諾威品牌 (NWL) 2024 Q3 法說會逐字稿

Good morning, and welcome to Newell Brands third quarter 2024 earnings conference call. (Operator Instructions) Today's conference call is being recorded. A live webcast of this call is available at ir.newellbrands.com.

早安，歡迎參加 Newell Brands 2024 年第三季財報電話會議。（操作員指示）今天的電話會議正在錄音。本次電話會議的網路直播可在 ir.newellbrands.com 上觀看。

I will now turn the call over to Joanne Freiberger, VP of Investor Relations. Ms. Freiberger, you may begin.

我現在將把電話轉給投資者關係副總裁 Joanne Freiberger。弗萊伯格女士，您可以開始了。

Thank you. Good morning, everyone and welcome to Newell Brands third quarter earnings call. On the call with me today are Chris Peterson, our President and CEO; and Mark Erceg, our CFO.

謝謝。大家早安，歡迎參加 Newell Brands 第三季財報電話會議。今天與我通話的是我們的總裁兼執行長 Chris Peterson；和我們的財務長馬克‧埃爾塞格 (Mark Erceg)。

Before we begin, I'd like to inform you that during today's call, we will be making forward-looking statements which involve risks and uncertainties. Actual results and outcomes may differ materially, and we undertake no obligation to forward-looking statements.

在開始之前，我想通知您，在今天的電話會議中，我們將做出涉及風險和不確定性的前瞻性聲明。實際結果和成果可能有重大差異，我們對前瞻性陳述不承擔任何義務。

I refer you to the cautionary language and risk factors available in our earnings release, our form 10-K form 10-Q and other SEC filings available on our Investor Relations website for a further discussion of the factors affecting forward-looking statements. Please also recognize that today's remarks will refer to certain non-GAAP financial measures including those refer to as normalized measures.

我建議您參閱我們的收益報告、10-K 表、10-Q 表以及投資者關係網站上提供的其他 SEC 文件中提供的警示性語言和風險因素，以進一步討論影響前瞻性陳述的因素。另請注意，今天的言論將涉及某些非公認會計準則財務指標，包括那些被稱為標準化指標的指標。

We believe these non-GAAP measures are useful to investors, although they should not be considered superior to the measures presented in accordance with GAAP. Explanations of these non-GAAP measures are available and reconciliations between GAAP and non-GAAP measures can be found on today's earnings release and tables that were furnished to the SEC.

我們相信這些非公認會計原則措施對投資者有用，儘管它們不應被視為優於根據公認會計原則提出的措施。這些非 GAAP 衡量標準的解釋以及 GAAP 和非 GAAP 衡量標準之間的調整可以在今天向 SEC 提供的收益報告和表格中找到。

Thank you. And now I'll turn the call over to Chris.

謝謝。現在我將把電話轉給克里斯。

Thank you, Joanne. Good morning, everyone and welcome to our third quarter earnings call. Before we begin, I want to welcome Joanne, who recently joined us as our new Vice President of Investor Relations and will be Newell's primary investor contact going forward. With that. Let's turn to the results.

謝謝你，喬安妮。大家早安，歡迎參加我們的第三季財報電話會議。在我們開始之前，我要歡迎喬安妮，她最近加入我們，擔任我們新任投資者關係副總裁，並將成為紐厄爾今後的主要投資者聯絡人。就這樣。讓我們看看結果。

We had a strong third quarter and executed well against our new corporate strategy which we rolled out in June of 2023. Results came in at the high-end or ahead of plan across most of our key metrics. Core sales year-over-year performance continued to improve sequentially, gross margin increased versus last year for the fifth consecutive quarter as outstanding productivity results more than offset inflation.

我們第三季表現強勁，並且根據我們於 2023 年 6 月推出的新企業策略執行得很好。我們的大多數關鍵指標的結果都處於高端或提前於計劃。核心銷售年比業績持續持續改善，毛利率連續第五個季度較去年同期成長，因為出色的生產力結果足以抵銷通貨膨脹。

Normalized operating margin came in well above the plan once again despite planned higher A&P investments. Normalized earnings per share was at the high end of plan driven by strong operational performance. We reduced Newell's cash conversion cycle versus year ago and we significantly delevered the balance sheet to under 5 times.

儘管計劃增加 A&P 投資，但正常化營業利潤率再次遠高於計劃。由於強勁的營運業績，標準化每股收益處於計劃的高端。與去年同期相比，我們縮短了 Newell 的現金轉換週期，並將資產負債表大幅去槓桿化至 5 倍以下。

The strong performance in the first nine months of 2024 gives us confidence to once again raise our outlook for the full year. We are increasing our full year expectations on normalized operating margin improvement, normalized earnings per share and operating cash flow. Mark will share the specifics later in the call.

2024 年前 9 個月的強勁表現讓我們有信心再次上調全年展望。我們正在提高對正常化營運利潤率改善、正常化每股收益和營運現金流的全年預期。馬克將在稍後的電話會議中分享具體細節。

Over a year ago, we announced our new corporate strategy which focuses on disproportionately investing in innovation, brand building and go to market excellence in our largest and most profitable brands and markets, while driving further standardization and scale efficiencies across the supply chain and back-office functions.

一年前，我們宣布了新的企業策略，重點是在我們最大、利潤最高的品牌和市場中大力投資創新、品牌建立和進入卓越市場，同時推動整個供應鏈和後台的進一步標準化和規模效率。辦公室職能。

And just nine months ago, we transitioned into a new operating model which is designed to accelerate the new strategy by enhancing organization effectiveness and agility while creating a high performing innovative and inclusive culture. While we are still in relatively early days, we believe the new strategy and operating model changes are clearly beginning to yield results as evidenced by improving top line trends, margin expansion and strong cash flow.

就在九個月前，我們轉變為新的營運模式，旨在透過提高組織效率和敏捷性，同時創造高績效的創新和包容性文化來加速新策略的實施。雖然我們仍處於相對早期的階段，但我們相信新的策略和營運模式的變化顯然已經開始產生成果，收入趨勢的改善、利潤率的擴張和強勁的現金流就證明了這一點。

Since introducing the new strategy, we have now reported five quarters of results, and we have improved the rate of core sales growth sequentially in each period. We've also delivered year-to-date positive core sales growth in our most profitable segment learning and development, as well as our combined international business.

自從引入新策略以來，我們現已報告了五個季度的業績，每個季度的核心銷售成長率都得到了連續提高。年初至今，我們在最賺錢的學習和開發部門以及綜合國際業務方面也實現了核心銷售的積極成長。

We have improved normalized gross margins for five quarters in a row versus prior year and are up 500 basis points year-to-date versus year ago. We have improved, year-to-date normalized operating margin by over 200 basis points versus last year despite significantly increasing investment in A&P.

與去年同期相比，我們的正常化毛利率已連續五個季度提高，今年迄今比去年同期增長了 500 個基點。儘管大幅增加了對 A&P 的投資，但我們今年迄今的標準化營業利潤率比去年提高了 200 個基點以上。

We reduced net debt by over $560 million in the past five quarters. Normalized EBITDA has increased by 22% on a trailing 12 month basis versus prior year from $739 million to $903 million. We have taken a turn and a half out of Newell's leverage ratio going from 6.5 times in June of 2023 down to 4.9 times this quarter.

過去五個季度，我們減少了超過 5.6 億美元的淨債務。過去 12 個月的標準化 EBITDA 與去年同期相比成長了 22%，從 7.39 億美元增加到 9.03 億美元。我們已將 Newell 的槓桿率從 2023 年 6 月的 6.5 倍降至本季的 4.9 倍。

And we continue to make significant progress, improving the company's front end capabilities of consumer understanding, innovation, brand building and go to market. From a segment perspective, learning and develop delivered a third consecutive quarter of positive core sales growth driven by the baby business and home and commercial improved core sales growth by 200 basis points sequentially.

我們持續取得重大進展，提升公司在消費者理解、創新、品牌建立和行銷方面的前端能力。從細分市場來看，在嬰兒業務的推動下，學習和發展業務連續第三個季度實現核心銷售正增長，而家庭和商業則將核心銷售增長環比提高了 200 個基點。

The outdoor and recreation segment which is the smallest segment in Newell's portfolio improved core sales growth sequentially moving to negative 16.8% year-over-year in the third quarter versus 18.2% year-over-year decline in the second quarter.

戶外和休閒部門是 Newell 投資組合中最小的部門，其核心銷售成長率在第三季年減 16.8%，而第二季則較去年同期下降 18.2%。

While performance has been challenged and we believe it will take additional time before we fully unlock the potential of the iconic brands such as Coleman, we believe the business bottomed earlier in the year and it is encouraging to see our trends improve sequentially starting in the third quarter.

While performance has been challenged and we believe it will take additional time before we fully unlock the potential of the iconic brands such as Coleman, we believe the business bottomed earlier in the year and it is encouraging to see our trends improve sequentially starting in the third四分之一.

Newell's focus on new product innovation continues. Last quarter, we shared several that we have recently launched or were soon to be launched. Touching on a few today, we will continue with brand investment and 360 degree support for these new MPP, HPP product editions, including Graco SmartSense, Soothing Bassinet and Swing which detect and respond to baby's cries in seconds with soothing sound and motion.

紐厄爾持續專注於新產品創新。上個季度，我們分享了一些我們最近推出或即將推出的產品。今天談一些，我們將繼續為這些新的MPP、HPP 產品版本提供品牌投資和360 度支持，包括Graco SmartSense、Soothing Bassinet 和Swing，它們可以在幾秒鐘內通過舒緩的聲音和動作檢測和響應嬰兒的哭聲。

We have had strong performance at launch as these innovative products deliver enhanced benefits at a much better value than the leading competitor. Mr. Coffee Perfect Brew, its most advanced coffee maker yet to help home brewers create barista quality beverages at home.

