Olaplex Holdings Inc (OLPX) 2024 Q4 法說會逐字稿

Greetings and welcome to Olaplex Holdings Inc.'s fourth-quarter 2024 earnings results conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Allison Malkin, Investor Relations. Thank you. You may begin.

問候並歡迎參加 Olaplex Holdings Inc. 2024 年第四季度收益結果電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹你們的主持人、投資者關係部艾莉森·馬爾金 (Allison Malkin)。謝謝。你可以開始了。

Thank you, and good morning, everyone. 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。今天與我一起出席的還有執行長 Amanda Baldwin；以及營運長兼財務長 Catherine Dunleavy。

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 for all of types of business and other matters referenced in the company's earnings release issued today. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied by such statements.

在我們開始之前，我想提醒您，管理層今天將做出某些前瞻性的聲明，包括有關所有類型業務的前景以及公司今天發布的收益報告中提及的其他事項的聲明。每個前瞻性陳述都存在風險和不確定性，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 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. 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.

有關這些因素的其他信息，請參閱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“前瞻性陳述警示說明”標題下的內容，這些文件可在公司網站 www.sec.gov 和公司網站 ir.olaplex.com 的投資者關係部分查閱。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. The presentation of non-GAAP financial measures should not be considered in isolation or as a substitute for results prepared in accordance with GAAP.

此外，在本次電話會議中，管理階層將討論某些非公認會計準則財務指標，管理階層認為這些指標有助於評估公司的表現。非公認會計準則財務指標的呈現不應被孤立地看待，也不應將其視為按照公認會計準則編制的結果的替代品。

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

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

Additionally, during the 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. The company has not independently verified the accuracy or completeness of the data contained in the industry publications and other publicly available information. Furthermore, this information involves assumptions and limitations, and you are cautioned not to give undue weight to these estimates.

此外，在電話會議中，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來源的某些數據點、估計和預測。該公司尚未獨立核實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。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。

With that, I will now turn the call over to Amanda.

說完這些，我現在將電話轉給阿曼達。

Thank you, Allison. Good morning, everyone. And thanks for joining us. For today's call, I will share with you our fourth-quarter and fiscal 2024 results and discuss the progress we have made on our strategic priorities and transformation. Then, Catherine will discuss our financial results and outlook. Following this, I will introduce our bonds and beyond strategic vision.

謝謝你，艾莉森。大家早安。感謝您的參與。在今天的電話會議上，我將與大家分享我們第四季和 2024 財年的業績，並討論我們在策略重點和轉型方面的進展。然後，凱瑟琳將討論我們的財務表現和前景。接下來，我將介紹我們的債券和超越策略願景。

A year ago, on my first call after having joined Olaplex, I shared my excitement for leading this truly powerful business with an extraordinary technical foundation and differentiated science that delivers superior products that have garnered consumer and pro-enthusiasm across the world. At the same time, I acknowledge that we were at a pivotal moment and their transformational journey will take time as we focus on building a business and a brand for the long run.

一年前，加入 Olaplex 後，我第一次接到電話時就表達了領導這家真正強大的企業的興奮之情。這家企業擁有非凡的技術基礎和差異化的科學，能夠提供優質的產品，贏得全球消費者和專業人士的熱情。同時，我承認我們正處於關鍵時刻，他們的轉型之旅需要時間，因為我們專注於長期打造業務和品牌。

2024 was a productive year in moving us towards that goal. We started to harness our innovation and marketing capabilities, as well as implemented important work streams to connect with our partners across the globe, strengthen our business processes, and attract talented executives to our team.

2024 年是我們朝著這目標邁進的豐碩的一年。我們開始利用我們的創新和行銷能力，並實施重要的工作流程，以與全球合作夥伴建立聯繫，加強我們的業務流程，並吸引優秀的主管加入我們的團隊。

In addition, we worked behind the scenes to create a brand vision and strategy that we believe we can capitalize on our unique strengths that have positioned our company to deliver long-term, sustainable, and profitable growth. Overall, our financial performance and executional learning were indicative of a company in the midst of a transformation.

此外，我們在幕後努力創建品牌願景和策略，我們相信我們可以利用我們獨特的優勢，使我們的公司實現長期、可持續和盈利的成長。總體而言，我們的財務表現和執行經驗顯示公司正處於轉型之中。

Both 2024 net sales and adjusted EBITDA below 2023 level. We faced headwinds internationally, as we focus on resetting the business for the future. And while we are confident in our overall marketing strategy, investment has taken longer than expected to improve demand across our SKUs and channel.

2024 年淨銷售額和調整後 EBITDA 均低於 2023 年水準。我們面臨國際上的阻力，因為我們專注於重塑未來的業務。雖然我們對整體行銷策略充滿信心，但投資花費的時間比預期的要長，以改善我們 SKU 和通路的需求。

That being said, I remain focused on our future, and I'm encouraged by our end of the year performance, as we continue to make progress against our strategic goals and deliver a better than expected holiday season.

話雖如此，我仍然專注於我們的未來，我們對我們年底的表現感到鼓舞，因為我們繼續在戰略目標方面取得進展，並帶來了比預期更好的假期。

Let me briefly touch on our fourth quarter financials. For the fourth quarter, we reported net sales of $100.7 million and adjusted EBITDA of $17.5 million. For the year, net sales were $422.7 million, representing a decline of 7.8% from 2023. And adjusted EBITDA was $129.7 million for an adjusted EBITDA margin of 30.7%.

讓我簡單談談我們第四季的財務狀況。第四季度，我們報告的淨銷售額為 1.007 億美元，調整後 EBITDA 為 1750 萬美元。全年淨銷售額為 4.227 億美元，較 2023 年下降 7.8%。調整後的 EBITDA 為 1.297 億美元，調整後的 EBITDA 利潤率為 30.7%。

At the start of the year, we identified three transformation priorities. First, maximizing the impact of sales, marketing, and education investments to generate demand. Second, strengthening capabilities and culture to support our future. And third, developing the long-term roadmap and future vision for Olaplex.

今年年初，我們確定了三個轉型重點。首先，最大限度地發揮銷售、行銷和教育投資的影響力來創造需求。第二，加強能力和文化，支撐我們的未來。第三，制定 Olaplex 的長期發展路線圖和未來願景。

Let me share some highlights of our progress against these goals. Our first priority was maximizing the impact of sales, marketing, and education investments to drive demand. At the core of Olaplex brand is an RNG engine that powers high impact innovation. In 2024, we began to harness these capabilities by strengthening our product development function and our sales, marketing, and education efforts to elevate and differentiate our products.

讓我分享一下我們在實現這些目標方面取得的一些進展。我們的首要任務是最大限度地發揮銷售、行銷和教育投資的影響力來推動需求。Olaplex 品牌的核心是推動高影響力創新的 RNG 引擎。2024 年，我們開始利用這些能力，加強產品開發功能以及銷售、行銷和教育工作，以提升和區分我們的產品。

We focus on bringing new breakthrough products to market, steepening engagement with our pro and consumer community, and we're clearly articulating why Olaplex stands apart from its peers. As we began these efforts, we kept our focus narrow, covering much of our marketing spend to drive demand for our new launches.

我們專注於將新的突破性產品推向市場，加強與專業人士和消費者社群的互動，並且我們清楚地闡明了 Olaplex 與同行脫穎而出的原因。當我們開始這些努力時，我們將重點放在狹窄的地方，將大部分行銷支出用於推動新產品的需求。

This led to a strong performance for our third quarter launch of No. 5L Leave-In Conditioner, which outperformed our expectations and remained a top five SKU within its subcategory at Sephora at year end. In addition, during holiday, we did it again to see this marketing effort create a halo for our brand, leading to improving sales trends for Olaplex across channels and regions throughout the holiday season, with all olaplex.com as a bright spot.

這使得我們在第三季推出的 5L 號免沖洗護髮素表現強勁，超出了我們的預期，並在年底繼續位列絲芙蘭同子類別的前五名 SKU。此外，在假期期間，我們再次這樣做，看到這種行銷努力為我們的品牌創造了光環，導致整個假期期間 Olaplex 在各個管道和地區的銷售趨勢有所改善，而 olaplex.com 是一個亮點。

In addition, according to [Sarcona] data, Olaplex have been number one set in US prestige hair care during the 2024 holiday season. We have all focused on returning to our stylists route and recreating meaningful connections with our pros.

此外，根據[Sarcona]的數據，Olaplex在2024年假期季節美國高端護髮產品中排名第一。我們都致力於回歸造型師路線並與我們的專業人士重建有意義的聯繫。

We amplified our support in multiple ways, listening to this community to hear what would best serve them, while we continue to develop new products to address their client needs, such as our Bond Shaper Curl Rebuilding Treatment. We believe that focusing on our pro heritage is an essential part of our strategy. As we look forward to 2025 and beyond, we plan to continue to refine and amplify these efforts.

我們透過多種方式擴大了我們的支持，傾聽這個社群的意見，了解什麼最能為他們服務，同時我們繼續開發新產品來滿足他們的客戶需求，例如我們的 Bond Shaper Curl Rebuilding Treatment。我們相信，關注我們的專業遺產是我們策略的重要組成部分。展望 2025 年及以後，我們計劃繼續完善和擴大這些努力。

We finished the year with four out of five of the best-selling prestige hair care products in 2024 according to Sarcona data. And we consistently ranked as a top brand in key accounts across our three-distribution channel. In addition, we regained the number one position in Earned Media Value in December among US hair care brands per creator IQ.

