Hayward Holdings Inc (HAYW) 2025 Q3 法說會逐字稿

Welcome to Hayward Holdings third quarter 2025 earnings call. My name is Donna, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.

歡迎參加海沃德控股公司2025年第三季財報電話會議。我叫唐娜，我將擔任您今天通話的接線生。（操作員說明）請注意，本次會議正在錄音。

I will now turn the call over to Kevin Maczka, Vice President, Investor Relations and FP&A. Mr. Maczka, you may begin.

現在我將把電話轉交給投資者關係和財務規劃與分析副總裁凱文·馬茨卡。馬奇卡先生，您可以開始了。

Thank you, and good morning, everyone. We issued our third quarter 2025 earnings press release this morning, which has been posted to the Investor Relations section of the website at investor.hayward.com. There, you can also find the earnings slide presentation referenced 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，大家早安。我們今天上午發布了2025年第三季財報新聞稿，該新聞稿已發佈在公司網站investor.hayward.com的投資者關係版塊。您也可以在那裡找到本次電話會議中提到的財報簡報。今天與我一同出席的有總裁兼執行長凱文‧霍勒蘭，以及資深副總裁兼財務長埃菲翁‧瓊斯。

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 Forms 10-K and 10-Q filed with the Securities and Exchange Commission that could cause actual results to differ materially.

在開始之前，我想提醒大家，在本次電話會議中，公司可能會發表一些被認為是前瞻性的聲明，包括管理階層對 2025 年及未來時期的展望。此類聲明受多種風險和不確定因素的影響，包括我們在最近向美國證券交易委員會提交的 10-K 表格和 10-Q 表格中討論的風險和不確定因素，這些風險和不確定因素可能導致實際結果與預期結果有重大差異。

The company does not undertake any duty to update such forward-looking statements. 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.

本公司不承擔更新此類前瞻性聲明的任何義務。此外，在今天的電話會議上，公司還將討論非GAAP指標。本次電話會議中討論的歷史非GAAP指標與可比較GAAP指標的調節表，可在我們的盈利報告和幻燈片演示文稿的附錄中找到。除非另有說明，所有比較均以同比進行。

I will now turn the call over to Kevin Holleran.

現在我將把電話轉給凱文霍勒蘭。

Thank you, Kevin, and good morning, everyone. It's my pleasure to welcome all of you to Hayward's third-quarter earnings call. I'll begin on slide 4 of our earnings presentation with today's key messages. I'm pleased to report third quarter results ahead of expectations, marking another quarter of strong execution by our global team. Our performance reflects the resiliency of our aftermarket model and continued traction in our strategic initiatives.

謝謝你，凱文，大家早安。我很高興歡迎各位參加海沃德第三季財報電話會議。我將從我們財報簡報的第 4 張投影片開始，介紹今天的關鍵訊息。我很高興地宣布，第三季業績超出預期，這標誌著我們全球團隊又一個季度取得了強勁的執行力。我們的業績反映了我們售後市場模式的韌性以及我們策略性舉措的持續推進。

Net sales increased 7% with growth across both our North America and Europe and Rest of World segments and adjusted EBITDA increased 16%. We delivered further solid margin expansion, driven by increased operational efficiencies, tariff mitigation actions, and disciplined cost management.

淨銷售額成長 7%，北美和歐洲以及世界其他地區業務均實現成長，調整後 EBITDA 成長 16%。在提高營運效率、採取關稅減免措施和嚴格成本管理的推動下，我們實現了利潤率的進一步穩定成長。

Gross profit margin increased 150 basis points to 51.2% and adjusted EBITDA margin increased 170 basis points to 24.2%. Cash flow generation was also strong, enabling us to further strengthen the balance sheet and reduce net leverage to 1.8 times, the lowest level in nearly four years. This provides enhanced financial flexibility as we execute our growth plans and fund our capital deployment priorities.

毛利率上升 150 個基點至 51.2%，調整後 EBITDA 利潤率上升 170 個基點至 24.2%。現金流產生能力也十分強勁，使我們能夠進一步加強資產負債表，並將淨槓桿率降低至 1.8 倍，這是近四年來的最低水平。這為我們執行成長計劃和為資本部署優先事項提供資金提供了更大的財務靈活性。

During the quarter, we continued advancing key strategic initiatives to position for profitable growth. This included expanding our customer relationships, developing innovative new products to further our technology leadership position, and leveraging our operational excellence capabilities.

本季度，我們持續推進關鍵策略舉措，為實現獲利成長做好準備。這包括拓展客戶關係、開發創新產品以鞏固我們的技術領先地位，以及利用我們卓越的營運能力。

At the same time, our teams are aggressively executing tariff mitigation action plans to support margins and deliver on our commitments to shareholders and customers. We've made great progress, and I'm confident in our team's ability to navigate this dynamic environment.

同時，我們的團隊正在積極執行關稅緩解行動計劃，以支持利潤率並履行我們對股東和客戶的承諾。我們取得了很大的進展，我對我們團隊應對這種動態環境的能力充滿信心。

As a result of our strong year-to-date performance and solid participation in our early buy programs with increased orders, we're raising our full-year guidance. We now expect net sales to increase approximately 4% to 5.5% compared to our prior guidance of 2% to 5%. We now expect adjusted EBITDA to increase 5% to 7% to a range of $292 million to $297 million compared to our prior guidance of $280 million to $290 million.

由於我們今年迄今為止的強勁業績以及早期購買計劃的良好參與度（訂單增加），我們提高了全年業績預期。我們現在預計淨銷售額將成長約 4% 至 5.5%，而先前的預期為成長 2% 至 5%。我們現在預計調整後的 EBITDA 將成長 5% 至 7%，達到 2.92 億美元至 2.97 億美元，而我們先前的預期為 2.8 億美元至 2.9 億美元。

Turning now to slide 5, highlighting the results of the third quarter. Net sales increased 7% to $244 million, driven by a 5% increase in net price and a 2% increase in volume. By segment, net sales increased 7% in North America and 11% in Europe and Rest of World.

現在請看第 5 張投影片，重點介紹第三季的業績。淨銷售額成長 7% 至 2.44 億美元，主要得益於淨價上漲 5% 和銷量成長 2%。依業務部門劃分，北美淨銷售額成長 7%，歐洲及世界其他地區淨銷售額成長 11%。

As I mentioned, gross profit margin expanded 150 basis points to 51.2%. Adjusted EBITDA increased 16% to $59 million, and adjusted EBITDA margin increased 170 basis points to 24.2%. This is a strong result in a seasonally lower sales quarter as we continue to make targeted investments in the business to drive future growth. Finally, adjusted diluted earnings per share increased 27% to $0.14.

正如我之前提到的，毛利率成長了150個基點，達到51.2%。調整後 EBITDA 成長 16% 至 5,900 萬美元，調整後 EBITDA 利潤率成長 170 個基點至 24.2%。在季節性銷售淡季，我們仍取得瞭如此強勁的成績，因為我們將繼續對業務進行有針對性的投資，以推動未來的成長。最後，經調整後的稀釋每股收益成長了 27%，達到 0.14 美元。

Turning now to slide 6 for a business update. Starting with the demand environment, we are encouraged by recent trends. We had a solid finish to the 2025 pool season as our primary US channel partners communicated improved out-the-door sales growth rates for Hayward products in the third quarter with stronger growth as the quarter progressed.

現在翻到第 6 張投影片，了解業務最新進展。從需求環境來看，我們對近期的趨勢感到鼓舞。2025 年泳池銷售季圓滿結束，我們的主要美國通路合作夥伴表示，Hayward 產品在第三季的出貨銷售成長率有所提高，並且隨著季度的推進，成長勢頭更加強勁。

This reflects the strength and stability of our aftermarket model as approximately 85% of our sales are aligned with serving the aftermarket needs of the existing installed base. Consistent with the trends in prior quarters, nondiscretionary aftermarket maintenance demand remains resilient. We also see continued adoption of our technology solutions to automate and control pools.

這反映了我們售後市場模式的實力和穩定性，因為我們約 85% 的銷售額都與滿足現有已安裝客戶的售後市場需求有關。與前幾季的趨勢一致，非必要的售後市場維護需求依然保持韌性。我們也看到，我們的技術解決方案在泳池自動化和控制方面持續了應用。

Homeowners are adding technology to improve the pool ambience and experience rather than defeaturing to reduce cost as evidenced by the average value per pool pad continues to increase. As a result, we saw a double-digit growth in this critical product category of omni controls during the quarter, nearly twice the overall Hayward growth rate.

房主們正在增加技術以改善泳池的氛圍和體驗，而不是為了降低成本而進行拆除，這從每個泳池地基的平均價值持續增長就可以看出。因此，本季我們在全能控制這一關鍵產品類別中實現了兩位數的成長，幾乎是 Hayward 整體成長率的兩倍。

The early buy programs are nearing completion in North America and International markets, and we are pleased with the progress to date. Incoming orders are trending in line with expectations. We anticipate solid customer participation and increased orders relative to the prior year. Importantly, we are working closely with our channel partners to maintain appropriate levels of Hayward inventory on hand relative to current demand levels and forward expectations.

