Cimpress PLC (CMPR) 2026 Q3 法說會逐字稿

Welcome to the Cimpress third-quarter fiscal year 2026 earnings call. I will now introduce Meredith Burns, Vice President of Investor Relations and Sustainability. Please go ahead.

歡迎參加 Cimpress 2026 會計年度第三季財報電話會議。現在我將介紹投資人關係與永續發展副總裁 Meredith Burns。請開始。

Thank you, Lisa, and thank you everyone for joining us. With us today are Robert Keane, our Founder, Chairman, and Chief Executive Officer, and Sean Quinn, EVP and Chief Financial Officer. We appreciate the time that you've dedicated to understand our results, commentary, and 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 live via the questions and answers box at the bottom left on the screen.

謝謝你，Lisa，也謝謝各位今天加入我們。今天與會的有我們的創辦人、董事長兼執行長 Robert Keane，以及執行副總裁兼財務長 Sean Quinn。感謝各位撥冗了解我們的業績、評論與展望。本次即時問答將持續約 45 分鐘左右，我們會回答事先提交與現場提出的問題。您可透過螢幕左下角的問答框即時提交問題。

Before we start, I will note that in this session, we'll 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 earnings document we published yesterday on our website. We also have published non-GAAP reconciliations for our financial results on our IR website, and we invite you to read all of those.

在開始之前，我要提醒各位，本次會議中我們將就未來發表陳述。由於風險因素，我們的實際結果可能與這些陳述存在重大差異；相關風險因素已在我們向 SEC 提交的文件，以及我們昨日在網站上發布的財報文件中詳加說明。我們也已在投資人關係網站上發布財務結果的非 GAAP 調節表，並邀請各位閱讀上述所有資料。

Now, I will turn things over to Robert Keane.

現在，我把時間交給 Robert Keane。

Thanks, Meredith, and thank you to our investors for joining us today. Before Sean reviews our Q3 financial results and our guidance updates, I'll share my thoughts on the recent progress we've made on the strategic and the operational themes that we've covered in detail in our annual letter of July 29 and in our September Investor Day.

謝謝你，Meredith，也感謝各位投資人今天加入我們。在 Sean 回顧我們第三季財務結果與更新指引之前，我將分享我對我們近期在策略與營運主題上所取得進展的看法；這些主題我們已在 7 月 29 日的年度信函以及 9 月的投資人日中做了詳細說明。

Our Q3 earnings document highlights recent examples in a number of categories. First, elevated products are fueling a step function improvement in our per customer lifetime value and our wallet share. Every quarter, we're improving our ability to help millions of businesses build their brands, stand out, and grow thanks to our customized physical marketing products and branded merchandise.

我們的第三季財報文件在多個類別中強調了近期的例子。首先，高階產品正推動我們每位客戶終身價值與錢包占有率的躍升式改善。每一季，我們都在提升協助數百萬家企業打造品牌、脫穎而出並成長的能力，這得益於我們客製化的實體行銷產品與品牌商品。

One metric which demonstrates our progress is that Vistaprint's variable gross profit per customer grew 13% year-over-year in Q3, and that's also our 13th consecutive quarter of growth in this metric. We see similar themes in our Upload and Print businesses as well. Second, investments in the Cimpress MCP, in our manufacturing operations, in cross-Cimpress fulfillment, and in artificial intelligence are reducing COGS and operating expenses while increasing the velocity of new product introductions and user experience improvements.

一項能展現我們進展的指標是：Vistaprint 在第三季每位客戶的可變毛利年增 13%，這也是該指標連續第 13 季成長。我們在 Upload and Print 業務中也看到類似的趨勢。第二，對 Cimpress MCP、製造營運、跨 Cimpress 履約，以及人工智慧的投資，正在降低銷貨成本（COGS）與營運費用，同時提升新產品導入與使用者體驗改善的速度。

In the earnings document, we provide multiple examples of where we are leveraging our deep expertise and scale advantages in manufacturing, where we're using AI to improve customer experiences and to drive operating leverage. Also, where we're using our shared software services to reduce costs and improve performance, and where we are growing the collaboration between our businesses, for example, deploying shared marketing capabilities.

在財報文件中，我們提供了多個例子，說明我們如何運用在製造方面的深厚專業與規模優勢，如何使用 AI 改善客戶體驗並帶動營運槓桿；也說明我們如何透過共享軟體服務降低成本並提升績效，以及如何強化各事業之間的協作，例如部署共享的行銷能力。

And third, we continue to march along a clear path to fiscal 2028 adjusted EBITDA of at least $600 million and significantly lower leverage. Progress in the areas I just spoke about has allowed us to start driving down the cost of goods sold and drive up the operating efficiencies that support our previously communicated plan to achieve these financial results.

第三，我們持續沿著清晰的路徑邁進，目標是在 2028 會計年度達成至少 6 億美元的調整後 EBITDA，並顯著降低槓桿。我剛才提到的各項進展，使我們得以開始降低銷貨成本並提升營運效率，從而支持我們先前所溝通、用以達成這些財務成果的計畫。

Our gross profit is growing in part due to the scale advantages we have in manufacturing, new product introductions, and many production optimizations within our plants and between Cimpress businesses. We expect more financial benefits in fiscal '27 and fiscal '28 as larger COGS efficiencies from ongoing manufacturing network optimizations kick in. And our new production facility startup costs, which are currently burdening our P&L, shift to incremental profitability thanks to volume growth.

我們的毛利成長，部分來自我們在製造方面的規模優勢、新產品導入，以及工廠內部與 Cimpress 各事業之間的多項生產優化。隨著持續進行的製造網路優化帶來更大幅度的 COGS 效率改善逐步到位，我們預期在 2027 與 2028 會計年度將獲得更多財務效益。而目前正拖累損益表的新生產設施啟動成本，將隨著產量成長而轉為帶來增量獲利。

Additionally, we drove advertising efficiency in Q3 while continuing to grow revenue and gross profit. We expect more here in the coming years as we launch more elevated products that grow our wallet share with higher value customers. We also implemented several OpEx reductions this quarter that will generate annualized savings of -- excuse me, of $11 million between Vistaprint and National Pen.

此外，我們在第三季提升了廣告效率，同時持續成長營收與毛利。隨著未來幾年我們推出更多高階產品、提高高價值客戶的錢包占有率，我們預期在這方面還會有更多成果。本季我們也實施了多項營運費用（OpEx）削減措施，將在 Vistaprint 與 National Pen 之間帶來年化節省——抱歉——共 1,100 萬美元。

In last year's earnings -- I'm sorry, in last night's earnings release, we announced two tuck-in acquisitions that we made in April. The first is PrintBrothers' acquisition of 85% of Truyol. They're the Spanish leader for elevated brand building print, packaging, and signage products. This acquisition allows us to expand our product offering into higher end products while capturing immediate cost synergies through materials and shipping savings, which we bring due to our much larger purchasing power.

