The Toro Company (TTC) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to The Toro Company's second quarter earnings conference call. My name is Josh, 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 公司第二季財報電話會議。我是 Josh，將擔任今天的會議協調人。（接線員指示）提醒各位，本次會議將錄音，以供日後重播。

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

現在我想把簡報交給今天會議的主持人——企業事務與投資人關係副總裁 Heather Hille。Hille 女士，請開始。

Good morning, everyone, and thank you for joining us for The Toro Company second quarter 2026 earnings conference call. I'm Heather Hille, Vice President of Corporate Affairs and Investor Relations.

各位早安，感謝各位參加 Toro 公司 2026 會計年度第二季財報電話會議。我是 Heather Hille，企業事務與投資人關係副總裁。

On the line with me today are Rick Olson, Chairman and Chief Executive Officer; Edric Funk, President and Chief Operating Officer; and Angie Drake, Vice President and Chief Financial Officer. Rick, Edric and Angie will provide an overview of our second quarter results, which were released earlier this morning and discuss our priorities and outlook for the remainder of fiscal 2026.

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 Angie Drake。Rick、Edric 與 Angie 將概述我們第二季業績（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。

Following their remarks, we'll open the phone lines for a question-and-answer session. Before we begin, please note that any forward-looking statements made today are subject to risks and uncertainties that could cause actual results to differ materially from those projected.

在他們發言之後，我們將開放電話線進行問答。在開始之前，請注意今天所作的任何前瞻性陳述均受風險與不確定性影響，可能導致實際結果與預期有重大差異。

These risks are detailed in our earnings release, investor presentation and our most recent filings with the SEC.

這些風險已在我們的財報新聞稿、投資人簡報，以及最近向美國證券交易委員會（SEC）提交的文件中詳述。

During our remarks, we will also reference certain non-GAAP financial measures. We believe these metrics provide useful insight into the company's performance.

在我們的發言中，也會提及若干非 GAAP 財務衡量指標。我們相信這些指標能為公司表現提供有用的洞見。

Reconciliations to the most directly comparable GAAP measures can be found in this morning's press release.

與最直接可比的 GAAP 指標之調節表，可在今天早上的新聞稿中找到。

Both the release and our second quarter supplemental presentation are available in the Investor Information section of our corporate website.

新聞稿與我們第二季補充簡報皆可在公司網站的「投資人資訊」專區取得。

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

接下來，我把電話交給 Rick。

Thank you, Heather, and good morning, everyone. The Toro Company continued its strong start to the year, exceeding expectations with second quarter top line growth of 8% and adjusted EPS of $1.60. This is the second consecutive quarter of double-digit adjusted earnings growth, driven by strong demand and improving margins.

謝謝你，Heather，各位早安。Toro 公司延續今年強勁的開局，第二季營收年增 8%，調整後每股盈餘（adjusted EPS）為 1.60 美元，均優於預期。這是連續第二季調整後獲利呈現雙位數成長，主要受惠於強勁需求與毛利率改善。

We remain focused on our key strategic priorities, accelerating profitable growth, driving productivity and operational excellence and empowering people. This disciplined approach is delivering results.

我們仍聚焦於關鍵策略優先事項：加速獲利性成長、推動生產力與營運卓越，以及賦能員工。這種嚴謹的方法正在帶來成果。

Demand was broad-based across our portfolio. Residential net sales grew 4% and Professional net sales grew by 9%. Within Professional, we drove mid-single-digit sales growth in golf and grounds, high single-digit sales growth in landscape contractor.

需求在我們的產品組合中呈現廣泛成長。住宅（Residential）淨銷售成長 4%，專業（Professional）淨銷售成長 9%。在專業業務中，高爾夫與場地維護（golf and grounds）帶動中個位數銷售成長，景觀承包商（landscape contractor）則帶動高個位數銷售成長。

We are particularly excited to have achieved low double-digit organic sales growth in underground and specialty construction.

我們尤其振奮的是，地下與特殊建築（underground and specialty construction）實現了低雙位數的有機銷售成長。

A key highlight in underground construction continues to be the JT 120 horizontal directional drill. Designed for maximum uptime, it features advanced capabilities that increase operator efficiency and job site safety. It is built to handle long bores and difficult train with ease, and customer response has been strong, with a robust and growing order pipeline.

地下建築業務的一大亮點仍是 JT 120 水平定向鑽機（horizontal directional drill）。其設計以最大化設備稼動率為目標，具備可提升操作員效率與工地安全的先進功能。它能輕鬆應對長距離鑽孔與困難地形，客戶反應強勁，訂單管線穩健且持續成長。

At CONEXPO in March, we highlighted another example of customer-driven innovation. Orange Intel is a customizable fleet management and job site intelligence system.

在 3 月的 CONEXPO 展會上，我們也展示了另一個以客戶需求驅動的創新案例。Orange Intel 是一套可客製化的車隊管理與工地智慧系統。

It provides Ditch witch customers with the ability to optimize productivity, manage maintenance and uptime, enhance security and integrate all this information across the full job life cycle. We are helping our customers leverage job site data as a critical enabler to improve their productivity and profitability.

它讓 Ditch Witch 客戶能夠最佳化生產力、管理維護與稼動時間、強化安全性，並在整個工地生命週期中整合所有資訊。我們正協助客戶將工地數據作為關鍵推動力，以提升其生產力與獲利能力。

Our integration of Tornado is progressing well. Growth is slightly better than anticipated, contributing over 2 percentage points to top line sales. We see a long runway of growth for this business as the need for soft excavation is significant and growing.

我們對 Tornado 的整合進展順利。成長略優於預期，對營收貢獻超過 2 個百分點。我們認為該業務仍有很長的成長跑道，因為軟式開挖（soft excavation）的需求龐大且持續增加。

An increasing number of states and countries have requirements around safely uncovering underground utilities. We expect this trend to continue as the ability to mitigate infrastructure damage during excavation gains awareness.

越來越多州與國家對於安全揭露地下管線設有要求。隨著在開挖過程中降低基礎設施損害的能力逐漸受到重視，我們預期此趨勢將持續。

Moving on to landscape contractors.

接下來談景觀承包商。

After a more normal snow season, they entered Q2 in a healthy position. This helped drive strength across our Toro, Exmark and Ventrac brands.

在經歷較為正常的降雪季後，他們在第二季初進入相對健康的狀態，帶動我們 Toro、Exmark 與 Ventrac 品牌的強勁表現。

Spring conditions were more typical this year, which provided a favourable year-over-year comparison to the late spring last year, where some second quarter sales fell into the third quarter due to the delayed timing of spring.

今年春季條件較為典型，使得與去年春季偏晚的情況相比，年對年比較更有利；去年因春季延後，部分第二季銷售遞延至第三季。

In golf, strength continues to come from our core products, greens mowers, fairway mowers and contour rotary mowers. While we are still in the early stages of growth with our autonomous portfolio, customers continue to recognize how our suite of solutions complements their existing fleets, increases productivity and unlocks new efficiencies in their labor force.

在高爾夫業務方面，成長動能持續來自核心產品，包括果嶺剪草機（greens mowers）、球道剪草機（fairway mowers）與等高線旋刀式剪草機（contour rotary mowers）。雖然我們的自主化（autonomous）產品組合仍處於成長初期，但客戶持續認可我們的解決方案套件能補強其既有車隊、提升生產力，並在勞動力運用上釋放新的效率。

Looking at the results across our portfolio, it was particularly impressive that the team achieved our second quarter performance despite macroeconomic and geopolitical headwinds and increased inflationary pressures. In this dynamic environment, we continue to strengthen our capabilities with a specific focus on productivity and operational excellence.

