Hain Celestial Group Inc (HAIN) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to The Hain Celestial Group, Inc., fiscal third quarter 2025 earnings call.

感謝您的支持。我叫 Eric，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Hain Celestial Group, Inc. 2025 財年第三季財報電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the call over to Alexis Tessier, VP of Investor Relations. Please go ahead.

現在我想將電話轉給投資人關係副總裁 Alexis Tessier。請繼續。

Good morning, and thank you for joining us for a review of our third-quarter results. I am joined this morning by Dawn Zier, Chair of the Hain Board of Directors; Alison Lewis, our Interim President and Chief Executive Officer; and Lee Boyce, our Chief Financial Officer.

早安，感謝您加入我們對第三季業績的回顧。今天上午，與我一起出席的還有 Hain 董事會主席 Dawn Zier、我們的臨時總裁兼執行長 Alison Lewis 以及我們的財務長 Lee Boyce。

Slide 2 shows our forward-looking statements disclaimer. As you are aware, during the course of this call, we may make forward-looking statements within the meaning of federal securities laws. These include expectations and assumptions regarding the company's future operations and financial performance. These statements are based on our current expectations and involve risks and uncertainties that could cause actual results to differ materially from our expectations.

投影片 2 顯示了我們的前瞻性聲明免責聲明。如您所知，在本次電話會議期間，我們可能會根據聯邦證券法做出前瞻性陳述。其中包括對公司未來營運和財務表現的預期和假設。這些聲明是基於我們目前的預期，涉及可能導致實際結果與我們的預期有重大差異的風險和不確定性。

Please refer to our annual report on Form 10-K, quarterly reports on Form 10-Q and other reports filed from time to time with the SEC as well as the press release issued this morning for a detailed discussion of the risks. We have also prepared a presentation inclusive of additional supplemental financial information, which is posted on our website at hain.com under the Investors heading.

有關風險的詳細討論，請參閱我們不時向美國證券交易委員會提交的 10-K 表年度報告、10-Q 表季度報告和其他報告以及今天上午發布的新聞稿。我們還準備了一份包含額外補充財務資訊的簡報，該簡報發佈在我們的網站 hain.com 的「投資者」標題下。

As we discuss our results today, unless noted as reported, our remarks will focus on non-GAAP or adjusted financial measures. Reconciliations of non-GAAP financial measures to GAAP results are available in the earnings release and the slide presentation accompanying the call. The call is being webcast, and an archive will be made available on the website.

當我們今天討論我們的業績時，除非另有說明，否則我們的評論將集中於非公認會計準則或調整後的財務指標。非 GAAP 財務指標與 GAAP 結果的對帳可在收益報告和電話會議附帶的幻燈片簡報中找到。此次電話會議將透過網路直播，會議檔案將在網站上公佈。

And now I'd like to turn it over to Dawn.

現在我想把時間交給 Dawn。

Thank you, Alexis. Good morning, everyone. I'm Dawn Zier. Chair of the Hain Board of Directors, and I'd like to thank everyone who dialed in this morning. Before we get into the results for the quarter, I wanted to share a couple of updates from the Board of Directors.

謝謝你，亞歷克西斯。大家早安。我是 Dawn Zier。海恩董事會主席，我要感謝今天早上撥入電話的所有人。在我們了解本季的業績之前，我想分享一些董事會的最新消息。

The Board of Directors has been evaluating the company's performance and leadership to ensure that Hain is positioned to maximize long-term value. As part of this effort, as you may have seen in the press release we issued this morning, we've announced two important actions, one, a leadership transition; and two, the launch of a formal process to review the company's portfolio.

董事會一直在評估公司的業績和領導力，以確保 Hain 能夠實現長期價值的最大化。作為這項努力的一部分，正如您可能在我們今天早上發布的新聞稿中看到的那樣，我們宣布了兩項重要行動：一是領導層變動；二是啟動審查公司投資組合的正式流程。

Let me begin with the leadership transition. In September 2023, we launched our new strategy, Hain Reimagined aimed at streamlining our operations, simplifying our product portfolio and reinvesting in our core better-for-you category initiatives.

我首先要談的是領導階層的過渡。2023 年 9 月，我們推出了新策略 Hain Reimagined，旨在精簡我們的營運、簡化我們的產品組合併重新投資於我們的核心「更適合您」類別計劃。

As a result of these efforts, the company has improved its financial health through disciplined cash management and strategic debt reduction. Today, we have a stronger balance sheet and significantly more financial flexibility. Notwithstanding these accomplishments, we are disappointed with the overall performance of our business.

透過這些努力，該公司透過嚴格的現金管理和策略性債務削減改善了財務狀況。今天，我們的資產負債表更加強勁，財務靈活性也顯著增強。儘管取得了這些成就，但我們對業務的整體表現感到失望。

After much thought and discussion, the Board determined that it would be in the best interest of the company and its shareholders to transition to a new CEO. Accordingly, Wendy Davidson will no longer serve in that role effective this morning.

經過深思熟慮和討論，董事會決定，更換一位新執行長最符合公司及其股東的利益。因此，從今天早上起，溫蒂戴維森將不再擔任該職位。

On behalf of the company, I want to thank Wendy for her leadership and the contribution she has made to help advance Hain's transformation and position the company for long-term success. We wish her the best in her future endeavors.

我謹代表公司感謝溫蒂的領導能力以及她為推動海恩的轉型和為公司取得長期成功所做的貢獻。我們祝福她在未來的工作中一切順利。

The Board has a leadership succession plan in place. We're executing that plan, which aims to seamlessly identify the company's next CEO. In the meantime, one of our Board Directors, Alison Lewis, will step into the role of Interim President and CEO. We are fortunate to be able to benefit from Alison's vast industry and leadership experience. Alison has a track record of driving superior in-market execution, delivering disciplined and profitable revenue growth and leveraging innovation to create value.

董事會已製定領導繼任計畫。我們正在執行該計劃，旨在無縫確定公司的下一任執行長。同時，我們的董事會成員之一艾莉森·劉易斯 (Alison Lewis) 將擔任臨時總裁兼執行長。我們很榮幸能夠受益於艾莉森豐富的產業和領導經驗。艾莉森在推動卓越的市場執行、實現規範且有利可圖的收入成長以及利用創新創造價值方面有著良好的記錄。

She joined the Hain Board in September 2024 and has spent the last 30 years working with some of the world's most respected consumer product companies, including Kimberly-Clark, Johnson & Johnson Consumer Health, Coca-Cola and Kraft Heinz. Alison is committed to making further progress on our efforts to improve performance, and the Board has full confidence in her ability to lead the organization during this transition. In addition to the leadership transition, we also announced that the Board has formally initiated a strategic review of the company's portfolio aimed at maximizing shareholder value.

她於 2024 年 9 月加入 Hain 董事會，過去 30 年來一直與世界上一些最受尊敬的消費品公司合作，包括金佰利、強生消費保健、可口可樂和卡夫亨氏。艾莉森致力於在提高績效方面取得進一步進展，董事會對她在過渡期間領導組織的能力充滿信心。除了領導層的變動之外，我們還宣布董事會已正式啟動對公司投資組合的策略審查，旨在實現股東價值最大化。

The Board has retained Goldman Sachs as its financial adviser, and we will consider a broad range of potential options to enhance value. There is no set timetable for the completion of this evaluation.

董事會已聘請高盛擔任其財務顧問，我們將考慮多種潛在選擇來提升價值。此次評估的完成沒有固定的時間表。

The company does not intend to provide further updates on this effort unless and until the Board has approved a specific course of action or determines that additional disclosure is appropriate or necessary.

除非董事會批准具體行動方案或確定進一步揭露是適當或必要的，否則本公司不打算提供有關此項工作的進一步更新。

With that, I will turn the call over to Alison to say a few remarks and then to Lee to walk through the highlights from the quarter.

接下來，我將把電話轉給艾莉森發表一些評論，然後讓李介紹本季的亮點。

Good morning, everyone, and thank you for joining us today. I also want to thank our employees across the globe for their continued hard work and dedication during what has been a challenging period for the business.

大家早安，感謝大家今天加入我們。我還要感謝我們遍布全球的員工，感謝他們在公司面臨挑戰的時期持續的辛勤工作和奉獻精神。

Over the past eight months, I've had the opportunity to serve on Hain's Board and get to know the business well. When the Board asked me to step in as interim CEO, I didn't hesitate because I believe in this company, its purpose, its people and its long-term potential.

在過去的八個月裡，我有機會在海恩的董事會任職，並深入了解該公司的業務。當董事會要求我擔任臨時執行長時，我毫不猶豫，因為我相信這家公司、它的目標、它的員工以及它的長期潛力。

As Dawn mentioned, I've spent my career building and scaling consumer brands, and I believe Hain has many of the right ingredients to succeed, distinctive products, a strong portfolio and a passionate team. That said, we also need to be realistic about where we are today.

正如 Dawn 所提到的，我的職業生涯都在打造和擴展消費品牌，我相信 Hain 擁有許多成功的要素，包括獨特的產品、強大的產品組合和充滿熱情的團隊。話雖如此，我們也需要現實地看待我們目前的處境。

Our third-quarter results were disappointing and fell short of our expectations. We are not where we need to be, and we cannot afford to stand still. To that end, we are taking a hard look at our strategic plan to leverage what is working and address the areas in which we need to make changes.

我們的第三季業績令人失望，未達到我們的預期。我們還沒有達到我們需要達到的水平，我們不能停滯不前。為此，我們正在認真審視我們的戰略計劃，以利用有效的措施並解決我們需要做出改變的領域。

We must face our challenges directly, and we will. This is a moment that calls for clarity, focus and action, and that's exactly how we intend to move forward. I look forward to discussing more with you on our next earnings call.

我們必須直面挑戰，而且我們會這麼做。這是一個需要清晰認識、集中註意力和採取行動的時刻，這正是我們打算繼續前進的方式。我期待在下次財報電話會議上與您進行更多討論。

Now I will turn the call over to Lee to walk through our performance for the quarter and outlook.