我們在推出時就取得了強勁的業績，因為這些創新產品以比領先競爭對手更高的價值提供了更大的優勢。Mr. Coffee Perfect Brew 是迄今為止最先進的咖啡機，可幫助家庭沖泡者在家中製作咖啡師品質的飲料。

This new pod free coffeemaker uses intelligent technology to automatically adjust brew time, temperature and water to unlock best tasting coffee and tea flavor certified by experts. The Mr. Coffee Perfect Brew is one of the few at home brewers certified by the Specialty Coffee Association and recognized by professional coffee tasters as the [gold standard] for at home brewing.

這款新型無莢咖啡機採用智慧技術，可自動調節沖泡時間、溫度和水，以釋放經專家認證的最佳咖啡和茶風味。Mr. Coffee Perfect Brew 是少數獲得精品咖啡協會認證的家庭沖泡器之一，並被專業咖啡品鑑師認可為家庭沖泡的「黃金標準」。

And this month in time for peak season for the holidays, we introduced a new FoodSaver Handheld+ machine which is the first to market cordless Handheld and countertop vacuum sealer in one with unmatched versatility.

本月適逢假期旺季，我們推出了一款新型 FoodSaver Handheld+ 機器，這是第一款上市的無線手持式和檯面真空密封機，具有無與倫比的多功能性。

Combining the power of a countertop vacuum sealer with the convenience of a cordless handheld vacuum, this innovative sealer keeps food fresh up to 5 times longer compared to ordinary storage methods and helps prevent freezer burn. As the only vacuum sealing system on the market to include a detachable cordless handheld unit, users can easily vacuum seal, heat seal and marinade all with one device.

這款創新的密封機將檯面真空密封機的強大功能與無線手持式吸塵器的便利性相結合，與普通儲存方法相比，食物保鮮時間延長 5 倍，並有助於防止凍傷。作為市面上唯一包含可拆卸無線手持裝置的真空密封系統，使用者可以透過一台設備輕鬆進行真空密封、熱密封和醃製。

The investments we are making in key brands are on trend in creating positive results. A couple of recent programs include Contigo's debut of a new limited edition water bottle collection designed in partnership with renowned fitness expert Ally Love. This collaboration comes as the first of many as Contigo with adding to its C-Suite as the brand's first ever Chief Hydration Officer. In this role, Ally will bring her love for fitness, fashion and hydration to Contigo to create an unbeatable hydration experience.

我們對主要品牌的投資正在創造積極成果。最近的幾個項目包括 Contigo 首次推出與著名健身專家 Ally Love 合作設計的全新限量版水瓶系列。此次合作是 Contigo 眾多合作中的首次，Contigo 也將成為品牌的首位首席補水官。在此職位上，Ally 將把她對健身、時尚和補水的熱愛帶到 Contigo，打造無與倫比的補水體驗。

Over the next three years, Ally will serve as Contigo's head product stylist collaborating closely with the brand to develop trendy reliable water bottles that encourage healthy hydration habits.

未來三年，Ally 將擔任 Contigo 的首席產品造型師，與品牌密切合作，開發時尚可靠的水瓶，鼓勵健康的飲水習慣。

Some of you may have seen that Coleman launched a new campaign on Thursday night football on Amazon Prime, marking the first time Coleman has done a TV spot in more than 10 years. The early measurable results are encouraging with a strong double-digit increase in sales in the days after the ad aired versus a year ago. The new campaign focuses on addressing the broader outdoor market instead of the traditional camping subsection, consistent with our strategy reset for the brand.

你們中有些人可能已經看到科爾曼在亞馬遜 Prime 上的周四橄欖球之夜推出了一項新活動，這是科爾曼十多年來首次製作電視廣告。早期可衡量的結果令人鼓舞，廣告播出後幾天的銷售額與一年前相比出現了兩位數的強勁增長。新的活動重點關注更廣泛的戶外市場，而不是傳統的露營細分市場，這與我們為該品牌重新制定的策略是一致的。

We continue to make progress on new business development, expanding our brands distribution across both new and existing retailers, which has been one of the drivers of the strength and top line results in recent quarters. International continues to be a growth engine for the company and we had positive core sales growth in the first nine months of 2024.

我們繼續在新業務開發方面取得進展，擴大我們在新零售商和現有零售商中的品牌分銷，這是近幾個季度的實力和營收業績的驅動因素之一。國際業務仍然是公司的成長引擎，我們在 2024 年前 9 個月實現了核心銷售額的正成長。

Before turning the call over to mark, I want to provide some perspective on recent consumer trends and behavior. We continue to see the broader general merchandise market is down low single digits this year, consistent with our expectations. This is an improvement to the high single-digit decline last year.

在將電話轉給馬克之前，我想提供一些關於近期消費者趨勢和行為的觀點。我們繼續看到今年更廣泛的百貨市場出現低個位數下跌，這與我們的預期一致。這比去年的高個位數降幅有所改善。

Importantly, within that, we are seeing a market bifurcation in consumer dynamics between low income versus higher income households. At lower income levels, there has been a significant decrease in unit volume compared with pre-pandemic market levels as these households are prioritizing spending on basic needs like food, rent and insurance due to the cumulative impact of inflation, outpacing wage increases.

重要的是，我們看到低收入家庭與高收入家庭之間的消費者動態存在市場分歧。在收入水平較低的情況下，與大流行前的市場水平相比，單位數量顯著下降，因為由於通貨膨脹的累積影響，這些家庭優先考慮食品、租金和保險等基本需求的支出，超過了薪資上漲的速度。

Conversely, the higher income households have increased spending significantly in both units and dollars as these consumers are benefiting from home price appreciation and stock market gains. With higher income consumers driving the market, we are seeing stronger demand for more premium price products that represent a good consumer value.

相反，高收入家庭的支出（單位和美元）均大幅增加，因為這些消費者受益於房價升值和股市上漲。隨著收入較高的消費者推動市場，我們看到對代表良好消費者價值的更優質產品的需求更加強勁。

Our strategy to focus on our largest brands with superior innovation targeting MPP and HPP price points positions us well to capitalize on this trend. Since implementing the new corporate strategy, we've taken bold and decisive actions that have improved the company's top line progression towards growth, significantly increased margins through productivity, delevered the balance sheet and improved cash flow performance.

我們的策略是專注於最大的品牌，並針對 MPP 和 HPP 價位進行卓越的創新，這使我們能夠很好地利用這一趨勢。自從實施新的企業策略以來，我們採取了大膽而果斷的行動，改善了公司的營收成長進程，透過生產力顯著提高了利潤率，降低了資產負債表的槓桿率，並改善了現金流績效。

Strong results have allowed us to increase our outlook twice in 2024. We deployed our new corporate strategy five quarters ago and based on the results today, Newell's business transformation is well underway. While we still have much more work to do, we are confident in our ability to continue to strengthen the company's performance and create value for our shareholders over time.

強勁的業績讓我們兩次上調了 2024 年的展望。我們在五個季度前部署了新的企業策略，根據今天的結果，紐厄爾的業務轉型正在順利進行。雖然我們還有很多工作要做，但我們對隨著時間的推移繼續增強公司業績並為股東創造價值的能力充滿信心。

I would like to thank our talented employees for their continued commitment to operating with excellence and delighting our consumers by lighting up everyday moments.

我要感謝我們才華橫溢的員工，感謝他們持續致力於卓越運營，並透過點亮日常生活來取悅我們的消費者。

I'll now hand the call over to Mark.

我現在將把電話轉給馬克。

Thanks, Chris, and good morning, everyone. As Chris indicated during his prepared remarks, we believe our third quarter results provide additional evidence that Newell's new corporate strategy coupled with strict operational discipline in its execution is possibly impacting the current business and setting the stage for future progress.

謝謝克里斯，大家早安。正如克里斯在他準備好的演講中指出的那樣，我們相信我們的第三季度業績提供了額外的證據，表明紐厄爾的新企業戰略加上執行中嚴格的運營紀律可能會影響當前業務並為未來的進展奠定基礎。

For example, core sales came in at minus 1.7% during the third quarter of 2024 which represented a vast improvement versus our 2023 run rate and meaningful progress versus the first half of 2024. Pricing in international markets, particularly Latin America was a meaningful contributor to Q3 core sales performance and a 3% headwind from currency accounted for most of the difference between core sales at minus 1.7% and net sales at minus 4.9%.

例如，2024 年第三季的核心銷售額為-1.7%，這與我們 2023 年的運行率相比有了巨大改善，與 2024 年上半年相比也取得了有意義的進展。國際市場（尤其是拉丁美洲）的定價對第三季核心銷售業績做出了重大貢獻，而3% 的匯率阻力是核心銷售（負1.7%）和淨銷售額（負4.9%）之間差異的主要原因。

Q3 also represented another quarter of significant growth margin expansion. Strong FUEL productivity savings were once again center stage with some early positive signs from our strategy shift, which places much more emphasis on providing consumers with MPP and HPP offerings have also started to emerge as a contributing factor.

第三季也代表著另一個季度的成長率大幅擴張。強勁的 FUEL 生產力節省再次成為焦點，我們的策略轉變帶來了一些早期積極跡象，我們的策略轉變更加重視為消費者提供 MPP 和 HPP 產品，這也開始成為一個促成因素。

Consistent with this and as a direct result of the cost reduction efforts we are pursuing and the new commercialization strategies we have implemented, third quarter normalized gross margin increased by 470 basis points versus last year to 35.4% which build on the 130, 450, 390 and 600 basis point expansions that occurred during the four sequential quarters that preceded it respectively.

