漢佰 (HBI) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the HanesBrands fourth quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to TC Robillard, Vice President of Investor Relations. Please go ahead.

您好，感謝您的支持。歡迎參加 HanesBrands 2024 年第四季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議移交給投資人關係副總裁 TC Robillard。請繼續。

Good day, everyone, and welcome to the HanesBrands quarterly investor conference call and webcast. We are pleased to be here today to provide an update on our progress after the fourth quarter of 2024. Hopefully, everyone has had a chance to review the news release we issued earlier today.

大家好，歡迎參加 HanesBrands 季度投資者電話會議和網路廣播。我們很高興今天能在這裡提供 2024 年第四季之後的進展。希望大家都有機會閱讀我們今天早些時候發布的新聞稿。

As a quick housekeeping item, beginning with fourth quarter results, we have reclassified the Champion Japan business to discontinued operations. Recall, when we announced the sale of our Global Champion business in June 2024, we said we would be a licensee of the Champion Japan business for a temporary period of time and that we would eventually move the business to discontinued operations.

作為一項快速的整理項目，從第四季度業績開始，我們已將冠軍日本業務重新歸類為已停止營運的業務。回想一下，當我們在 2024 年 6 月宣佈出售我們的全球冠軍業務時，我們表示我們將在一段臨時時間內成為日本冠軍業務的授權人，並且我們最終將該業務轉為停止運營。

In the fourth quarter, we notified authentic brands of our plans to exit the license by the end of 2025. The Champion Japan business moving to discontinued operations was not contemplated in our initial fourth quarter guidance back on November 7. Therefore, fourth quarter and full year results as well as our 2025 guidance from continuing operations are not directly comparable to our previous guidance or to current consensus estimates.

在第四季度，我們通知了正宗品牌我們計劃在 2025 年底退出許可。我們在 11 月 7 日發布的初步第四季業績指引中並未考慮冠軍日本業務轉為停止營運的情況。因此，第四季度和全年業績以及我們 2025 年持續經營業績指引與我們先前的指引或當前的普遍預期不能直接比較。

In addition to our earnings release and FAQ document, we have provided two additional documents today. One is a supplemental financial packet with recast historical financials reflecting Champion Japan and discontinued operations. The other is an earnings handout that provides a bridge from fourth quarter and full year results to our prior guidance as well as an updated overview of the go-forward business.

除了我們的收益報告和常見問題文件外，我們今天還提供了另外兩份文件。一份是補充財務資訊包，其中重塑了反映冠軍日本和已停止營運業務的歷史財務數據。另一份是收益報告，它提供了第四季度和全年業績與我們之前預期之間的橋樑，以及未來業務的最新概述。

All documents as well as the replay of this call can be found in the Investors section of our hanes.com website. On the call today, we may make forward-looking statements either in our prepared remarks or in the associated question-and-answer session. These statements are based on current expectations or belief and are subject to certain risks and uncertainties that may cause actual results to differ materially.

所有文件以及本次通話的重播均可在我們 hanes.com 網站的投資者部分找到。在今天的電話會議上，我們可能會在準備好的發言中或相關的問答環節中做出前瞻性的陳述。這些聲明是基於目前的預期或信念，並受某些風險和不確定性的影響，可能導致實際結果有重大差異。

These risks include those related to current macroeconomic conditions, consumer demand dynamics, our ability to successfully execute our strategic initiatives, including our restructuring and other action-related items, our ability to deleverage on the anticipated time frame and the inflationary environment. These risks also include those detailed in our various filings with the SEC, which may be found on our website as well as in our news releases.

這些風險包括與當前宏觀經濟狀況、消費者需求動態、我們成功執行策略計畫的能力（包括重組和其他行動相關項目）、我們在預期的時間範圍內去槓桿的能力以及通膨環境有關的風險。這些風險還包括我們向美國證券交易委員會提交的各種文件中詳述的風險，您可以在我們的網站和新聞稿中找到。

The company does not undertake to update or revise any forward-looking statements, which speak only to the time at which they are made. Unless otherwise noted, today's references to our consolidated financial results and guidance exclude all restructuring and other action-related charges and speak to continuing operations. Additional information on the quarter's results and our guidance, including a reconciliation of these and other non-GAAP performance measures to GAAP, can be found in today's news release.

本公司不承諾更新或修改任何前瞻性陳述，這些陳述僅代表當時做出時的觀點。除非另有說明，今天對我們綜合財務業績和指引的引用不包括所有重組和其他行動相關費用，並涉及持續經營。有關本季度業績和我們的指引的更多信息，包括這些和其他非 GAAP 績效指標與 GAAP 的對賬，可在今天的新聞稿中找到。

With me on the call today are Steve Bratspies, our Chief Executive Officer; and Scott Lewis, our Chief Financial Officer. For today's call, Steve and Scott will provide some brief remarks, and then we'll open it up to your questions. I will now turn the call over to Steve.

今天與我一起參加電話會議的還有我們的執行長史蒂夫‧布拉茨皮斯 (Steve Bratspies)；以及我們的財務長 Scott Lewis。在今天的電話會議上，史蒂夫和史考特將發表一些簡短的講話，然後我們將回答大家的提問。現在我將電話轉給史蒂夫。

Thank you, TC. Good morning, everyone, and welcome to our fourth quarter earnings call. HanesBrands delivered strong results for the quarter and the full year across all of our key metrics, including our sales, margins, EPS, operating cash flow and debt reduction.

謝謝你，TC。大家早安，歡迎參加我們的第四季財報電話會議。HanesBrands 本季和全年在所有關鍵指標（包括銷售額、利潤率、每股盈餘、營運現金流和債務減免）方面均取得了強勁的業績。

Coming into 2024, we said that despite the muted consumer environment, our sales trends would improve throughout the year and that we had reached an inflection point in our margins and our leverage. We delivered on this expectation, and as a result, we are entering 2025 with a strong foundation, clear direction and good momentum to create shareholder value.

進入 2024 年，我們表示，儘管消費環境低迷，但我們的銷售趨勢將在全年改善，並且我們的利潤率和槓桿率已經達到轉折點。我們實現了這項期望，因此，我們將以堅實的基礎、明確的方向和良好的勢頭邁入2025年，為股東創造價值。

Some highlights for the year. Sales trends improved each quarter, with the fourth quarter pivoting to year-over-year growth of 4%. Gross margin improved 580 basis points over prior year to 41.4%, which is structurally higher than pre-pandemic levels due to permanent cost savings initiatives and improved assortment management.

今年的一些亮點。銷售趨勢每季都有所改善，第四季年增 4%。毛利率較上年同期提高 580 個基點，達到 41.4%，由於永久性的成本節約舉措和改進的商品組合管理，毛利率結構性高於疫情前的水平。

Operating margin expanded 390 basis points to 11.8% while supporting a 150-basis point increase in brand investment. Earnings per share increased 670%, and we paid down over $1 billion of debt and reduced leverage by nearly two turns.

營業利益率擴大390個基點至11.8%，同時支持品牌投資增加150個基點。每股盈餘成長了 670%，我們償還了超過 10 億美元的債務，並將槓桿率降低了近兩倍。

These results reflect the successful execution of our strategy over the past four years to streamline and reposition HanesBrands even while facing a challenging consumer environment and a number of additional unexpected headwinds. We shifted from a global holding company to a global operating company, where we leverage and share our brands, innovation, marketing, talent and supply chain capabilities around the world.