從整體產品組合的結果來看，團隊在宏觀經濟與地緣政治逆風、以及通膨壓力升高的情況下仍達成第二季表現，尤其令人印象深刻。在這樣的動態環境中，我們持續強化能力，特別聚焦於生產力與營運卓越。

As a result, in Q2, residential margins significantly improved to nearly 10% and Pro margins improved to over 20%.

因此在第二季，住宅業務利潤率顯著改善至接近 10%，專業業務利潤率提升至超過 20%。

At the center of this improvement is our AMP program. Launched in the beginning of fiscal 2024, AMP continues to exceed expectations, reinforcing a productivity mindset across the company.

這項改善的核心是我們的 AMP 計畫。AMP 於 2024 會計年度初推出，至今仍持續超出預期，並在全公司強化以生產力為導向的思維。

We accomplished all of this while reducing our field inventory, which remains healthy in the Professional segment with Underground and Golf largely normalized. Inventory levels for landscape contractor and residential are somewhat below our desired levels as we work to meet pockets of elevated demand, particularly for zero-turn mowers.

我們在達成上述成果的同時，也降低了通路庫存；專業事業部的通路庫存仍維持健康，其中地下與高爾夫業務已大致回到正常水準。景觀承包商與住宅業務的庫存水位則略低於我們期望的水準，因我們正努力滿足部分需求較高的區域，特別是零轉向割草機（zero-turn mowers）。

Taking everything into account, healthy demand, improved lead times, normalized field inventories and expanding margins, we are raising our full year guidance. We now expect full year sales growth in the range of 4% to 6.5% and adjusted EPS in the range of $4.50 to $4.62.

綜合考量健康的需求、交期改善、通路庫存正常化與利潤率擴張，我們上調全年財測。我們目前預期全年銷售成長介於 4% 至 6.5%，調整後每股盈餘介於 4.50 美元至 4.62 美元。

Our performance in the first half of 2026 increases our confidence in our ability to deliver strong results for the full year, even in a dynamic external environment.

2026 年上半年的表現提升了我們對全年交出強勁成果的信心，即使外部環境仍然多變。

With that, I'll turn the call over to Angie for more details on the quarter and our outlook.

接下來我把電話交給 Angie，請她提供本季與展望的更多細節。

Thank you, Rick. The team's strong execution in the second quarter drove better-than-expected results. Top line sales were $1.42 billion, up 8.1% or 5.7% organically.

謝謝你，Rick。團隊在第二季的強勁執行帶來優於預期的成果。營收為 14.2 億美元，年增 8.1%，或有機成長 5.7%。

This growth, combined with our focus on productivity and operational excellence drove adjusted operating margins of 14.4%, up 70 basis points. This represents our highest operating margin in the past 12 quarters and reflects the impact of our AM productivity program.

這項成長，加上我們對生產力與營運卓越的聚焦，使調整後營業利潤率達 14.4%，提升 70 個基點。這是過去 12 個季度中最高的營業利潤率，反映我們 AMP 生產力計畫的成效。

Our strategic facility closures, reductions in salary workforce and divestitures of non-core businesses and product lines have contributed to the strong margin improvement.

我們策略性的廠房關閉、薪資人力縮減，以及非核心業務與產品線的處分，皆促成了強勁的利潤率改善。

As we reduce costs and improve efficiencies through AMP, we are also investing in the business. One example is our new paint system at the Perry, Oklahoma facility, which will increase efficiency and capacity to support the strong demand in the underground construction market.

在透過 AMP 降低成本並提升效率的同時，我們也持續投資於業務。其中一個例子是我們在奧克拉荷馬州佩里（Perry, Oklahoma）廠的新噴塗系統，將提升效率與產能，以支援地下建築市場的強勁需求。

Working capital improvements drove free cash flow of $266 million, an increase of $181 million year-over-year, primarily due to lower inventory levels. Free cash flow conversion was 125%.

營運資金改善帶動自由現金流達 2.66 億美元，年增 1.81 億美元，主要來自較低的庫存水位。自由現金流轉換率為 125%。

This continues our strong track record of cash generation and enabled us to return $361 million to shareholders through share repurchase and dividends in the first half of the year and finally, our second quarter adjusted tax rate was 21.7%, 300 basis points higher than last year, driven by the geographic mix of earnings.

這延續了我們強勁的現金創造紀錄，並使我們得以在上半年透過庫藏股回購與股利向股東返還 3.61 億美元。最後，我們第二季調整後有效稅率為 21.7%，較去年高 300 個基點，主要受獲利地理分布影響。

As a net result for the second quarter, we increased adjusted EPS 13% to $1.60. This strong result was better than expected and driven by Professional segment volume and profitability.

第二季整體而言，我們的調整後每股盈餘年增 13% 至 1.60 美元。此一強勁成果優於預期，主要由專業事業部的銷量與獲利能力所帶動。

Now let me dive deeper into each segment.

接下來我將更深入說明各事業部表現。

Professional segment net sales in the second quarter were $1.1 billion, up 9.1% or 6% organically. Professional segment earnings were $224 million at a margin of 20.3%, up 40 basis points.

第二季專業事業部淨銷售為 11 億美元，年增 9.1%，或有機成長 6%。專業事業部獲利為 2.24 億美元，利潤率 20.3%，提升 40 個基點。

This was driven by volume, productivity and net price realization partially offset by material cost. Residential segment net sales in the second quarter were $310 million, up 4.1% organically.

這主要由銷量、生產力與淨價格實現（net price realization）所帶動，但部分被材料成本抵銷。第二季住宅事業部淨銷售為 3.10 億美元，有機成長 4.1%。

Residential segment earnings were $30 million and margins were up 430 basis points to 9.8%. This was driven by net price realization, productivity and volume partially offset by material, manufacturing and freight costs.

住宅事業部獲利為 3,000 萬美元，利潤率提升 430 個基點至 9.8%。這主要由淨價格實現、生產力與銷量所帶動，但部分被材料、製造與運費成本抵銷。

In addition to strong operational execution across both segments, our financial management of the balance sheet continues to provide us with optionality as demonstrated by our leverage ratio of 1.4.

除了在兩大事業部門皆展現強勁的營運執行力之外，我們對資產負債表的財務管理也持續為我們提供策略彈性，這從我們1.4的槓桿比率可見一斑。

Looking forward, we will continue to focus on driving top line growth and productivity as we navigate the uncertain macroeconomic and geopolitical environment. Our strong performance in the second quarter gives us the confidence to raise our guidance.

展望未來，在我們因應不確定的總體經濟與地緣政治環境之際，我們將持續聚焦於推動營收成長與生產力提升。我們第二季的強勁表現讓我們有信心上調財測指引。

We now expect top line growth of 4% to 6.5% versus our prior guidance of 3% to 6.5%. This reflects strength in our Professional segment which we now expect to grow in the range of 5% to 7% for the year.

我們目前預期營收成長為4%至6.5%，高於先前指引的3%至6.5%。這反映出我們專業事業部門的強勁表現，我們現在預期該部門全年成長區間為5%至7%。

After a strong second quarter, the outlook for full year residential sales growth has improved, and we expect it to be about flat, even as consumer confidence and inflation continue to be challenging.

在第二季表現強勁之後，全年住宅銷售成長的展望已有所改善；即使消費者信心與通膨仍具挑戰，我們預期住宅銷售將大致持平。

We are raising full year adjusted earnings per share to be in the range of $4.50 to $4.62, up from the prior range of $4.40 to $4.60. This tighter range and higher midpoint reflect our outperformance in the first half of the year and reduced downside risk.

我們將全年調整後每股盈餘上調至4.50美元至4.62美元區間，高於先前的4.40美元至4.60美元區間。此較窄的區間與較高的中位數反映我們上半年表現優於預期，且下行風險降低。

Let me take a moment to share the drivers of this increase by walking from our previous guidance midpoint of $4.50 to our new guidance midpoint of $4.56. We are flowing through our second quarter beat of $0.10 per share and factoring in new headwinds from material and fuel inflation.

