Hain Celestial Group Inc (HAIN) 2025 Q4 法說會逐字稿

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to Hain Celestial's fiscal fourth-quarter 2025 earnings call. (Operator Instructions)

感謝您的支持。我叫凱特，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Hain Celestial 2025 財年第四季財報電話會議。（操作員指示）

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

現在我想將電話轉給投資人關係主管 Alexis Tessier。請繼續。

Good morning, and thank you for joining us for a review of our fourth quarter and fiscal 2025 results. I am joined this morning by Alison Lewis, our Interim President and Chief Executive Officer; and Lee Boyce, our Chief Financial Officer.

早安，感謝您與我們一起回顧我們的第四季和 2025 財年業績。今天上午，與我一起出席的還有我們的臨時總裁兼執行長艾莉森·劉易斯 (Alison Lewis) 和財務長李·博伊斯 (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. 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.

投影片 2 顯示了我們的前瞻性聲明免責聲明。如您所知，在本次電話會議過程中，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。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。

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. 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. This call is being webcast, and an archive will be made available on the website.

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。當我們今天討論我們的結果時，除非另有說明，否則我們的評論將集中於非 GAAP 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。本次電話會議將進行網路直播，並將在網站上提供存檔。

And now, I'd like to turn the call over to Alison.

現在，我想把電話轉給艾莉森。

Good morning, everyone, and thank you for joining the call today. I will start today's call by providing a brief commentary on the quarterly results and then share my observations since taking on the CEO role at the beginning of the last quarter. I'll then walk through the decisive actions we're taking to reshape our business and the turnaround strategy designed to strengthen our foundation and win in the marketplace. Then Lee will provide a review of our fourth quarter results in more detail along with our outlook.

大家早安，感謝大家參加今天的電話會議。在今天的電話會議上，我將首先對季度業績進行簡要評論，然後分享我自上個季度初擔任執行長以來的觀察結果。然後，我將介紹我們為重塑業務而採取的果斷行動以及旨在鞏固基礎和在市場上取勝的扭虧為盈策略。然後，李將更詳細地回顧我們的第四季業績並提出展望。

We are disappointed with Q4 performance, which came in well below expectations on the top and bottom line driven by shortfalls in both the North America and international segments. In North America, velocity challenges and distribution losses in snacks weighed on performance. And in International, there were external factors affecting results in the quarter, including category-wide softness in wet baby food and unusually warm weather, which negatively impacted soup. Despite these short-term challenges, International remains a bright spot, and we gained market share across our total U.K. business last year.

我們對第四季的業績感到失望，由於北美和國際市場的不足，第四季的營收和利潤都遠低於預期。在北美，零食的速度挑戰和分銷損失影響了業績。在國際市場，本季的業績受到一些外部因素的影響，包括嬰兒濕食品的全品類軟化以及異常溫暖的天氣，這些都對湯類產品產生了負面影響。儘管面臨這些短期挑戰，國際業務仍然是一個亮點，去年我們在英國的整個業務中都獲得了市場份額。

This business has clearly not been performing. At a high level, previous leadership focus had leaned heavily towards building structure, strategy and process, but we now need to dial up execution and delivery. Hain built a global operating model designed to support a much larger business which had the side effects of both inflating our cost structure and slowing down decision-making rendering us less nimble and less profitable. Compounding the issue, the company did not implement significant pricing actions in the most recent years when industry inflation was still running at a high pace, relying solely on productivity improvements to offset higher costs. As a result, many of the levers to drive growth such as innovation and e-commerce were shortchanged and have not delivered at the rates required to win in our categories.

這項業務顯然表現不佳。從高層來看，先前的領導重點主要集中在建構結構、策略和流程，但現在我們需要加強執行和交付。海恩建立了一個全球營運模式，旨在支援更大規模的業務，但這也帶來了副作用，既增加了我們的成本結構，又減慢了決策速度，導致我們變得不那麼靈活，盈利能力也更低。更嚴重的是，在最近幾年行業通膨率仍居高不下的情況下，該公司並未採取重大的定價措施，而是僅依靠提高生產力來抵銷成本上升。結果，創新和電子商務等推動成長的許多槓桿都受到了限制，並沒有達到我們在各個類別中獲勝所需的速度。

We now must reshape the business in order to improve our trajectory and unlock Hain advantages in the better-for-use space. Our immediate priorities are clear: optimizing cash, deleveraging our balance sheet, stabilizing sales and improving profitability. We have already begun to drive changes and have recently hired an interim Chief Business Transformation Officer, [Thera Treshwel], who brings to our business a track record of success from private equity. Thera will steer our cost reduction, streamlining and restructuring efforts.

我們現在必須重塑業務，以改善我們的發展軌跡，並在更易於使用的領域釋放 Hain 的優勢。我們的當務之急很明確：優化現金、降低資產負債表槓桿、穩定銷售額和提高獲利能力。我們已經開始推動變革，最近聘請了臨時首席業務轉型官 [Thera Treshwel]，她為我們的業務帶來了私募股權的成功記錄。Thera 將指導我們的成本削減、精簡和重組工作。

We are implementing what we refer to internally as our no regrets moves and taking decisive steps across our cost structure and operating model. We are taking aggressive cost actions and are committing to an incremental 12% cost reduction in our people-related SG&A. Fundamental to achieving these cost improvements is the unwind of much of our global infrastructure, reducing complexity in our operations and moving to a leaner and more nimble regional operating model. This model has a smaller center to prioritize speed, simplicity and impact across the organization and will result in a cost structure that is better aligned with the current realities of our business.

我們正在實施我們內部所說的“不後悔的舉措”，並在我們的成本結構和營運模式上採取果斷措施。我們正在採取積極的成本行動，並承諾將與人員相關的銷售、一般及行政費用逐步降低 12%。實現這些成本改進的根本在於放鬆我們大部分的全球基礎設施，降低營運的複雜性，並轉向更精簡、更靈活的區域營運模式。此模型的中心規模較小，優先考慮整個組織的速度、簡單性和影響力，並將產生更符合我們當前業務現實的成本結構。

We have restored regional ownership and powering teams that are closest to the consumer to make decisions while placing governance, compliance, people and process efficiencies at the As part of this effort, we have moved to two innovation hubs, one in North America and one in International, and we are already seeing the benefits in terms of speed and output, which I'll speak to in a moment. Additionally, supply chain management, along with other functions that are inherently local will move to the regions.

我們恢復了區域所有權，並為最接近消費者的團隊提供決策支持，同時將治理、合規、人員和流程效率放在首位。作為這項努力的一部分，我們已遷移到兩個創新中心，一個在北美，一個在國際，我們已經看到了速度和產出方面的好處，我稍後會談到這一點。此外，供應鏈管理以及其他本質上屬於本地的職能也將轉移到地區。

We are removing layers and increasing spams across the top of the organization and will drive a more effective operating model in the process. Amidst the challenges in the North America business, we took decisive action to ensure greater accountability and faster execution by eliminating the President of North America role at this time. Given that brand strategy and commercial activation are squarely in my wheelhouse, I am managing the North American region as we fully address the areas of underperformance and expedite change. Our goal with these operating model changes is to reduce duplication, drive faster decision-making and align execution closer to consumers and customers.

我們正在消除組織頂層的層級並增加垃圾郵件，並將在此過程中推動更有效的營運模式。面對北美業務面臨的挑戰，我們採取了果斷行動，取消了北美總裁的職位，以確保更大的責任感和更快的執行速度。鑑於品牌策略和商業活化完全屬於我的職責範圍，我將負責管理北美地區，全面解決表現不佳的領域並加快變革。我們進行這些營運模式變革的目標是減少重複，加快決策速度，並使執行更貼近消費者和客戶。

Beyond the benefits from reshaping our operating cost structure, we are scrutinizing every dollar of spend for strategic benefit and ROI across our P&L levers, while maintaining our consumer-focused investments. We anticipate implementing additional cost savings initiatives following the conclusion of our previously announced strategic review. We are confronting our challenges with urgency and determination, laying the groundwork for a leaner, faster and more execution and delivery focused company by sharpening our priorities and taking immediate actions to strengthen financial health, streamline operations and energize our brands, we are positioning Hain to compete and win in the marketplace. Our recovery is guided by a clear set of choices and actions that balance near-term financial health with long-term growth.

除了重塑營運成本結構帶來的好處之外，我們還在仔細審查每一美元的支出，以獲得策略性利益和損益槓桿的投資報酬率，同時保持以消費者為中心的投資。我們預計在先前宣布的策略審查結束後實施額外的成本節約措施。我們正以緊迫感和決心應對挑戰，透過明確優先事項和立即採取行動加強財務健康、簡化營運和激發品牌活力，為更精簡、更快速、更注重執行和交付的公司奠定基礎，我們正在讓 Hain 在市場上競爭並獲勝。我們的復甦以一系列明確的選擇和行動為指導，以平衡短期財務健康和長期成長。

Our turnaround strategy is focused on five key actions to win in the marketplace, realigning our portfolio, accelerating brand renovation and innovation, implementing strategic revenue growth management and pricing, driving productivity and working capital efficiency and strengthening our digital capabilities. Complexity in our business across our operating model and our portfolio has hampered our ability to move with speed. We are committed to reducing complexity in the operating model, as I just discussed, as well as in our portfolio. We are exiting unprofitable or low-margin SKUs, enabling us to focus resources on brands and categories with the highest growth and margin potential.