現在，我將把電話交給李，讓他介紹我們本季的表現和前景。

Thank you, Alison, and good morning, everyone. Our third quarter results fell far short of expectations, and our full year results will not be where we expected to finish.

謝謝你，艾莉森，大家早安。我們的第三季業績遠低於預期，全年業績也不會達到我們的預期。

As you saw in the morning's release, we reported a 5% decline in organic net sales and adjusted EBITDA of $34 million, over 20% below last year's performance. I'll cover the financials in more detail in a few minutes, but would first like to provide some color on the key drivers of the performance shortfall as well as aspects of the business we are working on to course correct.

正如您在早上的新聞稿中看到的，我們報告有機淨銷售額下降了 5%，調整後的 EBITDA 為 3,400 萬美元，比去年的業績低了 20% 以上。我將在幾分鐘內更詳細地介紹財務狀況，但首先我想介紹一下業績不足的關鍵驅動因素以及我們正在努力糾正的業務方面。

The shortfall in both third quarter sales and earnings was driven primarily by four factors, principally in our North American business. underperformance in snacks, delayed timing in the expected recovery in Earth's Best Formula, a challenging start to the hot tea season for Celestial Seasonings and trade investment and inflation impacts ahead of pricing. In snacks, the promotional activity on Garden Veggie that shifted from the first half of the year into the back half performed below expectations, and our trade investment was less efficient than anticipated.

第三季銷售和收益的下降主要由四個因素造成，主要是北美業務：零食表現不佳、Earth's Best Formula 預期復甦的時間延遲、Celestial Seasonings 熱茶季節的開局充滿挑戰以及定價之前的貿易投資和通貨膨脹影響。在點心方面，從上半年轉移到下半年的Garden Veggie促銷活動表現不如預期，我們的貿易投資效率低於預期。

Velocities in Earth's Best formula were slower than we anticipated. However, we had double-digit velocity growth in many key retailers. In Celestial Seasonings, the temporary service issues we encountered at the start of the hot tea season in Q2 affected volume in the early weeks of the winter tea season. While those issues have since been resolved, it did impact the quarter.

Earth's Best 配方中的速度比我們預期的要慢。然而，我們在許多主要零售商中都實現了兩位數的速度成長。在 Celestial Seasonings，我們在第二季熱茶季節開始時遇到的臨時服務問題影響了冬茶季節初期的銷售。雖然這些問題後來得到了解決，但確實對本季產生了影響。

Finally, pricing actions did not keep pace with trade investment and cost inflation across the portfolio. We are addressing this as we move forward. While our results in the quarter were below our expectations, we made progress in certain important areas, including International, which has returned to year-over-year organic net sales growth, having resolved the first half service level challenges that affected that business.

最後，定價行動未能跟上整個投資組合的貿易投資和成本通膨的步伐。我們正在逐步解決這個問題。雖然本季的業績低於預期，但我們在某些​​重要領域取得了進展，其中包括國際業務，該業務已恢復同比有機淨銷售額增長，解決了上半年影響該業務的服務水平挑戰。

Sequential improvement in year-over-year organic net sales trends overall, a return to consumption growth in Celestial tea, productivity and efficiency savings that continue to enable us to partially offset other headwinds in the business and ongoing reduction of working capital to improve cash generation and reduce net debt.

總體而言，有機淨銷售額同比趨勢連續改善，天賜茶消費量恢復增長，生產力和效率的節約使我們能夠繼續部分抵消業務中的其他不利因素，並持續減少營運資本以改善現金產生並減少淨債務。

To shift our performance, we are focused on five key drivers: simplifying our business and reducing overhead spending, accelerating renovation and innovation in our brands, implementing strategic revenue growth management and pricing actions, driving operational productivity and working capital reduction; and finally, strengthening our digital capabilities.

為了提高業績，我們專注於五個關鍵驅動因素：簡化業務和減少管理費用、加速品牌的革新和創新、實施策略收入成長管理和定價行動、提高營運效率和減少營運資本；最後，加強我們的數位能力。

Let me review each in greater detail. First, simplifying our business. We recently announced the shift of our distribution network to move closer to our customers for improved speed to shelf and the consolidation of our office footprint in both Canada and the UK.

讓我更詳細地回顧一下每一個。首先，簡化我們的業務。我們最近宣布了我們的分銷網絡的轉變，以便更貼近我們的客戶，從而提高上架速度並整合我們在加拿大和英國的辦事處。

Since fiscal year 2023, we've reduced our lease expense by over $5 million a year, while also supporting our hub-and-spoke work model. We have reduced our number of co-manufacturers by 23% and our raw materials and packaging vendors by 13%, enabling us to have fewer, more strategic partners to support our growth.

自 2023 財年以來，我們每年減少超過 500 萬美元的租賃費用，同時也支持我們的中心輻射工作模式。我們將合作製造商的數量減少了 23%，原材料和包裝供應商的數量減少了 13%，讓我們擁有更少、更具策略性的合作夥伴來支持我們的成長。

We are also unlocking savings by optimizing our cost structure with significant work around our organizational structure to balance our corporate overhead with our company needs. Actions taken in this fiscal year are expected to generate over $25 million in run rate cost savings by the second half of fiscal 2026.

我們還透過優化成本結構來節省開支，並在組織結構方面做了大量工作，以平衡公司開銷和公司需求。本財年採取的措施預計將在 2026 財年下半年產生超過 2,500 萬美元的營運成本節約。

Second, we are driving a step change in the renovation and innovation of our portfolio, including new news in snacks, category expansion in tea and end-to-end birth-to-backpack solutions for baby and kids, all while leveraging our better-for-you credentials. Third, we have embedded revenue growth management initiatives across the company and are implementing early fiscal year 2026 pricing actions to mitigate inflation impacts. We will accelerate our work to drive pricing, improve mix and trade effectiveness across multiple brands and are rolling out new packaging to support multi-format and margin expansion across our portfolio.

其次，我們正在推動產品組合革新和創新的重大變革，包括推出零食新品、擴大茶品類以及為嬰兒和兒童提供端到端的從出生到背包的解決方案，同時充分利用我們「對您更有利」的信譽。第三，我們在整個公司範圍內嵌入了收入成長管理舉措，並正在實施 2026 財年初的定價行動，以減輕通膨的影響。我們將加快工作以推動定價，改善多個品牌的組合和貿易效率，並推出新包裝以支持我們產品組合的多格式和利潤擴張。

Fourth, delivery of our supply chain productivity is expected to be in line with prior year, which was a record year of delivery for Hain. We expect to have unlocked nearly 2/3 of the total working capital goal of $165 million by year-end, and we have a solid productivity pipeline for fiscal 2026.

第四，我們供應鏈生產力的交付預計將與去年持平，這是海恩交付創紀錄的一年。我們預計到年底將實現 1.65 億美元總營運資本目標的近三分之二，並且我們為 2026 財年建立了穩固的生產力儲備。

And fifth, we are enhancing our digital capabilities to save time and money while improving our business execution. Among the areas where we are having early success in customer and product level analytics to support brand strategy and revenue growth management.

第五，我們正在增強數位化能力，以節省時間和金錢，同時提高業務執行力。我們在客戶和產品層面的分析方面取得了早期成功，以支援品牌策略和收入成長管理。

We have also been able to unlock opportunities to eliminate procurement tail spend, consolidate our vendor population and leverage scale contributing to the productivity I mentioned earlier and improving our capabilities to drive our e-commerce performance will be a key focus moving forward.

我們還能夠釋放機會來消除採購尾部支出，鞏固我們的供應商數量並利用規模來提高我之前提到的生產力，而提高我們推動電子商務績效的能力將是未來發展的重點。

Now I will cover our financial results and outlook in greater detail before we wrap up the call. The third quarter year-over-year organic net sales decline of 5%, I talked about earlier, reflects a 3 point decrease in volume mix and a 2 point decrease in net pricing, mainly in the North America segment. Please note that we excluded from organic net sales growth trends in our Personal Care business as we are exploring strategic alternatives for this business as previously announced.

現在，在電話會議結束之前，我將更詳細地介紹我們的財務表現和前景。我之前提到，第三季有機淨銷售額年減 5%，這反映了銷售組合下降 3 個百分點，淨定價下降 2 個百分點，主要發生在北美地區。請注意，我們將個人護理業務的有機淨銷售額成長趨勢排除在外，因為我們正在探索該業務的策略替代方案，正如先前宣布的那樣。

We only partially offset the impacts of the reduction in net sales and ongoing input cost inflation with productivity and SG&A savings. As a result, adjusted gross margin fell 50 basis points to 21.8% in the third quarter and adjusted EBITDA fell 23% to $34 million in the third quarter, representing 8.6% of net sales, a 140 basis point decrease from the prior year. SG&A decreased 6% year over year to $63 million, supported by the partial benefit from the overhead reduction actions I referenced earlier and a reduction in selling expenses. SG&A represented 16.1% of net sales for the quarter as compared to 15.2% in the year ago period.

我們僅透過提高生產力和節省銷售、一般及行政開支來部分抵消淨銷售額減少和持續投入成本上漲的影響。因此，第三季調整後毛利率下降 50 個基點至 21.8%，第三季調整後 EBITDA 下降 23% 至 3,400 萬美元，佔淨銷售額的 8.6%，比上年下降 140 個基點。銷售、一般及行政費用年減 6% 至 6,300 萬美元，這部分得益於我之前提到的降低管理費用的措施以及銷售費用的減少。銷售、一般及行政費用佔本季淨銷售額的 16.1%，去年同期為 15.2%。

During the quarter, we took charges totaling $8 million associated with actions under the restructuring program, including employee-related costs, contract termination costs, asset write-downs and other transformation-related expenses.

