The Toro Company (TTC) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to The Toro Company's first quarter earnings conference call. My name is Daniel, and I will be your coordinator for today. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

各位女士、先生，大家好，歡迎參加 Toro 公司第一季財報電話會議。我是 Daniel，今天將擔任您的會議協調員。（接線員指示）提醒您，本次會議將錄音以供回放。

I would now like to turn the conference over to your host for today's call, Heather Hille, Vice President, Corporate Affairs and Investor Relations. Please proceed, Ms. Hille.

現在我想將會議交給今天電話會議的主持人——企業事務與投資人關係副總裁 Heather Hille。Hille 女士，請開始。

Morning, everyone, and thank you for joining us for The Toro Company's first quarter 2026 earnings conference call. I'm Heather Hille, Head of Investor Relations. On the line with me today are Rick Olson, Chairman and Chief Executive Officer; Edric Funk, President and Chief Operating Officer; and Angela Drake, Vice President and Chief Financial Officer.

各位早安，感謝各位參加 Toro 公司 2026 會計年度第一季財報電話會議。我是 Heather Hille，投資人關係主管。今天與我一同在線的有：董事長兼執行長 Rick Olson；總裁兼營運長 Edric Funk；以及副總裁兼財務長 Angela Drake。

Rick, Edric, and Angela will provide an overview of our first quarter results, which were released earlier this morning, and discuss our priorities and outlook for the remainder of fiscal 2026. Following their remarks, we'll open the phone lines for a question-and-answer session.

Rick、Edric 與 Angela 將概述我們第一季業績（已於今天稍早發布），並討論 2026 會計年度剩餘期間的優先事項與展望。在他們發言後，我們將開放電話線進行問答。

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, and may cause actual results to differ materially from those contemplated by these statements.

提醒各位，我們今天上午所做的任何前瞻性陳述均受風險與不確定性影響，包括今日財報新聞稿、投資人簡報以及近期向美國證券交易委員會（SEC）提交的文件中所述者，且可能導致實際結果與這些陳述所預期者出現重大差異。

Also in our remarks, we'll refer to certain non-GAAP financial measures, which we believe are important in evaluating the company's performance.

此外，在我們的發言中，我們將提及若干非 GAAP 財務衡量指標，我們認為這些指標對評估公司表現相當重要。

Reconciliations of all non-GAAP numbers to the most directly comparable GAAP number are included in this morning's press release, which, along with a first quarter presentation containing supplemental information, is posted in the investor information section of our corporate website.

所有非 GAAP 數字與最直接可比 GAAP 數字之間的調節表，已包含於今天上午的新聞稿中；該新聞稿以及包含補充資訊的第一季簡報，均已發布於我們公司網站的投資人資訊專區。

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

接下來，我將把電話會議交給 Rick。

Thanks, Heather, and good morning, everyone. Throughout the first quarter of 2026, our teams remained diligently focused on executing our strategic priorities.

謝謝你，Heather，各位早安。在 2026 年第一季期間，我們的團隊始終專注且勤勉地執行我們的策略優先事項。

We capitalized on market opportunities and customer demand, drove operational excellence, and leveraged our portfolio of leading brands for profitable growth and competitive advantage.

我們把握市場機會與客戶需求，推動卓越營運，並運用我們領先品牌組合以實現獲利成長與競爭優勢。

At the same time, we invested in value-creating technology and innovation. As a result, we beat expectations in both segments and increased consolidated net sales by more than 4% to $1.04 billion.

同時，我們也投資於創造價值的技術與創新。因此，我們在兩個事業部門的表現均優於預期，合併淨銷售額成長逾 4%，達到 10.4 億美元。

Our outperformance was driven by strong execution in both our professional and residential segments, which allowed us to capitalize on incremental demand for snow and ice products and continued growth in underground and specialty construction.

我們的超預期表現來自專業與住宅兩大部門的強勁執行力，使我們得以掌握雪與除冰產品的增量需求，以及地下與專業建築業務的持續成長。

We reported better than expected adjusted earnings per share of $0.74, up from $0.65 a year ago, due to higher earnings in our professional segment, which represents about 80% of our portfolio.

我們公布的調整後每股盈餘為 0.74 美元，優於預期，亦高於去年同期的 0.65 美元，主要因專業部門獲利提升；該部門約占我們產品組合的 80%。

We expanded our hydrovac excavation solutions through our acquisition of Tornado Infrastructure Equipment, further strengthening our capabilities.

我們透過收購 Tornado Infrastructure Equipment 擴展了我們的水力真空（hydrovac）挖掘解決方案，進一步強化我們的能力。

We continued to implement our multi-year AMP program, which is fueling sustainable productivity improvements and has contributed $95 million in cost savings toward our aggregate goal of $125 million.

我們持續推動多年期 AMP 計畫，該計畫正帶動可持續的生產力提升，並已貢獻 9,500 萬美元的成本節省，朝我們合計 1.25 億美元的目標邁進。

We generated free cash flow of $14.6 million, resulting in an impressive free cash flow conversion rate of 22% in a quarter where our seasonal preparations typically result in a net use of cash. We repurchased approximately $95 million of common stock, reflecting our commitment to return value to shareholders.

我們創造了 1,460 萬美元的自由現金流，使自由現金流轉換率達到亮眼的 22%；而在此季度，我們的季節性備貨通常會導致現金淨流出。我們回購約 9,500 萬美元普通股，展現我們致力於為股東回饋價值的承諾。

In summary, through strong execution of our strategic priorities throughout the first quarter, we drove favorable sales and earnings growth and further strengthened our financial position.

總結而言，透過第一季對策略優先事項的強力執行，我們推動了有利的銷售與獲利成長，並進一步強化了財務體質。

During the first quarter, our teams were prepared to deliver snow and ice products and capitalize on incremental demand as a series of winter storms hit in major population areas.

第一季期間，當一連串冬季風暴侵襲主要人口區域時，我們的團隊已準備就緒，能夠交付雪與除冰產品並掌握增量需求。

This operational agility and strong execution not only contributed to excellent Q1 top-line growth but also positions us well for robust performance in these categories in the back half of this year.

這種營運敏捷性與強勁執行力，不僅促成第一季營收的優異成長，也使我們在今年下半年於這些品類有望展現強勁表現。

Adding to this optimism is our fresh lineup of BOSS plows with new Cold Front Technology or CFT, which has been well received by customers. The innovative CFT system integrates plow and spreader functionality and is engineered for effortless connections, smart performance, and maximum efficiency.