這些結果反映了我們過去四年來成功執行的策略，儘管面臨嚴峻的消費環境和許多其他意想不到的阻力，但我們仍精簡並重新定位了 HanesBrands。我們從一家全球控股公司轉變為全球營運公司，在全球範圍內利用和分享我們的品牌、創新、行銷、人才和供應鏈能力。

We substantially focused our portfolio and simplified our business. We're now a consumer-centric company with both a reignited Innerwear business that is gaining market share and an added focus on new revenue streams. We build core competencies and a disciplined operating model with consumer-led innovation, SKU life cycle management and the application of advanced analytics and AI.

我們專注於我們的產品組合併簡化我們的業務。現在，我們是一家以消費者為中心的公司，內衣業務重新煥發活力，市場份額不斷擴大，同時更加重視的收入來源。我們透過消費者主導的創新、SKU生命週期管理以及高階分析和人工智慧的應用來建構核心競爭力和規範的營運模式。

We streamlined and strategically segmented our global supply chain and expanded our e-comm capabilities. And we've built our talent and associate proposition, all while implementing cost reduction initiatives to improve efficiencies, lower our fixed costs and allow for higher levels of growth-related investments.

我們簡化並策略性地細分了我們的全球供應鏈，並擴展了我們的電子商務能力。我們建立了人才和員工主張，同時實施成本削減舉措，以提高效率、降低固定成本並實現更高水準的與成長相關的投資。

As I previously highlighted, the benefits of the organization's collective efforts over the past four years began to show in our 2024 results. I want to thank all of our associates for delivering on a strong year and for their hard work to successfully reposition HanesBrands for the future. We entered 2025 as a new company, a more simplified focused business with a powerful asset base, significant competitive advantages and multiple levers to create shareholder value over the next several years.

正如我之前強調的那樣，該組織過去四年來的集體努力所帶來的成果開始在我們的 2024 年業績中顯現出來。我要感謝我們所有的同事，感謝他們在過去一年裡的出色成績，感謝他們為 HanesBrands 的未來成功重塑所做的辛勤工作。我們將以新公司的姿態邁入2025年，業務將更加簡化、更加專注，擁有強大的資產基礎、顯著的競爭優勢和多種槓桿，以在未來幾年創造股東價值。

We're a global powerhouse in innerwear and basic apparel, operating in a brand-driven category that is core and essential to consumers. We own market-leading brands, including Hanes, Bonds, Maidenform and Bali. Our brands are synonymous with comfort and quality and have been trusted by consumers for generations.

我們是內衣和基本服裝領域的全球巨頭，經營以品牌為主導的類別，這些類別對消費者來說是核心且不可或缺的。我們擁有市場領先的品牌，包括 Hanes、Bonds、Maidenform 和 Bali。我們的品牌是舒適和品質的代名詞，幾代以來一直深受消費者的信賴。

We have a proven and repeatable consumer-centric innovation process that is driving market share gains, retail space expansion and is attracting younger consumers to our brand franchises. We have global go-to-market capabilities as well as distribution breadth and scale, enabling us to capture demand wherever the consumer wants to shop.

我們擁有經過驗證且可重複的以消費者為中心的創新流程，該流程正在推動市場份額的成長、零售空間的擴大，並吸引年輕消費者購買我們的品牌特許經營權。我們擁有全球市場進入能力以及分銷廣度和規模，使我們能夠滿足消費者任何購物地點的需求。

And we have an advantaged supply chain with a world-class owned manufacturing network and diversified global sourcing operation. Going forward, we expect to further leverage our competitive strengths and generate consistent top line growth, expand margins to over 15% and generate more than $400 million a year of operating cash flow.

我們擁有優越的供應鏈、世界一流的自有製造網路和多元化的全球採購業務。展望未來，我們期望進一步利用我們的競爭優勢，實現持續的營收成長，將利潤率擴大到 15% 以上，並產生每年超過 4 億美元的營運現金流。

Looking to 2025, we believe we're well positioned to make significant progress towards these goals. We will build on fourth quarter's momentum and expect to deliver positive organic constant currency sales growth for the year, driven by new innovations, distribution gains in key channels, contributions from new revenue streams and market share opportunities within the Printwear channel, as we celebrate and leverage the 50th anniversary of the Hanes Beefy-T.

展望 2025 年，我們相信我們有能力在實現這些目標的道路上取得重大進展。我們將在第四季度的良好勢頭基礎上，預計全年實現按固定匯率計算的有機銷售額正增長，這得益於新的創新、主要渠道的分銷增長、新收入來源的貢獻以及 Printwear 渠道內的市場份額機會，同時也是為了慶祝和利用 Hanes Beefy-T 50 週年。

As we continue to improve our cost structure, particularly within SG&A, we expect further margin expansions this year, while maintaining high levels of growth-related investments. This magnifies our growth rates as we move down the P&L, driving operating profit growth of 10%, EPS growth of more than 30% and operating cash flow of $350 million.

隨著我們持續改善成本結構，特別是銷售、一般及行政開支，我們預計今年利潤率將進一步擴大，同時維持高水準的成長相關投資。隨著損益表的下降，這擴大了我們的成長率，推動營業利潤成長 10%，每股盈餘成長超過 30%，營業現金流達到 3.5 億美元。

And we will remain focused on using all of our free cash flow to pay down debt and further reduce balance sheet leverage. The combination of profit growth and debt paydown is expected to bring our leverage down to around 3 times by the end of 2025. So in closing, we're seeing the benefits of our transformation strategy as we deliver strong results for the quarter and the year.

我們將繼續專注於利用所有自由現金流償還債務並進一步降低資產負債表槓桿率。預計到 2025 年底，利潤成長和債務償還的結合將使我們的槓桿率降至 3 倍左右。總而言之，我們看到了轉型策略的好處，因為我們在本季和全年取得了強勁的業績。

We enter 2025 as a new and better company. well positioned to build upon our competitive advantages and drive increased shareholder returns through sales growth, further margin expansion, strong cash generation and continued debt pay down. Before I turn the call over, I want to touch on the leadership succession plan we announced this morning.

我們將以一家全新、更好的公司形象邁進 2025 年。我們有能力鞏固我們的競爭優勢，並透過銷售成長、進一步擴大利潤率、強勁的現金創造能力和持續的債務償還來提高股東回報。在轉交電話之前，我想談談我們今天早上宣布的領導繼任計畫。

We have reached a positive and important inflection point in executing our strategy. Looking ahead to the company's next growth phase, as a Board, we believe now is the right time to begin search to identify the next leader who will build upon our transformation work and continue the company's momentum.

我們在執行策略方面已經到達一個積極而重要的轉折點。展望公司的下一個成長階段，作為董事會，我們認為現在是開始尋找下一任領導者的最佳時機，他將在我們的轉型工作的基礎上繼續保持公司的發展勢頭。

We have a remarkable team at HanesBrands, and it's an honor to work alongside them. Over the last five years, the team has done an extraordinary job of streamlining and repositioning HanesBrands, all while navigating a number of extremely challenging environments. Today, we're a leaner, healthier company with a much stronger foundation. We're more focused, having successfully transformed our portfolio and how we operate around the world. We're more profitable.

