Hayward Holdings Inc (HAYW) 2025 Q1 法說會逐字稿

Welcome to Hayward Holdings first quarter 2025 earnings call. My name is Christine, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded. I will now turn the call over to Kevin Maczka, Vice President, Investor Relation and FP&A. Mr. Maczka, you may begin.

歡迎參加 Hayward Holdings 2025 年第一季財報電話會議。我叫克莉絲汀，今天我將擔任您的電話接線生。（操作員指示）請注意，本次會議正在錄音。現在我將把電話轉給投資者關係和 FP&A 副總裁 Kevin Maczka。Maczka 先生，您可以開始。

Thank you, and good morning, everyone. We issued our first quarter 2025 earnings press release this morning, which has been posted to the Investor Relations section of our website at investor.hayward.com. There, you can also find an earnings slide presentation that we will reference during this call. I'm joined today by Kevin Holleran, President and Chief Executive Officer; and Eifion Jones, Senior Vice President and Chief Financial Officer.

謝謝大家，早安。我們今天上午發布了2025年第一季獲利新聞稿，該新聞稿已發佈在我們網站investor.hayward.com的投資者關係板塊。您也可以在那裡找到我們將在本次電話會議上參考的獲利幻燈片。今天與我一起出席的還有總裁兼執行長 Kevin Holleran 和資深副總裁兼財務長 Eifion Jones。

Before we begin, I would like to remind everyone that during this call, the company may make certain statements that are considered forward-looking in nature, including management's outlook for 2025 and future periods. Such statements are subject to a variety of risks and uncertainties, including those discussed in our most recent Form 10-K filed with the Securities and Exchange Commission that could cause actual results to differ materially. The company does not undertake any duty to update such forward-looking statements.

在我們開始之前，我想提醒大家，在本次電話會議中，公司可能會做出某些被視為前瞻性的聲明，包括管理階層對 2025 年及未來時期的展望。此類聲明受各種風險和不確定因素的影響，包括我們向美國證券交易委員會提交的最新 10-K 表中所討論的因素，這些因素可能會導致實際結果出現重大差異。本公司不承擔更新此類前瞻性陳述的任何義務。

Additionally, during today's call, the company will discuss non-GAAP measures. Reconciliations of historical non-GAAP measures discussed on this call to the comparable GAAP measures can be found in our earnings release and the appendix to the slide presentation. All comparisons will be made on a year-over-year basis, unless otherwise indicated. I will now turn the call over to Kevin Holleran.

此外，在今天的電話會議上，公司將討論非公認會計準則指標。本次電話會議上討論的歷史非 GAAP 指標與可比較 GAAP 指標的對帳可以在我們的收益報告和幻燈片演示的附錄中找到。除非另有說明，所有比較均以同比為基礎。現在我將電話轉給 Kevin Holleran。

Thank you, Kevin, and good morning, everyone. It's my pleasure to welcome all of you to Hayward's first quarter earnings call. I'll begin on Slide 4 of our earnings presentation with today's key messages. I'm pleased to report first quarter results exceeded expectations. Net sales increased 8% with growth across both segments, North America and Europe and Rest of World, and positive contributions from volume and price.

謝謝你，凱文，大家早安。我很高興歡迎大家參加海沃德第一季財報電話會議。我將從我們的收益報告的第 4 張投影片開始介紹今天的關鍵資訊。我很高興地報告第一季的業績超出了預期。淨銷售額成長 8%，北美、歐洲和世界其他地區兩個部門均實現成長，銷量和價格也做出了積極貢獻。

We delivered solid profitability in our seasonally softest quarter with gross profit margins increasing to 49.5% and adjusted EBITDA margins increasing to 21.5%. This represents the ninth consecutive quarter of year-over-year gross margin expansion.

我們在季節性最疲軟的季度實現了穩健的盈利，毛利率增至 49.5%，調整後 EBITDA 利潤率增至 21.5%。這是毛利率連續第九個季度年增。

Robust sales growth and profitability, coupled with effective working capital management enabled us to maintain net leverage within our targeted range at 2.8 times while funding our growth strategies and launching innovative new products. We're especially excited about the recent launch of OmniX, an industry-first suite of innovative products for the aftermarket. The OmniX automation platform is easily deployed in the installed base, providing tremendous opportunity to unlock the addressable aftermarket of millions of non-automated pools to wireless IoT connectivity and control. I'll provide more commentary on this differentiated new solution for pool owners in a moment. During this period of increased tariffs and heightened global economic uncertainty, we are aggressively executing our plans to mitigate the impact of tariffs, support margins and position the company for continued growth while supporting our customers.

強勁的銷售成長和獲利能力，加上有效的營運資本管理，使我們能夠將淨槓桿率維持在 2.8 倍的目標範圍內，同時為我們的成長策略和推出創新的新產品提供資金。我們對最近推出的 OmniX 感到特別興奮，這是業界首款針對售後市場的創新產品套件。OmniX 自動化平台可輕鬆部署在已安裝的基礎之上，為數百萬個非自動化池的可尋址售後市場提供巨大的機會，以實現無線物聯網連接和控制。我稍後會針對這項針對泳池業主的差異化新解決方案提供更多評論。在關稅上調和全球經濟不確定性加劇的時期，我們正在積極執行計劃，以減輕關稅的影響，支持利潤率，並在支持客戶的同時使公司保持持續成長。

Our team is rising to the occasion, and I'm very proud and appreciative of their efforts. We have a resilient business model with over 80% of our sales aligned with serving the aftermarket needs of the existing installed base and a strong balance sheet, providing financial flexibility.

我們的團隊正在迎接挑戰，我為他們的努力感到非常自豪和感激。我們擁有靈活的商業模式，超過 80% 的銷售額用於滿足現有安裝基礎的售後市場需求，並且擁有強勁的資產負債表，可提供財務靈活性。

I'm confident in our ability to navigate this rapidly evolving environment. That said, we are confirming our guidance for the full year 2025, reflecting the implications of the current tariff environment and execution of mitigation action plans. We continue to expect net sales to increase approximately 1% to 5% and adjusted EBITDA of $280 million to $290 million. This guidance is unchanged, but many of the underlying assumptions certainly have, and Eifion will detail this for you.

我對我們應對這個快速變化的環境的能力充滿信心。話雖如此，我們仍確認了 2025 年全年的指導方針，反映了當前關稅環境和緩解行動計劃執行的影響。我們繼續預期淨銷售額將成長約 1% 至 5%，調整後 EBITDA 為 2.8 億美元至 2.9 億美元。本指南未發生改變，但許多基本假設肯定已經改變，Eifion 將為您詳細說明。

Turning now to Slide 5, highlighting the results of the first quarter. Net sales increased 8% to $229 million, driven by 3% increases in both price and organic volume, plus a 3% contribution from the ChlorKing acquisition. Sales growth was solid and consistent across both segments, with net sales increasing 8% in North America and 7% in Europe and Rest of World. Trends improved in March after a slower start to the year with end demand for Hayward product now generally consistent with normal seasonal trends as we approach the peak pool season.

