Hamilton Beach Brands Holding Co (HBB) 2025 Q2 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to today's Hamilton Beach Brands second-quarter 2025 earnings conference call. (Operator Instructions)

感謝您的支持。現在，我歡迎大家參加今天的漢密爾頓海灘品牌 2025 年第二季財報電話會議。（操作員指示）

So without further ado, I would like to turn the call over to Brendon Frey, partner with ICR. Brendan, you have the floor.

因此，事不宜遲，我想將電話轉給 ICR 合夥人 Brendon Frey。布倫丹，請你發言。

Thanks, Julieanne. Good afternoon, everyone, and welcome to the second-quarter 2025 earnings conference call and webcast for Hamilton Beach Brands. Earlier today after the stock market closed, we issued our second-quarter 2025 earnings release, which is available on our corporate website.

謝謝，朱莉安妮。大家下午好，歡迎參加漢密爾頓海灘品牌 2025 年第二季財報電話會議和網路直播。今天早些時候，股市收盤後，我們發布了 2025 年第二季財報，可在我們公司網站上查閱。

Our speakers today are Scott Tidey, President and CEO; and Sally Cunningham, Senior Vice President, Chief Financial Officer, and Treasurer. Our presentation today includes forward-looking statements. These statements are subject to risk and uncertainties that could cause actual results to differ materially from those expressed and our prepared remarks are during the Q&A.

今天的演講者是總裁兼執行長 Scott Tidey 和高級副總裁、財務長兼財務主管 Sally Cunningham。我們今天的演示包含前瞻性陳述。這些聲明受風險和不確定性的影響，可能導致實際結果與所表達的結果有重大差異，我們在問答期間準備的評論。

Additional information regarding these risks and uncertainties is available in our 10-Q, our earnings release, and our annual report on Form 10-K for the year ended December 31, 2024. The company disclaims any obligation to update these forward-looking statements, which may not be updated until our quarterly conference call, our next quarterly conference call, if at all. The company will also discuss certain non-GAAP measures reconciliation for regulation G purposes can be found in our earnings release.

有關這些風險和不確定性的更多信息，請參閱我們的 10-Q、收益報告以及截至 2024 年 12 月 31 日的年度報告 10-K 表。本公司不承擔更新這些前瞻性聲明的任何義務，這些聲明可能要等到我們的季度電話會議或下一次季度電話會議才會更新。本公司還將討論某些非公認會計準則 (non-GAAP) 指標的調節，以便根據 G 條例進行調節，詳情可在我們的收益報告中找到。

I'll now turn the call over to Scott. Scott.

我現在將電話轉給斯科特。斯科特。

Thank you, Brendon, and good afternoon, everyone. Thank you for joining us today. After having a strong 2024 and a good start to the year, the second quarter was marked by a dramatic shift in global trade as the US implemented higher tariffs on imports from most countries in early April. This included a 145% increase on all Chinese exports, which created significant market disruption as purchases were temporarily halted across the industry while the US and China worked towards a longer term agreement.

謝謝你，布蘭登，大家下午好。感謝您今天加入我們。在經歷了 2024 年的強勁增長和今年的良好開局之後，第二季度全球貿易發生了巨大變化，因為美國在 4 月初對大多數國家的進口產品實施了更高的關稅。其中包括對所有中國出口產品加徵 145% 的關稅，這造成了嚴重的市場混亂，因為在美國和中國努力達成一項長期協議期間，整個行業的採購被暫時停止。

As the increased trade in tensions played out in the headlines and the stock market sold off, retailer demand decreased further in as Q2 got underway. Given this backdrop, we strategically reduced our trade advertising and promotional activities during the quarter to better align with the market conditions.

隨著貿易緊張局勢加劇成為新聞頭條，加上股市拋售，第二季開始時零售商需求進一步下降。有鑑於此背景，我們在本季策略性地減少了貿易廣告和促銷活動，以更好地適應市場狀況。

While we saw purchasing patterns begin to improve following the announcement of a framework for a new China trade agreement in mid-May, our US business was adversely affected throughout a large portion of the quarter. Despite these significant headwinds, I'm incredibly proud of how quickly our team mobilized to implement decisive strategic actions across several fronts. These remarkable industry challenges.

儘管我們看到在五月中旬宣布新的中國貿易協定框架後採購模式開始改善，但我們的美國業務在本季度的大部分時間裡受到了不利影響。儘管面臨這些重大阻力，我仍然為我們的團隊能夠如此迅速地動員起來並在多個方面實施果斷的戰略行動而感到無比自豪。這些都是令人矚目的產業挑戰。

First, we meaningfully accelerated our manufacturing diversification efforts away from China to other Asia Pacific countries. Through careful planning and execution, we successfully implemented foreign trade zone operations and executed strategic inventory pre-builds to help minimize our tariff exposure. Our goal is to continue minimizing tariff exposure going forward.

