that type of growth is?

也許先問第一個問題，Chris，你能否補充一些本季電動工具業務回升的背景？我知道過去幾季相對疲弱。所以可能有一些補回的因素。但我認為該業務線8%的成長，可能是我們多年來看到的最強成長率。所以你能否談談究竟有哪些改變，以及這種成長的可持續性如何？

Yes. So first of all, nice to hear from you, Tim. I think it would be obvious to say that we're excited about that trend in the business. And when we think about all the things that we've been talking about doing, not only in the professional segment, but also as we've been working with our retail and channel partners, we really believe that, that is all starting now to come to fruition.

是的。首先，很高興聽到你的聲音，Tim。很明顯地，我們對業務的這個趨勢感到振奮。當我們回顧一直在談、也一直在做的各項工作，不僅是在專業市場（professional segment），也包括我們與零售與通路夥伴的合作，我們確實相信這些努力現在都開始開花結果。

We did see increased placement with our -- with a lot of our key channel partners as they have seen the benefits of our pipeline for product development coming through, not only in DEWALT, but also STANLEY and CRAFTSMAN, as we referenced earlier.

我們確實看到與許多關鍵通路夥伴的鋪貨（placement）增加，因為他們已看到我們產品開發管線所帶來的效益逐步落地，不僅是DEWALT，也包括我們先前提到的STANLEY與CRAFTSMAN。

And I think that it should be noted that as we noted in -- I think it was our previous earnings call, we talked about wanting to really sharpen our focus on how and where we were promoting. And those promotions have been very strong for the company and accretive as you saw as it came through in the margin line. So really excited about the momentum we have. And the nice thing is to see that we're seeing the growth across all three of our core brands as well.

另外我認為值得注意的是，正如我們在——我想是上一次財報電話會議——所提到的，我們談到希望更聚焦於促銷的方式與投放位置。而這些促銷對公司而言表現非常強勁，且具增益效果（accretive），正如你在利潤率表現中所看到的。因此我們對目前的動能感到非常興奮。而令人欣慰的是，我們也看到三大核心品牌的成長是全面性的。

Okay. Great. And then maybe just as a follow-up, Pat, it sounds like in the guidance, the IEEPA kind of tariff assumptions are kind of offsetting raw materials. But then it also sounds like at some point, you're going to have to kind of take price. So is there any way to kind of bucket or size what the raw material kind of annualized inflation impact might be at this point?

好的。很好。接著可能作為追問，Pat，聽起來在指引中，IEEPA 相關的關稅假設某種程度上正在抵銷原物料。但同時也聽起來在某個時間點，你們將不得不某種程度上進行提價。所以目前有沒有辦法大致分桶或量化一下，原物料年化通膨影響的規模可能是多少？

Yes, there's a lot of moving parts, Tim. So I think IEEPA, I wouldn't conflate with inflation, at least not the IEEPA refunds. The IEEPA favorability that we've had this year, meaning that those particular tariffs stopped after the February court ruling and then were replaced by lower level 122 tariffs. They provided favorability this year. And as we've said on the last earnings call, inflation in battery metals, tungsten, oil and oil derivatives have created inflationary headwinds.

是的，Tim，變動因素很多。所以我認為 IEEPA 不應該和通膨混為一談，至少 IEEPA 退款不是。我們今年的 IEEPA 有利因素，是指在 2 月法院裁決後，那些特定關稅停止，並由較低水準的 122 關稅取代。這在今年帶來了有利影響。而且如同我們在上次財報電話會議所說，電池金屬、鎢、原油及原油衍生品的通膨，造成了通膨逆風。

I'd say the order of magnitude in this year's P&L, roughly kind of $100 million each, right, $100 million of tailwinds, $100 million of headwinds, and those are offsetting. On the actual IEEPA refunds, those are netting out at about $0.05 on the full year. They were $0.17 in the quarter. And the difference between those 2 things are just the timing of the growth investments. The preponderance of the growth investments will take place in the third and fourth quarter.