現在翻到投影片 5，重點介紹第一季的結果。淨銷售額成長 8%，達到 2.29 億美元，這得益於價格和有機銷量均成長 3%，加上收購 ChlorKing 的 3% 貢獻。兩個部門的銷售額均維持穩健成長，其中北美地區的淨銷售額成長 8%，歐洲及世界其他地區的淨銷售額成長 7%。在經歷了年初較為緩慢的時期後，3 月份的趨勢有所改善，隨著我們接近游泳池旺季，對 Hayward 產品的最終需求現在總體上與正常的季節性趨勢一致。

During the quarter, we saw solid growth in critical product categories of pumps, lighting, automation and sanitization. In addition, our commercial pool business continues to grow organically and benefit from the integration of the ChlorKing acquisition. As we all know, the economic outlook has become increasingly uncertain, but the majority of our business is resilient and tied to nondiscretionary aftermarket maintenance. The more discretionary elements of the market, new construction and remodel have been impacted by these economic conditions and higher interest rates as we expected entering the year. Gross profit margins increased 30 basis points to 49.5%. Adjusted EBITDA increased 9% to $49 million, and adjusted EBITDA margin also increased 30 basis points to 21.5%. We continue investing in the business to drive future growth.

本季度，我們看到泵浦、照明、自動化和衛生等關鍵產品類別的穩健成長。此外，我們的商業泳池業務持續有機成長，並受益於 ChlorKing 收購的整合。眾所周知，經濟前景變得越來越不確定，但我們的大部分業務具有彈性，並且與非自由支配的售後維護有關。正如我們所預期的那樣，市場中更多的自由裁量要素、新建和改建都受到了這些經濟狀況和更高利率的影響。毛利率增加30個基點至49.5%。調整後的 EBITDA 成長 9% 至 4,900 萬美元，調整後的 EBITDA 利潤率也增加了 30 個基點至 21.5%。我們將繼續投資該業務以推動未來的成長。

On the commercial side, we are executing targeted sales and marketing strategies to further increase our presence in high-growth regions and capture market share. We are increasing investments in customer care, leveraging new technologies and tools to enhance customer experience. Following the successful launch of the first Hayward Hub training and support facility in Texas, we added additional hub locations in Arizona and North Carolina to better support our dealers and trade professionals in the regions. On the product side, we are introducing a dedicated advanced engineering and innovation team to accelerate the development of new technology products. Finally, adjusted diluted EPS increased 25% to $0.10.

在商業方面，我們正在執行有針對性的銷售和行銷策略，以進一步增加我們在高成長地區的影響力並佔領市場份額。我們正在增加對客戶服務的投資，利用新技術和工具來提升客戶體驗。繼在德克薩斯州成功啟動第一個海沃德中心培訓和支援設施後，我們在亞利桑那州和北卡羅來納州增加了更多的中心位置，以更好地支持我們在這些地區的經銷商和貿易專業人士。在產品方面，我們正在引入專門的先進工程和創新團隊，以加速新技術產品的開發。最後，調整後的稀釋每股收益成長 25% 至 0.10 美元。

Turning now to Slide 6 for an update on tariffs. Tariffs have of course, been front page news for many weeks now, and the global trade situation continues to evolve. As a reminder, we are predominantly a domestic manufacturer with approximately 85% of our North America sales produced in North America. However, we do source certain products from our Hayward facility in China and other third-party suppliers in China that are impacted by the more significant incremental tariff of 145%.

現在翻到投影片 6 來了解關稅的最新情況。當然，關稅已經成為數週以來的頭條新聞，全球貿易狀況也持續發展。提醒一下，我們主要是國內製造商，北美銷售產品的 85% 左右產自北美。然而，我們確實從中國海沃德工廠和其他第三方供應商採購某些產品，這些產品受到了 145% 更高增量關稅的影響。

Based on the latest information available, we estimate a total annualized tariff impact of approximately $85 million, with a partial year impact in 2025 of approximately $30 million, mostly related to China. Our planning assumption is that the current tariff rates remain in place. As such, we are aggressively executing mitigation action plans, including cost and supply chain initiatives plus other pricing actions. We are working to establish increased certainty in our supply chain rather than having to respond to geopolitical uncertainty.

根據最新掌握的信息，我們估計年度關稅總影響約為 8500 萬美元，2025 年的部分年度影響約為 3000 萬美元，主要與中國有關。我們的規劃假設是，目前的關稅稅率保持不變。因此，我們正在積極執行緩解行動計劃，包括成本和供應鏈措施以及其他定價行動。我們正在努力增強供應鏈的確定性，而不是應對地緣政治的不確定性。

On the cost side, we're accelerating cost reduction and productivity initiatives and actioning structural supply chain alternatives. As a result, we expect our direct sourcing from China into the U.S. as a percentage of cost of goods sold to decline from approximately 10% to 3% by year-end. At this point, we expect our mitigation plans to fully offset the expected tariff-related cost increases and volume pressures. On the pricing side, we announced a 3% price increase in North America effective in late April and more recently announced another increase of 4% effective mid-June.

在成本方面，我們正在加速降低成本和提高生產力的舉措，並採取結構性供應鏈替代方案。因此，我們預計到年底，從中國直接採購到美國的商品佔銷售成本的比例將從約 10% 下降到 3%。此時，我們預計我們的緩解計劃將完全抵消預期的與關稅相關的成本增加和數量壓力。在定價方面，我們宣布從 4 月底開始北美地區價格調高 3%，最近又宣布從 6 月中旬開始再次調高 4%。

We will continue evaluating the need for additional pricing action and managing channel inventory appropriately by limiting preorders ahead of the price increases. Our teams are working very diligently to support our customers while protecting profitability.

我們將繼續評估採取額外定價行動的必要性，並透過在價格上漲前限制預訂來適當管理通路庫存。我們的團隊正在非常努力地支援我們的客戶，同時保護獲利能力。

Turning to Slide 7. For many years, Hayward has been a leader in IoT controls with our OmniLogic pool automation platform for the new construction and remodel markets in the U.S. We are now excited to announce OmniX, our breakthrough smart IoT technology designed to cost effectively enable wireless control of the existing installed base. We estimate approximately two-third of the 5.4 million in-ground pools in the U.S. or 3.5 million pools are currently not automated.

翻到幻燈片 7。多年來，Hayward 憑藉其面向美國新建築和改建市場的 OmniLogic 泳池自動化平台，一直是物聯網控制領域的領導者。現在，我們很高興地宣布推出 OmniX，這是我們的突破性智慧物聯網技術，旨在以經濟高效的方式實現對現有安裝基礎的無線控制。我們估計，美國 540 萬個地下泳池中約有三分之二（即 350 萬個）目前尚未自動化。

Today, homeowners with an existing manually operated pool interested in IoT control are faced with just one option, the installation of a centralized control unit wired to all of the equipment. OmniX, on the other hand, is a decentralized wireless platform, eliminating the need for a stand-alone control unit. By design, it provides a far more cost-effective, simpler path to automation. Starting with our newly launched OmniX variable speed pump, we are embedding control capabilities into our key products. At the time of natural break fix of equipment on the pool pad, homeowners can build their ecosystem one product at a time by replacing with OmniX-enabled equipment. As they do, they can utilize the OmniX app to effortlessly control their pool.

