切遲杜威 (CHD) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Church & Dwight first quarter 2025 earnings conference call. Before we begin, I've been asked to remind you that on this call, the company's management may make forward-looking statements regarding, among other things, the company's financial objectives and forecasts. These statements are subject to risks and uncertainties and other factors that are described in detail in the company's SEC filings.

女士們、先生們，早安，歡迎參加 Church & Dwight 2025 年第一季財報電話會議。在我們開始之前，我被要求提醒您，在本次電話會議上，公司管理層可能會就公司財務目標和預測等做出前瞻性陳述。這些聲明受到風險、不確定性以及其他因素的影響，這些因素在公司提交給美國證券交易委員會的文件中進行了詳細描述。

I would now like to introduce your host for today's call, Mr. Rick Dierker, President and Chief Executive Officer of Church & Dwight. Please go ahead, sir.

現在，我想介紹今天電話會議的主持人，Church & Dwight 總裁兼執行長 Rick Dierker 先生。先生，請繼續。

All right. Good morning, everyone. Thanks for joining us today. I'll begin with some thoughts on the macro environment and review our Q1 results. And then I'll turn the call over to Lee McChesney, our new CFO. When Lee is done, we'll open the call up for questions.

好的。大家早安。感謝您今天加入我們。我將首先對宏觀環境進行一些思考，然後回顧我們的第一季業績。然後我將把電話轉給我們的新任財務長 Lee McChesney。當李講完後，我們將開始回答問題。

As you read in the release, we have several topics to discuss this morning, including Q1 results, portfolio changes, tariff management, US consumer spending and the revised full year outlook.

正如您在新聞稿中讀到的那樣，我們今天上午要討論幾個主題，包括第一季業績、投資組合變化、關稅管理、美國消費者支出和修訂後的全年展望。

With that, let's turn to how we performed in Q1. During our presentation at CAGNY in February, we stated we expected our organic sales growth to be at the low end of 0% to 2% range due to retail destocking and weakening consumer demand as it turned out, organic sales decreased 1.2%, falling short of our outlook.

接下來，讓我們來看看我們在第一季的表現。在二月份 CAGNY 的演示中，我們表示，由於零售去庫存和消費者需求減弱，我們預計有機銷售額成長率將處於 0% 至 2% 的低端，但事實證明，有機銷售額下降了 1.2%，低於我們的預期。

Retailer destocking accounted for a drag of approximately 300 basis points on organic growth. The good news is our strong brand performance. We gained share in 9 of our 14 major brands as our consumption outpaced category growth. 80%-plus of our business grew volume share in the quarter.

零售商去庫存對有機成長造成了約 300 個基點的拖累。好消息是我們的品牌表現強勁。由於我們的消費量超過了品類的成長速度，我們在 14 個主要品牌中的 9 個品牌的市佔率都有所成長。本季度，我們 80% 以上的業務銷售份額都有所成長。

Contributing to our Q1 results is our success in the online class of trade with online sales as a percentage of global sales now reaching close to 23%. In a few minutes, I'll contrast our Q1 consumption with category growth when I comment on the major categories. Regarding earnings per share, adjusted EPS was $0.91 beating our outlook by $0.01.

我們第一季的業績得益於我們在網路貿易領域的成功，網路銷售額佔全球銷售額的比例現已接近 23%。幾分鐘後，當我評論主要類別時，我將比較我們第一季的消費量和類別成長。就每股收益而言，調整後的每股收益為 0.91 美元，比我們的預期高出 0.01 美元。

Now let's discuss the strategic actions we outlined in the press release. Each year, our management team reviews our brand portfolio with the Board of Directors. And in concert with that review, the company completes a valuation exercise for each and every brand. As a result of that review, the company is pursuing strategic alternatives for the Flawless, Spinbrush, and Waterpik showerhead business, which means we'll be shutting down or selling these businesses.

現在讓我們討論新聞稿中概述的策略行動。每年，我們的管理團隊都會與董事會一起檢視我們的品牌組合。並結合此次審查，公司對每個品牌進行了估值。經過此次審查，該公司正在為 Flawless、Spinbrush 和 Waterpik 淋浴噴頭業務尋求策略性替代方案，這意味著我們將關閉或出售這些業務。

These businesses generate $150 million of net sales or around 2% of our total net sales, with below average profitability. We expect to take a charge in Q2 relative to this decision. This decision will prune our portfolio, sharpen our focus on core brands, and mitigate a significant tariff exposure, which is the next topic I would like to discuss.

這些業務的淨銷售額為 1.5 億美元，約占我們總淨銷售額的 2%，但獲利能力低於平均值。我們預計將在第二季針對這項決定採取行動。這項決定將精簡我們的產品組合，加強我們對核心品牌的關注，並減輕重大關稅風險，這是我接下來想討論的議題。

Turning to tariffs. While the tariff situation remains fluid, the company is currently projecting a gross 12 month run rate tariff exposure of $190 million. The net impact of the portfolio decisions and a series of supply chain actions is expected to reduce our tariff exposure by approximately 80%. The supply chain actions include no longer sourcing Waterpik flossers from China for the US market.

談到關稅。儘管關稅情況仍不穩定，但該公司目前預計 12 個月的總運作關稅風險為 1.9 億美元。投資組合決策和一系列供應鏈行動的淨影響預計將使我們的關稅風險降低約 80%。供應鏈行動包括不再從中國採購 Waterpik 牙線供美國市場。

Our ability to move with urgency to execute these changes as a testament to the Church & Dwight culture. I'm very proud of the company and the reaction that we've done here.

我們能夠迅速採取行動來執行這些變革，這證明了 Church & Dwight 的文化。我為這家公司以及我們在這裡做出的反應感到非常自豪。

Now I'm going to turn my comments to each of the three businesses. First up is the US. Consumption was positive in the quarter for the US business while organic sales declined 3%, entirely driven by negative volume from retail destocking. So let's look at the trend line.

現在我將針對這三家企業分別發表評論。首先是美國。本季美國業務的消費呈正成長，但有機銷售額下降 3%，完全是由零售去庫存導致的銷售下降所致。那麼讓我們來看看趨勢線。

In the US, consumer spending continues to sequentially weaken. For context, it's constructive to look back at our US year over year category growth since around mid-2024. In the second half of 2024, category growth averaged 2.5%. In Q1, our categories grew around 1.5%. March was flat and April was negative 1%.

在美國，消費者支出持續走弱。就背景而言，回顧自 2024 年中期以來美國類別的同比增長是很有建設性的。2024 年下半年，此類別成長率平均為 2.5%。第一季度，我們的產品類別成長了約 1.5%。3月份持平，4月則為負1%。

And remember, for context, over the last 10 years or so, category growth is typically around 3%. In addition to the consumer, retailers took inventory actions, which impacted our top line.

請記住，在過去 10 年左右的時間裡，類別成長率通常在 3% 左右。除了消費者之外，零售商也採取了庫存行動，影響了我們的營業額。

Now I'm going to provide a bit of color for a few of our important categories. Let's start off with laundry detergent. ARM & HAMMER liquid laundry detergent consumption grew 3.4% in contrast to zero category growth. ARM & HAMMER share in the quarter reached 14.7%. There's a similar story on unit dose. ARM & HAMMER unit dose saw consumption growth of 26.9%, which drove 120 basis point share gain to reach a 5.5 share. This is in contrast to a weak unit dose category, which declined 1.1%.

現在我將為我們的一些重要類別提供一些說明。讓我們從洗衣粉開始。ARM & HAMMER 液體洗衣液消費量成長 3.4%，而同類產品則零成長。ARM&HAMMER本季份額達到14.7%。單位劑量也有類似的情況。ARM & HAMMER 單位劑量的消費量增加了 26.9%，推動份額增加了 120 個基點，達到 5.5 的份額。這與較弱的單位劑量類別形成了鮮明對比，其下降了 1.1%。

Now moving to litter, similar story to laundry, the category was up 1.9%, while ARM & HAMMER litter consumption grew 2.3%, which outpaced the category and share reached 24.9%. The Gummy Vitamin business continues to be a drag on the company's organic growth. The Gummy Vitamin category grew 4.8%, which is the second consecutive quarter of growth.

現在轉向貓砂，與洗衣情況類似，該類別增長了 1.9%，而 ARM & HAMMER 貓砂消費量增長了 2.3%，超過了該類別的增長速度，份額達到了 24.9%。軟糖維生素業務繼續拖累公司的有機成長。軟糖維生素類別成長了 4.8%，這是連續第二季成長。

The bad news is our consumption was down 19%. The plans that we shared with you on previous calls will begin to be visible in the market started in May. Those actions include new products and enhanced taste profile and new creative marketing. We'll update you on our progress on the Q2 call.

壞消息是我們的消費下降了19%。我們在先前的電話會議中與您分享的計劃將從五月開始在市場上顯現。這些舉措包括推出新產品、增強口味以及推出新的創意行銷。我們將在第二季電話會議上向您通報進度。

Next step is BATISTE, consumption was down 5% in the quarter with share declining 3.4%. There are a couple of contributing factors. One is we were experiencing some supply chain issues that have since been resolved. In addition, a competitor had a significant price increase that impacted our dollar share. On a positive note, BATISTE continues to be the global leader in dry shampoo, and this year, we're launching BATISTE Light.

接下來是 BATISTE，本季消費量下降 5%，比重下降 3.4%。有幾個因素造成這現象。一是我們遇到了一些供應鏈問題，但目前已經解決。此外，競爭對手大幅漲價，影響了我們的市場佔有率。從積極的一面來看，BATISTE 繼續成為乾洗洗髮精的全球領導者，今年，我們將推出 BATISTE Light。

As a leading brand, our innovations continue to attract new users to the category and increase household penetration. Over in mouthwash, THERABREATH continues to perform extremely well. While the mouthwash category was flat in Q1, THERABREATH consumption grew 26% and is now the number two mouthwash with a 20.3% share.

作為領先品牌，我們的創新不斷吸引新用戶並提高家庭滲透率。在漱口水中，THERABREATH 的表現依然非常出色。雖然漱口水類別在第一季持平，但 THERABREATH 的消費量增加了 26%，目前以 20.3% 的市佔率位居第二。

Remember, we believe there's a lot of runway here as our household penetration for THERABREATH currently sits around 10.5% versus the category of 65%. HERO is the number one brand in acne care with a 22% share and continues to drive growth. HERO grew consumption by 13%, outpacing a 1.1% decline in the category.

請記住，我們相信這裡有很大的發展空間，因為目前 THERABREATH 的家庭滲透率約為 10.5%，而同類產品滲透率則為 65%。HERO 是痤瘡護理領域的頭號品牌，佔有 22% 的市場份額，並且繼續推動成長。HERO 的消費量成長了 13%，超過了同類產品 1.1% 的降幅。

HERO market share grew 280 basis points in the quarter. And similar to the THERABREATH story, we believe household penetration growth is key for this brand. Currently, it sits at 8.7% versus the category of 25%. HERO continues to launch innovative solutions and patches and entering the growing body care segment in 2025 with the Mighty Patch Body.

本季度，HERO 的市佔率成長了 280 個基點。與 THERABREATH 的故事類似，我們認為家庭滲透率的成長是品牌的關鍵。目前，該比例為 8.7%，而同類比例為 25%。HERO 繼續推出創新解決方案和貼片，並於 2025 年憑藉 Mighty Patch Body 進入不斷增長的身體護理領域。

Looking ahead, we're excited about our pipeline of new products, which remain a key driver of our success. In 2025, we expect continued innovation to power our growth and build on our momentum, especially in several core categories where we're leading the way. And we spoke about many of these at our Analyst Day in New York.