我花一點時間說明這次上調的驅動因素，從先前指引中位數4.50美元走到新的指引中位數4.56美元。我們將第二季每股0.10美元的超預期表現納入，並同時考量原物料與燃料通膨帶來的新逆風。

We estimate the impact from inflation will be approximately $0.16 per share. This is offset by planned productivity and pricing actions driving approximately $0.16 of favourability. In addition, tax is trending higher for the year due to our geographic mix of earnings or an approximate $0.04 impact to EPS.

我們估計通膨的影響約為每股0.16美元。這將由既定的生產力提升與定價行動所抵銷，帶來約每股0.16美元的正面影響。此外，由於獲利的地理分布組合，全年稅負趨勢較高，對每股盈餘約有0.04美元的影響。

All of these factors result in the $0.06 increase to our midpoint. We have also evaluated the impact of the April 6 changes for Section 232 tariffs and the benefit of anticipated tariff refunds.

上述各項因素合計，使我們的中位數上調0.06美元。我們也評估了4月6日第232條關稅變更的影響，以及預期關稅退還所帶來的利益。

Since the vast majority of our manufacturing occurs within the United States, the net impact of these two items would be negligible to our full year guidance.

由於我們絕大多數的製造作業都在美國境內進行，這兩項因素對我們全年指引的淨影響可忽略不計。

We continue to evaluate the most recent changes to the tariff landscape, including the from earlier this week.

我們仍在評估關稅環境的最新變化，包括本週稍早的相關變動。

For the third quarter, we expect total company sales to be up mid-single digits. We expect Professional to be up mid-single digits and Residential to be up low single digits.

就第三季而言，我們預期公司整體銷售將成長中個位數百分比。我們預期專業事業部門成長中個位數百分比，住宅事業部門成長低個位數百分比。

Keep in mind that year-over-year comparisons are impacted by a late spring last year that shifted sales from Q2 into Q3.

請記得，年對年比較受到去年春季偏晚的影響，導致部分銷售從第二季遞延至第三季。

Also, Q2 is typically our peak margin quarter, as it has the highest volume, best factory utilization and a favourable sales mix. We anticipate normal seasonality this year with Q3 total company margins lower than Q2.

此外，第二季通常是我們毛利率的高峰季度，因其出貨量最高、工廠稼動率最佳，且銷售組合較有利。我們預期今年季節性將回歸正常，第三季公司整體利潤率將低於第二季。

Pressures from inflation and tariffs will be more acute in Q3 as the mitigation actions we're taking will not be fully in place until Q4 and we are monitoring weather conditions across the country, where a strong start to spring has given way to potential drought conditions in some key markets.

通膨與關稅帶來的壓力在第三季將更為明顯，因為我們正在採取的緩解措施要到第四季才會完全到位；同時我們也在監測全國各地的天候狀況，春季強勁開局之後，在部分關鍵市場可能轉為乾旱情況。

As a result of these factors, we expect third quarter total company adjusted EPS up mid-single digits. The main driver for this adjusted EPS growth rate is a higher year-over-year tax rate and the comparison versus a strong Q3 last year.

基於上述因素，我們預期第三季公司整體調整後每股盈餘將成長中個位數百分比。此調整後每股盈餘成長率的主要驅動因素，是年對年稅率較高，以及相較去年強勁第三季的比較基期。

The team is executing well. We are driving productivity through our AMP initiative and taking advantage of strong demand across the portfolio.

團隊執行表現良好。我們透過AMP計畫推動生產力提升，並把握產品組合各項業務的強勁需求。

For the full year, we now expect high single digit adjusted EPS growth and free cash flow conversion of at least 120%.

就全年而言，我們目前預期調整後每股盈餘將呈現高個位數百分比成長，自由現金流轉換率至少達120%。

Now I'll turn the call over to Edric to highlight the progress we are making on operational excellence.

接下來我把電話交給Edric，請他說明我們在營運卓越方面所取得的進展。

Thank you, Angie. As you heard, we delivered our highest level of operating margin in three years through a relentless focus on productivity and operational excellence.

謝謝你，Angie。如各位所聽到的，我們透過對生產力與營運卓越的持續專注，達成了三年來最高的營業利益率水準。

We'll continue to drive meaningful gains through our AMP program, by leveraging lean principles, Kaizen events and continuous improvement projects. Our AMP program remains on track to deliver $125 million in run rate savings by the end of this fiscal year. But even more than cost savings.

我們將持續透過AMP計畫推動具實質意義的改善，運用精實原則、改善（Kaizen）活動與持續改善專案。我們的AMP計畫仍按進度，預計在本會計年度結束前達成1.25億美元的年化節省。但不僅僅是成本節省。

Another critical element is the manner in which our teams are leveraging technology to enhance capabilities and drive innovation.

另一個關鍵要素，是我們的團隊如何運用科技來強化能力並推動創新。

Last month, we held our annual technology forum, a dynamic platform to accelerate product innovation and technical excellence by connecting subject matter experts and thought leaders across the company.

上個月，我們舉辦了年度科技論壇，這是一個充滿活力的平台，透過連結公司內的領域專家與思想領袖，加速產品創新與技術卓越。

This event featured the next generation of technological advancements in electrification, smart connected products, autonomous solutions, AI and manufacturing efficiency.

本次活動展示了下一代技術進展，包括電動化、智慧互聯產品、自主解決方案、AI以及製造效率提升。

Examples range from leveraging industrial collaborative robots to using AI-enabled vision systems and machine learning tools to verify component accuracy. Further upstream, we're using augmented reality to quickly verify wealth specifications and completeness.

相關例子涵蓋從運用工業協作機器人，到使用AI賦能的視覺系統與機器學習工具來驗證零組件精度。在更上游的流程中，我們也使用擴增實境來快速驗證規格與完整性。

All of this ensures consistency, reduces the risk of delays and continues to enhance overall product quality. There's more we can and will do to continue driving efficiency and innovation.

這些作法可確保一致性、降低延誤風險，並持續提升整體產品品質。我們還有更多可以、也將會去做的事情，以持續推動效率與創新。

Delivering consistent results in this environment requires us to constantly ask ourselves how can we do this better? It's a question we never stop asking.

在這樣的環境中要交付一致的成果，要求我們不斷自問：我們如何能做得更好？這個問題我們從未停止追問。

Now back to Rick for some closing comments.

接下來交回給Rick做一些結語。

The rate of change at The Toro Company cannot be overstated. Our technological advances are building off a foundation more than 10 years in the making.

The Toro Company的變革速度不容小覷。我們的技術進展建立在超過10年累積而成的基礎之上。

We continue to make incredible progress in shaping our future and advancing our core products through innovations in electric, smart connected and autonomous solutions.

我們持續在塑造未來方面取得驚人的進展，並透過電動化、智慧互聯與自主解決方案的創新，推進我們的核心產品。

We see the use of AI accelerating our capabilities across all our platforms from enhancing autonomous vehicle navigation systems to more sophisticated R&D prototyping and simulation as well as back office process efficiencies in procurement, legal and finance.

我們看到AI的運用正在加速我們在所有平台上的能力提升，從強化自動駕駛車輛的導航系統，到更精密的研發原型製作與模擬，以及在採購、法務與財務等後勤流程的效率提升。

We are empowering our team to think differently about how we work and how we help our customers succeed in their work.

我們正賦能團隊，以不同的方式思考我們如何工作，以及我們如何協助客戶在其工作中取得成功。

I want to thank the team and our channel partners for their customer focus and our strong operational execution in the first half. This performance and our ability to capitalize on our opportunities give me confidence that we will deliver on our second half expectations.

我要感謝團隊與我們的通路夥伴在上半年對客戶的專注，以及強勁的營運執行力。這樣的表現與我們把握機會的能力，讓我有信心我們將達成下半年的預期。

With that, we'll take your questions.

