Helen of Troy Ltd (HELE) 2023 Q4 法說會逐字稿

Greetings, and welcome to the Helen of Troy Fourth Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jack Jancin, Senior Vice President of Corporate Business Development. Thank you, Mr. Jancin, you may begin.

您好，歡迎來到海倫特洛伊 2023 年第四季度財報電話會議。 （操作員說明）提醒一下，正在錄製此會議。現在我很高興向您介紹主持人，公司業務發展高級副總裁 Jack Jancin。謝謝 Jancin 先生，您可以開始了。

Thank you, operator. Good morning, everyone, and welcome to Helen of Troy's Fourth Quarter Fiscal 2023 Earnings Conference Call. The agenda for the call this morning is as follows: I'll begin with a brief discussion of forward-looking statements; Mr. Julien Mininberg, the company's CEO; and Ms. Noel Geoffroy, the company's COO, will comment on business performance and key accomplishments and then provide some perspective as we begin the new fiscal year; then Mr. Brian Grass, the company's incoming interim CFO, will review the financials in more detail and comment about current trends and expectations for the upcoming fiscal year. Following this, we will take questions you have for us today.

謝謝你，運營商。各位早上好，歡迎來到特洛伊的海倫 (Helen of Troy) 2023 財年第四季度收益電話會議。今天上午的電話會議議程如下：首先我將簡要討論前瞻性陳述；公司CEO Julien Mininberg先生；公司首席運營官 Noel Geoffroy 女士將對業務績效和主要成就發表評論，然後在我們開始新的財政年度時提供一些觀點；然後，公司即將上任的臨時首席財務官布賴恩·格拉斯 (Brian Grass) 先生將更詳細地審查財務狀況，並對當前趨勢和下一財年的預期發表評論。在此之後，我們將回答您今天向我們提出的問題。

This conference call may concern certain forward-looking statements that are based on management's current expectation with respect to future events or financial performance. Generally, the words anticipates, believes, expects and other words similar are words identifying forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties that could cause anticipated results to differ materially from the actual results.

本次電話會議可能涉及某些基於管理層當前對未來事件或財務業績的預期的前瞻性陳述。通常，預期、相信、期望和其他類似的詞是識別前瞻性陳述的詞。前瞻性陳述受到許多風險和不確定性的影響，這些風險和不確定性可能導致預期結果與實際結果存在重大差異。

This conference call may also include information that may be considered non-GAAP financial information. These non-GAAP financial measures are not an alternative to GAAP financial information and may be calculated differently than the non-GAAP financial information disclosed by other parties. The company cautions listeners not to place undue reliance on forward-looking statements or non-GAAP information.

此電話會議還可能包含可能被視為非 GAAP 財務信息的信息。這些非 GAAP 財務措施不能替代 GAAP 財務信息，並且計算方法可能與其他方披露的非 GAAP 財務信息不同。公司提醒聽眾不要過分依賴前瞻性陳述或非 GAAP 信息。

Before I turn the call over to Mr. Mininberg, I would like to inform all interested parties that a copy of yesterday's earnings release has been posted to the Investor Relations section of the company's website at www.helenoftroy.com. The earnings release contains tables that reconcile non-GAAP financial measures to their corresponding GAAP-based measures. The release can be obtained by selecting the Investor Relations tab on the company's homepage and then press the Releases tab.

在我將電話轉給 Mininberg 先生之前，我想通知所有感興趣的各方，昨天的收益發布副本已發佈到公司網站 www.helenoftroy.com 的投資者關係部分。收益發布包含將非 GAAP 財務指標與其相應的基於 GAAP 的指標相協調的表格。可以通過選擇公司主頁上的“投資者關係”選項卡然後按“發布”選項卡來獲取該發布。

I will now turn the conference call over to Mr. Mininberg.

我現在將電話會議轉交給 Mininberg 先生。

Thank you, Jack. Good morning, everyone, and thank you for joining us. We have a lot to share with you today. I will start with a few comments on the CEO succession plan for 2024 and recent changes at the CFO level, then turn to the business results we posted yesterday. I will also give some perspective on our outlook for fiscal '24. Our Chief Operating Officer, Noel Geoffroy, will update you on the considerable progress we are making on Project Pegasus, provide more detail on segment performance and touch on how we are approaching our next multiyear strategic plan. Brian will comment on our fourth quarter results, financial position and on our fiscal '24 outlook. He will also provide his perspective as he returns to Helen of Troy as our interim CFO.

謝謝你，傑克。大家早上好，感謝您加入我們。今天我們有很多東西要和你分享。我將從對 2024 年 CEO 繼任計劃和 CFO 級別的近期變化的一些評論開始，然後轉向我們昨天發布的業務結果。我還將就我們對 24 財年的展望給出一些看法。我們的首席運營官 Noel Geoffroy 將向您介紹我們在 Pegasus 項目上取得的重大進展，提供有關部門績效的更多詳細信息，並介紹我們如何制定下一個多年戰略計劃。 Brian 將對我們的第四季度業績、財務狀況和我們的 24 財年展望發表評論。當他作為我們的臨時首席財務官返回特洛伊的海倫時，他還將提供他的觀點。

Per our press release yesterday, I intend to retire at the end of February 2024 when the term of my employment agreement is set to expire. The Board has appointed Noel Geoffroy to succeed me as CEO. This timing provides continuity through the end of this fiscal year. March 2024 will mark the end of Phase 2 of Helen of Troy's transformation plan as well as 10 years in the CEO role and 34 years in the consumer products industry. It will be my turn to slow down at least a bit, spend more time with my family and focus on some personal priorities. I will be working closely with Noel as we execute our transition plan.

根據我們昨天發布的新聞稿，我打算在 2024 年 2 月底退休，屆時我的僱傭協議將到期。董事會已任命 Noel Geoffroy 接替我擔任首席執行官。這一時間安排在本財政年度結束前提供了連續性。 2024 年 3 月將標誌著特洛伊海倫 (Helen of Troy) 轉型計劃第二階段的結束，以及擔任 CEO 10 年和消費品行業 34 年。輪到我至少放慢一點，花更多時間陪伴家人並專注於一些個人優先事項。在我們執行過渡計劃時，我將與 Noel 密切合作。

As it relates to my Board service, the nominating committee will finalize the full slate of nominees for public disclosure when our proxy is filed in June. I do expect to stand for reelection at our Annual General Meeting of Shareholders, which is in August. Regarding continued Board service, if I am elected, my 2020 employment agreement calls for my resignation upon retirement per standard practice. There's no current plan beyond that date.

由於它與我的董事會服務相關，提名委員會將在 6 月份提交代理人時最終確定公開披露的完整提名人名單。我確實希望在 8 月份的年度股東大會上競選連任。關於繼續為董事會服務，如果我當選，我的 2020 年就業協議要求我根據標準做法在退休後辭職。目前沒有超過該日期的計劃。

The Board and I believe the company will be in excellent hands under Noel's leadership. She has proven herself as COO, including her leadership of Pegasus, and is already providing a further step-up in our brand building and go-to-market capabilities. Over the past year, she has also overseen the work of our business segment Presidents, C-level operations and IT leaders and has been learning all aspects of Helen of Troy's day-to-day business. She brings more than 25 years of outstanding experience across several consumer products businesses and multinational organizations, including Sanofi Consumer Health, Kellogg's, Heinz and Procter & Gamble. She also brings a track record of creating growth and driving operational excellence in matrix organizations like ours and a passion for building world-class consumer-centric brands. She has a reputation as an inspirational leader, making her a natural fit with Helen of Troy's culture. Noel will become the third ever CEO in Helen of Troy's 55-year history when she takes the reins next year. The company is well positioned to deliver the next era of sustained growth. Noel is leading the development of the strategic plan for that era.

董事會和我相信公司將在 Noel 的領導下得到出色的管理。她已經證明自己是首席運營官，包括她對 Pegasus 的領導，並且已經在進一步提升我們的品牌建設和進入市場的能力。在過去的一年裡，她還監督了我們業務部門總裁、C 級運營和 IT 領導的工作，並一直在學習 Helen of Troy 日常業務的各個方面。她在賽諾菲消費者健康、家樂氏、亨氏和寶潔等多家消費品企業和跨國組織中擁有超過 25 年的傑出經驗。她還帶來了在像我們這樣的矩陣組織中創造增長和推動卓越運營的記錄，以及對打造世界級以消費者為中心的品牌的熱情。她以鼓舞人心的領袖而著稱，這使她與特洛伊的海倫文化天生契合。諾埃爾明年上任時，將成為特洛伊海倫 55 年曆史上的第三位首席執行官。該公司已做好準備迎接下一個持續增長的時代。諾埃爾正在領導那個時代的戰略計劃的製定。

As previously announced, we are pleased to welcome back Brian Grass as our Interim CFO. As many of you will remember, Brian has made significant contributions to the success of our company, not only during his 7 years as CFO, but also throughout his 15-year tenure with Helen of Troy. His leadership, strategic thinking and outstanding oversight of our finances were highly valued during his many years with the company. We welcome having his business insights and leadership back at Helen of Troy while we search for a permanent CFO.

正如之前宣布的那樣，我們很高興地歡迎 Brian Grass 回來擔任我們的臨時首席財務官。你們中的許多人都會記得，布賴恩為我們公司的成功做出了重大貢獻，不僅是在他擔任首席財務官的 7 年期間，而且在他與特洛伊的海倫一起任職的 15 年期間。在他為公司工作多年期間，他的領導才能、戰略思維和對我們財務的出色監督得到了高度重視。在我們尋找永久首席財務官的同時，我們歡迎他的商業洞察力和領導力回到海倫。

I also want to thank our outgoing CFO, Matt Osberg, for his leadership and contributions to the company during his time as CFO as well as for his service as SVP of Finance. During Matt's 7-year tenure, he significantly strengthened our finance department into an even more capable global shared services team that will continue supporting the company moving forward.

我還要感謝我們即將離任的首席財務官 Matt Osberg，感謝他在擔任首席財務官期間以及擔任財務高級副總裁期間對公司的領導和貢獻。在 Matt 的 7 年任期內，他顯著加強了我們的財務部門，使其成為一支更有能力的全球共享服務團隊，將繼續支持公司向前發展。

Turning now to our business results. We reported better fourth quarter performance than we expected in what has been one of the most unpredictable and challenging years in memory. Our key initiatives to improve cash flow and further strengthen our balance sheet are paying off. During the quarter, we expanded operating margin, reduced inventory to now below fiscal '21 levels and accelerated our debt paydown.

現在談談我們的業務成果。我們報告的第四季度業績好於我們在記憶中最不可預測和最具挑戰性的年份之一的預期。我們改善現金流和進一步加強資產負債表的主要舉措正在取得成效。在本季度，我們擴大了營業利潤率，將庫存減少到現在低於 21 財年的水平，並加快了償還債務的速度。

With fiscal '23 marking the fourth year of Phase 2, I believe it is helpful to give some long-term perspective. Our core net sales grew at a 9.1% CAGR since the Phase 2 starting point in fiscal '19, well ahead of the target set. Core adjusted EPS grew at a 6.8% CAGR during the same period despite the many challenges to profitability within our industry and in the broader macro environment. In fiscal '23, we largely completed our new 2 million square foot state-of-the-art distribution facility in Tennessee. It is now open and has begun shipping to customers. Because of its size, its expected efficiency and its substantial new capabilities, it provides an opportunity to reduce other parts of our distribution center footprint while still providing ample capacity for organic revenue growth and acquisition. Its completion will also allow us to return to a more normalized level of capital expenditure in fiscal '24, which we expect will further accelerate our free cash flow and our debt paydown.

隨著 23 財年標誌著第二階段的第四個年頭，我相信給出一些長期的觀點是有幫助的。自 19 財年第二階段起點以來，我們的核心淨銷售額以 9.1% 的複合年增長率增長，遠超既定目標。儘管我們行業和更廣泛的宏觀環境中的盈利能力面臨諸多挑戰，但核心調整後每股收益在同一時期以 6.8% 的複合年增長率增長。在 23 財年，我們在田納西州基本完成了我們新的 200 萬平方英尺的最先進的配送設施。它現已開放，並已開始向客戶發貨。由於其規模、預期效率和大量新功能，它提供了一個機會來減少我們配送中心其他部分的足跡，同時仍然為有機收入增長和收購提供充足的能力。它的完成還將使我們能夠在 24 財年恢復到更正常的資本支出水平，我們預計這將進一步加速我們的自由現金流和債務償還。

Turning now to Project Pegasus. We acted quickly and well beyond the belt-tightening exercise. We did this to improve efficiency and address the impacts from the major macro trends of inflation, higher interest rates and historic levels of retailer inventory rebalancing that challenge fiscal '23. Pegasus is on track to deliver its savings objectives. Beyond the cost savings from Pegasus, we see the new organizational structure and capabilities we announced in our January call a strategic benefit that will serve as an accelerator to top and bottom line growth.