HanesBrands 擁有一支出色的團隊，能夠與他們共事是我的榮幸。過去五年來，團隊在應對一系列極具挑戰性的環境的同時，出色地完成了 HanesBrands 的精簡和重新定位工作。今天，我們的公司更加精簡、更健康，基礎也更加牢固。我們更加專注，成功轉變了我們的產品組合和全球營運方式。我們的利潤更高。

We're generating consistent cash flow, and we strengthened our balance sheet. I'm proud of the actions we've taken, what this organization has achieved together and how Hanesbrands is positioned for the future. We're in a very fortunate position with a great window of opportunity for a smooth transition. I'm fully engaged and focused on continuing to lead the team in delivering a strong 2025, and I look forward to working with the Board as to conduct the search.

我們正在產生穩定的現金流，並加強了我們的資產負債表。我對於我們採取的行動、這個組織共同取得的成就以及 Hanesbrands 的未來定位感到自豪。我們非常幸運，擁有實現平穩過渡的絕佳機會。我將全心投入並專注於繼續帶領團隊實現 2025 年的強勁發展，並期待與董事會合作進行搜索。

And with that, I'll turn the call over to Scott.

說完這些，我會把電話轉給史考特。

Thanks, Steve. On a personal note, on behalf of HanesBrands, I want to express our appreciation for your leadership and all that we've accomplished over the past five years to transform the business and position the company for the future. I look forward to continuing to work together to drive our strategy and to deliver a strong 2025. Also, let me add my thanks to the global HanesBrands team. Their continued dedication and commitment to strong and improving operating and financial performance over the course of 2024.

謝謝，史蒂夫。就我個人而言，我謹代表 HanesBrands 對您的領導表示感謝，並對我們在過去五年中為轉變業務和為公司未來定位所取得的成就表示感謝。我期待繼續共同努力，推動我們的策略並實現強勁的2025年。此外，我還要向 HanesBrands 全球團隊表示感謝。他們將繼續致力於並承諾在 2024 年實現強勁且不斷改善的營運和財務表現。

With a simplified and strengthened business model, we believe we're well positioned to generate strong shareholder returns over the next several years through a combination of double-digit earnings growth and debt reduction, and in the longer term, returning capital to shareholders.

憑藉簡化和強化的業務模式，我們相信，透過兩位數的獲利成長和債務削減，我們將能夠在未來幾年內為股東創造強勁的回報，並且從長遠來看，向股東返還資本。

Before I speak to the quarter's results, a quick housekeeping item regarding Champion Japan. Recall, when we announced the Champion sale, we said it will be a licensee for the Champion Japan business for a temporary period of time and eventually move the business to discontinued operations.

在我介紹本季的業績之前，先簡單介紹一下 Champion Japan 的情況。回想一下，當我們宣佈出售 Champion 時，我們說過它將在一段臨時時間內成為 Champion 日本業務的授權商，並最終將該業務轉為停止營運。

In the fourth quarter, we notified Authentic Brands of our plans to exit the Champion Japan license by the end of 2025, ahead of schedule. As a result, beginning with fourth quarter's results, the Champion Japan business has been reclassified to discontinued operations, which was not contemplated in our previous guidance.

在第四季度，我們通知 Authentic Brands，我們計劃提前在 2025 年底退出 Champion Japan 許可。因此，從第四季度的業績開始，冠軍日本業務已被重新歸類為停止運營，這在我們之前的指引中是沒有考慮到的。

Therefore, fourth quarter and full year results as well as our 2025 guidance are not directly comparable to our prior guidance or the current consensus estimates. We provided an earnings handout that bridges our fourth quarter and full year results to our prior guidance. We also provided a supplemental financial packet that includes recast historical financials. Both documents are posted on our Investor Relations website. For today's call, I'll focus on continued operations.

因此，第四季度和全年業績以及我們的 2025 年指引與我們先前的指引或當前的普遍預期不能直接比較。我們提供了一份收益手冊，將我們的第四季和全年業績與我們先前的預期聯繫起來。我們也提供了包含重鑄歷史財務數據的補充財務資料。這兩份文件都是發佈在我們的投資者關係網站上。在今天的電話會議上，我將重點放在持續營運上。

Overall, we delivered strong fourth quarter results that were above our outlook across all of our key metrics. Net sales increased nearly 4% on an organic constant currency basis. Operating profit increased 33% over prior year. EPS increased 240%, and leverage declined by nearly two turns on a net debt-to-adjusted EBITDA basis.

整體而言，我們第四季的業績表現強勁，所有關鍵指標均超出我們的預期。以有機固定匯率計算，淨銷售額成長近 4%。營業利潤較上年增加33%。每股收益成長了 240%，以淨債務與調整後 EBITDA 比率計算，槓桿率下降了近兩倍。

Turning to the details of the quarter. Net sales on a reported basis increased 4.5% over prior year to $888 million. The year-over-year growth reflects a 175-basis point benefit from transition services revenue and 110 basis points headwind from foreign exchange rates. Looking at our segments. In the US, net sales increased 3% over last year, ahead of our outlook. Despite the challenging environment, our strategy is working, and we're winning in the marketplace.

談談本季的細節。報告顯示，淨銷售額較前一年成長 4.5%，達 8.88 億美元。年比成長反映了過渡服務收入帶來的 175 個基點的收益和外匯匯率帶來的 110 個基點的阻力。看看我們的細分市場。在美國，淨銷售額比去年成長了 3%，高於我們的預期。儘管環境充滿挑戰，但我們的策略仍然奏效，我們在市場上取得了勝利。

Innovation, increased brand investments, incremental holiday programming and performance in the online channel helped drive growth in the quarter, particularly within our socks, women's and scrub businesses. In our International segment, net sales increased 6% over prior year on a constant currency basis, with growth in each region. With respect to our Australia business, growth in the quarter was driven by better in-stocks within our own retail effective assortment management and strong bonds innovation.

創新、增加品牌投資、增加假期計劃和線上管道的表現幫助推動了本季的成長，尤其是我們的襪子、女裝和磨砂業務。在我們的國際部門，以固定匯率計算，淨銷售額比去年增加了 6%，每個地區都有成長。就我們的澳洲業務而言，本季的成長得益於我們自身零售庫存的改善、有效的分類管理和強大的債券創新。

Touching briefly on our other segment. The year-over-year increase in net sales were driven by short-term transition service agreements related to the sale of our Champion business. We expect these agreements to wind down over the course of 2025. We've excluded these sales from our organic constant currency growth calculation.

簡單談談我們的其他部分。淨銷售額年增主要是由於與出售 Champion 業務相關的短期過渡服務協議。我們預計這些協議將在 2025 年逐步終止。我們已將這些銷售額排除在有機固定匯率成長計算之外。

Turning to margins. We saw continued year-over-year expansion in both our gross and operating margins as cost savings initiatives are flowing through, and we continue to see a year-over-year benefit from input costs as we anniversary the impact from peak inflation. Our cost savings and assortment management initiatives are driving structurally higher and sustainable margins while supporting increased brand investment.

轉向利潤。隨著成本節約計畫的實施，我們的毛利率和營業利潤率繼續同比增長，隨著通膨高峰的影響逐漸消退，我們的投入成本繼續同比增長。我們的成本節約和品種管理措施正在推動結構性更高、更永續的利潤率，同時支持增加品牌投資。

For the quarter, gross margin increased 400 basis points over prior year to 44.1%, and our operating margin increased 300 points to 14.2%. But our visibility to input cost in our cost savings initiatives, we're confident we can deliver year-over-year expansion in both our gross and operating margins in 2025.