本季度，我們根據重組計畫採取的行動共花費 800 萬美元，包括員工相關費用、合約終止費用、資產減記和其他轉型相關費用。

To date, we have taken $83 million in charges associated with the transformation program, which is comprised of $80 million of restructuring charges and $3 million of expenses associated with inventory write-downs. Of these charges, $31 million were non-cash. As previously discussed, the total transformation program charges are expected to be between $115 million and $125 million by fiscal 2027, inclusive of potential inventory write-downs of approximately $25 million related to brand and category exits.

到目前為止，我們已經承擔了與轉型計畫相關的 8,300 萬美元費用，其中包括 8,000 萬美元的重組費用和 300 萬美元的庫存減記相關費用。其中，3,100 萬美元為非現金費用。如前所述，到 2027 財年，轉型計畫的總費用預計將在 1.15 億美元至 1.25 億美元之間，其中包括與品牌和類別退出相關的約 2,500 萬美元的潛在庫存減記。

Restructuring charges, excluding inventory write-downs are expected to be $90 million to $100 million by fiscal 2027 and are excluded from adjusted operating results. Interest costs fell 16% year over year to $12 million in the quarter, driven by lower outstanding borrowings and a reduction in interest rates.

預計到 2027 財年，重組費用（不包括庫存減記）將達到 9,000 萬至 1 億美元，且不計入調整後的營運績效。由於未償還借款減少和利率下降，本季利息成本年減 16% 至 1,200 萬美元。

We have hedged our rate exposure on more than 50% of our loan facility with fixed rates at 6.1% based on the new credit agreement. We continue to prioritize reducing net debt over time. Adjusted net income, which excludes the effect of restructuring charges amongst other items, was $6 million in the quarter or $0.07 per diluted share as compared to $11 million or $0.13 per diluted share in the prior year period.

根據新的信貸協議，我們以 6.1% 的固定利率對沖了超過 50% 的貸款額度的利率風險。我們將繼續優先考慮逐步減少淨債務。調整後淨收入（不含重組費用等影響）本季為 600 萬美元或每股攤薄收益 0.07 美元，而去年同期為 1,100 萬美元或每股攤薄收益 0.13 美元。

Turning now to the individual reporting segments. In North America, organic net sales declined 10% year over year. The decrease was primarily driven by lower sales in snacks and Baby and Kids. We expect North America organic net sales trends to improve sequentially in the fourth quarter, primarily driven by baby and kids on improvement in formula velocity and distribution, innovation and the lap of SKU rationalization initiatives. Third-quarter adjusted gross margin in North America was 22.4%, a 20 basis point increase versus the prior year period, driven by productivity, partially offset by higher trade spend and inflation.

現在轉向各個報告部門。在北美，有機淨銷售額年減 10%。下降的主要原因是零食和嬰兒及兒童用品的銷售量下降。我們預計北美有機淨銷售額趨勢將在第四季度環比改善，主要受嬰兒和兒童配方速度和分銷的改善、創新以及 SKU 合理化舉措的推動。北美第三季調整後毛利率為 22.4%，較去年同期增加 20 個基點，這得益於生產力的提高，但被貿易支出增加和通貨膨脹部分抵消。

Adjusted EBITDA in North America was $17 million as compared to $28 million in the year ago period. The year-over-year decline resulted primarily from lower volume mix and higher trade spend, partially offset by productivity. Adjusted EBITDA margin was 7.8% as compared to 10.4% in the prior year period.

北美調整後 EBITDA 為 1,700 萬美元，而去年同期為 2,800 萬美元。年比下降主要是因為銷售組合減少和貿易支出增加，但被生產力部分抵消。調整後的 EBITDA 利潤率為 7.8%，而去年同期為 10.4%。

In our International business, organic net sales grew up 0.5% in the quarter, led by growth in meal prep and Baby and Kids and supply chain recovery from the service issues we discussed last quarter. This was partially offset by declines in beverages and snacks. We expect the International segment to improve sequentially in the fourth quarter as we realize the benefits of pricing actions already taken, new innovation and new contracts in nondairy beverage.

在我們的國際業務中，本季度有機淨銷售額增長了 0.5%，這主要得益於餐食準備和嬰童產品的增長以及供應鏈從我們上個季度討論的服務問題中恢復。但飲料和零食銷量的下降部分抵消了這一增長。隨著我們意識到已採取的定價行動、新創新和非乳製飲料新合約的好處，我們預計國際部門將在第四季度環比改善。

International adjusted gross margin was 21.1%, approximately 130 basis points below the prior year period, driven by inflation, partially offset by productivity. International adjusted EBITDA was $22 million, a decrease of 10% compared to the prior year period, primarily driven by inflation and net pricing, inclusive of our own label contracts, partially offset by favorable volume mix. Adjusted EBITDA margin was 13.2%, down approximately 120 basis points year-over-year.

國際調整後毛利率為 21.1%，較去年同期下降約 130 個基點，主要受通貨膨脹影響，但被生產力部分抵銷。國際調整後 EBITDA 為 2,200 萬美元，較去年同期下降 10%，主要受通貨膨脹和淨定價（包括我們自己的品牌合約）的影響，但有利的銷售組合部分抵消了這一影響。調整後 EBITDA 利潤率為 13.2%，較去年同期下降約 120 個基點。

Now turning to category performance. Organic net sales growth in snacks was down 13% year-over-year, driven primarily by Garden Veggie as well as continued category softness. So we did see improvement in distribution in the quarter, up mid-single digits across snacks. In Baby and Kids, organic net sales growth was down 6% year-over-year, driven by lapping formula sales last year at a key retailer that was lost in the spring of 2024, softness in pouches and our SKU simplification efforts.

現在轉向類別表現。零食類產品的有機淨銷售額成長較去年同期下降 13%，主要原因是蔬菜類產品以及該類別產品的持續疲軟。因此，我們確實看到本季分銷情況有所改善，零食類產品的分銷量增加了中等個位數。在嬰兒和兒童產品方面，有機淨銷售額增長同比下降 6%，原因是去年一家主要零售商的配方奶粉銷售額下滑，而該零售商於 2024 年春季倒閉，包裝袋柔軟度下降，以及我們簡化 SKU 的努力。

However, excluding the lost customer, Earth's Best formula is showing double-digit consumption growth and Ella's Kitchen gained from share in both value and volume in its core wet baby food category. And we saw continued strong growth in Earth's Best snacks and cereal with high single-digit and high-teen dollar sales growth, respectively. In the beverage category, organic net sales growth was down 7% year-over-year, driven by nondairy beverage and tea. Despite the category headwinds, our nondairy beverage brand, Joya, is growing consumption high single digits and gaining share.

然而，除去流失的客戶，Earth's Best 配方奶粉的消費量仍呈現兩位數增長，而 Ella's Kitchen 在其核心嬰兒濕食品類別中的價值和銷售份額均有所增長。我們也看到 Earth's Best 零食和穀物繼續強勁成長，銷售額分別實現了高個位數和高十位數的成長。在飲料類別中，受非乳製品飲料和茶的影響，有機淨銷售額成長較去年同期下降 7%。儘管面臨品類阻力，我們的非乳製品飲料品牌 Joya 的消費量仍以高個位數成長，市佔率也不斷擴大。

Celestial Seasonings organic net sales growth in the quarter was impacted by a challenging start to the hot tea season, but consumption returned to growth in the quarter with bag tea up low single digits. Our largest global category, Meal Prep, returned to growth in the quarter, up 1% year over year.

Celestial Seasonings 本季的有機淨銷售額成長受到熱茶季節開局不利的影響，但本季消費量恢復成長，袋裝茶銷售額成長了個位數。我們最大的全球類別—餐飲準備，本季恢復成長，年增 1%。

We continue to see strong growth in branded soup in the UK with Hain brands growing pound sales by over 20% and gaining 450 basis points of share. And Greek Gods yogurt grew dollar sales high single digits in the quarter, supported by a brand-new campaign that drove increased household penetration.

我們繼續看到英國品牌湯的強勁增長，其中 Hain 品牌的英鎊銷售額增長了 20% 以上，市場份額增加了 450 個基點。希臘眾神優格本季的銷售額實現了高個位數成長，這得益於其全新行銷活動推動的家庭滲透率不斷提高。

Shifting to cash flow and the balance sheet. Free cash flow in the third quarter was an outflow of $2 million compared to free cash flow of $30 million in the prior year ago period. The decrease was primarily due to lower EBITDA and an increase in inventory to support service level recovery as well as, to some extent, a pull forward of certain SKUs to mitigate tariff exposure. We continue to see the benefit of our days payable outstanding as well as an improvement in our days inventory outstanding in the third quarter.

轉向現金流和資產負債表。第三季的自由現金流為 200 萬美元，而去年同期的自由現金流為 3,000 萬美元。下降的主要原因是 EBITDA 下降、庫存增加以支持服務水準恢復，以及在一定程度上提前推出某些 SKU 以減輕關稅風險。我們繼續看到我們的應付帳款週轉天數的好處以及第三季存貨週轉天數的改善。

Days payable outstanding improved to 61 days from 37 days in fiscal year '23 and from 46 days in Q3 fiscal year '24. Days inventory outstanding improved to 79 days from 82 in fiscal year '23 and up from 77 days in Q3 fiscal year '24. We continue to make progress towards our targets of 70-plus days payable outstanding and 55 days inventory outstanding by fiscal year 2027.

應付帳款週轉天數從23財年的37天和24財年第三季的46天改善至61天。庫存未清天數從23財年的82天改善至79天，高於24財年第三季的77天。我們將繼續朝著 2027 財年 70 天以上應付帳款未償付天數和 55 天存貨未償付天數的目標邁進。

CapEx of $7 million in the quarter was down from $12 million in the prior year period. We have ample capital spending planned to enable both our productivity delivery and capacity building projects and expect total spending to be less than $40 million for fiscal year 2025.

本季的資本支出為 700 萬美元，低於去年同期的 1,200 萬美元。我們規劃了充足的資本支出，以實現生產力交付和能力建設項目，預計 2025 財年的總支出將低於 4,000 萬美元。

Finally, we closed the quarter with cash on hand of $44 million and net debt of $665 million. Our net leverage ratio as calculated under our credit agreement ticked up slightly to 4.2 times. We have proactively amended our credit agreement to afford ourselves more flexibility as we navigate the next several quarters. The amended agreement provides for a maximum net secured leverage ratio of 4.75 times for the quarter ended June 30, 2025, through and including the quarter ending March 31, 2026.