接下來我們開始提問。

Thank you. (Operator Instructions) David MacGregor, Longbow Research.

謝謝。（接線員指示）Longbow Research的David MacGregor。

Yes, good morning and congratulations on a really strong performance. My first question is just on kind of the seasonal sell-in and you came into 2026 with leaner channel inventories than was the case in recent years.

是的，早安，也恭喜你們交出非常強勁的表現。我第一個問題是關於季節性的通路進貨（sell-in）。你們在進入2026年時，通路庫存比近幾年更精實。

As a result, if a dealer was buying in to reach their typical seasonal stocking targets, they would have needed to buy in more units than we've seen over the past few years.

因此，如果經銷商要採購以達到其典型的季節性備貨目標，他們需要買進的台數會比我們過去幾年看到的更多。

So how did that dynamic contribute to 2Q unit growth? And how much of an offset were maybe extended lead times on Mexican manufacturing products or any other drivers or factors that would be included there?

那麼，這樣的動態對第二季出貨台數成長貢獻多少？另外，墨西哥製造產品較長的交期或其他驅動因素／因素，對此有多大程度的抵銷？

Let's say the best way to describe it, David, is that we were back to a more normal situation. So -- as you recall, the commentary from the last couple of years, we had a higher field inventory that we're working through.

David，我想最好的描述方式是，我們回到了較為正常的狀態。正如你所記得的，過去幾年的評論是，我們有較高的通路端庫存需要去化。

We had maybe just a little tail of that left as we entered the spring season, but we were in good shape to supply the demand.

在進入春季旺季時，我們可能還剩下一點點尾端庫存，但我們供應需求的狀況良好。

Demand was even beyond what we expected, but we had good flow coming out of all of our facilities. Any kind of change in flow from Mexico or anywhere else was normal distribution flow within our system.

需求甚至超出我們的預期，但我們所有廠區的出貨節奏都很順暢。來自墨西哥或其他地區的任何出貨流量變化，都只是我們系統內正常的配送流動。

So I think the best way to describe it is a pretty normal quarter from a residential standpoint, particularly.

所以我認為，最好的說法是，從住宅端的角度來看，這是一個相當正常的季度，尤其如此。

Okay. Let me just follow up with a question on Ditch Witch, if I could. And I know there's been a lot of work done there recently around productivity. But can you just talk about shipment growth at Ditch Witch? And how does that compare to sort of growth in orders sort of the book-to-bill, I guess, if you will?

好的。我想追問一個關於Ditch Witch的問題。如果可以的話，我知道最近在那邊做了很多與生產力相關的工作。但你能否談談Ditch Witch的出貨成長？以及這與訂單成長（我想就是所謂的book-to-bill）相比如何？

And also just on Ditch Witch, shipments pick up and begin to normalize or as they begin to normalize, I guess, what are your expectations for growth in the parts and service business? And can you grow your parts and service penetration in a way that moves the needle on total Ditch Witch margin contribution to the Pro segment? And do you feel you have the dealer support the channel inventory appropriately staged to grow your parts and service market share?

另外同樣關於Ditch Witch，隨著出貨回升並開始正常化，對於零件與服務業務的成長，你們的預期是什麼？你們是否能提高零件與服務的滲透率，以至於能對專業事業部門中Ditch Witch的整體毛利貢獻產生實質影響？你們是否覺得經銷商的支持、以及通路庫存的配置已適當到位，足以提升你們在零件與服務市場的市占率？

As we talked about, the Ditch Witch business and the Underground business in general was a very strong contributor to the quarter, double-digit, low double-digit growth contribution from a top line standpoint. And that really was a combination of two things.

如同我們先前談到的，Ditch Witch 業務以及整體地下（Underground）業務在本季是非常強勁的貢獻者；從營收（top line）的角度來看，帶來了雙位數、低雙位數的成長貢獻。而這其實是兩個因素的組合。

First of all, incredible sustained demand, which we see well out into the future. And then secondly, the group that deserves a lot of credit is our operations team and the plants that have determined how to, in some cases, double our production to be able to meet the demand and we see strength across the entire line, but the two products that we've talked about recently continue to be extremely popular in the marketplace.

首先，是令人驚豔且持續的需求，我們看到這股需求在未來很長一段時間都會延續。其次，最值得肯定的是我們的營運團隊以及各工廠，他們找到了方法，在某些情況下把產量提高到兩倍，以滿足需求。我們看到整條產品線都很強勁，而我們最近談到的兩款產品在市場上仍然極受歡迎。

The JT21 is the more recent one. That's actually a small compact horizontal directional drill that you might see in your neighbourhood installing fiber to the home. And obviously, with all the work that's taking place there, extreme demand.

JT21 是較新的那一款。它其實是一台小型、緊湊的水平定向鑽機（horizontal directional drill），你可能會在住家附近看到它用來進行「光纖到府」的施工。很顯然，隨著相關工程大量展開，需求非常旺盛。

It's actually a little bit cautionary projects because we were replacing the de facto standard in the marketplace already, but we've made it better. It's gotten smart features on it that are great with new operators and so forth.

這其實也帶有一點提醒意味，因為我們是在取代市場上既有的事實標準（de facto standard），但我們把它做得更好。它加入了智慧功能，對新手操作員等都非常友善。

It is connected through Orange Intel, that's really a great example of all of the technology areas that we've been working at. It's been extremely well received.

它透過 Orange Intel 連線，這真的是我們一直在投入的各項技術領域的一個很好的例子。市場反應非常好。

The JT 120 is really the largest drill in its category, 20,000 pullback pound forces -- force, excuse me, that's used on broader projects cross-country power utility, broadband, fiber optic projects going under rivers, et cetera.

JT 120 則是其類別中最大的鑽機，回拉力（pullback force）達 20,000 磅——更正，是回拉力，用於更大型的專案，例如跨州的電力公用事業、寬頻、光纖工程，或是穿越河川等。

So demand very strong, and we continue to see that data centers as much as to work on the data center, it's all the work to get power to the data center to get all the fiber incredible amount of fiber to the data center from the trunk and also water would be the third.

因此需求非常強勁。我們也持續看到資料中心（data centers）相關的需求：不只是資料中心本體的工程，而是把電力送到資料中心、把所有光纖接到資料中心——從主幹線到資料中心需要驚人的光纖量——第三個則是供水。

So it's kind of everything to feed the data center. So very strong demand, strong contributors to the quarter. Great products pay off for the innovation investments and very strong runway into the future.

也就是說，幾乎是所有用來「供應」資料中心的基礎設施。需求非常強勁，對本季貢獻很大。優秀的產品讓創新投資獲得回報，且未來成長跑道非常長。

Right. And can you just talk about the parts and service business and the opportunity to grow that.

了解。你能否談談零件與服務（parts and service）業務，以及成長這塊的機會？

Parts and service goes with it. And one of the things that Edric and team has been focused on is really making sure that we get all of our parts as a percentage of total sales. So we see even more opportunity to accelerate that. We get a good share today, but we see even more opportunity to grow in that area. And obviously, it's a important contributor to our profitability and helps us invest in future innovation as well.

零件與服務是相伴而生的。Edric 和團隊一直聚焦的一件事，是確保我們的零件銷售占總銷售額的比重能提升。因此我們看到還有更多機會可以加速。我們目前的市占不錯，但仍看到更大的成長空間。當然，這也是我們獲利能力的重要貢獻者，並有助於我們投資未來的創新。

Great. Last question for me is just on the Prosumer and the landscape contract equipment. What are you seeing in the way of demand change from that aspirational consumer reaching into the Pro segment?

很好。我最後一個問題是關於 Prosumer 與景觀承包設備（landscape contract equipment）。你們看到那種有企圖心的消費者往專業（Pro）區隔延伸時，需求有什麼變化？

Yes. We actually had a discussion about that yesterday. We -- there is an element with a true homeowner more of a traditional residential customer that they are probably buying down.