現在轉向 Project Pegasus。我們的行動迅速，遠遠超出了勒緊褲腰帶的範圍。我們這樣做是為了提高效率並解決通脹、利率上升和零售商庫存再平衡的歷史水平對 23 財年提出挑戰的主要宏觀趨勢的影響。 Pegasus 有望實現其節約目標。除了 Pegasus 帶來的成本節約之外，我們還看到我們在 1 月份宣布的新組織結構和能力稱為戰略收益，它將作為頂線和底線增長的加速器。

I would now like to turn the conversation over to Noel.

我現在想把話題轉給諾埃爾。

Thank you, Julien. I would like to take this opportunity to thank the company's Board, Julien, the global leadership team and our worldwide associates for their confidence, trust and support. I am deeply honored to become Helen of Troy's next CEO in 2024. With an outstanding portfolio of leadership brands, a passionate team and many successes during the company's transformation, I believe we have a strong foundation for sustainable, profitable growth and long-term value creation. I look forward to working with Julien during the remainder of his tenure to foster a seamless transition.

謝謝你，朱利安。我想藉此機會感謝公司董事會 Julien、全球領導團隊和我們全球員工的信任、信任和支持。我非常榮幸能在 2024 年成為 Helen of Troy 的下一任首席執行官。憑藉出色的領導品牌組合、充滿激情的團隊以及公司轉型過程中的許多成功，我相信我們為實現可持續的盈利增長和長期價值奠定了堅實的基礎創建。我期待著在 Julien 的剩餘任期內與他合作，以促進無縫過渡。

Beginning with Project Pegasus, I am pleased with the progress to date across all the work streams. While Pegasus is a multiyear initiative, we expect significant savings benefits to begin in fiscal '24, helping us offset some of our anticipated cost headwinds. The new capabilities from Pegasus in go-to-market structure, analytics, operations and finance are also helping us improve our top line and simplify how we work in fiscal '24. The largest portion of Pegasus savings is scheduled for realization in fiscal '25, and we intend to use that fuel to drive our value creation flywheel by investing in brilliant marketing and innovation to delight consumers and further enhancing the efficiency and effectiveness of our regional market organizations and global shared services. We continue to look for ways to accelerate the savings that we can reinvest in growth more quickly. The timing and extent of the reinvestment will depend on the future macro conditions and on the opportunities that provide the most attractive ROI.

從 Project Pegasus 開始，我對迄今為止所有工作流的進展感到滿意。雖然 Pegasus 是一項多年計劃，但我們預計 24 財年將開始產生顯著的節約效益，幫助我們抵消一些預期的成本逆風。 Pegasus 在上市結構、分析、運營和財務方面的新功能也正在幫助我們提高收入並簡化我們在 24 財年的工作方式。 Pegasus 節省的最大部分計劃在 25 財年實現，我們打算通過投資出色的營銷和創新來取悅消費者，並進一步提高我們區域市場組織的效率和效力，從而利用這些燃料來驅動我們的價值創造飛輪和全球共享服務。我們繼續尋找加速儲蓄的方法，以便我們可以更快地再投資於增長。再投資的時間和範圍將取決於未來的宏觀條件和提供最具吸引力的投資回報率的機會。

Now let me share several Pegasus workstream wins. The first relates to the implementation of one of the major organizational changes we announced in January, which was to create a North America Regional Market Organization, or NARMO. It captures the benefits of increased focus on sales and go-to-market in the United States and Canada across our full portfolio of brands. During the short time since its inception, this newly formed team has identified and, in some cases, secured significant new distribution across the company's diversified portfolio. The NARMO team will continue to identify and capture white space distribution opportunities, leverage our scale and joint business planning and enhance our ability to win with winning customers.

現在讓我分享幾個 Pegasus 工作流的勝利。第一個與我們在 1 月份宣布的一項重大組織變革的實施有關，即創建北美區域市場組織 (NARMO)。它抓住了我們在美國和加拿大的整個品牌組合中更加關註銷售和上市的好處。自成立以來的短時間內，這個新成立的團隊已經確定並在某些情況下確保了公司多元化投資組合的重要新分銷。 NARMO 團隊將繼續識別和捕捉空白分銷機會，利用我們的規模和聯合業務規劃，增強我們贏得客戶的能力。

The second work stream win further builds excellence and standardization across our organization by centralizing all aspects of operations under our Chief of Global Operations. He now leads all sourcing and supplier relationships across the company and has created a center of excellence with a single approach to demand and supply planning to help improve forecast accuracy and inventory management. With inventory reduction a key priority for us in fiscal '23, we exceeded our expectations. Continuing to lower inventory in fiscal '24 will allow us to pay down our debt faster and also help us move more quickly on optimizing our distribution facility footprint.

第二個工作流通過將運營的各個方面集中在我們的全球運營總監的領導下，進一步在我們的組織中建立卓越和標準化。他現在負責領導整個公司的所有採購和供應商關係，並創建了一個卓越中心，採用單一方法進行需求和供應規劃，以幫助提高預測準確性和庫存管理。由於減少庫存是我們在 23 財年的首要任務，我們超出了預期。在 24 財年繼續降低庫存將使我們能夠更快地償還債務，並幫助我們更快地優化我們的分銷設施足跡。

Third, we completed a comprehensive bottom-up analysis focused on optimizing our SKU offerings to meet consumer needs while improving profitability and reducing complexity. Through this process, we rationalized about 18% of our total SKUs, which we expect to enable us to reduce inventory of less profitable and less productive items, simplify our supply chain and redeploy resources to other opportunities. Importantly, we have developed and aligned methodology and automated tools to institutionalize this discipline via an enhanced annual review within our business planning cycle. We have been very careful to balance these benefits with the impact on revenue and market shares. Our fiscal '24 outlook already includes the expected revenue impact this year, and SKU rationalization is one of the drivers of the expected fiscal '24 margin improvement.

第三，我們完成了全面的自下而上分析，重點是優化我們的 SKU 產品以滿足消費者需求，同時提高盈利能力並降低複雜性。通過這個過程，我們合理化了大約 18% 的 SKU，我們希望這能夠減少利潤和生產率較低的商品的庫存，簡化我們的供應鏈，並將資源重新部署到其他機會。重要的是，我們已經開發並調整了方法和自動化工具，通過在我們的業務規劃週期內加強年度審查，使這一學科製度化。我們一直非常謹慎地平衡這些好處與對收入和市場份額的影響。我們的 24 財年展望已經包括今年的預期收入影響，而 SKU 合理化是預期 24 財年利潤率改善的驅動因素之一。

Fourth, as part of our comprehensive Pegasus plan, we are working to reduce complexity by completing our consolidation, renovation and warehouse management system upgrades. Our new Tennessee distribution center has allowed us to start simplifying our U.S. distribution footprint as we already exited some ancillary facilities. We expect the new Tennessee distribution facility to progressively take on a larger concentration of our volume throughout fiscal '24.

第四，作為我們綜合 Pegasus 計劃的一部分，我們正在努力通過完成整合、改造和倉庫管理系統升級來降低複雜性。我們新的田納西州配送中心使我們能夠開始簡化我們在美國的配送足跡，因為我們已經退出了一些輔助設施。我們預計新的田納西州配送設施將在整個 24 財年逐步承擔我們更大的業務量。

Looking ahead to fiscal '25, we have begun work on our next multiyear strategic plan to drive our future set of long-term growth ambitions. It is being built to leverage the successes of the transformation and add new elements. We see considerable opportunity to grow the business by further sharpening and investing in our diversified portfolio of brands, enhance our analytical capabilities, leverage the shared services and regional market organizations we have built around the world, and use the new efficiencies and capabilities from Pegasus to drive growth and profitability. We also expect to build on our outstanding culture fueled by our passionate associates and continue to make Helen of Troy an employer of choice. I am leading its development with input and guidance from Julien, and we expect to share it with you before the end of this calendar year.

展望 25 財年，我們已經開始製定下一個多年戰略計劃，以推動我們未來的長期增長目標。它的構建是為了利用轉型的成功並添加新元素。我們看到了通過進一步加強和投資我們多元化的品牌組合、增強我們的分析能力、利用我們在全球建立的共享服務和區域市場組織以及利用 Pegasus 的新效率和能力來發展業務的巨大機會推動增長和盈利能力。我們還希望在我們熱情的員工的推動下建立我們優秀的文化，並繼續讓海倫成為首選雇主。在 Julien 的投入和指導下，我正在領導它的開發，我們希望在本日曆年結束之前與您分享它。

I would like to now turn to our fourth quarter business results. Core net sales declined 16.2% and core adjusted diluted EPS declined 19.9% in the fourth quarter. Starting with Home & Outdoor, total sales were up 0.5% in the quarter ahead of our expectations. This included a full 3-month contribution from Osprey compared to 2 months in the prior year period. For both the quarter and the full fiscal '23, Osprey outperformed our expectations. The brand benefited from strong e-commerce replenishment after the holiday period, the rebound in travel and good international growth compared to the prior year period. We caught up on inventory and are now much more able to meet demand compared to the fourth quarter of last year when COVID-related factory closures curtailed our supply. POS trends for Osprey were positive in the quarter, and we anticipate that our better inventory position will positively impact the brand's performance in the 3 key categories of technical packs, travel packs and everyday packs in fiscal '24.

我現在想談談我們第四季度的經營業績。第四季度核心淨銷售額下降 16.2%，核心調整後攤薄每股收益下降 19.9%。從家居和戶外開始，本季度總銷售額增長了 0.5%，超出了我們的預期。這包括 Osprey 提供的整整 3 個月的貢獻，而去年同期為 2 個月。對於本季度和整個 23 財年，Osprey 的表現都超出了我們的預期。與去年同期相比，該品牌受益於節後強勁的電子商務補貨、旅遊反彈和良好的國際增長。與去年第四季度與 COVID 相關的工廠關閉導致我們的供應減少相比，我們趕上了庫存，現在更能滿足需求。本季度 Osprey 的 POS 趨勢是積極的，我們預計我們更好的庫存狀況將對該品牌在 24 財年技術包、旅行包和日常包這 3 個關鍵類別的表現產生積極影響。

OXO continued to see POS at brick-and-mortar below peak prior year levels as the overall home category continued to slow. Key drivers of this were normalization of demand from COVID highs and inflationary shifts in consumer spending towards necessities and services. Importantly, total POS for OXO remains solidly ahead of pre-pandemic levels, highlighting the continued desirability of the brand.

隨著整體住宅類別繼續放緩，OXO 繼續看到實體店的 POS 低於去年的峰值水平。造成這種情況的主要驅動因素是 COVID 高點帶來的需求正常化以及消費者支出向必需品和服務的通脹轉變。重要的是，OXO 的總 POS 仍然遠遠領先於大流行前的水平，凸顯了該品牌的持續吸引力。

Inventory in the trade is healthier with weeks on hand down significantly from a year ago for those retailers where we have visibility. We have a strong pipeline of innovation supported by engaging marketing to drive incremental sales from new categories in fiscal '24. One example is our new refrigerator organization system designed to bring order to your fridge with smart shelf enhancers and clear modular bins, to let you find food items easily so you can enjoy them before they spoil. With food prices what they are, finding more ways to save money is really resonating with consumers.

對於那些我們有知名度的零售商來說，貿易中的庫存更健康，手頭週數比一年前顯著減少。我們擁有強大的創新渠道，通過參與營銷來推動 24 財年新類別的銷售增量。一個例子是我們新的冰箱整理系統，該系統旨在通過智能貨架增強器和透明的模塊化垃圾箱為您的冰箱帶來秩序，讓您輕鬆找到食物，這樣您就可以在食物變質之前享用它們。在食品價格如此高的情況下，尋找更多省錢的方法確實引起了消費者的共鳴。

Hydro Flask faced pressure in the quarter from overall softness in the insulated bottles category. Consumer preferences shifted away from bottles where Hydro Flask is by far the leader to tumblers where the brand has a smaller presence. Similar to OXO, inventory in the trade is now healthier. Looking ahead, we see a number of opportunities to drive sales in fiscal '24 and beyond. The automation in our new DC gives us significantly more capabilities to customize Hydro Flask bottles, mugs and other items for direct-to-consumer as well as corporate promotion and gifting. Consumers will also see new collections as well as new colors and limited edition bottles. The soft coolers category also provides a growth opportunity for us. We are leveraging the strong consumer reception to Hydro Flask in that category to gain additional distribution at key retailers and expect us to drive incremental sales in fiscal '24.