與此一致的是，作為我們正在努力降低成本和實施新的商業化策略的直接結果，第三季標準化毛利率比去年增加了470 個基點，達到35.4%（在130、450、390 的基礎上）和 600 個基點的擴張分別發生在先前的四個連續季度。

Now, you may have noticed that the numbers just cited are slightly different than the ones previously provided. This is because we recently completed a routine review of our public disclosures with the SEC.

現在，您可能已經注意到，剛剛引用的數字與之前提供的數字略有不同。這是因為我們最近完成了向 SEC 公開披露的例行審查。

Upon completion of that process and starting with the third quarter but retroactively back to 2022, we have adjusted our normalization approach to no longer exclude restructuring related accelerated depreciation and inventory charges and a prior period adjustment related to a bad debt reserve and its subsequent recovery for an international customer.

流程完成後，從第三季開始，追溯至 2022 年，我們調整了正常化方法，不再排除與重組相關的加速折舊和庫存費用，以及與壞帳準備金及其後續回收相關的前期調整。一位國際客戶。

These adjustments take our 2023 normalized gross margin through the third quarter down from the previously reported 29.5% to 28.9%, which when compared to 2024 fiscal year to take a normalized gross margin of 33.9% produces a year-over-year improvement of nearly 500 basis points.

這些調整使我們的 2023 年第三季標準化毛利率從先前報告的 29.5% 降至 28.9%，與 2024 財年 33.9% 的標準化毛利率相比，年比提高了近 500%基點。

It also bears mentioning that the 35.4% normalized gross margin we just posted for the third quarter of 2024 is in the absolute, the highest that Newell has achieved since at least 2020. During Q3, Newell's normalized operating margin also rose sharply increasing by 210 basis points versus last year to 9.5%.

另外值得一提的是，我們剛剛公佈的 2024 年第三季標準化毛利率為 35.4%，這絕對是 Newell 自 2020 年以來所達到的最高水準。第三季度，Newell 的正常化營業利潤率也大幅上升，較去年增加 210 個基點，達到 9.5%。

The increase versus last year was due to strong productivity and positive pricing as well as ongoing organizational restructuring related savings, partly offset by higher year to year spending in three areas.

與去年相比的成長是由於強勁的生產力和積極的定價以及持續的組織重組相關的節省，但部分被三個領域的逐年支出增加所抵消。

First, we purposely increased A&P investment levels in absolute dollar terms and as a percentage of sales. Second, we continue to make targeted overhead investments in several critical front end commercial capabilities. Third, based on the strong financial results we've delivered to date and are projecting for the full year incentive compensation is being accrued at a higher level than last year.

首先，我們有意識地提高了 A&P 投資水準（以美元絕對值計算）以及佔銷售額的百分比。其次，我們繼續對幾個關鍵的前端商業能力進行有針對性的間接投資。第三，基於我們迄今所交付的強勁財務業績，並預期全年激勵薪酬的累積水準將高於去年。

Net interest expense increased by $6 million to $75 million, primarily due to higher interest rates and a normalized tax provision of about $34 million was recorded in the quarter. Normalized diluted earnings per share in a $0.16 versus our $0.14 to $0.17 guidance range. However, please note that absent the changes in our normalization approach mentioned earlier. Our third quarter normalized earnings per share would have been $0.02 higher.

淨利息支出增加了 600 萬美元，達到 7,500 萬美元，主要是由於利率上升以及本季度記錄的約 3,400 萬美元的標準化稅收撥備。標準化稀釋每股收益為 0.16 美元，而我們的指導範圍為 0.14 美元至 0.17 美元。但是，請注意，我們前面提到的標準化方法沒有改變。我們第三季的標準化每股收益將增加 0.02 美元。

Turning to cash flow. Newell generate $346 million of operating cash flow during the first nine months of 2024, which was driven in part by a nine-day improvement in our year-over-year third quarter cash conversion cycle. And we are very pleased to report that our leverage ratio was 4.9 times at the end of Q3.

轉向現金流。Newell 在 2024 年前 9 個月產生了 3.46 億美元的營運現金流，部分原因是我們第三季現金轉換週期比去年同期改善了 9 天。我們非常高興地報告，第三季末我們的槓桿率為 4.9 倍。

Our leverage ratio once again improved sequentially and is now [1.5 fold turn] better than Q3 of 2023. The year-over-year improvement was driven by $250 million of net debt reduction and a 22% increase in our trailing 12 month normalized EBITDA.

我們的槓桿率再次環比改善，目前比 2023 年第三季好 [1.5 倍]。年比改善得益於 2.5 億美元的淨債務減少以及過去 12 個月正常 EBITDA 成長 22%。

Moving on to our fourth quarter, we've assumed the following. Core sales are expected to be down 2% to 5% with net sales declining in the range of 4% to 7%. The 2 point differential between core net sales is largely due to foreign exchange. We recognize and acknowledge that our fourth quarter core sales guidance range on the surface represents a slight step backwards from our third quarter results.

進入第四季度，我們做出以下假設。核心銷售額預計將下降 2% 至 5%，淨銷售額將下降 4% 至 7%。核心淨銷售額之間的 2 個百分點的差異主要是由於外匯造成的。我們認識到並承認，我們第四季度的核心銷售指導範圍表面上比第三季的業績略有倒退。

However, we believe that is more a function of retail selling windows than anything inherent to the implementation of our new business model. In fact, as Chris and I both repeatedly stated, we believe our corporate turnaround is a game of halves, not quarters.

然而，我們認為這更多的是零售銷售窗口的功能，而不是我們新業務模式實施所固有的功能。事實上，正如克里斯和我反覆指出的那樣，我們相信我們的公司轉型是一場半場遊戲，而不是四分之一場比賽。

Consistent with that philosophy, our core sales run rate was minus 14.7% during the first half of 2023, and the second half of 2023 was minus 9.3%. The first half of 2024 was minus 4.5%. And taking our third quarter actuals and the midpoint of our fourth quarter guidance suggests that the back half of 2024 will come in around minus 2.5%, which we believe is solid progress towards an expected positive and sustainable inflection in our core sales growth rate at some point during fiscal 2025.

與此理念一致，2023 年上半年我們的核心銷售運作率為-14.7%，2023 年下半年為-9.3%。2024 年上半年為-4.5%。根據我們第三季的實際數據和第四季度指導的中點，我們認為2024 年下半年的成長率將約為-2.5%，我們認為，這在我們的核心銷售成長率在某些方面朝著預期的積極和可持續拐點邁出了堅實的一步。

Getting back to the fourth quarter of 2024, we expect normalized operating margin of 7% to 7.7% as an increase in G&A expense in both absolute dollars and as a percentage of sales due in part to our decision to fund higher levels of A&P investment should be more than offset by gross margin improvements.

回到2024 年第四季度，我們預計正常營業利潤率為7% 至7.7%，因為G&A 費用（以絕對美元計）和占銷售額的百分比均有所增加，部分原因是我們決定為更高水平的A&P 投資提供資金毛利率的提高足以抵消這一影響。

Finally, we expect a slight year-over-year increase in interest expense, a normalized tax rate in the single digits and normalized earnings per share of $0.11 to $0.14. For the full year, we are leaving our core sales and net sales range unchanged at minus 3% to 4% and minus 6% to 7% respectively.

最後，我們預計利息支出將同比小幅增長，標準化稅率為個位數，標準化每股收益為 0.11 美元至 0.14 美元。對於全年，我們將核心銷售額和淨銷售額範圍分別維持在-3%至4%和-6%至7%不變。

But we are increasing our outlook for normalized operating margins to 8.1% to 8.3% from 8% to 8.2% previously. We are also increasing our normalized EPS guidance range to $0.63 to $0.66 from $0.60 to $0.65 and raising our operating cash flow forecast by [$50 million] to $500 million to $600 million.

但我們將正常化營業利潤率的預期從先前的 8% 至 8.2% 上調至 8.1% 至 8.3%。我們還將標準化每股收益指引範圍從 0.60 美元至 0.65 美元提高至 0.63 美元至 0.66 美元，並將營運現金流預測提高 [5,000 萬美元]至 5 億至 6 億美元。

This is the second time we've increased guidance for these three critical financial targets this year. We should also point out a few additional things. First, we expect a high single to low double-digit full year tax rate.

這是我們今年第二次增加這三個關鍵財務目標的指導。我們還應該指出一些額外的事情。首先，我們預計全年稅率將達到高個位數到低兩位數。

Second, we expect to incur about $150 million in cash restructuring and related charges through year end. Third, we expect Newell's year end leverage ratio to be slightly below 5 times with our long-term goal of achieving an investment grade credit rating unchanged.

其次，我們預計到年底將產生約 1.5 億美元的現金重組和相關費用。第三，我們預期Newell的年末槓桿率將略低於5倍，而我們實現投資等級信用評等的長期目標不變。

In closing, it's been five full quarters since we deployed our new strategy. And while there's still plenty of work ahead, we feel exceedingly good about the progress all of Newell Brands' passionate and highly capable employees have allowed us to make.

最後，自從我們部署新策略以來已經過去了整整五個季度。雖然前面還有大量的工作要做，但我們對 Newell Brands 充滿熱情和高能力的員工讓我們取得的進步感到非常滿意。

Top line results are improving, and margins are expanding with five consecutive quarters of robust year-over-year gross margin improvement with Q3 being the highest gross margin quarter since 2020, and three straight quarters of year-over-year normalized operating margin expansion while investing more in advertising and promotion and beating up several critical front end capabilities.

