Olaplex Holdings Inc (OLPX) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Olaplex Holdings, Inc. second quarter 2025 earnings results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Olaplex Holdings, Inc. 2025 年第二季收益業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Michael Oriolo, Vice President of Investor Relations. Please go ahead.

現在我很高興介紹投資者關係副總裁 Michael Oriolo。請繼續。

Good morning, everyone. Welcome to our second-quarter fiscal 2025 earnings call. Joining me today are Amanda Baldwin, Chief Executive Officer; and Catherine Dunleavy, Chief Operating Officer and Chief Financial Officer.

大家早安。歡迎參加我們的 2025 財年第二季財報電話會議。今天與我一起出席的還有執行長 Amanda Baldwin 和營運長兼財務長凱瑟琳鄧利維 (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 the Olaplex 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 Olaplex 業務前景的聲明以及公司今天發布的收益報告中提及的其他事項。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.

有關這些因素的更多信息，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“前瞻性陳述的警示說明”部分。這些文件可在 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截至本次電話會議召開之日的觀點，我們不承擔更新或修改任何前瞻性陳述的義務。

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. 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.

此外，在本次電話會議中，管理階層還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。您將在公司的收益報告中找到有關這些非 GAAP 財務指標的更多資訊以及這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳表。

A live broadcast of this call is also available on the Investor Relations section of the company's website at ir.olaplex.com. 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. 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 are cautioned not to give undue weight to these estimates.

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。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 second quarter performance and discuss 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二季的業績亮點，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 will now turn the call over to Amanda.

說完這些，我現在將電話轉給阿曼達。

Good morning, everyone. Thank you, Mike, and welcome to the Olaplex team. Mike brings over 15 years of Investor Relations and financial services experience, including leadership roles at Shake Shack and multiple years covering the consumer sector as both a public market and private equity investor. I look forward to you all getting to meet him as he partners with myself and the rest of the Olaplex team at this pivotal time in our ongoing transformation.

大家早安。謝謝你，麥克，歡迎加入 Olaplex 團隊。Mike 擁有超過 15 年的投資者關係和金融服務經驗，包括在 Shake Shack 擔任領導職務以及多年作為公開市場和私募股權投資者覆蓋消費領域的經驗。我期待大家能與他見面，他將與我以及 Olaplex 團隊的其他成員一起，在我們正在進行的轉型的關鍵時刻進行合作。

We're pleased to share our second-quarter results that marked continued progress in our transformation journey. As I have said consistently since day one of joining Olaplex, it remains important to recognize that the transformations are rarely linear, especially those that are as broad as ours, touching all parts of our organization and business model. We are encouraged by the signs of progress year-to-date, and we also recognize that there remains more work ahead as we balance improving the business in the immediate term with simultaneously positioning Olaplex for sustainable long-term success.

我們很高興地分享我們的第二季業績，這標誌著我們的轉型之旅取得了持續進展。正如我加入 Olaplex 第一天以來一直說的那樣，重要的是要認識到轉型很少是線性的，特別是像我們這樣廣泛的轉型，涉及我們組織和商業模式的所有部分。我們對今年迄今為止的進展跡象感到鼓舞，我們也認識到，在我們平衡短期業務改善與同時定位 Olaplex 實現可持續的長期成功之間，未來還有更多的工作要做。

Through our team's tireless execution of our Bonds and Beyond strategy, we delivered a solid first half of the year and encouraged by our progress. As we enter into the second half of 2025, we remain focused on delivering the results we guided to at the outset of the year and further laying the foundation for our ongoing transformation.

透過我們團隊不懈地執行「債券及其他」策略，我們在今年上半年取得了穩健的業績，並對我們的進步感到鼓舞。進入2025年下半年，我們將繼續致力於實現年初所預期的成果，並為持續轉型奠定基礎。

Before diving into our strategic progress, here is a summary of our second-quarter results. Net sales of $106.3 million, up 2.3% year-over-year, with adjusted EBITDA of $24.6 million, a margin of 23.1%.

在深入探討我們的策略進展之前，我們先來總結一下我們的第二季業績。淨銷售額為 1.063 億美元，年成長 2.3%，調整後 EBITDA 為 2,460 萬美元，利潤率為 23.1%。

Turning to our performance by channel. In Professional, we are seeing early traction from our Pro FIS efforts driven largely by our US business. Specialty retail sales were down in the quarter. However, our sell-through at key retailers improved sequentially versus first-quarter levels as we are beginning to see the benefits from our marketing investments. Direct-to-consumer led our performance with sales rising low double digits, aided by a favorable response to our upgraded olaplex.com site and strategy to consolidate promotions into key tentpole moments.

談談我們按管道的表現。在專業領域，我們看到 Pro FIS 努力的早期進展，這主要歸功於我們的美國業務。本季專業零售額下降。然而，由於我們開始看到行銷投資帶來的收益，我們在主要零售商處的銷售量與第一季相比有所提高。直接面向消費者的銷售業績領先於我們的預期，銷售額實現了兩位數的低位增長，這得益於我們升級後的 olaplex.com 網站獲得的良好反響以及將促銷活動整合到關鍵宣傳時刻的戰略。

Now let me discuss the execution of our strategy and an update on our progress year-to-date. As a reminder, we have three strategic priorities for 2025. First, Generate Brand Demand; second, Harness Innovation; and third, Execute With Excellence.

現在讓我討論一下我們的策略執行情況以及今年迄今為止的進展。提醒一下，2025 年我們有三個策略重點。第一，創造品牌需求；第二，利用創新；第三，卓越執行。

First, Generate Brand Demand. Year-to-date, we have invested $45.4 million in non-payroll sales and marketing, an increase of approximately $14.6 million over the same period last year, while still generating strong 24.7% adjusted EBITDA margin. In the second quarter, we were number 1 in EMV across prestige hair care and are pleased this investment is driving improvement in sell-through and other leading indicators of long-term brand health.

第一，創造品牌需求。年初至今，我們已在非薪資銷售和行銷方面投資了 4,540 萬美元，比去年同期增加約 1,460 萬美元，同時仍產生 24.7% 的強勁調整後 EBITDA 利潤率。在第二季度，我們在高端護髮產品的 EMV 中排名第一，我們很高興這項投資推動了銷售量和其他長期品牌健康領先指標的改善。

Generating demand requires building a brand and a marketing engine, which we view as being implemented in three stages: first, building the brand baseline; second, creating a brand platform; and third, building an ongoing content engine.

創造需求需要建立品牌和行銷引擎，我們認為這需要分三個階段來實現：第一，建立品牌基準；第二，創建品牌平台；第三，建立持續的內容引擎。

We began 2025 by building the brand baseline, making fundamental changes in how Olaplex shows up for professionals and for consumers, representing a new more elevated, emotionally resonant, and Pro FIS visual identity while still maintaining our scientific core. In late February, we unveiled this new look in the US, featuring a revamped website designed to elevate storytelling, education, and commerce.

