Olaplex Holdings Inc (OLPX) 2024 Q3 法說會逐字稿

Greetings and welcome to the Olaplex Holdings Incorporated Third Quarter, 2024 earnings conference call.

問候並歡迎參加 Olaplex Holdings Incorporated 2024 年第三季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Patrick Flaherty, Vice President of Investor relations.

現在我很高興介紹投資者關係副總裁派崔克‧弗萊爾蒂。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you and good morning joining me today are Amanda Baldwin, Chief Executive Officer and Catherine Dunleavy, Chief Operating Officer and Chief Financial Officer.

謝謝大家，早安，今天與我一起的還有首席執行官阿曼達·鮑德溫和首席營運官兼首席財務官凱瑟琳·鄧利維。

Before we start, I would like to remind you that management will make certain statements today which are forward-looking, including statements about the outlook of Olaplex's business and other matters referenced in the company's earnings release issued today.

在我們開始之前，我想提醒您，管理層今天將做出一些前瞻性的聲明，包括有關 Olaplex 業務前景和公司今天發布的收益報告中提及的其他事項的聲明。

Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those projected in or implied by such statements.

每個前瞻性陳述都受風險和不確定性的影響，這些風險和不確定性可能導致實際結果與此類陳述預測或暗示的結果有重大差異。

Additional information regarding these factors appears under the heading.

有關這些因素的附加資訊顯示在標題下。

Cautionary note regarding forward-looking statements in the company's earnings release and the filings the company makes with the securities and exchange commission that are available at www.sec.gov and on the investor relations section of the company's website at ir.olaplex.com.

關於公司收益報告和公司向美國證券交易委員會提交的文件中前瞻性陳述的警告說明，可在 www.sec.gov 和公司網站 ir.olaplex.com 的投資者關係部分查閱。

The forward-looking statements on this call speak only as of the original date of this call and we undertake no obligation to update or revise any of these statements.

本次電話會議中的前瞻性陳述僅代表本次電話會議原始日期的觀點，我們不承擔更新或修改任何這些陳述的義務。

Also, during this call management will discuss certain non-GAAP financial measures which management believes can be useful in evaluating the company's performance.

此外，在本次電話會議中，管理層將討論某些非 GAAP 財務指標，管理層認為這些指標有助於評估公司業績。

The presentation of non-GAAP financial measures should not be considered in isolation or as a substitute for results prepared in accordance with GAAP.

非公認會計準則財務指標的呈現不應被孤立地考慮，也不應將其視為按照公認會計準則編制的結果的替代。

You will find additional information regarding these non-GAAP financial measures and a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures in the company's earnings release.

您將在公司的收益報告中找到有關這些非 GAAP 財務指標的更多資訊以及這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳表。

A live broadcast of this call is also available on the investor relations section of the company's website at ir.olaplex.com.

本次電話會議的現場直播也可在公司網站 ir.olaplex.com 的投資者關係欄位上觀看。

Additionally, during this call management will refer to certain data points estimates and forecasts that are based on industry publications or other publicly available information as well as our internal sources.

此外，在本次電話會議中，管理層將參考基於行業出版物或其他公開資訊以及我們的內部資源的某些數據點估計和預測。

The company has not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information.

該公司尚未獨立驗證這些行業出版物和其他公開資訊中包含的數據的準確性或完整性。

Furthermore, this information involves assumptions and limitations and you are cautioned not to give undue weight to these estimates with that.

此外，這些資訊涉及假設和限制，請注意不要過度重視這些估計。

I'll now I'll turn the call over to Amanda.

現在我將把電話轉給阿曼達。

Thank you Patrick.

謝謝你帕特里克。

Good morning, everyone and thank you for joining us.

大家早安，感謝大家的參與。

This morning, we reported third quarter, net sales of $119.1 million which declined 3.6% compared to a year ago.

今天上午，我們報告了第三季淨銷售額為 1.191 億美元，較去年同期下降 3.6%。

While this represented sequential improvement from Q2, we did underperform our expectations primarily due to weaker than expected results in our international business as we continue in our efforts to build the right foundation for the future.

雖然這比第二季度有所改善，但我們的表現確實低於預期，主要是因為我們的國際業務業績低於預期，我們仍在繼續努力為未來打下良好的基礎。

Adjusted EBITDA was $44.6 million for an adjusted EBITDA margin of 37.5%.

調整後的 EBITDA 為 4,460 萬美元，調整後的 EBITDA 利潤率為 37.5%。

Coupling our third quarter results with our updated learning.

將我們第三季的業績與我們最新的學習結合。

We're revising our guidance for fiscal year 2024 and now expect net sales in the range of $405 million to $415 million and an adjusted EBITDA margin in the range of 29.9% to 30.6%.

我們正在修改 2024 財年的指引，目前預期淨銷售額在 4.05 億美元至 4.15 億美元之間，調整後的 EBITDA 利潤率在 29.9% 至 30.6% 之間。

As we have shared on past earnings calls, we plan for 2024 as a year to begin our transformation, taking a long term view and prioritizing the strategies and initiatives aimed at building a healthier business.

正如我們在過去的財報電話會議上所分享的那樣，我們計劃將 2024 年作為我們轉型的開始之年，著眼於長遠，並優先考慮旨在建立更健康業務的戰略和舉措。

While we now believe it will take longer than originally expected to achieve our goal.

而我們現在認為實現目標所需的時間將比最初預期的要長。

We are making great progress and taking the steps we believe are necessary for the long-term health of the business.

我們正在取得巨大進展，並採取我們認為對業務長期健康必要的措施。

Much of this work has been happening behind the scenes.

大部分的工作都是在幕後進行。

While at the same time, this quarter, we announced three new innovative products.

同時，本季我們發布了三款創新產品。

Our No.5 leave in conditioner bond shaper curl, rebuilding, salon treatment and No.10 bond shaper curl defining gel.

我們的 5 號免沖洗護髮素可塑造捲髮、重建、沙龍護理，而 10 號則可塑造捲髮定型凝膠。

Although we are disappointed with this revised outlook for the remainder of the year, I remain confident that we have the right strategy and are implementing the right actions to achieve a solid foundation for long term growth.

儘管我們對今年剩餘時間的預期變化感到失望，但我仍然相信，我們制定了正確的策略，並正在實施正確的行動，為長期成長奠定堅實的基礎。

Olaplex at its core is an innovative science enabled and pro inspired beauty company with demonstrated global appeal as a top brand in the prestige hair care category, Olaplex had four of the five best selling prestige hair care products year-to-date 2024 [purse or con] retail tracking data of the US hair market.

Olaplex 本質上是一家以創新科學為基礎、以專業為靈感的美容公司，作為高端護髮類別的頂級品牌，具有顯著的全球吸引力。

Our research indicates that the Olaplex brand remains strong with positive associations to build upon including innovative reparative, healthy and effective and we possess a healthy balance sheet and strong cash generation which provide flexibility and enable us to invest in future growth.

我們的研究表明，Olaplex 品牌仍然強勁，並具有積極的聯想，包括創新修復、健康和有效，而且我們擁有健康的資產負債表和強勁的現金產生能力，這為我們提供了靈活性並使我們能夠投資於未來的成長。

Overall, I continue to believe that the best years lie ahead for this company.

總的來說，我仍然相信這家公司最好的年華還在後頭。

Let me walk you through three key assumptions that drove the revision to our full year outlook.

讓我向您介紹一下推動我們修改全年展望的三個關鍵假設。

First, we anticipate weaker performance from our international business as we reset for the future.

首先，隨著我們為未來做出調整，我們預期國際業務表現將會較弱。

We conducted a market by market review to better understand our business, evaluate our current structure and partnerships and develop the go forward road map for our global reach.

我們對每個市場進行了審查，以便更好地了解我們的業務，評估我們當前的結構和合作夥伴關係，並製定我們全球影響力的未來路線圖。

I personally spent time meeting with many of our key partners and traveling the globe to see the brand in its current presentation on the cloud and better understand the end consumer and unique market from this assessment.

我親自花了一些時間與我們的許多主要合作夥伴會面並走遍全球，以了解該品牌在雲端的當前展示情況，並透過這次評估更好地了解最終消費者和獨特的市場。

While the enthusiasm and passion for this brand remain incredibly high, we now believe that the issues within our international business are more complex than we originally anticipated.

雖然人們對這個品牌的熱情和熱情仍然高漲，但我們現在認為，我們國際業務中的問題比我們最初預想的要複雜得多。

This requires simplifying our international model with fewer distributor partners as well as developing localized direct distribution approaches and brand support that are designed to be appropriate for the unique dynamics across the world.

這需要簡化我們的國際模式，減少分銷合作夥伴，並開發適合世界各地獨特動態的在地化直接分銷方式和品牌支援。

This work will take time, but we believe it will ultimately better position our business for long term success.

這項工作需要時間，但我們相信，它最終將使我們的業務更有利於長期成功。

We have referenced throughout the year that we are consistently executing an international distributor rationalization program.

我們全年都提到我們正在持續執行國際分銷商合理化計劃。

This effort has primarily impacted our International Pro Business, where we have closed certain accounts that we believe were the source of diverted product as well as our international DTC channel where we have deprioritized certain international e-commerce customers that we believe do not build equity in our brand.

這項措施主要影響了我們的國際專業業務，我們關閉了某些我們認為是轉移產品來源的帳戶，也關閉了我們的國際 DTC 管道，我們降低了某些我們認為無法為我們的品牌建立資產的國際電子商務客戶的優先權。

As the year progressed, we now believe it is appropriate to further realign our distributor network to fewer stronger partners with clear accountabilities for market and brand development.

