惠而浦 (WHR) 2025 Q1 法說會逐字稿

Good morning, and welcome to Whirlpool Corporation's first-quarter 2025 earnings call. Today's call is being recorded. Joining me today are Marc Bitzer, our Chairman and Chief Executive Officer; and Jim Peters, our Chief Financial and Administrative Officer. Our remarks today track with the presentation available on the Investors section of our website at whirlpoolcorp.com.

早安，歡迎參加惠而浦公司 2025 年第一季財報電話會議。今天的通話正在錄音。今天與我一起出席的還有我們的董事長兼首席執行官馬克·比澤爾 (Marc Bitzer)；以及我們的首席財務和行政官 Jim Peters。我們今天的演講與我們網站 whirlpoolcorp.com 的投資者部分提供的簡報一致。

Before we begin, I want to remind you that as we conduct this call, we will be making forward-looking statements to assist you in better understanding Whirlpool Corporation's future expectations. Our actual results could differ materially from these statements due to many factors discussed in our latest 10-K, 10-Q and other periodic reports.

在我們開始之前，我想提醒您，在進行此電話會議時，我們將做出前瞻性陳述，以幫助您更好地了解惠而浦公司的未來預期。由於我們最新的 10-K、10-Q 和其他定期報告中討論的許多因素，我們的實際結果可能與這些聲明有重大差異。

We also want to remind you that today's presentation includes the non-GAAP measures outlined in further detail at the beginning of our earnings presentation. We believe that these measures are important indicators of our operations as they exclude items that may not be indicative of our results from ongoing business operations. We also think the adjusted measures will provide you with a better baseline for analyzing trends in our ongoing business operations.

我們也想提醒您，今天的演示包括我們在收益演示開始時詳細概述的非公認會計準則指標。我們認為這些指標是我們營運的重要指標，因為它們排除了可能無法反映我們持續業務營運結果的項目。我們也認為，調整後的措施將為您提供更好的基準，以分析我們正在進行的業務營運趨勢。

Listeners are directed to the supplemental information package posted on the Investor Relations section of our website for the reconciliation of non-GAAP items to the most directly comparable GAAP measures. (Operator Instructions)

請聽眾參閱我們網站投資者關係部分發布的補充資訊包，以了解非 GAAP 項目與最直接可比較的 GAAP 指標之間的對帳情況。（操作員指示）

With that, I'll turn the call over to Marc.

說完這些，我會把電話轉給馬克。

Thanks, Scott, and good morning, everyone. During the first quarter, we delivered a solid performance, and we're pleased with our progress to date. With a 2% organic growth and almost 6% EBIT margins, our business is largely on track despite a macro environment that became more challenging.

謝謝，斯科特，大家早安。在第一季度，我們取得了穩健的業績，我們對迄今為止的進展感到滿意。儘管宏觀環境變得更具挑戰性，但我們的業務仍基本步入正軌，有機成長率達到 2%，息稅前利潤率接近 6%。

We are also reiterating our annual guidance just reconfirmed our dividend in line with past payouts. The tariffs represent, in the short term, a manageable headwind, largely in the form of higher component costs and the market preloading by Asian competitors.

我們也重申了我們的年度指導方針，只是再次確認了我們的股息與過去的股息一致。短期內，關稅代表可控的逆風，主要表現為零部件成本上升和亞洲競爭對手的市場預載。

Asian appliance produces significantly increased imports into the US ahead of the tariffs in the first quarter and fourth quarter, essentially loading the US industry. This market disruption will likely continue into Q2 as competitors attempt to sell through their inventory.

在第一季和第四季關稅生效之前，亞洲家電產品對美國的進口量大幅增加，這實質上加重了美國家電產業的負擔。由於競爭對手試圖銷售庫存，這種市場混亂可能會持續到第二季​​。

However, once we already announced tariffs fully kick in, this will turn to a significant tailwind for Whirlpool as a domestic producer. No matter how you look at it, Whirlpool with its 10 large US factories is a net winner of a new tariff policy.

然而，一旦我們宣布關稅全面生效，這將成為惠而浦作為國內生產商的一大順風。無論怎麼看，擁有10家美國大型工廠的惠而浦都是新關稅政策的淨贏家。

With our strong domestic footprint, we produce 80% of our domestic sales in the US. No competitor is en close to that level of domestic production. As we will explain to you later, the newly announced tariffs are critical in closing preexisting loophole that gave our Asian competitors an unfair advantage over US domestic production. The tariffs will finally help create a level playing field for Wool.

憑藉我們強大的國內業務，我們 80% 的國內銷售額都來自美國。沒有任何競爭對手能夠達到這一國內生產水準。正如我們稍後將向您解釋的那樣，新宣布的關稅對於彌補先前存在的漏洞至關重要，這種漏洞使我們的亞洲競爭對手在美國國內生產方面獲得了不公平的優勢。關稅最終將有助於為羊毛創造一個公平的競爭環境。

Irrespective of the tree environment, we remain focused on the things we control. We successfully implemented pricing actions and structurally drove cost out of our business. Even more important, we are excited about the initial market response to the huge wave of new products we're introducing this year, all of which is expected to expand ongoing EBIT margins in the second half of 2021.

無論樹木環境如何，我們仍然專注於我們控制的事物。我們成功實施了定價措施，並從結構上降低了業務成本。更重要的是，我們對市場對今年推出的大量新產品的初步反應感到興奮，預計所有這些產品都將在 2021 年下半年擴大持續的息稅前利潤率。

Turning to slide 6, I will provide an overview of our first quarter results. We achieved 2% organic net sales growth, which, as a reminder, excludes the impact of currency and the Europe transaction, driven by strong momentum in our SDA Global and MDA Asia businesses.

翻到第 6 張投影片，我將概述我們第一季的業績。我們實現了 2% 的有機淨銷售額成長，需要提醒的是，這不包括貨幣和歐洲交易的影響，這得益於我們 SDA Global 和 MDA Asia 業務的強勁發展勢頭。

Global EBIT margins expanded 160 basis points year over year driven by previously announced pricing actions in MDA North America and MDA Latin America, along with continued cost takeout. We also experienced approximately $17 million unfavorable impact from our minority stake in Beko Europe B.V., which was offset by an interest rate swap benefit of approximately $30 million.

受先前宣布的北美 MDA 和拉丁美洲 MDA 定價行動以及持續的成本削減的推動，全球息稅前利潤率同比增長 160 個基點。我們也因持有 Beko Europe B.V. 的少數股權而遭受了約 1700 萬美元的不利影響，但約 3000 萬美元的利率互換收益抵消了這一不利影響。

We delivered approximately $200 million free cash flow improvement versus prior year, driven by the Europe transaction expected. Ultimately, we delivered ongoing earnings per share of $1.70, and maintained our dividend of $1.75 for both Q1 and Q2.

受預期的歐洲交易的推動，我們實現了比上年約 2 億美元的自由現金流改善。最終，我們實現了每股 1.70 美元的持續收益，並在第一季和第二季維持了 1.75 美元的股息。

As mentioned before, we expect similar market dynamics in the second quarter as we experienced in the first quarter with Asian competitors preloading ahead of tariffs and working through elevated inventories. Our inventories within the trade, on the other hand, are at healthy levels and we're fully focused on executing the already announced price increases.

如前所述，我們預計第二季的市場動態與第一季類似，亞洲競爭對手在關稅之前預先加載並透過高庫存進行銷售。另一方面，我們的貿易庫存處於健康水平，我們全力專注於執行已經宣布的價格上漲。

With the full effect of the tariffs coming into place in July, we expect a more stable competitive landscape in the second half, an environment in which we can leverage our US domestic production to its fullest extent. This will put us on track to accomplish our full year ongoing margin guidance.

隨著7月關稅的全面生效，我們預計下半年的競爭格局將更加穩定，我們可以最大限度地利用美國國內的生產能力。這將使我們有望實現全年持續的利潤率目標。

Turning to slide 7, I will provide an overview of our first quarter ongoing EBIT margin drivers. Price/mix favorably impacted margin by 50 basis points, driven by our successful pricing actions in MDA North America and MDA Latin America. Our cost takeout actions delivered 100 basis points year over year, led by our continued manufacturing and supply chain efficiencies and our organizational simplification actions.

轉到第 7 張投影片，我將概述我們第一季持續的 EBIT 利潤率驅動因素。由於我們在 MDA 北美和 MDA 拉丁美洲的成功定價行動，價格/組合對利潤率產生了 50 個基點的有利影響。我們的成本削減措施較上年同期提高了 100 個基點，這主要得益於我們持續提高製造和供應鏈效率以及採取組織簡化措施。

Raw materials were initially flat as expected. Marketing and Technology had an unfavorable 25 basis point impact as we continue to invest in our products and brands. In the first quarter, the Brazilian real depreciated approximately 20% compared to prior year, resulting in an unfavorable margin impact of 50 basis points.

原料最初如預期持平。由於我們繼續投資於我們的產品和品牌，行銷和技術產生了不利的 25 個基點的影響。第一季度，巴西雷亞爾較前一年貶值約20%，導致利潤率下降50個基點。

European transaction positively impacted the first quarter by 75 basis points. We are pleased to have expanded margins year over year by 160 basis points despite the challenging market dynamics, which I explained earlier. And now I will turn it over to Jim to review our first quarter segment results.

歐洲交易對第一季產生了75個基點的正面影響。儘管市場情況充滿挑戰，但我們很高興利潤率同比增長了 160 個基點，正如我之前解釋的那樣。現在我將把時間交給吉姆來回顧我們第一季的分部表現。

Thanks, Marc. Good morning, everyone. Turning to slide 8, I'll review the first quarter results for our MDA North America business.

謝謝，馬克。大家早安。翻到第 8 張投影片，我將回顧我們 MDA 北美業務第一季的業績。

Net sales were flat year over year as we experienced a continued challenging macro environment in the US. Consumer confidence declined sharply throughout the first quarter as a result of economic uncertainty from anticipated tariffs. In addition, consistent with the fourth quarter, we saw inventory loading of Asian imports by foreign competitors into the US industry ahead of tariffs.

由於美國宏觀環境持續充滿挑戰，淨銷售額與去年同期持平。由於預期關稅帶來的經濟不確定性，第一季消費者信心急劇下降。此外，與第四季度的情況一致，我們看到外國競爭對手在關稅上調之前將亞洲進口產品庫存裝入美國產業。

Despite these challenges, MDA North America delivered an EBIT margin of 6.2%, driven by pricing actions and cost takeout. As a reminder, we expect to turn over more than 30% of our product portfolio in MDA North America this year, our largest transition in over a decade.

儘管面臨這些挑戰，MDA North America 的息稅前利潤率仍達到 6.2%，這主要得益於定價行動和成本削減。提醒一下，我們預計今年將在 MDA 北美地區轉移 30% 以上的產品組合，這是我們十多年來最大的一次轉型。

We have already seen a very positive trade response to the new product innovations we are launching in 2025. I will share more about these exciting new product launches shortly. We are confident that our actions position us well to achieve continued margin expansion as our industry environment stabilizes following the finalization of new trade policies.

