Olaplex Holdings Inc (OLPX) 2025 Q1 法說會逐字稿

Greetings and welcome to the Olaplex Holdings first quarter 2025 earnings conference call.

問候並歡迎參加 Olaplex Holdings 2025 年第一季收益電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, this conference is being recorded. It is now my pleasure to introduce Allison Malkin, Investor Relations. Allison, please go ahead.

提醒一下，本次會議正在錄製中。現在我很高興介紹投資者關係部的艾莉森馬爾金 (Allison Malkin)。艾莉森，請繼續。

Good morning, everyone. Welcome to our first quarter fiscal 2025 earnings call. Joining me today are Amanda Baldwin, Chief Executive Officer, and Catherine Dunleavy, Chief Operating Officer and Chief Financial Officer. 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 the Olaplex business and other matters referenced in the company's earnings relief issued today.

大家早安。歡迎參加我們的 2025 財年第一季財報電話會議。今天與我一起出席的還有執行長阿曼達·鮑德溫和首席營運長兼財務長凱瑟琳·鄧利維。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 業務前景的聲明以及公司今天發布的收益減免中提及的其他事項。

Each forward-looking statement is subject to risk and uncertainties that could cause actual results to differ materially from those projected or implied by such statements. 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 industrial relations section of the company's website at ir.olaplex.com.

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。有關這些因素的更多信息，請參見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關於前瞻性陳述的警告說明，這些信息可在 www.sec.gov 和公司網站 ir.olaplex.com 的工業關係部分查閱。

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. 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.

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。此外，在本次電話會議中，管理階層也將討論一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績效。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. 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.

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 的投資者關係板塊觀看。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內部來源的某些數據點、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. Furthermore, this information involves assumptions and limitations, and you're cautioned not to give undue weight to these estimates.

該公司尚未獨立核實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。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。

For today's call, Amanda will start by providing highlights of our first quarter performance and discussing the progress we have made on our strategic areas of focus. Then Catherine will discuss our financial results and outlook. Following this, we will turn the call over to the operator to conduct the question-and-answer session.

在今天的電話會議上，阿曼達將首先介紹我們第一季的業績亮點，並討論我們在策略重點領域的進展。然後凱瑟琳將討論我們的財務表現和前景。隨後，我們將把電話轉給接線生進行問答環節。

With that, I'll 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 thank you for joining us today. We're pleased to share a solid start to the year with first quarter results that included net sales ahead of our expectations. We are encouraged by these early signs of progress and also recognize that there remains more work ahead. We believe that our performance this quarter reflects the early response to our Bonds and Beyond strategy introduced at our year-end call as the next chapter in our transformation.

謝謝你，艾莉森。大家早安，感謝大家今天加入我們。我們很高興地宣布，今年第一季的業績表現良好，其中淨銷售額超出了我們的預期。這些早期的進展跡象令我們感到鼓舞，同時也意識到未來還有更多的工作要做。我們相信，本季的業績反映了我們在年終會議上提出的「債券及其他」策略的早期反應，這是我們轉型的下一章。

As a reminder, our Bonds and Beyond vision for Olaplex begins with our original breakthrough science and professional channel heritage to position Olaplex as a foundational health and beauty company powered by breakthrough innovation that starts with and is inspired by the professional hairstylist.

提醒一下，我們對 Olaplex 的 Bonds and Beyond 願景始於我們最初的突破性科學和專業管道傳統，將 Olaplex 定位為一家以突破性創新為動力的基礎健康和美容公司，這種創新始於專業髮型師並受到他們的啟發。

We believe that we participate in a category that is poised for continued growth, and that overall consumer trends indicate that hair, beauty, health and wellness are converging. As such, we believe our technology and original positioning allow us to focus on a uniquely important white space of highly efficacious hair care that is not just about band-aiding and is more than extreme damage repair, but about actually improving the overall health of the hair.

我們相信，我們所處的行業將持續成長，整體消費趨勢表明，頭髮、美容、健康和保健正在融合。因此，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這一獨特而重要的空白領域，它不僅僅是創可貼，不僅僅是極端損傷修復，而是真正改善頭髮的整體健康狀況。

With this in mind, we developed a strategic vision that is based on three pillars. First, move beyond damage repair and the bond building category we created to grow our addressable market and position Olaplex as a solution for everyday foundational hair health. Second, honor and empower the Pro as the start of the flywheel of our business. The Pro is both a powerful distribution channel as well as a source of authenticity and authority to our end consumer, which is integrated and nurtured properly, can separate us from the competition.

考慮到這一點，我們制定了基於三大支柱的策略願景。首先，超越我們為擴大目標市場而創建的損傷修復和鍵合構建類別，並將 Olaplex 定位為日常基礎頭髮健康的解決方案。第二，尊重並賦能Pro作為我們業務飛輪的起點。Pro 既是強大的通路，也是我們最終消費者真實性和權威性的來源，如果能夠適當地整合和培育，可以讓我們在競爭中脫穎而出。

Third, while our products have always created fans based on their efficacy. We know we must move beyond our prior solely clinical positioning to generate the emotional connection that drives lasting brand relevance, resilience, and love.

第三，而我們的產品一直以來都是以功效贏得粉絲的。我們知道，我們必須超越先前單純的臨床定位，建立情感聯繫，以推動持久的品牌相關性、彈性和喜愛。

As I have noted from the beginning, transformation doesn't happen overnight. It requires consistent execution, the ability to adapt, and a long-term mindset. But we're confident that the foundational work underway today will drive more sustainable results over time, and that in the first quarter, we began to see early validation of our approach.

正如我從一開始就指出的那樣，轉變不是一朝一夕就能實現的。它需要持續的執行、適應的能力和長遠的思維。但我們堅信，今天正在進行的基礎工作將隨著時間的推移帶來更可持續的成果，並且在第一季度，我們開始看到我們的方法的早期驗證。

We believe that first quarter provided indicators that we're moving in the right direction. Before diving in our strategic progress, here's a summary of our first quarter results. Net sales of $97 million, down 1.9% year over year with adjusted EBITDA of $25.7 million, a margin of 26.5%. We overdelivered sales compared to target, which we believe reflects our retailer partners support of a refreshed brand positioning and marketing plan. This drove higher than expected shipments during the quarter.

我們相信第一季提供的指標顯示我們正朝著正確的方向前進。在深入探討我們的策略進展之前，我們先來總結一下我們第一季的業績。淨銷售額為 9,700 萬美元，年減 1.9%，調整後 EBITDA 為 2,570 萬美元，利潤率為 26.5%。與目標相比，我們的銷售額超額完成了，我們相信這反映了我們的零售合作夥伴對更新的品牌定位和行銷計劃的支持。這使得本季的出貨量高於預期。

In North America, where we focused our brand transformation efforts, we saw modest growth. International sales declined year over year, but came in ahead of expectations with a more moderate decline compared to fourth quarter. We're taking a phased, disciplined approach to our international realignment that reflects both market potential and operational readiness while we focus on our transformation efforts in North America.

在北美，我們集中精力進行品牌轉型，並取得了適度的成長。國際銷售額年減，但超出預期，與第四季相比降幅較小。我們正在採取分階段、有紀律的方法進行國際調整，以反映市場潛力和營運準備情況，同時我們將重點放在北美的轉型工作上。

Turning to performance by channel. Specialty retail led the way, for shipments ahead of plan, which, as I noted, reflected our partner's support of our Bond and Beyond strategy. Professional also exceeded expectations, driven by improving execution across key distributors. The channel, however, declined versus prior year, driven by international performance.

轉向按通路表現。專業零售業處於領先地位，其出貨量超出了計劃，正如我所指出的，這反映了我們的合作夥伴對我們的 Bond and Beyond 策略的支持。由於主要分銷商執行力的提高，專業性也超出了預期。然而，受國際業績的影響，該通路較上年同期下滑。

Direct-to-consumer declined versus last year as we shifted from a more promotional strategy to driving brand storytelling and loyalty through our new site and accelerated full funnel digital marketing efforts. We believe that there continues to be an opportunity to provide a unique and specialized approach on our branded website as we progress in our transformation.

由於我們從促銷策略轉向透過新網站推動品牌故事和忠誠度，並加速全通路數位行銷工作，直接面向消費者的行銷與去年相比有所下降。我們相信，隨著我們轉型的不斷推進，我們仍然有機會在我們的品牌網站上提供獨特而專業的方法。

Let's now turn to discuss our three 2025 strategic priorities outlined on our last call. Generate brand demand, harness innovation, and execute with excellence.

現在讓我們來討論一下上次會議上概述的三個 2025 年策略重點。創造品牌需求、利用創新並卓越執行。

First, generate brand demand. At Olaplex, brand demand is about more than increasing awareness. It's about creating emotional connections, deepening consumer engagement, and reinforcing our brand and product relevance in a competitive and evolving market.