進一步支撐此樂觀展望的是，我們全新推出的 BOSS 犁雪機系列，搭載新的 Cold Front Technology（CFT），已獲客戶良好回饋。創新的 CFT 系統整合犁雪與撒布機功能，並以輕鬆連接、智慧效能與最高效率為設計目標。

We also continue to invest in underground and specialty construction, reflecting our expectations of multi-year growth in these businesses. Our efforts underscore our focus on broadening our offering to drive both near and long-term results.

我們也持續投資於地下與專業建築業務，反映我們對這些業務多年期成長的預期。這些努力凸顯我們致力於擴大產品與解決方案組合，以推動短期與長期成果。

During the first quarter, horizontal directional drills like the innovative JT21, which launched last year, contributed to our sales upside. We expect customer demand to remain strong.

第一季期間，像是去年推出的創新 JT21 等水平定向鑽機，為我們的銷售帶來上行貢獻。我們預期客戶需求將維持強勁。

We were very excited to welcome Tornado to The Toro Company during the quarter. As a natural adjacency to our existing businesses, its complementary offering enables us to expand our growth opportunities in this market.

本季我們非常高興歡迎 Tornado 加入 Toro 公司。作為我們既有業務的自然相鄰領域，其互補性的產品組合使我們得以擴大在此市場的成長機會。

And this spring, we look forward to showcasing our recently launched Ditch Witch SK1000, a compact stand-on skid steer with increased lifting capacity and reduced maintenance, making it ideal for utility work as well as landscaping.

此外，今年春季我們也期待展示近期推出的 Ditch Witch SK1000——一款緊湊型站立式滑移裝載機，具備更高的舉升能力與更低的維護需求，使其非常適合公用事業工程與景觀作業。

To preserve our profit margins and remain price competitive, we continue to pursue deliberate strategies through our AMP program to drive sustainable productivity improvements, cost savings, and net price realization.

為了維持我們的利潤率並保持價格競爭力，我們持續透過 AMP 計畫推動審慎策略，以帶動可持續的生產力提升、成本節省與淨價格實現。

Through the AMP improvements, we are working to moderate the effect of higher material and manufacturing costs and fully offset the effect of tariffs. We're also carefully managing inventory at all stages of production, as evidenced by our healthy net inventory position at the end of the first quarter.

透過 AMP 改善措施，我們正努力緩和原材料與製造成本上升的影響，並完全抵銷關稅的影響。我們也在生產各階段審慎管理庫存，第一季末健康的淨庫存水位即為明證。

This was a key driver of working capital improvement. While external factors like the economy, geopolitical environment, and weather are ongoing considerations, we are committed to maintaining our discipline and aligning our inventories with expected demand as the year unfolds.

這是營運資金改善的關鍵驅動因素。儘管外部因素如經濟、地緣政治環境與天候仍需持續關注，我們承諾維持紀律，並在年度推進過程中使庫存與預期需求保持一致。

These actions are strengthening our operations and driving improved financial results. Our teams and channel partners are highly motivated to build on this momentum.

這些行動正在強化我們的營運並帶動財務成果改善。我們的團隊與通路合作夥伴都高度投入，準備在此動能基礎上再接再厲。

I want to thank them for their ongoing commitment to advancing our product and technology innovations, as well as our cost savings and productivity initiatives. Angela will share additional insights on our first quarter results and provide our outlook for the year.

我要感謝他們持續致力於推進我們的產品與技術創新，以及成本節省與生產力提升計畫。Angela 將分享更多第一季業績洞見，並提供我們對全年展望。

Thank you, Rick, and good morning, everyone. Before getting into the details of our results, I'll highlight three key takeaways from our first quarter performance. First, we delivered better than expected top-line growth in both our professional and residential segments through disciplined execution that enabled us to capitalize on seasonal demand opportunities.

謝謝你，Rick，各位早安。在深入說明業績細節之前，我先強調第一季表現的三項關鍵重點。第一，我們透過嚴謹的執行，在專業與住宅兩大部門皆實現優於預期的營收成長，並把握季節性需求機會。

Second, we delivered adjusted EPS above expectations and prior year through deliberate productivity improvement initiatives that drove favorable operating leverage.

第二，我們透過有計畫的生產力提升措施，帶動有利的營運槓桿，使調整後每股盈餘高於預期且優於去年同期。

Third, our positive free cash flow and strong balance sheet position underscore our commitment to financial discipline and returning cash to shareholders.

第三，我們的自由現金流為正且資產負債表部位強勁，凸顯我們對財務紀律以及向股東返還現金的承諾。

In short, our consolidated first quarter results demonstrate the strength of our portfolio and market-leading innovation, our commitment to operational excellence, and our thoughtful strategic and financial stewardship.

簡言之，我們合併第一季業績展現了我們產品組合與市場領先創新的實力、對卓越營運的承諾，以及審慎的策略與財務管理。

Let's dig into some of the details. Consolidated net sales for the first quarter were $1.04 billion, up 4.2% from prior year and better than expected as sales in both the professional and residential segments exceeded our guidance.

讓我們深入一些細節。第一季合併淨銷售額為 10.4 億美元，較去年同期成長 4.2%，且優於預期，因專業與住宅兩大部門的銷售均超出我們的指引。

Professional segment net sales in the first quarter were $824 million, while residential segment net sales were $206 million. Both segments benefited from higher shipments of snow and ice products and net price realization.

第一季專業部門淨銷售額為 8.24 億美元，住宅部門淨銷售額為 2.06 億美元。兩個部門皆受惠於雪與除冰產品出貨增加以及淨價格實現。

Strength in underground construction, including the successful integration of Tornado and growth in our landscape business, also contributed to top-line growth in the professional segment. We delivered a 9.8% consolidated adjusted operating earnings margin in the first quarter, up from 9.4% a year ago.

地下施工業務的強勁表現（包括成功整合 Tornado）以及我們景觀業務的成長，也帶動專業部門營收成長。我們第一季合併調整後營業利益率為 9.8%，高於去年同期的 9.4%。

Both professional segment earnings of $137.6 million and residential segment earnings of $13.2 million exceeded our expectations. Year-over-year results in both segments reflect net price realization and the favorable impact of our ongoing productivity improvement and cost savings measures.

專業部門獲利 1.376 億美元與住宅部門獲利 1,320 萬美元皆超出我們預期。兩個部門的年對年表現反映了淨價格實現，以及我們持續推動生產力提升與成本節省措施所帶來的正面影響。

This was partially offset by higher material and manufacturing costs. Finally, our first quarter adjusted EPS was $0.74, which exceeded both our prior year adjusted EPS of $0.65 and our previous outlook for this period.

但部分被較高的原物料與製造成本所抵銷。最後，我們第一季調整後每股盈餘（EPS）為 0.74 美元，不僅高於去年同期的 0.65 美元，也高於我們先前對本期的展望。

Now turning to our balance sheet and cash flow results. Our balance sheet continues to afford us meaningful strategic optionality, enabling us to focus our capital investment on initiatives that generate profitable growth.

