Leslie's Inc (LESL) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Leslie's, Inc. Q2 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Caitlin Churchill of Investor Relations. Thank you, and you may proceed, ma'am.

您好，歡迎參加 Leslie's, Inc. 2023 年第二季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係部門的凱特琳·丘吉爾。謝謝您，您可以繼續了，女士。

Thank you, and good afternoon. I would like to remind everyone that comments made today may include forward-looking statements, which are subject to significant risks and uncertainties that could cause the company's actual results to differ materially from management's current expectations. These statements speak as of today and will not be updated in the future if circumstances change. Please review the cautionary statements and risk factors contained in the company's earnings press release and recent filings with the SEC.

謝謝你，下午好。我想提醒大家，今天發表的評論可能包括前瞻性陳述，這些陳述受到重大風險和不確定性的影響，可能導致公司的實際業績與管理層當前的預期存在重大差異。這些聲明截至今天，如果情況發生變化，將來不會更新。請查看該公司收益新聞稿和最近向美國證券交易委員會提交的文件中包含的警示性聲明和風險因素。

During the call today, management may refer to certain non-GAAP financial measures. A reconciliation between the GAAP and non-GAAP financial measures can be found in the company's earnings press release, which was furnished to the SEC today and posted to the Investor Relations section of Leslie's website at ir.lesliespool.com.

在今天的電話會議中，管理層可能會參考某些非公認會計準則財務指標。 GAAP 和非 GAAP 財務指標之間的調節可以在公司的收益新聞稿中找到，該新聞稿今天已提交給 SEC，並發佈在 Leslie 網站 ir.lesliespool.com 的投資者關係部分。

On the call today from Leslie's, is Mike Egeck, Chief Executive Officer; and Steven Weddell, Chief Financial Officer. With that, I will turn the call over to Mike.

今天，首席執行官 Mike Egeck 接聽了 Leslie's 的電話。和首席財務官史蒂文韋德爾。這樣，我會將電話轉給邁克。

Thanks, Caitlin, and good afternoon, everyone. Thank you for joining us today. Please note that we have posted a Q2 2023 earnings deck to the Leslie's IR site and that we will be referring to certain pages in that deck during our call.

謝謝凱特琳，大家下午好。感謝您今天加入我們。請注意，我們已在 Leslie 的 IR 網站上發布了 2023 年第二季度的收益報告，我們將在電話會議期間參考該報告中的某些頁面。

I'd like to start by saying that Q2 came in at the low end of our expectations for the top and bottom line as the performance of our non-comp business only partially offset a return to more normalized pre-pandemic seasonal consumer purchase patterns as well as unexpected weather headwind. With regard to consumer purchase patterns, the seasonal normalization was anticipated, but not to the degree we saw in the quarter.

首先，我想說的是，第二季度處於我們對營收和利潤預期的低端，因為我們的非比較業務的業績僅部分抵消了大流行前季節性消費者購買模式的回歸，因為以及意想不到的逆風天氣。就消費者購買模式而言，季節性正常化是預期的，但沒有達到我們在本季度看到的程度。

As a result, it had a more significant impact on comp sales and gross margin. Prior to the pandemic, Q2 historically contributed about 12% to 12.5% of our total year sales and the first half contributed about 25% of total year sales. However, last year, Q2 2022 represented an outsized contribution of 14.6% of total year sales as pandemic-driven supply chain disruptions and product shortages resulted in consumers buying earlier than normal.

因此，它對公司銷售額和毛利率產生了更重大的影響。在疫情爆發之前，第二季度歷來貢獻了我們全年銷售額的 12% 至 12.5% 左右，上半年貢獻了全年銷售額的 25% 左右。然而，去年，由於大流行導致的供應鏈中斷和產品短缺導致消費者比正常情況更早購買，2022 年第二季度的銷售額佔全年銷售額的 14.6％。

We estimate this 210 basis point shift in contribution increased last year's Q2 sales by about $33 million and created a corresponding 14% comp headwind in this year's Q2. With supply chain issues largely behind us and inventory for most products in the pool industry now readily available, we believe we are seeing a return to a more normalized pre-pandemic revenue contribution breakdown with 25% in the first half of the year and 75% in the second half. To be clear, we believe this change in seasonal consumer purchasing behavior is a timing shift and not a reduction in underlying demand for the year. With regard to weather, in Q2, we saw the continuation of challenging weather conditions across the West and Southwest, which includes the important California, Arizona and Nevada markets.

我們估計，這一 210 個基點的貢獻變化使去年第二季度的銷售額增加了約 3300 萬美元，並在今年第二季度造成了相應的 14% 的競爭阻力。由於供應鏈問題已基本過去，並且泳池行業大多數產品的庫存現已準備就緒，我們相信我們將看到疫情前的收入貢獻細目恢復到更加正常化的狀態，上半年為 25%，今年上半年為 75%在下半場。需要明確的是，我們認為季節性消費者購買行為的這種變化是時間上的轉變，而不是今年潛在需求的減少。天氣方面，第二季度，我們看到西部和西南部地區持續面臨嚴峻的天氣狀況，其中包括重要的加利福尼亞州、亞利桑那州和內華達州市場。

As you will recall from our Q1 call, our weather reporting service calculated that weather was a 5% headwind to comps in the first quarter. At the time, we also shared that we were projecting more normalized weather for our fiscal Q2. That prediction proved to be incorrect and the impact of weather to our Q2 comps was negative 3% or $7 million in the quarter. We are encouraged that in Texas and Florida, where weather followed more normal seasonal patterns, we had double-digit positive comps.

您還記得我們在第一季度的電話會議中，我們的天氣報告服務計算得出，天氣對第一季度的業績產生了 5% 的不利影響。當時，我們還表示，我們預計第二財季的天氣將更加正常化。事實證明，這一預測是錯誤的，天氣對我們第二季度業績的影響為負 3%，即本季度 700 萬美元。我們感到鼓舞的是，在德克薩斯州和佛羅里達州，天氣遵循更正常的季節性模式，我們取得了兩位數的正值。

Moving to our Q2 results. Sales for the quarter decreased 7% to $213 million. First half sales of $408 million decreased 1%. Transactions for the quarter grew 1% and average order value was down 8%. Our customer file was flat and average revenue per customer was down 7% in the quarter. By Consumer Group, PRO Pool grew 3%, Residential Hot Tub sales decreased 8% and Residential Pool sales decreased 9%. Comp sales decreased 14% for the quarter, resulting in a flat 2-year stack comp and a 3-year stack comp of 35%. The comp from the first half was minus 9%, inclusive of a 4% weather headwind. The 2-year comp sales stack was 7% and the 3-year stack was 38%. Gross profit for the quarter was $71 million, and gross margin rate was down 410 basis points. In total, 210 basis points of our gross margin decline was related to deleverage of fixed costs resulting from our comp sales decline.

轉向我們的第二季度業績。該季度銷售額下降 7% 至 2.13 億美元。上半年銷售額為 4.08 億美元，下降 1%。本季度交易量增長 1%，平均訂單價值下降 8%。我們的客戶檔案持平，本季度每個客戶的平均收入下降了 7%。按消費者類別劃分，PRO Pool 銷量增長 3%，住宅熱水浴缸銷量下降 8%，住宅泳池銷量下降 9%。本季度比較銷售額下降了 14%，導致 2 年堆棧比較持平，3 年堆棧比較下降 35%。上半年的盈利為負 9%，其中包括 4% 的天氣逆風因素。 2 年銷售總額為 7%，3 年銷售總額為 38%。該季度毛利潤為 7100 萬美元，毛利率下降 410 個基點。總的來說，我們的毛利率下降了 210 個基點，這與我們的比較銷售下降導致的固定成本去槓桿化有關。

Adjusted EBITDA for the quarter was negative $8 million and adjusted diluted earnings per share were negative $0.14. As we noted at our Investor Day in November and during our Q1 earnings call, we expected Q2 and the first half to generate negative comps, reduced gross margin rates and negative EBITDA. Given that our second quarter and first half results were in line with the low end of the range, contemplated by our initial full year guidance and that we expect that 75% of our annual performance is in front of us, our outlook for the full year remains unchanged.

該季度調整後 EBITDA 為負 800 萬美元，調整後攤薄每股收益為負 0.14 美元。正如我們在 11 月投資者日和第一季度財報電話會議上指出的那樣，我們預計第二季度和上半年將產生負收益、毛利率下降和 EBITDA 為負值。鑑於我們的第二季度和上半年業績符合我們最初的全年指引所考慮的範圍的低端，並且我們預計我們的年度業績的 75% 就在我們面前，我們對全年的展望保持不變。

Moving to the chart on Page 9 of the deck. For the quarter, total comp sales were down $31 million or 14% due to weather and the shift back to normalized seasonal consumer purchase patterns. Sales for nondiscretionary products ex. Trichlor were down $3 million or 2% in the quarter. Trichlor sales were down $10 million or 29% in the quarter. As a reminder, Trichlor sales were comping against plus 96% in Q2 2022 as customers bought early in anticipation of in-season shortages. Trichlor retail pricing remained stable. Discretionary product sales were down $18 million or 38%.

轉到甲板第 9 頁上的圖表。由於天氣原因以及回歸正常化的季節性消費者購買模式，本季度公司總銷售額下降了 3100 萬美元，即 14%。非自由裁量產品的銷售，例如。三氯本季度下跌 300 萬美元，即 2%。本季度三氯銷售額下降 1000 萬美元，即 29%。需要提醒的是，由於客戶預計季節性短缺而提早購買，因此 2022 年第二季度三氯銷售額增長了 96%。三氯零售價保持穩定。全權委託產品銷售額下降 1800 萬美元，即 38%。

The decrease in Discretionary product sales was driven by hot tubs and above-ground pools as consumer confidence, weather, tax refunds and interest rates, all impacted demand for these high-ticket items. And non-comp sales contributed plus $16 million or 7% to the quarter driven by the performance of our programmatic M&A initiatives and new store builds as we continue to invest in our opportunity for increased location count.