隨著時間的推移，我們認為現在應該進一步調整我們的經銷商網絡，將其數量減少到更強大、對市場和品牌發展負有明確責任的合作夥伴。

All this activity will reduce net sales in the near term.

所有這些活動將會在短期內減少淨銷售額。

We believe we're reflecting the right partners.

我們相信，我們正在尋找正確的合作夥伴。

We're excited with where we are taking the brand and we'll prioritize Olaplex better support our transformation and be more integrated into our own internal processes.

我們對品牌的未來發展感到非常興奮，我們將優先讓 Olaplex 更好地支持我們的轉型，並使其更好地融入我們自己的內部流程。

Additionally, while we are redefining our international go to market strategy, we have felt it prudent to wait to align our new marketing efforts to coincide with deeper partnerships and our new brand vision in order to position ourselves to maximize the return on the investment as such.

此外，在我們重新定義我們的國際市場策略的同時，我們認為，等待新的行銷工作與更深層的合作夥伴關係和新的品牌願景相協調是明智之舉，這樣我們才能最大限度地提高投資回報。

We believe the slower investment in international sales and marketing in the near term has contributed to a moderation in demand.

我們認為，短期內國際銷售和行銷投資放緩導致需求放緩。

Second, from a sales and marketing perspective, we now believe it will take longer to experience a lift in the overall demand from our brand investment.

其次，從銷售和行銷的角度來看，我們現在認為，品牌投資的整體需求需要更長時間才能提升。

Earlier this year, we kicked off the beginning of our marketing evolution, building a stronger go to market engine which includes elevated content creation and a creator led approach, focused investments on launches and our core products.

今年早些時候，我們啟動了行銷變革，建立了更強大的市場引擎，其中包括提升內容創作和以創作者為主導的方法，並專注於發布和核心產品。

Deeper coordination with our stylists and retail partners and more efficient Roy driven media spend.

與我們的造型師和零售合作夥伴進行更深入的協調，並更有效地由 Roy 推動媒體支出。

We recently started to deploy this new strategy in the US.

我們最近開始在美國部署這項新戰略。

We have observed positive early indicators that our new marketing activations are resonating with pros and consumers with improvements in brand engagement and momentum in earned media value metrics in this region.

我們觀察到了積極的早期跡象，表明我們的新行銷活動引起了專業人士和消費者的共鳴，該地區的品牌參與度和贏得媒體價值指標的勢頭有所改善。

We continue to observe sell through trends at our key accounts that are largely consistent on an absolute dollar basis with what we have seen throughout the year demonstrating continued progress towards stabilization.

我們持續觀察主要客戶的銷售趨勢，以絕對美元計算，該趨勢與我們全年所見的趨勢基本一致，顯示銷售趨勢持續朝穩定方向發展。

However, coming into the year, we did anticipate that these investments would begin to yield growth across the entire business, but we have not yet experienced the overall lift in demand that we were expecting.

然而，進入今年以來，我們確實預期這些投資將開始帶來整個業務的成長，但我們尚未經歷預期的整體需求提升。

We are encouraged by the self root trends of our new products launched during the third quarter.

我們對第三季推出的新產品的自我根源趨勢感到鼓舞。

Supporting our belief that powerful innovation, clear messaging and stronger execution can drive better results.

支持我們的信念：強大的創新、清晰的訊息和更強大的執行力可以帶來更好的結果。

We plan to apply these learnings next year across our entire portfolio.

我們計劃明年將這些經驗應用到我們整個投資組合中。

But as mentioned, we now believe it will take longer for this new strategy to yield improved top line performance across the assortment.

但正如前文所提到的那樣，我們現在認為，這項新策略需要更長的時間才能提高整個產品的營收表現。

Third, the beauty market remains healthy but also highly competitive.

第三，美容市場保持健康但競爭也激烈。

We previously believed that we would be able to pull back on promotional levels during the quarter.

我們之前曾認為，我們能夠在本季減少促銷力度。

But now expect that the overall promotional environment will intensify during the holiday period and that we will need to participate effectively to win over the consumer.

但現在預計假期期間整體促銷環境將會加劇，我們需要有效參與才能贏得消費者。

We continue to prioritize strategic promotions that maintain brand health and new customer acquisition, but we anticipate our promotional activity across geographies during Q4 will be higher than originally expected at this stage in our transformation, we continue to believe marketing investment is essential for the long term as we engage with our community and broaden the knowledge of our competitive strengths, making a clear statement that delivers results and stands apart from other brands.

我們將繼續優先開展能夠保持品牌健康和吸引新客戶的策略促銷活動，但我們預計，在第四季度，我們在各個地區的促銷活動將高於我們轉型階段最初預期的活動，我們將繼續堅信，營銷投資對於長期發展至關重要，因為我們將與社區互動，拓寬對我們競爭優勢的認識，並做出明確的聲明，以取得成果，並在與其他品牌中脫穎而出。

Therefore, we will continue to make such investments in the fourth quarter.

因此，我們將在第四季繼續進行這樣的投資。

An effort to maximize our performance during the important holiday season and bill for the future.

努力在重要的節日期間最大限度地提高我們的業績並為未來做好準備。

I am proud of the progress we have made so far on our transformation journey as we continue to execute against our three key strategic initiatives for 2024.

我們將繼續執行 2024 年的三大關鍵策略舉措，我對我們轉型歷程中迄今取得的進展感到自豪。

As a reminder, these include maximizing the impact of our sales, marketing and education investments to generate demand, strengthening our capabilities and culture to support our future and developing the long term road map and future vision for Olaplex.

提醒一下，這些包括最大限度地發揮我們的銷售、行銷和教育投資的影響以創造需求，加強我們的能力和文化以支持我們的未來，並為 Olaplex 制定長期路線圖和未來願景。

As it relates to our first initiative to maximizing the impact of our sales, marketing and education investments to drive demand.

因為它與我們的首要舉措有關，即最大限度地發揮我們的銷售、行銷和教育投資的影響力以推動需求。

One of the most important priorities of our new sales and marketing strategy has been to return to our stylist roots and nurture our connection to the pro community by showing up in salons and listening to stylist feedback, elevating our presence at industry shows and investing in additional educational tools.

我們新的銷售和行銷策略的最重要優先事項之一是回歸造型師的本源，透過走進沙龍、聽取造型師的反饋、提升我們在行業展會上的影響力以及投資額外的教育工具來培養我們與專業社區的聯繫。

We aim to increase our visibility, demonstrate our commitment and deepen our engagement with this key audience as an industry leader, we also recognize the significant role we play in delivering innovation and new services that can help stylists make their business even more successful.

作為行業領導者，我們旨在提高我們的知名度，展示我們的承諾並加深與這一主要受眾的互動，我們也認識到我們在提供創新和新服務方面發揮的重要作用，這些創新和新服務可以幫助造型師使他們的業務更加成功。

To that end, among our new launches launched during the third quarter were two products for curly hair consumers, which we were, which were developed with the pro in mind.

為此，我們在第三季推出的新產品中有兩款是專門針對捲髮消費者的產品，它們是為專業人士開發的。

First, our bond shaper curl rebuilding treatment, which is a three step professional curl treatment to repair redefine and lock in the shape of natural waves, curls and coils created with new patented technology.

首先，我們的邦德塑形捲髮重建護理是一種三步驟專業捲髮護理，可修復、重新定義和鎖定採用新專利技術創造的自然波浪、捲髮和捲曲的形狀。

And second, our No.10 bond shaper curl defining gel, which is at home reparative curl silling gel that revives natural curl pattern.

其次，我們的 10 號 Bond Shaper 捲髮定型凝膠，是一款居家修復捲髮定型凝膠，可恢復自然捲髮形態。

To support these launches, our education team in partnership with our pro ambassadors and members of the Olaplex Pro Collective influencer team educated at more than 50 national and regional trade events and hosted virtual training sessions to educate [Salli] and our distributor partners about our new technology.

為了支持這些產品的發布，我們的教育團隊與我們的專業大使和 Olaplex Pro Collective 影響者團隊成員合作，在 50 多個國家和地區的貿易活動中進行了培訓，並舉辦了虛擬培訓課程，以教育 [Salli] 和我們的分銷商合作夥伴了解我們的新技術。

We are pleased with the early performance.

我們對早期的表現感到滿意。

As early adopter salons across the globe are offering the bond shaper curl building treatment to their clients.

作為早期採用者，全球各地的美髮沙龍都在為其客戶提供黏合成型捲髮護理。

And our number 10 bond shaper curl defining gel ranked in the top three with beauty curl subcategory.

我們的第十款 Bond Shaper 捲髮定型凝膠在「美麗捲髮」子類別中位列前三。

Another important initiative for our marketing team during the third quarter was generating excitement and buzz of our consumer-focused new product launch.

我們行銷團隊在第三季的另一項重要舉措是營造以消費者為中心的新產品發布的興奮感和熱度。

No.5 leave in conditioner, supported by a holistic marketing plan with social media and experiential pop up during New York Fashion Week and trade activation power of support from our influencers and pro ambassadors.

5號免沖洗護髮素，由社交媒體和紐約時裝週期間的體驗式彈出窗口的整體營銷計劃支持，並由我們的影響力人士和專業大使的支持發揮貿易激活作用。

The campaign generated strong response with more than $2 million social media impressions, people testing the product and touting its efficacy exceeding initial forecast.