我會說今年損益表上的量級大概是各約 1 億美元，對吧，約 1 億美元的順風、1 億美元的逆風，兩者互相抵銷。至於實際的 IEEPA 退款，全年淨額約為每股 0.05 美元。本季是每股 0.17 美元。這兩者之間的差異只是成長投資時點的問題。大部分的成長投資將發生在第三季與第四季。

So I know a lot of moving parts. But I would say, in the year, this year, the headwinds and tailwinds offsetting and IEEPA refunds allowing investment. I'd say as we look into next year, you're probably looking at a run rate inflation that's probably roughly equivalent to that headwind, somewhere around $100 million or something like that. But obviously, as we go through the back part of this year, we'll be looking at all the factors that affect '27, and we are very committed to our margin targets and our pivot to growth. So everything will be formulated for the '27 game plan.

所以我知道變動因素很多。但我會說，今年順風與逆風互相抵銷，而 IEEPA 退款讓我們得以進行投資。我會說，展望明年，你看到的通膨運行率大概會與那個逆風相當，約在 1 億美元左右之類的。但顯然，隨著今年下半年推進，我們會檢視所有影響 '27 的因素，而且我們非常致力於我們的利潤率目標以及轉向成長。因此一切都會為 '27 的作戰計畫而制定。

We'll address inflation as necessary with an eye towards achieving our margins and still driving growth.

我們會在必要時因應通膨，同時以達成我們的利潤率並持續推動成長為目標。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Chris, I just wanted to maybe just expand on page 6, where you laid out some of the investment priorities. I guess the spirit of my question is on -- in the second quarter, the big pickup in SG&A, it's not easy to efficiently invest so quickly. So I'm just curious, are we seeing here kind of more investment in new product vitality engineering? Are we -- are you hiring more people? Just curious how you're deploying the kind of the investment spend so efficiently?

Chris，我想可能就第 6 頁再延伸一下，你在那裡列出了一些投資優先事項。我想我問題的核心是——第二季 SG&A 大幅增加，要在這麼短時間內有效率地投資並不容易。所以我很好奇，我們看到的是更多對新產品活力工程（new product vitality engineering）的投資嗎？你們是在增聘更多人員嗎？只是想了解你們如何如此有效率地部署這筆投資支出？

That would be my first question.

這是我的第一個問題。

Yes. Nice to hear from you, Nigel. It's a great question. I think that our confidence in investing and where the investments have gone have been into the core areas that we've been talking about for a while now, specifically in the go-to-market activation with feet on the street. We talked a little bit about what we're doing with enhanced investment in social media for our brand activation as well as the new product pipeline that we've been pushing.

是的。很高興聽到你的聲音，Nigel。這是個很好的問題。我認為我們對投資的信心，以及投資的去向，都集中在我們談了好一段時間的核心領域，特別是在 go-to-market 的啟動上，也就是讓前線人員走上街頭。我們也稍微談到，我們如何加大對社群媒體的投資以進行品牌啟動，以及我們一直在推動的新產品管線。

I would say that over the past few years, we have been, I'd say, judicious and moderated in how we have been investing those dollars to be able to build the infrastructure and muscles to be able to absorb and take advantage of and then be able to drive accretive growth with those investments. And we have seen not only the growth and the ability to do so, but also the results.

我會說，在過去幾年，我們在投入這些資金時一直相當審慎且節制，以便建立基礎設施與能力，能夠吸收並善用這些投資，並進一步用這些投資推動具增益性的成長。而我們不僅看到了成長與做到這點的能力，也看到了成果。

And what we did and what we have been doing as we've accelerated that investment, specifically with some of the refund dollars is really doubling down in those areas where we know the market is ready for the investment. Our company has the structure and the leadership to be able to take advantage of those investments.

而我們所做的、以及在加速投資時一直在做的事情，特別是運用部分退款資金，就是在我們知道市場已準備好接受投資的領域加倍投入。我們公司具備架構與領導團隊，能夠善用這些投資。

And we've already seen positive progress and payoff to those investments as we've been tracking the ROI as we've gone along. So it's really just taking a look at how we could accelerate and think about pulling forward some of what we already knew we were going to do and with an eye on really focusing on those areas that we have seen the success already. So we feel very, very confident about where we're investing those dollars.