我們的轉型策略專注於五項關鍵行動以贏得市場：重新調整我們的產品組合、加速品牌更新和創新、實施策略收入成長管理和定價、提高生產力和營運資本效率以及加強我們的數位能力。我們的業務營運模式和產品組合的複雜性阻礙了我們快速發展的能力。正如我剛才所討論的，我們致力於降低營運模式以及產品組合的複雜性。我們正在退出無利可圖或低利潤的 SKU，使我們能夠將資源集中在具有最高成長和利潤潛力的品牌和類別上。

In tea, for example, we closed fiscal 2025 with 91 different blends of tea across all of our SKUs. Over the next 2 years, we will reduce the number of blends to less than 55, simplifying our internal processes, capturing efficiencies across the value chain and driving margin expansion. To ensure this discipline is sustained, we are embedding portfolio management reviews to assess, add or retire SKUs continuously to maximize portfolio simplicity and value versus relying on large episodic rationalization efforts. In addition, we are exiting or selling businesses where we are structurally disadvantaged or do not have a right to win. Alongside the previously announced decision on Personal Care, we made the strategic decision to exit the meat-free category in North America.

以茶為例，截至 2025 財年，我們所有的 SKU 共有 91 種不同混合的茶。在未來兩年內，我們將把混合物的數量減少到 55 種以下，簡化我們的內部流程，提高整個價值鏈的效率並推動利潤率的擴大。為了確保這項原則的持續性，我們嵌入了投資組合管理評審，以不斷評估、添加或淘汰 SKU，從而最大限度地提高投資組合的簡單性和價值，而不是依賴大規模的間歇性合理化努力。此外，我們正在退出或出售那些我們在結構上處於劣勢或沒有獲勝權利的業務。除了先前宣布的個人護理決定外，我們還做出了退出北美無肉類別的策略決定。

Following several years of declines in the category and a comprehensive internal assessment, we are discontinuing the Yves product line and will be permanently closing its manufacturing facility. Not only is this action accretive to the business, but it will enable us to sharpen our focus and resources on growing our highest potential brands and categories. As a reminder, we have significant strategic review work underway with Goldman Sachs with the goal of maximizing shareholder value. We continue to evaluate the exit or sale of businesses where we are structurally disadvantaged and are exploring other alternatives that will simplify our portfolio. We also expect to have further opportunity to refine our operating model based on the outcome of this work.

鑑於該類別產品連續數年下滑以及經過全面的內部評估，我們將停止生產 Yves 產品線並永久關閉其製造工廠。這項措施不僅能促進業務成長，還能讓我們集中精力，將資源投入最具潛力的品牌和品類的開發。提醒一下，我們正在與高盛進行重要的策略審查工作，目標是實現股東價值最大化。我們將繼續評估退出或出售那些在結構上處於劣勢的業務，並探索其他可以簡化我們投資組合的替代方案。我們也期望有機會根據這項工作的成果進一步完善我們的營運模式。

While we are not yet in a position to share definitive news here, we are making strong progress, and we'll provide an update when we have news to share.

雖然我們還不能在這裡分享確切​​的消息，但我們正在取得重大進展，當我們有消息要分享時，我們會提供最新消息。

Across the business, we have not innovated with the speed or at the level necessary in categories where new news is important. This has been particularly evident in our North American snacks category, where we have fallen behind the competitive set. Going forward, innovation will be a much larger part of our story as we aim to significantly increase our contribution from innovation to growth.

在整個業務中，我們在新新聞很重要的類別中創新的速度和水平還不夠。這在我們的北美零食類別中尤其明顯，我們已經落後於競爭對手。展望未來，創新將成為我們發展歷程中更重要的一部分，我們的目標是大幅提高創新對成長的貢獻。

In fiscal 2026, we have new products launching across our portfolio. In Garden Veggie, we're revamping our Better-For-You credentials and dialing up the flavors with the product renovation of our core straws and puffs, expect elevated taste with new and improved salt profiles along with real cheese, real veggies, no artificial colors or flavors and amplify better-for-you attributes like Avocado Oil. Further, we have new breakthrough packaging to boost findability, build momentum and win with consumers.

在 2026 財年，我們將在整個產品組合中推出新產品。在 Garden Veggie 中，我們正在改進我們的 Better-For-You 認證，並通過對我們的核心吸管和泡芙進行產品革新來提升口味，期望通過新的和改進的鹽配置以及真正的奶酪、真正的蔬菜、無人工色素或香料來提升口感，並放大鱷梨油等對您更有益的屬性。此外，我們擁有突破性的新包裝，以提高可發現性、增強勢頭並贏得消費者的青睞。

Also in snacks is an exciting new format for Hartley's with Juicy Jelly pouches in the U.K. This new format opens on-the-go occasions, including lunchboxes. juicy Jelly pouches are not only delicious, but made with real fruit juice, no refined sugar or artificial sweeteners and no artificial colors or flavors. Juicy Jelly pouches launched in several key retailers earlier this month, supported by a high reach consumer marketing campaign, featuring out-of-home, sampling events, social and influencers. While it's too soon to comment on in-market results, retailer orders have been stronger than expected.

在零食領域，Hartley's 還在英國推出了令人興奮的新包裝 Juicy Jelly。這種新包裝適合外出時食用，包括午餐盒。 Juicy Jelly 不僅美味，而且採用真正的果汁製成，不含精製糖或人工甜味劑，也不含人工色素或香料。本月初，Juicy Jelly 小包在幾家主要零售商處上市，並得到了高覆蓋率消費者行銷活動的支持，包括戶外廣告、試吃活動、社交活動和有影響力人士的參與。雖然現在評論市場結果還為時過早，但零售商訂單已經比預期的要強勁。

In beverages, Celestial Seasonings recently launched the first phase of our Anytime Wellness platform, marking Celestial's entry into the sizable nonsleep wellness segment. The launch included four added benefits for all day enjoyment, well, good vibes, detox blend and a variety pack. In the meal top category, Greek Gods Yogurt will be building upon strong momentum and expanding into the fastest-growing single-serve segment in the second quarter, introducing a product with more live and active cultures than leading competitors across flavors.

在飲料方面，Celestial Seasonings 最近推出了我們的 Anytime Wellness 平台的第一階段，標誌著 Celestial 進入了規模可觀的非睡眠健康領域。此次推出的產品包括四項額外福利，讓您全天享受，即健康、良好的氛圍、排毒混合物和多種包裝。在餐點產品中，希臘眾神優格將憑藉強勁勢頭，在第二季度拓展至成長最快的單份優格市場，推出一款比各口味主要競爭對手含有更多活性和活性菌的產品。

New Covent Garden, the U.K. #1 chilled soup brand launched a 1 kilogram value pack in three flavors. Designed to recruit larger families, the innovation is proving to be nearly 50% incremental to the category and over 70% incremental to Hain, and is being supported by a comprehensive media campaign with a reach of over 10 million consumers.

英國排名第一的冷湯品牌 New Covent Garden 推出了三種口味的 1 公斤超值裝。這項創新旨在吸引更大的家庭，事實證明，它為該類別帶來了近 50% 的增量，為 Hain 帶來了 70% 以上的增量，並且得到了全面的媒體宣傳活動的支持，覆蓋了超過 1000 萬消費者。

We are encouraged that we now have one of the strongest innovation pipelines in our recent history, due in part to the operating model changes to empower our regions. We believe that innovation, combined with the shift in our marketing strategy to focus on digital and social should drive excitement and meet consumer needs in the market. As discussed, Hain's limited pricing actions in the last few years did not keep pace with inflation, meaning our productivity was absorbed by inflation rather than being invested in the business or used to expand margins. This year, we have revenue growth management initiatives actioned or planned across nearly the whole portfolio. In the international business, we successfully implemented pricing late in the fourth quarter to offset inflation.

我們很高興看到，我們擁有近代史上最強大的創新管道之一，這在一定程度上要歸功於我們為增強地區實力而進行的營運模式變革。我們相信，創新加上我們行銷策略向數位和社交的轉變應該會激發市場熱情並滿足消費者的需求。如上所述，Hain 過去幾年有限的定價行動未能跟上通貨膨脹的步伐，這意味著我們的生產力被通貨膨脹吸收，而不是投資於業務或用於擴大利潤率。今年，我們幾乎在整個投資組合中實施或規劃了收入成長管理措施。在國際業務中，我們在第四季度末成功實施了定價以抵消通貨膨脹。

We are in the process of doing the same in our North America portfolio. And we have seen strong retailer acceptance of our August pricing actions across our tea, baby and kids categories.

我們正在對北美投資組合採取同樣的措施。我們發現零售商對我們 8 月針對茶葉、嬰兒和兒童類別的定價措施的接受度很高。

We recently rolled out pricing across our Meal Prep portfolio effective later in Q2. We are currently working on revenue growth management actions for snacks with premiumization and price pack architecture initiatives to be implemented throughout this fiscal year. In addition, we have made significant headway in reducing ineffective trade spend. We now have a more robust process to ensure that the investment produces the expected return, and we expect to deliver a reduction in our trade spend as a percent of sales of more than 50 basis points in the coming year.

我們最近推出了針對整個膳食準備產品組合的定價，將於第二季末生效。我們目前正在製定零食收入成長管理措施，並將在本財年實施高端化和價格包架構計畫。此外，我們在減少無效貿易支出方面也取得了重大進展。我們現在擁有更強大的流程來確保投資產生預期的回報，我們預計在來年將貿易支出佔銷售額的百分比降低 50 個基點以上。

Generating operational productivity and improving working capital has generally been a bright spot for Hain, and both will continue to be contributors to our cash flow going forward. In fiscal 2025, we again delivered strong productivity at $67 million or 5.5% of COGS. We have a robust pipeline for fiscal 2026, and we expect to deliver more than $60 million in gross savings before inflation. Further, in North America, we are reshaping our DC network to drive greater efficiency.

