Edgewell Personal Care Co (EPC) 2025 Q4 法說會逐字稿

Good morning and welcome to Edgewell's fourth-quarter and fiscal year 2025 earnings call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加 Edgewell 2025 財年第四季及全年業績電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Chris Gough, Vice President-Investor Relations. Please go ahead.

現在我將把會議交給投資人關係副總裁克里斯高夫。請繼續。

Good morning, everyone, and thank you for joining us this morning for Edgewell's fourth quarter of fiscal year 2025 earnings call. With me this morning are Rod Little, our President and Chief Executive Officer; and Fran Weissman, our Chief Financial Officer. Rod will kick off the call and hand it over to Fran to discuss our 2025 results and full-year fiscal 2026 outlook. We will then transition to Q&A. This call is being recorded and will be available for replay via our website www.edgewell.com. Also, please refer to our website for a separate press release detailing the company's plan to divest its feminine care business.

各位早安，感謝大家今天上午參加 Edgewell 2025 財年第四季財報電話會議。今天早上和我在一起的有我們的總裁兼執行長羅德·利特爾，以及我們的財務長弗蘭·韋斯曼。Rod 將首先主持電話會議，然後交給 Fran 討論我們 2025 年的業績和 2026 財年全年展望。接下來我們將進入問答環節。本次通話正在錄音，錄音回放可透過我們的網站www.edgewell.com取得。此外，請訪問我們的網站查看另一份新聞稿，其中詳細介紹了公司剝離女性護理業務的計劃。

During this call, we may make statements about our expectations for future plans and performance. This might include future sales, earnings, advertising and promotional spending, product launches, brand investment, organizational and operational structures and models, cost mitigation and productivity efficiency efforts, savings and costs related to restructuring and repositioning actions, acquisitions and integrations, impacts from tariffs and other recent developments, changes to our working capital metrics, currency fluctuations, commodity costs, inflation, category value, future plans for return of capital to shareholders, our planned disposition of our feminine care business, and more.

在本次通話中，我們可能會就我們對未來計劃和業績的預期發表聲明。這可能包括未來的銷售額、收益、廣告和促銷支出、產品發布、品牌投資、組織和營運結構及模式、成本緩解和生產力提高措施、與重組和重新定位行動相關的節省和成本、收購和整合、關稅和其他近期發展的影響、營運資本指標的變化、貨幣波動、商品成本、通貨膨脹、品類價值、未來向股東返還資本的資本計劃、我們計劃、我們業務還置的女性服務。

Any such statements are forward-looking statements for the purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995 which reflect our current views with respect to future events, plans, or prospects. These statements are based on assumptions and are subject to various risks and uncertainties, including those described under the caption, Risk Factors, in our annual report on Form 10-K for the year end of September 30, 2024, as amended on November 21, 2024, and as may be amended in our quarterly reports on Form 10-Q filed with the SEC. These risks may cause our actual results to be materially different from those expressed or implied by our forward-looking statements.

任何此類聲明均屬於 1995 年《私人證券訴訟改革法案》安全港條款所指的前瞻性聲明，反映了我們對未來事件、計劃或前景的當前看法。這些聲明是基於假設，並受到各種風險和不確定性的影響，包括我們在截至 2024 年 9 月 30 日的年度報告（表格 10-K）中「風險因素」標題下描述的風險和不確定性（該報告於 2024 年 11 月 21 日進行了修訂），以及我們在向美國證券交易委員會提交的季度報告 10-Q)。這些風險可能導致我們的實際結果與我們的前瞻性聲明中明示或暗示的結果有重大差異。

We do not assume any obligation to update or revise any of these forward-looking statements to reflect new events or circumstances except as required by law.

除法律要求外，我們不承擔任何更新或修改這些前瞻性聲明以反映新事件或情況的義務。

During this call, we will refer to certain non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with Generally Accepted Accounting Principles. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is shown in our press release issued earlier today which is available at the investor relations section of our website. This non-GAAP information is provided as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP. However, management believes these non-GAAP measures provide investors with valuable information on the underlying trends of our business.

在本次電話會議中，我們將提及一些非GAAP財務指標。這些非GAAP指標並非依照公認會計原則編製。我們今天稍早發布的新聞稿中列出了非GAAP財務指標與最直接可比較的GAAP指標的調節表，該新聞稿可在我們網站的投資者關係部分查閱。這些非公認會計準則資訊是作為依照公認會計準則編製的財務績效指標的補充，而不是替代或優於這些指標。然而，管理階層認為這些非GAAP指標能夠為投資者提供有關我們業務潛在趨勢的寶貴資訊。

With that, I'd like to turn the call over to Rod.

接下來，我想把電話交給羅德。

Thank you, Chris. Good morning, everyone, and thanks for joining us on our fourth-quarter and fiscal 2025 year-end earnings call.

謝謝你，克里斯。各位早安，感謝各位參加我們第四季及2025財年終收益電話會議。

Before we begin, I would point you to another important press release we issued yesterday afternoon detailing our intent to divest our feminine care business. This divestiture is a key step forward as we continue to transform Edgewell into a more focused, agile, and consumer-driven personal care company.

在開始之前，我想向大家指出我們昨天下午發布的另一份重要新聞稿，其中詳細說明了我們剝離女性護理業務的意圖。這項資產剝離是我們繼續將 Edgewell 轉型為更專注、靈活、以消費者為中心的個人護理公司的關鍵一步。

We believe that by focusing our attention and resources on the categories where we have clear competitive advantages and strong momentum, that's Shave, Sun and Skin Care, and Grooming, we're positioning Edgewell to deliver sustainable growth, stronger margins, and long-term value for our shareholders. Together with changes we have made in the US commercial organization, including elevating our talent pool, we are actively strengthening our portfolio and building a better and more durable business.

我們相信，透過將注意力和資源集中在我們擁有明顯競爭優勢和強勁發展勢頭的類別（即剃須、防曬和護膚以及男士護理），我們將使 Edgewell 能夠實現可持續增長、更高的利潤率，並為我們的股東創造長期價值。結合我們對美國商業組織所做的改變，包括提升我們的人才儲備，我們正在積極加強我們的產品組合，並打造一個更好、更持久的業務。

I'll spend most of my time this morning addressing the actions we're taking in our core businesses and provide a clear roadmap for how we are evolving Edgewell for the future.

今天上午，我將花大部分時間討論我們在核心業務中正在採取的行動，並為 Edgewell 的未來發展提供清晰的路線圖。

Now turning to our performance. In Q4, we generated organic net sales growth of 2.5%. This result was in line with our expectations in both international markets where we saw expected acceleration, and in North American markets where relatively flat sales performance demonstrated significant progress towards stabilizing the business.

現在來談談我們的表現。第四季度，我們實現了2.5%的有機淨銷售額成長。這一結果符合我們的預期，無論是在國際市場（我們預期會加速成長），還是在北美市場（銷售業績相對平穩，這表明我們在穩定業務方面取得了顯著進展）。

Importantly, we've seen improvements in both consumption and market share performance in North America on a value and a unit basis, and are encouraged to see that business begin to stabilize.

重要的是，我們看到北美地區的消費和市場份額在價值和單位方面都有所改善，令人鼓舞的是，業務開始趨於穩定。

Although we continue to drive strong productivity savings, earnings were significantly impacted by several transitory items related to inventory, trade, and foreign exchange. Fran will discuss this in detail shortly.

儘管我們持續推進生產力提升，節省成本，但與庫存、貿易和外匯相關的幾個暫時性項目對收益產生了重大影響。弗蘭稍後會詳細討論這個問題。

As we close out fiscal 2025, I want to acknowledge that it's been a difficult year. We face significant external pressures, tariffs, foreign exchange volatility, geopolitical tensions, and consumer uncertainty that impacted our financial performance and stressed our global supply chain. We faced internal challenges as well, including weaker-than-expected Sun Care seasons in North America and parts of Latin America, and a slower-than-expected recovery in Fem Care.

在2025財年即將結束之際，我想承認，這一年非常艱難。我們面臨著巨大的外部壓力，包括關稅、外匯波動、地緣政治緊張局勢和消費者不確定性，這些都影響了我們的財務業績，並給我們的全球供應鏈帶來了壓力。我們也面臨內部挑戰，包括北美和拉丁美洲部分地區的防曬產品銷售旺季低於預期，以及女性護理產品的復甦速度低於預期。

However, we still delivered strong results across several important areas of our business, including international markets, our innovation program, and productivity. We believe this performance is durable and provides a solid foundation moving forward.

然而，我們在業務的幾個重要領域仍然取得了強勁的成績，包括國際市場、創新計劃和生產力。我們相信這種業績能夠持續，並為未來的發展奠定堅實的基礎。

Let me give you an update on these drivers. First, durable international growth. Our international markets, which represent approximately 40% of our global sales, delivered strong growth for the fourth consecutive year with strengthening share across Shave and Sun. Europe generated its third straight year of growth and Greater China delivered double-digit growth. We believe our international markets are poised to deliver mid-single-digit growth again in fiscal '26.

讓我來向您報告一下這些驅動程式的最新情況。首先是可持續的國際成長。我們的國際市場約佔全球銷售額的 40%，連續第四年實現強勁增長，其中剃須和防曬產品的市場份額不斷擴大。歐洲連續第三年實現成長，大中華區也實現了兩位數成長。我們相信，我們的國際市場預計在 2026 財年再次實現中等個位數的成長。

Second, compelling innovation. We are committed to delivering consumer-led, locally-designed innovation across our portfolio. In fiscal '25, we expanded Billie to Australia. Bulldog entered premium skin care across Europe. In Japan, we took Schick into premium skin care with the launch of Progista. And we broadened Cremo's range in the United States and Europe, driving significant sales growth.

