高樂氏 (CLX) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to The Clorox Company second quarter fiscal year 2025 earnings release conference call. (Operator Instructions)

女士們、先生們，大家好，歡迎參加高樂氏公司 2025 財年第二季財報發布電話會議。（操作員指示）

As a reminder, this call is being recorded. 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.

提醒一下，本次通話正在錄音。現在，我想介紹今天電話會議的主持人，高樂氏公司投資者關係副總裁麗莎·伯漢女士。伯漢女士，您可以開始您的會議了。

Thanks, Jen. Good afternoon and thank you for joining us. Joining me today are Linda Rendle, our Chair and CEO; Kevin Jacobsen, our CFO; and Luc Bellet, our Treasurer and incoming CFO. I hope everyone has had a chance to review our earnings release and prepared remarks, both of which are available on our website.

謝謝，Jen。下午好，感謝您加入我們。今天與我一起出席的還有我們的董事長兼執行長 Linda Rendle；我們的財務長 Kevin Jacobsen；以及我們的財務長兼新任財務長 Luc Bellet。我希望每個人都有機會閱讀我們的收益報告和準備好的評論，它們都可以在我們的網站上找到。

In just a moment, Linda will share a few opening comments, and then we'll take your questions. During this call, we may make forward-looking statements that are based on management's current expectations but may differ from actual or outcome. In addition, these remarks may (inaudible) to certain non-GAAP financial measures. Please refer to our earnings release, which identifies various factors that could affect forward-looking statements and provide information that reconciles non-GAAP financial measures to the most directly comparable GAAP measures. The Risk Factors section of the company's Form 10-K also includes further discussion of forward-looking statements.

稍後，琳達將發表一些開場白，然後我們將回答大家的問題。在本次電話會議中，我們可能會根據管理階層目前的預期做出前瞻性陳述，但可能與實際情況或結果有所不同。此外，這些言論可能（聽不清楚）影響某些非公認會計準則財務指標。請參閱我們的收益報告，其中列出了可能影響前瞻性陳述的各種因素，並提供了將非 GAAP 財務指標與最直接可比較的 GAAP 指標進行協調的資訊。該公司 10-K 表格中的風險因素部分還包括對前瞻性陳述的進一步討論。

Now I'll turn it over to Linda.

現在我將把話題交給琳達。

Thank you for joining us today. Before we start the Q&A, I think you all know that we announced a CFO transition last week. I want to take a moment to thank Kevin for his nearly 30 years with Clorox. He has been an essential change agent to our IGNITE strategy in transforming our company. I deeply appreciate his partnership, leadership and countless contributions to Clorox, and I wish him the very best in his retirement later this year.

感謝您今天加入我們。在我們開始問答之前，我想大家知道我們上週宣布了財務長的變動。我想花點時間感謝凱文在 Clorox 工作近 30 年。他是我們公司轉型 IGNITE 策略的重要變革推動者。我深深感謝他的合作、領導和對 Clorox 的無數貢獻，並祝福他在今年稍後退休後一切順利。

I also want to welcome Luc Bellet as he steps into the role of CFO starting on April 1. Luke is a strong and experienced leader who I've worked with in many roles over my career at Clorox and I'm confident he'll build on the strong foundation established by Kevin. With that, Kevin and Luc will take your questions.

我還要歡迎 Luc Bellet 於 4 月 1 日擔任財務長一職。盧克是一位強大且經驗豐富的領導者，我在 Clorox 的職業生涯中曾與他合作過許多職位，我相信他會在凱文建立的堅實基礎上再接再厲。接下來，Kevin 和 Luc 將回答您的問題。

(Operator Instructions) Andrea Teixeira, JPMorgan.

（操作員指示）摩根大通的 Andrea Teixeira。

If you're speaking, we cannot hear you. Jen, let's move on to the next Q&A person, and then we'll come back to Andrea.

如果您正在講話，我們聽不到。詹，我們先來談談下一位問答嘉賓，然後再回到安德里亞。

Dara Mohsenian, Morgan Stanley.

摩根士丹利的達拉‧莫森尼安 (Dara Mohsenian)。

So congrats to Kevin and Luc. Maybe first, I was just hoping to give your perspective on your ability to continue to drive gross margin expansion beyond fiscal '25 and your forecast to get back in your peak levels based on your guidance. How confident are you in continued expansion over time, a; and then b, what are the longer-term drivers? And then maybe I'll come back with one other.

恭喜 Kevin 和 Luc。首先，我只是希望根據您的指導，談談您在 25 財年之後繼續推動毛利率擴張的能力，以及您對恢復到峰值水平的預測。您對長期持續擴張有多大信心？然後 b，長期驅動因素是什麼？然後我可能會和另一個人一起回來。

Yes, Dara, let me start there on gross margin expansion as we look forward, as we've talked, Linda and I for quite a while, our first priorities meant to fully rebuild gross margins back to 44%. And as I'm sure you saw in the prepared remarks, we feel very confident in our ability to do that this year. And what we really want to get back to is then building EBIT margins in that 25 to 50 basis points per year going forward.

是的，達拉，讓我從毛利率擴張開始談，正如我們琳達和我談論了很長一段時間一樣，我們的首要任務是將毛利率完全重建至 44%。我相信你們在準備好的發言稿中已經看到，我們對今年做到這一點的能力非常有信心。我們真正想要實現的目標是，未來每年將息稅前利潤率提高 25 至 50 個基點。

Your question was how confident we feel about that. I feel very good sitting here today about our ability to continue to do that. And there's a number of drivers. I mean as we've talked quite a bit, and I'll talk about EBIT margin, maybe a little bit more than gross margin, but it certainly benefits both. We're going to continue to drive productivity.

您的問題是，我們對此有多大信心。今天坐在這裡，我為我們能夠繼續這樣做感到非常高興。還有很多驅動因素。我的意思是，我們已經談了很多，我會談談息稅前利潤率，可能比毛利率高一點，但這肯定對雙方都有好處。我們將繼續提高生產力。

We've got the next important phase in our transformation with our ERP conversion at the start of next year. That's certainly made an opportunity to drive even more productivity across the organization. So I feel good about the contribution there. And then as we've talked, we've really expanded our historical cost savings, what we're calling more margin transformation, which means a lot more focus on design to value, a lot more focused on net revenue management. These are all additional tools in our toolbox that we're going to use to continue to expand margin as we talk about that really gives us a fuel either take to the bottom line or reinvest in the business.

隨著明年年初 ERP 轉換的進行，我們的轉型進入了下一個重要階段。這無疑為整個組織提高生產力創造了機會。所以我對於那裡的貢獻感到很高興。然後，正如我們所說的，我們確實擴大了歷史成本節約，也就是所謂的更多利潤轉型，這意味著更加重視設計價值，更加重視淨收入管理。這些都是我們工具箱中的附加工具，我們將使用它們來繼續擴大利潤率，正如我們所討論的，這確實為我們提供了動力，要么達到底線，要么重新投資於業務。

But without giving an outlook for next year, I feel pretty confident sitting here today about our ability to start of that 25 to 50 bps starting in fiscal year '26. And then our intention is to continue that going forward.

但是，在不給出明年前景的情況下，今天坐在這裡，我對我們有能力從26財年開始實現25至50個基點的利率目標感到非常有信心。我們的目標是繼續這樣做。

Great. That's helpful. And maybe switching gears, Linda. On the Glad JV games, why did this happen now? But with this change in the strengthened financial profile in recent quarters, maybe you can just talk about if M&A is expected to be a more important piece of the strategy going forward and what some of the areas of opportunity you see in potentially filling in white spaces in your portfolio.

偉大的。這很有幫助。也許該換個話題了，琳達。在 Glad JV 遊戲中，為什麼現在會發生這種情況？但隨著最近幾季財務狀況的增強，也許您可以談談併購是否會成為未來策略中更重要的一部分，以及您認為在填補投資組合空白方面有哪些潛在機會。

Sure. We're excited to assume full control of our Glad business coming up a year from now. And really, the timing is related to the end of our agreement. And both parties mutually agreed not to renew. And we think this is the right time for us given the transformation that's well underway of our company.

當然。我們很高興能夠在一年後全面掌控我們的 Glad 業務。事實上，時間與我們協議的結束有關。且雙方一致同意不再續約。我們認為，鑑於我們公司正在順利進行轉型，現在正是最佳時機。

Our confidence in our ability to drive innovation through our enhanced capabilities across the company and the fact that we retained a very important IP that we've worked jointly with Proctor on for a number of years that sets the foundation for that.

我們對透過增強整個公司的能力來推動創新的能力充滿信心，而且我們保留了與 Proctor 共同合作多年的非常重要的智慧財產權，這為此奠定了基礎。

So this is the right time given the contract expiring, both parties came to this conclusion, and we feel fully confident in our ability to continue to drive value in this business moving forward. And then to the question on M&A, no change there in terms of we're always looking for opportunities that can be accretive to our portfolio. We're going to do deals, though, that are right for our shareholders and that we think will offer a strong return. We continue to evaluate our portfolio with our board, as you would expect us to, on an annual basis. So no change to our priorities or uses of cash.

因此，鑑於合約即將到期，現在是合適的時機，雙方都得出了這個結論，我們對自己繼續推動這項業務價值的能力充滿信心。然後關於併購的問題，這一點沒有變化，因為我們一直在尋找可以增加我們投資組合的機會。不過，我們將會進行那些對我們的股東有利並且我們認為將帶來豐厚回報的交易。正如您所期望的，我們每年都會與董事會一起評估我們的投資組合。因此我們的優先事項或現金用途沒有改變。

And certainly, having full control of this business is a great thing for us moving forward, and we're excited to have it a year from now.

當然，完全控制這項業務對於我們未來的發展來說是一件大事，我們很高興一年後能夠擁有它。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Congrats, Kevin, congrats, Luc. So I was hoping to just get some perspective on the organic sales outlook from here. And I know there are a lot of moving pieces. But just given the wide range of 4% to 7%, it seems like there's a lot of variability in terms of how you might exit the year after backing out the ERP shipment benefit. Can you maybe just speak to what you're embedding in the outlook for 4Q after backing out this benefit? How should we be thinking about that exit rate as it pertains to fiscal '26?

恭喜，凱文，恭喜，盧克。所以我希望從這裡了解一些關於有機銷售前景的看法。我知道有很多事情需要處理。但考慮到 4% 至 7% 的廣泛範圍，在取消 ERP 出貨量福利後，如何結束這一年似乎存在很大的可變性。您能否談談在取消這項福利後，您對第四季的前景有何展望？我們該如何考慮與 26 財年相關的退出率？

Yes. Peter, happy to answer that. And I think I might -- it might be helpful, I'll talk about Q3 a little different than Q4 because they're going to look different in terms of how they play out. Let me just start with Q3, and you may have seen this in our prepared remarks. We expect from a reported sales perspective, we'll be down mid-single digits.

是的。彼得，很高興回答這個問題。我認為我可能會——這可能會有所幫助，我會以與第四季度略有不同的方式談論第三季度，因為它們的表現方式看起來會有所不同。讓我先從問題 3 開始，您可能已經在我們準備好的發言中看到了這一點。從報告的銷售額來看，我們預期銷售額將下降中位數個位數。

That's going to about 5 to 6 points of impact related to our divestitures of Argentina and VMS. And then we've added about 1 point of FX headwinds.

這將對我們剝離阿根廷和 VMS 的業務產生約 5 到 6 個影響。然後我們增加了大約 1 點的外匯逆風。

Now keep in mind, we started the year not expecting the FX headwinds, but as we've seen the dollar continued strength in the new administration, we got 1 point headwind loaded in the back half of the year, including Q3. As a result of that, you get to organic sales growth, I'd say, in low single digits for Q3. But also keep in mind, that includes the impact.

請記住，我們在年初並沒有預料到外匯逆風，但正如我們所見，美元在新政府執政期間繼續走強，我們在下半年（包括第三季度）遇到了 1 個百分點的逆風。因此，我認為第三季的有機銷售額將實現低個位數成長。但也請記住，這包括影響。

We pulled forward some new distribution. We secured at a major retailer on our Kingsford business. The retailer placed the order in December, we fulfilled in December, but we essentially shipped ahead of consumption. That will be consumed in Q3 as they do some early season merch support around the Super Bowl. So that had not shifted, and we had shipped close to consumption in Q3.