首先，我們大幅加快了製造業從中國轉移到其他亞太國家的步伐。透過周密的規劃和執行，我們成功實施了外貿區營運並執行了戰略庫存預建，以幫助最大限度地降低我們的關稅風險。我們的目標是繼續將未來的關稅風險降至最低。

To do so, we are remaining nimble as multiple trade negotiations play out and agreements are finalized. With a more diversified geographical sourcing structure, we have the ability to quickly shift our procurement to markets that are in the best economic interest of the business.

為此，我們在多項貿易談判和協議最終達成之際保持靈活。憑藉著更多樣化的地理採購結構，我們能夠快速將採購轉移到最符合企業經濟利益的市場。

Second, we took decisive pricing actions, implementing increases at the end of June that align with the current tariff rate increases. I'm pleased to report that our retail partners have been understanding and accepting of these necessary price adjustments which were carefully balanced to maintain our competitive market position in margins. Our strong brand equity and market leadership have enabled us to take these necessary steps while maintaining our value propositions to consumers.

第二，我們果斷採取價格行動，於6月底實施與現行關稅稅率上修一致的調高。我很高興地報告，我們的零售合作夥伴已經理解並接受了這些必要的價格調整，這些調整經過仔細平衡，以保持我們在利潤方面的競爭市場地位。我們強大的品牌資產和市場領導地位使我們能夠採取這些必要的措施，同時保持對消費者的價值主張。

Third, we enacted comprehensive cost management measures across the organization, including an 8% reduction in force. In total, we realized $10 million in annualized savings and expect to begin seeing the meaningful benefits of these actions materialize in the second half of 2025.

第三，我們在整個組織內實施了全面的成本管理措施，包括裁員 8%。總體而言，我們實現了每年 1000 萬美元的節省，並預計在 2025 年下半年開始看到這些行動帶來的顯著效益。

Turning now to the specifics of our second-quarter performance, we faced a challenging consumer environment across North America, and our financial results reflected these conditions. Total sales declined 18%, driven by lower volumes in our US consumer business, as some retailers paused purchasing and sold through on-hand inventory, as well as the impact of our strategically constrained marketing initiatives.

現在談談我們第二季業績的具體情況，我們面臨著整個北美充滿挑戰的消費環境，我們的財務表現反映了這些情況。總銷售額下降了 18%，原因是我們美國消費業務的銷售下降，因為一些零售商暫停採購並透過現有庫存銷售，以及我們策略上限制行銷措施的影響。

Despite the headwinds, I'm pleased to report we achieved 160 basis points of gross profit expansion driven by a favorable shift in customer mix, including our higher margin commercial and health businesses which helped lessen the impact on profitability to lower sales.

儘管面臨阻力，但我很高興地報告，我們實現了 160 個基點的毛利潤增長，這得益於客戶結構的有利轉變，包括我們利潤率更高的商業和健康業務，這有助於減輕銷售額下降對盈利能力的影響。

Looking at performance by business, our core business maintained its number one position in units in North America, despite the top line headwinds the industry faced in Q2, which is a testament to our brand strength and consumer value proposition. Looking ahead, we remain optimistic about the market opportunities for our core business with key fall placements secured with big box retailers that position us well for the important holiday seasons.

從業務表現來看，儘管第二季度產業面臨營收逆風，但我們的核心業務在北美地區仍保持了第一的位置，這證明了我們的品牌實力和消費者價值主張。展望未來，我們仍然對我們的核心業務的市場機會持樂觀態度，我們與大型零售商達成的關鍵秋季協議使我們在重要的假期季節處於有利地位。

Our premium business performed well to the overall market, and our highly anticipated Lotus brand launch started last week exclusively at a strategic premium retailer in store and online. Featured are the Lotus perfectionist oven, which employs advanced convection, precision control, and an integrated temperature probe to deliver fast performance and flawless results.

我們的高端業務在整體市場上表現良好，我們備受期待的 Lotus 品牌發布會已於上週在一家戰略高端零售商的實體店和網上獨家舉行。特色產品是 Lotus 完美主義烤箱，它採用先進的對流、精確控制和整合溫度探頭，可提供快速的性能和完美的效果。

The Lotus Top drip coffee maker featuring the Accu-Brew Grounds Scale provides consistent flavor to achieve SCA certified Golden cup coffee standards and the Lotus Four Slice toaster. Lotus Professional series products launched in total, and broader distribution will occur later in the fourth quarter, followed by the Lotus Signature line that will launch in mid 2026.