本季度，毛利率較上年同期增加 400 個基點，至 44.1%，營業利潤率增加 300 個基點，至 14.2%。但是，透過我們對成本節約計畫中投入成本的可見性，我們有信心在 2025 年實現毛利率和營業利潤率的同比增長。

And with respect to earnings per share, EPS increased 240% over last year to $0.17. The growth was driven by the combination of higher profit margins and a $7 million reduction in interest expense as we continue to pay down debt.

就每股盈餘而言，EPS 較去年同期成長 240%，達到 0.17 美元。成長的動力來自於利潤率的提高和我們繼續償還債務導致的 700 萬美元利息支出的減少。

Turning to cash flow and the balance sheet. With better-than-expected profit performance, lower cash interest and disciplined working capital management, we generated $264 million of cash flow from operations for the year, which exceeded our outlook.

轉向現金流和資產負債表。憑藉著優於預期的利潤表現、較低的現金利息和嚴格的營運資本管理，我們全年產生了 2.64 億美元的營運現金流，超出了我們的預期。

We also further strengthened our balance sheet with the combination of the net proceeds from the Champion sale and strong cash generation, we paid down over $1 billion of debt during the year. Leverage at the end of 2024 was 3.4 times on a net debt to adjusted EBITDA basis, which was nearly two turns lower than the end of 2023.

我們也透過冠軍出售的淨收益和強勁的現金產生能力進一步增強了我們的資產負債表，我們在年內償還了超過10億美元的債務。2024 年底的槓桿率為淨債務與調整後 EBITDA 比率的 3.4 倍，比 2023 年底低了近兩倍。

And now turning to guidance. Well, all my comments will refer to adjusted results from continuing operations and will be based on the midpoint of our guidance ranges. We believe we're well positioned to deliver positive sales growth on an organic constant currency basis, along with solid operating profit and EPS growth for the year despite a continued muted consumer environment.

現在來談談指引。好吧，我的所有評論都將參考持續經營的調整結果，並以我們的指導範圍的中點為基礎。我們相信，儘管消費環境持續低迷，但我們仍有能力在有機固定匯率基礎上實現正向銷售成長，並實現穩健的營業利潤和每股盈餘成長。

We expect further improvement in both our gross and operating margins for the year, given the input cost visibility we have on the balance sheet and our cost savings initiatives. Our outlook also assumes that we refinance all of our 2026 maturities in the first quarter of 2025.

考慮到資產負債表上的投入成本可見度以及我們的成本節約舉措，我們預計今年的毛利率和營業利潤率將進一步提高。我們的展望也假設我們將在 2025 年第一季為所有 2026 年到期債券進行再融資。

With respect to the current situation regarding tariffs with China, Mexico and Canada, we do not expect a material impact on our cost. Products from China to the US represents a low single-digit percent of our US cost of goods sold. Therefore, the recent incremental tariff does not materially impact our input cost and is factored into our guidance. With respect to Canada and Mexico, we do not source or manufacture any products for the US from either of those countries.

就目前與中國、墨西哥和加拿大的關稅情況而言，我們預計不會對我們的成本產生重大影響。從中國到美國的產品只占我們美國銷售成本的個位數百分比。因此，最近的增量關稅不會對我們的投入成本產生重大影響，並且已計入我們的指導範圍。對於加拿大和墨西哥，我們沒有從這兩個國家採購或生產任何產品給美國。

Looking at our full year, we expect net sales of approximately $3.5 billion, which represents approximately 1% growth on an organic constant currency basis. We expect operating profit to increase approximately 10%, operating margin to expand approximately 125 basis points to 13.1% and EPS to increase more than 30% over prior year, and we expect to generate approximately $350 million of operating cash flow for the year.

綜觀全年，我們預期淨銷售額約為 35 億美元，以有機固定匯率計算成長約 1%。我們預計營業利潤將成長約 10%，營業利潤率將擴大約 125 個基點至 13.1%，每股收益將比去年同期成長 30% 以上，我們預計今年將產生約 3.5 億美元的營業現金流。

Turning to the first quarter. Our outlook assumes net sales increased 1% to approximately $750 million. On an organic constant currency basis, we expect net sales to be consistent with prior year. We expect operating profit to increase nearly 30% over prior year, and operating margin to expand approximately 190 basis points. And we expect EPS of approximately $0.02 as compared to a loss of $0.05 last year.

回顧第一季。我們的預期是淨銷售額將成長 1% 至約 7.5 億美元。以有機固定匯率計算，我們預期淨銷售額將與上年度保持一致。我們預計營業利潤將比上年增加近 30%，營業利潤率將擴大約 190 個基點。我們預計每股收益約為 0.02 美元，而去年的虧損為 0.05 美元。

So in closing, I'd like to echo Steve's comments. We delivered strong results for the quarter and the year as we're seeing the benefits of our transformation strategy. We came into 2025 as a new and better company, well positioned to build upon our competitive advantages and drive increased shareholder returns through sales growth, further margin expansion, strong cash generation and continued commitment to pay down debt.

最後，我想同意史蒂夫的評論。我們在本季和全年都取得了強勁的業績，因為我們看到了轉型策略帶來的好處。邁入 2025 年，我們將以全新、更優秀的公司形像出現在大家面前，我們將充分利用自身優勢，透過銷售成長、利潤率進一步提高、強勁的現金創造能力和持續致力於償還債務，提高股東回報。

And with that, I'll turn the call over to TC.

說完這些，我會把電話轉給 TC。

Thanks, Scott. That concludes our prepared remarks. We'll now begin taking your questions and will continue as time allows. I'll turn the call back over to the operator to begin the question-and-answer session. Operator?

謝謝，斯科特。我們的準備好的演講到此結束。我們現在開始回答您的問題，並將在時間允許的情況下繼續回答。我會將電話轉回接線生，開始問答環節。操作員？

(Operator Instructions)

（操作員指令）

Paul Kearney, Barclays.

巴克萊銀行的保羅‧科爾尼 (Paul Kearney)。

Good morning. Thanks for taking our question. Can you talk about the degree of confidence in the company's ability to drive positive sales in '25? And what are some of the revenue opportunities behind us? And also, can you expand on the visibility and control into the drivers of future margin expansion, both for this year and eventually to the 15% target? Thank you.

早安.感謝您回答我們的問題。您能談談對公司在 25 年推動銷售成長的能力有多大信心嗎？我們身後還有哪些創收機會？另外，您能否進一步闡述對未來利潤率擴大驅動因素的可見度和控制力，包括今年以及最終達到 15% 的目標？謝謝。

Sure. Thanks for the question. I'll start with the revenue one, Scott, and then I'll let you talk about the margin. We're very confident in our ability to pivot to that 1% organic constant currency growth for the year. That said, it's still a challenging environment out there, but as I look at where we're positioned, the momentum we have coming out of Q4, the innovation that we have, the brand investment that we have planned, the space that we've already gained permanently with some of our key retail partners. I think we have a lot of momentum.

當然。謝謝你的提問。史考特，我將先談收入，然後再談利潤。我們對今年實現 1% 有機固定匯率成長率非常有信心。儘管如此，外面的環境仍然充滿挑戰，但當我回顧我們的定位、第四季度的發展勢頭、我們的創新、我們計劃的品牌投資、以及我們與一些主要零售合作夥伴已經永久獲得的空間時。我認為我們有很大的發展勢頭。

I think the consumer is responding to our innovation and continues to choose the brand, and you can see that through the market share gains that we've continued to get. So we feel good about our core business. We're also starting to expand a little bit into what we're calling kind of new revenue streams.