根據 Sarcona 的數據，2024 年最暢銷的五種高端護髮產品中，有四種是我們生產的。我們在三大分銷管道中始終被評為主要客戶的頂級品牌。此外，我們在 12 月的美國護髮品牌創作者智商贏得媒體價值榜上重新奪得第一名。

Our second priority was strengthening our capabilities and culture to support our future. Building the right team has been a top priority for me since I joined Olaplex, and I'm very pleased to be able to say that we now have a highly experienced, talented executive leadership team in place. During 2024, we were joined by Catherine Dunleavy, who's here with me today as our Chief Operating Officer and Chief Financial Officer; Katie Gohman, our Chief Marketing Officer; and Michelle Brett, our Chief Revenue Officer.

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。自從加入 Olaplex 以來，建立合適的團隊一直是我的首要任務，我很高興地說，我們現在擁有一支經驗豐富、才華橫溢的執行領導團隊。2024 年，凱瑟琳·鄧利維 (Catherine Dunleavy) 加入了我們，她今天和我一起擔任我們的首席營運官和首席財務官；我們的首席營銷官凱蒂·戈曼 (Katie Gohman)；以及我們的首席營收官米歇爾·布雷特（Michelle Brett）。

In addition, this past year we strengthened our extended senior team, building an expanded innovation and R&D capability, as well as making key hires in our international sales and digital marketing teams. Overall, we are creating a culture that promotes executional excellence, collaboration, and data-driven decision making.

此外，去年我們加強了高階團隊，增強了創新和研發能力，並對國際銷售和數位行銷團隊進行了關鍵招募。總的來說，我們正在創造一種促進卓越執行、協作和數據驅動決策的文化。

We opened an office in New York City and another in London to provide our teams from across our organization for the space to come together in person. It's been incredibly rewarding and exciting to see our team united and working towards a common goal. Our business leaders and team members are energized, committed, and passionate about the road ahead.

我們在紐約市和倫敦各開設了一個辦事處，為我們整個組織的團隊提供面對面聚會的空間。看到我們的團隊團結一致並朝著共同的目標努力，這是非常有意義的和令人興奮的。我們的企業領導和團隊成員對未來的道路充滿活力、充滿決心和熱情。

I'd like to take a moment to share a bit more about what we've been doing to strengthen our innovation capabilities as it is so core to what Olaplex is and will continue to be. We expanded the footprint of our laboratory, enabling our Chief Science and Research Officer and the R&D team to ideate and iterate more effectively and efficiently our new technologies.

我想花點時間進一步分享我們為加強創新能力所做的工作，因為這是 Olaplex 的核心，並將繼續如此。我們擴大了實驗室的規模，使我們的首席科學研究長和研發團隊能夠更有效、更有效率地構思和迭代我們的新技術。

In parallel, our newly appointed Chief Product and Innovation Officer spearheaded the building of a new product development process that's intended to maximize our R&D capabilities and fuel future innovations, leading to the introduction of a more successful and strategic product launch calendar. Innovation is just one area where we are seeing more rigorous processes improve our business. We continue to enhance our go-to-market process and evolve our integrated business planning, which you'll hear me speak more about as we move into 2025.

同時，我們新任命的首席產品和創新長帶頭建立了新的產品開發流程，旨在最大限度地提高我們的研發能力並推動未來的創新，從而推出更成功、更具策略性的產品發布日程表。創新只是我們看到的更嚴格的流程改善我們業務的一個領域。我們將繼續加強我們的市場進入流程並改善我們的綜合業務規劃，隨著我們邁入 2025 年，您將聽到我更多地談論這些。

Our third priority for 2024 is developing a long-term roadmap and future vision for Olaplex. Starting our future path require a deep understanding of what made Olaplex so revolutionary from day one, as well as its continued strengths and advantages, and then developing our transformation strategy with those insights in mind.

我們 2024 年的第三項重點是製定 Olaplex 的長期路線圖和未來願景。開啟我們未來的道路需要深入了解是什麼讓 Olaplex 從第一天起就如此具有革命性，以及它持續的優勢和優勢，然後根據這些見解制定我們的轉型策略。

It was also important to ensure that our future strategy is grounded in concrete research that targets the needs of each of the critical partners to our brand and is aligned with where our industry stands today and is going forward. We undertook a multiple different areas of research, including a brand perception study that has influenced the direction and evolution of our brand and business strategy.

同樣重要的是確保我們的未來策略以具體的研究為基礎，針對我們品牌的每個關鍵合作夥伴的需求，並與我們的行業現狀和未來發展保持一致。我們進行了多個不同領域的研究，其中包括一項影響我們品牌和業務策略方向和發展的品牌感知研究。

Based on these insights, we believe there is considerable enthusiasm for Olaplex from consumers, pros, and our partners. We all share a strong interest in what Olaplex is today and innovation we can bring to market in the future.

基於這些見解，我們相信消費者、專業人士和我們的合作夥伴對 Olaplex 有著相當大的熱情。我們都對 Olaplex 的現狀以及未來可以推向市場的創新有著濃厚的興趣。

Our pro and consumer insights work indicated that our brand is still very strong, with positive associations to build upon, particularly around equities such as innovative, preparative, healthy and effective. We also uncovered key opportunities to broaden our reach, upgrade our messaging, improve our education, and foster deeper emotional connections with our audiences. All of this is being incorporated into our future plan designs and long-term strategic plan.

我們的專業和消費者洞察工作表明，我們的品牌仍然非常強大，具有積極的聯想，特別是在創新、準備、健康和有效等方面。我們還發現了擴大影響力、升級訊息傳遞方式、改善教育以及與觀眾建立更深層情感聯繫的關鍵機會。所有這些都被納入我們未來的計劃設計和長期策略規劃。

Outside of North America, we focus on engaging with distributors and retailers to assess and realign our network to fewer stronger partners, which support our brand value. Upon joining Olaplex, I personally traveled to multiple countries across Europe and Asia, meeting with our local teams and international partners to hear how we can more closely collaborate as we work to establish the right structure for the future.

在北美以外，我們專注於與經銷商和零售商合作，評估和重新調整我們的網絡，選擇更少、更強大的合作夥伴，以支持我們的品牌價值。加入 Olaplex 後，我親自前往歐洲和亞洲的多個國家，與我們的當地團隊和國際合作夥伴會面，了解我們如何更緊密地合作，為未來建立正確的結構。

The feedback from these conversations was positive and highlighted that we have an opportunity to further develop our global brand by localizing to the unique customer and distribution channels across the world. As we have discussed, this is an ongoing process and we believe we are making good progress.

這些對話的回饋是正面的，並強調我們有機會透過針對世界各地獨特的客戶和分銷管道進行在地化來進一步發展我們的全球品牌。正如我們所討論的，這是一個持續的過程，我們相信我們正在取得良好的進展。

Transformations of our scale, we did not expect our path to be linear. Although we did have some setbacks, I'm proud of how our team work together to evaluate and implement needed changes to move us forward in a positive way. And now, I will turn the call over to Catherine to review our 2024 financial results.

在我們的規模轉變中，我們並不期望我們的路徑是線性的。儘管我們確實遇到了一些挫折，但我為我們的團隊如何共同努力評估和實施必要的變革以推動我們以積極的方式前進而感到自豪。現在，我將把電話交給凱瑟琳來回顧我們 2024 年的財務表現。

Thank you, Amanda. I am pleased to speak with you today and share additional insight into our fourth-quarter and fiscal year results and provide our 2025 outlook. As Amanda noted, we made progress on our strategic priorities with our financial performance, reflective of our stage of transformation, while ending the year with a strong balance sheet and generating positive cash flow.

謝謝你，阿曼達。我很高興今天與你們交談，分享我們第四季度和財年業績的更多見解，並提供我們對 2025 年的展望。正如阿曼達所指出的，我們的財務表現在戰略重點方面取得了進展，反映了我們的轉型階段，同時以強勁的資產負債表和正現金流結束了這一財年。

In the fourth quarter, net sales of $100.7 million declined 9.8% from the fourth quarter last year. As noted on our third quarter call, we highlighted three factors that we expected to impact our fourth quarter sales performance.

第四季淨銷售額為1.007億美元，較去年第四季下降9.8%。正如我們在第三季電話會議上所指出的，我們強調了預計會影響第四季銷售業績的三個因素。

First, we anticipated a weaker performance from our international business as we reset for the future. Second, from a sales and marketing perspective, we had not yet experienced that lift from our brand marketing and felt it was prudent to assume this investment will take longer to increased demand. And third, we plan for increased promotional intensity across geographies as we prepared for a highly competitive holiday season.

首先，隨著我們重新調整未來計劃，我們預期國際業務的表現將會較弱。其次，從銷售和行銷的角度來看，我們尚未感受到品牌行銷帶來的提升，因此我們認為，明智的做法是假設這項投資需要更長的時間來增加需求。第三，我們計劃加大各地區的促銷力度，為競爭激烈的假期季節做好準備。

I am pleased to say that we did not see headwinds develop to the levels included in our November outlook. In fact, while we continue to have work to do on our international strategy, our international results were better than expected.

我很高興地說，我們並沒有看到逆風發展到我們 11 月展望中所提到的水平。事實上，雖然我們仍在繼續制定國際策略，但我們的國際業績比預期要好。

In addition, consumer demand in North America strengthened in Q4, underpinned by the marketing investments we made in the second half of the year. And with improved global demand, our promotional activity did not increase to the level incorporated into our outlook. Overall, we are encouraged to see this progress.

此外，由於我們下半年的行銷投資，北美的消費者需求在第四季有所增強。儘管全球需求增加，我們的促銷活動卻沒有增加到我們預期的水平。總體而言，我們很高興看到這一進展。

Turning to performance by channel. Specialty Retail had an encouraging performance with Q4 sales up 5.7% to 428.8 million compared to the fourth quarter of 2023. North America sell through improved during the holiday, which led to richer replenishment activity as we close the year.

