Toro Co (TTC) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to The Toro Company's first-quarter earning conference call.

女士們、先生們，大家好，歡迎參加 Toro 公司第一季財報電話會議。

My name is Kevin and I'll be your coordinator today.

我叫凱文，今天我將擔任您的協調員。

(Operator Instructions)

（操作員指令）

As a reminder, this conference is being recorded for replay purposes.

提醒一下，本次會議正在錄音以供重播。

I would now like to turn the presentation over to your host for today's conference, Julie Kerekes, Treasurer and Senior Managing Director of Global Tax and Investor Relations.

現在，我想將演講交給今天會議的主持人、全球稅務和投資者關係財務主管兼高級董事總經理 Julie Kerekes。

Please proceed, Ms. Kerekes.

請繼續，Kerekes 女士。

Thank you and good morning, everyone.

謝謝大家，早安。

Our earnings release was issued this morning, and a copy can be found in the Investor Information section of our corporate website, thetorocompany.com. We have also posted our first quarter earnings presentation to supplement our earnings release.

我們的收益報告已於今天早上發布，您可以在我們公司網站 thetorocompany.com 的投資者資訊部分找到一份副本。我們也發布了第一季財報，以補充我們的收益報告。

On our call today are Rick Olson, Chairman and Chief Executive Officer; Angie Drake, Vice President and Chief Financial Officer; and Jeremy Steffan, Director, Investor Relations.

今天我們電話會議的嘉賓是董事長兼執行長 Rick Olson；安吉‧德雷克 (Angie Drake)，副總裁兼財務長；以及投資者關係總監 Jeremy Steffan。

During this call, we will make forward-looking statements regarding our plans and projections for the future. Forward-looking statements are based upon our historical performance and current expectations and are subject to risks, uncertainties, and other factors that may cause actual results to differ materially from those contemplated by these statements. Additional information regarding these factors can be found in today's earnings release and in our investor presentations, as well as in our SEC reports. During today's call, we will also refer to non-GAAP financial measures which we believe are important in evaluating the company's performance. For more details on these measures, the most comparable GAAP measures, and a reconciliation of the two, please refer to this morning's earnings release and our investor presentations.

在本次電話會議中，我們將就未來計畫和預測做出前瞻性陳述。前瞻性陳述是基於我們的歷史績效和當前預期，並受風險、不確定性和其他因素的影響，這些因素可能導致實際結果與這些陳述所預期的結果有重大差異。有關這些因素的更多資​​訊可以在今天的收益報告和我們的投資者介紹以及我們的 SEC 報告中找到。在今天的電話會議中，我們還將參考我們認為對評估公司績效非常重要的非公認會計準則財務指標。有關這些指標、最具可比性的 GAAP 指標以及兩者對帳的更多詳細信息，請參閱今天早上的收益報告和我們的投資者介紹。

With that, I will now turn the call over to Rick.

說完這些，我現在將電話轉給 Rick。

Thanks, Julie, and good morning, everyone.

謝謝，朱莉，大家早安。

Fiscal 2025 is off to a solid start as we reported first quarter bottom line results that exceeded the expectations we shared on our last call. We delivered this result despite below average snowfall in key markets. This is a testament to our compelling market leading lineup of innovative products, the disciplined execution by our talented team, and the extraordinary customer service provided by our best-in-class network of channel partners.

我們報告的第一季獲利結果超出了我們上次電話會議的預期，因此 2025 財年開局良好。儘管主要市場的降雪量低於平均水平，我們仍然取得了這一業績。這證明了我們擁有引人注目的市場領先創新產品陣容、優秀團隊的嚴謹執行力以及一流的通路合作夥伴網路提供的卓越客戶服務。

For the quarter, we achieved total company net sales of nearly $1 billion with growth in the professional segment offset by lower shipments as expected in residential. We drove professional segment growth by successfully increasing output for golf and grounds products.

本季度，我們實現了近 10 億美元的公司總淨銷售額，其中專業部門的成長被住宅部門出貨量的預期下降所抵消。我們成功提高高爾夫和場地產品的產量，推動了專業領域的成長。

Demand remains robust in golf, coming off another record year of rounds played and order backlog remains elevated. We also delivered on strong channel demand for our new contractor grade zero turn mowers ahead of the upcoming spring season.

高爾夫球需求依然強勁，去年的打球輪次再創紀錄，訂單積壓仍然很高。在春季來臨之前，我們也滿足了通路對新型承包商級零轉彎割草機的強勁需求。

This includes our 30th anniversary Exmark Lazer Z lineup, featuring our exclusive Adapt technology to enable quick tool-free adjustments of the deck rake. The residential segment continued to be affected by elevated field inventories of snow products.

其中包括我們的 30 週年紀念版 Exmark Lazer Z 系列，採用我們獨特的 Adapt 技術，可快速無需工具調整甲板耙。住宅用雪產品庫存增加繼續對其造成影響。

In addition, last year's first quarter included Pope Products which we divested in Q3 of 2024. Despite the slight reduction in overall sales, we increased adjusted diluted earnings per share to $0.65 on the momentum of our amplifying maximum productivity or AMP initiative, along with improved profitability in the professional segment.

此外，去年第一季還包括 Pope Products，我們在 2024 年第三季將其剝離。儘管整體銷售額略有下降，但得益於我們擴大最大生產力或 AMP 計劃的勢頭以及專業部門盈利能力的提高，我們將調整後每股攤薄收益提高至 0.65 美元。

Professional profitability improvement was driven by favorable mix, positive net price, and prudent expense management, in addition to productivity gains. Based on our first quarter results and our current visibility, we are maintaining our full year fiscal 2025 net sales and adjusted diluted earnings per share guidance.

除了生產力的提高外，有利的產品組合、正的淨價、審慎的費用管理也推動了專業獲利能力的提升。根據我們第一季的業績和目前的前景，我們維持 2025 財年全年淨銷售額和調整後每股攤薄收益的預期。

Due to the uncertain and rapidly changing tariff environment, this guidance excludes all incremental tariffs introduced year-to-date, with the exception of the additional tariffs on China imports that came into effect in February.

由於關稅環境不確定且快速變化，本指南不包括今年迄今推出的所有增量關稅，但 2 月生效的針對中國進口商品的附加關稅除外。

Angie will walk through our guidance details shortly. We continue to take actions to strategically position the enterprise for sustained profitable growth. We expect to drive strong returns by prioritizing innovation that directly addresses our customers' most pressing needs and aligns with key market growth trends.

安吉很快就會介紹我們的指導細節。我們將繼續採取行動，為企業的持續獲利成長做好策略定位。我們希望透過優先考慮直接滿足客戶最迫切需求並與主要市場成長趨勢保持一致的創新來獲得豐厚的回報。

Across all our businesses, we are launching cutting-edge products equipped with the latest technologies, reinforcing our commitment to industry leadership and long-term success. Our innovation leadership was very apparent at the recent golf course superintendents trade show where we showcased our suite of robotic solutions.

在我們的所有業務中，我們都推出了配備最新技術的尖端產品，加強了我們對行業領導地位和長期成功的承諾。在最近的高爾夫球場管理者貿易展上，我們展示了一系列機器人解決方案，我們的創新領導力得到了充分體現。

This included the introduction of our new Toro Turf Pro autonomous mower with GPS-RTK technology, ideal for multiple golf course applications as well as sports fields and grounds. The Turf Pro helps customers improve productivity while keeping grounds consistently well manicured by mowing up to 18.5 acres 3 times a week with minimal operator input.

其中包括推出配備 GPS-RTK 技術的新型 Toro Turf Pro 自動割草機，非常適合多個高爾夫球場應用以及運動場和場地。 Turf Pro 每週 3 次修剪面積可達 18.5 英畝，只需極少的操作員投入，即可幫助客戶提高生產效率，同時保持地面始終修剪整齊。

Our new Exmark Turf Tracer of XiQ was also on display. With its 60 inch cutting deck, the Turf Tracer with XiQ provides another robotic option for golf customers focused on productivity and efficiency. These solutions are an excellent complement to our Toro GeoLink autonomous Fairway Mower which we are rolling out more broadly this spring.

