Cimpress PLC (CMPR) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank Cimpress you for standing by. Welcome to the Cimpress third quarter fiscal year 2025 earnings call. Now I will introduce Meredith Burns, Vice President of Investor Relations and Sustainability. Please go ahead.

女士們、先生們，感謝 Cimpress 的支持。歡迎參加 Cimpress 2025 財年第三季財報電話會議。現在我來介紹投資者關係與永續發展副總裁梅瑞迪絲‧伯恩斯 (Meredith Burns)。請繼續。

Thank you, Carmen, and thank you everyone for joining us. With us today are Robert Keane, our Founder, Chairman and Chief Executive Officer, and Sean Quinn, our EVP and Chief Financial Officer.

謝謝你，卡門，也謝謝大家的加入我們。今天與我們在一起的有我們的創始人、董事長兼首席執行官羅伯特·基恩 (Robert Keane) 和我們的執行副總裁兼首席財務官肖恩·奎因 (Sean Quinn)。

We appreciate the time that you've dedicated to understanding our results, our commentary, and our outlook. This live Q&A session will last about 45 minutes or so and we'll answer both pre-submitted and live questions. You can submit questions via the questions and answers box at the bottom left of the screen.

我們感謝您花時間了解我們的成果、評論和展望。本次現場問答環節將持續約 45 分鐘左右，我們將回答預先提交的問題和現場的問題。您可以透過螢幕左下方的問答框提交問題。

Before we start, I'll note that in this session we will make statements about the future. Our actual results may differ materially from these statements due to risk factors that are outlined in detail in our SEC filings and the documents we published yesterday on our website. We also have published non-gap reconciliations for our financial results on our IR website, and we invite you to read them.

在我們開始之前，我要指出的是，在本次會議上我們將對未來做出陳述。由於我們向美國證券交易委員會提交的文件和昨天在我們網站上發布的文件中詳細列出的風險因素，我們的實際結果可能與這些聲明有重大差異。我們也在我們的 IR 網站上發布了我們的財務結果的非差距調節表，我們邀請您閱讀。

And now I will turn things over to Robert.

現在我將把事情交給羅伯特。

Thanks, Meredith, and thank you to our investors for joining us today.

謝謝，梅雷迪斯，也感謝我們的投資者今天加入我們。

I'm going to start with some overall remarks and then I'll pass it to Sean to cover our Q3 results and the tariff topic, then we'll go to your questions.

我將首先發表一些總體評論，然後交給肖恩來介紹我們的第三季業績和關稅主題，然後我們再回答您的問題。

As I noted in the earnings document in the letter that was attached to that which we published yesterday, in the third quarter, we remained focused on the exact same things we've been talking about throughout this year, that consistent focus and the operational progress which we've made gives me and gives us confidence that we can deliver attractive growth in per share cash flow over the coming years, despite what is a pretty noisy backdrop right now.

正如我在昨天發布的收益文件中附上的信函中所指出的那樣，在第三季度，我們仍然專注於我們今年一直在談論的事情，這種持續的關注和我們取得的運營進展讓我相信，也讓我們相信，儘管目前的背景相當嘈雜，但我們可以在未來幾年實現每股現金流的可觀增長。

At the highest level, there were a few themes to the quarter. First, we continue to see strong growth in what we now refer to as elevated products. Examples of these are promotional products, apparel, signage, packaging, and labels. Expanding into elevated products helps us serve customers with a higher lifetime value because it both increases our share of wallet with existing customers and helps us acquire new customers directly into these categories.

從最高層面來看，本季有幾個主題。首先，我們繼續看到我們現在所說的高端產品的強勁成長。例如促銷產品、服裝、標誌、包裝和標籤。擴展到高端產品有助於我們為具有更高終身價值的客戶提供服務，因為它既增加了現有客戶的錢包份額，也幫助我們直接獲得這些類別的新客戶。

For example, at Vista, the number of new customers acquired via signage, packaging, labels in Q3 grew more than 10% over the prior year, and we think these markets have a lot of opportunity ahead of them. Another bright spot is cross Cimpress fulfillment, which continues to grow quickly. This is when one business unit in Cimpress produces for another, and cross Cimpress fulfillment is both accelerating our rate of new product introductions and lowering our cost of goods.

例如，Vista 第三季透過標牌、包裝、標籤獲得的新客戶數量比前一年增長了 10% 以上，我們認為這些市場還有很大的發展機會。另一個亮點是跨 Cimpress 履行，其繼續快速成長。這是當 Cimpress 的一個業務部門為另一個業務部門生產時，跨 Cimpress 履行既加快了我們推出新產品的速度，又降低了我們的商品成本。

Likewise, at Pixartprinting, we have their new production facility live in the US on schedule. That facility is already fulfilling for Vista, that's allowing for new product introductions and access to lower cost production, much of it which was outsourced in the US market. And it's things we've honed in Europe and our upload and print businesses for quite some time. Likewise, Pixartprinting will soon be launching its US website at pixartprinting.com over the coming month or two, and that's going to mark our entry into the US upload and print market.

同樣，在 Pixartprinting，我們也按計劃在美國啟用了他們的新生產設施。該工廠已經滿足了 Vista 的需求，可以推出新產品並實現低成本生產，其中大部分業務都外包給了美國市場。這是我們在歐洲以及我們的上傳和印刷業務中磨練了相當長一段時間的東西。同樣，Pixartprinting 將在未來一兩個月內推出其美國網站 pixartprinting.com，這將標誌著我們進入美國上傳和列印市場。

So we have a lot of strong progress throughout the company. On the other hand, as we've discussed over recent quarters, we do face headwinds in some of our legacy products and legacy channels that are reducing our consolidated growth rate. Of course, a lot of our time this past quarter was spent dealing with tariffs and the threat of future tariffs, the uncertainty of what that market -- that those tariffs are going to be.

因此，我們整個公司都取得了很大的進步。另一方面，正如我們最近幾季所討論的那樣，我們的一些傳統產品和傳統管道確實面臨阻力，這降低了我們的綜合成長率。當然，上個季度我們花了大量時間來處理關稅和未來關稅的威脅，以及市場對關稅的不確定性。

Teams across Cimpress have responded with impressive velocity, and are focusing on how to assess a ever-changing situation to develop action plans, action scenarios depending on what happens, and to reduce our impact on our customers and our shareholders.

Cimpress 的各個團隊都以驚人的速度做出了反應，並專注於如何評估不斷變化的情況，根據情況制定行動計劃和行動方案，並減少對客戶和股東的影響。

Based on what we know today, we have a good handle on that impact for tariffs. We have a relatively strong position and we're confident in our plans. To help you understand where we stand as of now, an 8-K filing in early March, we provided a framework for how tariffs impact our business, and we have updated that information in last night's earnings document.

根據我們目前所了解的情況，我們能夠很好地掌握關稅的影響。我們擁有相對強勢的地位，並且對我們的計劃充滿信心。為了幫助您了解我們目前的狀況，我們在 3 月初提交的 8-K 文件中提供了關稅如何影響我們業務的框架，並且我們在昨晚的收益文件中更新了該資訊。

We certainly do not enjoy the volatility that tariffs are imposing on us or on our market. That being said, it's often in times of volatility that we've shown that our competitive advantages can become even clearer. And we've always strived to build a transformational enduring business. We value customer focus, innovation, learning from mistakes, data-driven decision making, attracting and retaining great talent, driving for greater scale, and all of that is in service of disrupting a market, so that we can profitably serve the world's small, medium businesses which power so much of the economy.

我們當然不喜歡關稅對我們或我們的市場帶來的波動。話雖如此，我們往往在動盪時期才顯示出我們的競爭優勢更加明顯。我們始終致力於打造一個能夠改變、持久的企業。我們重視客戶關注、創新、從錯誤中學習、數據驅動的決策、吸引和留住優秀人才、推動更大規模的發展，所有這些都是為了顛覆市場，以便我們能夠為全球經濟中發揮巨大作用的中小型企業提供有利可圖的服務。

Now those traits which we've pursued for decades have served us well over our history, including in multiple periods of adversity that could be startup challenges long ago. It could be the global financial crisis. It could be the challenges of staying nimble as we get big, the COVID pandemic, the post-COVID supply chain challenges. Through all of that, we've not only navigated those periods of adversity, but we've extended our industry leadership, we've leveraged our scale-based advantages, and we've taken market share. So we're focused on doing the same thing here, and we look forward to the longer term because of that response we're able to bring to this period of challenge and adversity from tariffs.

現在，我們幾十年來一直追求的這些特質已經在我們的歷史上發揮了良好的作用，包括在很久以前可能成為創業挑戰的多個逆境時期。這可能是全球金融危機。這可能是我們在發展過程中保持彈性的挑戰、新冠疫情以及後疫情時代的供應鏈挑戰。透過這一切，我們不僅度過了逆境，還擴大了我們的行業領導地位，利用了我們的規模優勢，並佔領了市場份額。因此，我們專注於在這裡做同樣的事情，並且我們期待更長遠的發展，因為我們能夠對關稅帶來的挑戰和逆境做出應對。

Let me now turn things over to Sean to go through our financial results and our tariff response as well as some outlook commentary.

現在，讓我將主題交給肖恩，讓他介紹我們的財務表現和關稅反應以及一些前景評論。

Great. Thanks a lot, Robert, for that overview and thanks everyone for joining us today.

偉大的。非常感謝羅伯特的概述，也感謝大家今天的參與。

I'll just start with a brief overview of our financial results. First on the revenue side, our consolidated revenue grew 1% on a reported basis and 3% on an organic constant currency basis.

我將首先簡要概述我們的財務表現。首先在收入方面，我們的綜合收入按報告基礎增長了 1%，以有機固定匯率計算增長了 3%。

In Vista, we had 3% organic constant currency growth, and there, as Robert alluded to, key growth categories of promotional products, signage, packaging and labels, those all grew at double digit rates, which is a continuation of the strength that we've seen there for some time, being able to serve higher value customers. We also returned to 5% growth in the consumer products category after a disappointing decline in the holiday focus Q2.