轉向按通路表現。專業零售表現令人鼓舞，第四季銷售額與 2023 年第四季相比成長 5.7%，達到 4.288 億。假期期間，北美的銷售量有所提高，這導致我們在年底的補貨活動更加豐富。

Based on feedback from our key accounts, we were top performing US hair care brand during Black Friday and Cyber Monday, with our holiday kits selling out ahead of expectations, with this momentum continuing through year end.

根據我們主要客戶的回饋，我們是黑色星期五和網路星期一期間表現最佳的美國護髮品牌，我們的假日套裝銷售超出預期，這種勢頭將持續到年底。

Our Q4 D to C channel sales decreased 2.5% versus a year ago, with year-over-year growth at olaplex.com offset by strategic international rationalizations. And finally, our Professional channel sales declined 27.1% year over year, with the channel seeing a greater impact from our focus on partnering with fewer but stronger international distributors that are aligned with our brand values and softer sell-in across geographies.

我們的第四季度 D 到 C 通路銷售額較去年同期下降了 2.5%，但 olaplex.com 的同比增長被戰略性國際合理化所抵消。最後，我們的專業通路銷售額年減 27.1%，因為我們專注於與數量較少但實力更強、與我們的品牌價值相符的國際分銷商合作，並且跨地區銷售疲軟，因此該渠道受到的影響更大。

Adjusted gross profit margin for the quarter was 68.6%, which compares to 70.6% in the fourth quarter of 2023. This reflected higher promotional activity versus the fourth quarter last year, although the level of intensity was lower than we had expected, giving us a better than planned performance.

本季調整後的毛利率為 68.6%，而 2023 年第四季為 70.6%。這反映出與去年第四季相比促銷活動有所增加，儘管強度低於我們的預期，但我們的業績表現優於計劃。

Gross margin was also impacted by higher warehousing costs, partially offset by improved channel mix. Adjusted SG&A was $50.3 million, up from $44.5 million in last year's fourth quarter. This increase was mainly driven by investment in talent to support our transformation and long-term strategic framework.

毛利率也受到倉儲成本上升的影響，但通路組合改善部分抵銷了這種影響。調整後的銷售、一般及行政費用為 5,030 萬美元，高於去年第四季的 4,450 萬美元。這一成長主要得益於對人才的投資，以支持我們的轉型和長期策略框架。

As Amanda mentioned, we added executive leadership and key hires across the organization. Of note, during the fourth quarter, we spent approximately $17 million in non-payroll related advertising and marketing expenses.

正如阿曼達所提到的，我們在整個組織內增加了高階主管領導和關鍵員工。值得注意的是，在第四季度，我們在非工資相關的廣告和行銷費用上花費了大約 1700 萬美元。

We delivered $17.5 million of adjusted EBITDA for a margin of 17.4%, which was below last year's as our sales decreased as discussed, and we invested for the future. That said, adjusted EBITDA surpassed the expectations we provided in November.

我們實現了 1750 萬美元的調整後 EBITDA，利潤率為 17.4%，低於去年的水平，因為我們的銷售額如前所述有所下降，而且我們為未來進行了投資。也就是說，調整後的 EBITDA 超過了我們 11 月給出的預期。

Turning to our balance sheet, we continue to have a strong balance sheet at year-end. We had lower working capital needs during 2024 compared to 2023 as we reduced inventory. This, along with improved operating discipline, resulted in a year in cash and cash equivalents, increasing $120 million to $586 million from $466.4 million at the end of fiscal year 2023.

談到我們的資產負債表，我們在年底繼續擁有強勁的資產負債表。由於我們減少了庫存，2024 年我們的營運資金需求與 2023 年相比有所降低。再加上經營紀律的改善，導致現金和現金等價物從 2023 財年末的 4.664 億美元增加 1.2 億美元至 5.86 億美元。

In total, inventory declined $20.7 million to $75.2 million from $95.9 million at the end of fiscal 2023. As we begin fiscal 2025, we feel good about the composition of inventory, and we will continue to remain disciplined with investment expected to be aligned with sales growth.

總體而言，庫存從 2023 財年末的 9,590 萬美元下降了 2,070 萬美元至 7,520 萬美元。在開始 2025 財年之際，我們對庫存組成感到滿意，並且我們將繼續保持紀律，預計投資將與銷售成長保持一致。

Finally, long-term debt net of the current portion of deferred fees was $643.7 million. As it relates to the year ahead, we began 2025 having marked a strong progress on a groundwork and experiencing early signals that give us the confidence to enter the next stage of our transformation.

最後，扣除遞延費用目前部分的長期債務為 6.437 億美元。展望未來一年，2025 年伊始，我們在基礎工作上取得了長足進步，並獲得了一些早期訊號，這些訊號讓我們有信心進入下一階段的轉型。

As Amanda will share momentarily in 2025, we have a new brand vision and corresponding strategic priorities. These priorities are focused on generating demand for our brand, increasing our pipeline of innovation, and strengthening our capabilities to execute with excellence.

正如阿曼達將在 2025 年分享的那樣，我們有了新的品牌願景和相應的策略重點。這些優先事項主要集中在為我們的品牌創造需求、增加我們的創新管道以及增強我們卓越執行的能力。

Given the scale of our global business, this will require continued investment in talent and marketing, which is incorporated into our 2025 outlook. We expect to achieve progress on our strategy throughout 2025 and believe our efforts will position the company to advance our transformation and generate long-term profitable growth.

鑑於我們全球業務的規模，這將需要對人才和行銷進行持續投資，這已納入我們的 2025 年展望中。我們期望我們的策略在 2025 年取得進展，並相信我們的努力將使公司推進轉型並實現長期獲利成長。

Let me walk you through our 2025 outlook. We expect net sales to be between minus 3% to plus 2% versus 2024. In addition, while we plan our business annually and give guidance accordingly, I will note that we expect our first quarter sales performance to be below the range we expect for the full year as we anticipate demand growth through 2025 as our investments and initiatives land in the market.

讓我向您介紹我們的 2025 年展望。我們預計淨銷售額將比 2024 年下降 3% 至上升 2% 之間。此外，雖然我們每年都會規劃我們的業務並相應地提供指導，但我要指出的是，我們預計第一季度的銷售業績將低於全年預期的範圍，因為我們預計隨著我們的投資和計劃進入市場，到 2025 年需求將增長。

Adjusted gross margin is expected to remain strong in the range of 70.5% to 71.5%, even as we introduce innovation that will not have fully scaled. Adjusted EBITDA margin is expected between 20% to 22% as we invest in marketing and talent to support our 2025 strategic priorities and to position Olaplex as the authority in foundational hair health and beauty.

即使我們引入尚未完全擴展的創新，調整後的毛利率預計仍將保持在 70.5% 至 71.5% 的強勁水平。調整後的 EBITDA 利潤率預計在 20% 至 22% 之間，因為我們將投資行銷和人才來支持我們的 2025 年策略重點，並將 Olaplex 定位為基礎頭髮健康和美容領域的權威。

We've chosen to invest aggressively behind our US business, which we believe leads our transformation, to ensure that brand work and new vision are visible to the pro and to the consumer. In addition, we've hired a talented team who will enable our growth over time.

我們選擇大力投資美國業務，我們相信這將引領我們的轉型，以確保品牌工作和新願景能夠被專業人士和消費者看到。此外，我們還聘請了一支才華橫溢的團隊，他們將推動我們不斷發展。

In short, we are investing today to build the capabilities that we believe are needed to grow the business for the future. And when our work is further along, we will talk to you about our longer-term EBITDA margin expectations.

簡而言之，我們今天的投資是為了建立我們認為未來業務發展所需的能力。當我們的工作取得進一步進展時，我們將與您討論我們的長期 EBITDA 利潤率預期。

Before turning the call over to Amanda, I wanted to reflect on my first six months. I joined Olaplex because I admired how the company disrupted the hair care category and saw a significant opportunity to join this fast-paced company help architect and implement the strategy that allowed Olaplex to achieve its true potential. I remain confident in our vision and strategy and look forward to sharing our progress along the way.

在將電話轉給阿曼達之前，我想回顧一下我的前六個月。我加入 Olaplex 是因為我很欣賞這家公司如何顛覆護髮領域，並且看到了加入這家快節奏公司的重要機會，幫助設計和實施讓 Olaplex 發揮其真正潛力的策略。我對我們的願景和策略充滿信心，並期待分享我們前進的進展。

With that, I will turn the call back over to Amanda to introduce our strategic vision: Bonds and Beyond.

說完這些，我將把電話轉回給阿曼達，讓她介紹我們的戰略願景：債券及其他。

And now to the future. Our Bonds and Beyond vision for Olaplex begins with its original breakthrough innovation and powerful origin. I believe that a great strategy harnesses a business's unique heritage and capabilities, and puts them in context of where the broader industry and consumer trends are headed.

現在展望未來。我們對 Olaplex 的 Bonds and Beyond 願景始於其最初的突破性創新和強大的起源。我相信，偉大的策略能夠利用企業獨特的傳統和能力，並將它們置於更廣泛的行業和消費者趨勢的背景中。

In 2014, Olaplex revolutionized the hair care category through the introduction of our patented bond building technology, Bis-Amino, and our No. 1 Bond Multiplier and No. 2 Bond Protector product. This new two-part salon treatment allowed pros around the world to repair disulfide bonds deep inside the hair that are broken during chemical services, such as coloring, perming, and straightening.

2014 年，Olaplex 透過推出我們專利的鍵建造技術 Bis-Amino 以及我們的第一號鍵倍增器和第二號鍵保護器產品，徹底改變了護髮類別。這種新的雙部分沙龍護理可以讓世界各地的專業人士修復在染色、燙髮和拉直等化學服務過程中斷裂的頭髮深層二硫鍵。

This new salon service changed the ability of colorists to pursue their craft. And it's the alchemy of science and the pro community that is our reason for being an inspiration for our path forward. We are fortunate to participate in the category that is poised for continued growth.