接著談談資產負債表與現金流量表現。我們的資產負債表持續提供重要的策略彈性，使我們能將資本投資聚焦於可帶來獲利性成長的計畫。

Our current leverage ratio of 1.5 times remains healthy and well within our stated target range. Our free cash flow for the quarter was $14.6 million, a year-over-year increase of more than $80 million, resulting in a free cash flow conversion rate of 22%.

目前槓桿比率為 1.5 倍，仍屬健康，且明顯落在我們所揭示的目標區間內。本季自由現金流為 1,460 萬美元，年對年增加超過 8,000 萬美元，使自由現金流轉換率達 22%。

We achieved this performance through meaningful inventory improvement driven by our integrated business planning process and seasonal demands for snow products. As a result, our inventory turnover improved to 2.8 times in the quarter.

我們透過整合式營運規劃流程所帶動的顯著庫存改善，以及雪地產品的季節性需求，達成此一表現。因此，本季庫存周轉率提升至 2.8 倍。

Additionally, we returned $133 million to shareholders in the quarter through dividends and share repurchases, demonstrating continued confidence in our ability to generate cash.

此外，我們本季透過股利與庫藏股買回向股東回饋 1.33 億美元，展現我們對自身創造現金能力的持續信心。

Looking ahead, we remain focused on capitalizing on top-line growth opportunities, thoughtfully managing our balance sheet and cash flow, and integrating AMP operating efficiency benefits that support our $125 million run rate target by the end of 2026.

展望未來，我們仍將專注於把握營收成長機會、審慎管理資產負債表與現金流，並整合 AMP 營運效率效益，以支持我們在 2026 年底前達成 1.25 億美元年化（run rate）目標。

We are raising our sales and earnings outlook for fiscal 2026 based on our strong execution and the strength of our first quarter performance. We are increasing our expectation for total company net sales growth to 3% to 6.5%.

基於我們強勁的執行力與第一季表現，我們上調 2026 會計年度的銷售與獲利展望。我們將全公司淨銷售成長預期提高至 3% 至 6.5%。

This reflects, first, professional segment net sales that are expected to grow mid-single digits, and second, residential segment net sales that are expected to be flat to down 3%. This is an increase from our prior residential segment net sales guidance, reflecting strong Q1 results and an improved outlook for the balance of the year.

這反映：第一，預期專業部門淨銷售將以中個位數成長；第二，預期住宅部門淨銷售持平至下滑 3%。相較先前對住宅部門淨銷售的指引，此次上調反映第一季強勁表現以及對今年剩餘期間更佳的展望。

We are also raising our full year 2026 adjusted earnings per share guidance to be in the range of $4.40 to $4.60. This outlook assumes a higher total year adjusted gross margin rate consistent with our prior guidance and underscoring our ability to navigate cost pressures while investing in innovation.

我們也將 2026 全年調整後每股盈餘指引上調至 4.40 至 4.60 美元區間。此展望假設全年調整後毛利率較高，且與我們先前指引一致，並凸顯我們在投資創新的同時，仍能因應成本壓力的能力。

Higher adjusted operating earnings margin, which reflects annual professional segment earnings margin between 18.5% and 19.5%, and an improved outlook for the residential segment earnings margin between 6.5% and 8.5%.

更高的調整後營業利益率，反映專業部門全年獲利率介於 18.5% 至 19.5%，以及住宅部門獲利率展望改善至 6.5% 至 8.5%。

Interest expense of approximately $60 million. An adjusted effective tax rate of about 21%, and capital expenditures of $90 million to $100 million. We now expect an improved free cash flow conversion rate of at least 120%.

利息費用約 6,000 萬美元。調整後有效稅率約 21%，資本支出為 9,000 萬至 1 億美元。我們目前預期自由現金流轉換率將改善至至少 120%。

For the second quarter of 2026, we expect total company net sales to increase mid-single digits from the same period in 2025, with mid-single-digit net sales growth expected in both segments.

針對 2026 年第二季，我們預期全公司淨銷售將較 2025 年同期以中個位數成長，且兩個部門皆預期呈現中個位數的淨銷售成長。

Professional segment earnings margin in the second quarter is expected to be similar to a year ago, while residential segment earnings margin is expected to approach double digits. For the total company, we are expecting mid-single-digit adjusted earnings per share growth in Q2.

第二季專業部門獲利率預期與去年同期相近，而住宅部門獲利率預期將接近兩位數。就全公司而言，我們預期第二季調整後每股盈餘將以中個位數成長。

As a reminder, our second quarter is typically the largest of the year. As evidenced by our strong first quarter performance, we are managing our business to take advantage of our strengths as well as market opportunities while mitigating external pressures.

提醒一下，我們第二季通常是一年中規模最大的季度。從我們第一季的強勁表現可見，我們正管理業務以善用自身優勢與市場機會，同時降低外部壓力的影響。

With our team's continued commitment to providing innovative solutions that create value for our customers and drive operational excellence across our business portfolio, I am confident in our ability to deliver sustainable, profitable growth for the long term. With that, I'll turn the call over to Edric.

憑藉團隊持續致力於提供能為客戶創造價值的創新解決方案，並在我們的業務組合中推動卓越營運，我對我們長期實現可持續且具獲利性的成長充滿信心。接下來我把電話會議交給 Edric。

Thank you, Angela. Good morning, everyone. Our results in the first quarter demonstrate our competitive positioning and business resilience, our market-leading innovation, and our team's skillful execution of key initiatives.

謝謝你，Angela。各位早安。我們第一季的成果展現了我們的競爭定位與業務韌性、領先市場的創新能力，以及團隊對關鍵計畫的嫻熟執行。

Together, these factors provide a solid foundation for future success. With our strong balance sheet of free cash flow, we continue to invest in technological innovations and growth markets that provide significant value for customers and The Toro Company.

這些因素共同為未來成功奠定堅實基礎。憑藉我們強健的資產負債表與自由現金流，我們持續投資於技術創新與成長型市場，為客戶與 Toro 公司創造顯著價值。

Let me share a few examples. We are actively pursuing opportunities to capitalize on the growing global demand for underground construction equipment, which is being fueled by aging infrastructure, new data centers, and a rise in energy and telecommunications projects.

我分享幾個例子。我們正積極把握全球地下施工設備需求成長所帶來的機會；此需求由老化基礎建設、新資料中心，以及能源與電信專案增加所驅動。

ConExpo, which is North America's largest construction trade show, is taking place this week. At the show, we are exhibiting our broadest offering ever of underground and specialty construction solutions.