提高營運生產力和改善營運資本一直是 Hain 的亮點，而這兩者將繼續為我們未來的現金流做出貢獻。在 2025 財年，我們再次實現了強勁的生產力，達到 6,700 萬美元或 5.5% 的 COGS。我們為 2026 財年制定了強大的計劃，預計在通貨膨脹之前將實現超過 6000 萬美元的總節省。此外，在北美，我們正在重塑我們的直流網路以提高效率。

From a working capital perspective, we overdelivered our accounts payable improvement target in fiscal 2025 and expect to achieve further improvement this year. For fiscal 2026, we also have building blocks in place to achieve a material reduction in inventory levels this year, including resetting weeks of coverage for both raw and pack and finished goods that should generate meaningful cash benefits. E-commerce continues to be one of the fastest-growing channels in our categories, yet our capabilities have not kept up. We are accelerating our investment in e-commerce and expect to grow at or above category rates in fiscal 2026. We have strong green shoots that we need to scale.

從營運資金角度來看，我們在 2025 財年超額完成了應付帳款改善目標，並預計今年將進一步改善。對於 2026 財年，我們還制定了基本措施，以實現今年庫存水準的大幅降低，包括重新設定原材料、包裝產品和成品的覆蓋週數，這將產生可觀的現金收益。電子商務仍然是我們類別中成長最快的管道之一，但我們的能力卻無法跟上。我們正在加快對電子商務的投資，預計在 2026 財年實現達到或超過同類水準的成長。我們擁有強勁的復甦勢頭，需要進一步擴大。

In North America, we grew 10% in fiscal 2025 behind assortment and content improvements at some key retailers. And in the U.K., soup is the fastest-growing category online in our portfolio where we grew online share from 31% to 34% in fiscal 2025.

在北美，由於一些主要零售商的商品種類和內容改進，我們在 2025 財年實現了 10% 的成長。在英國，湯是我們產品組合中在線增長最快的類別，到 2025 財年，我們的線上份額將從 31% 增長到 34%。

Our shift into digital and social first marketing is continuing to accelerate, driving improved ROIs and reach. In North America, we are seeing return on ad sales meeting or exceeding industry benchmark. And in the International segment, our social reach is 3x that of 3 years ago, reaching 80 million impressions per month.

我們向數位和社交優先行銷的轉變正在持續加速，從而推動投資回報率和覆蓋範圍的提高。在北美，我們看到廣告銷售回報率達到或超越了行業基準。在國際領域，我們的社交覆蓋率是 3 年前的 3 倍，每月達到 8,000 萬次展示。

In summary, we are taking decisive actions to optimize cash, deleverage our balance sheet, stabilize sales and improve profitability. We are creating greater financial flexibility by rapidly resetting our cost structure to better align with the current business. We are implementing a leaner and more nimble regional operating model that prioritizes speed, simplicity and impact over global infrastructure. Our focused turnaround strategy is anchored on five actions to win in the marketplace and drive growth; aggressively streamlining our portfolio by exiting or selling businesses where we are structurally disadvantaged or simplifying our portfolio; accelerating brand renovation and innovation, meaningfully increasing our innovation renewal rate; implementing strategic revenue growth management and pricing with initiatives actioned or planned across nearly the whole portfolio; driving continued productivity and working capital efficiency; and enhancing our digital capabilities to grow our e-commerce business ahead of category growth rates.

總之，我們正在採取果斷行動來優化現金、降低資產負債表的槓桿率、穩定銷售並提高獲利能力。我們正在透過快速重置成本結構來更好地適應當前業務，從而創造更大的財務靈活性。我們正在實施更精簡、更靈活的區域營運模式，優先考慮速度、簡單性和影響力，而不是全球基礎設施。我們重點關注的轉型策略以五項行動為基礎，以贏得市場並推動成長；透過退出或出售結構上處於劣勢的業務或簡化我們的產品組合，積極精簡我們的產品組合；加速品牌革新和創新，大幅提高我們的創新更新率；實施策略收入成長管理和定價，並在幾乎整個產品組合中實施生產力或規劃舉措；

Some people have asked if I will manage the business with a light touch given my interim role? This is not the case, which is clear to all who know me. I have rolled up my sleeves and I am fully immersed in the operations. I am identifying opportunities, challenging assumptions and making bold moves where they count. I am here to put Hain on a path to unlock its full potential through the turnaround plan I have outlined, along with our strategic review so that the business is well positioned to be led by whoever the Board appoints as permanent CEO.

有人問我，鑑於我的臨時職責，我是否會以輕鬆的方式管理業務？事實並非如此，所有認識我的人都清楚這一點。我已經捲起袖子，全心投入行動。我正在尋找機會、挑戰假設並在重要的地方採取大膽的行動。我來這裡是為了讓 Hain 走上一條充分發揮其潛力的道路，透過我所概述的扭虧為盈計劃以及我們的戰略審查，以便公司能夠很好地由董事會任命的常任首席執行官來領導。

I want to thank the entire Hain team for their continued hard work and energy as we reshape the business for success. Though the path to sustainable growth will take time, we are swiftly taking action that is stabilizing our business performance while delivering cash and paying down debt, strengthening our financial health.

我要感謝整個 Hain 團隊在我們重塑業務以取得成功的過程中所付出的持續努力和精力。儘管實現永續成長需要時間，但我們正在迅速採取行動，穩定我們的業務表現，同時提供現金並償還債務，增強我們的財務健康。

I'll now hand the call over to Lee to discuss our fourth quarter financial results and outlook in more detail.

現在我將把電話交給李，更詳細地討論我們第四季的財務表現和前景。

Thank you, Alison, and good morning, everyone. For the fourth quarter, we saw an organic net sales decline of 11% year-over-year. Decline was driven by lower sales in both the North America and International segments. The decline in organic net sales reflects 11-point decrease in volume mix and flat pricing. Adjusted gross margin was 20.5% in the fourth quarter, a decrease of approximately 290 basis points year-over-year.

謝謝你，艾莉森，大家早安。第四季度，我們的有機淨銷售額年減 11%。下滑的原因是北美和國際市場的銷售額均下降。有機淨銷售額的下降反映了銷售組合下降 11 個百分點以及價格持平。第四季調整後毛利率為20.5%，年減約290個基點。

The decrease was driven by lower volume mix, cost inflation and higher trade spend, partially offset by productivity.

下降的原因是銷量組合下降、成本上漲和貿易支出增加，但生產力提高，從而部分抵消了這種影響。

SG&A decreased 7% year-over-year to $67 million in the fourth quarter, driven by a reduction in employee-related expenses. SG&A represented 18.6% of net sales in the quarter as compared to 17.3% in the year ago period. During the quarter, we took charges totaling $5 million associated with actions under the restructuring program, including employee-related costs, contract termination costs, asset write-downs and other transformation-related expenses. To date, we have taken $88 million in charges associated with the transformation program, which is comprised of $85 million of restructuring charges and $3 million of expenses associated with inventory write-downs. Of these charges, $31 million were noncash.

由於員工相關費用的減少，第四季銷售、一般及行政費用較去年同期下降 7% 至 6,700 萬美元。銷售、一般及行政費用佔本季淨銷售額的 18.6%，去年同期為 17.3%。本季度，我們根據重組計畫採取的行動共花費 500 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。到目前為止，我們已經承擔了與轉型計畫相關的 8,800 萬美元費用，其中包括 8,500 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。

In order to accelerate the initiatives to streamline our operating model that Alison discussed, we are increasing the scope of the previously announced restructuring program. Restructuring charges, excluding inventory write-downs are now expected to be $100 million to $110 million by fiscal 2027, up from our previous expectation of $90 million to $100 million. These charges are excluded from adjusted operating results. Interest costs fell 6% year-over-year to $13 million in the quarter, driven by lower outstanding borrowings and a reduction in interest rates. We have hedged our rate exposure on more than 50% of our loan facility with fixed rates of 7.1% based on our newly amended credit agreement.

為了加速艾莉森討論的簡化營運模式的舉措，我們正在擴大先前宣布的重組計劃的範圍。目前預計，到 2027 財年，重組費用（不包括庫存減損）將達到 1 億至 1.1 億美元，高於我們先前預期的 9,000 萬至 1 億美元。這些費用不計入調整後的經營績效。由於未償還借款減少和利率下降，本季利息成本年減 6% 至 1,300 萬美元。根據我們新修訂的信貸協議，我們以 7.1% 的固定利率對沖了超過 50% 的貸款額度的利率風險。

We continue to prioritize reducing net debt over time. Adjusted net loss which excludes the effect of restructuring charges amongst other items, was $2 million in the quarter or $0.02 per diluted share as compared to adjusted net income of $11 million or $0.13 per diluted share in the prior year period.

我們將繼續優先考慮逐步減少淨債務。調整後淨虧損（不含重組費用等影響）本季為 200 萬美元，即每股攤薄虧損 0.02 美元，而去年同期調整後淨收入為 1,100 萬美元，即每股攤薄虧損 0.13 美元。

We delivered adjusted EBITDA of $20 million in the fourth quarter compared to $40 million a year ago. The decline was driven by lower volume mix as well as high trade spend, partially offset by productivity and a reduction in SG&A expenses. Adjusted EBITDA margin was 5.5%.

我們第四季的調整後 EBITDA 為 2,000 萬美元，而去年同期為 4,000 萬美元。下降的原因是銷售組合減少以及貿易支出增加，但生產力提高和銷售、一般及行政費用減少部分抵消了這一影響。調整後的 EBITDA 利潤率為 5.5%。

Turning now to our individual segments. In North America, organic net sales declined 14% year-over-year. The decrease was primarily driven by lower sales in snacks, and, to a lesser extent, Meal Prep. Fourth quarter adjusted gross margin in North America was 19.2%, a 340 basis point decrease versus the prior year period, driven by lower volume mix, primarily in snacks, along with high trade spend, partially offset by productivity. Adjusted EBITDA in North America was $10 million as compared to $21 million in the year ago period.