最後，我們在本季結束時持有現金 4,400 萬美元，淨債務 6.65 億美元。根據我們的信貸協議計算的淨槓桿率小幅上升至 4.2 倍。我們已主動修改了我們的信用協議，以便在接下來的幾個季度中擁有更大的靈活性。修訂後的協議規定，2025 年 6 月 30 日結束的季度至 2026 年 3 月 31 日結束的季度（含）的最高淨擔保槓桿率為 4.75 倍。

Paying down debt and strategically investing in the business continues to be our priorities for cash, and we reduced net debt by $8 million in the quarter. Our long-term goal remains to reduce balance sheet leverage to 3x adjusted EBITDA or less as calculated under our credit agreement.

償還債務和對業務進行策略性投資仍然是我們現金的首要任務，我們在本季減少了 800 萬美元的淨債務。我們的長期目標仍然是將資產負債表槓桿率降低至根據我們的信貸協議計算的調整後 EBITDA 的 3 倍或更低。

Looking ahead, I'd like to touch briefly upon the macro environment, specifically regulatory developments. While there is material uncertainty related to timing, level and potential impact of tariff proposals, what we do know is that most of our products are produced and sold in the same region, making us less subject to tariff impact on finished goods and cross-border shipping. We have some exposure in raw materials that cannot be grown or sourced in the US.

展望未來，我想簡要談談宏觀環境，特別是監管發展。雖然關稅提案的時間、水平和潛在影響存在重大不確定性，但我們知道的是，我們的大多數產品都在同一地區生產和銷售，因此我們受成品和跨境運輸關稅影響較小。我們接觸到一些無法在美國種植或採購的原料。

However, based on what we know today, we do not expect any material cost impact in fiscal 2025, and we are actively working to mitigate any impact going forward. This includes prebuilding inventory ahead of tariffs, and reallocating resources within supply chain and R&D to accelerate work to reformulate and shift manufacturing. We will continue to monitor these developments as well as the customer landscape and consumer behaviors as we refine our execution strategy for fiscal 2026 and beyond.

然而，根據我們目前所掌握的信息，我們預計 2025 財年不會受到任何重大成本影響，並且我們正在積極努力減輕未來的任何影響。這包括在關稅之前預先建立庫存，並重新分配供應鏈和研發內的資源，以加快重新制定和轉移製造的工作。我們將繼續關注這些發展以及客戶狀況和消費者行為，並完善 2026 財年及以後的執行策略。

Regarding near-term performance expectations, we are adjusting our financial outlook for the year based on slower than previously anticipated volume recovery. For the full year fiscal 2025, we now expect organic net sales growth to be down approximately 5% to 6%, adjusted EBITDA of approximately $125 million, gross margin to be approximately 21.5% and free cash flow of approximately $40 million.

關於近期業績預期，我們正在根據低於先前預期的銷售復甦速度調整今年的財務前景。對於 2025 財年全年，我們現在預計有機淨銷售額成長將下降約 5% 至 6%，調整後 EBITDA 約為 1.25 億美元，毛利率約為 21.5%，自由現金流約為 4,000 萬美元。

With that, let me turn the call back to Alison to wrap up.

說完這些，讓我把電話轉回艾莉森結束演講。

Thanks, Lee. Looking beyond this fiscal year, we remain optimistic about the future and potential for Hain Celestial. We are a pure-play better-for-you company at a time when the marketplace desire for better-for-you products continues to grow. We have strong brands that play in attractive categories, and we have a material distribution white space opportunity as we work to make better-for-you options more available and accessible to all consumers.

謝謝，李。展望本財年之後，我們仍然對 Hain Celestial 的未來和潛力持樂觀態度。在市場對「對您更有利」產品的需求不斷增長的當下，我們是一家純粹的「對您更有利」的公司。我們擁有在具有吸引力的類別中發揮作用的強大品牌，並且我們擁有材料分銷空白空間機會，我們致力於為所有消費者提供更適合您的選擇。

Our business foundations are solid with a culture of driving strong operational productivity, a positive free cash flow profile and a proven ability to reduce debt. We are committed to evolving our strategy with an eye on continuous improvement in margins, innovation and top-line growth. We believe the external environment presents a unique opportunity for Hain and that the challenges we face are largely within our control.

我們的業務基礎堅實，擁有推動強勁營運生產力的文化、積極的自由現金流狀況和經過驗證的減少債務的能力。我們致力於發展我們的策略，著眼於利潤率、創新和營收成長的持續提高。我們相信，外在環境為海恩提供了獨特的機遇，而我們面臨的挑戰基本上在我們的控制範圍內。

We are prioritizing simplifying the business, step-changing renovation and innovation in our brands, accelerating revenue growth management and pricing actions, generating productivity and overhead cost savings and investing in digital capabilities. We believe this focus will enable us to drive improved financial performance and deliver value for our shareholders. We appreciate your time today and look forward to answering your questions.

我們優先考慮簡化業務、逐步革新和創新我們的品牌、加快收入成長管理和定價行動、提高生產力和節約管理費用以及投資數位化能力。我們相信，這種專注將使我們能夠提高財務表現並為股東創造價值。我們感謝您今天抽出時間並期待回答您的問題。

(Operator Instructions) David Palmer, Evercore ISI.

（操作員指示）David Palmer，Evercore ISI。

I wanted to ask about the two big category snacks, Infant Nutrition and obviously, Earth's Best and Garden Veggie. I know those are probably key growth areas in the minds of the Board. And I'm wondering in the -- in some of the rhetoric from the management that Hain could be the best of both worlds.

我想問兩大類零食，嬰兒營養，以及顯然是 Earth's Best 和 Garden Veggie。我知道這些可能是董事會心目中的關鍵成長領域。我很好奇，管理階層的一些言論是否認為海恩可以兼顧兩面。

It could be -- it could have the better functionality versus smaller brands, smaller companies out there, but be more nimble than large companies. You mentioned some things about pricing not keeping up with trade investments, and it looks like we're having some surprising results here in the second half with Garden Veggie. Just wondering what is it about the execution and the insides of Hain that you think need to be fixed to get to that ideal world that you want to be in?

它可能會——與較小的品牌、較小的公司相比，它可能具有更好的功能，但比大公司更靈活。您提到了一些關於定價跟不上貿易投資的事情，看起來我們在下半年透過 Garden Veggie 取得了一些令人驚訝的結果。只是想知道，您認為需要修復 Hain 的執行和內部哪些方面才能達到您想要的理想世界？

And then maybe complementing that is in what ways has the category competitive environment or the consumer kind of changed in ways that are impairing the growth of your -- of these 2 key growth areas of the company?

然後也許可以補充的是，類別競爭環境或消費者發生了哪些變化，從而損害了公司這兩個關鍵成長領域的成長？

David, so maybe I'll kick off here in terms of snacks. As you look at kind of the underperformance overall, you're right, that was one of the key areas. I mean, from a top line perspective versus what we were anticipating, 80% of our top line shortfall came in North America and 2/3 of it being in snacks. I would say a couple of things. I mean -- and it ties into kind of our execution.

大衛，也許我應該從零食開始。當你看到整體表現不佳時，你是對的，這是關鍵領域之一。我的意思是，從營收角度來看，與我們的預期相比，80% 的營收缺口來自北美，其中 2/3 來自零食。我想說幾件事。我的意思是——這與我們的執行有關。

Our promotional events did underperform expectations across club and mass. And then we are seeing -- and you're probably seeing this, we are seeing category softness with only a few better-for-you brands driving growth during the quarter. We still feel really good overall around kind of the brand health, specifically with Garden Veggie.

我們的促銷活動在俱樂部和大眾中的表現確實低於預期。然後我們看到——您可能也看到了這一點，我們看到類別疲軟，只有少數對您更有利的品牌在本季度推動成長。我們對品牌健康狀況總體上仍然感覺良好，特別是 Garden Veggie。

Just looking more recently, we've had resets happening across major customers. But for those that we have executed, we did see improvement, but not to the level that we expect. So I think we have a lot more work to do to rebuild velocities. Part of this is continuing to drive marketing.

看看最近發生的事情，我們發現主要客戶都進行了重置。但對於我們已經執行的項目，我們確實看到了改進，但沒有達到我們期望的水平。所以我認為我們還有很多工作要做來重建速度。其中一部分是繼續推動行銷。

It's driving the things that we outlined really accelerating brand renovation and innovation. S from a Garden Veggie perspective, our marketing efforts should start to show benefits in Q4. We do have new flavor innovations.

它正在推動我們所概述的事情，真正加速品牌的更新和創新。從 Garden Veggie 的角度來看，我們的行銷努力應該會在第四季開始顯現。我們確實有新的口味創新。

The second one you mentioned was around baby and kids. If we kind of peel that back a little bit, market trends remain strong on snacks and cereal within baby and kids. And I'd say formula is performing well, but we're lapping a large year ago volume that we had that muted the performance. So we feel good about that overall. We did have some headwind from our exit from Earth's Best Jars.

您提到的第二個是關於嬰兒和兒童的。如果我們稍微回顧一下，嬰兒和兒童零食和穀類食品的市場趨勢依然強勁。我想說的是，配方表現良好，但我們去年的研磨量很大，這影響了性能。所以我們總體上對此感覺良好。我們退出 Earth's Best Jars 確實遇到了一些阻力。

But again, I'll tie back to the five key drivers that we talked about that Alison talked about, which is really accelerating brand innovation and renovation.

但再次，我將回到我們討論過的艾莉森提到的五個關鍵驅動因素，這確實加速了品牌創新和革新。

And just with maybe I don't think we needed to talk too specifically about what one retailer or another has done. But where you are having issues with reshelving, is it really come down to as simple as velocities, maybe not keeping up with key competitors? Or maybe give us a sense of the competitive environment on shelf for your key snack brands? And I'll pass it on.