我們從 2025 年開始建立品牌基線，從根本上改變了 Olaplex 向專業人士和消費者展示的方式，代表了一種新的、更高級、情感共鳴和 Pro FIS 的視覺形象，同時仍然保持我們的科學核心。二月底，我們在美國推出了全新外觀，網站經過改版，旨在提升故事敘述、教育和商業效果。

We also rolled out a refreshed in-store visual merchandising at key retail and Pro partners, launched a revitalized social media strategy, and enhanced our presence at professional trade shows, upgraded boost designs and engagements. Our new brand identity has now been rolled out across most of our markets, with plans to be completed across the entire globe by the end of the year.

我們也在主要零售和專業合作夥伴處推出了全新的店內視覺行銷，推出了煥然一新的社群媒體策略，並增強了我們在專業貿易展上的影響力，升級了提升設計和參與度。我們的新品牌形象現已在大多數市場推出，並計劃在今年年底前在全球完成推廣。

In April, we moved to the brand platform stage of our development with the launch of Designed to Defy. This new platform captures both our history and our future with a philosophy of innovation, creativity, and confidence. We launched with a storytelling vignette featuring our ambassadors and their clients across full funnel media, including out-of-home, connected TV, social, and experiential activation with our Bond House immersive pop-up experience. KPIs were positive with increased share of voice, social mentions up 35%, social impressions up 140% and improvement in Google search volume.

今年 4 月，我們推出 Designed to Defy，進入品牌平台發展階段。這個新平台以創新、創造力和信心的理念展現了我們的歷史和未來。我們推出了一個故事短片，以我們的大使和他們的客戶為主角，透過全方位媒體進行宣傳，包括戶外廣告、連網電視、社交和體驗式激活，以及我們的 Bond House 沉浸式彈出體驗。KPI 表現積極，話語權增加，社群提及增加 35%，社群印象增加 140%，Google搜尋量也有所提升。

Building on this effort, beginning in June, we launched our Endless Summer Endless Possibilities campaign, which focused on our top-selling Olaplex number six and number seven products, both of which are key staples to fight the freeze and create the shine and cheap prevalent in summertime hair across the globe. We connected the campaign with a high visibility cultural moment through our Olaplex Summer Soirace, bringing together Olaplex global brand ambassador and celebrity stylist, Tracey Cunningham, and real-life best friends from hit TV show, The White Lotus, Leslie Bibb and Michelle Monaghan, who showcased the Olaplex product line they use to maintain healthy hair during extensive filming in Thailand.

在此基礎上，我們從 6 月開始推出「無盡夏日無限可能」活動，重點推廣我們最暢銷的 Olaplex 6 號和 7 號產品，這兩款產品都是抵禦嚴寒、打造全球夏季流行秀髮光澤和光澤的關鍵產品。我們透過 Olaplex 夏日晚會將活動與高知名度的文化時刻聯繫起來，將 Olaplex 全球品牌大使和名人造型師 Tracey Cunningham 以及熱門電視節目《白蓮花》中的現實生活中的好朋友 Leslie Bibb 和 Michelle Monaghan 聚集在一起，她們展示了在泰國拍攝期間用來保持頭髮健康的 Olaplex 產品系列。

The SoirAce generated over 1 billion impressions and secured coverage across more than 14 stories, including two national broadcast segments. Importantly, the Summer SoirAce was launched with a more full-funnel content engine focused on personalized digital content at scale in an effort to bring these products to life for the everyday consumer.

SoirAce 的曝光量超過 10 億次，覆蓋超過 14 個故事，包括兩個全國廣播片段。重要的是，Summer SoirAce 推出了一個更全通路的內容引擎，專注於大規模個人化數位內容，旨在將這些產品帶給日常消費者。

As we move into the second half of the year, we'll focus on the third phase of brand building, developing a consistent digital-first content engine. This will support both the transformational and scientific storytelling behind our core as well as our new product launches. Underlying each step of brand building we have achieved thus far in 2025 is our focus on honoring and empowering the Pro as the start of the flywheel of our business.

進入下半年，我們將專注於品牌建立的第三階段，開發一致的數位優先內容引擎。這將支持我們核心背後的轉型和科學故事以及我們的新產品發布。2025 年迄今為止，我們在品牌建立方面所取得的每一步進展都以尊重和賦能專業人士作為我們業務飛輪的起點為重點。

In the first quarter of 2025, we were joined by a new Head of Education and have since built out the team and added to our talent, as well as split our education and sales functions to allow more focus and the creation of clear, measurable KPIs. We also updated our education materials in line with our Design to Defy branding and simplify copy and usage instructions. These important changes have allowed us to start to implement an essential part of our strategy, which I have been discussing since very early on, explaining and getting credit for the power of our science.

2025 年第一季度，我們迎來了一位新的教育主管，並從那時起擴充了團隊，增加了人才，同時拆分了教育和銷售職能，以便更加專注並創建清晰、可衡量的 KPI。我們還根據「Design to Defy」品牌更新了教育資料，並簡化了複製和使用說明。這些重要的變化使我們能夠開始實施我們策略的一個重要部分，我很早就一直在討論這個策略，解釋並讚揚我們的科學力量。

In addition to the reset of our education program, we also launched a new market blitz strategy so that our team can reconnect directly with the Pro in Olaplex dedicated environments. We started in three initial cities: Portland, Oregon, Fort Lauderdale, Florida; and Edmonton, Canada, our first ever event showcasing the Olaplex brand in Canada.

除了重置我們的教育計畫之外，我們還啟動了一項新的市場閃電戰策略，以便我們的團隊能夠在 Olaplex 專用環境中直接與專業人士重新建立聯繫。我們最初在三個城市開展活動：俄勒岡州波特蘭、佛羅裡達州勞德代爾堡和加拿大埃德蒙頓，這是我們首次在加拿大展示 Olaplex 品牌的活動。

At these ticketed events, we host upwards of 100 guests from top salons in the region, providing education from our Olaplex ambassadors with a focus on the transformational qualities that our brand and products can have for their clients and their business overall.

在這些售票活動中，我們接待了來自該地區頂級沙龍的 100 多名嘉賓，由我們的 Olaplex 大使進行教育，重點介紹我們的品牌和產品可以為客戶及其整體業務帶來的變革品質。

Following these events, our sales and education teams connect with the attendees to discuss the full breadth of our Olaplex offering. While early, we are pleased by what we've seen in these initial markets and expect to expand this strategy to other regions throughout the remainder of 2025 and into 2026 and beyond.

在這些活動之後，我們的銷售和教育團隊將與與會者聯繫，討論我們提供的 Olaplex 的全部產品。雖然還處於早期階段，但我們對這些初始市場的表現感到滿意，並希望在 2025 年剩餘時間以及 2026 年及以後將這一策略擴展到其他地區。

We have also enhanced our presence at key trade shows, including America's Beauty Show in Chicago in May and Premiere Orlando in June, where we held multiple days of classroom education with headliners and participated on the main stage through a partnership with one of our key retailers. At Premiere, we're proud to also celebrate the success of Vernon FranAsois, one of our Olaplex ambassadors, who was awarded the prestigious North American Hair Styling Award for texture. We also began to make investments in PRO internationally. As with our partners, we attended key trade shows such as Top Hair in Germany in March and Hair Australia in June, with nearly 30,000 visitors across the two shows. We expect to attend shows in additional markets in the second half of 2025.

