高樂氏 (CLX) 2024 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Clorox Company fourth quarter fiscal year 2024 earnings release conference call. (Operator Instructions) As a reminder, this call is being recorded.

女士們、先生們，美好的一天，歡迎參加 Clorox 公司 2024 財年第四季財報電話會議。（操作員說明）謹此提醒，此通話正在錄音。

I would now like to introduce your host for today's conference call, Ms. Lisah Burhan, Vice President of Investor Relations for The Clorox Company. Ms. Burhan, you may begin your conference.

現在我想介紹今天電話會議的主持人 Lisah Burhan 女士，她是 Clorox 公司投資者關係副總裁。布爾漢女士，您可以開始會議了。

Thank you, Jen. Good afternoon, and thank you for joining us. On the call. With me today are Linda Rendle, our Chair and CEO, and Kevin Jacobsen, our CFO. I hope everyone has had a chance to review our earnings release and prepared remarks, both of which are available on our website. In just a moment, Linda will share a few opening comments and then we'll take your questions.

謝謝你，珍。下午好，感謝您加入我們。正在通話中。今天與我在一起的有我們的董事長兼執行長琳達·倫德爾 (Linda Rendle) 和我們的財務長凱文·雅各布森 (Kevin Jacobsen)。我希望每個人都有機會查看我們的收益發布和準備好的評論，這兩者都可以在我們的網站上找到。稍後，琳達將分享一些開場評論，然後我們將回答您的問題。

During this call, we may make forward-looking statements, including about our fiscal 2025 outlook. These statements are based on management's current expectations, but may differ from actual results or outcomes. In addition, we may refer to certain non-GAAP financial measures. Please refer to the Forward-Looking Statements section, which identify various factors that could affect such forward-looking statements, which has been filed with the SEC.

在本次電話會議中，我們可能會做出前瞻性聲明，包括我們的 2025 財年展望。這些陳述是基於管理階層目前的預期，但可能與實際結果或成果不同。此外，我們可能會參考某些非公認會計準則財務指標。請參閱前瞻性陳述部分，其中確定了可能影響此類前瞻性陳述的各種因素，該陳述已向美國證券交易委員會提交。

In addition, please refer to the non-GAAP financial information section of our earnings release and the supplemental financial schedules in the Investor Relations section of our website for reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.

此外，請參閱我們收益發布的非 GAAP 財務資訊部分以及我們網站投資者關係部分的補充財務明細表，以了解非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳。

Now I'll turn it over to Linda.

現在我把它交給琳達。

Thank you for joining us today. Our fourth quarter and fiscal year 2024 results reflect the continued advancement of our strategy to strengthen our competitive advantage to accelerate profitable growth, and set up our company for long-term success, all while navigating a recovery from the cyber attack earlier in the year.

感謝您今天加入我們。我們第四季和2024 財年的業績反映了我們策略的持續推進，以加強我們的競爭優勢，加速獲利成長，並讓我們的公司取得長期成功，同時從今年稍早的網路攻擊中恢復過來。

Thanks to the team's execution, we ended fiscal year 2024 in a position of operational strength. We fully restored supply and distribution and recovered most of the market share that we lost. We closed out with flat organic sales for the full year, despite the significant disruption caused by the cyber attack, which drove an 18% organic sales decline in the first quarter.

由於團隊的執行力，我們在 2024 財年結束時保持了營運實力。我們全面恢復了供應和分銷，恢復了大部分失去的市場份額。儘管網路攻擊造成了嚴重破壞，導致第一季有機銷售額下降了 18%，但我們全年的有機銷售額仍持平。

Importantly, we continued to deliver on our commitment to rebuild margin to fuel growth, delivering our seven consecutive quarter of margin expansion. We're on track to return to our pre-pandemic gross margins in fiscal year 2025. We also achieved another year of double-digit adjusted EPS growth.

重要的是，我們繼續履行重建利潤率以推動成長的承諾，實現了連續七季的利潤率擴張。我們預計在 2025 財政年度恢復到疫情前的毛利率。我們也實現了又一年兩位數的調整後每股盈餘成長。

As we look ahead to fiscal year 2025, consumers will remain under pressure, which will continue to temporarily increased competitive activity and impact category growth. That said, we have a portfolio of strong brands in (technical difficulty) categories that have shown resilience during challenging times. We have and will continue to invest strongly behind our brands to maintain value superiority. While we have more work to do, we are confident that we have the right plans and investment level to win with consumers and deliver strong financial performance in fiscal year 2025. Supported by a return to volume driven sales growth, pre-pandemic gross margins, and free cash flow in line with our long-term goals.

展望 2025 財年，消費者仍將面臨壓力，將持續暫時增加競爭活動並影響品類成長。也就是說，我們在（技術難度）類別中擁有一系列強大的品牌組合，這些品牌在充滿挑戰的時期展現了韌性。我們已經並將繼續大力投資我們的品牌，以保持價值優勢。雖然我們還有更多工作要做，但我們有信心擁有正確的計劃和投資水平來贏得消費者的青睞，並在 2025 財年實現強勁的財務業績。受到銷量恢復帶動的銷售成長、疫情前的毛利率和符合我們長期目標的自由現金流的支持。

With that, Kevin and I will take your questions.

接下來，凱文和我將回答你的問題。

(Operator Instructions) Filippo Florni, Citi.

（操作員指示） Filippo Florni，花旗銀行。

So Linda, maybe I wanted to start with just the visibility on the top-line outlook. Obviously, you called out the dynamic in the first and second half. But given the consumer environment and the weakness that you're seeing and` the promotional intensity in some of your categories. What you're expecting more of an underlying, particularly in the back half of the year from a volume and pricing standpoint? Do you expect still negative pricing to drive the volume growth. Any more color on the top-line outlook, understanding the dynamic in the first half? Thank you.

琳達，也許我只想從營收前景的可見性開始。顯然，你指出了上半場和下半場的動態。但考慮到消費者環境和您所看到的弱點以及某些類別的促銷強度。從數量和定價的角度來看，您對標的物的期望更多，特別是在今年下半年？您預計負定價仍將推動銷售成長嗎？了解上半年的動態後，對營收前景還有更多的看法嗎？謝謝。

Sure, Filippo. Here's maybe helpful to kind of take a step back and frame what we have in front of us. I'll start just with the consumer environment to your point. The consumer environment is playing out as we expected. We certainly thought in the back half of fiscal year '24 that we would see, given the consumer is under pressure just more generally, we see that play out in our categories as we lap pricing, and as we saw competition in retailers react to trying to ensure that they get their shopper, et cetera. And so, that's played out exactly as we expected.

當然，菲利波。這可能有助於退後一步並框定我們面前的情況。我將從消費者環境開始討論您的觀點。消費環境正如我們預期的那樣發展。我們當然認為，在24 財年後半段，我們會看到，考慮到消費者普遍面臨壓力，我們看到，隨著我們定價的提高，以及零售商的競爭對嘗試的反應，這種情況會在我們的品類中發揮作用。所以，事情的發展完全符合我們的預期。

We've seen category growth go from about mid-single-digits to low-single-digits, the softest month being in June. But what we see is generally what we've seen and what we've expected to see during this time. Consumers are continuing to be very focused on value. That means that, they are trading up to larger sizes, trading down. But our categories have been pretty resilient given that. Our brands, given their superiority and the fact that we've been rebuilding distribution and have fully rebuilt distribution coming out of the cyber attack, our category is exactly where we expect them to be.

我們看到品類成長從中個位數成長到低個位數，其中最疲軟的月份是 6 月。但我們所看到的通常是我們在這段時間所看到的和我們期望看到的。消費者仍然非常關注價值。這意味著，他們的交易規模更大，交易規模更小。但考慮到這一點，我們的類別一直相當有彈性。鑑於我們的品牌的優勢以及我們一直在重建分銷並在網路攻擊後完全重建分銷的事實，我們的類別正是我們所期望的。

I think moving forward, as we look at the year and to your point on front half versus back half, we continue to assume that the consumer will be under additional pressure, and that our categories will largely continue as we've seen them now, low-single-digits.

我認為展望未來，當我們回顧這一年以及您關於前半部分與後半部分的觀點時，我們繼續假設消費者將承受額外的壓力，並且我們的類別基本上會像我們現在看到的那樣繼續下去，低個位數。

And what we're really focused on is ensuring that, we're executing our spending plans. We have strong investment in ANFP, strong investment in innovation to support category growth as well as support share growth, which we expect this year and really focused on delivering superior value.

我們真正關注的是確保我們正在執行我們的支出計劃。我們對 ANFP 進行了大量投資，對創新進行了大量投資，以支持品類增長以及份額增長，這是我們今年的預期，並且真正專注於提供卓越的價值。

And we know that, anyone can win in an environment where it's a little tougher, in the essential categories we compete in if we are laser-focused on delivering great value to consumers. That's exactly what we're focused on right now. To one, fully rebuild the momentum that we're still rebuild the momentum that we're still rebuilding in a couple of our categories coming out of cyber, and two to continue the momentum we're seeing in many of the other businesses that are restored.

我們知道，如果我們專注於為消費者提供巨大價值，那麼任何人都可以在稍微艱難的環境中獲勝，在我們競爭的基本類別中獲勝。這正是我們現在關注的重點。第一，完全重建我們仍在重建的勢頭，我們仍在重建一些來自網路的類別的勢頭，第二，繼續我們在許多其他業務中看到的勢頭恢復了。

And maybe one for you, Kevin, on the gross margin, clearly our delivery this quarter, what surprised you to the upside in the quarter. And as we think about next year, there was a lot of volatility in the manufacturing and logistic in the commodity front, maybe some level of expectation on those items for next year? Thank you.

也許對你來說，凱文，關於毛利率，顯然是我們本季的交付，是什麼讓你驚訝於本季的上漲。當我們考慮明年時，大宗商品方面的製造和物流存在很大的波動，也許對明年這些項目有一定程度的期望？謝謝。

Sure. Happy to Filippo. I'd say this year, as you know, in Q4 came in a bit stronger than we anticipated. The biggest driver of the over-delivery for us is what we call business unit mix. So our household segment came in below our expectations and we over-delivered our expectations on health and wellness segment. And you look at our profitability, it's meaningfully different between the two segments. And so that mix generates a nice savings for us.

當然。菲利波很高興。我想說，正如你所知，今年第四季的表現比我們預期的要強一些。對我們來說，超額交付的最大推動因素是我們所謂的業務部門組合。因此，我們的家庭細分市場低於我們的預期，而我們對健康和保健細分市場的預期超出了我們的預期。你看看我們的獲利能力，這兩個細分市場之間有顯著差異。因此，這種組合為我們帶來了可觀的節省。

And then the other is, I'd say, just generally a bit more favorable across the other lines of supply chain. We had anticipated commodity inflation is a little bit stronger than we anticipated. Cost savings was another very good quarter for the company, a bit more than we thought. So we got some nice favorability across the supply chain. But the biggest driver was the BU mix that we did not anticipate.

我想說的是，另一個在供應鏈的其他方面通常更有利一些。我們預期大宗商品通膨比我們預期的要強一些。成本節省是公司另一個非常好的季度，比我們想像的要多一些。因此，我們在整個供應鏈中獲得了一些不錯的青睞。但最大的推動因素是我們沒有預料到的業務單位組合。

And as I look forward to fiscal year '25, talking about the key drivers are as Linda said, our expectations are going to add another 100 basis points and fully rebuild gross margin. I'd look at a few drivers supporting margin expansion. We're going to have another very good year of cost savings. We targeted 135 basis points each year Ebit margin expansion. The last two years, we've done over 200 basis points. I think this year we'll do another year over 200 basis points with the bulk of that being in the supply chain.

當我展望 25 財年時，正如 Linda 所說，談到關鍵驅動因素時，我們的預期將再增加 100 個基點並全面重建毛利率。我會研究一些支持利潤擴張的驅動因素。我們將迎來另一個成本節約非常好的一年。我們的目標是每年將息稅前利潤率擴大 135 個基點。過去兩年，我們已經實現了 200 多個基點。我認為今年我們將再有一年超過 200 個基點，其中大部分來自供應鏈。

And then, we're also seeing some nice benefit from the portfolio work we've done. As you guys saw, we sold Argentina last quarter, we've announced that we're in the process of selling our VMS business. That's going to structurally improve our gross margins as we get through that. So that will certainly contribute to that 100 basis points.