第一，創造品牌需求。在 Olaplex，品牌需求不僅僅是提高知名度。這是為了在競爭激烈、不斷發展的市場中建立情感聯繫、加深消費者參與度以及加強我們的品牌和產品的相關性。

We're doing so by staying grounded in our roots in professional hair care while changing how we show up digitally, in store, and across every touch point with our stylist and our customers. The driving forces behind our brand evolution are to provide.

我們這樣做的目的是堅持專業美髮的根基，同時改變我們在數位領域、店內以及與我們的造型師和顧客的每個接觸點上的呈現方式。我們品牌演變的驅動力是提供。

First, a visual identity that is elevated, dynamic, and relatable. During the quarter, we introduced refreshed brand visuals that aim to reflect who we are today, a brand rooted in science, guided by professionals, and built for foundational hair health. Our new aesthetic highlights our innovation at the same time adds color and warmth and shows a special bond between the client and the stylist that has always been a part of our heritage.

首先，視覺形像要高雅、有活力、具有關聯性。在本季度，我們推出了全新的品牌視覺效果，旨在反映我們今天的形象，即一個植根於科學、由專業人士指導、為頭髮健康而打造的品牌。我們的新美學凸顯了我們的創新，同時增添了色彩和溫暖，並展示了客戶和造型師之間的特殊聯繫，這一直是我們傳統的一部分。

Next, product storytelling that educates our community about our unique product benefits, emphasizing a more holistic view of foundational hair health. For example, our new website now serves as both a storytelling and a conversion platform. It guides consumers through product routines, offers science and usage education, and helps customers build personalized regimen.

接下來，透過產品故事向我們的社區介紹我們獨特的產品優勢，強調對基礎頭髮健康的更全面的看法。例如，我們的新網站現在既是一個說故事的平台，也是一個轉換的平台。它指導消費者使用產品，提供科學和使用教育，並幫助客戶建立個人化的養生方案。

Across retail, we introduced updated in-store merchandizing designed to educate consumers and assist them in clearly navigating our product offerings. Across touch points, we're making our value proposition more clear, compelling, and shoppable.

在零售領域，我們推出了更新的店內商品推銷，旨在教育消費者並幫助他們清楚地了解我們的產品。透過各個接觸點，我們正在使我們的價值主張更加清晰、引人注目且更具購買力。

And for the professional channel, we enhance our presence at trade shows with updated booth design, signage, and sampling to support education and trial and are now moving towards best in class education materials.

對於專業管道，我們透過更新展位設計、標誌和樣品來增強我們在貿易展會上的存在感，以支持教育和試用，並且現在正朝著一流的教育材料邁進。

And finally, an emotional connection that allows us to drive lasting brand relevance, resilience, and love. Based on learning from our research last year, we saw a clear op opportunity to elevate our brand storytelling to support the science and efficacy of our products from an additional angle. This goes even further than our new visual identity to capture what we call the unapologetic confidence, which comes with a truly great hair day powered by innovation and the passion of our Pros.

最後，情感連結使我們能夠推動持久的品牌相關性、彈性和喜愛。根據去年的研究成果，我們發現了一個明顯的機會，可以提升我們的品牌故事，從另一個角度支持我們產品的科學性和功效。這比我們的新視覺形象更進一步，捕捉了我們所說的毫無歉意的自信，這種自信源於由我們的專業人士的創新和熱情推動的真正美好的髮型。

To this end, in April we launched our brand platform Designed to Defy as a guide for our future brand building efforts. This platform and its tagline, A Healthy Foundation for Endless Possibilities, captures our history and looks forward towards our future with a philosophy of innovation, creativity, and confidence.

為此，我們在4月份推出了品牌平台“Designed to Defy”，作為我們未來品牌建立工作的指導。這個平台及其標語「無限可能的健康基礎」記錄了我們的歷史，並以創新、創造力和信心的理念展望我們的未來。

This effort launched via an advertising campaign and film featuring actress and Bridgerton star, Nicola Coughlan; creative entrepreneur and media personality, Jenna Lyons; and Olympian sprinter and hurdler, Sydney McLaughlin-Levrone, along with their personal hairstyles each of whom is an Olaplex ambassador.

這場活動透過廣告宣傳和電影展開，主演包括女演員兼《布里奇頓》明星尼古拉·科夫蘭、創意企業家兼媒體名人詹娜·里昂斯以及奧運會短跑運動員和跨欄運動員悉尼·麥克勞克林-萊弗隆，她們都是 Olaplex 形像大使，並且都有自己的髮型。

This platform is a longer-term investment for which early indicators are encouraging. We drove nearly 1 billion press impressions on its launch, increased share of voice by 5 points, and increased our Google search volume, positive brand mentions, and social engagement.

該平台是一項長期投資，早期指標令人鼓舞。我們在產品發佈時獲得了近 10 億次媒體曝光，將話語權提高了 5 個百分點，並增加了我們的 Google 搜尋量、正面的品牌提及和社交參與度。

In the first quarter, we invested $18.1 million in non-payroll sales and marketing, an increase of $4.8 million over the same period last year. As our strategy continues to progress, we intend to further invest behind this platform and the three driving forces of our brand evolution.

第一季度，我們在非薪資銷售和行銷方面投資了 1,810 萬美元，比去年同期增加了 480 萬美元。隨著我們策略的不斷進展，我們打算進一步投資於這個平台和我們品牌發展的三大驅動力。

In summary, our renewed focus on authenticity, science-backed innovation, and emotional storytelling is beginning to show its impact, and we're excited about the momentum that we are working to build in our community across channels.

總而言之，我們重新關注真實性、科學支持的創新和情感敘事開始顯現其影響，我們對我們正在透過各種管道在社區中建立的勢頭感到興奮。

Moving to our second priority, harness innovation. Innovation is the heartbeat of Olaplex. It's about building a scalable, science-backed engine to create new products that drive category leadership, reinforce our brand promise, and deliver meaningful results for both professionals and consumers.

我們的第二個優先事項是利用創新。創新是 Olaplex 的核心。它是關於建立一個可擴展的、有科學依據的引擎來創造新產品，推動品類領導地位，強化我們的品牌承諾，並為專業人士和消費者帶來有意義的成果。

Our approach centers on foundational hair health, starting at the scalp and extending from root to tip. Based on an R&D model anchored in a deep understanding of hair biology, we believe we are well positioned to be a leader in this space. Over the past year, we've made improvements in how we develop, evaluate, and scale new product concepts.

我們的方法以頭髮的基礎健康為中心，從頭皮開始，從髮根延伸到髮梢。基於對頭髮生物學的深刻理解的研發模式，我們相信我們有能力成為該領域的領導者。在過去的一年裡，我們在開發、評估和擴展新產品概念的方式上取得了進展。

We've built a cross-functional innovation team integrating science, product development, consumer insights, and professional feedback. We established clear innovation principles rooted in our brand DNA and our scientific capabilities. And we streamlined our cross-functional processes, enhancing the speed of decision making and sharpness and execution in our go to market.

我們建立了一個跨職能的創新團隊，集科學、產品開發、消費者洞察和專業回饋於一體。我們建立了根植於品牌 DNA 和科學能力的明確創新原則。我們簡化了跨職能流程，提高了決策速度、敏銳度和市場執行力。

We believe these improvements set the stage for a robust forward-looking pipeline. Our 2025 innovation journey began with the launch of our scalp longevity treatment in late February. This product is an intentional extension into scalp health, a critical foundation for long-term hair vitality, and the fastest growing category in premium hair care, and [Persicana] growing at twice the rate of the overall prestige haircare category. We designed this formula to provide superior results with an ultra-light scalp serum that strengthens the scalp barrier via our original Biscimino technology and promotes healthy hair from the start.

我們相信這些改進為強勁的前瞻性管道奠定了基礎。我們的 2025 年創新之旅始於 2 月底推出的頭皮長壽療程。該產品有意延伸至頭皮健康，是長期保持頭髮活力的關鍵基礎，也是高端護髮產品中增長最快的類別，[Persicana] 的增長速度是整體高端護髮產品類別的兩倍。我們設計了此配方，透過超輕頭皮精華素提供卓越的效果，透過我們原創的 Biscimino 技術增強頭皮屏障，從一開始就促進頭髮健康。

Later this year, we plan to expand this platform with a professional scalp service treatment designed to address the specific needs of the scalp during an in salon visit, further developing our strategy to support the pro through new salon only services. In addition, just last week, we launched No.4 and No.5 Fine, a wash care system tailored to the needs of fine hair.

今年晚些時候，我們計劃擴展這個平台，推出專業的頭皮護理服務，旨在滿足顧客在沙龍就診期間頭皮的特殊需求，進一步發展我們的策略，透過新的沙龍專屬服務為專業人士提供支援。此外，就在上週，我們推出了針對細髮需求的洗護系統No.4和No.5 Fine。

Our existing No.4 and No.5 were the top selling Prestige shampoo and conditioner in the US in 2024, according to Cirkcon data. And we had heard feedback from our pros in our community that there was an opportunity to develop a second formula specifically designed for fine hair.