我們還加強了在主要貿易展會上的亮相，包括 5 月份在芝加哥舉辦的美國美容展和 6 月份在奧蘭多舉辦的首映展，在這些展會上，我們與主要嘉賓進行了多日的課堂教育，並通過與一家主要零售商的合作登上了主舞台。在 Premiere，我們也很榮幸地慶祝我們的 Olaplex 大使之一 Vernon FranAsois 的成功，他因出色的質感而獲得著名的北美髮型設計獎。我們也開始在國際上對PRO進行投資。與我們的合作夥伴一樣，我們參加了 3 月在德國舉辦的 Top Hair 和 6 月在澳洲舉辦的 Hair Australia 等重要貿易展會，兩場展會共吸引了近 30,000 名參觀者。我們預計將於 2025 年下半年參加更多市場的展會。

According to our ongoing internal surveys, PROs are excited by the programs we are creating to become a more trusted partner. This gives us confidence in our strategy and the ultimate potential for this important channel.

根據我們正在進行的內部調查，PRO 對我們為成為更值得信賴的合作夥伴而創建的計劃感到興奮。這讓我們對我們的策略和這一重要管道的最終潛力充滿信心。

Moving on to our second priority, Harness Innovation. Over the last year, we have built an innovation team and cross-functional processes that we believe set the stage for a robust and consistent forward-looking pipeline with a cohesive launch calendar. Our long-term goal is to have two to three strategic product launches annually, each supported by strong consumer education, stylist engagement, and omnichannel marketing activation.

接下來談談我們的第二個優先事項，並利用創新。在過去的一年裡，我們建立了一個創新團隊和跨職能流程，我們相信這為擁有一個強大而一致的前瞻性管道和有凝聚力的發布日程奠定了基礎。我們的長期目標是每年推出兩到三款策略產品，每款產品都得到強而有力的消費者教育、造型師參與和全通路行銷活化的支持。

To provide context on the progress we've already made, during the first half of 2025, we accelerated our new product development efforts, and we launched three new innovations compared to only one in the first half of 2024.

為了展示我們已經取得的進展，在 2025 年上半年，我們加快了新產品開發力度，推出了三項新創新，而 2024 年上半年僅推出了一項。

In late February, we launched our scalp longevity treatment, which marked our entry into one of the fastest-growing niches in premium hair care. In May, we launched Number four and five FINE, used customized formulations designed to optimize the hair health of those consumers who have fine hair. According to Circana, on both dollar and unit sales, Olaplex Number five FINE Bond Maintenance conditioner and Olaplex Number four FINE Bond Maintenance shampoo were the number one and number two hair launches of 2025 in the prestige beauty space. While still early post-launch, we've seen sequential improvement in sell-through in wash care overall.

二月底，我們推出了頭皮長壽護理產品，這標誌著我們進入了高端護髮領域中成長最快的市場之一。五月，我們推出了第四和第五款FINE，採用定製配方，旨在優化細髮消費者的頭髮健康。據 Circana 稱，無論以美元銷售額還是單位銷售額計算，Olaplex Number five FINE Bond Maintenance 護髮素和 Olaplex Number four FINE Bond Maintenance 洗髮水分別是 2025 年高端美容領域推出的第一和第二大美髮產品。雖然產品上市尚處於初期階段，但我們已經看到洗護產品的整體銷售量連續提升。

In the back half, we just recently launched our Pro-exclusive scalp service. As we have discussed, scalp is an important vertical for innovation as it sets the critical foundation for long-term hair health, as one of the fastest-growing categories in premium hair care. While overall, this category is in the early stages, the launch is strategically important as we focus on the Pro and our journey from damage repair to overall hair health. This is an express service product designed to drive stylist revenue efficiently.

在後半部分，我們最近剛推出了我們的專業專屬頭皮服務。正如我們所討論的，頭皮是創新的一個重要垂直領域，因為它為頭髮的長期健康奠定了關鍵的基礎，也是高端護髮產品中成長最快的類別之一。雖然總體而言，這一類別尚處於早期階段，但此次發布具有重要的戰略意義，因為我們專注於 Pro 以及從損傷修復到整體頭髮健康的旅程。這是一款旨在有效推動造型師收入的快速服務產品。

We also plan to launch additional innovation across all channels this fall. As we look beyond 2025, we are excited about the pipeline we are building, focusing on developing breakthrough innovations and capturing new consumers and categories. With fewer than 30 SKUs in our current lineup, we remain confident that we have substantial white space for expansion.

我們也計劃今年秋季在所有管道推出更多創新。展望 2025 年，我們對正在建造的產品線感到興奮，專注於開發突破性創新並吸引新的消費者和類別。我們目前的產品線中 SKU 不到 30 個，我們仍然相信我們擁有充足的擴展空間。

Lastly, our third strategic priority, Execute with Excellence, which is primarily focused on two core areas: streamlining and modernizing our business processes and executing a globally aligned go-to-market strategy.

最後，我們的第三個策略重點是“卓越執行”，主要集中在兩個核心領域：簡化和現代化我們的業務流程以及執行全球一致的市場進入策略。

First, streamlining and modernizing our business processes. To achieve a best-in-class business, we must first hire the right people in the right positions. Building upon the strategic hires we already made in 2024, in 2025, we've added new talent across education, data and marketing analytics, finance, creative, and sales. We are also working diligently to improve our internal processes and tools. In the second quarter, we stood up our AI-supported demand planning tool and added new data science capabilities.

首先，簡化和現代化我們的業務流程。為了實現一流的業務，我們首先必須僱用合適的人才到合適的職位。在 2024 年已經進行的策略招募的基礎上，2025 年，我們將在教育、數據和行銷分析、財務、創意和銷售領域增加新的人才。我們也正在努力改進我們的內部流程和工具。在第二季度，我們推出了人工智慧支援的需求規劃工具，並增加了新的數據科學功能。

We are still in the testing phase, but we are excited about the ultimate unlock these tools can provide our teams and businesses overall. We are also enhancing visibility across the organization as we launched a dynamic sales dashboard to better track sales and sell-through, which we can then use to change strategic direction as necessary.

我們仍處於測試階段，但我們對這些工具能為我們的團隊和整個企業帶來的最終釋放感到非常興奮。我們還提高了整個組織的可見性，因為我們推出了一個動態銷售儀表板來更好地追蹤銷售和銷售率，然後我們可以根據需要使用它來改變策略方向。

Second, executing a globally aligned go-to-market strategy. We remain in the process of shifting our international strategy from a one-size-fits-all model to a tiered approach that balances direct investment with strong local partnerships. The Olaplex brand continues to resonate across the globe, garnering strong interest from distributors, retailers, pros, and consumers. Our strategy is aimed at how we harness that baseline to get at future growth.

第二，執行全球一致的市場進入策略。我們仍在將我們的國際策略從一刀切模式轉變為平衡直接投資和強大的本地合作夥伴關係的分層方法。Olaplex 品牌繼續在全球範圍內引起共鳴，引起了分銷商、零售商、專業人士和消費者的濃厚興趣。我們的策略旨在如何利用該基礎來實現未來的成長。

To properly manage these complex unique relationships across the globe, it is vital that we strategically set up our international business for success. To that end, we opened an office in London during the quarter and now reorganizing our international team by geographies and key accounts. We are also implementing similar process changes that have been successful in our North American business, including cohesive go-to-market strategy, joint business planning, regular measurement of KPIs, and implementing new tools, including a self-serve portal for our distributor partners.