營收正在改善，利潤率正在擴大，毛利率連續五個季度同比強勁改善，其中第三季度是 2020 年以來毛利率最高的季度，並且連續三個季度營業利潤率同比正常化增長在廣告和促銷方面投入更多資金，並增強一些關鍵的前端功能。

During that same period, our strong cash performance in EBITDA growth had allowed us to pay down debt and lower our leverage ratio. As we start to think about 2025, we are confident that the capabilities we are developing in support of our new corporate strategy and the operational rigor we are bringing to all aspects of the business will allow us to make additional progress on our multiyear journey to transform Newell Brands into a world class consumer products company that delivers exceptional financial returns for our shareholders.

在同一時期，我們在 EBITDA 成長方面強勁的現金表現使我們能夠償還債務並降低槓桿率。當我們開始思考 2025 年時，我們相信，我們正在開發的支持新企業策略的能力以及我們為業務各個方面帶來的嚴格運營將使我們在多年的轉型之旅中取得更多進展Newell Brands 成為一家世界級的消費品公司，為我們的股東帶來卓越的財務回報。

Operator, if you could please open the call for questions?

接線員，可以撥打電話詢問問題嗎？

(Operator Instructions) Olivia Tong, Raymond James.

（操作員說明）Olivia Tong，Raymond James。

Great. Thank you. Good morning. Perhaps can we start with just a walk around the categories given such a divergence in performance across divisions? Particularly, if you think about planning for next year.

偉大的。謝謝。早安.考慮到各部門的表現差異如此之大，我們是否可以先從各個類別開始走一走？特別是，如果您考慮明年的計劃。

And then secondly, you talked about the price mix contribution this quarter and the favorability around that. Could you talk about a little bit more about that in terms of the impact of sales and gross margin, not only this quarter, but your expectations going forward as you pivot your portfolio more towards mid and higher price point from the [OPP], MPP area. Thank you.

其次，您談到了本季價格組合的貢獻以及與之相關的好感度。您能否多談談對銷售和毛利率的影響，不僅是本季度，還有當您將投資組合從 [OPP]、MPP 轉向中價和更高價位時您對未來的期望區域。謝謝。

Yeah. Thanks, Olivia. Happy to do it. So let me start with the walk around of the divisions. So as we've talked in the past, the starting point of capabilities in our different business units was different. And as a result, as we put the new strategy in place, focused on building capability on consumer understanding, innovation, brand building and go to market, the front-end capabilities, that is showing up at different speeds in the different businesses.

是的。謝謝，奧莉維亞。很高興做這件事。讓我從各部門的巡視開始。所以我們過去講過，我們不同業務部門的能力起點是不同的。因此，當我們實施新策略時，重點是建立消費者理解、創新、品牌建立和進入市場的能力，前端能力在不同的業務中以不同的速度顯現出來。

We're very encouraged that our largest and most profitable business learning and development continues with three straight quarters of core sales growth. We feel good about the writing business and the baby business. We've recently finished as you know, the back-to-school period in writing. And we gained market share during the back-to-school season this year.

我們非常鼓舞的是，我們規模最大、利潤最高的業務學習和發展仍在繼續，核心銷售連續三個季度成長。我們對寫作業務和嬰兒業務感覺良好。如您所知，我們最近以書面形式結束了返校期。我們在今年返校季期間獲得了市場份額。

The baby business had strong core sales growth behind very good innovation. We are gaining market share on car seats, on play yards and with the recently newly launched SmartSense, Soothing Bassinet and Swing product that we're pretty excited about. So we believe that business is going from strength to strength, and we believe that business we've got a strong capability and a strong innovation pipeline heading into next year.

嬰兒業務在出色的創新背後實現了強勁的核心銷售成長。我們正在汽車座椅、遊戲場以及最近新推出的 SmartSense、舒緩搖籃和鞦韆產品方面獲得市場份額，對此我們感到非常興奮。因此，我們相信業務正在不斷壯大，我們相信明年我們的業務將擁有強大的能力和強大的創新管道。

The home and commercial business is in a slightly different state. It's next in terms of improvement. We're excited that we improved the rate of core sales growth in the third quarter for home and commercial by 200 basis points versus the prior period. I think we've talked about the commercial business being in pretty good shape and driving core sales growth, which it did in the third quarter.

家庭和商業業務的狀態略有不同。接下來是改進方面。我們很高興第三季家庭和商業核心銷售成長率比上一時期提高了 200 個基點。我認為我們已經討論過商業業務狀況良好並推動了核心銷售成長，這一點在第三季就做到了。

The home fragrance business, with Yankee Candle is just launching a new marketing campaign that we're pretty excited about, that we believe will bode well heading into next year. And we've got some very exciting innovation coming on the kitchen business, some of which we've talked about with things like the Mr. Coffee Cold Brew product that we recently launched.

家用香水業務與 Yankee Candle 剛剛推出了一項新的行銷活動，我們對此感到非常興奮，我們相信這將是明年的好兆頭。我們在廚房業務方面出現了一些非常令人興奮的創新，其中一些我們已經討論過，例如我們最近推出的 Mr. Coffee Cold Brew 產品。

I think we announced it a week or two ago that allows consumers to cold brew at home in 10 minutes, which is a new concept under the Mr. Coffee brand that was previously unavailable to name an example.

我想我們在一兩週前就宣布了允許消費者在家裡10分鐘冷泡咖啡，這是Mr. Coffee品牌下的新概念，以前無法舉出例子。

And then outdoor and rec is the segment that is going to take the longest to turnaround because that's the one where we feel good about the progress we've made. We've reset the team, we've reset the strategy to move Coleman, which is the largest brand from a camping focus to more of an outdoor focus.

然後，戶外和娛樂是需要最長時間才能扭轉局面的細分市場，因為這是我們對所取得的進展感到滿意的細分市場。我們重新調整了團隊，重新調整了策略，將 Coleman 這個最大的品牌從露營重點轉向戶外重點。

We talked about the television spot that we just put on Amazon, which is getting good traction. The Contigo partnership with Ally Love, which is off to a great start. And I think the team that we've built in outdoor and rec is building a very positive innovation pipeline that is going to be coming to market in 2026. And so, that is the one that will take the longest.

我們討論了我們剛剛在亞馬遜上投放的電視廣告，該廣告受到了很好的關注。Contigo 與 Ally Love 的合作有了一個好的開始。我認為我們在戶外和娛樂領域建立的團隊正在建立一個非常積極的創新管道，該管道將於 2026 年推向市場。因此，這是需要最長的時間的一個。

From a price mix standpoint, what I would say there is as we look going forward, we're not taking price increases on our base products. We're driving productivity benefits through the supply chain, but we are driving mix benefit by launching products that are gross margin accretive. And so, the plan going forward really is more dependent on mixed benefits than it is on pricing.

從價格組合的角度來看，我想說的是，展望未來，我們不會對基礎產品進行漲價。我們透過供應鏈推動生產力效益，但我們透過推出毛利率增值的產品來推動混合效益。因此，未來的計劃實際上更依賴混合效益而不是定價。

And if I just add a little bit to that. Because in addition to the work that we've done to basically make sure that all the initiatives that go to the door are gross margin of accretive. We've done a number of other things. We've looked at all the businesses in our categories and for those that were structurally, we either took pricing actions or we've effectively started to walk away from those businesses.

如果我補充一點的話。因為除了我們所做的工作基本上確保所有上門的舉措都是毛利率的增值。我們還做了很多其他事情。我們已經研究了我們類別中的所有業務，對於那些結構性的業務，我們要么採取定價行動，要么實際上已經開始放棄這些業務。

We also have put in place a real strong cost analyst capability that hit it to that we didn't have that allows us to tight trade in and understand SKU level economics better than previously. We've also been doing a lot of work on our price line logic, which we believe presents a real opportunity for us to access additional pricing but in a way that's not viewed as a price increase to the consumer set. It's just simply a matter of fixing all the price line logic where sometimes there's inconsistency.

我們還建立了真正強大的成本分析師能力，這是我們所沒有的，這使我們能夠比以前更好地進行交易並更好地了解 SKU 級別的經濟學。我們也在價格線邏輯上做了很多工作，我們相信這為我們提供了獲得額外定價的真正機會，但不會被視為對消費者群體的價格上漲。這只是修復所有有時會出現不一致的價格線邏輯的問題。

So there's a lot of things we're doing on price mix. Right now, to be fair, the 470 basis points were up on the gross margin in Q3 versus the prior period is largely driven by our FUEL productivity efforts. But we really believe that managing price mix favorability in the future will be a bigger part of that story.

因此，我們在價格組合方面做了很多事情。目前，公平地說，第三季的毛利率較上一時期上升了 470 個基點，這在很大程度上是由我們在燃料生產力方面的努力所推動的。但我們確實相信，管理未來價格組合的有利性將成為這個故事的重要組成部分。

Lauren Lieberman, Barclays.

勞倫·利伯曼，巴克萊銀行。

So the guidance range for the fourth quarter in slide is really -- is pretty wide. And so, we just wanted to get a sense if you're seeing or hearing anything that giving you pause around retailer inventory (technical difficulty) you spoke very clearly about high end versus middle and lower income consumers.

因此，幻燈片中第四季的指導範圍確實相當廣泛。因此，我們只是想了解一下，如果您看到或聽到任何讓您對零售商庫存（技術困難）感到猶豫的事情，您就非常清楚地談到了高端消費者與中低收入消費者的關係。

But just curious on the -- frankly the lower end of the range on sales that's effectively on the table for 4Q. And then also you've mentioned, I think the language seems to change a little bit on the inflection core sales growth sometime in '25. So I just wanted to check in on that front if that's really driven by the slower progress in outdoor or if it's something else. Thanks.