展望未來，我們對新產品的推出感到興奮，它們仍然是我們成功的關鍵驅動力。2025 年，我們預計持續的創新將推動我們的成長並增強我們的發展勢頭，特別是在我們處於領先地位的幾個核心類別中。我們在紐約分析師日上談論了許多此類問題。

Now turning to international and SPD. Our international business delivered sales growth of 2.7% in the quarter. Organic sales increased 5.8%, largely due to higher volume. Growth was led by HERO, THERABREATH and Waterpik and was broad-based with all of our subs delivering growth.

現在轉向國際和 SPD。本季我們的國際業務銷售額成長了 2.7%。有機銷售額成長 5.8%，主要由於銷量增加。成長主要由 HERO、THERABREATH 和 Waterpik 帶動，並且基礎廣泛，我們所有的子公司都實現了成長。

Finally, SPD organic sales increased 3.2% due to a combination of higher price and products mix and higher volume. This business continues to deliver, and we continue to be excited about the future.

最後，由於價格上漲、產品組合增加以及銷量增加，SPD 有機銷售額增長了 3.2%。這項業務繼續取得成功，我們繼續對未來充滿期待。

Looking ahead, our full year organic growth outlook is now 0% to 2%, driven by a weaker US consumer. We expect our Q1 brand share momentum to continue, bolstered by our new product launches, our distribution gains and sustained full year investment in marketing. After considering the trend line that I shared with you, we do not see a catalyst for improvement in the US consumer.

展望未來，受美國消費疲軟的影響，我們預計全年有機成長目前為 0% 至 2%。我們預計，由於新產品的推出、分銷管道的擴大以及全年持續的營銷投資，我們第一季的品牌份額成長勢頭將持續下去。在考慮了我與您分享的趨勢線之後，我們沒有看到美國消費者改善的催化劑。

Our outlook also reflects no bounce back from Q1 retailer destocking. For adjusted EPS, we now expect 0% to 2% growth, which reflects the impact of lower sales and the impact of tariffs. I'll close by saying that despite a slowdown in category consumption, our brands are strong. They're doing well.

我們的展望也反映出第一季零售商去庫存不會出現反彈。對於調整後的每股收益，我們現在預計將成長 0% 至 2%，這反映了銷售額下降和關稅的影響。最後我想說的是，儘管類別消費有所放緩，但我們的品牌依然強勁。他們做得很好。

We're gaining both dollar and volume share across much of the portfolio with a healthy mix of value and premium offerings and we're well equipped to navigate the current environment. The strategic actions we announced today will position the company well for the future, and we continue to be on the hunt for the right acquisitions.

憑藉價值和優質產品的健康組合，我們在大部分投資組合中的美元和銷售份額都在不斷增加，並且我們已做好充分準備來應對當前環境。我們今天宣布的策略行動將為公司的未來做好充分準備，我們將繼續尋找合適的收購機會。

I'd like to thank all the Church & Dwight employees for executing well in a volatile environment. And now I'll hand it over to Lee for more detail on the quarter.

我要感謝 Church & Dwight 的所有員工在動盪的環境中表現出色。現在我將把話題交給李，讓他介紹本季的更多細節。

Thank you, Rick, and good day to everyone. Before I jump into the quarter, I do want to say thank you to Rick and the entire CHD team for the warm welcome.

謝謝你，瑞克，祝大家有美好的一天。在進入本季度之前，我確實想對 Rick 和整個 CHD 團隊的熱情歡迎表示感謝。

I've only been here for a month or so, I've already seen what makes this company such a strong performer as the team is focused on execution. We are acting swiftly to address the challenging macro environment that nearly every company is facing today. With that, let's dive into the first quarter and our outlook.

我來這裡才一個月左右，就已經看到了這家公司表現如此強勁的原因，因為團隊專注於執行。我們正在迅速採取行動，應對當今幾乎每家公司都面臨的嚴峻宏觀環境。接下來，讓我們深入了解第一季和我們的展望。

We'll start with EPS. First quarter adjusted EPS was $0.91, down 5.2% from the prior year. The $0.91 was slightly better than our $0.90 outlook. Reported revenue was down 2.4% and organic sales was down 1.2%. The organic sales decline was due to lower volume of 1.4%, partially offset by positive pricing and mix of 0.2%.

我們將從 EPS 開始。第一季調整後每股收益為 0.91 美元，較前一年下降 5.2%。0.91 美元略好於我們的 0.90 美元預期。報告收入下降 2.4%，有機銷售額下降 1.2%。有機銷售下降是由於銷售量下降 1.4%，但被積極的定價和產品組合 0.2% 的部分抵消。

Our first quarter adjusted gross margin was 45.1%, a 60 basis point decrease from a year ago with improved productivity, positive mix and higher margin acquisitions being offset by the impact of commodity inflation, higher manufacturing costs and lower volume.

我們第一季的調整後毛利率為 45.1%，比去年同期下降了 60 個基點，生產力提高、產品組合積極以及利潤率更高的收購被商品通膨、製造成本上升和銷量下降的影響所抵消。

Let me walk you through our Q1 gross margin bridge. We saw 160 basis points from productivity, a favorable 10 basis points from the combination of mix and price and a positive 10 basis points related to the acquisitions. Those factors were offset by the headwinds I just mentioned above and 20 basis points related to FX.

讓我帶您了解我們第一季的毛利率狀況。我們看到生產力帶來了 160 個基點，產品組合和價格的組合帶來了有利的 10 個基點，而收購帶來了積極的 10 個基點。這些因素被我上面提到的不利因素和與外匯相關的 20 個基點所抵銷。

Moving to marketing. Our marketing expense as a percentage of sales was 9.3% were 80 basis points lower than 1Q of last year. For the year, we are targeting 11% of net sales. And accordingly, we expect to continue our first quarter momentum and gaining market share.

轉向行銷。我們的行銷費用佔銷售額的百分比為 9.3%，比去年第一季低 80 個基點。今年，我們的目標是淨銷售額達到 11%。因此，我們預計第一季的動能將持續，市佔率也將持續擴大。

For SG&A, Q1 adjusted SG&A increased 40 basis points year over year, primarily due to the year over year volume change. Other expense decreased by $7.7 million, inclusive of lower interest expense, and higher interest income. We continue to expect other expense for the full year to be approximately $50 million on an adjusted basis.

對於銷售、一般及行政費用，第一季調整後的銷售、一般及行政費用較去年同期增加了 40 個基點，主要原因是年比銷售變動。其他支出減少了 770 萬美元，其中包括利息支出減少和利息收入增加。我們繼續預計全年其他支出經調整後約為 5,000 萬美元。

In Q1, our effective tax rate was 22% compared to 19.9% in Q1 of '24, a 210 basis point year over year increase. The expected adjusted effective tax rate for the full year continues to be 23%. And now to cash. For the three months of 2025, cash from operating activities was $185.7 million, a decrease of $77.3 million versus last year due to lower cash earnings and the sales timing impact on working capital.

第一季度，我們的有效稅率為 22%，而 24 年第一季為 19.9%，年增 210 個基點。預計全年調整後有效稅率持續為23%。現在兌現。2025 年三個月，經營活動現金流為 1.857 億美元，較去年同期減少 7,730 萬美元，原因是現金收益減少以及銷售時機對營運資金的影響。

Capital expenditures for the first three months was $16.5 million, a $29.8 million decrease from the prior year. We expect 2025 CapEx of approximately $130 million as we return to historical levels of 2% of sales in 2025.

前三個月的資本支出為 1,650 萬美元，比前一年減少 2,980 萬美元。我們預計 2025 年的資本支出約為 1.3 億美元，到 2025 年我們將恢復到銷售額 2% 的歷史水準。

Let's now take a few minutes to walk through our outlook. For the full year, we now expect our organic revenue outlook to be approximately 0% to 2%. Previously, that was 3% to 4%. The sales outlook now reflects the slower category growth and the retailer inventory reductions that we don't expect to recover.

現在讓我們花幾分鐘來回顧一下我們的展望。對於全年而言，我們現在預計有機收入前景約為 0% 至 2%。此前，這一比例為 3% 至 4%。現在的銷售前景反映了類別成長放緩和零售商庫存減少，我們預計這些庫存不會恢復。

Full year gross margin is now expected to contract 60 basis points versus 2024. Previously, that was a positive 25 basis point outlook as we expect the tariff impacts persistent commodity input inflation costs to offset the incremental productivity.

預計全年毛利率將較 2024 年下降 60 個基點。此前，這是一個積極的 25 個基點的前景，因為我們預計關稅影響持續的商品投入通膨成本，以抵消增量生產力。

We now expect full year adjusted EPS to be 0% to 2%, down from our previous view of 7% to 8%. This is primarily due to the lower sales outlook, and the tariff pressures. Cash flow from operations for the full year is now estimated to be approximately $1.05 billion due to the impact of our lower EPS and the onetime charges.

我們現在預計全年調整後每股收益為 0% 至 2%，低於先前預測的 7% 至 8%。這主要是由於銷售前景較低以及關稅壓力。由於每股收益下降和一次性費用的影響，預計全年營運現金流約為 10.5 億美元。

For 2Q, we expect organic sales of approximately negative 2% to flat and as a result, we expect adjusted EPS of $0.85 per share, a decrease of 9% versus last year. Last year's adjusted Q2 EPS. As our outlook implies, we expect EPS growth to be weighted towards the back half of '25 through the marketing investment timing versus last year.

對於第二季度，我們預計有機銷售額將下降約 2% 至持平，因此，我們預計調整後的每股收益為 0.85 美元，較去年下降 9%。去年調整後的第二季每股收益。正如我們的展望所暗示的那樣，我們預計與去年相比，透過行銷投資時機，每股盈餘成長將偏向 25 年下半年。

And finally, as we noted in our release, this adjusted outlook as of April 1, 2025, excludes charges and the ongoing results for the Flawless, Spinbrush and Waterpik showerhead business. Those charges are expected to be between $60 million and $80 million largely recorded in 2Q and two-thirds is expected to be noncash.

最後，正如我們在新聞稿中指出的那樣，截至 2025 年 4 月 1 日的調整後展望不包括 Flawless、Spinbrush 和 Waterpik 淋浴噴頭業務的費用和持續業績。這些費用預計在 6,000 萬美元至 8,000 萬美元之間，大部分在第二季記錄，其中三分之二預計為非現金。

With that, Rick and I would be happy to take any questions.

因此，里克和我很樂意回答任何問題。

(Operator Instructions)

（操作員指示）

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Good morning and thanks for taking a question. So obviously, a lot of areas to cover. But maybe I'll just start out, just as we look at your updated organic sales growth guide, is there any way to get updated expectations by segment? And then related to that, did international play out with your expectations for Q1?

早上好，感謝您回答問題。顯然，有很多領域需要覆蓋。但也許我剛開始，就像我們查看您更新的自然銷售成長指南一樣，有什麼方法可以按細分獲得更新的預期？與此相關，國際表現是否符合您對第一季的預期？

Yeah. Sure, Rupesh. Yeah, Q1 was spot on for international. Lee, do you have the division that you can share?

是的。當然，魯佩什。是的，第一季對於國際來說非常準確。李先生，您有可以分享的分工嗎？

Sure. So international, as we talked about, had good growth in the first quarter and organically about 6%, SPD was about 3%. As we look forward, we expect international to be in a zone, maybe a little bit of pressure as some of the macro pressures spread across the globe. SPD will be maybe slightly better than it was in the first quarter.