這次活動引起了強烈反響，社群媒體曝光量超過200萬美元，人們測試了該產品並稱讚其功效超出了最初的預期。

No.5 leave in conditioner became a top two skew on olaplex.com and a top five [sku] in Sephora's US leave in conditioner subcategory.

排名第五的免沖洗護髮素在 olaplex.com 上排名前二，並成為絲芙蘭美國免沖洗護髮素子類別中排名前五的 [sku]。

As I mentioned earlier, we believe these successful launches are signs of a stronger innovation, engine and improved marketing strategy, delivering enhanced creative partnerships and improved content creation.

正如我之前提到的，我們相信這些成功的發布標誌著更強大的創新、引擎和改進的營銷策略，從而增強了創意合作夥伴關係並改善了內容創作。

On our last earnings call, we highlighted a new marketing campaign launched during the second quarter featuring the transformative benefits of a complete routine of Olaplex.

在我們上次的收益電話會議上，我們重點介紹了第二季度啟動的一項新行銷活動，該活動重點介紹了 Olaplex 完整療程所帶來的變革性益處。

No.4 bond maintenance shampoo and No.5 bond maintenance conditioner.

4號邦德保養洗髮精和5號邦德保養護髮素。

The campaign drove positive lists and brand favorability above our peer benchmarks and Olaplex brand engagement levels have risen year-to-date across our competitive set.

這項活動推動了正面榜單和品牌好感度超越了同行基準，並且今年迄今為止，Olaplex 品牌參與度在我們整個競爭群體中都有所上升。

Also, we believe our strategic participation in our customers tempol marketing events indicates strong consumer interest in our brand.

此外，我們相信，我們對客戶 tempol 行銷活動的策略性參與顯示出消費者對我們品牌的濃厚興趣。

For example, our performance during a key customers promotion in July was very successful.

例如，我們在7月份的一個重點客戶促銷活動中的表現就非常成功。

With nearly 70% of customers during that period, identifying as new old plus users and five of our [skus] featured in the event were the number one ranked items in their respective categories.

在此期間，近 70% 的客戶被認定為新舊用戶，並且在活動中展示的五個 [SKU] 是各自類別中排名第一的商品。

And lastly, according to data tracked by [Crar IQ], we regained our position as the number one US haircare brand in earned media value in the third quarter with momentum building throughout as we earned the number one spot in both August and September.

最後，根據 [Crar IQ] 追蹤的數據，我們在第三季重新奪回了美國媒體價值第一的護髮品牌地位，並且在整個過程中勢頭強勁，在 8 月和 9 月都奪得了第一的位置。

Moving to our second priority to strengthen our capabilities and culture to support our future.

我們的第二個優先事項是加強我們的能力和文化，以支持我們的未來。

We recently strengthened our leadership team with several highly talented appointments who we believe will position for future success.

我們最近任命了幾位才華橫溢的人才來加強我們的領導團隊，我們相信這些人才將為未來的成功奠定基礎。

Over the last several months, we've added a new Chief Operating Officer and Chief Financial Officer, Catherine Dunleavy who is here with me today as well as the Chief Marketing Officer and a senior Vice President of international.

在過去的幾個月裡，我們增加了新的營運長和財務長凱瑟琳鄧利維（Catherine Dunleavy），她今天和我在一起，還有首席行銷長和國際高級副總裁。

Both of whom will be important leaders of our go to market strategies across the globe.

他們兩人都將成為我們全球市場策略的重要領導者。

With these new senior leaders in place.

隨著這些新的高層領導的到位。

We are transforming how we work across the organization to strengthen our foundation, we have implemented and continue to deploy enhancements to new integrated business planning approach that will give us a better global view of the business.

我們正在改變整個組織的工作方式以加強我們的基礎，我們已經實施並繼續部署新的綜合業務規劃方法的增強功能，這將使我們對業務有更好的全球視野。

Also, we launched a new strategic planning process, bringing leadership teams across the organization together more frequently working in even greater detail to craft the strategic plans for the future.

此外，我們啟動了一個新的策略規劃流程，讓整個組織的領導團隊更頻繁地聚在一起，更詳細地制定未來的策略計畫。

As it relates to our marketing processes, we're streamlining and integrating how the entire marketing organization engages with our agency partners.

由於它與我們的行銷流程相關，我們正在簡化和整合整個行銷組織與我們的代理商合作夥伴的互動方式。

Developing a more disciplined approach that we believe will yield better planning and a higher quality creative content engine.

我們相信，開發一種更規範的方法將帶來更好的規劃和更高品質的創意內容引擎。

We also expect this to strengthen each new product introduction.

我們也希望這能加強每款新產品的推出。

As our new approach allows us to present marketing messages that are better aligned with how consumers interact with brands, we have more to do, but we're deep in this work overall, we believe we are creating a corporate culture that is more collaborative and make informed decisions based on data and business processes that can be applied across the globe is rewarding and exciting to see our team come together to work towards achieving a common goal.

由於我們的新方法使我們能夠呈現與消費者與品牌互動方式更加一致的營銷信息，我們還有很多工作要做，但總的來說，我們已經深入開展了這項工作，我們相信我們正在創建一種更具協作性的企業文化，並根據可在全球範圍內應用的數據和業務流程做出明智的決策，看到我們的團隊齊心協力實現共同目標，我們感到非常高興和興奮。

Our business leaders and team members are energized, committed and working hard to move our business forward in a positive way.

我們的業務領導和團隊成員充滿活力、全心投入並努力工作，以積極的方式推動我們的業務向前發展。

Our third priority is developing the long term road map and future vision for Olaplex imported by an in depth brand perception study rooted in pro and consumer insights.

我們的第三個優先事項是，透過植根於專業人士和消費者洞察的深入品牌認知研究，制定 Olaplex 的長期路線圖和未來願景。

We've developed a new and clear brand vision for Olaplex that will start to be visible to the pro and consumer in the coming year.

我們為 Olaplex 制定了全新、清晰的品牌願景，並將在明年開始為專業人士和消費者所見。

At various stages of this work.

在這項工作的各個階段。

We have been in active dialogue with our partners.

我們一直在與合作夥伴進行積極對話。

The feedback from these conversations has been overwhelmingly positive but there are strong support and excitement for this new phase of Olaplex.

這些對話的回饋非常積極，但人們對 Olaplex 的新階段給予了強烈的支持和興奮。

We also completely redesigned our new product pipeline development and go to market processes following the creation of our new innovation team to align with our new brand vision.

隨著我們新創新團隊的成立，我們也徹底重新設計了新的產品線開發和上市流程，以符合我們的新品牌願景。

We rolled out a new commercialization strategy for our product launches with additional enhancement plan for the next year.

我們針對產品發布推出了新的商業化策略，並為明年制定了額外的增強計劃。

Additionally, as we work to reflect the growth, we're continuing to finalize our strategic plan and expect to provide details in early 2025.

此外，在我們努力實現成長的同時，我們正在繼續完善我們的策略計劃，並預計在 2025 年初提供詳細資訊。

In conclusion, this is a truly transformational period for Olaplex that requires thinking and acting for the long term.

總而言之，對於 Olaplex 來說，這是一個真正的轉型時期，需要進行長遠的思考和行動。

I remain confident in the brand's strong foundation that we can build upon to return to sustainable growth, truly differentiated science that would deliver superior results, a powerful R&D platform, a passionate community of stylists and consumers who love our products and a unique global footprint and a talented team that is dedicated to position this brand for success with that.

我仍然對品牌的強大基礎充滿信心，我們可以在此基礎上恢復可持續增長、真正差異化的科學，從而提供卓越的成果、強大的研發平台、熱愛我們產品的熱情設計師和消費者社區、獨特的全球影響力和一支致力於讓品牌取得成功的才華橫溢的團隊。

I will now pass it over to Catherine who has been a tremendous partner already and the company and myself are incredibly fortunate to have her with us on this journey.

現在我將把這個機會交給凱瑟琳，她已經是一位非常出色的合作夥伴，公司和我都非常幸運能在這段旅程中有她陪伴我們。

Thank you, Amanda and good morning everyone.

謝謝你，阿曼達，大家早安。

I am pleased to speak with you today on my first earnings call as a Chief Operating Officer and Chief Financial Officer of Olaplex.

今天，我很高興能作為 Olaplex 首席營運長和財務長在我的第一次財報電話會議上與大家交談。

Since I've not met or spoken with many of you since I joined the company, I thought it would be helpful to provide you with a short summary of my background.

由於自從我加入公司以來，我還沒有和你們中的許多人見過面或交談過，所以我認為向你們簡要介紹一下我的背景會很有幫助。

And what I've been focused on during the 1st 12 weeks of my time at ex for the past two decades, I have held senior leadership roles at leading global consumer and media companies, including Away Nike, Comcast, NBCU, Universal and GE.

過去二十年，我在 ex 任職的前 12 週一直專注於全球領先的消費和媒體公司的高級領導職位，包括 Away Nike、康卡斯特、NBCU、環球和通用電氣。

During this time, I led and executed strategic operational and financial initiatives that help drive profitable growth.

在此期間，我領導並執行了有助於推動獲利成長的策略營運和財務計劃。

The decision to join Olaplex was an easy one as an everyday user.

作為日常用戶，加入 Olaplex 的決定是輕而易舉的。

I'm a loyal fan of Olaplex and have admired how the company disrupted the hair care category with its patented technology.