現在轉向我們各自的部分。在北美，有機淨銷售額年減 14%。下降的主要原因是零食銷量下降，其次是餐點銷量下降。北美第四季調整後毛利率為 19.2%，較去年同期下降 340 個基點，原因是銷量組合下降（主要為零食）以及貿易支出增加，但生產力提高部分抵消了這一影響。北美調整後的 EBITDA 為 1,000 萬美元，而去年同期為 2,100 萬美元。

The year-over-year decline resulted primarily from lower volume mix and higher trade spends, partially offset by productivity and a reduction in SG&A expenses, mainly due to lower employee-related costs. Adjusted EBITDA margin was 5.1%.

年比下降主要由於銷售組合下降和貿易支出增加，但生產力提高和銷售、一般及行政費用減少（主要由於員工相關成本降低）部分抵消了這一下降。調整後的 EBITDA 利潤率為 5.1%。

In our International business, organic net sales declined 6% in the quarter, primarily driven by lower sales in meal prep and beverages. International adjusted gross margin was 22.1%,, approximately 270 basis points below the prior year period, primarily driven by cost inflation and lower volume mix, partially offset by productivity. International adjusted EBITDA was $21 million as compared to $27 million in the prior year period. The decrease was primarily driven by lower volume mix partially offset by productivity and net pricing. Adjusted EBITDA margin was 13.3%.

在我們的國際業務中，本季有機淨銷售額下降了 6%，主要原因是餐飲和飲料銷售額下降。國際調整後毛利率為 22.1%，比去年同期低約 270 個基點，主要原因是成本上漲和銷售組合下降，但被生產力部分抵銷。國際調整後 EBITDA 為 2,100 萬美元，去年同期為 2,700 萬美元。下降的主要原因是產量組合較低，但生產力和淨定價部分抵消了這種影響。調整後的 EBITDA 利潤率為 13.3%。

Now turning to category performance. Organic net sales growth in snacks was down 19% year-over-year, driven by velocity challenges and distribution losses. While still declining, we did see improvement in velocities in the fourth quarter as compared to the third quarter. In Baby and Kids, organic net sales growth was down 9% year-over-year, driven by softness in purees in both North America segment, in part due to SKU reductions as well as in the International segment. On the other hand, we have continued to see strength in Earth's Best snacks and cereal, with dollar sales growth of high single digits and low 20%, respectively.

現在轉向類別表現。由於速度挑戰和分銷損失，零食的有機淨銷售額增長年減 19%。儘管仍在下降，但與第三季相比，第四季的速度確實有所改善。在嬰兒和兒童產品方面，有機淨銷售額成長年減 9%，原因是北美地區和國際地區的果泥銷售量疲軟，部分原因是 SKU 減少。另一方面，我們繼續看到 Earth's Best 零食和穀物的強勁表現，美元銷售額分別增長了高個位數和低 20%。

In the beverages category, organic net sales growth was down 3% year-over-year driven by softness in tea in North America and private label nondairy beverage in Europe. Despite the category headwinds, our nondairy beverage brand, Joya again gained share in the quarter. And Celestial Seasonings bag tea gained distribution in the quarter, in part due to the launch of Wellness Innovation.

在飲料類別中，有機淨銷售額成長較去年同期下降 3%，原因是北美茶和歐洲自有品牌非乳製品飲料的疲軟。儘管面臨類別阻力，我們的非乳製品飲料品牌 Joya 在本季再次獲得了市場份額。Celestial Seasonings 袋裝茶在本季度的分銷量有所增加，部分原因是健康創新的推出。

In Meal Prep, organic net sales growth was down 8% year-over-year, primarily driven by softness in oils and nut butters in North America and meat-free products in the U.K. These impacts were partially offset by continued growth in Greek Gods in North America, which demonstrated high single-digit dollar sales growth in the quarter.

在餐點準備方面，有機淨銷售額成長較去年同期下降 8%，主要原因是北美食用油和堅果醬以及英國無肉產品的疲軟。這些影響被北美希臘神產品的持續成長部分抵消，希臘神產品在本季實現了高個位數的美元銷售額成長。

Shifting to cash flow and the balance sheet. Free cash flow in the fourth quarter was an outflow of $9 million compared to free cash flow of $31 million in the year ago period. The decrease was primarily due to a decline in cash earnings. We continue to see improvement in our days payable outstanding. Days payable outstanding improved to 65 days from 37 days in fiscal year 2023 and 52 days in Q4 fiscal year 2024.

轉向現金流和資產負債表。第四季的自由現金流為 900 萬美元，而去年同期的自由現金流為 3,100 萬美元。下降的主要原因是現金收益下降。我們的應付帳款週轉天數持續改善。應付帳款週轉天數從 2023 財年的 37 天和 2024 財年第四季的 52 天改善至 65 天。

We have made significant progress towards our goal of 70-plus days payable outstanding by fiscal year 2027. Days inventory outstanding remains an opportunity for improvement and is an area of focus for fiscal 2026. Days inventory outstanding were 88 days, up from 82 days in fiscal year 2023 and 79 days in Q4 fiscal year 2024.

我們在實現 2027 財年應付帳款餘額超過 70 天的目標方面取得了重大進展。存貨週轉天數仍是一個改進的機會，也是 2026 財年關注的重點領域。庫存未清償天數為 88 天，高於 2023 財年的 82 天和 2024 財年第四季的 79 天。

CapEx was $6 million in the quarter and $25 million for the year. As we look ahead to fiscal 2026, we expect capital expenditures to be approximately $30 million. Finally, we closed the quarter with cash on hand of $54 million and net debt of $650 million after we reduced net debt by $14 million in the quarter. Paying down debt and strategically investing in the business continue to be our priorities for cash. Our leverage ratio, as calculated under our credit agreement increased to 4.7 times.

本季資本支出為 600 萬美元，全年資本支出為 2,500 萬美元。展望 2026 財年，我們預期資本支出約 3,000 萬美元。最後，我們在本季減少了 1,400 萬美元的淨債務，最終以 5,400 萬美元的現金和 6.5 億美元的淨債務結束了本季。償還債務和策略性地投資業務仍然是我們現金的首要任務。根據我們的信貸協議計算，我們的槓桿率增加到 4.7 倍。

Subsequent to the end of the quarter, we amended our credit agreement to provide increased financial flexibility. The amended agreement provides for a maximum net secured leverage ratio of 5.5x in the quarter ended September 30, 2025, and thereafter. Our long-term goal is to reduce balance sheet leverage to 3x adjusted EBITDA or less, as calculated under our credit agreement.

本季結束後，我們修改了信貸協議，以提供更大的財務彈性。修訂後的協議規定，截至 2025 年 9 月 30 日的季度及之後，最高淨擔保槓桿率為 5.5 倍。我們的長期目標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。

Turning now to our outlook. Given the uncertainty in our business around the outcome and timing of the completion of our strategic review, we are not providing numeric guidance on fiscal year 2026 operating results at this time. That said, we do want to provide a little bit of color on our outlook. We expect aggressive cost cutting and execution against our five actions to win in the marketplace to drive stronger top and bottom line performance in the second half of the year as compared to the first half.

現在談談我們的展望。鑑於我們的業務在策略審查完成的結果和時間方面存在不確定性，我們目前不會對 2026 財年的經營業績提供數位指導。話雖如此，我們確實想為我們的展望提供一些色彩。我們期望透過積極削減成本和執行五項行動來贏得市場，從而推動下半年的營收和利潤表現優於上半年。

For Q1, we expect net sales and adjusted EBITDA on an absolute basis to look similar to that of Q4 2025. Additionally, due to seasonality and consistent with prior years, we expect free cash flow in Q1 to be a net outflow. For the full year, we expect to deliver positive free cash flow on disciplined inventory management and continued progress on payables. We are committed to decisive and bold actions to improve our trajectory by streamlining our portfolio, accelerating brand renovation and innovation, implementing strategic revenue growth management and pricing, driving productivity and working capital efficiency and strengthening our digital capabilities. We are moving swiftly to strengthen our foundation and position Hain for sustainable growth.

對於第一季度，我們預計淨銷售額和調整後的 EBITDA 將與 2025 年第四季相似。此外，由於季節性因素且與往年一致，我們預期第一季的自由現金流將為淨流出。就全年而言，我們預計在嚴格的庫存管理和應付款項持續進展的推動下，將實現正的自由現金流。我們致力於採取果斷而大膽的行動來改善我們的發展軌跡，透過精簡我們的產品組合，加速品牌更新和創新，實施策略性收入成長管理和定價，提高生產力和營運資本效率，並加強我們的數位能力。我們正在迅速採取行動，鞏固基礎，為 Hain 的可持續發展做好準備。

That concludes our prepared remarks, and we are now happy to take your questions. Operator, please open the line.

我們的準備好的演講到此結束，現在我們很高興回答你們的提問。接線員，請接通線路。

(Operator Instructions) Andrew Lazar, Barclays.

（操作員指示）巴克萊銀行的安德魯·拉扎爾。

Great. Thanks so much. Good morning, everybody. Alison, I think Hain talks in the release -- and you talked a lot about resetting the cost structure to create more financial flexibility. I seem to remember a real challenge under previous management was really that they had to use sort of a pay-as-you-go strategy when it came to brand reinvestment because sort of a onetime reset to reinvest, it really not doable given the leverage. And it would seem Hain has maybe a similar issue now. So how do you manage this and the reinvestment needed in the context of a balance sheet that's really only become more strained over the last couple of quarters?

偉大的。非常感謝。大家早安。艾莉森，我認為海因在新聞稿中談到了——你談了很多關於重置成本結構以創造更多財務靈活性的內容。我似乎記得前任管理層面臨的一個真正挑戰是，在品牌再投資方面，他們必須採用一種現收現付的策略，因為一次性重置再投資，考慮到槓桿作用，這實際上是不可行的。現在看來，海恩可能也遇到了類似的問題。那麼，在過去幾季資產負債表變得更加緊張的情況下，您如何管理這一點以及所需的再投資？

Hi, Andrew. Thanks for the question. Here's what I would say. I mean this is why we talk about driving financial flexibility aggressively against each lever of the P&L. There is money in the P&L that is there for reinvestment. We just have to make tough decisions, and we have to focus that investment against the things that drive the highest return in order to really get the flywheel going.