ConExpo（北美最大的建築業展會）正在本週舉行。在展會上，我們展出迄今最完整的地下施工與專業施工解決方案產品組合。

With our recent acquisition of Tornado, which is a natural complement to our existing products, we are poised to extend our reach and impact within this category and beyond. In golf grounds and irrigation, we're building a pipeline of innovations that help customers maximize workforce productivity and reduce costs.

隨著我們近期收購 Tornado（與我們既有產品具高度互補性），我們已蓄勢待發，將在此類別及更廣泛領域擴大觸及與影響力。在高爾夫球場草坪維護與灌溉方面，我們正建立一系列創新，協助客戶最大化人力生產力並降低成本。

Last November, we introduced our AI-enabled spatial adjust software, which is proving to be, in the words of our customers, an absolute game changer.

去年 11 月，我們推出具 AI 功能的空間調整（spatial adjust）軟體；用客戶的話說，這是一個徹底改變遊戲規則的產品。

This water management system is simultaneously helping to preserve one of our most precious resources, delivering more consistent playing conditions, and bolstering subscription service offerings that provide incremental recurring revenue for The Toro Company.

這套水資源管理系統同時有助於保存我們最珍貴的資源之一、提供更一致的場地狀況，並強化訂閱式服務方案，為 Toro 公司帶來額外的經常性收入。

This spring, we are further expanding our water management suite with the launch of our new RXC irrigation controller.

今年春季，我們將推出全新的 RXC 灌溉控制器，進一步擴充我們的水管理產品套件。

This reliable and contractor-friendly irrigation solution provides modular expandability, advanced flow monitoring, and smart features such as predictive weather-based scheduling, seasonal adjustments, and intuitive programming.

這項可靠且對承包商友善的灌溉解決方案，提供模組化擴充能力、先進的流量監測，以及智慧功能，例如基於天氣預測的排程、季節性調整與直覺式程式設定。

Innovations like this enable our customers to better manage costs, conserve water, and maintain the condition of the grounds in their care.

此類創新使客戶能更有效管理成本、節約用水，並維持其所管理場地的狀況。

Finally, by coupling targeted acquisitions and strategic partnerships with years of our own internal development, we are incredibly excited that we now offer the market's broadest range of autonomous turf maintenance solutions.

最後，透過將精準的併購與策略夥伴關係，結合我們多年內部研發成果，我們非常振奮地宣布：我們如今提供市場上最廣泛的自主式草坪維護解決方案。

We've accomplished this by leveraging multiple localization and navigation technologies across an array of high-energy and low-energy product platforms. While most of these innovations are still early in their growth lifecycle, we're very optimistic about their future potential.

我們透過在多種高能耗與低能耗產品平台上，運用多種定位與導航技術，達成此一成果。雖然其中多數創新仍處於成長生命週期的早期階段，但我們對其未來潛力非常樂觀。

At the same time, we're also excited about the near-term opportunities within our core businesses. For example, following the strong performance of our snow categories during Q1, and given the current health of the channel, we're confident about the prospects for those product lines in the second half of this year.

同時，我們也對核心業務的短期機會感到振奮。例如，繼第一季雪地產品類別表現強勁，加上目前通路健康狀況良好，我們對今年下半年這些產品線的前景充滿信心。

Finally, our team's commitment to operational excellence and optimization of our global supply chain will continue to help us mitigate increases in materials and manufacturing costs, streamline our supply chain operations, and manage our inventory with exceptional success.

最後，我們團隊對卓越營運的承諾，以及對全球供應鏈的優化，將持續協助我們緩解原物料與製造成本上升、精簡供應鏈營運，並以卓越成效管理庫存。

Through the steadfast engagement of our team, we are building strong momentum for future growth. Now Rick has a few closing remarks.

透過團隊堅定投入，我們正為未來成長建立強勁動能。接下來 Rick 有幾點結語。

Thank you, Edric. In closing, I want to underscore our confidence in The Toro Company's strategic direction and continued profitable growth. Our actions are enhancing our customers performance, strengthening our competitive advantage, and increasing our operational efficiency.

謝謝你，Edric。在結語中，我想強調我們對 Toro 公司策略方向以及持續獲利成長的信心。我們的行動正在提升客戶的績效、強化我們的競爭優勢，並提高我們的營運效率。

Through our disciplined approach to capital allocation and balance sheet flexibility, as well as our commitment to strong free cash flow.

透過我們在資本配置上的紀律作法與資產負債表的彈性，以及我們對強勁自由現金流的承諾。

We are well positioned to deliver significant value to all our stakeholders for many years to come. Now, Edric, Angela, and I would be happy to take your questions.

我們已做好充分準備，在未來多年為所有利害關係人創造可觀價值。現在，Edric、Angela 和我很樂意回答各位的問題。

(Operator Instructions) Sam Darkatsh with Raymond James.

(接線員指示) Raymond James 的 Sam Darkatsh。

Good morning, Rick, Angela, Edrick. How are you?

早安，Rick、Angela、Edrick。你們好嗎？

Morning, Sam. How are you?

早安，Sam。你還好嗎？

I'm well, thank you. A few quick questions, if I could. First off, pro sales were up 7% in the quarter. Can you give us a sense of what that was organically, excluding the Tornado effects?

我很好，謝謝。如果可以的話，我有幾個簡短問題。首先，專業（Pro）銷售本季成長 7%。你們能否說明其中有多少是有機成長（organic），也就是排除 Tornado 影響後的表現？

Yes. The largest portion of the increase in the quarter was would be snow. The portion specifically attributed to.

可以。本季增幅中最大的一部分會是除雪（snow）。至於特別歸因於的部分。

Yeah, we also saw improved underground and pro contractor shipments. Of course you said Tornado. Excluding Tornado, it would be snow in an underground contractor and golf and grounds. I'm sorry, underground construction and pro contractor.

是的，我們也看到地下（underground）以及專業承包商（pro contractor）的出貨有所改善。當然你提到 Tornado。排除 Tornado 的話，主要會是除雪，以及地下承包商與高爾夫與場地維護（golf and grounds）。抱歉，是地下施工（underground construction）與專業承包商。

Figure maybe 5% or so is organic and a point or two would be Tornado. Would that be fair?

大概 5% 左右算是有機成長，而 1 到 2 個百分點會是 Tornado。這樣說合理嗎？

That's probably close. What I failed to mention, though, is that we did see some of that offset by some softness that we saw in international. Yes, overall, I think 1% or 2% is probably fair.

大概差不多。不過我剛才漏提的是，我們確實看到國際市場有些疲軟，抵銷了一部分。是的，整體來看，我認為 1% 或 2% 大概是合理的。

What we had mentioned in Q4 is that Tornado would contribute about 2% growth for sales. For inorganic growth, it would be about 2%. Their sales we were expecting to be about $100 million for the year. Pretty well in line with what our expectations were for Q1.