我是 Olaplex 的忠實粉絲，並且一直欽佩該公司如何利用其專利技術顛覆護髮領域。

I also thrive in fast paced environments and see significant opportunity to take part in driving the strategy and elevating the company's financial foundation to provide the framework to maximize the power of our brand.

我也能適應快節奏的環境，並看到參與推動策略和提升公司財務基礎的重大機遇，從而提供最大限度發揮我們品牌力量的框架。

Olaplex is an innovative company and one of my strengths is managing core functions with discipline, execution and rigor while also leaving room for flexibility to enable creativity.

Olaplex 是一家創新公司，我的優勢之一是以紀律性、執行力和嚴謹性管理核心職能，同時也留有彈性的空間以激發創造力。

Having been in the role for almost 90 days, I am very enthusiastic about the potential ahead.

擔任這個職位已經近 90 天了，我對未來的潛力感到非常興奮。

Olaplex possesses a strong community of people, partners, stylists and consumers.

Olaplex 擁有強大的人員、合作夥伴、造型師和消費者社群。

And I am proud to be in a position to help shape our future.

我很自豪能夠幫助塑造我們的未來。

I recognize there are many opportunities to bring operational best practices to life at Olaplex and I look forward to helping the company to continue to build out an infrastructure that will support future growth for this business.

我意識到在 Olaplex 有很多機會將最佳營運實踐付諸實踐，我期待著幫助公司繼續建立支援未來業務成長的基礎設施。

Now let me share more details about our third quarter results and our updated outlook net sales for the third quarter declined 3.6% year over year to $119.1 million.

現在，讓我分享有關我們第三季業績的更多詳細信息，我們最新的展望是第三季淨銷售額同比下降 3.6% 至 1.191 億美元。

Although our Q3 net sales performance improved sequentially from the second quarter.

儘管我們的第三季淨銷售業績較第二季有所改善。

This result was below our expectation with the underperformance largely driven by our international business for the quarter, we continue to observe sellthrough trends at our key accounts in the US that are largely consistent with what have been seen throughout the year on an absolute dollar basis outside the US sell in was negatively impacted by our ongoing efforts to realign our business as well as a moderation in demand trends due to slower investment in international sales and marketing.

這一結果低於我們的預期，業績表現不佳主要是由於本季度我們的國際業務所致，我們繼續觀察到我們在美國主要客戶的銷售趨勢與全年以絕對美元計算的銷售趨勢基本一致，而美國以外的銷售則受到我們持續努力調整業務以及由於國際銷售和營銷投資放緩導致需求趨勢放緩的負面影響。

As Amanda discussed earlier, we continue to believe that the month on hand of core inventory positions at our major US accounts remain in healthy positions in regards to performance by channel specialty retail sales were little changed down 1.3% year over year to $42.6 million.

正如阿曼達之前所討論的，我們仍然相信，我們主要美國客戶的核心庫存頭寸當月仍處於健康狀態，從渠道表現來看，專業零售額幾乎沒有變化，同比下降 1.3% 至 4260 萬美元。

With her performance reflective of increased competitive intensity on our course use partially offset by the addition of product launches.

她的表現反映出我們課程使用的競爭強度增加，但產品發布的增加部分抵消了這種影響。

Professional channel net sales decreased 12.6% year over year to $42.2 million driven by our international business which decreased due to weaker demand and a focus on prioritizing international distributors and partners that build brand equity which more than offset the slight growth in our North American professional business direct to consumer sales were up 6.8% year over year compared to the third quarter of 2023 to $34.3 million due to strong sell in ahead of a successful major customer promotion in July and growth olaplex.com which increased double digits year over year.

專業通路淨銷售額年減 12.6% 至 4,220 萬美元，主要由於我們的國際業務因需求疲軟以及專注於優先考慮建立品牌資產的國際分銷商和合作夥伴而下降，這足以抵消我們北美專業業務直接面向消費者的銷售額的小幅增長與 2023 年第三季度相比，大額。

This growth was partially offset by a decline in international Z to Z.

但這一增長被國際 Z 到 Z 的下滑部分抵消。

Moving on adjusted gross profit margin was 70.8%.

調整後毛利率為70.8%。

Up 110 basis points from 69.7% in the third quarter of 2023.

較 2023 年第三季的 69.7% 上升 110 個基點。

This expansion was primarily driven by favorability due to lapping higher levels of inventory obsolescence reserves.

此次擴張主要是由於庫存過時儲備量增加帶來的有利影響。

From last year.

從去年開始。

This increase was partially offset by contractions primarily due to an unfavorable product mix driven by the sell in of holiday kits which are highly profitable but lower margin relative to the rest of our assortment, as well as slight deleverage on warehouse and distribution costs adjusted STN A increased to $40.4 million compared to $33.7 million in the third quarter of 2023.

這一增長被收縮部分抵消，主要原因是產品組合不利，假日套裝的銷售導致利潤率很高，但相對於我們其他產品而言利潤率較低，以及倉庫和配送成本略有去槓桿，調整後的 STN A 增加至 4040 萬美元，而 2023 年第三季度為 3370 萬美元。

Driven primarily by an increase in sales and marketing expense.

主要受銷售和行銷費用增加所致。

During the third quarter of 2024 we spent approximately $16 million in nonpayroll related advertising and marketing expenses compared to approximately the same amount in the second quarter of 2024 bringing the year-to-date total to approximately $43 million.

2024 年第三季度，我們在非工資相關廣告和行銷費用上花費了約 1,600 萬美元，而 2024 年第二季度的金額大致相同，年初至今的總額約為 4,300 萬美元。

Adjusted EBITDA declined 13.4% to $44.6 million versus $51.5 million in the third quarter of 2023.

調整後 EBITDA 下降 13.4% 至 4,460 萬美元，而 2023 年第三季為 5,150 萬美元。

Adjusted EBITDA margin was 37.5% compared to 41.7% a year ago.

調整後的 EBITDA 利潤率為 37.5%，去年同期為 41.7%。

Adjusted net income decreased to $28.7 million or $0.04 per diluted share in the third quarter of 2024 from $33.4 million or $0.05 per diluted share in the third quarter of 2023.

調整後淨收入從 2023 年第三季的 3,340 萬美元或每股攤薄收益 0.05 美元下降至 2024 年第三季的 2,870 萬美元或每股攤薄收益 0.04 美元。

Let me now turn to our balance sheet inventory.

現在讓我來談談我們的資產負債表庫存。

At the end of the third quarter of 2024 was $85.9 million.

2024 年第三季末為 8,590 萬美元。

A decrease of $14.3 million from $100.2 million at the end of the second quarter of 2024 the sequential decrease was primarily the result of the selling of our holiday kits and new products during the third quarter.

較 2024 年第二季末的 1.002 億美元減少 1,430 萬美元，季減主要是因為第三季我們銷售了節日套裝和新產品。

Moving to cash flow during the first nine months of 2024 we generated $93.4 million of cash from operations.

2024 年前 9 個月，我們從營運中產生了 9,340 萬美元的現金流。

We anticipate that 2024 will be another year of healthy cash flow generation as we continue to drive an asset light bottle and high profitability.

我們預計，隨著我們繼續推動輕資產和高獲利能力， 2024 年將是另一個健康現金流產生的一年。

We ended the third quarter with $538.8 million in cash and cash equivalents an increase of $30.9 million from the end of the second quarter of 2024.

截至第三季末，我們的現金和現金等價物為 5.388 億美元，比 2024 年第二季末增加 3,090 萬美元。

This cash is generating interest income at an annual rate of about 5% long term debt.

這些現金以每年約 5% 的長期債務利率產生利息收入。

Net of current position of deferred fees was $645 million.

扣除目前遞延費用後，淨額為 6.45 億美元。

Now turning to our financial outlook as disclosed in the press release issued this morning, we are revising our guidance for fiscal year 2024 starting with the top line for fiscal year 2024.

現在談到我們今天早上發布的新聞稿中披露的財務前景，我們正在修改 2024 財年的指引，從 2024 財年的收入開始。

We now expect net sales in the range of $405 million to $450 million down from the previous range of $435 million to $463 million.

我們現在預計淨銷售額將在 4.05 億美元至 4.5 億美元之間，低於先前的 4.35 億美元至 4.63 億美元。

As Amanda mentioned earlier in the call, the revision can be broken down into three primary buckets.

正如阿曼達早些時候在電話中提到的那樣，修訂內容可以分為三個主要部分。

First, we anticipate weaker performance from our international business.

首先，我們預期國際業務表現會較弱。

As Amanda discussed earlier, we have performed a deeper assessment of our international operations and discovered that the issues are more complex than we originally thought.

正如阿曼達之前所討論的，我們對我們的國際業務進行了更深入的評估，發現問題比我們最初想像的要複雜得多。

We are now redefining our international go to market strategy.

我們現在正在重新定義我們的國際市場策略。

Second, while we believe we continue to observe sell through trends and our us key accounts that are largely consistent on an absolute dollar basis with what we have seen throughout the year and our key accounts remain in healthy core inventory positions.

其次，雖然我們相信我們繼續觀察到銷售趨勢，並且我們的美國主要帳戶在絕對美元基礎上與我們全年所見的情況基本一致，而且我們的主要帳戶仍然處於健康的核心庫存狀態。

We are not yet experiencing the anticipated lift in demand from the deployment of new sales and marketing investments.

我們尚未體驗到部署新的銷售和行銷投資所帶來的預期需求提升。

And third, we anticipate increased promotional activity during the holiday period across geographies.