而且在我們一路追蹤投資報酬率（ROI）的過程中，已經看到這些投資帶來正向進展與回報。所以這真的只是檢視我們如何加速，並思考把一些我們本來就知道會做的事情提前，同時把焦點放在那些我們已經看到成功的領域。因此我們對這些資金的投向非常、非常有信心。

That's a great point, Chris. So you mentioned pulling forward some investments. Does that imply that we're seeing some 2027 investment here being pulled into 2026? And then just kind of related to that is, I'm guessing your sort of total tariff refunds could be considerably more than $100 million or thereabouts. So I mean, it doesn't feel like maybe do you further accelerate investment spend if you do get more tariff refunds in the second half of the year? Or are there other things that you can kind of invest in to kind of absorb that benefit?

這點說得很好，Chris。所以你提到把一些投資提前。這是否意味著我們看到部分 2027 年的投資被拉到 2026 年？另外相關地，我猜你們的關稅退款總額可能會遠高於 1 億美元或大約那個水準。所以我的意思是，如果你們在下半年拿到更多關稅退款，是否會進一步加速投資支出？或者是否還有其他可以投資的項目來吸收這項利益？

So to answer the first of the follow-up questions would be, yes, there is some acceleration. And as we get into kind of planning out our '27, I think that will come through. But clearly, we have been building a multiyear road map on where we wanted to grow and where we wanted to invest.

所以先回答第一個追問：是的，確實有一些加速。而當我們開始規劃 '27 時，我認為這會更清楚地呈現出來。但很明顯，我們一直在建立一個多年期的路線圖，說明我們想在哪裡成長、想在哪裡投資。

So there was no kind of dearth of opportunities for us to take a look at where we would be willing to accelerate. And then as far as the future tariff refunds, I think at this point, as Pat stated, none of that is in our guidance.

所以我們並不缺少可以檢視、願意加速的機會。至於未來的關稅退款，我想就目前而言，如 Pat 所說，這些都沒有納入我們的指引。

And candidly, at this point, it is -- the amount, the timing and whether or not anything or what will come through is a little bit too fuzzy to see right now. So we're not really banking on or including that in any of the guidance. Should there be follow-on, like I said, we've built a road map. We would know what we would do and when and how we would do it. So I feel confident that, that would not be a bottleneck in the process.

坦白說，就目前來看，金額、時點，以及是否會有任何款項或哪些款項會到位，現在都還太不明朗。所以我們並沒有把它當作依據，也沒有把它納入任何指引。如果後續真的有進一步的退款，如我所說，我們已經建立了路線圖。我們會知道要做什麼、何時做、以及如何做。所以我有信心，這不會成為流程中的瓶頸。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

I wanted to kind of follow up on your answer and you touched on the prior one. On the growth reinvestments as you've kind of gotten the tariffs and you're reinvesting in some of the stuff, is it just that your marketing is more effective than it was? I don't know how much of these are price discounts and maybe the market is more price sensitive and you're seeing a bigger return there. It just seems like you put together the power tools, 8% and the comments you just made that you're seeing pretty good return. And I'm curious what's changed, whether it's more price sensitivity, whether it's more innovation, whether it's more targeted marketing, and I'll stop there.

我想就你剛才的回答再追問一下，你也稍微觸及了前一題。關於成長再投資，當你們拿到關稅相關款項並把它再投資到一些事情上時，是不是只是你們的行銷比以前更有效？我不確定其中有多少是價格折扣，也許市場對價格更敏感，而你們在那裡看到更大的回報。只是看起來你們把電動工具（power tools）8% 的表現，以及你剛才提到你們看到相當不錯的回報放在一起看。我很好奇到底改變了什麼——是價格敏感度更高、是更多創新、是更精準的行銷——我先問到這裡。

Yes, Rob, thanks for the question. Yes, I would say that at -- really where we're seeing is that we've been building a lot of momentum in the background as we've been very consistent over a number of years of investing in the people, the go-to-market, the products and the innovation that we need in order to be successful.

是的，Rob，謝謝你的問題。是的，我會說——我們真正看到的是，隨著我們多年來在人才、go-to-market、產品以及成功所需的創新上持續且一致地投入，我們在背景中累積了很大的動能。

And as we have now had those in place and as we continue to build upon them, I think what we're seeing is what the opportunity that lies ahead, especially when -- as I mentioned and spent some time in the US commercial and industrial channel, where the market context is so strong, I think that we have our strategy in preparation meeting a very nice market. I do think that there -- it is clear that the consumer is generally more motivated by promotion right now.