是的。我們昨天其實才討論過。我們——對於真正的屋主、較傳統的住宅客戶而言，確實有一部分人可能會往較低階的產品買。

They're probably hitting the lower end of our range a little bit more. You get into homeowners that are buying professional landscape contractor grade products, the real kind of higher end of that probably is not affected as much.

他們可能更常選擇我們產品線中較低端的區間。至於那些屋主會購買專業景觀承包商等級產品的人，真正偏高端的那一段，受影響可能沒有那麼大。

They're still going to go out and buy the product that they want, maybe at sort of the lower end where people are sort of reaching into that range that they still are a little bit more cautious at this point.

他們仍會出去買他們想要的產品；但在較低端、也就是有人「往上」跨進那個區間的部分，目前他們可能仍然比較謹慎。

The good news with the landscape contractor and again, contributed high single digits to our growth in the quarter is that the landscape contractors, the true contractors have been healthy throughout the entire cycle of pandemic and post pandemic, and they continue to be very strong today.

景觀承包商的好消息是——而且這塊在本季對我們成長的貢獻是高個位數——景觀承包商、真正的承包商，在疫情期間以及後疫情的整個週期中都維持健康狀態，而且目前仍然非常強勁。

They came into the season off a strong snow season. So they came in a healthy position. Many of the contractors do both. And we see that playing out in the demand and again, great response to the investments in technology and new products that they're really hitting those hard.

他們在進入本季時，正好承接了一個強勁的雪季，因此起步時的狀況很健康。許多承包商兩種業務都做。我們在需求上看到這點的反映；同時，對於我們在技術與新產品上的投資，他們的反應也非常好，確實很積極採用。

Great. Thanks very much. Congratulations.

很好。非常感謝。恭喜。

Thank you.

謝謝。

Bobby Schultz, Baird.

Bobby Schultz，Baird。

Hey, guys. Good morning. Just curious on the updated tariff assumptions. Is there any way to frame the annualized impact from tariffs, just given the $120 million gross assumption is just for '26?

嗨，各位早安。想請教更新後的關稅假設。是否有辦法說明關稅的年化影響？因為 1.2 億美元的毛額假設看起來只是針對 '26。

Yes. It's a great question, Bobby. Let's there's the opportunity to make this really complicated. I'm going to do my best to keep it relatively simple, and then Angie can chime in with what it ultimately means flowing through to our guidance.

是的，這是個好問題，Bobby。這件事其實可以講得非常複雜。我會盡量把它說得相對簡單一些，然後 Angie 也可以補充最終如何反映到我們的財測（guidance）中。

The -- while the environment remains dynamic, the punch line is going to be when it's all said and done, there's minimal impact to our current fiscal year and if we rewind to when we talked a quarter ago, we were only a couple of weeks removed from the Supreme Court decision that ultimately led to the termination of the IEEPA tariffs.

在——雖然環境仍然多變——重點結論是：等一切塵埃落定，對我們本財年的影響很小。若回到我們一季前的說法，當時距離最高法院的裁決才過了幾週，而該裁決最終導致 IEEPA 關稅終止。

At that time, we did not have visibility to the refund process and so we weren't counting on any refunds within the fiscal year.

當時我們對退款流程沒有能見度，因此並未把本財年內可能收到的任何退款納入考量。

We also made the assumption at that time that the use of Section 122 and other trade laws would largely offset whatever went away and so when it was all said and done, our gross tariff estimate at that time remained at $100 million, and we didn't make any other adjustments from a net perspective.

同時，我們當時也假設會透過第 122 條（Section 122）及其他貿易法規的運用，來大致抵消被取消的部分；因此在所有因素加總後，我們當時的關稅毛額估計仍為 1 億美元，從淨額角度也沒有做其他調整。

So since then, so what you're alluding to, of course, the Section 232 tariffs were restructured on April 6. That had a modest unfavorable impact but not a really significant number.

之後——也就是你所提到的——第 232 條（Section 232）關稅在 4 月 6 日被重新調整。這帶來了溫和的不利影響，但不是非常重大的數字。

The combination of that, plus some additional indirect impact for -- related to some of the products for which we're not the importer of record.

這項變動再加上一些額外的間接影響——與某些產品相關，因為我們並不是名義進口商（importer of record）。

If you apply all of that to an also increase in our sales, remember, the net result ended up adding up to about $20 million, that's why you're now seeing the gross estimate of $120 million.

如果把這些因素再加上我們銷售額的增加（請記得），淨結果大約增加了 2,000 萬美元，這就是為什麼你現在看到毛額估計變成 1.2 億美元。

But we also received more clarity on the refund process. I'll emphasize more clarity, not complete clarity. Remember that for us being largely US-based in our manufacturing, the IEEPA tariffs were not as big of an impact to us. But all in, we do anticipate about a $20 million refund now during the course of this fiscal year.

但我們也對退款流程有了更清楚的資訊。我強調是「更清楚」，不是「完全清楚」。請記得，由於我們的製造主要在美國，IEEPA 關稅對我們的影響並沒有那麼大。不過整體而言，我們現在預期在本財年期間可收到約 2,000 萬美元的退款。

And then maybe just briefly to the couple of new announcements this week as it relates to the agricultural and industrial equipment tariff reduction, that doesn't have any direct impact on us, at least as currently drafted.

另外，本週有幾項新公告，簡單提一下：就農業與工業設備關稅下調而言，至少以目前的條文來看，對我們沒有直接影響。

The HTS codes that apply to our products are not on that list. So that's generally neutral. And then the most recent changes related to Section 301 would potentially have some very small unfavourable impact.

適用於我們產品的 HTS 稅則號列（HTS codes）不在那份清單上，所以整體而言是中性。至於最近與第 301 條（Section 301）相關的變更，可能會帶來非常小幅的不利影響。

But as you heard Angie say in the prepared remarks, the impact on our full year all-in is really negligible. The $20 million increase is offset by the $20 million refund. So grand total, relatively unchanged.

但如同你聽到 Angie 在事先準備的發言中所說，對我們全年整體的影響其實可以忽略。增加的 2,000 萬美元會被 2,000 萬美元的退款抵消，所以總體而言變化不大。

Angie, do you want to speak to the treatment on the tariffs.

Angie，你要不要談一下關稅在會計處理上的反映？

Sure. I would also just add that, that $20 million in additional tariffs is expected to carry through in our run rate. So if you think about how that would affect us going forward, we would expect that to be as we look forward to about $120 million in total tariff expenses as we go forward.

好的。我也補充一下：新增的那 2,000 萬美元關稅，預期會延續到我們的常態化水準（run rate）中。所以如果你思考未來對我們的影響，往後我們預期總關稅費用大約會是 1.2 億美元。

When we think about the refund, our expectation is to accrue about $8 million of that anticipated refund in our Q3 and the remainder would come in Q4.

至於退款，我們的預期是在第三季（Q3）先認列約 800 萬美元的應收退款，其餘則會在第四季（Q4）進來。

Awesome. I appreciate the detail there. And then if -- could we talk about the sell-through, what you're seeing there on the landscape contractor business in resi, did you guys see any impact from weather? We've heard that it's just been a pretty dry spring in the Southeast. I'm just curious if you saw any impact from that.

太好了，謝謝你們的細節。接著如果——我們能談談終端銷售（sell-through）嗎？你們在住宅端（resi）的景觀承包商業務看到的情況如何？你們是否有看到天氣的影響？我們聽說美國東南部春季相當乾燥，我想了解你們是否也看到影響。

With regard to the sell-through, we saw very strong sell-through actually. So we're -- as a result, field inventories are in great shape at this point. We're actually a little bit lower than we'd like to be in some of the categories, residential disease, I think, are a little bit off our target a little bit.

