The Honest Company, Inc. (HNST) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Honest Company second quarter 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位女士、先生，感謝您稍候並參與，歡迎收聽 Honest Company 2026 年第二季財報電話會議。(接線員指示) 請注意，今日會議將被錄音。

It is now my pleasure to introduce Chris Mandeville, Vice President of Investor Relations at the Honest Company. Please go ahead.

現在很榮幸為各位介紹 Honest Company 投資人關係副總裁 Chris Mandeville。請開始。

Good afternoon, and thank you for joining our second quarter 2026 conference call. With me today are Carla Vernon, our Chief Executive Officer; and Curtiss Bruce, our Chief Financial and Operating Officer.

各位下午好，感謝您參加我們 2026 年第二季電話會議。今天與我一同出席的有我們的執行長 Carla Vernon，以及我們的財務與營運長 Curtiss Bruce。

Before we begin, I will remind you that our remarks today include forward-looking statements subject to risks and uncertainties. We do not undertake any obligation to update these statements, and actual results may differ materially. For a detailed discussion of these factors, please refer to our Safe Harbor statements in today's earnings materials and our recent SEC filings. We will also discuss certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures are included in our earnings release and accompanying presentation, which are available at investors.honest.com.

在開始之前，我要提醒各位，我們今天的發言包含前瞻性陳述，可能受到風險與不確定性影響。我們不承擔更新這些陳述的任何義務，且實際結果可能有重大差異。關於這些因素的詳細討論，請參閱今日財報資料中的安全港聲明，以及我們近期向 SEC 提交的文件。我們也將討論若干非 GAAP 財務衡量指標。與最直接可比的 GAAP 指標之調節表已包含於我們的新聞稿與隨附簡報中，相關資料可於 investors.honest.com 取得。

Finally, please note that all consumption data included in our discussion today, unless otherwise noted, will reflect Circana MULO+ measured channel data for the 13 weeks ended June 28, 2026, as compared to the prior year.

最後請注意，除非另有說明，我們今日討論中所包含的所有消費數據，將反映 Circana MULO+ 量測通路在截至 2026 年 6 月 28 日的 13 週期間之數據，並與前一年同期比較。

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

接下來，我把電話交給 Carla。

Thank you, Chris. Before I share our results for the second quarter of 2026, I want to welcome Chris in his new role as Vice President of Investor Relations. While Chris has already been with us for the last two earnings calls, we are thrilled that he has officially joined Honest.

謝謝你，Chris。在我分享 2026 年第二季的業績之前，我想歡迎 Chris 在投資人關係副總裁的新職務上就任。雖然 Chris 已在過去兩次財報電話會議中與我們一同出席，但我們非常高興他已正式加入 Honest。

And now I'm pleased to share our results for the second quarter of 2026, which reflects the continued strength and momentum of our business. We achieved strong organic revenue growth of nearly 7% and our highest profit margins in the history of the Honest Company with underlying adjusted gross margins of 43.8% and underlying adjusted EBITDA margins of 9.8%. Given our sound first half execution and confidence in the path ahead, we are raising our full year outlook. These Q2 results are a product of the ongoing structural improvements to our business and the team's continued commitment to operational excellence.

現在我很高興分享我們 2026 年第二季的業績，這反映出我們業務持續的強勁與動能。我們達成接近 7% 的強勁有機營收成長，並創下 Honest Company 歷史最高的獲利率：基礎調整後毛利率為 43.8%，基礎調整後 EBITDA 利潤率為 9.8%。鑑於上半年穩健的執行成果以及對未來路徑的信心，我們上調全年展望。第二季的成果來自我們持續推動的業務結構性改善，以及團隊對營運卓越的持續承諾。

Importantly, this strengthened financial foundation provides us with additional horsepower to accelerate investments in support of all three of our strategic pillars of brand maximization, margin enhancement and operating discipline.

重要的是，這個更強健的財務基礎為我們提供了額外動能，以加速投資並支持我們三大策略支柱：品牌極大化、毛利提升與營運紀律。

Looking specifically at our first pillar, brand maximization, this quarter clearly showcased the power of our strategy. We are encouraged by our momentum as we scale our broad collection of cleanly formulated and sustainably designed Honest products. In addition to our top line results, our overall consumption growth was up nearly 8%. This growth continued to be volume-led and significantly outpaced the 2% growth in our comparative categories.

就第一個支柱「品牌極大化」而言，本季清楚展現了我們策略的力量。隨著我們擴大 Honest 旗下廣泛的潔淨配方、永續設計產品組合，我們對目前的動能感到鼓舞。除營收表現外，我們整體消費量成長接近 8%。這項成長持續由銷量帶動，且顯著超越我們對比品類 2% 的成長。

Our vision to scale Honest is grounded in two important consumer truths. The first key consumer truth is the resonance of our Honest standard. Our portfolio is formulated without 3,500 ingredients of concern that we choose not to use in our products. These high standards mean our products meet the high expectations of modern consumers who want clean formulation, excellent product performance and joyful design in their personal care. The second key consumer truth is the broad appeal of Honest across households of all ages and stages.

我們擴大 Honest 規模的願景，建立在兩項重要的消費者洞察之上。第一項關鍵洞察是 Honest 標準的共鳴。我們的產品組合在配方上不含 3,500 種我們選擇不使用、被關注的成分。這些高標準意味著，我們的產品能滿足現代消費者在個人護理上對潔淨配方、卓越產品表現與愉悅設計的高期待。第二項關鍵洞察是 Honest 對各年齡與各人生階段家庭的廣泛吸引力。

While we are often recognized for our wonderful portfolio of baby products, today, over half of our households have no kids at all. Our strength across household types is an important driver of scaling the Honest brand through our brand maximization strategy. Today, 89% of households in the United States do not have any children under the age of 7, and 75% of all US households have no children at all. We continue to see progress in scaling Honest across a broad range of households.

雖然我們常因出色的嬰幼兒產品組合而受到肯定，但如今，超過一半的家庭用戶其實完全沒有孩子。我們在不同家庭型態上的優勢，是透過品牌極大化策略擴大 Honest 品牌規模的重要驅動力。目前，美國有 89% 的家庭沒有 7 歲以下的孩子，而 75% 的美國家庭完全沒有孩子。我們持續看到 Honest 在廣泛家庭族群中的擴張進展。

This quarter, our household penetration of 8.1% improved 100 basis points with nearly two-third of that growth coming from no-kid households. This growth gives us material evidence that more households are embracing Honest each year.

本季，我們的家庭滲透率達 8.1%，提升了 100 個基點，其中近三分之二的成長來自無孩家庭。這項成長為我們提供了具體證據，顯示每年有更多家庭正在接納 Honest。

In addition to this excellent progress, we are encouraged by the significant runway we see across our growth platforms. To put that opportunity into perspective, in Baby Personal care, key branded competitors hold household penetration anywhere from 2 to 6 times greater than we do. And in all-purpose wipes, larger brands have as much as 5 to 7 times our household penetration.

除了這些優異進展之外，我們也對各成長平台所見到的龐大成長跑道感到鼓舞。為了讓各位理解這個機會的規模，在嬰幼兒個人護理領域，主要品牌競爭對手的家庭滲透率約為我們的 2 到 6 倍。而在多用途濕巾品類中，較大型品牌的家庭滲透率甚至可達我們的 5 到 7 倍。

Let me share a closer look at how this momentum is being driven across our businesses, beginning with our wipes portfolio. Our total wipes portfolio delivered consumption growth of 26% versus comparative category growth of 2%. Our extensive wipes platform crosses several categories and uses. With such wide-ranging collections of wipes, Honest offers a variety of benefits that appeal to a broad range of household types. Our collections include our Clean Conscious wipes, which are the number one natural baby wipe brand and grew 16% this quarter.