我們推進了一些新的分發。我們在 Kingsford 業務上獲得了一家大型零售商的擔保。零售商在 12 月下了訂單，我們在 12 月完成了訂單，但我們實際上是在消費之前發貨的。這些資金將在第三季度被消耗掉，因為他們將在超級盃期間做一些賽季初期的商品支援。所以情況沒有發生變化，我們在第三季的出貨量已經接近消費量。

I'd expect it to be somewhere around 2% to 4%. But since we pulled that forward, I think we'll be around low single digits for Q3. And then Q4, to your very good point, it's going to be noisy. While we said the ERP transition will add 1 to 2 points of growth over the course of the year, it's all going to happen in Q4. So as a result, I expect organic sales growth in the fourth quarter to be somewhere between mid- and high single digits.

我預計它會在 2% 到 4% 左右。但由於我們提前了這個目標，我認為第三季的成長率將達到個位數左右。然後是 Q4，正如您所說，它會很吵。雖然我們說過 ERP 轉型將在今年增加 1 到 2 個成長點，但這一切都將在第四季發生。因此，我預計第四季度的有機銷售額成長率將達到中高個位數之間。

That's a combination of continued growth in the base business and then the impact of this temporary transition where we see increased sales this year and then that will reverse out in the front half of next year.

這是基礎業務持續成長和暫時過渡的影響的結合，我們看到今年的銷售額有所成長，但明年上半年的銷售額將會逆轉。

Got it. That's super helpful. And then not to get too technical, but just on the earnings guidance, when you back out the benefit from the ERP, it seems like the guidance raise is entirely that, but you also lowered your tax rate outlook. So has anything changed from an underlying basis that's offsetting the benefit from a tax rate standpoint.

知道了。這非常有幫助。然後不要太技術性，而只是在獲利預測方面，當你退出 ERP 的收益時，似乎預測的提高完全是那樣，但你也降低了稅率前景。那麼，從稅率角度來看，從根本上來說，是否發生了任何變化來抵消收益？

Yes, there's a few puts and takes in plans. So to your good point, if you set aside the ERP benefit, you just talked about our base business before ERP. I would highlight two benefits we've seen versus when we talked last quarter, the first is the tax benefit you highlighted versus about $0.07 in the quarter. And then you may have seen, we have modestly reduced our supply chain inflation expectation for the year. So we're getting a little bit of benefit there.

是的，計劃中有些得失。所以，就您的觀點而言，如果您拋開 ERP 的好處，您剛才談論的是 ERP 之前我們的基礎業務。我想強調一下與上個季度相比我們看到的兩個好處，第一個是你強調的稅收優惠，而本季約為 0.07 美元。然後您可能已經看到，我們適度降低了今年的供應鏈通膨預期。所以我們在那裡得到了一點好處。

And then the flip side of that is we've added about 1 point of FX headwinds in the back half of the year, and we've added a little bit more trade spending as we're seeing some increased competitive activity in the bags and wraps category. And so I described that as a number of puts and takes, but it very much keeps us on track for the year. And as you saw, we just brought up the low end of our outlook before we put on top of that the impact of the ERP transition.

另一方面，我們在下半年增加了約 1 個點的外匯逆風，並且由於我們看到袋子和包裝類別中的競爭活動有所增加，我們增加了一些貿易支出。因此，我將其描述為一系列的付出和收穫，但它確實使我們今年保持在正軌上。正如您所看到的，在考慮 ERP 轉型的影響之前，我們只是提出了展望的低端。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

Congrats, Kevin and Luc. First, just a quick clarification. On the Q2 organic sales, the beat relative to your guidance, was that entirely driven by the Kingsford shipment or any size of the benefit from the Kingsford shipment?

恭喜 Kevin 和 Luc。首先，簡單澄清一下。關於第二季的有機銷售額，相對於您的指導而言，這是完全由 Kingsford 發貨量推動的，還是由 Kingsford 發貨量帶來的任何規模的收益？

I would say it's a combination. So as you know, we thought our sales on an organic basis would be down in the low teens, and we were down about 9.5% and say, if I separate the Kingsford item, a lot of that was based on as we came into this year, we expected the consumer to be under pressure and category growth, which slowed to somewhere between flat and 1% through at least the front half of the year.

我想說這是一種結合。因此，如您所知，我們認為我們的有機銷售額將下降百分之十幾，但實際上下降了約 9.5%，如果我將 Kingsford 產品分開來看，這在很大程度上是基於我們今年的情況，我們預計消費者將面臨壓力，而類別增長至少在上半年放緩至持平至 1% 之間。

We've been operating at the higher end of that range, and that was true for Q2 as well. And then we continue to make very good progress on our share growth. We had another point of share. So we're seeing good strong results from our demand creation plans. That was the primary driver.

我們的營運一直處於該範圍的高端，第二季也是如此。然後，我們的份額成長繼續取得非常好的進展。我們還有另一個共同點。因此，我們看到需求創造計劃取得了良好的效果。這是主要的驅動因素。

And then shifting Kingsford shipping in front of consumption in Q2, that was worth a little less than 1.5 points. So it certainly contributed to the over delivery in Q2, but it was not the primary driver. That was really the strength of the business was the primary driver.

然後在第二季將 Kingsford 航運移至費用之前，其價值略低於 1.5 個百分點。因此，它肯定導致了第二季的超額交付，但不是主要驅動因素。這確實是業務實力的主要驅動力。

Got it. That's super helpful. And then a bigger picture, the call that you made in the release, Linda, about Litter and Glad, is this increase in promotional activity more than what you were expecting? Like does it require incremental spending from you guys in the back half. I think Kevin, you alluded to it in the gross margin question, but any thoughts on like how competitive the category can get from here and your potential actions there?

知道了。這非常有幫助。然後從更大的角度來看，琳達，您在發布會上關於 Litter 和 Glad 的呼籲，促銷活動的增加是否超出了您的預期？就像它是否需要你們後半部分增加支出一樣。我認為凱文，您在毛利率問題中提到了這一點，但對於該類別從現在開始的競爭力如何以及您在那裡可能採取的行動有什麼想法嗎？

Thanks, Filippo. Maybe just take a broader comment on our categories and what we're seeing. And I think you saw in the release that largely our expectations around what we expected for the categories are playing out. And that also plays true for what we're seeing from competitive activity. And I would include Litter in that.

謝謝，菲利波。也許只是對我們的類別和我們所看到的做出更廣泛的評論。我想您在發布中已經看到，我們對這些類別的預期基本上已經實現。我們從競爭活動中看到的情況也是如此。我會將垃圾也包括在內。

So we expected Litter to be more competitive and it's in line with our expectations. So certainly, promotion is up. It's up for us as well, but it's in line with what we expected. Glad's a little bit different where we are seeing more competitive activity than we originally anticipated. Now if you put that in perspective, this is not -- this has been true of our bags and wraps for a number of years, and it's something we feel really well equipped to deal with.

因此，我們預期 Litter 會更具競爭力，這符合我們的預期。因此，晉升肯定會增加。對我們來說這也是一個問題，但這符合我們的預期。很高興看到情況有所不同，我們看到的競爭活動比我們最初預期的要多。現在，如果你客觀地看待這個問題，你會發現事實並非如此——我們的包包和包裝多年來一直存在這種情況，我們覺得自己完全有能力應對這個問題。

And we grew share in Glad trash in Q2 despite all of this, but we are seeing some more deep discounting from a price promotion perspective and just more dollars from our branded competitor than we had expected. We have reacted, and we have addressed that, and that is included in the outlook that we provided and again, we feel really well equipped to deal with this.

儘管如此，我們在第二季度的 Glad 垃圾桶市場份額仍然有所增長，但從價格促銷的角度來看，我們看到折扣幅度更大，而且來自我們品牌競爭對手的支出也比我們預期的要多。我們已經做出了反應，並且已經解決了這個問題，這也包含在我們提供的展望中，而且我們再次感覺到我們有能力應對這個問題。

Our innovation is resonating. We're growing share, but we know the long-term way to grow the bags and wrap category is not through deep discounting and price promotion. We want to make sure we're driving that through trading up consumers, et cetera, and we're going to stay focused on that. But in the short term, we will absolutely react to competitive pressures we have. And again, we've accounted for that.

我們的創新正在引起共鳴。我們的份額正在成長，但我們知道，實現箱包和包裝類別的長期成長的途徑不是透過大幅折扣和價格促銷。我們希望確保透過提高消費者的交易量等來推動這一目標，並且我們將繼續專注於此。但在短期內，我們絕對會對面臨的競爭壓力做出反應。再次強調，我們已經考慮到了這一點。

So I think that the high-level takeaway is mostly in line with our expectations, and the only exception to that would be the trash category, we're seeing increased competitive promotions, and we're handling it.

因此，我認為高層外送基本上符合我們的預期，唯一的例外是垃圾類別，我們看到競爭性促銷活動的增加，我們正在處理它。

Anna Lizzul, Bank of America.

美國銀行的安娜‧利祖爾 (Anna Lizzul)。

Congratulations also to Kevin and Luc. You mentioned in the prepared remarks that consumers continue to be choiceful in their spending and their shopping behavior. Just wondering if you could talk about the dynamics that you're seeing more specifically on sales across different retailers in different channels and also purchasing behavior such as buying and larger versus smaller quantities?

也祝賀凱文和盧克。您在準備好的發言中提到，消費者在消費和購物行為方面仍然很有選擇性。只是想知道您是否可以更具體地談談您在不同管道中看到的不同零售商的銷售動態，以及購買行為，例如購買大量還是少量？

And then just a follow-up on the prior discussion here with Litter and Glad across those categories. Just to clarify, it sounds like you're continuing to use promotion as a primary means of gaining back market share here. Is that expected for the rest of the year?

然後，我們繼續跟進先前與 Litter 和 Glad 就這些類別進行的討論。需要澄清的是，聽起來您繼續使用促銷作為重新贏得市場份額的主要手段。今年剩餘時間預計也會如此嗎？

Why don't I stick on the Litter, Glad for a moment just to clarify that. So we are certainly returning to a promotional environment. That's more normalized. Returning to that environment, we saw pre-COVID, and that was our expectation for both Glad and Litter. But those are highly competitive categories, and we're seeing temporarily Litter higher than that.

我為什麼不堅持使用垃圾，很高興能澄清這一點。所以我們一定會回到促銷環境。這更加正常化。回到那個環境，我們看到了 COVID 之前的情況，這也是我們對 Glad 和 Litter 的期望。但這些都是競爭非常激烈的類別，我們暫時看到的垃圾數量高於這個數字。

And right now, we're seeing Glad a bit above that as well. But I would not say that that's the only way we're driving the category. It's just a suite or a part of a suite of tools that we're using primarily focused on ensuring that we're getting the right value messaging to consumers on the benefit that our product software and the category offers. So for things like our Glad with lineup, we offer a stronger bag. We offer a better scents.

而現在，我們看到 Glad 的表現也略高於這個水準。但我不會說這是我們推動這個類別的唯一方式。它只是一套工具或工具套件的一部分，我們主要使用它來確保向消費者傳達有關我們的產品軟體和類別所提供的好處的正確價值訊息。因此，對於像我們的 Glad with 系列這樣的產品，我們提供更堅固的包。我們提供更好的香味。

We control odor. So we're really focusing on those value-added levers that we have in the trash bag to ensure that we get consumers to buy those as well as innovation and Glad has been a category driven by innovation for a number of years, and we're continuing to do that.

我們控制氣味。因此，我們真正關注的是垃圾袋中的那些增值槓桿，以確保我們讓消費者購買這些產品以及創新，而 Glad 多年來一直是一個由創新驅動的類別，我們將繼續這樣做。

And we're seeing all of our innovation really resonating with consumers. Bahama Bliss is a great example of that. It was off to a fast start, and we'll be building on that platform coming up here in the back half. So no, promotion plays an important role in the category, but it is not the main driver. And we would see, over the long term, it will continue to play the role that it always has a way to drive traffic, a way to ensure that we're introducing innovation and making sure that consumers are reminded of the great value that Glad has.

