Toro Co (TTC) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Toro Company second quarter earnings conference call. My name is Josh, and I will be your coordinator for today. (Operator Instructions)

女士們、先生們，大家好，歡迎參加 Toro 公司第二季財報電話會議。我叫喬希 (Josh)，今天我將擔任您的協調員。（操作員指示）

As a reminder, this conference is being recorded for replay purposes. I would like to turn the presentation over to your host for today's conference, Jeremy Steffan, Director of Investor Relations, please proceed, Mr. Steffan.

提醒一下，本次會議將會被錄音以供重播。我想將演講交給今天會議的主持人、投資者關係總監 Jeremy Steffan，請繼續，Steffan 先生。

Good morning, everyone and thank you for joining us for the Toro company's second quarter 2025 earnings conference call. On the line with me today are Rick Olson, Chairman and Chief Executive Officer, and Angie Drake, Vice President and Chief Financial Officer.

大家早安，感謝大家參加 Toro 公司 2025 年第二季財報電話會議。今天與我通話的是董事長兼執行長 Rick Olson 和副總裁兼財務長安吉德雷克 (Angie Drake)。

During this call, Rick and Angie will provide their insights on our second quarter results, which were released earlier this morning, along with their outlook and priorities for the remainder of the year. Following their remarks, we'll open the phone lines for a question-and-answer session.

在這次電話會議中，里克和安吉將就我們今天早上發布的第二季度業績提供見解，以及他們對今年剩餘時間的展望和優先事項。在他們發言之後，我們將開通電話熱線進行問答環節。

As a reminder, any forward-looking statements that we make this morning are subject to risks and uncertainties, including those described in today's earnings release, investor presentation, and most recent SEC filings. It may cause actual results to differ materially from those contemplated by these statements.

提醒一下，我們今天早上所做的任何前瞻性陳述都存在風險和不確定性，包括今天的收益報告、投資者介紹和最近的美國證券交易委員會文件中所述。這可能導致實際結果與這些聲明所預期的結果有重大差異。

Also in our remarks, we'll refer to certain non-GAAP financial measures which we believe are important in evaluating the company's performance. Reconciliations of all non-GAAP numbers to the most directly comparable GAAP number are included in this morning's press release, along with the second quarter presentation containing supplemental information is posted in the investor information section of our corporate website.

在我們的評論中，我們也會提及一些非公認會計準則財務指標，我們認為這些指標對於評估公司表現非常重要。今天早上的新聞稿中包含了所有非 GAAP 數據與最直接可比較的 GAAP 數據的對賬，同時，包含補充資訊的第二季度介紹也發佈在我們公司網站的投資者資訊部分。

With that I'll turn call over to Rick.

說完這些，我就把電話轉給里克。

Thanks Jeremy, and good morning everyone. Our team has remained focused on leveraging the strength of our diverse portfolio of leading brands, controlling what we can control in a dynamic environment and driving operational excellence across the organization.

謝謝傑里米，大家早安。我們的團隊始終專注於利用我們多元化領先品牌組合的優勢，在動態環境中控制我們能夠控制的範圍，並推動整個組織的卓越營運。

In doing so, we exceeded our adjusted earnings per share expectation for the quarter, took decisive actions to overcome near-term headwinds, executed on our playbook to mitigate tariffs, and we continued to introduce new innovative products and solutions that enhance customer productivity at a time when it's needed most.

透過這樣做，我們超越了本季調整後的每股盈餘預期，採取了果斷行動克服了近期的阻力，按照我們的策略減輕了關稅，並且我們繼續推出新的創新產品和解決方案，在最需要的時候提高客戶的生產力。

These priorities remain at the forefront of our efforts as we navigate the current environment. For the second quarter, we grew adjusted earnings per share to $1.42 exceeding our expectations. At the same time, we continued to return cash to shareholders through dividends and share repurchases.

當我們應對當前環境時，這些優先事項仍然是我們努力的首要任務。第二季度，我們的調整後每股收益成長至 1.42 美元，超出了我們的預期。同時，我們繼續透過股利和股票回購向股東返還現金。

These results reflect our team's commitment to operational excellence, despite a dynamic macroeconomic environment and unfavorable regional weather that pressured top line growth in some businesses. Revenue in the quarter declined 2.3% year-over-year to $1.3 billion as weak consumer confidence coupled with a late spring in many regions created near-term headwinds for products sold to homeowners.

儘管動態的宏觀經濟環境和不利的區域天氣給一些業務的營收成長帶來了壓力，但這些結果反映了我們團隊對卓越營運的承諾。由於消費者信心疲軟，加上許多地區春季來得晚，為面向房主的產品銷售帶來了短期阻力，本季營收年減 2.3% 至 13 億美元。

This was partially offset by continued strength in our golf and grounds businesses where demand for innovative products remains robust. We continue to see positive results from our AMP program, which now has generated $70 million of run rate savings and remains on track to deliver $100 million by 2027.

這在一定程度上被我們高爾夫和場地業務的持續強勁成長所抵消，這些業務對創新產品的需求仍然強勁。我們的 AMP 計劃繼續取得積極成果，目前該計劃已產生 7,000 萬美元的運行率節省，並預計在 2027 年實現 1 億美元的節省。

As a reminder, in fiscal 2024, we made adjustments to our workforce, manufacturing footprints, and portfolio. And in the current fiscal year, we have reduced our global salaried workforce by an additional 10%. Also in Q2, we took actions to rationalize our operational footprints in the residential segment by winding down production in one of our plants in Mexico and transitioning that production to existing facilities in the United States.

提醒一下，在 2024 財年，我們對員工團隊、製造足跡和產品組合進行了調整。在本財政年度，我們將全球受薪員工人數減少了 10%。此外，在第二季度，我們採取行動合理化我們在住宅領域的營運足跡，逐步減少我們在墨西哥一家工廠的生產，並將生產轉移到美國現有的工廠。

This move will improve fixed cost absorption and efficiency while ensuring we continue to deliver exceptional products and service to our customers. This action also underscores the strength of our supply chain strategies we have in place to mitigate tariff headwinds, which in this dynamic environment we estimate in fiscal 2025 to be approximately 3% of our annual cost of goods sold.

此舉將提高固定成本吸收和效率，同時確保我們繼續為客戶提供卓越的產品和服務。這項措施也凸顯了我們為緩解關稅阻力而製定的供應鏈策略的力度，在這種動態環境下，我們估計 2025 財年的關稅阻力將約占我們年度銷售成本的 3%。

Many of these strategies were implemented at the beginning in 2018 and give us a competitive advantage today. The vast majority of our professional products are manufactured in the United States, and while we do manufacture primarily residential and irrigation products in Mexico, virtually all are USMCA qualified, now making them exempt from Mexico-specific tariffs.

其中許多策略都是在 2018 年初實施的，並為我們今天帶來了競爭優勢。我們的絕大多數專業產品都在美國製造，雖然我們主要在墨西哥生產住宅和灌溉產品，但幾乎所有產品都符合 USMCA 資格，因此現在可免於墨西哥特定關稅。

Our sourcing team has been working with our suppliers to optimize our supply chain to remain agile in any environment. In addition, we will continue to thoughtfully implement price increases, ensuring our products remain competitive while protecting our profit margins and fueling investments in our future.

我們的採購團隊一直與供應商合作，優化我們的供應鏈，以在任何環境下保持敏捷。此外，我們將繼續慎重實施漲價，確保我們的產品保持競爭力，同時保護我們的利潤率並推動對未來的投資。

Finally, I'll share some highlights from the quarter that showcase our continued product innovation, leadership and technology-driven solutions, and customer focused strategies, all of which reinforce our confidence in the Toro company's future.

最後，我將分享本季度的一些亮點，展示我們持續的產品創新、領導力和技術驅動的解決方案以及以客戶為中心的策略，所有這些都增強了我們對 Toro 公司未來的信心。

Market trends across our professional businesses remain robust. Golf continues to sustained momentum with strong participation levels driving equipment investment while underground construction is benefiting from the compelling runway of infrastructure projects we've been discussing.

我們專業業務的市場趨勢依然強勁。高爾夫運動繼續保持強勁勢頭，強勁的參與度推動了設備投資，而地下建築則受益於我們一直在討論的引人注目的基礎設施項目的發展。

Our innovation and alternative power, smart connected products, and autonomous solutions continues to drive significant customer value and differentiates our offerings. During the quarter, our boss business introduced several new products, including our new cold front technology electrical system, with Smart 4 headlights. This system seamlessly enables smart integration of the plow and our new EBX Plus smart spreader through a common truck harness.

我們的創新和替代能源、智慧互聯產品和自主解決方案繼續為客戶帶來巨大的價值，並使我們的產品與眾不同。在本季度，我們的BOSS業務推出了幾款新產品，包括我們的新冷鋒技術電氣系統，以及Smart 4頭燈。該系統透過通用卡車線束無縫實現了犁和我們的新型 EBX Plus 智慧撒佈機的智慧整合。

These advancements are aligned with our long-term strategy of helping customers be more productive through technology and innovation. Earlier this year, we expanded our electric construction portfolio to include new E2500 ultra buggies with high lift and swivel capabilities.