Lotus Top 滴濾咖啡機配備 Accu-Brew Grounds Scale 功能，可提供一致的風味，達到 SCA 認證的金杯咖啡標準和 Lotus Four Slice 烤麵包機。Lotus Professional系列產品全面上市，並將於第四季後期進行更廣泛的分銷，隨後將於2026年中期推出Lotus Signature系列。

It is expected that the Lotus line of products will be heavily supported with over $5 million in marketing support over the next [eight] months. Our commercial business contributed gross margin expansion and profitability from higher penetration of our overall mix in the period.

預計未來 [八個] 個月內，Lotus 系列產品將獲得超過 500 萬美元的行銷支援。期內，我們的商業業務透過提高整體產品組合的滲透率，貢獻了毛利率的擴大和獲利能力。

We continue to evaluate new commercial partnership opportunities like our Sunkist agreement we announced earlier this year. The early wins from the development and marketing of Sunkist brandy commercial juicers and sectionizers, which are used in leading restaurants, schools, and a large restaurant chain throughout the US, are accelerating faster than expected, with substantial runway for continued success. We expect Sunkist revenue to be about 5% of our commercial business in 2025 and double in 2026.

我們將繼續評估新的商業合作機會，例如我們今年稍早宣布的與新奇士的協議。新奇士白蘭地商用榨汁機和切片機廣泛應用於美國各地的主要餐廳、學校和大型連鎖餐廳，其開發和營銷早期取得的成果正在以超出預期的速度發展，為持續成功奠定了堅實的基礎。我們預計，到 2025 年，新奇士的收入將占我們商業業務的 5% 左右，到 2026 年將翻倍。

And lastly, our newest business, Hamilton Beach Health also contribute positively to sales and gross margins this quarter as we continue expanding our specialty pharmacy customer base, develop additional healthcare tools to meet growing market demand, and work towards our goal of increasing our patient subscription base by over 50% this year. We remain optimistic about the future growth and opportunities and strong profit potential of this business.

最後，我們最新的業務漢密爾頓海灘健康 (Hamilton Beach Health) 也對本季度的銷售額和毛利率做出了積極貢獻，因為我們繼續擴大我們的專業藥房客戶群，開發額外的醫療保健工具以滿足不斷增長的市場需求，並努力實現今年將患者訂閱基礎增加 50% 以上的目標。我們對該業務的未來成長、機會和強勁的獲利潛力仍然持樂觀態度。

In closing, while near term challenges persist, we remain confident in our strategy and the strength of our diverse brand portfolio. Our decisiveness in addressing the rapidly changing market conditions has positioned the business to weather the current environment and emerged stronger and more resilient. Our price adjustments have been well accepted. Manufacturing diversification continues to progress. Our proactive inventory servicing helped minimize the impact of higher tariffs on gross margins. And our cost management measures will positively impact operating margin.

最後，儘管近期挑戰依然存在，但我們對我們的策略和多元化品牌組合的實力仍然充滿信心。我們果斷應對快速變化的市場條件，使企業能夠經得起當前環境的考驗，變得更加強大和有韌性。我們的價格調整得到了廣泛認可。製造業多角化持續推進。我們積極主動的庫存服務有助於最大限度地減少關稅上調對毛利率的影響。我們的成本管理措施將對營業利潤率產生正面影響。

These actions, along with the strength of our teams, give me confidence that Hamilton Beach Brands is well positioned to maintain its market leadership and achieve long-term success.

這些舉措加上我們團隊的實力讓我相信，漢密爾頓海灘品牌完全有能力維持其市場領導地位並取得長期成功。

With that, I'll turn it over to Sally.

說完這些，我就把麥克風交給莎莉。

Great, thank you, Scott. Good afternoon, everyone. As Scott detailed, our second quarter performance reflects the industry-wide challenges brought on by higher tariffs that temporarily paused retailer purchase orders. While some of these headwinds lessened as the quarter progressed, visibility continues to be limited.

太好了，謝謝你，斯科特。大家下午好。正如斯科特所詳述的，我們第二季度的業績反映了由於關稅上調導致零售商採購訂單暫時中止而給整個行業帶來的挑戰。儘管隨著本季的進展，部分不利因素有所減弱，但能見度仍然有限​​。

Turning to our results, starting with revenue, total revenue in the second quarter was $127.8 million down 18.2% from last year's second quarter. The decrease was primarily driven by lower volume in our US consumer business, as some retailers paused their buying when the new tariffs were implemented in order to assess inventory levels and price increases.