北美和國際市場的早期採購計劃已接近尾聲，我們對迄今為止的進展感到滿意。訂單量與預期相符。我們預期客戶參與度將保持穩定，訂單量將比上年有所成長。重要的是，我們正與通路合作夥伴緊密合作，以維持與當前需求水準和未來預期相適應的 Hayward 庫存水準。

The pool industry has always been very disciplined on price. We increased pricing this year as needed to combat tariffs and other inflation, and we continue to expect positive net price realization of mid-single digits in 2025. We are progressing with our value-based pricing and SKU rationalization initiatives to optimize our price structure and enable our products to be priced appropriately relative to the exceptional value provided to pool owners. We expect these initiatives to yield further positive results going forward.

泳池業在價格方面一直非常謹慎。今年我們根據需要提高了價格，以應對關稅和其他通貨膨脹，我們繼續預計 2025 年淨價格將達到中等個位數的成長。我們正在推進基於價值的定價和 SKU 合理化計劃，以優化我們的價格結構，使我們的產品能夠根據其為泳池業主提供的卓越價值進行適當定價。我們預計這些措施將在未來取得更多正面成果。

The tariff environment remains uncertain. Our team is aggressively executing our mitigation action plans to offset the increased costs and we are making great progress. As previously communicated, we are accelerating our lean initiatives and significantly reducing our exposure, lowering direct sourcing from China into the US as a percentage of cost of goods sold from approximately 10% to 3% by year-end.

關稅環境依然不明朗。我們的團隊正在積極執行緩解措施計劃，以抵消增加的成本，並且我們取得了巨大進展。正如先前所溝通的，我們正在加快精益化舉措，並大幅降低風險敞口，到年底將直接從中國採購到美國的商品佔銷售成本的比例從大約 10% 降低到 3%。

We intend to achieve this target regardless of any further tariff negotiation as it derisks our supply chain and limits exposure to geopolitical uncertainty. Our teams are responding to the current enacted tariffs while monitoring the ongoing media reports, and we remain agile and ready to take further action as needed. We continue to make investments to drive future growth.

無論後續關稅談判如何，我們都打算實現這一目標，因為這可以降低我們供應鏈的風險，並減少地緣政治不確定性的影響。我們的團隊正在對目前已實施的關稅做出反應，同時密切關注媒體的報道，我們將保持靈活，並隨時準備根據需要採取進一步行動。我們將繼續進行投資，以推動未來的成長。

On the product side, we are investing in advanced engineering and product development to continue bringing innovative new products to market. We previously introduced you to OmniX, an industry-first automation platform providing a cost-effective way to accelerate technology adoption in the installed base and increase average equipment content per pool pad.

在產品方面，我們正在投資先進的工程技術和產品開發，以不斷將創新產品推向市場。我們之前向您介紹了 OmniX，這是一個業界首創的自動化平台，它提供了一種經濟高效的方式來加速已安裝設備的技術採用，並增加每個泳池墊的平均設備含量。

While early in the rollout, we are pleased with the continued dealer response to the new OmniX enabled variable speed pump and we will launch other product categories with embedded OmniX control capabilities in the coming quarters. We are ramping up our targeted sales and marketing strategies to further increase our presence in high-value yet underpenetrated regions. This is already translating into wins with important dealers converting to Hayward.

雖然目前還處於推廣初期，但我們對經銷商對新款 OmniX 變速幫浦的持續反應感到滿意，我們將在未來幾季推出其他具有嵌入式 OmniX 控制功能的產品類別。我們正在加強努力進行有針對性的銷售和行銷策略，以進一步擴大我們在高價值但滲透率較低的地區的市場份額。這已經轉化為實際收益，一些重要的經銷商已經轉而使用Hayward的服務。

We're also improving the customer experience with the continued rollout of the Hayward Hub training and support centers and hosting premier industry events. In the second quarter, Hayward sponsored the prestigious 2025 Pool & Spa Network Top 50 Builder Award event. And in the third quarter, we hosted our 25th PACE Conference to educate and inspire our industry's most accomplished pool professionals.

我們也透過不斷推出海沃德中心培訓和支援中心以及舉辦一流的行業活動來改善客戶體驗。第二季度，Hayward贊助了享有盛譽的2025年泳池和水療網絡50強建築商獎頒獎典禮。第三季度，我們舉辦了第 25 屆 PACE 大會，旨在教育和激勵我們行業中最傑出的泳池專業人士。

As we continue to invest in the industry and build upon our customer-first approach, we are seeing greater engagement and traction with dealers. As a technology leader in the industry, we are implementing AI tools to drive value for our customers. Our new AI agents are progressively fielding inbound customer service calls with no on-hold wait times resolving approximately 80% of these calls without the need for human intervention and even proposing enhancements to our training programs.

隨著我們不斷加大對產業的投入，並堅持以客戶為先的理念，我們看到與經銷商的互動和合作力度都在不斷增強。身為業界的技術領導者，我們正在應用人工智慧工具為客戶創造價值。我們的新型人工智慧代理商正在逐步接聽客戶服務來電，無需等待，即可解決約 80% 的來電，無需人工幹預，甚至為我們的訓練程序提出改進建議。

Hayward has a long-standing commitment to continuous improvement throughout the entire organization, and this is a great example of an early success in customer experience.

Hayward 一直致力於在整個組織內持續改進，這是客戶體驗早期取得巨大成功的一個很好的例子。

With that, I'd like to turn the call over to Eifion to discuss our financial results in more detail.

接下來，我想把電話交給 Eifion，讓他更詳細地討論我們的財務表現。

Thank you, Kevin, and good morning. I'll start on slide 7. As Kevin stated, we are very pleased with our third-quarter financial performance. Net sales increased 7% and exceeded expectations. We delivered strong growth and adjusted EBITDA margin expansion to 51% and 24%, respectively and further reduced net leverage to 1.8 times.

謝謝你，凱文，早安。我將從第7張投影片開始。正如凱文所說，我們對第三季的財務表現非常滿意。淨銷售額成長7%，超出預期。我們實現了強勁成長，調整後 EBITDA 利潤率分別擴大至 51% 和 24%，並將淨槓桿率進一步降低至 1.8 倍。

Looking at the results in more detail, the net sales increase of 7% to $244 million was driven by a 5% positive net price realization and 2% higher volumes. Gross profit in the third quarter increased 11% to $125 million. Gross profit margin increased 150 basis points to 51.2%. By segment, gross margin increased 50 basis points in North America with Europe and Rest of World increasing 750 basis points year over year and 300 basis points sequentially.

從更詳細的結果來看，淨銷售額增長 7% 至 2.44 億美元，這主要得益於淨價格實現增長 5% 和銷量增長 2%。第三季毛利成長11%，達到1.25億美元。毛利率上升150個基點至51.2%。按業務板塊劃分，北美毛利率年增 50 個基點，歐洲和世界其他地區毛利率較去年同期成長 750 個基點，較上季成長 300 個基點。

Adjusted EBITDA increased 16% to $59 million in the third quarter, and adjusted EBITDA margin increased 170 basis points to 24.2%. We are delivering this level of margin expansion while strategically reinvesting in the business to drive future growth with targeted initiatives in sales and marketing, advanced engineering, and customer service. Our effective tax rate was approximately 23% in the third quarter and 24% year-to-date. Adjusted diluted EPS increased 27% to $0.14.

第三季調整後 EBITDA 成長 16% 至 5,900 萬美元，調整後 EBITDA 利潤率成長 170 個基點至 24.2%。我們實現了這種利潤率擴張，同時對業務進行策略性再投資，透過在銷售和行銷、先進工程和客戶服務方面的有針對性舉措來推動未來的成長。第三季我們的實際稅率約為 23%，年初至今的實際稅率約為 24%。經調整後的稀釋每股收益成長 27% 至 0.14 美元。

Turning to slide 8 for a review of our reportable segment results for the third quarter. North America net sales increased 7% to $208 million. Net price realization increased 7% and volume was stable. Net sales increased 6% in the US and 21% in Canada.

接下來請看第 8 張投影片，回顧我們第三季可報告分部的業績。北美淨銷售額成長7%，達到2.08億美元。淨售價上漲7%，銷量維持穩定。美國淨銷售額成長 6%，加拿大淨銷售額成長 21%。

As previously mentioned, we are encouraged by the recent demand trends for Hayward products, and demand as reported by our primary US channel partners increased late in the season, resulting in a solid third quarter performance. The performance in Canada also continues to improve, as we saw strong order growth during the quarter. Gross profit margin increased 50 basis points to a robust 52.8% and adjusted segment income margin was 29.6%.

如前所述，我們對近期海沃德產品的需求趨勢感到鼓舞，根據我們主要的美國通路合作夥伴報告，季末需求有所增加，從而實現了穩健的第三季業績。加拿大市場的業績也持續改善，本季訂單量實現了強勁成長。毛利率成長 50 個基點，達到強勁的 52.8%，調整後的分部營收利率為 29.6%。

Turning to Europe and Rest of World. Net sales for the quarter increased 11% to $36 million, a 1% reduction in net price realization was more than offset by 8% higher volume and 3% favorable foreign currency translation. The reduction in net price was largely due to an increased mix of discounted early buy shipments relative to the prior-year period.