在 Vista，我們實現了 3% 的有機固定匯率增長率，正如羅伯特所提到的，促銷產品、標牌、包裝和標籤等主要增長類別均實現了兩位數的增長，這是我們一段時間以來所看到的強勁勢頭的延續，能夠為更高價值的客戶提供服務。在第二季假日季銷售額令人失望地下滑之後，消費品類別的銷售額也恢復了 5% 的成長。

Business performance remains strong in Europe despite some macro headwinds there, which is good to see, and that's been a consistent trend as well. In the US, Vista's revenue and profitability continue to be affected by the organic search algorithm changes that we discussed during Q2 earnings. And those changes have had a more significant impact on the business cards and stationary product category, which in total that category declined 3% year over year, a slight improvement from the 4% decline last quarter.

儘管歐洲存在一些宏觀不利因素，但其業務表現仍然強勁，這是令人欣喜的，而且這也是一種持續的趨勢。在美國，Vista 的收入和盈利能力繼續受到我們在第二季度收益中討論過的有機搜尋演算法變化的影響。這些變化對名片和文具產品類別產生了更顯著的影響，該類別總體同比下降 3%，較上一季 4% 的降幅略有改善。

The work that we've been doing there to optimize organic search for those changes did start to show improvement, particularly in March relative to the first two months of the quarter, and you could see that that was evident in the Vista US results in the month of March.

我們為優化有機搜尋而進行的工作確實開始顯示出改善，特別是 3 月份相對於本季度前兩個月的情況，您可以看到 3 月份 Vista US 的結果就證明了這一點。

Turning to profitability, consolidated adjusted EBITDA declined by $3.5 million year to year. A few things to point out from a profitability perspective. Gross profit was impacted by a $2.6 million impairment charge related to the planned sale of a National's Pen facility which is backed out of EBITDA, but impacts gross profit. That planned sale has been in progress for some time, but we met the conditions from an accounting perspective to write down the book value this quarter.

談到獲利能力，合併調整後的 EBITDA 年比下降 350 萬美元。從獲利能力角度來看，有幾點需要指出。毛利受到與計劃出售 National 的 Pen 工廠有關的 260 萬美元減值費用的影響，該費用已從 EBITDA 中扣除，但對毛利有影響。該計劃的出售已經進行了一段時間，但從會計角度來看，我們滿足了本季減記帳面價值的條件。

We also had around $1.1 million in pre-production startup cost and our cost of goods sold related to our new Pixarprinting facility in the United States, which began taking orders in March. And if you exclude those two items, gross profit would have increased modestly during the quarter.

我們的前期製作啟動成本以及與我們在美國新建的 Pixarprinting 工廠相關的銷售成本也約為 110 萬美元，該工廠於 3 月開始接受訂單。如果不計入這兩項，本季毛利將會小幅成長。

Ad spend was flat as a percentage of revenue year every year, and we do continue to expect ad spend to be lower year over year in Q4, and just as a reminder that's due to the elevated mid and upper funnel spend that we had for Vista and Q4 of last year.

廣告支出佔收入的百分比每年都保持平穩，我們確實預計第四季度的廣告支出將同比下降，提醒一下，這是由於 Vista 和去年第四季度的中上層管道支出增加所致。

And then finally, operating expenses that impact the adjsuted EBITDA, we're up about $3 million year over year. And we do expect to continue to drive efficiencies in OpEx over time, and we've constrained OpEx in the current environment over the last quarter or so as well.

最後，影響調整後 EBITDA 的營運費用年增了約 300 萬美元。我們確實希望隨著時間的推移繼續提高營運支出的效率，並且在過去一個季度左右我們也在當前環境下限制了營運支出。

On the tariff front, in the earnings document, as Robert mentioned, we updated our overview of impact. On the call last quarter, there were a lot of questions on this topic. And most of those questions related to our production in Canada or Mexico and how that was going to be impacted. We estimate that the USMCA and the informational products exclusions that we've outlined cover about 90% of the relevant cost for products that have a country of origin, Canada and Mexico.

在關稅方面，正如羅伯特所提到的，在收益文件中，我們更新了影響概述。在上個季度的電話會議上，有很多關於這個主題的問題。大多數問題都與我們在加拿大或墨西哥的生產以及這將如何受到影響有關。我們估計，USMCA 和我們概述的資訊產品排除條款涵蓋了原產國為加拿大和墨西哥的產品相關成本的約 90%。

We also still benefit from the de minimis exemption for individual orders below $800 for those two countries, and that's applicable for much of the remaining 10%. And so the impact for Canada and Mexico at this time remains minimal.

我們仍然受益於這兩個國家針對低於 800 美元的個人訂單的最低限度豁免，這適用於剩餘 10% 的大部分。因此，目前對加拿大和墨西哥的影響仍然很小。

Our primary exposure as we outlined in last night's document relates to the increased tariffs on Chinese source raw materials, particularly in the PPAG category. And here, we've been hard at work as well, identifying alternative sourcing and other mitigation actions. And it will take a few months for that to be fully implemented. But through the supply chain actions that we plan to take, we do expect to substantially reduce our exposure to less than $20 million annually for direct sourced PPAG materials from China. We do plan to increase prices as well to at least partially offset increase costs where that's applicable, and then we can adjust that approach quickly if things change.

正如我們在昨晚的文件中概述的那樣，我們的主要風險與中國原材料關稅的提高有關，特別是 PPAG 類別。在這裡，我們也一直在努力工作，尋找替代來源和其他緩解措施。而這項計劃的全面實施還需要幾個月的時間。但透過我們計劃採取的供應鏈行動，我們確實希望大幅減少每年從中國直接購買 PPAG 材料的風險敞口至 2000 萬美元以下。我們確實計劃提高價格，以至少部分抵消適用的增加成本，然後如果情況發生變化，我們可以迅速調整這種方法。

Given the uncertainty of the tariff and trade environment and how that may or may not continue to change, and also any impact on demand where price increases are implemented, we have withdrawn, as you would have seen last night, our guidance for FY 2025 and beyond.

鑑於關稅和貿易環境的不確定性以及這種不確定性可能會或可能不會繼續發生變化，以及價格上漲對需求的任何影響，正如您昨晚看到的那樣，我們已經撤回了對 2025 財年及以後的指導。

Generally speaking, our fourth quarter that we're now in is seasonally a higher profit and a higher cash flow quarter. And so while we do expect some near term impact from tariffs, we do expect also to finish the year with increased liquidity from where we end in Q3. And that puts us in a position to be able to take advantage of opportunities as we approach our next fiscal year fiscal '26.

整體而言，我們現在所處的第四季是季節性利潤較高、現金流較高的季度。因此，雖然我們確實預計關稅會在短期內產生一些影響，但我們也預計今年年底的流動性將比第三季末增加。這使我們能夠在接近下一個財政年度 26 財年時抓住機會。

We'll continue to balance capital deployment between organic growth investments, reducing leverage, and then also taking advantage of what we believe is today an exceptional opportunity to repurchase our shares at attractive prices. I'm sure we'll talk about that some more in the questions.

我們將繼續在有機成長投資、降低槓桿率之間平衡資本配置，同時利用我們認為今天的絕佳機會以有吸引力的價格回購我們的股票。我確信我們會在問題中進一步討論這個問題。

And so with that, Meredith, why don't we don't we turn it over to the questions?

那麼，梅雷迪斯，我們為什麼不把它交給問題呢？

Great, thank you.

太好了，謝謝。

(Event Instructions)

（活動須知）

We did receive a number of pre-submitted questions, some in overlapping areas, and so we'll combine some of these to make sure that we're thoroughly addressing what's on people's minds, and we look forward to your live questions as well, which are coming in as I speak.

我們確實收到了一些預先提交的問題，其中一些問題涉及重疊領域，因此我們將合併其中一些問題，以確保徹底解決人們所關心的問題，我們也期待你們的現場提問，這些問題將在我講話時提出。

So I'm going to start with the tariff topic. I think we should start there. So my first question I'm going to throw to Robert, which customer verticals do you consider most exposed to tariff impacts in their businesses and what percentage of revenue do they each represent?

因此我將從關稅話題開始。我認為我們應該從那裡開始。因此，我要問羅伯特的第一個問題是，您認為哪些客戶垂直行業在其業務中最容易受到關稅的影響，以及它們各自佔收入的百分之多少？

Okay, we serve millions, tens of millions of customers across an extremely diverse range of industries, and we have very little concentration by any customer vertical. If you take a broad grouping of customer vertical, something like healthcare, that's not our biggest vertical, but as an example, a broad vertical like that, represents no more than 7% or 8% of our revenue. But even within that, there's many dozens of subverticals, and so we don't regularly track this on a consolidated level.

好的，我們為各行各業的數百萬、數千萬客戶提供服務，但我們對任何垂直客戶的關注度都很低。如果將客戶垂直領域進行廣泛的分組，例如醫療保健，這不是我們最大的垂直領域，但舉例來說，像這樣的廣泛垂直領域，占我們收入的比例不超過 7% 或 8%。但即使在其中，也存在著數十個子垂直領域，因此我們不會定期在綜合層面上追蹤這一點。

I think it's more helpful to think of it from a category perspective, as we've outlined in the earnings document, the largest exposure from tariffs right now is for promotional products, apparel, and gifts, what we call PPAG. Just given traditionally, some of the products' substrates that we have there have come from China.

我認為從類別角度來考慮這個問題更有幫助，正如我們在收益文件中概述的那樣，目前受關稅影響最大的是促銷產品、服裝和禮品，我們稱之為 PPAG。傳統上，我們那裡的一些產品的基材來自中國。

PPAG has been one of our faster growing product categories globally in the US for some time. It's also a large category. It's over 20% of consolidated revenue. The US portion itself is about 11% of global revenues. Now remember, the gross margin there is lower than overall, so it's less than that from a gross profit perspective. Within that, only a subset of that has sourcing from China.