我們看到我們所有的創新都引起了消費者的共鳴。巴哈馬極樂 (Bahama Bliss) 就是一個很好的例子。一切進展順利，下半年我們將在這個平台上繼續建造。所以，促銷在這一類別中扮演著重要的角色，但它不是主要的驅動力。我們會看到，從長遠來看，它將繼續發揮作用，始終有辦法推動流量，有辦法確保我們引入創新，並確保消費者記住 Glad 的巨大價值。

And then getting to just what we're seeing from the consumer. Overall, I would say the consumer environment has largely been steady and in line with our expectations. Consumers are continuing to exhibit value-seeking behavior. And that shows up in a number of ways. And I think first and foremost, I want to reemphasize that it shows up that they are looking for better and enhanced value in the products, which means they are trading up to innovation, which is working really well for us even though it might be a trade up on a price per use basis.

然後看看我們從消費者那裡看到的情況。整體而言，我認為消費環境整體穩定，符合我們的預期。消費者繼續表現出追求價值的行為。這體現在很多方面。我認為首先，我想再次強調的是，這表明他們正在尋求產品中更好、更高的價值，這意味著他們正在進行創新交易，這對我們來說非常有效，儘管這可能是按使用價格進行的升級。

But we're seeing that across our categories. They want us to make their lives easier and they're willing to pay for it in innovation. We're also seeing it as they trade up to both larger sizes to get the very best cost per use and smaller sizes for those consumers who may not be able to have that single outlay of cash, depending on where they are in their pay cycles.

但我們在各個類別中都看到了這種情況。他們希望我們讓他們的生活更輕鬆，並且他們願意為此付出創新的代價。我們也看到，他們既選擇更大尺寸的洗護用品以獲得最佳的每次使用成本，又選擇較小尺寸的洗護用品，以滿足那些可能無法承擔單筆現金支出的消費者的需求，具體取決於他們所處的支付週期。

We continue to see all of those behaviors -- what we're not seeing is any material change in private label. So private label shares were down this quarter. They're off their peak of when we were out of stock due to the cyber issue and we're not seeing any material change. And in fact, if you look at the three categories where we compete most heavily with private label, they're down and share across all three of those, that being in trash and bleach in our Kingsford business. So I think it's pretty steady.

我們繼續看到所有這些行為——但我們沒有看到自有品牌發生任何實質的變化。因此本季自有品牌股價下跌。由於網路問題導致缺貨，它們的銷售量已經不再處於巔峰狀態，而且我們也沒有看到任何實質的變化。事實上，如果你看一下我們與自有品牌競爭最激烈的三個類別，你會發現它們的市場份額都在下降，這三個類別分別是 Kingsford 業務中的垃圾和漂白劑。所以我認為它相當穩定。

Our categories are certainly a little bit depressed given the environment, but we feel great about our brand's ability to compete in that. I just emphasize, we continue to invest strongly in our brands. We increased our percent of sales against advertising and sales promotion this year, and we did that intentionally to remind them of the value. We continue to invest in innovations working really well. And if you look at the outcomes of that, we grew share in seven of our eight categories.

考慮到目前的環境，我們的產品類別確實有些低迷，但我們對我們的品牌的競爭能力感到非常滿意。我只是強調，我們將繼續大力投資我們的品牌。今年，我們增加了廣告和促銷的銷售百分比，我們這樣做是有意提醒他們價值。我們將繼續投資於真正有效的創新。如果你看一下結果，你會發現我們在八個類別中的七個類別中都有所成長。

We're growing household penetration and our consumer value metric is stronger than ever. So I feel great about the position that we're in.

我們正在不斷提高家庭滲透率，我們的消費者價值指標比以往任何時候都更加強勁。所以我對我們的現狀感到非常滿意。

Kaumil Gajrawala, Jefferies.

傑富瑞的 Kaumil Gajrawala。

Can you maybe just give some more details on this 1% to 2% from turning ERP on? I just don't -- I guess I don't understand how it works from a practical perspective? Is it a shift in inventory in one direction or the other and it just onetime? Or is it something ongoing because there's data and information you seem to be able to see that you think can drive slightly faster growth?

您能否提供一些有關啟動 ERP 所帶來的這 1% 到 2% 的更多細節？我只是不——我想我不明白它從實際角度是如何運作的？這是庫存向一個方向或另一個方向的轉移，而且只是一次性的嗎？或者這是正在進行的事情，因為您似乎能夠​​看到一些數據和訊息，您認為這些數據和資訊可以推動更快的成長？

Thanks, Kaumil. Maybe just a couple of sentences and then I'll actually turn it over to Luc, who has been a key leader for us in our digital transformation and is very close to the details on this. Broadly, of course, this ERP transition is a very important step in our digital transformation, continuing to ensure that we have data and can move at the right speed with the right capabilities to enable the growth and productivity that we're driving, really excited about this step.

謝謝，考米爾。也許只是幾句話，然後我會把它交給 Luc，他是我們數位轉型的關鍵領導者，並且非常了解這方面的細節。當然，從廣義上講，這次 ERP 轉型是我們數位轉型中非常重要的一步，它繼續確保我們擁有數據，並能以正確的速度和正確的能力發展，以實現我們所推動的成長和生產力，我們對這一步感到非常興奮。

And what you're going to hear from Luc is there is noise as volume moves between quarters and years as we deal with this, but Luc, why don't you go ahead and outline how we think about this and how an ERP transition works in terms of retailers and our own planning.

您將從 Luc 那裡聽到的是，當我們處理這個問題時，由於交易量在季度和年份之間發生變化，因此會出現一些噪音，但是 Luc，您為什麼不繼續概述一下我們是如何看待這個問題的，以及 ERP 轉型在零售商和我們自己的規劃方面是如何運作的。

Yes. Sure. Sounds good, Linda. Well, as a reminder, at the beginning of the year, we implemented a new ERP in Canada, which was a test market. The launch went very well.

是的。當然。聽起來不錯，琳達。嗯，提醒一下，今年年初，我們在加拿大實施了一個新的 ERP，這是一個測試市場。發射過程非常順利。

We did not experience any material disruption. But as you can imagine, the team has been taking a lot of the learnings from this Canadian implementation and building them into our implementation plan for the US. Now in July, we're going to go live with our new ERP solution for the US business operations. That includes all of the order management and fulfillment activities for the entire business operations.

我們沒有遭遇任何重大中斷。但正如您所想像的，團隊從加拿大的實施中吸收了許多經驗，並將其融入我們的美國實施計劃中。今年 7 月，我們將為美國業務營運推出新的 ERP 解決方案。這包括整個業務運營的所有訂單管理和履行活動。

And we're also going to begin to transition some of manufacturing locations. The plan is to transition all of US location in a phased approach over a period of six months starting in July.

我們也將開始轉移一些生產地點。該計劃將從 7 月開始，分階段用六個月的時間遷移到美國所有地區。

So to prepare for this transition, we're working closely with our US retail partners, and we're in the process of finalizing plans, but we're going to -- we're planning on shipping ahead of consumption in Q4. They will build retail inventory levels and make sure that we maintain the product on the shelf where we're going through the transition. In addition, we're also going to build our own inventory to be fully prepared during the transition. So it's really the inventory build in Q4, both with the retailers and within the company that is going to reverse in the front half of the fiscal year.

因此，為了準備這一轉變，我們正在與美國零售合作夥伴密切合作，我們正在敲定計劃，但我們計劃在第四季度提前發貨。他們將建立零售庫存水平，並確保我們在轉型期間維持貨架上的產品。此外，我們還將建立自己的庫存，以便在過渡期間做好充分準備。因此，實際上，第四季度的庫存積累，無論是零售商還是公司內部的庫存積累，都將在本財年上半年出現逆轉。

And obviously, that creates some noise and some timing impact between the fiscal year. And this is what we're reflecting in the outlook.

顯然，這會在財政年度之間產生一些噪音和一些時間影響。這就是我們在展望中所反映的。

Got it. Well, Luc, I didn't intend to give you such a softball for your first question, but good answer. Congratulations to you and Kevin as well.

知道了。好吧，盧克，我本來不想給你的第一個問題這麼簡單的答案，但這是一個很好的答案。也祝賀你和凱文。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格。

Congrats to both Luc and Kevin. And Luc, if I may just clarify everything that you mentioned. I just -- I definitely want to understand what you're doing with the retailers? Is it to avoid any potential risk that they can't get the products that they need? Is there some concern on your side just given the transition that you want to ship ahead of consumption or are they just trying to build inventories worried about not being able to get enough product.

恭喜 Luc 和 Kevin。盧克，我可以澄清一下你提到的一切嗎？我只是——我確實想了解你對零售商做了什麼？是為了避免他們無法獲得所需產品的潛在風險嗎？考慮到轉型，您是否擔心想要在消費之前發貨，或者他們只是想建立庫存，並擔心無法獲得足夠的產品。

I guess I'm asking because thinking about the continued volatility in your business, I mean, I just feel like now, unfortunately, there will be a lot of noise in the next few quarters. So trying to think through that.

我想我之所以問這個問題，是因為考慮到貴公司業務的持續波動，我的意思是，我現在感覺，不幸的是，接下來的幾個季度會有很多噪音。所以嘗試思考一下。

Yes, Bonnie, I'm going to jump in on this one. This is a very standard way that manufacturers go through an ERP transition. There's a period of time where we have to shut our systems down. We have to turn on the next system. And so we -- you would see this about any business that ever does this, we tend to build up retailer inventories and our own to account for that period where the systems are actually physically transitioning. And we're well within the normal range of what any manufacturer has done.

是的，邦妮，我要加入這個。這是製造商進行 ERP 轉型的一個非常標準的方式。有一段時間我們必須關閉我們的系統。我們必須啟動下一個系統。因此，你會看到，任何進行過這種業務的企業，我們都會傾向於建立零售商庫存和我們自己的庫存，以應對系統實際物理轉換的那段時期。我們的表現完全處於任何製造商的正常範圍內。

Obviously, we've done a lot of benchmarking. And given we're one of the later people to transition on this ERP, we have a lot of learnings from our peers. So just reemphasizing what Luc said, this is really just a timing issue. This is just a standard procedure that everyone uses to ensure there's no disruption given the shutdown of one system and the bringing up of another. And for us, this is just noise between quarters and years.

顯然，我們已經做了很多基準測試。鑑於我們是較晚採用該 ERP 的公司之一，我們從同行那裡學到了很多東西。因此，再次強調 Luc 所說的話，這實際上只是一個時間問題。這只是每個人都使用的標準程序，以確保在一個系統關閉並啟動另一個系統時不會造成中斷。對我們來說，這只是季度和年份之間的噪音。

Obviously, we want to execute the transition with excellence. But really, as we see it from a consumer perspective, our goal is to have 0 impact to the consumer, and this is how we manage it behind the scenes.

顯然，我們希望出色地完成過渡。但實際上，從消費者的角度來看，我們的目標是對消費者產生零影響，這就是我們在幕後管理的方式。

Okay. That's definitely helpful. I appreciate that and respect that because you're right, you don't want any volatility for the consumer. And then if I just may ask another question just is on tariffs, which are incredibly topical right now, recognizing that things keep changing. But could you talk about your sourcing exposure from some of the impacted regions.

好的。這絕對是有幫助的。我很欣賞並尊重這一點，因為你是對的，你不希望消費者遭受任何波動。然後，如果我可以問另一個問題，那就是關於關稅的問題，這是目前非常熱門的話題，我們認識到事情在不斷變化。但是您能否談談您在一些受影響地區的採購情況？

I guess, which part of your business do you see the most potential impact? And then how are you planning to mitigate any potential impact? And also wanted to just verify, is this being considered or any potential tariffs being considered in your guidance?

我想，您認為您業務的哪個部分最有可能受到影響？那麼，您打算如何減輕任何潛在的影響？並且還想確認一下，您的指導中是否正在考慮這一點或考慮任何潛在的關稅？

Bonnie, it's Kevin. As you can imagine, we've been evaluating this for several months now because this has certainly been topical for the last several months. And to your question, this is not in our outlook specifically, we have not baked anything in.