其次，要有令人信服的創新。我們致力於在我們的產品組合中提供以消費者為導向、在地化設計的創新產品。在 2025 財年，我們將 Billie 拓展到了澳洲。Bulldog 已成功打入歐洲高端護膚品市場。在日本，我們透過推出Progista，將Schick帶入了高端護膚領域。我們擴大了 Cremo 在美國和歐洲的產品範圍，推動了銷售額的顯著成長。

In Sun Care, we saw strong growth in Hawaiian Tropic as a result of a successful marketing campaign, updated formulations, and on-trend branding. Across all markets, we're seeing the benefits as approximately 70% of our measured markets in the quarter are now growing or holding market share, compared to less than 50% one year ago. We are implementing our learnings from Europe and Asia globally and are excited about our multi-year innovation roadmap.

在防曬護理方面，由於成功的行銷活動、更新的配方和符合潮流的品牌形象，夏威夷熱帶系列產品實現了強勁成長。在所有市場中，我們都看到了成效，本季我們衡量的市場中約有 70% 的市佔率正在成長或保持穩定，而一年前這一比例還不到 50%。我們將從歐洲和亞洲獲得的經驗推廣到全球，並對我們的多年創新路線圖感到興奮。

Third, productivity through supply chain optimization. In fiscal 2025, our team delivered over 270 basis points in gross savings. And we expect approximately 310 basis points in fiscal '26, inclusive of tariff mitigation. Building on our foundation of productivity, efficiency, and service, we are navigating tariffs in a dynamic global environment by reducing complexity, improving customer service, shortening lead times, and lowering inventory across the value chain.

第三，透過優化供應鏈提高生產力。在 2025 財年，我們的團隊實現了超過 270 個基點的總節約。我們預計 2026 財年將有約 310 個基點的成長，其中包括關稅緩解措施。以生產力、效率和服務為基礎，我們透過降低複雜性、改善客戶服務、縮短交貨時間和降低整個價值鏈的庫存，在動態的全球環境中應對關稅問題。

In fiscal '26, we will further optimize our North America Wet Shave business and manufacturing footprint, streamlining operations, reducing duplication, and unlocking working capital. By investing in blade excellence and embracing next-generation automation and digital tools, we are building a more agile, resilient, and customer-focused supply chain. These actions will enable faster responses to consumer demand, drive innovation, and position us for sustained margin improvement.

在 2026 財年，我們將進一步優化我們在北美的濕剃業務和生產佈局，簡化運營，減少重複工作，釋放營運資金。透過投資刀片技術，並採用下一代自動化和數位工具，我們正在建立一個更敏捷、更有韌性、以客戶為中心的供應鏈。這些措施將使我們能夠更快地回應消費者需求，推動創新，並使我們實現利潤率的持續提升。

Importantly, these operational enhancements will not only deliver meaningful productivity savings, but will also support reinvestment in our core brands and innovation pipeline, strengthening our leadership in a highly competitive market. These increased investments in fiscal '25 and '26 position us to achieve productivity savings in fiscal '27 and beyond at a pace that exceeds recent years.

重要的是，這些營運改善不僅能帶來顯著的生產力提升，還能支持我們對核心品牌和創新產品線的再投資，從而鞏固我們在競爭激烈的市場中的領先地位。2025 和 2026 財年增加的投資使我們能夠在 2027 財年及以後以超過近年來的速度實現生產力提升。

While we believe these areas of strength are enduring and foundational, it is unlocking the potential of our North America commercial business that represents a significant opportunity for our company. As we shared last quarter, we are executing a bold transformation in the US focused on returning the business to profitable, sustained top-line growth over time.

雖然我們認為這些優勢領域是持久且基本的，但釋放我們在北美商業業務的潛力對我們公司來說是一個重要的機會。正如我們上個季度所分享的，我們正在美國進行一項大膽的轉型，重點是使業務恢復盈利，並隨著時間的推移實現持續的營收成長。

In the last year, we have conducted a thorough strategic review and identified our core strengths as well as key areas that have hindered performance. Our category positions are structurally attractive. We are a leader in sun care, a fast growing upstart in men's grooming, and have a unique branded and private label position in shave.

在過去一年中，我們進行了全面的策略審查，確定了我們的核心優勢以及阻礙業績的關鍵領域。我們的品類定位在結構上很吸引人。我們在防曬護理領域處於領先地位，在男士護理領域發展迅速，並在剃須產品領域擁有獨特的品牌和自有品牌地位。

Our brands have established solid awareness and are backed by robust product delivery capabilities. We have strong technical know-how and capabilities with owned assets and a deep R&D bench. And we run the business with a commitment to discipline across operations, cost management, and capital deployment.

我們的品牌已建立起穩固的知名度，並擁有強大的產品交付能力作為後盾。我們擁有雄厚的技術實力和能力，擁有自有資產和強大的研發團隊。我們秉持嚴謹的經營理念，在營運、成本管理和資本部署方面都嚴格把控。

Our transformation plan is based on leveraging our strengths while addressing the three key areas of opportunity identified in the strategic review. First, our portfolio expanded to include a wide variety of SKUs, some of which did not deliver optimal margins or performance. We are now sharpening our focus on our strongest offerings.

我們的轉型計畫以發揮自身優勢為基礎，同時著手解決策略評估中所確定的三個關鍵機會領域。首先，我們的產品組合擴展到包括各種各樣的 SKU，其中一些 SKU 並未帶來最佳利潤或業績。我們現在正集中精力發展我們最強的產品和服務。

We are recommitting to our Shave business where we have a differentiated position across branded and private label, underpinned by solid brand awareness and excellent product performance. While we recognize that it takes time to rebuild distribution and share, our immediate focus is to begin stabilizing performance and setting the foundation for future growth.

我們將重新致力於剃鬚業務，我們在品牌產品和自有品牌產品方面都擁有差異化優勢，這得益於我們強大的品牌知名度和卓越的產品性能。雖然我們認識到重建分銷和份額需要時間，但我們眼下的重點是開始穩定業績並為未來的成長奠定基礎。

Second, our approach to marketing investment prioritized certain tactics that, while effective in the short-term, did not fully support sustainable growth and led us to underinvest in core brands. To address this, we are taking decisive action to increase investment in our five focus brands: Schick, Billie, Hawaiian Tropic, Banana Boat, and Cremo. By shifting our strategy towards sustained brand building and a balanced marketing mix, we are committed to restoring brand equity, driving deeper consumer engagement, and positioning our portfolio for durable growth.

其次，我們的行銷投資方式優先考慮某些策略，雖然這些策略在短期內有效，但並不能完全支持永續成長，導致我們對核心品牌的投資不足。為了解決這個問題，我們正在採取果斷措施，增加對我們五個重點品牌的投資：Schick、Billie、Hawaiian Tropic、Banana Boat 和 Cremo。透過調整策略，轉向持續的品牌建立和均衡的行銷組合，我們致力於恢復品牌資產，推動更深層的消費者參與，並為我們的產品組合實現持久成長做好準備。

Third, our US structure was too complex, creating duplication, slow decision-making, and underinvestment in key capabilities. We simplified our structure to enable faster decisions, greater investment and growth capabilities, and increased ownership and accountability. We've implemented significant organizational redesign. We launched a streamlined US commercial organization, bringing together a new talented, proven leadership team. And we are ramping up new teams dedicated to improving our capabilities in insights and analytics, brand building, and revenue growth management.

第三，我們的美國組織結構過於複雜，導致重複勞動、決策緩慢、對關鍵能力的投資不足。我們簡化了組織結構，以便更快地做出決策，提高投資和成長能力，並增強責任感和問責制。我們已實施了重大的組織結構重組。我們成立了精簡後的美國商業機構，組建了一支才華橫溢、經驗豐富的新領導團隊。我們正在組建新的團隊，致力於提高我們在洞察和分析、品牌建立和收入成長管理方面的能力。

As we look ahead to fiscal '26, this is a year of transition and solidifying foundations for longer-term growth. We anticipate that we will begin to realize the benefits of this ongoing work in the form of stabilization of our North America business as we simultaneously set the stage for renewed growth in 2027 and beyond.

展望 2026 財年，這將是轉型之年，也是為長期成長奠定堅實基礎之年。我們預計，隨著北美業務的穩定，我們將開始實現這項持續工作的益處，同時為 2027 年及以後的重新成長奠定基礎。

So this leads me to our outlook for the full year. As we look ahead to fiscal 2026, we believe our plan is balanced and achievable. We also anticipate the macro environment will remain challenging with muted category growth and the consumer continuing to be cautious around discretionary spending. We also expect increased inflation stemming from the current view of tariffs. Fran will provide all of the details shortly. But I would like to summarize the key pillars of our plan.

因此，這讓我想到我們對全年的展望。展望 2026 財年，我們相信我們的計劃是平衡且可行的。我們也預期宏觀環境仍將充滿挑戰，品類成長乏力，消費者在非必需品支出方面仍將保持謹慎。我們也預計，目前對關稅的看法將導致通貨膨脹加劇。Fran稍後會提供所有細節。但我想總結一下我們計劃的關鍵支柱。

First, our top-line expectation is for a return to organic net sales growth driven by continued mid-single-digit growth in international markets and a more stable profile in the North America business.