熱水浴缸和地上泳池推動了非必需品銷售的下降，因為消費者信心、天氣、退稅和利率都影響了對這些高價商品的需求。隨著我們繼續投資於增加門店數量的機會，我們的程序化併購計劃和新店建設的表現推動了非比較銷售額為本季度貢獻了 1600 萬美元或 7%。

Page 10 has the same bridge for the first half. Total comp sales were down $39 million or 9% due to a 4% weather headwind and the normalization of seasonal purchase patterns that we believe we are seeing. Nondiscretionary product sales ex. Trichlor were down $8 million or 3%. Trichlor sales were down $9 million or 17%. Discretionary product sales were down $22 million or 25%. And non-comp sales contributed plus $34 million or 8% of sales in the half.

第 10 頁上半部分有相同的橋樑。由於 4% 的天氣逆風以及我們認為我們正在看到的季節性購買模式的正常化，公司總銷售額下降了 3900 萬美元，即 9%。非全權委託產品銷售。三氯下降了 800 萬美元，即 3%。三氯銷售額下降 900 萬美元，即 17%。全權委託產品銷售額下降 2200 萬美元，即 25%。非公司銷售額貢獻了 3400 萬美元，佔上半年銷售額的 8%。

Moving to the industry backdrop. Sales across the pool and hot tub industry were down in the quarter. As you can see on Page 11 of the deck, third-party aggregated credit card data indicates specialty pool retailers experienced a sales decline of 11% in the quarter. This was due to 3 primary drivers: first, as we discussed concerning our own results, weather was a significant negative factor year-over-year for key markets; second, we believe the specialty pool and retail industry is experiencing the same shift to normalized seasonal consumer purchase patterns that we are seeing in our business; third, consumers were less confident based on the challenging macroeconomic backdrop, which included higher interest rates, materially reduced tax refunds and concerns around the stability of the banking system.

轉向行業背景。本季度泳池和熱水浴缸行業的銷售額有所下降。正如您在該套牌第 11 頁上看到的，第三方匯總的信用卡數據表明，專業零售商在本季度的銷售額下降了 11%。這是由於 3 個主要驅動因素：首先，正如我們討論我們自己的業績一樣，天氣對於主要市場而言是逐年顯著的負面因素；其次，我們相信專業池和零售行業正在經歷與我們在業務中看到的相同的向標準化季節性消費者購買模式的轉變；第三，由於宏觀經濟環境充滿挑戰，包括利率上升、退稅大幅減少以及對銀行體系穩定性的擔憂，消費者信心下降。

Against this backdrop of lower demand, we grew market share again. The competitive advantages derived from our integrated system of physical and digital assets and our associates' strong execution of our diversified growth initiatives drove nearly 500 basis points of sales outperformance in the quarter.

在需求下降的背景下，我們的市場份額再次增長。我們的實體和數字資產集成系統帶來的競爭優勢，以及我們員工對多元化增長計劃的強有力執行，推動本季度的銷售表現提高了近 500 個基點。

Turning now to the performance of our strategic growth initiatives. First, despite the macroeconomic and weather challenges in the quarter, our customer file was flat versus the prior year's quarter. Average revenue per customer was down 7% in the quarter driven primarily by decreases in big ticket items, specifically hot tubs and above-ground pools. The number of loyalty members increased 14% over the prior year's quarter as consumers continue to react favorably to the benefits of our Pool Perks loyalty program. With regard to our PRO initiative, we ended the quarter with more than 3,300 PRO contracts in place and completed the conversion of 15 residential stores to our PRO format.

現在談談我們戰略增長計劃的績效。首先，儘管本季度面臨宏觀經濟和天氣挑戰，但我們的客戶檔案與去年同期持平。本季度每位客戶的平均收入下降了 7%，這主要是由於大件商品（特別是熱水浴缸和地上泳池）的減少所致。由於消費者繼續對我們的 Pool Perks 忠誠度計劃的好處作出積極反應，忠誠度會員數量比上年同期增加了 14%。關於我們的 PRO 計劃，本季度結束時，我們簽訂了 3,300 多個 PRO 合同，並完成了 15 家住宅商店向 PRO 格式的轉換。

In addition, we opened 2 new PRO locations in the quarter, and remain on track to open the third. We are currently operating 98 PRO locations. PRO Consumer Group sales grew 3% in the quarter with comp sales down 10%. Our PRO comps were impacted by the same factors we discussed for our overall business. We also saw some softening in Trichlor wholesale prices from certain distributors.

此外，我們在本季度開設了 2 個新的 PRO 門店，並有望開設第三個。我們目前運營著 98 個 PRO 網點。 PRO Consumer Group 本季度銷售額增長 3%，而同類產品銷售額下降 10%。我們的 PRO 比較受到我們針對整體業務討論的相同因素的影響。我們還看到某些經銷商的三氯批發價格有所走軟。

Given the 2023 Trichlor cost structure and the industry history of rational PRO pricing, we expect prices to firm up as we move into pool season. M&A was a strong contributor to the quarter, accounting for $14 million in non-comp sales. Year-to-date, we have closed on 4 acquisitions that added 10 locations, and we have another 2 acquisitions under LOI. Our deal pipeline is robust, and we plan to continue to accelerate this initiative. Regarding residential white space. In the quarter, we opened 4 new stores, and in April, we were pleased to announce the opening of our 1,000th store, an important and gratifying milestone for our business and team members. For AccuBlue Home, we have received our first production shipments of the Version 2.0 device and look forward to launching this initiative later this month. Now I'll turn it over to Steve to share more detail on our Q2 financial results.

鑑於 2023 年三氯成本結構和合理 PRO 定價的行業歷史，我們預計隨著進入泳池季節，價格將堅挺。併購為本季度做出了巨大貢獻，佔非比較銷售額 1,400 萬美元。今年迄今為止，我們已完成 4 項收購，增加了 10 個地點，並且根據意向書還有另外 2 項收購。我們的交易渠道很強勁，我們計劃繼續加速這一舉措。關於住宅空白。本季度，我們開設了 4 家新店，4 月份，我們很高興地宣布開設第 1,000 家店，這對我們的業務和團隊成員來說是一個重要且令人欣喜的里程碑。對於 AccuBlue Home，我們已經收到了 2.0 版設備的第一批生產發貨，並期待在本月晚些時候啟動這一計劃。現在我將把它交給史蒂夫分享我們第二季度財務業績的更多細節。

Thank you, Mike, and good afternoon, everyone. For the second quarter, we reported sales of $213 million, a decrease of 7% or $15 million when compared to the second quarter of fiscal 2022. Our comparable sales decreased 14% or $31 million. Our comparable sales growth on a 2-year stack basis was flat and on a 3-year stack basis was positive 35%. Our noncomparable sales totaled $16 million in the second quarter of fiscal 2023, which was driven by 8 completed acquisitions that added 27 stores as well as 11 net new store openings since the end of the first quarter of fiscal 2022.

謝謝邁克，大家下午好。第二季度的銷售額為 2.13 億美元，與 2022 財年第二季度相比下降了 7%，即 1500 萬美元。可比銷售額下降了 14%，即 3100 萬美元。我們的 2 年堆棧可比銷售額增長持平，而 3 年堆棧基礎上的可比銷售額增長為 35%。 2023 財年第二季度，我們的非可比銷售額總計 1600 萬美元，這是由 8 項已完成的收購推動的，自 2022 財年第一季度末以來，新增了 27 家門店，並淨開設了 11 家新店。

Our comparable sales decreased by 11% for Residential Pool, 10% for PRO pool and 35% for Residential Hot Tub. On a 2-year stack basis, we generated comparable sales growth of positive 2% for Residential Pool, positive 7% for PRO Pool and negative 18% for Residential Hot Tub. Mike discussed the impact of unfavorable weather and more normalized seasonal customer purchasing patterns. With product more available across the industry this year, we believe consumers are more closely aligning their purchases with their need for product during the primary pool season, which runs from May to September.

我們的住宅泳池可比銷售額下降了 11%，PRO 泳池下降了 10%，住宅熱水浴缸下降了 35%。在 2 年堆棧的基礎上，我們住宅泳池的可比銷售額增長了 2%，PRO Pool 的可比銷售額增長了 7%，住宅熱水浴缸的可比銷售額增長了 18%。邁克討論了不利天氣和更加正常化的季節性客戶購買模式的影響。隨著今年整個行業的產品越來越多，我們相信消費者在五月至九月的主要泳池季節期間會更緊密地調整他們的購買與產品需求。

This behavior would be more consistent with seasonal purchasing patterns prior to supply chain challenges created by the pandemic. It's important to note that we believe this behavior impacts the timing of sales, not the absolute dollars expected to be generated this year. Gross profit decreased 17% or $14 million when compared to the second quarter of fiscal 2022, and gross margin rate was down 410 basis points to 33.4% from 37.5% in the prior year period. Page 12 of our supplemental deck illustrates our Q2 gross margin rate bridge in more detail.

這種行為將更符合大流行造成供應鏈挑戰之前的季節性採購模式。值得注意的是，我們認為這種行為會影響銷售時間，而不是今年預計產生的絕對收入。與 2022 財年第二季度相比，毛利潤下降 17%，即 1400 萬美元，毛利率從上年同期的 37.5% 下降 410 個基點至 33.4%。我們補充資料的第 12 頁更詳細地說明了我們第二季度的毛利率橋。

During the quarter, gross margins were impacted by the following: first, business mix lowered gross margins by 45 basis points, primarily related to M&A completed during the last 12 months; second, lower product margins due to higher input costs had a 60 basis point impact. During the quarter, promotional activity was stable and did not materially impact gross margins; third, incremental distribution expenses lowered gross margin by 75 basis points, of which 55 basis points was due to the decline in comparable sales. Similar to the first quarter, distribution expenses were elevated as we executed on our plans to receive in and distribute more product to our store network earlier than last year. And finally, occupancy and other costs deleveraged by 230 basis points, of which 155 basis points was due to the decline in comparable sales.