但只是對 - 坦率地說，第四季度銷售範圍的下限感到好奇。然後你也提到，我認為語言似乎在 25 年某個時候的核心銷售成長轉折點上發生了一些變化。所以我只是想檢查一下這方面的情況是否真的是由戶外運動進展緩慢所驅動，或者是否是其他原因。謝謝。

Yeah. So let me start with the fourth quarter guide. I think the fourth quarter. we're entering the holiday season and everything we're hearing from the prognosticators on market growth would suggest that we're headed for a holiday season where our consumers are likely to spend more money this year than last year.

是的。讓我從第四季指南開始。我認為是第四季。我們正在進入假期季節，我們從市場成長預測者那裡聽到的一切都表明我們即將進入假期季節，我們的消費者今年可能會比去年花更多的錢。

However, that money is likely going to be spent in areas that are more focused on food and essential items as opposed to general merchandise. So our planning stance for the fourth quarter is a continuation of a market that is down low single digits.

然而，這筆錢可能會花在更關注食品和必需品而不是一般商品的領域。因此，我們對第四季的計畫立場是市場繼續低個位數下跌。

We may be wrong on that, but that's what we've got embedded in our guidance. That has been the case and we're not assuming a turnaround in terms of market growth in the fourth quarter. The range that we've given has more to do with what Mark talked about in his prepared remarks on retailer shipping windows. It's not about inventory destocking.

我們在這一點上可能是錯誤的，但這就是我們的指導方針中所包含的內容。情況就是如此，我們不認為第四季市場成長會好轉。我們給出的範圍更多地與馬克在他準備好的關於零售商發貨窗口的評論中談到的內容有關。這與去庫存無關。

We think retailer inventories are in a very good place. This is more about the timing of when retailers take inventory to reset their store shelves, which doesn't neatly line up with our quarters. We tend to look at it more in terms of halves and we're pretty excited that we are continuing to make sequential progress in the second half of this year versus the first half.

我們認為零售商的庫存狀況非常好。這更多的是關於零售商盤點庫存以重置商店貨架的時間，這與我們的季度並不一致。我們傾向於更多地從下半年的角度來看待它，我們非常興奮我們在今年下半年與上半年相比繼續取得連續進展。

As we go to next year in terms of core sales growt, we are working through the plan right now. We will provide guidance on our normal cadence at the February call. But what I will say is that we are pretty excited about the capability investments that we're making on the front end and we expect next year to have a stronger innovation pipeline next year than this year. We expect our rate of core sales growth to be better next year than this year.

隨著明年核心銷售成長的到來，我們現在正在製定計劃。我們將在二月的電話會議上提供有關正常節奏的指導。但我要說的是，我們對在前端進行的能力投資感到非常興奮，我們預計明年會有比今年更強大的創新管道。我們預計明年的核心銷售成長率將好於今年。

What we don't know yet is how the market dynamics are going to be from a overall market growth standpoint. As we stand today, most of what we're hearing and seeing is that we think that the general merchandise market is going to improve next year versus this year from being down low single digits to maybe being closer to flat next year.

我們尚不知道的是，從整體市場成長的角度來看，市場動態將如何。就我們今天的立場而言，我們聽到和看到的大部分內容是，我們認為明年百貨市場將比今年有所改善，從低個位數下降到明年可能接近持平。

But there's a lot of volatility in that, not to mention the least of which is an election that's coming up in two weeks with very different economic policies attached to it. So I think we're monitoring the situation closely. We feel good about the progress we're making on the front end capability. And I believe that we're going to have a plan that strengthens our core sales delivery next year versus this year. And we'll provide guidance on our normal cadence.

但這其中存在著很大的波動性，更不用說兩週後即將舉行的選舉，其經濟政策也截然不同。所以我認為我們正在密切關注局勢。我們對前端能力的進展感到滿意。我相信我們將製定一項計劃，與今年相比，明年加強我們的核心銷售交付。我們將為我們的正常節奏提供指導。

Bill Chappell, Truist Securities.

比爾‧查普爾 (Bill Chappell)，Truist 證券公司。

Thanks. Good morning. We just want to talk a little bit more about the categories. I understand you're making strides and re-hitting share and merchandizing what have you. But trying to specifically look at the outlook for kitchen electrics, fragrance, baby, I mean, camping, like are these categories you think that will actually return to growth in solid and consistent growth as we move to '25 and '26?

謝謝。早安.我們只想多談談類別。我知道您正在取得長足進步，並重新開始分享並推銷您所擁有的東西。但我想具體看看廚房電器、香水、嬰兒用品、露營等領域的前景，您認為這些類別是否會隨著我們進入“25”和“26”而真正恢復穩定和持續的增長？

Are you seeing specific trends that get you encouraged? And then with that just you talked about how you're encouraged by the sequential movement, but some of the business is seasonal. So maybe a few more examples of what gets you so encouraged on your own business would be great. Thanks.

您是否看到了令您受到鼓舞的特定趨勢？然後，您剛才談到了順序運動如何鼓勵您，但有些業務是季節性的。因此，也許再舉幾個例子來說明是什麼讓你對自己的事業如此鼓舞，那就太好了。謝謝。

Yeah. So I think a number of our categories, we have different types of categories. But let me give you some examples. Some of our categories have long purchase cycles. So if you think about kitchen, for example, and kitchen appliances, purchase cycles in that category tend to be three or four years.

是的。所以我認為我們有很多類別，我們有不同類型的類別。但讓我舉一些例子。我們的部分品類的購買週期很長。因此，例如，如果您考慮廚房和廚房用具，該類別的購買週期往往是三到四年。

There was a surge of demand during COVID that happened in '21. We're now seeing that pull forward if you will, which caused a normalization in demand in the following years in '23 and '24 is beginning to be behind us. And so, we're seeing real evidence and real forecast prognosis that those consumers that bought during the COVID pandemic period are now likely going to come back into the market.

21 年新冠疫情期間，需求激增。我們現在看到，如果你願意的話，導致 23 年和 24 年接下來幾年需求正常化的推動已經開始成為過去。因此，我們看到真實的證據和真實的預測預測，那些在新冠病毒大流行期間購買的消費者現在可能會回到市場。

And in fact, we recently met with [Circana] who's projecting that business, category is going to be back to core sales growth next year because of this dynamic of lapping -- the pull forward dynamic. I think that's also true in some of the other categories like outdoor and rec.

事實上，我們最近會見了 [Circana]，他預測明年該業務、品類將恢復核心銷售成長，因為這種重疊動力——前拉動力。我認為在戶外和娛樂等其他一些類別中也是如此。

On baby and writing, I think it's more the case not so much of the pull forward dynamic. On baby and writing, I think it's the case of we've got a strong innovation pipeline that we feel very good about. This Graco SmartSense, Soothing Bassinet and Swing that we've launched just recently. It's a pretty big deal.

關於嬰兒和寫作，我認為更多的是這種情況，而不是向前推動的動力。關於嬰兒和寫作，我認為我們擁有強大的創新管道，我們對此感到非常滿意。我們最近剛推出了 Graco SmartSense、舒緩搖籃和 Swing。這是一件大事。

A lot of people are familiar with SNOO. SNOO is selling a similar product at $1,500. We've come out with these products of $400 and we believe our product has more features and benefits. So we think we've got a huge opportunity to grow and gain market share behind innovative products that we're launching in the marketplace.

很多人都熟悉SNOO。SNOO 以 1,500 美元的價格出售類似產品。我們推出了這些 400 美元的產品，我們相信我們的產品具有更多功能和優勢。因此，我們認為我們在市場上推出的創新產品背後有巨大的發展機會和獲得市場份額的機會。

Similarly, on writing, we've launched as you know, the creative markers under Sharpie. We've also recently launched a copper S-Gel Pen as we're preimmunizing the portfolio. When we launched the first S-Gel Pen, the pen was $1. We launched metal barrel pens at $2.50. We've just launched a copper S-Gel Pen at $10. That's getting very strong support. And so, we're driving trade up and we're driving category growth in categories like that.

同樣，在寫作方面，如您所知，我們推出了 Sharpie 下的創意標記。我們最近也推出了一款銅製 S-Gel Pen，因為我們正在對產品組合進行預免疫。當我們推出第一支 S-Gel Pen 時，這款筆的售價為 1 美元。我們推出了金屬筆筒，售價 2.50 美元。我們剛剛推出了一款銅製 S-Gel 筆，售價 10 美元。這得到了非常強而有力的支持。因此，我們正在推動貿易成長，並推動此類類別的成長。

We continue to do well with the paper made enjoy gel bright pens as well. And then I think on home fragrance, we've got a relaunch on Yankee Candle that is going to play out over the course of next year, that gives us confidence that we're going to be able to return that business to growth next year.

我們繼續在紙張方面做得很好，也享受中性筆。然後我認為在家用香水方面，我們將在明年重新推出 Yankee Candle，這讓我們有信心明年能夠使該業務恢復成長。

So I'm feeling pretty good about the stuff that's within our control. I'm also feeling that we as the market leader can begin to start to drive category growth so that it doesn't happen to us, but we take a little bit more ownership of driving category growth with some of our innovation that is geared to more mid and premium segments. So that's sort of what we're looking at.

所以我對我們控制範圍內的事情感覺很好。我還覺得，身為市場領導者，我們可以開始推動品類成長，這樣這種情況就不會發生在我們身上，但我們透過一些創新，在推動品類成長方面擁有更多的所有權，這些創新旨在更多中高端細分市場。這就是我們正在關注的。

What we don't control is the consumer dynamics. And certainly, there's a lot of volatility in the market. But I believe that for the stuff that's in our control, we are making real progress, and I believe we have a stronger plan heading into next year from a commercial standpoint than we did heading into this year.

我們無法控制的是消費者動態。當然，市場存在很大的波動。但我相信，對於我們控制範圍內的事情，我們正在取得真正的進展，我相信，從商業角度來看，我們明年的計劃比今年更強大。

Andrea Teixeira, JPMorgan.