我們已經看到貿易界對我們將於 2025 年推出的新產品創新的非常積極的反響。我很快就會分享更多有關這些令人興奮的新產品發布的信息。我們相信，隨著新貿易政策最終確定，我們的產業環境將趨於穩定，我們的行動將使我們能夠繼續擴大利潤率。

Turning to slide 9. I'll review the results for our MDA Latin America business. In the first quarter, MDA Latin America had net sales growth of 2% year over year, excluding currency, driven by successfully implemented pricing actions.

翻到第 9 張投影片。我將回顧我們 MDA 拉丁美洲業務的業績。第一季度，由於成功實施的定價措施，MDA 拉丁美洲的淨銷售額年增 2%（不包括貨幣因素）。

The segment delivered a solid EBIT margin of 6.6% in the quarter. Excluding an operational tax benefit of approximately 200 basis points in the prior year, EBIT margin expanded approximately 80 basis points year over year driven by favorable price mix.

該部門本季實現了 6.6% 的穩健稅前利潤率。不計入上年約 200 個基點的營業稅優惠，受有利價格組合的推動，息稅前利潤率較上年同期擴大約 80 個基點。

Turning to slide 10. I'll review the strong results for our MDA Asia business. In the first quarter, MDA Asia realized net sales growth of 16% year over year, excluding currency, driven by strong volumes from share gains and industry growth.

翻到第 10 張投影片。我將回顧我們 MDA 亞洲業務的強勁業績。第一季度，MDA Asia 的淨銷售額年增 16%（不包括匯率因素），這得益於市佔率成長和產業成長帶來的強勁銷量。

The segment delivered a 7% EBIT margin in the quarter with 240 basis points year over year of margin expansion from cost takeout and fixed cost leverage. Overall, we are very pleased with the first quarter results delivered by the MDA Asia team.

該部門本季的息稅前利潤率為 7%，由於成本削減和固定成本槓桿的作用，利潤率較去年同期增長了 240 個基點。總體而言，我們對 MDA Asia 團隊第一季取得的成績非常滿意。

Turning to slide 11, I'll review the results of our SDA Global business. The segment achieved significant net sales growth of 10% year over year, excluding currency, with strong direct-to-consumer sales in the quarter.

翻到第 11 張投影片，我將回顧我們的 SDA Global 業務的表現。該部門淨銷售額年增 10%（不包括貨幣因素），本季直接面向消費者的銷售額強勁。

We continue to see momentum from our recent product launches in high-growth potential categories, such as our semi- and fully automatic espresso machines. Overall, the segment delivered a very strong EBIT margin of 18.5% in the quarter, driven by favorable price/mix.

我們最近推出的高成長潛力產品類別（例如半自動和全自動濃縮咖啡機）持續展現出強勁勢頭。總體而言，受有利的價格/產品組合推動，該部門本季實現了 18.5% 的強勁息稅前利潤率。

As a reminder, the first quarter accounts for less than 20% of their annual revenues and EBIT margin can be heavily impacted by the timing of marketing spend. We expect the first half EBIT margin to be in line with full year guidance.

需要提醒的是，第一季的收入佔其年收入的不到 20%，而息稅前利潤率可能會受到行銷支出時機的嚴重影響。我們預計上半年息稅前利潤率將與全年預期一致。

Now I'll turn the call over to Marc to provide an overview of the tariff landscape and our mitigating actions.

現在我將把電話轉給馬克，讓他概述一下關稅狀況和我們的緩解措施。

Thanks, Jim. Turning to slide 13, we have provided an overview of the current tariff landscape of US imports.

謝謝，吉姆。翻到第 13 張投影片，我們概述了當前美國進口關稅狀況。

While we want to ensure we give you context for how tariffs impact our business, I need to highlight that the trade landscape is very fluid and additional trade policy actions could result in materially different outcomes. In the table below, you can see a summary of relevant existing tariffs before 2025 and the newly announced tariffs in 2025.

雖然我們希望確保向您提供關稅如何影響我們業務的背景信息，但我需要強調的是，貿易情況非常不穩定，額外的貿易政策行動可能會導致截然不同的結果。下表列出了2025年之前現行的相關關稅以及2025年新公佈的關稅。

Both Section 232 and 301 were originally implemented in 2018 with various modifications and exclusions added, particularly over the past few years. More recently, in 2025, Section 232 exclusions were removed and additional changes were implemented under the Canada/Mexico and reciprocal IEEPA.

第 232 條和第 301 條最初均於 2018 年實施，尤其是在過去幾年中增加了各種修改和排除條款。最近，在 2025 年，第 232 條排除條款被取消，並且根據加拿大/墨西哥和互惠 IEEPA 實施了其他變更。

The IEEPA tariffs have notably increased the tariff impact from China goods brought into the US as well as implemented broad US import reciprocal tariff of 10% across most countries.

《國際經濟與平等政策協定》關稅顯著增加了中國商品進入美國的關稅影響，並對大多數國家實施了 10% 的美國進口互惠關稅。

Turning to slide 14, we'll discuss how the evolution of a trade landscape has impacted Whirlpool as a major domestic producer. Pre-existing loopholes in the Section 232 and 301 tariffs have, in the past, created a disadvantage for us as a domestic producer. It is important to note that these unfair cost disadvantages are not new to us, and they were fully reflected in our baseline.

翻到第 14 張投影片，我們將討論貿易格局的演變如何影響惠而浦作為一家主要的國內生產商。過去，第 232 條和 301 條關稅中預先存在的漏洞給我們作為國內生產商帶來了不利影響。值得注意的是，這些不公平的成本劣勢對我們來說並不新鮮，而且它們完全反映在我們的基準中。

Put it differently, we have been performing reasonably well despite these unfair disadvantages. The new trade policies are finally putting an end to these disadvantages and will level the playing field. Let me first explain what created the existing loopholes for Asian producers.

換句話說，儘管存在這些不公平的劣勢，我們的表現仍然相當不錯。新的貿易政策最終將消除這些不利因素，創造公平的競爭環境。首先讓我解釋一下是什麼導致了亞洲生產商現有的漏洞。

With 232 and 301 tariffs in place, we, as a domestic producer, buy US-made steel which is two to three times more expensive than Chinese steel. In addition, we have to pay tariffs on Chinese-made components for which we do not have a US supply base. Asian producers, on the other hand, are using cheap Chinese steel and components and do not have to pay a tariff when they bring their finished products into the US.

由於 232 和 301 關稅的實施，作為國內生產商，我們購買的美國鋼鐵價格比中國鋼鐵貴兩到三倍。此外，我們還必須對中國製造的零件支付關稅，因為我們在美國沒有供應基地。另一方面，亞洲生產商使用廉價的中國鋼鐵和零件，將成品運往美國時無需繳納關稅。

As you will see later, this amounts an approximately $70 per unit disadvantage for our business. In addition, some Asian producers have circumvented existing Section 301 tariffs by setting up assembly operations in Asian countries outside China. Let me reiterate that while we have faced these negative impact since 2020, we have been able to manage the impact to our business through pricing and cost takeout.

正如您稍後將看到的，這對我們的業務來說相當於每單位約 70 美元的損失。此外，一些亞洲生產商透過在中國以外的亞洲國家設立組裝業務來規避現有的301條款關稅。讓我重申一下，雖然我們自 2020 年以來一直面臨這些負面影響，但我們已經能夠透過定價和成本控制來控制對我們業務的影響。

What happened over the last two quarters, to some extent, amplified the negative impacts from the past. Following the US presidential election and the threat of additional tariffs, Asian producers have increased imports by over 30% year over year in the fourth quarter and February year to date this year, essentially loading the US industry. In addition, some retaliatory tariffs have begun to negatively impact our business.

過去兩個季度發生的事情，在一定程度上放大了過去的負面影響。在美國總統大選和額外關稅威脅之後，今年第四季及今年二月份，亞洲生產商的進口量年增超過30%，實質上給美國產業帶來了負擔。此外，一些報復性關稅已開始對我們的業務產生負面影響。

Looking forward, some of these negative effects continue to impact our business, but more importantly, the current administration's trade policies will structurally benefit domestic producers. We expect the new reciprocal tariffs to level the playing field for US appliance manufacturers and additional US trade policy actions will close loopholes and eliminate disadvantages we currently face.

展望未來，其中一些負面影響將繼續影響我們的業務，但更重要的是，現任政府的貿易政策將從結構上使國內生產商受益。我們預計新的互惠關稅將為美國家電製造商創造公平的競爭環境，而美國的額外貿易政策行動將彌補漏洞並消除我們目前面臨的劣勢。

On slide 15, I will review an illustrative example to provide details on the existing disadvantage to U.S,-made products. This example demonstrates how an identical product is faced with very different component costs depending on where it is being produced. It is important to note that steel is the most critical component in the any appliance.

在第 15 張投影片上，我將回顧一個說明性範例，詳細說明美國製造的產品現存的劣勢。這個例子表明，同一種產品在不同的生產地會面臨截然不同的零件成本。值得注意的是，鋼材是任何設備中最關鍵的零件。

Typically, steel amounts to about half weight of an appliance, or, in the case of a washer, adds up to 100 pounds of steel. So when we produce a washing machine in the US we use domestic steel, which is about two to three times more expensive than Chinese steel, which is used all over Asia. When the Asian producer imports the same washer into the US, we do not have to pay any tariff on steel. The same is true for components like LED panels for certain motors, which we cannot procure domestically.

通常，鋼材約佔電器重量的一半，或者，就洗衣機而言，鋼材重量高達 100 磅。因此，當我們在美國生產洗衣機時，我們使用國產鋼材，其價格比亞洲各地使用的中國鋼材貴兩到三倍。當亞洲生產商將同樣的墊圈進口到美國時，我們不必支付任何鋼鐵關稅。某些引擎的 LED 面板等零件也是如此，我們無法在國內採購。

While we have to pay a tariff on risk components, any Asian producer using the same components in their production will not have to pay tariffs. Putting both of these loopholes together, this has, in the past, led to an approximately $70 per unit disadvantage for domestically produced appliances compared to identical products manufactured in Asia and imported into US.

雖然我們必須為風險零件支付關稅，但任何在生產中使用相同零件的亞洲生產商都無需支付關稅。把這兩個漏洞加在一起，過去這導致國產家電與在亞洲生產並進口到美國的相同產品相比，每台價格低了約 70 美元。

Typically, a $70 product cost disadvantage after adding some additional overhead costs and trade margins will lead to $150 retail price difference. Needless to say that this unfair disadvantage in the past put pressure on our market share and production volumes in our US factories. While we have been operating successfully in the past despite this unfair disadvantage, this example illustrates how much potential of US business has if these loopholes are finally closed.