邦妮，我是凱文。你可以想像，我們已經評估這個問題好幾個月了，因為這個問題在過去幾個月裡肯定是一個熱門話題。對於您的問題，這不在我們的具體展望中，我們沒有考慮任何事情。

Now we have a range, but we have not specifically baked in any impact from tariffs. What I might remind you, and I think we've talked about this in the past is based on the nature of our portfolio, for the most part, we manufacture product very close to where it's consumed. So we have fairly short supply chains.

現在我們有一個範圍，但我們還沒有具體考慮關稅的任何影響。我想提醒你的是，我想我們過去已經討論過這個問題，這是基於我們產品組合的性質，大多數情況下，我們的產品生產地非常接近消費地。所以我們的供應鏈相當短。

The other benefit for us is you might recall several years ago, during all the supply chain disruptions, we've done quite a bit of work over the last few years to onshore, nearshore production. Now at the time we did that work is really to reduce the risk of our supply chain, but there will be an added benefit here that it reduces our exposure to tariffs. And so the team has been working on this. We've already taken a number of actions to minimize tariffs. The team is going to continue to work to do that.

我們得到的另一個好處是，您可能還記得幾年前，在所有供應鏈中斷期間，我們在過去幾年中為陸上和近岸生產做了大量工作。現在我們做這項工作實際上是為了降低我們供應鏈的風險，但還有一個額外的好處，那就是它減少了我們受到關稅的影響。因此團隊一直在致力於此事。我們已經採取了一系列措施來降低關稅。團隊將繼續努力實現這一目標。

As you know, this is a very dynamic environment, certainly even over the last 72 hours. So our exposure, I'd say, is certainly less than you'd find in many other industries or other companies just based on the nature of our portfolio. And we will continue to work to minimize it. But right now, it's a little difficult to know exactly what the impact is because it's changing so dynamically, but I feel like we're in good shape this year to manage through it.

如你所知，這是一個非常動態的環境，甚至在過去 72 小時內也是如此。因此，我想說，僅從我們投資組合的性質來看，我們的風險敞口肯定低於許多其他行業或其他公司。我們將繼續努力將其最小化。但現在，由於情況瞬息萬變，我們很難確切知道其影響是什麼，但我覺得今年我們能夠很好地應對這一變化。

Chris Carey, Wells Fargo.

富國銀行的克里斯凱裡。

I want to ask two connected questions on sales. I think number one is -- maybe it's a little bit what Peter was getting at or trying to. The organic sales outlook for low single digits in fiscal Q3, okay, 2 to 4, below single, inclusive of Kingsford and that would be sort of at the lower end of where you would want to be from a longer-term perspective, right, from the longer-term top line target. But when I also look at the consumption data, it's running flattish, right? And obviously, there's nontracked channels that are growing faster and the like.

我想問兩個與銷售相關的問題。我認為第一點是——這也許有點符合彼得想要表達的意思或嘗試表達的意思。第三財季的有機銷售額預期為低個位數，包括 Kingsford 在內，為 2 到 4 個位數，從長期來看，這處於我們希望達到的低端水平，對吧，從長期營收目標來看。但當我查看消費數據時，它運行得比​​較平穩，對嗎？顯然，一些未被追蹤的管道正在以更快的速度成長。

But I think there's -- because there's been so much noise and so much inventory shifting, how do you view that low single digits from a clean perspective? Are you still recapturing distribution points? Or do you view that as a clean underlying number that you would extrapolate going forward? Like are you executing right now at your longer-term algorithm or are categories a bit more muted right now as some of your peers have said, and you're not, right? And I think this gets to the kind of exit rate that you could be at going into fiscal '26 because obviously, we'll have to overlay the negative impact of ERP in fiscal '26, but at the underlying run rate, we're going to have to make an assumption, right? So it's all kind of connected to that.

但我認為——因為有太多的噪音和太多的庫存轉移，你如何從清晰的角度來看待低個位數？你們還在奪回分發點嗎？或者您認為這是一個清晰的基礎數字，可以作為未來推斷的基礎數字？例如，您現在是否正在執行您的長期演算法，或者像您的一些同行所說的那樣，現在的類別是否更加安靜，而您不是，對嗎？我認為這涉及到您進入 26 財年的退出率，因為顯然我們必須將 ERP 在 26 財年的負面影響疊加起來，但對於基礎運行率，我們必須做出假設，對嗎？所以這一切都與此有關。

The second thing would be from a category perspective, can you just talk about how you feel about trends in your cleaning business relative to your household business? Because again, I think the consumption data has been a bit weaker in cleaning, a bit stronger in household, but you're seeing increased promotional activity in Glad. So maybe just comment on how you see these two businesses. So thanks for that. Sorry, that was a lot.

第二件事是從類別的角度來看，您能否談談您對清潔業務相對於家庭業務的趨勢的看法？因為我認為，清潔方面的消費數據稍弱，家居方面的消費數據稍強，但你會看到 Glad 的促銷活動有所增加。所以也許只是評論一下您如何看待這兩家企業。所以謝謝你。抱歉，說了這麼多。

Sure, Chris. I think I got it but remind me if I don't get to something in your question by the time we get to the end of this. I think maybe it would be helpful on just how we think about getting back to algorithm, set the stage and then we can talk about specifically what's going on in Q3, et cetera. But I think it's helpful to recall two things we talked about going into this year. The first that we spoke about was there was going to be noise between quarters given the lag that we had recovering from cyber, et cetera, and you're certainly seeing that play out, obviously, in between Q1 and Q2.

當然，克里斯。我想我明白了，但如果到我們講完為止我還沒有理解你的問題，請提醒我。我認為這可能有助於我們思考如何回到演算法，設定階段，然後我們可以具體討論第三季發生的事情等等。但我認為回顧一下我們今年討論過的兩件事是有幫助的。我們首先談到的是，由於我們從網路等問題中恢復過來存在滯後，因此季度之間會出現噪音，而且你肯定會在第一季和第二季之間看到這種情況。

And there's still noise in Q3 and Q4 that we spoke about. And then you have small things that happen like Kingsford where a retailer ship something early. So that's one that's playing out and -- but no large changes to that assumption.

我們談到的第三季和第四季仍然存在噪音。然後你就會遇到一些小事情，例如 Kingsford 零售商提前發貨。這就是正在發生的事情——但這一假設並沒有發生重大的變化。

The second thing that we spoke about was that we expected a more difficult macro environment. And we saw that playing out in lower category growth rates than we would normally see. So normally, we see low single digits, 2%, 2.5% and we expected to see low, low single digit at about 0 to 1. The good news is that's playing out with what our expectations are, but what we would expect to see over the long term is getting back to those category growth rates that look more like we've experienced for many, many years. And I think the question mark will be for us when that happens. And certainly, we're seeing that across the industry. But that's really a big question.

我們談到的第二件事是，我們預期宏觀環境將更加困難。我們發現，類別成長率低於正常水準。因此，通常情況下，我們會看到較低的個位數，2%、2.5%，我們預計會看到較低的個位數，約為 0 到 1。好消息是，情況符合我們的預期，但從長遠來看，我們期望看到的是恢復到我們多年來所經歷的類別成長率。我認為，當這種情況發生時，我們仍將面臨疑問。確實，我們在整個行業都看到了這種情況。但這確實是一個大問題。

If we think about what we control in addition to those categories and feeling really good about where we sit right now. And that means that I feel really good about our long-term algorithm of 3% to 5% growth and just how we think about it is you get back to that 2%, 2.5% category growth. We continue to drive share, which we certainly demonstrated over the last two quarters that we're able to do.

如果我們思考一下除了這些類別之外我們還能控制什麼，並且對我們目前的處境感到非常滿意。這意味著我對我們 3% 到 5% 的長期成長演算法感到非常滿意，而我們的想法就是回到 2%、2.5% 的類別成長。我們將繼續提高市場份額，過去兩個季度我們已經證明了我們能夠做到這一點。

You expect benefits from things like NRM and pricing as well as the work that we're doing on our digital transformation and how that flows through in both growth and productivity. And then, of course, we have our professional business and our international business, we expect both to be delivering above company average growth rates, and we certainly saw that again this quarter.

您希望從 NRM 和定價等方面以及我們在數位轉型方面所做的工作及其對成長和生產力的影響中獲益。當然，我們還有專業業務和國際業務，我們預計這兩項業務的成長率都將高於公司的平均水平，本季我們再次看到了這一點。

So we remain confident in the long-term algorithm. I think the question mark is, when will the macro environment improve when will we see our categories return to that more normalized growth rate. And we're doing everything feasible on our power to continue to do that through innovation, through investing and good category growth ideas as well as growing share, but that's the open question mark. And I think we all can agree the environment is certainly uncertain and volatile enough to say it's not exactly easy to post when that transition will happen. I think maybe when you talk about specific categories and you talk about household cleaning, actually cleaning is doing incredibly well right now.

因此我們對長期演算法仍然充滿信心。我認為問題在於，宏觀環境何時會改善，何時我們才能看到我們的類別恢復到更正常的成長率。我們正在盡一切可能透過創新、投資、良好的品類成長理念以及不斷增長的份額來繼續實現這一目標，但這仍然是一個懸而未決的問題。我認為我們都同意，環境確實具有足夠的不確定性和波動性，因此很難預測這種轉變何時會發生。我認為，也許當您談論特定類別並談論家庭清潔時，實際上清潔現在做得非常好。

If you look at consumption trends on that business and share results, we've consistently posted share growth results in that category. In fact, our share results are higher than they were two years ago. So it's like the cyberattack never happened. We're winning in most of those segments in cleaning and the trends look good. And our business is still bigger than it was pre-COVID from a volume perspective, even after all the pricing that we took to deal with inflation. So I feel like our business in cleaning is performing just as we want to be growing share, growing categories the right way.

如果您查看該業務的消費趨勢和份額結果，您會發現我們一直在該類別中發布份額成長結果。事實上，我們的股票表現比兩年前更高。所以就像網路攻擊從未發生過一樣。我們在清潔領域的大部分領域都取得了勝利，而且趨勢看起來良好。即使我們採取了各種定價措施來應對通貨膨脹，從交易量來看，我們的業務仍然比新冠疫情之前規模更大。因此，我覺得我們的清潔業務表現正如我們所希望的那樣，以正確的方式增加份額、增加產品類別。

Innovation is really resonating with consumers, whether that be innovation like Scentiva, where we've reinvigorated that platform and invested more money at our brand-new innovation that we have in those categories. So I feel terrific about that as well as terrific at a number of our household businesses as well, but cleanings a real gem right now and cleaning is also playing into our strong international results, and you saw the organic growth rates for international this quarter, very strong again. And of course, cleaning is the majority of our international business and helping that to perform.

創新確實引起了消費者的共鳴，無論是像 Scentiva 這樣的創新，我們都重振了該平台，並在這些類別的全新創新上投入了更多資金。因此，我對此感到非常高興，對我們的許多家庭業務也感到非常高興，但清潔業務目前是真正的亮點，清潔業務也對我們強勁的國際業績產生了影響，而且您看到本季度國際業務的有機增長率再次非常強勁。當然，清潔是我們國際業務的主要內容，有助於實現這一目標。

There's a lot there. I appreciate you entertaining that.

那裡有很多東西。我很感激你接受這一點。

Olivia Tong, Raymond James Financial.

雷蒙詹姆斯金融公司的奧利維亞·通 (Olivia Tong)。

And congrats, Kevin and Luc. First, just on Litter, whether you could talk about the level of promotion you have embedded into the second half outlook versus what you did in first half, similarly on advertising. And just broadly, the level of flexibility that you have built into your promotional plans in case of any other competitive battles grow up like what's happening for Glad. And then -- and on cough/cold season, we've seen some flu data that see a sort of a slower start to the season. It seems like it's picked up some sense.

恭喜 Kevin 和 Luc。首先，就 Litter 而言，您是否可以談談您在下半年展望中嵌入的促銷水平與上半年相比如何，以及在廣告方面如何。總的來說，您在促銷計劃中建立的靈活性水平，可以應對任何其他競爭，就像 Glad 所發生的情況一樣。然後——在咳嗽/感冒季節，我們看到一些流感數據顯示該季節的開始速度有所放緩。它似乎已經獲得了一些意識。

So if you could give any color on that, that would be helpful and so far as how it helps or hurt your cleaning and disinfecting business.