就終端銷售而言，我們其實看到非常強勁的 sell-through。因此——也因為如此——目前通路端庫存（field inventories）狀況非常好。在某些品類上，我們的庫存甚至比理想水位略低；住宅端的庫存，我認為在某些方面略低於我們的目標水準。

We're still working on that. And Edric, I know that you've worked out some -- looked at some of the weather impacts here just recently. Do you want to comment on that?

我們仍在處理那件事。Edric，我知道你最近也做了一些——看過一些這裡的天氣影響。你想就此評論一下嗎？

Yeah. Certainly, we're paying attention to those areas of drought that you're referencing. Ironically, when you look at our complete portfolio, even if that has the potential to drag on some of the resi and contractor stuff that you're referencing, that same lack of rain means better weather.

是的。當然，我們有在關注你提到的那些乾旱地區。諷刺的是，當你看我們完整的產品組合時，即使這可能會對你所提到的部分住宅端與承包商相關業務造成一些拖累，但同樣的少雨也意味著更好的天氣。

So rounds played, if you've been tracking that are actually tracking 5% above last year which, as you'll recall, was another all-time record. So while there is potential for a drag in one area, it's probably driving additional opportunity for our customers in another area to invest.

因此，如果你一直在追蹤，實際上打球回合數比去年高出5%；你會記得去年也是另一個歷史新高紀錄。所以，雖然某一個領域可能有拖累，但它很可能在另一個領域推動我們的客戶增加投資機會。

Less disruption to job sites as we look at some of the specialty construction area. So all in, we're not seeing anything that has us orally concerned, but we're absolutely paying attention to that.

在一些專業建築領域，我們看到工地受干擾更少。總體而言，我們沒有看到任何讓我們口頭上感到擔憂的情況，但我們絕對會持續關注。

Got it. I'll leave it there. Thanks for the color.

了解。我就先到這裡。謝謝你提供的補充說明。

Thank you.

謝謝。

Samuel Darkatsh, RJF.

Samuel Darkatsh，RJF。

Good morning, Rick, Angie, Edric. How are y'all?

早安，Rick、Angie、Edric。你們都好嗎？

How are you?

你好嗎？

I'm well, thank you. Just a couple of clarification questions, Edric, on the tariff commentary that you provided just in the prior question or first, I recognize that you've got $120 million in total gross tariffs in fiscal '26.

我很好，謝謝。Edric，我有幾個釐清問題，關於你在上一題提到的關稅評論。首先，我知道你們在2026財年總計的關稅毛額是1.2億美元。

Can you give us a sense based on your current thinking what that might be for fiscal '27? Would that step up because of the $20 million that's hitting in the back half of this year?

你能否依照目前的想法，讓我們了解一下2027財年可能會是多少？會不會因為今年下半年會有2,000萬美元的影響而上升？

Yeah. I mean I sort reinforcing what Angie said, you can kind of look at that as the status quo run rate. Maybe the only additional qualifier and put on to that is that assumes generally steady state in terms of the tariff regulations and steady state in terms of our actions.

是的。我想我只是呼應Angie所說的，你可以把它視為現狀的運行水準（run rate）。也許唯一需要補充的是：這假設關稅法規大致維持穩定，以及我們的行動也大致維持穩態。

And as we look at that tariff environment, we're constantly assessing what we might do differently, whether that's related to sourcing or manufacturing or anything else. So right now, we would expect the run rate is higher than we did 90 days ago.

而在這樣的關稅環境下，我們一直在評估是否要做出不同的作法，不論是採購、製造或其他方面。因此目前我們預期的運行水準比90天前更高。

But that doesn't mean we'll allow that to sit still without us doing some work to make sure we can offset it.

但這不代表我們會放任它不動；我們會做一些工作，確保能夠加以抵消。

Got it. And then related to that apologies for the granular question here, but the $20 million in refunds, it sounds like that's going to be included within the adjusted EPS. And if so, does that get accounted for within the individual segments P&L or is that going to be in corporate or how does that actually translate when you ultimately report it?

了解。接著相關的問題，抱歉這個問題比較細：那2,000萬美元的退稅（refund），聽起來會被納入調整後EPS。如果是的話，這會計入各個事業部的損益表，還是會放在公司層級？最終你們在揭露時會如何反映？

Great question, Sam. And yes, so that $20 million refund will be included in the EPS and the guidance that we've provided today and will be impacted into the P&L individually. So we expect our -- the Pro segment to take about 70-ish percent of that tariff refund based on their volumes and the tariffs paid and the rest of that would go to Residential.

好問題，Sam。是的，這2,000萬美元的退稅會納入EPS以及我們今天提供的指引，並且會分別反映在各事業部的損益表中。因此我們預期——Pro事業部會依其出貨量與已支付的關稅，取得約70%左右的關稅退稅，其餘則會分配到Residential。

Got it, international was a particular bright spot in the quarter, especially compared to last quarter where it was down fairly sharply.

了解。國際業務在本季是一個特別亮點，尤其相較於上季下滑得相當明顯。

Now, I know you had a little bit of an easier sequential comparison, but can you point to something that really switched to the positive in the fiscal second quarter internationally?

我知道你們在環比比較上稍微容易一些，但你能指出在2026財年第二季，國際業務有哪些因素真正轉為正向嗎？

Yes, certainly can do that. The factor that was on the positive side is the impact of tornado, which has been. At or as kind of our plan for the year. So Canadian, as part of the international calculation, or Canada, I should say, was greater than we would have expected.

可以，當然。正向因素是tornado的影響，這一直——大致符合我們今年的計畫。因此在國際的計算中，加拿大（我應該說是Canada）表現比我們原先預期更好。

Obviously, without a tornado. We still see softness, particularly in Europe and particularly on the residential side that was actually. Reducing factor in our residential results, specifically European residential.

顯然，在沒有tornado的情況下，我們仍看到疲弱，特別是在歐洲、且特別是在住宅端；這其實是我們住宅業績的減項因素，具體來說是歐洲住宅端。

So the biggest positive in international and the difference maker really was tornado, which we continue to see very strong demand for. And that business is about splits, about 50% Canada, 50% United States.

所以國際業務最大的正面因素、也是關鍵差異點，確實是tornado；我們持續看到非常強勁的需求。而這項業務的分布大約是50%加拿大、50%美國。

Got it. My last question. The third quarter residential margin expectation, are we looking at double-digit margins, Resi, realistically in the third quarter?

了解。我最後一個問題：第三季住宅事業部的毛利率（margin）展望，我們是否可以務實地期待第三季Resi會有雙位數的毛利率？

Well, I believe what we guided to there is that we would see that being higher than last year, of course, but we're continuing to see improved.

嗯，我相信我們的指引是：會比去年高，當然如此，但我們仍持續看到改善。

Margins, both on sales, but it's a combo, it's a price realization, productivity gains and volume recovery that are helping us there. Q2 is typically our larger quarter, so that will it will just be slightly higher than last year, not as high as what you're seeing in Q2, Sam, for residential margin.

毛利率的改善來自銷售端，但它是組合效果：包含價格實現（price realization）、生產力提升，以及量的回升都在幫助。第二季通常是我們較大的季度，所以第三季會——只會比去年略高，但不會像你在第二季看到的住宅毛利率那麼高，Sam。

What we are seeing is that our sustainability of improving those margins is going to continue to be based on ongoing productivity and really pricing in the competitive market.

我們看到的是，這些毛利率改善的可持續性，將持續仰賴持續的生產力提升，以及在競爭市場中的定價。

So a similar bump year on year as what you saw in the second quarter, just adjusting for the lower margin last year?

所以年對年會有類似於第二季那樣的提升幅度，只是要考量去年基期毛利率較低的調整？

Yes, that's correct.

是的，沒錯。

Okay. Thank you very much, y'all. I appreciate it.