如今，擁有手動操作泳池並希望透過物聯網控制的房主只面臨一個選擇，即安裝連接到所有設備的集中控制單元。另一方面，OmniX 是一個分散的無線平台，無需獨立的控制單元。從設計上來說，它提供了一種更具成本效益、更簡單的自動化途徑。從我們新推出的 OmniX 變速幫浦開始，我們將控制功能嵌入到我們的主要產品中。當泳池墊上的設備自然損壞時，房主可以透過更換支援 OmniX 的設備來逐步建立他們的生態系統。他們可以利用 OmniX 應用程式輕鬆控制他們的游泳池。

This represents a great value proposition for both the homeowner as well as our service professionals now able to offer compelling, easily installed upgrade. With that, I'd like to turn the call over to Eifion to discuss our financial results in more detail.

這對房主和我們的服務專業人員來說都是一個巨大的價值主張，他們現在能夠提供引人注目且易於安裝的升級服務。有了這些，我想將電話轉給 Eifion，更詳細地討論我們的財務表現。

Thank you, Kevin, and good morning. I'll start from Slide 8. As Kevin stated, we are pleased with our first quarter financial performance. Net sales increased and exceeded expectations. We delivered strong margins and maintained net leverage within our targeted range during our seasonally softest period for sales and cash collections.

謝謝你，凱文，早安。我將從第 8 張投影片開始。正如凱文所說，我們對第一季的財務表現感到滿意。淨銷售額成長並超越預期。在銷售和現金回款最為疲軟的季節，我們實現了豐厚的利潤率，並將淨槓桿率維持在目標範圍內。

Looking at the results in more detail. Net sales for the first quarter increased 8% to $229 million. This was driven by 3% positive net price realization, a 3% increase in volume and a 3% contribution from the acquisition of ChlorKing, partially offset by 1% from foreign currency translation. Gross profit in the first quarter increased 8% to $113 million. Gross profit margin increased 30 basis points to 49.5%, with a 100 basis point increase in North America, offsetting a reduction in Europe and Rest of World.

更詳細地查看結果。第一季淨銷售額成長8%，達到2.29億美元。這是由於 3% 的正淨價實現、3% 的銷售增長以及 3% 的收購 ChlorKing 的貢獻，但部分被 1% 的外幣折算所抵消。第一季毛利成長8%，達到1.13億美元。毛利率增加 30 個基點至 49.5%，其中北美增加 100 個基點，抵消了歐洲和世界其他地區的下降。

We took steps throughout 2024 to improve the performance in Europe and Rest of World and are pleased to see the sequential margin progress in the quarter, increasing 360 basis points from the fourth quarter 2024. Adjusted EBITDA increased 9% to $49 million in the first quarter, and adjusted EBITDA margin increased 30 basis points to 21.5%. As a reminder, we are strategically reinvesting in the business to drive future growth with targeted initiatives in sales and marketing, customer service and engineering.

我們在 2024 年全年採取措施改善歐洲和世界其他地區的業績，並很高興看到本季利潤率環比增長，較 2024 年第四季度增加了 360 個基點。第一季調整後 EBITDA 成長 9% 至 4,900 萬美元，調整後 EBITDA 利潤率增加 30 個基點至 21.5%。提醒一下，我們正在對業務進行策略性再投資，透過在銷售和行銷、客戶服務和工程方面的有針對性的舉措來推動未來成長。

Our effective tax rate was 23% in the first quarter, consistent with the prior year period. Adjusted diluted EPS increased 25% to $0.10. Turning to Slide 9 for a review of our reportable segment results for the first quarter. North America net sales increased 8% to $187 million, driven by 3% net price realization, 2% higher volume and 3% from the ChlorKing acquisition. Net sales increased 9% in the U.S. and reduced 5% in Canada. Seasonal demand is increasing as expected as we approach the peak of the 2025 pool season. We did see an increase in orders late in the quarter after a slower start to the year.

我們第一季的有效稅率為23%，與去年同期持平。調整後稀釋每股盈餘成長25%，達到0.10美元。請翻到第9張投影片，回顧我們第一季可報告的分部業績。北美淨銷售額成長 8%，達到 1.87 億美元，這得益於淨價格實現 3%、銷量成長 2% 以及收購 ChlorKing 3% 的成長。美國淨銷售額成長 9%，加拿大淨銷售額下降 5%。隨著 2025 年泳池季節高峰的臨近，季節性需求正在如預期般增加。在經歷了年初的緩慢增長之後，我們確實看到本季末的訂單有所增加。

Importantly, we are working closely with our channel partners to manage the level of Hayward inventory on hand relative to current demand levels and forward expectations. Gross profit margin increased 100 basis points to a robust 52.8% and adjusted segment income margin also increased 100 basis points to 27.1%. Turning to Europe and Rest of World. Net sales for the quarter increased 7% to $42 million. Net sales benefited from 1% favorable net pricing and 8% higher volume, partially offset by 2% from foreign currency translation.

重要的是，我們正在與我們的通路合作夥伴密切合作，以管理相對於當前需求水準和未來預期的 Hayward 庫存水準。毛利率增加 100 個基點，達到 52.8%，調整後分部利潤率也增加 100 個基點，達到 27.1%。轉向歐洲和世界其他地區。本季淨銷售額成長 7%，達到 4,200 萬美元。淨銷售額受益於 1% 的有利淨定價和 8% 的銷售成長，但部分被 2% 的外幣折算所抵銷。

Net sales increased 8% in Europe and 3% in Rest of World. We are pleased to see the volume growth and margin progression in the quarter. On a sequential basis, gross profit margins increased 360 basis points to 35% and adjusted segment income margins increased 380 basis points to 16.6%. Turning to Slide 10 for a review of our balance sheet and cash flow highlights. We are pleased with the quality of our balance sheet. Net debt to adjusted EBITDA improved significantly from 4 times a year ago to 2.8 times at the end of the first quarter, consistent with our targeted range of 2 times to 3 times. Total liquidity at the end of the first quarter was $398 million, including $181 million in cash and cash equivalents plus availability under our credit facilities of $217 million.

歐洲淨銷售額成長 8%，世界其他地區淨銷售額成長 3%。我們很高興看到本季銷量成長和利潤率上升。以環比計算，毛利率增加 360 個基點至 35%，調整後分部利潤率增加 380 個基點至 16.6%。翻到第 10 張投影片來查看我們的資產負債表和現金流量重點。我們對資產負債表的品質感到滿意。淨負債與調整後 EBITDA 的比率從一年前的 4 倍大幅改善至第一季末的 2.8 倍，與我們 2 倍至 3 倍的目標範圍一致。第一季末的總流動資金為 3.98 億美元，其中包括 1.81 億美元的現金和現金等價物，以及 2.17 億美元的信貸額度下的可用資金。

We have no near-term maturities on our debt. The term debt matures in 2028 and the undrawn ABL matures in 2026, and we're in the process of extending this maturity. Our borrowing rate benefits from $600 million in debt currently tied to fixed interest rate swap agreements maturing in 2025 through 2028, limiting our cash interest rate on the term facilities to 5.8% in the quarter. Our average interest rate earned on global cash deposits for the first quarter 4.2%. The business has strong free cash characteristics driven by high-quality earnings. Cash flows are seasonal and the company typically uses cash in the first quarter and has strong cash generation in the second quarter related to the collection of early buy receivables.