因此，如果您能對此做出任何說明，那將會很有幫助，並且就其如何幫助或損害您的清潔和消毒業務而言。

Sure, Olivia. Why don't I start with cold and flu. Basically, cold and flu, we always assume an average year unless we have a significant data that would help us assume else otherwise. But it's played out largely in line with expectations. In average, it's been about an average cold and flu season.

當然，奧利維亞。為什麼我不從感冒和流感開始呢？基本上，對於感冒和流感，我們總是假設這是平均年份，除非我們有大量數據可以幫助我們假設其他情況。但其結果基本上符合預期。平均而言，這是一個普通的感冒和流感季節。

To your point, we're seeing pockets of things that are popping up here and there, but certainly for Q2, it was an average season, and that played out in the cleaning results. If you look at the data over the last couple of weeks, it's a little bit stronger. Too early to say there's anything there, but we continue to assume on average for the entirety of the cold and flu season, it's going to be about what we normally expect and then we'll see how that plays out in Q3 coming up here. But again, our assumption continues to be an average in normal cold and flu season.

正如您所說，我們看到到處都出現了一些問題，但對於第二季度來說，這是一個平均水平，這在清潔結果中得到了體現。如果你看一下過去幾週的數據，你會發現它更強勁一些。現在說有什麼進展還為時過早，但我們繼續假設，在整個感冒和流感季節，平均而言，情況將與我們通常預期的差不多，然後我們將看看這種情況在即將到來的第三季度如何發展。但同樣，我們的假設仍然是正常感冒和流感季節的平均值。

And when you think about Litter, we expect Litter to continue, so an elevated promotional environment, but that was already contemplated in our outlook. No change to what the expectation was as well on advertising, we have heavier advertising in the back half to support innovation across our portfolio. For Litter, we are launching a new heavy-duty Litter, which we're really excited about. So we'll be spending behind that launch and ensuring that we have great execution as we get that on shelf coming up here in Q3 and Q4, but no change to our Litter plan and largely in line with expectations and what we had in the front half.

當您考慮 Litter 時，我們預計 Litter 將會繼續存在，因此促銷環境將會提升，但這在我們的展望中已經考慮到了。對於廣告的預期也沒有變化，我們在後半年加大了廣告投入，以支持我們整個產品組合的創新。對於 Litter，我們正在推出一款新型重型 Litter，我們對此感到非常興奮。因此，我們將在該產品發布後投入資金，並確保在第三季度和第四季度上線時能夠出色地執行，但我們的 Litter 計劃不會發生改變，並且基本上符合預期以及我們上半年的情況。

And then if you think about promotion, maybe I'll return to the statement I made about our financial flexibility and our ability to invest and we're certainly able to do that as we've seen what's happened in the trash category, we feel very good given the progress we've made on restoring gross margin, on our earnings growth, that we have the financial flexibility to make investments, whether that be in promotion, great innovation that we have or any competitive pressure to respond and react. We certainly did that already with Glad, but feel like we're in a very, very good position and have the right level of spending in to deal with what's coming our way. And we've been able to make adjustments to our plan where things have been a little different, certainly in the case of Glad and we feel we'll be able to do that in any category that might have that competitive pressure moving forward

然後，如果您考慮促銷，也許我會回到我關於我們的財務靈活性和投資能力的聲明，我們當然能夠做到這一點，因為我們已經看到了垃圾類別中發生的事情，考慮到我們在恢復毛利率、盈利增長方面取得的進展，我們感覺非常好，我們有財務靈活性進行投資，無論是在促銷、我們擁有的偉大創新還是任何應對和反應的競爭壓力方面。我們當然已經對 Glad 做到了這一點，但我們感覺我們處於非常非常有利的地位，並且擁有適當的支出水平來應對即將遇到的問題。我們已經能夠根據情況對計劃做出調整，尤其是在 Glad 的情況下，我們認為我們能夠在任何可能面臨競爭壓力的類別中做到這一點

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

Congrats, Kevin and Luc. Linda. I appreciate you elaborated how you've been seeing like a new gain share in particular, with all the issues you've had in the past. Maybe if you can kind of give us a distribution kind of pace that you had. I mean, I assume that you regained distribution, you had said before many times that you regained the distribution, perhaps if you can kind of comment along with the innovation that you on Scentiva, but also bringing in more transformational innovation and as you have the ERP solution now rolled out, we -- can we see a little bit more of that distribution gain or anything that you can elaborate as you get the momentum into market share going.

恭喜 Kevin 和 Luc。琳達。我很感激您詳細闡述了您如何看待新的收益份額，特別是考慮到您過去遇到的所有問題。也許您可以為我們提供一下您的分佈速度。我的意思是，我假設您重新獲得了分銷，您之前曾多次說過，您重新獲得了分銷，也許您可以評論一下您在 Scentiva 上的創新，同時也帶來更多的轉型創新，並且隨著您推出 ERP 解決方案，我們 - 我們是否可以看到更多的收益收益或任何您可以詳細說明的事情，因為您在市場份額方面獲得了動力收益。

Andrea, I'm glad we got you back on. Obviously, distribution is such an important part of how we drive our business, and we had talks about at the end of the year that we had fully recovered the distribution that we had lost from the cyberattack and in fact, had higher levels of distribution than we did prior to that. And of course, that varied by business. But in aggregate, we had made significant progress in returning to the distribution levels we're at.

安德里亞，我很高興你回來了。顯然，分銷是我們推動業務發展的一個重要組成部分，我們在年底曾談到，我們已經完全恢復了因網路攻擊而失去的分銷，事實上，我們的分銷水平比之前更高。當然，這因業務而異。但總體而言，我們在恢復現有分銷水平方面已取得重大進展。

If you look at Q2, that held true. So our share of distribution was up versus a year ago, but that was consistent with what we saw in Q1. So I think that the headline would be distribution fully restored, and now we continue to try to build distribution and share of distribution the way that we always have, like you said through innovation, through bringing better consumer idea to retailers, and that's how we'll continue doing the normal distribution that we work over time, but we have fully restored what we lost during cyber. And so that base is back to normalized levels, and then we'll do the work from here investing in our brands and through innovation.

如果你看一下第二季度，你會發現事實確實如此。因此，我們的分銷份額比一年前有所上升，但這與我們第一季看到的情況一致。所以我認為標題應該是分銷完全恢復，現在我們繼續嘗試以我們一貫的方式建立分銷和分銷份額，就像你說的通過創新，通過為零售商帶來更好的消費者理念，這就是我們將繼續進行正常分銷的方式，但我們已經完全恢復了網絡期間所失去的東西。這樣，基礎就恢復到正常水平，然後我們將從這裡開始投資我們的品牌並透過創新來開展工作。

Yes. And then there is a -- that's helpful. Is there any timing of that, that you may have pushed back into the second half because of all the ERP solutions or no? I mean, the cadence is similar to what you had last year?

是的。然後有一個——這很有幫助。有沒有時間安排？您是否可能因為所有的 ERP 解決方案而推遲到下半年？我的意思是，節奏與去年相似嗎？

No impact to that. We have timed everything so that our normal innovation cycle happens and that we can support retailers during their shelf transition. So no timing impact as it relates to distribution.

對此沒有影響。我們已經安排了一切時間，以便我們的創新週期能夠正常進行，並且我們能夠在零售商的貨架轉換期間為他們提供支援。因此，就分佈而言，沒有時間影響。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

I think most of the questions have been asked and answered. I guess I'd like a little more color on what's driving the strong growth in professional and also international. What are the insights you're picking up from your customers in the professional channel that are driving the growth? And maybe just a little color on international.

我認為大多數問題都已經被提出並得到解答了。我想更詳細地了解推動專業和國際強勁成長的因素。您從專業通路的客戶那裡獲得了哪些推動成長的見解？也許只是在國際上有點色彩。

Sure, Robert. In International, for a number of years, we spent prior to our IGNITE strategy, getting the right assets to grow from. And so we've done a lot of work to clean up and ensure that we had a profitable base. And when we turn to an IGNITE was doubling down on the growth opportunities that we saw. And the primary one was to have less exposure to FX volatile countries in Latin America and businesses that we thought that had a really good runway.

當然，羅伯特。在國際上，我們在實施 IGNITE 策略之前花了很多年時間獲取合適的資產以實現成長。因此，我們做了很多工作來清理並確保我們擁有一個有利可圖的基礎。當我們轉向 IGNITE 時，我們看到的成長機會加倍。其中最主要的是減少對拉丁美洲外匯波動較大的國家和我們認為發展前景良好的企業的曝險。

So I'll call it a couple of things. One, as I noted, our clean business continues to perform very well all around the world, and we have leading shares just like we do in the US. and countries all around the globe in many of our cleaning businesses. In addition, we have businesses like Cat Litter, where we've been able to enter new markets.

因此我會給它幾個名字。首先，正如我所指出的，我們的清潔業務在全球範圍內繼續表現良好，並且我們擁有與美國一樣的領先股票。以及全球多個國家的眾多清潔業務。此外，我們還有像 Cat Litter 這樣的業務，我們可以透過這些業務進入新的市場。

We've been able to do that in an asset-light way, and we're seeing very strong growth in our Litter business in those markets that we've entered in places in Europe, places in Asia and we've been taking advantage of that -- those opportunities. And we see the same role that innovation and brand building plays in international working like it's working in the US.

我們已經能夠以輕資產的方式做到這一點，我們看到，在我們進入的歐洲、亞洲等市場中，我們的垃圾業務實現了非常強勁的成長，我們一直在利用這些機會。我們看到創新和品牌建立在國際工作中發揮的作用與在美國一樣。

We have a strong suite of innovation across the globe in a number of categories that are resonating well with consumers. And as well, we've been able to take pricing. As you know, that's the only place that we continue to take pricing in as we are dealing with different issues around the globe and pricing has gone very well in addition. So I would say overall, all the fundamentals are working really well and then we have been able to take advantage of the regional opportunities that we have, having a more stabilized portfolio from a geographic perspective and then the category opportunities that we have. And we will see that continue and believe it will for the coming years.

我們在全球多個領域擁有強大的創新能力，深受消費者喜愛。而且我們也能夠定價。如您所知，這是我們繼續進行定價的唯一地方，因為我們正在處理全球各地的不同問題，而且定價進展順利。所以我想說，總的來說，所有基本面都運作良好，然後我們能夠利用我們擁有的區域機會，從地理角度擁有更穩定的投資組合，然後是我們所擁有的類別機會。我們將看到這種情況持續下去，並相信在未來幾年內這種情況還會繼續。

On professional, that's an interesting business where it had a dramatic impact during COVID. One it had a dramatic upside as we dealt with hospitals and people wanting to stay safe and that it had a corresponding decline as office occupancy decreased and our business and professional plays in a number of places. We play in hospitals, doctors offices and janitorial as well as businesses like Glad Trash and Kingsford, but really, again, primarily a cleaning business. And so that was a headwind for a while. But what we were confident in was the way that we've always grown in professional.

從專業角度來說，這是一項有趣的業務，在 COVID 期間產生了巨大影響。一方面，當我們與醫院和想要保持安全的人打交道時，它有一個顯著的上升趨勢，另一方面，隨著辦公室入住率的下降以及我們的業務和專業活動在許多地方開展，它相應地下降了。我們的業務範圍涵蓋醫院、診所、清潔服務以及 Glad Trash 和 Kingsford 等企業，但實際上，我們主要經營清潔業務。所以這在一段時間內是一個阻力。但我們確信的是，我們在專業方面一直在不斷成長。

There's lots of verticals that we don't play in, lots of opportunities for us to offer that base a great solution for their cleaning needs and that's exactly what's happening today. So we've made some penetration into some verticals. We're working in government verticals. We're working in different health care verticals, and those are going very, very well, and we continue to see opportunity to win. In addition, we are growing share in our base business, including in health care and janitorial and seeing businesses like our wipes, et cetera, take off.