在去年的財報——抱歉，在昨晚的財報新聞稿中，我們宣布了兩項於 4 月完成的小型併購（tuck-in acquisitions）。第一項是 PrintBrothers 收購 Truyol 85% 的股權。Truyol 是西班牙高階品牌打造之印刷、包裝與標示（signage）產品的領導者。此收購使我們得以將產品組合擴展至更高端的產品，同時憑藉我們更大的採購力，透過材料與運輸節省立即取得成本綜效。

Second, we've taken a 50% stake with operating control in Mixam. That will marry Mixam's market-leading customer experience from books, catalogs, and magazines with the Print Group's manufacturing strength and their experience for these products. Both of these are in our Upload and Print segment and we see them as great examples of where we can allocate capital to tuck-in acquisitions.

第二，我們取得 Mixam 50% 的持股並擁有營運控制權。這將把 Mixam 在書籍、型錄與雜誌方面市場領先的客戶體驗，與 Print Group 的製造實力及其在這些產品上的經驗結合起來。這兩項交易都屬於我們的 Upload and Print 部門，我們認為它們是我們能將資本配置於小型併購的絕佳例子。

We expect each of these acquisitions to generate base case returns on our capital well in excess of 20%. They continue a string of about a half dozen acquisitions within our Upload and Print segments over the past three years. And they are positioning us to bring our mass customization capabilities into the core of the very large markets, which still remain offline with traditional and less competitive production techniques.

我們預期這兩項收購在基本情境下對資本的報酬率都將遠高於 20%。它們延續了過去三年我們在 Upload and Print 部門約半打的收購案，並使我們得以把大規模客製化能力帶入規模龐大的核心市場；這些市場目前仍多在線下，採用傳統且競爭力較弱的生產技術。

We always horse race the capital we allocate to acquisitions against share repurchases, against debt reduction, and against organic capabilities development. We generally have a higher hurdle rate for acquisitions given their typically higher risk. However, our experience in these particular types of tuck-ins is that they are proving to be relatively low risk because of the attractive prices we're paying relative to the post-synergy cash flow. In other words, they're proving to be relatively low risk, high return capital outlays.

我們一向會把配置於收購的資本，與庫藏股回購、減債以及有機能力建置進行比較與取捨。我們通常對收購設定更高的門檻報酬率，因為其風險往往較高。然而，我們在這類特定 tuck-in 的經驗顯示，由於我們支付的價格相對於綜效後的現金流相當具吸引力，因此其風險相對較低。換言之，這些資本支出正被證明是相對低風險、高報酬。

So to sum it up, we're executing well, and we remain confident in our multi-year plan to significantly grow profits and to significantly reduce our net leverage. We are strengthening the value we deliver to customers, increasing operational efficiency, and accelerating the velocity with which we drive these improvements. We still have more work to do to deliver the shareholder returns we expect, but we are on the right path, and our path is clear.

總結來說，我們執行良好，並且對我們多年期計畫仍具信心：大幅提升獲利並顯著降低淨槓桿。我們正在強化交付給客戶的價值、提升營運效率，並加快推動這些改善的速度。為了實現我們所期望的股東報酬，我們仍有更多工作要做，但我們走在正確的道路上，而且路徑清晰。

Now, I'll turn things over to Sean to discuss the financial results of the quarter and our outlook.

現在，我把時間交給 Sean，請他說明本季的財務結果與我們的展望。

Great. Thanks a lot, Robert, and thanks everyone for joining us today. Cimpress delivered a strong third quarter. Our adjusted EBITDA surpassed $100 million for the first time in a Q3 period, growing 11% year-over-year. And with strong year-to-date execution, we're again raising our fiscal '26 revenue and profit guidance, which I'll go through in a moment.

很好。非常感謝你，Robert，也謝謝各位今天加入我們。Cimpress 第三季表現強勁。我們的調整後 EBITDA 在第三季期間首次突破 1 億美元，年增 11%。憑藉年初至今的強勁執行力，我們再次上調 2026 會計年度的營收與獲利指引，我稍後會逐一說明。

Consolidated Q3 revenue grew 12% on a reported basis and 4% on an organic constant currency basis. Reported revenue was again aided by currency tailwinds and also the acquisition in our PrintBrothers segment that we completed during the second quarter. Vistaprint revenue grew 7% on a reported basis and 3% on an organic constant currency basis. The expected decline in business cards and stationery was more than offset by growth in our elevated products.

合併第三季營收以報告基礎計年增 12%，以有機固定匯率基礎計年增 4%。報告營收再次受惠於匯率順風，亦受惠於我們在第二季完成的 PrintBrothers 部門收購案。Vistaprint 營收以報告基礎計年增 7%，以有機固定匯率基礎計年增 3%。名片與文具的預期下滑，已被我們高階產品的成長所抵銷。

As we noted in last night's release, severe weather in North America dampened results during January and February, and then we saw an acceleration in growth in March. Our Upload and Print businesses combined organic constant currency revenue grew 8%, driven by order count growth and cross-Cimpress fulfillment, with support also from regional elections. Reported revenue for these businesses grew 26% combined with currency benefits and again, the tuck-in acquisition that we made in Q2, which contributed $15 million to reported revenue during the quarter.

如同我們在昨晚的發布中所提到的，北美的惡劣天氣在一月與二月壓抑了業績表現，隨後我們在三月看到成長加速。我們的 Upload 與 Print 業務合計之有機固定匯率營收成長 8%，主要由訂單數成長與跨 Cimpress 履約所帶動，區域性選舉亦提供支撐。這些業務的報告營收在匯率利多的加持下合計成長 26%，此外，我們在第二季完成的補強型收購亦再次帶來貢獻，於本季為報告營收增加 1,500 萬美元。

Turning to profitability, adjusted EBITDA was $100.5 million in Q3, an increase of $9.8 million year-over-year. Q3 consolidated gross profit grew 10%, the result of revenue growth, cost improvements, benefits from currency, and again, the tuck-in acquisition. And we did have $3.3 million of production startup costs for the expansion of our North American production network, which weighed on EBITDA, although that was mostly offset by currency benefits of $2.7 million in the quarter.