轉向歐洲和世界其他地區。本季淨銷售額成長 11% 至 3,600 萬美元，淨售價下降 1%，但銷量成長 8% 和外匯匯率有利變動 3% 抵銷了這一降幅。淨價下降主要是由於與去年同期相比，折扣預購貨物的比例增加所致。

Net sales increased 15% in Europe and 6% in Rest of World. We took steps in recent quarters to improve the performance in Europe and Rest of World and are pleased to see continued margin progression in the quarter. Gross profit margin increased 750 basis points to 41.9%, and increased 300 basis points sequentially from 38.9% in the second quarter. This sequential increase was primarily related to the timing of a cumulative tariff refund during the third quarter.

歐洲淨銷售額成長15%，世界其他地區淨銷售額成長6%。最近幾個季度，我們採取了措施來改善歐洲和世界其他地區的業績，很高興看到本季利潤率持續提高。毛利率上升 750 個基點至 41.9%，較第二季的 38.9% 較上季上升 300 個基點。這一環比成長主要與第三季累計關稅退款的時間有關。

Adjusted segment income margins increased to 18.5% from 8.4% a year ago. Turning to slide 9 for a review of our balance sheet and cash flow highlights. We are pleased with the quality of our balance sheet and the significant reduction in net leverage during the quarter and over the last two years. Net debt to adjusted EBITDA improved to 1.8 times compared to 2.1 times at the end of the second quarter and 2.8 times in the year ago period. Reduced leverage provides additional flexibility as we execute our strategic growth plans.

經調整後的分部收入利潤率從一年前的 8.4% 增加到 18.5%。接下來請翻到第 9 張投影片，回顧我們的資產負債表和現金流量表要點。我們對資產負債表的品質以及本季和過去兩年淨槓桿率的大幅下降感到滿意。淨負債與調整後 EBITDA 的比率改善至 1.8 倍，而第二季末為 2.1 倍，去年同期為 2.8 倍。降低槓桿率可以為我們執行策略成長計畫提供更大的靈活性。

Total liquidity at the end of the third quarter was $552 million, including $448 million in cash and cash equivalents, short-term investments, and availability under our credit facilities of $104 million. We have no near-term maturities on our debt as the term debt and the undrawn ABL mature in 2028.

第三季末總流動資金為 5.52 億美元，其中包括 4.48 億美元的現金及現金等價物、短期投資以及 1.04 億美元的信貸額度。由於定期債務和未提取的資產抵押貸款將於 2028 年到期，因此我們近期沒有債務到期。

Our borrowing rate benefits from $600 million in debt currently tied to fixed interest rate swap agreements maturing in 2026 through 2028, limiting our cash interest rate on our term facilities to 6% in the quarter. Our average interest rate earned on global cash deposits for the quarter was 4.3%.

我們的借款利率受益於目前與固定利率互換協議掛鉤的 6 億美元債務，這些債務將於 2026 年至 2028 年到期，這使得我們定期貸款的現金利率在本季度限制在 6%。本季全球現金存款的平均利率為 4.3%。

Our business has strong and seasonal free cash flow generation characteristics, driven by high-quality earnings. The company typically has strong cash generation in the second and third quarters, while using cash in the first and fourth quarters. Year-to-date cash flow from operations was $283 million, compared to $276 million in the year ago period.

我們的業務具有強勁且季節性的自由現金流產生特性，這得益於高品質的獲利能力。該公司通常在第二季和第三季擁有強勁的現金流，而在第一季和第四季則會消耗現金。今年迄今為止，經營活動產生的現金流量為 2.83 億美元，去年同期為 2.76 億美元。

CapEx of $21 million year-to-date was modestly higher than the prior year period, reflecting strategic growth investments and project timing. Consequently, year-to-date free cash flow was $262 million.

今年迄今的資本支出為 2,100 萬美元，略高於上年同期，反映了策略性成長投資和專案進度安排。因此，年初至今的自由現金流為 2.62 億美元。

Given our outlook, we increased free cash flow guidance for the full year by $20 million from approximately $150 million to approximately $170 million. This increase reflects improved profitability, CapEx, project timing and working capital management.

鑑於我們的展望，我們將全年自由現金流預期從約 1.5 億美元上調了 2,000 萬美元至約 1.7 億美元。這一增長反映了盈利能力、資本支出、專案進度和營運資金管理方面的改善。

Turning now to capital allocation on slide 10. We maintain a disciplined and balanced approach to capital allocation, emphasizing strategic growth investments and manufacturing asset investments for tariff mitigation, maximizing long-term shareholder returns while maintaining prudent financial leverage. We continue to pursue additional acquisition opportunities in residential pool, commercial pool and flow control to augment our organic growth plans in addition to potential share repurchases.

現在來看第 10 頁的資本配置。我們堅持嚴謹平衡的資本配置方法，重點是策略性成長投資和製造資產投資以減輕關稅影響，在保持審慎財務槓桿的同時，最大限度地提高股東的長期回報。除了潛在的股票回購外，我們還將繼續尋求住宅泳池、商業泳池和流量控制領域的其他收購機會，以增強我們的有機成長計劃。

During the third quarter, Hayward's Board of Directors authorized through purchase of up to $450 million in shares over three years to replace a similar expired authorization.

第三季度，Hayward 董事會授權在三年內透過購買最多 4.5 億美元的股票來取代一項類似的已到期授權。

Turning now to slide 11 for the full-year 2025 outlook. We are increasing our guidance for net sales and adjusted EBITDA. For the fiscal year 2025, Hayward now expect net sales to increase approximately 4% to 5.5% or $1.095 billion to $1.110 billion, with adjusted EBITDA increasing approximately 5% to 7% or $292 million to $297 million. We continue to expect solid execution across the organization, positive price realization and continued product technology adoption.

現在就來看看第 11 張投影片，了解 2025 年全年展望。我們將上調淨銷售額和調整後 EBITDA 的預期。Hayward 預計 2025 財年淨銷售額將成長約 4% 至 5.5%，即 10.95 億美元至 11.1 億美元，調整後 EBITDA 將成長約 5% 至 7%，即 2.92 億美元至 2.97 億美元。我們持續期待公司各部門能夠穩健執行，實現積極的價格目標，並持續採用產品技術。

Relative to our prior guidance at the midpoint, this represents $17.5 million increase in net sales and a $9.5 million increase in adjusted EBITDA. Our guidance does not contemplate potential new tariffs effective on or after October 29. If that does materialize, we will respond accordingly with further mitigation actions.

與我們先前的中點預期相比，這代表淨銷售額增加 1,750 萬美元，調整後 EBITDA 增加 950 萬美元。我們的指導意見並未考慮 10 月 29 日或之後生效的潛在新關稅。如果這種情況發生，我們將採取相應的緩解措施。

As a reminder, fourth-quarter 2024 net sales benefited from incremental demand related to the two major hurricanes that impacted the Southeastern United States. We continue to expect solid cash flow in 2025 with a conversion of greater than 100% of net income. We increased our free cash flow guidance for the full year to approximately $170 million.

需要提醒的是，2024 年第四季淨銷售額受惠於影響美國東南部的兩場重大颶風所帶來的增量需求。我們繼續預計 2025 年將有穩健的現金流，淨收入轉換率將超過 100%。我們將全年自由現金流預期上調至約 1.7 億美元。

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.

我們有信心在瞬息萬變的環境中成功執行各項任務，並且對泳池產業的長期成長前景，特別是售後市場的強勁勢頭，保持非常樂觀的態度。

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

接下來，我會把電話轉回給凱文。

Thanks, Eifion. I'll pick back up on slide 12. Before we close, let me reiterate how appreciative I am of the team's performance. Hayward delivered another strong quarter, exceeding expectations. Net sales increased 7% and margins continue to expand as we effectively countermeasure the tariff headwinds. We delevered the balance sheet to under 2 times while investing in the business to drive future growth, and we increased our guidance for full year net sales, adjusted EBITDA and free cash flow.

謝謝，艾菲翁。我將從第 12 張投影片繼續講解。在結束之前，請允許我再次表達我對團隊表現的讚賞。海沃德本季業績表現強勁，超乎預期。淨銷售額成長了 7%，利潤率持續擴大，因為我們有效地應對了關稅帶來的不利影響。我們降低了資產負債率至 2 倍以下，同時投資於業務以推動未來成長，並提高了全年淨銷售額、調整後 EBITDA 和自由現金流的預期。

As the macroeconomic and tariff environment continues to evolve, we are excited about the fundamentals that drive our business and confident in our ability to execute our growth strategies and create shareholder value.

隨著宏觀經濟和關稅環境的不斷變化，我們對推動業務發展的基本面感到興奮，並對我們執行成長策略和創造股東價值的能力充滿信心。

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

至此，我們正式開始接受提問。

(Operator Instructions) Ryan Merkel, William Blair.

（操作說明）瑞安·默克爾，威廉·布萊爾。

Nice quarter. Wanted to start off on demand. Just talk about how the season progress since July? And then where did you see the upside in the third quarter?