通常情況下，在加上一些額外的間接成本和貿易利潤後，70 美元的產品成本劣勢將導致 150 美元的零售價差異。毋庸置疑，過去這種不公平的劣勢給我們在美國工廠的市場份額和生產量帶來了壓力。儘管我們過去儘管面臨這種不公平的劣勢，但仍然成功運營，這個例子表明，如果這些漏洞最終被堵住，美國企業將擁有多大的潛力。

Turning to slide 16, let me review the tariff mitigation actions we have underway. First, we have taken steps to address the current environment for previously announced pricing actions. In addition, we announced a combination of list price and promotional price increases in order to cope with a higher component costs. We are also taking additional cost actions to mitigate input cost increases.

翻到第 16 張投影片，讓我回顧一下我們正在採取的關稅減免行動。首先，我們已採取措施應對先前宣布的定價行動的當前環境。此外，為了因應更高的零件成本，我們也宣布了標價和促銷價格的結合上調。我們也採取了額外的成本措施來減輕投入成本的增加。

Secondly, we're evaluating our supply base and manufacturing footprint, and are reducing our Asian exposure. This is limited as we have by far the largest US-based footprint, with 80% of what we sell in the US produced in the US; compared to the industry average, excluding Whirlpool, which is only approximately 25% US produced.

其次，我們正在評估我們的供應基礎和製造足跡，並正在減少我們在亞洲的業務。這是有限的，因為我們在美國擁有迄今為止最大的業務足跡，我們在美國銷售的產品 80% 都是在美國生產的；與行業平均水平相比，不包括惠而浦，其產品約 25% 在美國生產。

Thirdly, we are proactively monitoring the evolving landscape and continue to provide insights to policymakers on tariff exemptions for circumventions that risk US manufacturing.

第三，我們正在積極監控情勢變化，並繼續向政策制定者提供有關規避風險的美國製造業關稅豁免的見解。

With today's review of how the different tariffs impact our business, we provide much more detail than we typically would do. However, we felt it is important to highlight what I mentioned upfront. No matter how you look at the new tariff landscape, Whirlpool, with its strong US production base, is a net winner more than anyone else in our industry.

今天，透過審查不同的關稅如何影響我們的業務，我們提供了比通常更詳細的資訊。然而，我們認為有必要強調我之前提到的事情。無論你如何看待新的關稅形勢，憑藉其強大的美國生產基地，惠而浦都是我們行業中比其他任何人都更勝一籌的淨贏家。

And now I'll turn it over to Jim to review our unchanged 2025 guidance and capital allocation priorities.

現在我將交給吉姆回顧我們不變的 2025 年指導和資本配置重點。

Thanks, Marc. Turning to slide 18. I will review our guidance for 2025. As Marc highlighted, there is notable uncertainty in the overall macro environment. However, we are confident in our ability to manage what is within our control and deliver our 2025 guidance, which is unchanged.

謝謝，馬克。翻到第 18 張投影片。我將回顧我們 2025 年的指導方針。正如馬克所強調的，整體宏觀環境存在著明顯的不確定性。然而，我們有信心有能力管理我們能控制的事情並實現我們 2025 年的指導方針，這項指導方針保持不變。

As a reminder, we have provided a reset baseline for 2024 results, excluding both the European major domestic appliance business from Q1 2024 and India's July through December 2024 consolidated results from the anticipated Whirlpool of India transaction.

提醒一下，我們已為 2024 年業績提供了重置基線，其中排除了 2024 年第一季度的歐洲主要家用電器業務以及預期的印度惠而浦交易中印度 2024 年 7 月至 12 月的綜合業績。

The reset baseline excludes approximately -- in net sales and an approximately $6 million reduction in EBIT, creating a like-for-like comparison for 2025 guidance. On a like-for-like basis, 2024 net sales were approximately $15.four billion with an ongoing EBIT margin of approximately 5.8%. We expect organic growth of approximately 3% to $15.8 billion in net sales in 2025, driven by our strong pipeline of new products.

重置基準不包括淨銷售額約 -- 和息稅前利潤約 600 萬美元的減少，從而為 2025 年指引創造了同類比較。以同類計算，2024 年淨銷售額約 154 億美元，持續息稅前利潤率約為 5.8%。我們預計，在強大的新產品線的推動下，2025 年淨銷售額將有機成長約 3%，達到 158 億美元。

On a like-for-like basis, we expect a 100 basis point ongoing EBIT margin expansion and margins to be approximately 6.8%. Free cash flow is expected to deliver $500 million to $600 million. As a reminder, the adjusted effective tax rate is expected to be 20% to 25%, which is an increase compared to 2024 and impacts 2025 ongoing earnings per share by approximately $7. We expect full year ongoing earnings per share of approximately $10.

以同類計算，我們預計息稅前利潤率將持續擴大 100 個基點，利潤率約為 6.8%。預計自由現金流將達到 5 億至 6 億美元。提醒一下，調整後的有效稅率預計為 20% 至 25%，與 2024 年相比有所增加，並將對 2025 年每股持續收益產生約 7 美元的影響。我們預計全年每股收益約為 10 美元。

Turning to slide 19, you will see our overall margin guidance is unchanged. However, we have included a separate summary of the tariff impacts that we expect to fully mitigate.

翻到第 19 張投影片，您會看到我們的整體利潤率指引保持不變。然而，我們對預計將完全緩解的關稅影響進行了單獨的總結。

We expect approximately 250 basis points impact from the incremental tariff changes, net of immediate mitigation actions. It is important to note these impacts represent currently announced tariffs and do not factor in any future or potential changes in trade policy. We expect to offset these impacts through the cost-based pricing actions announced in April and by continuing to implement supply sourcing changes summarized previously.

我們預計增量關稅變更將產生約 250 個基點的影響（扣除立即採取的緩解措施）。值得注意的是，這些影響代表目前宣布的關稅，並不考慮貿易政策的任何未來或潛在的變化。我們希望透過 4 月宣布的基於成本的定價行動以及繼續實施之前總結的供應來源變更來抵消這些影響。

Turning to slide 20, I will review our unchanged capital allocation priorities. Funding our organic growth is critical to delivering innovative products that meet our consumers' needs. We are very excited about the new products we are launching this year.

翻到第 20 張投影片，我將回顧我們不變的資本配置重點。資助我們的有機成長對於提供滿足消費者需求的創新產品至關重要。我們對今年即將推出的新產品感到非常興奮。

Secondly, we are committed to reducing debt levels. We expect to pay down $700 million of debt in 2025, taking a significant step toward our 2 times net debt leverage target. Lastly, we are committed to returning cash to shareholders by funding a healthy dividend. This year marks the 70th year of steady or increasing dividends.

其次，我們致力於降低債務水準。我們預計到 2025 年將償還 7 億美元的債務，朝 2 倍淨債務槓桿目標邁出重要一步。最後，我們致力於透過提供豐厚的股息向股東返還現金。今年是股利穩定或增加的第70年。

We are confident our business is well positioned for continued growth and margin expansion in the second half, supported by our exciting new products. As Marc mentioned, we are also confident that, in the new tariff landscape, Whirlpool will be a net winner. As a reminder, the dividend is approved quarterly by the Board of Directors.

我們相信，在我們令人興奮的新產品的支持下，我們的業務將在下半年繼續成長並擴大利潤率。正如馬克所提到的，我們也相信，在新的關稅格局中，惠而浦將成為淨贏家。提醒一下，股利是董事會每季批准的。

Turning to slide 21. We have clear actions to address the upcoming debt maturities. $1.85 billion of debt is maturing this year, of which $350 million is a senior note due in May and $1.5 billion is the remaining term loan from the InSinkErator acquisition due in October.

翻到第 21 張投影片。我們有明確的行動來解決即將到期的債務。今年將有 18.5 億美元的債務到期，其中 3.5 億美元為 5 月到期的優先票據，15 億美元為 10 月到期的收購 InSinkErator 的剩餘定期貸款。

We expect to refinance the remaining $1.1 billion to $1.2 billion,after the meaningful debt repayment of approximately $700 million expected in 2025. The cash generation from the anticipated India transaction, which has generated significant interest from large third-party investors is expected in the second half of 2025.

我們預計在 2025 年償還約 7 億美元的債務後，將對剩餘的 11 億至 12 億美元進行再融資。預期中的印度交易將產生現金流，該交易已引起大型第三方投資者的濃厚興趣，預計將於 2025 年下半年產生現金流。

On slide 22, you will see we have ample space in our flexible debt ladder to optimize our refinancing plans. Over 30% of our debt matures beyond 2030, with many open windows that provide optionality for our debt maturities. Our targeted refinancing will be both a five-year and 10-year maturity time frame, which lines up well with our debt ladder openings.

在第 22 張投影片上，您將看到我們靈活的債務階梯中有足夠的空間來優化我們的再融資計畫。我們的債務中有超過 30% 將在 2030 年之後到期，並且有許多開放的窗口為我們的債務到期提供了選擇權。我們的目標再融資期限為五年和十年，這與我們的債務階梯開局一致。

On slide 23, let me review how we are well positioned for growth from our new product launches. Our organic growth of approximately 3% this year will be fueled by our new products. As previously mentioned, we have a very strong lineup of launches this year, with MDA North America transitioning over 30% of its products.

在第 23 張投影片上，讓我回顧我們如何透過新產品的發布實現成長。我們今年約 3% 的有機成長將由我們的新產品推動。如前所述，我們今年推出了非常強大的產品陣容，其中 MDA North America 轉型了其 30% 以上的產品。

A few highlights of our products launching this quarter include the KitchenAid Induction Cooktop. This cooktop is created to empower users with a sleek, frameless design, featuring an innovative WipeClean coating that is easy to clean and convenient TempCook preset for precise and consistent cooking.

我們本季推出的一些亮點產品包括 KitchenAid 電磁爐。爐灶採用時尚的無框設計，方便用戶使用，具有易於清潔的創新 WipeClean 塗層和方便的 TempCook 預設功能，可實現精確、一致的烹飪。

Our new JennAir built-in wall oven features a vertical dual-convection fan to distribute heat evenly and fast throughout the cavity for perfect results. A simplified graphic interface puts a digital sous chef in your kitchen, that takes you from prep to plate, with an intuitive cooking experience.

我們新款的 JennAir 內建壁掛式烤箱配有垂直雙對流風扇，可在整個腔體內均勻快速地分配熱量，從而獲得完美的效果。簡化的圖形介面將數位副廚師帶入您的廚房，帶您從準備到上菜，享受直覺的烹飪體驗。

In Latin America, our new Brastemp freestanding range is integrated with our Airfryer Pro for unmatched versatility. Also offering advanced features like a smart timer and auto shutdown for safety and peace of mind.

在拉丁美洲，我們的新 Brastemp 獨立系列與我們的 Airfryer Pro 集成，具有無與倫比的多功能性。還提供智慧計時器和自動關機等高級功能，以確保安全和安心。

Finally, our new KitchenAid blender offers powerful blades and variable speeds, which allow for precise control over texture and consistency to make a wide range of meals. The versatile jar takes on hot and cold ingredients to effortlessly transform more.