第三，我們預計假期期間各地區的促銷活動都會增加。

Relative to our previous assumption in the fourth quarter, from the perspective of year, over year net sales growth rate.

相對於我們先前對第四季的假設，從年比來看，淨銷售額年增率。

In order of magnitude, we expect a professional channel to be the most pressured, followed by our direct to consumer and specialty retail.

依照數量級排序，我們預期專業通路面臨的壓力最大，其次是直接面對消費者和專業零售。

We now anticipate adjusted growth margin in the range of 70.9% to 71.6%.

我們現在預計調整後的成長幅度在 70.9% 至 71.6% 之間。

Compared to our initial assumption in the range of 72.5% to 73.1%.

與我們最初的假設相比，這一範圍在 72.5% 到 73.1% 之間。

We expect that the primary driver of this decrease will be additional promotional activity during the fourth quarter and greater deleverage from lower sales volumes on our fixed warehousing costs.

我們預計，導致這一下降的主要因素是第四季度的額外促銷活動，以及由於銷售量下降而導致的固定倉儲成本的更大去槓桿化。

Furthermore, we now expect full year 2024 adjusted SG&A expenses in the range of $167 million to $170 million compared to our previous expectation of $172 million to $179 million.

此外，我們現在預計 2024 年全年調整後的銷售、一般及行政開支將在 1.67 億美元至 1.7 億美元之間，而之前預期為 1.72 億美元至 1.79 億美元。

Specifically, we expect full year non payroll related advertising and marketing expenses in the range of $62 million to $65 million compared to our previous assumption of $66 million to $70 million as we continue to invest through our transformation.

具體而言，我們預計全年非工資相關廣告和行銷費用將在 6,200 萬美元至 6,500 萬美元之間，而我們先前假設的是 6,600 萬美元至 7,000 萬美元，因為我們將繼續透過轉型進行投資。

Given the lower net sales forecast against our expectations for continued investment in operating expenses.

由於淨銷售額預測較低，不符合我們對持續投資營運費用的預期。

We now expect more adjusted even deal leverage than our prior assumption for 2024.

我們現在預計，2024 年調整後的交易槓桿將比我們先前的假設更高。

We expect a just be in the range of $121 million to $127 million or a margin of 29.9% to 30.6%.

我們預計利潤將在 1.21 億美元至 1.27 億美元之間，或利潤率為 29.9% 至 30.6%。

This compares to our previous range of $143 million to $159 million or a margin of 32.8% to 34.3%.

相較之下，我們先前預期的範圍是 1.43 億美元至 1.59 億美元，利潤率為 32.8% 至 34.3%。

We expect net interest expense to be $34 million and an adjusted effective tax rate of approximately 19.5% for the year.

我們預計今年淨利息支出為 3,400 萬美元，調整後有效稅率約為 19.5%。

In conclusion, Olaplex has significant competitive strikes that we believe we can build upon to deliver consistent and sustained rates of growth.

總而言之，Olaplex 具有顯著的競爭力，我們相信我們可以在此基礎上實現持續的成長率。

We believe that we have identified key issues that have contributed to recent challenges as well as the appropriate actions to correct them.

我們相信，我們已經確定了導致最近挑戰的關鍵問題以及糾正這些問題的適當措施。

Fundamentally, we are working to build a better Olaplex, strengthening operating discipline, improving our business and financial processes and maintaining strong cash generation.

從根本上來說，我們正在努力打造更好的 Olaplex，加強營運紀律，改善我們的業務和財務流程，並保持強勁的現金創造能力。

I look forward to sharing our progress along the way.

我期待著分享我們一路以來的進展。

I will now pass it over to Amanda for some closing remarks.

現在我將把發言權交給阿曼達，請她作一些結束語。

Thank you, Catherine.

謝謝你，凱瑟琳。

Olaplex remains an incredibly powerful brand, a leader in the attractive high growth, prestige hair care category and an important strategic partner for our customers.

Olaplex 仍然是一個非常強大的品牌、極具吸引力的高成長、高端護髮領域的領導者，也是我們客戶的重要策略夥伴。

We're supportive of and excited about the direction we are taking the business.

我們支持並期待我們的業務發展方向。

The trajectory of our transformation may have shifted.

我們轉型的軌跡可能已經轉變。

We are progressing and making the tough decisions that we believe are necessary to create a healthy business set up for long term success.

我們正在不斷進步並做出艱難的決定，我們認為這些決定對於建立健康的業務並實現長期成功是必要的。

Ultimately, we believe we're still in the early stages of the history of this company and that old Plus can perform at a higher level.

最終，我們相信我們仍處於該公司歷史的早期階段，並且舊 Plus 可以表現得更高。

I remain optimistic as ever about the future.

我對未來依然一如既往地樂觀。

This concludes our prepared remarks.

我們的準備好的演講到此結束。

We will now turn the call back over to the operator.

我們現在將把電話轉回給接線生。

Questions, operator.

有問題，接線生。

Thank you.

謝謝。

We will now conduct a question and answer session.

我們現在將進行問答環節。

(Operator Instructions)

（操作員指令）

Our first question comes from Jonathan with TD Cowen.

我們的第一個問題來自 TD Cowen 的喬納森。

Please proceed.

請繼續。

Thank you for taking my question.

感謝您回答我的問題。

Just curious on the overall consumer health, what you're seeing at the salon and as well as your DTC and, and on the retail side overall, and you've mentioned higher promotions.

我只是好奇整體消費者的健康狀況，您在沙龍和 DTC 以及整體零售方面看到的情況，您提到了更高的促銷活動。

Do you think it's more because the consumers are cautious?

您認為這更多的是因為消費者比較謹慎嗎？

I would love any color there and I would love to dig a little bit deeper into what you saw in terms of your international business.

我喜歡那裡的任何顏色，我很想更深入地了解您在國際業務方面看到的情況。

What are your, your key assessment there and how you're thinking about the opportunity going forward and what it could be as a percentage of the mix over time.

您對此的主要評估是什麼？

Thank you so much.

太感謝了。

Thank you for the question and thank you everyone for being here today.

感謝您的提問，也感謝大家今天的到來。

You know, first I'll, take the first half of that, which is with respect to kind of what we're seeing around the consumer.

你知道，首先我要講前半部分，也就是關於我們在消費者方面看到的情況。

And I believe you're asking about those within the salon channel, as well as you know, retail and the consumer more broadly.

我相信您問的是沙龍通路內的問題，以及更廣泛的零售和消費者問題。

You know, within the salon channel.

您知道，在沙龍通路內。

I think we've been talking about, you know, earlier on throughout the year, about overall price within the salon category where there's certainly over time has been less frequent visits into the salon that hasn't changed in either direction in particular.

你知道，我想我們在今年早些時候就一直在談論沙龍類別的總體價格，隨著時間的推移，去沙龍的次數肯定會減少，但具體而言，無論是哪一方面，價格都沒有改變。

I think it is sort of the way that people are thinking about their salon and certainly part of our focus and our strategy in supporting the stylist and rooted behind the launch of something like bond shaper for re bonding treatment is, is really supporting the stylist and making sure there's more reasons to come back to the salon.

我認為這就是人們對沙龍的看法，當然也是我們支持髮型師的重點和策略的一部分，我們推出用於重新粘合處理的粘合成型器等產品，真正是為了支持髮型師，並確保有更多理由回到沙龍。

So we're excited to really support our stylist in that way with respect to the consumer.

因此，我們很高興能夠以這種方式為消費者提供真正的支持我們的造型師。

Overall, we did make a very conscious decision as we were thinking about going into this quarter and, and watching what we're seeing out in the marketplace and expecting overall a more promotional environment, making sure we're doing that.

總的來說，當我們考慮進入本季度時，我們確實做出了一個非常明智的決定，並觀察了我們在市場上看到的情況，並期望整體上有一個更加促銷的環境，確保我們正在做到這一點。

So, you know, the typical promotions which, which we do use from a strategic point of view.

所以，您知道，從策略角度來看，我們確實使用了典型的促銷手段。

Around key tent full moments, but also in trade marketing and overall support for our retailer partners, both on the pro side as well as to the consumer.

不僅在關鍵時刻，而且在貿易行銷和對我們的零售合作夥伴提供全面支援方面，無論是專業人士還是消費者。

So that is something that we're we're watching carefully.

所以這是我們正在密切關注的事情。

And I think, we see a lot of the things that that many others have been talking about.

我認為，我們看到了很多其他人一直在談論的事情。

As we go into the key holiday season with respect to international, I have spent a lot of time very recently on this topic.

隨著我們進入國際上的關鍵假期季節，我最近花了很多時間在這個主題上。

The first thing I would say is that the enthusiasm for this brand is incredibly strong.

首先我想說的是，人們對這個品牌的熱情非常強烈。

One of the things and one of the reasons why I joined this brand nearly a year ago was because I think it's very rare to find brands that have such global resonance.

我大約一年前加入這個品牌的原因之一是，我認為很少能找到具有如此全球共鳴的品牌。

And that I have now seen on the ground.

現在我已經在地面上看到它了。

Having been with consumers, having been with our retailer partners, distributor partners, sitting in salons around the world.

我們曾與消費者、零售商合作夥伴、經銷商合作夥伴一起，在世界各地的沙龍交流。

This product really resonates and really translate.

該產品確實引起了共鳴並且真正得到了轉化。

I think what we've really learned and what we were talking about today was that in order to ensure that we really maximize that opportunity, we need to be much closer.