為了妥善管理全球範圍內這些複雜而獨特的關係，我們必須策略性地建立我們的國際業務以取得成功。為此，我們在本季在倫敦開設了一家辦事處，目前正在根據地理和主要客戶重組我們的國際團隊。我們也正在實施已在北美業務中取得成功的類似流程變革，包括有凝聚力的市場進入策略、聯合業務規劃、定期衡量關鍵績效指標以及實施新工具，包括為我們的經銷商合作夥伴提供的自助服務入口網站。

A systematic market-by-market reset of distribution networks is ongoing. We've completed our evaluation stage, are now executing a tiered approach that prioritizes investments to meet the unique characteristics of each market.

分銷網絡正在逐個市場進行系統性重置。我們已經完成了評估階段，目前正在實施分層方法，優先考慮投資以滿足每個市場的獨特特徵。

Our international strategy follows a three-tiered approach. First, partner-led priority markets. In select sizable markets, we're establishing partnerships with strong omnichannel distributors. These markets receive dedicated support from our team, including talent and resources to ensure long-term success. Second, direct investment markets. In our top priority markets where we already have strong professional and retail presence, we're taking a more hands-on approach.

我們的國際戰略遵循三層結構。一是合作夥伴主導的重點市場。在選定的大型市場中，我們正在與強大的全通路經銷商建立合作夥伴關係。這些市場得到了我們團隊的專門支持，包括人才和資源，以確保長期成功。第二，直接投資市場。在我們優先考慮的市場中，我們已經擁有強大的專業和零售影響力，我們正在採取更實際的做法。

We plan to directly manage key aspects of the business, invest in areas such as marketing and education. Third, light-touch partner markets. In markets where dynamics make direct involvement less effective, we work with partners through a lighter touch model. We expect this tiered approach will allow us to focus our investments on the countries that we believe offer the greatest growth potential while providing the tools and direction needed for our brand and business execution to be consistent around the world.

我們計劃直接管理業務的關鍵方面，投資於行銷和教育等領域。第三，輕觸式合作夥伴市場。在市場動態導致直接參與效率降低的情況下，我們透過更輕鬆的接觸模式與合作夥伴合作。我們期望這種分層方法能夠讓我們將投資集中在我們認為具有最大成長潛力的國家，同時提供使我們的品牌和業務執行在全球範圍內保持一致所需的工具和方向。

In summary, we delivered a solid first half of the year, and we remain on track to deliver our 2025 guidance as we continue to implement our Bonds & Beyond strategy. We know transformation takes time, and we still have a lot of work to do to reach our ultimate potential, but I am pleased with our progress.

總而言之，我們上半年業績表現穩健，我們將繼續實施「債券與超越」策略，繼續朝著實現 2025 年目標的目標邁進。我們知道轉型需要時間，我們還有很多工作要做才能發揮我們的最終潛力，但我對我們的進展感到滿意。

With that, I'll turn it over to Catherine to walk through more of our second quarter and year-to-date results and the outlook for the remainder of the year.

接下來，我將把時間交給凱瑟琳，讓她詳細介紹我們第二季和年初至今的業績以及今年剩餘時間的展望。

Thank you, Amanda, and good morning, everyone. We are proud of our team's execution this quarter, yet we remain clear that we are still in the midst of executing our transformational strategy and that much of the work to unlock long-term growth is still ahead of us. Second quarter net sales were $106.3 million, a 2.3% increase year-over-year. Growth in direct-to-consumer and strong results in our professional channel helped offset expected declines in our specialty retail channel.

謝謝你，阿曼達，大家早安。我們為團隊本季的表現感到自豪，但我們仍然清楚，我們仍處於執行轉型策略的過程中，實現長期成長的大部分工作仍擺在我們面前。第二季淨銷售額為 1.063 億美元，較去年同期成長 2.3%。直接面向消費者的成長和專業通路的強勁業績幫助抵消了我們專業零售通路預期的下滑。

Growth was led by the US, where we are further along in our transformation. Net sales continued to benefit from our focus on driving profitable sales and managing discounts. Given the significant transformation underway and the potential variability in quarterly net sales metrics, we believe looking at year-to-date results is helpful to understand the progress made in our transformation. Accordingly, I will review both our second quarter and year-to-date performance, which shows net sales flat through the first half of the year.

成長由美國引領，我們在美國的轉型也走得更遠。由於我們專注於推動獲利銷售和管理折扣，淨銷售額繼續受益。鑑於正在進行的重大轉型以及季度淨銷售額指標的潛在變化，我們認為查看年初至今的業績有助於了解我們轉型取得的進展。因此，我將回顧我們第二季和年初至今的業績，結果顯示上半年淨銷售額持平。

By channel, Professional grew 12.1% year-over-year in the quarter to $37.4 million, with net sales approximately flat year-to-date. Year-to-date strength was led by North America and tailwinds from our management of promotions. In June, we implemented our Blitz strategy and are looking forward to expanding this program in the back half of 2025. Within international, we are starting to implement initiatives that have been well received in North America. Specialty retail declined 16.7% year-over-year in the quarter to $30.4 million, with net sales down approximately 3% year-to-date.

按通路劃分，專業部門本季年增 12.1%，達到 3,740 萬美元，年初至今的淨銷售額基本持平。今年迄今的強勁表現主要得益於北美市場以及我們促銷管理的推動。今年 6 月，我們實施了閃電戰策略，並期待在 2025 年下半年擴大該計畫。在國際範圍內，我們開始實施在北美受到好評的措施。本季專業零售額年減 16.7% 至 3,040 萬美元，年初至今淨銷售額下降約 3%。

Sell-through improved slightly in the second quarter versus the first quarter. It is important to note that we believe inventory levels at our key customers are in healthy position. Direct-to-consumer grew 12.8% year-over-year to $38.5 million in the quarter and is up approximately 4% in the first half of 2025. Our performance was aided by our strategy to prioritize storytelling and education on our website while focusing marketing and promotions around key moments such as our Friends and Family event, which took place in the second quarter, year-to-date by region.

與第一季相比，第二季的銷售量略有增加。值得注意的是，我們相信主要客戶的庫存水準處於健康狀態。本季直接面向消費者的銷售額年增 12.8%，達到 3,850 萬美元，2025 年上半年成長約 4%。我們的業績得益於我們的策略，即優先在我們的網站上講述故事和進行教育，同時將行銷和促銷重點放在關鍵時刻，例如我們在第二季度按地區舉辦的朋友和家人活動。

US net sales are up low single digits, and international sales are down low single digits as we continue to undergo our transformation. It is important to put our year-to-date net sales results in context. We are still in the midst of transformation, and approximately flat sales represents a notable improvement compared to the net sales decline seen in the fiscal years of 2023 of down 35% and of 2024, down 8%. We believe that this indicates our strategy and investments are beginning to have impact.