當然。正如我們所說，國際業務在第一季實現了良好的成長，有機成長率約為 6%，SPD 約為 3%。展望未來，我們預期國際市場將處於一個區域內，可能會面臨一點壓力，因為一些宏觀壓力會蔓延到全球。SPD 的表現可能會比第一季略好一些。

The domestic business, obviously, we're -- you can imply in the outlook, we had negative 3% in the first quarter. We're looking for a similar performance here in 2Q and then an improvement in the back half. Still be slightly negative to get to the overall outlook of still 0% to 2% organic for us in total.

顯然，就國內業務而言，你可以從前景中看出，第一季我們的銷售額為負 3%。我們期待第二季出現類似的表現，並在下半年有所改善。整體來看，我們的有機成長率仍略微處於 0% 至 2% 的水平，仍略顯負面。

Great. And then I guess, maybe just my follow-up question. Just given a softer category outlook and the backup that you're seeing right now, what do you see on the promotional backdrop in the quarter? And then how are you thinking -- and then do you expect the promotional backdrop to intensify from here?

偉大的。然後我想，也許這只是我的後續問題。鑑於目前類別前景較為疲軟以及支援力度較大，您對本季的促銷背景有何看法？那麼您是怎麼想的—您是否預期促銷背景會從現在開始加強？

Yeah. That's a fair question. For the quarter, when we talk about promotional, we really talked about laundry, and laundry in Q1 was 34% amount sold on deal very similar to what Q4 was, very similar to what Q3 was. So not a huge step up right now.

是的。這是一個合理的問題。對於本季度，當我們談論促銷時，我們實際上談論的是洗衣，第一季的洗衣交易銷售額佔 34%，與第四季度非常相似，與第三季度非常相似。因此，目前進步並不大。

A lot of things happening on the laundry category. There's concentration happening from one of the peers or some price increases in another part of the peers as they switch out different offerings. And so it looks like there's a little bit more promotional going on right now as they work through those old inventory and transitions.

洗衣類別上發生了很多事情。隨著某個同行開始集中精力，或是其他同行推出不同的產品，導致價格上漲。因此，看起來現在正在進行更多的促銷活動，因為他們正在處理那些舊庫存和過渡。

Litter is the other example. Litter promotion was around 18.8% in the quarter -- sorry, 17.8% in the quarter, it was 18.8% last time. So again, stable as categories are flat, though, people tend to increase their promotional spend. I'd say we're well positioned for what we think is the right level of promotion our assumption for category growth used to be around 2.5% for the year. It's closer to 1.5% these days.

垃圾是另一個例子。本季垃圾促銷率約 18.8%——抱歉，本季為 17.8%，上次是 18.8%。因此，儘管類別保持穩定，但人們傾向於增加促銷支出。我想說，我們已做好充分的準備，可以進行我們認為合適的促銷活動，我們對今年品類成長率的假設是 2.5% 左右。目前該比例已接近 1.5%。

Oh great. Thank you. I'll pass it on.

哦，太好了。謝謝。我會傳達的。

Anna Lizzul, Bank of America.

美國銀行的安娜‧利祖爾 (Anna Lizzul)。

Hi, good morning and thank you so much for the question.

你好，早安，非常感謝你的提問。

Yeah. Hi Anna.

是的。你好，安娜。

Hi Rick. I was wondering if you could just discuss maybe your expectations for the category relative to market share growth since you did mention software trends in April. Are you seeing a significant difference here across the premium and value segments of the business in terms of the slowdown? And just on the value side, are you trying to see any benefit here from trade down or anticipating a benefit as we're moving through the year? Thank you.

你好，瑞克。我想知道您是否可以討論一下您對該類別相對於市場份額增長的預期，因為您確實提到了四月份的軟體趨勢。您是否發現高端業務和價值業務在經濟放緩方面有顯著差異？僅從價值方面來看，您是否想從降價交易中看到任何好處，或者預期在我們度過這一年的過程中會帶來好處？謝謝。

Yeah. So if you take a big step back and you look at our outlook, organically, we're saying the midpoint is around 1%. And we saw a minus 1% in Q1, we're saying Q2 looks lot like that, so maybe minus 1%. And then that implies something closer to around 2% in the back half. And like I just told Rupesh, the categories themselves, we used to think we're going to grow 2.5%, and we were going to grow faster than that.

是的。因此，如果你退一步看看我們的前景，我們會發現中點在 1% 左右。我們看到第一季的成長率為負 1%，我們認為第二季的情況與此類似，所以可能是負 1%。那麼這意味著下半年的成長率將接近 2% 左右。就像我剛才告訴 Rupesh 的那樣，對於這些類別本身，我們過去認為我們的成長速度將達到 2.5%，但實際成長速度會更快。

We think the categories are going to grow maybe 1% to 1.5%, and we grow a little bit faster than that. In terms of trade down, surprisingly, we're still not seeing the amount of trade down that we would expect if this type of environment perpetuates. So Orange Box still isn't growing faster than Black Box on Litter, as an example.

我們認為這些類別可能會成長 1% 到 1.5%，而我們的成長速度會比這更快一些。就貿易下滑而言，令人驚訝的是，如果這種環境持續下去，我們仍然沒有看到我們預期的貿易下滑幅度。因此，以 Litter 為例，Orange Box 的成長速度仍不快於 Black Box。

The value part of the laundry category is not growing as fast as the mid-tier and the mid-tier, again, is growing a lot behind Deep Clean, our new innovation. But when trade down happens, those two things will be a trigger. And I expect our extra business as well will do better. It's just -- we have to be down like this for a period of time. So I believe that we're in early days of this type of environment. And we're well positioned for when we stay here.

洗衣產品類別的價值部分的成長速度不如中階產品，而中階產品的成長速度又遠遠落後於我們的新創新產品「深度清潔」。但當貿易下滑發生時，這兩件事就會成為觸發因素。我希望我們的額外業務也會做得更好。只是──我們必須像這樣低落一段時間。所以我相信我們正處於這種環境的早期階段。當我們留在這裡時，我們已經做好了充分的準備。

Okay. Thanks very much.

好的。非常感謝。

Chris Carey, Wells Fargo.

富國銀行的克里斯凱裡。

Hey, good morning everyone. Can you guys frame within the reduction in earnings for the year, how much was the revenue call down versus tariffs? And maybe just simply put, what is the tariff effect that you're embedding for this year?

嘿，大家早安。你們能否估算今年收益的減少量，相對於關稅，收入下降了多少？或許簡單地說一下，今年你們嵌入的關稅效應是什麼？

And can you help give us a bit of clarity on the wraparound tariff impact into 2026 unmitigated for some of the sourcing changes you're making and then perhaps how you're thinking about your 2026 absolute tariff exposure? I mean, effectively, there's this $190 million number. But what we're going to end up seeing in the P&L is substantially lower? So how does that look in '25 and 2026? Then I have a follow-up.

您能否幫助我們澄清一下，對於您所做的某些採購變更，到 2026 年，包裹關稅的影響是否會完全消失，以及您如何看待 2026 年的絕對關稅風險？我的意思是，實際上這個數字是 1.9 億美元。但我們最終在損益表中看到的卻是大幅下降的結果？那麼在 2025 年和 2026 年情況會是如何呢？然後我有一個後續問題。

Yeah. Sure. I'll give you my thoughts, and then if Lee has anything to add, he can do it. Just taking a big step back on the tariffs. I really do think this is a great example of Church & Dwight moving with speed and urgency, a gross impact of around $190 million on a 12 month run rate basis.

是的。當然。我會告訴你我的想法，然後如果李有什麼要補充的，他可以補充。只是在關稅問題上邁出了一大步。我確實認為這是 Church & Dwight 快速而緊急行動的一個很好的例子，以 12 個月的運行率計算，總影響約為 1.9 億美元。

And I just want to be clear, we're not taking those strategic actions because of tariffs. We've been discussing internally for some time, and they've been on the list of businesses that we believe are -- or either have a better owner elsewhere or we're going to shut down.

我只是想明確表示，我們採取這些策略行動並不是因為關稅。我們內部已經討論了一段時間，我們認為這些企業要么在其他地方有更好的所有者，要么我們將關閉。

And even as recently as this past summer, we went through those details with the Board. And so those three businesses though at marginal profit levels at $150 million of sales are really hit extremely hard by tariffs. So it made sense to kind of fast forward that discussion and that decision.

就在去年夏天，我們仍在與董事會討論這些細節。因此，儘管這三家企業的銷售額都處於 1.5 億美元的邊際利潤水平，但實際上卻受到了關稅的嚴重打擊。因此，加快討論和決策是有意義的。

So that $180 million goes down to $100 million when those three businesses have strategic options around it and then that goes down to around $40 million after we've made the manufacturing decisions for Waterpik flossers as we've moved that business out of China over time.

因此，當這三家企業都有戰略選擇時，1.8 億美元的成本就會降至 1 億美元，而當我們做出 Waterpik 牙線器的製造決策後，隨著我們將該業務逐漸轉移出中國，這一成本又會降至 4000 萬美元左右。

And so to be able to go from $190 million gross to kind of a $40 million number is fantastic. And then we're going to continue to be working through supply chain activities and maybe nuanced pricing over time to reduce that even further. So in the P&L for 2025, to answer your question, there's a net number of around $30 million in our outlook.

因此，總票房能夠從 1.9 億美元成長到 4,000 萬美元左右，真是太棒了。然後，我們將繼續透過供應鏈活動，並可能隨著時間的推移進行細微的定價，以進一步降低這一成本。因此，回答您的問題，在 2025 年的損益表中，我們預計淨額約為 3000 萬美元。

If you do the wrap around the 2026, that's why we kind of say it takes 12 months to do some of the rest of the supply chain activities. We won't go through all the detail, but we expect to further mitigate that number over time. And that's a -- is it an issue? Yes. But after all that work, that's a manageable issue that we feel pretty confident on being able to mitigate over the next 12 months or so.

如果你把時間安排在 2026 年左右，那麼我們就會說，完成剩餘的一些供應鏈活動需要 12 個月的時間。我們不會詳細介紹，但我們希望隨著時間的推移進一步減少這個數字。這是一個問題嗎？是的。但經過所有這些工作，這個問題就會變得可控，我們非常有信心在未來 12 個月左右緩解這個問題。

Thank you. From the connected in a way that what you were saying about some of these businesses that you had presented to the Board and have thought about strategic alternatives, how conscious, the vitamin business, how to plan for this year on a performance category is widening.

謝謝。從某種程度上來說，您談到了您向董事會介紹的一些業務，並考慮了戰略替代方案，如何意識到維生素業務，如何規劃今年的業績類別正在擴大。

At what point does patients with plan run out content you have a strong balance sheet, which gives you a lot of options to do many things? And so maybe give us updated thoughts on where vitamin sits within your meeting the long-term plans and maybe what's happening this year that hasn't gone as well as maybe what you would have hoped relative to your going plans? Thanks so much.

在什麼時候，有計劃的患者會用盡內容，您擁有強大的資產負債表，這為您提供了很多選擇來做很多事情？因此，您能否向我們提供一些最新的想法，關於維生素在您的長期計劃中所處的位置，以及今年發生的事情是否沒有像您所希望的那樣順利，相對於您的計劃而言？非常感謝。

Yep, fair question. I think right now, we're kind of in that a little bit of that circle where you have negative consumption. That leads to lower TDP growth. Lower TDP growth distribution points leads to lower consumption. What we're laser focused on is the innovation, the best tasting reformulation change in marketing to reach the right consumer and to do some coupon and to go drive trial. Loyalty rate is actually very low in the vitamin category. I think it was like 8% or 9%.