首先，我們預計，在國際市場持續保持中等個位數成長以及北美業務更加穩定的推動下，公司淨銷售額將恢復有機成長。

Second, gross margin is expected to increase driven by productivity gains that are partially offset by inflation headwinds, inclusive of $25 million or nearly $0.55 in pretax earnings per share of headwind from tariffs, net of our mitigation efforts. These mitigation efforts have proven to be more challenging as many of the tariffed items like steel, aluminum, and certain chemicals cannot be sourced elsewhere, at least in the near term.

其次，毛利率預計將會提高，這主要得益於生產率的提高，但部分會被通膨不利因素所抵消，其中包括關稅帶來的 2500 萬美元或每股稅前收益近 0.55 美元的不利因素（扣除我們的緩解措施後）。事實證明，這些緩解措施更具挑戰性，因為許多被徵收關稅的商品，如鋼鐵、鋁和某些化學品，至少在短期內無法從其他地方獲得。

And although we've already implemented pricing in certain international markets, broadly speaking, the US market, to date, has not been conducive to price increases. We will continue to actively pursue further mitigation efforts to lower the impact beyond fiscal '26. But commercial pricing in the US would have to play a role to fully offset. To be clear, our outlook does not assume this offset. So if it were to occur, it would represent potential upside to this outlook.

雖然我們已經在某些國際市場實施了價格調整，但總的來說，迄今為止，美國市場並不利於漲價。我們將繼續積極採取進一步的緩解措施，以降低 2026 財年以後的影響。但美國的商業定價必須發揮作用才能完全抵消這種影響。需要明確的是，我們的展望並未考慮這種抵銷效應。因此，如果這種情況發生，將代表著這種前景的潛在利好。

Third, our plan includes significant investment in both trade spend as well as advertising and promotional dollars to support the changes in the US, fuel key brands in international markets, and drive increased household penetration and brand awareness. These investments, in part, are expected to be funded by the gross margin gains I just outlined.

第三，我們的計畫包括對貿易支出以及廣告和促銷資金的大量投資，以支持美國的變化，推動國際市場上的關鍵品牌發展，並提高家庭滲透率和品牌知名度。這些投資的部分資金預計將來自我剛才提到的毛利率成長。

Fourth, we will prioritize free cash flow generation through working capital improvements while capital allocation will emphasize debt repayment.

第四，我們將優先透過改善營運資本來創造自由現金流，同時資本配置將專注於償還債務。

Finally, I am truly energized by the outstanding team we have assembled. We have record high engagement scores across the organization in a dynamic US commercial organization led by a refreshed leadership team that is already executing effectively. This group brings together exceptional talent and proven expertise from leading companies, positioning us for success. Our team is highly motivated, and their achievements as well as their compensation and mine are directly tied to the value we create.

最後，我為我們組成的這支傑出團隊感到無比振奮。我們是一家充滿活力的美國商業組織，在煥然一新的領導團隊的帶領下，員工敬業度得分達到了歷史新高，並且已經有效地執行了各項工作。該團隊匯集了來自領先企業的傑出人才和成熟經驗，使我們具備了成功的條件。我們的團隊積極性很高，他們的成就、薪酬以及我的薪酬都與我們創造的價值直接相關。

So to wrap up, fiscal 2025 was a year of challenge and transformation. While both external and internal pressures impacted our results, we exited the year with momentum, a step-up in sales and share trends, and a revitalized brand portfolio. We've reshaped our structure, sharpened our strategy, and built a foundation for growth. As we enter fiscal '26, we're focused on execution, margin recovery, and delivering sustainable shareholder value.

總而言之，2025 財年是充滿挑戰與改變的一年。儘管外部和內部壓力都對我們的業績產生了影響，但我們以強勁的勢頭結束了這一年，銷售額和市場份額趨勢有所提升，品牌組合也煥然一新。我們重組了組織結構，完善了策略，並為發展奠定了基礎。進入 2026 財年，我們將專注於執行、利潤率恢復和為股東創造可持續的價值。

And now, I'd like to ask Fran to take you through our results and outlook for fiscal '26. Fran?

現在，我想請弗蘭為大家介紹我們 2026 財年的業績和展望。弗蘭？

Thank you, Rod, for outlining the significant progress and transformation underway at Edgewell. Building on the actions and momentum Rod described, I'd like to further provide details on our financial performance and the operational changes that are positioning us for sequential improvement and sustainable growth.

羅德，感謝你概述了埃奇韋爾正在發生的重大進展和變革。在 Rod 所描述的行動和勢頭的基礎上，我想進一步詳細介紹我們的財務業績和營運變化，這些變化使我們能夠持續改進並實現永續成長。

Fiscal '25 was a challenging year underpinned by both external pressures such as tariffs, currency volatility, and geopolitical uncertainty; and internal headwinds including a softer-than-expected sun care season and slower recovery in fem care.

2025 財年是一個充滿挑戰的一年，其背後既有關稅、貨幣波動和地緣政治不確定性等外部壓力，也有防曬產品銷售旺季低於預期、女性護理產品復甦緩慢等內部不利因素。

Despite these pressures, we still delivered strong results in key areas. Our international markets continued to expand, innovation gained traction across our portfolio, and our supply chain optimization efforts drove meaningful savings. We also made decisive, transformational choices that fundamentally repositioned Edgewell for long-term value creation.

儘管面臨這些壓力，我們仍然在關鍵領域取得了顯著成果。我們的國際市場持續擴張，創新在我們的產品組合中獲得了廣泛應用，我們的供應鏈優化工作帶來了顯著的成本節約。我們也做出了果斷的、變革性的選擇，從根本上重新定位了 Edgewell，使其能夠創造長期價值。

By streamlining our portfolio, including the anticipated divestiture of our Feminine Care segment and simplifying our US commercial organization, we have sharpened our focus on categories and brands where we hold clear competitive advantages. These foundational changes, coupled with a disciplined increase of marketing investment, set the stage for sustainable growth and margin recovery.

透過精簡我們的產品組合，包括預期剝離女性護理業務部門和簡化我們的美國商業組織，我們更加專注於我們擁有明顯競爭優勢的品類和品牌。這些根本性的變革，再加上有條不紊地增加行銷投入，為永續成長和利潤率恢復奠定了基礎。

As we enter fiscal '26, we are executing a clear roadmap focused on sequential improvement, stabilizing our North America business, continuing to drive growth in our international markets, unlocking margin improvement, and investing behind our strongest brands and capabilities.

進入 2026 財年，我們正在執行一項清晰的路線圖，重點是逐步改進、穩定北美業務、繼續推動國際市場成長、提高利潤率，並投資於我們最強大的品牌和能力。

Building on this, our fourth quarter results reflect both our progress and some of the challenges we faced. While our top line performance was in line with expectations, driven by solid growth in international markets and key categories, our bottom line results fell short, impacted by several transitory headwinds.

在此基礎上，我們第四季的業績既反映了我們所取得的進展，也反映了我們面臨的一些挑戰。儘管在國際市場和主要品類穩健成長的推動下，我們的營收表現符合預期，但由於受到一些暫時性不利因素的影響，我們的淨利潤未能達到預期。

These included higher-than-anticipated year-end inventory adjustments in our Mexico plant; higher trade promotions driven by channel and category mix, mainly in Wet Shave and Sun; as well as the unfavorable currency and tariff-related pressures which, together, weighed on earnings for the quarter.

這些因素包括：墨西哥工廠年底庫存調整高於預期；渠道和品類組合（主要指濕剃和防曬產品）推動的貿易促銷力度加大；以及不利的匯率和關稅相關壓力，這些因素共同對本季度的盈利造成了影響。

I'll now walk through the details of our financial performance and the factors that shape these results. Organic net sales increased 2.5% this quarter as strong performance across international markets and robust growth in Sun Care, Skin Care, and Grooming offset declines in North America Wet Shaves. International organic net sales grew 6.9%, broad-based across all segments and in line with expectations, driven by both volume and price gains. We delivered growth in all key markets, with Oceana and distributor markets experiencing double-digit growth, while Europe delivered mid-single-digit growth.

接下來，我將詳細介紹我們的財務表現以及影響這些績效的因素。本季有機淨銷售額成長 2.5%，國際市場的強勁表現以及防曬、護膚和男士護理業務的穩健成長抵消了北美濕剃業務的下滑。國際有機淨銷售額成長 6.9%，所有細分市場均實現全面成長，符合預期，這主要得益於銷量和價格的雙重成長。我們在所有主要市場都實現了成長，其中大洋洲和分銷商市場實現了兩位數的成長，而歐洲則實現了中等個位數的成長。

As Rod mentioned earlier, North America demonstrated sequential improvement, with organic net sales declines of 60 basis points driven by meaningful growth in the quarter in Sun Care, Wet Ones, and Grooming, partially offset by Wet Shave.

正如 Rod 之前提到的，北美市場環比有所改善，有機淨銷售額下降了 60 個基點，這主要得益於本季度防曬、濕髮和男士護理產品的顯著增長，但部分被濕剃產品所抵消。

Wet Shave organic nut sales declined approximately 1% as growth in preps, men's and women's systems was more than offset by a decline in disposables. International Wet Shave grew 6% with both price and volume gains, reflecting continued category health, solid distribution outcomes, and strong in-market brand activation. This growth was offset by declines in North America driven by challenged category and channel dynamics.