回顧我們的業績，首先從收入開始，第二季的總收入為 1.278 億美元，比去年第二季下降 18.2%。下降的主要原因是我們美國消費業務的銷售下降，因為一些零售商在實施新關稅時暫停了購買，以評估庫存水準和價格上漲。

As the quarter progressed and a pause on the higher tariff rates went into effect until August, retailers resumed buying. However, as of today, the final tariff rates and the related impacts on consumer buying remains uncertain.

隨著本季的進展以及暫停將關稅稅率上調至 8 月的政策生效，零售商恢復了購買。然而，截至今天，最終關稅稅率及其對消費者購買的影響仍不確定。

Turning to gross profit and margin, gross profit was $35.1 million in the second quarter compared to $40.5 million in the year ago period, reflecting the lower sales volume. However, gross profit margin increased 160 basis points to 27.5% compared to 25.9% in last year's second quarter.

談到毛利和利潤率，第二季毛利為 3,510 萬美元，而去年同期為 4,050 萬美元，這反映出銷售量下降。不過，毛利率較去年第二季的 25.9% 增加了 160 個基點，達到 27.5%。

The increase in gross profit margin in the current quarter was due to a shift in our customer mix within our US consumer business, along with a larger proportion of sales from our higher margin international, commercial, and health beacon businesses. Selling general and administrative expenses decreased $1.3 million to $29.1 million compared to $30.4 million in the second quarter of 2024.

本季毛利率的成長是由於我們美國消費者業務的客戶結構發生了變化，以及利潤率更高的國際、商業和健康信標業務的銷售額佔比增加。銷售一般及行政費用減少 130 萬美元至 2,910 萬美元，而 2024 年第二季為 3,040 萬美元。

The decrease was primarily driven by adjustments to incentive compensation based on the change in our projected annual performance. This is partially offset by a one-time severance charge from restructuring actions taken by management to optimize our cost structure.

下降的主要原因是根據我們預計的年度業績變化對激勵薪酬進行了調整。這部分被管理階層為優化成本結構而採取的重組行動所產生的一次性遣散費所抵銷。

Operating profit was $5.9 million or 4.7% of total revenue compared to $10 million or 6.4% of total revenue in the second quarter of 2024. Income tax expense was $1.6 million in the second quarter compared to income tax of $3 million a year ago. Net income was $4.5 million or $0.33 per diluted share compared to net income of $6 million or $0.42 per diluted share a year ago.

營業利潤為 590 萬美元，佔總營收的 4.7%，而 2024 年第二季為 1,000 萬美元，佔總營收的 6.4%。第二季所得稅支出為 160 萬美元，而去年同期所得稅支出為 300 萬美元。淨收入為 450 萬美元，即每股攤薄收益 0.33 美元，而去年同期淨收入為 600 萬美元，即每股攤薄收益 0.42 美元。

Quickly summarizing our first-half results, revenue was $261.1 million down 8.2% from the first half of 2024. Gross margin increased 120 basis points to 26%, and operating margins stayed flat at 3.2%.

簡要總結我們的上半年業績，營收為 2.611 億美元，較 2024 年上半年下降 8.2%。毛利率增加 120 個基點至 26%，營業利益率不變，為 3.2%。

Now turning to our balance sheet and cash flows for the six months ending June 30, 2025, net cash used for operating activities was $23.8 million compared to a net cash provided of $37.1 million for the six months ended June 30, 2024.

現在回顧截至 2025 年 6 月 30 日的六個月的資產負債表和現金流量，用於經營活動的淨現金為 2380 萬美元，而截至 2024 年 6 月 30 日的六個月提供的淨現金為 3710 萬美元。

The decrease was primarily due to a $50.8 million dollar impact from changes in inventory and accounts payable, driven by higher inventory from increased tariffs and accelerated purchases in Q1 of 2025. Slower sales reduced inventory turnover, while fewer purchases in Q2 lowered accounts payable, further affecting cash flow due to the timing difference between inventory buildup and supplier payments.

下降的主要原因是庫存和應付帳款變化產生了 5,080 萬美元的影響，這是由於 2025 年第一季關稅增加和採購加速導致庫存增加所致。銷售放緩降低了庫存週轉率，而第二季度的採購量減少降低了應付帳款，由於庫存累積和供應商付款之間的時間差異，進一步影響了現金流。

During the three months ended June 30, 2025, we continued to return value to our shareholders through the repurchase of approximately 215,000 shares totaling $4 million and paid a total of $1.6 million in dividends. On June 30, 2025, our net debt position, or total debt minus cash and cash equivalents and highly liquid short-term investments was $38.7 million compared to a net debt position of $12.8 million at the end of the prior year period.