接下來我將更深入分享這股動能如何在各業務中被驅動，先從我們的濕巾產品組合開始。我們整體濕巾產品組合的消費量成長達 26%，相較之下對比品類成長為 2%。我們廣泛的濕巾平台橫跨多個品類與使用情境。憑藉如此多元的濕巾系列，Honest 提供多種利益點，能吸引廣泛的家庭型態。我們的系列包含 Clean Conscious 濕巾，該產品為天然嬰兒濕巾第一品牌，本季成長 16%。

Our flushable wipes, which grew more than 200% in Q2, making us the fastest-growing branded player in the segment. And our sanitizing wipes, which grew 55% in Q2 and are the second largest hand sanitizing wipes brand in the category.

我們的可沖式濕巾在第二季成長超過 200%，使我們成為該細分市場成長最快的品牌業者。以及我們的消毒濕巾在第二季成長 55%，並且是該品類中第二大手部消毒濕巾品牌。

These wipes businesses are all significantly outpacing the growth of their respective categories and each delivers on the Honest standard of clean formulation, strong product performance and joyful design. This year, our flushable wipes entered the spotlight with a new campaign that speaks to the category in an elegant yet irreverent style that is candid in a way that only Honest can be. In fact, our groundbreaking campaign called It's Time to Get Honest drove significant viral engagement, delivering well over 3 billion media impressions and increasing awareness of the Honest brand across a new broader community.

這些濕巾業務皆大幅超越各自品類的成長，並且都體現 Honest 對潔淨配方、強勁產品表現與愉悅設計的標準。今年，我們的可沖式濕巾透過一個全新行銷活動成為焦點；該活動以優雅卻帶點不羈的風格切入品類議題，坦率得只有 Honest 才做得到。事實上，我們名為「It's Time to Get Honest」的突破性活動帶來顯著的病毒式互動，累計超過 30 億次媒體曝光，並在更廣泛的新社群中提升 Honest 品牌知名度。

In addition to meeting the high standard for product quality, our flushable wipes packaging is designed to be a room accessory that is both elegant and unapologetic. The collection is gaining strong traction online and across brick-and-mortar retailers, including our recent addition into the feminine care aisle at CVS. Building on this momentum, we see greater things ahead in expanding distribution, increasing product offerings and driving greater brand awareness for our flushable wipes.

除了符合高標準的產品品質之外，我們的可沖式濕巾包裝也被設計成兼具優雅與毫不掩飾風格的居家擺設配件。該系列在線上與實體零售通路皆獲得強勁動能，包括我們近期新增進駐 CVS 的女性護理走道。在此動能之上，我們看好未來在擴大通路覆蓋、增加產品供給，以及進一步提升可沖式濕巾品牌知名度方面將有更大的發展。

The strong Q2 performance of our wipes business also benefited from our three pronged strategy to maximize tentpole merchandising events such as Amazon Prime Day. While strong consumer deal events can be treated as a onetime boost to sales, our team partners closely with retailers to ensure that we leverage these events to introduce our full Honest assortment to new shoppers, build recurring subscriptions and increase brand discovery. We saw this working to great success across Prime Day with 58% of the visitors to our Honest storefront being entirely new to the Honest brand. And our team has great plans to build on these early relationships to earn lasting loyalty across our full collection of Honest products.

我們濕巾業務在第二季的強勁表現，也受惠於我們以三管齊下策略極大化如 Amazon Prime Day 等關鍵檔期的陳列與促銷活動。雖然強勁的消費者促銷檔期可能被視為一次性的銷售推升，但我們的團隊與零售商緊密合作，確保我們能藉由這些活動向新客介紹 Honest 的完整產品組合、建立可持續的訂閱，以及提升品牌被發現的機會。我們在 Prime Day 期間看到此策略成效顯著：造訪我們 Honest 品牌店的訪客中，有 58% 完全是 Honest 品牌的新客。而我們團隊也有很好的計畫，將在這些早期關係上持續深化，並在 Honest 全系列產品中贏得長期忠誠度。

Now turning to personal care. In Q2, our personal care portfolio grew 19%, outpacing the category's 5% growth rate. We design our personal care products to bring genuine joy and happiness to everyday routines. For some members of our Honest community, that means utilizing rich, beautifully authentic touches like the naturally derived soothing lavender in our signature baby personal care collection. And for the members of our community with the most sensitive skin, it means providing products that are gently yet effective and often fragrance-free. By delivering on both preferences seamlessly, we maintained our position as the number two brand in total baby personal care.

現在轉到個人護理。在第二季，我們的個人護理產品組合成長19%，超越該品類5%的成長率。我們設計個人護理產品，旨在為日常例行帶來真實的喜悅與幸福感。對於我們 Honest 社群的部分成員而言，這意味著在我們的招牌嬰兒個人護理系列中，運用天然來源、舒緩的薰衣草等濃郁且真實美好的細節。而對於社群中肌膚最敏感的成員而言，則意味著提供溫和但有效、且往往不含香精的產品。透過同時無縫滿足這兩種偏好，我們維持了在整體嬰兒個人護理市場中第二大品牌的地位。

And earlier this year, the Honest brand made its debut into the big kid aisle, welcoming us into a new set of homes. The launch of our kid-friendly personal care lineup was timed in coordination with the Toy Story 5 movie premiere and in partnership with Pixar's media campaign. The film, which debuted 30 years after the original movie, delivered the number one biggest global opening weekend in Pixar history. The magic of brands like Pixar and Honest is that they unlock the power of multigenerational appeal. Our Toy Story collection, which launched earlier this year at Walmart and Amazon, is getting ready to greet new families in the Food channel, starting with retailers, including H-E-B and select Ahold Delhaize banners. More than ever, Honest is expanding to meet consumers with products they love wherever they shop.

而在今年稍早，Honest 品牌首次進軍大童貨架通路，讓我們走進一批新的家庭。我們推出適合兒童使用的個人護理產品線，上市時點與《玩具總動員5》電影首映同步，並與皮克斯的媒體宣傳活動合作。該片在原作上映30年後推出，創下皮克斯史上全球首映週末票房第一的紀錄。像皮克斯與 Honest 這樣的品牌之所以迷人，在於它們能釋放跨世代吸引力的力量。我們的《玩具總動員》系列今年稍早已在 Walmart 與 Amazon 上市，並正準備自食品通路迎接新家庭，首波將從包括 H-E-B 以及 Ahold Delhaize 旗下部分通路旗艦店等零售商開始。比以往任何時候都更甚，Honest 正在擴張，讓消費者無論在哪裡購物，都能買到他們喜愛的產品。

Before concluding my remarks, it's important to acknowledge that the strong results in the quarter include a dampening effect from our diaper business. Current headwinds and shifting consumer dynamics appear to be structural for the diaper category with most national brands experiencing declines. While our diaper business is navigating these same pressures, we remain committed to providing families with a diaper offering that meets the expectations of the Honest standard for quality, performance and joy. Because of the importance of families with babies, we are pleased to announce a new strategic partnership, allowing the Honest brand to maintain its important place in baby and family-friendly apparel. Through a new licensing agreement with an industry-leading apparel manufacturer, Honest will transition back to an outbound licensing approach for this category.