Wet Shave 有機堅果的銷售額下降了約 1%，因為剃須準備用品、男士剃須系統和女士剃須系統的增長被一次性剃須用品的下降所抵消。國際濕剃業務成長了 6%，價格和銷量均有所成長，反映出該品類持續健康發展、分銷管道穩健、市場品牌推廣活動強勁。北美地區的成長被其下滑所抵消，北美地區下滑的原因是品類和通路動態面臨挑戰。

In the US razor and blaze category, consumption was down 80 basis points in the quarter. Though our market share improved sequentially, declining 50 basis points overall, our branded value share was flat in the quarter, while unit share increased 90 basis points. The Billie brand achieved 90 basis points of share growth and continues to perform well at retail, now holding a 15 share at Walmart and 13 share at Target.

在美國刮鬍刀和刮鬍膏品類中，本季消費量下降了 80 個基點。儘管我們的市佔率環比有所改善，但整體下降了 50 個基點，而本季度我們的品牌價值份額保持不變，但單位份額增長了 90 個基點。Billie 品牌實現了 90 個基點的市佔率成長，並在零售領域繼續表現出色，目前在沃爾瑪的市佔率為 15%，在塔吉特的市佔率為 13%。

Sun and Skin Care organic net sales increased approximately 11% with robust growth across each business. Wet Ones grew nearly 25%, while Sun and Grooming each grew 9%.

防曬和保養品有機淨銷售額成長約 11%，各業務板塊均強勁成長。濕身護理類產品成長了近 25%，而日曬護理類產品和美容護理類產品均成長了 9%。

While Sun Care sales in North America increased 10% in the quarter, the combined effect of end-of-season close-out sales and higher-than-expected adjustments related to trade and returns mix added additional pressure to our gross margin.

雖然本季北美地區的防曬產品銷售額成長了 10%，但季末清倉銷售以及高於預期的貿易和退貨組合調整的綜合影響，給我們的毛利率帶來了額外的壓力。

In the US, sun care category consumption grew over 6% in the quarter as end-of-season weather improved, with sales peaking later than a typical season. Final seasonal replenishment orders were boosted by higher online orders and end-of-season close-out performance. Our value share improved sequentially and was essentially flat in the quarter while unit share increased by 60 basis points.

在美國，隨著季末天氣變暖，防曬產品消費量在本季成長超過 6%，銷售高峰期比往年晚。季末補貨訂單因線上訂單增加和季末清倉拍賣而成長。我們的價值份額環比有所提高，本季基本持平，而單位份額則增加了 60 個基點。

Grooming organic net sales growth of 9%, led by over 28% growth in Cremo and over 9% growth in Bulldog, were partially offset by declines in Jack Black. Wet One's organic net sales increased about 25%, and our share was approximately 68% as we cycled supply disruptions in the prior year and have fully returned to normalized operational levels following the fire in our facility in the prior fiscal year.

美容產品有機淨銷售額增長 9%，其中 Cremo 增長超過 28%，Bulldog 增長超過 9%，但 Jack Black 的下滑部分抵消了這一增長。Wet One 的有機淨銷售額增長了約 25%，市場份額約為 68%，這得益於我們克服了上一年的供應中斷，並在上一財年工廠發生火災後完全恢復了正常的運營水平。

Fem Care organic net sales increased 1%. We saw continued positive consumption and market share trends across the portfolio. Consumption in the category was up 3.5%, though continues to be mostly driven by 5.5% growth in pads, where overall penetration is the lowest. The categories where we compete more heavily, namely tampons and liners, consumption was up 2.7% and 60 basis points, respectively. Overall, the category remains promotional. Our value share improved sequentially and was down 20 basis points, while unit share increased 30 basis points.

女性護理有機淨銷售額成長1%。我們看到整個產品組合的消費和市場份額持續呈現正面趨勢。該品類消費量增加了 3.5%，但主要成長仍由衛生棉 5.5% 的成長推動，而衛生棉的整體滲透率最低。在我們競爭更激烈的類別中，即衛生棉條和護墊，消費量分別增加了 2.7% 和 60 個基點。整體而言，該類別仍以促銷為主。我們的價值份額環比有所改善，下降了 20 個基點，而單位份額則是環比增長了 30 個基點。

Now moving down the P&L. Adjusted gross margin rate decreased 330 basis points or down approximately 210 basis points in constant currency versus our expectation of only slight declines on a constant currency basis. This shortfall was largely driven by unanticipated year-end transitory items, including higher-than-anticipated inventory adjustments related to our plant consolidation wind-down procedures in Mexico, increased trade mix including increased close-out sales and Sun Care returns and slightly unfavorable net inflation, tariffs, and pricing.

現在來看損益表。經調整後的毛利率下降了 330 個基點，以固定匯率計算下降了約 210 個基點，而我們先前預期以固定匯率計算只會略有下降。這一缺口主要是由於年底一些意料之外的暫時性項目造成的，包括與我們在墨西哥的工廠整合清算程序相關的庫存調整高於預期、貿易組合增加（包括清倉銷售和防曬產品退貨增加）以及略微不利的淨通貨膨脹、關稅和定價。

A&P expenses were 9.4% of net sales, up from 8.5% last year, in line with our expectations as we re-phase some spending for Sun Care out of Q3 and into Q4. Adjusted SG&A was 19.7% in rate of sale compared to 20.5% last year. This was primarily driven by lower incentive compensation expense and the favorable sales leverage partly offset by higher people and consulting expenses and unfavorable currency impact.

A&P 費用佔淨銷售額的 9.4%，高於去年的 8.5%，這符合我們的預期，因為我們將部分防曬護理支出從第三季調整到了第四季。經調整後的銷售、一般及行政費用佔銷售額的 19.7%，去年同期為 20.5%。這主要是由於激勵性薪資支出減少和銷售槓桿作用增強所致，但部分被人員和諮詢費用增加以及不利的匯率影響所抵消。

Adjusted operating income was $40.3 million or 7.5% of net sales compared to $56 million or 10.8% of net sales last year, reflecting the impact of lower gross margins, FX headwinds of 100 basis points, and incremental brand investments.

調整後的營業收入為 4,030 萬美元，佔淨銷售額的 7.5%，而去年同期為 5,600 萬美元，佔淨銷售額的 10.8%，這反映了毛利率下降、匯率不利因素 100 個基點以及品牌投資增加的影響。

GAAP diluted net loss per share were $0.66 compared to income of $0.17 in the fourth quarter of fiscal '24, driven by the goodwill impairment charge.

2024 財年第四季，GAAP 攤薄後每股淨虧損為 0.66 美元，而同期每股收益為 0.17 美元，主要原因是商譽減損支出。

Adjusted earnings per share were $0.68 compared to $0.72 in the prior quarter. Currency headwinds drove an unfavorable $0.19 impact on adjusted EPS in the quarter, as the unfavorable transactional currency, hedge and balance sheet remeasurement impact within our other income and expense were only partially offset by translational currency tailwinds to operating profit.

調整後的每股收益為 0.68 美元，而上一季為 0.72 美元。匯率不利因素導致本季調整後每股收益減少了 0.19 美元，因為其他收入和支出中的不利交易貨幣、對沖和資產負債表重新計量影響僅部分被營業利潤的匯率利好所抵消。

Adjusted EBITDA was $59.4 million, inclusive of an $11.2 million unfavorable currency impact compared to $78.9 million in the prior year.

調整後的 EBITDA 為 5,940 萬美元，其中包括 1,120 萬美元的不利匯率影響，而前一年為 7,890 萬美元。

Net cash provided by operating activities was $118.4 million for fiscal '25 compared to $231 million last year due to the lower earnings and higher working capital build this year. We continued our quarterly dividend payout, declaring $0.15 per share dividend for the fourth quarter, and we returned approximately $7 million to shareholders via dividend. We had already achieved our target of approximately $90 million in the share repurchases for fiscal year by the end of Q3.

2025 財年經營活動產生的淨現金為 1.184 億美元，而上年為 2.31 億美元，原因是今年的獲利較低，營運資本增加。我們繼續按季度派發股息，宣布第四季每股派息 0.15 美元，透過股息向股東返還了約 700 萬美元。截至第三季末，我們已經實現了本財年股票回購目標，金額約 9,000 萬美元。

Now let me turn briefly to our full-year results. Organic net sales for the year decreased approximately 1.3%. Our Right to Win portfolio grew about 1% fueled by nearly 13% growth in Skin Care and our Grooming brands grew over 9% for the year.

現在讓我簡要地談談我們的全年業績。本年度有機淨銷售額下降約 1.3%。我們的「Right to Win」產品組合成長了約 1%，這主要得益於護膚品業務近 13% 的成長，以及男士護理品牌全年成長超過 9%。

Sun Care, highlighted by weaker-than-anticipated core sun care season, declined approximately 4%. Our Right to Play portfolio declined about 2%. International markets organic net sales increased 3.5%, nearly equally driven by both volume and price gains. North America organic net sales decreased about 4% driven by both volume declines and increased promotional levels net of pricing.

受防曬產品銷售旺季低於預期的影響，防曬產品銷售額下降了約 4%。我們的「參與權」投資組合下降了約 2%。國際市場有機淨銷售額成長 3.5%，幾乎完全由銷量和價格上漲共同推動。受銷量下降和促銷力度加大（價格調整後）的影響，北美有機產品淨銷售額下降約 4%。

Adjusted gross margin rate decreased 110 basis points year on year or 20 basis points at constant currency. We generated productivity savings of 270 basis points which were more than offset by core inflation, inclusive of tariffs, of approximately 150 basis points; unfavorable mix of approximately 75 basis points; increased promotional level net of pricing of 45 basis points; and 20 basis points of unfavorable absorption.