我們的債務近期均未到期。定期債務將於 2028 年到期，未提取的 ABL 將於 2026 年到期，我們正在延長該期限。我們的借款利率受益於目前與 2025 年至 2028 年到期的固定利率互換協議掛鉤的 6 億美元債務，將本季定期貸款的現金利率限制在 5.8%。我們第一季全球現金存款的平均利率為 4.2%。該業務具有由高品質收益驅動的強大自由現金特徵。現金流具有季節性，公司通常在第一季使用現金，而在第二季度透過收取早期購買應收帳款產生大量現金。

Cash flow used in operations was $6 million in the first quarter compared to $77 million in the year ago period. The first quarter 2025 benefited $99 million in net proceeds from the sales of accounts receivable under the receivable purchase agreement initiated in 2024. This receivable sale provides the business additional flexibility during a traditionally low cash quarter at a relatively modest cost and reduces the risk of a step-up in the term loan interest rate as a common unit penalized in the first quarter, consistent with the prior year and consequently, free cash flow was a use of $12 million. Turning now to capital allocation on Slide 11. We maintain a disciplined and balanced approach to capital allocation, emphasizing strategic growth investments and shareholder returns while maintaining prudent financial leverage. We continue to pursue additional acquisition opportunities to augment our organic growth plans in addition to opportunistic share repurchases.

第一季營運現金流為 600 萬美元，而去年同期為 7,700 萬美元。2025 年第一季根據 2024 年啟動的應收帳款購買協議，從應收帳款銷售中獲得 9,900 萬美元的淨收益。此次應收帳款銷售為企業在傳統上現金較少的季度中以相對較低的成本提供了額外的靈活性，並降低了定期貸款利率因第一季普通單位罰款而上升的風險，與上年持平，因此，自由現金流為 1,200 萬美元。現在轉到投影片 11 上的資本配置。我們堅持嚴謹、均衡的資本配置方式，強調策略成長投資和股東回報，同時保持審慎的財務槓桿。除了機會性股票回購之外，我們還將繼續尋求其他收購機會，以增強我們的自然成長計劃。

Turning now to Slide 12. for our full year 2025 outlook. Many of our planning assumptions have changed from a quarter ago as a consequence of the evolving tariff environment. But overall, our outlook for the year is unchanged. This is a testament to the hard work and dedication of the entire Hayward team.

現在翻到第 12 張投影片，了解我們對 2025 年全年的展望。由於關稅環境的變化，我們的許多規劃假設與一個季度前相比發生了變化。但總體而言，我們對今年的展望並沒有改變。這是整個海沃德團隊的辛勤工作和奉獻精神的證明。

For fiscal year 2025, Hayward continues to expect net sales to increase approximately 1% to 5% to $1.06 billion to $1.1 billion and adjusted EBITDA of $280 million to $290 million. We continue to expect solid execution across the organization, positive price realization and continued technology adoption. We expect incremental out-of-cycle pricing of approximately 3% to offset the tariff-related inflation. As a result, we now anticipate a positive net price contribution of approximately 5% to 6%. We're also taking a more pragmatic view of volumes given the heightened global macroeconomic uncertainty.

對於 2025 財年，Hayward 繼續預期淨銷售額將成長約 1% 至 5%，達到 10.6 億美元至 11 億美元，調整後 EBITDA 為 2.8 億美元至 2.9 億美元。我們繼續期待整個組織的穩健執行、積極的價格實現和持續的技術採用。我們預計約 3% 的增量非週期定價將抵消與關稅相關的通膨。因此，我們現在預計淨價格貢獻約為 5% 至 6%。鑑於全球宏觀經濟不確定性加劇，我們對交易量也採取了更務實的看法。

Nondiscretionary aftermarket maintenance remains resilient, but we could see pressure on the more discretionary elements of the market, namely new construction, remodel and upgrade. We are executing structural cost and productivity initiatives to offset volume pressure and support profitability. We continue to evaluate the situation and we'll respond with appropriate supply chain and pricing actions as needed.

非自由支配的售後市場維護仍然具有彈性，但我們可能會看到市場上更自由支配的元素（即新建、改造和升級）面臨壓力。我們正在實施結構性成本和生產力舉措，以抵消產量壓力並支持獲利能力。我們將繼續評估情勢，並根據需要採取適當的供應鏈和定價行動。

Our business is seasonal. We expect normal seasonal strength in the second and fourth quarters with more weighting to the second half of the year due to the timing of the out-of-cycle tariff price increases. We also expect solid cash flow generation in 2025 with a conversion of greater than 100% of net income at approximately $150 million. We are confident in our ability to successfully execute in a dynamic environment and remain very positive about the long-term growth outlook for the pool industry, particularly the strength of the aftermarket.

我們的業務具有季節性。我們預計第二季和第四季將呈現正常的季節性強勁勢頭，但由於關稅上調的時間不屬於週期性，下半年的強勁勢頭將更為明顯。我們也預期 2025 年將產生穩健的現金流，淨收入轉換率將超過 100%，達到約 1.5 億美元。我們對自己在動態環境中成功執行的能力充滿信心，並對泳池產業的長期成長前景，特別是售後市場的實力保持非常樂觀的態度。

And with that, I'll now turn the call back to Kevin.

說完這些，我現在將電話轉回給凱文。

Thanks, Eifion. I'll pick back up on Slide 13. Before we close, let me reiterate how thankful I am for the team's performance during this incredibly disruptive time. In one of the more challenging and uncertain environments we've seen in decades, Hayward delivered another strong quarter, exceeding expectations. Net sales increased 8%, margins continue to expand, and we delevered the balance sheet while investing for growth and introducing a groundbreaking new technology platform for pool owners.

謝謝，Eifion。我將從第 13 張投影片繼續講下去。在結束之前，請允許我再次表達我對團隊在這段極其混亂的時期所表現出的感謝。在幾十年來我們所見過的最具挑戰性和不確定性的環境中，海沃德又取得了強勁的季度業績，超出了預期。淨銷售額成長了 8%，利潤率繼續擴大，我們在投資成長和為泳池業主推出突破性的新技術平台的同時，也降低了資產負債表的槓桿率。

We confirmed our guidance for the full year, effectively counter-measuring significant new tariff headwinds. As I mentioned, I'm very proud of the entire team for their performance during this quarter and the rapid and effective execution of our mitigation plans. Hayward has a solid foundation built over the last 100 years, and I'm confident we have the right strategy and talent in place to drive compelling financial results and shareholder value creation.

我們確認了全年的指導方針，有效地應對了重大的新關稅阻力。正如我所提到的，我為整個團隊在本季度的表現以及我們緩解計劃的快速有效執行感到非常自豪。海沃德在過去 100 年中建立了堅實的基礎，我相信我們擁有正確的策略和人才，可以推動令人信服的財務表現和股東價值創造。

With that, we're now ready to open the line for questions.