有很多垂直領域我們還沒有涉足，我們有很多機會為這些群體提供出色的清潔解決方案，而這正是今天正在發生的事情。因此，我們已經對一些垂直領域進行了一定程度的滲透。我們從事政府垂直行業。我們正在不同的醫療保健垂直領域開展工作，這些工作進展非常順利，我們繼續看到獲勝的機會。此外，我們的基礎業務份額正在成長，包括醫療保健和清潔服務，我們的濕紙巾等業務正在起飛。

The good news is, although it hasn't been that material starting to see occupancy come back a little bit. We'll see where that goes, depending on that. We're not counting on that being a material driver, but what we're really seeing is opportunities in new verticals. And that's how we've grown our professional business mid-single digits for a number of years prior to COVID.

好消息是，儘管情況還沒有那麼嚴重，但入住率已經開始回升。我們將根據情況看看事情會如何發展。我們並不指望這會成為物質驅動力，但我們真正看到的是新垂直領域的機會。這就是我們在新冠疫情爆發之前的幾年裡，專業業務一直保持中等個位數成長的方式。

Can I ask a quick follow-up? Do you have any way just to quantify what percent of your raw materials come from Mexico and Canada is like less than 5%. I know you've done a lot of work to reduce it, but it's hard for us on the outside to figure out what the exposure really is.

我可以快速問後續問題嗎？你們有辦法量化你們的原料中有多少百分比來自墨西哥和加拿大，例如不到 5%。我知道你們已經做了很多工作來減少這種影響，但是我們這些局外人很難弄清楚真正的暴露程度。

Robert, I'd say it's in the single digits. So we have fairly limited exposure.

羅伯特，我認為是一個位數。因此我們的曝光度相當有限。

Kevin Grundy, BNP Paribas.

法國巴黎銀行的凱文‧格蘭迪。

Great. Congratulations to Kevin and Luc. (inaudible) Just a follow up on an earlier discussion on the category growth being flat to 1, which seems like it's still your expectation. How do we get back to the 3% to 5% and over what time frame? And I guess that in the context of a relatively consumer.

偉大的。祝賀凱文和盧克。（聽不清楚）這只是對先前關於類別成長持平至 1 的討論的後續，這似乎仍然是您的預期。我們如何才能回到 3% 到 5% 的水平，以及需要多長時間？我猜這是在相對消費者的背景下。

There's not a lot of pricing to be had at this point. Some of your categories seem to be going the other way, right, in terms of some of the intense levels of promotion. So I think it's a really important question relative to what the expectation is going to be around relative to the 3% to 5% and the company's ability to grow going forward. So Linda, any additional color on that and maybe just the composition of price and mix and volumes, given the constrained pricing environment? And then I have a follow-up.

目前還沒有太多的定價。從某些強化促銷層面來看，您的某些類別似乎正朝著相反的方向發展，對吧。因此，我認為這是一個非常重要的問題，相對於 3% 到 5% 的預期以及公司未來的成長能力。那麼琳達，考慮到受限的定價環境，您對此還有什麼補充說明嗎？也許只是價格、組合和數量的構成？然後我有一個後續問題。

Sure, Kevin. First of all, how we're driving category growth right now. And you're right, it is certainly depressed as we talked about versus what we normally see in a 2% and 2.5% in our categories, we're in 0 to 1, and we've been at the top end of that range to the front half. What we're seeing though is volume-based growth that is being somewhat offset by promotion. And that's exactly what we expected this year is as we rolled off pricing, we expected to return to volume growth.

當然，凱文。首先，我們現在如何推動類別成長。你說得對，正如我們所說的，與我們通常看到的 2% 和 2.5% 相比，情況確實很低迷，我們處於 0 到 1 之間，並且一直處於該範圍的前半部分的最高端。然而，我們看到的是基於數量的成長，但這種成長在某種程度上被促銷所抵消。這正是我們今年所期望的，隨著我們降低定價，我們預計銷售將恢復成長。

And then we saw an offset as we expected a more competitive environment as the consumer is seeking more value and we frankly just returned to a promotional level that was what it was pre-COVID. And I think the healthy place to be, and we've certainly seen that return. So what needs to be true to get back to our more average category growth rates.

然後我們看到了抵消，因為我們預期競爭環境會更加激烈，因為消費者正在尋求更多的價值，坦白說，我們只是回到了 COVID 之前的促銷水平。我認為這是一個健康的狀態，我們確實看到了這種回歸。那麼，我們需要怎麼做才能恢復到更平均的類別成長率呢？

One, I think the consumer needs to feel that certainty and strength, and we've seen this time and time again. Whenever there's a time where consumers are a bit more stretched, they do those things, they tighten their belts. They think about ways to make sure that they can extend the usage of our product, they stop the trash bag. They get every last drop out of a spray cleaner. They're thinking just as ways to save every penny possible. And when you get to a place where they're a little less worried about that, you see them more willing to try a premium trade-up product. They move from a dilutable cleaner with a sponge to a wipe.

首先，我認為消費者需要感受到這種確定性和力量，而我們已經一次又一次地看到這一點。每當消費者生活壓力加大的時候，他們就會勒緊褲帶過日子。他們想辦法確保能夠延長我們產品的使用壽命，他們停止使用垃圾袋。他們把噴霧清潔劑的每一滴都榨乾了。他們正在想盡各種辦法來節省每一分錢。當你發現他們不再那麼擔心這一點時，你會發現他們更願意嘗試高端的以舊換新產品。他們從用海綿稀釋清潔劑轉變為用抹布擦拭。

And we've seen that time and time again as we go through these economic cycles, people know how to spend a bit less in our categories that are essential. So it's not a big delta going from 2.5 to 1. It's not a huge delta. But on the reverse, we can really pick up that trade up as consumers start to feel that they don't have to engage in those value-seeking behaviors as much as they are right now. So again, I feel confident once we get through the cycle that, that will happen.

我們一次又一次地看到，在經歷這些經濟週期時，人們知道如何在必需品類別上少花錢。因此從 2.5 到 1 的差異並不大。這並不是一個巨大的差異。但另一方面，當消費者開始覺得他們不必像現在這樣積極地追求價值時，我們就能真正促進這種交易。因此，我再次充滿信心，一旦我們度過這個週期，這就會發生。

The question mark is when, and we'll do our part to ensure categories are healthy. We continue to invest strong levels of advertising and promotion. We continue to be focused on innovation.

問題在於何時，我們將盡自己的努力確保類別的健康。我們繼續大力投入廣告和促銷。我們繼續專注於創新。

We're ensuring we have the right distribution. We're ensuring we're in every channel that matters to the consumer regardless of where they shop, we want to be there if they walk into a club, if they walk into a mass retailer, a grocery store, a drug store, we want to be there, and we are and we'll just continue to ensure that we're giving consumers those opportunities with great innovation to trade up over time. And I feel confident we'll get back to those category growth rates. It's just one.

我們正在確保我們有正確的分佈。我們確保我們進入消費者關心的每一個管道，無論他們在哪裡購物，我們都希望在他們走進俱樂部、走進大型零售店、雜貨店、藥店時出現在他們面前，我們也希望在他們面前，我們做到了，並且我們將繼續確保透過偉大的創新為消費者提供機會，讓他們隨著時間的推移升級消費。我相信我們會恢復到這些類別的成長率。只有一個。

Okay. But just to play that back, steady-state macro, things don't change that much. The low end of the 3% to 5% would be a good outcome perhaps. Is that fair?

好的。但只是為了回放那個穩定狀態的宏觀，事情不會有太大的改變。3% 到 5% 的低端或許是一個好的結果。這樣公平嗎？

Yes, I think that's fair.

是的，我認為這很公平。

Okay. Very good. And then Luc, one for you. Just in terms of -- as you think about taking on the role, and Kevin has done a fantastic job, what are you thinking in terms of opportunities, right? There's always a way to do things a bit differently.

好的。非常好。然後是 Luc，給你一個。就您考慮擔任這個角色而言，凱文已經做得非常出色，您認為會有哪些機會，對嗎？總有辦法以稍微不同的方式做事。

You have a great background particularly on the treasury side. So anything from a capital structure perspective, uses of cash, buyback, et cetera. Would love to get your thoughts there just in terms of what investors can expect and then I'll turn it back.

您擁有豐富的經驗，特別是在財務方面。因此，從資本結構的角度來看，任何事情，現金的用途，回購等等。我很想聽聽您對於投資者可以期待什麼的想法，然後我會再回覆您。

Thanks for the question, Kevin. You can expect a lot of continuity, I would say. I've been -- over the past few years, I've been very involved in both the design and implementation of the IGNITE strategy. I've also been very involved in our transformation efforts. And so this transition should be relatively smooth.

謝謝你的提問，凱文。我想說，你可以期待很多的連續性。在過去的幾年裡，我一直積極參與 IGNITE 策略的設計和實施。我也積極參與我們的轉型工作。所以這個轉變應該會相對順利。

Certainly, we're going to continue to be very consistent from a financial discipline and capital allocation. I think what changed is less a factor of strategy or focus, but just a matter of where we are. We are -- we're in a place where we finally rebuild our margins to pre-pandemic level. We're in a place of operational strength. So of course, a lot of the discussions we're having right now are really about growth and transformation.

當然，我們將繼續保持財務紀律和資本配置的一致性。我認為改變的不是戰略或焦點的因素，而是我們所處位置的問題。我們——我們終於將利潤率恢復到疫情前的水準。我們擁有雄厚的營運實力。所以當然，我們現在進行的許多討論其實都是關於成長和轉型。

We talked about the importance of focusing on the fundamentals and innovations in this challenging consumer environment. And then on transformation, I think we're entering a new phase. That's really important. I think this -- as Linda mentioned, this new DRP implementation is going to fundamentally modernize the backbone of our operations and allow us to really modernize a lot of capabilities, which will set us up for really strengthening our competitive advantage for years to come. And so it's a big transition.

我們討論了在這種充滿挑戰的消費環境中關注基本面和創新的重要性。關於轉型，我認為我們正在進入一個新階段。這真的很重要。我認為——正如琳達所提到的，這個新的 DRP 實施將從根本上使我們的營運主幹現代化，並使我們能夠真正實現許多功能的現代化，這將為我們在未來幾年真正增強競爭優勢奠定基礎。所以這是一個巨大的轉變。

First thing we have to walk before we can run and we have to make sure that it's seamless. But after we do a transition, there'll be a lot of opportunity to capitalize on it.

我們必須先學會走，然後才能跑，我們必須確保一切順利。但在我們完成轉型之後，將會有很多機會可以利用它。

Linda Bolton-Weiser, D.A. Davidson.

琳達·博爾頓·韋瑟（Linda Bolton-Weiser），地方檢察官戴維森。

Best wishes to you, Kevin. So I was -- just wanted to follow on the conversation about the consumer, the health of the consumer. And I'm wondering if you could put a number to it more Michigan consumer sentiment is something that some of us look at. Is there a level that they have to be where historically you see that higher category growth and more confident. So would that be in the 80s or 90s, is there any color you can give on that?

祝你一切順利，凱文。所以我只是想繼續討論有關消費者、消費者健康的話題。我想知道您是否可以提供一個數字來表明密西根州的消費者信心，這是我們一些人關注的指標。從歷史上看，他們是否必須達到更高的水平，即類別成長更高、信心更強。那麼那是在 80 年代還是 90 年代，您能給出具體解釋嗎？

Linda, it's an interesting avenue to take. But what we have seen is, it's not consistent because there are so many things that go into how consumers shop our categories that are everyday essentials. And so we haven't looked at anything that is 100% correlated to saying this is when it will return. But I think it's a number of factors.

琳達，這是一條有趣的路。但我們看到，情況並不一致，因為消費者購買日常必需品的方式受許多因素影響。因此，我們還沒有研究任何與它何時回歸 100% 相關的因素。但我認為這有很多因素。

It's people feeling like they have steady employment that they understand what inflation looks like, that they feel confident in their ability to meet all of their liabilities that they are willing to open their wallet a more because they have that flexibility, and they're not worried about what's coming. But we haven't found one marker that 100% correlates.