一段時間以來，PPAG 一直是我們在美國全球成長最快的產品類別之一。這也是一個很大的類別。佔合併收入的20%以上。美國部分本身約佔全球收入的 11%。現在請記住，那裡的毛利率低於整體水平，因此從毛利的角度來看，它低於整體水平。其中，只有一小部分產品的採購來自中國。

Much of the products that are in apparel comes from Southeast Asia or Central and South America. Again, those countries, of course, could be, seeing tariffs imposed on them as well, but China is only a subset of that, and China is where the biggest tariffs are as of now.

服裝產品大多來自東南亞或中美洲和南美洲。當然，這些國家也可能被徵收關稅，但中國祇是其中的一部分，而且目前中國是徵收關稅最高的國家。

As we mentioned in our earnings document, the US tariffs are affecting and will affect the whole of the promotional products and apparel industries, not just Cimpress. That being said, many of these products are seen as important cost effective marketing mechanisms for companies of all different sizes.

正如我們在收益文件中提到的那樣，美國關稅正在影響並將影響整個促銷產品和服裝行業，而不僅僅是 Cimpress。話雖如此，這些產品中的許多都被視為各種規模公司重要的、具有成本效益的行銷機制。

And for the products that do see increases to prices due to tariffs, we do believe there's some substitution that could happen. So if someone wants to give a promotional product, they don't necessarily need to give, as an example, drinkware with their logo on it. They can give a product that also has their logo on it to their customers. And that substitution may help us move from the highest tariff countries, places like China to other areas.

對於那些由於關稅而導致價格上漲的產品，我們確實相信可能會出現一些替代方案。因此，如果有人想贈送促銷產品，他們不一定需要贈送帶有其標誌的飲具。他們可以向客戶提供帶有其標誌的產品。這種替代可能有助於我們從關稅最高的國家（如中國）轉移到其他地區。

So that replacement of lower tariff country products, replacing something with a higher tariff rates, is something we also could be pretty purposeful about in our customer experience and our merchandizing experience. It's also possible that there might be some trade down in quantity size number of items ordered for products that have significant price increases. But we have actually always been very focused on having minimum order quantities of one or very low quantities. So compared to the competition, we think we'll be very well positioned to serve those needs.

因此，以低關稅國家的產品取代高關稅國家的產品，也是我們在顧客體驗和銷售體驗中可以有目的地做的事情。對於價格大幅上漲的產品，訂購數量和商品數量也可能會減少。但實際上，我們一直非常注重最低訂購量為一個或非常低的數量。因此，與競爭對手相比，我們認為我們能夠更好地滿足這些需求。

Great. Thank you, Robert.

偉大的。謝謝你，羅伯特。

Okay, a couple of questions in similar areas, Sean, this is going to be for you. It's going to take me a bit to get through the questions, so stick with me guys.

好的，肖恩，我有幾個類似領域的問題，這是給你問的。我需要花一點時間來解答這些問題，所以大家請繼續關注我。

The letter indicates that after supply chain changes that will take several months, there will be %20 million remaining in China COGS subject to tariffs. Is it reasonable to expect that based on a 145% tariff rate, the associated tariff expense on the remaining $20 million will be about $30 million. How much of this China tariff expense was included in the disclosure in the March 8-K, the tariff impacts would be less than $10 million. In other words, how much is incremental relative to your expectations before the liberation day tariffs?

信中指出，經過數月的供應鏈變革，中國仍將有 2,000 萬美元的銷貨成本受到關稅影響。以 145% 的關稅稅率計算，是否可以合理預期剩餘 2000 萬美元的相關關稅費用約為 3000 萬美元？在 3 月的 8-K 報表中揭露了多少中國關稅費用，關稅影響將低於 1000 萬美元。換句話說，相對於解放日關稅之前的預期，增量是多少？

What is the current annualized level of China COGS that is planned to be shifted to other countries and what level of charges do you expect to incur in the interim? And in the areas where you've already raised prices in response to tariffs, what has been the impact on order volumes? And we had a similar live question that covers most of those same topics, the one that gets added with the live question. Does the $20 million of exposure to China post mitigation efforts account for exposures from third-party suppliers? And if not, what is that total exposure to China, including third-party suppliers?

目前計劃轉移到其他國家的中國銷貨成本的年化水準是多少？您預計在此期間會產生多少費用？在你們已經因關稅而提高價格的地區，這對訂單量有什麼影響？我們有一個類似的即時問題，涵蓋了大多數相同的主題，該問題與即時問題一起添加。採取緩解措施後對中國的 2000 萬美元風險敞口是否包括來自第三方供應商的風險敞口？如果不是，那麼包括第三方供應商在內，對中國的總風險敞口是多少？

Okay. Yeah, let me do my best. Meredith, keep me honest if I haven't picked up on some part of that. So for China sourcing, the math that was in the question is correct, broadly correct, but I need to give a few caveats.

好的。是的，讓我盡力。梅雷迪斯，如果我沒有註意到其中的某些部分，請告訴我實話。因此，對於中國採購而言，問題中的數學是正確的，大體上是正確的，但我需要提出一些警告。

So for the $20 million of COGS that's connected to our direct sourcing in China, after we make changes to our supply chain, that's the number that was referenced in the document last night, yeah, $29 million would be the additional cost that's just 145% times 20. That's not necessarily the net impact on us though, so we have to be careful about that.

因此，對於與我們在中國直接採購相關的 2000 萬美元 COGS，在我們對供應鏈進行更改後，這是昨晚文件中提到的數字，是的，2900 萬美元將是額外成本，僅為 145% 乘以 20。但這不一定對我們的淨影響，所以我們必須對此保持謹慎。

One, we expect to have pricing changes to at least partially offset the tariffs, so that's one. Two, I mean that could lead to lower volume on those particular products, but we also wouldn't accept losses on the sale of any of our goods. So yeah, the net impact would not be the $20 million.

首先，我們預期價格變動至少會部分抵銷關稅，這是其中之一。二，我的意思是這可能會導致這些特定產品的銷售下降，但我們也不會接受任何商品銷售的損失。所以，淨影響不會是 2000 萬美元。

We also will have -- and I think Robert alluded to this, we'll have alternative products available, and so we believe that there's opportunity to reduce exposure either through being able to provide our customers with different products that solve that particular use case or continuing to evolve our supply chain. And we think that you know $20 million is not the end state that is just where we can get to over the the next month and then we can continue to optimize after that, but of course the environment will be changes. So those things will just take a little bit more time.

我們還將擁有——我認為羅伯特提到了這一點，我們將提供替代產品，因此我們相信有機會透過向我們的客戶提供解決特定用例的不同產品或繼續發展我們的供應鏈來減少風險。我們認為，2000 萬美元並不是最終目標，這只是我們下個月可以達到的目標，之後我們可以繼續優化，但當然環境會改變。所以這些事情只需要多花一點時間。

I think keep in mind that where we are after our changes still sourcing product from China, it's likely that competitors are for the same reason because of availability of those particular products or other reasons. But this represents like a really small portion of our products. Our overall COGS for the last 12 months through March was about [$1.7 billion], and so you put it in perspective, it's a very small portion of our product portfolio.

我認為請記住，在我們做出改變之後，我們仍然從中國採購產品，競爭對手很可能出於同樣的原因，因為這些特定產品的可用性或其他原因。但這僅占我們產品的一小部分。截至 3 月的過去 12 個月，我們的整體銷售成本約為 [17 億美元]，因此從這個角度來看，這只是我們產品組合中很小的一部分。

In terms of trying to figure out how much of this is incremental to what we outlined in the 8-K, in the 8-K, we had talked about the impact of $10 million or less. And in that, there was a small amount of impact from the Chinese tariffs. The two things that have moved here to combine and drive a larger impact than that is one, of course, the tariff rate increase for China to 145%, and then the second one is the elimination of the de minimis exemption for Chinese sourced goods. And we're not in that yet, that's planned to take effect on May 2.

在試圖弄清楚其中有多少與我們在 8-K 中概述的內容相比有所增加時，我們在 8-K 中討論了 1000 萬美元或更少的影響。其中，中國關稅的影響很小。有兩件事結合在一起，產生了比這更大的影響：一是，當然，中國的關稅稅率提高到了 145%，二是取消了對中國產商品的最低限度豁免。我們尚未開始實施，該措施計劃於 5 月 2 日生效。

Those aren't finished products that are imported from China, but the materials that we import from China where that's relevant are still impacted by the de minimis exemption because they -- these particular products maintain their country of origin China designation, even though they may be decorated in North America. And so that's why de minimis is still relevant for us on the China part of it.

這些不是從中國進口的成品，但我們從中國進口的相關材料仍然受到最低限度豁免的影響，因為這些特定產品保留了其原產國中國的名稱，即使它們可能是在北美裝飾的。這就是為什麼最低限度原則對於我們在中國問題上仍然具有現實意義。

We haven't disclosed the current amount of the annual cost in terms of our prior sourcing from China. And the reason that we didn't do that is because we've already begun to take action, and so that number would no longer be relevant. But I think it's fair to say that that number would have been substantially higher than the $20 million that we that we referenced.

我們尚未揭露先前從中國採購的年度成本的當前金額。我們沒有這樣做的原因是我們已經開始採取行動，因此這個數字不再有意義。但我認為公平地說，這個數字應該遠高於我們提到的 2000 萬美元。

Finally, just for pricing actions, there was a question about, what are we seeing in terms of impact on demand. We've so far only had to do this for a very limited set of products as of today, and that's because the de minimis exemption, the removal of the de minimis exemption for China has not happened yet. So we don't really have any data to share there in terms of what we're seeing on impact on demand from those price changes.

最後，僅就定價行動而言，有一個問題是，我們看到了對需求的影響是什麼。截至目前，我們只需要對非常有限的一組產品執行此操作，這是因為中國的最低限度豁免尚未取消。因此，就價格變動對需求的影響而言，我們實際上沒有任何數據可以分享。

On the live question there was reference to question on like fill rates and availability and we're not seeing any impact there in terms of availability as yet. And so we don't expect the material impact there from everything that we can see today.