現在，我們可以開始回答問題了。

Thank you (Operator Instructions) Our first question comes from the line of Andrew Carter with Stifel.

謝謝（操作員指示）我們的第一個問題來自 Stifel 的 Andrew Carter。

Hey, thank you. Good morning. Kind of two parts as I kind of close the loop on tariffs for me. USMCA, you mentioned you don't think it changes. I assume you're talking about what you have in kind of the U.S. that goes in Canada that's not affected. And then the second part of the question, just getting into kind of the actions you're taking.

嘿，謝謝你。早安.對我來說，關稅的循環可以分成兩個部分。USMCA，您提到您認為它不會改變。我假設您談論的是美國的情況，而加拿大的情況並未受到影響。然後是問題的第二部分，只是涉及您正在採取的行動。

You mentioned China going 10% to 3%. Could you talk more about those mitigation actions? Are there costs to it? I noticed free cash flow guidance went down a little bit and then the second -- if you're going to end at 3% and I assume you plan to leave these prices in place, is that a gross margin tailwind or where you're going, have higher operating where net-net, it'd be neutral to where you would have been before Liberation Day?

您提到中國將從 10% 降至 3%。您能否進一步談談這些緩解措施？這需要花費成本嗎？我注意到自由現金流指引略有下降，然後第二個 - 如果您打算以 3% 結束並且我假設您計劃維持這些價格不變，那麼這是毛利率的順風還是您要去的地方，擁有更高的淨運營收入，與解放日之前的水平相比是中性的？

Sure. Let me Andrew. Regarding the tariffs, the mitigation, as we said, we're seeing on an annualized basis about $85 million. That's the result primarily of China-based product. We have a facility over there bringing finished goods into the U.S. And then, of course, we have some Tier 1 and Tier 2 suppliers. And then thirdly, which is a much smaller element of the $85 million would be material coming from other tariff impacted countries.

當然。讓我來，安德魯。關於關稅，正如我們所說，我們看到的減免額按年率計算約為 8500 萬美元。這主要是中國產品的結果。我們在那裡有一個工廠，負責將成品運往美國。當然，我們還有一些一級和二級供應商。第三，8,500 萬美元中很小一部分是來自其他受關稅影響國家的材料。

You mentioned Mexico. At this point, because of USMCA, we do have product, not finished goods, but we do have material feeding our factories in the U.S. out of Mexico, but that's not really an element of this $85 million based upon the assumption that will continue to qualify for exemption there. As I look at our -- as our global manufacturing footprint, we have seven facilities, four of which are in the U.S., one in China. And as I said in the prepared remarks, 85% of that product sold in the U.S. is made in one of those four U.S. factories. As we work through our mitigations, that will increase to something north of 90% as we resource and move some of the manufacturing into those four U.S. facilities.

您提到了墨西哥。目前，由於 USMCA，我們確實有產品，而不是成品，但我們確實有來自墨西哥的材料來供應我們在美國工廠，但這並不是這 8500 萬美元的一部分，因為假設這些材料將繼續有資格在那裡獲得豁免。在我看來，我們的全球製造足跡遍佈七家工廠，其中四家在美國，一家在中國。正如我在準備好的演講中所說，在美國銷售的 85% 的產品都是在這四家美國工廠之一生產的。隨著我們採取緩解措施，隨著我們將資源投入並將部分製造業務轉移到這四家美國工廠，這一比例將上升到 90% 以上。

We really are trying to get front-footed here and proactively managing the situation, working to increase certainty in our supply chain rather than having to respond to all the uncertainty created by this -- by the policies and the geopolitical events right now. I'll point out that we've really been working on this for several years in terms of trying to limit our exposure to China sourcing long before the tariff announcements over the last several weeks. That included transferring and even duplicating some tooling that was in our China facility into the U.S. and bringing some value-added assembly out of China into our domestic facilities at the same time, prioritizing capital investments to automate -- further automate some of these domestic locations.

我們確實在努力搶佔先機，積極主動地管理局勢，努力提高我們供應鏈的確定性，而不是應對由此產生的所有不確定性——當前的政策和地緣政治事件。我要指出的是，早在最近幾週關稅公告發布之前，我們就已經為此努力了好幾年，試圖限制對中國採購的曝險。其中包括將我們中國工廠中的部分工具轉移甚至複製到美國，同時將部分增值組裝從中國轉移到我們的國內工廠，優先進行資本投資以實現自動化——進一步實現部分國內工廠的自動化。

As you point out, it's really going to move us from what was even a high-teen reliance on China, probably five years ago to something more around the 10% mark today to a low single digit by year-end when the mitigations work through the system. So that's really our first, I'd say, prong of a four-pronged mitigation strategy around structural sourcing alternatives. Augmenting that is really supplier price renegotiations with China-based suppliers and other tariff-impacted countries. Inventory management, we did prebuy some inventory, which allowed us to minimize the impact here in 2025.

正如你所指出的，這確實會讓我們對中國的依賴程度從五年前的百分之十幾下降到今天的百分之十幾，到年底緩解措施在系統內發揮作用後，這一比例將降至個位數。所以我想說，這其實是我們圍繞結構性採購替代方案的四管齊下的緩解策略的第一步。進一步的補充是與中國供應商和其他受關稅影響的國家進行真正的供應商價格重新談判。庫存管理，我們確實預先購買了一些庫存，這使我們能夠將 2025 年的影響降至最低。

And then finally, pricing. We take out-of-cycle price increases very seriously, and we're very thoughtful about them, and that became necessary given the magnitude and the immediacy of the tariff increases. Do you want to talk about some of that?

最後是定價。我們非常重視週期外的價格上漲，並且對此深思熟慮，考慮到關稅上調的幅度和緊迫性，這是必要的。你想談論其中的一些嗎？

Yeah, good morning, Andrew, let me just tackle the first point around cash flow. Cash flow, we have dropped from $160 million to $150 million guidance for the year. You're right, that does include some CapEx to tool up inside the U.S. to accommodate the transfer of production out of our Wuxi facility back into the United States.

是的，早安，安德魯，讓我先來談談現金流的第一點。現金流，我們已將今年的指導金額從 1.6 億美元下調至 1.5 億美元。您說得對，這確實包括一些資本支出，用於在美國境內安裝設備，以適應將生產從無錫工廠轉移回美國。

Additionally, we're recognizing that the closing working capital at the end of the year will actually be a little bit more expensive for that residual 3%-ish that Kevin was suggesting there that we will still be procuring from China. But still a very handsome cash result, significantly higher than net income.

此外，我們認識到，對於 Kevin 建議的剩餘 3% 左右的資金而言，年底的期末營運資金實際上會稍微貴一些，我們仍將從中國採購。但現金收益仍非常可觀，遠高於淨收入。

Thanks. And then you said you were being thoughtful. So as far as the price increases go, I assume they are targeted towards the affected products? Or is it a broad line increase? And then you did mention managing kind of the managing prebuys. Are you managing like the prebuys tighter than a typical prebuy? And then if you are, I mean, do you see -- is there any extra headwind implied in gross margin from like a potential disconnect of somebody buying out ahead of the increase and then reducing it later? Thanks.