在結束我的發言之前，重要的是要指出，本季的強勁表現包含了來自我們尿布業務的抑制影響。目前的逆風與消費者動態的轉變，對尿布品類而言似乎是結構性的，多數全國性品牌都出現下滑。雖然我們的尿布業務也在承受相同壓力，但我們仍致力於為家庭提供符合 Honest 標準、在品質、效能與愉悅感上都達到期待的尿布產品。鑑於有嬰兒的家庭的重要性，我們很高興宣布一項新的策略合作夥伴關係，使 Honest 品牌得以在嬰兒與家庭友善服飾領域維持其重要地位。透過與業界領先的服飾製造商簽訂新的授權協議，Honest 將在此品類轉回採取對外授權的模式。

We are glad that families will have the Honest Standard available to them when choosing bedding and baby apparel for their newest little ones. As you can see, we are energized about the strength of the Honest brand across all the segments we serve. 3.5 years ago, we began what was a necessary transformation to build a more powerful Honest brand and Honest company. We are now a fundamentally stronger enterprise built on a durable foundation. The evidence of our progress is clear across an array of metrics. First, we're more strategically focused.

我們很高興，家庭在為家中新生寶寶選購寢具與嬰兒服飾時，仍能使用 Honest Standard。如各位所見，我們對 Honest 品牌在所服務的各個細分領域展現的強勁實力感到振奮。3.5年前，我們啟動了一項必要的轉型，以打造更強大的 Honest 品牌與 Honest 公司。如今，我們已成為一家根本上更強健的企業，建立在穩固且耐久的基礎之上。我們進展的證據在多項指標上都清晰可見。第一，我們的策略聚焦更明確。

We have intentionally shifted our revenue mix towards our higher growth and higher-margin wipes and personal care platforms, which now represent over 70% of our revenue. Second, we are more growth driven. Since 2022, we have delivered an 11% consumption growth CAGR. And third, we are more structurally profitable. Our second quarter underlying adjusted gross margin of 44% is 1,500 basis points higher than we were in 2022.

我們有意將營收組合轉向成長更快、毛利更高的濕紙巾與個人護理平台，這兩者目前合計已占我們營收的70%以上。第二，我們更以成長為驅動。自2022年以來，我們實現了11%的消費端成長年複合成長率（CAGR）。第三，我們在結構上更具獲利能力。我們第二季的基礎調整後毛利率為44%，較2022年提高了1,500個基點。

These gains have allowed us to make considerable progress towards operating a virtuous cycle for profitable growth. But our convictions are not simply based on metrics. Honest was founded to be more than a disruptor brand. We were built to bring the world a modern personal care company that delivers on a standard built for the modern era.

這些提升使我們在打造可帶來獲利性成長的良性循環方面取得了相當大的進展。但我們的信念不僅僅建立在指標之上。Honest 的創立目標不只是成為一個顛覆者品牌。我們的使命是為世界帶來一家現代個人護理公司，提供符合現代時代所打造之標準的產品與體驗。

Transformation alone is not the finish line. Our ongoing goal is to achieve true scale. With great intention and clarity, we have identified right to win categories where we are leading and delivering exactly what today's modern households need, and we have executed this year in and year out with strict financial discipline. As we scale operationally, many of the important things about the Honest Company haven't changed. Our team of Honest Butterflies is an intense team of builders that pairs passion and vision with a focused approach to execution.

轉型本身並不是終點。我們持續的目標是達到真正的規模化。我們以高度的用心與清晰度，辨識出我們具備「致勝權」的品類——在這些領域我們居於領先，並精準提供當今現代家庭所需的一切；同時我們年復一年以嚴格的財務紀律執行。隨著我們在營運上擴大規模，Honest Company 的許多重要特質並未改變。我們的 Honest Butterflies 團隊是一支充滿熱情的建設者團隊，將熱忱與願景結合，並以聚焦的方式落實執行。

Every product we create upholds our rigorous guiding principles. It's this joy, commitment and uncompromising quality that makes Honest unique and meaningful to households of all types. And this is the true heartbeat, giving the Honest brand both relevance and power.

我們打造的每一項產品都遵循我們嚴謹的指導原則。正是這份喜悅、承諾與毫不妥協的品質，使 Honest 對各類型家庭而言都獨特且有意義。而這也是真正的核心脈動，賦予 Honest 品牌兼具相關性與力量。

With that, I will now turn the call over to Curtiss to provide more details on our Q2 financial results and walk through our raised full year outlook.

接下來，我將把電話會議交給 Curtiss，請他提供更多第二季財務結果的細節，並說明我們上調後的全年展望。

Thank you, Carla, and good afternoon, everyone. As you just heard, Q2 was a significant milestone that clearly validates our trajectory and highlights the robust results generated when our strategic focus meets disciplined execution.

謝謝你，Carla，各位下午好。如各位剛才所聽到的，第二季是一個重要的里程碑，清楚驗證了我們的發展軌跡，並凸顯當我們的策略聚焦與紀律執行相結合時所能產生的強勁成果。

Let's dive into how that performance materialized across our metrics, starting with the top line. Second quarter reported revenue was $83.3 million, a decrease of 10.9% compared to the prior year period. This reflects the impact of strategic exits underpowering Honest growth and our diaper revenue declines, which were partially offset by our continued strength in wipes and personal care. On an organic basis, revenue increased 6.7%, reflecting the momentum we continue to see in our higher growth, higher-margin wipes and personal care platforms.

讓我們深入看看這項表現如何在各項指標上具體呈現，先從營收（top line）開始。第二季公告營收為8,330萬美元，較去年同期下降10.9%。這反映了策略性退出對 Honest 成長的拖累，以及尿布營收下滑的影響；部分被我們在濕紙巾與個人護理方面的持續強勁表現所抵銷。以有機基礎計算，營收成長6.7%，反映我們在成長更快、毛利更高的濕紙巾與個人護理平台上持續看到的動能。

Our Q2 reported gross margin came in at 48.4%. On an adjusted basis, gross margin was 50.1%, an improvement of 970 basis points. This expansion includes a $6.6 million tariff refund and dilution from our apparel liquidation. Excluding these 2 items, our underlying margin was 43.8%, an improvement of approximately 340 basis points. This was driven by favorable product mix and operational improvements, including earlier-than-expected realization of supply chain savings.

我們第二季公告毛利率為48.4%。以調整後口徑計算，毛利率為50.1%，提升了970個基點。此一擴張包含660萬美元的關稅退稅，以及服飾清算帶來的稀釋影響。若排除這兩項因素，我們的基礎毛利率為43.8%，約提升340個基點。這主要由有利的產品組合與營運改善所驅動，其中包括供應鏈節省的實現時間早於預期。

Total operating expenses decreased by $4.1 million to $30.8 million, highlighting progress made to rightsize our SG&A. Within this, we strategically increased marketing by nearly 20%. This step-up in spend focused heavily on our wipes and personal care platforms was designed to capitalize on our momentum heading into the second half of the year. This targeted allocation of capital supports our ongoing focus on driving household penetration, which remains our primary catalyst for sustaining long-term growth.

總營業費用減少410萬美元至3,080萬美元，凸顯我們在調整並優化銷售、一般及行政費用（SG&A）方面取得的進展。在此之中，我們策略性地將行銷投入提高了近20%。這次支出增加主要聚焦於濕紙巾與個人護理平台，旨在把握我們在進入下半年時的動能。這種有針對性的資本配置，支持我們持續專注於提升家庭滲透率，而這仍是我們維持長期成長的主要催化劑。

Net income for the quarter was $10.7 million compared to $3.9 million in the prior year period. Adjusted EBITDA was $14.5 million, yielding an adjusted EBITDA margin of 17.3%. To understand our true underlying profitability, it is important to exclude the onetime tariff refund and apparel liquidation. When doing so, our underlying adjusted EBITDA margins of 9.8% expanded by approximately 160 basis points and marked an all-time high for the company.