我們的新款 XiQ Exmark Turf Tracer 也在此次展會上展出。配備 XiQ 的 Turf Tracer 擁有 60 吋的切割平台，為注重生產力和效率的高爾夫客戶提供了另一種機器人選擇。這些解決方案是我們今年春季將更廣泛推廣的 Toro GeoLink 自動球道割草機的絕佳補充。

For driving range applications, we introduced our new Toro Range Pro golf ball picking robot, also a GPS-RTK technology. The Range Pro is capable of collecting over 15,000 balls in 24 hours. This is a game changer for our customers looking to free up time and labor while simultaneously maintaining a clean range for golfers.

對於練習場應用，我們推出了新型 Toro Range Pro 高爾夫球拾取機器人，它也是一種 GPS-RTK 技術。 Range Pro 能夠在 24 小時內收集超過 15,000 個球。對於我們尋求節省時間和勞動力同時為高爾夫球手保持乾淨的練習場的客戶來說，這是一個改變遊戲規則的舉措。

We also showcased several industry leading advancements in smart connected solutions that meaningfully increase efficiency and improve results for golf course superintendents. These include our all new Intelli360, web-based digital tool kit to streamline turf equipment management, as well as our renewed Lynx Drive platform for full mobile irrigation control.

我們也展示了智慧互聯解決方案領域的幾項行業領先進步，這些進步顯著提高了高爾夫球場管理者的效率並改善了業績。其中包括我們全新的基於網路的數位工具包 Intelli360，可簡化草坪設備管理，以及我們更新的 Lynx Drive 平台，可實現全面的行動灌溉控制。

These tools are designed to give superintendents the real-time information and flexibility they need to make proactive decisions anytime and anywhere. Another highlight of the Golf Show was our announcement of an exclusive partnership with TerraRad, a leader in advanced soil moisture mapping technology.

這些工具旨在為主管人員提供所需的即時資訊和靈活性，以便隨時隨地做出主動決策。高爾夫展的另一個亮點是我們宣布與先進土壤濕度測繪技術領導者 TerraRad 建立獨家合作夥伴關係。

Together, we are introducing the first of its kind data-driven soil moisture sensing and management software. This software called Spatial Adjust will integrate exclusively with our Toro Lynx central control platform.

我們共同推出了第一種數據驅動的土壤濕度感測和管理軟體。這款名為 Spatial Adjust 的軟體將與我們的 Toro Lynx 中央控制平台獨家整合。

It will provide real-time moisture mapping while mowing, along with individual irrigation head adjustment recommendations that can be made with the click of a button. By eliminating the need for manual soil probing and streamlining irrigation scheduling, this groundbreaking technology will allow superintendents to optimize turf health while at the same time reducing water consumption and operating costs.

它將在割草時提供即時濕度地圖，同時還提供只需單擊按鈕即可進行的單獨灌溉頭調整建議。透過消除手動土壤探測的需要並簡化灌溉計劃，這項突破性的技術將使管理員能夠優化草坪健康狀況，同時減少水消耗和營運成本。

Like golf, another key market opportunity is in underground construction. We recently filled an important gap in our strategic underground product portfolio with the acquisition of ProKASRO Services USA. They are the exclusive US distributor of Germany's ProKASRO Mechatronik industry leading UV cured-in-place pipelining, and robotics equipment.

與高爾夫類似，另一個重要的市場機會是地下建築。我們最近透過收購 ProKASRO Services USA 填補了我們策略性地下產品組合中的一個重要空白。他們是德國 ProKASRO Mechatronik 業界領先的紫外線固化現場流水線和機器人設備的美國獨家經銷商。

These trenchless solutions are used for the inspection and rehabilitation of water, wastewater, and stormwater mainline pipes. They perfectly complement our market leading blue light LED product for the lateral light cure market.

這些非開挖解決方案用於水、廢水和雨水主管道的檢查和修復。它們完美地補充了我們面向側光固化市場的領先藍光 LED 產品。

We see the opportunity to capture early market adoption in the US in this fast growing space. By partnering with the proven brand leader in Europe on current and future products, we're capitalizing on synergies with our HammerHead product portfolio.

我們看到了在這個快速成長的領域中抓住美國早期市場應用的機會。透過與歐洲公認的品牌領導者在現有和未來產品上合作，我們將充分利用與 HammerHead 產品組合的協同效應。

In addition to driving innovation and adding strategic products to our portfolio, we continue to make progress enhancing productivity and profitability with our AMP initiative. During the first quarter, we implemented nearly $50 million in run rate savings, bringing our total to date to $64 million.

除了推動創新並在我們的產品組合中增加策略性產品外，我們還繼續透過 AMP 計畫在提高生產力和獲利能力方面取得進展。在第一季度，我們實現了近 5,000 萬美元的運行率節約，使迄今為止的節約總額達到 6,400 萬美元。

The savings implemented in Q1 were primarily driven by headcount actions we took in December to better align our organizational structure with our long term strategic priorities. We also continue to make progress in driving savings with our supply-based transformation.

第一季實施的節約主要得益於我們 12 月採取的員工人數削減措施，旨在使我們的組織結構更好地與我們的長期策略重點保持一致。我們也繼續透過基於供應的轉型在推動節約方面取得進展。

We remain on track to deliver $100 million of annualized run rate savings by fiscal 2027 from AMP. As we've discussed, we intend to prudently reinvest up to half of the savings to further accelerate innovation and long-term growth.

我們仍有望在 2027 財年之前透過 AMP 實現 1 億美元的年度運行率節約。正如我們所討論的，我們打算謹慎地將一半的儲蓄重新投資，以進一步加速創新和長期成長。

Importantly, everything we are doing with AMP helps fuel our enterprise strategic priorities of accelerating profitable growth, driving productivity and operational excellence, and empowering our people. We remain confident in our ability to generate consistent, strong cash flow and deliver positive financial results into the future.

重要的是，我們透過 AMP 所做的一切都有助於推動我們的企業策略重點，即加速獲利成長、提高生產力和卓越營運以及增強員工的能力。我們仍然對我們產生持續強勁現金流和未來實現積極財務業績的能力充滿信心。

This was demonstrated by a repurchase of $100 million in shares during the quarter following nearly $250 million in repurchases last year.

繼去年回購近 2.5 億美元股票之後，本季又回購了 1 億美元股票。

With that, I'll call over to Angie.

說完這些，我就打電話給安吉。

Thank you, Rick, and good morning, everyone.

謝謝你，里克，大家早安。

We were pleased to deliver adjusted diluted EPS growth in the quarter, driven by improved profitability. Consolidated net sales for the quarter were $995 million, down slightly from Q1 last year. Note that Q1 last year included net sales from the Pope Products business, while the current year does not.

由於獲利能力的提高，我們很高興看到本季調整後攤薄每股收益實現成長。本季綜合淨銷售額為 9.95 億美元，較去年第一季略有下降。請注意，去年第一季包括了 Pope Products 業務的淨銷售額，但今年卻沒有。

Reported EPS was $0.52 per diluted share compared to $0.62 last year. Adjusted EPS was $0.65 per diluted share, up from $0.64.

報告每股收益為 0.52 美元，去年同期為 0.62 美元。調整後每股收益為 0.65 美元，高於每股 0.64 美元。

Now to the segment results. Professional segment net sales for the first quarter were $768.8 million, up 1.6% year over year. This increase was primarily driven by three factors. First, higher shipments of golf and grounds products as a result of increased output to address the sustained demand that has kept order backlog elevated.