也許我認為我們不需要太具體地談論某個零售商做了什麼。但是，當您遇到重新上架的問題時，這是否真的可以歸結為速度這麼簡單，也許跟不上主要競爭對手？或是能不能讓我們了解一下您主要零食品牌的貨架競爭環境？我會把它傳遞下去。

Yes. I mean I think part of it is we talked about placement when we did the reset. So again, I think some of that gets down to execution on our side. We have had some execution challenges. So I think it's done -- it's that. We talked a little bit about -- we have rebuilt the North American commercial team. That will be a focus moving forward, but we have to drive that execution.

是的。我的意思是，我認為部分原因是我們在重置時討論了位置問題。所以，我再次認為，這在某種程度上取決於我們的執行力。我們遇到了一些執行挑戰。所以我認為它已經完成了——就是這樣。我們談論了一點——我們已經重建了北美商業團隊。這將是未來的重點，但我們必須推動其執行。

Jim Salera, Stephens Inc.

吉姆·薩萊拉（Jim Salera），史蒂芬斯公司（Stephens Inc.）

Maybe starting off with a high-level question about kind of visibility just for both the remainder of this year and then as we -- on a kind of a go-forward basis. Because it sounds like the underperformance in the quarter were all events that popped up as the quarter progressed. And if I can characterize it and correct me if I'm wrong, but weren't really on your radar at the end of the second quarter.

也許首先要問一個高層問題，關於今年剩餘時間的可見性，然後是未來展望。因為聽起來本季的表現不佳都是隨著季度進展而出現的事件。如果我可以描述它並糾正我，如果我錯了，但在第二季末它並沒有真正引起你的注意。

And so is there anything whether it's an investment in corporate assets or talent internally that you guys can invest in that you'll have maybe better forecasting or better visibility to address some of these headwinds as they pop up in real time?

那麼，你們是否可以投資一些東西，無論是對公司資產還是內部人才的投資，以便更好地預測或更好地了解實時出現的一些不利因素？

Yes. I think it's a great question. And I think we talked before, we have made some investments, but we are falling far short in terms of kind of some of our forecasting. I think the other thing and the thing I would just tie back to is our investment in our commercial team will drive much more. I think we said now 8 of our top 9, we've got top-to-top linkage with our key customers.

是的。我認為這是一個很好的問題。我想我們之前談過，我們已經做了一些投資，但就我們的某些預測而言，我們還遠遠沒有達到預期。我認為另一件事，也是我想強調的一點，就是我們對商業團隊的投資將會帶來更大的效益。我想我們現在說，我們前 9 名中的 8 名，都與我們的關鍵客戶建立了頂層連結。

That will drive much more visibility. The other thing is investing -- continuing to invest in some of our digital capabilities, getting this information far more real time. So I think those things will help us move forward, but we do have to make a kind of a step change there.

這將帶來更大的知名度。另一件事是投資——繼續投資於我們的一些數位能力，讓這些資訊更加即時。所以我認為這些事情將幫助我們前進，但我們確實必須在那裡做出某種改變。

Okay. And then following up on David's questions on the snack side of the business. If you could maybe just give us if you have any detail on particularly the underperformance on the promo because I know it's something that you guys were excited about. And I believe you had some distribution gains in the quarter as well. So if my numbers are right, I think sequentially, snacks were basically flat from 2Q to 3Q in terms of the rate of decline.

好的。然後跟進大衛關於零食業務方面的問題。如果您能告訴我們有關促銷活動表現不佳的詳細信息，因為我知道這是讓你們興奮的事情。我相信您在本季也獲得了一些分銷收益。因此，如果我的數字正確的話，我認為從下降率來看，從第二季度到第三季度，零食的銷量基本上持平。

But obviously, in 3Q, you had a lot more support in market and I think distribution gains alongside that. So just any incremental color there about why those might have not had the same uplift as you anticipated earlier in the year?

但顯然，在第三季度，你們在市場上獲得了更多的支持，而且我認為分銷也隨之增加。那麼，為什麼這些成長可能沒有像您今年稍早預期的那樣實現同樣的提升呢？

Yes. So a couple of things. And you kind of hit it on the head. We did have an underperformance in terms of the lift that we thought we were getting with the promo. I mean we were about 80% of expectations.

是的。有幾件事。你確實擊中了它的要害。就我們以為的促銷活動所帶來的提升而言，我們的表現確實不盡如人意。我的意思是我們達到了預期的 80%。

I would say also, it was more challenging. If we look at club, there was more competition from both better-for-you and conventional than in any prior year. So there was a challenge of share of wallet amongst members. Mass was really the poor in-store execution by retail partners. So -- and I think we talked a little about that before, but we missed some key foot traffic in the first week there.

我還想說，這更具挑戰性。如果我們看一下俱樂部，我們會發現來自「對你更好」和「傳統」的競爭比以往任何一年都更加激烈。因此，會員之間共享錢包存在著挑戰。品質問題其實是零售合作夥伴的店內執行不力。所以——我想我們之前談過一點這個，但是我們在第一周錯過了一些關鍵的人流。

So again, it really gets down to we have to kind of strengthen our overall execution there. But -- and you've seen this. I mean, the overall snacks category itself, I mean, it's both better-for-you and then the broader snacks category has really softened. So again, we're driving -- and the key thing is focusing in then on driving -- continue to drive that kind of innovation.

所以，這實際上意味著我們必須加強我們的整體執行力。但是——你已經看到了這一點。我的意思是，就整個零食類別本身而言，它對你來說更有益，而且更廣泛的零食類別確實已經變得軟化。所以，我們再次強調，我們正在推動——關鍵是集中精力推動——繼續推動這種創新。

Kaumil Gajrawala, Jefferies.

傑富瑞的 Kaumil Gajrawala。

Can we maybe just talk a bit more about the strategic review? What specifically is the mandate? Is it portfolio related? Is it something bigger? Maybe if you could just dig into -- provide us maybe some more details other than what we see obviously in the press release.

我們能否再多談談戰略評估？具體任務是什麼？這與投資組合有關嗎？有更大的東西嗎？也許您可以深入了解一下——除了我們在新聞稿中看到的內容之外，還可以為我們提供更多細節。

Thank you for your question. This is Dawn. As we said in the press release, in light of the recent performance, the Board decided that a thorough evaluation of the strategy and portfolio was warranted to determine the best approach to maximize our shareholder value. We are early on in that process. The review will consider a broad range of strategic options to enhance value, but it really is too early to comment on any specifics as we're early in the valuation.

感謝您的提問。這是黎明。正如我們在新聞稿中所說，鑑於最近的表現，董事會決定對策略和投資組合進行全面評估，以確定最大化股東價值的最佳方法。我們正處於這一進程的早期階段。此次審查將考慮一系列提升價值的策略選擇，但由於我們還處於估值的早期階段，現在對任何細節發表評論還為時過早。

Okay. Got it. And then when you -- as it relates to some of the decisions I guess, made today is, obviously, we're -- we've gone into sort of a difficult macro environment and a particularly difficult macro environment for snacks. And so to what degree is it sort of company-specific versus the fact that it's just a harder sort of environment than it was before?

好的。知道了。然後，當你——我想這涉及到今天做出的一些決定時，顯然，我們——我們已經進入了一種困難的宏觀環境，對於零食來說，這是一個特別困難的宏觀環境。那麼，從多大程度上來說，這與公司本身狀況有關，還是說現在的環境比以前更艱難？

Yes. I think it's a mix. I mean the categories -- I kind of sound a bit like a broken record, but the categories are definitely softer. There are challenges. But then the piece of this is kind of the execution and why we focused on kind of the five key drivers to shift out performance. So it is a mix. But as I said, our biggest top line shortfall was in snacks. That's the category that seems to be most pressured right now.

是的。我認為這是一種混合。我指的是類別——我聽起來有點像在重複，但類別肯定更柔和。存在挑戰。但其核心在於執行力，以及為何我們要專注於五個關鍵驅動因素來提升績效。所以它是混合的。但正如我所說，我們最大的收入缺口是在零食方面。這似乎是目前壓力最大的類別。

Ken Goldman, JPMorgan.

摩根大通的肯‧戈德曼。

You talked about the key drivers to shift performance, simplification, innovation, productivity and so forth. I think one of the questions we're getting this morning is sort of what's different this time, right? These are a lot of areas that we've heard from the past from a variety of Hain management teams that the company will lean into.

您談到了提高性能、簡化、創新、生產力等的關鍵驅動因素。我想我們今天早上收到的一個問題是，這次有什麼不同，對嗎？這些都是我們從過去各個 Hain 管理團隊聽到的，公司將會傾向於這些領域。

So I guess the question I would ask is what can you discuss today in terms of what actually is being done differently and what can be implemented in the next year in a way that really can make a difference in near-term shareholder value? Because I think what we're hearing some feedback on is, yes, this sounds great, but we've heard all of it before a few times.

所以我想我要問的問題是，今天您能否討論一下實際上正在採取哪些不同措施，以及明年可以採取哪些措施才能真正對短期股東價值產生影響？因為我認為我們聽到的一些回饋是，是的，這聽起來很棒，但我們之前已經聽過幾次了。

It's Alison. Let me jump in here, and I'll give you a little bit more of a philosophical point of view given that I'm brand new in the role, and I need some time to assess exactly what's going on. But on a broad-based basis, what I would say is throughout my career, I've seen in consumer packaged goods that great marketing today that's digital first, great innovation, superior execution, both in bricks and clicks as well as strong revenue growth management, inclusive of pricing are really the levers that drive growth on the business.

是艾莉森。讓我插話一下，鑑於我是新上任的，我會給你一些更具哲學性的觀點，我需要一些時間來準確評估正在發生的事情。但從廣泛的角度來看，我想說的是，在我的整個職業生涯中，我看到在消費包裝商品領域，當今的偉大營銷以數字為先，偉大的創新，卓越的執行力（無論是實體店還是網絡店）以及強勁的收入增長管理（包括定價）才是真正推動業務增長的槓桿。

That, combined with strength in terms of how you manage your P&L and all the activities against margin accretion, both at the gross margin level and then obviously, at the EBITDA level are the things that make the machine tick, so to speak.