本季淨利為1,070萬美元，去年同期為390萬美元。調整後 EBITDA 為1,450萬美元，調整後 EBITDA 利潤率為17.3%。為了理解我們真正的基礎獲利能力，重要的是排除一次性的關稅退稅與服飾清算影響。在排除後，我們的基礎調整後 EBITDA 利潤率為9.8%，擴張約160個基點，並創下公司歷史新高。

Our asset-light operating model continues to provide exceptional financial flexibility. We ended the quarter with $105.9 million in cash and cash equivalents and 0 debt. Free cash flow was $35.3 million for the first 6 months of the year, a substantial improvement compared to negative free cash flow of $3.8 million in the prior year period. This was primarily driven by increased earnings, continued working capital improvements and our asset-light operating model. While we do expect a timing benefit regarding inventory to partially reverse in the second half of the year, we maintain a distinct line of sight to further long-term working capital improvements.

我們的輕資產營運模式持續提供卓越的財務彈性。本季末我們持有現金及約當現金1.059億美元，且無負債。今年前6個月自由現金流為3,530萬美元，較去年同期自由現金流為負380萬美元有顯著改善。這主要受惠於獲利提升、營運資金持續改善，以及我們的輕資產營運模式。雖然我們預期與存貨相關的時點性利益將在下半年部分回轉，但我們仍清楚可見進一步的長期營運資金改善空間。

Year-to-date, we have repurchased 5.6 million shares for $18.7 million at an average price of $3.35 per share. At the end of the quarter, $6.3 million remained under our existing share repurchase authorization. These actions underscore our commitment to balancing aggressive reinvestment in our growth initiatives with returning value to our shareholders.

年初至今，我們以每股平均3.35美元的價格回購了560萬股，總金額1,870萬美元。截至季末，我們既有的庫藏股回購授權額度尚餘630萬美元。這些行動凸顯我們致力於在積極再投資成長計畫與回饋股東價值之間取得平衡。

Our strong execution in the first half of the year, which drove our top line momentum and structural margin enhancements gives us the confidence to raise our outlook. The tariff refunds provide additional flexibility and fuel for our strategic initiatives. We plan to aggressively reinvest these dollars now to accelerate household penetration and build a stronger Honest foundation for 2027 and beyond.

我們在上半年強勁的執行力，帶動營收動能與結構性毛利率提升，使我們有信心上調展望。關稅退稅為我們的策略性計畫提供額外彈性與資源。我們計畫現在積極再投資這些資金，以加速家庭滲透率，並為2027年及以後打造更強健的 Honest 基礎。

With that context, our raised full year 2026 outlook is as follows: reported revenue in the range of $319 million to $325 million, which now includes an approximate $10 million benefit from apparel inventory liquidation revenue. Organic revenue growth of 5% to 7%, up from 4% to 6%, reflecting accelerated momentum in the second half versus first half of the year. Adjusted gross margins to land in the mid-40s, up from the low-40s, as we expect a continuation of robust year over year expansion driven by favorable mix and supply chain efficiencies; and adjusted EBITDA of $23 million to $25 million, up from $20 million to $23 million.

在此背景下，我們上調後的2026全年展望如下：報告營收介於3.19億至3.25億美元之間，其中現已包含約1,000萬美元的服飾存貨清算收入貢獻。有機營收成長5%至7%，高於原先的4%至6%，反映下半年相較上半年動能加速。調整後毛利率落在40%中段，高於原先的40%低段，因我們預期在有利產品組合與供應鏈效率帶動下，年對年擴張將持續強勁；以及調整後EBITDA為2,300萬至2,500萬美元，高於原先的2,000萬至2,300萬美元。

Lastly, please assume our new apparel licensing agreement will be immaterial to our 2026 results. As I wrap up, I want to reiterate how pleased we are with our strong execution through the first half of the year. Our record underlying profitability and robust free cash flow generation prove that our financial model is fundamentally stronger today than ever before. With our pristine balance sheet, structural margin improvement and strategic reinvestment of our tariff refund, we have the fuel needed to confidently fund our next phase of profitable growth.

最後，請假設我們新的服飾授權協議對2026年業績影響不大。在我結語之際，我想再次強調，我們對上半年強勁的執行成果感到非常滿意。我們創紀錄的核心獲利能力與強勁的自由現金流創造，證明我們的財務模式在今日比以往任何時候都更為強健。憑藉我們乾淨的資產負債表、結構性毛利率改善，以及對關稅退稅的策略性再投資，我們具備所需的燃料，能夠有信心地資助下一階段的獲利成長。

With that, I will turn it back to Carla for final remarks.

接下來我把時間交回給Carla做最後的結語。

Thank you, Curtiss. Before we move to Q&A, I want to express my deep gratitude to our incredible team of Honest Butterflies. Their passion and dedication are the true driving force behind the business performance results we shared today. As we look ahead, we will continue to deliver on our evergreen strategic pillars of brand maximization, margin enhancement and operating discipline.

謝謝你，Curtiss。在進入問答之前，我想對我們出色的 Honest Butterflies 團隊表達由衷的感謝。他們的熱情與投入，是推動我們今天分享之營運表現成果的真正動力。展望未來，我們將持續落實我們長青的策略支柱：品牌最大化、毛利率提升與營運紀律。

By combining disciplined execution with our unwavering commitment to the Honest Standard, we are unlocking the true vision of a modern personal care company. We enter the second half of the year well positioned to build on our momentum, deliver on our raised 2026 outlook and continue creating long-term shareholder value.

透過將嚴謹的執行力與我們對 Honest Standard 的堅定承諾相結合，我們正在實現現代個人護理公司的真正願景。我們以良好態勢進入下半年，將在既有動能上再接再厲，達成上調後的2026年展望，並持續創造長期股東價值。

With that, I now turn it over to the operator to open the line for questions.

接下來我把時間交給接線員，開放提問。

(Operator Instructions)

(接線員指示)

Aaron Grey, Alliance Global Partners.

Aaron Grey，Alliance Global Partners。

First question for me, just on the guidance. Just a quick clarification on the profit guidance, assuming that the tariff is not included in that full year guidance, I know I see the two adjusted EBITDA numbers, one including tariff, one not including for the quarter.

我這邊第一個問題是關於指引。想快速確認一下獲利指引：假設關稅並未納入全年指引中——我知道我看到兩個調整後EBITDA數字，一個包含關稅、一個不包含（就本季而言）。

And then secondly, in line of that for the profits, just for the back half, if we take some assumptions on the profitability versus what we saw in 2Q, it does seem like it's coming down with some assumed either marketing or SG&A spend based off the gross margin guide. Just want to get some color in terms of what you're expecting for marketing in the back half and if you're seeing the ROI that you would have expected with the increased marketing that we've seen in the first half of the year?

第二點也延伸到獲利：就下半年而言，如果我們以2Q所見的獲利能力做一些假設，從毛利率指引來看，似乎隱含獲利會下滑，可能是因為假設行銷或SG&A支出增加。想請你們多分享一下下半年對行銷的預期，以及在上半年我們看到行銷增加的情況下，你們是否看到符合預期的投資報酬率（ROI）？

Aaron, let me clarify the adjusted gross margin guide. So our adjusted gross margin does include both the favorable impact of the tariffs and also the depressing impact of the liquidation of the apparel on the full year. So that adjusted gross margin includes both. I think what's important to remember is the underlying performance. Again, as we think about Q2, underlying gross margin year-to-date 44%.

Aaron，我先釐清一下調整後毛利率指引。我們的調整後毛利率同時包含關稅帶來的正面影響，以及全年服飾清算對毛利率的負面影響。因此，調整後毛利率包含這兩者。我認為重要的是要記住核心表現。再說一次，當我們看2Q時，年初至今的核心毛利率為44%。

And now we have an expectation or we continue to have the expectation that our underlying gross margin performance will be stronger in the second half than in the front half. The definition for adjusted has not changed from one quarter to the next, and it remains the same as you reflect on what the guidance is.