然後，我們也看到我們所做的投資組合工作帶來了一些不錯的好處。正如你們所看到的，我們上個季度出售了阿根廷，我們已經宣布正在出售我們的 VMS 業務。當我們度過難關時，這將從結構上提高我們的毛利率。因此，這肯定會對 100 個基點做出貢獻。

And I think modestly offsetting that, I do expect a bit of increased trade spending as we get back to this normalized environment. Particularly in the front half of the year where our trade spending last year was below normal because of the cyber event. You'll see a little bit a year over year hit in the front half on trade.

我認為，隨著我們回到正常化的環境，我確實預期貿易支出會略有增加，從而適度抵消這種影響。特別是在今年上半年，由於網路事件，我們去年的貿易支出低於正常水準。你會看到前半段的貿易年減。

And then we're assuming just a modest level of cost inflation. That's $75 million across the supply chain, which will partially offset the margin accretion activity I mentioned. But all in, we feel very confident in our ability to fully rebuild gross margins.

然後我們假設成本通膨處於適度水平。這相當於整個供應鏈的 7500 萬美元，這將部分抵消我提到的利潤增加活動。但總而言之，我們對完全重建毛利率的能力非常有信心。

And then going forward, as we've talked quite a bit is our goal is to get back in that cadence of 25 to 50 bps of EBIT margin expansion each year. And we think we're set to do that as we get into '26 and beyond.

然後，正如我們已經討論過的那樣，展望未來，我們的目標是回到每年 EBIT 利潤率擴張 25 至 50 個基點的節奏。我們認為，進入 26 年及以後，我們將做到這一點。

Peter Grom, UBS.

彼得‧格羅姆，瑞銀集團。

Maybe just a couple of follow-ups on the top line. Maybe just first, I would love to kind of get some perspective on the exit rates or kind of what you're seeing quarter-to-date in household relative to the organic growth you delivered in the quarter? I think the prepared remarks mentioned some of those distribution recovery occurring later in the quarter. So just curious if you're already starting to see that improvement as the recovery happens/

也許只是在頂線上進行一些後續行動。也許首先，我想了解一下退出率，或者您在家庭中看到的季度至今相對於您在本季度實現的有機增長的情況？我認為準備好的評論提到了本季稍後發生的一些分配恢復。所以只是好奇，隨著恢復的發生，您是否已經開始看到這種改善/

Sure, Peter. I'll start us with that. And I think that's a helpful place for us to go a bit more into household and what happened there. That was the bulk of the miss that we had in Q4. But I feel like on a number of these businesses, to your point, we saw good trends heading out. So the first I'll cover, which you all know that our drilling business, the largest quarter we have is Q4. It's about 50% of our business and it's a heavily weather-dependent business.

當然，彼得。我將從這個開始。我認為這是一個有幫助的地方，可以讓我們更多地了解家庭以及在那裡發生的事情。這是我們在第四季的大部分失誤。但我覺得，就您而言，在其中一些業務中，我們看到了良好的趨勢。首先，我要介紹的是，你們都知道我們的鑽井業務，我們最大的季度是第四季。這約占我們業務的 50%，而且是一項嚴重依賴天氣的業務。

And unfortunately, for both Memorial Day and July 4, weather was terrible in the US, very rainy for Memorial Day and extremely hot for July 4. And that meant the category was down anywhere from high single-digits to double-digits. And as a result, our Kingsford business came in short of expectations. I don't look at that as any type of structural issue in Kingsford. We had good merchandising plans and where consumers did pull, we saw good take through. I think that is simply just the effects of weather, and obviously a portion of why we didn't deliver.

不幸的是，陣亡將士紀念日和 7 月 4 日，美國的天氣都很糟糕，陣亡將士紀念日雨很大，而 7 月 4 日則非常炎熱。這意味著該類別的跌幅從高個位數下降到兩位數。結果，我們的 Kingsford 業務沒有達到預期。我不認為這是金斯福德的任何類型的結構性問題。我們有良好的銷售計劃，只要有消費者拉動，我們就看到了良好的轉換。我認為這只是天氣的影響，顯然也是我們未能交付的部分原因。

And then two other businesses, which I'll break down in a little -- each is a little bit different. They share some same characteristics. But we've spoken a lot in the past about Glad and Litter. And those were the other two that contributed to the Q4 mess.

然後是另外兩項業務，我將對其進行詳細分析——每項業務都有一點不同。它們具有一些相同的特徵。但我們過去已經談論過很多關於 Glad 和 Litter 的話題。這些是導致第四季混亂的另外兩個原因。

And in the case of Glad, distribution recovery happens later in the quarter than we had expected, but we have fully recovered distribution. So feel very good on the exit rate from a distribution perspective.

就 Glad 而言，本季分銷恢復發生的時間比我們預期的要晚，但我們已經完全恢復了分銷。所以從分配的角度來看，退出率感覺非常好。

And as well, we talked a lot about the fact that when we were out of stock, we had a harder time getting our large sizes back, which is one of our biggest growth levers and critical consumers. They're looking for large sizes. They're going to buy a large size than another competitor. So we didn't know exactly what that purchase cycle would look like and that happened again later in the quarter when we saw people come back to our large size business.

此外，我們也討論了許多這樣的事實：當我們缺貨時，我們很難收回大尺寸的產品，而這是我們最大的成長槓桿和關鍵消費者之一。他們正在尋找大尺寸的產品。他們會購買比其他競爭對手大一號的產品。因此，我們並不確切知道購買週期會是什麼樣子，當我們看到人們回到我們的大型業務時，這種情況在本季晚些時候再次發生。

That being said, we think that was largely a Q4 dynamic. We have strong plans in place for fiscal year '25 across spending and innovation. And then just some data points to show the extra rate coming out. Obviously, distribution, as I said, was fully recovered by the end of the quarter. That happened a little bit later than we expected.

話雖這麼說，我們認為這很大程度上是第四季的動態。我們在 25 財年的支出和創新方面製定了強有力的計劃。然後只是一些數據點來顯示額外的利率。顯然，正如我所說，到本季末，分配已完全恢復。這件事發生得比我們預期的晚了一點。

Shares trending in the right direction. We were down nine-tenth of a share point in April, but up to just down two-tenths of a share point in June. So a very big change as we got that distribution in place. We're back to growing share at our largest customer. And then on that very important large size business, that was actually one of Amazon Prime Day's number one sellers. And so feel like Glad is in a great position to deliver the growth that we expect it for in 2025.

股票趨勢朝著正確的方向發展。4 月份，我們的股價下跌了十分之九，但 6 月份的股價僅下跌了十分之二。當我們實現分配時，這是一個非常大的變化。我們在最大客戶中的份額又恢復成長。然後，在那個非常重要的大型企業中，它實際上是亞馬遜 Prime Day 的頭號賣家之一。因此，Glad 處於有利位置，可以實現我們預期的 2025 年成長。

And then finally, for household, I'll cover litter. And litter is a little bit of a mixed story. Certainly saw improvement as we went through the quarter. We got distribution back to what we expected it to be, et cetera. But we are not fully capitalizing on the growth in that category at this point. And we have the operational things in place to do that. We've fully recovered supply. We have our customer service levels back to where they need to be. But we recognize that this is a category that's going to take a bit more time due to its nature.

最後，對於家庭來說，我會蓋住垃圾。垃圾的情況有點複雜。當我們度過這個季度時，我們確實看到了進步。我們的分配回到了我們的預期，等等。但目前我們還沒有充分利用該類別的成長。我們已經制定了相應的操作措施來做到這一點。我們已經完全恢復供應。我們的客戶服務水準回到了他們需要的水平。但我們認識到，由於其性質，這個類別將需要更多時間。

Just a few things to keep in mind. One, you have some consumers who -- it's difficult to switch because their cat's used to a litter. And that's a little bit more of a headache to switch litters back and forth when we were out and now back in stock. So we're working through that. We're beginning to regain those consumers back, but it's taking some time.

只需記住幾件事。第一，有些消費者很難轉變，因為他們的貓已經習慣了貓砂。當我們缺貨而現在又有庫存時，來回切換貓砂是一件更令人頭痛的事情。所以我們正在解決這個問題。我們開始重新贏得這些消費者，但這需要一些時間。

This is a business that's heavily on subscription, which I've spoken about before. And while we've made progress getting people back to their subscriptions for fresh step, we still have more work to do. Then we've seen increased competitive activity as people become more value focused, et cetera. And so I think that dynamic in the category combined with just what's going on in the broader context of the categories, where everybody is really attuned to delivering for consumers given how stressed they are, that's a business that's going to take a little bit longer to recover.

這是一個嚴重依賴訂閱的業務，我之前已經談過。雖然我們在讓人們重新訂閱以邁出新的一步方面取得了進展，但我們仍有更多工作要做。然後，隨著人們變得更加重視價值，等等，我們看到競爭活動增加。因此，我認為，該類別的動態與該類別更廣泛背景下正在發生的事情相結合，考慮到消費者的壓力有多大，每個人都真正適應為消費者提供服務，這是一項需要更長的時間才能實現的業務。

I feel fully confident in our ability to do it. We have strong innovation on the business. We have strong spending. But that's one that we're working week-in and week-out to get those consumers back. And it's just going to take a little longer than we had originally expected.

我對我們的能力充滿信心。我們在業務上有很強的創新能力。我們有強勁的支出。但我們每週都在努力爭取這些消費者。而且這只是比我們最初預期的時間還要長一點。

So if I can a ladder all that up, I feel good. We had one business that was weather related. Glad on the right track that are improving, have more work to do. I mean, I think that's what we're going to be working on that for the next couple of quarters. But we're really happy with the progress. We have superior value brands. We are investing them in strongly and there's growth for us to go get litter is one where we haven't fully participated in that growth. And we are laser-focused on ensuring that happens in '25 and beyond.

所以如果我能把梯子全部爬上去，我感覺很好。我們有一項與天氣有關的業務。很高興走在正在進步的正確軌道上，還有更多的工作要做。我的意思是，我認為這就是我們在接下來的幾個季度中要做的工作。但我們對進展感到非常滿意。我們擁有超值品牌。我們正在大力投資它們，而且我們還沒有完全參與垃圾的成長。我們正全力以赴確保在 25 年及以後實現這一目標。

Andrea Teixeira, JPMorgan.

安德里亞·特謝拉，摩根大通。

Linda, if you can elaborate more on the category health. You spoke a bit about how consumers continue to seek value. Wondering if you can go through the key categories and give us like a State of the Union.

琳達，您能否詳細說明一下健康類別。您談到了消費者如何繼續尋求價值。想知道您是否可以瀏覽關鍵類別並向我們提供一份國情咨文。

And also in related to that, the RGM capabilities, I know -- you've in the past have done a lot of that. I wonder if you are as you set up these 3% to 5% organic sales growth for fiscal '25, if you're seeing if you're deploying some ways of RGM that could help you achieve that. Thank you.

與此相關的是，RGM 功能，我知道──你們過去已經做了很多這樣的事。我想知道您是否正在為 25 財年設定 3% 到 5% 的有機銷售成長，是否正在考慮部署一些可以幫助您實現這一目標的 RGM 方法。謝謝。

Sure, Andrea. From a category health piece, here's what I would say. The consumer is stressed in general, but our categories have been resilient and they're where we expected them to be. They're a bit softer, which is exactly what we've experienced in times when the consumer is more stressed. But given that we're in essential categories, they're pretty resilient.

當然，安德里亞。從健康類文章來看，我想說的是。消費者整體上面臨壓力，但我們的品類一直具有彈性，而且達到了我們的預期。它們有點軟，這正是我們在消費者壓力更大的時候所經歷的。但考慮到我們屬於重要類別，它們具有相當的彈性。

So obviously, our categories don't typically grow in the mid-single-digits range, but they did behind pricing. We knew some of that would roll off. But then we have this just additional pressure as consumers are more value focused. We've seen low single-digits. We've seen that bounce around, and we're watching it pretty carefully, but we see no signs right now where we're panicked.

顯然，我們的類別通常不會在中等個位數範圍內成長，但它們確實落後於定價。我們知道其中一些會發生。但隨著消費者更加重視價值，我們面臨額外的壓力。我們看到了較低的個位數。我們已經看到這種反彈，我們正在非常仔細地觀察它，但我們現在沒有看到任何恐慌的跡象。

We see categories that continue to be resilient, consumers looking for value. Pricing is holding in the marketplace, which is great after taking those multiple rounds of pricing. You're seeing little changes here and there on how retailers are using promotion in the categories. But I would say, our categories are generally healthy and holding up, but just a bit softer as we would normally expect in a time like this.