轉向獲利表現，第三季調整後 EBITDA 為 1.005 億美元，年增 980 萬美元。第三季合併毛利成長 10%，主要來自營收成長、成本改善、匯率利多，以及同樣來自該補強型收購的貢獻。我們也因擴張北美生產網路而產生 330 萬美元的生產啟動成本，對 EBITDA 造成壓力，不過本季 270 萬美元的匯率利多大致抵銷了其影響。

Adjusted free cash flow declined to $23.9 million to an outflow of $54.6 million. As I think most of Q3 for us is typically a seasonal working capital outflow. That working capital outflow was higher this year, mostly due to timing, but also unfavorable currency movements on working capital. Cash taxes were also about $5 million higher compared to last year.

調整後自由現金流下滑至 2,390 萬美元，並轉為流出 5,460 萬美元。我認為對我們而言，第三季多半通常是季節性的營運資金流出。本年度營運資金流出較高，主要是時點因素所致，但也受到營運資金上不利匯率變動的影響。現金稅亦較去年增加約 500 萬美元。

From a balance sheet perspective, net leverage at the end of Q3 was 3.0 times our trailing 12 months EBITDA. That's as calculated under our credit agreement. And that's consistent with last quarter, despite the fact that we repurchased approximately 288,000 shares at an average price of $76 per share in Q3. Maybe just as a point of reference, we have not purchased any shares in April.

從資產負債表角度來看，第三季末的淨槓桿為過去 12 個月 EBITDA 的 3.0 倍（依我們的信貸協議計算）。儘管我們在第三季以每股平均 76 美元回購約 288,000 股，該水準仍與上季一致。作為參考，我們在四月並未回購任何股份。

Turning now to our guidance, we again raised our revenue and profit expectations for fiscal 2026 based on the strong Q3 results, but also our expectations for the remainder of the year. It's worth noting that we do expect to experience cost increases associated with recent increases in energy and oil prices, and that is factored into this updated guidance.

接著談到我們的指引，基於第三季強勁的業績表現以及我們對本財年剩餘期間的預期，我們再次上調 2026 財年的營收與獲利展望。值得注意的是，我們預期近期能源與油價上漲將帶來相關成本增加，且已反映在本次更新的指引之中。

For the full year, we now expect revenue growth of 9% to 10% after incorporating the recent acquisitions and currency benefits, and that translates to 4% to 5% growth on an organic constant currency basis. We expect net income of at least $87 million and adjusted EBITDA of at least $465 million. We expect operating cash flow of approximately $298 million to $303 million and adjusted free cash flow of approximately $130 million to $135 million. And we expect net leverage to be at or below 3.0 times by the end of fiscal 2026. That is also a slight improvement from our prior guidance.

就全年而言，在納入近期收購與匯率利多後，我們目前預期營收成長 9% 至 10%，換算為有機固定匯率基礎則為 4% 至 5% 的成長。我們預期淨利至少 8,700 萬美元，調整後 EBITDA 至少 4.65 億美元。我們預期營業現金流約 2.98 億至 3.03 億美元，調整後自由現金流約 1.30 億至 1.35 億美元。我們也預期在 2026 財年末，淨槓桿將達到或低於 3.0 倍，這也較我們先前的指引略有改善。

As we start to look now ahead to fiscal '27, we're going to provide more specifics with our year-end release in July. We thought it was appropriate to start to share a little bit more as we expect to take another significant step towards our fiscal '28 targets next year in terms of adjusted EBITDA growth. We're still finalizing our plans for fiscal '27, but we do expect adjusted EBITDA growth next year to be in excess of 10%.

當我們開始展望 2027 財年時，我們將在七月的年終發布中提供更多細節。我們認為適度提前分享一些資訊是合宜的，因為就調整後 EBITDA 成長而言，我們預期明年將再朝 2028 財年目標邁出另一個顯著步伐。我們仍在敲定 2027 財年的計畫，但我們確實預期明年的調整後 EBITDA 成長將超過 10%。

And we also expect to have meaningful growth in adjusted free cash flow, and I think it's worth spending a few minutes here. Our free cash flow conversion this year was lower. That was expected based on the guidance that we have had in place throughout the year. Capital expenditures and cash taxes were both higher this year. And then there's also some timing in working capital. And I just mentioned that was unfavorable for Q3.

我們也預期調整後自由現金流將有顯著成長，我認為值得在此花幾分鐘說明。今年我們的自由現金流轉換率較低，這是符合我們全年以來所提供的指引預期。今年資本支出與現金稅均較高。此外，營運資金也存在一些時點因素，而我剛才提到第三季在這方面是不利的。

From a working capital perspective, there's nothing structural to that. It's really, for us, it's not unusual to have some variability there. In fiscal '27, we expect the growth that we'll have in adjusted EBITDA that I just referenced greater than 10%, to have much more flow-through to free cash flow. And I'll just go through a couple components there to set expectations.

就營運資金而言，這並非結構性問題。對我們來說，該項目出現一定程度的波動並不罕見。在 2027 財年，我們預期剛才提到的調整後 EBITDA 成長（超過 10%）將更大幅度地轉化為自由現金流。我也將就其中幾個組成項目做簡要說明，以建立預期。

Capital expenditures we expect to still be at similar levels to this year as we complete the ongoing projects that we have in place. But we do expect capitalized software to be relatively flat. We expect cash taxes to be lower next year, and we expect working capital inflows to be more favorable. And so when you put that all together, we expect to have significant free cash flow growth in fiscal 2027.

我們預期資本支出仍將維持在與今年相近的水準，因為我們將完成現有的進行中專案。但我們確實預期資本化軟體支出將大致持平。我們預期明年的現金稅將較低，且預期營運資金流入將更為有利。因此，綜合以上因素，我們預期 2027 財年的自由現金流將顯著成長。

And as Robert noted earlier, we do remain confident in our ability to deliver our fiscal '28 targets, which I'll again reiterate as 4% to 6% organic constant currency revenue growth, at least $200 million in net income, adjusted EBITDA of at least $600 million, adjusted EBITDA to free cash flow conversion of approximately 45%. Just doing the math, that implies at least $270 million of free cash flow. And from a leverage perspective, we expect to exit fiscal '27 with net leverage of approximately 2.5 times and exit fiscal '28 with net leverage below 2.0 times, subject to capital allocation choices.

此外，如 Robert 先前所提到的，我們仍對達成 2028 財年目標的能力充滿信心；我再次重申該等目標為：有機固定匯率營收成長 4% 至 6%、淨利至少 2 億美元、調整後 EBITDA 至少 6 億美元、調整後 EBITDA 轉換為自由現金流約 45%。簡單計算一下，這意味著自由現金流至少約 2.7 億美元。就槓桿而言，我們預期在 2027 財年結束時淨槓桿約為 2.5 倍，並在 2028 財年結束時淨槓桿低於 2.0 倍，惟仍取決於資本配置選擇。

Each quarter this year, we've provided increased visibility to the pillars of how we'll meet those fiscal 2028 targets. And of course, we still have more to go. If you go back to our September Investor Day, I went through a session that walked from fiscal '25 adjusted EBITDA to the at least $600 million in fiscal '28. And in each of those pillars, we've made good progress. I just wanted to run through them each quickly now.