而且我們預期——或我們仍然預期——下半年的核心毛利率表現將優於上半年。「調整後」的定義從上一季到下一季並未改變，當你回頭看指引時，其定義仍維持一致。

Let me now get part of the other question. I think you asked about marketing. We will be investing, as the remarks said, we started off with marketing investment against both wipes and personal care. We will continue to focus on those two categories to drive additional household penetration in the second half. It will be a step-up both in dollars and a percent basis.

我再回答另一部分問題。我想你問的是行銷。我們會持續投資；如同談話中所提，我們一開始就針對濕紙巾與個人護理兩個品類進行行銷投資。下半年我們將持續聚焦這兩個品類，以推動更多家庭滲透。無論以金額或占比來看，都會是一步到位的提升。

What I want to also just emphasize is the investments that we will be making in the second half are broader than marketing. We will be investing in capabilities to help us scale the business more effectively and efficiently as we move forward as well. You will see those investments come through the SG&A line.

我也想強調，我們下半年要做的投資不僅限於行銷。我們也會投資相關能力，協助我們在未來更有效率、更有效能地擴大業務規模。你會在SG&A費用項下看到這些投資反映出來。

And then let me just hop in and tell you how we're feeling about how far marketing spending is working. Well, I mean, I'm feeling pretty great. We see that for the quarter, consumption was up 8%. And we also reflected on just overall, the trajectory of our business performance has been strong over the course of the three years. One of the things that's unique about this year is that for the first time, we were doing some marketing in different ways and on different things than we've done before.

我也補充一下我們對行銷支出成效的感受。嗯，我的感覺相當好。我們看到本季消費量成長8%。而且我們也提到，整體而言，過去三年我們的業務表現走勢一直很強勁。今年有一點很特別：我們第一次以不同以往的方式、在不同的事項上進行一些行銷。

You remember that in the first half of the year, we supported this launch into the big kid aisle with the Toy Story Pixar launch, which we were beneficiaries of being included in some of Disney's own marketing for the movie and as well as our marketing for the movie, feeling really good about how those businesses have kickstarted off to the first half of the year. We also launched that flushable wipes campaign that I talked about in the script and that there are some images you'll find in some of our investor presentation.

你還記得在上半年，我們透過《玩具總動員》皮克斯聯名上市，支持我們進入大童通路貨架；我們也受惠於被納入迪士尼針對電影的部分自有行銷，以及我們自身對電影的行銷，對這些業務在上半年的啟動表現感到非常滿意。我們也推出了我在講稿中提到的可沖式濕紙巾行銷活動，你也可以在我們的投資人簡報中找到一些相關圖片。

A just supporting flushable wipes is a really new kind of marketing spending for us because you remember that I've been talking about the strength of the Honest brand across 3 different types of households, baby households, these big kid households, that's squarely where the Toy Story stuff is aimed. And then the households with no kids at all. And so our flushable wipes allows us to cascade across all those households.

僅僅是支持可沖式濕巾，對我們而言是一種非常新的行銷支出類型，因為你記得我一直在談 Honest 品牌在三種不同家庭類型中的強勢：嬰幼兒家庭、這些大童家庭——《玩具總動員》的內容正是明確鎖定這一群。然後是完全沒有孩子的家庭。因此，我們的可沖式濕巾讓我們得以在所有這些家庭之間形成連鎖滲透。

This campaign was the first time that Honest on a national basis on a big broad campaign did marketing directly to adult consumers for themselves for this brand at such a level. And you can see that it's working when you see our household penetration gains. More than half of our households are households with no kids at all. And the larger part of the 100 basis points of household penetration increase we saw in the quarter came from no-kid households. This was really the first time we did national -- big national campaign spending against those kinds of households.

這次活動是 Honest 首次在全國層面、以大型且廣泛的活動規模，直接把行銷以如此高的力度對準成人消費者、讓他們為自己購買這個品牌。當你看到我們的家庭滲透率提升時，就能看出它正在奏效。我們的家庭中，超過一半其實是完全沒有孩子的家庭。而我們在本季看到的家庭滲透率提升 100 個基點中，較大部分來自無孩家庭。這確實是我們第一次針對這類家庭進行全國性——大型全國活動的投放支出。

And then lastly, we also launched a really broad portfolio covering campaign that we call the mother of all standards. And this is a strong new campaign that we can reach even more households now that we're in a position to drive some greater upper funnel marketing in the back half.

最後，我們也推出了一個真正涵蓋廣泛產品組合的整體活動，我們稱之為「所有標準之母」。這是一個強而有力的新活動，隨著我們在下半年具備推動更多上層漏斗行銷的條件，我們現在可以觸及更多家庭。

That's helpful. Second question for me, just on the licensing apparel and switching to the licensing versus direct. I understand that it's going to be immaterial for 2026. Maybe just talk bigger picture about why you feel like that's going to be the right structure and set up for you guys and how you expect that segment to evolve for you guys maybe in 2027 and beyond?

這很有幫助。我第二個問題是關於授權服飾，以及從直營轉為授權模式。我理解這對 2026 年的影響將不具重大性。能否從更宏觀的角度談談，為什麼你們認為這會是適合你們的正確架構與配置，以及你們預期該業務板塊在 2027 年及之後會如何演進？

Yeah, Aaron, let me take that. We -- our strategy of this enterprise being asset-light and so the licensing model really lives into our asset-light DNA. And so we're excited to be able to be in the apparel business for consumers who love the Honest brand for babies, both clothes and bedding and such. And so this is an opportunity for us to do two things: participate in the category and do it in an asset-light, low capital-intensive way. And as you know, licensing is a margin-accretive proposition.

好的，Aaron，我來回答。我們——我們的策略是讓這家公司走向輕資產，因此授權模式非常符合我們輕資產的 DNA。所以我們很興奮能夠進入服飾業務，服務那些喜愛 Honest 嬰幼兒品牌的消費者，包括服裝、寢具等。因此，這對我們而言有兩個機會：參與這個品類，同時以輕資產、低資本投入的方式來做。而且如你所知，授權是一個能提升毛利的方案。

And so we're excited on all fronts about this new agreement. We are not going to speculate about the sort of impact longer term. We're excited about the agreement. We've got a great new partner and is on the -- maintaining the strategy of being asset-light.

因此，我們對這項新協議在各方面都感到興奮。我們不會去推測長期影響會是什麼樣子。我們對這份協議感到振奮。我們有一個很棒的新合作夥伴，並且——也延續了我們維持輕資產策略的方向。

Dara Mohsenian, Morgan Stanley.

Dara Mohsenian，摩根士丹利。

It's actually Patty Kanada on for Dara. I just had a couple of questions. One, just to follow up on the reinvestment piece, stepped up reinvestment. You spoke about marketing. But could you say a bit more about how you're thinking or where the incremental dollars are going in terms of how you're prioritizing across not just marketing but also innovation and distribution?

其實是 Patty Kanada 代替 Dara 發言。我有幾個問題。第一個是延續關於再投資、提高再投資力度的部分。你談到了行銷。但你能否再多說一些，你們如何思考或把增量資金投向哪裡——在不僅是行銷，還包括創新與通路/分銷之間，你們如何排序優先順序？

Oh, all right. It's nice to see you, or nice to hear from you. The way to think about this is that we've got strategic investments designed to map to the growth levers we've talked about in our strategy. As a reminder, we've talked about the growth levers in our strategies, both by the platforms that are our highest growth, highest margin platforms. We are showing that we are gaining share. We are winning. Consumers clearly -- households are embracing the products we bring, and that is wipes and personal care. Those are really broad platforms.