我們看到品類持續保持彈性，消費者尋求價值。市場定價保持不變，經過多輪定價後，這很好。您會發現零售商在類別中使用促銷的方式幾乎沒有什麼變化。但我想說的是，我們的類別總體上是健康的並且保持穩定，但只是有點軟，正如我們在這樣的時期通常預期的那樣。

If I look, are there any special dynamics by category, there's still growth to be had. Cat litter is a great example of one that I just called out that's been still growth-accretive from a category perspective for us. As consumers adopted more cats during COVID, they thankfully still have those cats, and they're investing in the well-being of their pets.

如果我看一下，按類別是否有任何特殊的動態，仍然有成長的空間。貓砂就是我剛才提到的一個很好的例子，從類別的角度來看，它仍然對我們有成長作用。隨著消費者在新冠疫情期間收養了更多的貓，慶幸的是他們仍然擁有這些貓，並且他們正在為寵物的福祉進行投資。

So I would say, every one category has the similar dynamics around value, et cetera. But we see categories with higher growth opportunities and somewhat a bit lower. But I would say again, they're pretty resilient.

所以我想說，每個類別在價值等方面都有相似的動態。但我們看到成長機會較高和較低的類別。但我要再說一遍，他們的恢復能力很強。

I think, if you look at private label, it's probably another important thing to cover. Private label was up about three-tenths of a share point in Q4, but that's coming off of what was some trading during our out-of-stock period. And we're seeing people come back to our brands. We're seeing the middle get squeezed again, which is usually what happens during periods like this. People change with the premium brand or in private label. We do not see consumers meaningfully move to private label in any way. Shares are pretty stable.

我認為，如果你看看自有品牌，這可能是另一個需要涵蓋的重要事情。第四季自有品牌股價上漲了約十分之三，但這是由於缺貨期間的一些交易造成的。我們看到人們回歸我們的品牌。我們看到中間再次受到擠壓，這通常是在這樣的時期發生的情況。人們隨著優質品牌或自有品牌的改變而改變。我們認為消費者不會以任何方式有意義地轉向自有品牌。股價相當穩定。

And I'd call out the promotional environment probably, Andrea, is the last thing to touch on. We had anticipated the promotional level would return to pre-COVID levels. We certainly anticipate that for fiscal year '25. Competition is pretty rational in that. We're seeing some pockets of more competition in categories like Glad and Litter and we would expect that, but generally pretty rational. We still think that assumption holds for '25 that will return to pre-COVID levels. It was slightly higher in Q4, actually partially driven by us, but competition as well, and as retailers try new promotional strategies.

安德里亞，我可能會指出促銷環境是最後要談的事情。我們預計促銷水準將恢復到新冠疫情之前的水準。我們當然預計 25 財年也是如此。競爭是相當理性的。我們看到在 Glad 和 Litter 等類別中出現了更多的競爭，我們預料到會出現這種情況，但總體來說是相當理性的。我們仍然認為這一假設適用於 25 年，屆時將恢復到新冠疫情之前的水平。第四季略有上升，實際上部分是由我們推動的，但競爭也是如此，而且零售商嘗試新的促銷策略。

So in general, for us, we think the categories are in a good place for us to do what we do best, which is focus on superior value, invest in our brands, ensure that we execute against the strong innovation plans that we have and we have those across all of our major brands again. And feel good about the position they put us. And what we would anticipate is this slight slowdown will be temporary. We typically say this last 12 to 18 months in our categories would rebound to more of a mid-low single-digit growth number. And we'll just watch for that and be ready to ensure that our brands can take advantage of it.

因此，總的來說，對我們來說，我們認為這些類別非常適合我們做我們最擅長的事情，即專注於卓越價值，投資我們的品牌，確保我們執行我們擁有的強大創新計劃，以及我們所有的主要品牌都再次擁有了這些。並且對他們為我們安排的位置感到滿意。我們預計這種輕微的放緩將是暫時的。我們通常認為過去 12 到 18 個月我們的類別將反彈至中低個位數成長數字。我們將密切關注這一點，並做好準備，確保我們的品牌能夠利用它。

And then you add on RGM. Andreas will just touch on that, too, because it's so important for how we deliver value now, but also in '26 and beyond. That's a relatively new capability for us. We've done some work by businesses, Glad's a great example where you've done some price pack architecture over the years, but we've built out a full capability in the company to take advantage of that. And we see that being a top line contributor and margin contributor for both '25 and beyond. And a lot of the activity we'll do right now is really always on pricing, some initial price pack architecture work. And we see even more of that in '26 and beyond. But that will be a key growth driver for us and in the long-range plan period.

然後添加 RGM。Andreas 也會談到這一點，因為這對我們現在以及 26 年及以後如何交付價值非常重要。這對我們來說是一項相對較新的功能。我們已經為企業完成了一些工作，很高興是一個很好的例子，多年來您已經完成了一些價格包架構，但我們已經在公司中建立了充分的能力來利用這一點。我們看到，它是 25 年及以後的收入貢獻者和利潤貢獻者。我們現在要做的很多活動其實都是關於定價，一些初始價格包架構工作。我們在 26 年及以後會看到更多這樣的情況。但這將成為我們和長期計劃期間的關鍵成長動力。

Chris Carey, Wells Fargo.

克里斯凱裡，富國銀行。

I want to come back to sales again. Actually, in a strange way, the fiscal Q1 organic sales guidance is actually a bit lower than what I would have expected on a multiyear basis, if you see we get back to growth.

我想再次回到銷售崗位。實際上，以一種奇怪的方式，如果你看到我們恢復成長，第一財季的有機銷售指導實際上略低於我對多年的預期。

So are you embedding a progressive recovery, I guess, in your sales curve as you get through the year. Said another way, is this just you're not exactly sure where things are going to land such as the volatility or is there greater recapture of some of the initiatives that you're looking for into the back half of the year, which is why you have that strong back half organic sales guidance implied. Then I have a follow-up.

那麼，我想，在這一年中，您是否將逐步復甦納入您的銷售曲線中？換句話說，這只是你不確定事情會發生在哪裡，例如波動性，還是你正在尋找的一些舉措會在今年下半年得到更大的恢復，這就是為什麼您暗示了強勁的後半部分有機銷售指導。然後我有一個後續行動。

Yeah. Hey, Chris, on Q1 sales and as you referred to our guidance of we think it's going to be 20%, 25% growth. And keep in mind, we're lapping an 18% decline in organic sales growth from the prior period. We think that growth is driven by both recovering from cyber as well as the strength of our demand plans. Now as I mentioned, that will be partially offset by increased trade spending. In this normalized environment, we're now lapping a period in front half of last year, when we were at a depressed level of merchandising support because of the out of stocks.

是的。嘿，克里斯，關於第一季度的銷售，正如您所提到的，我們認為這將是 20%、25% 的增長。請記住，我們的有機銷售額成長較上一時期下降了 18%。我們認為，成長是由網路復原以及我們需求計畫的實力所推動的。正如我所提到的，這將被貿易支出的增加部分抵消。在這種正常化的環境下，我們現在正經歷去年上半年的一段時期，當時我們由於缺貨而處於商品支持低迷的水平。

And so you'll see good strong top-line growth modestly offset by increased trade spending in the front half of the year, which will depress it a bit. And then, as you get to the back half of the year. We average about a normalized level of spending in the back half of '24. So I wouldn't expect much of a price mix impact year-over-year in the back half, but a little bit more pronounced in the front half.

因此，你會看到強勁的營收成長被今年上半年貿易支出的增加所抵消，這將稍微抑制它。然後，當你進入下半年時。我們的平均支出水準約為 24 年下半年的正常化水準。因此，我預計下半年的價格組合影響不會太大，但上半年的影響會更明顯。

And just, regarding that back half volume expectation, shaking out around mid-single-digits, do you see it the same way and just confidence around that number in this environment? And then, if I could sneak in, the deceleration that you're expecting in the Q1 gross margin relative to Q4 is quite atypical. I know you're talking about negative mix or positive mix in your fiscal Q4, but I understand charcoal also should have been a detriment. So why such a steep quarter-over-quarter decline? Is it all mix or is manufacturing coming off? Any context there would be helpful. So thanks for those.

只是，關於後半量的預期，在中個位數左右波動，您是否以同樣的方式看待它，並且在這種環境下對該數字有信心？然後，如果我可以偷偷地講一下，您所預期的第一季毛利率相對於第四季度的下降是非常不典型的。我知道您正在談論第四季度的負面組合或正面組合，但我知道木炭也應該是一種損害。那麼為什麼季度季減如此之大呢？是一切混合在一起還是製造業正在衰退？任何上下文都會有幫助。所以謝謝你。

Yeah, sure. On the gross margin lines, you talked about sequentially going from Q4 to Q1. As we said, we think we're going to have a good solid quarter in Q1 up 400 basis points to 500 basis points, but that will be lower than what we landed Q4. Part of it is what I mentioned. The reason we over delivered Q4 is because of this BU mix. We just sold less household products relative to the rest of our portfolio. We don't expect that to be the case in Q1. We expect those businesses to continue to recover and take a larger portion of our sales in Q1, so you won't get that that temporary benefit.

是的，當然。關於毛利率，您談到了從第四季到第一季的順序。正如我們所說，我們認為第一季將有一個穩定的良好季度，成長 400 個基點至 500 個基點，但這將低於我們第四季的水平。其中一部分是我提到的。我們第四季超額交付的原因是這個業務單位的組合。相對於我們的其他產品組合，我們只是銷售了較少的家用產品。我們預計第一季不會出現這種情況。我們預計這些業務將繼續復甦，並在第一季佔據我們銷售額的很大一部分，因此您不會獲得暫時的好處。

And then in addition to that, I talked about the trade spending. You'll have a bit more of a trade spending drag in Q1.

除此之外，我還談到了貿易支出。第一季貿易支出將受到更多拖累。

And then lastly, some of it is just based on our cost savings timing. We have hundreds of cost savings projects that have natural timelines and so those play out over the course of the year. I'm not particularly too concerned about how it plays out in any given quarter as long as we deliver good strong cost savings for the year, which we expect to do, but that'll have some impact on quarters as well.

最後，其中一些只是基於我們節省成本的時機。我們有數百個成本節約項目，它們都有自然的時間表，因此這些項目會在一年內實施。我不太關心它在任何特定季度的表現，只要我們在今年實現良好的強勁成本節約，這是我們期望做到的，但這也會對季度產生一些影響。

And just regarding the back half confidence, if that mid-single number is where you're thinking and that's it for me.

就後半部信心而言，如果中單數字是您所想的，那就是我的想法。

Yeah. So on the 3% to 5% organic sales growth, yeah, we -- our expectation will have good strong growth in the back half as well for both volume and sales. When you think about our sales of 3% to 5%, we expect this to primarily come from growing volume and growing share and we expect it to happen both in the front and back half of the year.

是的。因此，關於 3% 至 5% 的有機銷售成長，是的，我們預計下半年銷量和銷售額都將出現強勁增長。當你想到我們 3% 到 5% 的銷售額時，我們預計這主要來自銷售和份額的成長，並且我們預計這將在今年上半年和下半年發生。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛。

I had a quick follow-up on litter and Linda, you mentioned more work to do and mentioned strong innovation you have. So could you maybe touch on some of that for us and then whether there's more innovation planned to be rolled out in FY25? Also, could you give us a sense of the magnitude of increased spend levels you need to win these consumers back in, I guess, and maybe just a big picture on trade spend and promos, you know how big of a risk you see for spend levels to go beyond what you're factoring into guidance, I guess I'm asking given the retail and consumer environment. Thanks.

我對垃圾和琳達進行了快速跟進，您提到了更多的工作要做，並提到了您擁有的強大創新。那麼您能否為我們介紹其中的一些內容，以及是否計劃在 2025 財年推出更多創新？另外，我想，您能否讓我們了解一下您需要增加多少支出水平才能重新贏得這些消費者，也許只是貿易支出和促銷的總體情況，您知道支出的風險有多大考慮到零售和消費者環境，我想我要問的水平超出了您在指導中考慮的因素。謝謝。

Hi, Bonnie. Sure. So on litter I just sort of a bit more -- first on the innovation side that you touched on. We do have strong plans. And first, I would say that we're going to double down on some of the very successful platforms that we had that are very value focused like Outstretch, which we've talked about before, which is a more concentrated Litter and has performed really well in the market.

嗨，邦妮。當然。所以關於垃圾，我只是多說一點——首先是你提到的創新面向。我們確實有強而有力的計劃。首先，我想說，我們將加倍投資我們擁有的一些非常成功的平台，這些平台非常注重價值，例如我們之前討論過的 Outstretch，這是一個更集中的 Litter，並且確實表現出色在市場上表現良好。

As particularly consumers are looking for more value having to change that Litter box less, is a very high value for them. We'll double down on those and we have new innovations coming, which I can't give any details yet, but plan for the back half of our fiscal year '25 in the Litter category. We're also looking at claims, and ensuring that we have the right messaging from an advertising perspective.