根據 Cirkcon 的數據，我們現有的 4 號和 5 號是 2024 年美國最暢銷的 Prestige 洗髮精和護髮素。我們也聽取了社群專業人士的回饋，表示有機會開發第二種專為細髮設計的配方。

These fine hair formulas address the top two concerns of these consumers, strength and volume, with a customized formulation that calibrates cleansing and conditioning ratios to deliver best-in-class results for those with this hair type.

這些細髮配方解決了這些消費者最關心的兩個問題，即強度和體積，採用定製配方，校準清潔和調理比例，為這種髮質的人提供一流的效果。

Overall, we believe science-led innovation is a sustainable growth lever that enables us to strengthen our authority, expand our portfolio, and build deeper, more lasting connections with both consumers and professionals.

總體而言，我們相信以科學為主導的創新是一個可持續的成長槓桿，它使我們能夠加強我們的權威，擴大我們的產品組合，並與消費者和專業人士建立更深、更持久的聯繫。

With fewer than 30 SKUs in our current lineup, we see substantial white space for expansion. Looking ahead, we're focused on delivering two to three strategic product launches annually, each supported by strong consumer education, stylist engagement, and omni-channel activation.

我們目前的產品線中 SKU 不足 30 個，因此有很大的擴展空間。展望未來，我們專注於每年推出兩到三款策略性產品，每款產品都將得到強而有力的消費者教育、造型師參與和全通路活化的支持。

Turning to our third strategic priority, execute with excellence. This priority is about developing operational rigor while building a future ready organization and team, disciplined, efficient, agile, and aligned to support our strategy across markets, channels, and customer touch points.

談到我們的第三個策略重點，卓越執行。這項優先事項是關於發展營運嚴謹性，同時建立一個面向未來的組織和團隊，該組織和團隊紀律嚴明、高效、敏捷，並協調一致，以支援我們跨市場、通路和客戶接觸點的策略。

As we continue to evolve as both a brand and a business, we remain focused on two core areas under this pillar. First, streamlining and modernizing our business processes, and second, executing a globally aligned go-to-market strategy. Let me provide an update on each.

隨著我們品牌和業務的不斷發展，我們仍然專注於此支柱下的兩個核心領域。首先，簡化和現代化我們的業務流程；其次，執行全球一致的市場進入策略。讓我提供一下每個問題的最新消息。

First, improving business processes. Improving business processes requires a strong team. As noted on our last call, we now have a strong leadership team in place across marketing, innovation, sales, operations, and finance. In 2025, we're expanding key capabilities across the organization in an effort to fuel sustainable growth and scale execution.

一是完善業務流程。改進業務流程需要一支強大的團隊。正如我們上次電話會議中提到的那樣，我們現在擁有一支強大的領導團隊，涵蓋行銷、創新、銷售、營運和財務。2025 年，我們將擴展整個組織的關鍵能力，以推動永續成長和規模執行。

One such example is the addition of a new leader of our education department, a critical addition as we continue to enhance our training and education programs for both professional and retail partners. I stated when I first joined the business, we have important work to do to more effectively deliver product knowledge, deepen brand advocacy, and empower our partners to to succeed with all black, which we are now in a better position to accelerate.

其中一個例子是我們教育部門增加了一位新領導，這對於我們繼續加強針對專業和零售合作夥伴的培訓和教育計劃至關重要。我剛加入公司時就說過，我們有很多重要的工作要做，以便更有效地傳遞產品知識、深化品牌宣傳，並讓我們的合作夥伴能夠透過全黑運動取得成功，而我們現在處於更好的位置來加速這些工作。

As we transform our company, we've been implementing changes that evolve our core business processes to streamline operations, embed accountability, and enable faster data-driven decision making and cross-functional effectiveness. These efforts are starting to pay off.

在公司轉型的過程中，我們一直在實施變革，改善我們的核心業務流程，以簡化營運、嵌入問責制，並實現更快的數據驅動決策和跨職能效率。這些努力開始取得成效。

We've now delivered two consecutive quarters of financial outperformance, which we believe is the result of more efficient and thorough planning, inventory management, and demand forecasting. We're enhancing cross-functional coordination, fostering better alignment between innovation, marketing, supply chain, and sales to drive a stronger go-to-market process.

我們現在已經連續兩個季度實現了優異的財務業績，我們相信這是更有效率、更全面的規劃、庫存管理和需求預測的結果。我們正在加強跨職能協調，促進創新、行銷、供應鏈和銷售之間的更好協調，以推動更強勁的市場進入流程。

And lastly, we are simplifying systems and implementing tools that give us earlier insight into data, which is improving execution across everything from digital marketing to financial reporting. While there is still significant work underway, improved process discipline is a key enabler, and we're pleased with our progress to date.

最後，我們正在簡化系統並實施工具，以便我們更早洞察數據，從而改善從數位行銷到財務報告等各個方面的執行情況。雖然仍有大量工作正在進行，但改進流程紀律是關鍵推動因素，我們對迄今為止的進展感到滿意。

Our second focus under this strategic priority is about international execution. Over the past several months, we've been conducting a comprehensive evaluation of our international business and our partners within each region. The result is a more targeted and strategic go-to-market strategy, one that is intended to allow us to scale efficiently with the right partner, while preserving local relevance.

我們在這項戰略重點下的第二個重點是國際執行。在過去的幾個月裡，我們一直在對我們的國際業務和每個地區的合作夥伴進行全面評估。其結果是製定出更具針對性和策略性的市場進入策略，旨在讓我們能夠與合適的合作夥伴有效擴大規模，同時保持當地的相關性。

Rather than build a one size fits all model, we're applying a tiered approach that balances direct investment with strong local partnerships. We believe this will better enable us to align resources where they will have the most impact while still delivering a consistent brand experience worldwide.

我們並沒有建立一種放之四海而皆準的模式，而是採用一種分層的方法，在直接投資和強大的本地合作夥伴關係之間取得平衡。我們相信，這將使我們能夠更好地將資源集中在最有影響力的地方，同時仍在全球範圍內提供一致的品牌體驗。

In focus more, which includes some we managed firsthand and others that are operated through a single distributor, we're making direct investments across marketing, education, and sales to drive long-term growth. In other regions, we intend to collaborate with trusted distribution partners to build the brand with tailored support, clear guidelines, and consistent storytelling.

重點關注包括我們直接管理的一些產品和透過單一分銷商運營的其他產品，我們正在對行銷、教育和銷售進行直接投資，以推動長期成長。在其他地區，我們打算與值得信賴的分銷夥伴合作，透過客製化支援、明確的指導方針和一致的故事敘述來建立品牌。

Our objective over time is to scale across geographies with a streamlined process and communication tools that provide better partnership, guidance, and execution for all of our partners. We believe this approach will allow us to maintain global consistency, support high potential regions, and scale with intentions, all without losing sight of the unique dynamics of each market.

我們的目標是透過精簡的流程和溝通工具擴大跨地域規模，為所有合作夥伴提供更好的合作、指導和執行。我們相信，這種方法將使我們能夠保持全球一致性，支持高潛力地區，並有意擴大規模，同時又不會忽略每個市場的獨特動態。

Overall, but we do recognize that it will take time to get to full capacity, we expect this effort to give us a sustainable international model that leverages our successes and learnings in North America to deliver long-term growth.

整體而言，我們確實意識到要達到滿載生產需要時間，但我們希望這項努力能為我們提供一個可持續的國際模式，利用我們在北美取得的成功和經驗來實現長期成長。

Across all of our strategic priorities, execution remains a critical enabler of our growth. We believe this improved execution will allow us to facilitate financial performance and create the operational stability and flexibility needed to deliver on our Bonds and Beyond strategy. We'll continue to report on our progress. I believe we're now moving in the right direction.

在我們所有的策略重點中，執行力仍然是我們成長的關鍵推動因素。我們相信，這種改進的執行將使我們能夠促進財務業績，並創造實現債券及其他策略所需的營運穩定性和靈活性。我們將繼續報告我們的進展。我相信我們現在正朝著正確的方向前進。

In summary, first quarter marked a solid start to the year and reflected what we believe are early positive signs behind our renewed strategy. We're realistic about the challenges ahead, particularly in a dynamic macro environment. We're confident in our long-term vision, the strength of our brand, the resilience of the premium hair care category, and the capabilities we are building.

總而言之，第一季標誌著今年的一個良好開端，並反映了我們認為的新策略背後的早期積極信號。我們對未來的挑戰非常現實，特別是在動態的宏觀環境中。我們對我們的長期願景、品牌實力、高端護髮類別的彈性以及我們正在打造的能力充滿信心。

We're reaffirming our 2025 guidance, as Catherine will discuss in more detail, and remain focused on disciplined execution across our three 2025 strategic priorities.