人們感覺自己有穩定的工作，了解通貨膨脹是什麼樣子，對自己償還所有債務的能力充滿信心，並且願意花更多的錢，因為他們有這種靈活性，而且他們不擔心未來會發生什麼。但我們還沒有找到 100% 相關的標記。

What we're watching in aggregate is all of those things that are going to impact the consumer in their wallet and spending. And certainly, if you look back at things like COVID, et cetera, there were different factors that played into how consumers engage in our category. And so that's why I'm hesitant to say there's one single thing we would look at, but you start to see the behavior. And the good news is we were at the top end of what we saw from a category perspective in the 0 to 1, which is good. And so we're seeing a little bit more resilience on the higher end of what we saw might be resilient from a consumer perspective.

總體而言，我們正在關注的所有這些因素都會影響消費者的錢包和支出。當然，如果你回顧 COVID 等事件，你會發現有不同的因素影響消費者如何參與我們的類別。這就是為什麼我猶豫著說我們會關注某一件事，但你開始看到這種行為。好消息是，從 0 到 1 的類別角度來看，我們處於最高水平，這是好事。因此，從消費者的角度來看，我們看到高端市場的彈性略有增強。

But we're going to be watching all of those factors very carefully. We'll continue to update everybody as we see things evolving over the next couple of quarters and what we think it means. But I think the headline is near-term visibility, good longer term, it's not 100% clear right now, but we remain confident in the long term, it will bounce back, and we'll be watching all those things, including consumer confidence score to glean when that might happen.

但我們會非常仔細地關注所有這些因素。我們將根據未來幾季的情況發展以及我們認為這意味著什麼，繼續向大家通報最新情況。但我認為，近期的可見性、長期來看是好的，現在還不是 100% 清楚，但我們對長期仍然有信心，它會反彈，我們將關注所有這些事情，包括消費者信心評分，以了解何時會發生這種情況。

And then can I just ask also about your investment spending, which is, I guess, about $0.70 per share in the fiscal year. Can you remind us the trajectory of when that starts to taper off? Is this the peak year of spending? Or -- and how long does it continue? And is there a year when it becomes 0?

然後我還可以問一下您的投資支出嗎？我猜，本財政年度的投資支出約為每股 0.70 美元。您能否提醒我們一下這種趨勢何時開始減弱？今年是消費高峰年嗎？或者──它會持續多久？有沒有哪一年它會變成 0？

Yes. Sure, Linda. This is Kevin. In regard to our digital transformation, you might recall, if I step back, our expectation is we'll invest $560 million to $580 million over a five-year period. We are in year four of that investment.

是的。當然，琳達。這是凱文。關於我們的數位轉型，您可能還記得，如果我退一步來說，我們預計在五年內投資 5.6 億至 5.8 億美元。我們已進入該投資的第四年。

And as you said, about $0.70 we'll spend this year. That will put us just a little over $500 million, I anticipate by the end of this year. And so next year will be the final year of the program. You should expect the investment level to be less than this year as we start to wind down the program. And then after fiscal year '26, we have completed the program and there wouldn't be any charge.

正如您所說，今年我們將花費約 0.70 美元。我預計到今年年底我們的營收將略高於 5 億美元。明年將是該計劃的最後一年。隨著我們開始逐步結束該計劃，您應該預計投資水平將低於今年。在 26 財年之後，我們完成了該計劃，並且不會收取任何費用。

Javier Escalante, Evercore ISI.

哈維爾·埃斯卡蘭特，Evercore ISI。

My question has to do actually also with SG&A spending. And you itemize these digital capabilities and ERP. Is this the same thing or are these two different kind of spending. And something that stood out from one of your peers is that they are doing an upgrade to the same SAP system that you are upgrading to. And the price tag is much lower, $550 million and $580 million is kind of like a lot and I always stumble upon why is it? This is so expensive? And what is your confidence that once you stop accruing this as one-timers, what is your underlying SG&A?

我的問題實際上也與銷售、一般及行政費用 (SG&A) 支出有關。並且您逐項列出這些數字功能和 ERP。這是同一件事嗎？還是兩種不同的支出？您的一位同行發現，他們正在升級與您相同的 SAP 系統。而且價格要低得多，5.5 億美元和 5.8 億美元似乎很多，我總是想知道為什麼？這個這麼貴嗎？一旦您停止將這些費用作為一次性費用累積，您的基本銷售、一般和行政費用是多少，您有信心嗎？

Yes. I think let me take the first part, and then I'll hand it over to Kevin to talk about your specific question on SG&A. But Javier, what we're doing with this implementation is fundamentally upgrading the backbone and technology capabilities of the company. And the last time we made an ERP transition was well over 20 years ago, and I'm not sure what the case is for a number of our peers, but we're doing a full implementation greenfield upgrading to S/4HANA. In addition to that, we are putting in global finance, we're putting capabilities around innovation.

是的。我想讓我先談第一部分，然後我會把它交給凱文來談談你關於銷售、一般和行政費用 (SG&A) 的具體問題。但是哈維爾，我們這次實施的目的是從根本上提升公司的骨幹力量和技術能力。我們上一次進行 ERP 轉型已經是 20 多年前了，我不確定我們的一些同行的情況如何，但我們正在對 S/4HANA 進行全面實施綠地升級。除此之外，我們也投入了全球金融，增強了創新能力。

We've invested in AI. We've invested in ensuring that we have an accurate data lake so that we can fully capitalize on the power of that data through insight. So this is a comprehensive digital overhaul of the company to catch us up to where capabilities are in the industry. And the good news is we have taken the steps to fully do that.

我們已經投資了人工智慧。我們已投入資金確保我們擁有一個準確的數據湖，以便我們能夠透過洞察力充分利用這些數據的力量。因此，這是對公司的一次全面的數位化改革，旨在讓我們跟上行業的能力。好消息是我們已經採取措施全面實現這一目標。

So we are changing the processes in the company. As you know, we put a new operating model to fully take advantage of this digital transformation in place, but this really is about modernizing the capabilities and data infrastructure and backbone of the company. And again, I can't speak to someone else's transformation, but that's the cost of doing that, and we feel very confident that this has a strong return for our shareholders.

所以我們正在改變公司的流程。如您所知，我們採用了一種新的營運模式來充分利用這種數位轉型，但這實際上是為了實現公司能力、資料基礎設施和骨幹網路的現代化。再說一次，我不能談論別人的轉型，但這就是這樣做的代價，我們非常有信心，這將為我們的股東帶來豐厚的回報。

We wouldn't have invested in it if it didn't, and that comes in the form of enhancing growth as well as productivity. And we have owners for each one of those line items who are accountable to delivering that value, but we feel this is a great program for our company.

如果沒有的話，我們就不會對其進行投資，而這將會以提高成長和生產力的形式實現。我們為每項專案都配備了負責提供價值的負責人，但我們認為這對我們公司來說是一個很好的計劃。

As Luc mentioned, for our future and the things that we can continue to unlock as a result of having this digital infrastructure in place, and we're going to do that with a strong return focus in mind that we intend to deliver and have been delivering to date.

正如盧克所提到的，對於我們的未來以及透過建立這種數位基礎設施我們可以繼續解鎖的東西，我們將在這樣做的同時牢記我們打算實現並且迄今為止一直在實現的強烈回報重點。

And then Javier, I can just talk a little bit about the admin. As you might recall, before this transformation, we've historically operated about 14% admin as a percent of sales. This year, we'll be closer to that 15% to 16%. That's really that investment in the digital transformation lender is just talking about. Now the benefit of this is, we believe, between the investments we're making in new technology plus our streamline operating model, we believe that positions us to take admin down closer to 13% of sales going forward.

然後哈維爾，我可以稍微談一下管理方面的事情。您可能還記得，在進行此次轉型之前，我們的管理費用歷來佔銷售額的 14% 左右。今年，我們將更接近 15% 至 16% 這一目標。這實際上就是貸款機構正在談論的數位轉型投資。現在，我們相信這樣做的好處是，我們在新技術上的投資加上我們精簡的營運模式，使我們能夠將管理費用降低到接近銷售額的 13%。

Now that will take a little time to get there as we implement the new technology and then drive the productivity associated with that. But this really just creates more investment opportunities for us as a company as we become more productive on the admin line based on these investments. We can either take that to the bottom line or if we have good investments, we'll reinvest that back in the company, believe we're positioned very well, though, to do that as we look forward over the next several years.

現在我們需要花一點時間來實現這一目標，因為我們要實施新技術，然後提高與之相關的生產力。但這實際上為我們公司創造了更多的投資機會，因為基於這些投資，我們在管理方面變得更有效率。我們可以將其作為底線，或者如果我們有好的投資，我們會將其重新投資於公司，但我們相信，我們已做好準備，在未來幾年內做到這一點。

But mathematically, the assumption to get to 13% has to do with hitting 5% top line growth. So how do you get to 13% as a percentage of revenues once you have put more depreciation in the P&L and probably people that has higher salaries.

但從數學上講，達到 13% 的假設與達到 5% 的營收成長有關。那麼，一旦您在損益表中計入了更多的折舊，並且可能還有更高的薪水，那麼您如何才能將收入百分比提高到 13％ 呢？

Yes, Javier. I think it gets to exactly what Linda mentioned. We expect to deliver very strong value on this investment. We have a very clear business case where value will be created. And so we have owners reach these areas.

是的，哈維爾。我認為它完全符合琳達所提到的內容。我們期望這項投資能夠帶來非常高的價值。我們有一個非常清晰的商業案例，可以創造價值。因此，我們的業主已經到達了這些地區。

We're putting in new technology and replacing a 20-year-old system there's tremendous opportunity to drive additional value through that increased technology. And so we will deliver that business case. I think that positions us well to take costs out. Keep in mind, right now, we're maintaining our admin line. We're maintaining two system infrastructures.

我們正在採用新技術並取代已有 20 年歷史的系統，透過改進技術，我們有巨大的機會創造額外的價值。因此我們將提出該商業案例。我認為這有利於我們降低成本。請記住，目前我們正在維護我們的管理線路。我們正在維護兩個系統基礎設施。

I'm paying for our legacy system, and we're paying for a new system. Once we do this conversion, we're going to be able to shut off the legacy system, and you'll see costs start to come out in the back half of next year. And then we'll continue to drive productivity to take that down even further going forward.

我正在為我們的舊系統付費，我們正在為新系統付費。一旦我們完成此轉換，我們將能夠關閉遺留系統，並且您將看到成本在明年下半年開始出現。然後我們將繼續提高生產力，以進一步降低這一水平。

But financially, has this cost even come into the numbers because you have (inaudible) in that. I think they are not in consensus though.

但從財務角度來看，這筆成本是否已經計入數字了，因為你已經（聽不清楚）了。但我認為他們並未達成共識。

There in the numbers right now, Javier, that we are -- the seat licenses for the new technology, we're already expensing those. Those are ongoing operations. We're not backing those out. We are backing out the onetime investments for the transition, but the ongoing cost of the system, we're starting to curing our P&L, and that is not an adjusted item. That's in our adjusted earnings.

哈維爾，從目前的數字來看，我們已經將新技術的​​座位許可證費用化了。這些都是正在進行的行動。我們不會放棄這些。我們正在撤回過渡的一次性投資，但係統的持續成本，我們正在開始修復我們的損益，而這不是一個調整項目。這是我們的調整後收益。

Steve Powers, Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

Congrats Luc. Congrats Kevin. Actually, Kevin, I wanted to talk on just the sort of the cash flow run rate of the business. I think as the year started, we had talked about free cash flow coming in around 12% of sales for the year at least that was our expectation. I think year-to-date, we're running closer to 9%.

恭喜 Luc。恭喜凱文。實際上，凱文，我只想談談企業的現金流運行率。我認為，在年初時，我們曾討論過自由現金流將佔全年銷售額的 12% 左右，至少這是我們的預期。我認為今年迄今為止，我們的成長率已經接近 9%。

I just want to get a sense for your satisfaction with the cash generation of the business so far, the trend line, et cetera? And then just with the ERP shift at the end of the year, how do we think about the cash impact of that through the cash. Does cash flow earnings? Or is there a lumpiness there we should think about as we kind of contemplate cash flows over the balance of the year?