特別是消費者正在尋求更多價值，而不必更換垃圾箱，這對他們來說是非常高的價值。我們將加倍努力，我們即將推出新的創新，我還不能提供任何細節，但我們將在 25 財年後半段的垃圾類別中進行規劃。我們也會關注聲明，並確保從廣告角度傳達正確的訊息。

When it comes to investment particularly on Litter, and then I'll speak more broadly to your point on promotion and spend levels in aggregate. In Litter, we contemplated that in our outlook. So that is embedded in the assumption that we have 11% to 11.5% of advertising and sales promotion as percent of sales. And then as Kevin just highlighted, the fact that we have increased trade promotion dollars in the system. And so Litter is accounted for that.

當涉及投資，特別是對垃圾的投資時，我將更廣泛地談論您對促銷和整體支出水平的觀點。在 Litter 中，我們在展望中考慮了這一點。因此，我們假設廣告和促銷佔銷售額的百分比為 11% 到 11.5%。正如凱文剛才強調的那樣，我們增加了系統中的貿易促進資金。因此，垃圾就是其中的原因。

And then that is the truth for the enterprise as well. We've accounted for the fact that, we're going to keep the spend level about what it was for advertising and sales promotion as a percent of sales versus last year. We think that's a prudent assumption and allows us to continue that momentum with consumers and talking about the value we offer and new innovation.

對於企業來說也是如此。我們已經考慮到這樣一個事實：與去年相比，我們將保持廣告和促銷支出佔銷售額的百分比。我們認為這是一個謹慎的假設，使我們能夠繼續與消費者保持這種勢頭，並談論我們提供的價值和新的創新。

And then same on the trade promotion piece. We have assumed that in our outlook. We've assumed the environment will be about what it was pre-COVID. The risk of that going higher.

貿易推廣方面也是如此。我們在我們的展望中已經假設了這一點。我們假設環境將與新冠疫情之前的情況相同。風險會更高。

As what we've seen today, it's been pretty rational and we're seeing retailers be pretty rational. They're definitely ramping up promotion as we expected, but we're not seeing anything that sends us a signal that we haven't made a good assumption. It will be something Bonnie we watch throughout the year though. That certainly is a variable in the plan and could impact it. But for now, I think what people are looking at is using promotion in the right way to ensure that, we're communicating value, that we're introducing innovation, and using that in a very positive way. And we'll be watching it closely and we will react, if we see something from competition. But again, we see a pretty rational environment, pockets of things in Glad, Litter that we're dealing with but we've contemplated all about in the outlook.

正如我們今天所看到的，這是非常理性的，我們看到零售商也非常理性。他們肯定會像我們預期的那樣加大促銷力度，但我們沒有看到任何跡象表明我們沒有做出好的假設。不過，邦妮這將是我們全年觀看的節目。這當然是計劃中的一個變量，可能會影響它。但就目前而言，我認為人們關注的是以正確的方式使用促銷，以確保我們正在傳達價值，我們正在引入創新，並以非常積極的方式利用它。我們將密切關注，如果我們從競爭中看到什麼，我們就會做出反應。但我們再次看到了一個相當理性的環境，我們正在處理的高興、垃圾中的一些事情，但我們已經在前景中考慮了所有這些。

Okay. Thanks for that. And maybe just a quick second question on your EBIT margin. It's still below historical levels. So in the context of everything you just mentioned, how should we think about further recovery and essentially ultimately seeing when they could reach historical levels? And I guess I'm asking the context of again, everything you just mentioned, Linda, as well as gross margins becoming less of a tailwind moving forward and then certainly A&P investments and the increase and the -- expectations there. Thank you.

好的。謝謝你。也許只是關於您的息稅前利潤率的第二個問題。仍低於歷史水準。因此，在您剛才提到的一切背景下，我們應該如何考慮進一步復甦，並最終看到它們何時可以達到歷史水平？我想我是在問你剛才提到的一切的背景，琳達，以及毛利率變得不再是向前發展的順風，當然還有 A&P 投資和增長以及——那裡的預期。謝謝。

Yes, Bonnie, on EBIT margin, I'd say I feel like we're making very good progress, and I'll talk adjusted EBIT margin, that factors out some of these one-time charges. But if you look at our history back in fiscal year '22 when we had this significant inflation, our adjusted EBIT margin about 12%. Last year, we built that back up to about 15% and if you look at our plans, this year gets us back to about 17% to 17.5%. So we're getting pretty close to fully rebuilding EBIT margin, historical levels of about 18%. Our expectation is, by the end of this year were very close to that level.

是的，邦妮，關於息稅前利潤率，我想說我覺得我們取得了非常好的進展，我會談論調整後的息稅前利潤率，它排除了其中一些一次性費用。但如果你回顧我們 22 財年的歷史，當時我們經歷瞭如此嚴重的通貨膨脹，我們調整後的息稅前利潤率約為 12%。去年，我們將這一比例恢復到 15% 左右，如果你看看我們的計劃，今年我們將恢復到 17% 到 17.5% 左右。因此，我們已經非常接近全面重建息稅前利潤率，達到約 18% 的歷史水準。我們的預期是，到今年年底我們將非常接近這個水平。

And then going forward, it's the same things we talked about as continue to drive our margin transformation efforts continue to drive the top line. We think that's how we get there.

展望未來，這與我們談論的事情是一樣的，即繼續推動我們的利潤率轉型努力，並繼續推動營收成長。我們認為這就是我們到達那裡的方式。

And then the very good work we've done on the streamlined operating model. We completed that program. We're on track to deliver $100 million. And as we've talked, our intent to start moving our admin spending closer to 13% of sales over time, and that will certainly be a contributing element as well.

然後我們在簡化的營運模式方面所做的非常出色的工作。我們完成了那個計劃。我們預計交付 1 億美元。正如我們所說，隨著時間的推移，我們打算將管理支出逐漸接近銷售額的 13%，這肯定也會成為一個貢獻因素。

So I feel very good about the progress we made over the last several years, including what we intend to do this year. But I think that work continues beyond, but I have every confidence we'll fully rebuild EBIT margin as well..

所以我對我們過去幾年的進展，包括我們今年打算做的事情感到非常滿意。但我認為工作仍在繼續，但我完全有信心我們也將完全重建息稅前利潤率。

Dara Mohsenian, Morgan Stanley.

達拉莫森尼安，摩根士丹利。

So I just want to follow up on the 3% to 5% organic sales outlook for fiscal '25. Can you just give us some clarity on the volume versus pricing mix that's embedded in guidance. It sounds like in prepared remarks you do assume some pricing, which surprised me, but maybe that's international. So just the balance there? And specifically what's driving the pricing? Would be helpful.

因此，我只想跟進 25 財年 3% 至 5% 的有機銷售前景。您能否向我們介紹指導中包含的銷售與定價組合。聽起來你在準備好的評論中確實假設了一些定價，這讓我感到驚訝，但這也許是國際性的。那麼只是那裡的餘額嗎？具體是什麼推動了定價？會有幫助的。

Hi, Dara. Yeah. As it relates to our 3% to 5% goal, that will come from volume growing slightly above 3% to 5%. And then our expectation for price mix is modestly negative, and that's primarily driven by the increased trade spending I talked about in the front half of the year to get back to a more normalized level of merchandising support.

嗨，達拉。是的。由於它與我們 3% 至 5% 的目標相關，因此這將來自於銷量略高於 3% 至 5% 的增長。然後，我們對價格組合的預期適度為負，這主要是由於我在今年上半年談到的貿易支出增加，以恢復到更正常化的商品支援水準。

We don't have any meaningful pricing in the plan for fiscal year '25. We'll do a little bit internationally but that won't have a significant impact on the top line. So to be primarily coming from volume with a very modest offset in price mix.

我們在 25 財年的計畫中沒有任何有意義的定價。我們會在國際上做一些事情，但這不會對營收產生重大影響。因此，主要來自銷量，價格組合的抵消非常適度。

And then just Linda, with the divestiture of Argentina and sale of VMS here. Can you just address the 3% to 5% long-term organic sales growth outlook? Does that still hold presumably it still does, but just give us some insight into how you think about the building blocks there, particularly given the recent divestitures.

然後是琳達，剝離了阿根廷並出售了這裡的 VMS。您能否談談 3% 至 5% 的長期有機銷售成長前景？這是否仍然成立，大概仍然如此，但只是讓我們了解一下您如何看待那裡的構建模組，特別是考慮到最近的資產剝離。

Yes, it does. It's one of the steps that we take to ensure our financial algorithm is in a good spot. We're committed to continuing to evolve the portfolio in Argentina and VMS are great examples to ensure that we have businesses that are less volatile.

是的，確實如此。這是我們為確保我們的財務演算法處於良好狀態而採取的步驟之一。我們致力於繼續發展阿根廷的投資組合，VMS 是確保我們的業務波動性較小的很好的例子。

In the case of Argentina and businesses that we feel can deliver the consistent and profitable growth that we need to, and that really comes down to our decision on VMS. Both of those support a more stable, consistent sales growth. Both of them support margin expansion, as Kevin covered and a more profitable business overall. Obviously, that will have an impact to reported sales this year. But if you look at organic, it's pretty strong.

就阿根廷和我們認為能夠實現我們所需的持續獲利成長的企業而言，這實際上取決於我們對 VMS 的決定。這兩者都支持更穩定、持續的銷售成長。正如凱文所言，它們都支持利潤率擴張以及整體利潤更高的業務。顯然，這將對今年報告的銷售額產生影響。但如果你看看有機食品，你會發現它非常強大。

And then as we move forward, what I think it really allows us to do is, focus on the places where we have growth opportunities. It allows us to focus in places like Litter, where I said we have more work to do, in other parts of the business, like international that has grown above our sales average.

然後，當我們前進時，我認為它真正讓我們能夠做的是，專注於我們有成長機會的地方。它使我們能夠專注於像 Litter 這樣的領域，我說我們在業務的其他領域還有更多工作要做，例如國際業務，其銷售額的成長超過了我們的平均水平。

PPD, which we feel confident now is returning to a stronger grower in the portfolio. So that really in the future as we look to '25 and beyond, not only does that create a new base to grow from that is stronger, but it also allows us to focus on the opportunities in front of us.

我們現在對 PPD 充滿信心，它正在成為投資組合中更強大的種植者。因此，在我們展望 25 年及以後的未來時，這不僅會創造一個新的成長基礎，使我們更加強大，而且還使我們能夠專注於眼前的機會。

Kaumil Gajrawala, Jefferies.

考米爾·加吉拉瓦拉，傑弗里斯。

On advertising, I saw in this quarter it was about 14% of sales. Is that just a little bit of maybe a step-up in spend as you got one into the end of the year, just setting you up for next year? Is there something else going on?

在廣告方面，我看到本季約佔銷售額的 14%。這是否只是在年底前增加一點支出，為明年做準備？還有其他事情嗎？

Yes. Kaumil, obviously, fiscal year '24 was pretty dynamic, and we set out to have a higher level of spending to support what we thought would be a more value conscious consumer. And then after the cyber attack in August, we tried to pull back as much spending as we could as we had out of stocks in the market and we backloaded a lot of that plan as we came back into full distribution.

是的。Kaumil，顯然，24 財年充滿活力，我們計劃提高支出水平，以支持我們認為更有價值的消費者。在 8 月的網路攻擊之後，我們試圖盡可能削減支出，因為市場上的庫存已經耗盡，當我們恢復全面分銷時，我們回載了許多該計劃。

As we were able to merchandise again, as we fully rebuilt supply and that 14% represents getting all of those things back in the market and wanting a strong start from a consumer momentum perspective. As you saw for '25, we're returning back to that level of 11%, 11.5%, which is consistent with what we did in aggregate last year. But I think from a Q4 perspective, it just supported all of those fundamentals being live and back in the market and a strong start to the momentum that we intend to continue to build in '25.

當我們能夠再次進行商品化時，當我們完全重建供應時，14% 代表著所有這些東西都重新回到市場，並希望從消費者動力的角度來看有一個強勁的開端。正如您在 25 年看到的那樣，我們將回到 11%、11.5% 的水平，這與我們去年的總體水平一致。但我認為從第四季度的角度來看，它只是支持了所有這些基本面的存在並回到了市場，並為我們打算在 25 年繼續建立的勢頭提供了強勁的開端。

Okay, great. And then on the -- on promotional activity, in the context of thinking about gross margins and promo activity. Is the assumption that the levels that we're at right now in terms of training spend and promo is where we're sort of leveling off or is there an assumption and that it's going to continue to climb over the course of the next calendar year. And that 100 bps of gross margin expansion incorporates the likelihood of promos increasing still?