謝謝。然後你說你很體貼。那麼就價格上漲而言，我認為它們是針對受影響的產品嗎？還是說是大範圍增加？然後你確實提到了管理預購。您的預購管理是否比典型的預購更嚴格？然後，如果您是的話，我的意思是，您是否看到了——毛利率中是否存在任何額外的不利因素，例如有人在增加之前買斷，然後在增加之後再減少，從而可能造成脫節？謝謝。

Yes. In terms of pricing, we did -- I mean, there'll be some variation when final price lists on our most recent announcement are distributed. But by and large, it's more across the line as opposed to just targeting those specific SKUs that are manufactured or most impacted. Those increases would effectively more or less take out of the market on some of those products, and we take full line -- being a full-line supplier very seriously. So there's some sharing across the entirety of the product line.

是的。在定價方面，我們確實——我的意思是，當我們最近發布的最終價格表發佈時會有一些變化。但總的來說，它更具跨界性，而不是僅僅針對那些生產或受影響最大的特定 SKU。這些價格上漲實際上或多或少會使部分產品退出市場，我們非常重視全線產品—作為全線供應商。因此整個產品線都存在一些共享。

I forgot the second part of the question was?

我忘了問題的第二部分是什麼？

Pricing pre-buy

預購定價

Around pre-buy. We -- I would say we probably are a little tighter in terms of the cap that we put out there right now. I mean what we normally put out there for the early buy or the winter stocking program has a little bit more flex upwards to it. At this point in time, given the time of year when these price increases take effect, early buy has been delivered. As we work with our channel partners, their inventories and days on hand are appropriate and well suited for where we are in the season.

約預購。我們——我想說，就目前我們設定的上限而言，我們可能有點嚴格。我的意思是，我們通常為早期購買或冬季儲備計劃推出的產品有更多向上的靈活性。此時，考慮到這些價格上漲生效的時間，早期購買已經完成。當我們與通路合作夥伴合作時，他們的庫存和庫存天數是合適的，非常適合我們所處的季節。

So we're just really trying to protect all of us from overstocking here and then having to deal with the pain of a destock later on. We're really just trying to match sales out with the replenishment. The replenishment in on par with what the sales out is and that's really what's driving sort of the cap that we've announced to the channel partners.

所以我們只是想保護所有人，避免庫存過剩，然後再處理去庫存的痛苦。我們實際上只是想讓銷售量與補貨量相符。補貨量與銷售量持平，這實際上是我們向通路合作夥伴宣布的上限的驅動因素。

Thanks, I'll pass it on.

謝謝，我會傳達的。

Our next question comes from the line of Saree Boroditsky with Jefferies. Please proceed with your question.

我們的下一個問題來自 Jefferies 的 Saree Boroditsky。請繼續您的問題。

Hi, thanks for taking my question. Maybe just building on that, I did think one of the larger pool distributors talked about increasing inventory levels. So just maybe quickly talk about how channel inventory looks today and then how that impacts demanded as you go through the rest of the year? Thank you.

你好，謝謝你回答我的問題。也許只是基於此，我確實認為其中一個較大的分銷商談到了增加庫存水準。那麼，您能否簡單談談目前通路庫存的情況，以及這對今年剩餘時間的需求有何影響？謝謝。

Yes. I mean the information we see broadly across our channel partners is we feel really good about where the days on hand are for where we're at in the season. Obviously, late April here, all markets as we work through the Easter weekend, that really ushers in the season in the more seasonal markets. So what we see is we're very pleased with where we're at. We've spoken about this on previous earnings calls that the destock and the recalibration of the inventory levels, that's been accomplished in prior periods. Early buy has been delivered through first quarter. And we feel that inventories are appropriately -- are appropriate at this point in time.

是的。我的意思是，我們從通路合作夥伴那裡廣泛看到的訊息是，我們對當前季節的庫存情況感到非常滿意。顯然，四月下旬，隨著復活節週末的到來，所有市場都迎來了更具季節性的市場。所以我們看到我們對目前的狀況非常滿意。我們在之前的收益電話會議上討論過這個問題，即去庫存和重新調整庫存水平，這些在之前的時期已經完成。早期購買的貨物已在第一季交付。我們認為，目前的庫存是適當的。

I appreciate the color. And then maybe just a bigger picture, pool equipment has obviously gotten significantly more expensive over the last several years. I know equipment is still a small portion of the new pool build, but how are you thinking about balancing price and demand levels given the recent increases? And have you seen any customers trading down or repairing or replacing equipment?

我很欣賞這個顏色。然後也許從更大的角度來看，泳池設備在過去幾年中顯然變得更加昂貴。我知道設備仍然只佔新泳池建設的一小部分，但考慮到最近的成長，您如何考慮平衡價格和需求水準？您是否看到有客戶降低設備價格、修理或更換設備？

Yes. Great question and something we keep our eyes peeled on. I would say -- I think the first part of your question was really asking, has there been demand destruction with just the overall project cost. What we debate is deferral versus destruction at this point in time because of the housing market, the turnover not being what it has been historically. I think some of those larger refurbishment or even building the pool at a new house that you bought, I think that's being delayed a bit as existing home sales have struggled the last couple of years.

是的。這個問題問得好，我們一直在關注。我想說——我認為你問題的第一部分實際上是在問，僅整體專案成本是否就造成了需求破壞。目前，我們討論的是延期還是銷毀，因為房地產市場的營業額已不再是歷史上的水平。我認為，一些大型整修，甚至是在你購買的新房子上建造游泳池，由於過去幾年現有房屋銷售一直不景氣，所以這些工程會被推遲一段時間。

So we see it a bit more as a deferral around some of that discretionary spend as opposed to destruction. In terms of trading down, our guide is really trying to take that into account. We think it could happen. We don't have strong evidence of that happening. As we look at permit values, we've spoken about this in the past. While the unit count on permits the last couple of years have been down, the value of those permits have actually continued to climb, which would indicate that people who are building or doing the full-scale remodels are doing it right, and they're putting the features and the functionality on the pool as they want it.

因此，我們認為這更多的是推遲一些可自由支配的開支，而不是破壞。在降級交易方面，我們的指南確實試圖考慮到這一點。我們認為這可能會發生。我們沒有強而有力的證據證明這種情況會發生。當我們查看許可證價值時，我們過去曾討論過這個問題。雖然過去幾年許可證的單位數量有所下降，但這些許可證的價值實際上卻在持續攀升，這表明建造或進行全面改造的人做得對，他們按照自己的意願在游泳池中融入特色和功能。

However, again, with a couple more equipment increases rolling through the system here in the channel here in 2025, we're trying to take a pragmatic approach and protect against that if it were to happen as the year progresses.

然而，隨著 2025 年此通道系統中設備數量的增加，我們正嘗試採取務實的態度，並防止這種情況隨著時間的推移而發生。

Appreciate the questions. Thank you.

感謝您的提問。謝謝。

Our next question comes from the line of Jeff Hammond with KeyBanc. Proceed with your question.

我們的下一個問題來自 KeyBanc 的 Jeff Hammond。繼續你的問題。

Hey, good morning everyone. This is David Tarantino on for Jeff. I know it's early, but maybe could you give us some color on recent trends to start the selling season, particularly around if you've heard any feedback from dealers around shifts in consumer behavior following Liberation Day and the pricing actions?