我們重申我們的 2025 年指導方針，正如凱瑟琳將更詳細地討論的那樣，並繼續專注於嚴格執行我們的三個 2025 年戰略重點。

And with that, I'll turn it over to Catherine to walk through our financials.

接下來，我將把主題交給凱瑟琳來介紹我們的財務狀況。

Thank you, Amanda, and good morning, everyone. Our first quarter financial results reflect what we believe is early traction in our transformation efforts as well as the ongoing complexity of operating through change. While we are encouraged by the signs of progress, we remain clear that we are still in the early stages of executing our strategy and that much of the work to unlock long-term growth is still ahead of us.

謝謝你，阿曼達，大家早安。我們第一季的財務表現反映了我們認為的轉型努力的早期進展以及透過變革進行營運的持續複雜性。雖然我們對進步的跡象感到鼓舞，但我們仍然清楚地知道，我們仍處於執行策略的早期階段，實現長期成長的大部分工作仍擺在我們面前。

That said, our net sales performance came in ahead of internal expectations, which we believe is a sign that the foundational actions we've taken across brand, innovation, and operational execution are beginning to show up in our financials.

話雖如此，我們的淨銷售額表現超出了內部預期，我們認為這表明我們在品牌、創新和營運執行方面採取的基礎行動開始在我們的財務狀況中體現出來。

First quarter net sales or $97 million, a 1.9% decline year over year, but ahead of where we expected to land. Growth in specialty retail and better than expected results in our professional channel helped offset expected declines in our direct-to-consumer channel. Modest growth in North America, where we are further along in our transformation, helped offset continued softness in our international markets as we began to realign our global go-to-market strategy.

第一季淨銷售額為 9,700 萬美元，年減 1.9%，但高於我們的預期。專業零售的成長以及專業管道好於預期的業績幫助抵消了直接面向消費者管道的預期下滑。隨著我們開始重新調整全球市場進入策略，我們在北美的轉型取得了進一步進展，該地區的溫和成長幫助抵消了國際市場的持續疲軟。

By channel, specialty retail was a bright spot, growing 12% year over year to $38.6 million, fueled by a strong retailer response to our brand refresh and updated merchandizing. Professional channel sales declined 10.9% to $34.5 million, largely driven by continued softness in international markets. However, we saw encouraging signs in North America where we are further along in our transformation.

從通路來看，專業零售是一個亮點，年增 12% 至 3,860 萬美元，這得益於零售商對我們的品牌更新和更新商品的強烈反應。專業通路銷售額下降 10.9% 至 3,450 萬美元，主要原因是國際市場持續疲軟。然而，我們在北美看到了令人鼓舞的跡象，我們的轉型取得了進一步的進展。

Direct-to-consumer sales declined 7.2% to $23.9 million in line with our strategy to reduce promotional intensity. Adjusted gross margin for the quarter was 71.9%, down 240 basis points from the prior year. This was anticipated and largely reflects our new innovation, products introduced in late 2024 and early 2025 that have not yet reached full production scale or margin efficiency.

直接面向消費者的銷售額下降 7.2% 至 2,390 萬美元，符合我們減少促銷強度的策略。本季調整後毛利率為71.9%，較前一年下降240個基點。這是預料之中的，很大程度上反映了我們的新創新，即 2024 年底和 2025 年初推出的產品尚未達到全面生產規模或利潤效率。

SG&A was $48.0 million, an increase of $7.6 million year every year. This increase is aligned with our strategic priorities and primarily reflects the investment in brand marketing and the rollout of our new identity and building capability across the organization. We believe these investments are necessary to support our transformation, and we remain committed to managing spend with discipline and a clear focus on ROI.

銷售、一般及行政費用為 4,800 萬美元，每年增加 760 萬美元。這一成長與我們的策略重點一致，主要反映了對品牌行銷的投資以及我們在整個組織內推出的新形象和建立能力。我們相信這些投資對於支持我們的轉型是必要的，我們將繼續致力於規範地管理支出並明確關注投資報酬率。

Adjusted EBITDA was $25.7 million, representing a 26.5% margin. This compares to 35.9% a year ago. While lower year over year, our adjusted EBITDA margin remains healthy, particularly given the strategic investments we are making to position our business for sustainable long-term growth.

調整後的 EBITDA 為 2,570 萬美元，利潤率為 26.5%。相比之下，一年前這一比例為 35.9%。儘管同比有所下降，但我們的調整後 EBITDA 利潤率仍然保持健康，特別是考慮到我們為實現業務的長期可持續增長而進行的戰略投資。

Turning to a review of the balance sheet. We continue to operate from a position of strength supported by an asset-like business model. At quarter end, cash and cash equivalents were $580.9 million, up from $507.5 million in Q1 at fiscal 2024.

轉向對資產負債表的檢討。我們將繼續以資產式商業模式支撐的優勢地位開展營運。截至季末，現金和現金等價物為 5.809 億美元，高於 2024 財年第一季的 5.075 億美元。

Inventory was $79.2 million, down $15.5 million from $94.6 million in Q1 of fiscal 2024, and an increase of $4 million from Q4 of 2024. We feel good about the composition and content of our inventory and continue to carefully manage stock levels in support of new product launches and refreshed merchandizing.

庫存為 7,920 萬美元，比 2024 財年第一季的 9,460 萬美元減少 1,550 萬美元，比 2024 年第四季增加 400 萬美元。我們對庫存的組成和內容感到滿意，並繼續仔細管理庫存水平，以支援新產品的推出和更新的商品銷售。

In recognition of our strong cash position, following quarter end, we utilized $300 million in cash to reduce outstanding debt, lowering our gross leverage ratio to around 4 times from around 7 times, and unlocking an estimated $20 million in annual interest savings.

鑑於我們強大的現金狀況，在季度末之後，我們利用 3 億美元現金減少未償債務，將我們的總槓桿率從約 7 倍降低至約 4 倍，並釋放出估計 2000 萬美元的年度利息節省。

This reinforces our commitment to capital discipline and balance sheet optimization. Let me shift to the topic of tariffs. We are a North America focused organization. As we understand the situation today, we expect tariff to have a relatively modest impact.

這加強了我們對資本紀律和資產負債表優化的承諾。讓我轉到關稅話題。我們是一家專注於北美的組織。根據我們目前所了解的情況，我們預期關稅的影響相對較小。

Put this in perspective, 95% of our finished goods sold in the US are manufactured in the US. We have European manufacturing capabilities which currently produce about 5% of our US sold finished goods. In the first quarter, the US represented 51% of our total net sales with international sales representing 49% of net sales.

從這個角度來看，我們在美國銷售的 95% 成品都是在美國製造的。我們擁有歐洲製造能力，目前生產我們在美國銷售的成品的約 5%。第一季度，美國銷售額占我們總淨銷售額的 51%，國際銷售額佔淨銷售額的 49%。

The EU represents the largest portion of our international sales, with no country outside the US representing more than 10% of total net sales. In addition, we have limited direct tariff exposure and raw materials and components with less than 1% of our product sourcing costs imported to the US from China.

歐盟占我們國際銷售額的最大份額，美國以外的任何國家都沒有占到總淨銷售額的 10% 以上。此外，我們的直接關稅風險有限，從中國進口到美國的原料和零件僅占我們產品採購成本的不到 1%。

Additionally, we source packaging into the US from Taiwan, Korea, and the EU, all of which are less than 3% of our COGS. Although no tariffs have been announced on EU nor UK imports, I will note that the majority of EU product is produced in the US.

此外，我們從台灣、韓國和歐盟採購包裝到美國，這些成本占我們銷貨成本的 3% 以下。儘管歐盟和英國都未宣布對進口產品徵收關稅，但我注意到，歐盟大部分產品都是在美國生產的。

We have been proactively working to address potential impacts that may occur due to tariffs. These include sourcing adjustments, we are exploring alternative suppliers outside of affected regions, with particular focus on domestic partners for certain components. Operational flexibility, we are working closely with our manufacturing partners to ensure they have adequate access to raw materials and to build contingency plans to limit our supply chain disruption. And pricing levers, we are evaluating selective pricing adjustments where elasticity and brand positioning allow.

我們一直在積極努力應對關稅可能帶來的潛在影響。這些措施包括採購調整，我們正在探索受影響地區以外的替代供應商，特別關注某些零件的國內合作夥伴。營運靈活性，我們正與製造合作夥伴密切合作，以確保他們能夠獲得足夠的原材料，並製定應急計劃以限制我們的供應鏈中斷。對於定價槓桿，我們正在評估彈性和品牌定位允許的選擇性價格調整。

While it's too early to quantify the exact impact of potential tariff change, given the details remain fluid, we are modeling a range of outcomes and will strive to mitigate the cost impacts through these levers. We entered 2025 with a clear vision and a strategic plan, and our first quarter results reflect that we are executing with intention, investing with purpose, and building momentum.