安德里亞·特謝拉，摩根大通。

Thank you. Good morning. I was hoping to see if -- and I appreciate all the commentary about the kitchen appliances and now also the innovation in other areas of the business as you get out of more sluggish category environment.

謝謝。早安.我希望看看——我很欣賞所有關於廚房用具的評論，現在也很欣賞隨著你擺脫更加低迷的品類環境而在其他業務領域的創新。

But I was thinking more long term in your ING investment and innovation in general. I mean, not surprisingly, you invest typically less than some of the other peers and the disruptors out there. Is there any way you can help us like where you want to take that number? I believe it's about 5% at this point.

但我對 ING 的投資和創新總體上有更長遠的考慮。我的意思是，毫不奇怪，你的投資通常少於其他一些同行和顛覆者。您有什麼辦法可以幫助我們找到您想要的號碼嗎？我相信目前這一比例約為 5%。

And think about also how much you're contributing, you're reinvesting sales as a percentage of sales in advertisement and promotion. How we should be thinking of where that's going to be the best in class?

也要考慮一下您貢獻了多少，您將銷售額再投資於廣告和促銷中的銷售額的百分比。我們該如何考慮哪些方面是同類中最好的？

And then more short term. How we should be thinking of distribution? Are you completely -- how you'd be thinking of the holidays as well in terms of the categories you compete in? How we should be thinking of distribution as we go into the fourth quarter and into 2025?

然後是更短期的。我們該如何思考分配？你對假期以及你參加的比賽類別有什麼看法嗎？當我們進入第四季和 2025 年時，我們應該如何考慮分配？

Yeah. So let me try to take those in turn. And maybe I'll start with distribution. So distribution, I expect to be a more positive tailwind next year compared to this year. So if you think about the journey we've been on, one of the things that we did when we put the new strategy in place was we looked at the structurally unprofitable parts of the business and we exited some of those structurally unprofitable parts of the business.

是的。那麼讓我試著依序討論這些問題。也許我會從發行開始。因此，與今年相比，我預計明年的分配將是一個更積極的推動力。因此，如果你想想我們一直以來的歷程，當我們實施新策略時，我們所做的一件事就是我們研究了業務中結構性無利可圖的部分，並退出了業務中結構性無利可圖的部分。

We also exited some of our smaller brands. Recall, we were starting with 80 brands. We expect at the end of this year to be down closer to 50 brands. And those tail brands to be out of our base period. And as we've exited that structurally unattractive business, distribution has been a headwind in 2024 which is embedded in our guidance.

我們也退出了一些較小的品牌。回想一下，我們一開始有 80 個品牌。我們預計到今年年底品牌數量將減少到接近 50 個。而那些尾部品牌將脫離我們的基期。隨著我們退出這一結構上不具吸引力的業務，分銷已成為 2024 年的阻力，這已納入我們的指引中。

As we go into next year, we no longer have that headwind and in fact, I think we're going to be on our front foot trying to game distribution as opposed to have it as a headwind. So I'm expecting -- and what we're seeing so far from the line reviews that we've had is that distribution is going to be much more positive driver of core sales trends next year compared to this year, sort of the first point which is consistent with the strategy.

當我們進入明年時，我們將不再遇到這種逆風，事實上，我認為我們將在遊戲發行方面佔據主動，而不是將其作為逆風。所以我預計 - 到目前為止，我們從我們的產品線評論中看到的是，與今年相比，明年的分銷將成為核心銷售趨勢的更積極的驅動力，這可以說是第一個與策略一致的點。

So the second question?

那麼第二個問題呢？

More on the A&P --

有關 A&P 的更多資訊——

Yeah, the margins. So historically, we've been spending on A&P about 4%. This year, we have ramped that up and I expect that we'll probably come close to 5% in where we net out this year because of the increase in support behind the new innovations as we're ramping that up.

是的，邊緣。從歷史上看，我們在 A&P 上的支出約為 4%。今年，我們已經加大了力度，我預計今年的淨利潤可能會接近 5%，因為隨著我們加強，新創新背後的支持也有所增加。

I expect over time when we look at our categories and the mix of categories that we have that probably the right long-term target for us is somewhere around 6% or 7%. So it's a little bit higher than where we are today, but we don't want to -- we want to be ROI driven on this.

我預計，隨著時間的推移，當我們審視我們的類別以及我們擁有的類別組合時，我們正確的長期目標可能是 6% 或 7% 左右。所以它比我們今天的水平要高一點，但我們不想——我們希望以此為投資回報率。

And so, we're not ramping up the spending before we have the innovation. We're ramping up consistent with when the innovation is coming is sort of the first point.

因此，在創新之前我們不會增加支出。我們正在與創新的到來保持一致，這是第一點。

The second point is we still have a lot of opportunity to go on gross margin improvement and on overhead reduction. And so, we continue to expect that the gross margin improvement and the overhead reduction as a percent of sales is going to be significantly more meaningful than the ramp up in A&P, which is why we think that we've got an opportunity to take our operating margins significantly higher as part of our strategy.

第二點是我們仍然有很多機會繼續提高毛利率和減少管理費用。因此，我們繼續預計，毛利率的提高和管理費用佔銷售額的減少將比 A&P 的成長更有意義，這就是為什麼我們認為我們有機會利用我們的作為我們策略的一部分，營業利潤率顯著提高。

And so, you've seen this year despite ramping up A&P from, let's call it a 4% to 5%, we're up 200 basis points in operating margin through the first nine months of the year. And that's really been driven by gross margin improvement.

因此，你已經看到，儘管今年的 A&P 成長了，我們稱之為 4% 至 5%，但今年前 9 個月我們的營業利潤率成長了 200 個基點。這實際上是由毛利率改善所推動的。

I think you're going to see something similar longer-term where we continue to take the operating margins of the business up. We reinvest some of the gross margin and overhead improvements in higher A&P where we bring a significant amount to the bottom line as well.

我認為從長遠來看，你會看到類似的情況，我們將繼續提高業務的營業利潤率。我們將部分毛利率和管理費用的改善重新投資於更高的A＆P，這也為我們帶來了大量的利潤。

And then can you quantify -- this is super helpful, Chris. But can you quantify how much of a headwind was the distribution losses? Were the distribution losses this year?

然後你可以量化——這非常有幫助，克里斯。但你能量化分銷損失帶來的阻力有多大嗎？今年的分配有虧損嗎？

Yeah. It's a little bit hard to get that. But I would say, probably a couple points is what I would say as best we can tell. And what I would say about that is they were purposeful. I mean, there's a reason why our trailing 12 month EBITDA is up 22% which is a remarkable number.

是的。想要做到這一點有點困難。但我想說，據我們所知，我可能會說幾點。我想說的是他們是有目的的。我的意思是，我們過去 12 個月的 EBITDA 成長了 22%，這是一個了不起的數字，這是有原因的。

I mean, there's not that many companies and consumer products that drive a 12 month EBITDA growth of 22% in absolute dollar terms, particularly an environment where revenue is going down. And that's a function of incredible productivity results from the supply chain and from the centralization of the supply chain and the back office, it's also a function of structural profitability improvement across the business and walking away from some of these businesses where the company frankly was losing money.

我的意思是，沒有多少公司和消費產品能夠推動 12 個月 EBITDA 以絕對美元計算成長 22%，特別是在收入下降的環境下。這是供應鏈以及供應鏈和後台的集中化帶來的令人難以置信的生產力的結果，也是整個業務結構性盈利能力改善以及放棄公司坦率地說正在虧損的一些業務的結果錢。

And so, I think we have a stronger portfolio today than we did five quarters ago when we started the strategy. So the quality of our portfolio was also improving as we go forward.

因此，我認為我們今天的投資組合比五個季度前開始該策略時更強大。因此，隨著我們的前進，我們的投資組合的品質也在不斷提高。

And it's hard to parse out that also from the SKU rationalization that you're still at the back end of it, right? It's towards the end of 2024. So that's also embedded.

而且很難從 SKU 合理化解析出您仍然處於後端，對嗎？時間已經快到 2024 年底了。所以這也是嵌入的。

Yeah. That's right. And we're down to -- as we sit here today, we're down to about 20,000 SKUs. So we recall when we started the journey back in 2019, we had over 100,000. So we've gone from over 100,000 down to 20,000.

是的。這是正確的。當我們今天坐在這裡時，我們已經將 SKU 減少到了大約 20,000 個。所以我們回想一下，當我們在 2019 年開始這段旅程時，我們有超過 100,000 個。所以我們的人數從 100,000 多減少到 20,000。

We've made again significant progress this year and our revenue per SKU has more than tripled now versus when we started. So we feel good about where we are from a SKU count standpoint. We still have some opportunities ahead, but I think the opportunity ahead is different than the opportunity we've had previously.

今年我們再次取得了重大進展，每個 SKU 的收入比剛開始時增加了兩倍多。因此，從 SKU 數量的角度來看，我們對自己的現狀感到滿意。我們前面仍然有一些機會，但我認為前面的機會與我們以前的機會不同。

Chris Carey, Wells Fargo Securities.

克里斯凱裡，富國銀行證券。

Hey. Good morning, guys. Thanks for getting me back in the queue. Just a couple of questions if I could. One is the question that I've asked on these earnings calls in the past but I'm always curious on progress.

嘿。早安，夥計們。謝謝你讓我回到隊列。如果可以的話，我只想問幾個問題。其中一個是我過去在這些財報電話會議上提出的問題，但我總是對進展感到好奇。

There was a major maybe pull forward of demand in a number of your categories during COVID and we've seen that normalization carry out for sometime now. And as you talk about the sequential improvement in core sales growth, do you think that some of that is the consumer coming back for replenishment?