你好，安德魯。謝謝你的提問。這就是我要說的。我的意思是，這就是為什麼我們要談論積極推動財務靈活性來應對損益表的每個槓桿。損益表中有可用於再投資的資金。我們必須做出艱難的決定，我們必須將投資重點放在能帶來最高回報的事情上，才能真正讓飛輪運轉。

So that is really why we're talking about that cost structure focus across each aspect of the P&L. And all of that gets focused against our five actions to win, which are the things that ultimately get that flywheel going in the right direction.

所以這就是我們討論損益表各個面向的成本結構重點的原因。所有這些都集中在我們為贏得勝利而採取的五項行動上，這些行動最終會讓飛輪朝著正確的方向運轉。

So, I would just say, just building on that. Part of this is -- and that's why we kind of announced this unlocking the operating model. So there are significant incremental savings coming out of that. And I think we kind of touched upon that as well. The other thing is it is the focus areas.

所以，我只想說，只是在此基礎上進行構建。部分原因是——這就是我們宣布解鎖營運模式的原因。因此，這樣做可以帶來顯著的增量節省。我認為我們也談到了這一點。另一件事是重點領域。

The strategic revenue growth management, I mean we have not taken pricing historically. That is something we have really enacted with a lot more discipline. So we had taken pricing in Q4 in international, we've been taking pricing in North America. So it is a focus on all of those. And then secondarily, as we've announced with the credit agreement, we wanted to give ourselves more headroom within that agreement as well.

策略性收入成長管理，我的意思是我們歷史上沒有考慮過定價。我們確實以更嚴謹的方式實施了這項政策。因此，我們在第四季度已在國際上製定了定價，我們一直在北美製定定價。因此，我們要關注所有這些問題。其次，正如我們在信貸協議中所宣布的那樣，我們也希望在該協議中為自己留出更多的空間。

So it's kind of all of that. That gives us more flexibility as we move forward as well.

就是這樣。這也為我們前進提供了更大的靈活性。

Thank you for that. And then basically at least on how the portfolio is constructed currently, what's sort of the floor on EBITDA for fiscal '26 to sort of remain within your new credit agreement?

謝謝你。那麼基本上至少就目前的投資組合建構方式而言，26 財年的 EBITDA 底線在什麼情況下可以保持在新的信貸協議範圍內？

So without giving a specific number, I think what you can look at is we -- as we closed out Q4, we had a 4.7 times. And I'd just remind you, this is based on the bank defined EBITDA. We've got now a headroom of 5.5. So you can kind of back into the 4.5 the bank adjusted number, and then you can see, I mean, we've got we've got a comfortable cushion as we move forward during the year.

因此，在不給出具體數字的情況下，我認為您可以看到的是——當我們結束第四季度時，我們的成長率是 4.7 倍。我只是想提醒你，這是基於銀行定義的 EBITDA。我們現在有5.5的淨空。所以你可以回到銀行調整後的4.5，然後你就會看到，我的意思是，隨著我們今年的推進，我們有了舒適的緩衝。

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

Alison, Lee, good morning. Thanks for taking our question. I appreciate all the details around some of the optimization efforts you guys have underway, but I would say some of the themes are similar to roughly what we heard 2 years ago at the Hain Reimagined at the Investor Day, the focus on kind of innovation and operational simplification. So I was hoping maybe you could just give us some insights where the Hain Reimagined program fell short and what do you think will be different this time? And maybe if you guys are looking at things in a different way or have kind of a different angle or focus that you think will how to jump start the business?

艾莉森、李，早安。感謝您回答我們的問題。我很欣賞你們正在進行的一些優化工作的所有細節，但我想說的是，其中一些主題與我們兩年前在投資者日的 Hain Reimagined 上聽到的大致相似，重點是創新和營運簡化。所以我希望您能給我們一些見解，說明 Hain Reimagined 計劃的不足之處，以及您認為這次會有什麼不同？也許如果你們以不同的方式看待事物，或有不同的角度或關注點，你們認為如何啟動業務？

Sure. Thank you for the question. I would start by saying, and I think I said this in the script that overall, there was a lot of work put against people, process and structure versus sort of unleashing that people, process and structure through decisions and actions. And so I think what you see differently now is some of the examples that we provided in the script where we have pricing against almost every category in our portfolio, both at the international and North America level that has a significant value to our P&L, our ability to generate cash. The second area I would say is in innovation.

當然。謝謝你的提問。首先我想說的是，而且我認為我在劇本中也說過，總的來說，有很多工作是針對人員、流程和結構進行的，而不是透過決策和行動來釋放人員、流程和結構。因此，我認為您現在看到的不同之處在於我們在腳本中提供的一些示例，其中我們針對投資組合中的幾乎所有類別進行了定價，無論是在國際還是北美層面，這些定價都對我們的損益表和產生現金的能力具有重要價值。我想說的第二個領域是創新。

We have innovation against almost every single one of our categories, and I referenced some of those massive renovation in our snacks business which is getting a clean oils, getting at better salt flavor profiles, real cheese, more bold flavors, things that actually drive growth in the category. You see that in some of the convenience areas and yogurts getting into single-serve yogurt. So innovation is definitely something that has ramped up. And if you look at our pipeline, it's larger than it's ever been and you look at the level of launches that we're doing, it's larger than it's been in quite some time. These are categories that require new news, and that new news is going to make a difference on our business.

我們幾乎對每個類別都進行了創新，我提到了零食業務中的一些大規模革新，即使用清潔的油、獲得更好的鹽味、真正的奶酪、更濃鬱的口味，這些實際上推動了該類別的增長。在一些便利商店，你會看到優格變成了單份優格。因此，創新肯定正在加速發展。如果你看看我們的管道，它比以往任何時候都要大，如果你看看我們正在進行的發射水平，它比相當長一段時間以來都要大。這些類別需要新的新聞，而新的新聞將對我們的業務產生影響。

The next area I would say that is different is if you look at how we are looking at our operating model and unleashing the local empowerment. At the end of the day, the business happens in our markets. And we are putting in place the resources to ensure that, that business can be unlocked in the market. I gave an example in the script of we've moved to two innovation hubs versus innovation being managed centrally, and we're already seeing the benefit from that. So making sure that we get cost out where cost doesn't matter and putting cost where cost does matter to drive that return.

我想說的下一個不同之處是，如果你看看我們如何看待我們的營運模式並釋放當地的權力。歸根結底，業務發生在我們的市場。我們正在投入資源，以確保該業務能夠在市場上蓬勃發展。我在腳本中舉了一個例子，我們已經轉移到兩個創新中心，而不是集中管理創新，我們已經看到了這樣做的好處。因此，我們要確保將成本從不重要的部分中剔除，並將成本投入到重要的部分，以推動回報。

Another area I would speak to is just the continued driving supply chain productivity and working capital reduction. We've done very well on that but we're continuing to put pressure there. And we're into our multiyear journey on that and the fact that we're able to continue to drive productivity in the multiyear journey says that we're doing a lot of things right, and we will continue to pressure on that. So I think the biggest difference of what you see is sort of decisiveness and action and focus. The five actions to win really provide focus for the organization.

我想談的另一個領域是繼續提高供應鏈生產力和減少營運資本。我們在這方面做得很好，但我們仍將繼續施加壓力。我們已經為此進行了多年的努力，我們能夠在多年的努力中繼續提高生產力，這一事實表明我們做了很多正確的事情，我們將繼續為此施加壓力。所以我認為你所看到的最大差異是果斷、行動和專注。獲勝的五項行動確實為組織提供了重點。

These are the five things we're doubling down, and we know that they are all different makers on our business.

這是我們正在加倍努力的五件事，我們知道它們對我們的業務有不同的影響。

Got it. And then, Lee, if I could ask one just on kind of the cadence of leverage throughout the year. You had mentioned in 1Q, you guys expect free cash flow to be an outflow. I would assume that we would see leverage tick up maybe a little bit in 1Q and 2Q and then come back down in the back half of the year. Can you offer any thoughts on kind of the cadence? And maybe if you guys in mind a quarter that you anticipate to be the high watermark for leverage in '26.

知道了。然後，李，我可以問一個關於全年槓桿率節奏的問題嗎？您在第一季提到，預計自由現金流將會流出。我預計槓桿率在第一季和第二季可能會略有上升，然後在下半年回落。您能對這種節奏提出一些看法嗎？也許你們會想到，26 年某個季度的槓桿率將達到最高水準。

Yes. So we're not -- again, we're not giving specific guidance. But you're right, there is an outflow in the first quarter. I guess the other thing I would just tie to is what we've said as we went through before, if you look at the action plans that we have in place, especially around the cost focus, you will see the benefits of that coming through in the second half more than in the first half. So I think you can think about it that way as you think around cash generation.

是的。所以我們不會——再說一遍，我們沒有給出具體的指導。但你說得對，第一季確實出現了資金流出。我想我要強調的另一件事就是我們之前說過的，如果你看一下我們制定的行動計劃，特別是圍繞成本重點的計劃，你會發現下半年帶來的好處比上半年更多。所以我認為，當你考慮現金產生時，你可以這樣思考。

The other thing is -- and again, I'm focused on the cash generation piece of this is really focusing on inventory as well. So we do see some big potential there, really through kind of more disciplined management of the inventory for a number of different levers. So as you go through the balance of the year, again, second half driven better performance by the initiatives that Alison went through, specifically and then driving the cost. And then from a kind of cash flow perspective, you'll learn a lot more of that as we get into the second half of the year.