雖然現在量化潛在關稅變化的確切影響還為時過早，但考慮到細節仍不確定，我們正在模擬一系列結果，並將努力透過這些槓桿來減輕成本影響。我們帶著清晰的願景和戰略計劃進入了 2025 年，我們的第一季業績反映出我們正在有目的地執行、有目的地投資並積累動力。

We remain focused on value creation and are confident in the steps we're taking to position Olaplex as a leader in foundational hair health. As Amanda noted, we are maintaining our full-year 2025 guidance, which reflects the confidence we have in our strategy and the early traction we're seeing across priorities.

我們始終專注於價值創造，並對我們正在採取的措施充滿信心，以使 Olaplex 成為基礎頭髮健康領域的領導者。正如阿曼達所指出的，我們維持 2025 年全年指引，這反映了我們對策略的信心以及我們在各個優先事項上看到的早期進展。

In addition, our guidance incorporates the current consumer spending environment and at this point assumes no material impact from tariffs, given that the situation remains fluid and we can't reasonably estimate the downstream effects on consumer behavior that may arise.

此外，我們的指導考慮了當前的消費者支出環境，目前假設關稅不會產生重大影響，因為情況仍然不穩定，我們無法合理估計可能出現的對消費者行為的下游影響。

With this in mind for fiscal year 2025, we continue to expect net sales in the range of minus 3% to 2% versus fiscal 2024. Adjusted gross margin between 70.5% and 71.5%, and adjusted EBITDA margin of 20% to 22%. And while we plan our business annually and give guidance accordingly, we would like to provide a reminder that our marketing spend began ramping in the latter part of the first quarter, and we expect this to continue into the second quarter as we fully launch our Designed to Defy campaign and support the launch of 455.

考慮到這一點，我們預計 2025 財年的淨銷售額將比 2024 財年下降 3% 至 2%。調整後的毛利率在70.5%至71.5%之間，調整後的EBITDA利潤率在20%至22%之間。雖然我們每年都會規劃我們的業務並相應地提供指導，但我們想提醒大家，我們的行銷支出在第一季度後半段開始增加，我們預計這種趨勢將持續到第二季度，因為我們全面啟動了「Designed to Defy」活動並支持 455 的推出。

In summary, we have made a lot of progress in just a year's time, and we believe we are well positioned to achieve our 2025 expectations. Olaplex remains a powerful brand backed by science and is loved for its ability to promote hair and scalp health. With a large global consumer base and professional community and strong support from our partners around the world, we are positioned to deliver on our Bonds and Beyond strategy and to achieve our ambition, establish Olaplex as a foundational health and beauty company.

總而言之，我們在短短一年內取得了巨大進展，我們相信我們已準備好實現 2025 年的期望。Olaplex 仍然是一個有科學依據的強大品牌，並因其促進頭髮和頭皮健康的能力而受到喜愛。憑藉龐大的全球消費者群體和專業社群以及來自世界各地合作夥伴的大力支持，我們有能力實施「Bonds and Beyond」策略，實現我們的宏偉目標，將 Olaplex 打造成一家基礎健康和美容公司。

That concludes our prepared remarks. Operator, we're now ready to take questions.

我們的準備好的演講到此結束。接線員，我們現在可以回答問題了。

(Operator Instructions)

（操作員指示）

Jonna Kim, TD Cowen.

喬娜金（Jonna Kim），TD Cowen。

Thank you for taking my question. We love additional color. Just based on your data in the DTC channel, are you seeing any increase in the new customer acquisition funds? And what are you seeing in terms of the retention and just engagement from the existing consumers? And then just one another question. Has your outlook for the remainder of the year changed at all, just given the current medical trends? How would you sort of think about the remainder of the year and now versus your outlook when you gave in the last quarter? Thank you so much.

感謝您回答我的問題。我們喜歡額外的顏色。僅根據您在 DTC 頻道的數據，您是否看到新客戶獲取資金增加？就現有消費者的保留率和參與度而言，您看到了什麼？然後還有一個問題。考慮到當前的醫療趨勢，您對今年剩餘時間的展望有任何改變嗎？與上個季度的展望相比，您對今年剩餘時間和現在的展望有何看法？太感謝了。

I'll start with those. Good to hear your voice, and good morning. So first and foremost, I think as we give a little bit of perspective about the DTC channel, and what we saw in that happen in the first quarter. It was a very deliberate change to our strategy. And as we thought about our assortment and kind of how we're using promotional activity in that channel.

我先從這些開始。很高興聽到你的聲音，早安。因此，首先，我認為我們應該對 DTC 管道以及我們在第一季看到的情況給出一些看法。這是對我們的策略的一次非常謹慎的改變。當我們考慮我們的產品組合以及我們如何在該管道進行促銷活動時。

And as we thought about the transformation overall in our business, we felt like we could do the things that we've really talked about from the very beginning, which is to use promotions during key moments, key temple moments, and to use them surgically. And so that's really what you see in that direct consumer business.

當我們思考我們業務的整體轉型時，我們覺得我們可以做我們從一開始就談論的事情，那就是在關鍵時刻、關鍵的寺廟時刻使用促銷活動，並精準地使用它們。這就是你在直接消費者業務中看到的實際情況。

That's a strategy that we really believe is the right thing for us going forward as we think about that channel in particular and the broader ecosystem. So that that's really how I would position, our thinking what we've seen in those results. And now that we really have a brand new site, which is a very important thing that we needed. Our digital media efforts are up and running, we're very optimistic about the role that that channel plays in our go forward strategy.

當我們考慮該管道和更廣泛的生態系統時，我們確實相信這對我們未來的發展是正確的策略。這就是我真正要定位的，我們對這些結果的看法。現在我們確實有了一個全新的網站，這是我們需要的非常重要的東西。我們的數位媒體工作已啟動並運行，我們對該頻道在我們的未來策略中發揮的作用非常樂觀。

With respect to our broader take on the macro environment right now, which is I think what you're alluding to, I'd say a few things. First and foremost, beauty is a resilient category. This is a category that time and again has proven, that it can withstand, a lot of change in the consumer macro environment. We need to keep our eyes on it, obviously, but we remain optimistic about what the category as a whole is.

關於我們對當前宏觀環境的更廣泛看法，我想這也是您所暗示的，我想說幾件事。首先，美麗是一個有彈性的類別。這一類別已一次又一次證明，它可以承受消費者宏觀環境的巨大變化。顯然，我們需要密切關注它，但我們對整個類別的情況仍然樂觀。

I'd also say that Prestige hair care, as we've talked about in terms of our broader strategy and why we believe so strongly in Olaplex's position going forward is at an early stage of its growth. So there is some good momentum that we want to take advantage of, as the consumer shifts in in that category.

我還想說，正如我們在更廣泛的策略方面所討論的那樣，Prestige 護髮產品正處於發展的早期階段，我們之所以如此堅信 Olaplex 的未來地位。因此，隨著消費者轉向該類別，我們希望利用一些良好的動力。

The third thing I would say is that So we're in the middle of a transformation, and we're really focused on our long-term goals. We have the flexibility to do that. We now have the vision to be able to do that. And so that's why we are reiterating our guidance today and the things that I'll let Catherine allude to and speak about is kind of where we would see being within that range, but we really, again, remain focused on executing, focused on making sure that our brand is out there in the healthiest way, and that we're really representing our products for the incredible strength that they have.

我想說的第三件事是，我們正處於轉型之中，我們真正專注於我們的長期目標。我們可以靈活地做到這一點。我們現在有能夠做到這一點的願景。這就是為什麼我們今天要重申我們的指導方針，而我將讓凱瑟琳提到和談論的事情是我們認為在該範圍內的事情，但我們確實再次專注於執行，專注於確保我們的品牌以最健康的方式出現，並且我們真正代表了我們的產品所具有的驚人優勢。

Yeah, I will just add a couple of things first on the dotcom part, as Amanda discussed, this was a deliberate strategy and the results were expected. And then as we are thinking about our guidance for the whole year, we are encouraged by our first quarter results and the early signs of progress that we believe they represent.

是的，我首先想在網路部分補充幾點，正如 Amanda 所討論的，這是一個深思熟慮的策略，其結果是意料之中的。當我們考慮全年的指導時，我們對第一季的業績以及我們認為它們代表的早期進展跡象感到鼓舞。

And as we think about the rest of the year, our ability to hit the top end of the range is directly tied to the speed with which we execute on the three priorities generate brand demand, harness innovation, and execute with excellence. We feel confident in the new brand positioning and expect it a lot innovation that Amanda talked about to drive demand. And we've made a lot of progress on our metrics as I talked about in the past. We're monitoring closely and reacting to what's working, and so we're confident in the range for the rest of the year.