調整後的毛利率年減 110 個基點，以固定匯率計算下降 20 個基點。我們實現了 270 個基點的生產率節約，但這些節約被以下因素抵消：核心通膨（包括關稅）約 150 個基點；不利的產品組合約 75 個基點；促銷水平提高（扣除價格後）45 個基點；以及不利的吸收率 20 個基點。

A&P expenses was 11.1% as a rate of sale, an increase of 80 basis points over the prior year as we continued to invest behind our brands. Adjusted operating profit decreased $48 million or approximately 18%. And adjusted operating margin for the year was 9.9%, down approximately 200 basis points in rate of sale. The decrease in adjusted operating margin was attributable to gross margin rate declines, higher brand marketing investments of $15 million, and the unfavorable impact of currency of $21 million.

由於我們繼續增加對品牌的投資，廣告和促銷費用佔銷售額的 11.1%，比前一年增加了 80 個基點。調整後的營業利潤減少了 4,800 萬美元，約 18%。調整後的年度營業利益率為 9.9%，較上年同期下降約 200 個基點。調整後營業利潤率下降的原因是毛利率下降、品牌行銷投資增加 1,500 萬美元以及匯率不利影響 2,100 萬美元。

Now turning to our outlook for fiscal '26. Our fiscal '26 outlook does not reflect the planned divestiture of our Feminine Care business. Starting in Q1 '26, results from Feminine Care will be reported as discontinued operations. Following the transaction, we also expect to incur certain stranded overhead costs which for fiscal '26 will be substantially offset by income from certain services to support the transition of the business following the completion of the transaction.

現在來展望一下我們對 2026 財年的展望。我們2026財年的展望並未反映出我們計劃剝離女性護理業務的情況。從 2026 年第一季開始，女性護理業務的業績將作為已終止業務進行報告。交易完成後，我們預計還會產生一些擱淺的間接費用，這些費用在 2026 財年將被某些服務的收入大幅抵消，這些服務旨在支持交易完成後業務的過渡。

For context, we expect the impact of Feminine Care business on an annualized basis to be approximately $0.40 to $0.50 in adjusted EPS; and $35 million to $45 million in adjusted EBITDA, net of transition income.

作為參考，我們預計女性護理業務對年度調整後每股收益的影響約為 0.40 美元至 0.50 美元；對調整後 EBITDA 的影響約為 3500 萬美元至 4500 萬美元（扣除過渡收入）。

We will update our outlook to reflect the remaining business after the transaction closes, which is anticipated in the first quarter of calendar '26. Importantly, as part of our ongoing transformation, we are committed to reducing stranded overhead costs over the longer-term. Our ambition is to fully align our cost structure with our streamlined portfolio.

我們將更新我們的展望，以反映交易完成後剩餘的業務情況，預計交易將於 2026 年第一季完成。重要的是，作為我們持續轉型的一部分，我們致力於從長遠角度減少擱淺的間接成本。我們的目標是使成本結構與精簡後的產品組合完全匹配。

As we look forward to fiscal '26, our expectations include a return to organic top line growth, gross margin accretion, as well as a step-up in investment through higher A&P spend where we are leaning into focused brand activation. This is expected to result in essentially flat adjusted EBITDA growth at the midpoint of our outlook.

展望 2026 財年，我們預期公司營收將恢復自然成長，毛利率將提高，同時透過增加廣告和促銷支出加大投資力度，專注於品牌推廣活動。預計這將導致調整後 EBITDA 成長基本持平，達到我們預期值的中點。

This outlook incorporates several headwinds, including a net tariff impact after mitigation efforts of approximately $25 million, higher SG&A spend year over year due to lower bonus and incentive compensation in fiscal '25, partially offset by favorable currency. We expect EPS to be down versus fiscal '25 as the annualized effective tax rate returns to more normalized levels.

這項展望包含了幾個不利因素，包括採取緩解措施後淨關稅影響約為 2500 萬美元，由於 2025 財年獎金和激勵性薪酬降低，導致銷售、一般及行政費用同比增加，部分被有利的匯率所抵消。我們預計，隨著年化有效稅率恢復到更正常的水平，每股盈餘將比 2025 財年下降。

This outlook also contemplates a meaningful improvement to free cash flow underpinned by favorable working capital management and improved operational efficiency.

這項展望也設想，在良好的營運資本管理和提高的營運效率的支持下，自由現金流將得到顯著改善。

For the fiscal year, we anticipate organic net sales growth to be in the range of down 1% to up 2%, excluding 150 basis points of currency tailwinds. We expect mid-single-digit growth in international markets and flat to slightly down performance in North America.

本財年，我們預期有機淨銷售額成長將在下降 1% 至成長 2% 之間，不計 150 個基點的匯率利多因素。我們預計國際市場將實現中等個位數成長，而北美市場業績將持平或略有下降。

In terms of phasing, we expect Q1 organic sales to be down 1% to 2% driven by lower international sales due to the impact of sales phasing within our distributor markets in Japan and for Q3 to be the strongest quarter in the year.

就銷售階段而言，我們預計第一季有機銷售額將下降 1% 至 2%，主要原因是受日本經銷商市場銷售階段的影響，國際銷售額下降；而第三季將是今年表現最好的一個季度。

As we look to adjusted gross margin, the environment surrounding tariffs continue to evolve and have added significant challenges to the global supply chain. Our outlook for fiscal '26 assumes current tariff rates hold, and there are no material changes in the inbound or outbound flow of materials and finished goods.

當我們審視調整後的毛利率時，關稅環境仍在不斷變化，並為全球供應鏈帶來了重大挑戰。我們對 2026 財年的展望假設目前的關稅稅率保持不變，且原料和成品的進出流量不會發生實質變化。

Our fiscal '26 outlook reflects the gross impact of tariffs of $37 million or $25 million net of direct mitigation efforts.

我們對 2026 財年的展望反映了關稅造成的總影響為 3,700 萬美元，扣除直接緩解措施後淨影響為 2,500 萬美元。

As we stated earlier, we are not in a position to implement broad scale price increase to mitigate the full impact of tariffs. However, we have neutralized the impact in gross margin through a combination of core productivity efforts, direct cost mitigation through expanded sourcing efforts, footprint optimization and vendor negotiations, as well as strategic pricing in key categories.

正如我們之前所說，我們目前無法實施大規模提價來緩解關稅的全部影響。然而，我們透過一系列措施抵消了對毛利率的影響，包括提高核心生產力、擴大採購範圍、優化佈局、與供應商談判以及在關鍵類別中採取策略定價等，從而降低了毛利率。

More specifically, we anticipate 60 basis points of year over year total gross margin rate accretion or 20 basis points at constant currency. This includes approximately 310 basis points of productivity savings and tariff mitigation. 60 basis points of price gains, and 40 basis points of favorable effects partially offset by approximately 270 basis points of COGS inflation, inclusive of tariffs, and negative mix and other costs.

更具體地說，我們預計將年比總毛利率成長 60 個基點，或以固定匯率計算成長 20 個基點。這包括約 310 個基點的生產力節約和關稅減免，60 個基點的價格收益，以及 40 個基點的有利影響，但這些都被約 270 個基點的銷售成本通膨（包括關稅）、負面組合成本和其他成本部分抵銷。

In terms of phasing, half-two gross margin rate will grow versus prior year as the full impact of pricing, tariff mitigation, and productivity initiatives will be at run rate. Looking ahead to Q1, we expect gross margin to decline 270 basis points. As higher inflation, inclusive of tariffs, trailing absorption charges from 25%, and other transitory operational cost increases are only partially offset by productivity savings and favorable effects.

從階段性角度來看，隨著定價、關稅緩解和生產力提升措施的全面影響逐步顯現，二分之一到二分之一的毛利率將比前一年增加。展望第一季度，我們預期毛利率將下降270個基點。通貨膨脹加劇（包括關稅），25% 的後續吸收費用以及其他暫時性營運成本增加，只能部分被生產力提高帶來的收益和有利影響所抵消。

With increased investments in our brands, we expect A&P to increase in both dollars and rate of sales, with the latter increasing by 70 basis points to approximately 11.8%. Adjusted operating profit margin is expected to decrease approximately 50 basis points as gross margin improvement is more than offset by higher A&P and higher SG&A.

隨著對品牌投入的增加，我們預期廣告和促銷費用在金額和銷售額方面都會成長，其中銷售額將成長 70 個基點，達到約 11.8%。預計調整後的營業利潤率將下降約 50 個基點，因為毛利率的提高被更高的廣告和促銷費用以及更高的銷售、一般及行政費用所抵消。

Adjusted EPS is expected to be in the range of $2.15 to $2.55. This EPS outlook reflects only the impact of expected share repurchases that are needed to offset current dilution and assumes an effective tax rate of 21% to 22%.

調整後每股收益預計在 2.15 美元至 2.55 美元之間。此每股盈餘預期僅反映了為抵消當前股權稀釋而需要進行的預期股票回購的影響，並假設有效稅率為 21% 至 22%。

Adjusted EBITDA for fiscal '26 is expected to be in the range of $290 million to $310 million, which is approximately flat to the prior year at the midpoint.

預計 2026 財年調整後 EBITDA 將在 2.9 億美元至 3.1 億美元之間，中點價值與前一年基本持平。

In terms of phasing, we expect to generate about two-thirds of adjusted EBITDA in half-two and three-quarters of our full-year adjusted EPS in half-two of the fiscal, primarily reflecting higher taxes and interest expense in half-one with Q1 adjusted EPS below prior year.