我只是想了解您對迄今為止業務的現金產生情況、趨勢線等的滿意度？那麼，隨著年底 ERP 的轉變，我們如何看待其對現金的影響。現金流有收益嗎？或者，當我們考慮全年餘額的現金流時，是否應該考慮其中的不平衡？

Yes, Steve. No, it's a good question, really thinking about the impact of the ERP. Let me start with the base plan, and then I'll talk about the impact of the ERP on top of that. As you know, Steve, we target 11% to 13%. I would say right now, I think we're likely at the high end of that range before you add the ERP impact to that.

是的，史蒂夫。不，這是個好問題，確實在思考 ERP 的影響。我先從基礎計畫開始，然後再談談 ERP 在此基礎上的影響。如你所知，史蒂夫，我們的目標是 11% 到 13%。我想說的是，現在，在加上 ERP 的影響之前，我們很可能處於該範圍的高端。

So we're off to a good start. As you know, based on lapping cyber, there's some noise in the front half of the year, as you described, but I expect us to land closer to the high end of our targeted range prior to the ERP implementation.

所以，我們有了一個好的開始。如您所知，基於重疊網絡，正如您所描述的，今年上半年會出現一些噪音，但我預計我們能夠在 ERP 實施之前更接近目標範圍的高端。

Now specifically to the ERP, we will invest some additional cash to manage this transition. Luc talked about it. Not only will we be building retailer inventories, but we'll also build some state (inaudible) stock at our facility. So there will be some increased investments in inventory, and that's just another way to mitigate the risk of this transition as well as there's some nuances here because you're down for a short period of time, we will prepay suppliers that we normally have to pay during that period. And so you'll see our AP balances go down a little bit. That will happen in Q4. We anticipate that it will be about $50 million to $100 million of cash.

現在具體到 ERP，我們將投入一些額外的現金來管理這項轉變。盧克談到了這一點。我們不僅會建立零售商庫存，而且還會在我們的工廠建立一些國家（聽不清楚）庫存。因此，庫存方面的投資會增加，這只是減輕這種轉變風險的另一種方式，而且這裡有一些細微差別，因為你在短時間內處於停工狀態，我們會預付給供應商，通常在此期間我們必須支付這些費用。因此您會看到我們的 AP 餘額略有下降。這將在第四季發生。我們預計現金約為 5,000 萬至 1 億美元。

Now that all just reverses out in the front of '26, so it's noise. But what it'll do to our free cash flow this year is while the base plan is probably close to 13%. Once you factor in the impact of the ERP transition, we'll tie up some cash in Q4. I suspect we're getting closer to the low end of the range, closer to 11%. But that change is really just timing.

現在，一切都在 26 號的前面逆轉了，所以這是噪音。但它對我們今年的自由現金流的影響是，基本計劃可能接近 13%。一旦考慮到 ERP 轉型的影響，我們將在第四季度佔用一些現金。我懷疑我們正在接近該範圍的低端，接近 11%。但這種改變其實只是時機而已。

I'd say operationally, we're closer to 13%.

我想說從營運角度來看，我們更接近 13%。

Okay. And then it reverses that next year. Okay, makes sense. And then on the -- I think the estimated like the fair value of P&G's interest in the Glad joint venture was around $530 million exiting last fiscal year. Is that a good number to kind of anchor to in terms of the cash costs that you're likely to have when that transition takes place? Or is there another way to think about it?

好的。而明年情況就發生了逆轉。好的，有道理。然後——我認為，寶潔在 Glad 合資企業中的權益的公允價值估計在上個財年約為 5.3 億美元。就轉型發生時可能產生的現金成本而言，這是一個很好的基準數字嗎？或是有其他思考方式嗎？

Yes, exactly right. Steve, I appreciate you reading our 10-K from last year. But yes, so we estimate every year what we see as a fair market value for that business and then we recognize that in our disclosures and our balance sheet. So that's our estimate of fair value. Maybe I'll just connect the dots there.

是的，完全正確。史蒂夫，感謝您閱讀我們去年的 10-K。但是的，所以我們每年都會估算我們認為該業務的公平市場價值，然後我們在我們的揭露和資產負債表中確認這一點。這就是我們對公允價值的估計。也許我只是把那裡的點連結起來。

So as you think about exiting this agreement a year from now, a few things will happen. As you said, Steve, we will repurchase the 20% that P&G currently owns, and we'll determine do that through cash or some form of borrowing, but then the other impact you'll see on our P&L is this is what I described as a contractual joint venture where we pay P&G 20% of the cash flows every quarter, and we charge those at cost of goods sold. So a result of buying back their interest, we will no longer pay than that 20%. You'll see margin step up after the transaction is completed, and you'll see earnings step up as well, net of any interest expense we have but you'll see an acceleration in the P&L once we bought back the 20% we don't currently own.

因此，當你考慮一年後退出該協議時，將會發生一些事情。正如你所說，史蒂夫，我們將回購寶潔目前擁有的 20% 的股份，我們將決定透過現金或某種形式的借貸來實現這一點，但你會在我們的損益表中看到的另一個影響是，這就是我所描述的合約合資企業，我們每季度向寶潔支付 20% 的現金流，並將這些費用計入銷售成本。因此，回購其利息的結果是，我們將不再支付超過 20% 的金額。交易完成後，您會看到利潤率上升，扣除利息支出後，您會看到收益也上升，但一旦我們回購目前不擁有的 20% 的股份，您會看到損益表加速成長。

Okay. Great. That will flow through COGS, essentially a good show up in gross margin?

好的。偉大的。這將透過 COGS 流動，本質上是毛利率的一個良好表現？

It will because the 20% cash flow, we pay them right now, we charge that to cost of goods sold. And so once that stops, you'll see a step up in gross margin in both Glad and the company as well as earnings.

這是因為 20% 的現金流，我們現在就支付給他們，並將其計入銷售成本。因此，一旦這種情況停止，你就會看到 Glad 和公司的毛利率以及收益都會上升。

Lauren Lieberman, Barclays.

巴克萊銀行的勞倫·利伯曼。

Just two questions to kind of bring up the rear. First thing was household. So how full volumes were down quite a bit in the quarter, but you did call out Kingsford being so strong. So I just wanted to just check in on kind of what's going on in some of these other businesses? I know you talked about stepped-up competitive activity in Glad, but just anything you can offer on the rest of the portfolio there.

只要問兩個問題就可以了。第一件事是家庭。那麼本季的總銷量下降了不少，但你確實說 Kingsford 表現非常強勁。所以我只是想了解一下其他一些企業的情況？我知道您談到了 Glad 加強競爭活動，但您能為其餘投資組合提供什麼幫助嗎？

And then the second thing was just line with my model, it looks like gross margins would have to be down pretty significantly in the fourth quarter. And I wasn't sure why, so I would think that you would have the higher absorption from that ship ahead on the ERP. I know I'm guessing logistics costs are higher, but yes, I was just surprised there wouldn't be a positive on absorption to gross margin in 4Q.

第二件事與我的模型一致，看起來第四季的毛利率將大幅下降。我也不確定為什麼，所以我認為你會從 ERP 前面的那艘船上獲得更高的吸收量。我知道我猜測物流成本會更高，但是是的，我只是驚訝於第四季度的吸收量不會對毛利率產生正面影響。

Sure. Lauren, this is Kevin. Maybe I'll talk about just sales or volume in Q2. When you look at household, I'd say household looks very similar to the rest of the segments as we're lapping the retail or restock from the prior period. And so volume is down at 11%.

當然。勞倫，這是凱文。也許我只會談論第二季的銷售額或銷量。當你看家庭時，我會說家庭看起來與其他部分非常相似，因為我們正在重疊前一時期的零售或補貨。因此交易量下降了 11%。

That's in line with all the other business units are generally down in surveying. So that's really just the impact of lapping the retailer restocking in the prior period. And then as it relates to -- and remind me on your -- your second question was?

這與所有其他業務部門的調查情況普遍下降一致。所以這其實只是前期零售商補貨的影響。然後，就此而言——提醒我——您的第二個問題是什麼？

Yes, gross margin in the full margin.

是的，毛利率是全額利潤。

Yes. Yes, yes. So gross margin, you might recall in Q4 of last year, our gross margins are up significantly. They're up almost 400 basis points, and we have a bit of a unique issue. We had very favorable mix because Glad and Litter underperformed relative to the rest of our portfolio.

是的。是的，是的。因此，您可能還記得，去年第四季度，我們的毛利率大幅上升。它們上漲了近 400 個基點，我們遇到了一個比較獨特的問題。我們擁有非常有利的組合，因為 Glad 和 Litter 的表現相對於我們投資組合中的其他股票而言不佳。

And so we're lapping a significantly outsized gross margin in the year ago period, almost -- I think it was almost 47%. And so what I expect is good strong gross margins relative to our 44% goal. It should be well north of that, but it will be down a little bit from the prior year just because we're lapping an unusually hot base year.

因此，我們去年同期的毛利率大幅高於平均水平，幾乎達到了 47%。因此，我預計我們的毛利率將達到 44% 左右，與我們的預期目標相比，還有很大的提升。它應該遠高於這個溫度，但由於我們正處於一個異常炎熱的基準年，因此溫度將比前一年略有下降。

Okay. Okay. And are there higher logistics costs again with the ERP ship ahead? Or is it more about the -- like is it more a positive because of absorption?

好的。好的。而且隨著ERP的推進，物流成本是否又會上升呢？或者更多的是關於——因為吸收它是否更具積極意義？

Well, you're exactly right. There'll be two impacts from this. The first -- and they're both exactly what you said. We will have some increased logistics costs, some increased warehousing because we will build some safety stock and there's a cost of that. We'll also get the benefit of the absorption because we'll be shipping more product that quarter.

嗯，你說得完全正確。這將產生兩個影響。第一個——它們都正如你所說的。我們的物流成本和倉儲成本都會增加，因為我們會建立一些安全庫存，而這會產生成本。我們還將獲得吸收的好處，因為我們將在該季度運送更多的產品。

And they generally net out. And so there's not much net impact from those two items are generally equal and offsetting and then you'll see the reverse of that happening in the front half of next year, essentially equal and offsetting as well.

而且他們通常都會淨賺。因此，這兩項的淨影響並不大，它們通常是相等且相互抵消的，然後你會看到明年上半年出現相反的情況，基本上也是相等且相互抵消的。

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

問答環節到此結束。倫德爾女士，現在我將節目交還給您。

Thank you, everyone. As we close today's call, I want to step back and look at our performance within the context of the past several years. We have navigated through significant disruptions, including a pandemic, which led to an unprecedented level of demand surge and supply constraints, rampant inflation and a cyber-attack and subsequent recovery.

謝謝大家。在我們結束今天的電話會議時，我想回顧一下我們過去幾年的表現。我們經歷了重大動盪，包括一場大流行，這場大流行導致了前所未有的需求激增和供應受限、猖獗的通貨膨脹以及網路攻擊和隨後的復甦。

Simultaneously, we have taken significant steps to transform our company, including the implementation of a new streamlined operating model and divestiture of two underperforming businesses as we continue evolving our portfolio. Throughout all of this, we've delivered strong compounded annual sales growth within our target over the last five years and more recently stabilized and rebuilt our gross margin and delivered strong earnings growth, which enables us to further invest in our business.

同時，我們採取了重大措施來改造公司，包括實施新的精簡營運模式和剝離兩家表現不佳的業務，同時繼續改進我們的投資組合。透過這一切，我們在過去五年中實現了強勁的複合年銷售額成長，並且最近穩定和重建了我們的毛利率，實現了強勁的盈利增長，這使我們能夠進一步投資於我們的業務。

We're excited to continue building on this progress with our US ERP implementation early next fiscal year. This is another important step in becoming a stronger company that continues to deliver consistent, profitable growth and enhance long-term shareholder value. We look forward to sharing more with you on our upcoming presentation at the CAGNY conference in a few weeks. Until then, please stay well.

我們很高興能夠在下個財年初透過美國 ERP 實施繼續推進這項進展。這是成為更強大公司的另一個重要一步，公司將繼續實現持續的獲利成長並提高長期股東價值。我們期待在幾週後舉行的 CAGNY 會議上與您分享更多即將發表的演講。在那之前，請保重。

This concludes today's conference. Thank you for attending. The host has ended this call. Goodbye.

今天的會議到此結束。謝謝您的出席。主持人已結束本次通話。再見。