我們在第四季提到，Tornado 將為銷售成長貢獻約 2%。就非有機成長（inorganic growth）而言，大約是 2%。我們預期他們全年銷售約為 1 億美元。與我們對第一季的預期相當一致。

Gotcha. On an all-in basis, what was snow and ice? I understand it's a relatively attractive, margin category in both segments for you. Can you help us contextualize how much snow and ice was up in the quarter?

了解。若以整體來看，除雪與除冰（snow and ice）表現如何？我理解這在你們兩個事業部門中都是相對具吸引力、毛利較佳的品類。能否協助我們理解本季除雪與除冰成長了多少？

Yeah, it was. As Angela said, we had strength across our businesses. If you look at the two reporting segments, it was the largest portion of each of those segments.

是的。如 Angela 所說，我們各項業務都有強勁表現。若看兩個報導部門（reporting segments），除雪都是各部門中占比最大的部分。

On the residential portion, it would be the largest, but also offset by some shipments of spring products that will be a little bit later, rolling into the second quarter. There was some offset there, but it was definitely the largest portion of the increase there.

在住宅（residential）部分，它會是最大的一塊，但也被部分春季產品的出貨所抵銷，那些出貨會稍晚一些、延後到第二季。因此有一些抵銷，但它確實是住宅端增幅中最大的一部分。

Interestingly, on the residential side, as we talked about, there was field inventory in place, so retail was even stronger than the shipments that we saw. Shipments, if you look at a 10 year average, they were about on average on the residential side.

有趣的是，在住宅端，如我們所談到的，通路端（field）庫存已經到位，因此零售端的表現甚至比我們看到的出貨更強。若以 10 年平均來看，住宅端的出貨大致落在平均水準。

On the professional side, a little different story. The shipments were well above the 10 year average. In both cases, it just puts us in a very positive field inventory position as we go into the second half of the year.

在專業端，情況稍有不同。出貨量明顯高於 10 年平均。兩者都讓我們在進入下半年時，通路端庫存位置非常正向。

That gives us confidence in the preseason fills both for the professional and the residential side as we go into the third and the fourth quarter.

這也讓我們對第三季與第四季、專業端與住宅端的旺季前補貨（preseason fills）更有信心。

The largest portion of each of the segments was snow, but really strength across the businesses. You know, in the case of residential, kind of back to a more normal snow shipment year for us.

各部門最大的一部分都是除雪，但整體而言各項業務都很強勁。以住宅端來說，對我們而言算是回到較正常的除雪出貨年度。

Got you. My, my last question has to do with the annual guide. The 6.5% high end of your range. First off, I'm trying to get there with the professional and residential guide, professional up mid-single, high end of the residential is flat.

了解。我最後一個問題是關於全年指引。你們區間上緣是 6.5%。首先，我試著用專業與住宅的指引去推算：專業端是中個位數成長，而住宅端上緣是持平。

Obviously, that doesn't get you to 6.5. In order to get to 6.5, would pro be closer to high single digit growth, or would resi turn positive? I'm just trying to get a sense of how to think about the high end of the range, Angela.

顯然這樣推不到 6.5%。若要達到 6.5%，是代表專業端會更接近高個位數成長，還是住宅端會轉為正成長？我只是想了解該如何看待區間上緣，Angela。

Sam, I think what we can, what we can talk to the pieces of that would be as we think about the full year. Tornado, we expect to contribute about 2%.

Sam，我想我們可以談談我們對全年各構成要素的看法。Tornado 我們預期將貢獻約 2%。

We expect to get a little bit more than our average 1% to 2% on net realized price, and then the balance of that will be driven by organic growth, and that would be largely in the professional segment and in the categories that we talked about earlier, underground, professional contractor, golf and grounds, and a strong second half, snow sell-in.

我們預期淨實現價格（net realized price）會略高於我們平均的 1% 到 2%，其餘部分將由有機成長帶動，而這主要會來自專業事業部，以及我們先前提到的品類：地下、專業承包商、高爾夫與場地維護，以及下半年強勁的除雪鋪貨（snow sell-in）。

Tim Weiss with Baird.

Baird 的 Tim Weiss。

Hey, everybody. Good morning. Nice job. Maybe just to kind of piggyback off Sam's question. Just I guess, you raised the residential guide, but you didn't raise the professional guide.

嗨，各位。早安。表現不錯。我想延續一下 Sam 的問題。你們上調了住宅端指引，但沒有上調專業端指引。

Is that just Kind of going from one end of the range to the other end of the range, or is there something in Pro that's kind of offsetting some of the upside that you saw in the quarter in Q1?

這只是把區間從一端移到另一端而已，還是專業端有什麼因素在抵銷第一季看到的部分上行空間？

I'd say that, from the Pro, we probably saw a little more softness in international than we expected. We are having to offset some of that.

我會說，在專業端，我們看到國際市場的疲軟程度可能比預期更大一些。我們必須用其他部分來抵銷其中一部分影響。

The rest of it is really largely as we expected in the professional segment for the year. We raised resi because we did see some upside in snow that was a little higher than we expected in Q1 based on some of the snow events that we saw across the country.

其餘部分基本上與我們對專業事業部全年預期大致一致。我們上調住宅端，是因為第一季除雪的上行幅度比我們原先預期略高，主要是因為全國各地出現了一些降雪事件。

Okay, great. I guess one question, just when you look at your snow contractor base and your lawn and garden kind of contractor base, do you have any sort of sense as to what the overlap between the two is, and if strong snow does kind of help the professional landscape business and vice versa?

好的，很好。我還有一個問題：當你們看除雪承包商客群，以及草坪與園藝（lawn and garden）這類承包商客群時，你們是否掌握兩者之間的重疊程度？以及強勁的除雪是否會帶動專業景觀業務，反之亦然？

There is a lot of overlap. I think what you're, what you're kind of getting at is if you come into the spring season with contractors that do both snow and summer work, they're going to come in in a healthy position, and we would anticipate that that would be the case for the contractors.

兩者重疊度很高。我想你想問的是：如果承包商同時做除雪與夏季業務，那麼在進入春季時，他們的財務與營運狀況會更健康；我們也預期承包商會是這樣的情況。

One thing to keep in mind is contractors have really been strong throughout the cycle. Where we had some softness was with the homeowners that were buying professional products. They've been pretty solid throughout.

另外要記得的是，承包商在整個景氣循環中其實一直都很強勁。我們看到較疲軟的是購買專業產品的屋主（homeowners）。承包商端一直都相當穩健。

The current strength is also being bolstered by the new products that we're introducing. For example, in the Exmark area, the Lazer that was introduced two years ago and the Radius are both selling very strongly. Put those factors together, and it's a very positive position for landscape contractor on the pure Pro side.