我認為消費者對我們的創新做出了反應並繼續選擇我們的品牌，從我們持續獲得的市場份額成長就可以看出這一點。所以我們對我們的核心業務感到很滿意。我們也開始稍微拓展我們所謂的新收入來源。

You've heard us talk about our scrubs business before. I'm encouraged about the work that's being done in our Hanes apparel sector. So that's some fleece product, sleepwear product, our Printwear business, we mentioned the 50th anniversary of the Beefy-T. There's a lot of momentum behind this business with new innovation that's coming, and we feel good about the opportunity to pivot to a full year of growth for this company.

您之前已經聽過我們談論我們的工作服業務。我對我們 Hanes 服裝部門所做的工作感到非常鼓舞。所以這是一些羊毛產品、睡衣產品、我們的 Printwear 業務，我們提到了 Beefy-T 的 50 週年紀念日。隨著新創新的不斷湧現，這項業務背後有著巨大的發展動力，我們對公司全年成長的機會感到滿意。

Hey. Good morning, Paul and thanks for your question. So on margins, let me first say we're just really pleased with performance in 2024 on our overall operating margins. They were up 400 basis points in '24. We finished the year with gross margin of over 44%. So the team did a fantastic job of delivering and it really shows you the power of the business model that we're running through.

嘿。早安，保羅，感謝您的提問。因此，就利潤率而言，首先我要說的是，我們對 2024 年整體營業利潤率的表現非常滿意。24年，該指數上漲了400個基點。我們今年的毛利率超過了 44%。因此，團隊的交付工作非常出色，這真正展示了我們正在運行的商業模式的力量。

As you look to 2025, we're looking for another step-up in our operating margins. Our guide at the midpoint has us up another 125 basis points in operating margins, about 20 to 30 basis points. So that's coming from gross margin. So you're going to see incremental benefits from cost savings from SKU mix. We're now in that low 40% gross margin range that we talked about. So we're really delivering well on gross margin.

展望 2025 年，我們期待營業利潤率再次提高。我們的中間指導價是將我們的營業利潤率再提高 125 個基點，約 20 至 30 個基點。這是來自毛利率。因此，您將看到 SKU 組合帶來的成本節約所帶來的增量效益。我們現在的毛利率處於我們之前提到的 40% 的低點。因此，我們的毛利率確實很高。

As you look to the -- on the SG&A side, which is actually the bigger driver of the margin expansion for operating margin. It's going to be up about -- well, SG&A is going to be down about 100 basis points, so delivering 100 basis points of margin uplift for the year. There, you're going to see kind of the annualized run rate effect of the prior year actions that we took and the incremental actions that we're taking in 2025.

從銷售、一般及行政費用來看，這其實是營業利潤率擴大的更大驅動力。銷售、一般及行政費用將上升約 100 個基點，因此全年利潤率將上升 100 個基點。在這裡，您將看到我們採取的前一年行動和我們在 2025 年採取的增量行動的年化運行率效應。

And these savings more than offset the incremental investments that we have with technology and on the people side. And then this one point too for 2025, we've talked about this before on the brand spend, 2024 already had us at a spend rate of 5% of sales. So we took that investment rate up in 2024, we feel like that 5% is a good run rate. It fully supports our brands, the innovation pipeline. So we feel really good about that. So you're not looking at an incremental -- a headwind from brand spend in '25.

這些節省的資金遠遠超過了我們在技術和人員方面的增量投資。然後對於 2025 年來說，我們之前已經討論過品牌支出的問題，到 2024 年，我們的支出率已經達到銷售額的 5%。因此，我們在 2024 年提高了投資率，我們認為 5% 是一個良好的運作率。它全力支持我們的品牌和創新管道。因此我們對此感到非常高興。因此，您看到的並不是增量——而是 25 年品牌支出的阻力。

So you're going to see that clearly hitting the operating margin. And then to your last point, it's what we saw in '24, what we expect in '25, we have a lot of confidence, again, great visibility to cost and the savings. We see '25 as another big step in our journey to 15% plus op margins, and we can get there over time. So we feel really good about that.

因此，您將看到，這顯然影響了營業利潤率。然後回到你的最後一點，這是我們在24年看到的，也是我們在25年所期望的，我們非常有信心，而且對成本和節省有很強的可視性。我們認為 25 年是我們實現 15% 以上營業利潤率的又一大步，並且我們可以隨著時間的推移實現這一目標。因此我們對此感到非常高興。

Great. Thank you.

偉大的。謝謝。

Aditya Kulkarni, UBS.

瑞銀的 Aditya Kulkarni。

Great. Hi, this is Aditya Kulkarni on behalf of Jay Sole. So this is a question for you, Steve. The announcement of your planned departure was a bit of a surprise to us. Could you just talk a little about your decision to step down and whether this was always kind of part of your plan? And I have a quick follow-up.

偉大的。大家好，我是 Jay Sole 的代表 Aditya Kulkarni。所以這是問你的一個問題，史蒂夫。你宣布要離職的消息令我們有點意外。您能否簡單談談您辭職的決定以及這是否一直是您計劃的一部分？我還有一個快速的跟進。

Sure. Thanks, Aditya, for the question. There's not a ton more to add versus what we said but maybe I can give you a little more context. I think what's really important is that we feel that we're transparent about these plans and ensure stakeholders that we're beginning this transition from a really strong position, a position of strength.

當然。感謝 Aditya 提出這個問題。與我們所說的相比，沒有什麼可以補充的，但也許我可以給你更多的背景資訊。我認為真正重要的是，我們對這些計劃保持透明，並向利害關係人保證，我們正從一個真正強大的地位、一個強勢的地位開始這一轉變。

I'm coming up with my fifth-year anniversary of joining this great company. And as a Board, we're looking out as we should be for what is the next five-year phase of this business look like. We've reached a positive and important point in our strategy. We have a clear long-range plan, and this naturally brought up these discussions.

我加入這家偉大的公司即將迎來五週年紀念日。作為董事會，我們正在關注該業務下一個五年階段的前景。我們的策略已經達到了積極且重要的階段。我們有一個明確的長期計劃，這自然會引發這些討論。

So as a Board, we believe now is the right time to implement our succession plan. And we're in a fortunate position. The company has a strong foundation, more focused, more profitable. We're generating consistent cash flow again. We're well positioned for sustainable growth, as I talked about a few minutes ago. And we've built a great leadership team.

因此，作為董事會，我們認為現在是實施繼任計畫的最佳時機。我們處於一個幸運的位置。公司基礎雄厚，更專注，獲利能力更強。我們再次產生穩定的現金流。正如我幾分鐘前談到的，我們已做好實現永續成長的準備。我們已經建立了一支優秀的領導團隊。

So it's really that simple. There's no issues with the business strategy. The Board and I are in lockstep over succession. And when you're looking at all these factors, we have a great window of opportunity for a smooth transition. But I want everyone to know, make no mistake, I am fully engaged and will continue to help drive this team and the business to deliver strong growth and really great profitability in 2025. And obviously, I'll work closely with the Board and help identify my successor.

事實就是這麼簡單。商業策略沒有問題。董事會和我在繼任問題上步調一致。當你考慮到所有這些因素時，我們就有一個很好的機會來實現平穩過渡。但我想讓每個人都知道，毫無疑問，我會全心投入，並將繼續幫助推動這個團隊和企業在 2025 年實現強勁增長和真正巨大的盈利能力。顯然，我將與董事會密切合作，幫助確定我的繼任者。

Understood. That's very clear. Thanks. And then just switching gears a little bit. Could you talk a little about where you guys are with eliminating the stranded costs associated with Champion and how much runway you have left on that front? Thank you.