在新冠疫情期間，許多類別的需求可能大幅成長，我們已經看到這種正常化已經進行了一段時間。當您談到核心銷售成長的持續改善時，您是否認為其中一部分是消費者回來補貨？

Are we at the tail end of some cycle normalization and reapproaching, a new cycle? I know you're looking at flattish general merchandise category growth next year. How much of that is just embedding this normalization phase?

我們是否處於某種週期正常化的尾聲並重新接近新周期？我知道您預計明年百貨商品類別的成長將持平。其中有多少只是嵌入這個標準化階段？

And then if I just could, you did have a quick nod to elections be remiss if I didn't ask, I know there's been an effort to diversify your geographic basis of sourcing and manufacturing. How do you think about that evolution in the context of some policies that can go different ways depending on how the election plays out? Thanks.

然後，如果我可以的話，如果我沒有問的話，你們確實對選舉表示了失職，我知道你們已經在努力使你們的採購和製造地理基礎多樣化。您如何看待一些政策的演變，這些政策可能會根據選舉的結果而採取不同的方式？謝謝。

Yeah. So I think your comment on normalization from COVID pull forward of demand is right. And I think we are seeing that pull forward of demand and subsequent category decline as a result of that come to an end. And so, we do think that's a factor that will affect next year and which is why from what we're seeing today, we expect the category growth dynamics to be a little better next year than this year.

是的。因此，我認為您對新冠疫情拉動需求正常化的評論是正確的。我認為我們看到需求的前移和由此導致的隨後的品類下降已經結束。因此，我們確實認為這是一個會影響明年的因素，這就是為什麼從我們今天看到的情況來看，我們預計明年的品類成長動態會比今年好一些。

At the same time, we also expect that our market share is going to be better next year versus this year because we are gaining in terms of our innovation portfolio, our brand building, A&P investment and our go to market capability. And so, we think the market is improving, we think our ability to grow market share is improving, and we think the combination of those two things is what we're focused on with regard to the top line.

同時，我們也預計明年的市佔率將比今年更好，因為我們在創新產品組合、品牌建立、A&P 投資和進入市場能力方面都取得了進展。因此，我們認為市場正在改善，我們認為我們擴大市場份額的能力正在改善，我們認為這兩件事的結合是我們關注的重點。

On your question on the election, I think the biggest thing we've been focused on is tariff risk. And I talked about that at the last quarter's call. I feel very good about where we are with regard to that. We have spent the last several years diversifying our supply chain.

關於你關於選舉的問題，我認為我們最關注的問題是關稅風險。我在上個季度的電話會議上談到了這一點。我對我們在這方面的進展感到非常滿意。過去幾年，我們一直致力於實現供應鏈多元化。

Several years ago, we had over 30% of our cost of goods sold was coming from China and being sold in the US, that number today is down below 15%. And by the end of next year, we expect that number to be below 10%. We also have a very strong US manufacturing presence with a large writing plant in Tennessee, with our Rubbermaid food storage out of manufacturing plant in Ohio with a cooler plant in Kansas, with a Rubbermaid commercial products, large plant in Virginia.

幾年前，我們超過 30% 的銷售成本來自中國並銷往美國，而如今這一數字已降至 15% 以下。到明年年底，我們預計這一數字將低於 10%。我們在美國也擁有強大的製造實力，在田納西州設有一家大型書寫工廠，在俄亥俄州的製造工廠設有樂柏美(Rubbermaid) 食品倉庫，在堪薩斯州設有冷藏工廠，在弗吉尼亞州設有樂柏美(Rubbermaid) 商業產品大型工廠。

And so, we believe in a number of categories, if there were tariffs implemented, we would benefit and we would be in a position to benefit from that. And so, we're watching it closely. We've been preparing for the potential for tariffs. And I think we are as well positioned as we can be to benefit in some categories. There are some categories that still would be subject to risk.

因此，我們相信，在許多類別中，如果實施關稅，我們將受益，並且我們將能夠從中受益。因此，我們正在密切關注。我們一直在為潛在的關稅做好準備。我認為我們處於有利位置，可以在某些類別中受益。有些類別仍然會面臨風險。

The biggest exposure we have from a China tariff standpoint as we've talked in the past is the baby business, but that has been exempted in the past from 301 tariffs altogether because of the difficulty of moving the supply chain on those products and the impact on families of putting tariffs in place. And so, that's the primary exposure that we expect we would have as we head into next year.

從中國關稅的角度來看，我們面臨的最大風險是嬰兒業務，但由於這些產品的供應鏈轉移困難以及影響，該業務過去已完全免除 301 關稅。因此，這是我們預計明年將面臨的主要風險。

Very helpful. If you humor me for one follow up. The profitability you mentioned is very impressive amidst the revenue trend of the business. How would you think about the sustainability of profit improvement as growth remains uneven?

非常有幫助。如果你幽默我的後續行動。你提到的獲利能力在業務收入趨勢中是非常可觀的。由於成長仍然不平衡，您如何看待利潤改善的可持續性？

Said another way are you, are you finding limits? Of course, you're not going to see the same level of recovery but just maybe talk about your ability to sustain some level of profit growth even if the revenue line isn't exactly growing as demonstrably as you would have wanted in the past. Thanks.

換句話說，你是否發現了極限？當然，你不會看到同樣水準的復甦，但也許只是談論你維持一定水準利潤成長的能力，即使收入線的成長並不像你過去希望的那樣明顯。謝謝。

Yeah. I think we continue to see strong opportunities for profit improvement. So we do expect the revenue line to improve going forward as I mentioned. That's both a function of category growth and a function of the front end capability investments that we're making.

是的。我認為我們繼續看到利潤改善的巨大機會。因此，正如我所提到的，我們確實預期收入線會繼續改善。這既是品類成長的函數，也是我們正在進行的前端能力投資的函數。

We also continue to have a strong pipeline of productivity savings projects, both across the supply chain and across a lot of our back office functions. And so, I expect that you're going to see us continue to drive margin improvement on both the gross margin line and the operating margin line as a result of that.

我們也繼續擁有強大的生產力節約專案管道，無論是在整個供應鏈還是在我們的許多後台職能部門。因此，我預計您會看到我們因此繼續推動毛利率和營業利潤率的提高。

And so, that gives us confidence that we can continue to drive absolute dollar EBITDA growth going forward. Now, I will say the 22% EBITDA growth in a year is an exceptional performance. I'm not sure we're going to be able to drive EBITDA growth at a 22% rate. I don't think that's likely going forward.

因此，這讓我們有信心能夠繼續推動未來以美元計價的 EBITDA 絕對成長。現在，我想說，一年內 22% 的 EBITDA 成長是一個非凡的業績。我不確定我們是否能夠推動 EBITDA 以 22% 的速度成長。我認為這不太可能繼續下去。

But I think we can drive very strong EBITDA growth going forward. I also think we've got an opportunity to continue to drive cash conversion cycle down and continue to delever the company going forward, which we've had very strong progress on over the last five quarters as I mentioned, going from a 6.5 time net debt to EBITDA ratio down to 4.9 which I think is very encouraging.

但我認為我們可以推動未來非常強勁的 EBITDA 成長。我還認為我們有機會繼續降低現金轉換週期並繼續降低公司的槓桿率，正如我所提到的，我們在過去五個季度中取得了非常強勁的進展，從 6.5 倍的淨值債務與EBITDA 比率降至4.9，我認為這是非常令人鼓舞的。

And all I'd offer is we've built a scaled distribution and a scaled supply chain at this point in time. And once we do see the top line in flex, if we can just get a little additional volume into our facilities, the marginal economics on that are going to be very, very attractive for us.

我所能提供的是，我們目前已經建立了規模化的分銷和規模化的供應鏈。一旦我們確實看到了柔性的頂線，如果我們能夠為我們的設施增加一點額外的容量，那麼邊際經濟效益對我們來說將非常非常有吸引力。

Brian McNamara, Canaccord Genuity.

麥克納馬拉 (Brian McNamara)，Canaccord Genuity。

Hey. Good morning, guys. Thanks for taking the question. So the turnaround looks to be achieving strong improvement in a number of areas outside of the top line thus far, particularly margins. But the biggest question investors ask us is when this company will sustainably grow again?

嘿。早安，夥計們。感謝您提出問題。因此，到目前為止，在營收以外的許多領域，尤其是利潤率，扭虧為盈似乎都取得了強勁的改善。但投資人問我們的最大問題是，這家公司何時才能再次實現永續成長？

I know you're not guiding for 2025 yet and you mentioned your performance will be impacted by the general merchandise environment next year. But what should give investors' confidence in the company achieving its long-term evergreen target of a low single digit annual growth?

我知道您尚未制定 2025 年的指導，並且您提到您的業績將受到明年一般商品環境的影響。但是，什麼才能讓投資人對公司實現低個位數年增長率的長期常青目標充滿信心呢？

Well, I think good question and that's something that we talk about every day in the company. And we're acutely aware that we have set out a goal of returning the company to sustainable profitable top line growth.

嗯，我認為這是一個很好的問題，這是我們在公司每天討論的話題。我們敏銳地意識到，我們已經制定了使公司恢復可持續獲利頂線成長的目標。

That's why as part of the strategy, we've invested in building a consumer insights function, completely redesigning our innovation pipeline, changing the way and implementing a brand management model focused on our top 25 brands, consolidating our US selling organization and putting a new business development function in place and driving a one new international approach across the enterprise.

這就是為什麼作為策略的一部分，我們投資建立消費者洞察功能，徹底重新設計我們的創新管道，改變方式並實施專注於我們的25 個頂級品牌的品牌管理模式，整合我們的美國銷售組織，並建立一個新的品牌管理模式。

I think all of those things at this point are have been implemented. We moved to the new operating model just nine months ago if you recall in January. Those teams are now in place, those teams are working, and you can see the improvement sequentially in the rate of top line growth.