這項新的沙龍服務改變了染髮師追求其技能的能力。正是科學和專業社群的魔力激勵著我們不斷前進。我們很榮幸能夠參與這個有望持續成長的類別。

As of February 2025, Euromonitor International forecast premium hair care to grow at a CAGR of 6% to 7% from 2024 to 2028. In fact, premium hair care represents only 20% of the overall health care market in 2024 according to Euromonitor.

截至 2025 年 2 月，歐睿國際預測高端護髮產品在 2024 年至 2028 年期間的複合年增長率將達到 6% 至 7%。事實上，根據歐睿國際的數據，到 2024 年，高階護髮產品僅佔整體醫療保健市場的 20%。

In contrast, premium is estimated to represent on average approximately 47% of the market across color cosmetics, fragrance and skincare. We believe hair care is in the early innings of premiumization and Olaplex is well placed to benefit from this potential.

相比之下，高端產品估計平均佔據彩妝、香水和護膚品市場的約 47%。我們相信，護髮產品正處於高端化的初期，而 Olaplex 完全有能力從這一潛力中獲益。

In addition to macro momentum in prestige hair, beauty, health, and wellness are converging. And consumers around the world care now more than ever about what they put in, on, and around their bodies. We believe our technology and original positioning allow us to focus on a uniquely important whitespace of highly efficacious haircare, that is not just about [sand dating] or extreme damage repair, but about actually improving the health of the hair.

除了高端美髮的宏觀發展勢頭外，美容、健康和保健也在不斷融合。如今，世界各地的消費者比以往任何時候都更關心自己吃進、穿在身上以及周圍的東西。我們相信，我們的技術和原創定位使我們能夠專注於高效護髮領域中一個獨特而重要的空白領域，這不僅僅是關於[沙測]或極端損傷修復，而是真正改善頭髮的健康。

Thus, our strategic vision is based on three pillars. First is to move beyond damage repair and the bond building category we created to grow our addressable market and position Olaplex as a solution for every day, foundational hair health.

因此，我們的策略願景是基於三大支柱。首先，我們的目標是超越損傷修復和鍵合構建類別，擴大我們的潛在市場，並將 Olaplex 定位為日常基礎頭髮健康的解決方案。

Second, honoring and empowering the pro as the start of the flywheel of this business. The pro is both a powerful distribution channel, as well as the muse for all that we build in our brand. Without them, our formulas are incredible science because in the chair that they truly come to life.

第二，尊重並賦能專業人士是這個事業飛輪的起點。Pro 既是強大的通路，也是我們品牌建立的靈感來源。沒有它們，我們的配方也是令人難以置信的科學，因為在椅子上它們才真正變得生動起來。

Third, bar products have always created fans based on their efficacy. We must find opportunities for our brand to generate the emotional connection that drives lasting brand relevance, resilience, and love. Across the globe, the feeling of a great hair day is universal and the unapologetic confidence that comes with it is a powerful human proof that we have the unique ability to tap into. Combining innovation with brand storytelling will be critical to getting back to growth.

第三，一直以來，能量棒產品都是憑藉其功效而獲得粉絲青睞的。我們必須為我們的品牌找到機會產生情感聯繫，從而推動持久的品牌相關性、彈性和愛。在全球範圍內，擁有一頭秀髮的感覺是普遍的，而隨之而來的無比自信則有力地證明了我們擁有獨特的能力。將創新與品牌故事結合對於恢復成長至關重要。

In conclusion, our business to create a foundational health and beauty company, powered by breakthrough innovation that starts with and is inspired by the professional hair stylist. That is what we believe we are uniquely positioned to do. And that is the future of Olaplex.

總而言之，我們的業務是創建一家基礎健康和美容公司，以突破性創新為動力，始於專業髮型師並受其啟發。我們相信，我們擁有獨特的優勢可以做到這一點。這就是 Olaplex 的未來。

In 2025, we have three priorities, which we believe will position us to achieve our financial goals and advance our vision as a foundational health and beauty company. First, generate brand demand. We will elevate our visual identity while executing a 360-degree marketing plan that drives demand and honors and services the pro.

2025 年，我們有三個優先事項，我們相信這將使我們實現財務目標並推進我們作為基礎健康和美容公司的願景。第一，創造品牌需求。我們將提升我們的視覺形象，同時執行 360 度行銷計劃，以推動需求並尊重和服務專業人士。

Second, harness innovation. We'll build a future pipeline of innovation that is grounded in foundational hair health and leverages our strength in product development process to continue to introduce breakthrough science while expanding our product portfolio, thus, reaffirming Olaplex as a revolutionary hair healthy hair authority from root to tip.

第二，要發揮創新引領作用。我們將建立以基礎頭髮健康為基礎的未來創新管道，並利用我們在產品開發過程中的優勢，繼續引入突破性科學，同時擴大我們的產品組合，從而重申 Olaplex 作為從髮根到髮梢的革命性頭髮健康權威的地位。

Third, execute with excellence. Our organization will shift from planning for the future to the ongoing processes, data, and rhythms of implementation. We'll focus on continuing to evolve and refine our operational and strategic processes, realigning our international partnerships, and driving efficiencies across the organization to provide the fuel in support of our growth.

三是卓越執行。我們的組織將從規劃未來轉向持續的流程、數據和實施節奏。我們將專注於繼續發展和完善我們的營運和策略流程，重新調整我們的國際合作夥伴關係，並提高整個組織的效率，為我們的成長提供動力。

Turning to our first priority in more detail, generate brand demand. Last week, we began an exciting journey to surround the powerful Olaplex products with a new visual identity and brand marketing strategy that is intended to showcase our unique brand DNA and build longevity for the future.

更詳細地談談我們的首要任務，即創造品牌需求。上週，我們開始了一段令人興奮的旅程，為強大的 Olaplex 產品注入新的視覺識別和品牌行銷策略，旨在展示我們獨特的品牌 DNA 並為未來打造長壽。

Our new visuals are elevated, dynamic, and relatable; showing texture and warmth, as well as the special bond between the client and the stylist that has always been a part of our history. We aim to show science and the technology forward in approachable way, while we show emotion and passion for a category that has deepened feeling, and moves beyond the color list and clinical work of the past.

我們的新視覺效果更加高級、更具活力、更具相關性；展現質感和溫暖，以及客戶和造型師之間的特殊紐帶，這一直是我們歷史的一部分。我們的目標是以平易近人的方式展示科學和技術的進步，同時我們表現出對具有深厚感受的類別的情感和熱情，超越了過去的色彩清單和臨床工作。

This visual identity was launched in the US on February 25, and it's clearly showcased in our new social presence and website for in-store visual merchandising and our 360 media campaigns. And we'll continue to roll out globally over the coming months.

這個視覺形象於 2 月 25 日在美國推出，並在我們的新社交形象和店內視覺行銷網站以及 360 度媒體活動中得到了清晰展示。我們將在未來幾個月繼續在全球推廣。

A key element of this update is the way we communicate, visually and verbally, the unique benefits of Olaplex. Clear, compelling messaging across all digital and physical touch points makes it easier for consumers and pros to understand why and how to build their Olaplex routine.

這次更新的關鍵要素是我們透過視覺和口頭傳達 Olaplex 的獨特優勢。透過所有數位和實體接觸點傳遞清晰、引人注目的訊息，讓消費者和專業人士更容易理解為什麼以及如何建立他們的 Olaplex 日常習慣。

In addition, our visual has showcased the pro and their clients with a renewed focus on communicating our salon services. In 2025, we will begin to execute our updated pro-first strategy.

此外，我們的視覺效果展示了專業人士及其客戶，並重新專注於傳達我們的沙龍服務。2025年，我們將開始執行更新後的「專業優先」策略。

We plan to improve education, drive engagement among the community with an elevated presence, and lead with our investors and pro collective. In addition, we plan to strengthen our customer management and field sales execution to provide us with a sustainable platform for success in the Pro channel.

我們計劃改善教育，以更高的影響力推動社區參與，並與我們的投資者和專業集體一起發揮領導作用。此外，我們計劃加強客戶管理和現場銷售執行，為我們在Pro通路取得成功提供可持續的平台。

To bring the brand updates to life, we are taking a 360 degree full funnel marketing approach that moves us into the brand demand creation phase of our transformation, leveraging a creator-led point of view and product messaging that reframe the conversation from damage repair to healthy hair from root to tip. This began last week with campaigns that launched across digital channels and will continue throughout the year.

為了讓品牌更新煥發生機，我們採取了 360 度全漏斗行銷方法，將我們帶入轉型的品牌需求創造階段，利用創作者主導的觀點和產品信息，將對話從損傷修復重新定義為從髮根到髮梢的健康頭髮。該活動於上週透過數位管道啟動，並將持續全年。

In addition to our consumer-focused efforts, everything we do will have a pro angle; from our digital presence, to our physical events, to how we communicate about our technology. We have developed multiple touch points for measurement that are intended to evaluate the impact of these efforts and allow us to adjust as needed.

除了以消費者為中心的努力之外，我們所做的一切都會具有專業的角度；從我們的數位存在，到我們的實體事件，再到我們如何交流我們的技術。我們已經開發了多個測量接觸點，旨在評估這些努力的影響並允許我們根據需要進行調整。

We believe we will need to invest strongly behind our new brand identity. And we'll continue to expand this effort to international markets and modify our spend over time.