就進度安排而言，我們預計本財年下半年將實現全年調整後 EBITDA 的三分之二，下半年將實現全年調整後每股收益的四分之三，這主要反映了上半年稅收和利息支出增加，導致第一季度調整後每股收益低於上年同期水平。

Free cash flow for the year is expected to be in the range of $115 million to $145 million including expected improvements in working capital.

預計本年度自由現金流將在 1.15 億美元至 1.45 億美元之間，其中包括營運資金的預期改善。

And finally, we remain committed to a disciplined capital allocation strategy and intend to continue to focus our efforts on reducing debt leverage in the near term. We will continue our dividend and share repurchases primarily as an offset to dilution.

最後，我們將繼續堅持嚴格的資本配置策略，並打算在短期內繼續專注於降低債務槓桿率。我們將繼續發放股利和回購股票，主要目的是為了抵銷股權稀釋的影響。

In the near term, the net proceeds from the Feminine Care divestiture after taxes and transaction costs will be directed towards strengthening our balance sheet and reducing debt, while also supporting continued investment in our core brands, capital expenditures to drive innovation, and productivity and funding future growth initiative.

短期內，扣除稅款和交易成本後，女性護理業務剝離所得淨收益將用於加強資產負債表和減少債務，同時支持對核心品牌的持續投資、推動創新和提高生產力的資本支出以及為未來的增長計劃提供資金。

Over the longer-term, we believe this divestiture creates optionality in pivoting our portfolio to categories where we have a competitive advantage. Our intention is to evaluate targeted M&A to ensure that we continue to add scale that creates sustainable value creation.

從長遠來看，我們相信此資產剝離為我們提供了更多選擇，使我們能夠將投資組合轉向我們具有競爭優勢的類別。我們的目的是評估有針對性的併購活動，以確保我們能夠持續擴大規模，創造可持續的價值。

For more information related to our fiscal '26 outlook, I would refer you to the press release that we issued earlier this morning.

有關我們 2026 財年展望的更多信息，請參閱我們今天早上發布的新聞稿。

And now, I'd like to turn the call over to the operator for the Q&A session.

現在，我將把電話交給接線員進行問答環節。

(Operator Instructions)

（操作說明）

Olivia Tong with Raymond James. Please go ahead.

Olivia Tong 與 Raymond James 合作。請繼續。

Great. Thank you. Good morning. I wanted to ask you first about the outlook, which is a wider range than normal, which is logical against the current backdrop and the changes you've made. And it looks like EPS might be at a loss in Q1 might be on the table. And so can you talk about a few things? Underlying category growth assumptions, your market share assumptions, and how you think about segment results? Presumably, Sun and Skin should grow; but Wet Shave, perhaps not. So that's number one. And then your level of flexibility to maintain the profit goals that you discused. Thank you.

偉大的。謝謝。早安.我想先問問您對前景的看法，您的預期範圍比往常更廣，這在當前的背景和您所做的改變下是合乎邏輯的。看來第一季每股收益可能會虧損。那麼，您能談談幾個方面嗎？您對該品類成長的基本假設、市場佔有率假設以及您如何看待細分市場的結果？想必陽光和皮膚會生長；但濕剃可能就未必了。這是第一點。然後是您在維持您所討論的利潤目標方面的靈活性。謝謝。

Good morning, Olivia. Thank you for joining us this morning. Look, as we look at the '26 plan, I would say it's balanced and achievable. I think we feel really good and confident in our ability to deliver this plan. It's a strong bottom-up build. It's based on realistic assumptions. So overall, from a category growth perspective, we effectively have the category growth assumption for '26 in all of the key combinations, right around where we've been over about the last six months. So it's a low single-digit rate on average when you aggregate it out across our categories.

早上好，奧莉薇亞。感謝您今天早上收看我們的節目。你看，當我們審視2026年的計畫時，我認為它是平衡且可實現的。我認為我們對執行這項計劃的能力非常有信心。這是一個由下而上建構的強大體系。它是基於現實的假設。因此，總體而言，從品類成長的角度來看，我們實際上已經對所有關鍵組合的 2026 年品類​​成長假設進行了評估，這與過去六個月的情況基本一致。因此，當我們把各個類別的數據匯總起來時，平均比率只有個位數。

As we said in the script, we're growing our holding in 70% of our category/country combinations. That's a significant improvement versus a year ago. We don't have that changing. We have our share result assumptions where we are now going forward. So effectively holding share versus where we are today.

正如我們在腳本中所說，我們在 70% 的類別/國家組合中都在增持股份。與一年前相比，這是一個顯著的進步。這種情況不會改變。我們對未來的業績發展有自己的預期。所以，實際上我們持有的股份比我們目前的持有的股份要多得多。

And I would say, we have more flexibility in this plan, certainly, than we've had in the last couple of years. If we face some headwinds, we'll be able to deal with that in how we've built and profiled this plan. Fran, I don't know if you'd add anything else.

而且我認為，與過去幾年相比，我們在這個計劃中擁有更大的靈活性。如果遇到一些阻力，我們可以根據我們制定和完善的計劃來應對。弗蘭，我不知道你是否還有什麼要補充的。

Yeah. I think just to address the phasing question specifically, we expect a stronger half-two. As we've stated, two-thirds of our EBITDA is expected in the second half. That's well in line with our historical trends. Fiscal '25 had more unusual flighting as it was more 50/50. So softer performance in Q3 and Q4 at the back end of fiscal '25.

是的。我認為，就具體階段性問題而言，我們預期第二階段會更加強勁。正如我們之前所說，我們預計下半年將實現三分之二的 EBITDA。這與我們的歷史趨勢完全吻合。2025 財年的航班安排較為特殊，航班數量更接近 50/50。因此，2025 財年末第三季和第四季業績表現疲軟。

But we're confident with a number of factors. As Rod has said, the combination in the half-two of productivity mitigation at run rate. Pricing in both international and US markets are more disproportional between Q2 in the second half. We've got innovation and brand investment also coming into the second half.

但我們對以下幾個因素充滿信心。正如 Rod 所說，在生產力緩解措施的半年中，兩者相結合。下半年第二季國際市場和美國市場的定價差異更大。下半年我們還將加大創新和品牌投資。

So more specifically in Q1, yes, we do expect EPS to be at a loss. That's a combination of some of the margin pressures that we're facing as well as some of the tax rate lighting. But as we look ahead to half-two, we're really confident in our run rate, productivity and mitigation efforts, and really, the sales growth and the investment profile that moves ahead.

所以更具體地說，是的，我們預計第一季每股收益將出現虧損。這是由於我們面臨的一些利潤率壓力以及一些稅率下調等因素共同造成的。但展望下半年，我們對我們的運作速度、生產力和緩解措施，以及未來的銷售成長和投資前景，都充滿信心。

And Olivia, I would just add to the segment question you asked. One example of what I think is different in this year's plan is how we thought about Sun Care. The season we just finished, I think most people would agree, was not a great sun season, particularly in the peak of it as we got into Q3. We're not planning on a basis where we expect a great recovery for a sun season next summer.

奧莉維亞，我只想補充一下你提出的問題。我認為今年計劃的不同之處在於我們對防曬的思考方式。我想大多數人都會同意，我們剛結束的這個賽季並不是一個陽光充足的賽季，尤其是在第三季的高峰期。我們並沒有基於明年夏季陽光充足時節會出現大幅復甦的預期來製定計劃。

In fact, we're planning for a very similar season, which I think is realistic and more conservative than where we've been. So we've got Sun at low single-digits. We've got Shave at at flat to slightly growing as a segment. And then Grooming is the one leading the way more in line with trend of where we've been.

事實上，我們正​​在計劃一個非常相似的賽季，我認為這既現實又比我們以往的做法更加保守。所以太陽的輻射量只有個位數。剃鬚產品作為一個細分市場，目前處於平穩或略有增長的狀態。而男士儀容護理則更符合我們一直以來的潮流趨勢，引領著產業發展。

Thanks, Olivia. Operator, next question, please.

謝謝你，奧莉維亞。接線員，請問下一個問題？

Nik Modi, RBC Capital Markets.

Nik Modi，加拿大皇家銀行資本市場。

Thank you. Good morning, everyone. Hey Rod. You've been pretty busy making a lot of changes, big changes over the last few years, obviously, with the Fem Care sale. So I just wanted to get your thoughts high level on what's the north star here for the strategy for the portfolio? I mean, is there intent to maybe look at more maybe M&A as asset values come down in this current environment? So would love to get your higher level thoughts on where you're really trying to point the arrow here.

謝謝。各位早安。嘿，羅德。過去幾年，你們一直忙於進行許多變革，尤其是重大變革，例如女性護理用品促銷活動。所以我想了解一下您對投資組合策略的核心目標是什麼的看法？我的意思是，在當前資產價值下降的環境下，是否有可能進行更多併購活動？所以，我很想聽聽您更高層次的想法，您真正想把矛頭指向哪裡。

Good morning, Nik. Thank you. Yeah, look, there's a lot going on here, right? If you try to parse out everything that's happening, there's a lot of moving parts. What I will tell you is, in many ways, this is the moment where our strategy execution really comes together in a very different way than where we've been over the last couple of years.

早安，尼克。謝謝。是啊，你看，這裡發生了很多事，對吧？如果你試圖理清所有正在發生的事情，你會發現其中涉及很多環節。我可以告訴你們的是，在很多方面，現在是我們策略執行真正融合在一起的時刻，這與過去幾年我們所處的狀態截然不同。

We are focused on winning in Shave, Grooming, Sun, and Skin. That's the focus from a category perspective. We have global scale, IP know-how, technology, and the right to win and be successful in those four categories. That's where we sit today with the Fem sale off to Essity. It's a better portfolio. It's a more efficient, more focused portfolio. So focus on those categories, it is where we are.