我認為目前所有這些事情都已實施。如果你還記得一月的話，我們就在九個月前轉向了新的營運模式。這些團隊現已到位，這些團隊正在工作，您可以看到營收成長率的連續改善。

I mean, we've gone from last year, as Mark mentioned, the core sales that was down double digits to this quarter, we were down 1.7%. So we've had a meaningful improvement. We've also started to see improvement in market share trends on a significant number of our top 25 brands, not all of them, but we are gaining market share in more top 25 brands today than we were 12 months ago.

我的意思是，正如馬克所提到的，我們的核心銷售額從去年下降了兩位數，到本季下降了 1.7%。所以我們取得了有意義的改進。我們也開始看到大量（並非全部）排名前 25 的品牌的市佔率趨勢有所改善，但與 12 個月前相比，今天我們在更多排名前 25 的品牌中獲得了市場份額。

And so, I think those are the things that we look at that give us confidence. And we are focused on getting there and we think when we get there, we have a real opportunity to prove it to the street that the investments that we've made on the front end can do this.

因此，我認為這些是我們所關注的給我們信心的事。我們專注於實現這一目標，我們認為，當我們實現這一目標時，我們就有真正的機會向公眾證明，我們在前端所做的投資可以做到這一點。

I expect that we're going to get the top line growth at some point during next year, during 2025. But it's a little premature for us to give guidance at this point given the uncertainty in the macro context.

我預計我們將在明年（2025 年）的某個時候實現營收成長。但考慮到宏觀環境的不確定性，我們現在給出指導還為時過早。

Thanks, that's helpful. If I could just squeeze a follow up in here. There's a large player with a strong focus on innovation and marketing that went public about 15 months ago and competes with you in some categories.

謝謝，這很有幫助。如果我能在這裡跟進一下就好了。有一個非常注重創新和行銷的大型企業，大約 15 個月前上市，並在某些類別上與您競爭。

In your view, is this competitor good for your categories, particularly kitchen appliances or does it represent another headwind? And from our vantage point, it doesn't appear that retailers are allocating incremental shelf space to a number of your categories, especially in kitchen appliances.

在您看來，這個競爭對手對您的產品類別（尤其是廚房電器）有利嗎？從我們的角度來看，零售商似乎並沒有為您的許多類別分配增量貨架空間，尤其是廚房用具。

Yeah. We actually think it's good because -- and I'll describe why? Because what it shows is that we're on the right strategy. What it shows is that the categories we compete in are responsive to innovation, they're responsive to consumer insights, and they're responsive to strong branding.

是的。我們實際上認為它很好，因為——我會描述為什麼？因為它表明我們的策略是正確的。它表明，我們競爭的類別對創新做出了回應，對消費者洞察做出了回應，並且對強大的品牌做出了回應。

So the strategy that we put in place focused on improving our consumer insights, improving our innovation behind leading brands, we think has been demonstrated and the company you're talking about shows what's possible when you do that.

因此，我們制定的策略重點是提高我們的消費者洞察力，提高我們領先品牌背後的創新，我們認為已經得到了證明，而你所談論的公司也展示了當你這樣做時的可能性。

We inherited a front end that was berefit of those capabilities. And I think we've been racing to put them in place. And I think we're starting to see strong results and progress from the work we've done over the last five quarters. And if we continue on the journey that we're on, I think it shows you what's possible and the categories with the brands that we have. So we look at it as the glass is half full on that.

我們繼承的前端不具備這些功能。我認為我們一直在努力將它們落實到位。我認為我們開始看到過去五個季度所做工作的強勁成果和進展。如果我們繼續我們正在進行的旅程，我認為它會向您展示什麼是可能的以及我們擁有的品牌的類別。所以我們看待它時，杯子已經滿了一半。

Filippo Falorni, Citi.

菲利波·法洛尼，花旗銀行。

Hi. Good morning, everyone. I wanted to go back to the profitability. You clearly deliver very strong results and you sounded pretty positive about next year. I was looking at your disclosure particularly on the organizational realignment and the savings there. It does seem based on your run rate saving and what you're realizing this year, you still have another $10 million to $20 million of savings from that.

你好。大家早安。我想回到獲利能力。您顯然取得了非常強勁的業績，並且您對明年的態度非常樂觀。我正在研究您的披露，特別是有關組織重組和節省的資訊。根據您的運行率節省以及您今年所實現的情況，您似乎還可以節省 1000 萬至 2000 萬美元。

Maybe, I know you're not going to give guidance, but maybe can you give us a sense of what other savings you have line of sight for next year in terms of thinking, like how much of the profitability is under your control versus how the general merchandise category is going to perform? Thank you.

也許，我知道您不會提供指導，但也許您可以讓我們了解您明年在思考方面還有哪些其他節省，例如您可以控制多少盈利能力，以及如何控制盈利能力。謝謝。

I would say -- maybe I'll start and then Mark can add. The biggest savings program that we have in the company is the FUEL productivity program across the supply chain. This year, that FUEL productivity program, which is an all encompassing program that has more than 2,000 projects that we are executing as part of the program, some big and some smaller.

我想說——也許我會開始，然後馬克可以補充。我們公司最大的節約計劃是整個供應鏈的 FUEL 生產力計劃。今年，FUEL 生產力計劃是一個包羅萬象的計劃，我們作為該計劃的一部分正在執行 2,000 多個項目，有的大有的小。

It's going to generate over 6% cost of goods sold takeout. So that's a huge positive impact on the cost of goods sold line. Now that's being partially offset by inflation and other things. But that's been a big driver of the gross margin improvement has been that program, and that program is continuing as we go into next year. So I'm expecting that we will have continued strong FUEL gross productivity savings as we go into next year that will deliver gross margin improvement.

它將產生超過 6% 的外送銷售成本。因此，這對銷售產品的成本產生了巨大的正面影響。現在，這已被通貨膨脹和其他因素部分抵消。但該計劃一直是毛利率改善的一個重要推動力，隨著我們進入明年，該計劃仍在繼續。因此，我預計，進入明年，我們將繼續實現強勁的燃料總生產率節省，這將帶來毛利率的改善。

On the overhead side, I think there's a number of things that we're looking at. As part of the strategy, we have put a lot of our back-office functions into a centralized organization structure. And I think on those areas, we've got opportunity to drive greater scale and drive greater productivity.

在管理費用方面，我認為我們正在考慮很多事情。作為此策略的一部分，我們已將許多後台職能納入集中式組織架構中。我認為在這些領域，我們有機會擴大規模並提高生產力。

We've started implementing things like artificial intelligence in a few of the areas. So we've turned on artificial intelligence in our customer service and some of our consumer service functions and that's driving a better quality service results for our customers and our consumers and driving a productivity benefit at the same time. And I think there's more that we can do in those areas to drive overhead efficiency as well.

我們已經開始在一些領域實施人工智慧等技術。因此，我們在客戶服務和一些消費者服務功能中啟用了人工智慧，這為我們的客戶和消費者帶來了更優質的服務結果，同時提高了生產力。我認為我們在這些領域還可以做更多的事情來提高管理效率。

Yeah. I'll just offer a few other areas that we're super excited about. We touched on this a little bit earlier, but getting the structural economics of our innovation programs correct up front is a huge enabler for us. If you think about the fact that right now, our capacity utilization is roughly 40%.

是的。我只會提供一些我們非常興奮的其他領域。我們早些時候談到了這一點，但預先正確地了解我們創新計劃的結構經濟學對我們來說是一個巨大的推動因素。如果你想一想，現在我們的產能利用率約為 40%。

Anything that we do on the volume side is going to have, as I said earlier, really attractive structural economics associated with it. We put a huge amount of automation programs in place. If you think about automation and you think about the marginal cost of getting that next unit off an automated line, it's really, really attractive.

正如我之前所說，我們在數量方面所做的任何事情都將具有與之相關的真正有吸引力的結構經濟學。我們部署了大量的自動化程式。如果您考慮自動化，並考慮從自動化生產線上生產下一個單元的邊際成本，那麼它真的非常非常有吸引力。

And we've talked about the invoice to net trade fund management system that we are ending up in January. That's going to let us basically put a performance-based program in place with our retailer partners and be able to do proper joint business planning with proper promotion analysis.

我們已經討論了我們將在一月份結束的淨貿易資金管理系統的發票。這將使我們基本上與我們的零售商合作夥伴實施基於績效的計劃，並能夠透過適當的促銷分析進行適當的聯合業務規劃。

That's a big, big unlock because there's literally over about $1 billion dollars in just the US alone that at this point in time, we haven't really been able to have the diagnostic tools to properly manage. So we're really excited and we think that we still have a lot of runway as it relates to cost take out.

這是一個巨大的解鎖，因為光在美國就有超過 10 億美元的資金，目前我們還沒有真正能夠擁有適當管理的診斷工具。所以我們真的很興奮，我們認為我們仍然有很多跑道，因為這與成本削減有關。

Okay. I think, we'll conclude the call there and thank everybody for joining the call and we look forward to talking with any of you in follow up calls as you'd like.

好的。我想，我們將在此結束通話，感謝大家加入通話，我們期待在後續通話中與你們中的任何人進行交談。

Thank you. This concludes today's conference call. Thank you for your participation. A replay of today's call will be available later today on the company's website at ir.newellbrands.com. You may disconnect. Have a great day.

謝謝。今天的電話會議到此結束。感謝您的參與。今天晚些時候，我們將在公司網站 ir.newellbrands.com 上提供今天電話會議的重播。您可以斷開連線。祝你有美好的一天。