今年每一季，我們都提高了外界對我們將如何達成 2028 財年目標之各項支柱的可見度。當然，我們仍有更多工作要做。如果回顧九月的投資人日，我曾進行一個環節，說明如何從 2025 財年的調整後 EBITDA 走到 2028 財年至少 6 億美元。在每一個支柱上，我們都取得了良好進展。我現在想快速逐一帶過。

Starting with the growth in fiscal 2026, our latest guidance that I just went through is now $15 million higher than the guidance that we started the year with. We still feel good about the $70 million to $80 million in efficiency gains. We had in that bridge, the midpoint there, $75 million, that we expect to have exiting fiscal 2027. And we touched on some tangible examples of these initiatives in last night's earnings and throughout the call so far today. But just to reiterate, we have meaningful COGS efficiencies from manufacturing projects from our work with focused production hubs and cross-Cimpress fulfillment.

先從 2026 財年的成長開始，我剛才說明的最新指引，已較我們年初提出的指引高出 1,500 萬美元。我們對 7,000 萬至 8,000 萬美元的效率提升仍感到樂觀。在那個橋接分析中，其中位數為 7,500 萬美元，我們預期在 2027 財年結束時可實現。我們在昨晚的財報以及今天截至目前的電話會議中，也提到了一些這些計畫的具體例子。再重申一次，我們透過聚焦的生產樞紐與跨 Cimpress 履約所推動的製造專案，帶來了顯著的銷貨成本（COGS）效率提升。

From an AI standpoint, we're seeing productivity improvements, and that extends well beyond the examples that we provided in the letter. Increased collaboration between Vistaprint, National Pen, and BuildASign, including shared software services and marketing capabilities is starting to take hold. And other operating cost efficiencies, including the $11 million of annualized cost reductions that we've already actioned between Vistaprint and National Pen late in Q3, as we talked about as well in the release last night.

從 AI 的角度來看，我們正看到生產力提升，而且這遠不僅限於我們在信函中提供的例子。Vistaprint、National Pen 與 BuildASign 之間更緊密的協作（包括共享軟體服務與行銷能力）也開始發揮效果。另有其他營運成本效率提升措施，包括我們在第三季末於 Vistaprint 與 National Pen 之間已採取行動、可年化 1,100 萬美元的成本削減，正如我們昨晚發布內容中也提到的。

Our work on this one's not done in terms of the overall cost savings, but we remain confident in our ability to deliver this pillar, and these are clear examples of our progress. The next pillar is the planned start-up cost, which we expect to roll off as planned. That one is just math. On the M&A front, we touched on this in the letter as well, but with the three tuck-in acquisitions this year, we expect contribution in fiscal 2027 to be approximately $125 million of revenue and $13 million of adjusted EBITDA. That's well above the $10 million of adjusted EBITDA over a two-year period that was in that bridge. And so we're ahead of plan there.

就整體成本節省而言，我們在這一項上的工作尚未完成，但我們仍有信心能交付這個支柱，而上述皆是我們進展的明確例證。下一個支柱是規劃中的啟動成本，我們預期將如計畫般逐步消退；那一項基本上就是數學問題。在併購（M&A）方面，我們在信函中也有提到，今年的三項補強型收購預期在 2027 財年貢獻約 1.25 億美元營收與 1,300 萬美元的調整後 EBITDA。這遠高於該橋接分析中所列、兩年期間合計 1,000 萬美元調整後 EBITDA 的目標，因此我們在這方面已超前進度。

Currency contribution is also tracking ahead of plan as well. The original contribution of which was set at $10 million total for fiscal '27 and '28 combined in that bridge. We're tracking ahead of that. And then the last pillar was just mathematically, what do you have to believe from organic growth contribution to get to at least $600 million of adjusted EBITDA?

匯率貢獻也同樣領先於計畫。原先在那個橋接分析中，設定的原始貢獻為 2027 與 2028 兩個財年合計 1,000 萬美元。我們目前的進度超前於此。然後最後一個支柱純粹是數學問題：要至少達到 6 億美元的調整後 EBITDA，你必須相信來自有機成長貢獻會是多少？

And when you update for everything I just stepped through, that leaves a minimal contribution needed from organic growth over the next few years to get to at least $600 million of adjusted EBITDA. Our results for this year and the momentum that we're building based on the progress that Robert outlined earlier leaves us confident here as well. Achieving these fiscal 2028 targets will generate very meaningful per share free cash flow growth and also significantly reduce our net leverage. From the Board down through our teams, we're laser-focused on this.

當你把我剛才逐一說明的所有因素都更新納入後，接下來幾年要達到至少 6 億美元調整後 EBITDA，所需的有機成長貢獻就只剩下最低限度。我們今年的成果，以及基於 Robert 先前所概述的進展所建立的動能，也讓我們在這方面同樣有信心。達成這些 2028 財年的目標，將帶來非常可觀的每股自由現金流成長，並且也會大幅降低我們的淨槓桿。從董事會到各個團隊，我們都高度聚焦在這件事上。

And so with that, Meredith, let's turn it over to questions.

那麼，Meredith，接下來我們把時間交給提問。

(Event Instructions) We did have a few pre-submitted questions, and then we'll jump into live questions as we get them.

（活動說明）我們確實有幾個事先提交的問題，接著我們會在收到後進入現場提問。

So our first question is for you, Sean. Can you explain why currency is benefiting operating income and EBITDA, but it had a negative impact on free cash flow this quarter?

第一個問題是給你，Sean。你能解釋一下，為什麼匯率對營業利益與 EBITDA 有利，但本季卻對自由現金流造成負面影響嗎？

Truly. Yeah. That's been a theme throughout the year that currency has benefited adjusted EBITDA. And as I just said in the remarks on our forward-looking guidance as we -- really for fiscal '28, but it's true for fiscal '27 as well. We continue to expect currency to be favorable year-over-year in '27 and '28 from an adjusted EBITDA perspective. And that really just has to do with the direction of travel of our main currencies relative to the dollar. The euro being our largest net exposure from an adjusted EBITDA perspective.

確實。是的。今年以來一直有個主題，就是匯率對調整後 EBITDA 有利。正如我剛才在我們前瞻性指引的說明中提到的——主要是針對 2028 財年，但對 2027 財年也同樣成立——我們仍預期從調整後 EBITDA 的角度來看，2027 與 2028 財年的匯率將呈現年對年有利。這主要與我們主要貨幣相對於美元的走勢方向有關。其中，從調整後 EBITDA 的角度來看，歐元是我們最大的淨曝險。

And we have a currency hedging program where we average in over each quarter for some currencies over a two-year period, for some currencies over a one-year period, depending on our forecast visibility. And so that means that as rates change, there's a little bit of a delayed effect of when we either benefit or get hurt from those currency changes. And right now, we're certainly in this, in this period of getting help from that.