本季度毛利率受到以下因素的影響：首先，業務組合使毛利率下降了 45 個基點，主要與過去 12 個月完成的併購有關；其次，由於投入成本增加導致產品利潤率下降，產生了 60 個基點的影響。本季度促銷活動穩定，並未對毛利率產生重大影響；第三，增量分銷費用使毛利率下降75個基點，其中55個基點是由於可比銷售額下降所致。與第一季度類似，由於我們執行了比去年更早接收並向我們的商店網絡分發更多產品的計劃，因此分銷費用有所增加。最後，入住率和其他成本去槓桿化了 230 個基點，其中 155 個基點是由於可比銷售額下降。

Now I'll turn to SG&A. SG&A increased 8% or $7 million when compared to the second quarter of fiscal 2022. We have been focused on maximizing efficiencies in the business and driving ongoing organizational optimization. As a result, in Q2, we reduced core SG&A cost by $4 million, which was offset by $5 million of noncomparable costs associated with acquired businesses, higher inflationary costs of $4 million primarily related to increased investments in our associates and $2 million of costs associated with the organizational optimization.

現在我要談談SG&A。與 2022 財年第二季度相比，SG&A 增加了 8%，即 700 萬美元。我們一直致力於最大限度地提高業務效率並推動持續的組織優化。因此，在第二季度，我們將核心 SG&A 成本減少了 400 萬美元，這被與收購業務相關的 500 萬美元的非可比成本、主要與聯營公司投資增加相關的 400 萬美元的較高通貨膨脹成本以及 200 萬美元的相關成本所抵消。隨著組織的優化。

Adjusted EBITDA was negative $8 million for the second quarter of fiscal 2023. Adjusted net loss was $26 million in the second quarter of fiscal 2023 compared to an adjusted net loss of $3 million in the second quarter of fiscal 2022.

2023 財年第二季度調整後 EBITDA 為負 800 萬美元。2023 財年第二季度調整後淨虧損為 2600 萬美元，而 2022 財年第二季度調整後淨虧損為 300 萬美元。

Interest expense increased to $17 million during the quarter from $7 million in the second quarter of fiscal 2022, and our effective tax rate decreased to 25.7% compared to 33.0% in the second quarter of fiscal 2022. Adjusted diluted loss per share was $0.14 in the second quarter of fiscal 2023 compared to an adjusted net loss of $0.01 in the prior year. And basic and diluted weighted average shares outstanding were 184 million in the second quarter of fiscal 2023 compared to 183 million shares in the second quarter of fiscal 2022.

本季度的利息支出從 2022 財年第二季度的 700 萬美元增加到 1700 萬美元，我們的有效稅率從 2022 財年第二季度的 33.0% 下降到 25.7%。調整後的攤薄每股虧損為 0.14 美元。 2023 財年第二季度調整後淨虧損為 0.01 美元。 2023 財年第二季度的基本和稀釋加權平均流通股數量為 1.84 億股，而 2022 財年第二季度為 1.83 億股。

Now I'll turn to year-to-date results. Total sales for the 26-week period decreased $5 million or 1% to $408 million from $413 million in the prior year. Our comparable sales decreased 9% or $39 million. Our first half comparable sales growth was positive 7% and positive 38% on a 2- and 3-year stack basis, respectively.

現在我將談談今年迄今為止的結果。 26 週期間的總銷售額從上一年的 4.13 億美元下降至 4.08 億美元，下降了 500 萬美元或 1%。我們的可比銷售額下降了 9%，即 3900 萬美元。我們上半年的可比銷售額增長在兩年和三年的基礎上分別為正 7% 和正 38%。

Gross profit decreased 11% or $16 million to $136 million from $152 million in the first half of fiscal 2022. Gross margin rate decreased by 360 basis points to 33.5% from 37.0% in the prior year, of which 145 basis points was due to negative comparable sales growth in the first half of fiscal 2023. Adjusted EBITDA was negative $20 million for the first half of fiscal 2023. Adjusted net loss was $51 million in the first half of fiscal 2023 compared to an adjusted net loss of $14 million in the prior year. Interest expense increased to $31 million during the first half of 2023 from $14 million in the prior year. And adjusted diluted loss per share was $0.28 in the first half of fiscal 2023 compared to an adjusted net loss of $0.07 in the prior year. Moving to the balance sheet. We finished the second quarter of fiscal 2023 with cash of $9 million, and we had $172 million outstanding on our revolver compared to cash of $52 million and $45 million outstanding on our revolver at the end of the second quarter of fiscal 2022.

毛利潤從 2022 財年上半年的 1.52 億美元下降 11%，即 1600 萬美元至 1.36 億美元。毛利率從上一年的 37.0% 下降 360 個基點至 33.5%，其中 145 個基點是由於負增長2023 財年上半年可比銷售額增長。2023 財年上半年調整後 EBITDA 為負 2000 萬美元。2023 財年上半年調整後淨虧損為 5100 萬美元，而上一財年調整後淨虧損為 1400 萬美元年。 2023 年上半年，利息支出從上一年的 1,400 萬美元增至 3,100 萬美元。 2023 財年上半年調整後攤薄每股虧損為 0.28 美元，而上一年調整後淨虧損為 0.07 美元。轉向資產負債表。 2023 財年第二季度結束時，我們的現金為 900 萬美元，左輪手槍未償還現金為 1.72 億美元，而 2022 財年第二季度末，我們的左輪手槍未償還現金為 5200 萬美元，未償還現金為 4500 萬美元。

The reduction in net cash was primarily due to investments in inventory and higher M&A activity during the past 12 months. We ended the second quarter of fiscal 2023 with $492 million of inventory, an increase of $147 million as compared to the second quarter of fiscal 2022. This is a lower increase in inventory in both dollars and percentage terms on a sequential and on a year-over-year basis. Similar to prior quarters, the increase in inventory was primarily related to chemicals, equipment, M&A, and inflation. Both the chemical and equipment product categories are nondiscretionary in nature and are not subject to technology or fashion risk. As previously stated, our first priority has been to put the company in a position to meet consumer demand for the upcoming pool season and the decision whether to invest in inventory ahead of the season or as the season progresses was a question of timing.

淨現金減少主要是由於過去 12 個月的庫存投資和併購活動增加。截至 2023 財年第二季度，我們的庫存為 4.92 億美元，比 2022 財年第二季度增加了 1.47 億美元。無論是按美元計算還是按百分比計算，庫存增幅均低於環比和上年同期。較上年為基礎。與前幾個季度類似，庫存增加主要與化學品、設備、併購和通貨膨脹有關。化學品和設備產品類別本質上都是非自由裁量的，並且不受技術或時尚風險的影響。如前所述，我們的首要任務是讓公司能夠滿足消費者對即將到來的泳池季節的需求，而決定是否在季節之前或隨著季節的進展進行庫存投資只是一個時間問題。

We continue to view our current inventory position as appropriate to deliver on our full year plan and believe that inventory levels have peaked for fiscal 2023. At the end of the second quarter of fiscal 2023, we had $794 million outstanding on our secured term loan facility compared to $802 million at the end of Q2 last year. The applicable rate on our term loan for the second quarter was LIBOR plus 250 basis points, and our effective interest rate was 7.2% compared to an effective interest rate of 3.0% for the prior year quarter. In March 2023, we amended our ABL credit facility to replace the existing LIBOR-based rate with a term SOFR-based rate as an interest rate benchmark and to increase our revolving credit commitments to $250 million from $200 million to account for our growth over the last few years. Other material terms of the facility remain substantially unchanged, including the maturity date of August of 2025.

我們繼續認為我們當前的庫存狀況適合實現我們的全年計劃，並相信庫存水平已在 2023 財年達到頂峰。截至 2023 財年第二季度末，我們的擔保定期貸款融資未償餘額為 7.94 億美元相比之下，去年第二季度末為 8.02 億美元。第二季度定期貸款的適用利率為 LIBOR 加 250 個基點，實際利率為 7.2%，而去年同期的實際利率為 3.0%。 2023 年 3 月，我們修改了 ABL 信貸安排，以基於 SOFR 的期限利率作為利率基準，取代了現有的基於 LIBOR 的利率，並將我們的循環信貸承諾從 2 億美元增加到 2.5 億美元，以適應我們過去一年的增長。過去幾年。該融資的其他重要條款基本保持不變，包括 2025 年 8 月的到期日。

At the end of the second quarter, we had availability of $67 million on our revolver. We believe borrowings on our revolver have peaked, and we expect to fully repay all ABL borrowings during the third quarter. Before I wrap up on our year-to-date performance, I'd like to share a final preseason update on our supply chain readiness. In November, we discussed specific actions we were taking to improve our supply chain across 3 key areas: first, expanding capacity by implementing a 2-shift 7-day-a-week model during pool season for our distribution centers and by adding additional 3PLs to our network; second, stocking more inventory across our network; and third, diversifying our supplier base. Basing the efforts of our associates and in collaboration with our vendor partners, we've significantly improved our preparedness for pool season by executing these initiatives and our team is focused on and well prepared to meet consumer demand across our entire network.