目前的強勁也受到我們推出新產品的支撐。例如在 Exmark 方面，兩年前推出的 Lazer 與 Radius 兩款都賣得非常好。把這些因素綜合起來，對於純專業（Pro）端的景觀承包商而言，整體態勢非常正向。

Gotcha. Okay, that's helpful. The last one I had, just as we kind of did our golf, kind of checks this quarter, we got back kind of an abnormally high response rate around autonomous adoption.

了解。好，這很有幫助。我最後一個問題是，當我們這一季做了高爾夫端的一些盤點/檢視時，我們收到關於自動化採用的回覆率異常地高。

I guess, could you just review for us kind of where you are in autonomous in golf and if there's any sort of kind of KPIs around how big autonomous is, how it's growing, kind of the products that golf courses are adopting. I think that'd be really helpful. Thanks.

我想請你幫我們回顧一下，你們在高爾夫自動化方面目前的進展，以及是否有任何KPI可以說明自動化的規模有多大、成長速度如何、以及球場正在採用哪些產品。我覺得那會非常有幫助。謝謝。

Yeah, great question, Tim. The response you got is not surprising. There's a lot of interest and that wouldn't surprise any of us knowing that labor represents such a significant portion of golf course budgets, and that for a lot of golf courses, they're finding it difficult to find and attract the labor.

是的，Tim，問得很好。你們得到那樣的回應並不令人意外。大家的興趣很高；考量到人力成本在高爾夫球場預算中占比很大，而且對許多球場而言，他們發現很難找到並吸引勞動力，這點也不會讓我們任何人感到意外。

That's clearly the driver. It has been for some time. We've seen it's kind of difficult to find a golf course that hasn't at least experimented with some autonomous solutions. I think they're still looking for how that ultimately fits into their business.

這顯然是主要驅動因素。而且已經持續一段時間了。我們看到，要找到一個至少沒有嘗試過某些自動化解決方案的球場，其實相當困難。我認為他們仍在摸索，這最終要如何融入他們的營運模式。

Some of what we're excited about, we've been investing in this category because of those drivers for a long time. As I mentioned in the prepared remarks, we're pretty excited now that we cover all the bases.

我們感到興奮的一些地方在於：基於這些驅動因素，我們在這個類別已投資很長一段時間。如同我在事先準備的發言中提到的，我們現在相當興奮，因為我們的產品線已經能夠涵蓋所有需求面向。

If somebody's looking for that traditional mobot style, whether that's for around the clubhouse or smaller areas of the rough, we have that. If they're looking for still low energy, but a more productive piece, we now offer that product as well.

如果有人在找傳統的mobot（自動割草機器人）類型，不論是用在會館周邊或較小面積的長草區，我們都有。如果他們想要同樣低能耗、但生產力更高的設備，我們現在也提供那樣的產品。

If they're looking to rather than mow, collect balls on the range, we've got a version of that platform that does that piece. We're also now offering products up in the higher energy range.

如果他們想做的不是割草，而是在練習場撿球，我們也有這個平台的版本可以完成那項工作。我們現在也開始提供更高能耗等級的產品。

If it's about mowing that longer turf that again, you might find in the rough, but they're looking for an even more productive machine and one with the traditional mowing technology, we've got the platform for that, and then all the way now to the fairway mowers.

如果重點是修剪較長的草皮——同樣可能出現在長草區——但他們想要更高生產力、且採用傳統割草技術的機器，我們也有相對應的平台；而且現在一路延伸到球道割草機。

We're pretty excited there. As we said, it's still early days on people, I'd say being all in across the board, but we only expect additional interest and growth in that area.

我們對此相當興奮。如同我們所說，目前仍屬早期階段；我會說大家還沒有在各方面都全面投入，但我們只預期該領域會有更多的興趣與成長。

David MacGregor with Longbow Research.

Longbow Research 的 David MacGregor。

Hey, good morning. This is Joe Nolan on for David. I was just wondering, with the bottlenecking investments and other investments you've made in the Ditch Witch business, just can you talk about how much improvement you're seeing on margins today in that business and how much more improvement we could see in 2026?

嗨，早安。我是代替 David 的 Joe Nolan。我想請教一下，關於你們在 Ditch Witch 業務上為了消除瓶頸所做的投資以及其他投資，你們能否談談目前在該業務看到的毛利率/利潤率改善幅度，以及到 2026 年我們還可能看到多少進一步改善？

Yeah, Andy can comment specifically, but we continue to see really from the time of the acquisition in 2019 steady growth in our profitability in that business, from a number of factors, obviously leveraging across the scale of The Toro Company.

是的，Andy 可以就細節補充，但我們確實看到，自 2019 年收購以來，該業務的獲利能力持續穩健提升，原因有很多，當然包括透過 Toro 公司的規模來發揮綜效。

But just also the continued improvement by that business, we're back in the firmly in the range of the professional profitability at this point.

同時，該事業本身也在持續改善；就目前而言，我們已經穩穩回到專業級業務的獲利水準區間。

The investments that you mentioned, like the new paint system and others within the facility, are helping us to continue to fuel the growth that we see across a lot of drivers within that business. Business continues to be healthy.

你提到的那些投資，例如新的塗裝系統以及廠內其他投資，正在幫助我們持續推動成長；在該業務中有許多成長驅動因素。業務狀況仍然健康。

We've continued to make solid profit improvements, we're very optimistic about the outlook for that business going forward with a long runway.

我們持續帶來扎實的獲利改善；對於該業務未來的展望我們非常樂觀，且仍有很長的成長跑道。

Got it. That's encouraging. On the international business, you mentioned some weakness there. Could you just expand on what markets that's in and just how that's factoring into your guidance?

了解。這很令人鼓舞。關於國際業務，你提到有些疲弱。你能否再多說明一下是哪些市場，以及這如何反映在你們的財測/指引中？

Yeah. Out of broadly across our businesses, that's the one area that's a little bit behind where we'd expect them to be at this point in the year, just through the first quarter.

好的。整體來看，在我們各項業務之中，國際業務是目前唯一一個在年度進度上稍微落後於我們預期的領域，主要是第一季的表現。

I just looked at that detail actually this morning, and it's kind of broadly across a number of areas, both in Europe and in Asia across multiple categories.

我其實今天早上才看過細項，情況大致分布在多個區域：歐洲與亞洲都有，且跨越多個品類。

It's more just kind of a general, economic environment sort of situation. Our team is still optimistic that they'll pull that, be on track for the year, but we just see some softness there so far this year that we wanted to pass on commentary.