這些進步與我們透過技術和創新幫助客戶提高生產力的長期策略相一致。今年早些時候，我們擴大了電動建築產品組合，包括具有高升降和旋轉功能的新型 E2500 超級越野車。

And our new e-ingo TX 750 in both narrow and wide track formats. These products leverage our hypercell power system, allowing customers to get 8 hours of runtime. They're designed to work together on a job site to maximize efficiency and productivity.

我們的新款 e-ingo TX 750 有窄軌和寬軌兩種規格。這些產品利用我們的超級電池電源系統，讓客戶獲得 8 小時的運行時間。它們旨在在工作現場協同工作，以最大限度地提高效率和生產力。

Additionally, because they are quiet and do not produce exhaust emissions, they provide exceptional value for customers working indoors. In our residential segment, we were awarded the 2024 Ace Hardware Vendor of the Year. This prestigious award recognizes select corporate-wide vendor partners that delivered substantial sales growth, differentiated innovative products, and excellent customer service.

此外，由於它們噪音小且不會產生廢氣排放，因此為在室內工作的客戶提供了卓越的價值。在住宅領域，我們榮獲 2024 年度 Ace 硬體供應商稱號。這項享有盛譽的獎項旨在表彰那些在公司範圍內實現大幅銷售成長、提供差異化創新產品和提供卓越客戶服務的精選供應商合作夥伴。

The award is a tremendous honor and served as a significant milestone in our corporate partnership with Ace Hardware that began back in 2015. Throughout the 110 year history of the Toro company, we have consistently found ways to successfully navigate the most difficult environments.

該獎項是我們莫大的榮譽，也是我們與 Ace Hardware 自 2015 年開始的企業合作中的一個重要里程碑。在 Toro 公司 110 年的歷史中，我們始終如一地尋找成功應對最艱難環境的方法。

With our proven track record of resilience and agility and our team's commitment to execute with discipline, I am confident that our deliberate actions will advance our strategic priorities and position us for sustainable, profitable growth.

憑藉我們久經考驗的韌性和敏捷性以及我們團隊嚴格執行紀律的承諾，我相信，我們深思熟慮的行動將推進我們的戰略重點，並使我們實現可持續的盈利增長。

With that, I will turn the call over to Angie.

說完這些，我會把電話轉給安吉。

Thank you, Rick, and good morning everyone. We were pleased to deliver adjusted diluted EPS growth in the quarter, highlighted by professional segment growth and profitability improvements consolidated net sales for the quarter were $1.32 billion down slightly from Q2 last year.

謝謝你，里克，大家早安。我們很高興看到本季調整後的稀釋每股收益有所成長，這主要得益於專業部門的成長和獲利能力的提高，本季綜合淨銷售額為 13.2 億美元，較去年第二季略有下降。

Reported EPS was $1.37 per diluted share compared to $1.38 in the second quarter of last year. Adjusted EPS was $1.42 per diluted share, up from $1.40. Now to the segment results, professional segment net sales for the second quarter were just over $1 billion up about 1% year-over-year.

報告每股收益為 1.37 美元，而去年第二季為 1.38 美元。調整後每股收益為1.42美元，高於去年同期的1.40美元。現在來看看分部業績，第二季專業分部淨銷售額略高於10億美元，年增約1%。

This increase was primarily driven by higher shipments of golfing grounds products. This was partially offset by lower shipments of underground products, largely due to the divestitures of construction equipment dealers and lower shipments of specialty construction equipment, more specifically, compact utility loaders.

這一增長主要得益於高爾夫球場產品出貨量的增加。這部分抵消了地下產品出貨量的下降，這主要是由於建築設備經銷商的資產剝離以及專用建築設備（更具體地說是小型多用途裝載機）出貨量的下降。

Professional segment earnings for the second quarter were $202 million up 6% year-over-year. Professional segment earnings margin was 19.9%, up from 19%. The 90-basis point increase in profitability was primarily due to product mix and productivity improvements. This was partially offset by higher material and manufacturing costs.

第二季專業部門獲利為 2.02 億美元，年增 6%。專業部門獲利利潤率為19.9%，高於19%。獲利能力提高 90 個基點主要得益於產品結構和生產力的提高。這被材料和製造成本的上漲部分抵消。

The margin improvement we are seeing in the professional segment demonstrates the quality and resilience of its businesses, which continue to be our primary growth and profit drivers. Residential segment net sales for the second quarter were $297 million down 11% year-over-year. The decrease was primarily driven by lower shipments of watt power mowers, zero turn mowers, and portable power products, and the products divestiger last year.

我們在專業領域看到的利潤率提高證明了其業務的品質和彈性，這仍然是我們的主要成長和利潤驅動力。第二季住宅部門淨銷售額為 2.97 億美元，年減 11%。下降的主要原因是瓦特功率割草機、零轉彎割草機和便攜式電源產品的出貨量下降，以及去年這些產品的剝離。

These factors were partially offset by higher shipments of snow products and lower sales promotions and incentives. Residential segment earnings for the quarter were $16 million compared to $36 million dollars last year.

這些因素被雪產品出貨量的增加和促銷及激勵措施的減少部分抵消。本季住宅部門獲利為 1,600 萬美元，去年同期為 3,600 萬美元。

Residential segment earnings margin was 5.4% compared to 10.8%. The decrease was largely due to higher material manufacturing and freight costs, lower net sales volume, and inventory valuation adjustments. These were partially offset by productivity improvements and lower sales promotions and incentives.

住宅部門獲利利潤率為 5.4%，而去年同期為 10.8%。下降的主要原因是材料製造和運費成本上升、淨銷售量下降以及庫存估價調整。但生產力提高和銷售促銷及激勵措施的減少部分抵銷了這一影響。

Turning to our operating results for the total company. Our reported and adjusted to gross margins were 33.1% and 33.4% respectively for the quarter. This compares to 33.6% for both in the same period last year. Current quarter reported gross margin reflects higher amp charges compared to last year.

談到我們整個公司的經營績效。本季我們的報告毛利率和調整後毛利率分別為 33.1% 和 33.4%。相較之下，去年同期兩者的比例均為 33.6%。本季度報告的毛利率反映了與去年相比更高的安培費用。

Additional year-over-year changes on both a reported and adjusted basis were primarily due to higher material and manufacturing costs, partially offset by product mix and productivity improvements. SG&A expense as a percentage of net sales for the quarter was 19.8%, up slightly from 19.7% a year ago.

報告和調整後的同比變化主要由於材料和製造成本增加，但產品組合和生產率提高部分抵消了這一變化。本季銷售、一般及行政費用佔淨銷售額的百分比為 19.8%，略高於去年同期的 19.7%。

The change was primarily due to lower net sales volume operating earnings margin was 13.3%, down from 13.9% in the same period last year. On an adjusted basis, operating earnings margin was 13.7%, down from 14.2%. The reported effective tax rate for the second quarter was 18.9% compared with 19.2% last year.

這項變化主要是由於淨銷售額下降，營業利潤率為 13.3%，低於去年同期的 13.9%。經調整後，營業利益率為 13.7%，低於 14.2%。第二季報告的有效稅率為 18.9%，去年同期為 19.2%。

The decrease was primarily due to a more favorable geographic mix of earnings this year. This was partially offset by lower tax benefits recorded as excess tax deductions for stock-based compensation in the current year period.

下降的主要原因是今年的獲利地理分佈更加有利。這被本年度股票薪酬超額稅收減免記錄的較低稅收優惠部分抵消。

The adjusted effective tax rate for the second quarter was 18.7% compared with 19.8% a year ago, primarily driven by the geographic mix of earnings. Free cash flow through the second quarter was $84.7 million a slight decrease on a year-over-year basis, and largely due to changes in working capital.

第二季調整後有效稅率為 18.7%，而去年同期為 19.8%，主要受收益的地理分佈影響。第二季的自由現金流為 8,470 萬美元，較去年同期略有下降，主要原因是營運資本的變動。

During the quarter, we deployed $100 million towards share repurchases, bringing our year-to-date total to $200 million. This reflects our confidence in cash generation and our commitment to returning capital to shareholders while maintaining balance sheet flexibility.

本季度，我們投入了 1 億美元用於股票回購，使年初至今的回購總額達到 2 億美元。這反映了我們對現金創造的信心以及我們在保持資產負債表靈活性的同時向股東返還資本的承諾。

Looking ahead to the remainder of the year across the two segments. Our professional segment outlook remains largely unchanged, with the continued growth expected in golfing grounds and underground construction.

展望今年剩餘時間兩個領域的發展。我們對專業領域的展望基本上保持不變，預計高爾夫球場和地下建築將繼續成長。

Most importantly, as a United States-based company, the vast majority of our professional products are manufactured here, which strategically positions the segment and overall company favorably in the current macroeconomic environment.