我們專注於在剃須、男士理容、防曬和護膚領域取得成功。從品類角度來看，這就是重點。我們擁有全球規模、智慧財產權、技術，以及在這四個領域贏得勝利和取得成功的權利。這就是我們目前的情況，Fem 已經出售給了 Essity。這是一個更好的投資組合。這是一個更有效率、更專注的投資組合。所以，請專注於這些類別，這就是我們目前所處的領域。

We believe those categories are structurally attractive. Shave is the category that is viewed probably most negatively within that set. We don't see it that way. It's a structurally attractive category with high margin and very few players. So strategically, with what we have in place, we have a right to win and be successful in Shave. And you've seen us do that internationally. We're now setup to do that domestically here in the US with the new team and the investments we're making.

我們認為這些類別在結構上具有吸引力。在這一類別中，「剃須」可能是人們評價最負面的類別。我們可不這麼認為。這是一個結構上極具吸引力的類別，利潤率高，而且參與者很少。因此，從策略角度來看，憑藉我們現有的條件，我們有權在剃須手術中獲勝並取得成功。你們也看到了我們在國際上的做法。現在，憑藉新團隊和我們正在進行的投資，我們已經做好在美國國內開展這項工作的準備。

I would say the other part of our strategy that's coming to life here, beyond the financial flexibility and the optionality the sale of Fem Care and those proceeds give us, we are making a big investment in our Shave footprint and basically setting ourselves up for the next 10 to 20 years in that category with a new highly automated manufacturing plant. We're consolidating four locations in North America into a single-scale highly automated plant that will produce better blades than come out of any factory in the world. It's going to be a best-in-class site. And so this gives us significant financial flexibility as we go forward in addition to the simplification and speed elements that it gives us.

我想說，除了出售 Fem Care 及其收益為我們帶來的財務靈活性和選擇權之外，我們策略的另一部分正在逐步實現，我們正在對剃須產品線進行大量投資，並基本上透過新建一座高度自動化的製造工廠，為未來 10 到 20 年在該領域的發展做好準備。我們將北美四個生產基地合併成一個規模龐大、高度自動化的工廠，該工廠生產的刀片將比世界上任何一家工廠生產的刀片都好。它將成為一流的網站。因此，除了簡化流程和提高速度之外，這也為我們未來的發展提供了極大的財務靈活性。

So when you put it all together, I've talked about the category focus, we're global in terms of our category plays now, and we've got much better optionality and financial flexibility that at the end of the day is leading to reinvestment in our brands with a better focus on the consumers we serve to give them better products and better messaging and just a better experience with our brands. Long winded answer, but that's what we're up to. And Fran, I don't know from your perspective what you'd add to that.

所以，綜上所述，正如我之前提到的品類重點，我們現在在全球範圍內開展品類業務，並且擁有更好的選擇權和財務靈活性，最終將使我們能夠更好地投資於我們的品牌，更加關注我們服務的消費者，為他們提供更好的產品、更好的信息傳遞以及更好的品牌體驗。回答有點長，但這就是我們正在做的。弗蘭，我不知道從你的角度來看，你會補充些什麼。

Yeah. I think that's all the right points, Rod. And I think what I'll refine specifically around the Wet Shave optimization, this has been a multi-staged approach across North America. And the large portion of these costs and CapEx are already captured in '25. Our decision to expand these efforts in '26 will result in additional investments. But by the end of '26, we're actually almost 90% through those total costs. And as we look ahead, we'll have accelerated productivity and cash flow from that.

是的。羅德，我覺得你說的都很有道理。我認為我將專注於改進濕剃優化，這在北美地區是一個多階段的方法。而這些成本和資本支出的大部分已經計入 2025 年。我們決定在 2026 年擴大這些努力，這將帶來額外的投資。但到 2026 年底，我們實際上已經完成了總成本的近 90%。展望未來，我們將因此獲得更快的生產效率和更多的現金流。

Great. Thank you.

偉大的。謝謝。

Thank you, Nik. Operator, next question, please.

謝謝你，尼克。接線員，請問下一個問題？

Chris Carey, Wells Fargo Securities.

克里斯凱裡，富國證券。

Good morning. The productivity number this quarter was I think the lowest you have ever disclosed. Can you just expand on that a bit? The gross margin for the year came in quite a bit below expectations, laid out only a few months ago. And you're going to start gross margins quite negative in the year with with hope for some recovery through the year. And so I think getting a bit more confidence on your ability to use productivity as an offset would be helpful.

早安.我認為本季的生產力數據是你們公佈過的最低值。能再詳細解釋一下嗎？今年的毛利率遠低於幾個月前製定的預期。今年年初毛利率將為負值，但希望年內能回升。所以我認為，如果你能更有信心利用生產力來彌補損失，那將會很有幫助。

And then I think you said that there's some pricing coming in the back half of the year relative to the comment that you made around you're not much pricing in North America. Can you just square those for us? I mean, really what I'm trying to do here is establish some confidence that you can see some improvement in the gross margin through the year. Thank you.

然後我想你說過，今年下半年會有一些定價策略出台，這與你之前提到的北美地區定價策略不多的說法有所不同。你能幫我們把這些數平方嗎？我的意思是，我真正想做的是讓大家相信，今年的毛利率會提高。謝謝。

Hey, Chris. Let me just make a broader comment around the profile and then Fran can get into the gross margin details. We have a second half-oriented plan here as it puts forward. I want you to know, we've been through this at great levels of detail, and we're very confident in the profile we put forward. And some of what drives the gross margin delivery and the rate delivery is a higher expected sales growth in the second half of the year.

嘿，克里斯。我先就概況做一些概括性的評論，然後弗蘭可以詳細講解毛利率。我們這裡有一個以下半年為導向的計劃，正如它所提出的那樣。我想讓你們知道，我們已經非常詳細地研究過這個問題，我們對我們提出的方案非常有信心。推動毛利率和收益率成長的部分原因是預期銷售成長率下半年較高。

In international, it's more around distributor timing. It's more around how we ship the sun season year over year, with a very specific point in Japan where we've got pricing going in in the spring there that obviously helps that gross margin line.

在國際市場上，這更取決於分銷商的供貨時間。這與我們如何逐年應對陽光季節有關，尤其是在日本，我們在春季會採取特定的定價策略，這顯然有助於提高毛利率。

And then in North America, it's a very second half-oriented plan. Mostly because we know planogram changes that are happening. In total, they're going to be positive and additive to us as we get into that spring season when planograms reset. And that's also when we launched the new brand campaigns and put most of our incremental A&P spend in, which is significant on the year in that timing to drive the growth.

而在北美，這則是非常注重下半年計畫的方案。主要是因為我們知道貨架陳列圖正在改變。總的來說，隨著春季貨架陳列圖的調整，它們將對我們產生積極和積極的影響。也是在那時，我們推出了新的品牌推廣活動，並投入了大部分新增的廣告和促銷支出，這在當時的情況下意義重大，有助於推動成長。

So some of the margin improvement is just driven by volume absorption that comes in the second half of the year. But Fran, I know there's more going on.

因此，部分利潤率的提高僅僅是由於下半年銷售的消化所致。但是弗蘭，我知道還有更多的事情發生。

Yeah. So just to reference your first question about productivity specifically in Q4, we anticipated the productivity. It came in line with our expectations. So we knew that Q4 was going to be slightly less in the first half. And some of that is just natural phasing that happens with the initiatives that we put through and implement. But overall, we've consistently been delivering 250 basis points of productivity efforts over the last few years. And as we look ahead to '26, we still believe that we will deliver at its core 260 basis points and with mitigation 310 basis points.

是的。所以，針對您第一個關於第四季生產力的問題，我們預料到了生產力。這符合我們的預期。所以我們知道第四季上半年的業績會略有下滑。其中有些只是我們推行和實施各項措施過程中自然而然出現的階段性變化。但總體而言，在過去幾年裡，我們的生產力一直保持著 250 個基點的成長。展望 2026 年，我們仍然相信我們能夠實現核心目標 260 個基點，加上緩解措施，目標目標為 310 個基點。

I think we double-click in terms of Q4. The core issue is not productivity. I think those elements have come in largely as we expected. There were two major factors that really put some headwind into Q4. 50% of that was wind-down procedures around our Mexican plant consolidation where we had larger-than-expected inventory adjustments. That was transitory. We do not expect that to continue for next year.

我認為我們在第四季會取得突破。核心問題不在於生產力。我認為這些因素基本上都符合我們的預期。第四季有兩個主要因素造成了一些不利影響。其中 50% 是由於我們在墨西哥工廠整合過程中出現的庫存調整幅度超出預期。那是暫時的。我們預計這種情況明年不會持續下去。

And the other piece was just higher trade promotions. And some of that was due to just the close-outs and the mix that we had around promotional and channel dynamics. And that led to, I think, the biggest drivers in terms of Q4 gross margin.

另一部分則是更高的貿易促銷力道。部分原因是由於清倉甩賣以及我們在促銷和通路動態方面的一些策略。我認為，這導致了第四季度毛利率的最大驅動因素。

But productivity, as we look ahead, will be equally phased with slightly more in the back half. And that's really driven off of tariff mitigation. Tariffs are going to be disproportionately in the first half. And the mitigation efforts, while we have that all in place, will just come to run rate more towards the second half.