隨著我們繼續轉型，美國淨銷售額成長了個位數，國際銷售額下降了個位數。將我們今年迄今為止的淨銷售額放在背景中是很重要的。我們仍處於轉型之中，與 2023 財年下降 35% 和 2024 財年下降 8% 的淨銷售額相比，大致持平的銷售額已經有了顯著改善。我們相信這表明我們的策略和投資開始產生影響。

Adjusted gross profit margin for the quarter was 73.2% and 72.6% year-to-date, down 50 basis points year-to-date from the prior year, as lower margin on innovation that has not yet reached full production scale or margin efficiency was partially offset by results of our improved promotion experience.

本季調整後的毛利率為 73.2%，年初至今為 72.6%，較上年同期下降 50 個基點，因為尚未達到全面生產規模或利潤率效率的創新利潤率較低，被我們改善的促銷體驗的結果部分抵消。

Adjusted SG&A was $54.3 million for the quarter and $98.7 million year-to-date, an increase of $18.9 million year-over-year. This increase is aligned with our strategic priorities and primarily reflects investment in sales and marketing, which increased $9.8 million year-over-year in the quarter and approximately $14.6 million year-to-date. We view our marketing investment as dynamic, adjusting spend based on real-time performance insights and continuously optimizing across investment type and channels. This test-and-learn mindset is part of a broader transformation across the organization. Improvements in our people, processes, and tools have enhanced visibility into key metrics, accelerated decision-making, and enabled more strategic resource allocations, not just in marketing, but across the business. With more integrated business planning, we're now able to shift resources more effectively, and that agility is starting to show in our financial results.

本季調整後的銷售、一般及行政費用為 5,430 萬美元，年初至今調整後的銷售、一般及行政費用為 9,870 萬美元，年增 1,890 萬美元。這一成長符合我們的策略重點，主要反映了對銷售和行銷的投資，本季同比增長 980 萬美元，年初至今約為 1,460 萬美元。我們將行銷投資視為動態的，根據即時績效洞察調整支出，並持續優化投資類型和管道。這種測試和學習的思維方式是整個組織更廣泛轉型的一部分。我們的人員、流程和工具的改進增強了關鍵指標的可見性，加快了決策速度，並實現了更具策略性的資源分配，不僅在行銷方面，而且在整個業務範圍內。透過更全面的業務規劃，我們現在能夠更有效地轉移資源，而這種靈活性開始在我們的財務表現中體現出來。

Adjusted EBITDA was $24.6 million for the quarter and $50.2 million year-to-date, representing a 24.7% margin year-to-date. This compares to 33.3% margin year-to-date a year ago, largely reflecting the strategic investments in marketing and people we are making to position our business for sustainable long-term growth.

本季調整後的 EBITDA 為 2,460 萬美元，年初至今為 5,020 萬美元，年初至今利潤率為 24.7%。相較之下，去年同期的利潤率為 33.3%，這主要反映了我們為實現業務的長期可持續成長而在行銷和人才方面進行的策略性投資。

Turning to a review of cash flow and the balance sheet. We generated positive cash flow in the quarter, reflecting the power of our asset-light business model even as we invest for growth. We ended the quarter with cash and cash equivalents of $289.3 million and debt of $351.9 million. Inventory was $78.3 million, down approximately $22 million from $100.2 million in Q2 of fiscal 2024. We feel good about the composition and content of our inventory in both our warehouses and at our key retail partners, and continue to carefully manage stock levels in support of new product launches and refreshed merchandising.

轉向對現金流和資產負債表的審查。我們在本季產生了正現金流，這反映了我們輕資產業務模式的強大力量，即使在我們投資成長的情況下也是如此。本季末，我們的現金和現金等價物為 2.893 億美元，債務為 3.519 億美元。庫存為 7,830 萬美元，比 2024 財年第二季的 1.002 億美元下降約 2,200 萬美元。我們對倉庫和主要零售合作夥伴的庫存組成和內容感到滿意，並將繼續謹慎管理庫存水平，以支援新產品的推出和更新的商品銷售。

As Amanda noted, we are maintaining our full-year 2025 guidance, which reflects our performance in the first half of the year and acknowledgment that our trends are improving, albeit at a slow pace.

正如阿曼達所指出的，我們維持 2025 年全年指引，這反映了我們上半年的表現，並承認我們的趨勢正在改善，儘管速度緩慢。

We expect net sales in the range of minus 3% to plus 2% versus fiscal year 2024, adjusted gross margin between 70.5% and 71.5% and adjusted EBITDA margins of 20% to 22%. This guidance assumes no material impact from tariffs, as we believe we are minimally exposed, although the trade environment remains fluid.

我們預計淨銷售額將在 2024 財年的基礎上下降 3% 至上升 2% 之間，調整後的毛利率將在 70.5% 至 71.5% 之間，調整後的 EBITDA 利潤率將在 20% 至 22% 之間。本指南假設關稅不會產生重大影響，因為我們認為，儘管貿易環境仍然不穩定，但我們受到的影響很小。

And while we plan our business on an annual basis and provide guidance accordingly, we currently expect second-half net sales dollars to be more weighted towards the fourth quarter. We're actively working to best align the flow of our product and timing of key initiatives with customer needs and have developed a more structured cadence of our campaigns and innovation calendar.

雖然我們按年度規劃業務並提供相應的指導，但我們目前預計下半年淨銷售額將更多地集中在第四季度。我們正在積極努力使我們的產品流程和關鍵舉措的時間與客戶需求達到最佳一致，並製定了更有條理的活動和創新日程表。

For the second half of 2025, there are several notable factors which will impact net sales. First, in DTC, we expect third-quarter headwinds following large sales events in the second quarter of 2025. In specialty retail, we expect the percentage of holiday shipments to be more split between the third and fourth quarters versus concentrated in the third quarter of 2024. In Pro, we expect fourth quarter to benefit from the participation in Black Friday, Cyber Monday events after not participating in 2024. Lastly, we expect the fourth quarter to benefit from PIPE and sell-in of 2026 innovation in anticipation of launch early next year.

對於 2025 年下半年，有幾個值得注意的因素將影響淨銷售額。首先，在 DTC 領域，我們預計 2025 年第二季的大型銷售活動之後，第三季將面臨阻力。在專業零售領域，我們預計假日出貨量的百分比將在第三季和第四季之間進一步分散，而不是集中在 2024 年第三季。在 Pro 方面，我們預計 2024 年沒有參與黑色星期五和網路星期一活動後，第四季將受益於這些活動的參與。最後，我們預計第四季度將受益於 PIPE 和 2026 年創新的銷售，預計明年初推出。

As a result, third-quarter net sales are expected to decline high single digits year-over-year, offset by strong high single-digit net sales growth in the fourth quarter. We are encouraged by our year-to-date results while remaining clear-eyed that we are in the midst of a significant transformation. We're confident that the changes underway are the right ones to position Olaplex for long-term success. Yet in a period of meaningful change, we acknowledge that the precise timing of impact across professional channel, consumer behavior, and ultimately, sales can be difficult to predict. We remain focused on driving sustainable improvements aimed at laying a strong foundation for the future while delivering on the commitments we set at the beginning of the year.