最後，我們的新 KitchenAid 攪拌機配備強大的刀片和可變的速度，可精確控制質地和稠度，從而製作各種各樣的飯菜。這款多功能罐可容納冷熱食材，可輕鬆轉換更多食材。

The lid features a heat release vent for splatter prevention and can blend a variety of food types for drinks, sauces, soups and batters. All of this in a beautiful design and with the durability the KitchenAid brand is known for.

蓋子具有散熱孔，可防止飛濺，並可混合多種飲料、醬汁、湯和麵糊等食物。所有這些都具有精美的設計和 KitchenAid 品牌聞名的耐用性。

These products are just a few examples of how we continue to bring new innovative products to our consumers' homes. To further highlight the excitement around our new products, slide 24 showcases a few snapshots from our recent booth at the Kitchen and Bath Industry Show, also known as KBIS.

這些產品只是我們不斷向消費者家庭提供創新產品的幾個例子。為了進一步凸顯我們新產品的魅力，第 24 張幻燈片展示了我們最近在廚房和浴室行業展覽會（也稱為 KBIS）上的展位的一些快照。

KBIS is North America's largest trade show dedicated to all aspects of kitchen and bath design. At the show, we created a significant amount of excitement from designers, trade customers, media and consumers.

KBIS 是北美最大的專注於廚房和浴室設計各個方面的貿易展。在展會上，我們引起了設計師、貿易客戶、媒體和消費者的極大興趣。

Our booth was meticulously crafted for each of our unique brands, Whirlpool, Maytag, KitchenAid and JennAir. Our successful booth showcased our commitment to innovations that improve life at home for our consumers.

我們的展位針對我們每個獨特的品牌——惠而浦、美泰格、KitchenAid 和 JennAir——進行了精心設計。我們成功的展位展示了我們致力於改善消費者家居生活的創新承諾。

As you will see on slide 25, we won an impressive seven awards at KBIS. The upcoming KitchenAid launch, which is the first full product redesign in a decade, made a notable splash at the show.

正如您在第 25 張投影片上看到的，我們在 KBIS 上贏得了令人印象深刻的七個獎項。即將推出的 KitchenAid 是十年來首次經過全面重新設計的產品，在展會上引起了轟動。

We introduced curated relevant colors and finishes designed for personalization. We demonstrated the customizable possibilities, enabling you to choose knob and handle combinations that suit your style.

我們推出了專為個人化設計而精心挑選的相關顏色和飾面。我們展示了可自訂的可能性，使您能夠選擇適合您風格的旋鈕和手柄組合。

We also introduced new, innovative features such as an intelligent auto-fill in our refrigerators, giving you the ultimate hands-free set it and forget it experience filling your water. The oven also features a built-in camera that lets you stay one step ahead of your cooking at all times, all of which received impressive feedback.

我們也推出了新的創新功能，例如冰箱中的智慧自動注水功能，讓您享受終極的免持設定和忘記注水體驗。這款烤箱還配有內建鏡頭，讓您隨時掌握烹飪進度，所有這些都獲得了令人印象深刻的回饋。

The innovative downdraft induction cooktops from JennAir demonstrated powerful and effective satisfaction. The downdraft system draws vapors downward faster than cooking vapors rise, preventing steam, grease and odors from spreading in the kitchen.

JennAir 的創新下吸式電磁爐表現出強大而有效的滿足感。下吸式系統將蒸氣向下抽吸的速度比烹飪蒸氣上升的速度快，從而防止蒸氣、油脂和氣味在廚房內擴散。

It also provides unobstructed views, leaving your kitchen space available for indefinite open concept design opportunities. This product won multiple awards and made a lasting impression.

它還提供一覽無餘的視野，讓您的廚房空間可以無限地實現開放式概念設計。該產品贏得了多個獎項並給人留下了深刻的印象。

Turning to slide 26, let me review what you heard today. I'm proud of what the team has accomplished in this volatile and uncertain macro environment, remaining agile and focused on our operational priorities. We achieved organic growth and margin expansion in the first quarter despite what has been an unfavorable environment.

翻到第 26 張投影片，讓我回顧一下你們今天聽到的內容。我為團隊在這種動盪和不確定的宏觀環境中取得的成就感到自豪，他們保持敏捷並專注於我們的營運重點。儘管環境不利，我們在第一季仍實現了有機成長和利潤率擴大。

As you heard from Marc earlier in the call, we have been faced with a cost disadvantage in North America for our predominantly US-based production for some time. While we recognize trade policies continue to evolve, we believe they will eliminate this unfair disadvantage in support of American manufacturing. We remain well positioned to capitalize on the eventual housing market recovery in the US.

正如您在電話會議早些時候聽到馬克所說的那樣，一段時間以來，由於我們的生產主要集中在美國，我們在北美面臨成本劣勢。雖然我們認識到貿易政策不斷發展，但我們相信它們將消除這種不公平的劣勢，以支持美國製造業。我們仍處於有利地位，可以利用美國房地產市場的最終復甦。

North America is poised for success through our exciting strong pipeline of new products while implementing measures to mitigate tariff impacts. Our Asia business continues to be a bright spot, delivering strong top line growth and substantial margin expansion.

北美已準備好透過我們令人興奮的強大新產品線獲得成功，同時實施減輕關稅影響的措施。我們的亞洲業務繼續成為亮點，實現了強勁的營收成長和大幅的利潤率擴張。

Our Latin America business continues to deliver, with successfully implemented pricing actions to address unfavorable currency headwinds. And we expect our global SDA business to continue to accelerate growth from new products and deliver strong EBIT margins.

我們的拉丁美洲業務繼續表現出色，並成功實施了定價措施來應對不利的貨幣逆風。我們預計，我們的全球 SDA 業務將繼續透過新產品加速成長，並實現強勁的息稅前利潤率。

As a result, we are reiterating our full year guidance. As I mentioned, our capital allocation strategy remains clear, with a focus on organic growth, debt reduction and paying our strong dividend in 2025. Overall, I am confident that we have the right operational priorities in place to deliver on our goals, while monitoring the evolving macro environment and positioning our business for success.

因此，我們重申全年指引。正如我所提到的，我們的資本配置策略仍然很明確，重點是有機成長、減少債務和在 2025 年支付豐厚的股息。總體而言，我相信我們已經制定了正確的營運重點來實現我們的目標，同時監控不斷變化的宏觀環境並為我們的業務取得成功做好準備。

Now we will end our formal remarks and open it up for questions.

現在我們將結束正式發言並開始提問。

(Operator Instructions) Laura Champine, Loop Capital.

（操作員指示）Laura Champine，Loop Capital。

And I appreciate the granularity in your presentation about the impact of tariffs. If tariffs currently fall from -- or fall from their current stated rate in China, which I think adds up to 145%, down to, let's call it, 10% or 20%, how much would that potentially impact your outlook?

我很欣賞您在演講中對關稅影響的詳細闡述。如果關稅從目前的水平下降——或者從中國目前規定的稅率（我認為總計為 145%）下降到 10% 或 20%，這可能會對您的前景產生多大影響？

Yes. So Laura, it's Marc. So obviously, we all are probably -- knowledge, right now speculating about what happens in China is pure speculation. I mean it's -- I think we would all agree, maybe 145% not happen. I can't imagine the administration goes all the way back to basically no tariffs of China or very little. So probably going to be somewhere in between.

是的。蘿拉，我是馬克。因此顯然，我們所有人可能——知識，現在對中國發生的事情的猜測純粹是猜測。我的意思是——我想我們都同意，也許 145% 不會發生。我無法想像政府會恢復對中國基本上不徵收關稅或徵收很少關稅的狀態。所以可能處於兩者之間。

But the reality -- or maybe to answer it slightly different, even a 20% changes commercial behaviors, and we see that already happening in the marketplace. But 20%, frankly, will not move factories. So if the stated intention of the administration is to move factories, they know it all, the administration is well aware of, it needs more than 20% to really start moving factories.

但現實情況是——或者換個說法，即使 20% 的改變也會改變商業行為，而且我們看到這種情況已經在市場上發生了。但坦白說，20%的人不會搬遷工廠。因此，如果政府聲稱的意圖是搬遷工廠，他們都知道，政府很清楚，真正開始搬遷工廠需要超過 20%。

Now moving beyond this one, as you also know, it's not just China. We're talking about basically Southeast Asia, which all benefit from cheap Chinese deals. Also here, it's -- I think the government and the administration knows very well you can't close the front door in and leave the entire back to open. And I think the odds that all tariffs basically go back to pre Rose Garden ceremonies, I would consider very low.

現在，超越這一點，正如你們所知，這不僅僅是中國的問題。我們談論的主要是東南亞，這些地區都受益於中國的廉價交易。另外，我認為政府和行政部門非常清楚，不能關上前門，而把後門敞開。我認為所有關稅基本上恢復到玫瑰園儀式之前水平的可能性非常低。

Got it. And you called out in the press release impacts from Asian competitors preshipping appliances to try to get ahead of tariffs. Is the impact on your business from that cooked? Or will we continue to see an impact in Q2 and Q3?

知道了。您在新聞稿中指出了亞洲競爭對手在裝運家用電器之前試圖搶在關稅之前的影響。這對您的業務有影響嗎？或者我們會繼續看到第二季和第三季的影響嗎？

So Laura, just to put it in perspective, we all know Q4 and Q1, the industry -- the US industry was approximately flat. The imports from Asian producer, again, not just China, all Asian producers, in Q4 was up 30%; and January, February, also at the same level, up 30%. We don't yet have a March data.

所以勞拉，從這個角度來看，我們都知道第四季和第一季度，美國產業大致持平。第四季來自亞洲生產商的進口量（不僅是中國，而是所有亞洲生產商）成長了 30%；而1月、2月也處於同一水平，上漲了30%。我們還沒有三月的數據。

So obviously, that certainly means any definition of preloading into the marketplace. And I would say, obviously, with any pauses, that preloading will continue, even I would say it's been a larger range.

顯然，這肯定意味著對預加載市場的任何定義。我想說，顯然，無論暫停多久，預載都會繼續，甚至我會說它的範圍更大。

So right now, we assume there's a fairly sizable amount of inventory in the country, maybe not all the trade. And of course, that brings some market disruption. Maybe not entirely surprising. We managed for that in Q1, and we right now expect similar market dynamics in Q2. But as we demonstrated in Q1, I think we can manage it.

因此，現在我們假設該國有相當數量的庫存，也許不是所有的貿易。當然，這會帶來一些市場混亂。這也許並不完全令人驚訝。我們在第一季就實現了這個目標，目前我們預期第二季的市場動態也類似。但正如我們在第一季所展示的那樣，我認為我們可以做到。

It's not easy, but we can manage it. But again, the more important thing is, once the tariffs fully kick in and -- I think you will see quite a bit of a change in the market dynamics.

這並不容易，但我們可以做到。但更重要的是，一旦關稅全面生效——我認為你會看到市場動態發生相當大的變化。

Sam Darkatsh, Raymond James.