但展望未來，生產力也將呈現同樣的階段性變化，後半段可能會略高一些。而這其實是由關稅減免措施所驅動的。關稅主要集中在上半年。雖然我們已經採取了所有緩解措施，但這些措施的實施速度只會加快到下半場。

Okay. Thank you.

好的。謝謝。

Thank you, Chris. Operator, next question, please.

謝謝你，克里斯。接線員，請問下一個問題？

Peter Grom, UBS.

Peter Grom，瑞銀集團。

Great. Thank you. Good morning, everyone. I know we'll get more of an update on guidance excluding Fem Care down the road and you did provide some helpful context last night and this morning. But just on the proceeds from the transaction, I think you mentioned that it will be used to pay down debt and strengthen the balance sheet. So I'm just curious, how quickly do you plan to deploy the proceeds? And then just high level, how could this impact earnings per share once the acquisition closes?

偉大的。謝謝。各位早安。我知道以後我們會收到更多關於女性護理以外的指導意見的更新，而且您昨晚和今天早上確實提供了一些有用的背景資訊。但就交易所得而言，我想您提到過，它將用於償還債務和增強資產負債表。所以我很好奇，你們計劃多久使用這筆資金？那麼，從宏觀層面來看，收購完成後，這將如何影響每股盈餘？

Yeah. Good morning, Peter. Look, on the sale, we expect it to close sometime out in early calendar 2026. We'd have proceeds at that point. We would plan to put everything we get from the sale, the net proceeds, as well as all the operational cash flow we generate this year towards debt reduction. We're very focused on debt reduction and getting our leverage ultimately down towards that 3 times. We've talked about 2 to 3 being the long-term target. That's important for us.

是的。早安，彼得。你看，關於這筆交易，我們預計會在 2026 年初的某個時候完成。到那時我們就能獲得收益了。我們計劃將出售所得的全部款項、淨收益以及今年產生的所有營運現金流用於償還債務。我們非常注重降低債務，最終將槓桿率降至3倍左右。我們已經討論過，長期目標是2到3人。這對我們來說很重要。

We'll be looking at M&A along the way, as Fran said. There's a very high bar for that. Anything we would do would be value creating. We'll be very disciplined there. We haven't done anything in a couple of years. But in parallel, we'll be doing that.

正如弗蘭所說，我們會在過程中關注併購事宜。這方面的門檻非常高。我們所做的一切都會創造價值。我們在那裡會非常自律。我們已經好幾年沒做任何事了。但同時，我們也會這樣做。

In terms of the timing and the amount of the flow-through, Fran, I don't know if you'd add anything there.

弗蘭，就時間和流量而言，我不知道你是否還需要補充什麼。

Yeah. I mean, at this point, our best estimate after we've netted taxes and transaction fees is that there's about 80% of the proceeds that will be converted into cash. And as Rod mentioned, that will be focused in the near term on debt paydown.

是的。我的意思是，目前我們扣除稅款和交易費用後的最佳估計是，大約 80% 的收益將轉化為現金。正如羅德所提到的那樣，短期內重點將放在償還債務上。

Great. Thank you so much.

偉大的。太感謝了。

Thanks, Peter. Operator, next question, please.

謝謝你，彼得。接線員，請問下一個問題？

Susan Anderson, Canaccord Genuity.

Susan Anderson，Canaccord Genuity。

Good morning. Thanks for taking my questions. I guess maybe just in the Sun and Skin category, you talked about higher promotions in Sun as well. Maybe I guess how are you thinking about the category going into next year? How are the inventory levels in the category of retail? And then do you think it can be healthier next year? How's the competitive environment, I guess, with some new brands coming in? And then also just curious if you have any new innovation there coming next year. Thanks.

早安.謝謝您回答我的問題。我猜可能只是在防曬和護膚類別中，你也提到了防曬產品中更高的促銷力度。我想問您對明年這個類別有什麼看法？零售業的庫存水準如何？那你認為明年情況會好轉嗎？我想知道，隨著一些新品牌的加入，競爭環境如何？另外，我還想問問你們明年有沒有什麼新的創新計畫。謝謝。

Yeah. Good morning, Susan. Thank you for the Sun-focused question. I think as we look back to the season just completed, it was not a great season. It was very promotional from the start, as you rightly point out, with some competitors going very deep discounts every day across the set. And so it was, I would say, higher-than-normal level of promotional intensity all year. The weather was not great and below average in total.

是的。早安，蘇珊。感謝您提出的關於太陽的問題。回顧剛結束的這個賽季，我認為這並不是一個成功的賽季。正如你所指出的，從一開始就有很多促銷活動，有些競爭對手每天都會對全套產品進行非常大的折扣。因此，我認為，全年的促銷力道都高於往年同期水準。天氣不太好，整體來說低於平均。

And we ended the year not wanting to take any of that drag into next year. So inventories are clean. We landed the year and as part of the Q4, we believe it's transitory, just making sure we go into next year very clean with any inventory positions, any returns, accrual adjustments, that's all in line and we're very clean as we go into next year.

我們不想把這些負面情緒帶到明年，就結束了這一年。所以庫存很乾淨。我們已經完成了今年的工作，作為第四季度的一部分，我們認為這只是暫時的，只是要確保明年我們的庫存狀況、退貨、應計調整等一切都非常乾淨利落，這樣我們明年就能以非常乾淨的狀態進入新的一年。

I can't predict the level of promotional intensity for the year ahead. What I will tell you, if the promotional environment remains, we'll match it. We're not going to be outspent or beat on that front. As I said to a question earlier, we've not planned for a great sun season, so we've been very conservative in planning for a season that looks a little bit like last year.

我無法預測未來一年的促銷。我可以告訴你的是，如果促銷環境保持不變，我們會與之保持一致。我們不會在這方面被對手的資金或金錢所擊敗。正如我之前回答問題時所說，我們並沒有為陽光充足的季節做準備，所以我們在規劃這個季節時非常保守，這個季節看起來有點像去年。

And I will say what gives us confidence in the category is Hawaiian Tropic was the fastest growing brand in the set out of the top 10 behind an amazing activation and campaign, better product formulations, better innovation, and a new campaign that was put against it. As we look to next year, we're going to go into year two of that campaign. Very confident in the brand, the distribution we're getting on that brand.

而讓我對這個品類充滿信心的是，Hawaiian Tropic 是前 10 名中成長最快的品牌，這得益於其出色的推廣活動、更好的產品配方、更好的創新以及與之競爭的新行銷活動。展望明年，我們將進入活動的第二年。我對這個品牌以及我們目前在這個品牌上獲得的銷售管道非常有信心。

And on Banana Boat, which was a laggard for us, we have a new campaign coming. The same team that built the HT campaign is going to launch a new campaign on Banana Boat. And we're investing more behind both brands as we go into the set. So I think we're setup for a very good sun season here in the US. We've been more conservative in our planning. And outside the states, we have sun growing more to that mid to high single digits. Fran?

至於我們之前表現落後的 Banana Boat，我們即將推出新的宣傳活動。打造 HT 活動的同一團隊將推出 Banana Boat 上的新活動。隨著拍攝的進行，我們將加大對這兩個品牌的投入。所以我認為美國今年的陽光季節會非常好。我們在規劃方面採取了較保守的做法。而在美國以外，陽光照射的氣溫更達到了個位數中高段。弗蘭？

Yeah. I think, overall, as Rod stated, we're expecting low single-digit growth in '26. And I think a little bit more context around where that growth is coming from, in international, we expect that to be the growth engine for us as we have the combination of higher volumes and pricing and it's really driven by strong regional execution.

是的。我認為，總體而言，正如 Rod 所說，我們預計 2026 年的成長率為個位數低段。我認為，關於這種成長的來源，還需要一些背景資訊。在國際市場，我們預計這將是我們的成長引擎，因為我們擁有更高的銷售量和價格，而這實際上是由強大的區域執行力所驅動的。

In Europe, we're accelerating Hawaiian Tropic. In Latin America, we're expanding distribution and enhancing in-store activation and really focused on everyday sun protection, especially with Hawaiian Tropic Beauty Care.

在歐洲，我們正在加速夏威夷熱帶地區的推廣。在拉丁美洲，我們正在擴大分銷管道，加強店內推廣活動，並真正專注於日常防曬，特別是夏威夷熱帶美容護理產品。

And in the US, as Rod said, we're more in line with the category trends, so that's low single-digit growth. And our focus is going to be on Hawaiian Tropic with distribution gains and promotional support. Innovation in Banana Boat is ahead. And we've got enhanced promotional strategy to really capture early-season share and drive trial with our products.

正如 Rod 所說，在美國，我們更符合品類趨勢，所以成長率只有個位數。我們將重點放在 Hawaiian Tropic 品牌上，爭取擴大通路並加強推廣。Banana Boat 的創新領先一步。我們還加強了促銷策略，以真正搶佔季初市場份額並推動產品試用。

Okay. Great. Thanks for all the details there. Good luck this year.

好的。偉大的。謝謝你提供的所有細節。祝你今年好運。

Thank you, Susan. Operator, next question, please.

謝謝你，蘇珊。接線員，請問下一個問題？

There are no more questions in the queue. I would like to turn the conference back over to Rod Little for any closing remarks.

隊列中已無問題。我謹將會議交還給羅德·利特爾，請他作總結發言。

All right. Thank you, everybody. We appreciate your time, attention, and for those that invest in us, your continued investment. And we look forward to talking to you in early February.

好的。謝謝大家。我們感謝您的時間和關注，對於投資我們的人，我們也感謝您的持續投資。我們期待在二月初與您會面。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。