我們有一套外匯避險計畫：對某些貨幣，我們在兩年期間內按每季分批平均進場；對另一些貨幣，則是在一年期間內，取決於我們對預測能見度的掌握。因此，當匯率變動時，我們何時受益或受損會有一點延遲效果。而目前，我們確實正處於從中獲得助益的階段。

So that's the story from an adjusted EBITDA perspective. And like I said, because we average in each quarter and we contract out for our largest exposures over a two-year period, that gives us visibility also to what we expect in fiscal '27 and fiscal '28, which will continue in the direction of positive impact.

以上就是從調整後 EBITDA 角度的故事。如我所說，因為我們每季平均進場，且對最大曝險以兩年期合約鎖定，這也讓我們對 2027 與 2028 財年的預期具備能見度，而影響方向將持續為正面。

So then, on the -- we mentioned that the currency impact on working capital was negative. That operates under a little bit of a different dynamic. And what we saw in Q3, I mean, just to do the kind of maybe an illustration of how the math works, we have -- at the end of a December quarter, we typically have a bunch of liabilities in our working capital that then get flushed out in Q3, and the opposite is true in Q2 and Q4.

接著，關於——我們提到匯率對營運資金的影響是負面的。這背後的運作動態有些不同。我們在第三季看到的情況是：我用一個例子來說明數學怎麼算——在 12 月季度結束時，我們的營運資金通常會有一批負債，之後會在第三季被沖刷（支付）掉；而在第二季與第四季則相反。

And so if you think about it, at the end of December of 2024, I don't have the rates in front of me, but I think the euro, that's our largest exposure, the euro was at, I think [EUR1.04] or thereabout. And at the end of December of 2025, it was somewhere around [EUR1.16]

所以你可以這樣想：在 2024 年 12 月底，我手邊沒有即時匯率，但我記得歐元——也就是我們最大的曝險——大約在 [EUR1.04] 左右。而在 2025 年 12 月底，則大約在 [EUR1.16] 附近。

And so if you imagine you have, just for illustration, EUR100 million of liabilities that'll flush through in Q3, at the end of December 2024, that was worth $104 million. At the end of December 2025, that was worth $116 million, in US dollar terms, and so that has a negative impact when you have an outflow quarter from working capital. The opposite is true as well, right? So in Q2, because it's a large working capital inflow quarter, also for Q4, the quarter that we're now in, is typically a large working capital inflow quarter. There we benefit from that dynamic.

因此，如果你想像有（僅為示意）1 億歐元的負債會在第三季沖刷掉，那在 2024 年 12 月底，換算成美元是 1.04 億美元；在 2025 年 12 月底，換算成美元則是 1.16 億美元。當你遇到營運資金為流出的一季時，這就會造成負面影響。反過來也一樣，對吧？所以在第二季，因為是營運資金大量流入的一季；同樣地，在我們現在所處的第四季，通常也是營運資金大量流入的一季，在那裡我們就會從這個動態中受益。

So that's all normal stuff. And over the course of a year tends to even out and certainly over a multiyear period. That was the dynamic that we had in Q3.

所以這些都是正常現象。拉長到一年通常會趨於抵銷，當然在多年期間更是如此。這就是我們在第三季所遇到的動態。

Thank you, Professor Quinn. All right. I'm going to go to Robert for the next question. Robert, here's some more math. This is a fun call. We got a lot of math. Robert, am I calculating correctly that you paid $35 million for three acquisitions that are expected to yield $13 million of adjusted EBITDA next year? Is that less than 3 times forward EBITDA, or am I missing something?

謝謝你，Quinn 教授。好，接下來我要把下一題交給 Robert。Robert，這裡又有一些數學題。這通電話很有趣，我們有很多數學。Robert，我算得對嗎：你用 3,500 萬美元買了三項收購案，而它們預期明年可帶來 1,300 萬美元的調整後 EBITDA？那是不是不到 3 倍的前瞻 EBITDA，還是我漏了什麼？

Your math is correct. But it is important to note that that math is based on our consolidated reporting, and we have two of the acquisitions where we purchased less than 100% because the Founder of each of those has stayed active and kept his investment or each of their investments in the businesses they founded. And we really like that. It creates great aligned incentives for both Cimpress and the founder.

你的計算是正確的。但需要注意的是，這個計算是基於我們的合併報表口徑；而其中兩項收購，我們買的不到 100%，因為各自的創辦人仍保持活躍，並保留了他在自己創立的企業中的投資（或各自保留其投資）。我們非常喜歡這樣的安排，因為這能為 Cimpress 與創辦人雙方創造高度一致的激勵。

But as we noted, we bought 85% of Truyol. We expect to pay for the full acquisition amount, the 85% over three years. So not of all that is upfront, but it will be a small use of cash in fiscal '27 and '28. We also bought 50% of Mixam. So the implied valuation is higher if you're calculating off the enterprise value of 100% ownership. That being said, even if you adjust for that, we paid very attractive multiples of both profit, of EBITDA, of cash flow, and our base case returns on the capital are also very attractive with a relatively short payback.

但如我們所提到的，我們收購了 Truyol 的 85%。我們預期會在三年內支付完整的收購對價，也就是那 85% 的部分。因此並非全部都是一次性前期支付，但在 2027 與 2028 財年會是小幅的現金使用。我們也收購了 Mixam 的 50%。所以如果你以 100% 持股的企業價值（enterprise value）來計算，隱含估值會更高。即便如此，就算你做了這樣的調整，我們支付的倍數仍非常具吸引力——無論是以獲利、以 EBITDA、或以現金流來看；而我們在資本上的基本情境報酬也非常吸引人，回收期相對較短。

Thank you, Robert. Okay, a question for Sean on leverage. Sean, how will you be able to keep net leverage at 3 times trailing twelve-month EBITDA at the end of Q4 when you have already spent $25 million on M&A in April and your free cash flow guidance has come down?

謝謝你，Robert。好，接下來是一題關於槓桿的問題，給 Sean。Sean，當你在 4 月已經在併購上花了 2,500 萬美元，而且你的自由現金流指引也下修時，你要如何在第四季末仍把淨槓桿維持在過去十二個月 EBITDA 的 3 倍？

Yeah. The way it works under our credit agreement is we're able to take credit for trailing 12 months EBITDA when we do an acquisition. So we don't get just what is in our reported results, but we look back over a 12-month period. And that makes sense. We also get to take pro forma benefit from any synergies that we expect to have. And really -- there we're limited to the things that are under our control. So that tends to be the things that are on the cost side procurement savings and the like.