現在來看看分部結果。第一季專業部門淨銷售額為 7.688 億美元，年增 1.6%。這一增長主要由三個因素推動。首先，由於持續的需求導致訂單積壓量居高不下，產量增加導致高爾夫和場地產品的出貨量增加。

Second, increased shipments of zero turn mowers. This is a reflection of strong channel demand for new models and improved build inventory levels. And third, net price realization. These positive factors were partially offset by lower shipments of compact utility loaders as expected following last year's channel replenishment and this year's increased macro caution.

其次，零轉彎割草機的出貨量增加。這反映出通路對新車型的需求強勁以及庫存水準的提高。第三，淨價實現。由於去年通路補貨和今年宏觀謹慎情緒增強，緊湊型多用途裝載機出貨量如預期下降，部分抵消了上述積極因素。

Professional segment earnings for the first quarter were $127.2 million on a reported basis, up 13% from $112.8 million last year. When expressed as a percentage of net sales, earnings for the segment were 16.5%, up from 14.9%.

據報道，第一季專業部門獲利為 1.272 億美元，較去年的 1.128 億美元成長 13%。如果以淨銷售額的百分比來表示，該部門的收益為 16.5%，高於 14.9%。

The positive 160 basis point change in profitability was primarily due to net sales leverage, product mix, and productivity improvements. This was partially offset by higher material, manufacturing and freight costs. Residential segment net sales for the first quarter were $221 million, down as expected from $240 million last year.

獲利能力的正向 160 個基點變化主要歸因於淨銷售槓桿、產品組合和生產力的提高。但材料、製造和運費成本的上漲部分抵銷了這一影響。第一季住宅部門淨銷售額為 2.21 億美元，低於預期的去年的 2.4 億美元。

The decrease was primarily driven by lower shipments of snow products given elevated field inventory heading into the season, lower shipments of portable power products, the Pope divestiture last year, and higher sales promotions and incentives.

下降的主要原因是，由於進入滑雪季，現場庫存增加，導致雪產品出貨量下降，便攜式電源產品出貨量下降，去年 Pope 資產剝離，以及促銷和激勵措施增加。

These factors were partially offset by higher shipments of zero turn and walk power mowers. Residential segment earnings for the quarter were $17.2 million compared to $23.5 million last year. When expressed as a percentage of net sales, earnings for the segment were 7.8% compared to 9.8% last year.

這些因素被零轉彎和步行式割草機出貨量的增加部分抵消。本季住宅部門獲利為 1,720 萬美元，去年同期為 2,350 萬美元。如果以淨銷售額的百分比來表示，該部門的收益為 7.8%，而去年同期為 9.8%。

The decrease was largely due to higher material, manufacturing and freight costs, higher sales promotions and incentives, and product mix with less snow product. These were partially offset by productivity improvements.

下降主要是由於材料、製造和運費成本上漲、促銷和激勵措施增加以及產品組合中雪產品減少。這些被生產率的提高部分抵消了。

Turning to our operating results for the total company. Our reported and adjusted gross margins were 33.7% and 34.1% respectively for the quarter. This compares to 34.4% for both in the same period last year. The reported gross margin reflects higher AMP charges compared to last year.

談談我們整個公司的經營業績。本季我們的報告和調整後毛利率分別為 33.7% 和 34.1%。相較之下，去年同期兩者的比例均為 34.4%。報告的毛利率反映出與去年相比更高的 AMP 費用。

Additional changes on both a reported and adjusted basis were primarily due to higher material and manufacturing costs, partially offset by productivity improvements. SG&A expense as a percentage of net sales for the quarter was slightly higher at 25.9% from 25.6% a year ago.

報告和調整後的額外變化主要是由於材料和製造成本的提高，但被生產率的提高部分抵消。本季銷售、一般及行政開支佔淨銷售額的百分比略高於去年同期的 25.6%，為 25.9%。

The change was primarily driven by the higher AMP charges and was partially offset by lower marketing costs. Operating earnings as a percentage of net sales for the quarter were 7.8%, down from 8.8% in the same period last year.

這項變化主要是由於 AMP 費用上漲所致，但行銷成本的降低卻部分抵銷了這項變化。本季營業利潤佔淨銷售額的百分比為 7.8%，低於去年同期的 8.8%。

On an adjusted basis, operating earnings as a percentage of net sales were 9.4%, a 20 basis point improvement from 9.2% in the first quarter a year ago. Interest expense for the quarter was $15 million, down from $16.2 million last year.

經過調整後，營業收入佔淨銷售額的百分比為 9.4%，較去年同期的 9.2% 提高了 20 個基點。本季利息支出為 1,500 萬美元，低於去年的 1,620 萬美元。

The decrease was primarily due to lower average outstanding borrowings and lower average interest rates. The reported effective tax rate for the first quarter was 20.1% compared with 19% last year. The increase was primarily due to lower tax benefits recorded as excess tax deductions for stock-based compensation in the current year period.

下降主要是由於平均未償還借款減少及平均利率下降。報告的第一季有效稅率為 20.1%，去年同期為 19%。成長的主要原因是本年度期間記錄為股票薪酬超額稅收減免的稅收優惠減少。

This was partially offset by a more favorable geographic mix of earnings this year. The adjusted effective tax rate for the first quarter was 20.2% compared with 20.8% a year ago, primarily driven by the geographic mix of earnings.

今年更有利的地域收益組合在一定程度上抵消了這一影響。第一季調整後有效稅率為 20.2%，去年同期為 20.8%，主要受到收益的地理組合影響。

Turning to our balance sheet. Accounts receivable were $494 million, up slightly from $489 million a year ago, primarily driven by increased international shipments. This was partially offset by lower mass channel shipments as expected.

轉向我們的資產負債表。應收帳款為 4.94 億美元，較去年同期的 4.89 億美元略有成長，主要由於國際貨運量增加。正如預期，大眾通路出貨量下降部分抵消了這種影響。

Inventory at the end of Q1 was $1.14 billion, down about 3% compared to last year and higher sequentially from the fourth quarter, as is typical due to the normal seasonal flow. The year over year improvement was primarily driven by lower balances related to lawn care products.

第一季末的庫存為 11.4 億美元，比去年同期下降約 3%，比第四季有所上升，這是正常的季節性流動所致。與去年同期相比，這項改善主要由於與草坪護理產品相關的餘額減少。

This was partially offset by higher levels of compact utility loaders as expected. Accounts payable were $447 million, up 6% from last year, primarily driven by higher material purchases. Free cash flow in the quarter was a $67.7 million use of cash, an improvement over last year.

正如預期，這一差距被緊湊型多用途裝載機的更高水平所部分抵消。應付帳款為 4.47 億美元，較去年同期成長 6%，主要由於材料採購量增加。本季自由現金流為 6,770 萬美元，較去年同期有所改善。

The use is a reflection of our normal seasonal working capital needs heading into the spring selling season. As a reminder, the majority of our operating cash flow is typically generated in the second half of our fiscal year.

這項使用反映了我們進入春季銷售季節的正常季節性營運資金需求。提醒一下，我們的大部分營運現金流通常發生在財政年度的下半年。

Importantly, our balance sheet remains strong and provides financial flexibility. We continue to target a gross debt to EBITDA leverage ratio in the range of 1 to 2 times. This, along with our investment grade credit ratings, provides the financial flexibility to fund investments that drive long term sustainable growth.

重要的是，我們的資產負債表依然強勁並提供財務靈活性。我們繼續將總債務與 EBITDA 槓桿率的目標設定在 1 至 2 倍之間。這與我們的投資等級信用評級一起，為推動長期可持續成長的投資提供了財務靈活性。

Our disciplined approach to capital allocation remains unchanged with key priorities of making strategic investments in our business to drive long-term profitable growth both organically and through acquisition, returning cash to shareholders through dividends and share repurchases and maintaining our leverage goals.