這一點，加上您在管理損益方面的優勢以及所有針對利潤增長的活動，無論是在毛利率水平，還是在 EBITDA 水平，都是讓機器運轉起來的因素，可以這麼說。

That being said, what I would say with regard to Hain is that we haven't executed all of those things as well as we need to. I can't give any specifics today, but what I can tell you is my plan is to go in to quickly assess and to really create focus against the things that are going to drive the greatest return most quickly. And again, my experience would say when you do that, you can make a difference. And again, I look forward to talking to you in the next earnings call about some of the areas of focus and what we're doing there.

話雖如此，關於海恩，我想說的是，我們還沒有按照我們需要的方式完成所有這些事情。我今天無法透露任何具體細節，但我可以告訴你的是，我的計劃是進行快速評估，並真正專注於那些能夠最快帶來最大回報的事情。而且，我的經驗表明，當你這樣做時，你就能有所作為。我再次期待在下次財報電話會議上與大家討論一些重點領域以及我們在那裡開展的工作。

This is Dawn. I'd just like to jump in again, from the Board perspective, we believe that Alison has a track record of really driving superior in-market execution and delivering disciplined and profitable revenue growth and leveraging innovation to create value. There's more that we think we can do on that in all those areas. We heard Lee talk about simplifying the business and overhead. And we've taken actions over the last 6 months that will the Hain reset actions that we've taken in terms of those overheads.

這是黎明。我想再次強調，從董事會的角度來看，我們相信艾莉森在推動卓越的市場執行、實現有紀律的盈利收入增長以及利用創新創造價值方面有著良好的記錄。我們認為在所有這些領域我們還可以做更多的事情。我們聽到李談論簡化業務和管理費用。在過去的 6 個月中，我們已經採取了一些行動，這些行動將重置我們在這些管理費用方面採取的行動。

We believe there is significant opportunity on RGM and pricing actions that we still can take and strengthening our digital capabilities and growing e-commerce. So there are things that can be done differently and will be done differently as we move forward.

我們相信，我們在 RGM 和定價行動方面仍有很大機會，可以加強我們的數位能力並發展電子商務。因此，有些事情可以以不同的方式去做，而且隨著我們前進，我們會以不同的方式去做。

Okay. I'd like to ask a quick follow-up, if I can. Are there actions you can take to clean up the balance sheet, right? The leverage ratio keeps rising and you just amended your credit agreement to remain compliant. But what can you do? Are there creative ways that you're thinking about now to kind of make the stock a little more investable from that perspective as well?

好的。如果可以的話，我想快速詢問一下後續問題。您可以採取什麼措施來清理資產負債表，對嗎？槓桿率不斷上升，您剛剛修改了信用協議以保持合規。但你能做什麼呢？從這個角度來看，您現在是否正在考慮一些創意的方法，以使股票更具投資價值？

Yes. So just one thing. Yes, we didn't amend it to be compliant. We were compliant as we closed the quarter. What we did amend it to do was just to give us flexibility moving forward.

是的。所以只有一件事。是的，我們沒有修改它以使其符合規定。我們在本季結束時遵守了規定。我們所做的修改只是為了讓我們能夠靈活地向前發展。

So I think what we have to continue to do, and we've had a really good track record of this. We have to continue to drive the working capital reduction. We still see some opportunity there, specifically kind of in the inventory area. Actually inventories were higher a bit in Q3, and I think we've mentioned that, so continuing to drive that, continuing just to look at our portfolio overall, and this is the whole thing with focus.

所以我認為我們必須繼續這樣做，而且我們在這方面有著非常好的記錄。我們必須繼續推動營運資本的減少。我們仍然看到那裡存在一些機會，特別是在庫存領域。實際上，第三季的庫存略有增加，我想我們已經提到過這一點，因此我們會繼續推動這一趨勢，繼續關注我們的整體投資組合，這是我們關注的重點。

So we are going to be kind of doing all of those things. At the end of the day, we have to then just drive overall business results. Obviously, deleveraging is us delivering on EBITDA. So it's all of those factors. I guess just the last thing I would say is we talked a bit about it before is we have some tail assets out there.

所以我們會做所有這些事情。最終，我們只需推動整體業務成果。顯然，去槓桿就是我們實現 EBITDA 的目標。所以，所有這些因素都存在。我想我最後要說的是，我們之前討論過，我們有一些尾部資產。

We are continuing to clean up the portfolio on those as well.

我們也持續清理這些投資組合。

Michael Lavery, Piper Sandler.

麥可拉弗里、派珀桑德勒。

I would love to get your perspective on the brands. And I guess, in the past, Hain has characterized some of the positioning as sort of a gateway premium or approachable premium, but it can suggest neither the best value or lowest price for the consumer and also neither maybe the pricing power of a real super premium or truly premium brand. In that middle ground, it's proven tough for a lot of companies in the last few years. Is that the right place to be? How do you think about the brand attributes that are the most appealing as you go into this portfolio review?

我很想了解您對這些品牌的看法。我想，在過去，Hain 曾將某些定位描述為入門級高端產品或平易近人的高端產品，但它既不能為消費者帶來最佳價值或最低價格，也不能代表真正的超級高端或真正高端品牌的定價能力。事實證明，在過去幾年中，許多公司都面臨中間地帶的困境。那是正確的地方嗎？在進行此投資組合評估時，您認為最吸引人的品牌屬性是什麼？

Thank you. Let me jump in here. It's Alison. I think that the way we have to think about brands is our role is to create value in the brand, value in the brands through the innovation, value in the brands through the marketing, value in the brands through the packaging mix in the channels that we distribute in. And when you do create that value in the brand, you can actually charge an appropriate price that the consumer is willing to pay.

謝謝。讓我插話一下。是艾莉森。我認為我們必須這樣看待品牌：我們的角色是創造品牌價值，透過創新創造品牌價值，透過行銷創造品牌價值，透過我們分銷管道的包裝組合創造品牌價值。當你確實在品牌中創造了這種價值時，你實際上可以收取消費者願意支付的適當價格。

So when Lee talks about the five areas of focus, and we talked about revenue growth management, a big part of revenue growth management is understanding where those value creation levers lie and then pricing for those value creation levers.

因此，當李談到五個重點領域時，我們談到了收入成長管理，收入成長管理的很大一部分是了解這些價值創造槓桿在哪裡，然後為這些價值創造槓桿定價。

So I wouldn't put us in a place where we say this is the price space we live in. Our role is going to be to continue to trade consumers up and really drive them against paying for our brands, what our brands are worth. And if you look today to, I think, the point that you raised, some of our brands are not as premium as maybe they should be in the marketplace. That's some of the data that we're seeing.

所以我不會讓我們說這就是我們所處的價格空間。我們的職責是持續提高消費者的購買力，真正促使他們為我們的品牌付費，並接受我們品牌的價值。如果您今天回顧您提出的觀點，我認為，我們的一些品牌在市場上可能沒有達到應有的水平。這是我們看到的一些數據。

And so that's our opportunity to bring more value to those brands so we can charge more and drive that margin accretion and that value overall for our business.

這是我們為這些品牌帶來更多價值的機會，這樣我們就可以收取更高的費用，並推動利潤的成長以及我們業務的整體價值。

That's helpful color. Maybe a related follow-up kind of similarly, a little bit higher level. As you look across the portfolio, obviously, a fair number of brands and categories and that will evolve a bit further. But is there a right to win that you would say you have as a company? And how do you think about what that might be?

這是很有幫助的顏色。也許是類似的、稍微高一點的相關後續內容。當你縱觀整個投資組合時，顯然會發現相當多的品牌和類別，而且還會進一步發展。但是，作為一家公司，您是否有權獲勝？您認為那會是什麼呢？

Yes. I mean we obviously definitely have a right to win as a company. Again, I think for us, what we have to do -- and again, I would tie it back to the five drivers that we said. I mean, we have to accelerate our brand renovation and innovation. I think that really supports kind of our right to win.

是的。我的意思是，作為一家公司，我們顯然有權獲得勝利。再次，我認為對我們來說，我們必須做的是——再次，我會將其與我們所說的五個驅動因素聯繫起來。我的意思是，我們必須加快我們的品牌更新和創新。我認為這確實支持了我們獲勝的權利。

We've talked about some things from a commercial execution standpoint that we've invested in right now. That will also support our right to win. So I think both of those things, driving the productivity so that we can continue to invest back into our brands as well.

我們從商業執行的角度談論了一些我們目前投資的事情。這也將支持我們獲勝的權利。所以我認為這兩件事都推動了生產力，以便我們可以繼續投資我們的品牌。

And I would just add that when you think about right to win, I mean, first of all, we are in very attractive categories. The better-for-you categories continue to pace the mainstream categories, even in snacks that has slowed. So we are in a very attractive place from that standpoint. In terms of our specific right to win, what's critical is ensuring that we're giving consumers reasons to buy. And that is where the marketing and the innovation comes in, and that is an area that we'll continue to double down our focus on.

我想補充一點，當你考慮獲勝的權利時，我的意思是，首先，我們處於非常有吸引力的類別。即使在零食領域，對健康更有益的產品類別仍繼續引領主流產品類別，而零食領域的成長速度已經放緩。因此從這個角度來看，我們處於一個非常有吸引力的位置。就我們具體的獲勝權利而言，關鍵是確保我們為消費者提供購買的理由。這就是行銷和創新的用武之地，也是我們將繼續加倍關注的領域。

As Lee has noted, we have some more work to do in specific categories, but there are some bright spots when you look at international returning to growth this quarter, when you look at our tea business in North America returning to a positive consumption growth space.