另一件事是——我再次強調，我關注的是現金產生部分，實際上也是專注於庫存。因此，我們確實看到了其中的巨大潛力，透過對多種不同槓桿的庫存進行更嚴格的管理。因此，當你回顧今年的餘額時，你會發現，下半年由於艾莉森採取的舉措而取得了更好的業績，具體而言，這降低了成本。然後從現金流的角度來看，隨著我們進入下半年，你會了解更多這方面的內容。

Matt Smith, Stifel Financial Corp.

史密斯（Matt Smith），Stifel Financial Corp.

Hi. Thanks for taking the question. Alison, I realize it's still early days of the strategic review, but we have seen some incremental decisions in focus areas like exiting eaves and revenue growth management focus. The conclusions are likely still in process here. But from a process perspective, can you talk about what you're seeing out of the strategic review in terms of areas where you're incrementally more confident there is value-accretive potential?

你好。感謝您回答這個問題。艾莉森，我意識到策略審查仍處於早期階段，但我們已看到在重點領域（如退出屋簷和收入成長管理重點）做出了一些漸進式決策。結論可能仍在進行中。但是從流程的角度來看，您能否談談您從策略評估中看到哪些領域讓您越來越有信心具有增值潛力？

Yes. I can share certainly that we continue to make progress against our strategic review. As we've indicated previously, we're not providing any updates until we have updates to give. At the same time, you've noted that we are doing significant work to streamline our portfolio and back to decisive actions. We are taking decisive actions.

是的。我可以肯定地說，我們在策略審查方面繼續取得進展。正如我們之前所指出的，在有更新消息之前，我們不會提供任何更新。同時，您也注意到，我們正在大力精簡投資組合，並重新採取果斷行動。我們正在採取果斷行動。

The exit of ease is a great example of that, where we were structurally disadvantaged in North America in that business. The continued work we do against our SKU reduction is another area where we're taking decisive actions to simplify our portfolio. And the third area, I would say, and something that -- we haven't talked about previously is what we're implementing, which is called portfolio management review, which is really looking very carefully on how we build long-term capability around adding SKUs, investing in SKUs or retiring SKUs, so that this doesn't become an episodic event in terms of SKU reduction, but becomes an ongoing thing to manage the most efficiency and effectiveness based on the number of SKUs in our portfolio. So that's really what we can talk about today. But again, the strategic review, we continue to make progress, and we will absolutely update you when we have an update to provide.

ease 的退出就是一個很好的例子，我們在北美的這項業務上處於結構性劣勢。我們持續致力於減少 SKU，這是我們採取果斷行動簡化產品組合的另一個領域。我想說的第三個領域，也是我們之前沒有談論過的，是我們正在實施的，稱為投資組合管理審查，這實際上非常仔細地研究我們如何圍繞增加 SKU、投資 SKU 或淘汰 SKU 來構建長期能力，這樣這就不會成為 SKU 減少的偶發事件，而成為一項持續的事情，以根據我們投資組合中的 SKU 數量來管理最高的效率和效力。這就是我們今天要討論的內容。但是，在策略評估方面，我們將繼續取得進展，當我們有最新消息時，我們一定會及時向大家通報。

Thank you. And as a follow-up, Lee, realizing you're not giving specific fiscal 2016 guidance. Does the improvement you expect in the second half require a change or an improvement in the trends within your categories? Or is it more reflective of Hain's initiatives? And how should we be thinking about the level of SKU rationalization this year? Like any quantification on the drag on sales from the business exits?

謝謝。作為後續問題，李，我意識到您沒有給出具體的 2016 財年指導。您預期下半年的改善是否需要改變或改善您所在類別的趨勢？或者它更多地反映了海恩的倡議？那我們該如何看待今年SKU合理化的程度呢？是否有任何量化數據顯示業務退出對銷售造成拖累？

Yes. So I'd say two pieces to that. I think for the second half performance, it's all of the pieces. So it's a streamlining portfolio. It is driving.

是的。因此我想就此說兩點。我認為下半場的表現是全方位的。所以這是一個精簡的投資組合。它正在駕駛。

And we've talked about the brand renovation and innovation. So driving better top line performance through our focus on that. We do have probably the most robust innovation pipeline that we've had. Where we've done well is continuing to drive the productivity. So over the last few years, we've driven over $60 million a year, continuing to drive that.

我們也談到了品牌的革新和創新。因此，透過關注這一點，我們可以提高營收業績。我們確實擁有迄今為止最強大的創新管道。我們做得好的地方是繼續提高生產力。因此，在過去的幾年裡，我們每年的營收超過 6,000 萬美元，並且還在繼續成長。

I think that kind of one of the biggest step changes is the revenue growth management and the pricing where we haven't taken that historically. So driving that as well. And around the SKU work, we're not providing specific impacts on that. But I would say we are cutting a long tail on the SKU. So we've historically been prioritizing a bit more customer-focused innovation rather than consumer focused.

我認為最大的變化之一是收入成長管理和定價，這是我們歷史上從未採取過的。所以也推動這一點。關於 SKU 工作，我們並沒有提供具體的影響。但我想說的是，我們正在削減 SKU 的長尾。因此，我們歷來更注重以客戶為中心的創新，而不是以消費者為中心的創新。

So it's very consumer-focused. We have cut the tail in the past, but then we've allowed it to continue to grow as we've had income in SKU. So a lot more disciplined around that. That will drive a significant margin improvement for us as well, the enabler for a margin improvement. So that's the way you should think around the SKU work in the portfolio optimization.

所以它非常以消費者為中心。我們過去曾切斷過尾巴，但後來我們允許它繼續成長，因為我們有 SKU 收入。因此，在這方面要更加自律。這也將推動我們的利潤率大幅提高，成為利潤率提高的推動因素。這就是您應該思考投資組合優化中的 SKU 工作的方式。

John Baumgartner, Mizuho.

瑞穗的約翰·鮑姆加特納。

Good morning. Thanks for the question. I wanted to come back to snacks and the distribution losses you're seeing there. That's been a source of distribution growth for some time. What's, I guess, causing the shift now to declines? And how much of that has sort of initiated by Hain, whether it's reduction of SKUs or some of those tough decisions for reinvestment that you mentioned Alison?

早安.謝謝你的提問。我想回到零食和你所看到的分銷損失的話題。一段時間以來，這一直是分銷成長的一個來源。我猜是什麼原因導致現在這種轉變開始下降？其中有多少是由 Hain 發起的，無論是減少 SKU 還是 Alison 提到的一些艱難的再投資決策？

Yes. So I'm going to back up a little and talk a little more broadly about snacks. I think that's an important context for all of you to have. So clearly, the snacks performance has not been where we want it to be, let's put that up on the table. That is a fact.

是的。因此，我將稍微回顧一下並更廣泛地談論零食。我認為這對所有人來說都是一個重要的背景。顯然，零食的表現並沒有達到我們想要的水平，讓我們把這一點擺到桌面上。這是事實。

At the same time, what I would say is these are businesses where we actually have very good equity. We have 74% awareness versus a category average of about 45%. When you look at the category entry point, so all the attributes that bring people into the category, things like taste, things like variety, things like makes me happy, make me feel good. We're in the top 2 or 3 in terms of rankings there. So these are businesses that actually have equity and have value.

同時，我想說的是，這些業務中我們實際上擁有非常好的股權。我們的認知度為 74%，而同類產品的平均認知度約為 45%。當你查看類別入口點時，所有將人們帶入該類別的屬性，例如口味、種類，以及讓我開心、讓我感覺良好的事物。我們在那裡的排名中位列前 2 或前 3 名。所以這些企業其實擁有股權和價值。

At the same time, these are businesses that require news. This is an impulse category. Impulse categories require continuous news. And so that is why we're hyper-focused on the product renovation work we're doing, getting us into new oils, getting us into bolder flavors, putting real cheese in our straws product. We're adding a 4-straws potato, which is the highest requested new vegetable flavor out there, getting us into the right packages.

同時，這些企業也需要新聞。這是一個衝動類別。衝動類別需要持續的新聞。這就是為什麼我們高度重視正在進行的產品革新工作，引入新的油，引入更濃鬱的口味，在我們的吸管產品中加入真正的起司。我們添加了 4 根吸管土豆，這是目前市場上要求最高的新型蔬菜口味，可以讓我們進入合適的包裝。

So we've been shy on multipacks and we've moved aggressively into multipack ensuring that we have the right marketing. So if I look back at January '25, we had 0 of our marketing in digital and social, we're now at 60% of our marketing and digital and social, which is critical for all businesses today, but particularly snacks business, where, again, there's so much competition. And then lastly, as you noted, on the distribution losses really doubling down our focus on ensuring that we can gain distribution, but the way that we gain distribution is by having the news and the things that consumers and shoppers want. What we've seen is our retailers are responsive when we bring the new. And while very early days, we are seeing some very preliminary green shoots as we get the right product in the right package at the right retailer.

因此，我們一直不願意嘗試多件裝，但為了確保我們擁有正確的行銷策略，我們積極進軍多件裝市場。因此，如果我回顧 25 年 1 月，那時我們的數位和社交行銷為 0，而現在我們的行銷有 60% 是用於數位和社交的，這對於當今的所有企業都至關重要，尤其是零食業務，因為該行業的競爭非常激烈。最後，正如您所說，關於分銷損失，我們確實加倍關注確保我們能夠獲得分銷，但我們獲得分銷的方式是透過獲取新聞以及消費者和購物者想要的東西。我們看到的是，當我們推出新產品時，我們的零售商反應非常正面。雖然還處於早期階段，但我們已經看到了一些初步的復甦跡象，因為我們從合適的零售商那裡獲得了合適的包裝和合適的產品。

And we're seeing that, that velocity does start to improve, if I look on a period-to-period basis. Clearly, we have a lot of turnaround to do to get to overall growth in snacks, but that's where we're doubling down our focus. So I believe that answers your question on what it takes to actually not have distribution losses and to actually drive distribution and drive velocity against our snacks business overall.