最重要的是，作為一家美國公司，我們的絕大多數專業產品都是在美國生產的，這在當前的宏觀經濟環境中為該部門和整個公司帶來了戰略優勢。

Within the residential segment, our actions to adjust our manufacturing footprint in Mexico combined with the USMCA qualified tariff exemptions position us well from a cost standpoint and competitively. However, current macroeconomic factors, including high interest rates, are resulting in persistent elevated levels of caution from homeowners.

在住宅領域，我們調整在墨西哥的製造足跡的行動，加上 USMCA 合格的關稅豁免，使我們在成本和競爭力方面處於有利地位。然而，目前的宏觀經濟因素，包括高利率，導致房主的謹慎程度持續上升。

Looking ahead to the third quarter of fiscal 2025, we anticipate total company net sales to be flat to slightly up compared to the prior year. We expect professional segment net sales to be up mid-single digits and residential segment net sales to be down high 10s compared to the same period last year.

展望 2025 財年第三季度，我們預期公司總淨銷售額將與上年持平或略有上升。我們預計專業部門淨銷售額將成長中等個位數，而住宅部門淨銷售額將與去年同期相比下降 10% 以上。

Shifting to third quarter profitability, we expect total companies adjusted operating margin to be similar year-over-year, with slightly higher professional segment earnings margin and lower residential segment earnings margin.

轉向第三季的獲利能力，我們預計公司整體調整後的營業利潤率將與去年同期持平，專業部門的獲利利潤率將略高，而住宅部門的獲利利潤率將略低。

Overall, we expect our third quarter fiscal 2025, adjusted diluted EPS to be slightly higher than last year's $1.18. Based on what we know today and our expectations for the third quarter, we are adjusting our fiscal 2025 guidance to incorporate additional macro headwinds for products sold to homeowners.

整體而言，我們預計2025財年第三季調整後稀釋每股盈餘將略高於去年的1.18美元。根據我們目前掌握的情況以及對第三季的預期，我們正在調整2025財年的業績指引，以納入面向房主銷售產品的更多宏觀不利因素。

Trade downs and delayed spending, especially on big ticket items, have created a larger drag than originally planned. Given those factors, we now expect total year revenue will be flat to down 3% from fiscal 2024. We expect the professional segment to be up slightly year-over-year, while revenue from the residential segment is expected to be down mid-teens.

消費降級和支出延遲（尤其是大件商品支出）造成的拖累比原計劃更大。考慮到這些因素，我們現在預計全年營收將與 2024 財年持平或下降 3%。我們預計專業部門的收入將比去年同期略有增長，而住宅部門的收入預計將下降百分之十幾。

We continue to expect total company adjusted gross margins and adjusted operating earnings as a percentage of net sales to improve on a year-over-year basis. Looking at segment profitability, we continue to expect professional segment earnings margin will expand versus the prior year.

我們繼續預期公司調整後總毛利率和調整後營業利潤佔淨銷售額的百分比將年增。從分部獲利能力來看，我們仍預期專業分部的獲利利潤率將比上年有所擴大。

However, economic headwinds from homeowners are expected to pressure residential segment earnings margins, resulting in a year-over-year decline. Finally, we are slightly reducing our range for adjusted diluted EPS to be $4.15 to $4.30 which at midpoint implies year-over-year growth of 1%, even with a likely decline in revenue.

然而，來自房主的經濟逆風預計將給住宅部門的獲利利潤率帶來壓力，導致獲利利潤率同比下降。最後，我們將調整後稀釋每股收益的範圍略微下調至 4.15 美元至 4.30 美元，中間值意味著同比增長 1%，即使收入可能會下降。

These revised projections also assume normal weather patterns aligned with historical averages for the remainder of the fiscal year. Additional adjustments to our full year guidance include interest expense of about $59 million and an adjusted effective tax rate of 19%.

這些修訂後的預測也假設本財政年度剩餘時間的天氣模式與歷史平均值一致。我們對全年指引的其他調整包括約 5,900 萬美元的利息支出和 19% 的調整後有效稅率。

The strategic actions we've discussed, our AMP transformational productivity initiative and our tariff mitigation strategies are delivering immediate benefits and positioning us for improved operating leverage as markets normalize.

我們討論過的策略行動、AMP 轉型生產力計劃和關稅減免策略正在帶來直接的效益，並使我們隨著市場正常化而提高營運槓桿。

Our professional segment continues to perform well. Our innovation pipeline remains robust, and our strong cash generation supports our investments in continued growth, as well as returning capital to shareholders. We are navigating today's environment from a position of strength, supported by our market leadership, operational excellence, and the financial flexibility to create long-term value.

我們的專業領域持續表現良好。我們的創新管道依然強勁，強勁的現金產生能力支持了我們對持續成長的投資以及向股東返還資本。我們憑藉市場領導、卓越營運和財務靈活性的優勢，在當今環境中發揮優勢，創造長期價值。

This disciplined approach to managing through cycles while investing in our future is how we build enduring value for all stakeholders. With that, I'll turn the call back to Rick.

這種在投資未來的同時管理週期的嚴謹方法正是我們為所有利害關係人創造持久價值的方式。說完這些，我就把電話轉回給瑞克。

Thank you, Angie.

謝謝你，安吉。

Before opening up the call for Q&A, I want to thank our employees and channel partners for their dedication and reinforce what you've heard this morning. We remain committed to driving long-term value for all stakeholders. We delivered EPF ahead of our expectations in the second quarter, despite tariff headwinds, macroeconomic conditions, and the delayed start to spring.

在開始問答環節之前，我想感謝我們的員工和通路夥伴的奉獻精神，並重申大家今天早上所聽到的內容。我們始終致力於為所有利害關係人創造長期價值。儘管面臨關稅阻力、宏觀經濟狀況以及春季開始延遲等因素，我們在第二季度的 EPF 交付仍超出了預期。

We're taking decisive actions to align with near term demand in certain businesses by adjusting headcounts, manufacturing footprints, and our portfolio. We are actively mitigating tariffs by optimizing our US-based manufacturing network and capabilities, strategically working with our suppliers to adjust global sourcing, and both quickly and thoughtfully increasing prices while keeping our products competitive and maintaining margins.

我們正在採取果斷行動，透過調整員工人數、製造足跡和產品組合來滿足某些業務的短期需求。我們正在積極降低關稅，優化我們在美國的生產網絡和能力，與我們的供應商進行戰略合作以調整全球採購，並在保持我們產品競爭力和維持利潤率的同時迅速而周到地提高價格。

And finally, we are investing in technology and innovation which enables us to introduce new products and solutions that enhance customer productivity at a time when it's needed most.

最後，我們正在投資技術和創新，這使我們能夠在最需要的時候推出新產品和解決方案，以提高客戶生產力。

That that will open up the call for questions.

這將開啟提問環節。

(Operator Instructions)

（操作員指示）

Tim Wojs, Baird.

提姆·沃伊斯，貝爾德。

Hey everybody, good morning. Thanks for the details.

大家好，早安。謝謝你的詳細資料。

Maybe just to start, Rick, I guess in the landscape business within the pro segment, the inventory in that channel had, I think still been kind of high coming into this season, where does that kind of stand now and I guess how did the landscape contractor business kind of perform itself in the quarter and pro?

也許只是開始，里克，我想在專業領域的景觀業務中，該渠道的庫存，我認為在這個季節仍然很高，現在的情況如何，我想景觀承包商業務在本季度和專業領域的表現如何？

Sure, I'll be happy to address that. So, first of all, we talked about, we've really talked about for the last year about adjustments to our field inventory, particularly in the landscape contractor area, and last quarter we talked about the opportunity to adjust that would be during the spring selling season.

當然，我很樂意解決這個問題。因此，首先，我們討論了，去年我們確實討論了對我們的現場庫存的調整，特別是在景觀承包商領域，上個季度我們討論了在春季銷售季節進行調整的機會。

So we've largely returned to where we would like to be in that, category. The exception would be the slower start to spring, so shipments in in the spring. We're as expected, but the delay of the start of spring has it a little bit higher.

因此，我們基本上已經回到了我們希望處於的那個類別的位置。例外是春季開始得比較慢，所以出貨時間是在春季。我們的情況符合預期，但由於春季開始的延遲，這一數字略高一些。

That's really reflected in our guide for the rest of the year, making sure that we watch that field inventory, more closely so we feel, much better about our field inventory position a little bit higher in the landscape and the residential area because of the start of spring, but otherwise, feeling okay about it.

這確實反映在我們今年剩餘時間的指南中，確保我們更密切地關注現場庫存，這樣我們感覺，由於春季的開始，我們的現場庫存位置在景觀和住宅區略高一些，但除此之外，感覺還不錯。

Okay, and then on the residential business, I mean, is that really kind of the primary area where you know where the, guidance has been revised and I guess when you look at the resi business is there, is it kind of broad based across the customer channels and products, or is it specific to, maybe the, independent dealers or home centers or just a little bit of color on the residential business specifically?