在現場提問中，有關於填充率和可用性的問題，目前我們還沒有看到可用性方面有任何影響。因此，我們預計今天看到的一切不會對那裡產生實質影響。

And then from a 3PF perspective, it is correct that we will have some exposure from 3PF as well that's not part of the $20 million number. The reason that we didn't specifically quantify that's a bit tougher because we don't have full visibility to changes that our 3PFs are making in their supply chain as well, which is a very active topic. And so it's impossible to fully quantify that, but there will be some impact there too.

然後從 3PF 的角度來看，我們也將從 3PF 獲得一些曝光，但這不屬於 2000 萬美元的數字。我們沒有具體量化這一點的原因有點困難，因為我們並不完全了解我們的 3PF 在其供應鏈中所做的改變，這是一個非常活躍的話題。因此，我們不可能完全量化這一點，但也會產生一些影響。

I would categorize that piece of it similarly in terms of the -- that's primarily PPAG where those three PS are are impacted. We will also address any increases there with price to at least partially mitigate any impact. And then, we also there too will address with alternative sourcing, and those conversations are very much active today.

我會根據這部分內容進行類似的分類 - 這主要是 PPAG，其中這三個 PS 受到影響。我們還將透過價格上漲來至少部分減輕影響。然後，我們也將討論替代採購問題，這些討論在今天非常活躍。

And then the last thing I'd say is just what we can see from many of our 3PFs in that space generally, there was a forward buying of inventory prior to tariffs going into a place. And so we're in a period where that inventory is still being run out. And generally, there's been postponement of new buys, and so we're in a period now where that impact of any increased cost hasn't been felt yet. And it's probably unlikely until June in most cases that would start, and then we'll go from there with all the other actions that we've outlined.

最後我想說的是，我們可以從該領域的許多 3PF 中看到，在關稅進入某個地方之前，人們會提前購買庫存。因此，我們正處於庫存仍然短缺的時期。總體而言，新採購已被推遲，因此我們現在處於尚未感受到成本增加影響的時期。大多數情況下，這可能要到 6 月才會開始，然後我們才會採取我們已經概述的所有其他行動。

Thanks, Sean, super helpful. I'm going to stick with you for this next question. Post Liberation Day, April 2, have you given any thought to offsetting tariff and demand related impacts by cutting costs? At what point would you do so?

謝謝，肖恩，非常有幫助。我會繼續回答你的下一個問題。4 月 2 日解放日之後，您是否考慮過透過削減成本來抵消關稅和需求相關影響？什麼時候你會這麼做？

Yeah, certainly, and as a general response I say, yes, we've given it thought we could and would reduce costs as needed. And I mentioned in the earlier remarks today, we have put some constraints in place. But if we were not able to mitigate increased cost or we saw a drop in demand, then we would make adjustments. And I think that we've shown our ability to do that in the past. And so hopefully, that's been clear over the last many years.

是的，當然，作為一般性的回答，我的回答是，是的，我們已經考慮過我們可以並且會根據需要降低成本。我在今天早些時候的發言中提到，我們已經實施了一些限制。但如果我們無法減輕成本增加或看到需求下降，那麼我們就會做出調整。我認為我們過去已經證明了我們有能力做到這一點。所以希望這一點在過去的許多年裡已經很清楚了。

As we disclose each quarter and the spreadsheet that we published on our IR site, we do have a significant amount of cost that's either variable or semi variable in nature, and so we can flex that to the extent that we're seeing impact on demand for certain products. And again, we've done that in the past. As it relates to growth investments and we've indicated this in the release as well, we are maintaining a high bar there, but we have not made any significant changes there.

正如我們每季揭露的內容以及我們在 IR 網站上發布的電子表格所示，我們確實有大量成本，這些成本本質上是可變的或半可變的，因此我們可以根據對某些產品需求的影響程度進行調整。而且，我們過去也曾這樣做過。由於它與成長投資有關，我們也在新聞稿中指出了這一點，我們在那裡保持著很高的標準，但我們沒有在那裡做出任何重大改變。

We think it's important to maintain consistency there where we have conviction. And then, given the fact that we're in the depths of our FY26 planning right now, just, cost awareness is certainly, an important topic that we're focused on.

我們認為，在我們有信念的地方保持一致性非常重要。然後，考慮到我們目前正處於 FY26 規劃的深入階段，成本意識無疑是我們關注的重要主題。

Great. Thanks, Sean. One more for you here as we shift away from the tariff topic, at least for now, can you please give an update on revenue growth? In April to the extent that you're seeing revenue softness thus far in the quarter, is it limited to US-based customers or not? And a related question, can you comment on each segment's revenue performance for the month of April versus last year and what trends have you noticed?

偉大的。謝謝，肖恩。現在我們不再討論關稅話題，至少現在，您能否再向您介紹一下收入成長的最新情況？從您看到四月份本季迄今的營收疲軟來看，這是否僅限於美國客戶？還有一個相關問題，您能否評論一下與去年相比，四月份各部門的收入表現以及您注意到了哪些趨勢？

Yeah, we try to stay away from that generally, but I understand the importance of that question in the current environment. We certainly, you don't get into segment by segment, on an interim basis. But maybe it's just a few things I can provide, we're not going to provide a specific update on April. But the -- I mean I do actually just to start the there's -- it's a little bit complicated by the fact that there's some shift in timing of holidays, with the Easter holiday relative to last year. And then -- and that has an impact on bookings and how backlog moves and so on.

是的，我們通常會盡量避免這個問題，但我明白這個問題在當前環境下的重要性。我們當然不會臨時性地逐一進入各個部分。但也許我能提供的只是一些事情，我們不會在四月提供具體的更新。但是 — — 我的意思是，我確實只是開始 — — 情況有點複雜，因為假期時間與去年相比有所變化，復活節假期也有所不同。然後——這會影響預訂量以及積壓訂單的流動情況等等。

By the way, I should mention that, last year was a leap year, so there was -- that was actually a negative in Q3, which we didn't necessarily call out. But if you were to normalize for the holiday timing, I would describe April as stable to the trends that we were seeing in March, and I would say that across regions. So I think that would be the way I would characterize April.

順便說一句，我應該提一下，去年是閏年，所以這實際上是第三季的負面數據，但我們不一定會指出這一點。但如果要將假期時間標準化，我會將四月的趨勢描述為與三月的趨勢穩定，我會說各個地區都是如此。所以我認為這就是我對四月的描述。

Thank you, Sean. Okay, Robert, this next question is for you. This is the second quarter in a row where we have been surprised by the very low growth at National Pen. Beyond what you shared in the earnings release about the reductions of mail order advertising, what else is driving the lackluster growth here?

謝謝你，肖恩。好的，羅伯特，下一個問題是問你的。這已經是全國筆會連續第二季出現如此低的成長速度令我們感到驚訝了。除了您在收益報告中分享的有關郵購廣告減少的原因之外，還有什麼原因導致了這裡增長乏力？

There really is not much to add beyond what we published last night. Where the growth is happening is in the e-commerce channel and in cross Cimpress fulfillment, especially I think fulfilling for both Vista and our upload and print businesses.

除了我們昨晚發布的內容之外，確實沒有什麼可補充的。成長發生在電子商務管道和跨 Cimpress 履行方面，特別是我認為對 Vista 和我們的上傳和列印業務的履行。

You can see in our disclosures that excluding cross Cimpress fulfillment, Europe is growing and it's North America where the headwinds and National Pen are leading to the low overall growth. That is in the mail order channel, and we are just not seeing enough returns here to justify the past levels of direct mail advertising. So we've reduced that and that has been a drag on revenues this year.

您可以在我們的揭露中看到，不包括跨 Cimpress 履行，歐洲正在成長，而北美的逆風和國家筆導致整體成長率較低。這是在郵購管道，我們只是沒有看到足夠的回報來證明過去的直郵廣告水準是合理的。因此我們減少了這部分開支，這對今年的收入造成了拖累。

Thanks, Robert. I'm going to stick with you for the next couple of questions here. So historically, your business has held up well during economic downturns as people turn to side hustles, and in doing so, need the products that our businesses provide. Is there any reason to believe that this time it's different?

謝謝，羅伯特。我將在這裡繼續回答您接下來的幾個問題。因此，從歷史上看，在經濟低迷時期，當人們轉向副業時，您的企業表現良好，並且在此過程中需要我們企業提供的產品。有什麼理由相信這次情況有所不同嗎？

Well, the specific circumstances of each downturn that we've seen over the past decades have been, of course, different from each other. But generally speaking, Cimpress has outperformed the overall market for printing and similar products during those downturns for the reasons you bring up. The rise of self-employment that comes out of necessity as well as larger companies moving to lower quantities than they had previously and print mass customization players like us are very well suited to address that shift.

當然，過去幾十年來我們所看到的每次經濟衰退的具體情況都是不同的。但總體而言，由於您提到的原因，Cimpress 在經濟低迷時期的表現優於整個印刷和類似產品市場。出於需要而產生的自主創業的興起，以及大公司轉向比以前更少數量的生產，像我們這樣的印刷大規模定製企業非常適合應對這種轉變。

As we enter a down -- or say, if we enter a downturn here, we would, expect to see some of this play out again. That doesn't mean that we're immune to some economic slowdown or muted profitability. But as a company with global operations with scale advantages, a diverse product set, and customer set as well as a strong balance sheet and liquidity, we are able to navigate that quite well. And then there are some, as Sean alluded to, in one of the prior questions, cost levers which we could pull, and we've done that in the past when needed.

當我們進入低迷期時——或者說，如果我們進入低迷期，我們預計這種情況會再次發生。這並不意味著我們不會受到經濟放緩或獲利能力低迷的影響。但作為一家擁有規模優勢、多樣化產品和客戶群以及強大資產負債表和流動性的全球營運公司，我們能夠很好地應對這個問題。正如肖恩在之前的一個問題中提到的那樣，我們可以利用一些成本槓桿，過去在需要的時候我們也這樣做過。

Thanks, Robert. Could you please provide any noteworthy observations on demand trends for our largest submarkets, namely small format, signage, promotional products and apparel, and packaging and labels?