不錯的街區。想先按需生產。就說說從七月到現在賽季的進展吧？那麼，你認為第三季有哪些亮點呢？

Yeah. As you know, Q3, from a shipping standpoint for Hayward, is one of our lower seasonal quarters but it's an important one for the industry from a sales-out standpoint as you're in the heat of the summer and closing out the seasonal year by the end of September. We felt really good about the sales-out demand as reported back to us or communicated by our largest channel partners. We saw progressively stronger sales-out for Hayward product as the quarter progressed really culminating with a really strong September.

是的。如你所知，從海沃德的運輸量來看，第三季度是我們淡季的季度之一，但從銷售的角度來看，這對整個行業來說卻是一個重要的季度，因為正值盛夏，而且到九月底就結束了一年的銷售旺季。我們對從最大的通路合作夥伴收到的銷售需求回饋感到非常滿意。隨著季度推進，Hayward 產品的銷售逐漸增強，並在 9 月達到了非常強勁的水平。

The other positive that comes with that is -- with that sales-out is it's really positioning channel inventory levels properly as we close out the season to then turn to early buy and what that demand signals for our factories and for the business.

隨之而來的另一個好處是——隨著銷售的結束，這確實能夠恰當地調整渠道庫存水平，以便我們在季末轉向提前購買，並了解這種需求對我們的工廠和業務意味著什麼。

I would say that that warm weather really did help extend the season, which is always welcomed by the industry, and that certainly played out in many regions around the globe. From a product standpoint, in the quarter, we continue to see nice progression with the reception to OmniX. But then as I said in the prepared remarks, controls and lighting and even filtration, had strong performance in the quarter.

我認為，溫暖的天氣確實有助於延長季節，這對業內人士來說總是一件好事，而且這種情況在全球許多地區都得到了體現。從產品角度來看，本季 OmniX 的市場反應依然良好。但正如我在準備好的演講稿中所說，控制、照明甚至過濾在本季度都表現出色。

Outside of the US, I'd really like to highlight Canada. Canada had a really strong quarter, up over 20%, which is welcome. We had a nice strong bounce back in all of 2024, particularly in the third quarter. So we didn't have an easy comp here comparing off a plus 17% in prior year, making the 20% growth even more impressive.

美國以外，我特別想重點介紹加拿大。加拿大本季表現非常強勁，成長超過 20%，令人欣喜。2024 年全年我們都出現了強勁反彈，尤其是在第三季。因此，與前一年 17% 的成長率相比，我們並沒有一個簡單的比較基準，這使得 20% 的成長更加令人印象深刻。

Up there, we did see a relatively wet spring and then responded with strong seasonal flow orders, which was great. And there is some easing around the macro up there, particularly around some improved or lower mortgage rates.

那裡的春天相對潮濕，隨後也發布了強勁的季節性流量指令，這很好。宏觀經濟方面出現了一些緩和，尤其是一些抵押貸款利率有所改善或下降。

Continuing on that theme of International, Europe was up low teens, which is also great with some improved supply chain capabilities. And because we struggled a bit with some early buy shipments last year, we actually started to ship some of the 2025 early buy into the channel late third quarter this year. But Rest of World, was up mid-single digits, particularly Asia, up over 20% and Australia was high-single digits.

繼續談國際市場，歐洲市場成長了十幾個百分點，這也很不錯，這得益於供應鏈能力的提升。由於去年我們提前交付的部分產品出現了一些問題，因此我們實際上從今年第三季末開始向通路交付了部分 2025 年提前交付的產品。但全球其他地區經濟成長幅度為個位數中段，尤其是亞洲，成長超過 20%，澳洲成長幅度為個位數高段。

So this quarter, in particular, we really did see nice balanced growth across a wide array of our markets. So now our attention obviously turns to early buy. As I mentioned in the prepared remarks, which is progressing nicely. So yeah, it was a good quarter from a demand standpoint, a nice progression as the quarter played out.

因此，尤其是在本季度，我們確實看到各個市場都實現了良好的均衡成長。所以現在我們的注意力顯然轉向了早期買入。正如我在準備好的演講稿中提到的，目前進展順利。所以，從需求角度來看，這是一個不錯的季度，隨著季度的推進，發展勢頭良好。

That's great color. Yeah, on the early buy, which is my second question, you called it solid and it's tracking expectations. How do we think about those comments relative to the market being flat? And what was the reception to your 6% to 7% price increase that you announced?

顏色真好看。是的，關於早期買入，也就是我的第二個問題，你認為它很穩健，而且符合預期。我們如何看待這些關於市場平穩的評論？您宣布的6%至7%的價格上漲政策，市場反應如何？

Yeah. Well, as is customary with early buy, there is a discount off of that announced price increase by participating in early buy to go along with extended payment terms. The whole program allows us to more level load our factories and have the product on the shelf for when the new season breaks here in 2026.

是的。依照提前購買的慣例，參與提前購買可以享有折扣，並可延長付款期限，同時還能抵扣已公佈的價格上漲部分。整個計劃使我們能夠更均衡地分配工廠產能，並在 2026 年新一季到來時將產品上架。

I would say, in general, we don't want to be passing the magnitude of the price increases on -- which has been multiple in a row here due to inflation and tariff headwinds. I would say that in general, I'd say, the whole population has inflation fatigue and our industry is really no different there.

總的來說，我認為我們不希望將價格上漲的幅度轉嫁給消費者——由於通貨膨脹和關稅的不利因素，這裡已經連續多次出現價格上漲。我認為總的來說，全體民眾都對通貨膨脹感到疲憊，我們這個行業也不例外。

As it pertains to the tariffs, which I'm sure we'll talk more about here, what we've passed along in the early spring, which took effect really in the May time frame was really dollar for dollar offset to the tariff impact. And we took it upon ourselves internally through our tariff mitigation plans to claw back the structural margin from that.

至於關稅問題，我相信我們以後還會詳細討論，我們在早春時通過的措施，實際上在五月生效，是對關稅影響的等額抵消。我們透過內部關稅緩解計劃，努力從結構上彌補這一差距。

So I would say that we're as anxious as anyone to get back to more inflationary times and to maybe put more certainty around what the tariff environment will look like. And the sooner that happens for our industry, the more welcome that will be.

所以我想說，我們和大家一樣渴望回到通膨較高的時期，希望關稅環境能更確定。我們這個行業越早實現這一點，就越受歡迎。

Saree Boroditsky, Jefferies.

Saree Boroditsky，傑弗里斯。

Good morning. Maybe just moving on those pricing commentaries, I think one of the key distributors recently talked about innovation and new products is making the recent price increases a little bit more palatable. Maybe you could talk about some of your investments in new products and how much of your sales are coming from this? And how is it helping the volumes versus price?

早安.或許我們可以暫時拋開價格方面的評論，我認為最近一位主要分銷商談到創新和新產品，這使得最近的價格上漲更容易被接受。或許您可以談談您在新產品的投資，以及這些投資為您帶來了多少銷售？它對銷售和價格有何幫助？

Yeah. So as we've spoken about in prior calls, we had some very targeted investments in SG&A and operating expense in 2025, and that really continued a more recent trend. One of those targeted areas is around engineering, new product development, advanced engineering with some new technology and innovation, trying to bring some new technology to our industry. We continue to work on that, and that will continue to be an area of very targeted investment.

是的。正如我們在先前的電話會議中所提到的，我們在 2025 年對銷售、一般及行政費用和營運費用進行了一些非常有針對性的投資，這實際上延續了最近的趨勢。其中一個重點領域是工程、新產品開發、採用一些新技術和創新技術的先進工程，試圖將一些新技術引入我們的產業。我們將繼續在這方面努力，這將繼續是我們重點投資的領域。

I think technology matters and I think that innovation will ultimately dictate winners and losers in our industry like most. I mentioned OmniX, we're really proud of what that whole ecosystem brings to the aftermarket. That's an enormous opportunity for our industry to really start automating the more aged pools in the installed base that were built when automation and controls didn't exist.

我認為技術很重要，而且我認為，像大多數行業一樣，創新最終將決定我們行業的贏家和輸家。我提到了 OmniX，我們為整個生態系統為售後市場帶來的貢獻感到非常自豪。對於我們這個行業來說，這是一個巨大的機會，可以真正開始對已安裝的、建造時自動化和控制技術尚未出現的較老舊的游泳池進行自動化改造。

So our approach is to bring this ecosystem one piece at a time as break fix occurs. We have the initial product out, but there's more coming in the upcoming quarters to help automate and bring optionality and functionality and ambience to the installed base.

因此，我們的方法是逐步完善這個生態系統，並在出現問題時進行修復。我們已經推出了首款產品，但在接下來的幾個季度裡，我們將推出更多產品，以幫助實現自動化，並為已安裝的用戶群帶來更多選擇、功能和氛圍。

Appreciate that. And then maybe just taking a step back on this theme. Maybe have you seen any trade-offs from price versus volume? And how do you think about that going forward as new pool construction, especially has just gotten so much more expensive?

謝謝。然後或許我們應該退後一步，重新檢視這個主題。你有沒有註意到價格和銷量之間的權衡取捨？展望未來，您如何看待新建游泳池的問題，尤其是現在新建游泳池的成本已經大幅上漲？

Hi Saree, it's Eifion. We haven't necessarily seen any trade-off occurring at this time. We do know that many consumers, particularly at the entry level in the marketplace remain on the sidelines for the new pool and maybe some of the remodel business. But we continue to see in our product sales profile, continued adoption of technology throughout the aftermarket installed base and that also is reflective in the gross profit margin profiles that we're experiencing within the business.