第二季度末，我們的左輪手槍有 6700 萬美元的可用資金。我們相信我們的左輪手槍借款已達到頂峰，我們預計將在第三季度全額償還所有 ABL 借款。在結束我們今年迄今為止的表現之前，我想分享一下有關我們供應鏈準備情況的季前賽最後更新。 11 月，我們討論了為改善 3 個關鍵領域的供應鏈而採取的具體行動：首先，通過在配送中心的泳池季節實施每週 7 天 2 班制的模式以及增加額外的 3PL 來擴大產能到我們的網絡；其次，通過我們的網絡儲備更多庫存；第三，使我們的供應商基礎多元化。基於我們員工的努力以及與供應商合作夥伴的合作，通過執行這些舉措，我們顯著改善了泳池季節的準備工作，我們的團隊專注於並做好了充分準備，以滿足整個網絡的消費者需求。

Before I turn to our outlook, I want to put our first half performance in context and speak to the natural seasonality within our business. Our primary selling season occurs during our fiscal third and fourth quarters, which span April through September. We invest in our business throughout the year, including in operating expenses, working capital and capital expenditures related to our initiatives.

在展望我們的前景之前，我想先介紹一下我們上半年的業績，並談談我們業務中的自然季節性。我們的主要銷售季節發生在第三和第四財季，即四月至九月。我們全年對業務進行投資，包括與我們的舉措相關的運營費用、營運資本和資本支出。

While investments made during the first half of the fiscal year impact reported earnings and cash flow, they are critical for driving performance and share gains during our primary selling season in the third and fourth quarter. Based on performance for the first half of the year, which is in line with historical seasonal trends prior to the pandemic, we are reaffirming our outlook. And while we are tracking within the dollar ranges on the line items included in our outlook, the early read from first half gross margins suggest we could experience some incremental pressure on the range of gross margin rates for the year.

雖然本財年上半年的投資影響了報告的收益和現金流，但它們對於推動第三和第四季度主要銷售季節的業績和股票收益至關重要。根據上半年的表現（與大流行之前的歷史季節性趨勢一致），我們重申了我們的前景。雖然我們正在跟踪展望中包含的項目的美元範圍，但上半年毛利率的初步數據表明，我們今年的毛利率範圍可能會遇到一些增量壓力。

With 75% of our annual sales and all of our profit ahead of us, our teams remain steadfastly focused on superior execution for pool season 2023. We are excited to kick off pool season, and we're grateful for our team who continues to tirelessly execute against our initiatives and focus on serving our customers. And with that, I'll hand it back over to Mike. Thank you.

我們的年銷售額和所有利潤的 75% 都在前方，我們的團隊仍然堅定不移地專注於 2023 年台球賽季的卓越執行。我們很高興能夠開始台球賽季，我們感謝我們的團隊繼續不懈地努力執行我們的舉措並專注於為客戶服務。有了這個，我會把它交還給邁克。謝謝。

Thank you, Steve. The pool and spa industry has proven over time to be one of the most durable and advantaged consumer products categories. And the fundamental drivers of the aftermarket pool business remain intact. Pool care is complex. Pools require routine ongoing needs-based maintenance, and the installed base of pools in the U.S. has grown every year for 51 years and continues to grow. Also importantly, there are secular tailwinds that will continue to drive industry growth. Consumers are investing in their homes and backyards, moving to the (inaudible), pursuing outdoor lifestyles, working from home, increasing attention to safety (inaudible) and adopting new technologies.

謝謝你，史蒂夫。隨著時間的推移，泳池和水療行業已被證明是最耐用、最有優勢的消費品類別之一。售後市場泳池業務的基本驅動力仍然完好無損。泳池護理很複雜。泳池需要根據需求進行日常持續維護，美國泳池的安裝基數 51 年來每年都在增長，並且還在持續增長。同樣重要的是，長期的有利因素將繼續推動行業增長。消費者正在投資自己的房屋和後院、搬到戶外（聽不清）、追求戶外生活方式、在家工作、日益關注安全（聽不清）以及採用新技術。

Despite the fundamental long-term advantages of our industry and the ongoing secular tailwinds, Q2 and the first half performance for Leslie's and the industry were influenced by unfavorable weather and the greater-than-anticipated normalization of consumer purchase behavior, the latter which we believe is simply a timing factor. These dynamics notwithstanding, we are encouraged that applying a normalized pre-pandemic first half, second half contribution split to our first half results indicates our full year sales and earnings guidance is still appropriate. We feel good about our first half execution and the continued market share gains we have delivered in the face of an unpredictable backdrop for our industry.

儘管我們行業具有基本的長期優勢和持續的長期順風，但 Leslie's 和行業的第二季度和上半年業績受到不利天氣和消費者購買行為超出預期的正常化的影響，我們認為後者是只是一個時間因素。儘管存在這些動態，但我們感到鼓舞的是，將大流行前的正常化上半年、下半年貢獻分配應用於我們的上半年業績表明我們的全年銷售和盈利指導仍然是適當的。面對不可預測的行業背景，我們對上半年的執行情況以及市場份額的持續增長感到滿意。

Our results are a testament to our teams continuing to perform at a high level, the competitive advantages of our integrated ecosystem and to the ability of our diversified strategic initiatives to drive market share gains even against a very dynamic backdrop. Importantly, we feel very good about the investments we have made in preparation for the 2023 pool season. Specifically, investments in inventory. After 3 years of intermittent out of stocks, our teams are thrilled to have their stores full and to know that we have replenishment stock ready to go.

我們的業績證明了我們的團隊繼續保持高水平，我們的綜合生態系統的競爭優勢，以及我們多元化的戰略舉措即使在非常動態的背景下也能推動市場份額增長的能力。重要的是，我們對為 2023 年泳池季節做準備所做的投資感到非常滿意。具體來說，是庫存投資。經過 3 年的間歇性缺貨後，我們的團隊很高興他們的商店已滿，並且知道我們已經準備好補充庫存。

Investments in our supply chain, new leadership, new talent, new processes, such as 2 shifts, 7-day-a-week operation at our distribution centers. New infrastructure, a 3PL partner for the Northeast region and additional chemical warehousing in Texas. And investments in our marketing initiatives that have given us more customers, more PRO partners and more loyalty members to serve.

對我們的供應鏈、新的領導層、新的人才、新的流程進行投資，例如我們的配送中心實行兩班制、每週 7 天的運營。新的基礎設施、東北地區的 3PL 合作夥伴以及德克薩斯州的額外化學品倉庫。對營銷計劃的投資為我們提供了更多的客戶、更多的 PRO 合作夥伴和更多的忠誠會員。

With these investments and the return to more normalized industry conditions, our store and digital teams are confident about winning this pool season, and the leadership team and I share that confidence. With that, I will hand it back to the operator for Q&A.

隨著這些投資以及行業狀況的回歸，我們的商店和數字團隊有信心贏得這個泳池賽季，我和領導團隊也有同樣的信心。這樣，我會將其交還給接線員進行問答。

(Operator Instructions) The first question comes from Steven Forbes from Guggenheim Partners.

（操作員說明）第一個問題來自 Guggenheim Partners 的 Steven Forbes。

I wanted to start with customer file trends. So curious if you could sort of talk about the file performance during the quarter because I think flat was better than the internal expectation. Maybe confirm that. And then, Steve, if you can, just comment on what gives you confidence, right, to reiterate the sales guidance? Because I also believe the expectation for file growth -- or the expectation was file growth returning in the back half of the year. So just any comments on file growth and the trajectory of it.

我想從客戶檔案趨勢開始。很好奇您是否可以談談本季度的文件性能，因為我認為持平比內部預期要好。也許可以證實這一點。然後，史蒂夫，如果可以的話，請評論一下是什麼給了你信心，對吧，重申銷售指導？因為我也相信文件增長的預期——或者預期文件增長將在今年下半年恢復。所以只是對文件增長及其軌蹟的任何評論。

Yes. Sure, Steven. Thanks for the question. Yes, we're pleased with the customer file being flat for the quarter, weather was a headwind, but not as significant a headwind as was the shift in consumer purchase patterns. So to be flat, we feel good about. I think what we're seeing is that people continue to come into the stores (inaudible) traffic is down slightly but not anything significant. And what we're seeing instead is smaller purchases and that you can see that reflected in the average order value.

是的。當然，史蒂文。謝謝你的提問。是的，我們對本季度客戶檔案持平感到滿意，天氣是一個不利因素，但不如消費者購買模式的轉變那麼嚴重。所以要平，我們感覺良好。我認為我們看到的是，人們繼續進入商店（聽不清），客流量略有下降，但沒有什麼顯著的變化。相反，我們看到的是較小的購買量，您可以看到這反映在平均訂單價值中。

The bigger question, and I think the question for the quarter is your second one on why do we feel confident in the -- in maintaining our outlook. And I'll frame it up this way, we expected some return to a more normalized purchase behavior once the supply chain issues were handled in the industry. And for sure, pool owners have said pandemic supply chain issues are over. They see that the stores have plenty of inventory, online has plenty of inventory from us and from our (inaudible). So given that return, I think the best proxy to how we're thinking about our year and what gives us confidence in delivering it is to go back and look at 2019, the last year, pre-pandemic, it's public information in our S1. And what you'll see there is the first half, second half split on sales 25% to 75%. And you'll see our first half, second half split to EBITDA of minus 7 and 107. And if you apply those splits to our first half results, you'll see that we're solidly in the range of our outlook. Steve, I don't know if you want to add anything more to that explanation.