謝謝，羅伯特。您能否就我們最大的子市場（即小型格式、標牌、促銷產品和服裝以及包裝和標籤）的需求趨勢提供任何值得注意的觀察？

Well, as I mentioned in my prepared remarks, the overall observation is that these products, which we now call elevated products, are products that customers typically considered to be more sophisticated. They're newer to the mass customization paradigm which we master so well. They typically have more complex production operations and more complex design processes, and they are all growing rapidly across Cimpress's different businesses.

嗯，正如我在準備好的演講中提到的那樣，總體觀察是，這些產品（我們現在稱之為高端產品）是客戶通常認為更複雜的產品。他們對於我們掌握的大規模客製化模式還不太熟悉。它們通常具有更複雜的生產作業和更複雜的設計流程，並且都在 Cimpress 的不同業務中快速成長。

These are products that often have higher order values. They have very often replenishment needs that are higher than average. They include products that our customers see as part of simply delivering their own products to our customers' customers as opposed to being a discretionary expense. For example, once we become part of a customer's packaging, that requires ongoing purchases for the customer to ship their product.

這些產品的訂單價值通常較高。他們的補貨需求往往高於平均。其中包括我們的客戶視為向我們客戶的客戶交付他們自己的產品的一部分的產品，而不是一項可自由支配的開支。例如，一旦我們成為客戶包裝的一部分，就需要客戶持續購買才能運送他們的產品。

And customers of these elevated products typically have higher lifetime value than Simpress's average and higher retention rates. So they're desirable for us to continue to crack the code on building both a supply chain manufacturing capabilities that are competitive at all quantities our customers want that ranges from very small quantities to pretty large quantities, and importantly, for us to help our customers with the more complicated graphic design needs which we refer to as design enablement.

這些高端產品的客戶通常比 Simpress 的平均產品具有更高的終身價值和更高的保留率。因此，我們希望繼續破解建立供應鏈製造能力的密碼，這種能力在客戶需要的所有數量（從非常小的數量到相當大的數量）上都具有競爭力，而且重要的是，我們可以幫助客戶滿足更複雜的圖形設計需求，我們稱之為設計支援。

And there's a clear need for these products and offering them alongside our more legacy products helps us capture more wallet share of the highest valued customers, and does help us drive leverage of our advertising and our operating expense.

這些產品的需求顯然很大，將它們與我們的傳統產品一起提供，有助於我們贏得更多最高價值客戶的錢包份額，並有助於我們提高廣告和營運費用的槓桿作用。

Now the products we're talking about fall into the categories you just mentioned, signage, promotional products, apparel, packaging, labels. And even within some of the small format marketing materials, there are pockets of fast growing products for us like books, catalogs, and magazines that are elevated compared to simple rectangles on paper like a flyer or a holiday card or a business card. And then there are some parts of these categories that are growing slower decline. And we consider those largely the legacy products like business cards, of course, but holiday cards and the mail order channel at National Pen for writing instruments.

現在我們談論的產品屬於您剛才提到的類別，標示、促銷產品、服裝、包裝、標籤。即使在一些小格式的行銷資料中，也有一些對我們來說成長迅速的產品，例如書籍、目錄和雜誌，與傳單、節日賀卡或名片等紙質簡單矩形相比，它們的價值更高。然後這些類別中的一些部分的成長速度正在下降。當然，我們認為這些主要是名片等傳統產品，但也有節日賀卡和 National Pen 的書寫工具郵購管道。

Thank you, Robert.

謝謝你，羅伯特。

Next question. Can you please describe the competitive landscape, in the complex products which, as we're talking about on this call, the elevated products area versus the legacy products, for example, business card segments? What is the specific gross margin differential between the two broader product lines and why can't price the complex products higher to get higher margins?

下一個問題。能否描述一下複雜產品的競爭格局？正如我們在這次電話會議上討論的那樣，高端產品領域與傳統產品（例如名片領域）的競爭格局如何？兩條更廣泛的產品線之間的具體毛利率差異是多少？為什麼不能將複雜產品的價格定得更高以獲得更高的利潤？

Okay, there's a lot of similarity in what I'll say here with the last question. But yes, there's often a gross margin difference on the various product categories, but it's not always. For example, signage, packaging labels, depending on the type of subcategory, are often having gross margins that can be similar to some of our legacy materials.

好的，我在這裡要說的與最後一個問題有許多相似之處。但是，確實，不同產品類別的毛利率通常存在差異，但並非總是如此。例如，標牌、包裝標籤（取決於子類別的類型）的毛利率通常與我們的一些傳統材料相似。

Promotional products and apparel do tend to have a lower gross margin, but they also rank among some of our most valuable product categories in terms of how much absolute gross profit we generate per customer, which is very distinct from the percentage gross margin. So when you think about gross margin, which you can think of describing a percentage but not an absolute monetary value, I would give you a very simple example.

促銷產品和服裝的毛利率確實往往較低，但就我們為每位客戶創造的絕對毛利而言，它們也屬於我們最有價值的產品類別之一，這與百分比毛利率截然不同。因此，當您考慮毛利率時，您可以將其視為百分比而不是絕對的貨幣價值，我會給您一個非常簡單的例子。

If we make 40%, a relatively low gross margin for us on a $200 promotional product order, we earn $80 in gross profit. If we make 70% gross margin on a $50 business card order, we earn $35 in gross profit. They have different gross margin rates, but the cash flow from the PPAG products are actually quite attractive. So we're not solving for our gross margin percentage, we're solving to improve first and foremost the value we deliver to customers, which then translates to the gross profit per customer. And of course, a high percentage gross margin improves our gross profit.

如果我們在 200 美元的促銷產品訂單中獲得 40% 的毛利率（這對我們來說是一個相對較低的毛利率），那麼我們將獲得 80 美元的毛利。如果我們對 50 美元的名片訂單獲得 70% 的毛利率，那麼我們將獲得 35 美元的毛利。它們的毛利率不同，但 PPAG 產品的現金流實際上相當有吸引力。因此，我們不是在解決毛利率問題，而是先解決如何提高我們向客戶提供的價值，然後將其轉化為每個客戶的毛利。當然，高比例的毛利率會提高我們的毛利。

But if volume drops because of high pricing, and that does not necessarily help. So it's a total revenue times the gross margin that matters. And growing gross profit dollars in a way that delights customers and strengthens their loyalty, increases their lifetime value can be great at driving leverage elsewhere in the P&L, for example, in advertising costs, if we have higher value across our customers or in technology costs in other areas.

但如果因為定價過高而導致銷售下降，那就不一定有幫助了。因此，重要的是總收入乘以毛利率。以讓客戶滿意、增強客戶忠誠度、提高客戶終身價值的方式增加毛利，可以大大提高損益表中其他部分的槓桿作用，例如，如果我們在客戶中擁有更高的價值，或者在其他領域擁有更高的技術成本，那麼就可以提高廣告成本。

So our businesses look at pricing, there's a question you had about why not price higher. Based on what competitors are pricing, we test around the elasticity of demand to figure out where the price the product but at any given quantity. So there's been no recent changes Of any significance in the competitive landscape to either traditional local printers who still serve the majority of this market or with online players, but it is a competitive space.

因此，我們的企業會考慮定價，您可能會問，為什麼不把價格定得更高一些。根據競爭對手的定價，我們測試需求彈性，以確定給定數量的產品價格。因此，無論是對於仍然服務於該市場大部分份額的傳統本地印刷商還是線上印刷商而言，競爭格局近期都沒有發生重大變化，但這是一個競爭激烈的領域。

And we certainly want to ensure we've never become complacent. Just because we're the largest online mass custom customization player in print and the only one with international operations like we have, doesn't mean that we are in any way taking this for granted so we constantly look at pricing and the whole overall value proposition.

我們當然希望確保我們永遠不會自滿。僅僅因為我們是印刷業最大的線上大規模客製化企業，也是唯一擁有國際業務的企業，並不意味著我們以任何方式將此視為理所當然，因此我們會不斷關注定價和整個整體價值主張。

That's why you will hear us talking about strengthening our scale advantages, why we're excited about the years of investment we've made in the re-platforming, investments we're making as an example right now to bring our upload and print production capabilities into the North American market, and all of that should help make it easier to further grow our scale advantages and deliver ever better customer value.

這就是為什麼你會聽到我們談論加強我們的規模優勢，為什麼我們對多年來在重新平台化方面所做的投資感到興奮，例如我們現在正在進行的投資，將我們的上傳和印刷生產能力帶入北美市場，所有這些都應該有助於我們更容易地進一步擴大規模優勢並提供更好的客戶價值。

Going back to competitors, there are great competitors out there. They're nimble, they're focused, and so we have to constantly strive every day to be -- to serve our customers better. That's the way to win. It's a big market, we're never going to have the market to ourselves.

回到競爭對手的問題上，有許多優秀的競爭對手。他們敏捷、專注，因此我們必須每天不斷努力，以便更好地為客戶服務。這才是取勝之道。這是一個巨大的市場，我們永遠不可能獨佔這個市場。

Thanks Robert. Okay, Sean, this next question is for you and it's along a similar vein, so you know I think people can incorporate what they've heard from Robert answering the last few questions for part of the answer to this one.

謝謝羅伯特。好的，肖恩，下一個問題是問你的，它是類似的，所以你知道我認為人們可以結合羅伯特回答前幾個問題的內容來回答這個問題。

What gives management confidence that there's not a fundamentally negative change to the long-term gross margin profile of the business. And then, some new places to add some commentary? How would Cimpress fail in executing on the transformation to higher lifetime value products and what specific guardrails are in place to avoid such pitfalls?