嗨，Saree，我是Eifion。目前我們還沒有看到任何權衡取捨的情況發生。我們知道，許多消費者，尤其是市場入門級消費者，仍然對新建游泳池和一些改造業務持觀望態度。但從我們的產品銷售情況來看，售後市場安裝基礎持續採用新技術，這也反映在我們業務的毛利率狀況中。

But certainly, at the entry level, I'm quite sure that people are waiting for interest rates to break the ability to move homes into that next level before they put the pool in. But we haven't necessarily seen larger-scale trade-offs across the aftermarket.

但可以肯定的是，在入門級市場，我相當肯定人們都在等待利率下降到足以讓他們把房子升級到更高層級的程度，然後再建造游泳池。但我們還沒有看到售後市場出現更大規模的取捨。

Again, we see quite good adoption of new technology, great adoption in our controls category, and we're continuing to invest behind that capability.

我們再次看到新技術得到了相當不錯的應用，尤其是在控制領域，我們將繼續投資這項能力。

Andrew Carter, Stifel.

安德魯卡特，斯蒂費爾。

Yes, thank you. First question I wanted to ask about given the renewed focus on private label that's out there, have you been seeing anything incremental in terms of either the positioning by the distributors, the demand from your contractors, and I know it's kind of -- it's been mentioned that it's a lower commodity side? What exposure do you have? And I get the price is high, but -- and in this environment, wouldn't it be a lot more difficult to do a private label program given the tariffs, et cetera? Thanks.

是的，謝謝。我想問的第一個問題是，鑑於目前市場對自有品牌的重新關注，您是否看到經銷商的定位、承包商的需求等方面有任何成長？我知道這有點像——有人提到過，它屬於低端商品領域？你有哪些接觸過這些狀況？我知道價格很高，但是──而且在這種環境下，考慮到關稅等等因素，開展自有品牌專案豈不是更加困難嗎？謝謝。

Yeah. I mean you used the term private label. I think that the way we look at it is maybe around some exclusive distribution rights. It's maybe the same thing. But I would say our industry has attracted lower-priced offshore competitors frequently. I mean it's consistently occurred over the -- over Hayward's history here.

是的。我的意思是，你用了「自有品牌」這個詞。我認為我們應該從獨家經銷權的角度來看這個問題。或許是同一回事。但我認為，我們這個產業經常吸引到價格較低的海外競爭對手。我的意思是，這種情況在海沃德的整個職業生涯中一直持續發生。

And while the recent inflationary environment and the tariffs impact in the US market has perhaps opened the door further, we believe that while there could be a price delta there as the loyal dealer base of totally Hayward partners will continue to appreciate the value proposition of what Hayward offers them in the marketplace.

雖然最近的通膨環境和美國市場的關稅影響可能進一步打開了市場大門，但我們認為，儘管價格方面可能存在一些差異，但Hayward的忠實經銷商群體將繼續欣賞Hayward在市場上提供的價值主張。

When one of these Hayward dealers walks into a channel partner, they're asking for product by name. They're asking for a TriStar 900, not just a variable speed pump for the job that they're working on.

當這些海沃德經銷商走進通路合作夥伴時，他們會直接詢問產品名稱。他們需要的是一台 TriStar 900，而不僅僅是一台變速泵，才能完成他們正在進行的工作。

So by no means am I dismissing the risk or the concern because I think it makes us sharper. But we continue to feel confident in our investments in innovation, as we just spoke about with Saree's question around new product development, the fact that we have a complete product line and can supply the entire pool pad to the trade.

因此，我絕不是輕視這種風險或擔憂，因為我認為這能讓我們變得更敏銳。但我們仍然對我們在創新方面的投資充滿信心，正如我們剛才與 Saree 討論新產品開發問題時提到的那樣，我們擁有完整的產品線，可以向貿易商供應整個泳池墊。

Our national coverage of Hayward authorized service centers and the technical resources for the trade to call upon, we proudly support the US market with over 90% of the products sold in the US are built in one of our four US manufacturing facilities in Rhode Island, North Carolina, Tennessee and Georgia. So we think -- we take pride in that. We think it's smart to shorten the supply chain to be able to satisfy the market.

我們擁有覆蓋全國的 Hayward 授權服務中心和可供業內人士使用的技術資源，我們自豪地支持美國市場，在美國銷售的產品中，超過 90% 都是在我們位於羅德島州、北卡羅來納州、田納西州和喬治亞州的四個美國製造工廠之一生產的。所以我們認為——我們為此感到自豪。我們認為縮短供應鏈以滿足市場需求是明智之舉。

And I think our reputation for quality and service and dependability that's been built over our 100-year history means more than just the lower price, and I expect that to continue to serve us well.

我認為，我們100年來建立的品質、服務和可靠性的聲譽，其意義遠不止於更低的價格，我希望它能繼續為我們帶來良好的效益。

Second question, shifting gears. Number one, why the raise in the cash flow guidance for the year of $20 million? And then just level set expectations, I believe that you have higher CapEx over the next couple of years around your supply chain efforts. Could you speak to that?

第二個問題，換檔。第一，為什麼將年度現金流預期上調 2,000 萬美元？然後，為了平衡預期，我認為在未來幾年裡，你們在供應鏈方面的資本支出將會更高。您能談談這個問題嗎？

And at this point, you're going to have a balance sheet probably likely below 2 times over the next couple of years based on the estimates. What are your capital allocation priorities? And would you be aggressive on share repurchase? Thanks.

根據估計，未來幾年你的資產負債表週轉率很可能會低於2倍。您的資本配置優先事項是什麼？你會積極回購股票嗎？謝謝。

Andrew, it's Eifion again. Coming back to the cash flow increase of approximately $20 million, half of that is attributable to the increase in the midpoint of EBITDA, going from the midpoint $285 million down to a midpoint of $295 million. We had some project timing around CapEx, which will move some of the CapEx spend that we have planned for this year into next year.

安德魯，我是艾菲翁。回到現金流增加約 2000 萬美元的問題，其中一半是由於 EBITDA 中點值增加，從 2.85 億美元的中點值降至 2.95 億美元的中點值。我們有一些專案時間表上的調整，涉及資本支出，這將把我們原計劃今年的一些資本支出推遲到明年。

And finally, working capital improvements. And we've seen some modest but welcomed working capital days on hand reduction in our inventory, and that will be accretive to the cash flow in the year.

最後，還有營運資金的改善。我們看到庫存週轉天數有所減少，雖然幅度不大，但令人欣喜，這將增加今年的現金流。

Could you just repeat to me the second part of your question, Andrew?

安德魯，你能再跟我重複一遍你的問題的第二部分嗎？

Yeah, the next couple of years thinking about what your priorities are going to be, stepped up CapEx spend that you might be doing? And then just with this improved balance sheet, where your capital allocation priorities lie?

是的，未來幾年你要考慮一下你的優先事項是什麼，以及你可能會增加的資本支出？那麼，在資產負債表改善之後，您的資本配置優先事項是什麼？

Yeah. Okay. Got it. So as we've previously talked about, we will be stepping up CapEx into the business. Historically, it's been around 2% to 2.5%, maybe up to 3% at times of revenue. I believe over the next several years, it will be all of that 3%, if not slightly more, as we continue to invest in automating our manufacturing and supply chain capabilities.

是的。好的。知道了。正如我們之前討論過的，我們將增加對業務的資本支出。從歷史數據來看，這個比例大約在 2% 到 2.5% 之間，在營收高峰期可能會達到 3%。我相信，在接下來的幾年裡，隨著我們不斷投資製造和供應鏈能力的自動化，這個數字將會達到3%，甚至可能更高。

We've already had some great success this year doing that. So a call out to several of our plants, including our Nashville facility, which has made some interesting automation investments, but that will be the thematic going forward over the next several years. We are completing our ERP implementation. We've had some expenditures there this year and last year, and that will be a continuation into '26 and to '27.

今年我們在這方面已經取得了一些巨大的成功。因此，我要特別提及我們的幾家工廠，包括位於納許維爾的工廠，該工廠已經進行了一些有趣的自動化投資，而自動化將是未來幾年發展的主題。我們的ERP系統實施工作即將完成。我們今年和去年在那方面有一些支出，這種情況將延續到 2026 年和 2027 年。

But the main focus of the organization right now is to take our facility capability up to the next level in terms of throughput, facilitated by automation and new technology platforms like AI and machine learning.

但目前該組織的主要重點是提高我們工廠的產能，使其達到新的水平，這得益於自動化和人工智慧、機器學習等新技術平台的推動。

In terms of the capital allocation priorities, it remains the same. We'll continue to do the organic CapEx I just mentioned. We continue to look at M&A. We nurture a pipeline of opportunities. We have the optionality now to focus on residential pool, commercial pool and our spill flow control business. For accretive M&A opportunities, we did initiate a share repurchase program authorization.