我們相信我們需要大力投資來支持我們的新品牌形象。我們將繼續將這項努力擴展到國際市場，並隨著時間的推移調整我們的支出。

Our second priority is to harness innovation. We have over 10 years of experience developing products that target the disulfide bonds, most important to foundational hair health. By reforming and replenishing bonds from cortex to cuticle through molecular level science, we believe we can continue to innovate beyond damage repair and leverage our R&D capabilities to unlock key signs of healthy hair, strengthen elasticity, shine and sheen, smoothness and frizz control, softness and moisturization, and shape retention and integrity.

我們的第二個優先事項是利用創新。我們擁有超過 10 年的開發針對二硫鍵的產品的經驗，這對基礎頭髮健康至關重要。透過利用分子層面的科學來改造和補充從皮質到角質層的鍵，我們相信我們可以繼續創新，超越損傷修復，並利用我們的研發能力來解鎖健康頭髮的關鍵標誌，增強彈性、光澤和光澤、順滑度和毛躁控制、柔軟度和保濕度，以及形狀保持和完整性。

Olaplex Scalp is the first innovation in 2025 is a perfectly aligned with our mission of foundational hair health. Quite simply, healthy hair starts at the scalp.

Olaplex Scalp 是 2025 年的第一個創新，與我們的基礎髮質健康使命完美契合。很簡單，健康的頭髮始於頭皮。

Our R&D led us to an advanced understanding of the science of a healthy scalp and how to treat it to a holistic approach that not only addresses accelerated scalp aging, but also balances the scalp microbiome and strengthens the scout barrier by re-linking the disulfide bonds and the surface of the scalp.

我們的研發使我們對健康頭皮的科學原理以及如何以整體方法治療頭皮有了更深入的了解，這種方法不僅可以解決加速頭皮老化的問題，還可以平衡頭皮微生物群，並通過重新連接二硫鍵和頭皮表面來加強頭皮屏障。

Olaplex' original patent was not only for the hair, but also covers the scalp, allowing us once again to take a unique approach to address a crucial element of overall hair health. Launched just last week, No. 0.5 Scalp Longevity Treatment will be joined later this year with an additional specialized pro service, both clinically proven to establish the foundation for long-term scalp and hair health.

Olaplex 最初的專利不僅適用於頭髮，還涵蓋頭皮，這讓我們再次採取獨特的方法來解決整體頭髮健康的關鍵因素。上週剛推出的 0.5 號頭皮長壽護理將於今年稍後推出一項額外的專業服務，這兩項服務均經過臨床驗證，可為長期頭皮和頭髮健康奠定基礎。

Combined with our best-selling No. 3 Hair Perfector, this innovation is emblematic of Olaplex' new vision and its efforts to deliver lasting hair health from root to tip, and leverage innovation, as well as reinvigorate our heroes used, which will be important to driving overall plan demand.

與我們最暢銷的 3 號 Hair Perfector 相結合，這項創新象徵著 Olaplex 的新願景及其努力，旨在從髮根到髮梢提供持久的頭髮健康，並利用創新，以及重振我們使用的英雄，這對於推動整體計劃需求至關重要。

Our third priority, execute with excellence. In 2025, organization will shift from significant behind the scenes work to plan for the future, to daily implementations, and executional rigor.

我們的第三要務是卓越執行。2025 年，組織將從重要的幕後工作轉向未來規劃、日常實施和執行嚴謹性。

To this end, we have built upon our product innovation process to develop a global go-to-market engine, integrated business planning process, and a new strategic planning procedure, each of which is integral to enhancing the efficiency and effectiveness of our internal workflows. In addition, we're mining for productivity to provide the fuel in support of our growth and dual automated performance metrics to make faster, more informed decisions.

為此，我們在產品創新流程的基礎上開發了全球上市引擎、綜合業務規劃流程和新的策略規劃程序，這些對於提高內部工作流程的效率和效力都至關重要。此外，我們正在挖掘生產力，為我們的成長提供動力，並採用雙重自動化績效指標來做出更快、更明智的決策。

International distributors are an important part of our business and an area of significant opportunity. In 2024, we bank began rationalizing and transforming our partnerships for fewer, but stronger distributors.

國際分銷商是我們業務的重要組成部分，也是一個充滿機會的領域。2024 年，我們開始合理化和轉變合作夥伴關係，以減少經銷商的數量，但增強其實力。

While we continue this work, in 2025, we are also focused on enhancing our ongoing partnerships and introducing and executing localized strategy. This work is expected to enable a broader strategic vision, as they work more in sync with our partners and incorporate this specific dynamics of each market.

在繼續這項工作的同時，2025年，我們也將致力於加強我們正在進行的合作夥伴關係並引入和執行在地化策略。這項工作有望實現更廣泛的策略願景，因為他們與我們的合作夥伴更同步地工作並融入每個市場的特定動態。

We believe that our brand remains desirable on a global basis. And with the right partners who are well-versed in their local markets, we believe we can drive brand growth.

我們相信我們的品牌在全球範圍內仍然具有吸引力。我們相信，透過與熟悉當地市場的合適合作夥伴合作，我們可以推動品牌發展。

These three strategic priorities represent the next stage of our transformation that will drive our financial performance this year, and importantly, continue to elevate our platform as we position our company for sustained long-term profitable growth. We look forward to sharing our progress towards our priorities as we move throughout the year.

這三個策略重點代表了我們轉型的下一階段，將推動我們今年的財務業績，而且重要的是，將繼續提升我們的平台，使公司實現持續的長期獲利成長。我們期待著全年分享我們在實現優先事項方面取得的進展。

We have accomplished much in my first year as CEO. We're a different company today with a clearer vision and improved innovation engine, a new articulation of our brand, and a talented organization directing and executing the strategy that is expected to maximize our competitive strengths.

在我擔任執行長的第一年，我們取得了許多成就。如今，我們已是一家不同的公司，擁有更清晰的願景、更完善的創新引擎、全新的品牌形像以及一個才華橫溢的組織來指導和執行旨在最大限度提高我們競爭優勢的策略。

What I shared with you today is the first step in our longer-term vision. Overall, we believe this is the beginning of a bright and exciting future as we position Olaplex for its next chapter as the foundational health and beauty company.

我今天與大家分享的是我們長期願景的第一步。總的來說，我們相信這是一個光明而令人興奮的未來的開始，因為我們將 Olaplex 定位為基礎健康和美容公司的下一章。

I want to thank our team for their exceptional work, a commitment that got us to this critical moment. I'm honored to be leading this organization for the journey that lies ahead.

我要感謝我們團隊的出色工作，是他們的奉獻精神讓我們走到了這關鍵時刻。我很榮幸能夠領導這個組織走過未來的旅程。

Operator, we're now ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Susan Anderson, Canaccord Genuity.

（操作員指示）Susan Anderson，Canaccord Genuity。

Nice job on the [corporate execution] on the stabilization of the sales. I guess, maybe, just touch on the Professional channel, it sounds like you guys are still very committed there.

在穩定銷售方面[企業執行]做得很好。我想，也許，只要談及專業管道，聽起來你們仍然非常致力於那裡。

It does seem like competition is maybe then increasing there with other brands really trying to give us a hold into there. So I guess I'm curious just how you're thinking about that?

看起來那裡的競爭確實在加劇，其他品牌確實在試圖讓我們在那裡佔有一席之地。所以我很好奇你怎麼想的？

And how much of the decline is really due to the back bar versus the premise of the store? And then, I guess, without -- do you think you guys need to do to like stabilize that channel? Thanks.

那麼，相對於商店的前提，這種下降在多大程度上真正歸因於酒吧後台？然後，我想，如果沒有——您認為您需要做些什麼來穩定該頻道？謝謝。

A couple of thoughts on that. And yes, we definitely did hear loudly and clearly. And we have been talking about this for, really, since I've joined about the importance of the Pro channel.

對此我有一些想法。是的，我們確實聽得又響又清楚。自從我加入 Pro 頻道以來，我們一直在談論其重要性。

I think there's a couple of elements to that. First of all, why is it important? Beyond being a part of our history, we believe that it remains a significant channel, as well as really important marketing vehicle when you think about there's some really impressive statistics out there that two-thirds of consumers look at the [crow] with someone that can give them advice about styling products and about haircare products.

我認為這有幾個因素。首先，為什麼它很重要？除了作為我們歷史的一部分之外，我們相信它仍然是一個重要的管道，也是一個非常重要的行銷工具，當你想到一些非常令人印象深刻的統計數據時，你會發現三分之二的消費者會與可以為他們提供有關造型產品和護髮產品建議的人一起看[crow]。

So we think of it as both on revenue generating channel, but also a part of our marketing engine. And that's why we're really focused on it.

因此，我們認為它既是創收管道，也是我們行銷引擎的一部分。這就是我們如此關注它的原因。

The second thing I would say in terms of this year, how do you get after it in the right way? I think it makes sense to draw the distinction between what's happening with that bar and funded salon. We started as a services business. That's really important to us.

關於今年我想說的第二件事是，你如何以正確的方式實現這一目標？我認為區分酒吧和資助沙龍的情況是有意義的。我們最初是一家服務企業。這對我們來說真的很重要。

I think I also spoke about how discount retail products will have a service component. We think that that's a really important way to continue to drive consumers into the salon. That's an important part of actually continuing to grow that channel.

我想我還談到了折扣零售產品如何包含服務成分。我們認為這是繼續吸引消費者光顧沙龍的一個非常重要的方式。這是實際上繼續發展該管道的重要部分。

I think in terms of how we'll approach competing effectively, it really is across a lot of different touch points. And similar to how we think about our entire strategy, which begins with products, do we have the right products that really enabled a pro do what they do?

我認為，就我們如何有效地進行競爭而言，這確實涉及許多不同的接觸點。這與我們對整個策略的思考類似，該策略從產品開始，我們是否擁有真正能夠幫助專業人士完成其工作的產品？

As well as Olaplex, that was certainly the motivation behind producing something like our bonds shaper treatment back in September. Do they have the right support, the right education, the right materials, the right ability to talk about the product.