Hydro Flask 在本季度面臨保溫瓶類別整體疲軟的壓力。消費者的偏好從 Hydro Flask 迄今為止領先的瓶子轉移到該品牌影響力較小的玻璃杯。與 OXO 類似，貿易中的庫存現在更健康。展望未來，我們看到了許多在 24 財年及以後推動銷售的機會。我們新 DC 中的自動化使我們能夠顯著增強定制 Hydro Flask 瓶子、杯子和其他物品的能力，以直接面向消費者以及企業促銷和贈送禮物。消費者還將看到新系列以及新顏色和限量版瓶子。軟冷卻器類別也為我們提供了增長機會。我們正在利用該類別中消費者對 Hydro Flask 的強烈接受，以在主要零售商處獲得額外的分銷，並期望我們在 24 財年推動增量銷售。

Turning now to Beauty & Wellness. In our Beauty portfolio, we continue to retain our strong market share position amidst the broader category decline in hair care appliances widely reported by retailers and syndicated market measurement data. Prestige Beauty remained a strong suit for us with top customer point-of-sale data showing growth on Curlsmith and drive our appliances and liquids during the quarter. Curlsmith contributed sales of $9 million, in line with raised expectations for the fourth quarter and the full year we mentioned in the January call. We expect to see continued growth in these prestige brands in fiscal '24 behind new products like Drybar Curl Party Heated Curling Round Brush, Final Call Frizz and Static Control Mist as well as Effortless Wave from Curlsmith. We have also enhanced our investment in proven in-store events and education across both brands. In addition, we recently announced our Hot Tools brand is expanding into liquids with its new Protect & Style collection that just launched at Ulta in fiscal '24. Heat protection and styling aids are both top consumer needs, especially for those using hair appliances. This initiative is a great example of platforming as the Hot Tools product formulation leveraged capability from our already established prestige liquid team.

現在轉向美容與健康。在我們的美容產品組合中，在零售商和聯合市場測量數據廣泛報告的護髮用具的更廣泛品類下降的情況下，我們繼續保持強大的市場份額地位。 Prestige Beauty 仍然很適合我們，頂級客戶銷售點數據顯示 Curlsmith 的增長並推動我們的電器和液體在本季度增長。 Curlsmith 貢獻了 900 萬美元的銷售額，符合我們在 1 月份的電話會議中提到的對第四季度和全年的更高預期。我們預計這些知名品牌將在 24 財年繼續增長，背後是 Drybar Curl Party 加熱捲發圓刷、Final Call Frizz 和 Static Control Mist 以及 Curlsmith 的 Effortless Wave 等新產品。我們還加大了對兩個品牌經驗證的店內活動和教育的投資。此外，我們最近宣布，我們的 Hot Tools 品牌將擴展到液體產品，其新的 Protect & Style 系列剛剛在 24 財年的 Ulta 上推出。熱保護和造型輔助都是消費者的首要需求，尤其是對於那些使用美髮器具的人來說。這一舉措是平台化的一個很好的例子，因為 Hot Tools 產品配方利用了我們已經建立的聲望液體團隊的能力。

Turning to our Wellness portfolio. We faced a tough comparison to strong thermometer and humidifier category demand driven by last year's Omicron surge and post-COVID normalization. The elevated demand we discussed in January softened as the season peaked earlier than we have seen historically. Despite overall category declines, Helen of Troy's U.S. market shares remained strong in thermometers, inhalants and humidifiers with the #1 position among branded products in all 3 of these categories. Over the 12-month period covering our fiscal '23, Vicks is #1 in total thermometry and in digital thermometry and is also #1 in the high-margin inhalant category. Braun is #2 in total thermometry and #1 in both ear and noninvasive thermometry.

轉向我們的健康產品組合。我們面臨著與去年 Omicron 激增和 COVID 後正常化所推動的強勁溫度計和加濕器類別需求的艱難對比。我們在 1 月份討論的高需求有所減弱，因為本季比歷史上看到的更早達到高峰。儘管整體類別有所下降，但 Helen of Troy 在美國的溫度計、吸入器和加濕器市場份額仍然強勁，在所有這 3 個類別的品牌產品中均排名第一。在涵蓋我們 23 財年的 12 個月期間，Vicks 在總測溫和數字測溫方面排名第一，在高利潤吸入劑類別中也排名第一。 Braun 在總體測溫方面排名第二，在耳朵和無創測溫方面排名第一。

Last, on the international front, we achieved growth in net sales, driven primarily by the contribution of OXO and Osprey as replenishment orders in select brick-and-mortar partners made progress towards normalizing in line with POS. Braun outperformed our expectations as we were able to partially overcome continued supply shortages to help meet the increased thermometer demand in EMEA and Asia.

最後，在國際方面，我們實現了淨銷售額的增長，這主要得益於 OXO 和 Osprey 的貢獻，因為部分實體合作夥伴的補貨訂單在與 POS 正常化方面取得了進展。 Braun 的表現超出了我們的預期，因為我們能夠部分克服持續的供應短缺，幫助滿足 EMEA 和亞洲不斷增長的溫度計需求。

Let me now turn the call back to Julien to discuss our fiscal '24 key themes and outlook.

現在讓我把電話轉回 Julien，討論我們財政的 '24 關鍵主題和前景。

Thank you, Noel. Two of the most important pieces of news in the fiscal '24 outlook we introduced today are that we expect to deliver adjusted EPS growth in the back half of fiscal '24 and also deliver a major increase in key free cash flow. We expect to use that cash flow to accelerate debt repayment and reduce our net leverage ratio to 2 turns or less by the end of fiscal '24. We believe this amount of deleveraging so soon after acquiring Osprey and Curlsmith and so soon after building the new distribution center would be a tremendous testimony to our value creation model. We also expect to deliver other significant wins in fiscal '24, including operational earnings growth, expanded gross margins and expanded adjusted operating margins. As our acquisitions and Pegasus pick up steam, we expect our gross margins to increase significantly in fiscal '24. We believe this will come from sweetening our mix with more sales from Hydro Flask, Vicks inhalants and prestige beauty liquids in addition to the benefits from lower freight rates and SKU rationalization.

謝謝你，諾埃爾。我們今天介紹的 24 財年展望中最重要的兩條新聞是，我們預計將在 24 財年的後半段實現調整後的每股收益增長，並大幅增加關鍵的自由現金流。我們希望利用這些現金流來加速償還債務，並在 24 財年末將我們的淨槓桿率降低到 2 轉或更少。我們相信，在收購 Osprey 和 Curlsmith 之後以及在建立新的配送中心之後如此之快的去槓桿化程度將是對我們價值創造模式的巨大證明。我們還預計將在 24 財年取得其他重大勝利，包括營業收入增長、毛利率擴大和調整後營業利潤率擴大。隨著我們的收購和 Pegasus 的加速發展，我們預計我們的毛利率將在 24 財年顯著增加。我們相信，除了運費降低和 SKU 合理化帶來的好處之外，這將來自於 Hydro Flask、Vicks 吸入劑和知名美容液的更多銷售增加了我們的組合。

Our outlook on sales, earnings and cash productivity are built on the assumption that the economy, consumers and several of our categories will continue to experience considerable macro financial pressure. Our sales assume inflation and higher interest rates will continue to challenge consumers, resulting in continued softness in many of the categories where we compete. As it relates to sales drivers, as Noel mentioned, we have expanded our distribution for fiscal '24 and are launching a slate of new consumer-centric innovation. With retailer inventory levels healthier than last year, we expect shipments to track more closely to consumption than they did in fiscal '23.

我們對銷售、收益和現金生產率的展望是建立在經濟、消費者和我們的幾個類別將繼續承受相當大的宏觀金融壓力的假設之上的。我們的銷售假設通貨膨脹和更高的利率將繼續挑戰消費者，導致我們競爭的許多類別持續疲軟。正如 Noel 所提到的，由於它與銷售驅動因素有關，我們已經擴大了 24 財年的分銷範圍，並正在推出一系列以消費者為中心的新創新。由於零售商庫存水平比去年更健康，我們預計出貨量將比 23 財年更接近消費。

Finally, in fiscal '24, we will continue to advance our ESG priorities and initiatives. We have now completed key objectives under the first stage of our ESG road map, including setting our emission reduction targets. These have been approved by the Science Based Targets initiative. To support our environmental and social commitments, we are members of key packaging and recycling organizations such as the New Plastics Economy and How2Recycle as well as supplier engagement organizations such as CDP Supply Chain Program. In addition to our corporate initiatives, our brands continue to distinguish themselves on environmental stewardship. Those initiatives as well as others will be detailed in our third annual ESG report, which we expect to release in June.

最後，在 24 財年，我們將繼續推進我們的 ESG 優先事項和舉措。我們現已完成 ESG 路線圖第一階段的主要目標，包括設定我們的減排目標。這些已獲得基於科學的目標倡議的批准。為了支持我們的環境和社會承諾，我們是新塑料經濟和 How2Recycle 等主要包裝和回收組織以及 CDP 供應鏈計劃等供應商參與組織的成員。除了我們的企業舉措外，我們的品牌繼續在環境管理方面脫穎而出。這些舉措以及其他舉措將在我們預計於 6 月發布的第三份年度 ESG 報告中進行詳細說明。

And now I would like to turn the call over to Brian.

現在我想把電話轉給布賴恩。

Thank you, Julien. Good morning, everyone. It's great to be back with everyone today. I'm looking forward to reconnecting with many of you over the coming days and weeks. I'm grateful for the opportunity to come back to Helen of Troy and work with such a dedicated team of associates and friends. I'm also grateful for the opportunities that I see in front of the company, and I intend to do everything I can to maximize them during my time here. I will touch on some of these opportunities later in my discussion of our outlook for fiscal '24 and beyond. We just navigated a difficult year, but I believe we have emerged an even stronger, better structured and more integrated operating company poised to reaccelerate the flywheel.

謝謝你，朱利安。大家，早安。很高興今天能和大家一起回來。我期待著在接下來的幾天和幾週內與你們中的許多人重新建立聯繫。我很高興有機會回到特洛伊的海倫並與這樣一群敬業的同事和朋友一起工作。我也很感激我在公司面前看到的機會，我打算盡我所能在我在這裡的時間裡最大限度地利用這些機會。稍後我將在討論我們對 24 財年及以後的展望時談到其中的一些機會。我們剛剛度過了艱難的一年，但我相信我們已經成為一家更強大、結構更好、整合性更強的運營公司，準備重新加速飛輪。

Before I begin, I want to recognize and thank Matt Osberg for all he has done for the company over the last 7 years and for helping me transition back into the interim role. Matt, it's hard for me to express how much I've appreciated your support then and now. You will be missed, but I'm proud of you, and I'm happy for you and your family.

在開始之前，我想感謝 Matt Osberg 在過去 7 年中為公司所做的一切，並幫助我重新擔任臨時職位。馬特，我很難表達我是多麼感謝你過去和現在的支持。我們會想念您，但我為您感到驕傲，我為您和您的家人感到高興。

With that, I would like to start with an overview of our fourth quarter results, then provide an update on Project Pegasus and then discuss our outlook for fiscal '24 and beyond. Before I do, please note that in line with the changes in our business structure and our financial reporting, I will be discussing results for our 2 reportable segments: Beauty & Wellness and Home & Outdoor. You can find recast quarterly historical financial information for the past 3 fiscal years on a 2-segment basis in the earnings release we issued after the market closed yesterday.

有了這個，我想首先概述我們第四季度的業績，然後提供飛馬項目的最新情況，然後討論我們對 24 財年及以後的展望。在我這樣做之前，請注意，根據我們業務結構和財務報告的變化，我將討論我們 2 個可報告部門的結果：美容與健康和家居與戶外。您可以在我們昨天收市後發布的盈利報告中找到過去 3 個財政年度重鑄的季度歷史財務信息，分為 2 個部分。

As Julien mentioned, the fourth quarter was above our sales and earnings expectations with strong year-over-year margin expansion and inventory reduction ahead of our target, which contributed to better-than-expected cash flow. Consolidated net sales decreased 16.7%, reflecting lower consumer demand, shifts in spending patterns and reduced orders from retail customers due to their inventory reduction efforts. The sales comparison was also unfavorably impacted by the pull forward of approximately $20 million into the fourth quarter of last year as retailers accelerated orders in advance of price increases. These factors were partially offset by an increase in prestige, personal and hair care sales, customer price increases related to rising freight and product costs, as well as 1 additional month of Osprey sales and a 3-month contribution from the Curlsmith acquisition.