當我們考慮今年剩餘時間時，我們達到最高水準的能力與我們執行三個優先事項的速度直接相關：創造品牌需求、利用創新和卓越執行。我們對新的品牌定位充滿信心，並期待它能夠像阿曼達所說的那樣，透過大量創新來推動需求。正如我過去談到的，我們在指標方面取得了很大進展。我們正在密切監控並對有效的措施做出反應，因此我們對今年剩餘時間的業績範圍充滿信心。

Alright, thank you so much.

好的，非常感謝。

Ashley Helgans, Jefferies.

傑富瑞 (Jefferies) 的阿什利·赫爾甘斯 (Ashley Helgans)。

Hi, this is Sydney on for Ashley. Thank you for taking our question. Can you talk about what you're seeing from marketing initiatives in terms of KPIs and then how do you see these marketing efforts translating differently maybe between the US or internationally or between the pro versus retail channels? Thank you.

大家好，我是悉尼，為您播報阿什利的節目。感謝您回答我們的問題。您能否從 KPI 的角度談談您從行銷計劃中看到的情況，然後您如何看待這些行銷工作在美國或國際之間，或在專業管道和零售管道之間的不同表現？謝謝。

Great question. Good morning, Sydney. So with respect to making sure that we all understand where we are in that marketing journey, when we were on our last call, that was right after we had relaunched the brand and we had updated our visual identity. We had just relaunched the website here, and across the globe, and we were in the midst of what the global rollout of the brand upgrade.

好問題。早上好，雪梨。因此，為了確保我們都了解我們在行銷旅程中的位置，當我們進行最後一次通話時，那是在我們重新推出品牌並更新視覺形象之後。我們剛剛在這裡和全球重新推出了網站，並且正處於全球推出品牌升級的過程中。

What's happened since then is an additional program that we talked about today, which is really what I would characterize as our upper funnel brand positioning and work that we needed to do to really drive the emotional connection that we've been speaking about from the beginning that was really missing in our brand, and that's the Designed to Defy platform, and I would characterize that again as an upper funnel longer-term investment that began in April. So we're still in in early stages of that.

從那時起發生的事情是我們今天討論的一個附加計劃，我實際上將其描述為我們的上層漏斗品牌定位和我們需要做的工作，以真正推動我們從一開始就談論的品牌真正缺少的情感聯繫，這就是“Designed to Defy”平台，我再次將其描述為從四月份開始的一項上層漏斗長期投資。所以我們仍處於早期階段。

As I talked about earlier this morning, we've seen some really nice KPIs out of the gate in terms of the impression, the Google search, the social engagement around that campaign. But as I'm sure upper funnel brand building marketing is not an overnight thing, and we're in the midst of a transformation that we do expect to take time. But again, early signs we're optimistic about what we've seen thus far.

正如我今天早上提到的，我們在印象、谷歌搜尋、圍繞活動的社交參與度方面看到了一些非常好的 KPI。但我確信，上層漏斗品牌建立行銷不是一朝一夕就能完成的，我們正處於轉型之中，預計這需要時間。但再次強調，早期跡象表明我們對迄今為止所看到的情況持樂觀態度。

With respect to international, that's a business that as we've articulated, we're in a realignment phase, so there are certain areas in the where we'll actually have the new visual identity in the next few months roll out across the globe. The marketing engine will take our time as we really find those markets that we have the right infrastructure that we have the right partners to really engage in what, I would characterize, as a more aggressive marketing efforts.

就國際業務而言，正如我們所闡述的，我們正處於重新調整階段，因此，在未來幾個月內，我們將在某些領域推出新的視覺形象，並在全球範圍內推廣。行銷引擎將花費我們一些時間，因為我們真正找到了那些擁有正確基礎設施的市場，我們擁有正確的合作夥伴，可以真正參與我所說的更積極的行銷工作。

But that is a work in progress. I'm pleased with the pace that we're moving at there. I think we have clarity around what the right partners are. We spent a lot of time making sure that we have the right abilities internally to be able to execute on that, so that whatever we're coming up with here in our domestic market, we're able to translate effectively across the globe. And that has to do with really making sure we have the right handoff points, the right communication, the right partner at the other end, things that are what I would call the wiring from our US-based business into our international business.

但這項工作仍在進行中。我對我們目前進展的步伐感到滿意。我認為我們已經清楚誰是合適的合作夥伴。我們花了大量時間來確保我們內部擁有執行此目標的正確能力，以便我們在國內市場推出的任何產品，都能在全球範圍內有效地轉換。這確實與確保我們擁有正確的交接點、正確的溝通、另一端的正確合作夥伴有關，這些就是我所說的從美國業務到國際業務的連結。

So as we've spoken about that is something that's coming up to full capacity. We haven't put a timeline on that, but I think we're moving at a good pace, and we know what the end game looks like there.

正如我們所說的那樣，這是即將達到滿載的狀態。我們還沒有為此設定時間表，但我認為我們正在以良好的速度前進，而且我們知道最終結果會是什麼樣子。

Susan Anderson, Canocord Genuity.

蘇珊安德森，Canocord Genuity。

Hi, good morning. Thanks for taking my question. That nice job on the quarter. I guess I wanted to ask about the spec retail channel, definitely saw some better growth than we're expecting. I was curious, was there a lot of restocking there? How did your selling perform versus the sellouts? And then also how are you feeling about inventory at retail? We have heard some destocking from other players out there. I'm just curious what you're seeing. Thanks.

嗨，早安。感謝您回答我的問題。本季做得很好。我想問的是有關規格零售通路的問題，它的成長肯定比我們預期的要好。我很好奇，那裡有很多補貨嗎？與銷售量相比，您的銷售表現如何？那麼您對零售庫存有何看法？我們聽到一些其他參與者正在削減庫存。我只是好奇你看到了什麼。謝謝。

A great question as well. Good morning, Susan. So I would say our inventory is in a healthy position, our retail partners, that's important to stay right out of the gate. What you've seen in that upside and specialty retail is really related to we spent a lot of time -- and I believe I was talking about this probably even in my first call last year about how important it was to spend time with our retailer partners to really make sure that they understood that our future vision that they understood what we're doing in our innovation pipeline that we have the right team in place to be able to execute properly with them. And we've made a lot of progress on that.

這也是一個很好的問題。早安，蘇珊。所以我想說我們的庫存處於健康狀態，對於我們的零售合作夥伴來說，保持庫存狀態非常重要。您所看到的這種優勢和專業零售確實與我們花費了大量時間有關——我相信我可能在去年的第一次電話會議上就談到了這一點，關於花時間與我們的零售合作夥伴在一起的重要性，真正確保他們理解我們的未來願景，他們理解我們在創新渠道中所做的事情，我們擁有合適的團隊能夠與他們一起正確執行。我們在這方面已經取得了很大進展。

So that's really what you're seeing in those numbers is their beliefs, and their enthusiasm for what the road ahead looks like in Olaplex. So that -- and as we said before, we're really in the early phase of that, so there's a lot to come as we've just launched 455, that's a very large initiative for us and as we look to the rest of the year.

所以你從這些數字中看到的其實是他們的信念，以及他們對 Olaplex 未來發展的熱情。所以 — — 正如我們之前所說，我們確實處於早期階段，因此還有很多事情要做，因為我們剛剛推出了 455，這對我們來說是一個非常大的舉措，我們期待著今年剩餘的時間。

Okay, great, thanks. And then maybe if I could just ask about the new brand refresh. Curious of how it's been received by consumers I guess both in store, we've noticed definitely a lot more pop in the brand but then also online, and if there's any -- if you're seeing any better conversion as a result or social media buzz. Thanks.

好的，太好了，謝謝。然後也許我可以問一下有關新品牌更新的問題。我很好奇消費者對它的接受程度如何，我想無論是在實體店還是在線上，我們都注意到該品牌的受歡迎程度明顯提高，如果您看到任何更好的轉換率或社交媒體的熱議，那會怎樣呢？謝謝。

Yeah, it's been -- we're very pleased with how it's been received both by consumers as well as by professional community. And the best way I can articulate it is that the response has been, this is Olaplex that I've always thought it could be. And because it was very important to us to make sure that we were harnessing our original brand story, that we were harnessing the place that we came from, the born in the lab brought to the chair, I think we're really bringing that to life.

是的，我們對消費者和專業人士的回饋感到非常高興。我能表達的最好方式是，得到的回應是，這就是我一直認為的 Olaplex。因為對我們來說，確保我們能夠利用我們最初的品牌故事、利用我們的出身地、從實驗室誕生到現在的理念非常重要，所以我認為我們真的將其變為現實。

Again, that's the starting point. It's not the ending point. And right now, we're in a place where we can I feel confident that we can really turn on a marketing engine much more effectively than we could before, because It's not just about how the money that you spend, it's also about how you're spending it. It is the visuals that you're using. We operate in a very visually driven category, and now we have the right toolitt to be able to go and really invest behind our marketing going forward. So this was to put us in the game, so to speak, and we're excited to be there.