嘿，大家早安。大衛塔倫提諾 (David Tarantino) 為傑夫 (Jeff) 主持節目。我知道現在還為時過早，但您能否向我們介紹一下銷售旺季開始以來的近期趨勢，特別是您是否聽過經銷商對解放日和定價行動後消費者行為變化的反饋？

Yes. Q1, I would say, you may have heard this from some others who reported before us. The year started a bit slowly. I think weather may have played into that a bit in January into maybe middle of February or so. But March, as it turned out, was a really strong sales out month across the entire network.

是的。Q1，我想說，您可能從一些在我們之前報告過的人那裡聽說過這一點。今年的開局有點慢。我認為一月到二月中旬左右的天氣可能會對此產生一定影響。但事實證明，三月是整個網路銷售非常強勁的一個月。

So that gave us some real optimism as the weather started improving, David. I would say what we've seen in April, I'm not going to go too deep into that. I'd say what we've seen is contemplated in our confirming of the guide that we announced here this morning.

所以，當天氣開始好轉時，這給了我們一些真正的樂觀，大衛。我想說的是我們在四月看到的情況，我不會對此進行太深入的探討。我想說，我們所看到的是在我們今天早上在此宣布的指南確認中考慮到的。

So again, weather is improving. Easter is behind us. Pools are opening in all markets at this point, and we feel that it's going to be a good season. And that's being affirmed by the dealers that we talk to every day. I think that we do have, as I mentioned in the prepared remarks, I think we have really some wind at our back with the recent introduction of this OmniX platform, which we've talked about it for years, and this is a great product that really gives the service trade and the existing pool owner who doesn't have automation or control the opportunity to take more control of that backyard and the functionality of it.

天氣正在好轉。復活節已經過去了。目前所有市場的游泳池都已開放，我們覺得這將是一個好季節。我們每天交談的經銷商都肯定了這一點。我認為，正如我在準備好的演講中提到的那樣，我們確實擁有一些優勢，因為最近推出了這個 OmniX 平台，我們已經談論它很多年了，這是一個很棒的產品，它確實為服務業和沒有自動化或控制能力的現有泳池業主提供了機會，讓他們可以更好地控制後院及其功能。

So we're very bullish on what OmniX represents for us and for the industry as we work through the 2025 pool season.

因此，我們對 OmniX 對我們以及整個產業在 2025 年泳池季節的前景非常樂觀。

Great. And then maybe as a follow-up, just on the margin bridge on Slide 12. Could you walk us through the cost levers you're pulling kind of outside of price and reducing the China exposure to offset tariffs. Margin growth has been pretty impressive in recent years. So any color on the opportunities still out there would be helpful.

偉大的。然後也許作為後續，就在幻燈片 12 上的邊緣橋上。您能否向我們介紹除了價格之外，您還採取了哪些成本槓桿來減少對中國的影響以抵消關稅？近年來利潤率成長相當可觀。因此，任何有關仍然存在的機會的資訊都是有幫助的。

Yes, sure. We've talked about this before. We have outside of China, six facilities, three large ones in the United States, a small one through acquisition. We can continue to variabilize the input of production into those facilities rather than having to add fixed costs. So that's the first lever that we can do, leveraging those facilities on a variable nature.

是的，當然。我們之前已經討論過這個問題。我們在中國以外有六個工廠，其中三個大型工廠在美國，還有一個小型工廠是透過收購建立的。我們可以繼續改變這些設施的生產投入，而不必增加固定成本。這是我們可以採取的第一個手段，以可變的方式利用這些設施。

The second thing is we're very honed in right now on our SKU rationalization programs, our bill of material and value engineering initiatives and looking at that collective to really hone in on the cost of manufacturing and how do we make it smarter, how do we make it less expensive as it goes through our production facilities without compromising quality, of course.

第二件事是，我們現在非常專注於我們的 SKU 合理化計劃、我們的物料清單和價值工程計劃，並著眼於集體，真正關注製造成本以及如何使其變得更智能，如何在不影響質量的情況下降低其通過我們的生產設施的成本。

And so those initiatives are in play today. As we onboard tooling into the United States, to take on the current either outsourced or in-sourced China manufacturing. We'll do that, we believe, in an intelligent way and take the opportunity to put automation into our facilities to make that new addition of production in a very cost-effective way.

這些舉措如今仍在發揮作用。當我們將工具引入美國時，我們承擔了目前外包或內部採購的中國製造業。我們相信，我們將以一種智慧的方式做到這一點，並藉此機會將自動化引入我們的設施，以非常經濟高效的方式增加產量。

Great, thanks guys.

太好了，謝謝大家。

Our next question comes from the line of Rafe Jadrosich with Bank of America. Please proceed with your question.

我們的下一個問題來自美國銀行的 Rafe Jadrosich。請繼續您的問題。

Hi guys, this is actually Sean Colman on for Rafe. Just first, the midpoint of guidance implies it looks like a mid-single-digit to high single-digit decline in volumes for the rest of the year. So could you give us some more detail on the drivers in terms of maintenance volume, discretionary volume? And then anything around trade down and destock assumptions?

大家好，我是 Sean Colman，代替 Rafe 登場。首先，指導的中點意味著今年剩餘時間的銷售量將出現中等個位數到高個位數的下降。那麼，您能否向我們詳細介紹一下維護量、自由支配量方面的驅動因素？那麼關於降價交易和去庫存假設還有什麼其他內容嗎？

Yeah, Good Morning again. Yes, I mean, in terms of our guidance, the way it bridges out, we are calling for a further reduction in the discretionary side of the market, namely new construction remodels and upgrade. I think that's, as Kevin said, using his word, a pragmatic approach given where the macro situation is right now. Obviously, new construction, we see the permit data, that's trending down even though the ticket value has gone up.

是的，早安。是的，我的意思是，就我們的指導方針而言，我們呼籲進一步減少市場的可自由支配部分，即新建築改造和升級。我認為，正如凱文所說，考慮到目前的宏觀形勢，這是一種務實的方法。顯然，我們看到新建築的許可證數據呈下降趨勢，儘管票價上漲了。

In terms of the remodel and the upgrading, as Kevin just mentioned, we don't see that as destruction. We see that as a push sideways as the consumer defers those elements. We know that existing home sale turnover creates acceleration in remodels, whether it be the homeowner just before they sell tuning up or whether it be the new homeowner after purchase does some remodeling. So we're still waiting here for this existing home resale market to get some acceleration behind it. But as a consequence of where the macro situation stands today, we think it's pragmatic to take down that discretionary side of the marketplace.

就改造和升級而言，正如凱文剛才提到的，我們並不認為這是破壞。我們認為，由於消費者推遲了這些元素，因此產生了橫向推動。我們知道，現有房屋銷售週轉率會加速房屋改造，無論是房主在出售房屋之前進行的調整，還是新房主在購買房屋之後進行的改造。因此，我們仍在等待現有房屋轉售市場加速發展。但考慮到目前宏觀情勢，我們認為，降低市場中可自由支配的一面是務實的做法。

We don't believe individuals are foregoing the critical elements of the pool. You need that pool engine. That's the beauty of our industry. And if you're an existing pool owner, you have to maintain that pool. So that is a robust element. So the maintenance side of the business is very resilient.