明白了。這非常清楚。謝謝。然後稍微轉換一下話題。能否談談你們在消除 Champion 相關的擱淺成本方面取得的進展以及在這方面還剩下多少空間？謝謝。

Sorry, you broke up just at the very end. We heard how far we are on eliminating stranded costs and Champion, but the last part broke up, if you could repeat it.

抱歉，最後還是分手了。我們聽說了我們在消除擱淺成本和 Champion 方面取得了多大的進展，但是最後一部分已經結束了，如果你可以重複一遍的話。

And just how much runway you have left.

以及你還剩下多少跑道。

Yahs. So on the stranded costs, one of the things and I touched on this a little bit earlier, we are very focused on not just eliminating the Champion stranded costs. We use -- we took the opportunity with the Champion transaction and broadly to step back and really look at our overall cost structure. And so we took a lot of cost out in '24, and we actually accelerated a lot of the actions into 2024. So you saw, again, that margin increase last year is largely attributable to the actions that we took and the pace we're working through that on.

是的。因此，關於擱淺成本，我之前提到過一件事，我們非常注重不僅僅是消除冠軍擱淺成本。我們利用 Champion 交易的機會，廣泛地回顧並真正審視我們的整體成本結構。因此，我們在 24 年削減了大量成本，並且實際上將許多行動加速到了 2024 年。因此，您再次看到，去年利潤率的成長很大程度上歸功於我們採取的行動以及我們努力實現的目標的步伐。

As far as the stranded cost and other actions, we're going to essentially be complete with that this year. And so you're going to see again the big part of the margin expansion of the 125 basis points is getting those costs out. And then as you go forward, you're going to see the full run rate effect of that as you look beyond 2025, and that's how you get to that 15%-plus margin over time.

至於擱淺成本和其他行動，我們今年基本上會完成這些工作。因此，您將再次看到，125 個基點的利潤率擴大很大一部分是為了消除這些成本。然後，隨著你繼續前進，當你展望 2025 年以後時，你會看到它的全部運行率效應，這就是你如何隨著時間的推移獲得 15% 以上的利潤率。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Thanks, guys. Curious if you could talk about the guidance for F '25 and how it breaks down in terms of what you're looking for in the US business versus international. And within the US, if you can maybe talk about any changes in ordering patterns, sell-through patterns from some of your bigger mass accounts versus department stores, and what channel you expect to be the strongest and weakest in F '25.

謝謝大家。好奇您是否可以談談 F'25 的指導方針，以及它如何根據您對美國業務和國際業務的期望進行細分。在美國，您可以談談訂購模式的變化、一些較大的大眾帳戶與百貨公司的銷售模式的變化，以及您預計 2025 年最強和最弱的管道是什麼。

And then last, just curious on gross margin, if you could talk about the cadence maybe on a quarterly basis throughout the year. If we should think about it as consistent? Or is it going to be stronger upfront, weaker in the back or vice versa? Thank you.

最後，我很好奇毛利率的情況，您能否談談全年按季度變化的節奏？我們是否應該認為它是一致的？還是前場實力更強，後場實力較弱，反之亦然？謝謝。

Sure. Let me start. Scott, I'll let you handle the margin. On the top line for guide, as we said, we expect about 1% growth year-over-year on a constant currency basis. That works out roughly in the US segment to be essentially flat for the year. International on that constant currency basis will be up low single digits. And then in our other segment, we do have that about $45 million, but that's not in that 1% growth.

當然。讓我開始吧。史考特，我讓你處理利潤。正如我們所說，在指導價的頂線上，我們預計以固定匯率計算年增約 1%。大致相當於美國市場全年銷售量基本持平。以固定匯率計算，國際貿易額將上漲個位數。然後在我們的其他部門，我們確實有大約 4500 萬美元，但這並不在 1% 的成長率中。

Regarding the channels that you talked about, no major shifts in ordering patterns that we've seen going forward, and don't necessarily anticipate them. Obviously, there's some disruption out there and some channels are doing better than others right now and some customers are doing better than others. But we're working really hard with all of them. They're all important to us, and we expect to continue to drive growth in where we're strong.

關於您談到的管道，我們尚未看到未來訂購模式發生重大轉變，也不一定能預料到這些轉變。顯然，存在一些混亂，目前一些管道的表現優於其他管道，而一些客戶的表現優於其他客戶。但我們正和他們所有人一起努力。它們對我們都很重要，我們希望繼續在我們優勢領域推動成長。

I think we're well positioned with the winners that will play out over time. But where you would expect to see strong growth over the years, we're well positioned there and continue to see that growth. There's also been a lot of change in leadership at many of our retail partners, and we're working very closely with them as they build out new plans and look for new ways to improve their business. Our retail relationships today are probably as good, if not better than they've ever been. So we're very close and continue to adapt to the needs out there for different retailers.

我認為，隨著時間的推移，我們將成為獲勝者。但在您預計未來幾年將出現強勁成長的領域中，我們已做好充分準備並將繼續看到這種成長。我們的許多零售合作夥伴的領導層也發生了很大變化，我們正與他們密切合作，制定新的計劃並尋找改善業務的新方法。我們今天的零售關係可能和以前一樣好，甚至更好。因此，我們非常接近並繼續適應不同零售商的需求。

Yeah. And on question on the margin. So for the full year, like I mentioned earlier, gross margin will be up around 20 to 30 basis points. In the first quarter, we were expecting gross margin to be around 41.3% which is up about 125 basis points year-over-year.

是的。以及關於邊際的問題。所以就全年而言，正如我之前提到的，毛利率將上升約 20 至 30 個基點。第一季度，我們預期毛利率約為41.3%，年增約125個基點。

Now we're not guiding on each quarter within the year, but just a little more color as you think about putting your model together. I think in the first half, you should expect a little more margin increase year-over-year. Are you going to have a couple of things play out within gross margin. The first part is input cost.

現在我們不會對一年內的每個季度進行指導，而是在您考慮整合模型時提供更多細節。我認為上半年利潤率應該會比去年同期有小幅成長。你會在毛利率範圍內發揮幾項作用嗎？第一部分是投入成本。

We're seeing input costs are stabilizing overall, but we're going to see some tailwind benefit in the first half, not so much in the back half in the input cost. And then also from a cost saving standpoint, like I mentioned earlier, we accelerated a lot of actions. So you're seeing that benefit earlier.

我們看到投入成本總體上正在穩定，但我們會在上半年看到一些順風優勢，而在下半年投入成本的優勢則不會那麼大。然後從節省成本的角度來看，正如我之前提到的，我們加快了許多行動。因此您可以更早看到這一好處。

You're going to see the year-over-year benefit slow down a little bit, mostly in the back half, but those two factors as you think about the margin cadence, you should think about from a gross margin standpoint. I would say operating margin, you should expect a year-over-year margin uplift to year-over-year increase in each quarter for operating margin. Again, a big driver of that's going to be the SG&A cost reductions.

您會看到同比收益有所放緩，主要是在下半年，但是當您考慮利潤節奏時，您應該從毛利率的角度考慮這兩個因素。我想說的是營業利潤率，你應該預期營業利潤率每季都會年增。再一次，一個重要的推動因素是銷售、一般及行政費用 (SG&A) 的降低。

Got it. Thank you and good luck.