而且，既然我們現在已經把那些措施落地，並且持續在其基礎上建設，我認為我們所看到的是前方的機會，特別是——如我提到的、也花了一些時間談到美國商用與工業通路——在那裡市場環境非常強勁，我認為我們的策略準備充分，正好對上了一個非常好的市場。我確實認為很明顯的是，消費者目前整體上更容易被促銷所驅動。

And thankfully, for us, and how we've laid it out, the products that we want to promote and the products that the consumer is motivated to buy from promotion are also in line with the -- strategically, the products we want to sell and the products that drive the best return and margins for the company.

而值得慶幸的是，對我們而言，依照我們的規劃，我們想要促銷的產品，以及消費者在促銷下更有動機購買的產品，也與——從策略上——我們想要銷售的產品一致，並且也是能為公司帶來最佳報酬與毛利的產品。

So it's -- there's really no one answer, and it is not a moment in time. I think what you're seeing is a number of quarters of hard work and consistency starting to pay off. Now there's a lot of hard work ahead, and there's going to be a lot -- the macro, I'm sure, will remain volatile.

所以——這其實沒有單一答案，也不是某一個時間點的現象。我認為你所看到的是數個季度的努力與一致性開始帶來回報。當然，前方還有很多硬仗要打，而且宏觀環境我相信仍會持續波動。

But I am confident in our team's ability to not only continue our consistent approach to the marketplace, but be able to make the decisions that are required in order to continue not only our growth, but our margin journey. And Pat referenced what we have as we look at the back half of the year and inflation that is impending, and we'll make those decisions on how we continue the margin journey accordingly with growth as we go through the back half of the year.

但我對我們團隊的能力有信心，不僅能持續以一致的方法面對市場，也能做出為了延續我們的成長、以及我們的毛利改善旅程所必須做出的決策。Pat 也提到，當我們展望下半年以及即將到來的通膨時，我們會在下半年推進成長的同時，相應地做出決策以延續毛利改善旅程。

Adam Baumgarten, Vertical Research Partners.

Adam Baumgarten，Vertical Research Partners。

I just had a question on the year-over-year promotion benefit. Do you have a sense for how much that impacted the volume growth in Tools & Outdoor in the second quarter?

我想問一個關於促銷帶來的年對年效益的問題。你們是否能判斷，這對第二季 Tools & Outdoor 的銷量成長影響大概有多少？

No, Adam, I wouldn't say we do. I mean, I would say, as Chris said, I think the growth we're seeing is part of a multiyear game plan. And obviously, as an enterprise, we continue to work to build momentum across each of the brands with a mix of innovation and marketing levers.

不，Adam，我不會說我們有這樣的判斷。我的意思是，如 Chris 所說，我認為我們看到的成長是多年計畫的一部分。而且很明顯地，作為一家企業，我們持續透過創新與行銷等槓桿的組合，來為各個品牌建立動能。

I would say we did start talking about as far back as the third or fourth quarter of last year and certainly the first quarter of this year of the fact that we had competitors taking price the first third of this year. And then we were certainly tailoring our promotions a little bit differently this year. But we haven't changed list prices.

我會說，我們早在去年第三或第四季、當然也包括今年第一季，就開始談到競爭對手在今年前三分之一期間進行了漲價。而我們今年確實也以稍微不同的方式來調整促銷。但我們沒有調整牌價（list price）。

We don't have an intention to do that on the downside. And all we've been doing is dialing in promotional activity as we've learned more about elasticity kind of in this post-tariff high inflation environment. But I wouldn't say there's anything more going on in that regard than just learning the lessons of consumer level elasticity at the SKU level and deploying that. And as Chris mentioned, we're going to keep on a longer-term investment journey in the form of innovation and brand building to drive continued growth going forward.