哦，好。很高興見到你——或者說，很高興聽到你的聲音。可以這樣理解：我們的策略性投資是為了對應我們在策略中談到的成長槓桿。提醒一下，我們談到的成長槓桿，既包括那些成長最快、毛利最高的平台。我們正在展現我們的市占正在提升。我們正在勝出。消費者——家庭顯然正在接受我們帶來的產品，也就是濕巾與個人護理。這些都是非常廣泛的平台。

When we talk about wipes and personal care, as a reminder, we are in the wipes segment in a number of ways. We've got the baby aisle where we have our all-purpose wipes. We've got the general adult aisle where we've got our flushable wipes and our sanitizing, hand-sanitizing wipes. We've got makeup remover wipes. So we're very broad-based and our wipes are winning.

當我們談到濕巾與個人護理時，提醒一下，我們以多種方式參與濕巾細分市場。我們在嬰兒用品走道有我們的多用途濕巾。我們在一般成人用品走道有可沖式濕巾，以及消毒、手部消毒濕巾。我們也有卸妝濕巾。因此我們的布局非常廣，而我們的濕巾正在勝出。

So we have a lot of opportunities to tell more households. In many cases, our wipes businesses are at less than 2% household penetration. So -- and our competitive categories are significantly from anywhere from 2 to 6 times more households buy those brands, know those brands. So we've got a lot of people that we get to talk to across many different wipes platforms. So there's brand awareness that we need to do as well as just telling people about the Honest Standard and this really differentiated benefit that our products bring.

所以我們有很多機會去觸達更多家庭。在許多情況下，我們的濕巾業務家庭滲透率不到 2%。而我們所處的競爭品類中，競品品牌被購買、被認識的家庭數顯著更高，約為我們的 2 到 6 倍。因此，在多個不同的濕巾平台上，我們有很多人可以去溝通。所以我們需要做品牌知名度的提升，同時也要讓大家了解 Honest Standard，以及我們產品所帶來的、真正差異化的利益點。

Similarly, with personal care, our personal care is a business, we're the number two baby personal care business in that aisle and category and we are up 19% in the personal care business. We want to continue fueling that leadership and talking to consumers, bringing new households in as baby households, that's a set of households that you have to constantly be recruiting against because new families come in and then families migrate over.

同樣地，在個人護理方面，我們的個人護理業務——在該走道與品類中，我們是嬰兒個人護理的第二大品牌，而且我們的個人護理業務成長了 19%。我們希望持續為這個領先地位注入動能，與消費者溝通、把新的家庭帶進來作為嬰幼兒家庭；這是一群你必須持續招募的家庭，因為新家庭會進來，而家庭也會隨時間遷移到下一階段。

So we'll be investing in those two platforms, both to make sure that we make consumers aware of all that we have to offer as well as continuing to always recruit new households. Then as a reminder, we also have a strategy to be speaking broadly across households. That's very new for us in terms of our marketing investment structure, making sure that across whether that is streaming or social or retail marketing that we have are showing up with the right creative messages and showing up in the right channels and media spends to talk to these very compelling 75% of households that have no kids at all and the other 14% that have big kids.

因此我們會在這兩個平台上投資，一方面確保讓消費者知道我們能提供的完整產品，另一方面也持續不斷招募新的家庭。接著提醒一下，我們也有一個策略，是要在各類家庭之間進行更廣泛的溝通。就我們的行銷投資架構而言，這對我們是非常新的：確保無論是串流、社群或零售行銷，我們都能以正確的創意訊息出現，並在正確的渠道與媒體投放上出現，去對這些非常具吸引力的家庭溝通——其中 75% 的家庭完全沒有孩子，另外 14% 的家庭有大童。

So that's how we're going to be using a lot of our marketing as well as starting to take the Honest brand in just bigger, broader ways that upper funnel marketing can do to make sure more people understand this brand was built for the moderate age. It's different than the other brands in the aisles, and we got a lot of people we need to tell about that.

所以這就是我們將如何運用大量行銷資源；同時也開始以更大、更廣的方式推動 Honest 品牌——上層漏斗行銷能做到的，就是確保更多人理解這個品牌是為「適中年齡層」而打造的。它不同於走道裡的其他品牌，而我們有很多人需要把這件事告訴他們。

Now all of our added investment spending in the back half is not marketing. And it's important to talk about that because you remember, our third pillar of our strategy is operating discipline. We've been a founder-built start-up, early-stage brand. We've got many, many systems that are getting more sophisticated and efficient as we continue to grow as a company. And so we are investing in making sure we're bringing online technologies that make us efficient, investing in this new and improved supply chain approach so that we can be working with our retail partners in a more integrated way. So our spending is across both marketing and how we operate.

另外，我們下半年新增的投資支出並不全是行銷。這點很重要，因為你記得，我們策略的第三支柱是營運紀律。我們是一個由創辦人打造的新創、早期品牌。隨著公司持續成長，我們有非常多系統正在變得更成熟、更有效率。因此我們正在投資，確保導入能提升效率的技術，並投資於這個全新且改良的供應鏈方法，讓我們能以更整合的方式與零售合作夥伴協作。所以我們的支出同時涵蓋行銷與營運方式的提升。

That's really helpful. And just maybe a quick one on diapers. The category is still obviously very competitive. But anything you could share with us in terms of promotion and pricing dynamics that you're seeing and just how you're thinking about the environment from here?

這真的很有幫助。另外可能快速問一個關於尿布的問題。這個品類顯然仍然競爭非常激烈。但就你們所看到的促銷與定價動態，以及你們如何看待接下來的市場環境，有沒有什麼可以跟我們分享的？

You know what, I want to take kind of a two part approach to this. So I want to start with diapers and then I want to zoom further out and talk about baby. First of all, it's -- listen, it's not easy to say it, but the diaper category is very challenged right now. We're seeing it. We're hearing the other brands see it.

你知道，我想用一種兩段式的方式來回答。我會先從尿布談起，然後再把視角拉遠談談嬰兒品類。首先——聽著，這不容易說，但尿布品類現在確實面臨很大的挑戰。我們看到了。我們也聽到其他品牌同樣看到了。

We believe that what we're seeing and Curtiss and I spent a lot of time in CPG. We have been in a lot of categories. We've seen a lot of errors and dynamics. And what we're seeing in the diaper category is something that looks structural and looks like it will be the dynamic for the foreseeable future. It's very honest and important to think of it that way so that we make sure we manage that business wisely against this strategy we've committed to of growing the top line faster than our categories and expanding profit faster than we grow the top line.

我們相信我們所看到的情況——Curtiss 和我在民生消費品（CPG）領域花了很多時間。我們做過很多品類。我們見過很多失誤與市場動態。而我們在尿布品類看到的，是一種看起來屬於結構性的變化，並且在可預見的未來都可能會是主要動態。以這樣的方式去思考非常坦誠也很重要，這樣我們才能確保在我們已承諾的策略下明智地管理這項業務：營收成長速度要快於我們所在的品類，同時利潤擴張速度要快於營收成長。

So when we look at that for diapers, we see all the major national branded players are losing share. They're losing unit growth, and that's really challenging. For us, as we see it, we've been investing in our diaper business in a couple of ways. We want to make sure, first of all, we bring a great diaper forward that delivers the Honest Standard. So you may remember, we recently improved our actual diaper technology, and we wanted to make sure that people have that both product performance and that clean commitment that we bring to the aisle, along with that style, the joy that we always bring in our diapers.