是的。我們在信貸協議下的運作方式是：當我們進行收購時，可以把過去 12 個月的 EBITDA 納入計算。因此我們不只是看已揭露的報表結果，而是回溯 12 個月期間。這樣做是合理的。我們也可以把預期的協同效益以備考（pro forma）方式納入。至於這部分——我們主要受限於那些在我們可控範圍內的項目，所以通常是成本端的事項，例如採購節省等。

The updated guidance that we provided for at least $465 million, that implies further year-over-year EBITDA growth in Q4. And so obviously that plays into the leverage expectations for the end of Q4 as well. And then if you do the math on our full year free cash flow guidance as is typical, like Q4 is a large free cash flow quarter. And we do expect significant free cash flow in Q4 as well. At the midpoint of the guidance range, it's somewhere around $80 million if you just do that math. So that's how you get to the leverage guidance that we provided.

我們更新後提供的指引是至少 4.65 億美元，這意味著第四季的 EBITDA 將進一步年對年成長。因此這當然也會影響第四季末的槓桿預期。然後，如果你用我們全年自由現金流指引來做計算，如同以往，第四季是一個自由現金流很大的季度。我們也確實預期第四季會有顯著的自由現金流。以指引區間的中點來看，如果你直接算一下，大約是 8,000 萬美元左右。這就是我們如何達到所提供的槓桿指引。

And then just referencing back to the prior question as well that Robert just answered, we did pay less than 3 times for the recent M&A because of the dynamics that Robert just went through.

另外也回到前一個問題、也是 Robert 剛剛回答的部分，基於 Robert 剛才提到的那些動態因素，我們近期的併購（M&A）交易確實是以不到 3 倍的估值完成的。

Thank you. Sean, I'm going to stick with you on this next one. We get this question every quarter. Can you please comment on each segment's revenue performance in the month of April versus last year? What trends have you noticed?

謝謝。Sean，下一題我想繼續請你回答。這題我們每一季都會被問到。你能否評論一下各事業部在 4 月份相較去年同期的營收表現？你觀察到哪些趨勢？

Yeah. We try not to get into too much detail on a particular month's performance. And so we'll stay true to that here. But yeah, I think -- I mean -- I think the main takeaways, and I can understand why this question gets asked, especially in the current environment. I think the key takeaways are, one we felt comfortable increasing our guidance for the full year. Obviously, we only have one quarter left, and so that's based on what we're seeing in April. It's also based on our forecast for the rest of the year. So I think that's a signal of confidence.

是的。我們通常不會就某一個月份的表現講得太細，所以這裡也會維持一貫做法。不過我想——我的意思是——我認為主要重點是，而且我也理解為什麼在目前環境下大家會問這題。關鍵重點有幾個：第一，我們有信心上調全年指引。很明顯地，我們只剩下一季，所以這是基於我們在 4 月看到的情況，也基於我們對今年剩餘期間的預測。因此我認為這是一個信心訊號。

I know that there's obviously a lot of focus right now on the health of SMBs, the health of consumers from a demand perspective. And I'll just say we haven't seen a change there in April. And so we feel good about the updated guidance that we provided. And again, I'll just also reiterate the guidance that we have provided, which is increased for revenue and profitability, does also consider increased fuel and energy costs in that guidance. And we will have some of that in Q4.

我知道目前市場非常關注中小企業（SMB）的健康狀況，以及從需求面來看消費者的健康狀況。我只想說，我們在 4 月並沒有看到那方面有變化。因此我們對我們所提供的更新指引感到樂觀。另外我也再重申一次，我們所提供、且已上調的營收與獲利指引，也已把燃料與能源成本上升納入考量。我們在第四季也會承受其中一部分影響。

Thanks, Sean. Robert, I'm going to shift to you for the next one. You bought some shares this quarter, and your Board authorized more purchases. That was in March, for anybody who missed it, $200 million authorization that replaced the last one. Will there be more repurchases in Q4?

謝謝，Sean。Robert，下一題我想轉給你。你這一季買了一些自家股票，而董事會也核准了更多回購。那是在 3 月，給沒注意到的人補充一下，是一項 2 億美元的授權，取代了上一個授權。第四季還會有更多回購嗎？

So we don't provide forward guidance about repurchases but I will describe how we think about it. It's the same as we've said many times before. First of all, we do want to repurchase shares when we think they are undervalued, and we do think our shares are still undervalued, although less so than earlier this year.

我們不會對回購提供前瞻性指引，但我可以說明我們的思考方式。這跟我們過去多次說過的一樣。首先，當我們認為股價被低估時，我們確實希望回購股票；而我們也認為目前股價仍然被低估，只是相較今年稍早低估程度沒那麼大。

Second, like any capital allocation, we horse race share repurchases against other options, and we're in a cycle of higher-than-normal CapEx, where we see excellent returns. And as we discussed a few moments ago, we have some very attractive tuck-in M&A acquisition opportunities. So we just have to take those into account.

第二，和任何資本配置一樣，我們會把股票回購與其他選項放在一起比較取捨；而我們目前正處於資本支出（CapEx）高於常態的週期，且我們看到非常好的報酬。同時，如同我們剛才提到的，我們也有一些非常具吸引力的補強型（tuck-in）併購機會。因此我們必須把這些因素一併納入考量。

And third, just the cash available, we are solving for a number of different things in fiscal '26. Sean's talked about higher cash taxes, unfavorable net working capital timing, and very importantly, our commitment to deleverage, plus the normal seasonality of business. So we do have a very strong balance sheet, strong liquidity. We think we'd be able to continue to have attractive capital allocation opportunities in the future.

第三，關於可用現金，我們在 2026 財年需要同時解決多個面向。Sean 已談到較高的現金稅負、不利的淨營運資金時點，以及非常重要的——我們去槓桿（deleverage）的承諾，再加上業務的正常季節性。因此我們的資產負債表非常強健、流動性也很充裕。我們認為未來仍能持續擁有具吸引力的資本配置機會。

We certainly will continue to look at share buybacks as a use of that. But again, I would go back to that leverage once again because we have called for our net leverage to be below, at or below 3 times by the end of this quarter. And it's really something that's important to us to achieve.

我們當然會持續把股票回購視為其中一種資金用途。但我還是要再回到槓桿這點，因為我們已經提出目標：在本季結束時，我們的淨槓桿要低於、或至少不高於 3 倍。這是我們非常重視、也一定要達成的事情。

Thanks, Robert. Okay, Sean, a question for you. Based on everything you went through at the opening of the call, why aren't you updating your FY28 targets at this point? I know you said there's still work to do on the cost savings piece, but every other part of that bridge was favorable.