好的，太好了。然後是關於促銷活動，在考慮毛利率和促銷活動的背景下。是假設我們目前在培訓支出和促銷方面所處的水平正在趨於平穩，還是有一個假設，並且在下一個日曆年中它將繼續攀升。毛利率成長 100 個基點是否也包含促銷活動增加的可能性？

Kaumil, the way I'd say it is, if you look at the back half of our fiscal year '24, we merchandise about 25% of our sales and that's very consistent sort of normal merchandising activity. But as I mentioned, in the front half of '24, it was depressed because of the cyber event.

Kaumil，我想說的是，如果你看看我們 24 財年的後半段，我們大約佔銷售額的 25%，這是非常一致的正常銷售活動。但正如我所提到的，24年上半年，因為網路事件而陷入低迷。

So as you fast forward to fiscal year '25, you should see a year-over-year increase in trade spending in the front half of the year because we got to lap that depressed level. But in the back half of fiscal year '25, we're about at the level we think is appropriate and I wouldn't expect a year over year increase.

因此，當您快轉到 25 財年時，您應該會看到今年上半年的貿易支出同比增長，因為我們必須克服這一低迷水平。但在 25 財年後半段，我們大約處於我們認為合適的水平，我預計不會出現同比增長。

So you'll see a little bit of a drag on sales and margin in the front half of fiscal '25 as we get back to that normalized level. And I would not expect to see much of that in the back half of fiscal '25.

因此，當我們回到正常化水平時，您會發現 25 財年前半段的銷售額和利潤率受到了一些拖累。我預計 25 財年後半段不會有太多這樣的情況。

Kevin Grundy, BNP Paribas.

凱文·格倫迪，法國巴黎銀行。

Question on advertising and marketing as well. A little bit of a different angle, though. Was there any consideration to maybe leaning in a bit and reinvesting more of this gross margin improvement? You're calling for a 100 basis points of GM improvement. Advertising and marketing up. But I guess I'm asking this one in the context of number one, the market share probably not where you'd hope it would be. And if we're looking at the Nielsen data as a proxy, it seems like there's a lot of share loss beyond household. We're seeing share gains in Hidden Valley and Wipes. Beyond that, at least in the Nielsen data, there's quite a bit of share loss.

還有關於廣告和行銷的問題。不過，角度有點不同。是否考慮過稍微傾斜一點並將更多的毛利率改善再投資？您要求將 GM 提高 100 個基點。廣告和行銷起來。但我想我是在第一的背景下問這個問題的，市場佔有率可能不是你希望的那樣。如果我們以尼爾森數據為代表，就會發現家庭之外還有很多份額損失。我們看到 Hidden Valley 和 Wipes 的份額有所增長。除此之外，至少在尼爾森的數據中，還有相當多的份額損失。

I'd add to that, we're seeing advertising and marketing trade promo go up across the board. So given the gross margin improvement, share probably not where you want it to be is it prudent just to push back -- respectfully push back a little bit to maintain advertising and marketing. Wouldn't this seem like the right time to get the market shares back to where you want them by leaning in even more in this environment, where it's going up across the board from the competitors and your market share is not quite where you want it to be. It'd be great to get your thoughts on that.

我想補充一點，我們看到廣告和行銷貿易促銷全面增加。因此，考慮到毛利率的改善，分享可能不是你想要的，謹慎的做法是推遲——恭敬地推遲一點以維持廣告和行銷。在這種環境下，你的市場份額比競爭對手全面上升，而你的市場份額還沒有達到你想要的水平，這似乎不是一個通過進一步傾斜來讓市場份額回到你想要的水平的合適時機嗎？很高興能了解您對此的想法。

Yeah, Kevin. As you can imagine, for '25, we looked at a number of scenarios on what the right level of spend was on advertising on promotion and our general managers. We push them to say other incremental spending opportunities that are good, decent short term payout, but would contribute long term even more and what they came back with was that 11% to 11.5% range that we had, and we think that strikes the right balance.

是的，凱文。正如您可以想像的那樣，對於 25 年，我們研究了多種方案，以了解促銷廣告和總經理的正確支出水準。我們敦促他們說其他增量支出機會是良好的、體面的短期支出，但長期貢獻更大，他們的反饋是我們擁有的 11% 到 11.5% 的範圍，我們認為這是正確的平衡。

And here's maybe just a little bit of thinking about what you're seeing in share and what we expect and why we're comfortable with the 11% to 11.5%. If you look at share for the extra rate of what we had in June, less than three quarters of recovering from a pretty major cyber events where our distribution, et cetera. Our distribution was down a third. We lost five full share points.

這裡可能只是稍微思考一下您所看到的份額、我們的期望以及為什麼我們對 11% 至 11.5% 感到滿意。如果你看一下我們 6 月的額外比率，我們的發行版等從相當重大的網路事件中恢復過來的比例還不到四分之三。我們的發行量下降了三分之一。我們失去了五個完整的份額點。

We ended June down three-tenths of a point in share and aggregate. I don't love being down in share, but I think that speaks to the power of the plans, our execution on our brands. To be clear, we intend to grow share in fiscal year '25. But what we're seeing is just as we restore distribution, which happened mostly in May and June, and we haven't even had a full purchase cycle with the consumer yet, which is about 90 days on average.

截至 6 月份，我們的份額和總量下降了十分之三。我不喜歡份額下降，但我認為這說明了計劃的力量以及我們對品牌的執行力。需要明確的是，我們打算在 25 財年增加份額。但我們所看到的是，正如我們恢復分銷一樣，這主要發生在 5 月和 6 月，我們甚至還沒有與消費者建立完整的購買週期，平均約為 90 天。

And what we're seeing is household penetration begin to rebound. It's not exactly where we want it to be right now. But generally, things are all moving in the right direction. And that spend of 11.5% and the increased promotional spend, we think is prudent based off of that. Although it could be clear, though, if the year starts to play out differently and we are not seeing what we expect from our businesses share improve. We feel absolutely comfortable coming back and saying we need to spend more.

我們看到的是家庭滲透率開始反彈。這並不完全是我們現在想要的位置。但總的來說，一切都在朝著正確的方向發展。基於此，我們認為 11.5% 的支出和增加的促銷支出是謹慎的。不過，很明顯，如果今年開始出現不同的情況，並且我們沒有看到我們對業務份額的預期改善。我們絕對放心地回來並說我們需要花更多的錢。

And I know I think that would be met positively. But what we're trying to balance right now is top-line growth, ensuring that we have the fuel by expanding margins. We think we have that balance right now. And as I said, time and time again, we are not afraid to spend just like we did 14% in Q4 if we feel it's the right thing to do for the business for the long term.

我知道我認為這會得到正面的滿足。但我們現在正在努力平衡的是營收成長，確保我們透過擴大利潤來獲得動力。我們認為我們現在已經達到了這種平衡。正如我一次又一次所說，如果我們認為從長遠來看這對業務來說是正確的事情，我們就不會害怕像第四季那樣支出 14%。

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

I guess we can wait for the 10-K, but can you give us a snapshot on how cash flow ended for the year. It was down for the first three quarters, but wanted to know if there's any kind of recovery in force? And then how should we look at it fiscal '25? Is it -- can we take the net income and just add D&A and subtract CapEx? Or are there any kind of like cash expenses that will really hit it or working capital changes that we should be aware of. Thanks.

我想我們可以等待 10-K，但是您能給我們簡要介紹一下今年的現金流情況嗎？前三個季度有所下降，但想知道是否有任何有效的復甦？那我們該如何看待 25 財年呢？是不是——我們可以將淨利潤加上 D&A 並減去資本支出嗎？或者是否有任何類型的現金支出會真正影響它或我們應該注意的營運資金變化。謝謝。

Sure, Robert, I'm happy to answer that on free cash flow. And just to remind folks, we target free cash flow as a percent of sales, 11% to 13%. If you look at free cash flow, it mirrors very similar what we're doing on the P&L in terms of rebuilding gross margins, profitability.

當然，羅伯特，我很高興回答有關自由現金流的問題。提醒大家一下，我們的目標是自由現金流佔銷售額的百分比，即 11% 到 13%。如果你看一下自由現金流，它反映了我們在重建毛利率和獲利能力方面在損益表上所做的非常相似的事情。

If I go back to fiscal year '22, we had about 8% free cash flow. So civic inflation, depressing margin, depressing profit. We were well below our targeted 11% to 13%.

如果我回到 22 財年，我們的自由現金流約為 8%。因此，公民通貨膨脹，利潤率下降，利潤下降。我們遠低於 11% 至 13% 的目標。

If you look at the last two years, we've averaged about 10%. There's some timing issues on tax payments. But if we take that noise out for fiscal year '23 and '24, about 10%. This year, fiscal '25, as we continue to rebuild margin and profitability, we're talking about 12% free cash flow as a percent of sales. So very much back in line with our targeted growth rate.

如果你看看過去兩年，我們的平均成長率約為 10%。納稅方面存在一些時間問題。但如果我們剔除 23 和 24 財年的噪音，大約是 10%。今年，25 財年，隨著我們繼續重建利潤率和獲利能力，我們談論的自由現金流佔銷售額的百分比為 12%。非常符合我們的目標成長率。

And as a result of that, I think you folks have seen we continue to support the dividend, but we're also starting to pull cash on the balance sheet. So we have restarted our share repurchase program. We started that this year that we've had suspended for about the last three years, and that's really a function of really rebuilding the balance sheet, rebuilding cash flow, and now we're able to start deploying that cash back to shareholders.

因此，我想你們已經看到我們繼續支持股息，但我們也開始在資產負債表上提取現金。因此，我們重新啟動了股票回購計畫。我們從今年開始，我們已經暫停了大約三年，這實際上是真正重建資產負債表、重建現金流的功能，現在我們能夠開始將現金回饋給股東。

Where does that stand in your priorities for how to return cash to shareholders? Would there be a step up in fiscal '25? Or is it dependent on other factors?

在如何向股東返還現金方面，這在您的優先事項中處於什麼位置？25 財年會有進步嗎？還是取決於其他因素？

Yeah. In terms of priorities, it's our lowest priority. So job one for us is to invest in the base business, and we'll continue to make sure every opportunity we have to invest in the business. It generates value for shareholders. We'll continue to do that. We have a very robust plan of investment this year, but in spite of that, we support the dividend.

是的。就優先順序而言，這是我們的最低優先事項。因此，我們的首要任務是投資基礎業務，我們將繼續確保投資該業務的每一個機會。它為股東創造價值。我們將繼續這樣做。今年我們有一個非常穩健的投資計劃，但儘管如此，我們還是支持股息。

Additionally, we have our debt to EBITDA. You folks may know, we target 2 times to 2.5 times this year. We're looking to be at the very low end of that range. So we're in a very good place from a leverage ratio.

此外，我們也欠 EBITDA。大家可能知道，我們今年的目標是2倍到2.5倍。我們希望處於該範圍的最低端。因此，從槓桿率來看，我們處於非常有利的位置。

And then our last priority, if we have excess cash on the balance sheet, we're going to return that to shareholders. And that's the position we find ourselves in this year. So we've started that process. I'd say for now, we're targeting $250million to $300 million to return. That's primarily catching up on dilution as we've been out of the market for last several years. But we'll evaluate that as we get through the year and see how things shake out. But we think this is a good place to start in terms of our outlook.

然後我們的最後一個優先事項是，如果我們的資產負債表上有多餘的現金，我們會將其退還給股東。這就是我們今年的處境。所以我們已經開始了這個過程。我想說，目前我們的目標是 2.5 億至 3 億美元的回報。這主要是為了彌補稀釋，因為我們過去幾年已經退出市場。但我們會在這一年中對此進行評估，看看事情會如何發展。但就我們的前景而言，我們認為這是一個很好的起點。

Javier Escalante, Evercore ISI. And it looks like his line has disconnected. We'll move to our next caller.

哈維爾·埃斯卡蘭特，Evercore ISI。而且他的線路好像已經斷線了。我們將轉向下一個來電者。

Olivia Tong, Raymond James.

唐奧立，雷蒙德詹姆斯。

I was hoping you could talk a little bit about the margin improvement from this year, not just this quarter because relative to your goals going into the year, it was at this time last year sales came in below, but earnings actually was a fair bit above despite arguably consumer challenges building over the course of the next the last 12 months. So putting us up, cyber aside, would love to hear a little bit about the key drivers of the earnings improvement from this year. Thanks.