我認為我們真正學到的以及我們今天談論的是，為了確保我們真正最大限度地利用這個機會，我們需要更加緊密地團結在一起。

We, we can't have arms relationships, we need to be much more involved with our distributor partners.

我們不能存在軍備關係，我們需要與我們的經銷商合作夥伴更多地互動。

We need to be better translating our marketing efforts.

我們需要更好地轉化我們的行銷努力。

All the things that we've started working on here in the United States that we are seeing early signs of, of opportunity around our marketing efforts, we need to be translating those internationally.

我們在美國開始著手的所有事情，我們都看到了早期跡象，看到了圍繞我們的行銷努力的機遇，我們需要將它們轉化為國際上的成果。

And so in order to do that, that does require making sure that we have fewer bigger partnerships that we are.

所以為了做到這一點，我們需要確保我們的大型合作夥伴關係數量要比現在少。

You know, that was part of the rationale of bringing on is going to leave that part of our business so that we, we're just better partners and we can support this brand globally.

您知道，這是我們將該部分業務保留下來的原因之一，這樣我們就可以成為更好的合作夥伴，並在全球範圍內支持該品牌。

Thank you.

謝謝。

So the next question comes from Ashley Helgans with Jeffries.

下一個問題來自 Jeffries 的 Ashley Helgans。

Please proceed.

請繼續。

Hi, thanks so much for taking our question.

您好，非常感謝您回答我們的問題。

So I know you kind of talked about not yet seeing the marketing efforts provide any sort of lift, just any more color on when you expect to start to see a lift and any changes you think you need to make to the strategy.

所以我知道您談到了尚未看到行銷工作帶來任何提升，只是想了解更多關於何時預計會開始看到提升以及您認為需要對策略做出哪些改變的信息。

Thanks so much.

非常感謝。

Yes, thanks for the question.

是的，謝謝你的提問。

I want to make sure that we really pull apart what we are seeing within our new launches and what we want to see across the entire portfolio and to draw a distinction between those two.

我想確保我們真正區分出我們在新產品中看到的東西和我們希望在整個產品組合中看到的東西，並在兩者之間做出區分。

So if we, if we recall, you know, when marketing sales education, you know, I really believe that brand is the thing that will be along with innovation will drive this business going forward.

因此，如果我們回想一下，在行銷銷售教育時，我真的相信品牌將與創新一起推動這項業務向前發展。

We spend a lot of time as, as we talked about getting the brand your vision, right?

正如我們討論如何讓品牌實現您的願景一樣，對嗎？

And in the future product pipeline, right?

還有未來的產品線，對嗎？

And what we had this fall with the opportunity to have two new launches and to start the process of really building a marketing muscle in this organization.

今年秋天，我們有機會推出兩款新產品，並開始真正增強本組織的行銷實力。

We've seen a lot of really good things happen out of that.

我們已經看到很多非常好的事情因此發生。

And one of the things that we highlighted in the call was our number five leave in conditioner.

我們在電話中重點介紹的一件事就是我們的第五款免沖洗護髮素。

I think that's really the first time that this brand just had what I'll call a full 360 approach, a tight partnership with Sephora, the ability to launch an exclusive skew with them to really put the right experiential marketing, the right influencer marketing, the right kind of assets, the right kind of language.

我認為這是該品牌第一次採用我所說的全方位方法，與絲芙蘭建立緊密的合作夥伴關係，能夠與他們一起推出獨家產品，真正實現正確的體驗式營銷、正確的影響力營銷、正確的資產和正確的語言。

And, you know, we've been talking about this really since, since the beginning about it's not just the money we spend, but it's how we spend it.

你知道，我們從一開始就一直在談論這個問題，這不僅僅是我們花的錢，而是我們如何花錢。

And that launch is outperforming our expectations.

這次發布的表現超出了我們的預期。

So that's really a exciting to see what we need to see going forward.

因此，看到我們未來需要看到的東西真的令人興奮。

And the thing that is, is sort of driving our, our guidance today is we need to make sure that we have that across the entire portfolio.

而今天我們指導方針的驅動因素就是，我們需要確保整個投資組合都具備這一點。

And that's really going to be phase two of this.

這實際上將是第二階段。

And as we think about going forward and how, you know, we have a brand new CMO Katie Goldman who joined us in July and she's fantastic and I think really helping us take this to the next level.

當我們考慮未來發展時，你知道，我們有一位全新的首席行銷長凱蒂·戈德曼 (Katie Goldman)，她於 7 月加入我們，她非常出色，我認為她確實幫助我們將業務提升到了一個新的水平。

So these things are work in progress, but I do feel like we're on the right track that we have, you know, again, a brand vision that, that I alluded to and I look forward to sharing more about that as that becomes, you know, out in, out in the world and we have a great product pipeline and so we're going to get better and better at.

所以這些事情還在進行中，但我確實覺得我們走在正確的軌道上，你知道，我們有一個品牌願景，我提到過，我期待著在它走向世界時分享更多關於它的信息，我們有一個很棒的產品線，所以我們會做得越來越好。

Thanks so much.

非常感謝。

The next question comes from Susan Anderson with Canaccord.

下一個問題來自 Canaccord 的 Susan Anderson。

Please proceed.

請繼續。

Hi, good morning, Alec Legg on for Susan on the fourth quarter.

大家早安，亞歷克·萊格 (Alec Legg) 代替蘇珊 (Susan) 參加第四節比賽。

Sales really does take a big step down with the updated guide.

隨著指南的更新，銷售額確實大幅下降。

How much of that is from the international realignment and expectations for how the US will perform?

其中有多少源自於國際格局的重新調整以及對美國表現的預期？

Thank you.

謝謝。

Hi, thanks for the question.

你好，謝謝你的提問。

Yeah, it international is the primary driver of what's what is driving our fourth quarter guidance down while all three are very important, it really is mainly the international and the impacts of attitude on international.

是的，國際化是導致我們第四季業績預期下降的主要因素，儘管這三個因素都非常重要，但實際上主要是國際化以及態度對國際化的影響。

Thanks and then just to follow up, I guess with international being reset and realigned, what are the expectation for sales to start stabilizing?

謝謝，然後只是想跟進一下，我想隨著國際市場的重置和重新調整，銷售開始穩定的期望是什麼？

How long do you think it'll take to kind of recreate the brand that you're trying to work with and with the distributors over in Europe?

您認為重建您嘗試與之合作的品牌以及歐洲經銷商需要多長時間？

Thank you.

謝謝。

Well, if we're still working through our plans for 2025 and beyond, and we're not really providing guidance today, but I can tell you a couple of things.

好吧，如果我們仍在製定 2025 年及以後的計劃，而我們今天實際上並沒有提供指導，但我可以告訴你幾件事。

One as Amanda and I mentioned earlier in, in our home market on a week in and week out basis, our selling and are rather heavily consistent.

正如阿曼達和我之前提到的，在我們的本土市場，每週的銷售情況都相當穩定。

So we started in the US and put in place our actions and that is starting to work.

因此，我們從美國開始採取行動，並且已經開始見效。

So then we just have to take that playbook and put it in international.

所以我們只需要採用這個劇本並將其推向國際。

And as, as Amanda described, she spent a lot of time market by market, creating a very detailed strategic plan for how we're going to go to the market.

正如阿曼達所描述的，她花了很多時間考察每個市場，為我們如何進入市場制定了非常詳細的策略計畫。

So this is a transformation.

所以這是一種轉變。

It will take some time, but we're confident we've identified the right actions to drive future success.

這將需要一些時間，但我們相信我們已經找到了推動未來成功的正確行動。

And I'll just add that we are very fortunate to have a strong balance sheet and healthy cash flow that allows us to make the tough decisions and continue to invest for long term future profit profitability.

我還要補充一點，我們非常幸運，擁有強大的資產負債表和健康的現金流，這使我們能夠做出艱難的決定，並繼續投資以實現長期未來的獲利能力。

The next question comes from Korinne Wolfmeyer with Piper Sandler.

下一個問題來自 Piper Sandler 的 Korinne Wolfmeyer。

Please proceed.

請繼續。

Hey, good morning.

嘿，早安。

Thanks for taking the question.

感謝您回答這個問題。

I'd like to touch a little bit on the the cost structure and how we should be thinking about that for Q4 and heading into 2025.

我想稍微談談成本結構，以及我們應該如何考慮第四季以及 2025 年的成本結構。

I believe the G&A guidance implies still a meaningful step up in Q4 even though you're pulling back on some of the marketing and ad spend.

我相信，即使你減少了部分行銷和廣告支出，一般及行政開支指引仍意味著第四季將有一個有意義的成長。

So, can you touch on, you know what, what's driving that number?

那麼，您能否談談，是什麼推動了這個數字？

And then as we head into 2025 how should we be thinking about your marketing and advertising budget?

那麼，當我們進入 2025 年時，我們應該如何考慮您的行銷和廣告預算？

Relative to the rest of the G&A.

相對於 G&A 的其餘部分。

Expense.

費用。

Thanks.

謝謝。

So I thank, thanks for the question.

所以我感謝您的提問。

I think that, you know, as Katherine alluded to, we, we think it's important to continue to invest behind this brand in the, in the fourth quarter.

我認為，正如凱瑟琳所提到的，我們認為在第四季度繼續投資該品牌非常重要。

And so, you know, we'll, we'll continue to make sure that we're building for the future.