山姆達卡什、雷蒙德詹姆斯。

A couple of questions here. First off, you noted that you're going to be looking to get some additional price in April. Can you help quantify that and maybe put a little bit of color on that in terms of how much of that is going to be specific to microwave ovens versus the broad line?

這裡有幾個問題。首先，您指出您將尋求在四月份獲得一些額外的價格。您能否幫助量化這一點，並稍微解釋一下其中有多少是針對微波爐的，有多少是針對廣泛的產品線的？

Sam, it's Marc. So as you highlighted, we had an April another price increase. Again, that comes on top of a number of price increases over the last 12 months. Basically, what we communicated, the price increase are largely referring to the component cost impact, which we experienced and which we passed on.

山姆，我是馬克。正如您所強調的，我們在四月又一次提價了。再次，這是在過去 12 個月中價格多次上漲的基礎上發生的。基本上，我們所傳達的價格上漲主要是指零件成本的影響，我們已經經歷過並且已經轉嫁了這種影響。

There's -- we're not going to give out the details about product group by product group, but it's largely meant to cover the component cost impact, I think, on microwaves, et cetera, where we may also have some supply chain solutions over time.

我們不會逐一透露產品組的詳細信息，但主要是為了涵蓋微波爐等產品的組件成本影響，隨著時間的推移，我們可能還會有一些供應鏈解決方案。

So let's see how that all plays out. But put it all together, because again, you have now multiple actions on pricing which impact promotional depth, which impacts, what we call the MAP, the minimum advertised prices, in some cases, list prices.

那麼讓我們看看這一切將如何發展。但把所有這些放在一起，因為再次強調，您現在對定價採取了多項行動，這些行動會影響促銷深度，進而影響我們所說的 MAP，即最低廣告價格，在某些情況下，也影響標價。

Put a better altogether, I think that gives us not only confidence on the 0.75% price, which we have right now in the margin year over year. But you also know that we have it in the tariff offset action, about two points, a big part of that is pricing. So put that both together, I think you will see a full year perspective which is, on a pure pricing side, well north of one, probably getting closer to two points up.

總而言之，我認為這不僅讓我們對 0.75% 的價格充滿信心，而且我們目前的利潤率也與去年同期相比有所提高。但你也知道，我們在關稅抵銷行動中，大約有兩點，其中很大一部分是定價。因此，將兩者結合起來，我認為你會看到全年的前景，從純粹的定價方面來看，將遠遠超過 1 個百分點，可能接近 2 個百分點。

And then my second question, if I could. You noted last quarter sell-through was healthy. I think sell-through in the first quarter, you've been indicating that it's been similarly improved. How much, based on your market intelligence, are you seeing with respect to -- I'm sorry, consumer pull forward, not necessarily from retailers trying to beat tariffs, but consumers perhaps accelerating their purchase decision ahead of tariffs?

然後是我的第二個問題，如果可以的話。您注意到上個季度的銷售情況良好。我認為第一季的銷售量也得到了類似的改善。根據您的市場情報，您認為在多大程度上——抱歉，消費者提前購買，不一定是零售商試圖避開關稅，而是消費者可能在關稅之前加快了購買決定？

Yes, Sam, let me maybe split it in two pieces of answers. First of all, that's completely back in office. As you very well know, we have -- I mean, our demand is roughly replacement. And right now, pure replacement probably in Q1 went up to 65%. We don't have final data. So it's a very, very significant portion of the market.

是的，山姆，讓我把它分成兩個答案。首先，這已經完全回到了辦公室。如您所知，我們有—我的意思是，我們的需求大致是替代。目前，第一季的純替代品可能已經上升到 65%。我們還沒有最終數據。因此，它佔據了非常非常重要的市場份額。

Now it's good because it's strong. It gives you a good baseload. Where we felt softness in particular as the quarter progressed was on the discretionary side of demand. That is, also here, not surprising because that's newly tied to consumer confidence. And as we all have seen consumer confidence was taking a significant hit coming February, March.

現在它很好，因為它很強大。它為您提供了良好的基本負載。隨著本季的進展，我們感覺到需求的疲軟尤其表現在可自由支配的需求。這也不奇怪，因為這與消費者信心密切相關。正如我們所看到的，消費者信心在二月和三月受到了嚴重打擊。

So the discretionary side of the demand is weak, has been weak, as we all know for the last two years, and exit rate of consumer confidence and discretionary demand end of Q1 was soft. Similar things probably will happen in Q2. So we're not -- that's why we said early market demands main remain the same.

因此，正如我們所知，過去兩年來，非必需品需求一直很弱，第一季末消費者信心和非必需品需求的退出率也很疲軟。類似的事情可能還會在第二季發生。所以我們不是——這就是為什麼我們說早期市場需求主要保持不變。

In terms of a specific question about consumer preloading, frankly, I know there have been some retail advertising along these lines, I would say it's fairly limited. It's fairly limited. We may see something coming closer towards late June, if the real magnitude of tariffs kick in. But so far, it's been somewhat limited.

關於消費者預先載入的具體問題，坦白說，我知道有一些類似的零售廣告，但我認為相當有限。這是相當有限的。如果關稅的實際幅度開始生效，我們可能會在六月底看到一些進展。但到目前為止，其效果還比較有限。

Michael Rehaut, JPMorgan.

摩根大通的麥可雷豪特。

Appreciate all the detail on the tariffs. But I wanted to delve in a little bit more and just make sure we're thinking about it correctly. Going to slide 15, where you break out the differences in your cost versus your Asian competitors.

感謝您提供有關關稅的所有詳細資訊。但我想深入研究一下，確保我們對此的思考是正確的。前往第 15 張投影片，您將在其中詳細列出您與亞洲競爭對手之間的成本差異。

Is the upshot of this slide that, due to the tariffs, essentially your competitors would be paying that additional $70 that you're currently paying? Or I would have thought perhaps that given the greater amounts of overseas production, on top of maybe just steel, there'd be a significantly higher tariff headwind for those Asian producers?

這張投影片的意思是，由於關稅，您的競爭對手實際上需要支付您目前支付的額外 70 美元嗎？或者我可能會認為，考慮到海外產量的增加（可能不僅僅是鋼鐵），這些亞洲生產商面臨的關稅阻力會更大？

So I was wondering if you could go into that a little bit. And certainly, you've done an extensive analysis on your top competitors. And of course, I'm thinking of your two major South Korean Asian competitors. If you could walk through, perhaps, when you think about the US product that they sell, what percent is produced overseas?

所以我想知道您是否可以稍微解釋一下這一點。當然，您已經對您的主要競爭對手進行了廣泛的分析。當然，我想到的是你們在亞洲的兩個主要韓國競爭對手。如果你可以仔細想想，當你想到他們銷售的美國產品時，有多少百分比是在海外生產的？

And why wouldn't we be thinking of a much higher tariff per unit per se than the $70 that, right now, you estimate you're at a disadvantage at?

為什麼我們不考慮對每單位產品徵收比您目前估計處於不利地位的 70 美元更高的關稅呢？

So Mike, obviously, that question probably deserves a little bit long answer. First of all, one upfront, I clarify also, we -- this time, we spent an unusual amount explaining the details of the tariffs and all impact, don't expect that going forward. We should also talk about our business results. But anyhow, so we just felt it's appropriate given that it's a lot of discussion.

所以麥克，顯然，這個問題可能需要一個稍微長一點的答案。首先，我要先澄清一點，我們——這次，我們花了異常多的時間來解釋關稅的細節和所有影響，但不要指望以後還會有這種情況發生。我們也應該談談我們的業務成果。但無論如何，我們只是覺得這是合適的，因為有很多討論。

First of all, the lay of the land in terms of production. We produce 80% of what we sell in the US. Of what we produce in the US, the vast majority is done with domestic components. So 98% of steel, which we source in the US, the same is true. So we are, by any definition, a US producer for the US market.

首先，生產方面的地形。我們生產的 80% 產品銷往美國。我們在美國生產的產品絕大多數都是以國內零件生產的。因此，我們從美國採購的 98% 的鋼材都是如此。因此，無論從哪個角度來看，我們都是一家為美國市場服務的美國生產商。

The rest of the industry, if you take Whirlpool out of equation, is only about 25% domestic production. And we're not going to lay it out, of course, we assume that we have, for every competitor, a very detailed understanding where we produce. But it's the rest of the industry is basically -- to simplify, the rest of the industry is imported largely and we are a local producer. That's the simple lay of land.

如果將惠而浦排除在外，該產業其他產品的國內產量僅為 25% 左右。當然，我們不會將其列出，我們假設我們對每個競爭對手的生產地點都有非常詳細的了解。但該行業的其餘部分基本上是 - 簡而言之，該行業的其餘部分大部分是進口的，而我們是本地生產商。這就是簡單的地形。

Now to that chart, and again I want to reemphasize, that is a pre-existing tariff loophole. We've been -- of course, we knew about this for a long time. It's basically sitting in our baseline largely in --, a good pressure on our market share because we couldn't fill our factories.

現在來看這張圖表，我想再次強調，這是一個預先存在的關稅漏洞。我們——當然，我們很早就知道這一點。它基本上處於我們的基線，很大程度上對我們的市場份額構成了很大的壓力，因為我們無法填滿我們的工廠。

But it's a structural disadvantage which comes from steel. And again, I want to reemphasize, half of our product weight is steel. It's massive. On some products and dishwashers, even more so.

但這是鋼材帶來的結構性缺點。我想再次強調，我們產品重量的一半是鋼。它非常龐大。對於某些產品和洗碗機來說，情況更是如此。

Of course, if we can't buy cheap Chinese steel and everybody else can, that makes a big difference. If we have to pay it on component costs like LED panels, which we can't source in US, et cetera, if we have tariffs. And the other guys don't have to pay tariffs, it makes it different. So it's massive.

當然，如果我們不能買到便宜的中國鋼鐵，而其他人卻能買到，那就有很大的不同了。如果我們必須支付 LED 面板等組件成本，而我們無法在美國採購這些組件，那麼如果我們有關稅的話。而其他人則不必繳關稅，這是不同的。所以它非常龐大。

So again, it's a pre-existing loopholes. The new administration has already taken some steps in trying to close that. And I think the administration is well aware of our concerns. And --, I give them a lot of credit for that. I think there are multiple tools that the administration has at their hands to close that loophole. The reciprocal tariffs might be one, but that could be also 2. So let's see what's happening.

所以，這又是一個預先存在的漏洞。新政府已採取一些措施試圖解決這個問題。我認為政府非常了解我們的擔憂。並且──我對此給予他們很大的讚揚。我認為政府有多種手段可以彌補這個漏洞。互惠關稅可能是一，但也可能是二。讓我們看看發生了什麼。

But of course, I think we just want to show -- that we're not asking for subsidies, gifts or handouts, we're just asking the loopholes are being closed. And I think there is -- I think we have a high degree of confidence that the new administration will close these loopholes.