我們對資本配置的嚴謹方法保持不變，主要優先對我們的業務進行策略性投資，以透過有機成長和收購推動長期獲利成長，透過股利和股票回購向股東返還現金並維持我們的槓桿目標。

Examples of how we are acting on these priorities in fiscal 2025 include, first, our plan to fund $100 million in capital expenditures to support new product investments, advanced manufacturing technologies, and capacity for growth.

我們在 2025 財年針對這些優先事項採取行動的例子包括：首先，我們計劃提供 1 億美元的資本支出來支持新產品投資、先進製造技術和成長能力。

Second, our recent acquisitions in the trenchless underground space. Third, paying our regular dividend with an increase of 6% over fiscal 2024. And finally, executing on share repurchases, including $100 million in the first quarter.

第二，我們最近在非開挖地下空間領域的收購。第三，支付我們的定期股息，比 2024 財年增加 6%。最後，執行股票回購，包括第一季的 1 億美元。

We have continued repurchasing shares in the second quarter, a reflection of the confidence we have in our future financial performance and cash flows. As we look ahead to the remainder of the year, in our professional segment, we continue to expect benefits from the sustained strength and demand and elevated order backlog for underground construction equipment and golf and grounds products.

我們在第二季繼續回購股票，這反映了我們對未來財務表現和現金流的信心。展望今年剩餘時間，在我們的專業領域，我們將繼續受益於地下施工設備、高爾夫和場地產品的持續強勁需求和增加的訂單積壓。

We also continue to expect backlog will be closer to normal by the end of fiscal 2025. Importantly, we expect the sustained strength in these businesses will help avoid a significant gap as demand and supply normalize.

我們也繼續預計，到 2025 財年末，積壓訂單將更接近正常水準。重要的是，我們預計，隨著需求和供應正常化，這些業務的持續強勁將有助於避免重大缺口。

We also expect the continued field inventory normalization of lawn care and snow products to provide some offsets. Speaking of field inventories, we are entering the spring turf season with dealer field inventories of lawn care products in a better position compared to where we were a year ago.

我們也預計草坪護理和雪產品的現場庫存將持續正常化將帶來一些補償。說到現場庫存，我們正進入春季草坪季節，與一年前相比，經銷商的草坪護理產品現場庫存狀況更好。

This has been driven by the work we have done over the past year to decrease shipments into the channel, coupled with retail sales through that has outpaced those shipments. This, along with the strength of our brand, channel, and new product introductions, sets us up well as homeowner markets eventually return to normal strength.

這是由於我們在過去一年中努力減少進入通路的出貨量，但同時零售額卻超過了出貨量。這項優勢，加上我們品牌、通路和新產品的推出，為我們在房主市場最終恢復正常時奠定了良好的基礎。

For snow products, field levels remain elevated heading into the second quarter but are trending in the right direction. While snowfall activity has improved compared to last year, year-to-date snowfall totals have still been meaningfully below historical averages in many key US markets.

對於雪產品而言，進入第二季度，現場水平仍然很高，但趨勢是正確的。雖然降雪量與去年相比有所改善，但今年迄今為止美國許多主要市場的降雪總量仍然遠低於歷史平均水平。

We will be watching to see how late season storm activity clears the channel. In any event, we expect field levels of snow products to be in a better position compared to last year heading into our second half preseason sell-in.

我們將關注季末風暴活動如何清理通道。無論如何，我們預計，在進入下半年季前銷售階段時，雪產品的現場水平將比去年更好。

Our guidance considers the below normal snowfall so far this winter, as well as the incremental China tariffs that came into effect in February. Due to the uncertain and rapidly evolving trade policy environment, this guidance excludes the impacts of all other incremental tariffs.

我們的指導考慮了今年冬天迄今為止的降雪量低於正常水平，以及 2 月生效的中國增量關稅。由於貿易政策環境不確定且快速變化，本指南排除了所有其他增量關稅的影響。

We are prepared to take operational and pricing actions as appropriate to mitigate any new tariffs with the continued goal of being a good supplier while protecting our market leadership and profitability. As a reminder, we have significantly reduced our exposure to China supply since the initial round of tariffs in 2018.

我們準備採取適當的營運和定價措施來減輕任何新的關稅，繼續成為良好的供應商，同時保護我們的市場領導地位和獲利能力。提醒一下，自 2018 年第一輪關稅以來，我們已大幅減少了對中國供應的曝險。

In addition, the vast majority of our manufacturing production takes place in the US, particularly for our higher margin professional segment. We do have production facilities in Mexico, primarily for residential and irrigation products.

此外，我們的絕大部分製造生產都在美國進行，特別是利潤率較高的專業領域。我們在墨西哥確實有生產設施，主要用於住宅和灌溉產品。

With this backdrop, we are maintaining the full year net sales and adjusted diluted EPS guidance we shared on our last earnings call. This includes total company net sales growth in a range of 0% to 1% for the full year, which assumes continued strong demand and stable supply for our businesses with elevated backlog, a continuation of the macro caution we have seen in markets connected to homeowners and weather patterns aligned with historical averages for the remainder of the fiscal year.

在此背景下，我們維持上次財報電話會議上分享的全年淨銷售額和調整後稀釋每股收益指引。這包括全年公司淨銷售額成長率在 0% 到 1% 之間，假設我們的業務繼續保持強勁需求和穩定供應，積壓訂單增加，延續我們在與房主相關的市場中看到的宏觀謹慎，並且本財年剩餘時間的天氣模式與歷史平均水平一致。

It also considers the additional adjustments needed to normalize field levels of lawn care and snow products. For the professional segment, we continue to expect full year net sales to be up low single digits. For the residential segment, we continue to expect net sales to be down high single digits, which considers the continued rebalancing of our Math partners, as well as the full year impact of last year's Pope divestiture.

它還考慮了使草坪護理和雪產品的現場水平正常化所需的額外調整。對於專業領域，我們繼續預期全年淨銷售額將成長個位數。對於住宅領域，我們繼續預計淨銷售額將下降高個位數，這考慮到我們 Math 合作夥伴的持續重新平衡，以及去年 Pope 資產剝離對全年的影響。

Looking at profitability. For the full year, we continue to expect improvement in both adjusted gross margins and adjusted operating earnings as the percentage of net sales. We also continue to expect both the residential and professional segment earnings margins to be higher than last year.

從盈利能力來看。就全年而言，我們繼續預期調整後的毛利率和調整後的營業利潤佔淨銷售額的百分比都會有所改善。我們也繼續預期住宅和專業部門的獲利利潤率都將高於去年。

With this, we continue to anticipate full year adjusted diluted EPS in the range of $4.25 to $4.40. Additionally, for the full year, we continue to expect depreciation and amortization of about $125 million to $135 million, interest expense of about $54 million, an adjusted effective tax rate of about 20% and a free cash flow conversion rate of about 100% of reported net income.

因此，我們繼續預計全年調整後攤薄每股收益將在 4.25 美元至 4.40 美元之間。此外，我們繼續預計全年折舊和攤銷約為 1.25 億美元至 1.35 億美元，利息支出約為 5,400 萬美元，調整後有效稅率約為 20%，自由現金流轉換率約為報告淨收入的 100%。

Turning to the second quarter of fiscal 2025. We anticipate total company net sales to be similar year over year. We expect professional segment net sales to be up low single digits and residential segment net sales to be down mid single digits compared to the same period last year.

展望 2025 財年第二季。我們預計公司總淨銷售額將與去年同期持平。我們預計，與去年同期相比，專業部門淨銷售額將成長低個位數，而住宅部門淨銷售額將下降中個位數。

Looking at profitability. For the second quarter, we expect total company adjusted operating margins to be slightly lower year over year. We expect the professional segment earnings margins to be similar to the same period last year, and the residential segment earnings margins to be slightly lower.