好的，然後關於住宅業務，我的意思是，這真的是您知道指導方針已經修訂的主要領域嗎？我想當您查看住宅業務時，它是否廣泛地基於客戶管道和產品，或者它是否特定於獨立經銷商或家居中心，或者只是住宅業務的一點色彩？

You're right, it's the residential business, but, the reason why we use the word homeowner is because it's the residential business plus that, portion of our landscape contractor, business that is sold to homeowners that desire a professional level product, so both of those areas are absolutely the prime drivers of, the reduction that you're seeing.

你說得對，這是住宅業務，但是，我們之所以使用房主這個詞，是因為它是住宅業務加上我們的景觀承包商的一部分，業務出售給需要專業級產品的房主，所以這兩個領域絕對是你所看到的減少的主要驅動力。

And the factors really are the two major factors are first of all, just the macroeconomic environment and the sense of consumer confidence that's out there for those buyers, whether it's the tear of dynamics, the inflation, interest rates, and so forth. And when they do buy, they're tending to buy down ticket a little bit or down the line a little bit so that that does affect, our margins a little bit as we go more towards entry level products.

事實上，主要有兩個因素：首先是宏觀經濟環境和消費者信心，無論是經濟動態、通貨膨脹、利率等等。當他們確實購買時，他們傾向於購買稍微低一點的票價或稍微低一點的路線，所以這確實會對我們的利潤率產生一點影響，因為我們更多地轉向入門級產品。

So that's the macro, factor that that's, in play and then the other factor is just as I mentioned, the timing of spring. We lost a lot of the first portion of average spring, if you will, in April with a slower warm up, actually really across the US, but the South particularly was slow to warm.

這就是一個起作用的宏觀因素，另一個因素就是我提到的春天的時機。四月份，我們失去了春季的大部分正常溫度，實際上整個美國氣溫都回升得比較慢，但南部地區的氣溫回升速度尤其慢。

So those are the two major factors, a lot of strength across the. Professional business in general and you know we usually don't talk about the other the opposite side of the landscape contractor but the contractor portion of that business has remained strong throughout this process and continues to be very strong today.

所以，這是兩個主要因素，具有很大的影響力。一般來說，專業業務，您知道，我們通常不會談論景觀承包商的另一面，但該業務的承包商部分在整個過程中保持強勁，並且今天仍然非常強勁。

Landscape contractors are very healthy, position a little bit better, snow year last year if they did, snow work and came into the season, very strong, so that's been great. It's also helped by the introduction of new products, so Xmark has seen a really nice surge with the introduction of the new, laser platform there which is kind of the icon of the industry.

景觀承包商非常健康，情況稍微好一點，去年下雪了，如果他們這樣做，那麼降雪工作就會進入季節，非常強勁，所以這很好。新產品的推出也起到了推動作用，Xmark 在推出新的雷射平台後，取得了非常好的成長，可以說是該行業的標誌。

Okay, great, and then just the last one I had on the underground business I mean you had called it out in the script about it being down year-over-year but then, on the other hand you're also talking about pretty good demand metrics or you're encouraged by what you're seeing from a demand perspective so can you just kind of tie those two things together?

好的，太好了，然後我最後問一下關於地下業務的問題，我的意思是，您在腳本中提到過它同比下降，但另一方面，您也在談論相當不錯的需求指標，或者您對從需求角度看到的情況感到鼓舞，那麼您能把這兩件事聯繫起來嗎？

Was it? Last year kind of backlog normalization was happening and this year that's just creating a tough comp or how would you kind of you know marry, the business being down but seeing good demand?

是嗎？去年積壓訂單正常化正在發生，而今年這只是創造了一個艱難的競爭，或者你怎麼知道結婚，業務下滑但需求良好？

Yeah, so if you look at the impact in the current quarter, the two actually the three major factors really are the sale of two dealers, and that's kind of normal for us in making transitions of ownership, to be involved with that process of buying the dealers and then reselling them to the new owners, so that was the biggest factor.

是的，所以如果你看看本季的影響，實際上三個主要因素實際上是兩家經銷商的出售，這對於我們進行所有權轉移來說是很正常的，參與購買經銷商然後將其轉售給新主人的過程，所以這是最大的因素。

There, we had some, rationalization of skews for non-core products, so just kind of doing, portfolio management on our line if you will, taking out some of the non-performing, SKUs, and then we mentioned last time, we're making tremendous progress in this area, but the, startup of some new products.

我們對非核心產品的偏差進行了一些合理化，所以如果你願意的話，我們只是在我們的產品線上進行投資組合管理，去掉一些表現不佳的 SKU，然後我們上次提到，我們在這個領域取得了巨大的進展，但是，一些新產品的啟動。

Particularly, product designed for, specifically for the telecommunications business. We're through those startups, challenges, but still ramping that up and making great progress at this point. We remain extraordinarily excited about this business, long term, very positive about the drivers, over the next several years and has a tremendously long runway.

特別是專為電信業務設計的產品。我們已經度過了那些新創階段和挑戰，但仍在不斷努力並取得了巨大進展。從長遠來看，我們仍然對這項業務感到非常興奮，對未來幾年的驅動力非常樂觀，並且擁有非常長的跑道。

Now, if you think of the drivers of fiber utilities work, that's happening and specifically the data infrastructure, the building of data centers and all of the infrastructure that needs to go with that, the power, that, we're all talking about that's needed for those centers, all of that gets installed underground and it uses our equipment.

現在，如果你想想光纖公用事業工作的驅動因素，這種情況正在發生，特別是數據基礎設施、數據中心的建設以及與之相配套的所有基礎設施、電力，我們都在談論這些中心所需的電力，所有這些都安裝在地下並使用我們的設備。

I think a good proxy would be to look at some of the key customers in those areas that use area that use these products, so DICOM, Quanta, Mastech, or, Mastech, that's good places to look and they're all, signaling very positive outlooks, for their business as well.

我認為一個好的代理商是查看使用這些產品的地區的一些關鍵客戶，因此 DICOM、Quanta、Mastech 或 Mastech 都是不錯的選擇，而且它們都預示著對其業務的非常樂觀的前景。

Can you say the same thing.

你能說同樣的話嗎？

You might mention the trade show that you attended in April?

您可能會提到您四月參加的貿易展覽會？

Yeah, a month ago, just to talk about this as a worldwide phenomenon, we were at the trade show in Germany, largest equipment trade show in Europe. And I was there with our underground team and the demands and excitement from those contractors is incredible.

是的，一個月前，為了討論這是全球現象，我們參加了德國的貿易展，這是歐洲最大的設備貿易展。我和我們的地下團隊一起在那裡，那些承包商的要求和興奮令人難以置信。

The amount of work that is ahead of them in Europe is quite amazing, whether it's the infrastructure for hydrogen that we talked about massive kind of rerouting of where power is coming from, so large, transmission cables that are going underground. We are also introducing specific products that will be tailored to that work in Europe, so we're very excited about this business.

歐洲面臨的工作量相當驚人，無論是我們談論的氫能基礎設施，或是電力來源的大規模改道，或是埋入地下的大型輸電電纜。我們還將推出適合歐洲市場的特定產品，因此我們對這項業務感到非常興奮。

Thanks for all the details to look on the rest of the year.

感謝您提供今年剩餘時間的所有詳細資訊。

Samuel Darkatsh, Raymond James.

塞繆爾·達卡什，雷蒙德·詹姆斯。

Good morning, Rick. Good morning, Angie.

早上好，里克。早安，安吉。

Wanted to explore some of the tariff, disclosures that you had today and you're mentioning it's 3% of COGS, which is I don't know, around 100 million bucks or so. Can you be more specific in terms of which countries and what sorts of either products or components this is referring to?

想探討一下您今天披露的一些關稅信息，您提到這是 COGS 的 3%，大約 1 億美元左右。您能否更具體地說明這指的是哪些國家以及哪些類型的產品或組件？

Yeah, we can do that. I mean, just to set the foundation as we've talked about, the majority of our products are manufactured in the United States and virtually all of our, professional products are produced in the United States.

是的，我們可以做到。我的意思是，正如我們所討論的，我們的大多數產品都是在美國製造的，而且幾乎所有的專業產品都是在美國生產的。

And most of our supply bases also based in the United States, our exposure to China from a supply standpoint is about 3% or so. And if you think about, the products that we talked about that are produced in Mexico, those are all USMCA qualified. We've been through a qualification process for those.

我們的供應基地大部分也位於美國，從供應角度來看，我們對中國的依賴約為 3% 左右。如果你仔細想想，我們談到的在墨西哥生產的產品都是符合 USMCA 的標準。我們已經完成了這些資格認證流程。

Then to get to your kind of core question, the biggest drivers are, first of all, even though it's a small percentage, if you project the potential tariffs for the rest of the year, China is still the number one category. So even though it's very small, if you're looking at the, 100% plus, potential tariff returning, that becomes still a significant number of the 100, less than $100 million that you're talking about.