好的。非常感謝你們。我很感激。

Thank you.

謝謝。

Michael Shlisky, D.A. Davidson and Company.

Michael Shlisky，D.A. Davidson and Company。

Good morning. I'm thanks for taking my questions. Looking at the new flat... Good morning. Just looking at the new outlook for relatively flat for the full year, flat better than it was before, but it is still only flat. Looking at '27.

早安。謝謝讓我提問。看一下新的持平展望……早安。就全年新的展望來看是相對持平，雖然比之前好一些，但仍然只是持平。再看2027年。

Some of those pandemic fails from back in 2020 will, at that point be seven years old. I'm curious whether you think after this year and, a good part of last year, if there's some pent-up demand that just needs some, minor macro to kind of create some tailwinds for resident in 2027?

2020年疫情期間買的那些產品，到那時候就已經七年了。我想知道你是否認為，在今年以及去年很大一部分時間之後，是否存在一些被壓抑的需求，只需要一些輕微的總體環境改善，就能在2027年為住宅端帶來一些順風？

I think some of that has yet to play out specifically. But you're right, those products that were purchased back in 2020 are reaching for some of our customers, the age of replacement.

我認為其中一些情況仍有待具體發酵。但你說得對，2020年購買的那些產品，對我們部分客戶而言已接近更換年限。

So that should start to at least not be a headwind and I think based on the analysis that we've talked about before, if you take that whole cycle into account, we're sort of back to the normal longer-term growth rate for residential. So we're kind of back on the rails of that growth rate.

因此，這至少應該不再是逆風；而且根據我們之前談過的分析，如果把整個週期納入考量，我們的住宅業務大致回到正常的長期成長率。所以我們算是回到那個成長率的軌道上。

So more normalized and then seeing opportunities also for growth as the market kind of shakes out as well, potentially some opportunities.

因此更趨於正常化，同時也看到一些成長機會，因為市場也在重新洗牌，可能會出現一些機會。

But we see, first of all, the profitability getting back to a level that we feel much better about and being able to sustain that and then opportunities to get back to kind of a normal growth rate, if not a little bit better than that.

但我們首先看到的是，獲利能力回到一個我們更有信心、也能夠維持的水準；接著再有機會回到較正常的成長率，甚至可能略高一些。

Great, thanks for that, Rick. Then I wanted to turn to some of your comments on autonomous products in your Golf business. It does sound very promising.

很好，謝謝你的說明，Rick。接著我想談談你對高爾夫業務中自動化產品的評論。聽起來非常有前景。

I've been hearing about some folks out there, other smaller start-offs trying to introduce their autonomous products on golf course is kind of going around demoing things. I imagine Toro and new dealerships are demoing things as well.

我聽說外面有一些人、其他較小的新創公司，正嘗試把他們的自動化產品導入高爾夫球場，四處做展示與試用。我想Toro以及新的經銷商也在做展示。

Just kind of curious whether you think -- I guess, when all said and done and autonomous make a bigger splash as a chunk of sales, whether you think you've got a good chance to maintain or increase your market share compared to the ice lowers you already get out there.

我有點好奇你是否認為——我想問的是，當自動化最終在銷售中占比更大、掀起更大水花時，你是否認為你們有很好的機會維持或提高市占率，相較於你們目前在市場上已經擁有的那些優勢？

That's a great question, Mike. The -- we talked over the last couple of quarters about some of the new product introductions, and we're definitely seeing more and more both demos and now starting to see some of the retail flow through.

好問題，Mike。我們在過去幾個季度談到一些新產品導入，我們確實看到越來越多的展示（demo），而且現在也開始看到一些零售端的出貨與銷售轉化。

We've tried temper expectations and immediate revenue there, just as people try and figure out how they're going to incorporate autonomous solutions into their overall operations. I would say anecdotally or qualitatively, we're continuing to see maybe even more enthusiasm there. So I'd say we're optimistic, but just taking care that we're not putting too much weight on that in the immediate near-term future while we see how adoption plays out.

我們一直試著降低大家對短期立即營收的期待，因為客戶仍在摸索要如何把自動化解決方案納入其整體營運。我會說，就軼聞或質性觀察而言，我們持續看到、甚至可能看到更多熱情。因此我會說我們是樂觀的，但也謹慎不在短期內對此賦予過高權重，會先觀察採用情況如何發展。

Great. I appreciate the discussion. Thank you.

很好。我很感謝這段討論。謝謝。

Thank you.

謝謝。

Ted Jackson, Northland.

Ted Jackson，Northland。

Thanks very much and echo the congrats on the quarter.

非常感謝，也同樣恭喜本季表現。

Thanks, Ted.

謝謝你，Ted。

I also want to say it's nice to hear someone talk about their inventories being below where they'd like them to be. You don't hear that very much.

我也想說，很高興聽到有人談到他們的庫存低於他們希望的水準。這種話不常聽到。

So nicely I can mention the -- yes, with a long list of questions, and it just got kicked off one by one, but I got a couple left and just a little one is with the more normalized winter and the drawdown of the inventory -- the excess inventory is snow. Do you view the channel inventory in snow is now at a normalized level? Or is there any more work that would need to be do being when we get to the next season?

所以我可以順便提一下——是的，我有一長串問題，剛剛一個接一個被問掉了，但我還剩幾個，另外有個小問題是：在冬季較為正常、以及庫存去化——多餘庫存主要是在除雪（snow）產品。你們是否認為通路端的除雪產品庫存現在已回到正常水準？還是說在進入下一個季節前，仍需要再做一些工作？

We do, Ted, view the field inventory for snow to be at a normal level. In fact, we're coming off a good season last year and as we talked about, the professional stocking takes place typically in our third quarter and a portion of the residential stocking takes place in the fourth quarter.

Ted，我們確實認為除雪產品的通路端庫存已在正常水準。事實上，我們去年剛結束一個不錯的季節；如我們先前提到的，專業端補庫通常發生在我們的第三季，而住宅端補庫有一部分通常發生在第四季。

Typically, timing can be back and forth a little bit. But we do expect at least a normal kind of stock in the latter half of the year that's built into our guidance at this point.

通常在時點上可能會有些前後移動。但就目前而言，我們確實預期下半年至少會有一個正常水準的備貨，這也已納入我們目前的財測指引中。

Okay, thanks. And then another one is -- it's not like you guys go out and just willing only buy stuff, but you're a regular acquirer of businesses.

好的，謝謝。然後另一個問題是——你們並不是那種只要有東西就出去買的公司，但你們確實是經常收購企業的買家。

The Tornado business is just -- looks like a fabulous acquisition. When you look at the opportunity in all the things that you want to do, are you -- is there any particular -- can you maybe give us some color around what you're most excited about where you want to grow your business the most? Is it more on some of the kind of the construction side of the house given the Tornado acquisition and your exposure with Ditch Witch?

Tornado 這筆收購——看起來是一筆非常棒的併購。當你們看待所有想做的事情與機會時，你們是否有任何特別——能否分享一些你們最興奮、最想加速成長的方向？是否更偏向建築／施工端，考量到 Tornado 的收購以及你們在 Ditch Witch 的曝險？

Or is it more on the turf and the golf kind of stuff? Maybe a little color around how you think about it strategically behind your druthers, where you'd like to grow your business and a game -- that's my last question. Thanks.

還是更偏向草坪與高爾夫相關？能否就你們在策略上偏好的方向、你們希望業務成長的重點，以及整體布局分享一些看法——這是我最後一題。謝謝。

There are a handful of priorities for us. I mean, first of all, most importantly, is our disciplined approach to the acquisition process. So we always have opportunities.

我們有幾項優先事項。首先、也是最重要的，是我們在併購流程上的紀律性做法。所以我們一直都有機會。

We have many opportunities. But they have to be the right fit for us, and they obviously have to be at the right price, some strategy and economic viability are the big ones.