但當然，我認為我們只是想表明——我們不是在要求補貼、禮物或施捨，我們只是要求堵塞漏洞。我認為，我們非常有信心新政府會彌補這些漏洞。

Yes. And Mike, just to say, and you asked why would the impact not necessarily be higher or whatever, I think as Marc said, depending on what the go-forward tariff structure is, it could close this gap and then some. But again, we don't have a definitive answer on that. But what we're highlighting is that we do expect that, at a minimum, this gap will be closed.

是的。麥克，我只是想說，你問為什麼影響不一定會更高，或者其他什麼，我認為正如馬克所說的那樣，這取決於未來的關稅結構，它可能會縮小這個差距，然後再縮小一些。但同樣，我們對此還沒有明確的答案。但我們要強調的是，我們確實希望至少這一差距能夠縮小。

And then what comes on top of that, depending on how the tariffs are structured and all that, could create more incentive to produce in the US and give us an opportunity to, again, as Marc said, increase the volumes within our factories.

然後，除此之外，還取決於關稅的結構等，這可能會為在美國生產創造更多動力，並給我們一個機會，正如馬克所說的那樣，增加我們工廠的產量。

Right. Right. No, I appreciate that. I guess second question, just looking at that 250 tariff cost headwind that you expect to offset this year through price and cost. Would it be possible to break down roughly what you expect to do from price versus cost?

正確的。正確的。不，我很感激。我想第二個問題是，只看您預計今年將透過價格和成本抵消的 250 關稅成本逆風。您能否從價格和成本的角度粗略分析一下您的預期？

I think you said, Marc, if I head you right, maybe another 100 to 200 basis points all in. That's a bit of a wide range. But any type of breakdown there?

馬克，我想你說過，如果我沒聽錯的話，可能還會再增加 100 到 200 個基點。範圍有點廣泛。但那裡有任何類型的故障嗎？

And also, if the tariff headwinds maybe aren't coming in maybe from a timing perspective until July, you have the price increase effective in April, I'm just wondering if there might be an additional tailwind from a timing perspective, if I'm thinking about that right.

此外，如果從時間角度來看，關稅逆風可能要到 7 月才會出現，而價格上漲將在 4 月生效，我只是想知道，從時間角度來看，是否會出現額外的順風，如果我沒有想錯的話。

So Michael, and again, you're referring to is page 19, where we show the tariff impact, 2.5 points, and the actions also 2.5 points. First of all -- and I appreciate many of you already want to see more detail behind how it's coming together.

邁克爾，您再次提到的是第 19 頁，其中我們顯示了關稅影響 2.5 點，行動也顯示了 2.5 點。首先——我很感激你們中的許多人已經想了解它是如何形成的更多細節。

The first one I want to clarify, the negative side of tariff impact is building already. So it's not like versus July and all of a sudden, you see it. Because, of course, we see already a change in the 232 that's already impacting us.

首先我想澄清的是，關稅影響的負面影響已經在顯現。因此，與 7 月相比，你不會突然發現這一點。因為，當然，我們已經看到 232 的變化已經對我們產生了影響。

The base tariffs were 10%, with 20% there already impacting us. So the impact is already there. But of course, it's going to be, based on today's assumption, significantly higher in the back side or back half of the year.

基本關稅為 10%，其中 20% 已經對我們產生了影響。因此影響已經存在。但當然，根據今天的假設，今年後半年的水準將會大幅上升。

The other factor which you need to take into account, and that's why we don't want to get in too much detail, of course, we also made sure we have component inventories at our hands. And I think you will appreciate that we can't get into detail how much component we have on each one. So we took certain measures also to buffer the impact to some extent. So that's why it's a mixed picture here.

您需要考慮的另一個因素，這就是我們不想談論太多細節的原因，當然，我們也確保我們手邊有零件庫存。我想你會明白，我們無法詳細說明每個元件有多少個。所以我們也採取了一定的措施來在一定程度上緩解影響。這就是為什麼這裡的情況好壞參半。

On the actions, and more your new question on the pricing side, and you need to take two things together. One is the 0.75 points of pricing which we already have in our plans. And of the additional actions, I would say, probably more than half or almost two-thirds of that will come from pricing. But there are additional cost actions and there is additional actions which we do in terms of rewiring the supply chain, which will help us.

關於行動，以及您在定價方面的新問題，您需要將兩件事結合起來考慮。一個是我們計劃中已有的0.75點定價。我想說，在額外的行動中，大約一半以上或近三分之二將來自定價。但是，我們還採取了額外的成本措施，並在重新佈局供應鏈方面採取了額外的行動，這將對我們有所幫助。

I also want to reemphasize what I said in my prepared remarks, is the rewiring of supply chain for us is limited. By definition, we are a US producer, only 5% of what we sell in US is sourced in China. Now we have components, so there's still some rewiring. But compared to anybody else, in our case, it's a very limited amount.

我還想再次強調我在準備好的發言中所說的話，對我們來說，供應鏈的重新佈局是有限的。根據定義，我們是美國生產商，我們在美國銷售的產品中只有 5% 來自中國。現在我們有了組件，因此仍需要進行一些重新佈線。但與其他人相比，在我們的情況下，這個數量非常有限。

And I think the other thing, Mike, to your question on a tailwind from pricing in the second quarter. Again, as we implement all this in April here, you have to think about some of the offset. As we talked about earlier, that there has been some product loaded into the market by Asian competitors that will be making its way through. So that's a bit of a headwind.

麥克，我認為你的另一個問題是第二季定價的順風。再次，當我們在四月實施所有這些措施時，您必須考慮一些抵消措施。正如我們之前所討論的，亞洲競爭對手已經向市場推出了一些產品，並正在努力打入市場。所以這有點不利。

Additionally, just think about how the promotional periods play out throughout the year. And you'll see in a Memorial Day type of begin to see this. But really Fourth of July and the back half of the year is where we begin to see a lot more benefits from some of these type of promotional price increases. So that's why we think the bigger benefit does come in the back half of the year on this.

此外，想想全年的促銷期是如何進行的。您會在陣亡將士紀念日開始看到這種情況。但實際上，從七月四日和下半年開始，我們就開始看到這類促銷價格上漲帶來的更多好處。所以我們認為更大的好處將在下半年出現。

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

Hearing on that conversation, I guess when you do think about the benefits of the pricing coming through in the back half and these cost actions and other steps that you're taking, can you walk us through a bit how you're thinking of the North America MDA margins as we think about the sequential moves over the next couple of quarters in there? Maybe something around first half, second half, anything of that nature?

聽到那次談話，我想當您確實考慮下半年定價帶來的好處以及您正在採取的這些成本行動和其他措施時，您能否向我們介紹一下，當我們考慮未來幾個季度的連續變動時，您對北美 MDA 利潤率的看法是什麼？也許是上半場、下半場之類的事情？

Yes, Sue, this is Jim. As we said, for North America in the second quarter is probably relatively similar to the first quarter. So it does imply a build in the second half of the year. And I think you have to think about it this way, and it's going to be about a 200 to 250 basis point build in the back half of the year. First off, we believe price/mix will be positive.

是的，蘇，這是吉姆。正如我們所說，北美第二季的情況可能與第一季相對相似。因此這確實意味著下半年會出現成長。我認為你必須這樣想，今年下半年利率將上升約 200 至 250 個基點。首先，我們相信價格/組合將是正面的。

It could be 100 basis points plus positive. Part of that, as we just mentioned, with the promotional price increases we've taken, the portion that's not offsetting some of the headwinds or other things we see and the previously announced ones, will benefit us to. We've got new products launching in the back half of the year which will give us a mix benefit. Because you think about it, it's a lot of KitchenAid product that we'll be launching in the back half of the year.

它可能為正數加 100 個基點。正如我們剛才提到的，隨著促銷價格的提高，部分無法抵消我們看到的阻力或其他因素以及先前宣布的阻力的部分將使我們受益。我們將在今年下半年推出新產品，這將為我們帶來綜合效益。因為你想一想，今年下半年我們將推出很多 KitchenAid 產品。

Nexr, net cost. We see probably about 75 basis points in net cost that will come as we go towards the back half of the year. Just with current cost actions we put in place as well as some of the additional cost actions we identified at the back or at the beginning of the year. Also, we should get some volume leverage in the back half of the year that will come.

Nexr，淨成本。我們預計，到今年下半年，淨成本可能會上升約 75 個基點。僅根據我們實施的當前成本行動以及我們在去年或年初確定的一些額外成本行動。此外，我們應該在今年下半年獲得一些銷售槓桿。

And then probably the last piece there is just from a volume perspective, as some of this product that's been loaded into the marketplace works its way through. And we see the opportunity as a large domestic producer to hopefully increase some of our market share, drive some of our market share, that should give us about another 50 -- 75, 50 basis points there. So again, that's the build of how I would see this ramping up throughout the back half of the year.

然後可能最後一個部分只是從數量的角度來看，因為一些已經裝入市場的產品正在發揮作用。作為一家大型國內生產商，我們看到了增加部分市場份額、推動部分市場份額的機會，這將為我們帶來另外 50-75、50 個基點的收益。所以，這就是我所預見的下半年趨勢的演變。

Okay. That's helpful. And then turning to the SDA business that saw some really nice momentum to start 2025. Can you talk about the path there for the balance of the year? And how we should be thinking about bridging the nice margin performance this quarter relative to the annual guide that I think you reiterated in your comments?

好的。這很有幫助。然後轉向 SDA 業務，該業務在 2025 年開始呈現出非常好的發展勢頭。能談談今年剩下的計畫嗎？我們應該如何考慮將本季度的良好利潤表現與年度指南進行比較，我想您在評論中已經重申了這一點？

Yes. So Susan, I mean, obviously, we've been very pleased with a very strong first quarter for SDA. That strong quarter came on the back of really the product innovations, which we talked last year about. It's a coffee maker. It's the rice grain cooker.

是的。蘇珊，我的意思是，顯然，我們對 SDA 第一季的強勁表現感到非常高興。這個強勁的季度實際上是依靠我們去年談到的產品創新來實現的。這是一台咖啡機。就是米粒煲。

It's the battery part of the wireless appliances. So there's a lot of good products. But, and that's very important, we also had on our spend mix of business, the right above 1% of the business, a very strong Q1. So we feel very good. But I think the only caveat, I would say, is the seasonality of the SDA business is different than the MDA business.

它是無線設備的電池部分。所以有很多好產品。但是，非常重要的是，我們的業務支出組合也非常強勁，第一季的業務支出佔比超過 1%。所以我們感覺非常好。但我認為唯一的警告是，SDA 業務的季節性與 MDA 業務不同。

So Q1, by definition, is a small quarter. But frankly, yes, it makes us feel good that we exit this smaller quarter on a very, very strong performance level, even while we continued heavy marketing investments in the SDA business. So I would say, at this point, we're very confident about the full year guidance on the SDA business, and Q1 certainly gives us increased confidence towards the guidance.