是什麼讓管理階層相信公司的長期毛利率狀況不會發生根本性的負面變化？然後，在哪些新地方需要添加一些評論？Cimpress 為何在向更高終身價值產品轉型的過程中失敗？為了避免此類陷阱，Cimpress 採取了哪些具體的措施？

Sure, yeah, so there's some similarities there to what Robert just outlined. I think, I mean, in general -- and this question comes up, with some frequency, in general, as Robert said too, we don't focus on gross margin, we focus on gross profit. I mean, interestingly, and I'll kind of get back to some of the more recent evolution, but if you take a step back, we used to get this question oftentimes when we started to acquire into our what is now our uploaded print portfolio.

當然，是的，這與羅伯特剛才概述的內容有一些相似之處。我認為，我的意思是，一般來說 - 這個問題經常出現，一般來說，正如羅伯特所說，我們不關注毛利率，我們關注毛利。我的意思是，有趣的是，我會回顧一些最近的發展，但如果你退一步來看，當我們開始獲取現在上傳的印刷品組合時，我們經常會遇到這個問題。

And you know our uploaded print portfolio for a variety of reasons has structurally different gross margins. They're lower than what are, at least at the time when we started to acquire into this businesses, what our gross margins were at the time, so they were kind of gross margin diluted. And we got a lot of questions about that.

而且您知道，由於各種原因，我們上傳的印刷品組合具有結構不同的毛利率。至少在我們開始收購這些業務時，它們的毛利率低於當時的水平，因此它們的毛利率被稀釋了。我們對此有很多疑問。

Well, those businesses have grown their gross profit very significantly. They've grown their profit dollars very significantly, and they've grown their cash flow very significantly. And if you look at it in terms of the return on investment capital as we outlined in some of our annual letters, those businesses that we acquired and upload and print have generated more cash than the invested capital we put in.

嗯，這些企業的毛利成長非常顯著。他們的利潤大幅成長，現金流也大幅增加。如果你從投資資本回報率的角度來看，正如我們在一些年度信函中概述的那樣，我們收購、上傳和印刷的那些業務所產生的現金比我們投入的投資資本還要多。

They're still growing very nicely. They still have a very attractive profit generation, cash flow generation, and so. It's -- it would be difficult to argue that just because there was gross margin dilution, that that was not a good thing like it was definitively a good use of capital and those are great businesses they're just different.

它們仍然生長得很好。他們仍然擁有非常有吸引力的利潤創造、現金流創造等等。很難說僅僅因為毛利率被稀釋就不是一件好事，因為這絕對是資本的良好利用，而且這些都是偉大的企業，它們只是與眾不同而已。

And so you know I think if everything was held constant coming back to like the more recent product mix evolution, if you had constant order size, you have constant repeat rate, constant cost of customer acquisition, constant growth opportunity and so on, of course, then you wouldn't pursue lower gross margins, right? It would be better to have higher gross margins. But the reality is everything isn't constant.

所以你知道，我認為如果一切都保持不變，回到最近的產品組合演變，如果你有恆定的訂單規模，恆定的重複率，恆定的客戶獲取成本，恆定的增長機會等等，當然，那麼你就不會追求更低的毛利率，對吧？毛利率越高越好。但現實是，一切並非一成不變。

And Robert just did some math too on differences by category. I think the upload and print example is another example. And the reality is that where we started, at least in Vista with small format products, and those are relatively simple design, relatively low order values. And once they got to scale, they also had high gross margins for a variety of reasons and that's a great thing.

羅伯特也對不同類別的差異做了一些計算。我認為上傳和列印範例是另一個例子。事實是，至少在 Vista 中，我們開始使用小格式產品，這些產品設計相對簡單，訂單價值相對較低。一旦他們達到規模，由於各種原因，他們也會有很高的毛利率，這是一件好事。

As things evolve, technology evolved, design capabilities evolve, production equipment evolve, all parts of the value chain. More complex products from a production design standpoint started to become possible and be possible to be done in small quantities. And so as that has happened, many of those markets are very large and are still newer to come into an online marketplace. And so there's a nice growth opportunity there. And those products just have some characteristics that are different. The order sizes tend to be larger. As Robert noted, they tend to serve customers that oftentimes have a larger amount of annual spend.

隨著事物的發展，技術在發展，設計能力在發展，生產設備在發展，價值鏈的各個部分也在發展。從生產設計的角度來看，更複雜的產品開始成為可能，並且可以小批量生產。因此，正如所料，許多市場規模都非常大，而且對於進入線上市場來說仍然是個新事物。因此，那裡有一個很好的成長機會。這些產品只是具有一些不同的特性。訂單規模往往較大。正如羅伯特所指出的，他們傾向於為每年消費金額較大的客戶提供服務。

The repeat patterns are different. Things like packaging, the repeat patterns are different. And that's where the growth opportunities. So we're focused on growing gross profit and contribution profit dollars in those categories. We think that's a good thing. How would we fail was part of the question. And yeah, there's certainly plenty of ways that that we could fail. But I think fundamentally, it would be if we're not serving these high value customers really well in a way that makes them customers for life.

重複模式不同。諸如包裝、重複模式等都是不同的。這就是成長機會所在。因此，我們專注於增加這些類別的毛利和貢獻利潤。我們認為這是一件好事。我們將如何失敗是問題的一部分。是的，我們確實有很多可能失敗的地方。但我認為從根本上來說，如果我們沒有好好服務這些高價值客戶，讓他們成為我們的終身客戶，那麼就會出現這種情況。

And I don't know what specific guard rails I would call out to avoid pitfalls. But I think frankly I think that in terms of guard rails that goes back to how we run the business every day. And in these categories, especially as we've pushed deeper into them, we have very clear objectives laid out, key results laid out around those initiatives.

我不知道該採取什麼具體的防護措施來避免陷阱。但坦白說，我認為就護欄而言，這可以追溯到我們每天如何經營業務。在這些類別中，特別是當我們深入研究這些類別時，我們制定了非常明確的目標，並圍繞這些措施制定了關鍵成果。

We have KPIs that we track so we can establish, how we're making progress and where we need to get better. We have clear areas that we've been investing in to attract and retain those customers. And that can range from things like expanding our expert services which we've, talked about in various investor days, providing more assurance, how do we take friction out of the experience, how do we have more dedicated customer care to handle, high value use cases.

我們有可追蹤的 KPI，以便確定我們取得了哪些進展以及哪些方面需要改進。我們有明確的投資領域來吸引和留住這些客戶。這些內容包括擴展我們在各個投資者日討論過的專家服務、提供更多保證、如何消除體驗中的摩擦、如何提供更專業的客戶服務來處理高價值用例等。

And then, all the things that we're doing from a CapEx perspective as well, to have both new product introduction, but also, to be the low cost producer in some of these categories that are newer. And of course we could, we list a number of other things. And so I think really it comes down to the mechanisms that we use to run the business every day and monitor performance, and then making sure that we're talking to customers, and getting feedback that informs our progress.

然後，從資本支出的角度來看，我們所做的所有事情都是既推出新產品，又成為一些較新類別的低成本生產商。當然，我們還可以列出許多其他的事情。因此，我認為這實際上取決於我們每天經營業務和監控績效所使用的機制，然後確保我們與客戶交談並獲得告知我們進展的回饋。

Hey Meredith, I just want to --

嘿，梅雷迪斯，我只是想--

Sorry about that. Thank you very much. I was on mute.

很抱歉。非常感謝。我處於靜音狀態。

No, I was talking -- I was reading the next question, and I was on mute. Sorry about that guys.

不，我正在說話——我正在讀下一個問題，而且我處於靜音狀態。很抱歉，各位。

So we're going to shift to a question on CapEx for you, Sean. CapEx is higher this year, which is what you told us to expect at the beginning of the year. How long do you think this investment cycle will take a few more quarters, or is this a multi-year affair?

因此，肖恩，我們將轉向向您詢問有關資本支出的問題。今年的資本支出較高，這正是您在年初告訴我們的預期。您認為這個投資週期會持續幾個季度，還是會持續數年？

Yeah, the vast majority of the increase that we've had is in our this the business and then in the print group segment. And for the print group, you know we were just talking about the new US facilities that you know that includes the initial build out of the the that new facility, and then also of course the equipment for that facility. And that one, I would characterize as very much a multiyear plan. We'll be increasing the capacity of that facility, we'll be increasing the capabilities that that facility.

是的，我們的成長絕大部分來自該業務以及印刷集團部分。對於印刷集團，您知道我們剛才談到了美國的新設施，其中包括新設施的初步建設，當然還有該設施的設備。我認為這是一個多年計劃。我們將增加該設施的容量，我們將提高該設施的功能。

As for the next year and we'll be doing that, as our trajectory of volumes and revenue are also ramping, and I think, that's that over time, as we continue to put more CapEx into that facility, that will be while that revenue is increasing, given that the facility has been live, so far the CapEx that we've had there has not been generating revenue and gross profits, so you don't see that full through yet.

至於明年，我們將會這樣做，因為我們的產量和收入軌跡也在上升，我認為，隨著時間的推移，隨著我們繼續向該設施投入更多的資本支出，收入也會隨之增加，因為該設施已經投入使用，到目前為止，我們在那裡的資本支出還沒有產生收入和毛利潤，所以你還看不到全部的成果。

So that's one that I would say is a overall a multi-year effort. For the rest, I would characterize the CapEx as primarily ongoing choices that we have rather than a multi-year investment cycle that's like preordained in any way. And yeah, there's maintenance CapEx that we have, there's replacement CapEx for efficiency. And over our history, like you could see that can have some waves to it. And then we do have some larger pieces of equipment that are being replaced with new technology this year.

所以我想說，這是一個總體而言多年的努力。對於其餘部分，我認為資本支出主要是我們持續的選擇，而不是以任何方式預先確定的多年投資週期。是的，我們有維護資本支出，也有為了提高效率的替代資本支出。縱觀我們的歷史，正如你所見，它會產生一些波瀾。今年我們確實有一些大型設備正在被新技術取代。

But on the growth investment side of things, I think, as an example, we have some sizeable CapEx for expansion of our packaging range, which is something that we're excited about. We see starting to impact our results. We think there's more opportunities like that if we're seeing success. But those are all decisions that you will be able to evaluate over time based on the returns that we're generating on similar investment., So it's not necessarily a multi-year investment, we'll take those one at a time as we go and can evaluate progress.