從盈利能力來看。對於第二季度，我們預計公司調整後的整體營業利潤率將比去年同期略有下降。我們預計專業部門的獲利利潤率將與去年同期相似，而住宅部門的獲利利潤率將略低。

Overall, we expect our second quarter fiscal 2025 adjusted diluted EPS to be slightly lower than last year's $1.40. We continue to execute with discipline and are excited about the momentum we are gaining with our customer centric technology investments.

整體而言，我們預計 2025 財年第二季調整後稀釋每股盈餘將略低於去年的 1.40 美元。我們將繼續嚴格執行，並對以客戶為中心的技術投資所取得的進展感到興奮。

This includes our robust new product pipeline aimed at driving success for our customers and for The Toro Company. We are also confident in our ability to unlock significant benefits and opportunities with our AMP productivity initiative as we continue to build our business for long-term profitable growth.

這包括我們強大的新產品線，旨在推動我們的客戶和 Toro 公司的成功。我們也相信，我們有能力利用 AMP 生產力計劃釋放巨大的利益和機遇，因為我們將繼續打造我們的業務以實現長期盈利增長。

With that, I'll turn the call back to Rick.

說完這些，我就把電話轉回給瑞克。

Thank you, Angie.

謝謝你，安吉。

As I mentioned from the outset of the call, we are pleased with our bottom line performance to begin the year in what is a very dynamic operating environment. We continue to expect benefits from our market leadership and strong fundamentals, the ongoing success of our AMP initiative, and the essential nature and regular replacement cycle of our products.

正如我在電話會議一開始就提到的那樣，在非常活躍的營運環境下，我們對今年年初的獲利表現感到滿意。我們將繼續受益於我們的市場領導地位和強勁的基本面、我們 AMP 計劃的持續成功以及我們產品的基本性質和定期更換週期。

With this and the continued agility and dedication of our team, we have confidence in our ability to deliver positive financial results into the future. We recognize the high degree of uncertainty that exists in the current macro environment.

憑藉這一點，加上我們團隊的持續敏捷性和奉獻精神，我們有信心在未來實現積極的財務表現。我們認識到當前宏觀環境中存在高度的不確定性。

This includes the economy, consumer and business confidence, and the geopolitical environment. We are closely monitoring the risks and benefits associated with potential policy and regulatory changes, including tariff developments.

其中包括經濟、消費者和商業信心以及地緣政治環境。我們正在密切關注與潛在政策和監管變化（包括關稅發展）相關的風險和利益。

The situation is rapidly evolving and changing, and we will remain nimble. We are prepared to quickly make adjustments to our operations and pricing as appropriate. I'd like to emphasize once again why we are confident and excited about our future.

情況正在迅速發展變化，我們將保持靈活。我們準備迅速對我們的營運和定價做出適當的調整。我想再次強調為什麼我們對未來充滿信心和興奮。

First, the near and long term prospects for our underground construction business remain extremely compelling. This is supported by a rapidly growing demand for data communication infrastructure, data center build out, and energy grid modernization, as well as the global focus on replacing aging infrastructure.

首先，我們的地下建築業務的近期和長期前景仍然極具吸引力。這是由數據通訊基礎設施、數據中心建設和能源網現代化的快速增長的需求以及全球對更換老化基礎設施的關注所推動的。

In terms of the aging water infrastructure, recent surveys point to more than $630 billion in spending needed over the next 20 years to ensure safe drinking water in the US with most of those dollars expected to go to clean water distribution.

在老化的水利基礎設施方面，最近的調查顯示，未來20年需要投入超過6,300億美元來確保美國的飲用水安全，其中大部分預計用於清潔水分配。

Outside of the US, a sprawling network of 30,000 miles of hydrogen gas pipeline is planned across Europe. These are just a few examples of many that support the widespread need and positive runway for infrastructure investments.

除美國外，歐洲還計劃建造長達 30,000 英里的氫氣管道網路。這些只是眾多支持基礎設施投資的廣泛需求和積極前景的例子中的幾個。

We are very well positioned to capitalize on this runway for growth as a worldwide market leader with the most comprehensive equipment and brand lineup in the industry and our best in class channel. The strength of demand combined with our deep relationships and our technology and innovation leadership make this an extremely attractive space for us and our shareholders.

身為全球市場領導者，我們擁有業界最全面的設備和品牌陣容以及一流的管道，完全有能力利用這條成長管道。強勁的需求、深厚的關係以及我們在技術和創新方面的領導地位，使得這個領域對我們和我們的股東來說極具吸引力。

Second, the near and long-term prospects for our golf business are also extremely compelling. Data continues to support the sustained strength of this market. US participation in on-course golf exceeded 28 million players in 2024, marking the seventh consecutive annual increase.

其次，我們的高爾夫業務的近期和長期前景也極具吸引力。數據繼續支持該市場的持續強勁。 2024 年，美國參與高爾夫運動的人數將超過 2,800 萬人，連續第七年成長。

Last year's net increase of approximately 1.5 million golfers was the biggest single year jump since the year 2000. At the same time, total US golf participation, including both on and off course players, rose 5% and was up 38% when compared to pre-pandemic 2019 data.

去年高爾夫球手人數淨增加約 150 萬，是自 2000 年以來最大的單年增幅。同時，美國高爾夫運動的總參與人數（包括場內和場外球員）增加了 5%，與 2019 年疫情前的數據相比增加了 38%。

All of this points to an extremely healthy end market with more new course development than any time since 2011. We are uniquely positioned to capitalize on this market as the only company to offer both equipment and irrigation solutions and as the clear market leader in both.

所有這些都表明終端市場極其健康，新球場的開發數量比 2011 年以來的任何時候都多。作為唯一一家同時提供設備和灌溉解決方案的公司，也是這兩方面的明顯市場領導者，我們擁有獨特的優勢來利用這個市場。

As you can hear from my earlier remarks, the strength of our innovation pipeline for this market is unmatched with our steady introduction of solutions that drive enhanced performance, productivity, and efficiency for our golf customers.

正如您從我之前的評論中聽到的，我們針對這個市場的創新管道的實力是無與倫比的，我們穩步推出的解決方案可以為我們的高爾夫客戶提高性能、生產力和效率。

Third, we enjoy multi-brand leadership and the important zero turn mower space, which is the largest single turf care category for both our professional and residential segments. As these markets return to more normal strength, we're extremely well positioned to benefit from the share gains that we've realized with investments in our product lineup and the strategic actions that we've taken to strengthen our independent dealer networks and mass partnerships.

第三，我們享有多品牌領導地位和重要的零轉彎割草機領域，這是我們專業和住宅領域最大的單一草坪護理類別。隨著這些市場恢復到更正常的水平，我們非常有能力從透過投資我們的產品陣容和採取策略行動來加強我們的獨立經銷商網路和大眾合作夥伴關係而實現的份額成長中獲益。

Fourth, our proven ability to leverage technology and innovation investments across our broad portfolio enhances the durability of our competitive advantage and market leadership. This leverage enables the accelerated development of new products aligned with market trends that help our customers with their most pressing needs, such as addressing labor challenges, be it shortages or skill requirements, conserving scarce resources such as water, while at the same time reducing costs, and improving outcomes with access to the most up to date technology advancements.

第四，我們在廣泛的產品組合中利用技術和創新投資的能力已被證明，增強了我們的競爭優勢和市場領導地位的持久性。這種槓桿作用使我們能夠加速開發符合市場趨勢的新產品，以幫助我們的客戶滿足他們最迫切的需求，例如解決勞動力短缺或技能要求等挑戰，節省水等稀缺資源，同時降低成本，並利用最新的技術進步改善成果。

And finally, it comes down to the strength of our agile organization which has been resilient through many macro cycles. Our talented team is equipped and determined to capitalize on the many opportunities in front of us as we build on our 15th consecutive year of top line growth.