正如 Julien 提到的那樣，第四季度的銷售額和收益超出了我們的預期，利潤率同比增長強勁，庫存減少超過了我們的目標，這促成了好於預期的現金流。綜合淨銷售額下降 16.7%，反映了消費者需求下降、消費模式轉變以及零售客戶因減少庫存而減少的訂單。由於零售商在價格上漲之前加速訂單，去年第四季度提前約 2000 萬美元，銷售額比較也受到不利影響。這些因素被聲望、個人和頭髮護理銷售的增長、與運費和產品成本上漲相關的客戶價格上漲、以及 Osprey 銷售額增加 1 個月和 Curlsmith 收購帶來的 3 個月貢獻所部分抵消。

Stepping back to look at the full year. Fiscal '23 core business revenue is significantly higher than our pre-COVID base with a 3-year CAGR of 8.7%. While this includes some impact from acquisitions, it also includes remarkable macro challenges and shifts in the consumer landscape. We believe that with the work we have done related to acquisitions, divestitures, distribution capability investments, portfolio enhancement and organizational restructuring over the last 3 years, we have built an engine for sustained growth and operational excellence. As I will discuss later, we expect to continue to lower our leverage ratio by the end of fiscal '24, and our recent strategic investments will largely be paid for. This will position us to use all the levers of our flywheel once again with an underlying engine that has greater horsepower.

退一步來看全年。 23 財年核心業務收入顯著高於我們在 COVID 之前的基數，3 年復合年增長率為 8.7%。雖然這包括收購帶來的一些影響，但它也包括顯著的宏觀挑戰和消費者格局的轉變。我們相信，通過過去 3 年我們在收購、資產剝離、分銷能力投資、投資組合增強和組織重組方面所做的工作，我們已經建立了持續增長和卓越運營的引擎。正如我稍後將討論的那樣，我們預計將在 24 財年末繼續降低杠桿率，我們最近的戰略投資將在很大程度上得到支付。這將使我們能夠再次使用具有更大馬力的基礎發動機來使用我們飛輪的所有槓桿。

GAAP consolidated operating margin for the quarter was 11.1% of net sales compared to 8.7% in the same period last year. We were pleased to expand adjusted operating margin by 130 basis points to 13.8% despite unfavorable operating leverage. The primary drivers of this improvement were a decrease in incentive compensation expense, lower outbound freight costs, the favorable impact of the Curlsmith acquisition and decreased marketing expense. These factors were partially offset by the unfavorable operating leverage I just mentioned, higher inventory reserves, a less favorable product and channel mix within Home & Outdoor and a less favorable product mix in Wellness.

本季度 GAAP 綜合營業利潤率為淨銷售額的 11.1%，而去年同期為 8.7%。儘管經營槓桿不利，但我們很高興將調整後的經營利潤率擴大 130 個基點至 13.8%。這一改善的主要驅動因素是激勵補償費用的減少、出境貨運成本的降低、收購 Curlsmith 的有利影響以及營銷費用的減少。這些因素部分被我剛才提到的不利經營槓桿、更高的庫存儲備、家居和戶外領域不太有利的產品和渠道組合以及健康領域不太有利的產品組合所抵消。

On a segment basis, Home & Outdoor adjusted operating margin increased 400 basis points to 17.1%, reflecting the impact of pricing actions, lower incentive compensation expense and lower inventory reserves. Adjusted operating margin for our Beauty & Wellness segment declined 90 basis points driven by unfavorable operating leverage, higher inventory reserves and a less favorable product mix in Wellness.

按細分市場劃分，家居與戶外用品調整後營業利潤率增長 400 個基點至 17.1%，反映了定價行動、較低的激勵補償費用和較低的庫存儲備的影響。由於不利的經營槓桿、較高的庫存儲備和不太有利的健康產品組合，我們美容與健康部門的調整後營業利潤率下降了 90 個基點。

Looking at the legacy Beauty and Health & Wellness businesses, both saw adjusted operating margin declines, similar to the overall segment.

看看傳統的美容和保健業務，兩者都出現了調整後的營業利潤率下降，與整個部門相似。

Net income was $36.2 million or $1.50 per diluted share. Non-GAAP adjusted diluted EPS decreased 19.9% to $2.01 per diluted share, primarily due to higher interest expense and lower adjusted operating income. These factors were partially offset by a lower effective tax rate and lower shares outstanding.

淨收入為 3620 萬美元或每股攤薄收益 1.50 美元。非 GAAP 調整後攤薄後每股收益下降 19.9% 至每股攤薄後 2.01 美元，這主要是由於利息支出增加和調整後營業收入減少。這些因素部分被較低的有效稅率和較低的流通股所抵消。

We generated $158.7 million of operating cash flow in the quarter, a significant improvement both sequentially and year-over-year. Improvement was driven by a sequential decline in inventory of $81.3 million. Inventory at the end of fiscal '23 was $455 million, well below our target of $500 million, despite the headwinds of lower consumer demand, significant retailer inventory corrections and our acquisitions of Osprey and Curlsmith. We expect to further lower inventory to $400 million or below by the end of fiscal '24.

我們在本季度產生了 1.587 億美元的運營現金流，環比和同比都有顯著改善。改善是由庫存連續下降 8130 萬美元推動的。 23 財年末的庫存為 4.55 億美元，遠低於我們 5 億美元的目標，儘管存在消費者需求下降、零售商庫存大幅調整以及我們收購 Osprey 和 Curlsmith 等不利因素。我們預計到 24 財年末將庫存進一步降低至 4 億美元或以下。

On a full year basis, we generated operating cash flow of $208.2 million and free cash flow of $33.4 million as we deployed $147 million in CapEx toward our new distribution facility, which is now in operation. We ended the fiscal year with total debt of $934.4 million, a sequential decline of approximately $146 million. Our net leverage ratio improved to 2.8x compared to 3.1x at the end of the third quarter. At the end of fiscal '23, our debt covenants allowed for up to $363 million of additional debt. However, a key focus for fiscal '24 is to continue to reduce inventory, fine-tune other working capital components and use our strong cash flow to further pay down our debt.

在全年基礎上，我們產生了 2.082 億美元的運營現金流和 3340 萬美元的自由現金流，因為我們將 1.47 億美元的資本支出用於我們目前正在運營的新分銷設施。我們在本財政年度結束時的總債務為 9.344 億美元，環比下降約 1.46 億美元。我們的淨槓桿率從第三季度末的 3.1 倍提高到 2.8 倍。在 23 財年末，我們的債務契約允許高達 3.63 億美元的額外債務。然而，24 財年的一個重點是繼續減少庫存，微調其他營運資金組成部分，並利用我們強勁的現金流進一步償還債務。

As of the end of fiscal '23, we have significantly reduced our exposure to interest rate volatility by swapping $425 million of our outstanding variable rate debt to fixed rates that are favorable to current market rates. I will cover our fiscal '24 free cash flow, debt and leverage expectations later in my discussion of our outlook.

截至 23 財年末，我們已將 4.25 億美元的未償可變利率債務轉換為有利於當前市場利率的固定利率，從而顯著降低了利率波動風險。我將在稍後討論我們的前景時介紹我們的 24 財年自由現金流、債務和槓桿預期。

As Noel shared earlier, we made good progress on our Pegasus initiatives. We are using Pegasus to create greater operating efficiency, a more effective go-to-market structure, expand our margins and provide a platform to fund step-level increases and growth investments and better leverage our scale. We remain on track to achieve our fiscal '24 total savings and timing targets with significant additional savings expected from lower inbound freight costs.

正如 Noel 之前分享的那樣，我們在 Pegasus 計劃方面取得了良好進展。我們正在使用 Pegasus 來創造更高的運營效率、更有效的上市結構、擴大我們的利潤並提供一個平台來為階梯式增長和增長投資提供資金，並更好地利用我們的規模。我們仍然有望實現我們的 24 財年總節省和時間目標，預計入境運費降低會帶來顯著的額外節省。

Now turning to our outlook for fiscal '24. We expect consolidated sales between $1.965 billion and $2.015 billion in fiscal '24. This implies a decline of 5.2% to 2.8%, which includes a year-over-year decline of $35 million or 1.7% from the removal of Bed Bath & Beyond revenue from our outlook and a similar size reduction from our Pegasus SKU rationalization initiative primarily impacting Beauty & Wellness.

現在轉向我們對 24 財年的展望。我們預計 24 財年的綜合銷售額在 19.65 億美元至 20.15 億美元之間。這意味著下降 5.2% 至 2.8%，其中包括從我們的展望中刪除 Bed Bath & Beyond 收入以及我們的 Pegasus SKU 合理化計劃主要減少類似的規模減少 3500 萬美元或 1.7%影響美容與健康。

Our sales outlook reflects what we believe will be a continued slower economy and uncertainty in consumer spending patterns as shoppers seek to prioritize value, especially for discretionary categories in this inflationary environment. The likelihood, timing and potential impact of a significant or prolonged recession is unknown and cannot be reasonably estimated. Therefore, it is not included in our outlook. Importantly, as Julien mentioned, we have seen some improvement in trade inventory on a sequential basis as many key retailers have reduced their inventory on hand. We do not anticipate a repeat of the significant destocking that took place last year and anticipate that sell-in will more closely match sell-through this fiscal year.

我們的銷售前景反映了我們認為經濟將持續放緩和消費者支出模式的不確定性，因為購物者尋求優先考慮價值，尤其是在這種通脹環境下的可自由支配類別。重大或長期衰退的可能性、時間和潛在影響是未知的，無法合理估計。因此，它不包括在我們的展望中。重要的是，正如 Julien 提到的那樣，我們看到貿易庫存環比有所改善，因為許多主要零售商減少了手頭庫存。我們預計去年發生的大規模去庫存不會重演，並預計本財年的銷售量將更接近於銷售量。

Before I go into the segment expectations, I mentioned earlier that we removed any risk related to Bed Bath & Beyond from our revenue outlook. As it relates to our balance sheet, our current accounts receivable balance is approximately $2.9 million, and our preliminary estimate of what might be considered preferential payments is approximately $1 million to $1.5 million.

在我進入細分市場預期之前，我之前提到我們從我們的收入前景中消除了與 Bed Bath & Beyond 相關的任何風險。由於它與我們的資產負債表相關，我們當前的應收賬款餘額約為 290 萬美元，我們初步估計可能被視為優惠付款的金額約為 100 萬至 150 萬美元。

Turning back to our net sales outlook by segment. We expect a Home & Outdoor decline of 1.7% to growth of 1%, and a Beauty & Wellness decline of 8% to 5.8%. We expect consolidated GAAP diluted EPS of $3.98 to $4.84, which includes estimated restructuring charges of $2.75 to $2.43. We expect consolidated non-GAAP adjusted diluted EPS in the range of $8.50 to $9, which implies consolidated decline of 10.1% to 4.8%. Our adjusted diluted EPS outlook includes an increase in interest and depreciation expense totaling approximately $0.91 net of tax or a 9.6% growth headwind.

回到我們按部門劃分的淨銷售額展望。我們預計家居和戶外用品下降 1.7% 至增長 1%，美容和健康用品下降 8% 至 5.8%。我們預計綜合 GAAP 稀釋後每股收益為 3.98 美元至 4.84 美元，其中包括估計的 2.75 美元至 2.43 美元的重組費用。我們預計綜合非 GAAP 調整後攤薄每股收益在 8.50 美元至 9 美元之間，這意味著綜合下降 10.1% 至 4.8%。我們調整後的攤薄每股收益前景包括利息和折舊費用的增加，總計約 0.91 美元的稅後淨額或 9.6% 的增長逆風。

At the high end of our range, we expect gross margin to expand approximately 460 basis points as we improve our overall margin mix and realize the benefit of lower commodity and inbound freight costs. We are pleased to provide an outlook with operational earnings growth despite unfavorable operating leverage. At the high end of our range, consolidated adjusted operating income is expected to grow 2.6%, and margin is expected to expand by 80 basis points. Consolidated adjusted EBITDA is expected to grow 6.3%, and margin is expected to expand 150 basis points at the high end of our range despite incremental incentive compensation expense of approximately $27 million year-over-year, which represents an 8.2% growth headwind and 135 basis point margin headwind.