謝謝，Robert。好，Sean，這題給你。根據你在電話會議開場所說的所有內容，為什麼你現在不更新 28 財年的目標？我知道你說成本節省那一塊還有工作要做，但那座橋的其他部分看起來都是正向的。

Yeah. I think it's a fair question and I fully expected that question. If you take a step back, we put these targets in place, I think the first time we started to talk about them was in Robert's letter to investors at the end of July, so we're talking about less than one year ago. And that was just after we finished a year where we did a little over $430 million in adjusted EBITDA. So at the time, we were basically saying that we'd grow our adjusted EBITDA around 40%, I think it's, yeah, 39% or something over the next three years. And also with pretty sizably improved free cash flow conversion on that as well.

是的。我覺得這是個合理的問題，而且我完全預期會被問到。退一步看，我們訂下這些目標，我想第一次開始談是在 7 月底 Robert 給投資人的信中，所以距今還不到一年。而那是在我們剛結束一個年度、調整後 EBITDA 略高於 4.3 億美元之後。當時我們基本上是在說，未來三年我們的調整後 EBITDA 會成長約 40%，我想是——對，大概 39% 左右。同時，自由現金流轉換率也會有相當幅度的改善。

And so that's a lot of growth, just to keep things in perspective. But when we put the targets in place, we did it as this at-least framework. And we had that in the guidance that we've used throughout this year as well. So that, of course, means could be higher.

所以這是很大的成長，先把事情放在正確的脈絡下。但當我們訂下這些目標時，我們是以「至少」的框架來設定。而我們今年一路使用的指引中也採用同樣表述。當然，這也意味著結果可能更高。

From the Board down through the management team, we're completely committed to delivering what we said we would do. And hopefully, it's clear from what we outlined at the beginning of the call earlier that we're making good progress, and we're confident that we'll meet or exceed those targets. But we still have a long way to go. Our updated guidance for fiscal ;26 that we just went through is $465 million, so yeah, we still have a long way to go to make sure that we deliver against the at least $600 million over the next two or so years.

從董事會到管理團隊，我們完全致力於交付我們所承諾的成果。希望從我在會議一開始所概述的內容可以清楚看出，我們進展良好，也有信心達成或超越這些目標。但我們仍有很長的路要走。我們剛剛說明的 2026 財年更新指引是 4.65 億美元，所以是的，我們還需要做很多，才能確保在接下來大約兩年內達到至少 6 億美元。

In our view, I think if you, if you just model out what the free cash flow per share would be in fiscal '28 based on the targets that we have, and also with knowledge that that would also imply significantly lower leverage, and that's part of our targets as well. I don't think that these fiscal '28 targets are today reflected in how we're valued.

在我們看來，如果你把我們的目標套進模型，推算 2028 財年的每股自由現金流會是多少，並且也知道這同時意味著槓桿將顯著降低——這也是我們目標的一部分——我不認為市場目前的估值已反映這些 2028 財年目標。

And so we'll keep updating each quarter on our progress, but we're going to leave our fiscal '28 targets as they are. There are certainly areas that we're ahead of plan based on what I shared earlier. And so I think the main takeaway for investors should be that the probability of achievement has continued to increase each quarter based on the progress that we're making and the specific examples that we've shared. And it is an at-least framework, so we're certainly -- we certainly could end higher. But we have two years to go, and we don't want to get ahead of ourselves because we want to be sure that if we provide a committed target that we we're sure that we hit it.

因此我們會每一季持續更新進度，但我們會維持 2028 財年目標不變。確實有一些領域，我們相較計畫已經超前，這點我先前也分享過。所以我認為投資人應該掌握的重點是：基於我們取得的進展與我們分享的具體例子，每一季達成的機率都在提高。而這是「至少」的框架，所以我們當然——我們確實可能更高。但我們還有兩年時間，我們不想操之過急，因為如果要提供一個承諾性的目標，我們希望非常確定能達成。

Great. Thank you, Sean. Sean, I'm going to stick with you for the next few questions here. So first up, are you able to estimate how much of a revenue benefit the Upload and Print business has got from regional elections during Q3?

很好，謝謝你，Sean。Sean，接下來幾題我會繼續請你回答。第一題，你能否估算在第三季期間，Upload and Print 業務因各地區選舉而獲得多少營收上的助益？

Yeah. We don't -- we didn't break that out. Every quarter there's always some change in activity. And this quarter there happened to be in some countries in Europe, some nice volume growth attached to regional elections, and that tends to impact a few products in particular. It wasn't like the dominant trend by any stretch, but it definitely was a help, including in France. And -- but we were not going to break out that specifically. But for posters, flyers there was definitely some help there.

是的。我們沒有把那部分拆出來。每一季活動量都會有些變化，而這一季剛好在歐洲某些國家，因地區選舉帶動了一些不錯的量增，而這通常會影響到幾個特定產品。這絕不是主導趨勢，但確實有幫助，包括在法國也是——不過我們不會特別把它拆開來說。但就海報、傳單而言，確實有一些助益。

It's sometimes hard to break, like the -- it's not like we can see it, overall, in the volume, but it's not like we're scanning the content of every order and then trying to categorize that as if we're an election or not. So that's why it's a little bit difficult to break that out, and we don't seek to do that externally. But definitely helped this quarter.

有時候很難把它拆分出來，像是——我們不太可能在整體成交量中直接看得出來，但也不是說我們會去掃描每一筆訂單的內容，然後再嘗試把它分類成好像是在選舉相關或不是選舉相關。因此這就是為什麼要把它拆分出來有點困難，而且我們也不會對外這麼做。不過它確實在本季有所幫助。

Thanks, Sean. Next question for you. Can you provide more color on the weather disruptions to Vistaprint's revenue in January and February?

謝謝你，Sean。下一題想請教你。你能否更詳細說明 1 月和 2 月天氣干擾對 Vistaprint 營收的影響？

Yeah. Look, if you'll recall, in each of January and February, there were some very significant snowstorms. And typically, like if -- we'll look at bookings for each day on a map, right? And so, you can see that, you can see that by state, year-over-year trends, et cetera. You can get more specific than that if you really want to drill down even further geographically. But imagine you're looking at a map, and you can see a bunch of green and red based on year-over-year bookings.