我們也沒有打算在下行方向這麼做。我們所做的只是：在這個後關稅、高通膨的環境下，隨著我們對需求彈性有更多了解，去微調促銷活動。但我不會說在這方面還有其他更特別的事情；基本上就是在 SKU 層級學習消費者端的需求彈性，並加以運用。而如 Chris 提到的，我們將持續以創新與品牌建設的形式，走一條更長期的投資旅程，以推動未來持續成長。

Okay. Great. Good to hear. And then just switching to Engineered Fastening, just on the industrial side, maybe the pockets of strength you saw in terms of end markets there would be helpful.

好的。很好。很高興聽到。接著切換到 Engineered Fastening（工程緊固件），就工業端而言，你們在終端市場看到哪些強勢的區塊？如果能分享會很有幫助。

Yes. I think in the Engineered Fastening business, first of all, I'd like to give credit to Thomas and the team and really the hard work that they've put in. And it has been less of the headline, but the same type of work has been going on in Engineered Fastening as has been going on in Tools & Outdoor, where we made a conscious pivot in the past 24 months to really focus on the industries where we believe that we had a differentiated advantage that we're going to be growing and that valued our products such that they would drive high margins.

是的。我想在 Engineered Fastening 業務方面，首先我要肯定 Thomas 和團隊，以及他們投入的辛勤工作。這部分比較不是媒體焦點，但 Engineered Fastening 所做的工作，與 Tools & Outdoor 正在進行的工作類型相同：在過去 24 個月，我們有意識地轉向聚焦於我們相信具備差異化優勢、且將會成長、並且重視我們產品價值的產業，因為這些能帶動高毛利。

And we've been able to invest and succeed in growing above the markets, particularly we noted the success that we've been seeing in automotive. In the industrial segment, we have really been seeing some nice level of success in the solar world as well as there are a lot of the products that are used in data centers as we are working on that in the tools business, the Engineered Fastening comes along with it as well.

我們已能投資並成功做到成長優於市場，特別是我們提到在汽車領域看到的成果。在工業領域，我們也在太陽能相關市場看到相當不錯的成果；此外，隨著我們在工具業務中推進資料中心相關工作，Engineered Fastening 也會一併受惠，因為其中有許多產品會用到我們的緊固件。

So I think that the team has not only done a great job at identifying and targeting those high-growth verticals where we would be able to drive above-market growth and at nice margins, but have really shifted our resources, our innovation and our application engineering and our processes to be more reactive to customer needs to be able to be successful in building a better pipeline in those areas as well. So it's really -- I think we're in the early innings of that, but it's good to see some of the progress that team has made.

所以我認為，團隊不僅在辨識並鎖定那些能以良好毛利推動優於市場成長的高成長垂直領域方面做得很出色，也確實把我們的資源、創新、應用工程與流程轉向更能快速回應客戶需求，從而在那些領域建立更好的商機管道（pipeline）。所以這真的——我認為我們還在早期階段，但很高興看到團隊已取得的一些進展。

(Operator Instructions) Jonathan Matuszewski, Jefferies.

（接線員指示）Jonathan Matuszewski，Jefferies。

This is Andres. I'm on for Jonathan. In the past, you've spoken about STANLEY and CRAFTSMAN turning positive by midyear and in the second half of '26. With both brands turning positive organically in 2Q, is it fair to say that those brands are exceeding the time line that you had set? And then looking ahead specifically for CRAFTSMAN, can you talk about how the new product in V20 is setting that brand up to capture share when the DIY demand market recovers?

我是 Andres。我代替 Jonathan 提問。過去你們曾談到 STANLEY 與 CRAFTSMAN 會在年中以及 2026 年下半年轉正。既然兩個品牌在第二季有機成長都轉正了，是否可以說這些品牌的表現超出你們原先設定的時間表？另外，特別就 CRAFTSMAN 而言，能否談談 V20 的新產品如何讓該品牌在 DIY 需求市場復甦時，做好搶占市占的準備？

Yes. So I'll start and say that I think that we're still on pace for the STANLEY and CRAFTSMAN progress that I've laid out. It is encouraging to see that all of the 3 core brands grew nicely in the quarter, and we want to highlight that. But there's a lot of hard work ahead in all of the brands that we're going to keep on putting in.