是的，公平的問題。我認為現在我們有點處於負消費的循環之中。這導致 TDP 成長下降。TDP 成長分配點較低導致消耗較低。我們重點關注的是創新，在行銷中採用最好的重新配方變革，以吸引合適的消費者，發放優惠券並進行試用。維生素產品的忠誠度其實很低。我認為大概是 8% 或 9%。

So if we can go get those consumers to retry our best tasting formulas. And again, the new innovation is Power Plus, our most powerful vitamins. And I think we have a good chance to have some green shoots and inflection points in that business. That business is not meeting expectations. We said last call that we needed from April through July to see if this innovation turnaround and investment is working. And so that's why in my prepared remarks, I said, we'll talk more about that after Q2.

所以如果我們可以讓那些消費者再次嘗試我們味道最好的配方。再次強調，新的創新是 Power Plus，我們最強大的維生素。我認為我們很有機會在該業務中出現一些復甦跡象和轉折點。該業務未達預期。我們最後一次表示，我們需要從四月到七月觀察這種創新轉變和投資是否有效。所以，我在準備好的發言中說，我們將在第二季之後進一步討論這個問題。

Okay. Thank you.

好的。謝謝。

Andrea Teixeira, JP Morgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

Thank you and good morning everyone and welcome Lee to the call. I wanted to just go back, you called out in terms of consumption, I called out the 300 basis points reduction in customer domestic for the inventory destocking. But if you can comment also on HERO, it was a big model of growth. And I understand all the actions you're taking and the brand continues to be strong, but I'm assuming it is hitting a very tough comp.

謝謝大家，早安，歡迎李先生參加電話會議。我想回想一下，您在消費方面提出，我呼籲將國內客戶利率降低 300 個基點以減少庫存。但如果您也可以評論一下 HERO，它就是一個巨大的成長典範。我理解你們正在採取的所有行動，而且品牌仍然保持強勁，但我認為它正在遭遇非常嚴峻的競爭。

And as you said, like for vitamins is obviously completely different story between the -- between HERO and the vitamin side. But talk about the distribution points and how we can think about that brand continue to grow as you lap the growth?

正如您所說，對於維生素來說，HERO 和維生素之間顯然是完全不同的故事。但是談論分銷點以及我們如何看待該品牌隨著成長而繼續成長？

And then on the commentary just on a clarification on the promo side, I understand the depth and how the percentages are, so still on promo, but if you can comment on the depth of the promotions, if there is a -- to your point, some of these categories, leader in laundry, perhaps having a little bit more depth and for how long do you think that's going to normalize? Thank you.

然後，在評論中，只是對促銷方面的澄清，我了解深度和百分比，所以仍然在促銷，但如果您可以評論促銷的深度，如果有 - 就您的觀點而言，其中一些類別，洗衣行業的領導者，可能會有更多的深度，您認為這種情況會持續多久才能正常化？謝謝。

Yeah. Thanks for that question, Andrea. I would say for HERO, we are still really pleased with consumption. It's double-digit consumption up 13% in the quarter. I think the nuances happening in HERO is, remember, it's overexposed to a few retailers. It started at a few that are having foot traffic issues. And so -- it's doing great growth almost everywhere, apples-to-apples, but foot traffic declines at a few different retailers kind of over-indexes to HERO.

是的。謝謝你的提問，安德里亞。我想說，對於 HERO，我們仍然對消費感到非常滿意。本季其消費量實現了兩位數成長，成長了 13%。我認為 HERO 中發生的細微變化是，請記住，它對少數零售商過度曝光。事情始於一些有人流問題的地方。因此，HERO 幾乎在所有地方都實現了高速成長，但一些不同零售商的客流量下降幅度卻超過了 HERO。

But overall, with that said, double-digit consumption is fantastic. We still think we have TDP growth -- we believe we -- with our share of market, we're under-indexed as shelf in many places. So not only just going to new retailers and new distribution by just being able to spread out on shelf.

但整體而言，兩位數的消費量已經很不錯了。我們仍然認為我們的 TDP 有所增長——我們相信——憑藉我們的市場份額，我們在許多地方的市場份額都被低估了。因此，不僅可以透過在貨架上銷售來找到新的零售商和新的分銷商。

It still happens that by Sunday or Monday, the shelf could be empty. And I think we gave the example at a few of our conferences that at a few retailers at times, especially at tentpole events, but at times, the number -- the top three units or dollar sales at any retailer is water, paper towels and HERO. So it's doing really, really well, and it still is, and we have some great distribution gains ahead of us.

到週日或週一，貨架仍然可能空了。我想我們在幾次會議上都舉過這樣的例子，有時在一些零售商那裡，特別是在大型活動中，但有時，任何零售商的銷售前三名或美元銷售額都是水、紙巾和 HERO。所以它現在做得非常非常好，而且現在仍然如此，我們未來將獲得巨大的分銷收益。

Moving to sold on promo, you're right, the percentages kind of tell you the frequency, depth is a different story. Most of the -- I would say, it's a little opaque out there, but different concentration moves and different pricing moves and some of this being spent back on promotion and I would say, right now, we view that as transitory because of size changes and SKU changes and whatnot. If that extends for a period of time. We'll talk more about that in Q2. But for now, I would say, pretty much in line with what we were expecting.

轉到促銷銷售，你是對的，百分比可以告訴你頻率，深度則是另一回事。大多數——我想說，這有點不透明，但不同的集中度變動和不同的定價變動，以及其中一些被花在促銷上，我想說，現在，我們認為這是暫時的，因為尺寸變化和 SKU 變化等等。如果這種情況持續一段時間。我們將在第二季詳細討論這個問題。但就目前而言，我想說，這與我們的預期基本一致。

Thank you.

謝謝。

Stephen Powers, Deutsche Bank.

史蒂芬鮑爾斯，德意志銀行。

Good morning and welcome Lee as well. I guess, Rick, the guidance implies -- I think your expectations are explicit about back half improvement in organic growth. And I'm just juxtaposing that against your expectation that you're not really expecting consumption to improve and we've seen the step down in April. So acknowledging that the destocking in 1Q probably doesn't continue as a base case. Just what's the bridge to back half improvement?

早上好，也歡迎李。我想，里克，這個指導暗示了——我認為你對下半年有機成長改善的期望是明確的。我只是將此與您的預期進行對比，您實際上並不期望消費會改善，而且我們已經看到 4 月份消費有所下降。因此，承認第一季的去庫存現象可能不會持續下去。那麼，實現後半段改進的橋樑到底是什麼呢？

Yeah. I think it's a fair question. I think positive category growth, I think it is kind of unique for us to have -- I went through it in the release, but I'll say it in my script, but I'll say it again, right, 2.5% growth in the back half of 2024, 1.5% growth in the quarter, March was flat, April was down 1%. It is extremely odd for these categories to be negative.

是的。我認為這是一個公平的問題。我認為積極的類別增長，我認為這對我們來說是獨一無二的——我在發布會上已經討論過了，但我會在腳本中再說一遍，但我再說一遍，對的，2024 年下半年增長 2.5%，本季度增長 1.5%，3 月份持平，4 月份下降 1%。這些類別為負面，這極為奇怪。

That is just not something that we have seen, and we don't expect that to continue for a very long period of time, they tend to grow around 3%. I get that we're in a volatile environment, weak consumer confidence. A more volatile world than ever. But these categories over time, we still expect to return to growth.

這是我們從未見過的，我們預計這種情況不會持續很長一段時間，它們的成長速度往往在 3% 左右。我知道我們正處在一個動盪的環境，消費者信心疲軟。世界比以往任何時候都更加動盪。但隨著時間的推移，我們仍預期這些類別將恢復成長。

And then we have distribution gains happening in the back half. We have innovation, even incremental innovation that we didn't necessarily share in New York. We have strong marketing. We're going to keep our marketing where it's at. The long-term strength of the business is to drive share over time. We did that well in Q1. We expect that to happen throughout the year.

然後我們在後半部分獲得了分銷收益。我們擁有創新，甚至是漸進式創新，而這些創新在紐約不一定能分享。我們有強大的行銷能力。我們將維持現有的行銷策略。業務的長期優勢在於隨著時間的推移推動市場份額的成長。我們在第一季做得很好。我們預計這種情況將在全年發生。

Okay. Fair enough. And then just back to your commentary on vitamins and the initiatives you're putting in place between now and July. As we follow along from the outside, what does success look like in terms of monitoring things as we go?

好的。很公平。然後回到您對維生素的評論以及您從現在到七月期間實施的舉措。當我們從外部追蹤時，在監控過程中，成功是什麼樣子的？

And then ultimately, what is the, I mean, the expectation clearly the ambition is to be winning and growing. But what's the expectation as you think about initiation putting in place and the returns you're likely to get in the back half and then as we exit '25?

那麼最終，我的意思是，我們的期望顯然是贏得勝利和成長。但是，當您考慮啟動實施以及在後半段和 25 年退出時可能獲得的回報時，您的期望是什麼？

Yeah. So look, the green shoot to the inflection points that we want to see are things like -- and they're going to be very obvious, like part of it is going to be our weekly POS on our multi vit business, right? And given all the reformulation work and the advertising and the trial that we're pushing, we need to see the trends inflect higher. I would say customer and consumer reviews are a big deal.

是的。所以看，我們想要看到的拐點的綠芽是這樣的——它們會非常明顯，例如其中一部分將是我們多種維生素業務的每週 POS，對吧？考慮到我們正在推進的所有重新配方工作、廣告和試驗，我們需要看到趨勢進一步提升。我想說客戶和消費者的評論非常重要。

Like are we taking a step up? And are we hitting the mark on what the consumer needs and wants. That's a big deal. Are we getting -- have we stopped the decline in TDPs because the retailers believe in the story of our innovation because we're not just launching a new multi vit we're doing a reformulation across the entire lineup. We're doing a new Power Plus vitamin, we're doing sugar-free variants, we're doing a GLP offering.

就像我們踏出了一步？我們是否滿足了消費者的需求和願望？這可是件大事。我們是否已經停止了 TDP 的下降，因為零售商相信我們的創新故事，因為我們不只是推出了一種新的複合維生素，我們還對整個產品線進行了重新配方。我們正在生產一種新的 Power Plus 維生素，我們正在生產無糖產品，我們正在生產 GLP 產品。

So it's a holistic innovation and is that enough to give it a shot on shelf. So those are some of the tactical things that we're going to be looking for over the next few months. I would say probably the most important one for me is are we growing from here? Like we've made and are making some strategic decisions that we don't need to be in all classes of trade.

所以這是一項整體創新，足以讓它在貨架上展示出來。這些就是我們在接下來的幾個月裡要尋找的一些戰術性的東西。我想說，對我來說最重要的問題可能是我們是否從現在開始成長？就像我們已經做出和正在做出的一些策略決策一樣，我們不需要涉及所有貿易類別。

We don't need to be in every subsegment of vitamins, we want to make sure we're retrenched a bit, but we can grow and are confident of growth from here. And so that's what -- again, over the next three months, we're going to make that call.

我們不需要涉足維生素的每個細分市場，我們希望確保我們能稍微縮減開支，但我們可以成長，並且對從現在開始的成長充滿信心。所以，在接下來的三個月裡，我們將再次做出這個決定。

Okay. Perfect. Thanks for the context. Appreciate it.

好的。完美的。謝謝你提供的背景資訊。非常感謝。

Yep.

是的。

Olivia Tong, Raymond James.

奧利維亞唐，雷蒙德詹姆斯。

Great. Thanks and welcome Lee. You guys mentioned the potential for pricing realizing it will be very surgical. But given the macros in declining categories, how do you layer in price? And what's your view on the promotional environment going forward?

偉大的。謝謝並歡迎李。你們提到了定價的潛力，實現它將非常精準。但考慮到下降類別中的宏，您如何分層定價？您對未來的促銷環境有何看法？

And then given this backdrop, how do you think you can continue -- could you talk about how you continue to drive penetration in your newer categories like our own there so that they can continue to contribute in the outsized way that they have. Thank you.