知道了。謝謝你，祝你好運。

Ike Boruchow, Wells Fargo.

富國銀行的艾克·博魯喬（Ike Boruchow）。

Hey. Good morning, everybody. Let me -- I have two questions. One, I'll piggyback off of Paul. Just on the gross margin, I guess, Scott, is that just -- so up 125 in the -- in Q1, up 20 to 30 for the year. So you're baking it down in the back half. Is there -- is that conservatism? Or is there something on the cost side that kind of flips the headwind that we should be thinking about? Just trying to dig into that a bit more.

嘿。大家早安。讓我——我有兩個問題。第一，我要依靠保羅。史考特，我想，就毛利率而言，第一季上漲了 125%，全年上漲了 20% 到 30%。因此，您要將其後半部烘烤。那是保守主義嗎？或者成本方面是否存在一些我們應該考慮的不利因素？只是想進一步深入探討一下。

Yeah. That's good question. So as you think about gross margin, it's probably a little bit of conservatism in our gross margin outlook. We've talked about this before. We have really good visibility to our costs. So we kind of know what to expect from input cost to cost savings during the year. So there's a little bit of conservatism, but I would say, as you look out, again, all the actions that we're taking really accelerated a lot of that margin improvement year-over-year.

是的。這是個好問題。因此，當您考慮毛利率時，我們的毛利率前景可能有些保守。我們之前討論過這個問題。我們對我們的成本有非常好的了解。因此，我們大概知道一年中從投入成本到成本節約的預期結果。因此，存在一些保守主義，但我想說，如果你再觀察一下，你會發現我們採取的所有行動確實加速了利潤率的逐年提高。

You saw a lot of that in '24 more than we initially anticipated. And then -- and this year, in the first half, we're seeing that play out, and it's going to stabilize a little more year-over-year as far as you look about just the comparison of year-over-year margin profile.

在 2024 年，你看到的情況比我們最初預期的要多得多。然後 — — 今年上半年，我們看到了這種情況的發生，就同比利潤率的比較而言，它將比去年同期更加穩定。

And the other thing I would just add is Q4 is a big comp with that 44.1%, which is -- we're really proud of that number and really glad we hit it, but that's a big comp. So that kind of adjusts your numbers as you go through the year.

我想補充的另一件事是，第四季度的同比增幅高達 44.1%，我們對這個數字感到非常自豪，並且很高興我們達到了這個數字，但這是一個很大的同比增幅。這樣，隨著時間的流逝，您的數字就會得到相應的調整。

Got it. Fair enough. Okay. And then just a follow-up. I want to make sure I understand the cash flow build for the year. So I guess my question is, so when I look at it, you're guiding $350 million in operating cash flow. If my rough math, if I just add the net income and the D&A, I'm getting -- I get something closer to $250 million. So I kind of have to assume there's some working capital benefits happening there.

知道了。很公平。好的。然後只是後續行動。我想確保我了解今年的現金流量狀況。所以我想我的問題是，當我看它時，你指導的營運現金流是 3.5 億美元。如果我粗略計算一下，如果僅將淨收入和 D&A 相加，我會得到接近 2.5 億美元的數字。因此我不得不假設那裡存在一些營運資金效益。

Can you just, maybe Scott, talk about what those might be? And a follow-up to that is, can you comment, in that number, are you baking in further benefit from the securitization of receivables that you were doing last year into this year? And could you quantify that? I'm just trying to make sure I understand all the line items and moving pieces within cash flow for the year.

史考特，您能否談談這些可能是什麼？接下來的問題是，您能否評論一下，在這個數字中，您是否從去年進行的應收帳款證券化中獲得了更多的利益？您能量化一下嗎？我只是想確保我了解年度現金流中的所有項目和變動部分。

Yes. Definitely. Great question on the cash flow. We -- again, just like the margin feel very good and very pleased with the results in '24 coming in at $264 million. And maybe the best way to talk about this is I'll bridge it from all in '24 because as some puts and takes in there I'll bridge you there to help frame it up better for you.

是的。確實。關於現金流的這個問題問得很好。我們 — — 再次，就像利潤率一樣，我們對 24 年的表現感到非常滿意，達到 2.64 億美元。也許談論這個問題的最好方式是，我將在 24 年間將其全部聯繫起來，因為隨著一些人的投入和接受，我將在那裡為你架起橋樑，以幫助你更好地建造它。

So starting with the $264 million, what you're going to see is on the increases, you're going to see profit growth. We were going to have operating profit growth, I mentioned 125 basis points. That's a little over $40 million of profit year-over-year growth. Also factoring in is the lower cash interest. We have lower cash interest in '25 versus '24 by around $60 million. So there's another piece to consider as you look at year-over-year.

因此，從 2.64 億美元開始，您將看到的是成長，您將看到利潤的成長。我們的營業利潤將會成長，我提到 125 個基點。這意味著利潤同比增長略高於 4,000 萬美元。另外也考慮了較低的現金利息。與24年相比，25年的現金利息下降了約6,000萬美元。因此，當你回顧去年同期時，還有另一件事需要考慮。

And then also in 2024, there was about net about $75 million of nonrecurring transactional deal costs like with the Champion transaction, a lot of these restructuring actions that were cashed. Those are nonrecurring to that level. And so those are not -- we'll be repeating at that level. So you factor all that in, you really get a lot more upside than what you're looking for in the calculation that you did.

然後到 2024 年，非經常性交易成本淨額約為 7,500 萬美元，例如 Champion 交易等，其中許多重組行動都已兌現。那些都是非經常性的。所以這些都不是——我們會在那個層面上重複。因此，如果你把所有這些都考慮進去，你得到的好處實際上會比你在計算中所期望的多得多。

The other couple of things to think about and consider is we saw a lot of working capital benefit in 2024. A lot of that was tied to the Champion transaction as we were harvesting cash and working capital to drive the benefit there, getting cash ahead of those transactions. We had about $150 million in total working capital benefit last year. A lot of that was attributable to the Champion, of harvesting of cash.

另外需要考慮和考慮的是，我們在 2024 年看到了大量的營運資金收益。其中很大一部分與 Champion 交易有關，因為我們正在收穫現金和營運資本來推動那裡的利益，並在這些交易之前獲得現金。去年我們的總營運資金收益約為1.5億美元。這很大程度要歸功於冠軍收穫的現金。

You're not going to see that level. You are going to see a benefit in working capital, inventory, [AR] AP is all going to be contributing to working capital benefit this year, just not to the same level that you saw in 2024. And you have other puts and takes in there to get you to the $350 million. But really good shape with that. From a receivables financing standpoint, we did take -- and do some incremental actions in the last couple of years, not really anticipating any incremental benefits from receivable financing this year on top of what we saw in 2024.

你不會看到那個水平的。您將看到營運資本、庫存、[AR] AP 等方面的收益都將為今年的營運資本利得做出貢獻，但不會達到 2024 年的水準。你還可以透過其他方式來獲得 3.5 億美元。但那樣的話狀態確實很好。從應收帳款融資的角度來看，我們在過去幾年確實採取了一些漸進式行動，但實際上並沒有預期今年應收帳款融資會在 2024 年的基礎上帶來任何增量收益。

Got it. Very helpful. Thanks.

知道了。非常有幫助。謝謝。

Jim Duffy, Stifel.