除了 Olaplex 之外，這無疑是我們在九月推出類似債券塑造治療產品的動機。他們是否有正確的支持、正確的教育、正確的材料、正確的談論產品的能力。

And then the third piece of this, which has been a really interesting and fun part of something that we've been working on Olaplex is that it's about building community, and being in the right places, supporting them in the right way. I had a really great experience being in a room with a lot of pros teaching each other. And that was certainly something that was incredibly inspiring for me. So are we creating those environments successfully.

第三部分，也是我們在 Olaplex 上工作的一個非常有趣的部分，就是建立社區，在正確的地方，以正確的方式支持他們。和許多專業人士共處一室互相教學，這真是一段非常棒的經驗。這對我來說確實是一件非常鼓舞人心的事。那麼我們是否成功地創造了這些環境。

So I think there's some very specific things that relate to products, some very tactical things that relate to how we educate, how we work. And then there are things that are emotional aspects. I think I've spoken about that a lot with respect to this brand. In addition to it incredibly application science. Hair is emotional category across pros and consumers, and we really need to also lean into that.

所以我認為有一些非常具體的事情與產品有關，一些非常有策略的事情與我們的教育方式、工作方式有關。還有一些與情感面有關的事。我想我已經多次談論過這個品牌。除此之外它還有令人難以置信的應用科學。頭髮是專業人士和消費者關注的情感類別，我們確實需要關注這一點。

Okay. Great. That's really helpful. If I could just add one more on the international business. I'm curious just -- it may be a bit early, but any thoughts on how many distributors do you think you'll end up with versus where you are at?

好的。偉大的。這真的很有幫助。我是否可以就國際業務再補充一點。我很好奇——可能有點早，但您認為最終您會擁有多少家分銷商，與現在相比如何？

I guess, how should we think about the sales there in 2025? Should we expect more rationalization, I guess, throughout the year or in the back half? Does that start to stabilize? Thanks.

我想，我們該如何看待 2025 年那裡的銷售情況？我想，我們是否應該期待在全年或下半年出現更多合理化舉措？那開始穩定了嗎？謝謝。

I think we're not giving specific numbers around that at this time. As we spoke about on last call, this is a very methodical country-by-country process. We have a very specific work plan around how we're thinking about each one of the geographies that we plan, what's the potential for it, do we have the right partners?

我認為我們目前不會給出具體的數字。正如我們上次通話中提到的，這是一個非常有條理的、針對各國的進程。我們有一個非常具體的工作計劃，涉及我們如何考慮我們計劃的每一個地區，它的潛力是什麼，我們是否有合適的合作夥伴？

We have a lot of really great partners. So I think I really wanted to make sure everybody walks away from this conversation about international understanding that we remain very optimistic about international. That is a huge opportunity for us.

我們有很多非常優秀的合作夥伴。所以我認為我真的想確保每個人在談論國際理解之後，對國際關係仍然非常樂觀。這對我們來說是一個巨大的機會。

One of the things that I think is unique and attracted me to this brand, in the first place, is that it is successful around the world. What its services are, the brand resonates, those are amazing things that shouldn't be taken for granted.

我認為這個品牌的獨特之處和吸引我的地方之一就是它在世界範圍內取得了成功。它的服務是什麼，品牌引起什麼共鳴，這些都是令人驚奇的事情，不應該被視為理所當然。

This is really an operational and tactical aspect of how do we get at that growth. So we're equally focused on not just you who do we not want to be in business. So I would say I'm more focused on who we want to be in business with and how are we better partners. And that's the important part of this workstream as well.

這實際上是我們如何實現這一增長的一個操作和戰術方面的問題。因此，我們同樣關注的不僅僅是那些我們不想與之做生意的人。所以我想說我更關注我們想與誰做生意以及如何成為更好的合作夥伴。這也是該工作流程的重要部分。

We talked about, I think it was back in the third quarter call, that in order to really roll out our effective international marketing engine. And even as we think about this new brand visual identity and the efforts that we're putting around that, continue to be great partners with fewer distributors in order to effectively execute that.

我想那是在第三季的電話會議上，我們討論過，為了真正推出我們有效的國際行銷引擎。即使我們考慮這個新的品牌視覺形像以及我們為此付出的努力，我們仍會繼續與更少的經銷商保持良好的合作關係，以便有效地執行這一目標。

So there's really two sides to this. And I feel really good about the progress that we're making along that. But with everything that we're doing in this organization, as we go through a transformation, we have a huge emphasis on moving quickly but also making the right long-term decisions.

所以這其實有兩面性。我對我們在這方面取得的進展感到非常高興。但是，在我們經歷轉型的過程中，我們在這個組織中所做的一切，都非常重視快速行動，同時也要做出正確的長期決策。

We're always toggling back and forth between those, but we'll keep chipping away at this. And I feel good about the progress thus far.

我們總是在這些之間來回切換，但我們會繼續努力。我對迄今為止的進展感到滿意。

Yeah, I'll just add that we think we love the long-term. We do have significant room for growth internationally. It will take time, as Amanda just said, for us to execute this strategy for 2025. We do expect North America to lead our performance and be moderated a bit by our transformation still going on in international business.

是的，我只想補充一點，我們認為我們熱愛長遠發展。我們在國際上確實有很大的成長空間。正如阿曼達剛才所說，我們需要時間來執行 2025 年的策略。我們確實預計北美將引領我們的業績，並因我們國際業務仍在進行的轉型而受到一定程度的緩和。

Okay. Great. Thanks so much, you guys. Good luck for 2025.

好的。偉大的。非常感謝你們。祝2025年好運。

Olivia Tong, Raymond James.

奧利維亞唐，雷蒙德詹姆斯。

Your fiscal '25 outlook implies return to positive sales at some point in the year. So what's your view on what needs to happen to get there? And do you think you have the products already in market or is there more to come? And then what's your view on the growth rate in your categories in this period of competition, not only for fiscal '25 but beyond? Thank you.

您的 25 財年展望意味著銷售額將在今年某個時候恢復正成長。那麼您認為需要採取什麼措施才能實現這一目標呢？您認為貴公司的產品已經上市了嗎？還是會有更多的產品上市？那麼，您如何看待在競爭激烈的時期，您的產品類別的成長率，不僅是 25 財年，而且是以後的成長率？謝謝。

I can speak to those macro and then Catherine can talk a little bit about what we expect over the course of the year. I think from a big picture, I feel that we're in a really good position to be able to compete effectively in our category going forward.

我可以談談這些宏觀問題，然後凱瑟琳可以談談我們對今年的期望。我認為從整體來看，我們處於非常有利的位置，能夠在未來的有效競爭中取得進步。

And there were a couple of elements to that noise, getting our business back to growth. The first is product and product innovation. That's why we spent a lot of time last year really focusing on our innovation engine, and not just our R&D capabilities, but our ability to bring product-to-market in the right way was point number one.

這些噪音有幾個因素使我們的業務恢復成長。第一是產品和產品創新。這就是為什麼我們去年花了很多時間真正專注於我們的創新引擎，不僅僅是我們的研發能力，而且我們以正確的方式將產品推向市場的能力是第一點。

So tough journey started with scalp last week. I'm making sure that we have big innovations coming in the pipeline. It's critical to our future.

艱難的旅程從上週的頭皮開始。我正在確保我們即將推出重大創新。這對我們的未來至關重要。

And the second is the brand work that we did. And that was a year-long process, I would say, it's very fast in terms of making sure that we're getting to this quickly. And that has to do with our ability to market effectively.

第二是我們所做的品牌工作。這是一個長達一年的過程，我想說，為了確保我們能夠快速實現這一目標，這個過程非常快。這與我們有效的營銷能力有關。

So I've been speaking a lot since the beginning about it's not just the dollars that we've spent on marketing but it's how we spend on visuals that we're using. Our marketing team was able to target media effectively.

因此，我從一開始就多次強調，這不僅是我們在行銷上花費的錢，也是我們在所使用的視覺效果上的花費。我們的行銷團隊能夠有效地瞄準媒體。

There's a lot of work that needed to happen last year to put us in a position to be able to actually tell our story effectively. So what is that story, how does it look, how do we spend money against telling that story.

去年我們做了很多工作，才能夠真正有效地講述我們的故事。那麼這個故事是什麼，它看起來怎麼樣，我們如何花錢講述這個故事。

Again, that's an engine that just started last week. We now have the leadership and the team to be able to go after that aggressively. So we think that those are really -- I believe that in any business, you need to have both innovation and product.

再說一遍，這是一個上週剛啟動的引擎。我們現在擁有能夠積極追求這一目標的領導力和團隊。所以我們認為這些確實是——我相信在任何行業，你都需要創新和產品。

A strong core and strong marketing happening all at once. And this is the year that we'll really begin that journey. So that's something I would say that we're looking towards in terms of what's going to drive our growth.

強大的核心和強大的行銷同時發生。今年我們將真正開始這趟旅程。所以我想說，這就是我們正在尋求的推動我們成長的因素。

But execution (technical difficulty) behind this. That's why that is number three. And I would say that Catherine and I are laser-focused on making sure that we're really getting into the rhythm of implementation; that we have the right data at our fingertips; that we're able to evaluate decisions that we're making on a daily basis about where we're placing the spend and adjusting and learning as we go forward.

但這背後還有執行（技術難度）。這就是為什麼它是第三名。我想說的是，凱瑟琳和我都全神貫注於確保我們真正進入實施的節奏；我們手頭上有正確的數據；我們能夠評估每天做出的有關支出分配的決策，並在前進的過程中不斷調整和學習。

So all three of those really are credit call. And I'll let Catherine talk a little bit about the cadence through the year.