正如李先生所指出的，我們在特定類別上還有很多工作要做，但當你看到本季度國際業務恢復增長，當你看到我們在北美的茶葉業務恢復到積極的消費增長空間時，你就會發現一些亮點。

Some of the baby segments, if you actually break down total baby and kids are growing double digits. That's extremely positive. So we've got to build on our strengths and where we have the bright spots. And then what we have to do is clearly double down our focus on snacks. And so that's part of, as Dawn spoke about the strategic review and how do we maximize the value overall for our business.

有些嬰兒群體，如果你真正細分一下，嬰兒和兒童的總體數量正在以兩位數的速度增長。這是非常積極的。因此，我們必須發揮我們的優勢和亮點。那我們要做的是顯然加倍關注零食。正如 Dawn 所談到的，這就是策略評估的一部分，以及我們如何最大化我們業務的整體價值。

But I do believe, given the categories that we participate in, that there is opportunity for us, and my plan is to double down and focus on that opportunity.

但我確實相信，考慮到我們參與的類別，我們有機會，我的計劃是加倍努力並專注於這個機會。

And just -- sorry, just to build on that a little bit. We said snacks, we've talked about this before. We've got incredible awareness. We have an opportunity, though, to elevate our messaging with consumers around the benefits and the claims. And we are focused. We do have a strong pipeline of new coming from the snacks portfolio in 2026 that will bring some of that renovation and innovation. So again, the continued focus and execution of that.

只是 — — 抱歉，只是想在此基礎上再進一步。我們說零食，我們之前討論過這個。我們擁有令人難以置信的意識。不過，我們有機會向消費者進一步傳達有關其益處和功效的訊息。我們非常專注。2026 年，我們的零食產品組合中確實有一系列新產品即將推出，它們將帶來一些革新和創新。因此，我們再次強調，將繼續關注並執行這一點。

(Operator Instructions) Anthony Vendetti, Maxim Group.

（操作員指示）Anthony Vendetti，Maxim Group。

So just getting back to the higher-level question in terms of strategy. I guess if we go back to when Engaged Capital was involved and the transition from founder or co-founder, Irwin Simon to Mark Schiller, it seemed like the business was being reviewed and the focus was being narrowed on to businesses and categories that made sense.

因此，我們回到策略方面的更高層次的問題。我想，如果我們回顧 Engaged Capital 參與的時期以及從創始人或聯合創始人 Irwin Simon 到 Mark Schiller 的過渡，似乎業務正在接受審查，重點正在縮小到有意義的業務和類別。

And the feeling was, at least at the time the stock responded was that, that was happening. And Engaged was on the Board and Mark had called a number of products and streamlined a lot of the business and got a little -- rid of a lot of excess capacity, businesses that were not profitable and so forth.

並且感覺至少在股票做出反應時，這種情況正在發生。Engaged 是董事會成員，馬克已經召集了一些產品，精簡了許多業務，並且擺脫了許多過剩產能、無利可圖的業務等等。

And the stock went up into the 30s and then Engaged exited. But then Mark exited. Wendy came in. And again, there was this Hain reimagined, there was a new strategy. And it just imploded and the stock has catered now to [two and change].

然後股價上漲至 30 多美元，然後 Engaged 退出。但隨後馬克退出了。溫迪進來了。再次，我們對 Hain 進行了重新構想，制定了新的策略。它剛剛崩潰，股票現在已經迎合了【二而變化】

I guess what was Mark doing wrong that needed to be changed? And then what exactly did Wendy do that was clearly not working that got us to this point.

我猜馬克做錯了什麼，需要改變嗎？那麼，溫迪到底做了什麼顯然沒有發揮作用的事情，才導致我們陷入這種境地。

I'll take that question. I'm sure you can appreciate that the dynamics -- the business is very dynamic. And certainly, as we look over the past five or six years, there's been a dramatic change in the macro situation and in the dynamics of the business. So the Board and the management team are constantly reassessing and looking at different options to move forward. I'm not going to go back and comment on what Mark did, what Wendy did.

我來回答這個問題。我相信您能夠體會到這種動態—這個產業非常活躍。當然，回顧過去五、六年，宏觀情勢和商業動態發生了巨大變化。因此，董事會和管理團隊正在不斷重新評估並尋找不同的前進選擇。我不會回頭評論馬克做了什麼、溫迪做了什麼。

They both did a lot of things right. It's just we are in a very dynamic environment. We are responding to that environment, and we are moving forward in a way that makes the best sense for the company and our shareholders. And as we do our strategic review, we will report back at the appropriate time if and when we take any actions.

他們都做了很多正確的事。我們只是處在一個非常動態的環境。我們正在對這種環境做出反應，並以對公司和股東最有利的方式向前發展。當我們進行策略審查時，我們會在適當的時候報告我們採取的任何行動。

So one of the things, just to follow up on the pricing, right, in this environment, consumers are probably price sensitive. Is taking pricing working in this environment? Is that also under review? Is everything under review? I'm just trying to figure out -- and then how long do you think this review will take in terms of the business to get back on track? What's your best estimate?

因此，其中一件事就是跟進定價，在這種環境下，消費者可能對價格很敏感。在這種環境下定價是否有效？這也正在審核中嗎？一切都在審核中嗎？我只是想弄清楚——您認為這次審查需要多長時間才能使業務重回正軌？您的最佳估計是多少？

Yes. So just on the pricing, that is definitely under review. We have probably missed the ball a little bit on the pricing execution. So -- and investing, and I think we mentioned this as one of the key focus areas is strategic revenue growth management. We talked about that before, but we've really kind of turbocharged that and kind of standing up the capabilities on that.

是的。因此，就定價而言，肯定正在審查中。我們可能在定價執行上有些失誤。所以——以及投資，我認為我們提到這一點，因為重點關注領域之一是策略性收入成長管理。我們之前討論過這個問題，但我們確實對其進行了增強，並提升了其能力。

So yes, pricing is under review. I mean we are taking pricing in both North America and International. And again, we're going to be really focused heavily on revenue growth management.

是的，定價正在審查中。我的意思是我們在北美和國際上都實行定價。再次強調，我們將專注於收入成長管理。

The other thing that I'll just add in here, I think it's very important that we focus in on where the challenges lie. If you look at the results for the third quarter, what you see is 80% of that shortfall is North America. And within North America, the majority of that shortfall is snacks. So again, as I come in and look at where do we need to double down, it's actually some pretty clear areas. And in other parts of the business, we are seeing some bright spots.

我在這裡要補充的另一件事是，我認為專注於挑戰所在非常重要。如果你看一下第三季的結果，你會發現其中 80% 的缺口來自北美。在北美，短缺的大部分是零食。因此，當我再次審視我們需要加倍努力的地方時，我發現有些領域其實非常明確。在其他業務領域，我們也看到了一些亮點。

And I think that's important to keep elevating those bright spots and focus in on the isolated challenge areas and really make a difference against those, and that will make a difference on the business overall.

我認為，重要的是不斷提升這些亮點，並專注於孤立的挑戰領域，真正對這些領域產生影響，這將對整個業務產生影響。

Andrew Wolf, CL King.

安德魯沃爾夫、CL金。

I also wanted to ask about pricing, and I know you've answered it a couple of ways, but I just wanted to ask, one of it, I think Alison mentioned is more structural, getting the value equation right for either premiumizing brands, if that's the case or what have you.

我還想問一下定價問題，我知道您已經用幾種方式回答了這個問題，但我只想問一下，其中之一，我認為艾莉森提到的是更具結構性的問題，無論是高端品牌，還是其他什麼品牌，都要獲得正確的價值等式。

I wanted to ask more of a process question. And I think you kind of touched on it, but is it a lack of a centralized approach or standardization? Other companies did in the space also had a tough quarter on pricing because I think commodities kind of zoom pretty rapidly and talk about a dynamic market. There's a lot going on.

我想問更多有關流程的問題。我認為您已經提到了這一點，但這是否是因為缺乏集中式方法或標準化？該領域的其他公司在定價方面也經歷了一個艱難的季度，因為我認為大宗商品價格上漲非常快，市場充滿活力。有很多事情發生。

But for Hain specifically, is this a process thing or more structural to get the pricing to where it should be versus cost inflation?

但對 Hain 來說，具體來說，這是一個流程問題還是更具結構性的問題，以使定價達到應有的水平，避免成本上漲？

No. I mean a couple of things. I think we have centralized the approach a lot more. I mean, obviously, it's driven by kind of analytics of really stepping up that piece of it. But it's centralized more accountability.

不。我指的是幾件事。我認為我們已經更加集中化了這種方法。我的意思是，顯然，它是透過某種分析來真正加強這一部分。但它更加集中了責任。

So within RGM, we've stood up revenue growth management accountability into both regions that's linked across and really being pushed then by the finance organization to make sure that we're getting exactly out of it and it's reflected and coming through in the P&L. So that's something that we've really stood up. We had before, but we needed to put a lot more discipline around it.

因此，在 RGM 內部，我們在兩個區域建立了收入成長管理問責制，這些問責制相互關聯，並真正受到財務部門的推動，以確保我們能夠準確地從中獲益，並在損益表中得到反映和體現。這是我們真正堅持的事。我們以前也這樣做過，但我們需要對此採取更多的紀律措施。

Yes. And I'll just build on pricing and revenue growth management, which is really one of the levers with pricing, one of the levers within revenue growth management. I was at Coca-Cola 20 years ago when we started rolling out revenue growth management in North America. And what I will tell you is it is a capability that is very, very important. But at the same time, it does take some time. We have clearly missed the opportunity there in totality, but we are putting the -- we have put the capability in place.

是的。我將以定價和收入成長管理為基礎，這實際上是定價的槓桿之一，也是營收成長管理的槓桿之一。20 年前，當我還在可口可樂公司時，我們開始在北美推行營收成長管理。我要告訴你們的是，這是一種非常非常重要的能力。但同時，這確實需要一些時間。我們顯然已經完全錯過了機會，但我們正在把——我們已經把能力落實到位。

And now we just need to double down with focus on some of the key levers, pricing being one of the biggest ones and then mix probably the second biggest one. So again, you should be seeing more on that, but that is a key area of focus, as Lee has highlighted a number of times in terms of the 5 areas that we are going to be putting our attention against.