我們看到，如果從週期來看，速度確實開始提高。顯然，我們還有很多工作要做才能實現零食的整體成長，但這正是我們加倍關注的重點。因此，我相信這回答了你的問題，即如何才能真正避免分銷損失，以及如何真正推動分銷並推動我們整體零食業務的速度。

Yeah, thanks, Alison. Thanks for the detail. And a follow-up, looking at the private label, the nondairy beverages in Europe. That performance seems pretty well below where private label is performing at least in the retail takeaway data. Is that just a function of customer mix for Hain? Or is the business encountering some headwinds against sort of retaining customers? Thank you.

是的，謝謝，艾莉森。謝謝你的詳細說明。接下來，我們來看看歐洲的自有品牌非乳製品飲料。至少從零售外送數據來看，這一表現似乎遠低於自有品牌的表現。對 Hain 來說，這只是客戶組合的功能嗎？或者企業在留住客戶方面是否遇到了一些阻力？謝謝。

Yes. So our nondairy business, I mean we did see some softness in the beginning of the fourth quarter, but we did exit the fourth quarter with growth in our nondairy business in Europe. As you know, the European business overall is heavily private label, and that also includes nondairy. At the same time, we are focused, and you'll see as we head into 2026, driving value and driving innovation in that area with new sort of plant-based cream new innovations in the Barista area. So again, what drives that growth is not different than what drives growth in other categories, which is bringing value to the consumer in form, in flavor, and we're focused on that as we go forward and believe that the growth on nondairy will continue, and that's an important part of our business, as you know, in our International segment.

是的。因此，我們的非乳製品業務，我的意思是，我們在第四季度初確實看到了一些疲軟，但我們在歐洲的非乳製品業務在第四季度結束時確實實現了成長。如您所知，歐洲業務總體上以自有品牌為主，其中也包括非乳製品。同時，我們專注於推動價值，隨著我們邁入 2026 年，您會看到，我們將透過 Barista 領域的新型植物奶油新創新推動該領域的創新。因此，推動這種成長的因素與推動其他類別成長的因素沒有什麼不同，即在形式和口味上為消費者帶來價值，我們將繼續專注於此，並相信非乳製品的成長將會持續下去，正如你所知，這是我們國際業務的重要組成部分。

And we haven't been in a position of losing customers. I mean, I guess, overall, we feel good. We're continuing to kind of win in that space. And as Alison mentioned, it's both branded and private label. I mean the overall category is still in growth. We expect our business to continue to improve further in '26. So with new contracts and innovations and then continuing high productivity. So we feel very, very good about that business.

我們還沒有失去客戶。我的意思是，我想，總的來說，我們感覺很好。我們將繼續在該領域取得勝利。正如艾莉森所提到的，它既是品牌，也是自有品牌。我的意思是整體類別仍在成長。我們預計我們的業務將在26年繼續進一步改善。因此，有了新的合約和創新，我們就能繼續保持高生產力。因此，我們對這項業務感到非常非常滿意。

(Operator Instructions) Anthony Vendetti, Maxim Group.

（操作員指示）Anthony Vendetti，Maxim Group。

Just on the people side. So you have a new regional operating model. How many regions do you have? How many people do you need to recruit or promote from it within to run those models? And then just on the time line for the divesting and restructuring. Do you have sort of a time line? Or is that ongoing? And then just an update, I know the executive search is ongoing for a permanent CEO. But is there an expected time line to make a decision there as well? Thanks.

只是在人民方面。所以你有一個新的區域運作模式。你們有多少個地區？您需要從內部招募或提拔多少人來運行這些模型？然後就是剝離和重組的時間表。你有時間表嗎？還是這仍在繼續？然後只是一個更新，我知道高管搜尋正在進行中，以尋找永久的執行長。但是否也有一個預計的時間表來做決定？謝謝。

All right. So let me talk a little bit about the operating model changes that we're talking about. So I think the first thing to say is we have two regions North American and International, and the majority of business in North America, it's in the United States, and the majority of business in International sits in the United Kingdom, okay? So that's the first thing to set. The second thing to say is the model that we're employing and that we're talking about is ensuring that we have a lean center.

好的。那麼，讓我稍微談談我們正在談論的營運模式變化。所以我認為首先要說的是，我們有兩個地區：北美和國際，北美的大部分業務在美國，而國際的大部分業務在英國，好嗎？這是首先要設定的事情。第二件要說的是，我們正在採用的模型以及我們正在討論的模型是確保我們有一個精實的中心。

So we had had more of a global operating model. We're moving to what sits at the center is compliance, governance and anywhere we can drive people and process efficiency. But where the real work needs to happen is in the regions. And so when we think about supply chain, that will no longer sit globally that sits in the region. And when we think about innovation, that doesn't fit globally that sits in the region.

因此，我們擁有更全球化的營運模式。我們正在轉向以合規性、治理以及任何可以提高人員和流程效率的領域為中心。但真正需要開展工作的地方是在地區。因此，當我們考慮供應鏈時，它將不再位於全球，而是位於區域內。當我們考慮創新時，我們發現創新並不適合全球，而是適合於地區。

So that is where we really unleash for the people that are closest to the consumer and the customer. We unleashed the power of that. And as I mentioned, in innovation, moving to these two innovation centers, we're already seeing the benefits of that in the changes that we've driven. In terms of the actual change itself, it's much more about and layers along with what I mentioned moving some of the resources to the regions. So it's not as much about hiring new people, it's much more about expanding the spans of individual leaders, decreasing the layers in the organization to drive speed and then at the same time, ensuring the center is very lean.

這就是我們真正為最接近消費者和客戶的人釋放能量的地方。我們釋放了它的力量。正如我所提到的，在創新方面，轉向這兩個創新中心，我們已經看到了我們所推動的變革所帶來的好處。就實際變化本身而言，它更多的是關於我提到的部分資源轉移到各個地區。因此，這不僅關乎招募新人，更重要的是擴大個別領導者的職權範圍，減少組織層級以提高速度，同時確保中心非常精簡。

Part of this operating model is obviously recognizing that our business has not grown at the level that we had anticipated. And so while we built structure for a much larger organization, anticipating a larger business, we have to have an operating model and a structure that's in line with the size of the business that we have. So I think that's the first on sort of the operating model question. I think your second question was around restructuring. And I just want clarity on that.

這種營運模式的一部分顯然是認識到我們的業務尚未達到我們預期的水平。因此，當我們為更大的組織建立結構並預期更大的業務時，我們必須擁有與我們現有業務規模相符的營運模式和結構。所以我認為這是關於營運模式的第一個問題。我認為您的第二個問題是關於重組的。我只是想弄清楚這一點。

Yes. No, I was just trying to figure out the timing, yes, exactly.

是的。不，我只是想弄清楚時間，是的，確切地說。

So we're -- we are moving forward with that restructuring process right now as we speak. Yes, so it's now. So most of the change will be effective between October 1 and November 1. That's the timing that we're talking about, but we're moving through the change now. And then the last question, I will answer this because it's probably most appropriate for me to answer on the CEO question.

因此，我們現在正在推進重組進程。是的，現在就是這樣。因此，大部分變更將於 10 月 1 日至 11 月 1 日期間生效。這就是我們正在談論的時機，但我們現在正在經歷改變。然後是最後一個問題，我會回答這個問題，因為對於 CEO 的問題來說，這可能是最適合我回答的。

So I mean, first of all, I think you know that I don't make the decision on the CEO, Lee doesn't make the decision on the CEO that the Board level decision. At the same time, what I can tell you is that the Board is moving in parallel with the strategic review for the CEO replacement. In terms of the timing of that, that obviously will coincide with as we, again, continue to move our strategic review forward. The reason for that, as you can likely imagine, is that we need to ensure that we bring in a CEO with the right capability, with the right experiences for what this business is going to be in the future. At the same time, as you've heard from me, I am 100% engaged.

所以我的意思是，首先，我想你知道我不會對執行長做出決定，李也不會對執行長做出決定，這是董事會層面的決定。同時，我可以告訴大家的是，董事會正在同步進行執行長繼任者的策略評估。就時間而言，這顯然與我們繼續推進策略審查的時間相吻合。原因在於，正如您可能想像的，我們需要確保我們聘請的執行長具備適當的能力，並擁有適合未來業務發展的經驗。同時，正如您所聽到的，我百分之百地投入其中。

I am energized by the work that we're doing. I am fully committed, and I, along with the Board, are here to put Hain on a path to growth, to put Hain on a path where we can drive that flywheel and that sustainability of performance. So that is sort of what I can share with you at this time.

我們所做的工作讓我充滿活力。我全心全意地致力於此，我將與董事會一起，帶領海恩走上成長之路，帶領海恩走上一條能夠推動飛輪和永續績效的道路。這就是我現在可以與你們分享的內容。

Okay. Thanks so much. I'll hop back in the queue. Appreciate it.

好的。非常感謝。我會重新回到隊列中。非常感謝。

Kaumil Gajrawala, Jefferies.

傑富瑞的 Kaumil Gajrawala。

Hey, everybody. Good morning. I guess a question a lot of times with restructurings for the balance sheet like this is there's a desire to put a restructuring in place that doesn't necessarily rely on top line recovering. And so to what degree if all of these things that you talked about don't really come through in the way that you need -- you would prefer that it does? How much flexibility is it for the rest of the sort of P&L and balance sheet restructuring to work?

嘿，大家好。早安.我想，很多時候，像這樣的資產負債表重組的一個問題是，人們希望實施的重組並不一定依賴於營收復甦。那麼，如果您談到的所有這些事情沒有按照您需要的方式實現，您會希望它實現到什麼程度？其餘類型的損益表和資產負債表重組的彈性有多大？

Well, I can talk a little bit about the top line is an important part of this. So obviously, when we talk about restructuring, and all the work we'll do against cost structure overall across all levers of our P&L, I mean we're doing that in the spirit of driving financial flexibility so that we can fuel the growth of the business. So the work we're doing is really twofold. One is building the financial flexibility. And then the second thing is investing for growth, and I spoke a lot about the things that we're doing around our product to have great food, whether it's renovating our existing products or innovating and driving innovation against our current categories.