因此，這三者確實都是值得稱讚的。我會讓凱瑟琳稍微談談這一年中的節奏。

Yeah, I think that's well said. And then I mean, we definitely are focused on our three priorities: first, generating brand demand; second, harnessing innovation; and third, executing with excellence.

是的，我認為說得很好。然後我的意思是，我們肯定專注於我們的三個優先事項：首先，創造品牌需求；第二，利用創新；第三，卓越執行。

And really the ability to hit the high-end of the range is tied to the speed at which we make progress against those three things. We feel confident in our new brand positioning, and we expect it in our innovation to drive demand.

而真正達到高端水準的能力與我們在這三件事上取得進展的速度息息相關。我們對我們的新品牌定位充滿信心，並期望它能夠透過創新來推動需求。

As Amanda just mentioned, we have spent the last six months putting in place very detailed strategic plans and metrics that we'll use to monitor our progress. And we'll use those details measurement system to react quickly to what's working and adjust our investments.

正如阿曼達剛才提到的，我們花了六個月的時間制定非常詳細的策略計劃和指標，以監控我們的進展。我們將使用這些細節測量系統來快速對有效的措施做出反應並調整我們的投資。

So we're confident in the range and our ability to deliver returns.

因此，我們對產品範圍和實現回報的能力充滿信心。

Jonna Kim, TD Cowen.

喬娜金（Jonna Kim），TD Cowen。

This is Katie on for Jonna. One question I'd like to ask is around marketing investments and why do you think that they could be taking longer than expected to reach that higher interest and customer acquisition?

這是凱蒂為喬娜 (Jonna) 表演的。我想問的一個問題是關於行銷投資的，為什麼您認為他們可能需要比預期更長的時間才能達到更高的興趣和客戶獲取率？

What's embedded within your plan for this year versus last year as you evolve your marketing strategy? And as a follow up, what is the right level of marketing expectancy if it fails to support growth? Thank you.

在製定行銷策略時，今年的計畫與去年相比有何變化？接下來的問題是，如果行銷預期無法支援成長，那麼適當的行銷預期水準是多少？謝謝。

I think brand building takes time. and that any marketing engine that's really designed to build a long-term brand does not happen overnight. And as an organization, we certainly are moving more into this demand creation phase.

我認為品牌建立需要時間。任何真正旨在打造長期品牌的行銷引擎都不是一朝一夕就能實現的。作為一個組織，我們無疑地正在進一步進入這個需求創造階段。

And by that, what I really mean is thinking about a balanced marketing funnel and a 360-degree approach that performance marketing, you can measure by minutes, right? And you have an impact.

我真正的意思是考慮一個平衡的行銷管道和 360 度全方位的行銷方法，你可以用幾分鐘來衡量績效行銷，對嗎？你會產生影響。

There is a ceiling on how far that will take you, both in terms of the scale of your business as well as the longevity of your business. And I think we're focused on really improving both of those.

無論從業務規模還是業務壽命來看，這都會為你帶來一個上限。我認為我們正致力於真正改善這兩者。

So when -- the reason that we've given ourselves time, the reason that we've provided the guidance as we have is that we think we need to be aggressive in how we're investing behind, particularly our US business, and that those results will take time.

因此，我們給自己時間的原因、我們提供指導的原因是，我們認為我們需要積極地進行投資，特別是我們的美國業務，而這些結果需要時間。

We feel very confident in the reception to the new brand identities and what it enables us to do. Again, we have a team that's just been put in place under the leadership of Katie Goeman who is -- that team is extremely strong. And we're now have the right partners and the right strategy in order to enable us to market effectively.

我們對新品牌形象的接受度以及它帶給我們的影響充滿信心。再說一次，我們剛剛組建了一支由凱蒂·戈曼 (Katie Goeman) 領導的團隊，這支團隊非常強大。現在我們擁有合適的合作夥伴和正確的策略，使我們能夠有效地進行行銷。

But we didn't think that it's prudent to expect that that happens overnight. This will be a build over time, and it certainly is something where we get better and better at it.

但我們認為，期望這一目標在一夜之間實現是不明智的。這將是一個隨著時間的推移而不斷構建的過程，而且我們肯定會變得越來越好。

And my background is in product innovation and marketing, 20 years of this, and have watched what it really takes to build a brand. And what the reasonable expectations are for performance over time.

我從事產品創新和行銷已有 20 年，見證了打造一個品牌真正需要什麼。以及對長期表現的合理期望是什麼。

Well I would just add that we're focused on 2025. Right now, is we're in the early stages of that [renewed] strategy that Amanda just shared. And we've really set ourselves up to be able to invest aggressively this year to reignite the brands.

好吧，我只想補充一點，我們關注的是 2025 年。目前，我們正處於阿曼達剛剛分享的[新]策略的早期階段。我們已經做好了充分準備，今年將大力投資，重振這些品牌。

And we expect that to gain leverage over time. But we need this year's learnings to help optimize our spend. So investing today to build the capabilities that we've raised are needed to grow the business for the future. And again, as we've said before, we go back to you once we've earned more to talk about the longer-term marketing percentage and EBITDA margins.

我們預計隨著時間的推移，這種影響力將會增強。但我們需要今年的經驗來幫助優化我們的支出。因此，我們需要今天進行投資來建立我們已經培養的能力，以促進未來業務的成長。正如我們之前所說，一旦我們賺得更多，我們就會回來與您討論長期行銷百分比和 EBITDA 利潤率。

Thank you so much for the color. I really appreciate it.

非常感謝你提供的顏色。我真的很感激。

Ashley Helgans, Jefferies

艾希莉·赫爾甘斯（Ashley Helgans），傑富瑞

First, we can talk about trends in the professional channel. Are we still seeing consumers extend length between appointments? And what we should expect in terms of stabilization in 2025?

首先，我們可以談談專業通路的趨勢。我們是否仍看到消費者延長預約間隔時間？那麼，我們對 2025 年的穩定應該抱持著怎樣的期待呢？

And then if I could just squeeze in one more, when you talk about the region-specific approach to international markets, are you talking more like a marketing approach or different assortments by region? Thanks.

然後，如果我可以再插入一點的話，當您談論針對特定區域的國際市場方法時，您說的更像是一種行銷方法還是按地區劃分的不同產品組合？謝謝。

So first is with respect to the Pro channel. What we're seeing in the data is that there's certainly, I would say, over the past several years, has been an emphasis on post-COVID that visits have been extended, the time period between business has been extended.

首先是關於 Pro 頻道。我們從數據中看到，我想說，在過去幾年中，人們確實更加重視後疫情時代，訪問次數和業務時間間隔都得到了延長。

There's nothing in the data that we're seeing that suggests that they extended further. Or that we expected it to go that this is the trend that keeps on going. I think it was more about what also call reset. That's driven by how frequently people have, often women, are coloring their hair, as well as the average length of women's hair, right?

我們所看到的數據並沒有任何跡象表明它們進一步延伸。或者我們期望這種趨勢能夠持續下去。我認為這更多的是關於所謂的重置。這取決於人們（通常是女性）染髮的頻率以及女性頭髮的平均長度，對嗎？

So those two things certainly haven't changed, which is why we were talking earlier about the Pro channel, giving other reasons to be in for services is something that's really important. Something that -- as a lot of conversations that we've done our own research around the pro community to really understand how can we support them. That idea of what else drives the salon is a critical part.

所以這兩件事肯定沒有改變，這就是我們之前談論 Pro 頻道的原因，提供其他理由來提供服務是非常重要的。在許多對話中，我們對專業社群進行了自己的研究，以真正了解我們如何支持他們。關於沙龍的其他驅動因素的想法是至關重要的部分。

So that's really how we think about that. And what we're seeing right now is relative stabilization in those trends, but they certainly are down from where they were pre-COVID.

這就是我們真正的想法。我們現在看到的是這些趨勢相對穩定，但肯定比新冠疫情之前的水平有所下降。

The second part of your question about international, I think that a great brand has to have global consistency, right? There's no doubt, and I've had the privilege of working at several of them, that there is a brand that's down across the entire globe. That's something that, as we think about our strategy, is essential.

關於國際議題的第二部分，我認為一個偉大的品牌必須具有全球一致性，對嗎？毫無疑問，我有幸在其中幾家公司工作過，有一個品牌已經享譽全球。當我們思考我們的策略時，這一點至關重要。

The second piece of that is how do you localize that to really think about -- and every country has slight nuances of how the pro channel works, how the retail channel works, the D to C channel. So it's about your channel mix, how you're approaching the channels, how you may communicate specific things that we've really learned about how consumers think about their hair on a global basis.

第二部分是如何真正考慮在地化——每個國家的專業通路、零售通路、D 到 C 通路的運作方式都有細微的差別。因此，這與您的管道組合有關，您如何處理管道，您如何傳達我們真正了解到的有關全球消費者如何看待頭髮的具體訊息。

The benefits that someone is looking for in China are different than what they're looking for in France. Just maybe [awards] that they use. So there's -- and that's why actually having a distributor partners is so incredibly powerful because they really understand the nuances of our market.

人們在中國尋求的利益與他們在法國尋求的利益不同。也許只是他們使用的[獎項]。所以——這就是為什麼擁有經銷商合作夥伴實際上如此強大，因為他們真正了解我們市場的細微差別。

So it's about blending those things together. And that's why a lot of this international work has to do with partnership on both sides and making sure that work that up, and we have the right infrastructure to call down the last call that we hired an SVP of international; we're selling and marketing organization.