比較像是整體經濟環境的因素。我們的團隊仍然樂觀，認為他們會把進度拉回來、全年仍可達標；但截至目前，今年確實看到一些疲軟，所以我們想把這點作為評論分享給大家。

Got it. Just one last one for me quickly. On M&A, can you just talk about what you're seeing in terms of valuations and just also update us on within the existing enterprise where you see the greatest opportunity to build with inorganic growth?

了解。我最後一個問題很快問一下。關於併購（M&A），你能否談談你們看到的估值水準，以及也請更新一下：在現有企業版圖內，你們認為透過外生成長來擴張的最大機會在哪裡？

Our approach to M&A has remained pretty consistent through the years, the activity has always taken place, building opportunities for M&A. We stay pretty focused in areas where we know we can compete and win, it's close to our existing businesses.

我們的併購策略多年來一直相當一致；相關活動一直都在進行，我們也持續建立併購機會。我們會相當聚焦在我們知道自己能競爭並勝出的領域，也就是與現有業務相近的範圍。

If you pick those out, it's going to be likely on the professional side, we see opportunities within, as evidenced by the Tornado acquisition within the underground, especially construction particularly, but also opportunities for technology investments and adjacencies that might be there as well.

如果要點出來，較可能是在專業端；我們在地下（underground）領域看到機會——從 Tornado 這筆收購也可看出——尤其是在建築施工相關，但同時也有技術投資與相鄰領域（adjacencies）的機會。

The key point is process out, continues on an ongoing basis. Valuations have been high, but some signs of moderating a little bit, just recent data points. Nothing necessarily statistically valid there, but valuations may be moderating a little bit.

重點是，我們的流程一直在持續推進、是常態性進行。估值一直偏高，但從近期一些資料點來看，似乎有些許降溫的跡象。這不一定具有統計上的顯著性，但估值可能正在稍微趨於溫和。

Eric Bosshard with Cleveland Research Co.

Cleveland Research Co. 的 Eric Bosshard。

Thanks. Two things if I could. First of all, with leverage at now 1.5, I'm curious how you're thinking next 12, 18 months is, you know that there's been a handful of acquisitions, tuck-in acquisitions and some bigger ones.

謝謝。如果可以我有兩點。首先，槓桿比率現在在 1.5，我想了解你們如何看待未來 12 到 18 個月；你知道你們做了幾筆收購，包括一些補強型（tuck-in）收購以及一些較大的收購。

I'm curious, as we move forward, what the strategy is with the leverage opportunity. Is this buying more stock? Is it more acquisitions? If you could just start on that would be helpful.

我想了解，往前看，對於運用槓桿空間的策略是什麼。是回購更多股票？還是做更多收購？如果你能先從這點談起會很有幫助。

Yeah, thanks for the question. Our capital allocation strategy remains the same. We first invest in research and our new products and innovations. We invest in opportunities for productivity improvement and technology within our facilities. We obviously look for opportunities with M&A.

好的，謝謝提問。我們的資本配置策略維持不變。我們首先投資於研發、新產品與創新。我們也投資於提升生產力的機會，以及廠內的技術升級。我們當然也會尋找併購機會。

Of course, we fund our dividends and typically would buy back stock at the end of that list. With regards to M&A, we have the capacity, and we have, you know, the interest in M&A of all sizes. It's really for us, the process that we go through and the discipline that we maintain in that process.

當然，我們會支應股利；而股票回購通常會排在清單的最後。就併購而言，我們有能力，也有興趣進行各種規模的併購。對我們來說，關鍵在於我們所遵循的流程，以及在該流程中維持的紀律。

We're always open to M&A, but it's really the process that and the opportunities and the timing for potential sellers that is the gauging factor. Did that answer your question?

我們一直對併購保持開放，但真正的衡量因素是：流程本身、機會本身，以及潛在賣方的時點。這樣有回答到你的問題嗎？

Yeah, that helps. The second question is from a, from a field inventory perspective on both the pro and residential side. Curious what that looks like presently and also the appetite for loading in both the pro and the residential side from your partners.

有，這很有幫助。第二個問題是，從通路端庫存（field inventory）的角度來看，專業端與住宅端目前的狀況如何？也想了解你們合作夥伴在專業端與住宅端的備貨意願目前如何？

Yeah. We're actually in a very healthy position from a field inventory standpoint. There are, even in a normal situation, there will be differences by businesses, so some a little high, some a little low, and those businesses are working to adjust those just with the normal flow.

是的。就現場庫存的角度而言，我們其實處於非常健康的狀態。即使在正常情況下，不同業務之間也會有差異，所以有些略高、有些略低，而這些業務正透過正常的運作節奏來調整。

I would say we're pretty normalized at this point. And with regards to your question about channel still, it really as we mentioned earlier, sets us up and gives us confidence in the second half of the year with the snow, in particular, the professional products would be going into the preseason in the third quarter and the residential product in the fourth quarter. It does give us confidence in the second half, de-risk some of those factors for the second half.

我會說我們目前已相當正常化。至於你關於通路的問題，正如我們先前提到的，這確實讓我們在下半年、特別是與降雪相關的部分更有把握：專業產品會在第三季進入旺季前備貨期，而住宅產品則在第四季。這確實讓我們對下半年更有信心，也降低了下半年部分因素的風險。

Michael Shlisky with DA Davidson & Co.

DA Davidson & Co. 的 Michael Shlisky。

Hi, good morning. Thanks for taking my questions.

嗨，早安。謝謝讓我提問。

Good morning.

早安。

Hey, guys. not sure if people on your staff who track this, does the heavy snowfall that we saw most of this winter, does that lead to a potential greener spring, assuming temperatures are somewhat normal?

各位好。不確定你們團隊是否有人在追蹤這個：我們今年冬天大部分時間看到的強降雪，若氣溫大致正常，是否可能帶來更「綠」的春季（植被更茂盛）？

It does, Mike. Yeah, obviously snowfall leads to early spring moisture that gets, obviously the growth started early in the spring, so it is typically a positive. We've seen, you know, solid snowfall across the US, interestingly, on average, a little bit below.

會的，Mike。是的，顯然降雪會帶來早春的水分，進而讓春季的生長更早開始，所以通常是正面的。我們看到美國各地降雪量不錯，但有趣的是，平均而言略低一些。

Just because of the extremes, the West had little snow, if you think about some of the ski locations. The Midwest was kind of mixed relative to normal. You experienced on the East Coast, really exceptional winter.

主要是因為極端差異：西部降雪很少，如果你想到一些滑雪地點。中西部相較於常態則有些混合。而你們在東岸經歷的，確實是非常罕見的嚴冬。

That would also influence the effect that you talked about. Less snow in the West would be, you know, less positive going into the spring.