因此，當我們看尿布時，我們看到所有主要的全國性品牌玩家都在流失市占。他們的銷量（單位數）成長也在下滑，這確實很具挑戰。就我們而言，我們一直以幾種方式投資尿布業務。首先，我們要確保推出一款很棒的尿布，能夠體現 Honest Standard（Honest 標準）。你可能記得，我們最近提升了尿布的實際技術，我們希望確保消費者在貨架前能同時獲得產品效能，以及我們對潔淨承諾的堅持，再加上我們尿布一貫帶來的風格與愉悅感。

That makes our diapers unique, and that's important because our diapers need to be worth it. We've also been investing in value, making sure that we show up with retailers to at least bring our diaper forward in the value we believe fits the Honest brand.

這讓我們的尿布與眾不同，而這很重要，因為我們的尿布必須「值得」消費者選擇。我們也一直在價值面投資，確保我們與零售商合作時，至少能以我們認為符合 Honest 品牌定位的價值主張來呈現我們的尿布。

But what I would say about our approach to baby, if you remember, we are actually winning in baby. We're doing very well. Our all-purpose baby wipes are the number one natural baby wipes in the category, up 16%. We've got this beautiful extended portfolio of baby personal care products, up almost 20% in the quarter. And with this addition of the licensing strategy we told you about in today's message, making sure that our soft organic baby onesies, baby bedding is available to those baby families so that we have a full surround.

但如果談到我們在嬰兒品類的做法，你若還記得，其實我們在嬰兒品類是正在贏的。我們表現非常好。我們的全用途嬰兒濕巾是該品類第一名的天然嬰兒濕巾，成長 16%。我們也有一個很漂亮、延伸完整的嬰兒個人護理產品組合，本季成長接近 20%。再加上我們今天訊息中提到的授權策略，確保我們柔軟的有機嬰兒連身衣、嬰兒寢具能提供給這些嬰兒家庭，讓我們能夠形成全方位的覆蓋。

What we are most glad for is that our baby portfolio is allowing us to offset the dampening effect that we see structurally in diapers. And our business has evolved such that diapers are now actually less than 25% of our overall consumption. So between our wipes and our personal care business, that is now 70% of Honest consumption. So the way we're balancing it allows us to deliver this raised guidance and the continued commitment of top line that grows faster than our categories and bottom line that outpaces the top.

我們最欣慰的是，我們的嬰兒產品組合讓我們得以抵消我們在尿布上看到的結構性走弱所帶來的抑制效果。而我們的業務也已演進到：尿布現在其實只占我們整體消費（consumption）的不到 25%。因此，在我們的濕巾與個人護理業務之間，現在已占 Honest 消費的 70%。這樣的平衡方式讓我們能夠交付這次上調的財測指引，並持續履行承諾：營收增速快於我們所在品類，而獲利增速快於營收。

Anna Glaessgen, B. Riley Securities.

Anna Glaessgen，B. Riley Securities。

I'd like to touch on distribution. In the past, you used to disclose ACV and talk about the number of doors you were in, but it got a little complicated between categories. Could you maybe just update us in terms of you're investing in marketing to expand household penetration and the higher growth categories like wipes and personal care? Could you maybe remind us where you sit today in terms of distribution and how much expanded door growth could support growth ahead?

我想談談通路鋪貨。過去你們會揭露 ACV，並談到你們進入了多少家門店（doors），但在不同品類之間就變得有點複雜。你們目前正在投資行銷以擴大家戶滲透率，以及濕巾與個人護理等高成長品類。你能否更新一下你們目前的通路分布狀況，以及未來門店數擴張能在多大程度上支持後續成長？

Yeah. I am so glad you said that, Anna. It started to get very complicated to talk about distribution because each of our categories is so dramatically different, and they play in aisles with really, really different structural approaches to distribution. I'm going to just give you a contrast and an example. What it means to have great distribution in a flushable lifestyle, really different than trial and travel, really different than baby.

好的。Anna，我很高興你提到這點。談通路鋪貨確實開始變得非常複雜，因為我們每個品類差異都非常大，而且它們所在的貨架通道（aisles）在通路配置上有非常、非常不同的結構性做法。我給你一個對比與例子。在可沖式（flushable）生活用紙類的品類裡，什麼叫做很好的通路鋪貨，跟試用與旅行裝（trial and travel）完全不同，也跟嬰兒品類完全不同。

So what we've tried to do to make it a little bit more uniform is still talk about the great runway ahead that we have and make it in a way that's sort of easier to monitor every time we're together with less of the noise and confusion by focusing it on the household penetration, a little bit more of a uniform fact, although I will note, it doesn't really allow us to tell you about the great growth we're doing online when we talk about distribution.

因此，我們為了讓表述更一致一些，嘗試用一種更容易在每次我們交流時追蹤的方式，來談我們未來仍有很長的成長跑道，並透過聚焦在家戶滲透率這個相對更一致的指標，減少雜訊與混淆；不過我也要指出，當我們談通路時，這並不太能讓我們向你們呈現我們在線上所取得的亮眼成長。

So it is helpful to be focused on household penetration because it's really a better, more holistic picture. When you're looking at household penetration, you are accounting now for what the collective business looks like as we become even more effective on our e-commerce channels, then it's important to have that unified language that works across both.

所以，把焦點放在家戶滲透率是有幫助的，因為它其實是一個更好、更全面的視角。當你看家戶滲透率時，你就把整體業務的樣貌納入考量；隨著我們在電商通路變得更有效率，擁有一套能同時適用於線上與線下的統一語言就很重要。

And as I told you, household penetration for the whole brand, while at 8.1% and up 100 basis points year-over-year. If you now break that apart and look at any one given piece of our business, how much household penetration do you have in personal care, how much household penetration do you have in flushable wipes? That's where the picture changes dramatically for a business like ours that crosses about 10 categories, kind of accumulate them to get to the 8%, but you look at them separately, that's where the magic is. I mean we are doing phenomenally, number two baby personal care brand, and we have less than 3% household penetration in that aisle. Some of the brands in baby personal care have 6x the households we do, and we're still number two.

如我先前所說，整個品牌的家戶滲透率目前為 8.1%，年增 100 個基點。但如果你把它拆開來看我們業務中的任何一塊：個人護理的家戶滲透率是多少？可沖式濕巾的家戶滲透率是多少？對於像我們這樣橫跨約 10 個品類的公司而言，畫面就會出現非常戲劇性的變化——把它們加總起來大概是 8%，但分開看，精彩之處就在那裡。我的意思是，我們表現非常出色，是嬰兒個人護理品類的第二大品牌，但在那個貨架通道的家戶滲透率還不到 3%。有些嬰兒個人護理品牌的家戶數是我們的 6 倍，但我們仍然是第二名。

So imagine what happens with every point that we add on to household penetration. I'll just -- like one of the back of the envelope numbers for me, every point that we gain in baby personal care is worth anywhere from $25 million to $30 million in annual sales. So this journey we have of going to less than 3% penetration, and it's something like flushable wipes, we don't even have 1% of the US households. It's wild.

所以想像一下，每增加 1 個百分點的家戶滲透率會發生什麼事。我隨便舉一個我自己快速估算的數字：在嬰兒個人護理中，我們每提升 1 個百分點的滲透率，約等於每年增加 2,500 萬到 3,000 萬美元的銷售額。因此，我們從不到 3% 滲透率繼續往上走的這段旅程——而像可沖式濕巾這種品類，我們甚至連美國家戶的 1% 都不到。這真的很誇張。

Like we're so new, we only launched that category three years ago. Some of our competitors have been out for twice as long as we have. So we're very encouraged to already be the fourth largest flushable wipes brand with less than 1% of US households. So we -- again, we know that those households are worth anywhere from $20 million to $30 million every time we get a point. So that's how we're focusing on the growth, and that's why we want to talk to you about that whenever we're with you.