可以。你看，如果你還記得的話，在 1 月和 2 月各自都有一些非常嚴重的暴風雪。一般來說——我們會把每天的預訂情況放在地圖上看，對吧？所以你可以看到，你可以按州來看、看年對年趨勢等等。如果你真的想再往下鑽得更細，還可以在地理上更具體。但你可以想像你在看一張地圖，根據年對年預訂情況，你會看到一堆綠色和紅色。

Typically, what would happen when there is a severe snowstorm is all the impacted states that you might expect if it was happening in the Northeast or if it was happening in the Midwest or whatever, you could see very clearly in that visualization the states that are impacted. And yeah, that's pretty normal stuff. And one of the things that was different about the large storm that hit in January was that it also, across the Southeast there were significant issues with the electrical grid freezing and winds and freezing rain.

通常，當有嚴重暴風雪時，無論是在東北部發生、或是在中西部發生等等，你都能在那個視覺化圖上非常清楚地看到哪些州受到影響。對，這算是很正常的情況。而 1 月那場大型風暴不同之處在於，它也在東南部造成了顯著問題，包括電網結冰、強風以及凍雨。

And so where were a lot of states where there were significant power outages, and of course, that impacts people's both focus on coming to Vistaprint in this case, and ordering what they need. But also, ability, right, because they were they had power outages.

因此有很多州出現大規模停電，當然，這會影響人們在這種情況下是否把注意力放在來 Vistaprint、以及下單購買他們需要的東西。同時也影響到他們的能力，對吧，因為他們停電了。

So we can see -- when that happens, we can see it very clearly, like what states are impacted or whatever. And that was just a broader impact than what we would typically see when there's a snowstorm in the winter months. And so that's what we're referring to, and it's a real thing. It has a real impact.

所以我們可以看到——當這種情況發生時，我們能非常清楚地看到哪些州受到影響等等。而這次的影響範圍比我們在冬季月份遇到暴風雪時通常看到的要更廣。所以我們指的就是這件事，而且這是真實存在的，確實會造成實質影響。

That dampened the results in January. There were some similar storms in February that were pretty severe. And then as we got to the towards the end of February and then into March in Vistaprint, we saw a definitive acceleration in results, leading to overall a strong quarter for Vistaprint.

這壓抑了 1 月的表現。2 月也有一些類似且相當嚴重的風暴。然後到了 2 月底、進入 3 月，在 Vistaprint 我們看到結果明顯加速，最終使 Vistaprint 整體本季表現強勁。

Thanks, Sean. Okay. And can you provide more color on the cost increases that you expect from energy prices, and will you look to offset that with price increases?

謝謝你，Sean。好，那你能否再多談談你預期能源價格帶來的成本上升？你們會透過漲價來抵消嗎？

Yeah. Well, there's, obviously energy prices or oil prices are at some point an input to a lot of our either raw materials or logistics costs, inbound freight, outbound freight. So there's certainly impact. Some of that impact is a little bit delayed, depending on the respective supply chain for the particular material. On the logistics side of things, again, for inbound freight, outbound logistics, that's a little bit more real time.

會的。嗯，顯然能源價格或油價在某種程度上是我們許多原物料或物流成本（進口運費、出貨運費）的投入因素，所以一定會有影響。其中一部分影響會有些延遲，取決於特定材料各自的供應鏈。在物流方面，同樣地，對於進口運費與出貨物流，那就更偏即時。

The way a lot of our, for example, outbound logistics work is that contractually there's a fuel surcharge that is a variable that can go up or down depending on where oil prices are and if they're outside of a certain bound. And so -- anyway, so the cost the cost increases will happen, they're real, and I think that's to be expected.

以我們的出貨物流為例，合約上通常有燃油附加費（fuel surcharge）這個變動項目，會依油價水準、以及是否超出某個區間而上調或下調。總之——成本上升會發生，這是實際存在的，我認為這也是可以預期的。

We do expect that in large part, we would be looking to pass these on from a price standpoint, and to the extent that the increase, specifically in oil prices and the flow through that impact that has on logistics costs, especially for outbound logistics, that also then as hopefully those prices at some point normalize, that we would then bring that back down. And so there's -- certainly, we'll have some cost impact in Q4. It's not overly material, but it's notable. And we do expect that -- much of that will be offset by price increases, yeah.

我們確實預期在很大程度上會從定價角度把這些成本轉嫁出去；而且就油價上升及其對物流成本（尤其是出貨物流）的傳導影響而言，也希望當這些價格在某個時間點回歸正常時，我們也會把價格再調回來。所以——Q4 肯定會有一些成本影響，雖然不算特別重大，但值得注意。我們也預期——其中大部分會透過漲價來抵消，是的。

Thank you, Sean. That brings us to the end of our pre-submitted and live questions. So I'm going to turn the call back over to Robert to wrap things up.

謝謝你，Sean。以上就是我們預先提交與現場提問的最後一題。接下來我會把電話會議交回給 Robert 來做總結。

Thanks, Meredith. The key takeaways from our announcement today are we've raised our FY26 revenue and profit guidance for the second time. And we certainly expect to end the year, the fiscal year with net leverage that is more favorable than our prior guidance. Strategically and operationally, we're progressing in key areas that I discussed briefly today, that we covered in much more detail in my July letter to investors and in our September Investor Day. At the top level, what we continue to do is enable millions of businesses to build their brand, stand out, and grow by leveraging our core competitive strengths to manufacturing and supply chain excellence, and by continuing to improve the customer experience and to drive efficiency gains.

謝謝你，Meredith。今天公告的重點結論是：我們第二次上調了 FY26 的營收與獲利指引。而且我們確實預期在本財年結束時，淨槓桿（net leverage）會比先前指引更有利。在策略與營運面，我們在我今天簡要提到的幾個關鍵領域持續推進；這些內容我在 7 月給投資人的信中，以及 9 月的投資人日（Investor Day）上都有更詳細的說明。從最高層面來看，我們持續在做的事情，是運用我們核心競爭優勢——製造與供應鏈卓越能力——來協助數以百萬計的企業打造品牌、脫穎而出並成長，同時持續改善客戶體驗並推動效率提升。

Our ongoing progress reinforces our confidence in our path to fiscal '28 EBITDA of at least $600 million and approximately 45% free cash flow conversion, coupled with significant reductions in net leverage. And achieving that result should really drive significant returns for long-term investors. So I'll wrap up by saying thank you again for joining the call and thank you for continuing to entrust your capital with us. Have a great day.

我們持續的進展強化了我們對於邁向 2028 財年 EBITDA 至少 6 億美元、以及約 45% 自由現金流轉換率（free cash flow conversion）的信心，同時也將伴隨淨槓桿的大幅下降。達成這樣的成果，確實應能為長期投資人帶來可觀回報。最後我想再次感謝各位參與本次電話會議，也謝謝各位持續把資本託付給我們。祝各位有美好的一天。

This does conclude today's program. Thank you all for joining, and you may disconnect.

今天的活動到此結束。感謝各位參與，您現在可以掛線。