那麼，在這種背景下，您認為您可以如何繼續下去——您能否談談如何繼續推動像我們這樣的新類別的滲透，以便他們能夠繼續以他們擁有的巨大方式做出貢獻。謝謝。

Yeah, good question, Olivia. On pricing, I'm actually really pleased with, again, the commercial organization here at Church & Dwight, and we're handling this just like we did COVID really the first few weeks. We had stand-up meetings every week, sometimes multiple times a day. And we're doing all types of actions because in this environment, you're exactly right. The last thing you want to do when categories are flat to down is try to go take price.

是的，奧莉維亞，問得好。關於定價，我實際上對 Church & Dwight 的商業組織感到非常滿意，我們處理這個問題的方式就像我們在最初幾週處理 COVID 一樣。我們每週都會舉行站立會議，有時一天舉行多次。我們正在採取各種行動，因為在這種環境下，你說得完全正確。當類別持平或下降時，你最不想做的事情就是嘗試降價。

And it's not good for the consumer. It's not good for the brand. And so we've worked really hard to mitigate 80% in the short term and probably more than that over the medium term. And so that's going to enable us not to take price. There might be a couple of examples where we do. And again, that's going to evolve based on how the external environment evolves because things change from Thursday to next Tuesday. So I'm just happy and pleased with the culture of this company and how quickly we can move when we need to.

這對消費者來說並不好。這對品牌來說並不好。因此，我們非常努力地在短期內減輕 80% 的影響，並且在中期內可能會減輕更多。這樣我們就不用收取費用了。可能有幾個我們確實這樣做的例子。再次強調，這將根據外部環境的變化而變化，因為情況從週四到下週二都會發生變化。因此，我對這家公司的文化以及我們在需要時能夠迅速採取行動感到非常高興和滿意。

But I would say overall, so far, we've been able to not have to lean in and take price. The second one was on penetration, especially for our -- some of our new businesses like HERO and THERABREATH, and that is the story in my mind. We are so under-indexed still on household penetration. And I think I gave you the numbers in the prepared comments, but like around 9% for HERO and 25% for acne and THERABREATH is a much bigger opportunity for sure.

但我想說，總的來說，到目前為止，我們已經能夠不必傾向於接受價格。第二個是關於滲透，特別是對於我們的一些新業務，例如 HERO 和 THERABREATH，這就是我腦海中的故事。我們的家庭普及率仍然很低。我想我在準備好的評論中給了你一些數字，但是 HERO 大約為 9%，痤瘡大約為 25%，而 THERABREATH 肯定是一個更大的機會。

And so that means in an environment like this, we should be doing a couple of things. One, we're reallocating media where needed to higher and best use. And those two brands have a higher and best use for sure. We're committed to spending at the 11% of marketing clip even in an environment like this because we want to go drive awareness and household penetration.

這意味著在這樣的環境下，我們應該做幾件事。首先，我們正在重新分配媒體，以達到更有效率、最佳的用途。而這兩個品牌肯定具有更高、最好的用途。即使在這樣的環境下，我們也致力於將行銷支出維持在 11%，因為我們希望提高知名度和家庭滲透率。

And that's the name of the game. And this -- that means these two businesses have years of growth ahead of them. So combined with the marketing investment, we're going to continue to innovate with those two businesses. We have global expansion for those two businesses, and we're thrilled with kind of the growth curve that's happening.

這就是遊戲的名稱。這意味著這兩家企業未來幾年都將保持成長動能。因此，結合行銷投資，我們將繼續對這兩項業務進行創新。我們對這兩項業務進行了全球擴張，我們對正在發生的成長曲線感到非常興奮。

Got it. Thanks. And then just following up, can you talk about the drivers for the 85 basis point change in the gross margin guide to down 60 basis point. How much of that is deleverage, potentially some negative mix? You talked about potential for more trade down as the year progresses versus what you embedded in terms of tariffs. It seems like it's mostly tariffs, but just the flexibility within the rest of the P&L or within the operating guide, if you do start to see more trade down, and that impacts the gross margin line?

知道了。謝謝。然後，您能否跟進一下導致毛利率指南從 85 個基點變化到 60 個基點下降的驅動因素。其中有多少是去槓桿，或者可能存在一些負面因素？您談到了隨著時間的推移，相對於關稅而言，貿易額可能會進一步下降。看起來似乎主要是關稅，但只是其餘損益表或營運指南中的靈活性，如果您確實開始看到更多的貿易下降，這會影響毛利率嗎？

Yeah. So I'll jump in there. So again, good morning. Thanks for the welcome. So I think similar to what you saw in the first quarter, right, we're down 60 basis points, and we're saying actually that's the view for the year as well. So behind it, obviously, we talked about the kind of inflation operations costs being mitigated by productivity, a little bit of price mix and then benefit from the mix into acquisition, higher margins.

是的。所以我就加入吧。再說一次，早安。謝謝您的歡迎。所以我認為與您在第一季看到的情況類似，我們下降了 60 個基點，而且我們實際上認為這也是今年的觀點。因此，顯然，在這背後，我們討論了透過生產力、少量價格組合來緩解通貨膨脹營運成本，然後從組合中獲益，實現更高的利潤率。

As you think about it from a full year perspective, productivity is still strong. We're frankly driving incremental productivity. There's a bit more inflation still holding in there is even a little bit more coming in the marketplace versus four months ago, which is weird to think about in this macro environment, but that's the case.

從全年角度來看，生產力仍然強勁。坦白說，我們正在提高生產力。通膨仍然略有上升，與四個月前相比，市場上的通膨幅度甚至略有上升，在目前的宏觀環境下，這種情況很奇怪，但事實就是如此。

And then to your point, the big driver, though, just difference wise is tariffs. And we talked about a little bit earlier, a holistic 12 month number and just what we think will settle into this year. And obviously, as we work through our different actions, there's obviously different timing events to those as well. That's the primary driver.

然後回到你的觀點，最大的驅動因素，只是差別在於關稅。我們剛才談到了 12 個月的整體數字以及我們認為今年將會實現的目標。顯然，當我們採取不同的行動時，顯然也會有不同的時間事件。這是主要驅動因素。

Great. Thank you.

偉大的。謝謝。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Great. Thanks operator. Good morning everyone. Welcome Lee as well. Lee, maybe just a quick question for you. I mean, I think you mentioned that 2Q US or domestic sales will be similar to 1Q. Could you just unpack that a bit? I think the guidance assumes market share gains. And I think Rick mentioned that category growth would be down kind of one. So I guess I'm just curious how you kind of get to that minus [3%]?

偉大的。謝謝接線生。大家早安。也歡迎李先生。李，也許我只是想問你一個簡單的問題。我的意思是，我認為您提到第二季度美國或國內銷售額將與第一季相似。你能稍微解釋一下嗎？我認為該指導假設市場佔有率會增加。我認為 Rick 提到過類別成長會有所下降。所以我只是好奇你是怎麼得到這個減號的[3%]？

Yeah. No, it's a good question. I mean to your point, we noted what happened in the first quarter with the inventory impact. And certainly -- we certainly don't expect that much impact in the second quarter, but there's still a bit more. And then as Rick talked about, the category, the consumption levels have continued to slow down.

是的。不，這是個好問題。我的意思是，我們注意到第一季庫存影響的情況。當然──我們當然不認為第二季會產生那麼大的影響，但影響還是會更大一些。然後，正如里克談到的，該類別的消費水平持續放緩。

And so yeah, one should be less of a negative and then one is going to be a new negative for us to manage. So that's what we're seeing here in April. Again, it's all about us driving share, but the macro is just a bit softer.

是的，一個因素的負面影響會減少，而另一個因素則會成為我們需要應對的新的負面影響。這就是我們在四月看到的情況。再說一次，這一切都是為了我們推動市場份額，但宏觀方面只是稍微軟一點。

Got it. That makes sense. And then, Rick, just a question for you. I think you said it's odd what you're seeing in terms of category growth. I'd just be curious, why do you think this is ultimately happening? Why is it happening as quickly as it is?

知道了。這很有道理。然後，瑞克，我只想問你一個問題。我認為您說的類別增長情況很奇怪。我只是好奇，你認為為什麼最終會發生這種情況？為什麼事情發生得這麼快？

And then just on the April commentary, I get different categories, geographic exposure, but it is a bit different from what we've heard from some of your peers thus far. So what do you think is causing the difference in terms of your April performance or what you're seeing versus maybe what some of your peers are saying?

然後僅在四月份的評論中，我得到了不同的類別、地理曝光，但這與我們迄今為止從一些同行那裡聽到的有點不同。那麼，您認為是什麼原因導致了您 4 月份的表現與一些同行所說的有所不同呢？

Yeah. No, Peter, it's a fair question. No, I would just say, usually, our categories are a good bellwether because we're going across so many different categories, like we play in 18 categories. This represents most of those categories. And I would just say it goes back to the core consumer feeling pressed. And I think even before tariffs, we were seeing signs of the core consumer being pressed.

是的。不，彼得，這是一個公平的問題。不，我只想說，通常我們的類別是一個很好的領頭羊，因為我們涉及許多不同的類別，例如我們涉及 18 個類別。這代表了大多數類別。我只想說，這又回到了核心消費者的壓力感。我認為，甚至在徵收關稅之前，我們就已經看到核心消費者受到壓力的跡象。

And we talked, I think, even back in January, maybe at the end of the year, that -- in our categories, we're growing 4.5% -- maybe 4% or so in the first half of 2024, and then they were decelerating to 2.5%. And we had called that out. And maybe it was at Barclays and everyone thought that we were being a bit of an alarmist, I would say, at the time. But we were just trying to be as transparent as we can, and we set up. This is what we're seeing. This is kind of the curve of what the consumer is doing. And that started going down a little bit further in Q1.

我想，早在 1 月份，或者可能是在年底，我們就討論過，在我們的類別中，我們的增長率為 4.5%——2024 年上半年可能為 4% 左右，然後增速就會減速到 2.5%。我們已經喊出了這一點。當時，也許在巴克萊銀行，每個人都認為我們有點危言聳聽，我想說。但我們只是想盡可能地透明，然後我們就這麼做了。這就是我們所看到的。這是消費者行為的曲線。而這數字在第一季開始進一步下降。

And then the whole tariff noise started happening. And I think that uncertainty exacerbated what was already going on. And when that uncertainty happens, it's going across many different categories, ours included. But I also think it's that type of feeling transitory as this environment hopefully is.

然後整個關稅風波就開始出現。我認為這種不確定性加劇了已經發生的情況。當這種不確定性發生時，它會涉及許多不同的類別，包括我們的類別。但我也認為這種感覺只是暫時的，因為這個環境希望如此。

And while I think we have a malaise with the consumer for a period of time, maybe 1 year or 18 months, whatever it is. I think right now, it's exacerbated. And this volatility is causing people to take a step back. And so that's what we're seeing. That's what the consumer -- this isn't us. This is our categories. And I think more of our peers will start saying that if they haven't already.

我認為，在一段時間內，可能是 1 年或 18 個月，不管是多長，消費者都會感到不滿意。我認為現在情況更加惡化了。這種波動正在讓人們退縮。這就是我們所看到的。這就是消費者——不是我們。這是我們的類別。我認為，如果還沒有的話，更多的同行將會開始這麼說。

Got it. Thank you so much. I'll pass it on.

知道了。太感謝了。我會傳達的。

Lauren Lieberman, Barclays.