更大的問題，我認為本季度的問題是你的第二個問題，即為什麼我們對維持我們的前景充滿信心。我會這樣描述，一旦行業中的供應鏈問題得到解決，我們預計會恢復到更加正常化的購買行為。可以肯定的是，礦池所有者表示，大流行的供應鏈問題已經結束。他們看到商店有充足的庫存，網上有我們和我們的（聽不清）的大量庫存。因此，考慮到這一回報，我認為反映我們如何看待這一年以及讓我們對實現這一年充滿信心的最佳指標是回顧 2019 年，即大流行前的最後一年，這是我們 S1 中的公開信息。你會看到上半年和下半年的銷售額分別為 25% 和 75%。你會看到我們上半年、下半年的 EBITDA 分別為負 7 和 107。如果你將這些拆分應用到我們上半年的業績中，你會發現我們完全處於我們的預期範圍內。史蒂夫，我不知道你是否想在這個解釋中添加更多內容。

Yes, that's well said. I think I'll put a finer point on it, when you think about the shift that we saw in the second quarter last year, it was about 14.6% of the year and you compare that to pre-pandemic probably closer to 12% to 12.5%. So we look at it being about a 200 basis point shift on a $1.6 billion rounded number for the year that gets you about $33 million. So those are purchases we expect to get. But as Mike said, that purchases are likely going to occur closer to pool season. And what we've seen year-to-date is folks buying some of the smaller sizes as they buy to the need.

是的，說得好。我想我會更詳細地闡述這一點，當你考慮我們去年第二季度看到的轉變時，這一比例約為當年的 14.6%，你將其與大流行前的比例可能接近 12% 進行比較。 12.5%。因此，我們認為，今年 16 億美元的四捨五入數字大約有 200 個基點的變化，您將獲得約 3300 萬美元。所以這些是我們期望得到的購買。但正如邁克所說，購買可能會在臨近泳池季節時進行。今年迄今為止，我們看到人們根據需要購買一些較小尺寸的產品。

And then just a quick follow-up. Steve, the caveat on gross margin potential for some incremental pressure. Can you provide some additional context on what sort of pressure points that would be? It seems like it may be occupancy and merchandise margin, but any color on what you're trying to call out there.

然後進行快速跟進。史蒂夫，對毛利率潛力的警告可能會帶來一些增量壓力。您能否提供一些關於壓力點類型的額外背景信息？看起來可能是入住率和商品利潤，但你想在那裡喊出的任何顏色。

Sure. Thanks for the question. So fairly consistent with how we talked about the second half back in February as we look at and go through all the 4 main components we always talk about. Business mix, we expect that to continue to moderate as we get into the second half given the acquisitions become a much smaller part of the overall business in the second half. DC expense in the second half of last year was elevated due to the challenges we had in the New Jersey distribution center and the vendor delivery cadence overall. This year, we brought in a lot of that inventory early in position across the network. So you're not going to have the same cadence of spend from a distribution perspective.

當然。謝謝你的提問。這與我們在二月份討論下半年的方式相當一致，因為我們審視並回顧了我們總是談論的所有 4 個主要組成部分。鑑於收購在下半年整體業務中所佔的比例要小得多，我們預計進入下半年業務組合將繼續放緩。由於新澤西州配送中心和供應商整體交付節奏面臨挑戰，去年下半年的配送中心費用有所增加。今年，我們提前在網絡上引入了大量庫存。因此，從分配的角度來看，您不會有相同的支出節奏。

Occupancy normalizes as well as we get into the back half of the year, larger sales, improved comps will help that moderate. And then the final piece is really around product rate. And this is the area that we kind of highlighted as potentially driving some of the exposure. Our expectation is that we'll continue to see some pressure related to the industry cost increases based on current retail pricing levels. Expectation is that we will see some retail price increases prior to season, but we've not seen it occur, and so it's too early to update the formal guide, given we're not at the Memorial Day yet, and we haven't kicked off season, but that's where we would see potential pressure in the back half of the year.

隨著下半年的到來，入住率趨於正常，銷量的增加和業績的改善將有助於緩解這種情況。最後的部分實際上是圍繞產品率進行的。這是我們強調的可能推動部分曝光的領域。我們的預期是，根據當前的零售定價水平，我們將繼續面臨與行業成本增加相關的一些壓力。預計我們會在季節之前看到一些零售價格上漲，但我們還沒有看到這種情況發生，因此現在更新正式指南還為時過早，因為我們還沒有到陣亡將士紀念日，而且我們還沒有賽季拉開序幕，但這就是我們在下半年看到潛在壓力的地方。

The next question comes from Simeon Gutman from Morgan Stanley.

下一個問題來自摩根士丹利的西蒙·古特曼。

This is Hannah Pittock on for Simeon. If you had to kind of quantify the relative impact of unfavorable weather versus the shift back to a more historically normal seasonal cadence kind of independent of weather, how would you parse those out? And one of it's primarily one or the other, how does that impact your expectations to recapture those sales? And if there's any historical context of a similar kind of weather push, should we think about that demand getting pushed into next quarter versus poor weather leading to some destruction of demand?

這是西蒙的漢娜·皮托克。如果您必須量化不利天氣與回歸歷史上更正常的季節性節奏（與天氣無關）的相對影響，您將如何解析這些影響？其中之一主要是其中之一，這對您重新奪回這些銷售額的期望有何影響？如果有任何類似天氣推動的歷史背景，我們是否應該考慮將需求推到下個季度，而不是惡劣的天氣導致需求受到一定程度的破壞？

Yes. Thank you for the question, Hannah. The best way to look at it is on half, I would say. And for the half, weather impact -- and we use Planalytics as our weather service provider, calculated a 4% headwind due to weather for the half. And then in terms of the change in consumer purchase patterns for the half, that's about an 8% headwind. And in our range of outcomes for the quarter, we had expected -- we had expected that return to a normalized purchase behavior.

是的。謝謝你的提問，漢娜。我想說，最好的觀察方式是一半。對於一半來說，天氣影響 - 我們使用 Planalytics 作為我們的天氣服務提供商，計算出一半由於天氣而產生的逆風為 4％。然後，就上半年消費者購買模式的變化而言，大約有 8% 的阻力。在我們本季度的一系列結果中，我們預計會恢復正常的購買行為。

We weren't sure if we'd get all of it in the quarter or not. It looks like it all moved, which is fine in our estimation, and that we do expect to recover in the second half. The weather to date, we should also be able to recover from whether this early season pushes out things like pool openings. And I think pool openings are probably a good example of what we're seeing in terms of a change in patterns from the consumer. Our pool openings in the first half were down 36% versus the prior year.

我們不確定是否能在本季度得到全部。看起來一切都發生了變化，我們認為這很好，並且我們確實預計下半年會恢復。從迄今為止的天氣來看，我們應該也能夠從這個早期季節是否會推遲泳池開放等事情中恢復過來。我認為泳池的開放可能是我們所看到的消費者模式變化的一個很好的例子。上半年我們的泳池開放量比去年同期下降了 36%。

But our pool opening schedule, and this is one of the few areas of the business where we actually have a forward order book or plus 48% in the second half. So it's a good indicator of that shift. We'll recover. We'll be up in our pool opening business for the year. We feel quite confident about that. In terms of the weather, if weather continues to be poor into the pool season, then we do run the risk of losing some pool days, if you will. But the best historical context for this, I'd say would also be 2018, 2019, a somewhat similar dynamic, and we expect to recover most of that in the second half.

但我們的池開放時間表，這是我們實際上擁有遠期訂單的少數業務領域之一，或者在下半年增加了 48%。所以這是這種轉變的一個很好的指標。我們會康復的。我們今年的泳池開放業務將會增加。我們對此非常有信心。就天氣而言，如果進入泳池季節天氣持續不佳，那麼我們確實面臨失去一些泳池日的風險（如果您願意的話）。但我想說，最好的歷史背景也是 2018 年、2019 年，有點類似的動態，我們預計將在下半年恢復大部分。

Understood. That's helpful. And maybe as a quick follow-up. You mentioned some softness in those high ticket durables, which we're kind of seeing across a lot of sectors. Would you think that's being driven by consumer weakness, maybe high inflation and that demand is maybe being pushed out? Or is this kind of a continued digestion of demand that was pulled forward during kind of peak pandemic time?

明白了。這很有幫助。也許作為一個快速的後續行動。您提到了高價耐用品的一些疲軟，我們在很多行業都看到了這種情況。您是否認為這是由消費者疲軟（可能是高通脹）推動的，並且需求可能被擠出？或者說，這是一種在疫情高峰期提前拉動的需求的持續消化？

Yes. I think our comp for hot tubs and above-ground pools in the first half last year was plus 46%, which is outside of the seasonal norm. First half this year, we're down 11%. So it didn't give all of it back but gave some of it back. And what's driving the decreases in the half for a big ticket item like this, a good portion of our hot tubs, which have an average price point of over $8,000 are actually (inaudible) with interest rates where they are, we have seen that to be a headwind to the business.

是的。我認為去年上半年我們的熱水浴缸和地上泳池的利潤增加了 46%，這超出了季節性正常水平。今年上半年，我們下降了 11%。所以它沒有歸還全部，而是歸還了一部分。是什麼導致像這樣的大件商品價格下降了一半，我們的熱水浴缸的很大一部分平均價格超過 8,000 美元，實際上（聽不清）利率處於當前水平，我們已經看到成為業務的逆風。

We will move on to the next question, which comes from Garik Shmois from Loop Capital Markets.

我們將繼續討論下一個問題，該問題來自 Loop Capital Markets 的 Garik Shmois。

I wanted to ask on the -- some of the stronger markets that you cited, Texas and Florida, I think if I heard you correctly, those were not weather-impacted markets and you had double-digit comps there. I was wondering what was driving some of the growth in some of these stronger markets and if there's any reads that you could provide from the market (inaudible) up to the overall maybe underlying health of the business.

我想問一下您提到的一些較強勁的市場，德克薩斯州和佛羅里達州，我想如果我沒聽錯的話，這些市場不是受天氣影響的市場，而且那裡的業績達到了兩位數。我想知道是什麼推動了這些更強勁市場的增長，以及您是否可以提供從市場（聽不清）到業務的整體潛在健康狀況的任何信息。

Yes, Garik, great question. Like I said in our prepared remarks, we're very encouraged by what we saw in Texas and in Florida, where weather was what I would call normal. Those are significant markets for us, and we saw sales in those markets given some of our M&A actually up in the low teens on a comp basis, they were double digit. And I think what it's telling us is and what we're seeing as the season progresses is where we get normalized weather, we're seeing nice reaction from our consumers and nice healthy growth.