那麼回到你的核心問題，最大的驅動因素是，首先，儘管只佔很小的比例，但如果你預測今年剩餘時間的潛在關稅，中國仍然是第一大類別。因此，儘管這個數字很小，但如果你考慮 100% 以上的潛在關稅返還，那麼對於你所說的 1 億美元，這仍然是一個相當大的數字。

A second category would be steel and aluminium, and just since the announcement yesterday, it's kind of a little bit of a challenger for the top category with China. And then after that would be the general reciprocal tariffs across other countries at this point. So that's really the kind of the big three breakdowns that probably takes the 80% of through the tariff.

第二類是鋼鐵和鋁，自昨天宣布這一消息以來，中國對頂級類別的地位構成了一點挑戰。此後，其他國家也將實施普遍的互惠關稅。因此，這其實就是三大故障，可能佔關稅的 80%。

Yeah I think it's just.

是的，我認為如此。

And I would just reiterate that we plan to mitigate all of that virtually all of that through our actions this year.

我只想重申，我們計劃透過今年的行動來緩解所有這些影響。

Right, which is my next question. So, the mitigation is that dollar for dollar, is that rate for rate? And would there still be pressure from a tariff standpoint, maybe second quarter, third quarter, and then neutral to positive in the fourth quarter? I know you're looking to offset it, in its entirety, just trying to get a sense of the trajectory.

好的，這是我的下一個問題。那麼，緩解措施是一美元對一美元，利率對利率嗎？從關稅角度來看是否仍有壓力，也許是第二季、第三季度，然後在第四季從中性變成正值？我知道你希望完全抵消它，只是想了解一下其軌跡。

Our estimate is based on the known tariffs and the timing of when those tariffs would turn to the higher levels in some cases. So the impact is actually correct me if I'm wrong, Angie, but probably greater in the fourth quarter.

我們的估計是基於已知的關稅以及在某些情況下這些關稅何時轉為更高水準。因此，如果我錯了，安吉，影響實際上是糾正我，但第四季的影響可能更大。

If you look at those larger tariffs, coming back and with regard to offsetting them, it is dollar for dollar offsetting, we understand, potential pressure on margin. We'll continue to work on that. And then just the tools that we're using there, price is kind of where we go at the end where we can't, make up, the net, difference, but we go to productivity very grateful that we had already launched, the AMP initiative extraordinarily helpful in the current environment where we've got, some unforeseen, new costs related to the tariffs.

如果你看看那些更高的關稅，回過頭來考慮抵消它們，我們明白這是一美元一美元地抵消，這可能會對利潤率造成壓力。我們將繼續努力。然後，我們所使用的工具，價格是我們最終無法彌補的淨差額，但我們對生產力非常感激，我們已經啟動了 AMP 計劃，這在當前環境下非常有用，在當前環境下，我們遇到了一些與關稅相關的不可預見的新成本。

We've taking advantage of the strategies that we have put in place since 2018 reducing exposure, to China specifically, and, the team is very oriented towards, productivity and efficiency in this environment relates even to our, the announcement that that we made in our prepared remarks about reducing our footprint in in Mexico as well.

我們利用自 2018 年以來實施的策略來減少風險敞口，特別是對中國的敞口，而且團隊非常注重在這種環境下提高生產力和效率，這甚至與我們在準備好的發言中宣布的減少在墨西哥的足跡有關。

It is the $90 million, is that a an annualized number, is that just for fiscal '25, how should we think about, because especially since you're saying it's mostly [4, 2]?

這是 9000 萬美元，這是年度數字嗎？這只是 25 財年的數字嗎？我們該如何考慮？因為特別是因為你說這主要是[4, 2]？

Yeah, that's going to be for fiscal 2025. So that an annual.

是的，這是 2025 財年的目標。所以每年一次。

So on an annualized basis, Angie, what is the what is the number look like?

那麼，安吉，以年率計算，這個數字是什麼樣的呢？

Yeah, we haven't shared that, Sam, what we're thinking is that if we can calculate that based on what we know today and what those executive orders are saying that will go back in place potentially after this pause, it'll be about that $90 million, for '25 only.

是的，我們還沒有分享這一點，薩姆，我們的想法是，如果我們能夠根據今天所知道的情況以及那些行政命令所說的在暫停之後可能恢復的情況來計算，那麼這筆錢大約是 9000 萬美元，僅適用於 25 年。

And my last question.

我的最後一個問題。

So I think where we're coming from there is just how dynamic this is. We're challenged to calculate what it is for 25 with the ups and downs. So I think any estimate that we would give you for following years would be, way out there.

所以我認為，我們所處的階段就是這個現像有多活躍。我們面臨的挑戰是計算出 25 的起伏情況。因此我認為，我們對未來幾年所做的任何估計都會有很大偏差。

My last question on the resi margins, was the inventory evaluation adjustment, the primary negative variance versus your plan and what was the amount of that valuation adjustment? Does it continue? Was it one off, that kind of thing?

關於剩餘利潤率，我的最後一個問題是庫存評估調整，與您的計劃相比，主要的負差異是多少？該估值調整的金額是多少？還會繼續嗎？那是一次性的事嗎？

That was the primary, we saw decreased sales year-over-year also some increased production costs, but the inventory valuation was a big factor, a big driver in that profitability that is kind of a one off, and it is, the fact that we're looking at our businesses and really trying to manage what we need to do right now but also thinking about our battery adoption rates, those are lower than we had expected them to be.

這是主要原因，我們看到銷售額同比下降，生產成本也有所增加，但庫存估價是一個重要因素，是盈利能力的一個重要驅動因素，這是一種一次性現象，事實上，我們正在審視我們的業務，並真正努力管理我們現在需要做的事情，同時也考慮到我們的電池採用率，這些都低於我們的預期。

So when we talk about this in our sustainability report, we talk about battery being 20% of our business and today that's somewhere around 7%. So just being realistic about resorbing some of that excess inventory as we as we think about battery as well.

因此，當我們在永續發展報告中談論這個問題時，我們說電池占我們業務的 20%，而今天這個比例約為 7%。因此，當我們考慮電池時，要現實地重新吸收一些過剩庫存。

Overall I'd say we're taking action to improve our long term Sam and make sure that we can create value in in the future with that residential segment.

總的來說，我想說我們正在採取行動來改善我們的長期 Sam，並確保我們能夠在未來透過住宅領域創造價值。

What was the amount of the allowance of the evaluation adjustment?

評估調整的津貼金額是多少？

I don't believe we've shared that. You should, see some information in the queue.

我不相信我們已經分享過這一點。您應該在隊列中看到一些資訊。

Perfect, thank you.

非常好，謝謝。

David MacGregor, Longbow Research.

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

Yeah, yes, good morning, everyone. I want to start off by just asking about price, good morning. I wanted to start off by just asking about price/cost and you called out materials cost is a headwind for both professional and residential.

是啊是啊，大家早安。首先我想問價格，早安。我首先想問價格/成本，而您指出材料成本對於專業和住宅來說都是一個阻力。

Given the pricing actions that you've taken in 2Q and early 3Q. Do you expect to fully cover that cost inflation and, whatever incremental tariff pressures may occur in the second half?

考慮到您在第二季和第三季初採取的定價行動。您是否預計能夠完全覆蓋成本通膨以及下半年可能出現的任何增量關稅壓力？

Our price, for Q2, our price will be slightly up, really driven, kind of by less, promotion and incentives in our residential space and our cost was more. So, if we look forward to Q3, we haven't guided, but our price, should be up based on the implemented tariff, price actions that we have taken. And overall for the full year, we expect our price to be slightly higher than our normal 1% to 2%, but we also expect to see higher costs.

我們的價格，對於第二季度，我們的價格將略有上漲，這實際上是受到住宅領域促銷和激勵措施減少的影響，而我們的成本更高。因此，如果我們展望第三季度，我們還沒有給出指導，但我們的價格應該根據實施的關稅和我們採取的價格行動而上漲。總體而言，就全年而言，我們預計價格將略高於正常的 1% 至 2%，但我們也預計成本會更高。

Right, I guess I'm just trying to get a sense of you you've indicated that you expect to fully offset the tariff pressures, but you're calling about materials headwinds in both segments, and I'm just wondering if there's also enough that's been provided for in terms of the pricing initiatives and the reduced promotional actions that we're not going to be talking about material headwinds in the second half.

好的，我想我只是想了解一下，您已經表示希望完全抵消關稅壓力，但您提到了兩個領域的材料阻力，我只是想知道在定價舉措和減少促銷活動方面是否已經提供了足夠的準備，以至於我們不會談論下半年的材料阻力。

Yeah, I think what we're working on those product costs and material headwinds. Luckily our a transformational productivity initiative is helping mitigate some of those costs as well, so that the timing for that initiative has been very good.