所以，你知道，我們將繼續確保為未來而建造。

We aren't providing guidance for 2025 at this time, but we certainly are learning a lot as we, you know, as we talked about before, we're learning a lot from our marketing efforts that will help drive our planning for next year, spending a lot of time on this international business.

我們目前還沒有提供 2025 年的指引，但我們肯定學到了很多東西，正如我們之前談到的，我們從行銷工作中學習到了很多東西，這將有助於推動我們明年的規劃，並投入大量時間在這項國際業務上。

So we really understand what it's going to take to, to set that up for success and as well as really you know, putting a lot of time on the road now with the future brand vision and, and really working with our partners to, to plan for next year.

因此，我們真正理解要取得成功需要做些什麼，而且我們確實花了很多時間在未來的品牌願景上，並且真正與我們的合作夥伴一起制定明年的計劃。

The next question comes from Andrea Teixeira with JP Morgan.

下一個問題來自摩根大通的 Andrea Teixeira。

Please proceed.

請繼續。

Hi, this is Shabana Choudhury on for Andrea.

大家好，我是 Shabana Choudhury，為 Andrea 主持節目。

Thanks for taking our question.

感謝您回答我們的問題。

Can you give us a little bit more insight on the international competitive landscape and your confidence level in bringing about fruitful results by realigning distribution network and updating the marketing strategy outside the US.

您能否向我們詳細介紹國際競爭格局，以及您對透過重新調整分銷網絡和更新美國以外的營銷策略取得豐碩成果的信心程度。

And additionally, if I can take another one, understand that the guidance was lowered mainly due to the international space.

此外，如果我可以再選一個的話，我明白指導價的下調主要是因為國際空間的原因。

But in quarter three, you know, the US market topline also declined by 3.3%.

但第三季度，美國市場營收也下降了 3.3%。

So if you could just tell us a little bit more like what is causing, understand that it has to do with not seeing the lift in demand, but your new launches were doing pretty well as per the commentary.

因此，如果您可以告訴我們更多原因，請理解這與需求沒有上升有關，但根據評論，您的新產品推出後表現相當不錯。

Thank you.

謝謝。

Well, you know, I can take that that first one as we think about the international competitive landscape.

嗯，你知道，當我們思考國際競爭格局時，我可以把這當作第一個問題。

I think what you see is similar to a lot of, a lot of different brands and different categories and beauty.

我認為您所看到的與許多不同品牌、不同類別和美麗的產品類似。

You'll see some global players who will be very similar across the globe and then you obviously see some more local players and, and that's, you know, when I was speaking earlier about kind of really getting on the ground, understanding the dynamics, understanding the different channels.

你會看到一些全球參與者，他們在全球範圍內都非常相似，然後你顯然會看到一些更多的本地參與者，這就是我之前所說的真正腳踏實地，了解動態，了解不同的管道。

You being in salons seeing the stores watching what's happening online, really understanding what the consumer is seeing and what they're as, as well as the status and what they're looking for in their respective markets.

您可以去沙龍，查看商店，關注網上發生的事情，真正了解消費者看到了什麼、他們是什麼，以及他們在各自市場中的現狀和尋找什麼。

What I, what I would say is it's more similar than it is different.

我想說的是，它們的相似之處多於不同之處。

There are certainly like anything else in global nuances to this to be mindful of.

就像全球範圍內的其他事情一樣，這一點肯定需要留意。

And you know, we do have a business that, that has incredible reach.

你知道，我們的業務確實影響力巨大。

And I think again, I think there's a lot of appeal for this brand and the fundamental nature of hair, health of hair repair.

我再次思考，我認為這個品牌和頭髮的根本性質、頭髮修復的健康具有很大的吸引力。

It's something that is, that is very consistent.

這是非常一致的事。

But how you might approach the market and that's actually a big advantage to having a distributor network is that they are on the ground that they do really understand the nuances of their individual markets.

但是你如何進入市場，這實際上是擁有經銷商網路的一大優勢，因為他們確實了解各自市場的細微差別。

So we, again, this is about a closer partnership about how, having much more involvement in how we're going to market in these places and making sure that, that we're kind of taking advantage of both of our suspect reviews.

因此，我們再次強調，這是為了建立更緊密的合作夥伴關係，更多地參與我們如何在這些地方進行行銷，並確保我們能夠利用雙方的嫌疑人評論。

Our own brand and what it can do that we're translating our marketing, our sales and our education across the globe and that we're, we're leveraging those partnerships to be closer to the consumer, to be closer to the stylist and really have, you know, our, our hands on, you know, arms legs, ears, eyes on the ground for us.

我們自己的品牌可以讓我們在全球範圍內進行行銷、銷售和教育，我們正在利用這些合作夥伴關係更加貼近消費者，更加貼近設計師，讓我們的手、腿、耳朵和眼睛真正地為我們著想。

So that, that's really how we're thinking about that part of the business.

所以，這確實就是我們對這部分業務的看法。

And then I'll try to address your question three.

然後我會嘗試回答你的第三個問題。

In Q3, our professional sales were down 12.6% and our retail sales were only down about 1.3% and our [DCC] was, was up.

第三季度，我們的專業銷售額下降了 12.6%，零售額僅下降了約 1.3%，而我們的 [DCC] 卻有所上升。

And then when I think your question was specifically in the retail channel, what were we seeing there?

然後，當我認為您的問題具體是在零售通路時，我們在那裡看到了什麼？

And you know, it was down 1.3% and we did see some timing with some of our major customers with the selling of holiday kits.

你知道，它下降了 1.3%，我們確實看到一些主要客戶在銷售節日套裝。

And so that might be some of the variants that you're seeing.

這可能就是您所看到的一些變體。

Thank you for the color.

謝謝你的顏色。

I'll pass it on.

我會傳達的。

The next question comes from Lauren Lieberman with Barclays.

下一個問題來自巴克萊銀行的勞倫·利伯曼。

Please proceed.

請繼續。

Great, thanks.

太好了，謝謝。

Good morning.

早安.

And then I missed the beginning of the call.

然後我就錯過了電話的開頭。

So, apologies if you've kind of directly answered this already.

因此，如果您已經直接回答了這個問題，請原諒。

But, you know, I know you talked about it's taking longer to see the list on the new product launches and the, and the new campaigns, but also spoke about the success of the, the leave in conditioner.

但是，你知道，我知道你談到要花更長的時間才能看到新產品發布和新活動的清單，但也談到了免沖洗護髮素的成功。

So I just wanted to see if you could talk a little bit about.

所以我只是想看看你是否可以稍微談一下。

It was like a post mortem on the what's not worked so far and why you know, as contrasted to the what has gone well with that, that leave in conditioner product.

這就像是事後分析，找出迄今為止沒有起到作用的原因，並與免沖洗護髮產品中效果良好的產品進行比較。

And I know you talked about the 360 on the leave in.

我知道您談到了休假時的 360 度。

So maybe it's more about the what wasn't working on the earlier.

因此，也許這更多的是關於之前沒有發揮作用的事情。

Pieces.

件。

Thanks.

謝謝。

Yeah, I mean, I think the places where, and, and as you can imagine, we certainly have done a lot of of our own internal reflections and, and we have, you know, like I said, a brand new CMO who, who joins us with a, with an extraordinary background, she's really dug in on with her team and it is something that we really think is very important as we go forward to make sure we understand what, what works and what doesn't and, and kind of continue to improve over time.

是的，我的意思是，我認為，正如你所想像的，我們當然已經做了很多自己的內部反思，而且，你知道，就像我說的，我們有一位全新的首席營銷官，她有著非凡的背景，她和她的團隊非常投入，我們真的認為這一點非常重要，因為我們要確保我們了解什麼有效，什麼無效，並隨著時間的推移不斷改進。

That's certainly something I believe strongly in.

我當然堅信這一點。

Again, I think what we really are seeing is that brand resonate, right?

再說一次，我認為我們真正看到的是品牌共鳴，對嗎？

I think that's a very important thing to talk about that as we improve our marketing muscle, that the, that the pro responses of the client response, right?

我認為，在我們提升行銷實力的同時，談論這一點非常重要，客戶的反應也很專業，對嗎？

Like that was really what we needed to understand this year.

這正是我們今年真正需要了解的。

So that we have that information as we go into, you know, future brand vision, as we bring on this team, as we build the muscle.

當我們進入未來品牌願景、組建團隊、打造實力時，我們就有這些資訊。

I think we still, you know, again, there's some very important signs of success.

我認為，我們仍然知道，存在一些非常重要的成功跡象。

One of the things that, we talked about very early on when I joined was this concept of creator and marketing, the concept.

我加入時我們很早就討論過的事情之一就是創作者和行銷的概念。

And, and that is something that is, you know, certainly at the, at the helm of a lot of how you know, beauty industry operates.

而且，這肯定是美容行業運作方式的主導因素。

It is and it's something that we really believe that we can do very successfully.

是的，我們確實相信我們能夠非常成功地做到這一點。

It was also the first time with the leave in conditioner that we had an experiential event.

這也是我們第一次舉辦免沖洗護髮素體驗活動。

So a physical pop up that we did for Fashion Week here in New York.

我們在紐約時裝週期間製作了一個實體彈出窗口。

And certainly I had the fun of, of getting to go to that and, you know, lines around the block.

當然，我很享受去那裡的樂趣，你知道，在街區周圍排隊。

But I think that what was so interesting and exciting about that was that people really, again, they wanted to see the brand, they wanted to experience the brand, but they were also curious about our science.