我希望你能談談今年的利潤率改善，而不僅僅是本季度，因為相對於你今年的目標，去年這個時候的銷售額低於，但收益實際上是相當多的儘管消費者在過去12個月內可能會面臨一些挑戰，但上述情況仍然存在。因此，除了網路之外，我們很想聽聽一些有關今年獲利改善的關鍵驅動因素的資訊。謝謝。

Sure. Hi, Olivia. In regard to I think you mentioned gross margin, primarily if you look at gross margin, what drove the roughly 360 basis points of improvement for us. It was another very good year of cost savings. And I really credit our team in spite of the cyber disruption folks stayed very focused on delivering the productivity improvements that we're counting on. And so we delivered 180 basis points of gross margin expansion through cost savings that was a very good year for us.

當然。嗨，奧利維亞。關於毛利率，我認為您提到了毛利率，主要是毛利率，是什麼推動了我們大約 360 個基點的改善。今年又是成本節約非常好的一年。我真的很信任我們的團隊，儘管受到網路幹擾，人們仍然非常專注於實現我們所指望的生產力提高。因此，我們透過節省成本實現了 180 個基點的毛利率擴張，這對我們來說是非常好的一年。

We also had a pricing primarily in international markets, and that was really Argentina prior to the divestiture, but that certainly contributed due to gross margin expansion as well.

我們也主要在國際市場進行定價，在剝離之前實際上是在阿根廷，但這肯定也是由於毛利率的擴張而做出的貢獻。

And then lastly, I'd just say we've moved into a commodity environment is fairly benign. So if you look at commodities, we've been dealing with tremendous amount of inflation the previous two years, this year is essentially flat. So we had no real commodity drag and you had all the benefits of cost savings and the pricing actions we took flowing through to the bottom line. So those are really the primary drivers.

最後，我想說我們已經進入了一個相當良性的商品環境。因此，如果你看看大宗商品，過去兩年我們一直在應對巨大的通貨膨脹，今年基本上持平。因此，我們沒有真正的商品拖累，您可以享受節省成本和我們採取的定價行動帶來的所有好處，從而實現利潤。所以這些確實是主要驅動因素。

I was more thinking about what came in as a surprise to you. It sounds like it's primarily the cost savings. But then the other thing that I wanted to know about is, one of the things that we're hearing during this earning season is about improving household penetration, especially given the backdrop.

我更多在想什麼給你帶來了驚喜。聽起來這主要是為了節省成本。但我想知道的另一件事是，我們在這個財報季節聽到的一件事是關於提高家庭滲透率，特別是考慮到這個背景。

Can you discuss some of the things that you're doing to improve your household penetration, whether through promotion and trade spend or some of the digital investments that you're making to try and set out where there are potentially more pockets of consumers that you may be underserving?

您能否討論您正在採取的一些措施來提高家庭滲透率，無論是透過促銷和貿易支出，還是您正在進行的一些數位投資，以嘗試確定哪些地方可能有更多的消費者群體。不足？

Sure. Maybe I'll just close the point on margin Olivia that you made. And Kevin have certainly outlined exactly what happened. And I think what I would just note is our continued confidence in the overall margin transformation program we put in place is leading to this type of sustained increase in cost savings.

當然。也許我會結束你在邊緣奧利維亞提出的觀點。凱文確實準確地概述了發生的事情。我想我要指出的是，我們對我們實施的整體利潤轉型計劃的持續信心正在導致成本節約的持續增加。

We're pulling levers that we pull before in new ways, and we have completely different capabilities that we built as well. And we're enforcing that by investing in our digital transformation. So better access to data and insights and allowing us to move quicker. So I think that's really what we've been pleased to see as it's played out.

我們正在以新的方式拉動我們以前拉動的槓桿，並且我們也擁有完全不同的能力。我們正在透過投資數位轉型來實現這一目標。因此可以更好地獲取數據和見解，讓我們能夠更快採取行動。所以我認為這確實是我們很高興看到的結果。

We have increased confidence and obviously giving us confidence to return to pre-pandemic gross margins, which if you look at the last few years. That's a significant feat given what we had experienced from a commodity increase perspective and overall inflation.

我們的信心增強了，顯然讓我們有信心恢復到疫情前的毛利率，如果你看看過去幾年的情況。考慮到我們從大宗商品成長和整體通膨角度所經歷的情況，這是一項重大成就。

So that's what I would call out as we continue to get more and more confident about that. And that gives us confidence in fiscal year '25 to return to those margins. And I think to Kevin's earlier point, that gives us the flexibility to invest if we need to, we feel like we have the right investment levels now. But given the fact that we've made such strong progress there, if we need to invest more. We are ready to do that.

這就是我要強調的，因為我們對此越來越有信心。這讓我們對 25 財年恢復到這些利潤率充滿信心。我認為凱文之前的觀點是，如果需要的話，這使我們能夠靈活地進行投資，我們覺得我們現在擁有合適的投資水平。但考慮到我們已經在那裡取得瞭如此強勁的進展，如果我們需要更多的投資。我們已經準備好這樣做了。

And then your point on household penetration, as the industry took pricing, one of the trade-offs, we always know that happened at a time when you take pricing as you trade off household penetration and usually that's temporary. And that happens for a number of reasons. Consumers you have elasticity and elasticity plays out in a number of ways. Consumers lead the category. Consumers decide to behave differently within the category they make substitutes. They have longer purchase cycles, et cetera.

然後你關於家庭滲透率的觀點，當行業採取定價時，權衡之一，我們總是知道，當你在權衡家庭滲透率時採取定價，通常這是暫時的。發生這種情況的原因有很多。消費者的彈性和彈性可以透過多種方式發揮作用。消費者引領該類別。消費者決定在他們製造的替代品類別中採取不同的行為。他們的購買週期較長等等。

And then as you see pricing roll through, you see consumers naturally come back because they find their alternatives didn't work or they go through all of their pantry. And then we'd expect to see that happen naturally but then the work that we are doing is really focused on ensuring that we are focused on superior value. That we offer them a value that when they go and they're choosing or household essentials that they return to the category and they return to Clorox brands.

然後，當你看到定價滾動時，你會看到消費者自然而然地回來，因為他們發現他們的替代品不起作用，或者他們瀏覽了所有的食品儲藏室。然後我們希望看到這種情況自然發生，但我們正在做的工作實際上集中在確保我們專注於卓越的價值。我們為他們提供了一種價值，當他們離開並選擇家庭必需品時，他們會返回到該類別並返回 Clorox 品牌。

And we're seeing that over the last couple of quarters with some improvements in household penetration, we would expect to see that continue on and support the volume-driven growth that we'll have in fiscal year '25. But there's a combination of things that we think about in this. Superiority as a combination of pricing, the brand, and the product experience. So we are ensuring that we have the right price points, which we feel good about.

我們看到，在過去的幾個季度中，家庭滲透率有所提高，我們預計這種情況會繼續下去，並支持我們在 25 財年實現的銷售驅動型成長。但我們在這方面考慮了多種因素。定價、品牌和產品體驗結合的優勢。因此，我們確保我們有合適的價格點，我們對此感到滿意。

And as I said before, we continue to look through our net revenue management work to ensure that price points and price gaps are where they need to be. They largely are, but we will absolutely take on if we see a place where our price gaps aren't where they need to be, and we'll do that work to ensure that we have that and we'll use things like price pack architecture to deliver even additional value to those consumers who may have exited and need a different pack size or buying in a different channel.

正如我之前所說，我們將繼續審視我們的淨收入管理工作，以確保價格點和價格差距處於所需的位置。基本上是這樣，但如果我們發現我們的價格差距沒有達到應有的水平，我們絕對會採取行動，我們將做這項工作以確保我們擁有這一點，並且我們將使用價格包之類的東西架構可以為那些可能已經退出並需要不同包裝尺寸或在不同管道購買的消費者提供額外的價值。

And then if you think about products, that's where really innovation and focusing on claims matters. We had a strong innovation program this year. But what I would just emphasize is the last few years, we've had a number as the world has. But I think in particular, if you think about Clorox, a number of operational disruptions outside of our control, and we've been trying to balance both margins, earnings, top-line, and I think we've done a good job at that. But the organization now is really focused on returning maniacally to growth.

如果你考慮產品，那就是創新和關注索賠的真正重要性。今年我們有一個強大的創新計劃。但我想強調的是，過去幾年，我們的數字與世界一樣。但我特別認為，如果你考慮高樂氏（Clorox），我們無法控制的一些營運中斷，我們一直在努力平衡利潤、收益、營收，我認為我們在這方面做得很好。但該組織現在真正專注於瘋狂地恢復成長。

Given our confidence in margin rebuilding and given our confidence in the brands, and so we are really focused on where as our products need a boost from a claims perspective, where can we make product improvements and how can we make our innovation even bigger and how can we really bring to life those platforms that we intend to launch.

鑑於我們對利潤重建的信心以及對品牌的信心，因此我們真正關注的是，從索賠的角度來看，我們的產品需要在哪些方面得到提升，我們可以在哪些方面改進產品，如何使我們的創新更大，以及如何我們能否真正將我們打算推出的平台變為現實？

And I'll give you maybe just an example of one that doesn't feel like a big deal, but is actually having really an impact in the marketplace, and that's Clorox Scentiva. We launched that a number of years ago. It was very successful. And I talked about in CAGNY that we were going to relaunch Scentiva. And we did that with better claims, better scent profiles, and we've actually had the largest quarter in Q4 on Scentiva that we've ever had.

我可能只是給您一個例子，其中一個感覺不是什麼大不了的事，但實際上對市場產生了真正的影響，那就是 Clorox Scentiva。我們幾年前就推出了它。這是非常成功的。我在 CAGNY 談到我們將重新推出 Scentiva。我們透過更好的聲明、更好的氣味特徵做到了這一點，實際上，我們在第四季度的 Scentiva 季度業績是有史以來最大的。

A good example where the team is getting laser-focused on value and we're bringing in consumers who maybe can't afford anymore to buy a cleaner and an air freshener and they're getting a great value by having an all in one product with Clorox Scentiva. Good examples of where by category we're being pretty maniacal about that.

一個很好的例子，團隊專注於價值，我們吸引了那些可能再也買不起清潔劑和空氣清新劑的消費者，他們通過擁有一體化產品獲得了巨大的價值與 Clorox Scentiva 一起使用。按類別劃分，我們對此非常狂熱，這是一個很好的例子。

And then finally, investment, and as I've said, I feel Iike we have the right level of investment on ANSP and promo to do exactly that and making sure we're capturing consumers at back to school. During times when their family gets ill, reminding them what we can do to keep them safe as well as talking about the trust of the brands and the promises that we deliver. All of that adds up to growing household penetration over time.

最後，投資，正如我所說，我覺得我們在 ANSP 和促銷方面有適當的投資水平，可以做到這一點，並確保我們在回到學校時吸引消費者。當他們的家人生病時，提醒他們我們可以採取哪些措施來確保他們的安全，並談論品牌的信任和我們兌現的承諾。隨著時間的推移，所有這些都會導致家庭普及率不斷提高。

And that's what the team is focused on is how do we return them to the levels that we were at before and grow them from there and that it will be part of how we grow share in fiscal year '25.

這就是團隊關注的重點，我們如何將它們恢復到之前的水平，並從那裡開始成長，這將是我們在 25 財年如何成長份額的一部分。

Lauren Lieberman, Barclays.

勞倫·利伯曼，巴克萊銀行。

So Linda, I mean, your last answer gave a lot of color on this, but the implied market share gain, I think is very significant. And I hear you on the trend line and where you've gotten back to more or less flattish. But talking about volume growth north of 3% to 5% in a category backdrop that you've described is challenged resilient, but is challenge consumer just feels like a really big push. So I guess what -- number one would be why start out with such a high bar because again, like mid-single digit volume is it is a big number and it just.

琳達，我的意思是，你最後的回答對此給出了很多色彩，但我認為隱含的市場份額增益是非常重要的。我聽到你在趨勢線上的聲音，以及你或多或少回到平坦狀態的地方。但在您所描述的品類背景下，談論銷量成長超過 3% 至 5% 是對彈性的挑戰，但挑戰消費者感覺就像是一個巨大的推動力。所以我想——第一是為什麼要從這麼高的門檻開始，因為同樣，就像中個位數的交易量一樣，它是一個很大的數字，而且它只是。

Yeah. So I'll leave it there as my first question.

是的。所以我將把它留在那裡作為我的第一個問題。

Sure, Lauren. I think, first, one thing to keep in mind as we go through the quarters is we have the lap of cyber and so and we lost five points of share. If you look at the height of the cyber attack and we are regaining a lot of that volume in Q1 and gaining a lot of that share.