巴克萊銀行的勞倫·利伯曼。

Thanks, good morning. Sort of boring housekeeping I'll admit. But in the release, you talked about that as of April 1, you'll exclude the businesses that you're going to be divesting or exiting or excluded from results. I was just curious how we should handle that as we model? Like are we putting it in the structural line? Or is it in net sales or just completely gone? And will you be restating the base just so we again, know how to model?

謝謝，早安。我承認這有點無聊。但在新聞稿中，您談到，自 4 月 1 日起，您將排除那些要剝離或退出或排除在結果之外的業務。我只是好奇我們在建模時應該如何處理這個問題？就像我們把它放在結構線中一樣？還是以淨銷售額的形式出現，或者已經完全消失了？您是否會重申基礎，以便我們再次知道如何建模？

Yeah. This is -- we're trying to -- it's a complicated situation. So we're trying to keep it as clean as possible. Our organic outlook excludes the impact from April 1 to December 31 of those three businesses. And our adjusted earnings will exclude the profit from those businesses from April 1 to December 31.

是的。這是——我們正在努力——這是一個複雜的情況。所以我們盡力保持它盡可能的清潔。我們的有機展望不包括這三項業務從 4 月 1 日到 12 月 31 日的影響。我們的調整後收益將不包括 4 月 1 日至 12 月 31 日期間這些業務的利潤。

The other lines of the P&L because it's reported an adjusted P&L, they will have it in there. So we're going to do our best to be as clear as we can. But for those are the two lines that I think really matter, and that's how we've laid it out.

損益表的其他行因為報告了調整後的損益表，所以他們會把它放在那裡。因此，我們將盡力使解釋盡可能清楚。但我認為這兩條線確實很重要，這就是我們的佈局方式。

Okay. So we should think about the adjusted EPS, the absence of those businesses is still a headwind for EPS.

好的。因此，我們應該考慮調整後的每股盈餘，這些業務的缺失仍然是每股盈餘的阻力。

The absence of those businesses we're going to put the -- in that onetime charge will be mostly the noncash charges. And as we run out those businesses, there will be a lower sales and profit impact to those businesses. So net sales would be down reported. And we'll also have a charge partially in Q2, but for those businesses in Q3 and Q4 that represents the profit for those. So we'll try to delineate that for you.

由於這些業務的缺失，我們將一次性收取的費用大部分都是非現金費用。隨著我們逐漸退出這些業務，這些業務的銷售和利潤受到的影響將會降低。因此報告的淨銷售額將會下降。我們也會在第二季收取部分費用，但對於第三季和第四季的業務來說，這代表了這些業務的利潤。因此我們將盡力為您描述這一點。

Okay. All right. Great. All right. Thank you.

好的。好的。偉大的。好的。謝謝。

And that was not a boring question.

這不是一個無聊的問題。

For me it was, for me it was. I appreciate it.

對我來說是的，對我來說是的。我很感激。

Right.

正確的。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

Hey, good morning. Thank you for taking the question. Just want to go back to the retailer destocking comment and kind of what's changed between now and a couple of months ago when you were anticipating that -- those orders to kind of come back over the year progresses? I mean, obviously, like a lot has changed with the tariff situation and consumers pulling back.

嘿，早安。感謝您回答這個問題。我只想回到零售商去庫存的評論，以及從現在到幾個月前你預期的那些訂單在一年內會回升的情況有什麼變化？我的意思是，顯然，隨著關稅狀況和消費者的減少，很多事情都改變了。

But why do you think the retailers wouldn't restock if the consumption is still there? And then separately, just any updated thinking around the M&A environment? I know you've been talking a little bit more about maybe looking at some international assets to add to portfolio, any change in thinking with the current macro situations going on? Thank you.

但是，如果消費仍然存在，你認為零售商為什麼不補貨呢？然後另外，對於併購環境有什麼最新的想法嗎？我知道您一直在談論可能考慮將一些國際資產添加到投資組合中，考慮到當前的宏觀形勢，您的想法有什麼變化嗎？謝謝。

Yeah. Thanks, Korinne. I would say you hit it on the head. The pullback in the consumer, the agita around tariffs, I think that's what's going on. And that's why categories, even in the month of April so far negative. And that's why in March, they were flattish for us. So retail inventory, even a few months ago, we thought would recover because exactly that, our consumption was running ahead of our shipments.

是的。謝謝，科琳。我想說你擊中了要害。消費者的減少、關稅引發的騷動，我認為這就是正在發生的事情。這就是為什麼即使在四月份，類別也一直呈現負面狀態。這就是為什麼三月我們的業績表現平平。因此，即使在幾個月前，我們也認為零售庫存會恢復，因為我們的消費量超過了出貨量。

And so we said, oh, okay, well, that's just a matter of timing. We've seen that play before and no problem. But the longer it's going on and the more uncertainty that's out there it just feels like everyone's retrenching a bit is what I would say.

所以我們說，哦，好吧，這只是時間問題。我們之前已經看過這個劇本了，沒有問題。但我想說，時間越長，不確定性就越大，感覺每個人都在縮減開支。

And then on international M&A. International M&A is, yes, still a strategy. We've got to find the right one. we're looking at different countries. In many cases, we would love to do what we did in Japan with Graphico as you create really a subsidy infrastructure and you can bring your brands there in an easier way. So we're always on the lookout for those kind of bolt-on acquisitions.

然後是國際併購。是的，國際併購仍然是一種策略。我們必須找到正確的一個。我們正在考慮不同的國家。在許多情況下，我們很樂意像在日本與 Graphico 合作一樣，創造真正的補貼基礎設施，讓您更輕鬆地將您的品牌帶到那裡。因此，我們一直在尋找這類附加收購。

And meanwhile, the team is spending the leadership team spending an awful lot of their time looking for the right acquisition. We've had a bit of a of a dry spell, but we still believe the number one use of cash and capital allocation as does the Board is M&A. And so this management team spends a large percentage of time looking for the right acquisition both here in the US and outside the US.

同時，團隊的領導團隊花了大量的時間尋找合適的收購對象。我們經歷了一段低迷時期，但我們仍然相信，董事會也認為現金和資本配置的首要用途是併購。因此，該管理團隊花費大量時間在美國國內和國外尋找合適的收購對象。

Great. Thanks so much.

偉大的。非常感謝。

Kaumil Gajrawala, Jefferies.

傑富瑞的 Kaumil Gajrawala。

Hey guys, good morning. Maybe a follow-up on the inventory levels at retail. I guess what gives you the confidence that inventory shouldn't bounce back or that there should be a restock. Is there -- is there something you're seeing in the market? Is it channel mix? Maybe you were high on inventories towards the end of '24.

大家好，早安。也許是對零售庫存水準的追蹤。我想是什麼讓您有信心庫存不會反彈或應該補貨。您在市場上看到了什麼嗎？是通路組合嗎？也許您在 24 年末庫存很高。

But the idea of sort of consumption being ahead of inventories and then sort of staying that way for the whole of the year? Just feels like something that maybe we don't see that frequently. So I'm just curious what might have changed and what gives you that confidence that this was a onetime step down. This is where it is going to be?

但是，消費量領先於庫存量，並且全年都保持這種狀態，這是怎麼回事呢？只是感覺我們可能不常看到這種事情。所以我只是好奇發生了什麼變化，以及是什麼讓你有信心這只是一次降級。這就是它要去的地方嗎？

Yeah, it's a fair question. I would say it's probably the expectation that Q2 looks a lot like Q1 given what we see in orders that there's not a bounce back coming. I think when you have negative or flat consumption across many categories, the retailer doesn't maybe want to lean back in to get to what we think is the right level.

是的，這是一個公平的問題。我想說，根據訂單情況來看，第二季可能與第一季非常相似，不會出現反彈。我認為，當許多類別的消費都呈現負值或持平時，零售商可能不想再努力達到我們認為的正確水平。

And we have heard other retailers continue to talk about taking down weeks of supply. Do I think there's an incremental risk for retail inventory? I absolutely do not overall because there's only a certain level that the businesses can be run effectively with.

我們也聽到其他零售商繼續談論減少數週的供應。我是否認為零售庫存有增量風險？我完全不這麼認為，因為企業的有效運作只能達到一定的水準。

So I don't really feel like it's an incremental risk maybe it's a little bit of conservatism and maybe we'll be proven wrong. We just think there's flat to slowing consumption in the near term. And we said for the back half, we think it's closer to 1.5%, which is lower than our 3% typically. So yeah, just the inflection point a little bit is what's driving our thinking there.

所以我並不覺得這是一種漸進的風險，也許這是一種保守主義，也許我們會被證明是錯的。我們只是認為短期內消費將趨於平穩或放緩。我們說，對於後半部分，我們認為它更接近 1.5%，低於我們通常的 3%。是的，正是這個轉捩點推動了我們的思考。

Okay. Got it. And I guess in the context of everything you mentioned on the consumer, you talked a bit about promo activity being rational, but maybe how do you feel like where it's going to play out over the course of the year if the consumer stays in the sort of conditions that they might be in? Would you expect promotional activity to pick up? Or is it not a pricing thing, there's just something else going on?

好的。知道了。我想，在您提到的所有關於消費者的背景下，您談到了促銷活動是理性的，但如果消費者保持他們可能處於的那種狀態，您覺得它在一年中會如何發展？您認為促銷活動會增加嗎？還是這不是定價問題，而是有其他原因？

No, I think we've seen this play out before back in ['08 and '09]. And if categories are flat for an extended period of time, competitors tend to go after share in a bigger way. And if you look at all the transcripts, everyone's talking about how they're going to gain share.

不，我想我們以前就見過這種情況['08 和 '09]。如果產品類別長期處於平穩狀態，競爭對手往往會以更大的規模爭取市場佔有率。如果你看一下所有的記錄，你會發現每個人都在談論如何獲得市場份額。

Well, not everybody can gain share. We've proven in an environment like this that we do tend to gain share because we have the right promotional strategy, the right marketing spend. We have the right products and value offering innovation. And so we're usually set up better than most. But promotional levels do tend to go up if categories are flat for a period of time. But what I just said is why we believe that we tend to take share.

嗯，並不是每個人都能獲得份額。我們已經在這樣的環境中證明，我們確實傾向於獲得市場份額，因為我們有正確的促銷策略和正確的行銷支出。我們擁有合適的產品和價值，能夠提供創新。因此我們的準備通常比大多數人都要好。但如果類別在一段時間內保持不變，促銷水平確實會上升。但我剛才說的是為什麼我們相信我們傾向於分享。

Got it. Thank you.

知道了。謝謝。

Javier Escalante, Evercore.

哈維爾·埃斯卡蘭特，Evercore。

Hi, good morning, everyone. I've managed to still have a question on the inventory issue. So if you could help us if there is anything to learn about the categories and the type of retailers where you're seeing greater lag in terms of reorders. I'm specifically thinking about the drug stores, very important for vitamins.

大家好，早安。我對庫存問題仍然有疑問。因此，如果您能幫助我們了解有關類別和零售商類型的任何信息，您在重新訂購方面會發現更大的滯後。我特別考慮藥局，對於維生素來說非常重要。

And there is a lot of changes there, and there is a lot of problems with traffic is this particularly a pressure area? And if so, how that informs the relaunch of the vitamin business which is a category that is increasingly going online.

那裡發生了很多變化，交通也存在著許多問題，這是一個特別有壓力的地區嗎？如果是這樣，那麼這對維生素業務的重新啟動有何影響？維生素業務是越來越多地轉向線上銷售的類別。

Yeah. Sure, Javier. Gummies and the drug class of trade are very, very promotional. You walk in and you see a whole aisle full of yellow tags, which are tend to be buy one, get one free. As we're looking to retrench rent, we're making decisions on what class of trades we want to play in.