這也會影響你剛才提到的效果。西部較少的降雪，進入春季時的正面影響就會比較小。

Got it. Thanks for that. Turning to ConExpo, I really enjoyed that. I checked out the booth the other day at ConExpo, the Ditch Witch booth. I was curious about something I saw there called the Orange Intel system, which looks like an interesting fleet management, kind of telematics type of system.

了解。謝謝說明。轉到 ConExpo，我很喜歡那個展。我前幾天在 ConExpo 看了你們的攤位，Ditch Witch 的攤位。我對那裡看到的一個叫 Orange Intel 的系統很好奇，看起來像是有趣的車隊管理、類似車聯網（telematics）的系統。

The other brands that you have similar systems like Horizon360, for example. I was curious how you feel about your offerings compared to the competition.

你們其他品牌也有類似系統，例如 Horizon360。我想了解你們如何看待自家方案相較於競品的表現。

Are both of those other offerings on shared infrastructure that maybe other people can't really replicate? Are there any other digital offerings on the way, like getting Tornado added to it or other digital offerings that might have a good subscription tailwind here?

你提到的那兩個其他方案，是否是建立在某種共用基礎架構上，使得其他人不太容易複製？另外，是否還有其他數位化方案在路上，例如把 Tornado 納入其中，或其他可能帶來不錯訂閱式成長順風的數位產品？

Yeah. Great observation, Mike, and thanks for the question on that as well. We get more excited every day with the development of those things. In addition to the ones you referenced, Intelli 360 would be another one that we're using on the golf and grounds side of the business.

是的。很好的觀察，Mike，也謝謝你問到這點。我們每天都對這些發展更感到興奮。除了你提到的之外，Intelli 360 也是我們在高爾夫與草坪維護（golf and grounds）業務端使用的另一個系統。

Some of those grew up in different places. Orange Intel is something that had existed with the Ditch Witch brand in the form of Charles Machine Works company, even prior to the acquisition by The Toro Company. Now all of those teams are working together.

其中一些是在不同地方發展起來的。Orange Intel 這個東西在 Ditch Witch 品牌下、以 Charles Machine Works 公司形式存在，甚至早於 The Toro Company 收購之前。現在這些團隊都在一起合作。

We execute something within the company that we call our technology forum that brings all of our technology practitioners together to share and continue to co-develop.

我們公司內部有一個我們稱為 technology forum（技術論壇）的機制，把所有技術實務人員聚在一起分享並持續共同開發。

Going forward, what you hinted at is absolutely likely that you'll see more and more commonality, let's say, and ability for customers who work across different segments of our product lines to be able to use some common infrastructure. Lots and lots of good stuff going on now and excitement for the future there.

展望未來，正如你暗示的那樣，你很可能會看到越來越多的共通性，以及讓跨我們不同產品線區隔運作的客戶，能夠使用一些共用的基礎架構。目前有非常非常多的好進展，對未來也很令人期待。

Great. Maybe one last one on the golf business. I think last quarter you said that, grounds would be a little bit more of a growth area than golf, just cause golf had such tough comps and grounds had been a little bit of a kind of hard to meet that demand when golf was so strong.

很好。最後再問一題關於高爾夫業務。我記得上季你們提到，grounds 會比 golf 更像是成長領域一些，因為 golf 的比較基期很硬，而 grounds 之前在 golf 很強的時候，有點難以滿足需求。

A quarter later, do you still feel that way? Are golf courses? Is grounds going to be a bigger driver than it was before? I would also be curious about the outlook for international golf courses versus domestic.

過了一季之後，你們還是這麼看嗎？高爾夫球場方面呢？grounds 會比之前更成為更大的驅動力嗎？我也想了解國際高爾夫球場相較於美國本土的展望。

Yeah, another good question. I'd say we're probably feeling a bit more optimistic on both fronts in golf and grounds. Our efforts in grounds are showing benefits. You remember well that that was something that we were intending to put more energy toward.

是的，又是一個好問題。我會說我們在高爾夫與 grounds 兩方面都更偏樂觀一些。我們在 grounds 的投入正顯現成效。你記得很清楚，那是我們打算投入更多精力的方向。

On the golf side, we've done some recent research that's showing actually continued growth in equipment purchase expectations and the budgets to support that. We were prepared for some, I guess you'd say, softening off the incredible growth trajectory that we've been on, seeing that normalize more, and it has.

在高爾夫方面，我們最近做的一些研究顯示，設備採購預期以及支撐該採購的預算其實仍在持續成長。我們原本預期會從先前非常驚人的成長軌跡稍微降溫、回到更正常化的狀態，而確實也正在正常化。

The incoming orders have been a bit more brisk than we probably anticipated. I'd say we're probably more optimistic than we were three months ago in that regard.

不過，新進訂單的動能比我們原先預期的更強。就這點而言，我會說我們可能比三個月前更樂觀。

Just your thoughts on global golf as opposed to domestic. Any differences there?

再請教你對全球高爾夫相較於美國本土的看法。兩者有什麼差異嗎？

Thank you. Yeah, to connect it back to Rick's earlier comments, things haven't been as strong. Participation internationally has been really good, just as it has been in the US. There's still money going into the industry, but we've seen a bit more softness there.

謝謝。是的，呼應 Rick 先前的評論，國際市場的表現沒有那麼強。國際參與度一直很好，就像美國一樣。產業仍有資金投入，但我們確實看到那邊稍微偏疲弱一些。

Development remains pretty strong. We've given some of the geopolitical things that are going on in the world, we were prepared that that may slow and defer some of the projects in certain regions.

開發案仍然相當強勁。考量到全球正在發生的一些地緣政治因素，我們原本就預期某些地區的部分專案可能會放慢並延後。

Generally, we think things are just connected back to the macroeconomic environment not being quite as strong and maybe a bit less investment internationally than we're seeing in the US. Nothing that we're alarmed about, but something that we're watching closely.

整體而言，我們認為這主要與總體經濟環境沒有那麼強勁有關，國際上的投資可能也比我們在美國看到的少一些。沒有到讓我們警覺的程度，但我們會密切關注。

Thanks for that. I appreciate it. I'll pass it along.

謝謝說明。我很感謝。我就把時間交回去。

Thank you. This concludes the question and answer session. Ms. Hille, please proceed to closing remarks.

謝謝。問答環節到此結束。Hille 女士，請進行結語。

Thank you everyone for your questions and interest in The Toro Company. We look forward to talking with you again in June to discuss our second quarter 2026 results.

感謝各位對 The Toro Company 的提問與關注。我們期待在六月再次與各位交流，討論我們 2026 會計年度第二季的業績。

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

感謝各位參與今天的電話會議。本次簡報到此結束。您現在可以斷線。祝各位有美好的一天。