在我們範圍的高端，我們預計毛利率將擴大約 460 個基點，因為我們改善了整體利潤率組合併實現了較低的商品和入境運費成本的好處。儘管運營槓桿不利，但我們很高興提供運營收益增長的前景。在我們範圍的高端，綜合調整後營業收入預計將增長 2.6%，利潤率預計將擴大 80 個基點。合併調整後的 EBITDA 預計增長 6.3%，利潤率預計將在我們範圍的高端擴大 150 個基點，儘管增量激勵補償費用同比增長約 2700 萬美元，這代表 8.2% 的增長逆風和 135基點保證金逆風。

Our outlook for operational earnings growth is driven by a better overall margin mix, lower commodity and inbound freight costs and cost savings from Pegasus. We expect Pegasus to be a force multiplier with benefits in fiscal '24 to include initial cost savings, organizational and go-to-market effectiveness, more efficient and effective marketing spend and optionality to consider opportunistic incremental growth investments during the year. We continue to expect Pegasus to generate savings of approximately $20 million in fiscal '24 with additional savings expected from lower inbound freight and commodity costs. The benefits from inbound freight and commodity costs are generally expected to be realized in the second half of our fiscal year as we move through the cycle of turning inventory through cost of goods sold. As previously discussed, the Pegasus savings will partially offset several structural headwinds in fiscal '24, including incremental depreciation of approximately $12 million before tax related to our new state-of-the-art distribution facility, higher annual incentive compensation expense of approximately $27 million before tax as we reinstate expected expense at target performance, and higher interest expense of approximately $15 million before tax as we annualize the increase in interest rates in fiscal '23. This includes our expectation of an incremental rate increase of 100 basis points in fiscal '24.

我們對運營收益增長的展望是由更好的整體利潤率組合、更低的商品和入境貨運成本以及 Pegasus 節省的成本推動的。我們預計 Pegasus 將成為力量倍增器，在 24 財年帶來收益，包括初始成本節省、組織和上市效率、更高效和有效的營銷支出以及考慮年內機會主義增量增長投資的選擇性。我們繼續預計 Pegasus 將在 24 財年節省約 2000 萬美元，並預計通過降低入境運費和商品成本實現額外節省。入境運費和商品成本帶來的好處通常預計將在我們財政年度的下半年實現，因為我們正在通過銷售商品成本周轉庫存的周期。如前所述，Pegasus 的節省將部分抵消 24 財年的幾個結構性不利因素，包括與我們最先進的新分銷設施相關的稅前增量折舊約 1200 萬美元，年度激勵補償費用增加約 2700 萬美元稅前，因為我們恢復了目標績效的預期費用，以及更高的稅前利息費用，因為我們將 23 財年的利率增長年化。這包括我們對 24 財年加息 100 個基點的預期。

We expect the fiscal '24 GAAP effective tax rate of 19% to 21% and an adjusted effective tax rate of 13.1% to 13.2%. We do not expect a meaningful impact in fiscal '24 from currently proposed tax legislation changes by the Biden administration or international regulators. At this stage, it is still unclear what domestic and global tax laws will be passed, in what form and on what timing. We will continue to assess the impact as proposed legislation is considered, and keep you updated.

我們預計 24 財年 GAAP 有效稅率為 19% 至 21%，調整後有效稅率為 13.1% 至 13.2%。我們預計拜登政府或國際監管機構目前提議的稅收立法變更不會對 24 財年產生重大影響。現階段，尚不清楚將通過何種國內和全球稅法、以何種形式以及何時通過。我們將繼續評估擬議立法的影響，並及時通知您。

In terms of the quarterly cadence, we expect the majority of our net sales growth to be concentrated in the third quarter of fiscal '24. We expect net sales to decline approximately 9% to 7% in the first quarter and 7% to 5% in the second quarter. We expect adjusted diluted EPS growth to be concentrated in the third and fourth quarters of fiscal '24 as we benefit from lower inbound freight and commodity costs, as I mentioned earlier. We also expect to realize the benefits of debt deleveraging more fully in the second half of the year. Accordingly, we expect a decline in adjusted diluted EPS of just under 30% in both the first and second quarters of fiscal '24, with near offsetting growth in the second half of the year. We expect capital asset expenditures of between $45 million and $50 million for fiscal '24, which includes approximately $25 million for the completion of our new distribution facility and the full installation of the state-of-the-art automation equipment. We continue to expect that the final cost of the facility and its equipment will be within our original expectations.

就季度節奏而言，我們預計我們的大部分淨銷售額增長將集中在 24 財年的第三季度。我們預計第一季度淨銷售額將下降約 9% 至 7%，第二季度將下降 7% 至 5%。正如我之前提到的，我們預計調整後的攤薄每股收益增長將集中在 24 財年的第三和第四季度，因為我們受益於較低的入境運費和商品成本。我們還預計，下半年債務去槓桿的好處將得到更充分的體現。因此，我們預計 24 財年第一季度和第二季度調整後的攤薄每股收益將下降近 30%，幾乎抵消了下半年的增長。我們預計 24 財年的資本資產支出在 4500 萬美元到 5000 萬美元之間，其中包括大約 2500 萬美元用於完成我們的新配送設施和全面安裝最先進的自動化設備。我們繼續期望該設施及其設備的最終成本將在我們最初的預期之內。

With lower CapEx needs in fiscal '24, we expect free cash flow to be in the range of $250 million to $270 million. And our net leverage ratio, as defined in our credit agreement, is expected to end fiscal '24 in the range of 2x to 1.85x. With the opening of our new distribution facility, we are in a position to further optimize our footprint, which we believe could unlock an additional $100 million to $125 million of cash flow that is not currently included in our outlook.

由於 24 財年的資本支出需求較低，我們預計自由現金流將在 2.5 億美元至 2.7 億美元之間。根據我們的信貸協議，我們的淨槓桿率預計將在 24 財年結束時處於 2 倍至 1.85 倍的範圍內。隨著我們新分銷設施的啟用，我們能夠進一步優化我們的足跡，我們相信這可以釋放額外的 1 億至 1.25 億美元的現金流，而這些現金流目前未包括在我們的展望中。

Looking beyond fiscal '24, we believe we can drive further meaningful performance improvement. Starting with Pegasus, the bulk of the savings are expected to further expand margin and fuel significant growth investments. Our new organizational structure is designed to increase focus on additional retail distribution, new product innovation, distribution facility footprint optimization and enhanced direct-to-consumer capability. We believe our strong cash flow will allow us to continue to reduce our debt leverage and provide capital deployment optionality.

展望 24 財年之後，我們相信我們可以推動進一步有意義的績效改進。從 Pegasus 開始，大部分節省的資金預計將進一步擴大利潤率並推動顯著增長的投資。我們新的組織結構旨在更加關注額外的零售分銷、新產品創新、分銷設施足跡優化和增強的直接面向消費者的能力。我們相信我們強勁的現金流將使我們能夠繼續降低債務槓桿並提供資本配置選擇權。

In summary, turning back to fiscal '24, we are pleased to provide an outlook that we believe is accretive to our evaluation with strong free cash flow, operational earnings growth and margin expansion despite unfavorable operating leverage in a challenging consumer environment. Our adjusted EBITDA outlook at the high end of the range implies an EV to forward EBITDA multiple of 8.4x using Tuesday's market capitalization and our outstanding debt at the end of fiscal '23. Our free cash flow outlook at the high end of the range implies a forward free cash flow yield of 13.6% at Tuesday's market capitalization. We believe these are compelling value metrics that compare favorably with our peer set and the market overall.

總而言之，回到 24 財年，儘管在充滿挑戰的消費環境中經營槓桿不利，但我們很高興提供我們認為具有強勁自由現金流、營業收入增長和利潤率擴張的前景。我們調整後的 EBITDA 前景處於範圍的高端，這意味著使用周二的市值和我們在 23 財年末的未償還債務，EV 遠期 EBITDA 倍數為 8.4 倍。我們的自由現金流前景處於範圍的高端，意味著周二市值的遠期自由現金流收益率為 13.6%。我們相信這些是引人注目的價值指標，與我們的同行和整個市場相比具有優勢。

With that, I'd like to turn it back to the operator for questions.

有了這個，我想把它轉回給接線員提問。

(Operator Instructions) And our first question is from Bob Labick with CJS Securities.

（操作員說明）我們的第一個問題來自 CJS 證券公司的 Bob Labick。

Lots and lots of congratulations all around first to Julien and Noel for their respective changes, also to Brian and Matt for their moves. So big congratulations to the team there.

首先祝賀 Julien 和 Noel 各自做出的改變，同時也祝賀 Brian 和 Matt 的舉動。非常祝賀那裡的團隊。

Thank you, Bob.

謝謝你，鮑勃。

Thanks, Bob. Great to hear from you. Great to have the band together, and smooth transitions all around.

謝謝，鮑勃。很高興聽到你的消息。很高興將樂隊聚集在一起，並且周圍的過渡平穩。

Absolutely. That's great. So I'd love to start with that maybe given all of the changes at CEO and CFO. And maybe talk a little bit about kind of direction, continuity and maybe if -- just to put her on the spot a little bit, maybe, Noel, if you can give the high-level overview of your vision and then when we might learn more about Phase 3, but maybe just speak globally about what you want to keep, what you want -- what you might be able to tweak or enhance going forward and how we should think about these changes that we just discussed?

絕對地。那太棒了。因此，考慮到 CEO 和 CFO 的所有變化，我很樂意從這開始。或許可以談談方向、連續性，也許如果——只是讓她在現場稍微了解一下，也許，諾埃爾，如果你能對你的願景進行高層次的概述，然後我們什麼時候可以學習關於第 3 階段的更多信息，但也許只是在全球範圍內談論您想要保留的內容、您想要的內容——您可以調整或增強哪些內容，以及我們應該如何考慮我們剛剛討論的這些變化？

Yes, I'll start and then on to Noel. So thanks for the comments, first of all. And on the subject of management of change, you've seen us make many, many changes over the years as we transformed the company, whether it was all of the reorganizations in Phase 1, a largely new management team, the creation of the GLC, all the shared services, people coming into the company, some people leaving the company at that time. And all through, we've been very careful to get the right balance between the change that goes with the vision and the continuity that comes with pulling the pin out of various grenades and never having them blow up. So that is the theme of the comment from me, which is the right balance. Change management continuity. I think the shareholders are in safe hands this time as well. We couldn't be more thrilled with the choice for Noel unanimously chosen by the Board of Directors for the succession at the end of this fiscal year and very sure to send the message to all shareholders, which is I'm fully engaged for the entire year. This is not one of these transition and head for the door and dial it down. This is 200% right through the finish line. And I'll be here for the whole company, helping with the strategic plan development and then onward towards the retirement. With that, I'll turn it to Noel.

是的，我先開始，然後是諾埃爾。因此，首先感謝您的評論。關於變革管理的主題，你已經看到我們多年來在公司轉型過程中做出了很多很多改變，無論是第一階段的所有重組、一個全新的管理團隊、GLC 的創建，所有的共享服務，當時有人進入公司，有些人離開公司。自始至終，我們一直非常小心地在願景變化和從各種手榴彈中拔出銷釘並從不讓它們爆炸所帶來的連續性之間取得適當的平衡。這就是我評論的主題，這是正確的平衡。改變管理連續性。我認為這次股東們也安全了。我們對董事會一致選擇 Noel 在本財年結束時接班人的選擇感到非常興奮，並且非常肯定地向所有股東傳達了這樣的信息，那就是我在整個財年都全力以赴年。這不是這些過渡之一，而是走向門口並撥下它。這是通過終點線的 200%。我在這里為整個公司服務，幫助制定戰略計劃，然後繼續退休。有了這個，我會把它交給諾埃爾。

Bob, thanks for your comments. Really appreciate it. As I mentioned in the remarks, we're looking forward to the work on the next chapter of BOGSM that I'll be leading. We've got some time together as a leadership team coming up very soon. But as I look at the next multiyear plan for Helen of Troy, I see great long-term growth ambitions. It starts with building on the foundations that were set during the transformation. We've got incredible brands. I look forward to working with the team to further sharpen and strengthen the position on each of those brands. I look forward to the fuel that Pegasus is creating to invest even more in new product development and brilliant marketing behind those great brands, and then reaping all the benefits of the organizational changes that we just made through Pegasus. We're already seeing really positive, really positive results and opportunities from the North American RMO, from kind of rejuvenated energy in the international RMO and the shared services globally. So all of those areas, I think, will be important drivers of that next chapter, and it will all be built on the outstanding culture and passionate associates that Helen of Troy is known for.