是的，加里克，好問題。就像我在準備好的發言中所說的那樣，我們對德克薩斯州和佛羅里達州的所見所聞感到非常鼓舞，那裡的天氣我稱之為正常。這些對我們來說是重要的市場，考慮到我們的一些併購實際上在比較基礎上增長了兩位數，我們看到了這些市場的銷售額。我認為它告訴我們的是，隨著季節的進展，我們看到的是天氣正常化，我們看到消費者的良好反應和良好的健康增長。

Okay. And a follow-up question is just -- I don't know if you could provide an update on how April has progressed, if there's any recent data points that could support your sales outlook?

好的。後續問題是——我不知道您是否可以提供有關四月份進展情況的最新信息，是否有任何最新數據點可以支持您的銷售前景？

Yes. I would say April is -- April is responding like Florida and Texas did in the second quarter. Where there's been good weather, the results have been good. But to be clear, April weather in the first 3 weeks in particular, was not favorable. It got better in the last week, but we saw some turnarounds. California had been very challenged in -- it was down 21% in the first -- excuse me, in the second quarter. We saw that turn around some in April, but then the weather in Texas got more challenging with the storms.

是的。我想說四月的反應就像佛羅里達州和德克薩斯州在第二季度的反應一樣。哪裡有好天氣，哪裡就有好的結果。但需要明確的是，四月的天氣尤其是前三週並不有利。上週情況有所好轉，但我們看到了一些轉變。加州在第二季度遇到了很大的挑戰，第一季度下降了 21%。我們在四月份看到了一些好轉，但隨後德克薩斯州的天氣因暴風雨而變得更具挑戰性。

So I think the conclusion that we're drawing is that weather has definitely been a headwind, but where we've had good weather, we have seen good results.

因此，我認為我們得出的結論是，天氣肯定是不利因素，但在天氣好的地方，我們也看到了好的結果。

The next question comes from Jonathan Matuszewski from Jefferies.

下一個問題來自 Jefferies 的 Jonathan Matuszewski。

First one was on inventory just related to the end of quarter balance there. It sounds like PRO customers seem still resolute in believing Trichlor prices will come down? Presumably, they've been maybe relying more on safety stock until that happens. Do you have a sense of how much safety stock your PRO customers have to run through before they need to purchase in greater quantities? And I guess, similar question for the homeowner, although I presume safety stock is less of a relevant concept here. But just trying to get a sense of kind of it sounds like this is going to be the peak for inventory and you're going to kind of focus on working down that inventory and convert to cash flow. So just trying to get some sense around that dynamic.

第一個是與季度末餘額相關的庫存。聽起來 PRO 客戶似乎仍然堅定地相信三氯價格會下降？據推測，在此之前他們可能更多地依賴安全庫存。您是否了解您的 PRO 客戶在需要大量購買之前必須消耗多少安全庫存？我想，房主也有類似的問題，儘管我認為安全庫存在這裡不是一個相關的概念。但只是想了解一下，聽起來這將是庫存的高峰，你將集中精力減少庫存並將其轉化為現金流。所以只是想了解一下這種動態。

Yes. Steve, why don't you take inventory, then I'll address the PRO Trichlor situation.

是的。史蒂夫，你為什麼不清點一下清單，然後我來解決 PRO 三氯的情況。

Sure. So inventory (inaudible) $492 million for the quarter, up $147 million over last year. That's actually a smaller decline than we saw -- sorry, a smaller increase than we saw in the first quarter. And if you look at the sequencing of inventory increases in the back half of last year, we saw positive increases in inventory in both Q3 and Q4. Highly unusual. And if you go back in the years I've been here, we have never increased inventory in the back half of the year. Because of the supply chain challenges and the shortages, we accepted that inventory and began to build up for the season. We feel very good with where we're at going into season if you look at the year-on-year change in Q2, primarily around chemicals. So if we go back the last couple of quarters, a lot of the discussions we were having was around the increase in inventory related to equipment. So at this point, going into season, heaviest use from a chemical perspective, we feel very good with our current inventory balances.

當然。因此，本季度的庫存（聽不清）為 4.92 億美元，比去年增加了 1.47 億美元。這實際上比我們看到的下降幅度要小——抱歉，增幅比我們在第一季度看到的要小。如果你看一下去年下半年庫存增加的順序，我們會發現第三季度和第四季度的庫存都出現了正增長。非常不尋常。如果你回顧我在這裡的幾年，我們從未在下半年增加過庫存。由於供應鏈挑戰和短缺，我們接受了該庫存並開始為本季積累庫存。如果你看看第二季度的同比變化，主要是化學品方面的變化，我們對進入季節的情況感到非常滿意。因此，如果我們回顧過去幾個季度，我們進行的很多討論都是圍繞與設備相關的庫存增加。因此，在這一點上，進入季節，從化學角度來看，使用量最大，我們對當前的庫存平衡感覺非常好。

The top 2 contributors, the inventory increase were still the chemical and equipment categories, which we've talked a lot about being nondiscretionary in nature. So we feel good with where we're at. And as you stated, I absolutely believe that we're at peak and we have an opportunity to materially decrease our inventory levels into year-end and beyond.

庫存增長的兩大貢獻者仍然是化學品和設備類別，我們已經多次討論過它們本質上是非自由裁量的。所以我們對自己所處的位置感覺良好。正如您所說，我絕對相信我們正處於高峰期，我們有機會在年底及以後大幅降低庫存水平。

And Jonathan, for the second part of your question, the cost structure for Trichlor in 2023 is definitely up. There is, I would say, some probable carryover inventory from the prior year, very hard for us to tell how much that would be. But I think dynamically we see is with higher costs, we actually expect pro Trichlor pricing to go up as we get into the season. The PROs themselves are expecting Trichlor prices to go down. So we have a little bit of a stare-off going, I think, in the industry there. And it will work itself out as we get into season. But for right now, it is (inaudible) results, I would say.

喬納森，對於你問題的第二部分，2023 年三氯的成本結構肯定會上升。我想說，可能有一些上一年的結轉庫存，我們很難知道具體有多少。但我認為，我們動態地看到成本上升，我們實際上預計隨著季節的到來，原三氯的價格會上漲。 PRO 本身預計三氯價格會下跌。因此，我認為，我們在該行業中存在一些疏遠的情況。當我們進入季節時，它就會自行解決。但就目前而言，我想說的是（聽不清）結果。

Got you. That's helpful. And I guess just a quick follow-up on that last point. The midpoint of your guide assumes Trichlor pricing down, I think, around 12.5%, looks like a 50-pound bucket of 3-inch tabs is still sitting around $250 today, so not far off from all-time peak prices. So I guess, should we anticipate a revision to guidance maybe going into next quarter, just given expectations for Trichlor deflation across all 3 scenarios?

明白你了。這很有幫助。我想只是對最後一點進行快速跟進。你的指南的中點假設三氯的價格下降了大約 12.5%，看起來一桶 50 磅重的 3 英寸標籤今天仍然在 250 美元左右，所以離歷史最高價格不遠了。所以我想，考慮到所有三種情況下三氯通貨緊縮的預期，我們是否應該預計下一季度可能會修訂指導意見？

Yes. The answer, Jonathan, is we're really not going to have great insight into pricing until we get into Memorial Day weekend. That's true of every season, I'd say, particularly true of this season. However, year-to-date, we've seen very stable pricing in Trichlor in the residential markets. And we haven't seen any reason for that not to continue. As I said, in the PRO markets, we would actually expect now Trichlor to potentially go up some. It hasn't. So we'll have to wait to see how the season plays out. But right now, we're feeling very positive about the direction of Trichlor pricing, both residential and we believe PRO as we get into the season.

是的。喬納森，答案是，在進入陣亡將士紀念日週末之前，我們真的不會對定價有深入的了解。我想說，每個賽季都是如此，本賽季尤其如此。然而，今年迄今為止，我們看到三氯在住宅市場的價格非常穩定。我們還沒有看到任何理由不繼續這樣做。正如我所說，在 PRO 市場，我們實際上預計現在三氯可能會上漲一些。還沒有。因此，我們必須等待，看看這個賽季的表現如何。但現在，我們對三氯的定價方向感到非常積極，無論是住宅還是PRO，隨著我們進入季節，我們都相信它是專業的。

The next question comes from Kate McShane from Goldman Sachs.

下一個問題來自高盛的凱特·麥克沙恩。

We wanted to ask a question around market share gains. I think you had mentioned in the prepared comments you had gained around 500 basis points of market share during the quarter. We wondered if you could help us understand what the assumption is in your guidance for market share gains, if you've seen any kind of acceleration, and is this a like-for-like comparison, meaning you're not incorporating M&A when accounting for the market share gain?

我們想問一個有關市場份額增長的問題。我想您在準備好的評論中提到您在本季度獲得了大約 500 個基點的市場份額。我們想知道您是否可以幫助我們了解您對市場份額增長的指導中的假設是什麼，是否看到任何形式的加速，這是否是同類比較，意味著您在會計時沒有納入併購為了市場份額的增長？

Yes. Thanks, Kate. This is Mike. Thanks for the question. I'll answer the second part of the question first. We do count M&A as market share gains. And we've been consistent since the IPO, that part of our growth strategy is and will be programmatic M&A, and we do see it as a way to gain market share. So it's included in the numbers. The -- and just for a slight correction, the 500 basis points is sales outperformance versus the industry, doesn't exactly correlate to market share gains, but it does definitively say that we are gaining share. So we look at it a little bit differently, and that's based on aggregated credit card data that we receive for the industry and specifically for specialty pool retailers. So I think that answered the question on how we look at it, sales versus sales outperformance that leads to market share gains and then also the inclusion of M&A. And in terms of our outlook, we don't intrinsically assume market share gains in our outlook. But clearly, our intent is to grow faster than the market each year.