最後，這一切都歸功於我們敏捷組織的實力，該組織在許多宏觀週期中都具有韌性。我們才華橫溢的團隊已做好準備並決心利用我們面前的眾多機遇，繼續實現連續 15 年的營收成長。

And we have a best in class network of strategically aligned channel partners focused on going above and beyond to serve our customers every day. All of this positions us extremely well to drive value for all stakeholders in both the near and long term.

我們擁有一流的策略一致通路合作夥伴網絡，致力於每天為客戶提供超越期望的服務。所有這些都使我們能夠在短期和長期內為所有利害關係人創造價值。

With that, we will open up the call for questions.

現在，我們將開始提問。

(Operator Instructions)

（操作員指令）

David MacGregor, Longbow Research.

麥格雷戈（David MacGregor），長弓研究公司（Longbow Research）。

I want to start by just asking about AMP. And clearly, there's a very good level of progress being made here. But I just want to be clear around kind of the movement, some of the numbers here. You talked about $64 million run rate in cost savings to date. $50 million of that occurred in the first quarter which is up to a great start.

首先我想問一下有關 AMP 的問題。顯然，我們已經取得了非常好的進展。但我只是想清楚地了解這裡的一些動向和數字。您談到了迄今為止 6,400 萬美元的成本節省。其中第一季的 5000 萬美元是一個好的開始。

I guess how much of this reached the bottom line in the first quarter, if any at all? You talked about trying to redirect a portion of that into investment. Some portion of it falls to the bottom line. Try to help us understand just how much of that might have benefited 1Q.

我想問一下，如果有的話，其中有多少在第一季達到了底線？您談到嘗試將其中一部分轉為投資。其中一部分落到了底線。試著幫助我們理解其中有多少可能對 1Q 有益。

And then just the cadence on these AMP benefits and the drop to earnings over the remaining three quarters of '25 would be really helpful.

然後，這些 AMP 福利的節奏和 25 年剩餘三個季度的收益下降將會非常有幫助。

Yeah. Sure, David.

是的。當然，大衛。

The timing of our emphasis on productivity could not have been better in the current environment. And Angie is leading this initiative. So maybe I'll let Angie do an overview. She knows basics.

在當前環境下，我們強調生產力的時機再好不過了。安吉 (Angie) 是這項倡議的負責人。所以也許我會讓安吉做一個概述。她了解基礎知識。

Yeah. First, I'll address your question on kind of the savings that we saw in the quarter.

是的。首先，我將回答您有關本季節省金額的問題。

So you'll see later with the 10-Q that we had $7 million in gross realized savings in the quarter. And remember, that we had mentioned that we will reinvest a portion of that. So not all of that necessarily drops to the bottom line.

因此您稍後會在 10-Q 中看到，我們本季實現了 700 萬美元的總節約。請記住，我們曾經提到我們將重新投資其中的一部分。因此，並非所有這些都必然會影響到利潤。

So but everything that we have done and everything that we have reinvested, we've considered in our full year outlook and included in our guidance. To your point on how we expect to see this play out over the rest of the year, we did see that $49 million run rate savings in Q1, which gets us to $64 million in run rate savings to date.

所以，我們所做的一切以及我們再投資的一切，都已在我們的全年展望中考慮並納入我們的指引中。關於您提到的我們預計今年剩餘時間內會出現什麼情況，我們確實看到第一季的運行率節省了 4900 萬美元，到目前為止，我們的運行率節省已達到 6400 萬美元。

The majority of that did come from the restructuring events that we did in December. And if you'll remember last year, we mentioned that we would expect to see the majority of the rest of what we have left in that $100 million run rate to be achieved in F25.

其中大部分確實來自於我們 12 月進行的重整活動。如果您還記得，去年我們提到，我們預計 1 億美元運行率中剩餘的大部分資金將在 F25 中實現。

So we still have some opportunity with other things like supply base, route to market. The things that we have mentioned are working capital and efficiencies to play out for the rest of the year. However, we haven't defined that exactly by quarter.

因此，我們在供應基地、市場途徑等其他方面仍有一些機會。我們提到的事情是營運資金和效率將在今年剩餘時間內發揮作用。然而，我們還沒有按季度進行具體的定義。

We are confident in delivering that $100 million.

我們有信心交付這1億美元。

And just to be clear on the numbers here. When you talk about the $49 million run rate and $7 million of gross realized savings, are you suggesting that it was $42 million in expenses and the gross difference is the $7 million? I just want to be clear on the math.

只是為了清楚了解這裡的數字。當您談到 4900 萬美元的運行率和 700 萬美元的總實現節省時，您是否暗示費用為 4200 萬美元，而總差額為 700 萬美元？我只是想弄清楚數學問題。

No. The $49 million run rate just means that those savings will be into the future. So the $7 million is what was realized in Q1.

不。 4900 萬美元的運行率只是意味著這些節省將持續到未來。所以 700 萬美元是第一季實現的。

It's a run rate.

這是一個運行率。

And then secondly, can you just talk about pro snow? I know in the residential snow, you talked about volumes were down in the inventory dynamic in the channel. But on the pro side with BOSS, where are dealer inventories here?

其次，您能談談專業滑雪嗎？我知道在住宅區降雪期間，您談到了渠道庫存動態量下降的問題。但從 BOSS 的優點來看，經銷商的庫存在哪裡？

And how should we read through to landscape contractor in the season ahead given everything we're hearing through our channel checks are that these guys have a pretty good plow season, which puts cash in their pocket. And there's obviously been deferred spending in LCE.

透過通路檢查，我們了解到園林承包商今年的除雪季節表現不錯，可以賺到很多錢，因此，我們應該如何看待未來季節的園林承包商的狀況？而 LCE 方面的支出顯然已被推遲。

So just trying to think through the read from pro snow in this quarter to what ZTR pro grade ZTR could look like this summer.

因此，只是試著透過本季的專業雪況來思考一下 ZTR 專業級 ZTR 今年夏天會是什麼樣子。

Sure. Be happy to answer that.

當然。很高興回答這個問題。

First of all, if you just look at the context of the winter. I know there were some kind of headline grabbing snow events. But honestly, the snow in Florida or Georgia does not really drive a lot of our snow product sales.

首先，如果你只看冬季的背景。我知道發生了一些引人注目的降雪事件。但老實說，佛羅裡達州和喬治亞州的降雪並沒有真正推動我們雪產品的銷售。

So overall, as across the US, snow relative to average was down about 13.5%. And if you look at the major snow markets, it was down more than 50%. I think here in Minnesota, we're down roughly two-thirds. We just had a snow event in the last couple of days that may have taken a little bit off of that.

因此總體而言，與美國各地一樣，降雪量與平均值相比下降了約 13.5%。如果你看看主要的雪市場，你會發現它的銷售額下降了 50% 以上。我認為在明尼蘇達州這裡，我們下降了大約三分之二。過去幾天剛下了一場雪，這可能對這種情況有所緩解。

But roughly, well over half a reduction from norm. But the different markets respond a little bit differently. And on the residential side, it tends to be heavy major events, heavy snow, major events that drive a lot of the business early in the season.

但大致上，比正常水平減少了一半以上。但不同市場的反應略有不同。從住宅方面來看，往往重大事件、大雪等重大事件會在季節初期推動大量業務。

From a contractor perspective, the ideal event is a lighter snow event that's palpable because it's -- it can be done efficiently. And if you cover the ground that you need to clear, you get paid for that job. So a palpable snow might be one or two inches. That's kind of ideal.

從承包商的角度來看，理想的情況是降雪量較小，這是顯而易見的，因為它可以有效地完成。如果您完成了需要清理的地面工作，您就會得到報酬。因此可觸摸的雪厚度可能為一到兩英吋。這很理想。

And we did have a decent amount of those. So it helped to drive some of the business relative to the residential business a little bit better on the pro side. So field inventories, we are down a little bit year over year based on the winter was a little bit better than last year.