鮑勃，謝謝你的評論。真的很感激。正如我在評論中提到的，我們期待著我將領導的 BOGSM 下一章的工作。作為一個領導團隊，我們很快就會在一起。但當我審視特洛伊海倫的下一個多年計劃時，我看到了巨大的長期增長雄心。首先是在轉型期間打下的基礎上進行建設。我們擁有令人難以置信的品牌。我期待與團隊合作，進一步鞏固和加強每個品牌的地位。我期待 Pegasus 正在創造燃料，以更多地投資於這些偉大品牌背後的新產品開發和出色的營銷，然後收穫我們剛剛通過 Pegasus 進行的組織變革的所有好處。我們已經從北美 RMO 中看到了非常積極、非常積極的結果和機會，來自國際 RMO 中恢復活力的能量和全球共享服務。因此，我認為所有這些領域都將成為下一章的重要驅動力，而這一切都將建立在特洛伊海倫聞名的傑出文化和熱情夥伴之上。

Okay. Super. And then just one big picture question, I'll jump back in queue as asked. But thinking globally about fiscal '24, obviously, some nice guidance there. The question is you discussed this a little bit, but I'll try to parse it out. Where are we as it relates to like normal, whatever that actually is? And I'm asking in terms of like revenue headwinds, margin headwinds. We're facing a bunch of each in little ways. I think you said revenue should more closely track POS, but maybe that's a little later. So where are we as it relates to normalization? How long does it take to get there? And kind of what other steps are necessary, either externally meeting some of your customers' inventories or freight to get back to normal or whatever or whatnot, just in terms of revenue and margins?

好的。極好的。然後只是一個大問題，我會按要求跳回到隊列中。但在全球範圍內考慮 24 財年，顯然，那裡有一些很好的指導。問題是您對此進行了一些討論，但我會嘗試將其解析出來。我們在哪裡，因為它與正常情況有關，無論實際上是什麼？我問的是收入逆風、利潤率逆風等方面。我們正以不同的方式面對一堆。我認為你說收入應該更密切地跟踪 POS，但也許那會晚一點。那麼我們在規範化方面處於什麼位置呢？到達那裡需要多長時間？還有哪些其他步驟是必要的，無論是在外部滿足您的一些客戶的庫存還是運費以恢復正常或其他什麼，就收入和利潤而言？

Yes. Let's do the parsing thing. I think that's the best way because normal these days is awfully hard to say. I think the simplest way to look at it is pre-COVID base because that's when you have a time when there was no pandemic disruption of normalization, the supply chain disruption, the inflation, the interest rates, those are all things that need to be normalized. So if you start with the pre-COVID base, as we said in our prepared remarks, if you go back to the beginning of Phase 2, you'll see where we started at fiscal '19, or Brian gave CAGRs on a 3-year basis, which is literally the start of COVID in March of 2020.

是的。讓我們做解析的事情。我認為這是最好的方法，因為現在很難說正常。我認為最簡單的看待它的方法是在 COVID 之前的基礎上，因為那時你有一段時間沒有大流行破壞正常化、供應鏈中斷、通貨膨脹、利率，這些都是需要的東西歸一化。因此，如果你從 COVID 之前的基礎開始，正如我們在準備好的評論中所說，如果你回到第 2 階段的開始，你會看到我們從 19 財年開始的地方，或者 Brian 給出了 3-以年為基礎，這實際上是 2020 年 3 月 COVID 的開始。

So as you look at the consumers, as we mentioned in our remarks, we are assuming that the categories will continue to come down towards that trend line. Noel, in her remarks, mentioned the specific categories. So for example, the wellness type of categories, think of humidifiers, thermometers, air purifiers, that surged during COVID. In our case, uniquely, the explosion in volumizers that we led has normalized, and there are reductions in the total size of the category. So even the baking bread time around OXO. So the point about normalization of demand. It starts there.

因此，正如我們在評論中提到的那樣，當你看消費者時，我們假設類別將繼續下降到該趨勢線。諾埃爾在她的發言中提到了具體類別。因此，例如，健康類型的類別，想想在 COVID 期間激增的加濕器、溫度計、空氣淨化器。在我們的案例中，獨特的是，我們引領的銷量激增已經正常化，並且該類別的總規模有所減少。所以即使是烘烤麵包的時間也圍繞著 OXO。所以關於需求正常化的觀點。它從那裡開始。

The trade was caught with additional inventory and they wanted to catch up on supply chain. So they've been destocking all through fiscal '23. Everybody knows that it was one of the biggest headlines that was out there. In our case, we suffered from that just like everybody else. So we're now assuming that the trend of consumption in the categories will continue to normalize. We do expect, and it's in our sales guidance to see softness as that continues to happen because of the shift in buying patterns towards hard goods or discretionary goods, and we're not being aggressive in that area. When it comes to the trade, we are seeing shipments track closer to consumption in many of the retailers where we have visibility. But that said, if the consumer softens, their inventory positions will come down and they'll order less.

貿易陷入了額外的庫存，他們想趕上供應鏈。因此，他們一直在整個 23 財年都在去庫存。每個人都知道這是當時最大的頭條新聞之一。就我們而言，我們和其他人一樣遭受了這種痛苦。所以我們現在假設類別中的消費趨勢將繼續正常化。我們確實預計，並且在我們的銷售指導中會看到疲軟，因為由於購買模式轉向硬貨或可自由支配的商品，這種情況會繼續發生，而且我們在該領域並不積極。在貿易方面，我們看到許多我們有知名度的零售商的出貨量更接近消費。但話雖如此，如果消費者軟化，他們的庫存狀況就會下降，他們的訂單也會減少。

In terms of interest rates, Brian spoke to it a bit, we are now lapping the lower interest rates of the first half of the year. So interest rates -- interest expense for us is going up considerably in the first half of the year. As we bring debt down, it will be better and better. The swap helps because it doesn't expose us to as much interest rate volatility. And then when you get into other normalizations such as supply chain, we're doing quite well. And our own inventory, I'm sure you caught the news, we have been kicking butt on bringing our own inventory down. That spiked up our cash flow and helped us pay down debt much faster than expected. So I just go through the parsing and hoping that will help you see -- and normal is a pretty big word when you've got that many moving parts.

在利率方面，Brian 談到了一點，我們現在正在研究今年上半年的較低利率。因此，利率——我們的利息支出在今年上半年大幅上升。隨著我們降低債務，它會越來越好。互換有幫助，因為它不會讓我們面臨那麼大的利率波動。然後當你進入供應鍊等其他規範化時，我們做得很好。還有我們自己的庫存，我相信你已經知道了，我們一直在努力降低我們自己的庫存。這增加了我們的現金流，並幫助我們比預期更快地償還債務。所以我只是通過解析，希望這能幫助你明白——當你有那麼多移動部件時，正常是一個相當大的詞。

Our next question is from Olivia Tong with Raymond James.

我們的下一個問題來自 Olivia Tong 和 Raymond James。

Great. Congratulations to Julien, Noel and everyone else. I wanted to start with a little bit, if you could help in terms of where your market share stands because it's a little bit more challenging with your categories. I appreciate what you said about the disconnect between normalcy and what we're doing right now. So if you could just talk a little bit about your shares, that would help. And then I have a follow-up question.

偉大的。祝賀 Julien、Noel 和其他所有人。我想從一點開始，如果你能在你的市場份額方面提供幫助，因為它對你的類別更具挑戰性。我很欣賞你所說的常態與我們現在正在做的事情之間的脫節。所以，如果你能談談你的股份，那會有所幫助。然後我有一個後續問題。

Yes. Thanks, Olivia. This is Noel. I would say when we look at kind of market shares, I mean, first of all, big picture, as we look at shares quarter-to-quarter, things are going to shift based on a lot of different factors, what's going on with when new products are shipping in, when new planogram changes happen, et cetera. But big picture when I look at the portfolio, I see positive share performance in areas like our RX humes and inhalants, very positive share there where we hold a strong leadership position. We did see some positive trends in the quarter on air purifiers as we continue to rebound from EPA. We see some positives in food canisters on OXO and in water filtration. As Julien mentioned, on hair appliances, the category, in general, has softened quite a bit, particularly in volumizers where we're overdeveloped. And that's where our share is a little bit mixed. We see some strength in some of our channels. And in some customers, we do see a little bit of share loss there. But importantly, we remain, by far, the leader in that volumizer subsegment with the Revlon Volumizer.

是的。謝謝，奧利維亞。這是諾埃爾。我想說的是，當我們查看某種市場份額時，我的意思是，首先，大局，當我們按季度查看股票時，事情會根據很多不同的因素而發生變化，這是怎麼回事當新產品發貨時，當新的貨架圖發生變化時，等等。但是，當我審視投資組合時，從大局來看，我看到在我們的 RX humes 和吸入劑等領域的積極份額表現，在我們佔據強大領導地位的領域非常積極的份額。隨著我們繼續從 EPA 反彈，我們確實在本季度看到了空氣淨化器的一些積極趨勢。我們在 OXO 食品罐和水過濾方面看到了一些積極因素。正如 Julien 提到的，在頭髮用具上，這個類別總體上已經軟化了很多，特別是在我們過度開發的豐盈產品中。這就是我們的份額有點混亂的地方。我們在一些渠道中看到了一些優勢。在一些客戶中，我們確實看到了一些份額損失。但重要的是，到目前為止，我們仍然是 Revlon Volumizer 在該 volumizer 細分市場中的領導者。

Insulated beverages, as I mentioned in my remarks, you see the consumer shifting from bottles to tumblers. We are, by far, the leader in bottles with Hydro Flask. And so as the consumer has shifted over into tumblers over bottles right now, we do see some share loss there in Hydro Flask. We've got a lot of strong innovation in Hydro Flask coming and remain very positive on the brand, but the shift in the consumer to tumblers right now is impacting us.

保溫飲料，正如我在發言中提到的，您會看到消費者從瓶子轉向玻璃杯。到目前為止，我們是 Hydro Flask 瓶子的領導者。因此，隨著消費者現在轉向玻璃杯而不是瓶子，我們確實看到 Hydro Flask 的市場份額有所下降。我們在 Hydro Flask 方面有了很多強大的創新，並且對該品牌保持非常積極的態度，但現在消費者轉向玻璃杯正在影響我們。

And then on OXO, on kitchen gadgets, we saw some really strong share results during the COVID period as we had a lot of the category tailwinds of everyone home baking bread, et cetera, but also just OXO itself really saw some positive share gains with some of the supply availability that we have. So we are -- we like what our share is in general, as we look over kind of that pre-post-COVID range, but we've got a little bit of normalization of the share kind of coming off of that. So it's a little bit of a walk of the portfolio and kind of what we see on both sides of the ledger.

然後在 OXO 上，在廚房用具上，我們在 COVID 期間看到了一些非常強勁的份額結果，因為我們有很多類別的順風，每個人都在家烤麵包等等，但也只有 OXO 本身確實看到了一些積極的份額增長我們擁有的一些供應可用性。所以我們 - 我們喜歡我們的份額，因為我們查看了 COVID 之前的範圍，但我們已經對份額進行了一些正常化。因此，這只是投資組合的一部分，也是我們在分類帳兩邊看到的東西。

Great. That's super helpful. And then, Noel, obviously, you've been the major architect of Pegasus. So I'd imagine that you don't assume much in terms of strategic change or a pivot from the expectations that have already been discussed for fiscal '24. But could you talk also about that and then how you're thinking about the portfolio as well as you touched on the opportunity for SKU rationalization? And if you see any further opportunity there?

偉大的。這非常有幫助。然後，Noel，顯然，你是 Pegasus 的主要架構師。所以我想你不會在戰略變化方面做出太多假設，也不會從已經討論過的 24 財年預期中轉向。但是你能不能也談談這個，然後你是如何考慮產品組合的，以及你談到了 SKU 合理化的機會？如果你在那裡看到任何進一步的機會？

Yes. I think when you started, Olivia, is right. Pegasus is -- has been a project since I joined Helen of Troy that I've been spearheading. And so I expect that to continue. And as I mentioned in the remarks, and Julien and Brian did as well, we're pleased with the progress. We're seeing the workstreams progress in line with our expectations across a broad range of areas, particularly pleased with the organizational changes that we made. Certainly, we see some efficiency from that and that flows through in '24. But I'm really pleased with the effectiveness gains that we're seeing, the focus that the business units are able to put on marketing and new product development and the brands. And conversely now, the North American RMO on customers and looking for whitespace distribution opportunities, looking to create great joint value with our customers, I think, is really gaining momentum, and I'm excited for that.

是的。我認為你開始的時候，奧利維亞，是對的。自從我加入特洛伊的海倫以來，Pegasus 一直是我領導的一個項目。所以我希望這種情況會繼續下去。正如我在評論中提到的，Julien 和 Brian 也提到了，我們對取得的進展感到滿意。我們看到工作流的進展符合我們在廣泛領域的預期，我們對我們所做的組織變革感到特別滿意。當然，我們從中看到了一些效率，並且在 24 世紀流經。但我對我們所看到的效率提升感到非常高興，業務部門能夠將重點放在營銷和新產品開發以及品牌上。相反，現在，北美 RMO 客戶和尋找空白分銷機會，希望與我們的客戶創造巨大的聯合價值，我認為，這真的在獲得動力，我為此感到興奮。

I think in terms of the portfolio, we did do a lot of SKU rationalization. As I mentioned in my remarks, we did a full bottoms-up analysis of all of the SKUs across the portfolio, looking at profitability, looking at productivity. And it was a very rigorous exercise. We reduced and included in the outlook, about 18% of our SKUs disproportionately focused on the Beauty & Wellness side, probably more Wellness as we look at it. And that's included in our outlook. I think we're also excited to say that we've taken this process and codified it, and we'll do it on an annual basis going forward so that we have this regimen and hygiene of continuing to look at our portfolio and making the right choices as we go forward.