好吧，我可以稍微談談頂線是其中的重要部分。因此，顯然，當我們談論重組以及我們在損益表所有槓桿上針對整體成本結構所做的所有工作時，我的意思是，我們這樣做是為了提高財務靈活性，從而推動業務成長。所以我們所做的工作其實是雙重的。一是增強財務靈活性。第二件事是投資成長，我談了很多我們圍繞產品所做的事情，以提供美味的食物，無論是更新我們現有的產品還是創新並推動現有類別的創新。

We talked about revenue growth management and investing in that capability. We're seeing the value of that with our ability to take pricing. But revenue growth management isn't just pricing. It's getting the price-pack architecture right. It's ensuring that we're continuing to drive strong returns from every promotion that we run in the marketplace.

我們討論了收入成長管理以及對該能力的投資。我們透過定價能力看到了它的價值。但營收成長管理不僅僅是定價。它正在獲得正確的價格包架構。它確保我們能夠從市場上進行的每項促銷活動中獲得豐厚的回報。

So again, that's an area that we're investing and that will drive top line growth and bottom line growth. We are looking at our marketing and ensuring that our marketing model is very social, digital first, and that we can protect that marketing investment, very important in terms of driving top line growth. So we are focused against not only sort of the restructuring that delivers financial flexibility, but also the areas that drive growth. And the final thing I'll just say is also on customer side, doubling down on e-commerce, which is a significant growth channel. It's a channel where we've done a great job over the last few years of getting our content and assortment right in that channel, but now we need to invest in that channel at sufficient level to really drive that search and drive that visibility and drive that real recruitment once you get a consumer to buy in an e-commerce channel.

所以，這是我們正在投資的領域，它將推動營收成長和利潤成長。我們正在審視我們的行銷，確保我們的行銷模式高度社交化、數位化，並且我們能夠保護行銷投資，這對於推動營收成長非常重要。因此，我們不僅關注能夠帶來財務靈活性的重組，還關注能夠推動成長的領域。最後我想說的是，在客戶方面，我們要加倍重視電子商務，這是一個重要的成長管道。過去幾年來，我們在透過該管道提供正確的內容和產品組合方面做得非常出色，但現在我們需要在該管道上進行足夠的投資，以真正推動搜尋、提高知名度，並在消費者透過電子商務管道購買後推動真正的招募。

So that's what I would say in response to your question. I hope I had answered that somewhat appropriately.

這就是我對你的問題的回答。我希望我的回答已經比較恰當。

No, I would agree. I mean, obviously, then we are looking to control what we can control within kind of the middle and the lower part of the P&L. So especially, I mean, unlocking the savings, and we do see significant savings within the operating model itself. So that then does give us kind of the the fuel and contingency as we move forward through the balance of the year. So that's why we're putting the restructuring in place. The other thing is, and we mentioned it, it's continuing where we've got a great track record is continuing to drive the productivity as well and support our gross margin.

不，我同意。我的意思是，顯然，我們希望控制我們能夠控制的損益表的中間部分和下部。所以，我的意思是，特別是釋放儲蓄，我們確實看到營運模式本身的顯著節省。因此，這確實為我們在今年餘下的時間裡前進提供了動力和應急能力。這就是我們實施重組的原因。另一件事是，正如我們所提到的，它將繼續保持我們良好的業績記錄，繼續推動生產力並支持我們的毛利率。

Got it. Thank you.

知道了。謝謝。

Jon Andersen, William Blair.

喬恩安德森、威廉布萊爾。

Hey, good morning. Thanks for the questions. I wanted to ask also for Lee. On the kind of the restructuring efforts around a shift from kind of global to -- or regional operating structure. Is that the basis of the majority of the people cost reductions that you talked about earlier? I think, about 12% or so. And is that all baked into the productivity number that you gave, the $60 million in productivity for 2026? And would that kind of build in '27 or too early to say?

嘿，早安。謝謝你的提問。我也想為李問一下。關於從全球營運結構轉變為區域營運結構的重組努力。這就是您之前談到的大多數人成本削減的基礎嗎？我認為，大約是12%左右。這些是否都包含在您給出的生產力數字中，即 2026 年 6000 萬美元的生產力中？那麼這種建設會在 27 年實現嗎，還是現在說還太早？

So a couple of things. The focus around the 12% that we gave is around SG&A. It's not actually that productivity number. So it's incremental to that productivity number. So it's around -- yes, the SG&A base.

有幾件事。我們給出的 12% 的重點是銷售、一般和行政費用 (SG&A)。這其實並不是生產力數字。因此，它對生產力數字來說是增量的。是的，它就在銷售、一般及行政費用 (SG&A) 基數附近。

And then the way we would see that is really beginning to get that -- we'll get that full run rate by the end of this year. So I think we announced that we're working kind of -- working through that restructuring right now, but you'd get that full run rate by the full quarter. And again, it's people-related SG&A. So outside of the productivity number that we've done a good job of delivering.

然後，我們會看到，我們真的開始實現這一目標——到今年年底，我們將實現全部運行率。所以我認為我們宣布我們正在進行某種工作——現在正在重組，但你會在整個季度獲得完整的運行率。再次強調，這是與人員相關的銷售、一般及行政費用。因此，除了生產力數字之外，我們還做得很好。

Okay. And would that kind of build sequentially through the year? Or is there a point in time where those benefits will kind of kick in?

好的。這種成長會在全年持續推進嗎？或者這些好處會在某個時間點開始顯現？

Yes. I mean it will build sequentially as you go through the year, but that's why I said by fourth quarter, you'd be at a full run rate by that.

是的。我的意思是，它會隨著一年的過去而逐步建立，但這就是為什麼我說到第四季度，你就會達到滿載運轉的狀態。

Okay. One of the other the five key actions is stabilizing sales. And I'm just wondering if you could talk a little bit more about that. Obviously, the levers you're pulling in innovation et cetera, marketing or key to helping that happen, but you have quite a few offsets in SKU rack. And then just in some of the underlying headwinds you're experiencing currently, do you have kind of a loose time frame in mind for where we might see sales begin to stabilize kind of on an aggregate basis?

好的。五項重點行動中的一項是穩定銷售。我只是想知道您是否可以就此再多談一點。顯然，您在創新等方面所採取的措施、行銷或幫助實現這一目標的關鍵，但您在 SKU 貨架上有相當多的偏移。那麼，就您目前遇到的一些潛在不利因素而言，您是否有一個大致的時間框架，讓我們看看銷售額在整體上何時開始穩定下來？

Yes. So you're absolutely right that the actions to win many of them are around how we accelerate sales. So if you think about renovation and innovation. If you think about revenue growth management and pricing. If you think about digital capabilities, e-commerce and digital first marketing, those are all really around accelerating sales.

是的。所以您說得完全正確，贏得許多客戶的行動都圍繞著如何加速銷售。所以如果你考慮革新和創新。如果您考慮收入成長管理和定價。如果您考慮數位化能力、電子商務和數位優先行銷，那麼這些實際上都是為了加速銷售。

When we talk about simplifying our business and SKU we are talking about taking out SKUs that quite frankly, are very small in terms of overall sales. And they add complexity to our business overall, but they don't have a lot in terms of the overall top line and quite frankly, in many cases, not to the margins or the bottom line either. So we're being very smart about how we balance sort of the SKU reduction with getting to a point where, as I noted, one of our priorities is stabilizing sales to get to that stabilized sales position and ultimately to a grow sales position, but we're coming from behind, so it starts with stabilization as we move through the year and then getting to growth ultimately as we look at our further out models.

當我們談論簡化我們的業務和 SKU 時，我們談論的是刪除那些坦率地說在整體銷售額方面非常小的 SKU。它們確實增加了我們業務的複雜性，但對整體收入並沒有太大的影響，坦白說，在許多情況下，對利潤率或底線也沒有太大的影響。因此，我們非常聰明地在 SKU 減少和達到某個點之間取得平衡，正如我所指出的，我們的首要任務之一是穩定銷售，以達到穩定的銷售地位，並最終實現銷售增長，但我們是從後面來的，所以它從全年的穩定開始，然後在我們著眼於更遠的模型時最終實現增長。

I will turn the call back over to Alison Lewis for closing remarks.

我將把電話轉回給艾莉森·劉易斯 (Alison Lewis) 做結束語。

Great. Well, thank you, everyone, for being with us today. I'd close by just saying, our priorities are clear. We are here to really ensure that we optimize cash, we deleverage our balance sheet, we stabilize sales, and we improve profitability. We've outlined our five actions to win, which are critical to both delivery of the top line and the bottom line, and we're moving aggressively against all actions associated with those actions to win.

偉大的。好吧，謝謝大家今天與我們在一起。最後我想說的是，我們的優先事項很明確。我們在這裡是為了確保我們優化現金，降低資產負債表的槓桿率，穩定銷售，提高獲利能力。我們已經概述了為贏得勝利而採取的五項行動，這些行動對於實現營收和利潤都至關重要，並且我們正在積極採取與這些行動相關的所有行動以贏得勝利。

At the same time, we are building financial flexibility with things like the operating model reset, all of our productivity work, which really allow us to protect the investment in our business to ensure that we ultimately get the flywheel going. So thank you again for your time today, and we look forward to seeing you next quarter.

同時，我們正在透過營運模式重置、所有生產力工作等方式建立財務靈活性，這確實使我們能夠保護對業務的投資，以確保我們最終能夠順利運作。再次感謝您今天的時間，我們期待下個季度與您見面。

Thank you.

謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。