因此，根據定義，Q1 是一個小季度。但坦白說，是的，儘管我們繼續在 SDA 業務上進行大量的行銷投資，但我們以非常非常強勁的業績水平結束了這個較小的季度，這讓我們感到很高興。因此我想說，目前，我們對 SDA 業務的全年指引非常有信心，而第一季無疑讓我們對該指引更有信心。

David MacGregor, Longbow Research.

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

I just wanted to thank you again for all the details around the tariffs. As I understand that most of the import -- pending imported product is positioned in the mass premium segment of the market. I guess the question is, what percentage of your US unit volume overlaps with tariff-impacted imports?

我只是想再次感謝您提供有關關稅的所有細節。據我了解，大多數進口——待進口產品都定位在大眾高端市場。我想問題是，你們在美國的單位產量與受關稅影響的進口量重疊的百分比是多少？

Yes, David, it's Marc. So again, it's -- I wouldn't just say it's mass premium. I think that will be a misdirection. There are mass premium elements of imports coming, yes, from Thailand or Korea. But keep in mind, there is a not a small private label business and, what we call OPP, opening price point business, which particularly comes from China but also from other markets.

是的，大衛，我是馬克。所以再說一次，我不會只說它是大眾溢價。我認為那會是一種誤導。是的，來自泰國或韓國的進口產品中確實含有大量優質元素。但請記住，自有品牌業務和我們所說的 OPP（開放價格點業務）規模不小，這些業務主要來自中國，但也來自其他市場。

So it plays across all spectrums. Key balls in mind, in particular, if you have some very aggressive opening price points coming from private label, which came with all the advantaged opportunity as we talked about, that puts pressure on entire product line.

因此它適用於所有頻譜。特別要記住的是，如果你有一些來自自有品牌的非常激進的開盤價位，正如我們所討論的，這帶來了所有有利的機會，這會給整個產品線帶來壓力。

So if you have a private label topload, which is all of a sudden sold at 3 49, that puts an entire line down. So I would argue, the Asian imports, producer imports impact pretty much the entire product line. Maybe with a small exception for super premium, like on the JennAir. But other than that, it impacts the entire range.

因此，如果您有一個自有品牌的頂裝產品，突然以 3.49 美元的價格出售，整個生產線就會受到影響。所以我認為，亞洲進口、生產商進口幾乎影響了整個產品線。也許對於超級高級旅客會有小例外，例如 JennAir。但除此之外，它會影響整個範圍。

Interesting. Second question, I just wanted to go back to SG&A. You talked about the strength of the direct-to-consumer business, which is an interesting model. Can you talk about the development there? And how we should think about how that grows as a percentage of that business going forward? And also, I guess, to the extent that you see direct-to-consumer impacting the major line -- the major appliance line?

有趣的。第二個問題，我只是想回到銷售、一般和行政費用 (SG&A)。您談到了直接面向消費者的業務的優勢，這是一個有趣的模式。能談談那裡的發展嗎？我們應該如何看待其未來業務的成長百分比？而且，我想，您是否認為直接面向消費者的模式對主要產品線—主要家電產品線產生了影響？

Yes, David. I mean, first of all, I got to acknowledge, I mean, the SDA business is probably more geared towards an online purchase than the MDA business. On the MDA business, it's just -- because of the size of product, the fact that you have to install it, it's just a -- of course, you can also sell it online and we see that quite a bit. But the SDA is a little bit easy. It's easy to ship.

是的，大衛。我的意思是，首先，我必須承認，SDA 業務可能比 MDA 業務更適合在線購買。對於 MDA 業務來說，由於產品的尺寸，你必須安裝它，所以當然你也可以在網上銷售它，這種情況我們經常看到。但 SDA 有點簡單。運送很方便。

There's no installation. And frankly, take a stand mixer, I mean, most people don't need to kick the tires on them. So we know it's a fantastic product. I probably already have it at home. So I think that's why the predisposition of these two businesses is slightly different.

沒有安裝。坦白說，就拿立式攪拌機來說，我的意思是，大多數人不需要對它進行仔細的測試。所以我們知道這是一款出色的產品。我可能已經在家裡有它了。所以我認為這就是為什麼這兩家企業的傾向略有不同。

Having said that, our SDA business has been -- over the past couple of years, have been on a really impressive journey of driving basically overall now a quarter of the business is direct-to-consumer business. So it's a very good business for us.

話雖如此，我們的 SDA 業務在過去幾年中經歷了一段令人印象深刻的發展歷程，基本上現在四分之一的業務是直接面向消費者的業務。所以這對我們來說是一筆非常好的生意。

As you also know, the way we look at this direct-consumer business, it's not just the first sale, it's a second sale because it drives follow-on business. It drives customer loyalty. It gives us opportunity to stay in touch with our consumers. So it is an attractive business, and the team has done a fantastic job in growing that.

如您所知，我們看待直接消費者業務的方式不僅僅是第一次銷售，而是第二次銷售，因為它可以推動後續業務。它能提高客戶忠誠度。它使我們有機會與消費者保持聯繫。所以這是一項很有吸引力的業務，而且團隊在發展這項業務方面做得非常出色。

While recognizing there is always going to be a role for traditional retail. So we're not trying to replace it, we're trying to augment it. Because there are some consumers, yes, who want to be -- interaction, in touch with the producer.

同時也意識到傳統零售業始終會發揮其作用。所以我們不是想取代它，而是想增強它。因為確實有一些消費者想要與生產者互動、保持聯繫。

Mike Dahl, RBC.

加拿大皇家銀行的麥克達爾。

Jim, I just want to follow up again on the North American dynamic, just so we're sure we're clear. When you say 2Q is going to be similar, do you mean both from a top line and a margin standpoint, i.e., like flattish sales and a low 6s margin?

吉姆，我只是想再次跟進北美的動態，以確保我們清楚這一點。當您說第二季的情況會類似時，您是指從營業收入和利潤率的角度來看，即銷售額持平且 6s 利潤率較低嗎？

And then stepping up, I guess that implies stepping up to like high eight on margin in the back half of the year, which would be up quite a bit. Is that the right way to think about how you're framing those comments?

然後逐步提高，我想這意味著在下半年利潤率將上升到 8% 左右，這將是相當大的成長。這是您思考如何組織這些評論的正確方式嗎？

Yes, it is. I mean, again, as we said we really see with what's going on in the marketplace right now and the movement of product that's been loaded in. We see a Q2 that's going to be similar, and we don't give exact margin guidance, but similar to what Q1 was. And then the build that I did really implies a movement from around 6.25% to close to 8.5% to 8.75%.

是的。我的意思是，正如我們所說，我們確實看到了現在市場上正在發生的事情以及已裝載產品的流動情況。我們認為第二季的情況將與第一季類似，我們不會給出確切的利潤率指導，但與第一季的情況類似。然後我所做的構建實際上意味著從大約 6.25% 到接近 8.5% 到 8.75% 的變動。

Now again, as we said, we think some of the margin right now is just artificially suppressed the amount of product that's been loaded into the marketplace. But again, I want to reemphasize, we believe our cost actions, the pricing we've taken and then the volume opportunities that we continue to see and build add up to a pretty significant improvement as you go to the back half of the year.

現在，正如我們所說的，我們認為目前的部分利潤只是人為地抑制了進入市場的產品數量。但我再次強調，我們相信，我們的成本行動、我們採取的定價以及我們繼續看到和建立的銷售機會，在下半年將帶來相當顯著的改善。

Michael, it's Marc. Just I want to reiterate what Jim was saying. Of course, in the grand scheme of things, the tariffs will, in particular, help our North America business. But I want to reemphasize, the products which we're introducing and which we've just shown as KBIS are just outstanding. Honestly, in my 26 years, I've rarely seen such a positive response to new products, as I've seen it KBIS.

邁克爾，我是馬克。我只是想重申吉姆所說的話。當然，從整體來看，關稅將特別有利於我們的北美業務。但我想再次強調，我們推出的產品和剛剛展示的 KBIS 產品都非常出色。說實話，在我 26 年的職業生涯中，我很少看到對新產品的回應像 KBIS 那樣積極。

So we feel -- I really want to be clear is, yes, tariff is one thing, but tariff plus new products or particularly new products really points to an exciting future for North America business.

所以我們覺得——我真的想明確的是，關稅是一回事，但關稅加上新產品或特別是新產品確實預示著北美業務將有一個令人興奮的未來。

Yes. And Marc, I hear you on that and the stuff we saw at KBIS. I think the bigger picture question or concern I have is as we think about the incremental over the past couple of months, you're acknowledging that there's been a big shift in the consumer landscape. There's still some lingering effects from the import demand or the import preload. I understand your point of view on the relative benefits that can come your way over time from some of these shifts.

是的。馬克，我聽說了你所說的這件事以及我們在 KBIS 看到的東西。我認為我所關心的更大的問題或擔憂是，當我們思考過去幾個月的增量時，你承認消費者格局發生了巨大的轉變。進口需求或進口預載仍存在一些揮之不去的影響。我理解您的觀點，即隨著時間的推移，這些轉變會為您帶來相對的利益。

But with those near-term pressures and some uncertainty, some cost headwinds that are incremental that you do have to offset, I guess, in particular, on the demand side, why hold the guide? Like it seems like that's -- it doesn't seem like that's leaving yourselves much room in a pretty uncertain environment?

但是，考慮到這些短期壓力和一些不確定性，以及你必須抵消的一些增量成本阻力，我想，特別是在需求方面，為什麼要堅持指導呢？看起來這似乎——在一個相當不確定的環境中，這似乎沒有給你們太多空間？

Marc Yes. So Michael, first of all -- and I also am reiterating what Jim was saying, we're not counting on a massive improvement of consumer behavior or consumer landscape. We guided earlier, in particular, in North America, essentially pretty much for a flat market environment. Maybe that's now flat to maybe low single digits down, because consumer confidence is down and as such for discretionary demand is not strong. So we're not counting on a dramatic improvement market environment.

馬克 是的。所以邁克爾，首先——我也重申吉姆所說的話，我們並不期待消費者行為或消費者格局會有巨大的改善。我們先前預測，特別是在北美，市場環境基本上是穩定的。現在可能持平或下降個位數，因為消費者信心下降，因此可自由支配的需求不強勁。因此，我們並不指望市場環境會出現顯著改善。

But what we are counting on is on the things which we are in our control, the cost takeout, the pricing actions which were taken and the new product introduction. That's what we're counting on. And frankly, we all know it's why we quantified the impact of our tariff headwinds, I think with tariff tailwinds, depending now how this all comes together, could be significant. So you take both things into equation, I tell you right now, we have confidence in the full year guidance, and that's why we kept the guidance.

但我們所依賴的是我們能夠控制的事情，即成本削減、採取的定價行動以及新產品的推出。這正是我們所指望的。坦白說，我們都知道這就是為什麼我們要量化關稅逆風的影響，我認為關稅順風的影響可能很大，這取決於現在這一切如何結合在一起。所以你把這兩件事都考慮進去，我現在告訴你，我們對全年指導有信心，這就是我們保持指導的原因。

I think you have to think about it that over the last 12 months, we've taken multiple promotional price increases we've talked about. We've put in place numerous significant cost actions that we continue to put in place and build upon.