是的。我先說，我認為我們仍然符合我先前所說的 STANLEY 與 CRAFTSMAN 的進展節奏。看到三個核心品牌在本季都有不錯的成長，確實令人鼓舞，我們也想強調這點。但所有品牌接下來都還有很多硬仗要打，我們會持續投入努力。

I think that the time lines that I laid out about kind of back half of the year for STANLEY and going into '27 for CRAFTSMAN for consistent performance, I think, are still the relevant benchmarks and what we're planning on and what we're holding ourselves and our teams accountable to.

我先前提出的時間表——大致上 STANLEY 在今年下半年、CRAFTSMAN 進入 2027 年才會有更一致的表現——我認為仍是相關且適用的基準；這也是我們的規劃方向，以及我們用來要求自己與團隊負責的目標。

As far as it pertains to V20, really, the V20 as we've been improving and launching more advanced batteries and then the products that, that DIY needs alongside those batteries, I think that it has set us up for success as we -- it's kind of one of those things that you -- as you build out a very desirable ecosystem of products, it kind of builds on itself where we get the right products at the right performance point, at the right price point going forward in CRAFTSMAN, I think you're going to see continued momentum.

至於 V20，隨著我們持續改良並推出更先進的電池，以及 DIY 族群在這些電池之外所需要搭配的產品，我認為這讓我們在未來具備成功的基礎——這有點像是：當你建立起一個非常有吸引力的產品生態系，它會自我強化；當我們在 CRAFTSMAN 持續提供合適的產品、合適的性能定位、以及合適的價格帶，我認為你會看到動能持續。

And with the amount of emphasis we've put in the product development in that area, we're going to continue to see the momentum of those new product launches continuing to expand our addressable market with that DIY as well. And I would be remiss to say the amount of work that our channel partners have put in with us to help position that brand and the excitement that they see in the new innovation and as well as the expanded product V20 platform there is exciting, and it's a big part of the equation as well.

而且，鑑於我們在該領域投入大量產品開發，我們將持續看到這些新產品上市所帶來的動能，並且也會持續擴大我們在 DIY 方面的可服務市場（addressable market）。另外我也必須提到，我們的通路夥伴與我們一起投入了大量工作，協助定位這個品牌；他們對新創新以及擴展後的 V20 平台所展現的興奮感也很高，這同樣是方程式中很重要的一部分。

David MacGregor, Longbow Research.

David MacGregor，Longbow Research。

I guess I just wanted to ask about working capital. You've guided to $600 million to $800 million. Just how much of that is working capital contribution? I think you'd indicated $200 million last quarter. So I guess I'm just looking for an update.

我想我只是想問一下營運資金（working capital）。你們指引是 6 億到 8 億美元。其中有多少是來自營運資金的貢獻？我記得你們上季提到是 2 億美元。所以我想請你們更新一下。

And then I guess related to that, to the extent that you're starting to invest in a lot of these other programs and presumably, that continues into 2027 to the extent they're productive, why wouldn't they? But will they require working capital support? And how will that influence that cash flow?

然後我想這也相關的是，在你們開始投資於許多其他這些專案的情況下，而且推測若它們具生產力，這種投資會延續到 2027 年，為什麼不會呢？但它們是否需要營運資金的支援？這將如何影響現金流？

Yes, David. Yes, for this year, on a full year basis, we're still targeting $200 million of working capital reduction contributing to the overall cash flow for the year. Nothing material has changed in that regard. And as we look forward, I would still say we're still working to get to the 135 days on kind of a run rate days sales and inventory level, which is kind of towards our pre-COVID threshold. And so obviously, we still have some footprint things ahead of us, and those transitions can cause some ebbs and flows, but I don't see anything on the horizon that kind of knocks us off that trajectory.

是的，David。是的，就今年而言，以全年基礎來看，我們仍以營運資金減少 2 億美元為目標，作為今年整體現金流的貢獻。在這方面沒有任何重大變化。展望未來，我仍會說我們仍在努力把（以銷售天數與庫存水準衡量的）常態化天數降到 135 天左右，這大致接近我們 COVID 之前的門檻。因此很明顯，我們前方仍有一些據點/產能布局（footprint）的事項，而這些轉換可能會造成一些起伏，但我看不到有任何事情會讓我們偏離這條軌跡。

And in fact, I think we'll be a good portion of the way there by the time we get to the end of this year.