因此，預計第三季淨銷售額將年減高個位數，但第四季淨銷售額將強勁成長，從而抵消這一下降。我們對今年迄今為止的業績感到鼓舞，同時我們清醒地認識到，我們正處於重大轉型之中。我們相信，正在進行的變革是正確的，將使 Olaplex 獲得長期成功。然而，在一個有意義的變革時期，我們承認對專業管道、消費者行為以及最終的銷售產生影響的確切時間可能難以預測。我們將繼續致力於推動永續改進，為未來奠定堅實的基礎，同時兌現我們年初所做的承諾。

Olaplex is an iconic global brand, generating healthy EBITDA margins and strong cash flow. Due to execution of our Bonds & Beyond strategy, we believe we are positioning the company to grow successfully over the long term as a leader in foundational health and beauty.

Olaplex 是一個標誌性的全球品牌，擁有健康的 EBITDA 利潤率和強勁的現金流。透過實施我們的 Bonds & Beyond 策略，我們相信，我們將使公司長期成功發展，成為基礎健康和美容領域的領導者。

Operator, we're now ready to take questions.

接線員，我們現在可以回答問題了。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Susan Anderson with Chemical Ingenuity.

蘇珊安德森 (Susan Anderson)，化學天才。

Hi, good morning. Thanks for taking my questions. I guess for third quarter, just a follow-up there on the sales. I guess, are you expecting most of the decline in specialty retailer in the specialty retail channel, just given the shift in sell-in to be more even between third and fourth quarter?

嗨，早安。感謝您回答我的問題。我想對於第三季來說，只是對銷售情況的跟進。我想，您是否預期專業零售商的銷售額將主要下滑來自專業零售通路，因為第三季和第四季之間的銷售變化將更加均衡？

Thanks for the question. Nice to hear your voice. Let me just talk about the third and the fourth quarter dynamics in a little bit more detail across. When you think about the third and fourth quarter, there are just natural ebbs and flows on a quarterly basis, especially as we're in the midst of the transformation. And we really are planning our business annually versus managing for any single quarter as we work to deliver what our customer needs and wants.

謝謝你的提問。很高興聽到你的聲音。讓我更詳細地談談第三季和第四季的動態。當你考慮第三季和第四季時，你會發現每季都會有自然的起伏，特別是當我們正處於轉型之中時。我們實際上是在按年度規劃我們的業務，而不是針對單一季度進行管理，因為我們致力於滿足客戶的需求和願望。

And so broadly speaking, we are intentionally working to establish a more consistent and demand-driven cadence of launches and events. As we apply these learnings, the timing of the commercial activity has shifted a bit, resulting in lighter third quarter and greater concentration of sales in the fourth quarter. And while this does create some variability in year-over-year comparisons, it better reflects the meeting customer demands and us building, quite frankly, a more effective go-to-market model over time.

因此，從廣義上講，我們有意致力於建立更一致、以需求為導向的發布和活動節奏。當我們應用這些經驗時，商業活動的時間發生了一些變化，導致第三季的銷售較少，而第四季的銷售集中度更高。雖然這確實造成了同比的一些差異，但它更好地反映了滿足客戶需求，坦白說，我們隨著時間的推移建立了更有效的市場進入模式。

So I went through earlier what are the drivers, but I can list them a little bit again, which is DTC, second quarter, we had some events, third quarter, that's going to have some headwinds. In specialty retail, we expect the percentage of holiday shipments to be better split between the third and the fourth quarter versus being more concentrated in the third quarter of 2024. When you think about in specialty retail, what happened last year is we are pretty broken in the fourth quarter in some of our big partners. And so we've worked together to split out that flow. And so more of that is actually going into weekly into the fourth quarter. And then on Pro, we expect the fourth quarter, as I said, to benefit from Black Friday, Cyber Monday events. I'll stop there.

所以我之前已經討論過驅動因素是什麼，但我可以再列出一點，那就是 DTC，第二季度，我們遇到了一些事件，第三季度，將會遇到一些阻力。在專業零售領域，我們預計假日出貨量的百分比將在第三季和第四季之間更好地分配，而不是更集中在 2024 年第三季。當你想到專業零售業時，去年發生的情況是，我們的一些大合作夥伴在第四季度遭遇了相當大的損失。因此，我們共同努力來分流這一流量。因此，實際上，第四季度的每週數據都會增加。然後就 Pro 而言，正如我所說，我們預計第四季度將受益於黑色星期五和網路星期一活動。我就到此為止。

That was really helpful. And then I guess maybe just one follow-up question just on the promotional environment. I guess, what you saw in the quarter? And then how are you thinking it kind of pans out for the back half and into holiday? You talked about participating now in the Pro channel. I guess, are you expecting that to be up in the back half year-over-year?

這真的很有幫助。然後我想也許只有一個關於促銷環境的後續問題。我猜，您在本季看到了什麼？那麼，您認為後半段和假期的情況會如何呢？您談到了現在參與 Pro 頻道。我想，您是否預期下半年的銷售額會比去年同期有所成長？

Good morning, Susan. So basically, I think we've talked about this a couple of times as we've looked at the business overall, and how do we think about promotions more strategically. It's been an initiative that Catherine and I have undertaken over the course of the last year and really thinking about promotions are certainly an important part of how to drive sales in our category but we want to really focus on those events that are what we call key tentpole moments, whether those are things like our own friends and family event on our direct-to-consumer or Black Friday, Cyber Monday or specific retailer events and really make sure that we're concentrating our efforts around those moments versus having what I'll call more of a day in, day out point of view before I joined.

早安，蘇珊。所以基本上，我認為我們在整體審視業務時已經討論過這個問題幾次了，以及我們如何更有策略地考慮促銷。這是我和凱瑟琳在過去一年中採取的一項舉措，認真考慮促銷無疑是推動我們產品類別銷售的重要組成部分，但我們希望真正關注那些我們稱之為關鍵支柱時刻的事件，無論是我們自己的直接面向消費者的朋友和家人活動，還是黑色星期五、網絡星期一或特定的零售商活動，並真正確保我們將精力集中在這些時刻，而不是像我一樣加入之前那樣關注，日復一日地關注促銷活動。

So that's certainly a shift, and that impacts how the quarterly flows. And we did think that it was important to participate in Black Friday, Cyber Monday for our Pro as a part of just supporting the Pro. At the end of the day, it's really making sure that they have access to what the consumer does as well. So it's not an intention to be more promotional, but it's really more to be more strategic about how we're being promotional.

所以這肯定是一個轉變，並且會影響季度流量。我們確實認為參加「黑色星期五」和「網路星期一」對我們的專業人士來說很重要，這只是支援專業人士的一部分。歸根究底，這其實是為了確保他們也能了解消費者的行為。因此，我們的目的並不是進行更多的促銷，而是在促銷方式上更具策略性。

Okay, great. That's really helpful. Thanks so much. Good luck for the rest of the.

好的，太好了。這真的很有幫助。非常感謝。祝你餘下的時間一切順利。

Thank you.

謝謝。

Olivia Tong with Raymond James.

奧利維亞·通 (Olivia Tong) 與雷蒙德·詹姆斯 (Raymond James) 在一起。

Good morning. This is Lillian on for Olivia. I'm wondering if you can share some of your key learnings so far from your refreshed marketing. And just as a follow-up, as we look to the second half, can you give any color on the cadence of SG&A spend and whether it's relatively balanced between the quarters or if it follows the same timing shift between Q3 and Q4?