是的。謝謝，凱特。這是邁克。謝謝你的提問。我先回答問題的第二部分。我們確實將併購視為市場份額的增長。自首次公開募股以來，我們一直保持一致，我們增長戰略的一部分現在是、將來也將是程序性併購，我們確實將其視為獲得市場份額的一種方式。所以它包含在數字中。稍微修正一下，500 個基點是銷售業績優於行業，與市場份額的增長並不完全相關，但它確實表明我們正在獲得份額。因此，我們的看法略有不同，這是基於我們收到的行業（特別是專業池零售商）的信用卡匯總數據。因此，我認為這回答了我們如何看待它的問題，即銷售與銷售業績的比較，這會導致市場份額的增加，然後還包括併購。就我們的前景而言，我們本質上並不認為市場份額會增加。但顯然，我們的目標是每年增長速度快於市場。

Thank you. The next question comes from Peter Keith from Piper Sandler.

謝謝。下一個問題來自 Piper Sandler 的 Peter Keith。

I wanted to ask about inflation. So obviously, there's always a lot of focus on Trichlor, but I guess I was curious around other pockets of your business, other areas of chemicals or equipment if you're seeing inflation? And maybe, Steve, it sounds like (inaudible) and that's contributing to what could be gross margin pressure. So just wondering if you could frame up some of those other categories for us and what you're seeing with the pricing and the magnitude?

我想問一下通貨膨脹的問題。顯然，三氯總是受到很多關注，但我想我對你們業務的其他領域、化學品或設備的其他領域感到好奇，如果你們看到通貨膨脹的話？也許，史蒂夫，這聽起來像是（聽不清），這可能會造成毛利率壓力。所以只是想知道您是否可以為我們列出一些其他類別以及您對定價和規模的看法？

Yes. Peter, maybe I'll start on just overall inflation, and we can talk about inflation on the cost side, which Steve mentioned around margins. We had put in our outlook about 5% inflation over the course of the year. We expect it to come out a little higher than that and moderate during the year. That's what we're seeing. In the first half, we had inflation, I would say, in the high single digits. It's coming down. And we do expect our 5% inflation factor in our outlook to be still be a reasonable assumption for the full year.

是的。彼得，也許我會從整體通脹開始，我們可以討論成本方面的通脹，史蒂夫在利潤率方面提到了這一點。我們預計全年通脹率約為 5%。我們預計這一數字將略高於這一水平，並在年內有所放緩。這就是我們所看到的。我想說，上半年我們的通貨膨脹率高達個位數。它要下來了。我們確實預計全年展望中 5% 的通脹因素仍然是一個合理的假設。

Yes. So from a product category perspective, Peter, primarily centers around chemicals this year. There were some, I think, more routine price increases on the equipment side, but the large increases from a product perspective were really around Trichlor and Cal Hypo. On the cost side, fairly consistent themes. You've seen increases from a labor perspective or payroll have seen increases from a marketing perspective as you think about digital marketing costs. And again, when we look at the last 12 months, recall that most of the costs below the line, SG&A increase from an inflation perspective really started in the third and fourth quarter. And so we're going up against in the first half year kind of lower compares -- so while we saw some increased inflation in the second quarter on the SG&A side, I would expect that to moderate as we get into the back half.

是的。因此，從產品類別的角度來看，Peter 今年主要集中在化學品上。我認為，設備方面有一些更常規的價格上漲，但從產品角度來看，大幅上漲實際上是圍繞 TriChlor 和 Cal Hypo 進行的。在成本方面，主題相當一致。當您考慮數字營銷成本時，您會從勞動力角度看到增長，或者從營銷角度看到薪資增長。再次，當我們回顧過去 12 個月時，請回想一下，從通脹角度來看，大多數線下成本、SG&A 的增長實際上是從第三季度和第四季度開始的。因此，我們在上半年遇到了較低的比較——因此，雖然我們看到第二季度銷售管理、行政管理方面的通貨膨脹有所增加，但我預計隨著進入下半年，這種情況將會放緩。

Okay. That's helpful. I wanted to pivot back to inflation -- I'm sorry, not inflation, the inventory. A little bit on the heels of what Jonathan was asking. So supply chains have normalized, you've maintained elevated inventory on the risk of supply chain. So can you give us a sense of where you think inventory lands by year-end and maybe even longer term, is there a way to think about targeted inventory levels on an inventory (inaudible) days basis?

好的。這很有幫助。我想回到通貨膨脹——對不起，不是通貨膨脹，而是庫存。有點緊隨喬納森的要求。所以供應鏈已經正常化，你在供應鏈風險上維持了較高的庫存。那麼，您能否讓我們了解一下您認為年底甚至更長期的庫存水平，有沒有辦法以庫存（聽不清）天數為基礎考慮目標庫存水平？

Yes. Great question. And I'll take a shot at that, and then Mike, you can add as it. When you think about where we're at from an inventory position today versus pre-pandemic, certainly elevated and very intentional as we typically think about buying in the season. We typically would buy into early June, enough supply, I should say, and we kick off season to get us through early June and then work on replenishment. This year, we've effectively bought through June into early July. We still have a substantial amount of replenishment required to get through the end of the year. So when we think about the $492 million relative to, call it, $900 plus million of cost of goods for the full year, we have plenty to go from a procurement perspective, but we have brought inventory in earlier. So we control our own destiny, and we control the replenishment cycle, particularly early in the season, which is where we saw some challenges last year. As we think about what our targets are going forward, we've just implemented a new inventory system as well as a merchandise financial planning system.

是的。很好的問題。我會嘗試一下，然後邁克，你可以添加它。當你考慮我們今天的庫存狀況與大流行前相比，肯定會升高並且非常有意，因為我們通常會考慮在本季購買。我應該說，我們通常會在六月初購買足夠的供應，然後我們開始銷售季節，讓我們度過六月初，然後進行補貨。今年，我們實際上已經從六月到七月初進行了購買。我們仍然需要大量補貨來度過年底。因此，當我們考慮到 4.92 億美元相對於全年的 900 美元加上 100 萬美元的商品成本時，從採購的角度來看，我們還有很多工作要做，但我們已經提前引入了庫存。因此，我們控制自己的命運，控制補貨週期，特別是在季節初期，這就是我們去年看到的一些挑戰的地方。當我們思考未來的目標時，我們剛剛實施了新的庫存系統和商品財務規劃系統。

And so we expect to get significant dividends out of that investment, which will help with the procurement and purchasing as well as the analytics at a category and SKU level ultimately down to kind of a gross margin return on investment. So for today, what I would tell you is that we see opportunity to get below -- materially below where we finished last year. The cadence of purchases for inventory will look very different than they did last year. And I made the comment earlier that in the second half of last year, we increased inventory, which is just not typical from a seasonal perspective in our business. So the team is reviewing on a weekly and monthly basis and very focused on recouping some of the investment that we've made, now that we've -- we're on the doorstep of season.

因此，我們期望從這項投資中獲得可觀的股息，這將有助於採購以及類別和 SKU 級別的分析，最終降低到投資的毛利率回報。因此，今天我要告訴大家的是，我們看到了低於去年水平的機會。庫存採購節奏將與去年有很大不同。我早些時候曾說過，去年下半年，我們增加了庫存，從我們業務的季節性角度來看，這並不典型。因此，團隊正在每周和每月進行審查，並且非常注重收回我們所做的一些投資，現在我們已經 - 我們即將迎來賽季。

No, Peter, I didn't have anything to add. So thank you.

不，彼得，我沒有什麼要補充的。所以謝謝。

The next question comes from Andrew Carter from Stifel.

下一個問題來自 Stifel 的 Andrew Carter。

Just wanted to ask about the product margin. I know that it's early in the season, but if I'm not mistaken, product margin actually deteriorated from 1Q to 2Q. Was that mix driven or a greater imbalance between price and inflation? And I know that you've stated Trichlor has been steady. But the other side of it is there's a lot of inflation on other chemicals. I know your plans are to get pricing in that, but you're also very market by market.

只是想問一下產品利潤。我知道現在還處於季節初期，但如果我沒記錯的話，產品利潤率實際上從第一季度到第二季度有所惡化。是這種混合驅動的還是價格與通脹之間更大的不平衡？我知道你說過三氯一直很穩定。但另一方面是其他化學品價格大幅上漲。我知道你們的計劃是定價，但你們也非常注重市場。

So are there a lot of markets out there where you're just not seeing the pricing and not taking it? (inaudible) anything you can help us with, with that kind of key point in your gross margin guidance for the year.

那麼，是否有很多市場你只是看不到定價而不接受它呢？ （聽不清）您可以幫助我們的任何事情，以及您今年毛利率指導中的關鍵點。

Sequentially, Q1 versus Q2, it is related to increased product costs. We saw some product cost increases in late Q1, early part of Q2. And so that absolutely is having an impact on the quarter-over-quarter impact for the year or for the first half. We would expect that trend to continue as we get into Q3 and Q4 as well, which is why we've talked about some of the potential pressure in the back half of the year. As you think about pricing across the country and as you talk about from a market-by-market perspective, that's generally more from a PRO perspective, from an overall company perspective on the residential side. Based on the omnichannel approach, we've got more consistent pricing. Pricing will deviate when we go on promotion, but it's typically more consistent across the country. We've been very (inaudible) raising prices, testing into prices.