所以這就是將這些東西融合在一起。這就是為什麼許多國際工作都與雙方的合作有關，並確保這項工作順利進行，並且我們擁有正確的基礎設施來實現我們上次聘請的國際高級副總裁的目標；我們是銷售和營銷組織。

Those are the things -- when Catherine talks about investing in talent, that's why that's so critical. And we have to do that now, even ahead of getting those markets moving back in the right direction.

這些就是凱瑟琳談到投資人才時所說的事情，這就是為什麼投資人才如此重要。我們現在就必須這樣做，甚至在讓這些市場回到正確方向之前就必須這樣做。

Great. Thanks so much.

偉大的。非常感謝。

Lauren Lieberman, Barclays

勞倫·利伯曼，巴克萊銀行

I'm just curious if you could talk a little bit about your pricing strategy. Historically, everything was line price and you're moving away from that analysis. Just wanted to know if you could discuss like a more wholesome thought process on pricing going forward and any early adjustment or like reaction you're getting from customers, both retail and professional on that front? Thanks.

我只是好奇您是否可以談談您的定價策略。從歷史上看，一切都是線路價格，而你正在遠離這種分析。我只是想知道您是否可以討論未來定價的更全面的思考過程以及您從零售和專業客戶那裡得到的任何早期調整或反應？謝謝。

Yeah. I think that's a great question. And as we've thought about the strategy in this business, everything, has certainly been something that we've done thoughtfully and based on a lot of research where we feel that we have opportunity. And I think is really related to the standard we've set and where we fit within that, as well as how do we ensure that we're maintaining the appropriate gross margins as we innovate, right?

是的。我認為這是一個很好的問題。當我們思考這個行業的策略時，一切都是我們經過深思熟慮並基於大量研究後做出的決定，我們認為我們有機會。我認為這與我們設定的標準以及我們在該標準中的位置有關，以及我們如何確保在創新的同時保持適當的毛利率，對嗎？

Our products are jam-packed with the best possible technology. And so we need to balance both of those things.

我們的產品採用了最先進的技術。因此我們需要平衡這兩件事。

So with pricing being reset, like is the renewal across the line and reset pricing because again, historically, it was like there was a one price point no matter the product, and that's been shifting. So if I could just know if there's a reset period or is there a price pack architecture with the change of size the bottled.

因此，隨著定價的重置，就像是整個產品線的更新和定價的重置，因為從歷史上看，無論產品如何，都有一個價格點，而這個價格點一直在變化。所以如果我能知道是否有重置期，或者是否有一個隨著瓶裝尺寸變化的價格包架構。

I'm just curious on how that gets implemented. It was less about price increases going forward and more about what the absolute setting prices appears on the shelf.

我只是好奇它是如何實現的。這與未來的價格上漲關係不大，而與貨架上的絕對定價關係更大。

I think what you see in the market today is what we intend to do at this time.

我認為您今天在市場上看到的就是我們此時打算做的。

Okay. All right. Thank you.

好的。好的。謝謝。

Dana Telsey, Telsey Advisory Group

達娜·特爾西（Dana Telsey），特爾西諮詢集團

As you think about product launches for 2025 and the importance of the scalp, which we're beginning to see everywhere, how do you think of product launches timing? How many? And as you think about the product assortment, both globally and here in the US, any differences we should be seeing in packaging, size range?

當您考慮 2025 年的產品發布以及我們開始隨處可見的頭皮的重要性時，您如何看待產品發布的時機？多少？當您考慮全球和美國的產品分類時，我們應該看到包裝、尺寸範圍有什麼差異嗎？

And just lastly, on the adjusted EBITDA margin guide for 2025, what would make that come in better than expected? And are there any building blocks for adjusted EBITDA as we move forward into '26 that would trend with a tailwind or a headwind? Thank you.

最後，關於 2025 年調整後的 EBITDA 利潤率指南，什麼因素會使其優於預期？隨著我們邁入 26 年，調整後的 EBITDA 是否存在一些基礎要素，是順風還是逆風？謝謝。

I'll take the product case and then I'll ask Catherine take the EBITDA piece. With respect to products, without giving away our future calendar, really what we're thinking about is getting into a structured approach around the timing of what we'd launch the framework in which we're looking at innovation.

我會負責產品案例，然後我會讓凱瑟琳負責 EBITDA 部分。關於產品，我們不會透露未來的日程安排，我們真正考慮的是圍繞推出創新框架的時間採取一種結構化的方法。

One of the big things that we talked about today and I'll do talk about, how do you balance the process with the creativity and necessary, and that's something that again, Catherine and I are very passionate about.

我們今天討論的一件大事，也是我將要討論的，是如何平衡過程與創造力和必要性，這也是凱瑟琳和我非常熱衷的事情。

So you will continue to see innovation from us. We've talked about two to three product launches a year. I think there's always a balance with a couple of things that are happening in the decisions that we make.

因此您將繼續看到我們的創新。我們討論過每年推出兩到三種產品。我認為，我們所做的決定總是會涉及到一些事情之間的平衡。

One is are we -- do we really believe that the science is there to drive differentiation that we will be really critical to us. Do we feel that we have the marketing impact to be able to get something off the ground in the right way. And also, are we balancing our core.

一是我們——我們是否真的相信科學能夠推動差異化，並且對我們至關重要。我們是否認為自己擁有行銷影響力，能夠以正確的方式讓某件事順利開展？而且，我們是否平衡了我們的核心。

One of the things that we talked about over time is that in order to really drive growth in this business, yes, innovation is critical. But the reason that we've talked about No. 3 being paired with the scalp is that that really is a best thing for the consumer, which is always where we're going to start.

我們一直在討論的一件事是，為了真正推動這個業務的成長，創新是至關重要的。但我們之所以討論將 3 號與頭皮搭配使用，是因為這對消費者來說確實是一件最好的事情，而這也始終是我們的出發點。

But also in order to make sure that we're harnessing our core and building our core through this transformation is going to be really critical. We have 21 SKUs. We have a lot of opportunity to continue to grow and continue to innovate, but we're always going to do it because we believe that we have something different and because we believe it's the right time for that product come to market.

但同時，為了確保我們能夠利用我們的核心並透過這種轉變來建立我們的核心，這將是非常關鍵的。我們有 21 個 SKU。我們有很多機會繼續發展和創新，但我們會一直這樣做，因為我們相信我們擁有一些不同的東西，我們相信現在是該產品進入市場的正確時機。

And scalp is a great example of looking at our science, looking to your point about where the industry is going, and really feeling that we can aid to do something different, but also do something that made sense for Olaplex. And those two things have to happen at the same time.

頭皮是一個很好的例子，它體現了我們的科學，體現了你對產業發展方向的看法，我們真的覺得我們可以幫忙做一些不同的事情，同時也為 Olaplex 做一些有意義的事情。這兩件事必須同時發生。

Yeah. I'll just build on to the innovation point, and then I'll switch to the EBITDA point. I mean, last year, on an innovation perspective, we really turned on innovation engine with several key launches that are still building this year. We have the Pro Bond Cheaper Treatment, Pro Gel, the No. 5 Leave-In Conditioner. And then 2025, you have additional innovations planned starting to sell that Amanda just discussed.

是的。我將首先討論創新點，然後切換到 EBITDA 點。我的意思是，從創新的角度來看，去年我們確實啟動了創新引擎，推出了幾項今年仍在進行的重大發布。我們有 Pro Bond 廉價護理產品、Pro Gel 和 5 號免沖洗護髮素。然後到 2025 年，您計劃推出更多創新產品並開始銷售，正如 Amanda 剛才討論的那樣。

Innovation is a larger percentage of our unit sales in 2025. But all three of our priorities that we've outlined today are important to us achieving our goals.

到 2025 年，創新將占我們單位銷售額的更大比例。但我們今天概述的所有三個優先事項對於我們實現目標都很重要。

And that leads me into your second question, which is the high-end, low-end of the range. And so just to re-articulate those three goals; generate brand demand, harness innovation, and execute with excellence. The ability to hit the high-end of the range is tied to the speed at which we make progress against each of those.

這就引出了你的第二個問題，即該範圍的高端和低端。因此，只需重新闡明這三個目標；創造品牌需求、利用創新並卓越執行。達到最高目標的能力與我們在各方面取得進展的速度息息相關。

So we feel confident that our brand positioning and expect it to drive that demand. How quickly will it hit high-end, (technical difficulty) quick more quickly, and we'll hit the lower-end if it goes a little more slowly.

因此，我們對我們的品牌定位充滿信心，並期望它能夠推動這一需求。它會多快達到高端，（技術難度）快一點就會快一點，慢一點我們就會達到低端。

We just have to monitor the progress using our detailed measurement system and we're going to quickly react to what's working. I say that over and over again, because of I'm proud of the time that we've taken to put in place these metrics, measures of success as we call them, that will allow us to really react very quickly.

我們只需使用詳細的測量系統來監控進度，然後就能對正在發生的事情做出快速反應。我一遍又一遍地說，因為我為我們花費時間來製定這些指標（我們稱之為成功衡量標準）而感到自豪，這些指標將使我們能夠非常迅速地做出反應。

Thank you.

謝謝。

Ladies and gentlemen. Unfortunately, we have run out of time for today. I would now like to turn the floor back over to Ms. Baldwin for any closing comments.

女士們，先生們。不幸的是，我們今天的時間已經不夠了。現在我想把發言權交還給鮑德溫女士，請她發表最後評論。

Thank you. I just want to thank everyone for joining us. It's a pretty exciting time at Olaplex. And we appreciate everybody's interest, and we wish you a great day.

謝謝。我只想感謝大家的加入我們。這是 Olaplex 非常激動人心的時刻。我們感謝大家的關注，並祝福大家有個愉快的一天。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines at this time or log off the webcast and enjoy the rest of your day.

女士們、先生們，今天的活動到此結束。現在您可以斷開線路或退出網路廣播並享受剩餘的一天。