當然，勞倫。我認為，首先，在我們經歷這個季度時要記住的一件事是我們擁有網路優勢，因此我們失去了五個百分點的份額。如果你看看網路攻擊的嚴重程度，我們會在第一季重新獲得大量攻擊量並獲得大量份額。

And if you think about exactly what you said, Lauren, the exit rate close to flattish in June but you have to even if you just forecast getting back to flattish for an entire year. That has a significant amount of volume growth. Then growing share modestly on top of that gets you to that number.

勞倫，如果你仔細想想你所說的，六月份的退出率接近持平，但即使你只是預測一整年都會恢復持平，你也必須這樣做。這使得銷量有了顯著的成長。然後適度增加份額就可以達到這個數字。

So I think that's part of what's going on as you have identified a mix of lapping being out of stock, our significant volume growth there significant share loss and refilling that and then growing share modestly along what we would assume in the back half. And some categories will grow faster than others, but we assume the vast majority of our major categories, we will see share improvement, and we feel like we have the plans to do that.

因此，我認為這是正在發生的事情的一部分，因為您已經確定了研磨缺貨、我們的銷量顯著增長、份額顯著損失和補充，然後沿著我們在後半段假設的情況適度增長份額。有些類別的成長速度會比其他類別快，但我們假設絕大多數主要類別的份額都會有所改善，而且我們覺得我們有計劃這樣做。

Okay. And then if I can just follow up on gross margin components. Kevin, you've been super clear that mix was a big contributor this quarter. I just want to clarify, was that in logistics and manufacturing line. And if you could give us a sneak guardrails for like roughly how big it was just when we think about next year's comparison and then also commodities for fiscal '25 flattish or is that expected to be a benefit?

好的。然後我是否可以跟進毛利率組成部分。凱文，你非常清楚，混合是本季的一個重要貢獻者。我只是想澄清一下，是在物流和製造線上。如果你能給我們一個潛在的護欄，例如當我們考慮明年的比較時，大概有多大，然後還有 25 財年的大宗商品持平，還是預計這會帶來好處？

Yeah, Lauren, on gross margin drivers, you're right, it shows up in the manufacturing line. So when you have mix between business units. And you saw in our rec we provided we're fair about 200 basis points in Q4. And a good portion of that was driven by net favorable BU mix, which I wouldn't expect to continue as we move into fiscal year '25.

是的，勞倫，關於毛利率驅動因素，你是對的，它出現在生產線上。因此，當業務部門之間存在混合時。您在我們的報告中看到，我們假設第四季的利率約為 200 個基點。其中很大一部分是由淨有利的業務單位組合推動的，我預計隨著我們進入 25 財年，這種情況不會持續下去。

And in regard to commodities, if you look at our outlook for fiscal '25, our expectations about $75 million of total supply chain inflation. And we think about half of that will come through commodities. And then the other half will come through the other aspects of the supply chain. And so for us, roughly $35 million, $40 million of commodity inflation this year is a very modest amount of commodity and freight inflation. That's what we're expecting the outlook.

至於大宗商品，如果你看看我們對 25 財年的展望，我們預計供應鏈通膨總額約為 7,500 萬美元。我們認為其中一半將來自大宗商品。然後另一半將通過供應鏈的其他方面。因此，對我們來說，今年大約 3500 萬美元、4000 萬美元的商品通膨是非常溫和的商品和貨運通膨。這就是我們所期待的前景。

Anna Lizzul, Bank of America Global Research.

Anna Lizzul，美國銀行全球研究部。

This is Jon keypour on the line for Anna. Just a very quick question on the digital transformation you guys outlined in the prepared remarks. You mentioned Canada seems to be relatively finished. Just wondering how far are you guys expect to get through the remainder of the program by the end of this year? Have you seen it like realistically, can you give us any kind of size about how much of the benefits have flown flowed through, excuse me? And I guess what you guys are expecting in terms of the cadence from that benefit to flow through overall. Thank you.

我是喬恩‧基普爾，正在接聽安娜的電話。這是關於你們在準備好的評論中概述的數位轉型的一個非常簡單的問題。你提到的加拿大似乎已經比較完善了。只是想知道你們預計到今年年底能完成該計劃的剩餘部分多久？您是否真實地看到了這一點，請問您能告訴我們已經流轉了多少效益嗎？我想你們對整體福利的節奏有何期望。謝謝。

Yeah. The digital transformation, we're really pleased with our first wave of our ERP and Global Finance rollout that happened on July 1. Went very well and gave us strong confidence that we have set up that wave to learn when we do the new US coming up next year. And so we have been maniacal about documenting everything that we've learned to set us up for the biggest transition that we have coming on that ERP portion.

是的。數位轉型，我們對 7 月 1 日發生的第一波 ERP 和全球財務部署感到非常滿意。進展非常順利，給了我們堅定的信心，我們已經建立了這一波學習，當我們明年推出新的美國時。因此，我們一直在瘋狂地記錄我們所學到的一切，為 ERP 部分的最大轉變做好準備。

And as what you saw, we've talked about the fact that was delayed due to the cyber events, but we're still on track to finish the program in fiscal year '26, and we'll make again, strong progress this year on the ERP next year. The US will come online and we have additional capabilities coming online as well. We were able to reshuffle some things so that we end the program about the same time.

正如您所看到的，我們已經討論過由於網路事件而延遲的事實，但我們仍有望在 26 財年完成該計劃，今年我們將再次取得強勁進展明年上ERP。美國將上線，我們也將推出其他功能。我們能夠重新安排一些事情，以便我們大約在同一時間結束該計劃。

We have seen some value as you think about the overall digital transformation we have in place as we put our data lake in place. You saw that through things like our marketing efficiencies that we've already had our early results on, but the bulk of the value that we get and this is a very strong return on investment project comes in '26 and beyond as we complete the implementation of the ERP.

當您考慮我們在建立資料湖時所進行的整體數位轉型時，我們已經看到了一些價值。您看到，透過我們的行銷效率之類的事情，我們已經取得了早期成果，但我們獲得的大部分價值，這是一個非常強勁的投資回報項目，是在我們完成實施後於26 年及以後實現的ERP 的。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

I know we're running longs, but a couple of questions if I could on that 3% to 5% top-line goal for next year. I guess maybe this gets a little bit at what Lauren was asking about, but is there a way to think about how that compares to the assumed rate of consumption growth in fiscal 2025? I'd expect maybe a couple of points at least of net distribution gains contributing to shipments. So maybe assume consumption running below 3% to 5%, but just wanted to clarify and hopefully quantify that gap.

我知道我們正在做很多，但有幾個問題我能否實現明年 3% 到 5% 的頂線目標。我想這可能有點符合勞倫的問題，但有沒有辦法考慮一下與 2025 財年假設的消費成長率相比如何？我預計淨分銷收益至少會貢獻幾個百分點。因此，也許假設消耗量低於 3% 到 5%，但只是想澄清並希望量化這一差距。

And then as you're talking about it, if we think about it across the segments and just talk about segment variability relative to that goal, are each of the segments expected to run essentially within that range? Or do you see room for some -- any to run notably ahead or below? It seems to me like household and international candidates to run modestly ahead for different reasons, but I just want to play that back for your reaction. Thank you.

然後，當您談論它時，如果我們考慮各個細分市場並僅討論相對於該目標的細分可變性，那麼每個細分市場是否都預計基本上在該範圍內運行？或者你認為某些人有空間——任何人都可以明顯領先或落後嗎？在我看來，國內和國際候選人都會因為不同的原因而謙虛地領先，但我只是想回顧一下你們的反應。謝謝。

If it is 3% to 5%, this is a complicated set of factors to talk through, given each quarter is a little bit different. But Steve, I think to your point, some of that 3% to 5% is rebuilding, against when we were out of stock in Q1 and Q2. And remember, like you said, we didn't fully restore distribution and merchandising until Q4. You're going to have all of those impacts of that lap, in place.

如果是 3% 到 5%，考慮到每個季度都有一點不同，這是一組需要討論的複雜因素。但是史蒂夫，我認為就你的觀點而言，與第一季和第二季缺貨的情況相比，其中 3% 到 5% 的部分正在重建。請記住，正如您所說，我們直到第四季度才完全恢復分銷和銷售。你將會感受到那一圈的所有影響。

And our categories, we're expecting the low end of low single-digits right now. But we have categories that aren't tracked. And I would just help you keep that in mind too. We have international, we have our professional business that are not in those numbers, and we would expect higher exposure to growth in those categories. We've seen that continue to play out and we have get more and more confidence in that, as they've delivered over the last couple of quarters.

對於我們的類別，我們目前預計將達到低個位數的低端。但我們有一些未追蹤的類別。我也會幫助你記住這一點。我們有國際業務，我們有專業業務，但這些數字不在其中，我們預期這些類別的成長會更大。我們已經看到這種情況繼續發生，我們對此越來越有信心，因為他們在過去幾個季度中所取得的成就。

And then of course, we talked about for share. So we won't expect many of our categories to be in the 3% to 5% range. We would expect them to be in low single-digits and then we'll perform slightly better than that. But you do have that lap effect that is certainly playing a role.

當然，我們也談到了分享。因此，我們預計我們的許多類別不會在 3% 到 5% 的範圍內。我們預計它們會處於較低的個位數，然後我們的表現會稍微好一點。但單圈效應確實發揮了作用。

And then on the segments, what I'd call out is in our segments, all do have different nuances on performing, call it International is a good example of one that has been a strong grower for us, and we'd expect that to continue. And now that we've -- actually mostly eliminated most of the volatility that we had on FX due to the sale of Argentina that will be more consistent as well.

然後在細分市場上，我要指出的是在我們的細分市場中，所有細分市場在表現上都有不同的細微差別，稱之為國際市場就是一個很好的例子，它對我們來說是一個強大的成長者，我們希望它能夠繼續下去。現在我們實際上已經基本上消除了由於出售阿根廷而導致的外匯波動，這也將更加一致。

Our health and wellness segment has continued to perform well. We continue to see share growth opportunities there. Our professional businesses back on track, so feeling good there.

我們的健康和保健部門繼續表現良好。我們繼續看到那裡的股票成長機會。我們的專業業務重回正軌，感覺良好。

And then to the point that you made on household, we have maybe an easier comp. As you look through the year, given it took longer to fill distribution, and we didn't meet expectations on that business in Q4. So I think you'll see some variability, but not outside of the range of the normal variability we see in our segments.

然後就你在家庭中所做的事情而言，我們可能會有一個更簡單的比較。當你回顧這一年時，考慮到填補分銷所需的時間更長，而且我們在第四季度沒有達到對該業務的預期。因此，我認為您會看到一些變化，但不會超出我們在細分市場中看到的正常變化範圍。

And then if I could Kevin, you may not want to go here, but I'm trying anyway. You mentioned the structural benefits from the portfolio reshaping the exit have margins in the VMS and those benefits of margins. I'm wondering if you could give us some kind of quantification or order of magnitude as to how material that is as you think about that. The margin improvement embedded in the '25 guidance. Thank you.

如果可以的話，凱文，你可能不想去這裡，但無論如何我都會嘗試。您提到了重塑退出投資組合的結構性收益，以及 VMS 中的邊際收益以及邊際收益的好處。我想知道您是否可以給我們某種量化或數量級來說明您認為這一點的重要性。'25 指南中包含了利潤率的改善。謝謝。

Yeah, Steve, I appreciate the framing of your question. As Linda and I both said, exiting both those businesses, if you think about what we're trying to accomplish in our Ignite strategy, our financial goal is more consistent profitable growth. Those businesses were both dilutive to the top line growth rate, dilutive to growth margin and profitability. And so we're exiting both of those businesses. You will see structural improvement.

是的，史蒂夫，我很欣賞你提出問題的框架。正如琳達和我所說，退出這兩項業務，如果你考慮我們在點燃策略中試圖實現的目標，我們的財務目標是更持續的獲利成長。這些業務都稀釋了營收成長率、成長率和獲利能力。因此，我們將退出這兩項業務。你會看到結構性的改善。

From a top-line perspective, it's probably less than half a point, but it'll structurally improve the growth rates of this company from the top line. And then, from a margin as well, you probably get in that 50 bps to 70 bps structural improvement gross margins once we get both these businesses exited.

從營收角度來看，這可能還不到半個百分點，但它將從結構上提高該公司的營收成長率。然後，從利潤率來看，一旦我們退出這兩項業務，你可能會獲得 50 個基點到 70 個基點的結構性改善毛利率。

So to me, it is a very nice adjustment to our portfolio to make sure that, we're doing exactly what we committed to more consistency and more profitable growth. And we think exiting both those businesses, while not easy decisions certainly support that endeavor.