截至2025年6月30日的三個月內，我們繼續透過回購約21.5萬股股票（總​​計400萬美元）並支付總計160萬美元的股息，為股東帶來回報。截至2025年6月30日，我們的淨債務狀況（即總債務減去現金及現金等價物及高流動性短期投資）為3,870萬美元，而去年同期末的淨債務狀況為1,280萬美元。

As Scott discussed, we are encouraged with the progress that we've made over the past three months, diversifying our sourcing structure and lowering our fixed cost base to provide us with great financial flexibility in these uncertain times.

正如史考特所討論的，我們對過去三個月的進展感到鼓舞，使我們的採購結構多樣化，降低固定成本基礎，為我們在不確定的時期提供極大的財務靈活性。

That said, it is still unclear how the outcome of ongoing negotiations between the US and most all of its trade partners combined with current macro and geopolitical events will impact retailer planning and consumer demand. That therefore we're going to refrain from reinstating guidance at this time. That concludes our prepared remarks. We will now turn the line back to the operator for Q&A.

儘管如此，目前仍不清楚美國與其大多數貿易夥伴之間正在進行的談判結果以及當前的宏觀和地緣政治事件將如何影響零售商的規劃和消費者需求。因此，我們目前將不再恢復指導。我們的準備好的演講到此結束。我們現在將把線路轉回給接線員進行問答。

(Operator Instructions) Adam Bradley, AJB Capital.

（操作員指示）Adam Bradley，AJB Capital。

Hi Sally, Scott. I want to start with Health beacon. Can you tell us a little bit about the second quarter's performance in that line of business?

你好，莎莉、史考特。我想從健康燈塔開始。您能否向我們介紹一下該業務線第二季的表現？

Sure, I mean, we're, I mean, we continue to be pleased with how the business is growing, we think it's still, on path of growth targets with number of patients as well as being profitable by the end of the year, so I think we're pleased with how that that segment's reporting.

當然，我的意思是，我們繼續對業務的成長方式感到滿意，我們認為它仍然在朝著成長目標的道路上前進，患者數量也將增加，到年底也將實現盈利，所以我認為我們對該部門的報告感到滿意。

Yeah, and I'll add Adam, go ahead.

是的，我會添加亞當，繼續。

Well, I'd rather hear what you're going to say first, and then I can go.

好吧，我寧願先聽聽你要說什麼，然後我就可以走了。

Ahead, go ahead.

前進，前進。

In the 10-Q had reported quarterly sales of $1.5 million, will you be reporting in the queue second quarter sales and CML?

在 10-Q 報告中季度銷售額為 150 萬美元，您會報告第二季度的銷售額和 CML 嗎？

We will. It'll be part of our segment reporting.

我們將。它將成為我們分部報告的一部分。

Yeah, can you share that now then if you're just going to report that in the queue? What were its sales in the second quarter?

是的，如果您只是要在佇列中報告該問題，那麼您現在可以分享嗎？第二季的銷售額是多少？

I am, I will. Give me a quick second as I flip to the page to make sure I say the number right. So, for the three months ended June 30, the health business had a $1.7 million in top one revenue and then an operating segment loss of $864,000 so. And this is a significant improvement over last year. So last year was $859,000 in revenue, so we, about double top line, and then, bottom line was about a $2 million dollar loss. So we cut the loss in half year every year. So as I said it's still great results, it's still moving in the direction that we want it to. We're still pretty happy with the business.

我會的，我會的。請稍等片刻，讓我翻過這一頁，確保我說的數字正確。因此，在截至 6 月 30 日的三個月中，健康業務的最大收入為 170 萬美元，而營運部門虧損為 864,000 美元。這比去年有了顯著的改善。去年我們的收入是 859,000 美元，大約是頂線的兩倍，而底線虧損約為 200 萬美元。所以我們每年都會減少半年的虧損。所以正如我所說，這仍然是很好的結果，它仍然朝著我們希望的方向發展。我們對業務仍然非常滿意。

Thank you for that. So I want to switch to buybacks. The stock has been Languishing for a while. Can you give investors, like me, your kind of longer term view of Your capital allocation plan as it pertains to buybacks, is it opportunistic? Is it kind of formulaic per quarter? What's governing the decisions of when and how much to buy back stock?

謝謝你。所以我想轉向回購。該股票已經低迷了一段時間。您能否向像我這樣的投資者介紹一下您對回購資本配置計劃的長期看法，它是否具有機會主義色彩？這是按季度計算的嗎？什麼決定了何時、回購多少股票？

Yeah, I think that's a great question. In terms of stock buybacks, we break it into two into two pieces. The first piece is that we don't want any stocks to be dilutive, right? So we buy back as many shares as we grant as part of our as a part of our compensation package, and that's about 300,000 shares. So that that's the first.