是的，我認為我們正在努力解決產品成本和材料阻力問題。幸運的是，我們的轉型生產力計劃也有助於減輕部分成本，因此該計劃的時機非常好。

We were able to deliver another $6 million in run rate savings in the quarter and a total of $70 million for year-to-date, or actually project to date for the initiatives. So those are also helping to offset some of those material costs that you mentioned.

我們在本季又實現了 600 萬美元的運行率節省，年初至今（或實際預計至今）這些舉措的總節省額為 7000 萬美元。所以這些也有助於抵消您提到的部分材料成本。

I believe the largest category within NAMP would be cost of goods sold, so it's directly working on those Supply.

我相信 NAMP 中最大的類別是銷售商品成本，因此它直接作用於那些供應。

Okay. That's helpful. The second question just on POS sell through, can you just talk about, what did you see this quarter in both residential landscape contractor?

好的。這很有幫助。第二個問題是關於 POS 銷售情況，您能否談談本季您在住宅景觀承包商方面看到了什麼？

I realized weather was an issue and we've talked about that, but just even taking that into consideration, can you just talk about sell through and maybe more importantly how the quarter ended and if you can talk at all about what you're seeing here in May just trying to get a sense of how that velocity may be picking up?

我意識到天氣是一個問題，我們已經討論過這個問題，但即使考慮到這一點，您能否談談銷售情況，或許更重要的是本季度的結束情況，以及您是否可以談談您在五月份看到的情況，只是想了解一下這種速度是如何回升的？

And we talked we talked about the two big factors affecting homeowners. The first and probably the largest is the general, consumer confidence, that's in place as they're making a purpose decision, that means that they're probably more likely to buy the product if they need it versus if they want to buy it and when they do buy it they're kind of working down the product line range a little bit to more entry level products.

我們討論了影響房主的兩個主要因素。第一個也是最重要的因素是整體消費者信心，這種信心在他們做出有目的的決定時就已存在，這意味著他們更有可能在需要產品時購買產品，而不是在想要購買產品時購買，而當他們購買產品時，他們會從產品線的低端產品轉向更入門級的產品。

And then, the late spring was the other factor and you know we retail is good, to answer your question in May, much better than it was in April.

然後，春末是另一個因素，你知道我們的零售業很好，回答你的問題，五月的零售業比四月好得多。

Now into June continues to be, solid, but, in the current kind of with those macro, clouds kind of hanging over, it's less likely that we would make up that, April loss because of the delay of spring as we sometimes do in some years where the weather is ideal, consumer confidence is higher.

現在進入 6 月份，經濟狀況依然穩健，但在當前宏觀陰雲密佈的情況下，我們不太可能彌補 4 月份的損失，因為春季的推遲會導致經濟下滑，而有些年份的天氣較為理想，消費者信心較高。

So we're just building we built that into our guidance that we do not expect to get back some of that, early spring sales that we lost, and we're making sure that we watch, inventories to keep those in line as a result.

因此，我們只是將其納入我們的指導方針中，我們預計不會收回早春銷售中損失的部分，並且我們會確保關注庫存，以使其保持在合理範圍內。

Right, you mentioned that replacement demand or duress demand is holding up well, discretionary demand maybe not so much. Can you just remind us, in your major categories, the residential and maybe landscape contractor as well, how much of that is replacement to what percentage do you think of as being replacement demand versus more discretionary types of purchases?

對，您提到替代需求或脅迫需求保持良好，而可自由支配的需求可能不那麼明顯。您能否提醒我們，在您的主要類別中，住宅和景觀承包商中有多少是替代品，您認為替代品需求與更多可自由支配的購買類型相比佔多大比例？

It's probably, 80% to 90% replacement and maybe more precisely what I'm referring to is that kind of up and down the range, so. If you're feeling great about the economy and macro factors, you're more likely to go up our range and even jump into a professional level product, so we see more activity at the lower end of our range.

大概是 80% 到 90% 的替換率，也許更準確地說，我指的是這種上下變化的範圍。如果您對經濟和宏觀因素感覺良好，那麼您就更有可能提升我們的產品範圍，甚至購買專業級產品，因此我們會看到我們產品範圍低端的更多活動。

And you're buying it because you need it, because, either bought a new house, your previous products needs to be replaced, it's not functional, those types of things.

你購買它是因為你需要它，因為要么買了新房子，要么你以前的產品需要更換，要么它不再具有功能性，諸如此類的事情。

And would you say landscape contractors 80 90% as well?

您認為景觀承包商的比例也是 80% 到 90% 嗎？

Yes.

是的。

And can you just remind us what percentage of landscape contractors that kind of aspirational residential customer?

您能否提醒我們，有多少比例的景觀承包商是這種有抱負的住宅客戶？

We don't split that apart, but it's, it is significant and it is different by brand. The X mark is going to be more professional on the professional side. Toro kind of crosses the range but really starts with the strength in the residential area and the Spartan brand is kind of in between in that prosumer space.

我們不會將其分開，但它很重要，並且因品牌而異。X標記在專業方面會更專業。Toro 有點跨越了範圍，但真正開始於住宅領域的優勢，而 Spartan 品牌則介於專業消費者領域之間。

Okay, quick question on promotions. Can you just talk about how you use promotions in this environment? You talked about the fact that you're dialing that back, but yet the toro customers conditioned, I would think at this point to expect some level of promotional support just in terms of your seasonal sales events.

好的，關於促銷的快速問題。您能談談在這種環境下如何使用促銷嗎？您談到了您正在撥回這一數字的事實，但是 toro 客戶仍然有條件，我認為此時他們會期望在季節性銷售活動方面獲得一定程度的促銷支持。

How can you just talk about how you use promotions at this point and, particularly given the need to sort of manage the tariff exposure and pass that through?

現在您如何談論如何使用促銷活動，特別是考慮到需要管理關稅風險並將其轉嫁出去？

Sure, yes, I wouldn't say that we're dialing back our promotion, so we did mention that, promotion and cis were a little bit lower for residential and Q2, and that was really, related to the comp from last year. If you remember we had high field inventory, we were working through some of those issues and so our promotions and incentives were just a bit higher in FY '24 than they were this year.

當然，是的，我不會說我們正在減少促銷，所以我們確實提到，住宅和第二季度的促銷和 cis 略低，這實際上與去年的比較有關。如果你還記得的話，我們的現場庫存很高，我們正在解決其中的一些問題，因此我們在 24 財年的促銷和獎勵比今年略高。

Still using those promotions and incentives to get product out the door and our residential and landscape contractor business, certainly, and we'll continue to see that throughout the rest of this year.

我們仍在利用這些促銷和激勵措施來推銷產品，當然還有我們的住宅和景觀承包商業務，我們將在今年剩餘時間內繼續看到這種情況。

Okay, good. Last question for me is on capital allocation, on the share repurchase $200 million if my model's correct, that's the highest mid-year allocation in Toro's history, $200 million. I guess the obvious question, what is that, what does that portend for the second half of this year, just how you're thinking about that?

好的，很好。對我來說，最後一個問題是關於資本配置的，如果我的模型正確的話，股票回購金額為 2 億美元，這是 Toro 歷史上最高的年中配置金額，2 億美元。我想顯而易見的問題是，那是什麼，那預示著今年下半年會發生什麼，您對此有何看法？

Sure, yes, we were, we're proud to report that we, repurchased $200 million a year-to-date. We just have high confidence in our ability to generate cash, typically, as we generate the majority of our cash in the second half. But we have a disciplined approach to our capital allocation and that really remains unchanged.

當然，是的，我們很自豪地報告，今年迄今為止我們已經回購了 2 億美元。我們對我們的現金產生能力充滿信心，因為我們的大部分現金都是在下半年產生的。但我們對資本配置採取了嚴謹的方法，這確實沒有改變。

So we'll take an op opportunistic approach to our share repurchase as well. But first, we will invest in ourselves, continue investing in research and development, innovation and technology, M&A where that's applicable. Continue to pay dividends to our shareholders and then finally number 4 is share repurchases. So we're going to continue to look at that through the rest of the year and we have continued to repurchase shares in Q3.

因此，我們也將採取機會主義的方式來回購股票。但首先，我們將投資自己，繼續投資於研發、創新和技術以及適用的併購。繼續向我們的股東派發股息，最後第四點是股票回購。因此，我們將在今年剩餘時間內繼續關注這個問題，並且在第三季我們將繼續回購股票。

Right, and any change in your CapEx expectations?

對，您的資本支出預期有任何變化嗎？

No change there.

那裡沒有變化。

No change there. Wonderful, thanks very much. I appreciate the answers.

那裡沒有變化。太好了，非常感謝。我很感謝大家的回答。

Eric Bosshard, Cleveland Research Company.

艾瑞克‧博薩德（Eric Bosshard），克里夫蘭研究公司。

Thanks. Good morning, Rick, I thought your comments about a bit more normal May and spring starting to show up, were helpful. I'm curious, the reduction in the revenue guide for the back half of the year, what's notably different, you said you had upside in the second quarter. What's different in the assumptions in the back half of the year?