我們有很多機會。但它們必須非常適合我們，而且顯然也必須在合適的價格；策略契合度與經濟可行性是最重要的兩點。

So for us, that means something in the vicinity of areas where we already play and win. So Tornado, as you said, is a perfect example.

因此對我們而言，這代表要在我們已經參與並且能夠勝出的領域附近尋找標的。正如你所說，Tornado 就是完美的例子。

It's -- those are products that are on our job sites for horizontal directional drills. And we know them well. We have done a joint venture with them or our partnership with them to supply products to us.

那些產品會出現在我們的工地上，用於水平定向鑽（horizontal directional drills）。我們很了解它們。我們曾與他們進行合資，或透過合作夥伴關係由他們供應產品給我們。

So it's a logical extension. We had high confidence that we would win there and it just opens up, in this case, a lot of new nodes of new business opportunities as those products are used in other applications as well. But -- it's a good example of where we focus.

所以這是很合乎邏輯的延伸。我們對自己能在那裡勝出很有信心，而在這個案例中，它也開啟了許多新的節點與新的商機，因為那些產品也會被用在其他應用上。但——這是一個很好的例子，說明我們的聚焦方向。

We focus on areas that we know and that have opportunities to expand markets and businesses that we believe have a strong runway and profit picture into the future.

我們聚焦在我們熟悉、且有機會擴大市場的領域，以及我們相信在未來具有強勁成長跑道與獲利前景的企業。

So that would be priority one. We have other priorities, but one of the areas I would just mention again, across the board, we're interested in technology because that's part of our strategy is to leverage our technology across sometimes even disparate markets but be able to take advantage of that technology.

所以這會是第一優先。我們還有其他優先事項，但我想再提一點：整體而言，我們對科技很有興趣，因為我們策略的一部分就是在有時甚至是彼此不同的市場中，運用並槓桿我們的技術，從而取得技術帶來的優勢。

We did that with our robotics acquisitions a few years ago. and we see opportunities to do that and then we leave it mostly to our corporate business development team, but we're open to legs that we may not have as part of our strategy today, but we try to keep our core teams focused on where we can win and where we have a right to win. So I hope that gives you some sense.

我們幾年前在機器人相關收購上就做過這件事。我們也看到繼續這麼做的機會；而這部分多半交由我們的企業業務發展團隊來推動。我們也對一些目前策略中尚未具備的「新腿」（新成長支柱）保持開放，但我們會盡量讓核心團隊專注在我們能贏、且有權利贏的領域。希望這能讓你有些概念。

Thanks, Rick.

謝謝你，Rick。

Just, Ted, just one addition to that. They're going to be more on the professional side as we have talked about that in the past. But I neglected to mention that.

Ted，我再補充一點。我們會更偏向專業端，正如我們過去談過的。但我剛剛漏提了這點。

Okay.

好的。

Eric Bosshard, Cleveland Research Company.

Eric Bosshard，Cleveland Research Company。

Hi, thanks. On the Golf business, any sense that you can give us on backlog and order trends, what you're seeing from dealers and customers in that business?

嗨，謝謝。關於高爾夫業務，你們能否分享一下積壓訂單（backlog）與接單趨勢？在該業務中，你們從經銷商與客戶端看到什麼情況？

Yeah. I would share that just as we said a quarter ago, we've probably been a little bit pleasantly surprised at the strength of the demand and the orders coming in and it's not that we at all we're not thinking Golf was strong, but we all together talked about what demand profile might look like? Could there be an air gap after so much growth, and we really haven't seen that.

可以。我會說，就像我們一季前提到的，我們對需求與新進訂單的強勁程度，可能有點「驚喜地」感到正面。並不是我們不認為高爾夫會很強，而是我們一起討論過需求曲線可能會長什麼樣？在經歷那麼多成長之後，會不會出現一段空窗期（air gap）？但我們其實沒有看到那種情況。

Demand is hung in really nice on the equipment side. So a bit above our expectations there and on the irrigation side of the business, we've talked now for multiple quarters about the long pipeline of projects that are still ahead of us, and that continues to be true.

在設備端，需求維持得非常好，因此略高於我們的預期；而在灌溉業務端，我們已連續好幾季談到仍有很長的專案管線在前方，這點依然成立。

So really, really happy actually with the demand within golf specifically and then more broadly, we've talked about how some of those same product lines extend into non-Golf but other high-end grounds applications where we're seeing some good demand as well.

所以我們對高爾夫領域內的需求其實非常、非常滿意；更廣泛來看，我們也談過其中一些相同產品線不只用於高爾夫，還延伸到其他高端場地應用，我們在那裡也看到不錯的需求。

And then secondly, you talked about record levels of profitability for the business. And considering $120 million of tariffs, I'm sure you looked through like the offsets to the tariffs, and obviously, you have AMP. But how do you offset all the tariffs and sustain this level of profitability or generate this level of profitability?

第二個問題，你們提到該業務的獲利能力達到創紀錄水準。考量到 1.2 億美元的關稅，我相信你們已經看過各種抵消關稅的方式，當然你們也有 AMP。但你們如何抵消所有關稅並維持這樣的獲利水準，或達成這樣的獲利水準？

It's really been the things that we've talked about. And to give Angie Credit, we started our AMP project back at a time where we didn't know we were going to have tariffs or some of these other inflationary factors. We were kind of working to get back some of the inflation that happened during COVID.

其實就是我們一直在談的那些事情。也要給 Angie 一些肯定：我們啟動 AMP 專案時，當時並不知道會有關稅或其他一些通膨因素。我們原本是在努力把 COVID 期間發生的一些通膨影響拉回來。

But the timing of AMP could not have been better. It has just been an incredible benefit to us to have the productivity machine already in motion by the time when these costs and additional tariffs came along.

但 AMP 的時機再好不過。當這些成本與額外關稅出現時，我們的生產力提升機器早已開始運轉，這對我們帶來了極大的助益。

So we have been able to offset tariffs in most cases, and we've been able to improve productivity more broadly and as a result, we're just -- we're seeing the impact of the work that we've done over the last few years, whether it's AMP specifically and part of that being reducing our footprint, the restructuring that we have done, the pairing of our portfolio, the pruning of our portfolio.

因此在多數情況下，我們已能抵消關稅；同時也能更廣泛地提升生產力。結果就是——我們正在看到過去幾年努力的成果，不論是 AMP 本身（其中一部分包括縮減據點）、我們做過的重整、我們的產品組合精簡、以及對產品組合的修剪。

All those things, it's been hard work for the team, especially during a time when one of our markets was down cycling. But we're seeing the payoff now in improved margins and that's going to -- that -- we believe that, that's going to extend in the future.

所有這些事情，對團隊而言都是辛苦的工作，尤其是在我們其中一個市場處於下行循環的期間。但我們現在看到回報了：毛利率／營業利潤率改善，而這——我們相信——也會延續到未來。

You can see it showing up in our cash flow -- 125% free cash flow conversion in the quarter. And the ability to return cash to shareholders with $190 million of share repurchases, dividends of $38 million. Just -- it gives us confidence in the future.

你也可以在我們的現金流中看到——本季自由現金流轉換率達 125%。以及我們回饋股東的能力：回購股票 1.9 億美元、股利 3,800 萬美元。這些——都讓我們對未來更有信心。

So the fact that we had the productivity machine going when some of these kits has just been incredibly helpful, and it really helps us into the future.

所以，當一些衝擊出現時，我們已經讓生產力提升機器運轉起來，這真的非常有幫助，也確實讓我們在未來更具優勢。

Thank you.

謝謝。

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 September to discuss our third quarter 2026 results.

謝謝各位對 Toro Company 的提問與關注。我們期待在九月再次與各位交流，討論我們 2026 會計年度第三季的業績。

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。您現在可以掛線。祝各位有美好的一天。