我想你必須考慮一下，在過去的 12 個月裡，我們已經多次實施了我們談論過的促銷價格上漲。我們已經採取了許多重大的成本行動，並將繼續實施和發展這些行動。

And then we're in an environment right now where, as we said, we don't assume overall demand improves, but what you're seeing is an influx of Asian-produced product into the marketplace that's at least displacing a certain amount of our product.

然後，正如我們所說，我們現在所處的環境並不認為整體需求會改善，但你看到的是亞洲生產的產品湧入市場，至少取代了我們一定數量的產品。

That has to flush out. Listen, it's not indefinite. And at some point that begins to slow down. And so that's what we assume or -- that is that by the back half of the year, we're back to a more normalized environment there. And we think with all the actions we've taken that Marc talked about positions us well for the back half of this year.

那就必須沖洗掉。聽著，這不是無限期的。而到了某個時候，這種速度就會開始減慢。所以這就是我們的假設——到今年下半年，我們將恢復到更正常的環境。我們認為，馬克所說的所有行動都為我們在今年下半年的順利開展做好了準備。

Rafe Jadrosich, Bank of America.

美國銀行的 Rafe Jadrosich。

And I appreciate all the color on tariffs as well. Just following up on Mike's question. Just maybe can you give a little bit more color on the second half, what are the assumptions around elasticity of demand for the industry and maybe your market share gain versus competitors?

我也很欣賞各種有關關稅的言論。只是繼續回答麥克的問題。您能否對下半年的情況進行更詳細的描述，對行業需求彈性的假設是什麼，以及與競爭對手相比您的市場份額增長情況如何？

And could you maybe talk about what you're seeing from a pricing perspective from competitors? Have you seen them change at all given the increase on their sourcing costs?

您能否從競爭對手的定價角度談談您的看法？鑑於採購成本的增加，您是否看到他們有任何變化？

Rage, It's Marc. Obviously, there's a lot of unknowns at this point in the marketplace, to be very honest. First of all, on the broader category elasticity, and we -- I think we made this point before, from a pure consumer perspective, the category price elasticity is actually fairly limited.

憤怒，是馬克。顯然，坦白說，目前市場上存在著許多未知數。首先，關於更廣泛的類別彈性，我想我們之前就提出過這一點，從純粹的消費者角度來看，類別價格彈性實際上相當有限。

You do see, of course, in the store, once you're in the store, and you see a product that's priced at $4.99 and one at $5.99, yes, that drives elasticity, but that's not the category elasticity. So -- and we know that from the past.

當然，你確實會在商店裡看到，一旦你進入商店，你會看到一款產品的價格為 4.99 美元，而另一款產品的價格為 5.99 美元，是的，這會帶來彈性，但這不是類別彈性。所以——我們從過去就知道這一點。

But irrespective of this one, it's -- and the other factor which you need to take into account, as I said before, 65% of the current market demand is replacement. Replacement demand is not -- tends to not be very price elastic. It does not give us a lot of upside on a mix opportunity.

但不管這個如何，你需要考慮的另一個因素是，正如我之前所說，當前市場需求的 65% 是替換。替代需求往往不太具有價格彈性。它並沒有為我們帶來太多的混合機會。

But if you have to replace a washer, you will replace a washer. So I think that -- so it's really the discretionary impact of the discretionary side, which could be impacted. But I think it's -- we're talking within manageable levels.

但如果您必須更換墊圈，那麼您就會更換墊圈。所以我認為——這實際上是自由裁量權的自由裁量權影響，可能會受到影響。但我認為——我們正在討論可控的水平。

I think where we do see the upside in particular, once these tariffs fully kick in, is bringing low to our factories. As you all know, it's even more we defended our bottom line, our market share over the last three or four years have been under pressure. We're stabilized, but they are under pressure, and our factories are not fully loaded. So I think once these tariffs kick in, you will see more US production and more market share gains.

我認為，一旦這些關稅全面生效，我們確實會看到特別好的一面，那就是降低我們工廠的成本。眾所周知，我們更要捍衛自己的底線，因為過去三、四年來我們的市佔率一直面臨壓力。我們的情況已經穩定下來，但他們面臨壓力，我們的工廠也沒有滿載運作。因此我認為，一旦這些關稅生效，你就會看到美國產量增加、市場佔有率增加。

And then just the industry assumption in the second half versus the first half?

那麼，與上半年相比，產業對下半年的預期如何？

Yes. I'd say from an industry perspective, we assume it will be flat. We don't see any changes in the overall drivers of the industry. We still believe long term in the housing market. And that once we get through all this, at some point, we will see growth within the housing market that will drive significant growth long term for us. But I'd say, at least in the midterm, we're still assuming flat.

是的。我想說，從行業角度來看，我們假設它會持平。我們沒有看到行業整體驅動因素發生任何變化。我們仍然對房地產市場的長期前景充滿信心。一旦我們度過這一切，在某個時候，我們將看到房地產市場的成長，這將為我們帶來長期的顯著成長。但我想說，至少在中期，我們仍然假設持平。

Eric Bosshard, Cleveland Research.

艾瑞克‧博薩德（Eric Bosshard），克里夫蘭研究公司。

Two things, if I could. First of all, the tariff impact, the 250 basis point is roughly $400 million. Is that the back half impact? And what is that on an annualized basis?

如果可以的話，有兩件事。首先，關稅影響，250個基點大約是4億美元。那是後半部的撞擊嗎？那麼以年率計算，這個數字是多少？

So Eric, it is largely skewed towards the back half. There have been some smaller amounts in Q1, but very -- to be honest, very small. It will be building up in Q2 and it will be heavily loaded towards the back half. The reason is, of course, the timing of the tariffs.

所以埃里克，它主要偏向後半部分。第一季出現了一些較小的金額，但說實話，非常少。它將在第二季度逐漸積累，並在後半段負荷較大。原因當然是關稅的時機。

And when you -- as you know, from a pure accounting perspective, these impacts work by way through the inventory. So they technically show up more in the back half. So the number you've seen in front of you is largely back-half loaded. And then, of course, that also on an annual basis, it is more.

而且當您 — — 如您所知，從純粹的會計角度來看，這些影響是透過庫存來體現的。因此從技術上講，它們更多地出現在後半部分。因此，您面前看到的數字基本上是後半部。當然，以年度計算，這個數字還會更多。

And I'd say, Eric, the other thing to consider is, again, this is our estimate for this year with the mitigation actions that we know we have in place. If you look at different types of sourcing decisions, those mitigation actions begin to have a little bit longer time line to the benefit.

我想說，艾瑞克，另一個需要考慮的事情是，這是我們對今年的估計，我們知道我們已經採取了緩解措施。如果你看一下不同類型的採購決策，這些緩解措施開始具有更長的獲益時間線。

So next year, we may have a different picture in terms of what the tariffs are, depending on where we're sourcing certain things out of, and that could change. So as we said, this is really just a picture for the calendar year of this year.

因此，明年，我們對關稅的看法可能會有所不同，這取決於我們從哪裡採購某些東西，而且這可能會有所改變。正如我們所說，這實際上只是今年日曆的一幅圖畫。

Okay. And then within that, so on an annualized basis, it's $60 million to $100 million. I'm just curious, can you just give us even a big picture perspective of this is -- half of this is finished goods you're importing Half of it is components?

好的。然後在這個範圍內，以年率計算，是 6,000 萬到 1 億美元。我只是好奇，您能否給我們一個整體視角，其中一半是您進口的成品，一半是零件？

I'm just trying to get a sense. I know that you're a US manufacturer, but trying to just get a sense of where -- I'm surprised the number is so big. What the source of the magnitude of that number comes from?

我只是想了解一下。我知道你們是一家美國製造商，但只是想了解一下——我很驚訝這個數字如此之大。這個數字的大小從何而來？

Eric, it's largely components, but there's some finished goods impact. And the components are -- I have a product or a component which, at this point cannot yet sourced in either US or Mexico, but I think the supply chain will change.

埃里克，主要是零件，但也對成品有一些影響。而組件是──我有一個產品或組件，目前還無法在美國或墨西哥採購，但我認為供應鏈將會改變。

Also or the impact elements which are impacted by 232 tariffs. So it is largely components. There's a smaller number of finished goods, but also here -- and that's why I'm careful about this annualized impact of next year's impact.

或者說是受到232關稅影響的因素。所以它主要是組件。成品數量較少，但也在這裡——這就是為什麼我對明年的年度影響持謹慎態度。

Because, of course, we are taking steps to revise the supply chain. So some of these effects would just probably not be there by the time we come to '26, because we will have already taken steps on the supply chain. So -- but that's right now our best estimate for this calendar year, again, I will be careful already assuming that this fully rolls over into the next few weeks, we are taking action.

因為，當然，我們正在採取措施修改供應鏈。因此，到 26 年，其中一些影響可能就不會出現了，因為我們已經在供應鏈上採取了措施。所以——但這是我們目前對今年的最佳估計，再說一次，我會小心謹慎，假設這會完全延續到接下來的幾週，我們正在採取行動。

So with that, again, thank you all for listening to our call today. I just want to close a little bit on an item which we typically don't talk that much about is, and this has been a special item. We -- unfortunately, we also had in March a tornado impacting one of our factories. It's actually our Tulsa, Oklahoma factory with 1,600 employees.

因此，再次感謝大家今天收聽我們的電話會議。最後，我想稍微談談我們通常不太談論的一件事，而這件事很特殊。不幸的是，三月一場龍捲風襲擊了我們的一家工廠。它實際上是我們位於俄克拉荷馬州塔爾薩的工廠，擁有 1,600 名員工。

Even though a tornado, which caused severe damage on the factory, it happened in the morning when we have a full shift with several hundred people there, luckily enough, nobody was injured and we're very grateful and thankful for this one. But I also want to express my gratitude to the team. It's been only four weeks, the team has worked around the clock to basically get the factory up and running again.

儘管龍捲風給工廠造成了嚴重的破壞，但幸運的是，它發生在早上，當時我們正值班，有幾百名員工在那裡工作，沒有人受傷，我們對此非常感激和感恩。但我也想向團隊表達我的感謝。僅僅四周時間，團隊就日以繼夜地工作，讓工廠基本恢復運作。

So as of Monday, we were able to produce again despite a huge issue, which had caused in the factory, so which goes up more. Thank you to our Oklahoma team. And I think it's a testimony to all the good things you can achieve with a strong American workforce.

因此，儘管工廠出現了嚴重問題，但截至週一，我們仍能夠恢復生產，因此產量還會進一步增加。感謝我們的俄克拉荷馬團隊。我認為這證明了強大的美國勞動力可以取得所有美好的成就。

So on that note, I appreciate you all listening, and thank you very much.

因此，我感謝大家的聆聽，非常感謝。