謝謝。早安，里克，我認為你關於五月會更正常一些、春天開始到來的評論很有幫助。我很好奇，今年下半年的收入指南有所減少，有什麼明顯的不同嗎，您說第二季的收入有上漲。下半年的假設有什麼不同？

It's the reduction is really being driven by that the homeowner behavior as absolutely the dominant portion of that so it is, acknowledging that what happens in April we're not going to get those sales back from a later spring, especially in an environment where confidence is lower for those customers.

銷售量減少的真正原因是房主的行為佔了絕對主導地位，因此，我們承認 4 月份的銷量無法與晚春的銷量相比，尤其是在客戶信心較低的環境下。

So it's really the homeowner it shows up in residential directly and it shows up in professional by virtue of the products that are purchased by homeowners in that landscape contractor category. So it's you're right, it's been, it's in those areas.

因此，它實際上是房主直接出現在住宅中，並且根據房主在景觀承包商類別中購買的產品出現在專業中。所以你是對的，它確實存在於那些地區。

I would just add to that, Eric, that I, the environment just remains so dynamic and so for our consumers it's dynamic, but for also for our professional customers and we're continuing to watch our field inventories too, so, continuing to, what we're pushing into the field and but importantly we're seeing continued growth in golfing grounds and underground and then our contractor space so overall the outlook is positive for the year from a demand perspective.

艾瑞克，我只想補充一點，環境仍然如此充滿活力，對我們的消費者來說它是充滿活力的，對我們的專業客戶來說也是如此，我們也在繼續關注我們的現場庫存，因此，繼續關注我們正在向該領域推進的事情，但重要的是，我們看到高爾夫球場和地下以及我們的承包商空間持續增長，因此從整體需求角度來看，今年的整體前景是積極的。

Okay. The second question on the underground, construction equipment. Ditchwitch business, I understand there's some moving parts with the dealers and the other cases. I also know this business has got quite a lengthy backlog that provides, ongoing support for demand.

好的。第二個問題關於地下施工設備。Ditchwitch 生意，我了解到經銷商和其他案件中存在一些變動。我還知道這項業務有相當長的積壓訂單，可以為需求提供持續的支援。

Is that underlying demand or the is the new order trend the same that it's been? Is it better, is it worse to trying to get a sense of the underlying demand, in this business?

這是潛在需求嗎？還是新訂單趨勢與以往一樣？在這個行業中，試圖了解潛在需求是更好還是更糟？

Yeah, the base business and demand remains strong for the factors I talked about and the backlog, we are, having an impact on the backlog we're, working, obviously working that down to meet our customers' expectations, but, no change to the demand profile from our perspective we continue to see strong demand as we go forward. We are managing that backlog down would be the factor that that we didn't talk much about yet.

是的，由於我談到的因素和積壓訂單，基礎業務和需求仍然強勁，我們正在對積壓訂單產生影響，顯然我們正在努力滿足客戶的期望，但從我們的角度來看，需求狀況沒有變化，隨著我們前進，我們將繼續看到強勁的需求。我們正在管理積壓問題，這是我們目前還沒有談論太多的因素。

Yeah, the backlog as we've said in the past will probably not be back to normal levels for that business until at '26. We still have low field inventory, low channel inventory for those, underground construction dealers as well.

是的，正如我們過去所說的那樣，積壓訂單可能要到 26 年才能恢復到該業務的正常水平。對於地下建築經銷商來說，我們的現場庫存和通路庫存仍然很低。

But just as a reminder I'm back both for that business and for golf grounds, it is our desire to reduce the backlog to make sure that we meet our customer expectations for availability.

但提醒一下，我回來是為了那項業務和高爾夫球場，我們希望減少積壓，以確保滿足客戶對可用性的期望。

Okay, in the current quarter reduction or down revenue in this business, this should be a one-off. This, I mean, with the amount of backlog and with no change demand like this business should generate growth as we move forward. This should just be a two result that's unique. Is that the right way to think about it?

好的，本季該業務的收入減少或下降應該是一次性的。我的意思是，考慮到積壓訂單的數量以及沒有變化的需求，像這樣的業務應該會在我們前進的過程中帶來成長。這應該只是兩個獨特的結果。這是正確的思考方式嗎？

We expected to continue to grow and those one-off items were the biggest factors in what you saw was quarter.

我們預計將繼續成長，而這些一次性項目是本季業績的最大因素。

Yeah, and those are just related to a comp year-over-year so the sales of dealers and the some of the skew rationalization. Be a call.

是的，這些只是與同比銷售額有關，因此經銷商的銷售額和一些偏差合理化。打個電話吧。

Okay. And the last question I just had the clarity and on the tariffs in terms of offset, I get that, amp and the cost out and productivity is the lion's share of what you're doing. The pricing, I guess a two-part question. First of all, is the pricing more skewed to pro and away from residential?

好的。最後一個問題，我剛才已經澄清了關於抵消關稅的問題，我明白，擴大機、成本和生產力是你們所做工作中最大的份額。定價，我想這是一個由兩部分組成的問題。首先，定價是否更偏向專業人士而遠離住宅？

And then two, how would you characterize the traction that you're having with these price increase efforts that you put in place?

第二，您如何描述您所採取的這些漲價措施所產生的效果？

I'll start Rick and jump in here. I'd say the pricing is not skewed either way. It's really kind of across the board and we've got both prices and surcharges, so, both of those are there, and it would be skewed for the latter half of the year, obviously just implementing those price increases sometime in May. So, we'll continue to see that throughout the rest of this year.

我將啟動 Rick 並跳進這裡。我想說的是，無論怎樣定價都不會有偏差。這確實是一種全面的措施，我們有價格和附加費，所以，這兩種價格都存在，而且下半年會有偏差，顯然只是在 5 月的某個時候實施這些價格上漲。因此，我們將在今年剩餘時間繼續看到這種情況。

Yes, the only thing I would add, it's a very, surgical process based on the specific markets and the specific product lines. So, it's specific to the business, obviously very dynamic environment competitively and with the tariffs themselves. So, it's we didn't do blanket, increases across the company. We did it very specific, to the businesses.

是的，我唯一想補充的是，這是一個基於特定市場和特定產品線的非常精密的過程。因此，它對於特定業務而言，顯然競爭環境和關稅本身都非常活躍。所以，我們並沒有在全公司範圍內實施全面加薪。我們針對企業採取了非常具體的措施。

Thank you very much.

非常感謝。

(Operator Instructions)

（操作員指示）

Ted Jackson, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的泰德傑克森 (Ted Jackson)。

Thanks very much. Good morning, Ricky and Jeremy.

非常感謝。早安，Ricky 和 Jeremy。

So, first question just kind of more for curiosity, if my memory is right, with second quarter, you were still going through some, last year you were still going through your kind of the stockings for lows, and if that's true, and what would the decline in residential?

所以，第一個問題只是出於好奇，如果我沒記錯的話，第二季度，你們仍然在經歷一些，去年你們仍然在經歷低谷，如果這是真的，那麼住宅的下降幅度會是多少？

And if you were to normalize for that, I mean you're down 11.4% and but I mean if yeah you had a pretty tough if my memory is correct if you take a look and you know kind of what it would have been in a more organic basis?

如果你要將其正常化，我的意思是你下降了 11.4%，但我的意思是，如果我的記憶正確的話，如果你看一看，你知道在更有機的基礎上它會是什麼嗎？

And so we have a little trouble hearing you, but if you're talking about the low's comp that that definitely is a factor. Last year, the 1st year with Lowe's, stacking the stores and so forth was still taking place, in the second quarter.

因此我們聽不清楚您的意思，但如果您談論的是低位補償，那肯定是一個因素。去年，與勞氏合作的第一年，在第二季度，商店的擴建等工作仍在進行中。

So, the other factor I would just, mention is, snow, that's part of the equation. So based on the flow through the season, the actual snow season, that, products would be shipped through normally in the third quarter is the biggest quarter, so we've included a lower snow projection that was a that was a factor in the second quarter as well.

所以，我要提到的另一個因素是雪，這是方程式的一部分。因此，根據整個季節的流量，實際的雪季，產品通常會在第三季度發貨，這是最大的季度，所以我們納入了較低的降雪預測，這也是第二季度的一個因素。

Second quarter is not a huge snow quarter, but it was one of the factors. The biggest things were the overall macro situation with the homeowner and the timing of spring. The comp to last year with lows, that's a legitimate, call out as well, and then a little bit of snow.

第二季度並不是降雪量很大的一個季度，但這也是其中一個因素。最重要的是房主的整體宏觀情況和春天的時機。與去年相比，氣溫較低，也是合理的，而且還有一點雪。

Do you hear me better now? I don't know. I can't do much about it if you can't hear me. Okay, no, I just, I was just kind of curious, like if you were to normalize for lows, what the, what your, what would it look like? I mean, I assume you'd be, it wouldn't be down, 11% plus.