是的。當然，哈維爾。軟糖和藥品類的貿易非常具有促銷性。你走進去，會看到一整條走道都貼滿了黃色標籤，這些標籤通常是買一送一。由於我們希望削減租金，因此我們正在決定要從事哪一類行業。

And I would say the sales and profits are not as appealing in that class of trade typically. So we're kind of retrenching on what SKUs, what offerings, what promotion depth that we're willing to go to in that class of trade. And there is a foot traffic concern in the drug class of trade. There's also -- one of the retailers is not as financially stable as some others. So there is a lot of noise, I guess, going on in the direct class of trade.

我想說的是，這類貿易的銷售額和利潤通常不那麼有吸引力。因此，我們在 SKU、產品和促銷深度方面都進行了一定程度的縮減。毒品交易中也存在人流問題。此外，其中一家零售商的財務狀況也不如其他零售商穩定。因此，我猜想在直接貿易領域中存在著許多噪音。

But again, we retrench to where we have strength and we grow from there for vitamins. But the online class of trade is interesting. Online class of trade is actually half of all vitamins. And so we've got to make sure that we're hitting the innovation and advertising, but really also focused on the online class of trade. And so specifically, it's very fragmented, but half the category.

但是，我們又會縮減到我們擁有優勢的領域，並從那裡獲取維生素。但網上交易課程很有趣。網路貿易類別實際上佔所有維生素的一半。因此，我們必須確保我們能夠進行創新和廣告，但也要真正關注線上交易類別。因此具體來說，它非常分散，但只佔了類別的一半。

So we are we're looking hard at what the right innovation strategy is and the short-term innovation strategy is to make sure that we're going after those subsegments appropriately online because if that's where the growth is, that's where the focus needs to be.

因此，我們正在認真研究正確的創新策略，短期創新策略是確保我們在網路上適當地追逐這些細分市場，因為如果那裡有成長，那就需要把重點放在那裡。

And Rick, if I may, if you can expand better on the laundry detergent piece. So there was a very weak read in April, I believe, is the guys in Germany. So if you can unpack a little bit, I mean you mentioned it, but it was very briefly that there is a lot of moving pieces. But if you can unpack what is happening in detergents in the context of your push with the clean and the trade down into mid-tier? That would be very helpful. Thank you.

瑞克，如果可以的話，你能更詳細地介紹一下洗衣粉的部分嗎？因此，我認為 4 月的讀數非常疲軟，這是德國人的表現。因此，如果您可以稍微解釋一下，我的意思是您提到了這一點，但只是簡要地說，有很多移動的部分。但是，如果您能從推動清潔和貿易進入中端市場的背景下，解釋一下洗滌劑領域正在發生的事情嗎？那將會非常有幫助。謝謝。

Yeah. So look, the laundry business is healthy. In Q1, we had 3.4% consumption growth for ARM & HAMMER. I think we had 26% to 27% growth for unit dose. Even for scent boosters, we had 8%-plus growth and extra had positive growth as well. So largely for us, we continue to gain share in all those subsegments. And so we think we're doing and executing really well.

是的。由此可見，洗衣業務發展十分順利。第一季度，ARM & HAMMER 的消費量成長了 3.4%。我認為我們的單位劑量成長率為 26% 至 27%。即使是香味增強劑，我們也實現了 8% 以上的成長，額外產品也實現了正成長。因此，對我們來說，很大程度上，我們在所有這些細分市場中的份額都在繼續增長。因此我們認為我們做得非常好，執行得很好。

I kind of alluded to it. There is some noise going on in the category. One competitor is catching up on some of the concentration activities that happened a year or two ago. One competitor is taking price at the top end and spending a bit more, I guess, in the low and mid tiers. And then one major retailer introduced private label at the premium end.

我有點暗示過這一點。該類別中存在一些雜訊。一名參賽者正在追趕一兩年前發生的一些集中活動。我猜想，一個競爭對手在高端市場定價，而在中低端市場花費會多一點。然後，一家大型零售商在高端市場推出了自有品牌。

So there's a lot of moving pieces. And I would say we're better positioned than ever in this type of environment. What tends to happen in a recessionary-like environment, and that's why I would start to call this environment that we're in, right?

因此有很多活動部件。我想說，在這種環境下，我們比以往任何時候都處於更有利的地位。在類似經濟衰退的環境中通常會發生什麼，這就是為什麼我開始稱我們所處的環境為，對嗎？

Consumer confidence as we look forward. It's at a 12-year low, this turmoil. What tends to happen is folks trade down to value. And even Deep Clean, while it's a mid-tier to us, the consumer doesn't know what mid-tier or premium or value really mean. They just know that it's a 20% discount to premium -- the premium tier of laundry.

我們期待消費者信心。此次動盪正處於 12 年來的最低點。通常發生的情況是，人們會降低價格以追求其價值。即使是深度清潔，雖然對我們來說也屬於中檔產品，但消費者並不知道中階、高端或價值的真正意義。他們只知道這是高級洗衣服務的 20% 折扣。

They know that it's more expensive than our most basic offering. But we have a good, better, best strategy so that base ARM & HAMMER can do well. ARM & HAMMER ahoc can do well and now Deep Clean does as well. So we're well positioned to wherever the consumer trades up or down to.

他們知道它比我們最基本的產品更貴。但是我們有一個好的、更好的、最好的策略，以便基地 ARM & HAMMER 能夠做得很好。ARM & HAMMER ahoc 表現良好，現在 Deep Clean 也是如此。因此，無論消費者的交易價格上漲或下跌，我們都能很好地應對。

Thank you very much.

非常感謝。

Dara Mohsenian, Morgan Stanley.

摩根士丹利的達拉‧莫森尼安 (Dara Mohsenian)。

Hey, good morning. So I just wanted to touch on US share. You guys mentioned you still expect to gain share in the US despite the category weakness. But the tracked channels and it does look like it's decelerated in terms of your share so far in April.

嘿，早安。所以我只想談談美國份額。你們提到，儘管品類疲軟，你們仍希望在美國獲得市場份額。但從追蹤的管道來看，四月迄今您的份額確實有所減速。

And I would assume the Q2 corporate org sales guidance when you back out international, which is robust as well as presumed growth in SPD that you're assuming share loss probably implicitly in that Q2 guidance. Can you just shed some light on maybe overall trends in the US as you look at April your thoughts in the balance of the year here on a go-forward basis also? Thanks.

當您退出國際市場時，我會假設 Q2 企業組織銷售指導是強勁的，並且 SPD 預計會成長，而您假設的份額損失可能隱含在 Q2 指導中。您能否簡單介紹一下美國 4 月的整體趨勢以及您對今年餘下時間的看法？謝謝。

Yeah. Good question, Dara. I am never assuming share loss is what I would tell you. I believe like I talked earlier, because of our portfolio, because of our brands, because of the advertising and the innovation and the promotional program we have in place. We have a long track record of growing faster than the category.

是的。問得好，達拉。我從來不會假設股票損失就是我要告訴你的。我相信，就像我之前所說的那樣，因為我們的產品組合，因為我們的品牌，因為我們的廣告、創新和促銷計劃。我們長期以來一直保持著比其他同類公司更快的成長速度。

And I fully expect that to happen now. And as we have a stretched consumer, our brands are made for this time as well. And so all that's going to help and lead to share gains. April or -- you're right. We're -- I think I said the category is down 1%. We gained share in Q1. I expect to gain share in Q2. Sometimes, it's just promotional timing to some degree. But that's the short answer to the question.

我完全期待現在就能實現這一點。由於我們的消費者群體日益擴大，我們的品牌也適合這個時代。所有這些都將有助於並帶來市場份額的成長。四月或——你是對的。我們——我想我說過該類別下降了 1%。我們在第一季獲得了市場份額。我預計第二季的市佔率將會增加。有時，從某種程度上來說，這只是促銷時機。但這就是這個問題的簡短答案。

Okay. That's helpful. And then obviously, the external environments changed fairly significantly in recent months. You're taking decisive actions on portfolio structure. I was just hoping you could review capital allocation from here given your strong balance sheet, might share repurchases a greater priority perhaps there's more M&A opportunities from an external environment standpoint given the difficult environment and just how you think about those two pieces. Thanks.

好的。這很有幫助。顯然，近幾個月來外部環境發生了相當大的變化。您正在對投資組合結構採取果斷行動。我只是希望您能從這裡審查資本配置，考慮到您強勁的資產負債表，股票回購可能是一個更優先考慮的問題，考慮到困難的環境，從外部環境的角度來看，也許有更多的併購機會，以及您對這兩部分的看法。謝謝。

Yeah, we talked about it a lot. And even though we haven't done a deal in a couple of years, it doesn't mean that's not number one on the capital allocation priority. So I joked in previous conferences that M&A is number one, two, three, four on the list, and that's still true. We believe that we have a competency and identify in acquiring and integrating and growing acquisitions. And there's no better value creator for the company than just that. So we have a huge amount of firepower.

是的，我們討論了很多。儘管我們已經有幾年沒有達成交易了，但這並不意味著這不是資本配置優先事項。因此，我在以前的會議上開玩笑說，併購在名單上排名第一、第二、第三、第四位，現在仍然如此。我們相信，我們有能力並認同收購、整合和發展收購。對公司來說，沒有比這更好的價值創造者了。所以我們的火力非常強大。

The math that we showed at CAGNY was around $6 billion we could do a couple of deals and the organization can tend to do a couple of deals even sequentially. So that's the number one capital allocation and focus.

我們在 CAGNY 展示的計算結果是，我們可以在大約 60 億美元的情況下進行幾筆交易，而且該組織甚至可以連續地進行幾筆交易。所以這是首要的資本配置和重點。

And if you look back at our history, if we go a long period of time without doing acquisitions, then we tend to look at buybacks. In some cases, given this type of low leverage, we could probably do both. But number one, I want to keep the powder dry for M&A. And so if we don't do M&A for a while, we'll look at and talk more about doing maybe any buybacks. Lee, anything to add to that?

如果你回顧我們的歷史，如果我們很長一段時間沒有進行收購，那麼我們就會傾向於回購。在某些情況下，考慮到這種低槓桿率，我們可能可以同時做到這兩點。但首先，我想為併購做好準備。因此，如果我們暫時不進行併購，我們將更考慮和討論是否進行回購。李先生，還有什麼要補充的嗎？

Yeah. I would just add, number one, one of the reasons I came here and completely believe in this capital allocation methodology. I have a whole history of doing M&A, making sure you have a discipline in doing M&A.

是的。我只想補充一點，第一，我來這裡的原因之一就是我完全相信這種資本配置方法。我擁有豐富的併購經驗，可以確保你在併購過程中遵守紀律。

And we've shown that we find the right acquisitions and we drive value-enhancing TSR. And then obviously, that's one, two and three. I guess we'll do -- behind that is we're continuing to invest in the business, even in this environment, whether it's -- we talked about the marketing side, the innovation side and then obviously, things like debt and shares that Rick talked about would be on the list too, but every day, we're focused on number one, number two, number three, which again, you'll find that right deal for the -- to bring to the portfolio, but we will remain very disciplined.

我們已經證明，我們找到了正確的收購，並推動了增值的 TSR。顯然，這就是一、二、三。我想我們會做的——其背後是我們將繼續投資於業務，即使在這種環境下，無論是——我們談論了營銷方面，創新方面，然後顯然，里克談到的債務和股票等也會在名單上，但每天，我們都專注於第一、第二、第三，再次，你會找到合適的交易——將其帶入投資組合，但我們將保持非常自律。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

Hey, good morning, everyone. I had two quick clarification on the guidance. First, within the organic sales guidance of 0% to 2%, can you give us a sense of what you're assuming for the full year for volume and price you mentioned price increases, some surgical price increases, maybe can you give us some sense of timing and some magnitude there?