我們不相信個人會放棄游泳池的關鍵要素。您需要那個池引擎。這就是我們行業的美妙之處。如果您是現有的泳池擁有者，則必須維護該泳池。所以這是一個強大的元素。因此，業務的維護方面非常有彈性。

Sean, I would just add in terms of 50-plus percent amount of our revenue from the brake fix aftermarket non-discretionary side, where we're thinking volume will hold year-on-year, we have accounted for a little bit of a mix down trade down in the current guide that we confirmed here today.

肖恩，我想補充一點，我們的收入有 50% 以上來自煞車修理售後市場非必需品方面，我們認為銷量將與去年同期持平，我們在當前指南中已經考慮到了一點混合下降，我們今天在這裡確認了這一點。

Got it. That's very helpful. And then just kind of following up on that trade down. So you guys in the industry have really benefited from the adoption of automation. Do you think these additional price increases can limit that adoption? And then any color you have on early trends with OmniX sales would be helpful. Thank you.

知道了。這非常有幫助。然後就跟進該交易。所以，你們這個產業確實從自動化的採用中受益匪淺。您認為這些額外的價格上漲會限制這種採用嗎？然後，您對 OmniX 銷售早期趨勢的任何了解都會有所幫助。謝謝。

I would say I think OmniX is the answer to both parts of your question, Sean. I -- the initial load-in with the channel and some of the early pull-through with the dealers has been encouraging for us. And I would say in terms of automation, OmniX brings a lot of things, as I spoke about in the prepared remarks, but it really does allow you to build your ecosystem one at a time as you -- as natural break fix occurs. We don't have the entire product line introduced yet. That will be phased over the next several quarters, but it's a much more cost-effective way for any homeowner, whether you're building new, whether you're refurbishing or whether you're wanting to upgrade a 20-year pool that didn't have any automation or controls, it can be done in a much more efficient, cost-effective manner, which I believe will mitigate some of the concerns you raised in your question about the overarching price to bring that control and automation to the pool owners palm of their hand.

肖恩，我認為 OmniX 可以回答你問題的兩個部分。我——最初與通路的合作以及與經銷商的一些早期合作對我們來說是令人鼓舞的。我想說，就自動化而言，OmniX 帶來了很多東西，正如我在準備好的發言中提到的那樣，但它確實允許您在發生自然中斷修復時一次構建一個生態系統。我們尚未推出整個產品線。這將在未來幾個季度分階段實施，但對於任何房主來說，這都是一種更具成本效益的方式，無論您是新建游泳池、翻新游泳池還是想要升級一個使用了 20 年、沒有任何自動化或控制功能的游泳池，都可以以更高效、更具成本效益的方式完成，我相信這將減輕您在問題中提出的一些擔憂，即將控制和自動化功能帶到業主手中的價格。

Our next question comes from the line of Brian Lee with Goldman Sachs. Please proceed with your question.

我們的下一個問題來自高盛的 Brian Lee。請繼續您的問題。

Hi everyone, this is Nick from Brian Lee. How's everybody doing today?

大家好，我是 Brian Lee 的 Nick。大家今天過得怎麼樣？

Hey Nick, Good Morning.

嘿，尼克，早安。

Just a quick one. I think last year around this time, we were talking about utilization rates. I think you guys are running around 60% or 65% utilization in your factories, which was expected to bring some decent operating leverage in the outer years when volume returns. But just wondering on if you're going to bring more manufacturing to the U.S. to mitigate tariffs and those additional costs, I would assume is this going to increase some of your U.S. manufacturing utilization? And could this help margins? And is any of that uplift like included in the mitigation efforts or we could see, I guess, additional upside from there? I know you talked about variabilizing these facilities, but just wondering if there is any additional leverage embedded there. Thank you.

只是快速的一次。我想去年這個時候我們正在討論使用率。我認為你們工廠的利用率約為 60% 或 65%，預計在未來幾年產量恢復時將帶來一些不錯的營運槓桿。但我只是想知道，如果您要將更多的製造業轉移到美國以減輕關稅和額外成本，我認為這是否會增加您在美國的製造業利用率？這能提高利潤率嗎？這些提升是否包括在緩解措施中，或者我們是否可以看到額外的好處？我知道您談到了這些設施的可變性，但我只是想知道其中是否有任何額外的槓桿作用。謝謝。

Yes, it's a great question. You're right. Today, we're probably around about 60% utilized in our U.S. facilities that provides us with a large amount of capacity to onboard this production coming out of China or in-sourcing from third parties in China. Kevin mentioned, we're probably 10% today coming out of China, whether it be a combination of outsource and our own facility, that's reducing to an exit rate out of 25% to 3%. So that 7% comes into the U.S. facilities, which raises from 60% to high 60% utilization. So still quite a lot of headroom. As I mentioned a few questions ago, we're going to take the opportunity in that transfer of production to look at how to do that intelligently, smartly in a more automated way. So we'll get the leverage across the fixed cost base, but I'm hoping as well now and believe in the team that they'll actually be able to get a 2:1 here, get the leverage and get a bill of material reduction as we put some automation into our facilities.

是的，這是一個很好的問題。你說得對。如今，我們美國工廠的利用率大概在 60% 左右，這為我們提供了大量的產能來承接來自中國的生產或從中國第三方進行內部採購。凱文提到，我們今天可能有 10% 的產品來自中國，無論是外包還是我們自己的工廠，這都會將退出率從 25% 降至 3%。因此，7% 的電力進入美國設施，利用率從 60% 上升至 60% 的高水準。因此仍有相當大的發展空間。正如我之前在幾個問題中提到的，我們將借生產轉移的機會研究如何以更自動化、更聰明的方式實現這一目標。因此，我們將在固定成本基礎上獲得槓桿作用，但我現在也希望並相信團隊，隨著我們在設施中引入一些自動化，他們實際上能夠在這裡獲得 2：1 的槓桿作用並減少物料清單。

No, that's super super helpful color. Thank you.

不，那是非常非常有用的顏色。謝謝。

Yeah.

是的。

We have reached the end of the question-and-answer session. Mr. Holleran, I would now like to turn the floor back over to you for closing comments.

問答環節已結束。霍勒蘭先生，現在我想把發言權交還給您，請您發表最後評論。

Thanks, Christine. In closing, I'd like to sincerely thank our dedicated employees and valued partners around the world. Your hard work, passion and unwavering commitment are the driving force behind our success. Please contact our team if you have any follow-up questions, and we look forward to talking to you again on the second quarter earnings call. Thank you for your interest in Hayward.

謝謝，克里斯汀。最後，我要真誠感謝我們世界各地敬業的員工和尊貴的合作夥伴。您的辛勤工作、熱情和堅定不移的承諾是我們成功的驅動力。如果您有任何後續問題，請聯絡我們的團隊，我們期待在第二季財報電話會議上再次與您交談。感謝您對 Hayward 的關注。

Christine, you can now end the call.

克里斯汀，你現在可以結束通話了。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與，祝您有美好的一天。