再次強調，這是起點。這不是終點。現在，我們有信心，我們可以比以前更有效地啟動行銷引擎，因為這不僅關乎你如何花錢，還關乎你如何花錢。您正在使用的是視覺效果。我們經營的是一個非常注重視覺的類別，現在我們擁有了合適的工具，能夠真正投資於我們未來的行銷。可以這麼說，這是為了讓我們參與遊戲中，我們很高興能參與其中。

And I would just add to your comment or question on sell through is that Q1 2025 sell through improved compared to Q1 2024, and we expect to deliver continued improvement in that sell through trend as we go throughout the year, particularly as our marketing that Amanda just described, ramps in the second quarter beyond.

我只想補充一下您對銷售量的評論或問題，2025 年第一季的銷售量與 2024 年第一季相比有所提高，我們預計全年銷售量趨勢將繼續改善，特別是隨著 Amanda 剛才描述的我們的行銷活動在第二季逐漸增加。

Okay, great, thanks so much. Good luck the rest of the year.

好的，太好了，非常感謝。祝今年餘下的時間一切順利。

Thank you.

謝謝。

Thanks.

謝謝。

Kate Grafstein, Barclays.

巴克萊銀行的凱特·格拉夫斯坦。

Hi, thanks. So you talked about the plan to reduce promotional intensity in the DTC channel. Is this also the plan across the other channels as well? And then, if you can also talk about the promotional environment in general, what you're seeing in both the US and in international? Thank you.

你好，謝謝。所以您談到了減少 DTC 管道促銷強度的計劃。其他管道也有同樣的計畫嗎？然後，您是否可以談談整體的促銷環境，您在美國和國際上看到了什麼？謝謝。

So it's always been our intention to promotionality and leveraging promotions is certainly a part of a tool kit to building a brand in the beauty space. We believe that we want to use those during [temporal] moments that we that are critical for our retailer partners. We've done that again last year. We'll continue to do that going forward. And then we want to have the same sort of approach on our GTC channel, that's really about one of those critical moments, how am I using it surgically, it is an important tool and so it's really about just being more strategic and how we're using it at the right time versus having something that's more every day.

因此，我們一直致力於促銷，而利用促銷無疑是在美容領域打造品牌的工具包的一部分。我們相信，我們希望在對我們的零售合作夥伴至關重要的[暫時]時刻使用這些功能。去年我們又這樣做了。我們將繼續這樣做。然後，我們希望在 GTC 頻道上採用相同的方法，這實際上是關於那些關鍵時刻之一，我如何精準地使用它，它是一個重要的工具，因此它實際上只是更具戰略性，我們如何在正確的時間使用它，而不是每天都使用它。

So that's really been the shift that we saw in the DTC. And that was kind of in the master plan of as we think about what we're doing as a business and what we're doing as a brand is that we're really building a brand and building a marketing engine while you're also making sure that you're using promotions in a strategic way. So getting both of those working at the same time, coherently across omnichannel.

這就是我們在 DTC 中看到的真正轉變。這就是我們的總體規劃，當我們思考我們作為一個企業在做什麼以及我們作為一個品牌在做什麼時，我們實際上是在建立一個品牌和一個行銷引擎，同時還要確保以策略性的方式使用促銷。因此，讓這兩者同時、一致地在全通路中工作。

We have an incredible new Chief Revenue Officer, Michelle Brett, who joined us in December. And she's really helping us a lot to think about how we're using different channels and how we're really thinking about things on the channel and each piece of the puzzle working to support the other. So that's really something that we're excited to see come to fruition at this point.

我們迎來了一位出色的新任首席營收長米歇爾·布雷特 (Michelle Brett)，她於 12 月加入我們。她確實給了我們很大的幫助，讓我們思考如何使用不同的管道，如何真正思考管道上的事情，以及如何讓每個部分相互支持。因此，我們非常高興看到這件事現在得以實現。

And as we think about the full-year guidance, we've left room within our range to do just as a man just said. We are going to use the lever as a leadership team reacting to those metrics that I talked about earlier to increase or pull back on promotionality depending on what we see in the market.

當我們考慮全年指導時，我們在我們的範圍內留出了空間，就像剛才一位男士說的那樣。我們將利用領導團隊對我之前提到的那些指標做出反應的槓桿，根據我們在市場上看到的情況來增加或減少促銷。

Dana Telsey, Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團 (Telsey Advisory Group)。

Hi, good morning. It was funny around a month ago I was walking in Soho on a Saturday, very early Saturday morning, and I saw a line outside where you were having an event or an activation. And so I see what's happening with your marketing. As you think of marketing spend dollars, Amanda, how are you thinking of cadence throughout the year? How are you thinking of what marketing should be over the long term, given what you're building now with the more new effective category launches too?

大家好，早安。大約一個月前，一個週六，清晨，我在Soho區散步時，看到你們舉辦活動或活動的地方外面排起了長隊，這很有意思。所以我明白了你們的行銷策略。阿曼達，當您考慮行銷支出時，您如何考慮全年的節奏？考慮到您目前正在建立的更多新的有效產品類別的推出，您如何看待長期行銷應該是什麼樣子的？

And then, Catherine, when you think about the margins, the puts and takes of the drivers, whether expense dollars or how you're thinking of the buckets of gross margin as we move forward, especially in an environment that's certainly more fragile?

然後，凱瑟琳，當您考慮利潤率、驅動因素的投入和產出時，無論是費用金額，還是您如何看待我們前進過程中的毛利率，特別是在一個肯定更加脆弱的環境中？

And lastly, just on inventory, how you're planning inventory go forward? Thank you.

最後，關於庫存，您計劃如何進行庫存管理？謝謝。

Thanks, Dana. For those who are not in a Soho of one Saturday that I think Dana's referring to our bond house, which was really our first large consumer engagement effort. We had had something called the leave-in, if you call back in September of last year, which was focused on our leave-in conditioner, and that was very successful. Also had its own line around the block. And then we did something called the Bond House, which was supporting the launch of our Designed to Defy campaign.

謝謝，達娜。對於星期六不在 Soho 的人來說，我認為 Dana 指的是我們的債券行，這實際上是我們第一次大型消費者參與活動。如果你回想去年 9 月，我們曾經推出過一種叫做免沖洗護髮素的產品，主要集中在免沖洗護髮素上，這款產品非常成功。街區周圍也有自己的路線。然後我們做了一些叫做 Bond House 的事情，它支持我們「Designed to Defy」活動的啟動。

It was a three-day event, that started with something for influencers or pro-community, and then was open to the public all weekend in which people could really experience the full range of what the new brand looks like from a foundational hair health wall to really explain the science.

這是一場為期三天的活動，首先為有影響力的人或社區親友舉辦一些活動，然後整個週末向公眾開放，人們可以真正體驗到新品牌的全部面貌，從基礎的頭髮健康牆到真正解釋科學原理。

You could get a scalp scan, and understand the state of your own hair, have a hair touch up from our pro community, and of course, the photo moment because it's not a IRL activation without a photo moment. So that was, I think definitely something that's an example of how we're thinking about the creation of of what we call rolling thunder in terms of the conversation about Olaplex.

您可以進行頭皮掃描，了解自己頭髮的狀況，從我們的專業社區進行頭髮修飾，當然還有拍照時刻，因為沒有拍照時刻就不是 IRL 激活。所以，我認為這絕對是一個例子，說明我們在有關 Olaplex 的討論中是如何思考如何創造所謂的「滾雷」的。

And that as I talked about this morning that it's more than awareness, but it's about creating brand love and engagement, the right energy in the right room. Those are certainly physical places where you can see it and then that needs to translate across our digital channels, which is really where we spend the majority of our media money, and how do we really take that story and expand it across those who maybe aren't on the in a Soho store.

正如我今天早上所說的那樣，這不僅僅是提高知名度，而是創造品牌熱愛和參與度，在合適的空間中創造合適的能量。這些當然是您可以在實體場所看到的內容，然後需要透過我們的數位管道進行轉化，而這正是我們花費大部分媒體資金的地方，我們如何真正地將這個故事傳播給那些可能不在 Soho 商店的人們。

So that's a great perspective on how we're thinking about marketing. We certainly have -- now as I mentioned that we have our brand in the right place, we can start to do things like that, and you'll continue to see that from us.

這對我們思考行銷的方式來說是一個很好的觀點。我們當然有——正如我所提到的，我們的品牌現在處於正確的位置，我們可以開始做這樣的事情，而且你會繼續看到我們這樣做。

And then on your EBITDA questions, I think what's most important for us and for you to know is that we are very focused in 2025 on executing our strategy, generating brand demand, harness innovation, execute with excellence. And we have a strong balance sheet, and this is going to allow us to invest straight through any turbulence for whatever reason that may be caused.