但在成長投資方面，我認為，例如，我們有一些相當大的資本支出用於擴大我們的包裝範圍，這是我們感到興奮的事情。我們看到它開始影響我們的結果。我們認為，如果我們看到成功，就會有更多這樣的機會。但這些都是你能夠根據我們在類似投資中產生的回報隨著時間的推移進行評估的決定。因此，這不一定是一項多年的投資，我們將在進行過程中逐一進行這些決定，並評估進展。

We're still right now in the process of finalizing our fiscal '26 plans. And each year we go through, especially on the CapEx side very much a bottoms up assessment of where we're investing in CapEx. And we evaluate that each year both on individual products, but then also taking a step back in the aggregate and making sure that total number makes sense relative to other opportunities. And I would say just generally that the these CapEx projects have in general have high and predictable returns. And so yeah, we'd want to do them if we're confident that it's a high probability outcome.

我們現在仍在最終確定 26 財年計劃。每年，尤其是在資本支出方面，我們都會自下而上評估我們的資本支出投資。我們每年都會對單一產品進行評估，但也會從整體上進行評估，確保總數相對於其他機會而言是合理的。我想說的是，這些資本支出項目總體上具有高額且可預測的回報。是的，如果我們確信這是一個高機率的結果，我們就會這麼做。

Great, thank you, Sean. I'm going to move on to a question sort of related in thinking about capital allocation and different types of capital allocation, that we can make. So given the current stock price of $40 to $45 a share, how does the company think about share buybacks versus internal investments and debt pay down?

太好了，謝謝你，肖恩。我接下來要討論一個與思考資本配置以及我們可以進行的不同類型的資本配置相關的問題。那麼，鑑於目前每股 40 至 45 美元的股價，公司如何考慮股票回購、內部投資和債務償還？

We know from prior calls that the company targets 12%-plus for OpeEx and CapEx. Given where Cimpress is trading from a cash flow yield perspective, will CapEx in FY26 be more muted to capitalize on the opportunity to repurchase shares? What's management's expectation regarding timing to resume repurchasing shares, assuming no appreciation in share price?

我們從先前的電話會議中得知，該公司的營運支出和資本支出目標是 12% 以上。考慮到 Cimpress 從現金流收益率角度的交易情況，26 財年的資本支出是否會更加溫和，以利用回購股票的機會？假設股價不上漲，管理階層對於恢復回購股票的時間有何預期？

Yeah, sure. First of all, it's absolutely a trade-off that we think about frequently features in our discussions with the board with our across the management team. So it's absolutely a regular feature of our discussions. Specifically, on FY26 CapEx, we're still, as I said, on the prior question, we're still working through our plans there. But as I said too there, we do this bottom is up and we're evaluating individual projects and returns on those, but then we also look at that in the aggregate too and are looking at the returns on those things versus share repurchases. And so that's something that will be factored in, but we're still finalizing the plans on FY26 CapEx.

是的，當然。首先，這絕對是一個權衡，我們在與董事會和管理團隊的討論中經常考慮到這一點。所以這絕對是我們討論的常規內容。具體來說，關於 26 財年的資本支出，正如我之前所說，我們仍在執行我們的計劃。但正如我所說的那樣，我們這樣做是從下往上進行的，我們正在評估單一項目及其回報，但我們也會從總體上看待這些問題，並比較這些項目的回報與股票回購的回報。這是需要考慮的因素，但我們仍在最終確定 26 財年資本支出計畫。

Say, just generally, we'll evaluate the relative returns on all the stuff. And we do have a bias to internal investments like CapEx. Some of the examples I mentioned like expansion of packaging or the expansion of upload and print to the United States, if we think that those are high probability outcomes, then those are things that we're going to want to do. They're beneficial from a growth perspective, they have attractive returns on the capital that we're investing there.

一般來說，我們會評估所有東西的相對回報。我們確實偏向資本支出等內部投資。我提到的一些例子，例如包裝的擴展或上傳和列印到美國的擴展，如果我們認為這些都是高機率的結果，那麼這些就是我們想要做的事情。從成長角度來看，它們是有益的，我們在那裡投資的資本具有很有吸引力的回報。

And then we're looking at all the stuff, also with kind of a wrap around it of a view towards our net leverage target as well, right? So that's a balance, and we've been actively managing that over the last years. And I think I've managed that in a good direction.

然後，我們會審視所有的東西，同時也圍繞著我們的淨槓桿目標來思考，對嗎？所以這是一種平衡，過去幾年我們一直在積極地管理它。我認為我已經朝著好的方向發展了。

The fact that we didn't buy shares in February and March was largely a function of just making sure that we had to handle the tariff situation. It was a situation that was constantly evolving. And frankly, it was one that was quite complex. And once we felt like we had established sufficient clarity, we updated that 8-K in early March. But like things take time and and we want to make sure that we have a handle on things. And so kind of that's where our focus was.

我們在二月和三月沒有買股票，很大程度上是為了確保我們必須處理關稅情況。情況一直在不斷變化。坦白說，這是一個相當複雜的問題。當我們覺得已經夠清晰時，我們會在 3 月初更新 8-K。但事情需要時間，我們希望確保能夠掌控一切。這就是我們的重點。

And then we also, of course, have our state of plans to continue to lever, so that was in the back of our mind as well. But those are tradeoffs that we're going to continue to actively consider, including in Q4. But also, as we move into FY26, And we're in a situation where we have a strong balance sheet, we have strong liquidity.

當然，我們也有繼續利用槓桿的計劃，所以這也是我們考慮的事情。但這些都是我們將繼續積極考慮的權衡，包括在第四季。但同時，隨著我們進入 26 財年，我們的資產負債表強勁，流動性也很強。

We're in a quarter where as we said in the earnings document last night, we expect to be increasing that liquidity in Q4, because it's seasonally a quarter where we have higher profitability and cash flow. So we'll be prepared to seize opportunities. And we'll stay nimble there, but we'll be considering that across the spectrum of these capital allocation choices.

正如我們昨晚在收益文件中所說，我們預計第四季度的流動性將會提高，因為從季節性來看，這是我們盈利能力和現金流更高的一個季度。因此，我們將做好準備，抓住機會。我們將保持靈活，但我們將在整個資本配置選擇過程中考慮這一點。

Thanks, Sean. Okay, we've got a couple of questions coming in about our decision to withdraw guidance. So Sean, I'll stick with you on this one. Please provide color on the rationale for pulling the long term guidance. Is it solely due to the tariff uncertainty or has something else fundamentally changed about management's view of the go forward business opportunity? And another very similar question, but more like thinking about, hey, there's only one more quarter left in the year, considering that we're already one month in, is it really that little visibility over the next few months?

謝謝，肖恩。好的，我們收到了幾個有關我們撤回指導決定的問題。所以肖恩，在這一點上我會支持你。請詳細說明撤回長期指導的理由。這只是由於關稅的不確定性，還是管理層對未來商業機會的看法發生了其他根本性的變化？還有另一個非常相似的問題，但更像是在思考，嘿，今年只剩下一個季度了，考慮到我們已經過去一個月了，未來幾個月的可見性真的那麼小嗎？

Sure. Yeah, I mean, as I said in my prepared remarks and I could completely get the focus on this topic and the question. But as I said, it was given the uncertainty of tariff and trade environment, and then any potential continued changes on that front which, we have seen on a pretty regular basis, and then also any impact on demand where you know that might be relevant we withdrew our guidance. And so yes, it is specifically related to the uncertainty of the tariff and trade environment and any related impacts.

當然。是的，我的意思是，正如我在準備好的演講中所說的那樣，我完全可以集中註意力在這個主題和問題上。但正如我所說，鑑於關稅和貿易環境的不確定性，以及我們經常看到的該方面可能持續發生的任何變化，以及任何可能對需求產生影響的情況，我們撤回了指導。是的，這與關稅和貿易環境的不確定性以及任何相關影響具體相關。

Now I completely get it like, hey, we're sitting here on May 1 and there's only two months left. But like we just, we're trying to forecast and then communicate to all of you what the next two months are going to be like. We just don't think it's that helpful of an exercise given the uncertainties that do exist. And so we are -- we feel like we have a good handle on the impact in terms of what's in our control. We've attempted to lay that out. We hope quite clearly including in the 8-K that we provided in early March. But then also the updates that we've provided last night.

現在我完全明白了，嘿，我們已經到了 5 月 1 日，只剩下兩個月了。但就像我們剛才所說的，我們試著預測並向大家傳達未來兩個月的情況。考慮到確實存在的不確定性，我們只是認為這種做法沒什麼幫助。因此，我們覺得，就我們能控制的事情而言，我們能夠很好地應對影響。我們已嘗試將其闡明。我們希望在 3 月初提供的 8-K 中明確體現這一點。但我們也昨晚提供了更新。

And then, we had long-term guidance in place and including over the last three months, frankly. And I'm not so sure that long-term guidance over the last three months provided anyone, more certainty when the tariff discussion became the focus. And so we're going to continue to operate the business as we have communicated a lot on where our long term focus is, what our objectives are, and so hopefully that's been clear and you none of that changes. That's where we're going to continue to focus and then we'll have an opportunity three months from now to update you on our progress.

然後，坦白說，我們已經制定了長期指導，包括過去三個月的指導。當關稅討論成為焦點時，我不太確定過去三個月的長期指導是否為任何人提供了更多的確定性。因此，我們將繼續經營業務，因為我們已經多次就我們的長期重點、我們的目標進行溝通，希望這些都很清楚，並且不會發生任何改變。這就是我們將繼續關注的重點，三個月後我們將有機會向您通報我們的進度。

Thanks, Sean. Robert, going to switch to you on this next one. Did you re-evaluate your leverage target during the quarter? What's driving the net 2.5 times leverage target? Seems unusually low, is the target independent of where the stock price is trading at?