我們確實有相當多這樣的人。因此，從專業方面來說，它有助於更好地推動與住宅業務相關的部分業務。因此，現場庫存與去年同期相比略有下降，因為冬季庫存比去年略有改善。

So in spite of my comments, it was a little bit better than last year. But still higher than we would have expected. But we've included all of that in our guidance at this point including the knowledge of where the inventories are.

因此，儘管我有這樣的評論，但今年的情況還是比去年好一點。但仍然高於我們的預期。但我們目前已將所有這些都納入了我們的指導中，包括了解庫存所在。

The good news is with the facts that I mentioned a little bit better, quite a few snowable or palpable events in many markets. Contractor budgets we believe are going into the spring in better shape. In fact, good shape at this point. So that is a positive.

好消息是，根據我剛才提到的事實，許多市場都出現了不少可預見或可察覺的事件。我們相信，承包商的預算在春季會變得更加完善。事實上，目前狀態良好。這是積極的。

So kind of a complicated answer, but there's a few details that kind of are different depending on which part of the business we're talking about.

所以答案有點複雜，但根據我們討論的業務部分的不同，一些細節會有所不同。

Just last question for me. It'd be interesting to get your updated price/cost expectations for this year. You talked about raw materials being a bad guy in the first quarter. Just how you think about the price/cost spread here through the balance of the year?

這是我最後一個問題。了解您對今年最新價格/成本的預期將會很有趣。您剛才談到原料在第一季表現不佳。您如何看待全年餘下時間的價格/成本差額？

Yeah. Our Q1 are slight -- we had slight price increase or so our price was up. Our cost was up more. And that was really due to higher manufacturing and freight costs and some inflation. There was also variability in timing. But productivity improvements did offset that some.

是的。我們的第一季價格略有上漲，或者說我們的價格上漲了。我們的成本上漲了更多。這實際上是由於製造和運輸成本上漲以及通貨膨脹造成的。時間上也存在變化。但生產率的提高確實抵消了部分影響。

We didn't guide for Q2 on price costs. But for the full year, we do expect to return to a more normal 1% to 2% price based on those areas that is before tariffs I do want to say that. That's before those tariffs. But especially for the businesses where demand remains stronger, we believe we can get price.

我們沒有對第二季的價格成本做出指引。但就全年而言，我們確實預計價格將恢復到更正常的 1% 至 2%，這是基於關稅之前的價格，我確實想說這一點。這是在徵收關稅之前。但特別是對於需求仍然強勁的企業，我們相信我們可以獲得價格。

Tim Wojs, Baird.

蒂姆·沃斯，貝爾德。

Maybe just the first question on some of the moving pieces on tariffs. Could you just remind us kind of how much of your COGS are related to kind of Mexico manufacturing and China supply chain? And then is there -- how big is Canada and I guess do you produce in Canada or do you produce in the US?

也許這只是有關關稅的一些變動因素的第一個問題。您能否提醒我們一下，您的銷貨成本中有多少與墨西哥製造和中國供應鏈有關？然後是──加拿大有多大，我猜你們是在加拿大生產還是在美國生產？

Just if you could run through a couple of those kind of exposure related kind of items, I think that'd be helpful.

如果你能瀏覽一下這些與曝光相關的項目，我認為這會很有幫助。

Yeah. Sure, Tim. As you can fully understand, it's a very dynamic situation. We've had a task force in place since last fall with a scenario for every possibility that you could imagine. And it seems to be changing by on short notice.

是的。當然，提姆。正如你所完全理解的，這是一個非常動態的情況。自去年秋天以來，我們就已經成立了一個工作小組，為你能想到的每一種可能發生的情況制定了應對方案。而且它似乎在短時間內發生了變化。

So we're working that very closely. Just to give you some overall picture of tariff exposure. First of all, the vast majority of our products are made in the United States. The backlog products that we've talked a lot about over the last couple of years, the golf and grounds and underground businesses are virtually 100% built in the United States.

因此我們正在密切合作。只是為了讓你對關稅風險有一個整體了解。首先，我們的絕大多數產品都是在美國製造的。過去幾年我們討論過的積壓產品、高爾夫、場地和地下業務幾乎 100% 都是在美國製造的。

So very little exposure on the professional side. We do have operations in Mexico and they would be producing some of our residential products and irrigation products. So that's kind of the -- that's the Mexico exposure in the residential and irrigation areas.

因此在專業方面的曝光很少。我們確實在墨西哥有業務，他們會生產我們的一些住宅產品和灌溉產品。這就是——這就是墨西哥在住宅區和灌溉區受到的影響。

But again, the vast majority of our overall products in the US. We do not produce products in Canada. We do have customers in Canada. From that perspective as we do part of our global business. And then back to I think the first part of the question for China exposure, we've talked about that that exposure has been significantly vastly reduced from what it was back in 2017 and 2018 when we last had these conversations.

但同樣，我們的絕大部分產品都銷往美國。我們不在加拿大生產產品。我們在加拿大確實有客戶。從這個角度來看，我們也開展了全球業務的一部分。然後回到問題的第一部分，關於中國曝光度，我們已經討論過，與我們上次進行這些對話的 2017 年和 2018 年相比，這種曝光度已經大幅降低。

And it's low single digits kind of percent of COGS. And we've built into our guidance the first round of the China tariffs that were implemented in February. We had a chance to process that. And we'll be offsetting those within our year. That's been included in our guidance.

而且其佔 COGS 的百分比只有低個位數。我們已經將二月實施的第一輪中國關稅納入了我們的指導方針中。我們有機會處理這個問題。我們將在年內抵銷這些損失。這已包含在我們的指導中。

So they're probably the major areas that gets more complicated when you start talking about any reciprocal tariffs, those kinds of things. Those are on the board, but we don't have information to be able to respond to those.

因此，當你開始談論任何互惠關稅等事情時，這些領域可能會變得更加複雜。這些都在公告板上，但我們沒有資訊來回應。

And I get it, like if the current -- so if tariffs on China are 20% -- the incremental about 10% on China and then the 25% on Canada and Mexico, it does stay intact. Is there a ballpark figure in terms of what the gross impact would would be for Toro in those situations?

我明白，如果目前對中國的關稅為 20%，對中國的增量約為 10%，對加拿大和墨西哥的增量約為 25%，那麼它確實保持不變。有沒有一個大概的數字可以說明在這種情況下對 Toro 的整體影響是多少？

Yeah. As I said, it's a moving target right now. So we're working through that process. But with regards specifically to China, we're currently determining what portion we could offset with through negotiation with our suppliers.

是的。正如我所說，它現在是一個移動的目標。所以我們正在努力完成這個過程。但具體到中國，我們目前正在透過與供應商協商來確定可以抵消的部分。

We have the option to strategically move products, sources and so forth. So that process is in process right now. But we go through the normal process of first of all try to minimize the impact of tariffs by making sure we're represented with our industry groups and we try to mitigate the tariffs with offsetting by changing locations of sources or manufacturing, offsetting with cost savings.

我們可以選擇策略性地轉移產品、資源等等。這個過程現在正在進行中。但我們首先會經歷正常程序，確保我們代表我們的行業團體，盡量減少關稅的影響，並且我們試圖透過改變來源或製造地點來抵消關稅，並透過節省成本來抵消關稅。

Negotiating with our suppliers and then ultimately the rest of that gets passed through in price. And all of those discussions are taking place. We just haven't been able to process that relative to incremental plan tariffs at this point.

與我們的供應商進行談判，然後最終剩餘部分透過價格轉嫁出去。所有這些討論正在進行中。目前我們還無法處理與增量計劃關稅相關的問題。

But the key thing, for us, Tim, is that we want to as a market leader make sure we support our customers, at the same time, protect our own business at the same time.