我認為就產品組合而言，我們確實做了很多 SKU 合理化。正如我在評論中提到的，我們對整個產品組合中的所有 SKU 進行了全面的自下而上的分析，著眼於盈利能力，著眼於生產力。這是一個非常嚴格的練習。我們減少並包括在展望中，我們大約 18% 的 SKU 不成比例地專注於美容和健康方面，在我們看來可能更多的是健康。這包含在我們的展望中。我想我們也很高興地說我們已經採用了這個過程並將其編纂成法典，我們將每年進行一次，這樣我們就有了繼續審視我們的投資組合併做出前進的正確選擇。

Our next question is from Rupesh Parikh with Oppenheimer.

我們的下一個問題來自 Rupesh Parikh 和 Oppenheimer。

I'll also echo my congratulations to the team. So I guess -- sorry with my first question. As I look at the guidance, your Home & Outdoor and Beauty & Wellness, your sales growth expectations or, I guess, declines as well. Just curious if you could just give more color what's contributing to the bigger expectation for declines in Beauty & Wellness? In Home & Outdoor, just curious how you guys were thinking about OXO and Hydro Flask for the upcoming year?

我也要向團隊表示祝賀。所以我想——抱歉我的第一個問題。當我查看指南時，您的家庭和戶外以及美容和健康，您的銷售增長預期，或者，我猜，也下降了。只是好奇您是否可以提供更多顏色是什麼導致了對美容與健康下降的更大期望？在 Home & Outdoor 方面，只是好奇你們對來年的 OXO 和 Hydro Flask 有何看法？

Yes, Rupesh, I can start. I think there's a few -- a lot of puts and takes going on. There will point out that there was an acceleration of orders into fiscal -- the prior year -- sorry, fiscal '22 of about $20 million ahead of price increases, which is going to affect the comparisons, primarily in the fourth quarter comparison there. So that's a little bit of it. And then we called out Bed Bath & Beyond having a $35 million impact on revenue next year because we basically assumed 0 for fiscal year '24. And then the SKU rationalization, which is about a similar size, is also weighing on the revenue comparison. So you take those 3 things right there, and if you were to exclude those or normalize for those, you would be in a growth situation. So that's a little bit of it. I would say we -- if you look across our leadership brands, many of them are growing, and there's 2 or 3 that we do not expect to grow. The biggest one that we do not expect to grow is the biggest one impacted by SKU rationalization. So that's kind of an overall feel. I don't know if you're asking a specific about one area or another or you want to get more granular than that, but I would say that's kind of an overall lay of the land with respect to why it's a decline versus growth.

是的，Rupesh，我可以開始了。我認為有一些 - 很多投入和投入正在進行中。將指出，進入財政的訂單加速 - 前一年 - 對不起，在價格上漲之前，22 財年約 2000 萬美元，這將影響比較，主要是在那裡的第四季度比較。這就是其中的一點點。然後我們稱 Bed Bath & Beyond 明年對收入產生 3500 萬美元的影響，因為我們基本上假設 24 財年為 0。然後，尺寸相似的SKU合理化也在影響收入比較。所以你把這 3 件事放在那兒，如果你要排除它們或將它們標準化，你就會處於增長狀態。這就是其中的一點點。我會說我們——如果你看看我們的領導品牌，其中許多都在增長，而我們預計有 2 或 3 個不會增長。我們預計不會增長的最大一個是受 SKU 合理化影響最大的一個。所以這是一種整體感覺。我不知道你是在詢問一個區域還是另一個區域的具體問題，或者你想獲得比這更細化的信息，但我想說的是，這是關於為什麼下降與增長的總體情況。

Okay. Great. And then maybe just one follow-up question. Just on freight. So I think you expect both, for sure, inbound freight savings. Just curious, as we look at freight, do you expect both inbound and outbound savings? And if there's a way to quantify the benefit you expect for this year?

好的。偉大的。然後可能只是一個後續問題。只是運費。所以我認為你肯定希望兩者都節省入站運費。只是好奇，當我們查看運費時，您是否期望入境和出境都節省費用？是否有辦法量化您對今年的預期收益？

Yes, I think the outbound freight has been coming down, and that's kind of instantly realized that, that comes down because that's based on current shipments out of product, which those rates come down almost immediately, and those are in SG&A and are realized immediately. The bulk of the savings that we're referring to next year is inbound freight savings, and that takes time to cycle through cost of goods sold. And that's why it's a back half weighted tailwind for fiscal year '24.

是的，我認為出境運費一直在下降，並且立即意識到，下降是因為這是基於當前的產品出貨量，這些費率幾乎立即下降，而那些在 SG&A 中並立即實現.我們指的明年節省的大部分是入境運費節省，這需要時間來計算銷售成本。這就是為什麼它是 24 財年的後半加權順風。

Our next question is from Susan Anderson with Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的 Susan Anderson。

Let me say my congrats also to the team on the new opportunities. Just on, I guess, looking out this year, with the Pegasus savings, the $20 million, and then you just talked about maybe some freight tailwinds. I'm curious if there's anything else also that's going to be a driver this year, just considering all of the headwinds going on and Pegasus not fully offsetting that, that we're not thinking about?

讓我也對團隊獲得新機會表示祝賀。只是，我想，展望今年，Pegasus 節省了 2000 萬美元，然後你剛剛談到了一些貨運順風。我很好奇今年是否還有其他因素會成為驅動因素，只是考慮到所有的不利因素，而 Pegasus 並沒有完全抵消這一點，我們沒有考慮過？

Yes. Susan, thanks, and thanks for the comments to you and all. We're excited about the change and also the change management. In the case of the exciting growth drivers, they're huge. Let's just get into them a little bit. Let's start at the gross margin line, 460 bps of expansion. That's huge. Brian mentioned it between his remarks and mine and Noel's. We detailed a bit, there's going to be a mix improvement that's significant. It comes first from the acquisition of Prestige Liquids, which has been coming up for some time. And between Drybar, which continues to grow. And now Curlsmith, which will be one of the fastest-growing parts of the company in fiscal '24 after being a fast grower in fiscal '23, it's the reigning champion of gross margin in this company.

是的。蘇珊，謝謝，謝謝你和大家的評論。我們對變革和變革管理感到興奮。就令人興奮的增長動力而言，它們是巨大的。讓我們稍微了解一下。讓我們從毛利率線開始，擴張 460 個基點。那是巨大的。 Brian 在他和我以及 Noel 的發言之間提到了這一點。我們詳細說明了一點，將會有一個重要的混合改進。它首先來自對 Prestige Liquids 的收購，這已經有一段時間了。在持續增長的 Drybar 之間。現在，Curlsmith 在成為 23 財年的快速增長之後，將成為 24 財年公司增長最快的部分之一，它是該公司毛利率的衛冕冠軍。

The other champions, by the way, Hydro Flask, Drybar and the inhalants on the Vicks side, are all well above our fleet average, all expected to grow in fiscal '24, and that's the 460 bps. So that's a big, fat deal.

順便說一下，其他冠軍，Hydro Flask、Drybar 和 Vicks 方面的吸入劑，都遠高於我們的機隊平均水平，預計都將在 24 財年增長，即 460 個基點。所以這是一個大而胖的交易。

The other comment is cash flow, and this really gets to the ability to get down inventory, take that gross margin, run it through an expense set that we're also attacking with Pegasus and making ourselves not only more efficient, but as Noel mentioned, able to grow faster in the future. This is the magic of Pegasus through the creation of the North American RMO and some work that's being done on the brand-building side.

另一個評論是現金流量，這真的能夠降低庫存，獲得毛利率，通過我們也在與 Pegasus 一起攻擊的費用集來運行它，並使我們自己不僅更有效率，而且正如 Noel 提到的，能夠在未來更快地成長。這是 Pegasus 通過創建北美 RMO 以及在品牌建設方面所做的一些工作的魔力。

You put all this together, probably in '25, you'll get that acceleration. But you get the cash flow now. You also get EBIT expansion in terms of margin and you get operating margin expansion. So that's why the math works. Remember, all of this also overcomes about $1.79 of combined effect of putting the bonus back to target, absorbing the year-over-year interest expense as well as the depreciation hurdle that goes up for the new distribution center. So that's the moving parts, and that's why it's exciting for '24. As I mentioned down in Florida, you don't have to wait for '25 to get the wind now.

你把所有這些放在一起，可能在 25 年，你會得到加速。但是你現在得到了現金流。您還可以在利潤率方面獲得 EBIT 擴展，並獲得營業利潤率擴展。這就是數學起作用的原因。請記住，所有這一切還克服了將獎金恢復到目標、吸收同比利息支出以及新配送中心上升的折舊障礙的綜合影響約 1.79 美元。所以這就是活動部件，這就是為什麼 24 年令人興奮的原因。正如我在佛羅里達州提到的那樣，您現在不必等到 25 年才有風。

And I'll just add a little bit there. Julien gave a couple of specific examples on margin and mix drivers. I'll just say, as a general rule, we're expecting growth in our highest-margin businesses overall. So it's not just an example. It's kind of the trend for next year. We see growth in the businesses that have the best margins. So that's giving us good lift.

我會在那裡添加一點。 Julien 舉了幾個關於保證金和混合驅動因素的具體例子。我只想說，作為一般規則，我們預計我們利潤率最高的業務總體上會增長。所以這不僅僅是一個例子。這是明年的趨勢。我們看到利潤率最高的企業出現增長。所以這給了我們很好的提升。

And we've prioritized our spend against those things. It was a purposeful look. That was some of the portfolio work we did was to say, how do we lean into those parts of the business that we think we have passed great margins, but also great growth potential like prestige beauty, outdoor, et cetera.

我們已經將我們的支出優先考慮在這些事情上。這是一種有目的的表情。那是我們所做的一些投資組合工作，就是說，我們如何依靠我們認為我們已經通過了巨大利潤的業務部分，但也有巨大的增長潛力，如聲望美容、戶外等。

Great. That's all very helpful. Also, if I could ask maybe just a little bit on some color on the sell-in versus sell-through in the quarter? I think you said you expect it to be more normalized this year. So I'm just curious if we're there yet? Or are there still kind of some work to do in the first half of this year?

偉大的。這一切都非常有幫助。另外，如果我可以問一下本季度的銷售量和銷售量的一些顏色？我想你說過你希望它在今年更加正常化。所以我很好奇我們是否已經到了？或者今年上半年還有什麼工作要做？

Yes. I think as a couple of us said in the prepared remarks, we are seeing sell-in and sell-out track more closely together. All of it always depends on what the consumer consumption patterns look like and then retailers' inventory levels will follow suit from there. And we are seeing softness in many of our categories as the consumer is spending more of their money on staple services, less on some of these discretionary categories. So it's hard to say what's going to come, but I would say we definitely, in quarter 4, saw a closer tracking in the retailers we have visibility in of sell-in and sell-out. So we don't expect to have such a dramatic impact as what we had in the past fiscal year.

是的。我認為正如我們中的一些人在準備好的發言中所說的那樣，我們看到賣出和賣出的軌跡更加緊密地聯繫在一起。所有這一切總是取決於消費者的消費模式是什麼樣的，然後零售商的庫存水平也會隨之改變。我們看到我們的許多類別都出現疲軟，因為消費者將更多的錢花在主要服務上，而不是在某些可自由支配的類別上。所以很難說會發生什麼，但我肯定會說，在第 4 季度，我們看到了我們對銷售和銷售情況可見的零售商的更密切跟踪。因此，我們預計不會像上一財年那樣產生如此巨大的影響。

You may think we're being extra conservative in our sales guidance? No. We were very careful in our remarks. We are expecting pressure in the economy, on the consumer. Those consumer balance sheets from COVID, the original $2 trillion or $3 trillion is coming down to less than $1 trillion. Interest rates are going up, have all that inflation, all in that speech, that's pressure. Consumers in discretionary categories are buying less. We expect our categories to normalize per the comments with Bob. So the comments that Noel just made are not some huge tailwind sales that you should expect. It's in that forecast on a year-over-year basis. So we don't see a lot of positive in terms of the consumer uplift, and we have not built one in, nor have we built in a recession. These are just, to use Bob's own words, there's a bit of normalization on the subject of trade inventory successes in the specific area that you're talking about.