謝謝，肖恩。羅伯特，下一個話題就交給你了。您是否在本季重新評估了您的槓桿目標？是什麼推動了 2.5 倍淨槓桿目標？看起來異常低，目標是否與股票價格的交易位置無關？

Well, no, we've not changed the net leverage target. We've talked in the past about why we came up with that target and everyone's going to have different views on this. We have shown our ability to delever but also to flex the variability of our cost structure in the past. So we could argue that we could handle higher leverage. But we've discussed this extensively, and the main reason is that when there's volatility, we want to be able to stay focused on doing the right things and not have to do anything unnatural because of leverage.

嗯，不，我們沒有改變淨槓桿目標。我們過去曾討論過為什麼提出這個目標，每個人對此都會有不同的看法。我們過去已經展現出去槓桿的能力，同時也展現出靈活調整成本結構的能力。因此我們可以說我們可以處理更高的槓桿。但我們已經對此進行了廣泛的討論，主要原因是，當出現波動時，我們希望能夠專注於做正確的事情，而不必因為槓桿而做任何不自然的事情。

That target is independent of where the share price is because the policy does provide flexibility to increase for the right opportunities, and that very much includes share repurchases which, as we said today and last night, we considered to be very attractive right now. The reality is it will take us longer than we originally envisioned to get to that 2.5. Because of the opportunities you're alluding to in others, but we still view this as an appropriate destination, again, for the reasons I just discussed.

該目標與股價無關，因為該政策確實提供了在適當機會時增加的靈活性，這在很大程度上包括股票回購，正如我們今天和昨晚所說的那樣，我們認為現在非常有吸引力。實際情況是，我們要花比最初預想的更長的時間才能達到 2.5 的目標。由於您在其他地方提到的機會，但我們仍然認為這是一個合適的目的地，同樣，出於我剛才討論的原因。

Thanks, Robert. So related topic, did you mention leverage as a guardrail, share repurchases and their other capital allocation, so we've had a couple questions on share repurchases from different angles. One of them, what drove the halt in stock purchases if you loved it at $69 a share, why not $59 or $49. And then the other side of that coin that just came in live to be able to cope with potentially really bad economic conditions, for example, a deep recession without raising expensive new capital. And given your negative working capital, should you not be cautious with the buybacks and avoid a rerun of pre-COVID buybacks which with hindsight were too aggressive?

謝謝，羅伯特。那麼相關主題，您是否提到了槓桿作為護欄、股票回購及其其他資本配置，所以我們從不同角度對股票回購提出了幾個問題。其中之一是，如果您喜歡每股 69 美元的股票，那麼為什麼不喜歡每股 59 美元或 49 美元的股票呢？而另一方面，它能夠應對潛在的非常糟糕的經濟狀況，例如深度衰退，而無需籌集昂貴的新資本。考慮到您的營運資本為負，您是否應該謹慎對待回購併避免重蹈疫情之前的回購覆轍（事後看來，這些回購過於激進）？

Sean, if you want to take that one.

肖恩，如果你想拿那個的話。

Yeah, and seeing the live questions come in like that, there's obviously different perspectives on this and depending on kind of where you sit in the market. We mentioned in the earning stock we purchased a little under $4 million in January, and then we didn't do anything in February, March, and as I previously mentioned as well. The reason for that was because we want to make sure we had a good handle on what was a pretty complex and dynamic topic still is and. And so we didn't do any share repurchases.

是的，看到這樣的現場問題，顯然對此有不同的看法，這取決於你在市場中的位置。我們在獲利股票中提到，我們在一月份購買了不到 400 萬美元的股票，然後在二月、三月以及我之前提到的那樣，我們什麼也沒做。這樣做的原因是，我們想確保我們能夠很好地掌握這個相當複雜和動態的話題。因此我們沒有進行任何股票回購。

And so maybe go into the second question first. I think that behavior indicates that we are being thoughtful about when uncertainty increases, making sure that we're not putting ourselves in a position where we're tying up liquidity that might be needed, and we end up having to raise expensive capital or something like that we are far -- like are we far away from that. But we of course have learned from what we experienced in the pandemic. So that led us to be to not act in February and March. So to that question, I think you can see our behavior factor in those things in.

所以也許我們先來討論第二個問題。我認為這種行為表明，我們正在認真考慮不確定性何時會增加，確保我們不會讓自己陷入可能需要的流動性的困境，最終我們不得不籌集昂貴的資金或類似的東西，我們離那還很遠嗎？但我們當然從疫情中的經歷中吸取了教訓。所以這導致我們在二月和三月不採取行動。所以對於這個問題，我想你可以看到我們的行為因素。

On the other side of it in terms of, we bought a $69 why not the lower levels, we bought just under $4 million in January, not particularly huge sum. And then once the executive actions, sorry, executive orders came across that first weekend in February, which happened to be just after our last earnings release. We didn't do anything further after that. And again, we thought it was important to first prioritize making sure that we have the appropriate handle on the situation. And from what we've outlined, we think that we do and we'll go forward from there.

另一方面，我們以 69 美元的價格購買了，為什麼不購買較低等級的呢，我們在一月份購買了不到 400 萬美元，並不是特別大的金額。然後，一旦行政行動，對不起，行政命令在二月的第一個週末就到來了，這恰好是在我們上次發布收益之後。此後我們就沒再做任何事了。我們再次強調，我們認為首先要確保能夠妥善處理局勢。從我們概述的內容來看，我們認為我們確實做到了，並且會從那裡繼續前進。

Thanks, Sean. All right, we've got time for one more question and a sign off from Robert.

謝謝，肖恩。好的，我們還有時間再回答一個問題，然後由羅伯特簽字結束。

So Robert, other than stock repurchases, what other factors are you focused on to increase the likelihood that the price of Cimpress's shares will better reflect our true and intrinsic value?

那麼羅伯特，除了股票回購之外，您還關注哪些其他因素來增加 Cimpress 股價更能反映我們真實和內在價值的可能性？

Okay, first and foremost and way ahead of share repurchases is constantly improving the value we deliver to our customers. Markets change, customer needs change, they evolve and. Improving that customer value on an ongoing basis is absolutely the most important driver of a great future. So that's where we are focused.

好的，首先也是最重要的，在股票回購之前，我們要不斷提高我們為客戶提供的價值。市場在變化，客戶需求在變化，它們也在發展。持續提高客戶價值絕對是美好未來的最重要驅動力。這就是我們關注的重點。

In the end, success there will drive free cash flow per share and that's what matters. Now we -- really, that's what we're focused on. Next, I think we do recognize the consistency of results and leverage levels are aspects that we think have an impact on the stock price. And so we certainly want to be aware of that and we're, we've spoken about in the past.

最終，成功將推動每股自由現金流，這才是最重要的。現在我們——實際上，這就是我們關注的重點。接下來，我認為我們確實認識到業績的一致性和槓桿水平是我們認為會影響股價的方面。因此，我們當然希望意識到這一點，而且我們過去也曾談論過這一點。

And then in the end, what it really comes down to is how we allocate capital on where we can invest it or pay down debt or use it in the different uses of capital deployment that we can control. So we do try to be transparent and consistently communicate with all of our shareholders, all of our debt holders about where we are focused, where we're investing, what we're getting in return for that, and how those things can impact again our share value over time.

最後，真正的關鍵在於我們如何分配資本，將其投資於何處，償還債務，或將其用於我們可以控制的不同資本部署用途。因此，我們確實努力保持透明，並與我們所有的股東、所有的債權人保持持續溝通，告訴他們我們的重點是什麼、我們的投資方向是什麼、我們能得到什麼回報，以及這些因素將如何隨著時間的推移再次影響我們的股價。

And share value for me is really the underlying ability of to generate cash per share after everything, after taxes after interest, etc. And then our share price will move around that. We don't like where it is right now, but we just have to keep growing the core cash flow capabilities of the business. And if that's not appropriately reflected our share price, we certainly will look to take advantage of that ourselves.

對我來說，股票價值實際上就是扣除所有稅費、利息等後每股產生現金的潛在能力。然後我們的股價就會圍繞著這個價值波動。我們不喜歡現在的狀況，但我們必須繼續提高業務的核心現金流能力。如果這不能適當地反映我們的股價，我們肯定會尋求自己利用這一點。

So with that, let me wrap up the call. So thank you very much for your time today. We continue to execute on exactly the same strategy we talked about with you last September and the investor day. We talked about you, with you before that and to navigate this very strange environment of tariffs that we are all across the economy trying to deal with.

好了，現在讓我結束本次通話。非常感謝您今天抽出時間。我們將繼續執行去年九月和投資者日與您討論過的完全相同的策略。在此之前，我們與您討論過您，並討論如何應對我們整個經濟領域都在努力應對的這種非常奇怪的關稅環境。

There are a lot of good signs of strategic, progress happening across Cimpress. I'm very confident that we're going to continue to strengthen how we deliver value to our customers. We are facing as we've talked about in the past, some headwinds and some legacy products. But there are huge markets where we're growing fast. And we are -- despite the current period of tariff adversity, we feel very comfortable that that transition is going to continue to be a success.

Cimpress 正在出現許多策略進展的良好跡象。我非常有信心，我們將繼續加強為客戶提供價值的方式。正如我們過去談到的，我們正面臨一些阻力和一些遺留產品。但在巨大的市場中，我們正在快速成長。儘管目前正處於關稅困境之中，但我們非常有信心，這一過渡將繼續取得成功。

So let me wrap up by saying thank you to all of you for joining the call. Thank you for continuing to entrust your capital with us and have a great day.

最後，請允許我對參加此次電話會議的所有人表示感謝。感謝您繼續將您的資金委託給我們，祝您有美好的一天。

And this concludes the program, and you may now disconnect.

程式到此結束，您現在可以斷開連線了。