是的，我認為這是一個很好的問題。就股票回購而言，我們將其分為兩部分。首先，我們不希望任何股票被稀釋，對嗎？因此，我們回購了與薪酬方案中授予的股份數量相同的股份，大約有30萬股。這是第一批。

300,000.

30萬。

Per year. So, we look at on a on a on a per year basis and so this year was around 300,000 and so we seek to repurchase those in the market. And then the second piece is opportunistic, so we do take a look at the stock and we take an op opportunistic view of whether or not we need to be repurchasing stock or not, and we did repurchase quite a bit of stock last year with that opportunistic lens, for this year, we, if you look at the number of shares we bought in the first five months of the year, we, we've met that anti-dilution goal. And at this point we'll just continue to watch the stock and see if the opportunistic makes sense.

每年。因此，我們按年進行觀察，今年的數量約為 30 萬輛，因此我們尋求在市場上回購這些車輛。然後第二部分是機會主義，所以我們確實會看一下股票，並且我們採取機會主義的觀點來考慮是否需要回購股票，去年我們確實以這種機會主義的眼光回購了相當多的股票，對於今年，如果你看看我們在今年前五個月購買的股票數量，我們已經實現了反稀釋目標。此時，我們將繼續關注股票，看看機會是否合理。

Yeah, so to follow up on that, often the opportunistic price on a long-term basis occurs at the same time as you're experiencing trouble as you are right now. So right now, you're having to build up your inventory. It looks like this quarter and eat up some working capital, yet the stock has stayed low. So, I'm asking kind of philosophically.

是的，因此，進一步說，長期的機會價格往往與您現在遇到的麻煩同時出現。所以現在，你必須建立你的庫存。看起來本季消耗了一些營運資金，但股價仍保持在低點。所以，我是用一種哲學的方式來問這個問題。

What is the view of repurchases? Is Hamilton Beach willing to look at the long run and repurchase even when shares are low, going through turbulent market conditions in sales and earnings, or are you holding on to cash during that and then, waiting until skies are clear to make repurchases? I think that's what It would help investors like me to understand that a little better.

對於回購的看法如何？漢密爾頓海灘公司是否願意著眼長遠，即使在股價低迷、銷售和盈利市場動蕩的情況下也進行回購，或者您是否會在此期間持有現金，然後等到情況好轉後再進行回購？我認為這將有助於像我這樣的投資者更好地理解這一點。

Given our given our liquidity profile, that's the first thing that we look at, and then once we've met our anti-dilutive goals, I think we are open as a philosophical perspective to repurchasing shares when we feel that the that the shares are undervalued and our liquidity position kind of is in line with repurchasing shares.

鑑於我們的流動性狀況，這是我們首先要考慮的事情，然後，一旦我們達到了反稀釋目標，我認為，當我們認為股票被低估並且我們的流動性狀況與回購股票一致時，我們會從哲學角度對回購股票持開放態度。

Jake Patterson, Talanta Investment Group.

塔蘭塔投資集團的傑克·帕特森。

Okay, guys, just a question on the cost savings program. I know you said $10 million annualized starting second half. Is there any way to kind of bucket that with your segments? Is that going to come mostly out of consumer, I would assume? Or is there any? And cost savings on the HP side.

好的，夥計們，我只想問一下關於成本節約計劃的問題。我知道您說從下半年開始年化收入為 1000 萬美元。有沒有什麼方法可以將其與您的片段進行分類？我猜想這主要會來自消費者嗎？或者有嗎？並且節省了惠普方面的成本。

So, of the $10 million that we identified in annualized savings, a good portion of that is headcount related, and the majority of that is coming, specifically out of the retail, the retail segment, the home, the home and the commercial product segment.

因此，在我們確定的 1000 萬美元年度節省中，很大一部分與員工人數有關，而且大部分來自零售、零售部門、家居、家居和商業產品部門。

Okay, got you. And then too, I guess I don't know if you can discuss this now, but, any other color on the price increases. I know there's kind of kind of like they were late June, so presumably not a huge impact in the quarter, but it's kind of maybe framing some expectations on that going forward if you can.

好的，明白了。而且，我想我不知道您現在是否可以討論這個問題，但是，其他顏色的價格是否會上漲。我知道這有點像六月底的情況，所以大概不會對本季產生很大的影響，但如果可以的話，這也許可以對未來形成一些預期。

Yeah, this is Scott. So I think you know if you go back, we, at the beginning when tariffs started up here even before April, we had there were some tariffs there and we took a price increase at that point when we got more clarity around the tariffs that are potentially proposed today.