吉姆·達菲（Jim Duffy），斯蒂費爾（Stifel）。

Hi. This is Peter McGoldrick on for Jim. Thanks for taking our questions. I was curious, as you build to the low single-digit international revenue outlook, on a constant currency basis. Can you talk to your expectations for volume, pricing? And if you can classify the inventory position, it sounds like there was some channel fill in Australia in the quarter. How does that all fit into your top line growth outlook?

你好。我是彼得·麥戈德里克，代替吉姆。感謝您回答我們的問題。我很好奇，您按照固定匯率計算，建立了低個位數的國際收入前景。您能談談對銷售和定價的期望嗎？如果您可以對庫存情況進行分類，聽起來好像本季度澳大利亞有一些渠道填充。這一切與您的營收成長前景有什麼關係？

Sure. So let me talk about Australia first, which is obviously the biggest part of that International segment. No inventory fill in the channel. So it's all volume-driving consumer pulp that has improved that part of the business. Australia is still in a challenging situation.

當然。所以讓我先談談澳大利亞，顯然這是國際部分中最大的部分。渠道中無庫存填補。所以，正是銷售驅動的消費級紙漿推動了該部分業務的改善。澳洲仍然面臨挑戰。

Inflation is sticky and GDP is still a little bit low there. But I really like the way that business is being run and where it's headed. Our online business is doing extremely well there and has continued to perform. The innovation that we've launched has been really good. And one of the things I'm really proud of that team is they're not standing still.

通貨膨脹依然嚴峻，國內生產毛額 (GDP) 仍然有點低。但我確實喜歡目前的業務運作方式和發展方向。我們的線上業務在那裡表現非常好，並且一直保持良好的表現。我們推出的創新確實很好。我為這支球隊感到自豪的一件事是他們沒有停滯不前。

They're finding solutions to operate in a really challenging environment, driving, again, new innovation, consumer engagement, really making sure that our assortment is aligned with consumer behavior. So an example of that was we found some gaps in the portfolio at the lower end that we've launched what we call Bonds everyday value product, which is actually a lift in land from the US. So back to that, we're a global company moving innovation around the world, that really addressed the price gap we have in the market, and that's doing extremely well.

他們正在尋找在真正具有挑戰性的環境中運作的解決方案，再次推動新的創新、消費者參與，真正確保我們的產品組合與消費者行為一致。例如，我們發現投資組合中低端存在一些缺口，因此我們推出了所謂的債券日常價值產品，這實際上是從美國購買土地的一種提升。回到剛才的問題，我們是一家在世界各地推動創新的全球性公司，這確實解決了我們在市場上的價格差距，而且做得非常好。

So I feel good about Australia. Obviously, we saw growth in the fourth quarter in Australia of about 4%, which we have not seen growth in a while there. So I'm encouraged about where that business can go. The rest of the Americas business is doing fairly well, and we think we have opportunity to continue to grow that business, particularly our business in Mexico. So around the globe, International, we feel pretty good. It's normal business, it's grinding out business, but there's no inventory fill or anything like that that's driving that business going forward.

所以我對澳洲感覺很好。顯然，我們看到澳洲第四季的經濟成長約為 4%，這是我們很長時間以來沒有看到的成長。所以我對該業務的發展前景感到很欣慰。美洲其他地區的業務表現相當不錯，我們認為我們有機會繼續發展這些業務，特別是我們在墨西哥的業務。因此，在全球範圍內，國際上我們感覺相當不錯。這是正常的業務，這是艱苦的業務，但沒有庫存填充或類似的東西來推動業務向前發展。

Very helpful. And then I was curious about the opportunity you're seeing in the Printwear business with the new streamlined operating structure. Can you size Printwear, what it means to HanesBrands, discuss your current competitive position and how that fits into your 2025 growth outlook.

非常有幫助。然後我很好奇您在新的精簡營運結構下在 Printwear 業務中看到的機會。您能否評估一下 Printwear 的規模？

Yes. We don't share the exact breakout of that business. It's not a tremendously large part of our business, but I think it can be a highly incremental part of our business. And it's a business that we honestly haven't focused on that much in the right way recently, but we are pivoting hard.

是的。我們不會分享該業務的具體細節。這雖然不是我們業務中很大的一部分，但我認為它可以成為我們業務中高度增量的一部分。說實話，我們最近並沒有以正確的方式關注這項業務，但我們正在努力轉型。

We got a new leadership team in place, and they are working extremely hard with our partners in our business, HanesBrands and Beefy-T 50th anniversary is being extremely well received in the market. It's one of our many growth opportunities that we have for next year. We've got a lot of growth drivers, and that's one of them. And I think we'll talk more about it as we go forward.

我們已組建新的領導團隊，他們正與我們的業務合作夥伴 HanesBrands 一起努力工作，Beefy-T 50 週年紀念版在市場上獲得了極大的歡迎。這是我們明年的眾多成長機會之一。我們有很多成長動力，這只是其中之一。我想我們會在未來進一步討論這個問題。

William Reuter, Bank of America.

美國銀行的威廉·路透。

Hi. I have just one. In terms of your sales into Mexico, as well as Canada, in the event that there were retaliatory tariffs put in place, what would be the impact potentially there?

你好。我只有一個。就你們在墨西哥和加拿大的銷售而言，如果實施報復性關稅，可能會產生什麼影響？

Yes. The short answer is 0 because we don't move product that way. So obviously, there's -- I don't want to speculate on other scenarios, but there is no impact on product and tariffs between those (inaudible) countries, Mexico and Canada.

是的。簡短的回答是 0，因為我們不以那種方式運輸產品。所以很明顯，我不想猜測其他情況，但這對這些（聽不清楚）國家、墨西哥和加拿大之間的產品和關稅沒有影響。

Okay. So just to be clear, you don't sell products into customers, retail customers, I guess they'd be your wholesale sales into Canada and Mexico?

好的。所以需要明確的是，您不向客戶，零售客戶銷售產品，我猜他們是向加拿大和墨西哥進行批發銷售？

Not from the US.

不是來自美國。

Got it. Okay. All right, that's all for me. Thank you.

知道了。好的。好的，我就說這麼多了。謝謝。

Carla Casella, JPMorgan.

摩根大通的卡拉·卡塞拉。

Hi. Given you guys have such a great touch with retail wholesale channels, can you talk about whether you're seeing a consumer kind of shifts between channels or different consumer trends within the market?

你好。鑑於你們對零售批發通路有如此深入的了解，您能否談談是否看到消費者在不同通路之間的轉變或市場內不同的消費趨勢？

Sure. Thanks, Carla. Yeah, it is really good. We have our great relationships with a whole bunch of different customers across the different channels. And you've seen which channels seem to be overperforming at a macro level right now. Our business performs relatively consistently with those channels. So I don't want to get into the specifics of our performance channel by channel, but you should expect that our business follows the macro channel trends relatively closely.

當然。謝謝，卡拉。是的，非常好。我們透過不同的管道與眾多不同的客戶保持著良好的關係。而且您已經看到，目前哪些管道在宏觀層面上表現優異。我們的業務與這些管道表現相對一致。因此，我不想逐一討論我們的具體通路業績，但你應該預料到，我們的業務會相對緊密地跟隨宏觀通路趨勢。

That concludes today's question-and-answer session. I'd like to turn the call back to TC Robillard for closing remarks.

今天的問答環節到此結束。我想請 TC Robillard 作最後發言。

I'd like to thank everyone for attending our call today, and we look forward to speaking with you soon. Have a great day.

我感謝大家今天參加我們的電話會議，我們期待很快與您交談。祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。