但我認為，這件事之所以如此有趣和令人興奮，是因為人們真的想看到這個品牌，想體驗這個品牌，但他們也對我們的科學感到好奇。

And that is something that we're seeing across the board is that people really do see the power of this product.

我們全面看到的是人們確實看到了這款產品的威力。

They are interested in how it works, they're interested in how to use it, they want to know about that and we're getting better and better at explaining that.

他們對其工作原理感興趣，對其如何使用感興趣，他們想了解這些，而我們在解釋這些方面也做得越來越好。

And I think that was also something that I called out very early on is that we have this unbelievable technical foundation, we need to get much better at explaining it.

我認為這也是我很早就指出的一點，我們擁有令人難以置信的技術基礎，我們需要更好地解釋它。

And explaining it, whether it's to a stylist to a consumer in social media and influencers leveraging the power of that technology and, and translating it into the, into language that really makes sense for for the broader universe is something that I think, I look at it as a really exciting proof point for what we're seeing today.

而向造型師、社群媒體消費者和有影響力的人解釋這一點，利用這項技術的力量，並將其翻譯成對更廣泛的宇宙真正有意義的語言，我認為，這是我們今天所看到的一個非常令人興奮的證明點。

But, you know, I'll say I'll always be of the mindset, we can do better, we can and that's certainly something that Catie and I share and we'll continue to evolve our processes and the marketing that we put up.

但是，你知道，我會說我會一直有這樣的心態，我們可以做得更好，我們可以，這當然是凱蒂和我共同的觀點，我們將繼續改進我們的流程和我們提出的行銷策略。

Okay, great.

好的，太好了。

Thank you so much.

太感謝了。

The next question comes from Olivia Tong with Raymond James.

下一個問題來自 Raymond James 的 Olivia Tong。

Please proceed.

請繼續。

Great, thanks.

太好了，謝謝。

And with respect to international.

並且尊重國際。

Do you have a sense on how much has to come out of it and how long it will take and, and what the business looks like after you have right sized it and, and more importantly, why do you think now is the right time to make the international changes you're planning?

您是否知道這將帶來多少收益，需要花費多長時間，以及在您確定了正確規模之後業務會是什麼樣子，更重要的是，為什麼您認為現在是進行您計劃的國際化變革的正確時機？

Obviously, you, got quite a bit on your to do list already.

顯然，你的待辦事項清單上已經有相當多的事情了。

So where is the incremental manpower coming from to drive more of a clean up in international markets right now?

那麼，目前推動國際市場進一步整頓的新增人力來自哪裡呢？

Thanks.

謝謝。

So I think, yeah, we, we have the good fortune of being able to make the hard choices, right?

所以我想，是的，我們很幸運能夠做出艱難的選擇，對嗎？

And to make sure that we're building for the future.

並確保我們為未來而建設。

And so, you know, I really believe that and we've talked about that the power of marketing, sales, education innovation, those are the things that are going to drive this business forward.

所以，你知道，我真的相信這一點，而且我們也討論過行銷、銷售、教育創新的力量，這些都是推動這項業務向前發展的因素。

We believe that we need to realign that international business in order to take advantage of that.

我們認為，我們需要重新調整國際業務，以便充分利用這項優勢。

So I do think it's important either like I said, however, there is a lot of enthusiasm this brand.

所以我確實認為這很重要，就像我說的，人們對這個品牌的熱情很高。

So we're going to do this in the right way.

所以我們要以正確的方式來做這件事。

So at this point, I'm, I'm not going to be able to give a time line.

因此目前我還無法給出時間表。

But yeah, we'll do the same thing that we've done with everything else in this business is that we're going to operate with a sense of urgency that's important in a transformation.

但是的，我們會像對待這個行業中的其他一切事物一樣，以緊迫感來開展工作，這對於轉型非常重要。

But we're also going to take the time to make sure we do the right analysis that we pick the right partners that we do this in the right way and, and, and those will, those will obviously be a balance and we'll, we'll certainly keep people posted as we work through this.

但我們也會花時間確保我們做了正確的分析，選擇了正確的合作夥伴，以正確的方式開展這項工作，而且，這些顯然會保持平衡，我們一定會在工作過程中隨時向人們通報進展。

Thank you.

謝謝。

Thank you.

謝謝。

The last question will be from Rob Epstein with Evercore.

最後一個問題來自 Evercore 的 Rob Epstein。

Please proceed.

請繼續。

Hi.

你好。

Thank you.

謝謝。

You, you kind of touched on this a couple of times, but I just maybe want to give it another shot and drill down a little bit.

您，您已經多次提到這一點，但我可能只是想再嘗試一次，深入探討。

You know, I think, I think all of us, you know, who have been involved were, you know, incredibly impressed with the product, the technology, the efficacy, right?

你知道，我認為，我認為我們所有參與過的人都對該產品、技術和功效印象深刻，對吧？

And then something happened and there were social media issues and I think you're largely behind that, correct me if I'm wrong.

然後發生了一些事情，出現了社群媒體問題，我想這在很大程度上是你們造成的，如果我錯了，請糾正我。

But I think what may have also happened is, you know, increased competition that may have confused the consumer various different kind of bonding products are trying to play off your claims but in different ways.

但我認為也可能發生的事情是，競爭加劇可能會讓消費者感到困惑，各種不同類型的黏合產品都在試圖以不同的方式實現你的主張。

So I guess the question is, is consumer confusion part of the problem?

所以我想問題是，消費者的困惑是否是問題的一部分？

And then to the extent that is, and I know you talked about better communication, but can you be maybe even more specific about how to deal with that confusion and, and how you can actually get across, you know, that you're unique in terms of, of the science and the efficacy.

然後就此而言，我知道您談到了更好的溝通，但您能否更具體地說明如何處理這種混亂，以及如何真正傳達出您在科學和功效方面的獨特之處。

And again, I know, I know you touched on it, but it's so important.

再說一次，我知道，我知道你已經提到了這一點，但它非常重要。

I was just wondering if you can kind of address it a little bit more.

我只是想知道您是否可以進一步闡述這個問題。

Thank you.

謝謝。

Yeah, absolutely.

是的，絕對是如此。

And I think it's a great question.

我認為這是一個很好的問題。

I think when you know what I was saying before, a little bit about the importance of our ability to explain our clients that that is approximate, right?

我想當您知道我之前所說的內容時，我們會稍微了解我們向客戶解釋近似值的能力的重要性，對嗎？

How do you take something that is truly world class patented technology?

如何看待真正世界一流的專利技術？

It's complicated stuff, right?

這是很複雜的事情，對吧？

And how do you take that and how do you translate that to the consumer?

您如何看待這一點並將其傳達給消費者？

This is, this is the place that we're really so and again, I think we're seeing some early signs of success and we've made some very material changes in how we're approaching social media, how we're creating content.

這就是我們真正處在的位置，而且我認為我們已經看到了一些成功的早期跡象，而且我們在處理社交媒體的方式、如何創建內容方面做出了一些非常實質性的改變。

You certainly if you were to go on our Instagram page and you look at it 12 months ago and you look at it now, it's going to look different.

當然，如果你造訪我們的 Instagram 頁面，看看 12 個月前的內容，然後再看看現在的內容，你會發現它看起來會有所不同。

That I think is a good indicator of how we're approaching science in a different way.

我認為這很好地表明了我們正在以不同的方式對待科學。

And how are we thinking, how we communicate?

我們如何思考？

Because I think you, you are right that we need to make sure that people are clear on what sets us apart.

因為我認為你是對的，我們需要確保人們清楚我們的不同。

Just because we know that we are, doesn't mean that the consumer knows that and that the stylist knows that.

我們知道這一點，但不代表消費者和造型師也知道這一點。

And those are related but not 100% the same thing, right?

它們是相關的，但不是 100% 相同的事情，對嗎？

There's overlap in how they consume information, but there's also unique challenge channels about it.

他們在獲取資訊的方式上有重疊，但也有獨特的挑戰管道。

So that's something that we're thinking a lot about as we, as we continue to build our marketing muscle.

因此，當我們繼續增強行銷實力時，我們正在認真考慮這個問題。

And it, and then I think it's also the importance of information and the importance of introducing new skews that allow us to continue to push the boundaries of innovation.

然後我認為，資訊的重要性以及引入新傾向的重要性也使我們能夠繼續突破創新的界限。

And, and I would say that I really believe that this brand is certainly harnessing the power of bond building technology, but it this is way more than a bond brand.

而且我想說的是，我真的相信這個品牌確實利用了債券建立技術的力量，但它不僅僅是一個債券品牌。

This is a prestige haircare brand.

這是一個著名的護髮品牌。

I really believe that that's the category that we that we compete in.

我真誠地相信這就是我們所競爭的類別。

That it's very important to establish the brand in that way and to communicate that way.

以這種方式建立品牌並進行溝通非常重要。

Because it, that will, I really believe increase our ability to really be a part of people's daily haircare routines.

因為我相信，這將增強我們真正融入人們日常護髮習慣的能力。

Thank you.

謝謝。

Thank you.

謝謝。

At this time, I would like to turn the floor back to Amanda Baldwin for closing remarks.

現在，我想請阿曼達鮑德溫作最後發言。

Well, you know, I'll just say thank you for everyone who joined this morning and please do reach out with any further questions.

好吧，你知道，我只想對今天早上參加的每個人說謝謝，如果有任何其他問題請隨時與我們聯繫。

Thank you.

謝謝。

This does conclude today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

現在您可以斷開您的線路。

Thank you for your participation and have a great day.

感謝您的參與並祝您有愉快的一天。