但對我們來說，關鍵的是，蒂姆，作為市場領導者，我們要確保支持我們的客戶，同時保護我們自己的業務。

And just as a reminder, as we said in our prepared remarks, we have included those February enacted Chinese tariffs in our best estimates in the guidance.

需要提醒的是，正如我們在準備好的發言中所說，我們已將 2 月實施的中國關稅納入了我們的最佳預測之中。

On the field channel inventory, just in kind of the pro kind of grounds business, landscape contractor business. Rick, like where are you relative to normal at this point in kind of the year? And I guess what's the sentiment like when you talk to your distributor and dealers just around expectations for sales and just how much kind of inventory they're kind of willing to kind of hold?

在現場通路庫存中，只是專業類型的場地業務、景觀承包商業務。瑞克，今年這個時候你的狀態與正常情況相比如何？我想，當您與經銷商和代理商談論銷售預期以及他們願意持有多少庫存時，他們的情緒是什麼樣的？

I think the areas that we've talked about where we've been working down our inventory on the pro landscape contractor side, especially the products that go -- that typically get sold to homeowners in that category, we're pretty much where we left off when we started talking about this in the latter part of last year.

我認為，我們所討論的領域，即我們在專業景觀承包商方面的庫存減少，特別是那些通常會出售給該類別房主的產品，與我們去年下半年開始討論這個問題時的情況基本相同。

We're a little bit higher than we would like to be typically. But vastly improved over a year ago at this time. And it's really when you get into the key selling season where we'll have another opportunity to reset that even further as we get into the spring.

我們的比例比我們通常希望的要高一點。但此時與一年前相比已經有了很大的改善。當進入關鍵銷售季節時，我們將有另一個機會在春季進一步重新設定這一目標。

But we are in position to be able to do that. The great thing is I think we mentioned our Exmark Lazer Z introduction. New products really help to fuel demand that help us move that product faster. So we're a little bit higher than we'd like to be, much better than last year. And in position for the spring in that landscape contractor area.

但我們有能力做到這一點。最棒的是，我認為我們提到了 Exmark Lazer Z 的介紹。新產品確實有助於刺激需求，從而幫助我們更快地銷售產品。因此，我們的成績比我們希望的要高一點，比去年好得多。並且已經準備好迎接景觀承包商所在區域的春季。

The underground business, for example, still well under where we should be with our field inventory. We feel good about where we are with the golf products. So it's really kind of isolated to landscape contractor. As a result of a little bit less snow, we do have higher snow inventories.

例如，地下業務的庫存量仍遠低於我們的現場庫存水準。我們對高爾夫產品的現狀感到很滿意。因此，對於景觀承包商來說，這確實有點孤立。由於降雪量略有減少，我們的雪儲量確實增加。

But that's been built into our projection for the rest of the year as well. It just means a little bit less preseason shipping, but that's been built in now to our plan.

但這也已考慮到我們對今年剩餘時間的預測。這僅意味著季前運輸量會減少一些，但這已經納入我們的計劃中。

And then just the last one. On underground, I mean it's been mentioned as a growth driver for the past several quarters. I guess it wasn't kind of mentioned as one in pro this quarter. So just given what you just said about the fact that field inventory could be higher there. And I assume there was still a backlog there.

接下來是最後一個。關於地下，我的意思是，它在過去幾個季度一直被視為成長動力。我想本季它並沒有被專業版提及。所以，鑑於您剛才所說的事實，那裡的現場庫存可能會更高。我認為那裡仍有積壓工作。

Is it a timing issue there just trying to understand kind of what happened with the underground business in the quarter.

這是不是時間問題，只是想了解本季地下業務發生的情況。

Yes. But I think you pretty much outlined it. We continue to see very, very strong demand in the underground space and feel very positive about that business. It just didn't rise to some of the other categories that we talked about as we go through the process of our comments.

是的。但我認為你已經基本概述了這一點。我們繼續看到地下空間的需求非常強勁，我們對該業務感到非常樂觀。它只是沒有屬於我們在評論過程中討論過的其他一些類別。

We also are introducing new products in that area. So there's a little bit of a ramp up taking place that's -- it's a timing factor strictly, still very positive, still strong driver of our future.

我們也在該地區推出新產品。因此，正在發生一些小幅上升——這嚴格來說是一個時間因素，但仍然非常積極，仍然是我們未來的強大驅動力。

Ted Jackson, Northland.

北地的泰德傑克森。

Actually I had three questions to ask and two of them have been hit, but I do have a kind of a nuanced one on going back in the tariffs. With regards -- so I know it's your favorite topic, right.

實際上我有三個問題要問，其中兩個已經得到回答，但我對恢復關稅確實有一個比較微妙的問題。關於這一點——我知道這是你最喜歡的話題，對吧。

But with regards to, going back, you said you didn't have anything with retaliatory tariffs, but is there -- how much -- two parts. One is, how -- is there any -- how much product do you actually make here in the states that actually is exported that could come at risk if there were retaliatory tariffs?

但回到剛才，您說您沒有任何關於報復性關稅的想法，但是有多少呢？有兩個部分。一是，如果徵收報復性關稅，美國實際生產並出口的產品有多少會面臨風險？

And then going back into kind of the Mexico and the products that you make there, how hard would it be for you to shift production and bring some of that stuff into the US? Is it something that you would think would be worthwhile to do or is it the kind of thing where you just have to deal with the tariffs and that's it?

然後回到墨西哥和您在那裡生產的產品，轉移生產並將部分產品帶入美國對您來說有多難？您認為這是值得做的事嗎？或者您只需要處理關稅問題就可以了？

That'd be basically my question for you.

這基本上就是我要問您的問題。

Sure. First of all, on the first part, it would really be the ratio that we're looking at is 80% of our sales either in the US and the vast majority of our products are produced in the US. So it would be the net difference that we sell -- the 20% that we sell internationally could be subject to whatever retaliatory measures might be there.

當然。首先，就第一部分而言，我們所關注的比例實際上是我們 80% 的銷售額來自美國，而且我們的絕大多數產品都是在美國生產的。因此，我們銷售的淨差額——我們在國際上銷售的 20% 可能會受到任何報復措施的影響。

With regard to the residential products, we do have flexibility to move that product around. Some of it's easier to move than others. But it's really primarily focused on the kind of the cost competitive type of product.

對於住宅產品，我們確實可以靈活地轉移該產品。有些比其他的更容易移動。但它實際上主要關注的是具有成本競爭力的產品類型。

So it's portfolio of our residential business, not 100% of our residential business that's in Mexico.

所以這是我們的住宅業務組合，而不是 100% 的住宅業務都在墨西哥。

And then actually can I ask just quickly. Like what was -- what would have been like, how much was Pope in the last quarter just to kind of get a sense in terms of the dynamic with its impact on kind of the year over year for you? And then I'm done.

那麼實際上我可以快速問一下嗎。就像——會是什麼樣的呢，波普在上個季度的表現如何，只是為了了解這種動態以及它對去年同期的影響？然後我就完成了。

Yeah. The Pope piece for Q1 was probably about $7.5 million last year.

是的。去年第一季的 Pope 作品價值約為 750 萬美元。

And I'm not showing any further questions at this time. This concludes the question-and-answer session.

我現在不想再問任何問題。問答環節到此結束。

Ms. Kerekes, please proceed with closing remarks.

請凱雷克斯女士作結束語。

Thank you, Kevin, and thank you everyone for your questions and interest in The Toro Company.

謝謝你，凱文，也謝謝大家的提問和對 Toro 公司的關注。

We look forward to talking with you again in June to discuss our fiscal 2025 second quarter results.

我們期待 6 月再次與您交談，討論我們的 2025 財年第二季業績。

Thank you for your participation in today's conference. This includes the presentation. You may now disconnect. Good day.

感謝您參加今天的會議。其中包括演示。您現在可以斷開連線。再會。