就資本配置優先事項而言，保持不變。我們將繼續進行我剛才提到的有機資本支出。我們將持續關注併購活動。我們致力於培育各種機會。現在我們可以選擇專注於住宅泳池、商業泳池和溢流控制業務。對於能夠帶來收益的併購機會，我們啟動了股票回購計畫授權。

Again, we have the opportunity to be opportunistic and maybe programmatic at some point. The nice thing about this business, which will now begin to very clearly demonstrate, it has great cash flow characteristics, which gives us this optionality across that capital allocation spectrum.

我們再次有機會抓住機會，或許在某個時候可以採取程序化的方式。這家企業的一個優點（這一點現在將開始非常清楚地體現出來）是它具有良好的現金流特性，這讓我們在資本配置方面擁有了很大的選擇餘地。

Mike Halloran, Baird.

麥克哈洛蘭，貝爾德。

It's Pez on for Mike. I just want to follow up on the capital allocation side and maybe dial in a little bit on the funnel. How are you thinking about the opportunities in both residential and commercial pool? I noticed that you threw flow control in there. I know that's a part of the business that doesn't get a lot of love.

麥克要吃佩茲糖了。我只是想跟進一下資金配置方面的狀況，或許還可以稍微調整一下資金漏斗。您如何看待住宅和商業泳池領域的機會？我注意到你在那裡加入了流量控制。我知道這是商業中不太受關注的一部分。

Maybe talk about how you're thinking about the makeup of the funnel, the actionability of the funnel, and to Andrew's point, obviously, the leverage is continuing to progress nicely. So any color on the M&A opportunities where you're spending most of your time? And what you're seeing from a valuation perspective would be helpful.

或許可以談談你對銷售漏斗組成、銷售漏斗的可操作性的看法，以及正如 Andrew 所說，顯然，槓桿作用正在穩步推進。那麼，您能否透露一下您目前投入最多時間的併購機會方面的情況？從估值角度來看，您提供的資訊將很有幫助。

Yeah. So in terms of a funnel, I mean, obviously, with the deleverage that's occurred over the last several quarters, it puts us in a different position. That said, while ChlorKing, which is now anniversaried and a little over a year old, which is about a fantastic shot in the arm for our commercial business. We haven't announced anything, but we certainly have been working in the background to accelerate and work on some diligence with some opportunities that really hit the two key platforms that you mentioned as around residential.

是的。所以就通路而言，我的意思是，很顯然，由於過去幾季發生的去槓桿化，這使我們處於不同的情況。也就是說，ChlorKing 如今已成立一年多，這對我們的商業業務無疑是一劑強心針。我們還沒有宣布任何事情，但我們確實一直在幕後努力加快步伐，並對一些機會進行盡職調查，這些機會真正契合了您提到的兩個關鍵平台，即住宅領域。

I think we've been pretty open in saying that we have aspirations for commercial to become a growth platform for us, and we continue to look both organically as well as inorganically add some opportunities there.

我認為我們已經相當坦誠地表示，我們希望將商業領域打造成為我們的成長平台，並且我們將繼續透過有機成長和非有機成長的方式，在該領域增加一些機會。

We did mention in the prepared remarks, our industrial flow control business. It doesn't get a lot of attention, but it's a fantastic business that provides great access to distribution and some nice growing end markets. We're relatively niche in the products that we offer today. but we're progressively spending time as a leadership team looking at what that might be able to be for us. So that's getting increased attention from a strategy standpoint, again, both organically as well as inorganically.

我們在準備好的演講稿中提到了我們的工業流體控制業務。雖然它沒有得到太多關注，但它是一項非常棒的業務，能夠提供良好的分銷管道和一些不錯的不斷增長的終端市場。我們目前提供的產品相對來說比較小眾，但身為領導團隊，我們正在逐步投入時間，思考這可能會為我們帶來什麼。因此，從戰略角度來看，這再次受到了越來越多的關注，無論是透過自然成長還是非自然成長。

We're looking across all those platforms from a product technology standpoint, what that can bring to us, does it provide a regional diversity and growth for us and looking always to capitalize and leverage our distribution, relationships, partnerships and go-to-market strategies. So that's -- those are several of the elements that we look and assess opportunities across customers.

我們正在從產品技術的角度審視所有這些平台，看看它們能為我們帶來什麼，能否為我們帶來區域多樣性和成長，並始終尋求利用和發揮我們的分銷、關係、合作夥伴關係和市場進入策略。所以，以上就是我們在檢視和評估客戶機會時需要考慮的幾個因素。

Got it. Thank you. And then not to stick on a smaller part of the business, but maybe now that we're a year out of the ChlorKing acquisition, maybe talk about the success that you've seen in being able to expand ChlorKing's reach within your distribution channels and being able to bring that up to scale a little bit?

知道了。謝謝。然後，雖然不想局限於業務的一小部分，但既然我們已經收購 ChlorKing 一年了，也許可以談談您在擴大 ChlorKing 在分銷渠道中的覆蓋範圍並使其規模化方面所取得的成功？

And then on the flip side, maybe talk about what type of successes you've seen in pushing legacy Hayward product through that commercial market.

另一方面，或許可以談談您在將Hayward的傳統產品推向商業市場的過程中取得了哪些成功。

Yeah. There's been success across all those elements as we have a fantastic leader over that business that joined us from ChlorKing with those resources with the acquisition, we melded our existing commercial team into one organization. And we're seeing cross-selling opportunities across both types of commercial tools. We talk about Class A and Class B, which is really just the size or the size of the commercial body.

是的。所有這些方面都取得了成功，因為我們有一位出色的領導者，他從 ChlorKing 加入我們，並帶來了收購帶來的資源，我們將現有的商業團隊整合為組織。我們看到這兩種類型的商業工具都存在交叉銷售機會。我們常說 A 類和 B 類，其實只是指商用車身的大小。

We had a pretty complete product line along Class B legacy Hayward did, which are the smaller bodies of water. But really where we weren't represented was Class A, which would be larger than 100,000 gallons which is really a sweet spot where ChlorKing participates. So with that acquisition and that integration, it brought relationships with the architects and the engineering firms and some of the specialized distribution that serves the large commercial market.

我們擁有與 Hayward 的 B 級產品線相當完整的產品線，這些產品適用於較小的水體。但真正沒有代表的是 A 級，也就是大於 10 萬加侖的級別，而這正是 ChlorKing 參與的黃金級別。透過這次收購和整合，它與建築師、工程公司以及一些服務於大型商業市場的專業經銷商建立了聯繫。

So we're really pleased with the amount of cross-selling and collaboration that's occurring across now the broader commercial market where we were before ChlorKing really only participating and growing in the Class B side of the market.

因此，我們對目前在更廣泛的商業市場中發生的交叉銷售和合作的數量感到非常滿意，而在此之前，ChlorKing 實際上只參與和發展 B 類市場。

Jeff Hammond, KeyBanc Capital Markets.

Jeff Hammond，KeyBanc Capital Markets。

Just on -- I got on a little late, so I don't know if you touched on this, but last year, there was a lot of storms and I think your fourth quarter benefited from some repair work, and I'm just wondering how you're contemplating that comp given a quiet hurricane season?

我剛才上線有點晚了，所以不知道你有沒有提到這一點，但去年有很多風暴，我認為你們第四季度的業績受益於一些修復工作，我只是想知道，鑑於今年颶風季比較平靜，你們是如何考慮業績比較的？

That certainly presents what we see as a bit of a headwind for Q4. I mean it was a big fourth quarter, as you mentioned last year. I think we were up high teens as a business in the fourth quarter. And it was certainly aided by a couple of unfortunate weather events that impacted the Southeast with Helene and with Hurricane Milton. So we're not expecting that to repeat and I think at that point, I don't think -- I know that that's factored into the guidance that we gave in our press release and our prepared remarks this morning.

這無疑對第四季構成了一些不利因素。我的意思是，正如你去年提到的那樣，第四季是個重要的季度。我認為我們公司第四季的業績成長了10%以上。而颶風海倫和颶風米爾頓這兩場不幸的天氣事件無疑也助長了東南部的災情。因此，我們預計這種情況不會重演，而且我認為，這一點已經考慮到了——我知道這一點已經納入了我們在新聞稿和今天上午準備好的發言稿中給出的指導意見中。

So what we did talk about, I'm not sure when you joined around early buy, we have had nice participation and nice response to our early buy program. It's really closing out here in a few days in the US at the end of October, and it extends a little further for other international markets.

所以我們剛才談到的內容，我不確定你是什麼時候加入的，大概是提前購買計劃的時候，我們的提前購買計劃得到了很好的參與和反響。在美國，這場促銷活動將在10月底的幾天內正式結束，而在其他國際市場，促銷活動的時間會稍長。

But as we're talking this morning, we feel good about the participation, really what that -- what that says about channels, enthusiasm and position heading into the new year as well as what the dealer sentiment is because our programs get taken to the dealer base out there and that's what's culminated and aggregated into the early buy orders that we received from our channel partners.

但正如我們今天早上所討論的，我們對參與度感到非常滿意，這確實反映了通路的積極性、熱情以及在新的一年裡的地位，也反映了經銷商的情緒，因為我們的計劃會推廣到經銷商群體中，而這正是我們從通路合作夥伴那裡收到的早期採購訂單的最終體現和匯總。

So I'll stop there. Eifion, do you have anything to add around Q4?