我們非常新，這個品類我們也才在三年前推出。有些競爭對手在市場上的時間是我們的兩倍。所以，我們非常受到鼓舞：在美國家戶滲透率不到 1% 的情況下，我們已經是第四大的可沖式濕巾品牌。因此我們——再次強調——我們知道每當我們多拿到 1 個百分點的家戶滲透率，價值大約就是 2,000 萬到 3,000 萬美元。這就是我們聚焦成長的方式，也就是為什麼每次和你們交流時，我們都想用這個角度來跟你們談。

Got it. That's super helpful, Carla. And then I just want to follow-up on SG&A, pretty big step down year-over-year and then sequentially and then given the investments in the back half, it seems like that's stepping back up. Was there anything that potentially shifted from 2Q to 3Q or anything to keep in mind there?

了解。這非常有幫助，Carla。接著我想追問一下 SG&A：年對年以及季對季都有相當大的下滑；但考量到下半年會有投資，看起來又會回升。是否有任何可能從第二季轉到第三季的項目，或有什麼需要留意的地方？

Yeah. Thank you for the question, Anna. The performance that you saw in Q2, first, I would just want to recognize the execution of powering on this growth that was behind that in the front half. And then, yes, you were thinking about it the right way as you look at the second half of the year, and we're talking about the investments in marketing and SG&A capabilities to set us up for sustained long-term scaling. So we will see the SG&A step up from the, call it, low watermark that we had in Q2.

是的。謝謝你的提問，Anna。你在第二季看到的表現，首先我想肯定團隊在上半年推動這波成長背後的執行力。然後，是的，你的理解方向是對的：當你看下半年時，我們談到的是在行銷與 SG&A 能力上的投資，以讓我們能夠長期、可持續地擴張規模。因此，SG&A 會從第二季的（姑且稱之為）低點回升。

Owen Rickert, Northland Capital Markets.

Owen Rickert，Northland Capital Markets。

First for me, how much of the second quarter organic growth acceleration was driven by distribution gains versus velocity improvement? And is that mix shifting any one way or the other? And how durable of a signal is that?

我先問第一個：第二季有機成長加速，有多少是由通路鋪貨/配銷增長帶動，多少是由銷售速度（velocity）改善帶動？而這個組合是否正朝某個方向改變？這個訊號的持久性有多高？

Yeah. What I'd tell you is that, first of all, we came into this year expecting that we were going to have sequential improvement in organic revenue from first quarter to second quarter. And the way to think about that was we were gaining distribution in Q1, and then we were expecting that, that would take hold and begin to accelerate in Q2 and balance of the year. And I think that's what we've seen happen in Q2, right? And so it is the growth behind our personal care and wipes portfolios that continue to have momentum and win in the marketplace.

是的。我會這麼說：首先，我們在今年一開始就預期有機營收會從第一季到第二季逐季改善。當時的思考方式是：我們在第一季取得了配銷增長，並預期這些增長會在第二季開始發酵，並在今年剩餘期間帶來加速。我認為這正是我們在第二季看到的情況，對吧？因此，推動成長的是我們個人護理與濕巾產品組合，持續保持動能並在市場上勝出。

Yeah. And remember, Owen, I think one of the things we've talked about on some of our conversations with you is what we want to do now is make sure that we think our innovation schedule with the reset schedules that retailers have, especially brick-and-mortar and that we do that in a way that makes sure we get great returns on the investment across the year as we continue to build those.

是的。而且 Owen，請記得，我想我們在先前與你的一些交流中談過：我們現在要做的是，確保我們的創新時程能與零售商的重置（reset）排程一致，尤其是實體通路；並且以一種能確保全年投資獲得良好回報的方式來推進，因為我們會持續建立這些能力。

So in general, you'll tend to see that the innovation punch happens earlier in the year, then we begin focusing on just really planting, as Curtiss said so well, planting those roots really deep, making sure we invest in velocities, awareness, trial and things like those tentpole merchandising events like your Circle Weeks and your Amazon Prime Day really give us an opportunity.

所以一般而言，你會看到創新的「重拳」會在年初較早出現，接著我們開始把重心放在真正把根扎深——正如 Curtiss 說得很好——把根扎得很深，確保我們投資在銷售速度、知名度、試用等面向，以及像 Circle Weeks、Amazon Prime Day 這類旗艦型（tentpole）的促銷陳列活動，確實給了我們機會。

We try to make sure the innovation is out, it's ready, it is locked and loaded so that we get the chance from the rooftops about it in those periods where you got a lot of eyeballs on the channel and on our site. So in general, what you're seeing is great performance in foundational durable momentum. And I think that the consistency of the consumption numbers is another indicator for you that this is not some kind of high heat and then cool down periods, very consistent growth.

我們會努力確保創新產品已經上市、準備就緒，並且一切就定位，這樣在那些通路與我們網站曝光度很高的期間，我們就能大力宣傳。所以整體來看，你看到的是在基本面上、可持續的強勁動能表現。我認為消費（consumption）數據的一致性也是另一個指標，顯示這不是那種短期衝高、之後降溫的情況，而是非常一致的成長。

Got it. Got it. That's super helpful, guys. And then lastly for me, the powering Honest growth costs are winding down, and you actually had a much smaller restructuring credit this quarter than I expected. Are we essentially through all of the P&L noise related to powering Honest growth?

了解。了解。各位，這非常有幫助。最後一個問題：推動 Honest 成長（powering Honest growth）的相關成本正在收斂，而本季你們的重組入帳（credit）也比我預期小很多。我們是否基本上已經度過了所有與 powering Honest growth 相關、會在損益表（P&L）上造成雜訊的項目？

Yeah. First, let me just take an opportunity to recognize the team here that has been executing against powering on this growth. We are going to deliver more savings and less cost than even the previous guidance that we had given. And so we are certainly excited about the opportunity to do that. From a completion standpoint, we are now live in our warehouse. So we've executed against the warehouse consolidation and begin seeing some of those savings in Q2. And we are largely through, but not completely through the costs related to the program. But very pleased with the result and the impact that it had on the structural profitability within the business.

是的。首先，我想藉此機會肯定這裡的團隊，他們一直在執行推動這波成長的計畫。我們將實現比先前給出的指引還要更多的節省、以及更低的成本。因此，我們對此機會當然感到非常振奮。就完成度而言，我們的倉庫現在已經正式上線。所以我們已完成倉庫整併，並在第二季開始看到部分節省。我們大致上已經走過了與該計畫相關的成本，但還沒有完全結束。不過我們對結果以及它對公司結構性獲利能力帶來的影響感到非常滿意。

I'm showing no further questions. So with that, I'll now turn the call back over to CEO, Carla Vernon, for any closing remarks.

我這邊顯示沒有其他問題。那麼接下來我把電話交回給執行長 Carla Vernon，請她做結語。

I just want to take this opportunity once again to echo what Curtiss said. We thank our teams. This has been incredible, powerful work. I also feel like if you have any interest in more answers, there's a great presentation on our investors.honest.com website, and we look forward to talking to you all next quarter.

我想再次把握這個機會呼應 Curtiss 的話。我們感謝我們的團隊。這是一項令人驚豔且非常有力量的工作。我也想說，如果各位有興趣獲得更多答案，我們在 investors.honest.com 網站上有一份很棒的簡報，我們期待在下個季度再與各位交流。

Ladies and gentlemen, thank you for participating. This does conclude today's program, and you may now disconnect.

各位女士、先生，感謝您的參與。今天的會議到此結束，您現在可以掛線。