現在我們只需要加倍專注於一些關鍵槓桿，定價是其中最重要的槓桿之一，而混合可能是第二重要的槓桿。所以，您應該對此有更多了解，但這是一個重點關注領域，正如李多次強調的我們將要關注的 5 個領域一樣。

Great. And the structural question is, I don't know how much you can answer this given you're under a Board review. But when I look at the categories that with Meal Prep turning up and snacks being at the other end, the knock on Hain as an entity was too much stuff and to manage, yet Meal Prep probably is the most fragmented management conundrum, and it's doing the best and maybe -- and snacks is doing not as well, even though you seemingly are well positioned.

偉大的。結構性問題是，鑑於您正在接受董事會審查，我不知道您能回答多少這個問題。但是，當我看到餐點準備出現而零食處於另一端的類別時，Hain 作為一個實體面臨的問題是東西太多，難以管理，而餐食準備可能是最分散的管理難題，它做得最好，也許——零食做得不太好，即使你看似定位良好。

So I kind of think maybe there's a competitive intensity issue within the brands and maybe that's where the company might want to I know you got a review coming in, but it's just kind of an interesting thing where it does seem we're in Meal Prep where perhaps things are a little less intense on the competitive side. And yet the company is pretty fragmented, has a lot of different brands. It's interesting that that's where things are doing well. I don't know if you have any -- the Board has already thought about this or management internally that you might want to comment on.

所以我覺得也許品牌內部有競爭強度問題，也許這就是公司想要的，我知道你收到了評論，但這只是一個有趣的事情，看起來我們在餐飲準備領域，競爭可能沒那麼激烈。但該公司的業務相當分散，擁有許多不同的品牌。有趣的是，那裡的情況進展順利。我不知道您是否有任何意見——董事會已經考慮過這個問題，或者管理層內部可能想對此發表評論。

Yes, this is Dawn. You can be assured that we're looking at a broad range of strategic options to enhance value. We're looking across the entire portfolio as we warranted, it's time to do a thorough evaluation of both the strategy and the portfolio, and we'll report back as appropriate when we have more information.

是的，這是 Dawn。您可以放心，我們正在考慮多種策略選擇來提升價值。我們正在對整個投資組合進行必要的審查，現在是時候對策略和投資組合進行徹底的評估了，當我們獲得更多資訊時，我們會適時報告。

John Baumgartner, Mizuho.

瑞穗的約翰·鮑姆加特納。

I wanted to come back to the vision of the portfolio. We've seen multiple teams speak to the perceived brand strengths and growth through distribution has been the strategy for 25, 30 years. But the stickiness of distribution and the velocities have been recurring challenges. And I'm curious, as part of this review process, assessing the external variables, whether it's private label making larger inroads in health and wellness, regulatory changes that might result in mainstream brands improving their health credentials.

我想重新回顧一下投資組合的願景。我們已經看到多個團隊談論感知到的品牌優勢，並且透過分銷實現成長已經成為了 25 至 30 年來的策略。但分銷的黏性和速度一直是反覆出現的挑戰。我很好奇，作為審查過程的一部分，評估外部變量，無論是自有品牌在健康和保健領域取得更大進展，還是監管變化可能導致主流品牌改善其健康資格。

Is it possible that Hain could add more value through the supply chain, producing for private label, becoming a co-manufacturer in some cases. I'm curious what specific guardrails or actions are you sort of ruling out at this point in terms of the vision for the business going forward?

Hain 是否有可能透過供應鏈增加更多價值，為自有品牌生產，在某些情況下成為聯合製造商。我很好奇，就未來業務的願景而言，您目前排除了哪些具體的保護措施或行動？

I can't speak to what -- I mean, I think everything will be kind of on the table for the review. So I can't speak to an specifics on what is out at this point. To be fair, Alison has just come on. So we kind of need to go through and look at all kind of the value levers out there.

我無法談論什麼——我的意思是，我認為所有事情都會擺到審查台上。因此，我無法具體談論目前的情況。公平地說，艾莉森剛剛上場。因此，我們需要仔細研究並檢視各種價值槓桿。

Jon Andersen, William Blair.

喬恩安德森、威廉布萊爾。

This may not be a fair question, Lee, at this point, but I'll ask it anyways. As you look ahead and kind of given what you know now about the five focus areas that you're really looking to lean into to try and drive some improved performance.

李，現在這個問題可能不太公平，但我還是會問。當您展望未來並根據您現在所了解的情況，您真正希望依靠的五個重點領域就是嘗試提高績效。

And you've seem diagnosed where the majority of the current challenges are. How would you have us think about fiscal 2026 at this point since all of us asking questions here are going to have to establish a view on fiscal 2026. Are there some boundaries or guardrails you could put around how you're thinking about the possible performance of the business as you exit fiscal '25 here in a month, 1.5 months?

您似乎已經診斷出當前大多數挑戰所在。由於我們所有在這裡提問的人都必須對 2026 財年有一個看法，那麼您讓我們如何看待 2026 財年。當您在一個月或一個半月內退出 25 財年時，您是否可以針對業務可能的表現考慮一些界限或護欄？

So Jon, thanks for the question. I think right now, we're not giving guidance or perspective on 2026. We're kind of working through that, working through the kind of the five drivers, but also kind of as we've talked around kind of strategic portfolio review. So it's too early for us to have a perspective on 2026 at this point.

喬恩，謝謝你的提問。我認為現在我們還沒有給出關於 2026 年的指導或觀點。我們正在努力解決這個問題，解決五個驅動因素，同時也在討論策略性投資組合審查。因此，現在我們對 2026 年做出預測還為時過早。

And that would be done during our normal cadence cycle, which, as you know, would not be on this call for 2026.

這將在我們的正常節奏週期內完成，正如你所知，這不會在 2026 年的電話會議上進行。

Okay. And I guess a question for Alison. Given your background a number of large kind of CPG businesses, whether it be KMB or Johnson & Johnson Consumer, Coca-Cola. I mean this is a different kind of situation, I suspect, than those larger, more stable businesses. Are there experiences that you've had in the past at those companies or in other situations that you think bring -- will allow you to kind of add some value as you step in as interim here during this process?

好的。我想問艾莉森一個問題。鑑於您的背景，您曾參與過多家大型 CPG 企業，無論是 KMB、強生消費品或可口可樂。我的意思是，我懷疑這與那些規模更大、更穩定的企業的情況不同。您認為您過去在這些公司或其他情況下的經驗是否能為您帶來一些價值，讓您在過程中以臨時人員的身分介入？

Absolutely. So you're right. My experience reads large company. But within those large companies, I've had many experiences working and leading much more smaller agile brands. I was a General Manager and President of Odwalla at Coca-Cola, which was the natural food and beverage brand at Coke.

絕對地。所以你是對的。我的經驗是讀大公司。但在這些大公司中，我擁有許多工作和領導小型敏捷品牌的經驗。我曾擔任可口可樂公司 Odwalla 的總經理兼總裁，Odwalla 是可口可樂公司的天然食品和飲料品牌。

In my other companies like Johnson & Johnson, I was there and we acquired a number of different companies, which were small, agile, fast-moving organizations. So I read big, but I have equal experience on small.

在我任職的其他公司，例如強生公司，我們收購了許多不同的公司，這些公司都是小型、靈活、快速發展的組織。因此，我讀大書，但讀小書也有同樣的經驗。

I've worked on businesses that are declining that we've needed to turn around that are more steady state, that are also fast growing. And there's not a lot of experiences I haven't had in my career, which I think brings a breadth and an insight that I believe will be of value in my role as Interim President and CEO.

我曾經工作過一些正在走下坡路、需要扭轉局面、但狀態更穩定、成長也更快的企業。在我的職業生涯中，我經歷過很多事情，我認為這會為我帶來廣度和洞察力，我相信這對我擔任臨時總裁兼執行長的角色很有價值。

And the Board has asked Alison to step in because she is a roll up her sleeves operator with an extraordinary track record, and she will get into the details of the business as we go forward and make sure that we're executing against the five key levers that Lee and her have both talked about.

董事會已要求艾莉森介入，因為她是一位有著非凡業績記錄、敢於直面挑戰的實干家，她將在我們前進的過程中深入了解業務細節，並確保我們按照李和她都談到的五個關鍵槓桿來執行。

Okay. One more follow-up. And again, I don't know to what extent you'll be able to answer this, but when we roll around to the fourth quarter or the fiscal '25 call, at that point, would you expect to have a material update on the strategic portfolio review?

好的。再一次跟進。再說一次，我不知道您能在多大程度上回答這個問題，但是當我們進入第四季度或 25 財年電話會議時，您是否希望在戰略投資組合審查方面有實質性的更新？

As I said earlier, this is Dawn. It's too early to comment on that. We will update at the appropriate time when we have information to share. I can't commit to any time line at this point, but I appreciate your question.

正如我之前所說，這是 Dawn。現在評論這一點還為時過早。當我們有資訊可以分享時，我們會在適當的時候更新。我目前無法承諾任何時間表，但我很感謝您的提問。

I will now turn the call back over to Alison Lewis for closing remarks. Please go ahead.

現在我將把電話轉回給艾莉森·劉易斯，請她作最後發言。請繼續。

Well, thank you, everyone, for joining today and your continued support. I think we'll look forward to speaking with you next quarter where I'll have a little more insight on the business and be able to better answer some of your questions, but look forward to that next call. And most importantly, I very much look forward to digging in.

好吧，感謝大家今天的加入和持續的支持。我想我們期待下個季度與您交談，屆時我將對業務有更多的了解，並能夠更好地回答您的一些問題，但期待下一次通話。最重要的是，我非常期待深入研究。

Ladies and gentlemen, this concludes the call. Thank you all for joining, and you may now disconnect.

女士們、先生們，本次通話到此結束。感謝大家的加入，現在可以斷開連線了。