我就說到這裡吧。Eifion，你對第四季還有什麼補充嗎？

Yeah. No. I mean I think you captured it all, Kevin. I'd just add. We expect a modest improvement in the North American early buy program to ship out in Q4. That will be slightly offset by a timing movement of early buy shipments in Europe. Jeff, you may have not heard it earlier, we shipped a little bit more early buy in Europe in Q3 was we'll do less year-over-year in Q4.

是的。不。我的意思是，我覺得你已經把一切都概括出來了，凱文。我再補充一點。我們預計北美提前購買計畫在第四季出貨情況將略有改善。歐洲早期採購出貨時間的調整將略微抵消此影響。傑夫，你可能之前沒聽說，我們第三季在歐洲的早期採購量略有增加，因此第四季的出貨量將比去年同期減少。

So net for total Hayward early buy will be a slight positive. And then as Kevin mentioned, in Q4, we don't expect to ship that hurricane-related business that benefited 2024. So on a net basis, volume, we expect to be slightly down in Q4 versus last year. Upside to the guidance would be an extension in the season at the low end of our guidance for Q4 would at this point, pretty much reflect on the negative weather impacts.

因此，Hayward 早期買入的總量淨值為略微正值。正如凱文所提到的，在第四季度，我們預計不會交付那些在 2024 年受益的與颶風相關的業務。因此，從整體來看，我們預計第四季銷售量將比去年同期略有下降。業績指引的利好之處在於，如果第四季業績指引的下限能夠實現，那麼本季的延長將基本上反映出不利的天氣影響。

Okay. And then as we go through the different pieces, it seems like aftermarket holding up fine. Just maybe touch on what you're seeing on that repair replace dynamic that came up over the last couple of quarters. And then new pool, I get it, not going down, but maybe just expand on what you're seeing on upgrade remodel, if that's still the biggest question mark or any signs of improvement there?

好的。然後，當我們逐一查看各個部件時，似乎售後市場表現良好。或許可以談談你在過去幾季中看到的維修更換動態。至於新建游泳池，我明白了，不會倒閉，但或許可以詳細說說你​​在升級改造方面看到的情況，如果這仍然是最大的疑問，或者有任何改進的跡象嗎？

Yeah. As you say, the aftermarket is proving to be resilient. A question was asked earlier, are we seeing -- I think it was by Saree, whether we were seeing any trade down. Frankly, our guide contemplates maybe a little bit of mix in the aftermarket, but not much because it's holding up fine. On the new construction side, I'd say that the permit count has moderated, which is welcomed as the year has progressed here, but still net through, call it, three quarters is still down.

是的。正如你所說，售後市場展現了強大的韌性。之前有人問過一個問題，我們是否看到——我想是Saree問的，我們是否看到任何交易下跌。坦白說，我們的指南認為售後市場或許可以稍微混入一些其他產品，但不會太多，因為目前為止一切都很好。就新建項目而言，我認為許可證數量已經趨於平穩，隨著今年的推進，這值得歡迎，但淨數量，大約四分之三，仍然下降。

The trend continues that what is being built is at higher value year-on-year which I think says something about the features that folks are putting on and the fact that maybe the mid to upper end is holding up better than more of the entry-level pool.

目前的趨勢是，新建房屋的價值逐年提高，我認為這說明人們在房屋功能上有所改進，也可能說明中高端房屋比入門級房屋更經得起考驗。

I would say, anecdotally, what we hear from our builders and our remodelers is that there's still lots of pent-up demand on the remodel side. The installed base continues to age, and it's moving sideways a bit. I think there's stabilization around the remodel bus I think with a little bit of back grow improvement around interest rates, around existing home sales, all of that will have a very positive impact on the pool industry, both from a new construction as well as a refurb and remodel.

我從建築商和裝修商那裡了解到的情況是，裝修方面仍然存在大量被壓抑的需求。用戶群持續老化，且略有橫向發展。我認為改造業務已經趨於穩定，隨著利率和現有房屋銷售的略微回升，所有這些都將對泳池行業產生非常積極的影響，無論是新建泳池還是翻新改造。

I will close by saying last quarter, there was some follow-up questions around parts and what that may signal for a desire to repair versus replace. We -- third quarter -- on a year-to-date basis, I think we're up about high-single digits on parts sales. Some of that is explained obviously by pricing. Third quarter was not necessarily a strong year-over-year quarter for part sales.

最後我想說的是，上個季度，我們收到了一些關於零件的後續問題，這些問題可能表明客戶更傾向於維修還是更換。從今年迄今的數據來看，我認為我們第三季的零件銷售額成長了接近兩位數。部分原因顯然可以用價格來解釋。第三季零件銷售額年增幅並不顯著。

So I think that this broad-based question or even concern around repair versus remodeling. Our data does not necessarily show that there's widespread repairing going on and deferral of the equipment replacement.

所以我認為，關於維修與翻新之間孰優孰劣的廣泛問題，甚至擔憂，值得我們深思。我們的數據並不一定表示存在大範圍的維修和設備更換延期的情況。

Brian Lee, Goldman Sachs.

Brian Lee，高盛集團。

I just had two hopefully quick questions. I know a lot of ground has been covered. And sorry if you already covered this. But first question was just around the strong increase in margins in the international markets, if you could provide some color around what drove that and how sustainable that is?

我只有兩個問題，希望很快就能問完。我知道已經取得了很大進展。如果您已經講過這個內容，那我先道個歉。但第一個問題是關於國際市場利潤率的大幅成長，您能否詳細說明是什麼因素推動了這一成長，以及這種成長的可持續性如何？

And then the second question, it looks like net pricing in North America has ticked up a little bit from the beginning of the year, even from last quarter to this quarter in terms of net price realization. As we think about the trend you're seeing into year-end, the early buy season, et cetera, do you think '26 ends up being more of a normal low-single-digit price year?

第二個問題是，從淨價格實現情況來看，北美地區的淨價格似乎從年初到現在略有上漲，甚至從上個季度到本季也有所上漲。當我們思考您看到的年底趨勢、早春購買季等等，您認為 2026 年最終會是一個價格保持在正常個位數低點的年份嗎？

Or are we going to see some of the factors from this year spill over into next where we're probably still going to be elevated, maybe more mid-single digits than the historical low? Just trying to get a sense of where kind of that pricing paradigm is heading to in '26.

或者我們會看到今年的一些因素延續到明年，屆時利率可能仍將居高不下，甚至可能比歷史低點高出幾個百分點？我只是想了解一下2026年這種定價模式的發展方向。

Good morning, Brian. Let me tackle the Europe margins and then maybe between Kevin and I will talk a little bit about the price. But in terms of the European margins or ERW margins, more specifically, we did see an improvement year-over-year of 750 bps, approximately 300 bps sequentially. Year-over-year, I would say it reflects the non-repeat of some discrete inventory items that we have in Q3 of '24. So it's good to see that noise behind us.

早安，布萊恩。讓我先處理歐洲的利潤率問題，然後我和凱文或許可以稍微談談價格問題。但就歐洲利潤率或ERW利潤率而言，更具體地說，我們看到比去年同期改善了750個基點，環比改善了約300個基點。與去年同期相比，我認為這反映了我們在 2024 年第三季的一些離散庫存項目沒有重複出現。所以很高興看到那些噪音都過去了。

We've stabilized those facility -- facilities that we have in Spain that we've talked about this in previous calls. We've improved the management team there, both locally, supplemented with some expats or capabilities moving into that organization. And sequentially now throughout the year, we've been able to post margin improvements in our European business, which has affected positively the overall ERW segment.

我們已經穩定了那些設施——我們在西班牙的那些設施，我們在之前的電話會議中談到過。我們已經改進了那裡的管理團隊，包括本地人員，以及一些外籍人士或有能力的人員加入該組織。今年以來，我們歐洲業務的利潤率持續提高，這對整個 ERW 業務板塊產生了積極影響。

What I would say is in Q3 this year, we did have a couple of onetime benefits including a tariff refund, which is a cumulative tariff refund, so that probably benefited the Q3 margins this year by approximately 100 bps and then we had a couple of other onetimes that additionally contributed an additional 100 basis points.

我想說的是，今年第三季我們確實有一些一次性收益，包括關稅退款（這是一筆累計關稅退款），這可能使今年第三季的利潤率提高了約 100 個基點，此外我們還有一些其他一次性收益，又額外貢獻了 100 個基點。

But even if you discount those elements, we still had good sequential margin improvement which again reflects the stabilization of our production capabilities in country in Spain, and we feel good about the progress that we have made.

但即使忽略這些因素，我們的利潤率仍然實現了良好的環比增長，這再次反映了我們在西班牙的生產能力趨於穩定，我們對所取得的進展感到滿意。

In terms of the pricing, net pricing realization did take a step up, obviously, year-over-year in Q3 this year, consequential primarily to the seasonal price that was enacted at the end of last year, plus the midterm pricing that we put in this year to protect against tariffs. That rolled through in its fullness in Q3. We've got a partial benefit in Q2. We had a full benefit in Q3.