是的，這是斯科特。所以我想你知道，如果你回顧一下，在四月份之前，當關稅開始上調的時候，我們就已經有一些關稅了，當我們對今天可能提出的關稅有了更清晰的認識後，我們就提高了價格。

We have taken another price increase that would cover the tariffs that are out there that are being considered and negotiated by country. I think you know we're in the same situation as our competition, and we feel like the retailers understand that because they also are sourcing product as well from these Asia Pacific countries and so far, they, we feel like things have been able to be pushed along nicely.

我們已再次提高價格，以涵蓋各國正在考慮和談判的關稅。我想你知道我們和我們的競爭對手處於同樣的境地，我們覺得零售商也明白這一點，因為他們也從這些亞太國家採購產品，到目前為止，我們覺得事情進展順利。

We're able to kind of get back into a normal, business cadence with them. I think that you know the challenging thing is there's still just, as Sally indicated, there's still just unknown tariff negotiations still going on, so we've still got to be nimble and able to adjust going forward.

我們可以與他們恢復正常的業務節奏。我認為，正如莎莉所指出的，挑戰在於，仍然有未知的關稅談判正在進行中，因此我們仍然必須保持靈活，並且能夠適應未來的發展。

Got it. Okay. And then kind of maybe just piggybacking off of that if I'm looking at this correctly, it looks like the last few years you guys have been what [4.5, 5% on pricing] for '24 and '23 and you think about like I want to say most of that was kind of giving back some of those excess freight costs that you guys embedded in your product prices, but. When you think about your competitors, how, I mean, I'm assuming you guys track this, but how is your pricing kind of compared to competitors over the last couple of years and then maybe some thoughts on how that looks now moving forward like you have more wiggle room with pricing to move up relative to competitors or is it kind of even across the board there?

知道了。好的。然後，如果我沒看錯的話，可能只是搭便車而已，看起來過去幾年你們在 24 年和 23 年的價格上調了 4.5% 和 5%，你想，就像我想說的，其中大部分是為了返還你們嵌入在產品價格中的部分超額運費成本，但是。當您考慮您的競爭對手時，我的意思是，我假設您會跟踪這一點，但是您的定價與過去幾年的競爭對手相比如何，然後也許您對現在的發展有一些想法，比如您在定價方面是否有更多的迴旋餘地，相對於競爭對手而言，或者在各個方面是否都如此？

I would say it's kind of even across the board. I think our competitors have, the similar challenges that we face, whether it be tariff or container rate cost increases. If you look at our distribution points, even going back to 2023 and then through 2024, we feel like, we've got good solid distribution points across multiple channels, throughout North America. So, from that perspective we feel very good, I think. If you look back historically, coming into the second quarter, we were growing top-line sales seven quarters in a row, so we feel like our strategy's been pretty solid.

我想說，從各方面來看，情況都是均勻的。我認為我們的競爭對手也面臨著與我們類似的挑戰，無論是關稅還是貨櫃運費成本的上漲。如果您查看我們的分銷點，甚至追溯到 2023 年，然後到 2024 年，我們感覺我們在整個北美的多個管道都擁有良好且穩固的分銷點。所以，從這個角度來看，我認為我們感覺非常好。如果回顧歷史，進入第二季度，我們的營收已連續七個季度成長，因此我們覺得我們的策略非常穩健。

It's really this unknown issues around tariffs that, how to make us adjust, but as I indicated. The retailers understand what's going on. They're directly importing products. They're sourcing products directly. They're dealing with our other competitors that are getting products from the same countries where we're getting ours, and so this is not something that is surprising, to the retailer's standpoint.

這確實是圍繞關稅的未知問題，我們如何進行調整，但正如我所指出的。零售商明白發生了什麼事。他們直接進口產品。他們直接採購產品。他們正在與我們的其他競爭對手打交道，這些競爭對手的產品與我們來自相同的國家，因此從零售商的角度來看，這並不奇怪。

Got it. Then the last one, is there, is that, restructuring you guys call out of that material, or is there any way you can give me the number for that?

知道了。然後最後一個，那是重組你們所呼籲的材料嗎，或者有辦法給我那個號碼嗎？

Yeah, the restructuring charge was about $800,000 for the quarter.

是的，本季的重組費用約為 80 萬美元。

Okay, thanks. That's all for me.

好的，謝謝。我的就這些了。

Michael Mork, Mork Capital Management.

麥可‧莫克，莫克資本管理公司。

Hello, Michael Mork at Mork Capital here. Just a bigger picture. Back in 2016, you were doing $750 million in revenues and now you're doing about $650 million in revenues. So you dropped about $100 million. So to me that kind of looks like you had a lot of new products that are fancy and people buy them, but the other ones drop off almost quicker. And going forward, is there a game plan to have the whole company grow? At a decent rate or do we just going to be treading water?