事實上，我認為到今年年底時，我們應該已經在很大程度上達成了。

Brett Linzey, Mizuho.

Brett Linzey，瑞穗（Mizuho）。

Lots of moving pieces here. I guess as it relates to the 2Q performance, well ahead, including the gross refunds, but below on an underlying basis, at least versus my forecast. Were there cost or productivity actions that you had planned to take in 2Q that you might have shifted to future quarters as your visibility on refunds began to form? And I guess just how did Q2 underlying performance come in relative to your internal forecast?

這裡有很多變動因素。我想就 2Q 表現而言，整體大幅超前，包括關稅退款（gross refunds），但若看基礎面（underlying basis），至少相對於我的預測則偏低。是否有你們原本計畫在 2Q 採取的成本或生產力行動，因為開始對退款的能見度逐步形成，而把它們移到未來季度？另外，2Q 的基礎面表現相對於你們內部預測是如何？

Yes, Brett, I would say our 2Q was very much in line with our expectations. You could pick kind of nits and nats, but there's nothing in Q2 that wasn't material. And in fact, as the key metrics of growth, adjusted gross margin without the tariffs and operating income dollars, we're kind of right there or thereabouts on all of them. And in fact, slightly ahead on the growth at AGM. We got benefits in the quarter from a mix of the tariff benefits that came in ahead of the investments we'll make in the third and fourth quarter.

是的，Brett，我會說我們 2Q 的表現非常符合我們的預期。你可以挑一些小細節，但 2Q 沒有任何重大的偏差。事實上，就成長的關鍵指標、剔除關稅後的調整後毛利率（adjusted gross margin）以及營業利益金額而言，我們基本上都達到或接近目標。而且在調整後毛利率（AGM）的成長方面還略為超前。本季我們也受惠於部分關稅利益，其入帳時間早於我們將在第三與第四季進行的投資。

And then we had some below-the-line items, interest expense, some pension expense, and a few other items and then a discrete tax item that was about $0.10. So I kind of look at it as operationally on the mark with some positives around sales and gross margin and then below-the-line favorability and tariff refund favorability.

然後我們也有一些損益表下方（below-the-line）的項目：利息費用、一些退休金費用，以及其他幾個項目，另外還有一筆一次性的稅務項目，約為 0.10 美元。因此我會把它看作：營運面大致達標，銷售與毛利率有一些正面因素；同時損益表下方有利，以及關稅退款也帶來有利影響。

The back half of the year, we'll invest a portion of that tariff refund favorability. So what was a $0.17 net in the quarter goes to $0.05 net on the year just through growth investment. And we give you all the nontax benefit that happened below the line and the tax benefit is just timing within the year. So I think, to your point, lots of moving parts. It can be difficult to keep them all straight. But I would say, look, we planned for a tumultuous year for better or worse, that's kind of what we're living.

在今年下半年，我們會把部分關稅退款帶來的有利因素拿去投資成長。因此，本季淨額為 0.17 美元的影響，透過成長投資後，全年淨額會變成 0.05 美元。我們已把發生在損益表下方的所有非稅務利益提供給各位，而稅務利益只是年度內的時間差。所以我認為如你所說，確實有很多變動因素。要把它們全部釐清並不容易。但我會說，我們原本就為今年的動盪做了規劃，不論好壞，這就是我們正在經歷的情況。

We're expecting both in the quarter and the year to deliver the year operationally, and we hadn't planned for a conflict in the Middle East. So I think that says a lot about our ability to navigate challenges, including new challenges. So operationally in the quarter and the year, delivering -- we have some favorability below the line. We're carrying that forward in our guidance range. And then we have some tariff refunds, which we didn't plan on.

我們預期無論在本季或全年，都能在營運面交出成果，而我們並未把中東衝突納入規劃。所以我認為這很能說明我們應對挑戰（包括新的挑戰）的能力。因此在本季與全年，營運面都在交付成果——損益表下方有一些有利因素。我們在指引區間中把這些因素延續納入。另外還有一些關稅退款，這是我們原本沒有預期到的。

We're using most of that to invest in growth, and there'll be a modest amount that nets out. And really, the change of $0.20 on the full year is three quarters below-the-line benefit and $0.05 of tariffs. So lots of moving parts, but I take it as all positive that we continue to deliver in a challenging environment. And we're trying to use those funds to both make this a good year and set up future growth.