早安.這是莉蓮 (Lillian) 為奧利維亞 (Olivia) 表演的。我想知道您是否可以分享您迄今為止從更新的行銷中獲得的一些重要經驗。作為後續問題，當我們展望下半年時，您能否介紹一下銷售、一般和行政費用 (SG&A) 支出的節奏，以及各季度之間是否相對平衡，或者是否遵循第三季度和第四季度之間的相同時間變化？

Sure. I'm happy to talk a little bit more about marketing, which has obviously been a significant part of our strategy coming into this year and really something that we are approximately about 4, five months in, if you really think about when we started to really operate in the way that I look forward to continuing to operate in this business. And it is a 3-stage process, and I think we've had incredibly strong response to each stage of the process, but we're still mid-build, I think, is really the way to think about this.

當然。我很高興能再多談一點關於行銷的事情，這顯然是我們今年策略的重要組成部分，如果你認真想想我們什麼時候開始真正以我期待繼續經營這項業務的方式運營，那麼我們實際上已經運營了大約四五個月。這是一個分為三個階段的過程，我認為我們對每個階段都做出了非常強烈的反應，但我們現在仍處於建設中期，我認為這才是真正思考這個問題的方式。

So Phase 1 was what we were talking about in terms of setting the brand baseline. That's always a big and exciting bet that one makes when you're taking a brand and you're really looking at the visual identity and updating it for the future. We've heard tremendously positive feedback on that from -- I think we mentioned in last quarter's call from our retail partners. And then you get to be out there and see the consumer response, which has been really enthusiastic. And I think the best way that I've been able to articulate is people who know and love the brand say it looks like Olaplex and what it deserves to be.

因此，我們在設定品牌基準方面討論的是第一階段。當你接手一個品牌並真正關注其視覺形象並對其進行未來更新時，這始終是一個重大而令人興奮的賭注。我們聽到了來自零售合作夥伴的非常積極的回饋——我想我們在上個季度的電話會議中提到過。然後你會看到消費者的反應非常熱烈。我認為我能表達的最好方式是，了解和喜愛這個品牌的人說它看起來像 Olaplex，而且值得擁有它應有的地位。

The second piece was the Design Defy platform, which launched in April. And that's really the way to think about that and translate the marketing strategy, is this is the broader purpose that our brand needs to live up to, and really ties together the way in which we go to market. So you have the visual identity, and then you have the ways in which we're taking that and bringing it to life. That is also a first for this brand. And those are the metrics that I was referring to earlier on the call in terms of some of the really positive responses to the initial launch of that, and really what we're able to showcase for our brand.

第二件作品是四月推出的 Design Defy 平台。這才是真正思考和轉化行銷策略的方式，這是我們的品牌需要實現的更廣泛的目標，並且真正與我們進入市場的方式聯繫在一起。因此，您擁有視覺識別，然後您就有了我們利用它並使其栩栩如生的方法。這也是該品牌的首創。這些是我之前在電話會議上提到的指標，指的是首次發布後得到的一些非常正面的回饋，以及我們真正能夠展現的品牌形象。

The third phase, I would say we're still in mid-build. We did some great work around the Summer and really building a full funnel content engine, and there'll be a lot more to come as we get into the second half. And that's really, really critical to our growth across different channels. And the way to think about that when we speak about that language is really not just the upper funnel, not just how the brand looks, but every single touch point and connecting every single dot in the case of the Pro for them, and in the case of the consumer education is a very important part of that.

第三階段，我想說我們仍處於建設中期。我們在夏季做了一些出色的工作，真正建立了一個完整的漏斗內容引擎，隨著進入下半年，將有更多工作要做。這對我們跨不同管道的成長來說真的非常重要。當我們談論這種語言時，要思考的不僅僅是上層漏斗，不僅僅是品牌的外觀，而是每一個接觸點，以及在 Pro 的情況下連接每一個點，而對於消費者教育來說，這是其中非常重要的一部分。

We talked on the call today about some of our initiatives there. So it's really about getting that full flywheel going. So a lot more to come with that. And in my experience, one gets better and better every single launch, every single quarter, and that's really what we'll be focused on. If we remember, Katie, our CMO, she just hit her 1-year anniversary. So I think we've made tremendous progress and the talented organization that she's building to support that effort.

我們今天在電話中談到了我們在那裡的一些舉措。所以這其實就是讓飛輪充分運轉。因此，接下來還會有更多內容。根據我的經驗，每一次發布、每一個季度，產品都會變得越來越好，而這正是我們真正關注的重點。如果我們還記得的話，我們的行銷長凱蒂 (Katie) 剛剛迎來了她的一周年紀念日。所以我認為我們已經取得了巨大的進步，而且她正在建立的優秀組織也支持這項努力。

Rob Ottenstein with Evercore ISI.

Evercore ISI 的 Rob Ottenstein。

Great, thank you very much. You've touched on this a little bit, but I was wondering if you could go into more detail on the relative and I'm stressing the relative weakness in the retail channel, perhaps touching on shelf space and positioning trends, display in the past, you had some in-store sort of sales help at one point or another. And also perhaps touching on channel cannibalization.

太好了，非常感謝。您稍微談到了這一點，但我想知道您是否可以更詳細地介紹一下相對情況，我強調的是零售渠道的相對弱點，也許涉及貨架空間和定位趨勢，過去的展示，您在某個時候獲得過一些店內銷售幫助。或許還涉及渠道蠶食。

Thank you.

謝謝。

Yes. Happy to talk about that. I think as we mentioned earlier on the call, I think looking at the year-to-date results is probably the most indicative of where we are in that specialty retail was down 3%, and we are seeing sequential improvement in our sell-through in our key retail partners. So we feel good about the progress there. We actually -- we don't talk about specific shelf space, but if you were to walk into a Sephora, walk into an Ulta, you would see new merchandising, you'd see the brand often in secondary exposure in places where it makes sense.

是的。很高興談論這個。我認為，正如我們之前在電話會議上提到的那樣，我認為回顧今年迄今為止的業績可能最能說明我們所處的狀況，即專業零售下降了 3%，而我們主要零售合作夥伴的銷售量正在連續提高。因此我們對那裡的進展感到滿意。實際上，我們不會談論特定的貨架空間，但如果你走進絲芙蘭，走進 Ulta，你會看到新的商品，你會在合理的二次曝光中看到該品牌。

So it's been one of the most important efforts to make sure that we have really strong relationships with our critical partners in retail. I work on those personally. Our Chief Revenue Officer, Michelle, who joined in December, spends a lot of time with those partners, and we feel really great about those relationships.

因此，確保我們與零售領域的重要合作夥伴建立真正牢固的關係是最重要的努力之一。我親自處理這些事情。我們的首席營收長米歇爾 (Michelle) 於 12 月加入，她花了很多時間與這些合作夥伴相處，我們對這些關係感到非常滿意。

Ashley Helgans with Jefferies.