所以對我來說，這是對我們的投資組合的非常好的調整，以確保我們正在做我們所承諾的更一致和更有利可圖的成長。我們認為，退出這兩項業務雖然不是容易的決定，但肯定會支持這項努力。

Javier Escalante, Evercore ISI.

哈維爾·埃斯卡蘭特，Evercore ISI。

I have no clue what happened, so let's see whether it works this time around. I have -- would like to tackle the household business slightly different. When you step back, it's rare when you see negative pricing and negative volume at the same time? And I know that you spoke a lot about promotional activity, but to what extent the volumes are telling you is that you took too much pricing. So I have a follow-up.

我不知道發生了什麼，所以讓我們看看這次是否有效。我想以稍微不同的方式處理家庭事務。當你退一步看時，同時看到負價格和負交易量的情況很少見嗎？我知道您談了很多有關促銷活動的內容，但數量在多大程度上告訴您，您定價過高。所以我有一個後續行動。

I'm glad you're back online, Javier. So in household, here's how I would look at it. Certainly, as I said, it didn't meet our expectations. Very clear on why for both for all grilling, Glad and Litter. And it's exactly what I highlighted for grilling. We didn't see any extraordinary merchandising in that category. It was exactly what we expected it to be, but volumes were down due to weather.

我很高興你重新上線，哈維爾。所以在家庭中，我是這樣看待它的。當然，正如我所說，它沒有達到我們的期望。非常清楚為什麼對於所有燒烤，高興和垃圾。這正是我強調的燒烤。我們在該類別中沒有看到任何非凡的推銷。這正是我們的預期，但由於天氣原因銷量下降。

For Glad, what's going on that you have there is, we were out of the large size market for quite a while. So you have some dynamics on pricing and mix that are happening within that business, until you fully restore supply. I'd say the same thing for Litter. But Litter was a much heavier promotional environment than we would even see as normal as we had expected it to be and we certainly contributed to that as we were looking to get subscriptions back, etcetera.

對格萊德來說，目前的情況是，我們已經退出大尺寸市場相當長一段時間了。因此，您可以了解該業務中正在發生的定價和組合動態，直到完全恢復供應。我也會對 Litter 說同樣的話。但垃圾是一個比我們想像的更嚴重的促銷環境，我們當然為此做出了貢獻，因為我們希望重新獲得訂閱，等等。

What we see though again is a more rational environment as we move forward back to pre-COVID levels from a pricing perspective. If I look at our value, for Glad, again, we ended the quarter down two-tenths of a point. That would say that our pricing is holding up well in the marketplace. And as we return large sizes, that's the value consumers are looking for. If they might have switched due to price promotion before now that we have the items they want in the market, I would continue to believe that they'll choose us, and evidence of that is the fact that we did so well on Prime Day and we're back to growing share in Glad Trash and our largest customer.

不過，隨著我們從定價角度回到新冠疫情前的水平，我們再次看到的是一個更理性的環境。如果我看看我們的價值，對於格萊德來說，我們在本季末再次下跌了十分之二個百分點。這表明我們的定價在市場上保持良好。當我們退回大尺寸時，這就是消費者正在尋找的價值。如果他們之前可能因為價格促銷而改變，因為我們在市場上有他們想要的商品，我仍然相信他們會選擇我們，證據就是我們在 Prime Day 上做得很好，我們在Glad Trash 和最大客戶中的份額又恢復成長了。

And then for Litter, I think again that one's going to take a little bit longer. That is a category we see a decent level of price promotion in. We've accounted for that in our outlook. We would expect to continue to be competitive. But I don't feel like we're in a place where our price gaps are out of whack. It's simply that people are looking to drive against a value-oriented consumer. They want to win share in a more value-oriented marketplace.

然後對於垃圾，我再次認為需要更長的時間。我們在這一類別中看到了相當程度的價格促銷。我們已經在我們的展望中考慮到了這一點。我們預計將繼續保持競爭力。但我不認為我們的價格差距已經失控。很簡單，人們正在尋求對抗以價值為導向的消費者。他們希望在更以價值為導向的市場中贏得份額。

And again, I think for grilling as we go forward, merchandising plays an important role. Our price gaps look generally in line. Our shares held up. We were down three-tenths of a share point in June. Feel good about where we were despite a bad grilling category season, and feel like if we need to make any adjustments to pricing, like I highlighted earlier, I'm not sure, Javier, when you joined back in the call. But if we need to make any adjustments on an item basis, we absolutely have that plan right now and we won't be afraid to do it as we go through the course of the year. But largely, in aggregate, our pricing is working and holding in the market.

再說一次，我認為對於燒烤來說，隨著我們的發展，推銷起著重要的作用。我們的價格差距看起來基本上一致。我們的股票堅挺。六月我們的股價下跌了十分之三。儘管燒烤類季節很糟糕，但我們對我們所處的位置感覺良好，並且感覺我們是否需要對定價進行任何調整，就像我之前強調的那樣，我不確定哈維爾，當你重新加入電話會議時。但如果我們需要對某個項目進行任何調整，我們現在絕對有這個計劃，我們不會害怕在今年的過程中這樣做。但總的來說，我們的定價在很大程度上是在市場上發揮作用並保持不變的。

And then the second question has to do with A&P spending or marketing spending. And one particular business that looks very weak in that includes Ulta as well and Amazon and Burt's Bees. So the brand has been weak for a long period of time. It goes through channels that are not compatible or not the same of the balance of the portfolio. And you compete with companies that spend multiples of 14% in marketing, like over 30%. The question is, as you review the portfolio, do you think that you are competitive in Burt's Bees or you will consider adjustments? Thank you.

第二個問題與 A&P 支出或行銷支出有關。其中一項看起來非常疲軟的特殊業務包括 Ulta、亞馬遜和 Burt's Bees。因此該品牌在很長一段時間內一直處於弱勢。它透過與投資組合餘額不相容或不相同的管道。你與那些在行銷上花費 14% 倍數（例如超過 30%）的公司競爭。問題是，當您審查投資組合時，您認為您在 Burt's Bees 方面具有競爭力還是會考慮調整？謝謝。

Burt's has been an acquisition for us over the years that we've been really pleased about. It's been in a faster growing category and Burt's has contributed stronger sales growth, if you just look in the aggregate, year after year given the opportunities in the natural personal care segment and the attractiveness of those categories. And we don't compete really with some of these large multibillion dollar beauty brands. And we compete in a segment where consumers are looking for products that come from nature, that offer that promise. I mean, although that set is quite competitive, they're not competing with some of the bigger brands that you might think of.

多年來，伯特一直是我們的一項收購，我們對此感到非常高興。它屬於一個成長較快的類別，如果你從總體上看，鑑於天然個人護理領域的機會和這些類別的吸引力，年復一年，伯特貢獻了更強勁的銷售成長。我們並沒有真正與一些價值數十億美元的大型美容品牌競爭。在我們競爭的市場區隔中，消費者正在尋找來自自然、能夠提供這種承諾的產品。我的意思是，儘管該系列非常有競爭力，但它們並沒有與您可能想到的一些較大品牌競爭。

And we're really a food drug mass type of business and we were built for that. Our pricing, our architecture is built for that, et cetera. I feel very confident in Burt's future. I'd say, right now, if you look at what Burt's has gone through, unfortunately, last year, we had a massive supply issue when we had a supplier have a fire that put lip tube availability significantly at risk. And then, of course, Burt's had the compounding effect that all of our businesses had of the cyber attack.

我們確實是一家食品藥品大眾型企業，我們就是為此而建的。我們的定價、我們的架構都是為此而建構的，等等。我對伯特的未來充滿信心。我想說，現在，如果你看看伯特經歷的事情，不幸的是，去年我們遇到了嚴重的供應問題，當時我們的一家供應商發生了火災，導致唇管的可用性受到嚴重威脅。當然，伯特的網路攻擊對我們所有的企業都產生了複合效應。

What you're seeing is some variability in distribution, et cetera. But if I look at the long-term health and opportunities in front of Burt, I see that as being an opportunities for it to continue to be growth accretive to the company. We're laser focused on making sure that as we have restored supply, we're getting that distribution back. We're also rationalizing distribution in some of the categories. I don't think it makes sense for us to compete in and I think that's just good portfolio management. But Burt's categories are attractive. We have a very strong brand that consumers love and I feel very confident about it moving forward.

您看到的是分佈等方面的一些變化。但如果我看看伯特面前的長期健康狀況和機遇，我認為這是一個繼續促進公司成長的機會。我們專注於確保在恢復供應後，我們能夠重新獲得分配。我們也對某些類別的分配進行了合理化。我認為我們參與競爭沒有意義，我認為這只是好的投資組合管理。但伯特的類別很有吸引力。我們擁有一個非常強大的品牌，深受消費者喜愛，我對它的發展充滿信心。

This concludes the question and answer session. Mr. Rendle, I would now like to turn the program back to you.

問答環節到此結束。倫德爾先生，我現在想把程式轉回給您。

Thanks. To close out today's call, I'd like to revisit our long-term strategy and reflect on our transformation journey. Ignite was created to accelerate profitable growth, to create long-term shareholder value. As part of that goal, we set on a course to fundamentally strengthen our value creation model, including how we generate the fuel necessary to drive growth.

謝謝。在結束今天的電話會議時，我想重新審視我們的長期策略並反思我們的轉型之旅。Ignite 的創建是為了加速獲利成長，創造長期股東價值。作為該目標的一部分，我們制定了從根本上加強我們的價值創造模式的方針，包括我們如何產生推動成長所需的燃料。

We're innovating with clear intention. We're focused on delivering superior value through brands consumers love. We're creating a consumer obsessed, faster and leaner organization by reimagining how we work, enabling our team with data and technology, streamlining our operating model, evolving our portfolio to reduce volatility, and driving more profitable long term growth.

我們的創新意圖明確。我們致力於透過消費者喜愛的品牌提供卓越的價值。我們正在透過重新構想我們的工作方式、為我們的團隊提供數據和技術、簡化我們的營運模式、改進我們的產品組合以減少波動性並推動利潤更高的長期成長，創建一個以消費者為中心、更快、更精簡的組織。

Our strategy has guided us well over the past five years, but we've had to adjust our execution based on several factors outside of our control. We've gone through periods where we saw massive demand increases during COVID-19, normalization of demand, unprecedented inflation, multiple rounds of pricing, a cyber attack, and the global macroeconomic and geopolitical uncertainty, and volatility that persist today. These shocks have caused our performance to be more volatile. At the same time, they've also led to the acceleration of our transformation agenda.

過去五年來，我們的策略為我們提供了良好的指導，但我們不得不根據一些我們無法控制的因素來調整我們的執行。我們經歷過新冠肺炎 (COVID-19) 期間需求大幅增長、需求正常化、前所未有的通膨、多輪定價、網路攻擊以及當今持續存在的全球宏觀經濟和地緣政治不確定性和波動性的時期。這些衝擊導致我們的業績更加不穩定。同時，它們也加速了我們的轉型議程。

We've been purposeful and balanced on our actions, leaning on our strategy to execute through every challenge, staying committed to rebuilding our margin and earnings, while maintaining top-line growth. This is positioning us to fully restore margin in fiscal year 2025 and deliver strong free cash flow in line with our long-term goals, while investing strongly in our brands.

我們的行動目標明確且平衡，依靠我們的策略來應對每項挑戰，繼續致力於重建我們的利潤和收益，同時保持營收成長。這使我們能夠在 2025 財年全面恢復利潤率，並根據我們的長期目標提供強勁的自由現金流，同時大力投資我們的品牌。

I'm confident we're taking all the right steps. Some of which add value now and others will bear fruit as we advance the choices further. We have consistently said that this would not be linear given the environment and challenges, but we continue to make strong progress and remain confident that we're on the right track. Through it all, we stayed true to our goal to transform Clorox into a stronger company poised to deliver more consistent profitable growth and enhance long-term shareholder value.

我相信我們正在採取所有正確的步驟。其中一些現在已經增加了價值，而另一些將隨著我們進一步推進選擇而結出碩果。我們一直表示，考慮到環境和挑戰，這不會是線性的，但我們繼續取得強勁進展，並對我們走在正確的軌道上仍然充滿信心。透過這一切，我們始終堅持我們的目標，將 Clorox 轉變為更強大的公司，準備實現更持續的獲利成長並提高長期股東價值。

Thank you for your time and questions. We look forward to updating you on our continued progress against our transformation agenda next quarter. Take care.

感謝您抽出時間並提出問題。我們期待向您通報下季度轉型議程的持續進展。小心。

This concludes today's conference call. Thank you for attending.

今天的電話會議到此結束。感謝您的出席。