依次來說，Q1相對於Q2，與產品成本增加有關。我們在第一季度末和第二季度初期看到了一些產品成本增加。因此，這絕對會對今年或上半年的環比影響產生影響。我們預計隨著進入第三季度和第四季度，這種趨勢還將繼續，這就是為什麼我們討論了今年下半年的一些潛在壓力。當您考慮全國范圍內的定價並從各個市場的角度進行討論時，通常更多的是從專業角度，從住宅方面的整體公司角度來看。基於全渠道方法，我們獲得了更加一致的定價。當我們進行促銷時，定價會有所不同，但全國范圍內通常會更加一致。我們一直在非常（聽不清）提高價格，測試價格。

But one of the comments we made back in November as well, was that our expectation was that prices would increase. But if they don't, we've got the ability to compete, and that's what we're doing. So taking a very tactical approach as you say, market by market to ensure that we are not where price leaders on the way up, not on the way down, but making sure that we remain competitive in the markets in which we operate.

但我們在 11 月份發表的評論之一是，我們的預期是價格將會上漲。但如果他們不這樣做，我們就有能力競爭，這就是我們正在做的事情。因此，正如您所說，採取一種非常戰術性的方法，逐個市場地確保我們不是價格上漲的領導者，也不是價格下跌的領導者，而是確保我們在我們經營的市場中保持競爭力。

So I'll pass it on.

所以我會把它傳遞下去。

Yes, Andrew, just a little more color on that. Our Chemical business in the first half was up 2%, and that was pretty evenly balanced between increases in price and decreases in volume. So we are getting some price, more specifically on the residential side. And on the PRO side, as you pointed out, tends to be very localized pricing. We're being competitive. But as I said earlier, we do expect based on cost structures for pricing to get a little firmer as we get into the meat of the pool season. .

是的，安德魯，只是再多一點色彩。上半年我們的化工業務增長了 2%，價格上漲和銷量下降相當平衡。所以我們得到了一些價格，更具體地說是在住宅方面。正如您所指出的，在 PRO 方面，定價往往非常本地化。我們正在競爭。但正如我之前所說，隨著我們進入泳池旺季，我們確實預計基於成本結構的定價會變得更加堅挺。 。

The next question comes from David Bellinger from MKM ROTH.

下一個問題來自 MKM ROTH 的 David Bellinger。

Going back to the full year guidance, you mentioned the normalization back to 2020 levels, expectations for 75% of sales still (inaudible) this year. If that's the case, the full year revenues could be tracking towards the upper end of your guidance range.

回到全年指導，您提到了回到 2020 年水平的正常化，預計今年銷售額仍將達到 75%（聽不清）。如果是這樣的話，全年收入可能會接近指導範圍的上限。

And I know that's a sensitive calculation (inaudible) oversimplifying, but why could that be the case given the slower first half and just some of the weather comments for April. It seems like trends improved somewhat to date, but not a clear acceleration into Q3. Can you just help us square all that away and what it means in terms of the guide for the balance of the year?

我知道這是一個敏感的計算（聽不清）過於簡單化，但考慮到上半年較慢的情況以及四月份的一些天氣評論，為什麼會出現這種情況呢？迄今為止，趨勢似乎有所改善，但進入第三季度並沒有明顯加速。您能幫我們解決所有這些問題，以及這對今年剩餘時間的指南意味著什麼嗎？

Yes. David, the first thing I'd like to clarify is I was quoting 2019. So the last of the pre-pandemic years, if you would, in the last year that was unlike the last 3 really impacted in terms of purchase timing due to the supply chain challenges and product shortages. I mean '21 and '22, consumers were very concerned about scarcity of product during pool season as were we. And we, at one point last year in the first quarter, actually sent a letter to our loyalty file, saying we couldn't guarantee product availability in the second half and encouraged them to purchase early prior to the pool season. And whether on their own or because of that letter, we saw a lot of that. And that was that 210 to 260 basis points increase in last year's Q2 in terms of the total year's contribution.

是的。大衛，我想澄清的第一件事是，我引用的是 2019 年。因此，大流行前的最後幾年，如果你願意的話，去年與過去三年不同，確實對購買時間產生了影響，因為供應鏈挑戰和產品短缺。我的意思是'21和'22，消費者非常擔心泳池季節期間產品的稀缺，就像我們一樣。去年第一季度的某個時候，我們實際上向我們的忠誠度檔案發送了一封信，表示我們無法保證下半年的產品供應，並鼓勵他們在泳池季節之前儘早購買。無論是他們自己還是因為那封信，我們看到了很多這樣的事情。就全年貢獻而言，去年第二季度增加了 210 至 260 個基點。

So when we're thinking about this year, we really need to go back to 2019 products readily available now, and pool owners are buying to need. And that is, historically, we have multi-year decades of a very similar contribution pattern on sales of 25-75. And as we've talked about before, last year was the first year in Q1 that the company had positive EBITDA, that's also not the norm. The first half historically has been a minus 7% range, and the second half has been plus (inaudible). So as I said to the first question of this afternoon was that if you apply our first half results to those ratios for a normalized pre-pandemic year, yes, that does give us quite a bit of confidence in our current outlook despite some of the challenges we're seeing early in the season with regard to weather. .

因此，當我們考慮今年時，我們確實需要回到 2019 年現成的產品，並且泳池所有者正在根據需要購買。也就是說，從歷史上看，我們幾十年來的銷售額貢獻模式非常相似，為 25-75。正如我們之前談到的，去年是該公司第一季度 EBITDA 為正的一年，這也不是常態。從歷史上看，上半年的波動範圍為負 7%，下半年的波動範圍為正（聽不清）。因此，正如我對今天下午的第一個問題所說的那樣，如果將我們上半年的結果應用於正常化的大流行前一年的這些比率，是的，這確實讓我們對當前的前景充滿了信心，儘管存在一些問題我們在賽季初期就看到了天氣方面的挑戰。 。

(inaudible) clarification. I wanted to follow up on the smaller purchase side, the smaller (inaudible) so what's missing in the basket now? Is this simply some of (inaudible) discretionary items you saw over the last couple of years? Or are you seeing some kind of pullback to the lower-priced items, maybe delaying some maintenance or buying closer to need like you've been talking about. Anything in that nature starting to play out as Q2 progressed?

（聽不清）澄清。我想跟進較小的購買方面，較小的（聽不清）所以現在籃子裡缺少什麼？這只是您在過去幾年中看到的一些（聽不清）可自由支配的項目嗎？或者您是否看到低價商品出現某種回調，可能會推遲一些維護或購買更接近需要的商品，就像您一直在談論的那樣。隨著第二季度的進展，這種性質的事情開始發生嗎？

Yes. I think the way to think about Q2 (inaudible) being down 8%, is about half of it is the decrease we saw in the quarter, which was about 30% in above-ground pools and hot tubs. Those carry an $8,000 plus average selling price. So when those go down in that magnitude, it brings -- it impacts the (inaudible) for the entire assortment. That's about half of it. The other half of it is purchases of smaller sizes of chemicals. And a good example of that is Trichlor. The penetration of 35-pound bucket (inaudible) versus 20-pound bucket (inaudible) has changed about 1,000 basis points over the last few years. And now we're seeing that back to the same type of contribution level that we saw again in 2019. .

是的。我認為，考慮第二季度（聽不清）下降 8% 的方式，大約一半是我們在本季度看到的下降，地上泳池和熱水浴缸下降了約 30%。這些產品的平均售價為 8,000 美元。因此，當這些數量下降到這個程度時，它會影響整個品種的（聽不清）。這大約是一半。另一半是購買較小規模的化學品。三氯就是一個很好的例子。在過去幾年中，35 磅桶（聽不清）與 20 磅桶（聽不清）的滲透率發生了約 1,000 個基點的變化。現在我們看到它回到了 2019 年再次看到的相同類型的貢獻水平。

Now if you think about last year, you're going in the season. You know what you probably need for the full season. You're assuming there's going to be some shortages. You're seeing shortages. So you're buying the bigger bucket. You're buying a 35-pound bucket or maybe even a 50-pound. And all you need to buy at that time (inaudible) was a 20-pound and then you'd come in later in the year and get another 20-pounder. So it's that type of thinking and that type of purchase behavior that is driving that 200-plus basis point shift out of Q2 into Q3 and getting us back to that again, the 2019 pre-pandemic, pre-product shortage (inaudible) normalized purchase cycle from the pool owner.

現在，如果你回想去年，你就會進入這個賽季。您知道整個賽季可能需要什麼。您假設將會出現一些短缺。你看到了短缺。所以你要買更大的桶。您要購買 35 磅甚至 50 磅的水桶。那時你需要購買（聽不清）一支 20 磅的槍，然後你會在今年晚些時候再買一支 20 磅的槍。因此，正是這種思維和購買行為推動了 200 多個基點從第二季度轉移到第三季度，並讓我們再次回到 2019 年大流行前、產品短缺前（聽不清）的常態化購買來自池所有者的循環。

At this time, there are no further questions. I'd like to turn the call back to Mr. Mike Egeck for closing remarks. Thank you, sir.

目前，沒有其他問題了。我想將電話轉回給 Mike Egeck 先生，讓其致閉幕詞。謝謝你，先生。

Yes. Thank you, Claudia, and thank you all for joining us. We look forward to getting back in front of you in August. We can report on the pool season, which will be in full swing at that time. Thank you very much.

是的。謝謝你，克勞迪婭，也感謝大家加入我們。我們期待在八月回到您面前。我們可以報導泳池季節，屆時泳池季節將如火如荼地進行。非常感謝。

Thank you very much, sir. Ladies and gentlemen, that does conclude today's teleconference. Thank you very much for joining us. You may now disconnect your lines.

先生非常感謝您。女士們、先生們，今天的電話會議到此結束。非常感謝您加入我們。您現在可以斷開線路。