就定價而言，今年第三季的淨價格實現金額顯然比去年同期有所上漲，這主要是由於去年年底實施的季節性價格，以及我們今年為應對關稅而製定的中期價格。這一趨勢在第三季全面爆發。我們在第二季度獲得了部分收益。我們在第三季獲得了全額福利。

We have announced further pricing for 2026 of mid- to high-single digits in the US, much less elsewhere. Obviously, a lot of that is discounted through the early buy programs. But as we step into 2026, we'd expect to carry off that. But we're not specifically guiding yet on 2026, but we certainly would expect slightly higher than normal, let's call it, mid-single-digit pricing next year.

我們宣布 2026 年在美國的定價為個位數中高段，其他地區的定價則要低得多。顯然，許多優惠都透過早鳥優惠活動得到了體現。但展望 2026 年，我們期望能夠實現這一目標。但我們目前還沒有對 2026 年做出具體預測，但我們肯定會預計明年的價格會略高於正常水平，我們姑且稱之為個位數中段的價格。

We don't get how many line of sight into end of year inflation next year. So we're not willing to commit to what next year's Q4 seasonal price increases would be. But we're hoping we get back to a normal inflationary environment where we can get to that normal pricing dynamic.

我們無法準確預測明年年底的通膨率。因此，我們不願承諾明年第四季季節性價格上漲幅度。但我們希望能夠回到正常的通膨環境，以實現正常的物價動態。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Eifion, I just wanted to follow up on your -- I think you said 100 basis points benefits in the quarter from tariff refunds. Just a bit more color there. I mean, are you winning some exemptions on some of the imports? And is this a one-timer? Or would you expect this to continue in '26, recognizing that you are rebalancing away from China? And then maybe just give us an update on where you are with that supply chain realignment.

Eifion，我只是想跟進一下你之前提到的——我想你說過本季關稅退款帶來了 100 個基點的收益。再加點顏色就完美了。我的意思是，你們是否在某些進口方面獲得了豁免？這是一次性的嗎？或者，考慮到你們正在調整戰略重心，減少對中國的依賴，你們是否預期這種情況會在 2026 年繼續下去？然後或許可以向我們介紹一下供應鏈重組的進展。

Yeah. An element of our ERW business is exported from the United States. And to the extent we are importing products into the US manufacturing of those products and then reexporting them to service LatAm, Asia and the Middle East, we're then eligible for a duty clawback on any tariffs we had paid on that initial inbound into the States.

是的。我們ERW業務的一部分是從美國出口的。如果我們進口產品到美國生產，然後再將這些產品出口到拉丁美洲、亞洲和中東，那麼我們就有資格要求退還我們最初為進口到美國的產品支付的任何關稅。

So we've now taken a more aggressive position towards our duty refund timelines, given the pain we're feeling or have felt on the tariff charge coming into the business. It's not necessarily a onetime benefit, but it did take a pop in Q3 because it was a cumulative tariff refund. So a bit of catch-up in the quarter.

鑑於關稅對企業帶來的損失，我們現在對關稅退款時間表採取了更積極的立場。這不一定是一次性收益，但由於是累計關稅退款，所以在第三季確實出現了上漲。所以這季需要稍微追趕一下進度。

We will continue to apply for the eligible tariff refunds that we are entitled to and we will continue to do that. We have a long practice of doing that in the United States and that we're now getting more details in those applications.

我們將繼續申請我們有權獲得的符合條件的關稅退款，並且我們將繼續這樣做。我們在美國一直都有這樣做的做法，現在我們正在這些申請中獲得更多細節。

In terms of the progression of our tariff mitigation programs, we're well progressed, Nigel. We've said that the North American business, we're going to reduce our China exposure from 10% to 3%, we're well progressed. The team is doing a fantastic job getting after that mitigation. We're winning some success more so than we originally thought. So the actual cost to recalibrate the supply chain is coming in a little bit less than we had anticipated, which is a little bit of a tail to our margin.

奈傑爾，就我們的關稅減免計劃的進展而言，我們已經取得了良好進展。我們已經說過，對於北美業務，我們將把對中國的投資比例從 10% 降低到 3%，目前進展順利。團隊在採取緩解措施方面做得非常出色。我們取得的成功比我們最初預想的要多。因此，重新調整供應鏈的實際成本比我們預期的要低一些，這會對我們的利潤率產生一些影響。

But yes, we're well progressed and very pleased with what we've been able to do there.

是的，我們進展順利，對我們在那裡的成果非常滿意。

Yeah. I mean our global supply chain and operations team deserves props here. We, I think, laid out a very structured, thoughtful approach to that was really four work streams ranging from supplier negotiations in the impacted regions to some strategic inventory buy ahead to defer impact in 2025.

是的。我的意思是，我們的全球供應鏈和營運團隊應該受到讚揚。我認為，我們為此制定了一個非常有條理、深思熟慮的方法，實際上包括四個工作流程，從受影響地區的供應商談判到提前進行一些戰略性庫存採購，以推遲 2025 年的影響。

That obviously has a shelf life to it, some footprint there and supply chain, reshoring or movement and then, as I mentioned earlier, are some pricing actions in the US, which was -- protecting dollar for dollar, but we internally felt we needed to, through our own actions in the future, protect the structural gross margins through internal actions.

這顯然是有期限的，需要一定的投入和供應鏈，需要重新回流或轉移，然後，正如我之前提到的，在美國採取了一些定價措施，目的是——保護美元的價值，但我們內部認為，我們需要在未來通過我們自己的行動，通過內部措施來保護結構性毛利率。

So proud of the progress, more work to be done, but well progressed on this movement from 10% exposure to 3%. As I said, irrespective of future negotiations, we're going to forge ahead. We believe that shrinking the supply chain or shortening the supply chain is the right approach and continuing to be more reliant on our US facilities for US sales.

為取得的進展感到非常自豪，雖然還有更多工作要做，但從 10% 的曝光率到 3% 的轉變已經取得了很大的進展。正如我所說，無論未來的談判如何，我們都將繼續前進。我們認為，縮小供應鏈規模或縮短供應鏈是正確的做法，我們將繼續更加依賴美國工廠進行美國市場的銷售。

Okay. That's great color. And then a quick crack at the early buy. You sound like you're quite pleased with the program. If you could maybe just put a finer point on that. Are you seeing sort of flattish participation? Are we seeing some smallest growth here?

好的。顏色真好看。然後迅速嘗試搶購早鳥版。聽起來你對這個專案很滿意。如果你能把這一點說得更清楚一點就好了。你覺得參與度是否比較平穩？這裡是否出現了一些微小的成長？

And then when you think about going back in time, is there a coalition between early buy strength and what actually transpires in the following year? Or is it just a reflection of other things? I mean, is there any -- if we see a strong early buy, does it tend to call it with a strong following year?

那麼，當我們回顧過去時，早期的買入力度與接下來一年實際發生的事情之間是否存在某種關聯呢？或者，這只是其他事情的反映？我的意思是，如果我們看到早期出現強勁的買盤，這是否預示著第二年也會有強勁的上漲？

Yeah. I don't know, maybe by asking the question, we can actually ask our BI team to look at that correlation. I don't have any general impressions to that question, but it's a good one, and we'll see if we could tackle that, Nigel and maybe I'll follow up with you. As for early buy when we laid out our expectations internally, there was in terms of goal setting or objectives, setting an ambition for some modest volume in addition to the year-over-year price.

是的。我不知道，或許透過提出這個問題，我們可以讓我們的商業智慧團隊去研究這種相關性。我對這個問題沒有什麼整體看法，但這確實是個好問題，我們看看能不能解決這個問題，奈傑爾，也許我會再跟你聯絡。至於早期購買，當我們在內部提出預期時，在目標設定方面，除了同比價格之外，還設定了一些適度的銷售目標。

So that is in what we laid out with our internal targets. So when I say that we feel good about the progress and the participation and where we are with a few days left in it, that would reflect -- my comments would reflect some participation from a volume standpoint.

這就是我們內部目標中所訂定的內容。所以，當我說我們對目前的進展、參與度以及距離比賽結束還有幾天的時間感到滿意時，我的評論反映了參與人數方面的一些情況。

Thank you. At this time, I would like to turn the floor back over to Mr. Holleran for closing comments.

謝謝。此時，我想把發言權交還給霍勒蘭先生，請他作總結發言。

Thank you, Donna. In closing, I'd like to sincerely thank our dedicated employees and valued partners around the world. The hard work, passion and unwavering commitment are the driving force behind our success and it's much appreciated.

謝謝你，唐娜。最後，我衷心感謝我們敬業的員工和遍布全球的寶貴合作夥伴。辛勤工作、滿腔熱情和堅定不移的奉獻精神是我們成功的驅動力，我們對此深表感謝。

Please contact our team if you have any follow-up questions, and we look forward to talking to you again on the fourth quarter earnings call. Thanks for your interest in Hayward. Donna, you can now close the call. Thank you.

如果您有任何後續問題，請聯絡我們的團隊，我們期待在第四季度財報電話會議上再次與您交流。感謝您對海沃德的關注。Donna，現在可以結束通話了。謝謝。

Thank you. Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time, and enjoy the rest of your day.

謝謝。女士們、先生們，今天的活動到此結束。現在您可以斷開線路或退出網路直播，享受一天剩下的時光。