您好，我是 Mork Capital 的 Michael Mork。只是一幅更大的圖景。2016 年，您的收入為 7.5 億美元，而現在您的收入約為 6.5 億美元。所以你損失了大約1億美元。所以對我來說，這看起來就像你有很多很花俏的新產品，人們會購買它們，但其他產品幾乎更快消失。展望未來，是否有一個讓整個公司發展的計畫？以合理的速度發展還是我們只是原地踏步？

I know, I think, strategically we plan to grow. I can't say that I'm not so sure about that $750 million dollar number that you're looking at in 2016.

我知道，我認為，從戰略上來說，我們計劃發展。我不能說我對你在 2016 年看到的 7.5 億美元這個數字不太確定。

But it's from Value Line, so I don't know.

但它來自 Value Line，所以我不知道。

I think our peak is a little bit lower than that, but no, I think there's a lot of runway for us to still grow. We feel like our opportunities continue to be in the premium space of the business. If you look at The consumer business in the US, about 50%, 45%, 50% of the business is being done in that premium space.

我認為我們的峰值比這要低一點，但不，我認為我們還有很大的成長空間。我們覺得我們的機會仍然在業務的高端領域。如果你看美國的消費業務，你會發現大約 50%、45%、50% 的業務都是在高端領域完成的。

We have a very low share in that and so we've got a lot of effort, and we just talked about, Lotus, for example, we feel like it's a great brand that we can build out in that space and be very competitive over the next couple of years. Our commercial business is global. We feel like there's a lot of opportunities as well there. We continue to add partnerships like the Sunkist partnership that we talked about.

我們在該領域的份額非常低，因此我們付出了很多努力，例如我們剛才談到的蓮花，我們覺得這是一個很棒的品牌，我們可以在該領域打造它，並在未來幾年保持非常強的競爭力。我們的商業業務是全球性的。我們覺得那裡也有很多機會。我們將繼續增加合作關係，例如我們談到的與新奇士的合作關係。

I think not only can be beneficial in North America for that business but also globally. And then if you look at the health business again, we're expecting 50% increase in our subscriptions there and that's tracking throughout the way we expected it month by month. And we feel like there's a lot of other opportunities as we build out that business to expand and reach more specialty pharmacy companies and reach more pharmaceutical companies in that space and really look at a good growth opportunity.

我認為這不僅對北美的業務有利，對全球也有利。如果你再看一下健康業務，我們預計該領域的訂閱量將增加 50％，而且這一數字正逐月按照我們的預期成長。我們覺得，隨著我們拓展業務並接觸更多專業製藥公司以及該領域的更多製藥公司，還有很多其他機會，我們真正看到了良好的成長機會。

So we're very focused on the growth side of things. I think, we, as I indicated, we were seven quarters consecutive top-line growth. And we certainly hit the wall here in the second quarter dealing with tariffs, but I think that the whole industry is experiencing that, and we feel like we've been working pretty hard to be very nimble and be able to be opportunistic and be producing in the countries that are going to give us the best economic return. It takes a lot of effort. But I also feel like our relationships with our customers remain strong. Our ability to reach the consumer online and in the stores is still very sound, and so we're going to continue to grow.

因此，我們非常關注事物的成長方面。我認為，正如我所指出的，我們連續七個季度實現了營收成長。我們在第二季確實在處理關稅問題上遇到了困難，但我認為整個產業都在經歷這個問題，我們覺得我們一直在努力變得非常靈活，能夠抓住機會，在那些能為我們帶來最佳經濟回報的國家進行生產。這需要付出很多努力。但我也覺得我們與客戶的關係依然牢固。我們在網上和商店接觸消費者的能力仍然非常強大，因此我們將繼續發展。

Sounds good. So do you think you can grow in line with GDP going forward then?

聽起來不錯。那麼，您認為未來您的成長能與 GDP 同步嗎？

I mean, I think, we're obviously not giving forward-looking guidance at this point, but I do think we've said a couple different times that we have a good strategy and we believe in our strategy, so we're operate -- we're -- we feel good about things that come within our strategy.

我的意思是，我認為，我們目前顯然沒有提供前瞻性的指導，但我確實認為我們已經多次說過，我們有一個很好的戰略，我們相信我們的戰略，所以我們會運作——我們——我們對我們戰略中的事情感到滿意。

Okay, well, thank you.

好的，謝謝。

Thank you.

謝謝。

This will conclude today's question-and-answer session as well as today's call. Thank you for your participation. You may now disconnect.

今天的問答環節以及電話會議到此結束。感謝您的參與。現在您可以掛斷電話了。