關於您的 EBITDA 問題，我認為對我們和您來說最重要的是，我們將在 2025 年非常專注於執行我們的策略、創造品牌需求、利用創新、卓越執行。我們擁有強大的資產負債表，這將使我們能夠在無論何種原因造成的動盪中直接進行投資。

This actually might be a competitive advantage for us cause we're not going to have to pull back when others might. Of course, we'll always be watching what's happening and we'll make smart investments that driven by ROI, but our plan is to stay on strategy.

這實際上可能對我們來說是一個競爭優勢，因為我們不必在其他人可能撤退時撤退。當然，我們會一直關注事態發展，並根據投資回報率進行明智的投資，但我們的計劃是堅持策略。

And in regards to inventory, we carefully manage our inventory. As I've mentioned in the past, we've gotten even better with our processes and our metrics to allow us to have inventory in the right place. Given what's happening in the world, we're looking at maybe building inventory in the right places to make sure that we manage through the tariff situation and get our balance sheet allows us to do that, and we'll be back to you with what we've done as we go through the year.

關於庫存，我們會謹慎管理庫存。正如我過去提到的，我們的流程和指標已經變得更好，使我們能夠將庫存放在正確的位置。鑑於全球正在發生的事情，我們正在考慮在正確的地方建立庫存，以確保我們能夠應對關稅形勢，並獲得允許我們這樣做的資產負債表，我們將在今年向您報告我們所做的工作。

Thank you.

謝謝。

[Savanna Choudhury] J.P. Morgan.

[Savanna Choudhury] 摩根大通。

Hi, thanks for taking our question. You commented that your self through has been improving year over year and the inventory at trade is healthy. However, underlying global beauty category consumption has been disalerting, and that's also embedded in your guidance. But can you specifically speak to the latest underlying prestige hair care category consumption trends both here in the US and what you're seeing in the international market? And have your consumption rates exceeding the quarter held up in the several weeks in Q2 thus far?

您好，感謝您回答我們的問題。您評論說，您的狀況逐年改善，並且交易庫存狀況良好。然而，全球美容類別的潛在消費情況令人擔憂，這也體現在您的指導中。但是，您能否具體談談美國和國際市場上最新的高端護髮品類消費趨勢？到目前為止，第二季的幾週內您的消費率是否一直超過季度水準？

Thank you.

謝謝。

Thanks for the question. Really what I would go back to is for where we are in our overall transformation, we're really thinking about the long term, and that we really are focused on what the overall potential is in Prestige here, which continues to be a growing category, and really how can we participate in that. And for us in the midst of the transformation, I think it's really critical to stay focused on the long-term game.

謝謝你的提問。我真正要回顧的是，我們在整體轉型中所處的位置，我們真正考慮的是長遠發展，我們真正關注的是 Prestige 的整體潛力，這是一個持續成長的類別，我們真正如何參與其中。對於我們這些處於轉型期的人來說，我認為專注於長期目標至關重要。

And as Catherine alluded to, we'll make sure that we maintain our flexibility, that we're being smart about our investments at this time, and that we continue to sort of focus on the road ahead. And we'll certainly keep focused and keep everyone updated as we see what unfolds within the consumer macro environment, which obviously is dynamic and we need to keep our eyes on it.

正如凱瑟琳所提到的，我們將確保保持靈活性，確保我們此時明智地進行投資，並繼續關注未來的道路。我們一定會保持關注，並讓每個人都了解最新情況，因為我們會看到消費者宏觀環境的演變，這顯然是動態的，我們需要密切關注它。

May I tack on another question, if okay? So you had it provided a lot of good details around tariffs and everything and you're expecting like -- but can you give us a sense of the magnitude of any incremental growth tariff headwinds, just so that we can get an understanding of what it looks like, I mean, understand it's relatively smaller than most others out there?

如果可以的話，我可以再問一個問題嗎？因此，您已經提供了有關關稅等諸多方面的大量詳細信息，並且您期望如此——但是您能否讓我們了解一下任何增量增長關稅阻力的幅度，以便我們了解它是什麼樣子，我的意思是，了解它比其他大多數阻力相對較小？

I am sorry, I'm not quite picking up the -- they're a little bit hard to hear. Do you mind repeating the question?

抱歉，我聽不太清楚──他們說的話有點難聽。你介意重複一下這個問題嗎？

Sure. I was just saying that you provided a lot of details, but then if you can give us a sense of the magnitude of the gross tariff number headwind actually that you may be seeing that needs to be mitigated just to get a sense of what it's like?

當然。我只是說你提供了很多細節，但是你能否讓我們了解一下總關稅數字逆風的程度，實際上你可能看到需要緩解這種逆風，以便了解它是什麼樣的？

Oh right, okay, thank you for repeating it. Yeah, we're a North America focused business and as such we expect any impact to be relatively small. We're not providing an exact number, but it's not something that is going to change our strategy or cost to do anything that we haven't already discussed.

哦，好的，好的，謝謝你重複這句話。是的，我們的企業主要集中在北美，因此我們預計任何影響都會相對較小。我們沒有提供確切的數字，但這不會改變我們的策略或成本，也不會改變我們尚未討論過的任何事情。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

Hey, good morning, team. Thank you for taking the question. I'd like to touch a little bit more on the marketing spend cadence for the remainder of the year. So it sounds like there was a bit of a pick up toward the end of the quarter heading into Q2. How should be thinking about the cadence of the spend then over the next several quarters? And should we anticipate any additional pickups as we get through the back half of the year? Thank you.

嘿，早上好，團隊。感謝您回答這個問題。我想再多談談今年剩餘時間的行銷支出節奏。因此聽起來，進入第二季度時本季末的情況有所改善。那麼，應該如何考慮未來幾季的支出節奏？我們是否應該預期下半年還會有任何額外的回升？謝謝。

Oh sure, I'll take that one. So you know the marketing center, as Amanda just mentioned, really started in the back half of the first quarter. We expect that spend to pick up in the second quarter. And then, through the rest of the year, I'll just reiterate what we are expecting for our guidance range. That's about what I can tell you because we don't provide specific quarterly guidance, but we did want to want to share that the second quarter will be a full quarter of impact compared to the first.

哦，當然，我會選擇那個。正如阿曼達剛才提到的，行銷中心實際上是在第一季後半段啟動的。我們預計第二季支出將會增加。然後，在今年剩餘的時間裡，我將重申我們對指導範圍的期望。這就是我能告訴你的，因為我們沒有提供具體的季度指導，但我們確實想分享的是，與第一季相比，第二季將產生完整的影響。

Okay, thank you. And then if I could just ask quickly on cash plans, so you sound pretty confident in your current cash position. Obviously, it sets you up well with the current tariff situation and inventory planning and you have paid on some debt. But any additional plans, regarding the cash usage that we could be thinking about in terms of driving greater shareholder returns.

好的，謝謝。然後，如果我可以快速詢問現金計劃，那麼您對當前的現金狀況聽起來非常有信心。顯然，它為您做好了當前的關稅狀況和庫存計劃，並且您已經償還了部分債務。但是，關於現金使用，我們可以考慮制定任何額外的計劃，以增加股東回報。

Thank you.

謝謝。

Yeah, thanks for the question. We were pleased to be able to pay down $300 million of debt right after the first quarter. And we thought that that was a really good use of funds for the shareholders, saves $20 million or maybe even a little bit more depending on rates in the future of cash payments that we don't have to make to the bank, and so we're pleased with that. And just reiterating our guidance -- we don't provide specific cash forecasting, but reiterating our guidance and we pay down the debt and we feel pretty pretty comfortable about the health of the business.

是的，謝謝你的提問。我們很高興能夠在第一季後償還 3 億美元的債務。我們認為這對股東來說是一種非常好的資金利用方式，可以節省 2000 萬美元甚至更多一點，具體取決於未來我們不必向銀行支付現金的利率，所以我們對此感到滿意。只是重申我們的指導——我們不提供具體的現金預測，但重申我們的指導，我們償還債務，我們對業務的健康狀況感到非常放心。

Great. Thank you.

偉大的。謝謝。

Thank you. There are no further questions at this time. I would like to hand the floor back over to Amanda Baldwin for any closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給阿曼達·鮑德溫 (Amanda Baldwin)，請她發表最後評論。

Thank you everyone for joining us this morning. We really appreciate your interest in Olaplex and we hope for, look forward to seeing many of you at any upcoming conferences and when we report our second quarter results later this year. Have a great day.

感謝大家今天上午加入我們。我們非常感謝您對 Olaplex 的關注，我們希望，期待在即將召開的會議上以及今年稍後報告第二季業績時見到你們。祝你有美好的一天。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。