現在你聽清楚我的話了嗎？我不知道。如果你聽不到我說話，我就無能為力了。好的，不，我只是，我只是有點好奇，例如，如果你要將低點標準化，那，那，那它會是什麼樣子？我的意思是，我假設它不會下降 11% 以上。

I just was kind of curious on a more organic basis what it might have looked like that was my question, and I have a couple more behind that?

我只是有點好奇，從更自然的角度看它看起來會是什麼樣子，這是我的問題，我還有其他幾個問題嗎？

I think if you put the normal spring back in it just wipes that out so it's that the spring is a bigger factor than the Lowe's is. So it's kind of dwarfs.

我認為如果你把正常的彈簧放回去，它就會把這個影響消除，所以彈簧比 Lowe 的彈簧更重要。所以它有點像矮人。

Yeah, because the lights were a big factor, not consumer, but also for the channel and then mass as well.

是的，因為燈光是重要因素，不僅對消費者而言，而且對通路和大眾而言也是如此。

Okay and then my next question and just kind of going into working capital and thinking about the second half of the year, so if the outlook for the second half of the year is, not what you had expected, at the beginning of the of the quarter?

好的，我的下一個問題是，關於營運資金和下半年的思考，如果下半年的前景與您在本季度初的預期不一樣呢？

What does that do in terms of working capital? I mean, where are you, particularly with regards to inventories, does that leave you a little, heavier on that front and something to work through as we kind of get through the year just so maybe a little color in terms of how to think about, second half working capital at or given the my time?

這對營運資金有何影響？我的意思是，您現在的情況如何，特別是在庫存方面，這是否會給您帶來一些負擔，在我們度過這一年的過程中，您是否需要解決一些問題，因此，在考慮下半年營運資本或考慮到我的時間方面，可能會有一些影響？

That's a great question. So, overall, if we think about just, working capital and inventory, we are a little higher on finished goods, driven by the late spring that we've been talking about, but sequentially, we're actually down in net inventory, about 1%.

這是一個很好的問題。因此，總體而言，如果我們只考慮營運資本和庫存，那麼由於我們一直在談論的春末，我們的成品庫存會略高一些，但與上一輪相比，我們的淨庫存實際上下降了約 1%。

We are working our lower, we are working our work process down so it is lower and continuing to drive, productivity and manufacturing output in some of our areas of backlog for sure but that continues to be a an area of. Focus for us.

我們正在努力降低成本，我們正在簡化工作流程，以便降低成本並繼續推動生產力和製造產出，當然，我們的一些積壓領域仍然存在問題，但這仍然是一個問題。為我們集中註意力。

So as we talked about earlier with some of those inventory evaluations we're working through and moving through some of our excess and obsolete inventory so continuing to focus and move that, working capital number down along with our inventory.

因此，正如我們之前談到的一些庫存評估一樣，我們正在處理和處理一些多餘和過時的庫存，因此繼續關注並減少營運資金數量以及庫存。

Okay. And then my third and final question is shifting back over the tariffs. If one was to take an optimistic viewpoint with regards to Trump's ability to bring a deal across the finish line with someone like China because, he is a negotiator and a transactional guy.

好的。我的第三個也是最後一個問題是關於關稅的問題。如果人們對川普與中國這樣的國家達成協議的能力持樂觀態度，因為他是談判者和交易者。

Would that change your guidance if you were to see, say, the reprieve that we had with regards to tariffs with China and everyone else, become permanent, would you come back out and be changing your guidance?

如果您看到，比如說，我們對中國和其他所有國家的關稅的緩刑成為永久性的，這會改變您的指導嗎？您會再次改變您的指導嗎？

I mean there could be some positive pickups. There are so many moving pieces to this. There are also tariffs in other directions. So, the best thinking is reflected in our guidance as we talked about a lot of the tariff impact as it comes back to the higher levels would be in the fourth quarter.

我的意思是可能會有一些正面的影響。這其中涉及很多變動因素。其他方向也有關稅。因此，最好的想法反映在我們的指導中，正如我們討論的那樣，關稅的影響將在第四季度回到更高水平。

So we'll certainly give you guidance as we get into the next earnings release. We'll obviously know much more about the outlook in those cases. That'll be the time that we could talk about, how that works for the rest of the year again but so but in your guide.

因此，在發布下一份收益報告時，我們一定會為您提供指導。我們顯然會對這些案例的前景有更多的了解。到時候我們就可以討論一下在接下來的一年中該如何繼續工作，但必須在您的指南中討論。

Right now in your guidance you're expecting tariffs to snap back to these ridiculous levels so all else being equal, if we see an extension or some kind of deal that's better than that, all else being equal, there would be there would be an improvement for you.

現在，在您的指導中，您預計關稅將回升至這些荒謬的水平，因此在其他條件相同的情況下，如果我們看到延期或某種比這更好的協議，在其他條件相同的情況下，對您來說就會有所改善。

We have included all those tariffs, yeah, the higher rate.

我們已經包含了所有這些關稅，是的，更高的稅率。

So that could be if something could go better or worse, that is one of those items said that it could go better if tariffs don't pop back to the levels that we expect them to with the executive orders.

因此，如果事情變得更好或更糟，那就是其中一項，如果關稅不會回到我們預期的行政命令水平，情況可能會變得更好。

Okay, that's it for me thank you very much for taking my questions.

好的，就這些了，非常感謝您回答我的問題。

David McGregor, Longbow Research.

大衛麥格雷戈，長弓研究公司。

Yeah, thanks for taking the follow up. I just had a on the tariffs while we're on that, I guess I'm thinking competitively and if there's, any comment that you'd be willing to provide us in terms of how these tariffs impact your competitive position?

是的，感謝您的跟進。我剛剛討論了關稅問題，我想我是從競爭的角度考慮的，如果有的話，您願意就這些關稅如何影響您的競爭地位向我們提供任何評論嗎？

And then, I guess I'm also looking for some clarity and I'm going to get a little wonky here on you, but, if your competitors are sustaining 232 tariff exposure through the steel and aluminium.

然後，我想我也希望得到一些澄清，在這裡我會對你講得有點奇怪，但是，如果你的競爭對手透過鋼鐵和鋁維持 232 關稅風險。

Are they also exposed to the AEpA P10% tariff on top of that, or is it one or the other?

他們是否還要承擔 AEpA P10% 的關稅，還是兩者之一？

You're talking about competitors.

你在談論競爭對手。

Competitors, yeah, your numbers are so small that I think I'd really like to get your perspective on the competitive dynamic here. Did you want to.

競爭對手，是的，你們的數量太少了，我想我真的很想聽聽你們對這裡的競爭動態的看法。你想嗎？

I don't know that we can speak to the competitors necessarily so.

我不知道我們是否一定可以與競爭對手交談。

Yeah interested in the tariff exposure. I'm just wondering competitively how I mean is this providing you with an advantage do you feel? Do you expect to gain a little market share as a consequence of the tariff regimen or?

是的，我對關稅風險很有興趣。我只是想知道從競爭角度來說這是否為你提供了優勢，你覺得呢？您是否希望透過關稅制度獲得一些市場份額？

So, yeah, maybe a couple comments in that area on the professional side were fairly similarly, positioned, I would say more on the homeowner type of products. If you take in all the factors like exposure to China, the fact that we're a US company, we, and the strategies that we've put in place since 2018, we believe we're in a very solid competitive position.

所以，是的，也許專業方面該領域的一些評論相當相似，我想說的是，它們的定位更多地針對房主類型的產品。如果考慮到所有因素，例如在中國的業務曝光、我們是一家美國公司的事實以及我們自 2018 年以來實施的策略，我們相信我們處於非常穩固的競爭地位。

And then are you able to talk at all about the 232 versus AEpA? Are they cumulative?

那麼，您能詳細談談 232 與 AEpA 的對比嗎？它們是累積的嗎？

I believe they're mutually exclusive, but don't quote me on that day but I, the stackable and you know non stackable, it's changing constantly, so it's such a dynamic environment we're to watch it every day.

我相信它們是互相排斥的，但那天不要引用我的話，但我，可堆疊的和你知道不可堆疊的，它在不斷變化，所以這是一個如此動態的環境，我們每天都要觀察它。

We have, I think we mentioned before we have the task force together they're working on all the details of what was announced yesterday, and we'll be able to provide more information as we go on that.

我想我們之前提到過，我們召集了工作小組，他們正在研究昨天宣布的所有細節，我們將能夠提供更多資訊。

I appreciate the comment. Thank you very much.

我很感謝你的評論。非常感謝。

This concludes the question-and-answer session. Mr. Steffan, please proceed to closing remarks.

問答環節到此結束。史蒂芬先生，請致閉幕詞。

Thank you everyone for your questions and interest in Toro Company. We look forward to talking to you again in September to discuss our fiscal 2025 3rd quarter results.

感謝大家對 Toro 公司的提問與關注。我們期待 9 月再次與您交談，討論我們的 2025 財年第三季業績。

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

感謝大家參加今天的會議。演講到此結束。您現在可以斷開連線。再會。