我們會把其中大部分用於成長投資，最後淨留下來的金額不會太大。而全年 0.20 美元的變動，三分之四來自損益表下方的利益，另有 0.05 美元來自關稅。所以變動因素很多，但我把它視為正面訊號：我們在充滿挑戰的環境中仍持續交付成果。而我們也試圖運用這些資金，既讓今年成為好的一年，也為未來成長做好布局。

Sam Reid, Wells Fargo.

Sam Reid，富國銀行（Wells Fargo）。

This is Eric on for Sam. Appreciate the time. You kept the second half gross margin guidance of 34% to 35%. I was just wondering if you can talk to sort of the cadence of how you're looking at Q3 versus 4Q. And then with the rising sort of still elevated costs and tariff changes, does that change sort of how you're thinking about the sequencing or the puts and takes within Q3 or Q4?

我是 Eric，代 Sam 提問。感謝撥冗。你們維持下半年毛利率指引在 34% 到 35%。我想請你談談你們如何看待 Q3 相對於 4Q 的節奏。另外，在成本仍偏高且關稅變動的情況下，這是否會改變你們對 Q3 或 Q4 之間排序、或各項正負因素（puts and takes）配置的看法？

Yes, Eric, I would say both of the quarters are going to be in that range, 34% to 35%. Q4 might be slightly ahead of Q3. Recall for our income statement, a lot of what flows through COGS in a given quarter or half year was put on the balance sheet six or so months ago.

是的，Eric，我會說兩個季度都會落在 34% 到 35% 這個區間內。4Q 可能會略高於 Q3。請記得，就我們的損益表而言，某一季度或半年流入銷貨成本（COGS）的很多項目，其實是在大約六個月前就已經先進入資產負債表了。

So a lot of what effectively are going to be our cost of goods sold in the back half of the year were cost of goods sold that were put on the balance sheet in the first half of the year. And so while inflation that is unfolding in real time right now has a modest effect on a current quarter, it mostly gets put on the balance sheet and comes off the balance sheet next year, at least the second half inflation does.

因此，今年下半年實際上會成為銷貨成本的很多項目，是在今年上半年就已經先進入資產負債表的成本。所以，當下即時發生的通膨對當期季度的影響有限；它多半會先進入資產負債表，並在明年才從資產負債表轉出，至少下半年的通膨是如此。

And so the inflation dynamics we've been talking about, we're just talking about to make people aware that we see them clear eyed, and we're designing plans and actions to make sure that '27 stays on the trajectory we have been telegraphing and that we continue to deliver growth and margin improvement in '27.

因此，我們一直在談的通膨動態，主要是要讓大家知道我們對此看得很清楚，我們也在設計計畫與行動，以確保 2027 年仍維持我們先前所傳達的軌跡，並且在 2027 年持續交付成長與毛利率改善。

I think a lot of what is to come with third and fourth quarter gross margin delivery is largely been on our balance sheet and the variances from one quarter to the next are going to have a lot more to do with things like product mix and how much of the holiday season shifts at the end of the third quarter versus in the fourth quarter and those types of dynamics or things like promotional mix within the quarter. But at least the structural cost elements to deliver that 34% to 35% are already in place.

我認為第三與第四季毛利率表現的很多因素，基本上已經反映在我們的資產負債表上；而季度之間的差異，更多會與產品組合、假期季需求有多少在第三季末提前發生、或是在第四季發生等動態有關，或是像當季促銷組合這類因素。但至少要達成 34% 到 35% 的結構性成本要素都已經到位。

That is all the time that we have for the Q&A. We'd like to thank everybody for their time and participation on today's call. If you have any further questions, please reach out to me directly. Have a good day.

問答時間就到這裡。我們要感謝各位今天撥冗參與本次電話會議。若您還有任何進一步問題，請直接與我聯繫。祝各位有美好的一天。

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。感謝各位的參與。您現在可以掛線。