您可能認為我們的銷售指導過於保守？不，我們的言論非常謹慎。我們預計經濟會對消費者造成壓力。那些來自 COVID 的消費者資產負債表，原來的 2 萬億美元或 3 萬億美元正在下降到不到 1 萬億美元。利率在上升，所有的通貨膨脹，都在那個演講中，這就是壓力。可自由支配類別的消費者正在減少購買。我們希望我們的類別能夠根據 Bob 的評論進行規範化。因此，Noel 剛剛發表的評論並不是您應該期待的巨大順風銷售。這是按年計算的預測。因此，我們在消費者提升方面看不到很多積極因素，我們沒有建立一個，也沒有建立在經濟衰退中。這些只是，用 Bob 自己的話來說，在您所談論的特定領域的貿易庫存成功主題上有一些規範化。

Okay. Great. That's helpful. And then just really quick on the Beauty category. I'm curious, are you seeing any difference in consumer purchases between, say, like the higher-end tools like a Drybar versus like a Revlon? And then I'm curious if there's any color you could give on the new tools that you guys put into Walmart? And then also any early reads on Hot Tools Liquids so far?

好的。偉大的。這很有幫助。然後在美容類別上真的很快。我很好奇，您是否看到消費者購買之間有什麼不同，比如像 Drybar 和 Revlon 這樣的高端工具？然後我很好奇你們是否可以為你們投入沃爾瑪的新工具提供任何顏色？到目前為止，還有關於 Hot Tools Liquids 的任何早期閱讀嗎？

Yes. So overall, I would say the prestige beauty part of our business is performing well. We talked about that, and we foresee that continuing into '24. So Drybar, Curlsmith kind of falling into that realm. I would say, Revlon, we did get some new distribution on some of the opening price point kind of nonvolumizer parts of Revlon in retailers, mass retailers that we think will help us there. That's where we see consumers trading down more. They're not spending as much on a higher end, more expensive appliance like a volumizer. But as Julien mentioned, that subcategory is kind of normalizing. So we're pleased to get some other Revlon tools back into some of our mass retailer customers as we look into '24.

是的。所以總的來說，我想說我們業務的聲望美容部分錶現良好。我們談到了這一點，我們預見到它會持續到 24 年。所以 Drybar，Curlsmith 有點落入那個領域。我會說，露華濃，我們確實在零售商、大型零售商中獲得了一些新的分銷，這些零售價點是露華濃的一些非體積化部件，我們認為這將幫助我們在那裡。這就是我們看到消費者交易更多的地方。他們不會花那麼多錢購買更高端、更昂貴的設備，如豐盈器。但正如 Julien 所提到的，該子類別有點正常化。因此，在我們研究 24 世紀時，我們很高興將其他一些 Revlon 工具帶回我們的一些大眾零售商客戶。

Hot Tools Liquids is a new launch for us in Ulta that I mentioned. We're excited about it. Very, very early days, but I can say that the merchandising looks great. Our team was in Chicago at the Ulta show recently and a lot of really positive buzz on Hot Tools Liquids. So we're excited about it. Great products, and really excited that we were able to leverage some of our expertise and experience in liquids from the prestige side to develop a great line.

Hot Tools Liquids 是我提到的 Ulta 的新產品。我們對此感到興奮。非常非常早期，但我可以說商品銷售看起來很棒。我們的團隊最近在芝加哥參加了 Ulta 展會，並獲得了很多關於 Hot Tools Liquids 的積極評價。所以我們對此感到興奮。偉大的產品，我們能夠利用我們在聲望方面的一些液體專業知識和經驗來開發一條偉大的產品線，這讓我們感到非常興奮。

Our next question is from Peter Grom with UBS.

我們的下一個問題來自瑞銀的 Peter Grom。

And I want to extend my congratulations to the team as well. So my question is -- my first question is on balance, and maybe more specifically, how you think about the savings from Project Pegasus. So Noel, in your prepared remarks, you discussed reinvestment, you discussed brand building. But as you think about the savings that are expected to build over the next 3 years, how would you frame reinvestment versus flow-through?

我也想向團隊表示祝賀。所以我的問題是——我的第一個問題是平衡的，也許更具體地說，你如何看待 Project Pegasus 的節省。所以諾埃爾，在你準備好的發言中，你討論了再投資，你討論了品牌建設。但是，當您考慮預計在未來 3 年內積累的儲蓄時，您將如何界定再投資與流轉？

Yes. What I would say, as we kind of pick up steam, particularly in fiscal '25 with where the bulk of the Pegasus savings come, our aim is to flow some through to the bottom line but also to have some to reinvest back into the brands and into the business. As those savings come in, we'll assess how to balance those 2 things, but we really look to be able to do both. We see the opportunity to expand margins and reinvest back into the business.

是的。我要說的是，隨著我們加速發展，特別是在 25 財年，Pegasus 的大部分儲蓄都來自於此，我們的目標是將一些資金流到底線，但也要讓一些資金重新投資於品牌並進入業務。隨著這些節省的到來，我們將評估如何平衡這兩件事，但我們真的希望能夠做到這兩點。我們看到了擴大利潤和重新投資業務的機會。

I talked about in my prepared remarks, we continue to look for opportunities to accelerate the savings. If we see that happening, if we see savings coming in faster than expected, or if we see our results performing on the top line better than expected, we'll spend into success. We'll look to reinvest and fuel growth on what we consider to be the highest potential opportunities.

我在準備好的發言中談到，我們繼續尋找機會加速儲蓄。如果我們看到這種情況發生，如果我們看到節省的資金比預期更快，或者如果我們看到我們的結果在頂線的表現好於預期，我們就會成功。我們將尋求對我們認為最具潛力的機會進行再投資並推動增長。

Peter, I'd just add a little bit because I've got history of what we kind of used to do before, and maybe I look at it slightly different now coming back. So before, we kind of used this 50-50 approach where we dropped 50 to the bottom line and reinvest 50. I would say right now, I personally am leaning, and I think Noel and the organization are leaning towards maybe fade to the side of putting more towards growth. So maybe it's a 60-40 or 70-30, I don't know. And I think Noel's comment is spot on that as we overperform, hopefully, we're not promising that, but if we overperform, taking a disproportionate amount of that and putting it back into growth investments. So I think the mindset is definitely towards growth, and you'll see a change, hopefully, in how we invest in that and a disproportionate weighting towards growth. I think I'm also encouraged by the structural changes and the better leveraging of scale across all our brands in terms of the spend. So I think another benefit is going to be more cost-effective spending because we've restructured the organization and we're going to leverage our scale better in that regard. So hopefully, you see there's multiple benefits in there, we think, growth investment at a higher level and also more cost effective.

彼得，我只是補充一點，因為我有我們以前做過的事情的歷史，也許我現在回來看它略有不同。所以之前，我們有點使用這種 50-50 的方法，我們將 50 減到底線並再投資 50。我現在想說，我個人傾向於，我認為 Noel 和組織傾向於可能會退到一邊投入更多的增長。所以也許是 60-40 或 70-30，我不知道。而且我認為 Noel 的評論是正確的，因為我們表現出色，希望我們不會承諾這一點，但如果我們表現出色，將不成比例的資金投入增長投資。因此，我認為心態肯定是朝著增長方向發展的，希望您會看到我們在投資方式上的變化以及對增長的不成比例的重視。我想我也對結構變化和在支出方面更好地利用我們所有品牌的規模感到鼓舞。所以我認為另一個好處是支出更具成本效益，因為我們已經重組了組織，我們將在這方面更好地利用我們的規模。所以希望你看到那裡有多重好處，我們認為，在更高水平上進行增長投資，也更具成本效益。

No, that's really helpful. And maybe just building on that, right, just the balance expected in '20 -- or fiscal '25. And I know we're a long way away from that. But when you think about kind of the long-term earnings recovery here, I mean, I guess, how would you frame the exit rate embedded in the earnings outlook of, call it, 20% to 30% growth, as you think about how quickly you can get back to where you were from an earnings perspective prior to all the disruption over the last 18 months?

不，這真的很有幫助。也許只是在此基礎上，對，只是 20 世紀或 25 財年的預期平衡。我知道我們離那個還有很長的路要走。但是，當您考慮這裡的長期收益復甦時，我的意思是，我想，您將如何構建收益前景中嵌入的退出率，稱之為 20% 至 30% 的增長，正如您考慮的那樣在過去 18 個月的所有中斷之前，從收益的角度來看，您能很快回到原來的狀態嗎？

It depends a bit on the consumer. Let's start there. This is a consumer-driven company and the comments about categories and normalization. Assuming the normalization thing, as we talked with Bob earlier, occurs pretty much as we've predicted, which is they'll come down to the pre-COVID trends. Not the pre-COVID level, to be clear, but the pre-COVID trend lines. So normal growth from there. Think of the classic GDPs, 2% to 3% trend during the COVID years as if COVID never happened. That's what I meant. But the point is, as the consumer goes, so will go the answer to your question about how quickly we can reaccelerate.

這在一定程度上取決於消費者。讓我們從那裡開始。這是一家消費者驅動的公司，關於類別和規範化的評論。假設正常化的事情，正如我們之前與 Bob 交談的那樣，幾乎和我們預測的一樣發生，那就是它們將回到 COVID 之前的趨勢。明確地說，不是 COVID 之前的水平，而是 COVID 之前的趨勢線。所以從那裡正常增長。想一想經典的 GDP，在 COVID 年中有 2% 到 3% 的趨勢，就好像 COVID 從未發生過一樣。我正是這個意思。但關鍵是，隨著消費者的發展，關於我們可以多快重新加速的問題的答案也會隨之而來。

The beauty of Pegasus, as Noel mentioned, this is not just cost savings, but the sharpening of the go-to-market and the branding side plus the extra investment on the innovation side and the structural changes around, for example, the North American RMO and the consolidation to operations more broadly gives us an ability to just get more growth. And that's very helpful and has nothing to do with savings. So I think that's really the answer in my view. I will say, though, that the reinvestment -- I talked about the flywheel aspect, we won't be shy. As we have the opportunities, we will make them happen and the team is chomping at the bit on the topic, which is the point about spending into success as soon as we have the availability and the consumer is willing.

Pegasus 的美妙之處，正如 Noel 所提到的，這不僅僅是成本節約，而是上市和品牌方面的銳化，以及創新方面的額外投資和結構性變化，例如，北美RMO 和更廣泛的運營整合使我們能夠獲得更多增長。這非常有幫助，與儲蓄無關。所以我認為這確實是我認為的答案。不過，我要說的是，再投資——我談到了飛輪方面，我們不會害羞。當我們有機會時，我們會讓它們發生，並且團隊正在討論這個話題，這就是一旦我們有機會並且消費者願意就投入成功的關鍵。

And in terms of the reacceleration, in the new strategic plan, once we roll that out, Noel mentioned that will come later this calendar year, we'll try to put new long-term targets out there to get you a quantitative answer to the way we see it over the next couple of years.

就重新加速而言，在新的戰略計劃中，一旦我們推出，Noel 提到將在本日曆年晚些時候出現，我們將嘗試制定新的長期目標，以便為您提供定量答案我們在未來幾年看到它的方式。

And best of luck moving forward.

祝你好運。

Yes. And by the way, Peter, welcome. I think it's the first time with you officially having initiated guidance on Helen of Troy, and so we're thrilled to have you covering the company.

是的。順便說一下，彼得，歡迎。我認為這是你第一次正式開始對特洛伊海倫的指導，所以我們很高興你能報導公司。

Thank you. This concludes our Q&A session. I would like to turn the floor back over to Julien Mininberg, CEO, for closing comments.

謝謝。我們的問答環節到此結束。我想將發言權轉回給首席執行官 Julien Mininberg，以徵求結束意見。

Yes. Thank you, operator. Thank you all for the interest and the support. We're thrilled with your comments as we make an important transition over the course of fiscal '24. And this is a transition year in all the ways that we talked. I think the numbers, frankly, speak for themselves. And it's very good to see some of the narratives that are out in the marketplace just getting crossed off for what they are, which is one by one. We are doing exactly what we said, and it's our intention to remain consistent. So we very much appreciate the support. We look forward to seeing many of you in person next week and virtually over the coming weeks.

是的。謝謝你，運營商。感謝大家的關注和支持。我們對您的評論感到非常興奮，因為我們在 24 財年期間進行了重要的過渡。從我們討論的所有方式來看，今年都是過渡年。坦率地說，我認為這些數字不言自明。很高興看到市場上的一些敘述被一一劃掉。我們正在按照我們所說的去做，我們打算保持一致。所以我們非常感謝支持。我們期待著在下周和未來幾週以虛擬方式與你們中的許多人見面。

With that, operator, all set on our end.

有了這個，接線員，一切就緒。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。