嘿，大家早安。我對該指南做了兩點快速澄清。首先，在 0% 到 2% 的有機銷售指導範圍內，您能否告訴我們您對全年銷量和價格的假設，您提到了價格上漲，一些手術價格上漲，您能否告訴我們一些時間和幅度？

Yeah. I mean I would tell you, we talked about -- you got pretty quick position. We talked about price quite a bit. I mean, price has been positive, 0.2% in 1Q We'll just say it's going to be flattish for the rest of the year. Our outlook is all about volume growth.

是的。我的意思是我會告訴你，我們談論過——你很快就得到了職位。我們討論了很多有關價格的問題。我的意思是，價格一直是正數，第一季上漲了 0.2%，我們只能說今年剩餘時間價格將保持穩定。我們的前景完全取決於銷量的成長。

Yep. And the price increases that we're talking about, that is over time, if we can offset tariffs. In my mind, we're going to work like to do just that. And we believe that will be a competitive advantage versus other folks.

是的。我們所談論的價格上漲是隨著時間的推移，如果我們能夠抵消關稅的話。在我看來，我們將會努力做到這一點。我們相信這將成為我們相對於其他人的競爭優勢。

Got it. That makes sense. And then on the tariff front, you mentioned the $30 million net tariff impact after the mitigation is that what is embedded in the gross margin and EPS guidance? Or should we think about somewhere around 50 basis points of negative hit on gross margin and then somewhere around like $0.09 on EPS. Is that the right way to think about it.

知道了。這很有道理。然後在關稅方面，您提到減稅後的 3000 萬美元淨關稅影響是否包含在毛利率和每股收益指引中？或者我們應該考慮對毛利率造成約 50 個基點的負面影響，然後對每股盈餘造成約 0.09 美元的負面影響。這是正確的思考方式嗎？

40 basis points to 50 basis points. Obviously, the exact timing will play out depending on actions and mitigations and things like that. That's a good number.

40個基點至50個基點。顯然，具體時間將取決於行動、緩解措施等。這是一個不錯的數字。

Okay. Got it. Thank you so much, guys.

好的。知道了。非常感謝你們，夥伴們。

Kevin Grundy, BNP Paribas.

法國巴黎銀行的凱文‧格蘭迪。

Great. Thanks. Good morning, everyone.

偉大的。謝謝。大家早安。

Hey Kevin.

嘿，凱文。

Hey Rick. A couple for me. Rick, just getting back to the decisions around the portfolio pruning. So the business lines that you're exiting certainly makes sense not hugely impactful at about 2% of sales. I think there might have been some sense among some in the market as the divestitures directives could have been larger.

嘿，瑞克。對我來說是一對。瑞克，我們再回到投資組合精簡的決策。因此，您退出的業務線當然是有道理的，但對銷售額的影響並不大，約為 2%。我認為，市場上有些人可能已經意識到了這一點，因為剝離指令的規模可能更大。

Is this pencils down for the year, given it's an annual review process? Or would you consider further divestitures in the future? I'm curious what's your commitment to a business like vitamins. Presumably, you want to exit from a position of strength. So maybe that's the reason that, that is perhaps on hold for now. A quick review, maybe just on the criteria at a high level for hold versus an exit. And I have a question for Lee. Thanks

鑑於這是一個年度審查流程，今年的計畫就此完成了嗎？或者您會考慮在未來進一步剝離資產嗎？我很好奇您對維生素這樣的業務有何承諾。大概，您想退出強勢地位。所以也許這就是原因，現在可能要暫停了。快速回顧一下，可能只是關於持有與退出的高層次標準。我有一個問題想問李。謝謝

Yeah. Well, look, we do go through a portfolio strategy review every year. Like I said before, we value each and every brand. There's a handful that are always on the list, and then we turn to a few of them and say, can we internally improve those businesses. And some of those things are underway.

是的。嗯，你看，我們每年確實都會進行投資組合策略審查。正如我之前所說，我們重視每一個品牌。名單上總是有少數幾個，然後我們會轉向其中幾個，並說我們能否從內部改善這些業務。其中一些事情正在進行中。

And so it doesn't mean that if those businesses don't do and accomplish those KPIs that we want that we couldn't wake up and say, yep, that's on the list to do something with. So just because we have an annual review, it doesn't mean that there aren't other things in motion that we're always working on.

所以，這並不意味著如果這些企業沒有實現我們想要的 KPI，我們就不能醒來並說，是的，這是要做的事情之一。因此，僅僅因為我們進行了年度審查，並不意味著我們沒有一直在進行的其他事情。

Vitamins, we want to inflect that business and turn that positive for all the reasons I gave earlier. And we'll talk more after Q2 on how we're doing with that. And so I think that's a better question to ask after that quarter.

維生素，我們希望改變這項業務，並使其變得積極，理由我之前已經給出。我們將在第二季度之後進一步討論我們的進展。所以我認為這是該季度之後提出的更好的問題。

Okay. Fair enough. Lee, welcome. Quick question for you. You mentioned the M&A dynamic and the appeal of that in terms of coming on board. What are your early impressions more broadly? Any potential areas where you think your background can potentially enhance the way Church is doing things, whether this is around productivity, whether it's around revenue growth management, capital structure, et cetera. Would love to get your early impressions and thoughts. Thanks.

好的。很公平。李先生，歡迎光臨。問你一個快速問題。您提到了併購的動態以及加入的吸引力。您最初的印像是什麼？您認為您的背景在哪些潛在領域有可能增強教會的做事方式，無論是生產力方面，還是收入成長管理、資本結構等方面。很想了解您的早期印象和想法。謝謝。

No, I appreciate you're asking the nice question. So I mean, number one, very impressed with the CHD team. I mean, obviously, I can follow in from the outside and the track record speaks for itself. But to be inside the building and to meet the people and the culture, the mindset to execute.

不，我很感激你問了這麼好的問題。所以我的意思是，首先，我對 CHD 團隊印象非常深刻。我的意思是，顯然我可以從外部跟踪，而過去的記錄不言而喻。而是進入大樓內部，與人們和文化相遇，並體驗執行的心態。

I mean, I think in my first five weeks, everything we're showing here, the tariff situation continued to be a bigger challenge and look at the plan we've laid out here in just less than two months as everyone's dealing with that.

我的意思是，我認為在我上任後的前五周里，我們在這裡展示的一切，關稅情況繼續是一個更大的挑戰，看看我們在不到兩個月的時間內製定的計劃，因為每個人都在處理這個問題。

The team is very focused on -- I love where I see what's going on innovation. Certainly, the continued focus on brand development, winning share. Those are all things I fundamentally believe in. This business -- my focus right now is to learn this business. This business has been successful. And I want to understand that. I want to obviously get more time to get out and meet people and understand what goes on across the globe at our different manufacturing sites.

團隊非常注重——我喜歡看到創新的進展。當然，我們將繼續注重品牌發展，贏得市場佔有率。這些都是我從根本上相信的事。這個行業——我現在的重點是學習這個行業。這項生意很成功。我想了解這一點。我顯然想花更多時間出去與人們會面，了解我們在全球不同製造基地的情況。

And my mindset is just to contribute my experience to what we have focused here. I believe in the evergreen model, as I went through the process and you got to spend time with Rick and other members of leadership team. We have very similar thoughts and very focused on driving share, always making decisions with that in mind, but the same token follow the facts, find the right balance to protect gross margin.

我的想法只是將我的經驗貢獻給我們所關注的事物。我相信常青模型，因為我經歷了這個過程，而且你必須花時間與 Rick 和領導團隊的其他成員在一起。我們的想法非常相似，非常注重推動市場份額，始終以此為依據做出決策，但同樣要遵循事實，找到適當的平衡來保護毛利率。

There's efficiency with how we run the business to drive this overall high level of cash return. Those are all things that frankly just match with me. That's one of the reasons why I'm here. So I can just say with now six weeks in, it's everything I thought it'd be in more. So I'm optimistic as we look forward here.

我們的業務營運效率很高，從而推動了整體高水準的現金回報。坦白說，這些都是與我相符的東西。這就是我來這裡的原因之一。所以我只能說，現在已經過了六週了，一切都如我所想的。因此，我對我們未來的發展充滿樂觀。

Yeah. And Lee's being humble as well. He has a great pedigree experience on M&A, right? Decades of experience with M&A on acquiring, integrating, he has decades of experience, not just as a CFO, but as a President of different businesses. So to have somebody in the seat that's an operating CFO is exactly the culture of this place, and we're going to be better off for it.

是的。李也很謙虛。他在併購方面有豐富的經驗，對嗎？他在收購、整合方面擁有數十年的經驗，他不僅擔任過財務官，還擔任過不同企業的總裁。因此，讓某人擔任營運財務長正是這個地方的文化，而且我們也會因此而變得更好。

Okay, very good. Thank you. Good luck.

好的，非常好。謝謝。祝你好運。

Thank you.

謝謝。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

All right. Thanks. Rick, you've talked about having the right advertising, the right promo, the right spend. And -- but the world is changing quite a bit in the last four months. So other than vitamins, are there any categories where you've had to shift your tactics maybe lean in a little more from a promotional standpoint? Or because your market share is good, you feel like, hey, we can just keep executing the plan as it stands?

好的。謝謝。瑞克，你談到了正確的廣告、正確的促銷和正確的支出。但在過去四個月裡，世界已經發生了很大變化。那麼，除了維生素之外，還有什麼類別需要您改變策略，從促銷的角度來看，是否需要更傾斜一些？或者因為您的市場佔有率很好，您覺得，嘿，我們可以繼續執行現有的計劃嗎？

Yeah. Not from a promotional perspective, really. I'll tell you, we are pivoting a little bit on our advertising. We just walked the Board through it, but Stacey is our CMO. She's doing a great job, and she laid out how we're shifting our messaging more towards value in this environment, right?

是的。確實，從促銷角度來說並非如此。我告訴你，我們正在對廣告做一些調整。我們剛剛向董事會介紹了此事，但​​史泰西是我們的首席行銷長。她做得很好，她闡述了我們如何在這種環境下將我們的訊息更多地轉向價值，對嗎？

Some big steps in doing that, reminding people across the ARM & HAMMER brand that we are value but across our other brands, too. And I think that messaging is going to be important in times like this. And so that's kind of one pivot we're making. And we're pivoting a little bit on what brands we allocate media to and where we over-indexed or under-indexed.

我們採取了一些重大舉措，不僅提醒 ARM & HAMMER 品牌的人們我們的價值，也提醒我們的其他品牌的人們我們的價值。我認為在這樣的時刻，傳遞訊息非常重要。這就是我們正在做出的轉變。我們正在稍微調整一下我們為哪些品牌分配媒體，以及我們在哪些方面過度索引或索引不足。

Okay. All right. Thank you.

好的。好的。謝謝。

I will now turn the call back over to Rick Dierker for closing remarks. Please go ahead.

現在我將把電話轉回給 Rick Dierker 做結束語。請繼續。

Great. Well, thank you for your time today. I would just tell you that the company is laser-focused on growing share, launching our innovation to delight the consumer. And we're a stronger company for these portfolio actions and look forward to talking to everybody next quarter. Thanks very much.

偉大的。好的，感謝您今天抽出時間。我只想告訴你，公司專注於擴大市場份額，推出創新產品來取悅消費者。透過這些投資組合行動，我們公司變得更加強大，並期待下個季度與大家交談。非常感謝。

Ladies and gentlemen, this concludes today's call. Thank you all for joining, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。