傑富瑞 (Jefferies) 的 Ashley Helgans。

This is Sidney on for Ashley. Just wondering, can you talk a little bit more about what you're seeing in the salon channel in terms of stylist sentiment and kind of the health of that channel for stylists as well? And then a recent company report called out seeing kind of a trend of lower maintenance, more natural hair color looks. Are you seeing that? And kind of when we do have those trend cycles, how does that affect your business?

這是 Sidney 代替 Ashley 上場的。只是想知道，您能否就造型師的情緒以及該管道對造型師的健康狀況再多談談您在沙龍頻道中看到的情況？最近一份公司報告指出，人們看到了更容易打理、更自然的髮色趨勢。你看到了嗎？當我們確實有這些趨勢週期時，這會對您的業務產生什麼影響？

Happy to take that one. I think as we've been talking about this channel really since I joined, I think we have reflected upon a channel that it has shifted post-COVID and how it operates, that as you mentioned, there are certainly different ways in which women are coloring their hair. And you're right, there is certainly less frequency in the needs in some of the styles that they also wear them longer. That does impact the frequency at which the consumer is visiting the salon and does put pressure on that channel. I think it's the reason that we really believe in things like our Pro scalp treatment and curl bond shaping treatment, is really bringing other reasons for someone to come to the stylist.

很高興接受這個。我認為，自從我加入以來，我們一直在談論這個頻道，我想我們已經反思了它在後疫情時代發生的變化以及它的運作方式，正如你提到的，女性染髮的方式肯定有所不同。你說得對，某些款式的需求頻率確實較低，而且穿的時間也較長。這確實會影響消費者造訪沙龍的頻率，並給該管道帶來壓力。我認為這就是我們真正相信專業頭皮護理和捲髮塑形護理等產品的原因，這確實為人們來到髮型師那裡帶來了其他理由。

So it's an important thing in which we even talk about within these blitzes is like how do we support those businesses. So for us, the strong Pro is certainly something that we believe in, and I think there remains a lot of opportunity in that channel. But it's certainly one where you're right, there are some shifting dynamics, but we certainly believe that we can work within them.

因此，我們在這些閃電戰中討論的一個重要議題是，我們如何支持這些企業。因此對我們來說，強大的 Pro 無疑是我們所信賴的，而且我認為該管道仍有許多機會。但您說得對，確實存在一些不斷變化的動態，但我們堅信我們可以在其中開展工作。

Katie Grafstein with Barclays.

凱蒂·格拉夫斯坦與巴克萊銀行。

I was wondering if you can talk about your performance in the professional channel in the US versus international. And if the professional channel outside of the US has inflected positive, we were wondering what's driving that. Thank you.

我想知道您是否可以談談您在美國和國際專業管道的表現。如果美國以外的專業管道出現積極變化，我們想知道是什麼推動了這一變化。謝謝。

We don't break out geography within different channels, but I'm happy to talk to you a little bit more about what's happening in our international business, as we talked about today on the call, because it certainly is a significant portion of our business. I think we see similar trends, and I've personally visited nearly every single one. I've got a few more to go this fall of our largest markets to really get on the ground and make sure that I really understand what's happening within the channels. And I would say what I've seen is a lot of consistency in some of the things that we've reflected on in terms of where the Pro is in their own business, where the retail business is, where Olaplex is as a player within those channels. So I think that's really great news for us because that means that the strategies that we're implementing here in North America really should be able to translate.

我們不會在不同的管道中劃分地域，但我很高興與大家進一步討論一下我們的國際業務的情況，正如我們今天在電話會議上討論的那樣，因為這確實是我們業務的重要組成部分。我認為我們看到了類似的趨勢，而且我親自考察了幾乎每一個。今年秋天，我還要去我們最大的市場進行實地考察，確保我真正了解通路內發生的事情。我想說的是，我們所看到的一些事情在很多方面是一致的，例如 Pro 在自己的業務中處於什麼位置，零售業務處於什麼位置，以及 Olaplex 在這些管道中扮演什麼角色。所以我認為這對我們來說真是個好消息，因為這意味著我們在北美實施的策略確實能夠實現轉換。

And so all of our work around international is about setting ourselves up in order to be able to take those learnings and execute them across the globe. So that's really where I would want us to sort of point our focus in terms of how we're talking about the international business. And we certainly have gone from the plan it to the execute on it phase there, too. That's in the beginning there. And as we talked about, this year really overall being a year that's focused on moving from planning into execution. We're getting to some of those markets in international, and we're starting to be able to execute our strategies there. And certainly, are still early days and a lot more to come, and we'll keep you posted as that unfolds.

因此，我們在國際上所進行的所有工作都是為了做好準備，以便能夠吸收這些經驗並在全球範圍內加以應用。因此，我真正希望我們在談論國際業務時將重點放在這一點上。當然，我們也已經從計劃階段進入了執行階段。一切才剛開始。正如我們所討論的，今年總體上是專注於從規劃轉向執行的一年。我們正在進入一些國際市場，並開始在那裡實施我們的策略。當然，現在還處於早期階段，未來還會有更多事情發生，我們會及時向大家通報最新進展。

Yes. I'll just add on a little bit that internationally, it is important to look at it year-to-date, which we're down a bit, and we're working to build sustainable revenues across all the regions and our channels. If you look at the second quarter international growth, there's just natural ebbs and flows on a quarterly basis as we're in the middle of transformation. So that's, again, why we're cautiously pointing everybody towards the year-to-date trends. And when you think about, like, all the work that Amanda is referencing, whether it be in Pro or specialty retail, what does it look like? We are renegotiating contracts one by one, ensuring our partners are really set up for success for the long term, right beside us. And just timing is not 100% controllable. It depends on when things come due, and finding the right partners and more, and that is the same in all channels. So just a little more color on what Amanda said --

是的。我只想補充一點，從國際角度來看，重要的是看今年迄今為止的業績，我們的收入略有下降，我們正在努力在所有地區和通路建立可持續的收入。如果你看一下第二季的國際成長情況，你會發現由於我們正處於轉型期，所以每季都會出現自然的起伏。所以，這就是為什麼我們要謹慎地向大家指出今年迄今為止的趨勢。當您思考阿曼達所提到的所有工作時，無論是專業零售還是專業零售，它是什麼樣的？我們正在逐一重新談判合同，確保我們的合作夥伴真正為我們身邊的長期成功做好準備。而且時間並不是 100% 可控的。這取決於事情何時到期、找到合適的合作夥伴等等，所有管道都是如此。所以，再稍微解釋一下 Amanda 所說的--

Jona Kim with TD Cowan.

Jona Kim 和 TD Cowan。

Thank you for taking my question. As you continue to focus on transforming the brand, how are you thinking about the marketing spend level, especially in the second half, as you contrast that with the first half? And any changes in your marketing campaign or spend around the holiday season this year, would love to get additional color around there.

感謝您回答我的問題。當您繼續專注於品牌轉型時，您如何看待行銷支出水平，尤其是下半年的行銷支出水平，並將其與上半年進行比較？如果您在今年假期期間對行銷活動或支出做出任何改變，我們都希望能增添一些色彩。

Thank you so much.

太感謝了。

Yes. So I can speak to it strategically. And I think we've certainly referenced this along the way that we are learning a lot every single day about what we believe is the appropriate level of marketing spend for the business. I think we feel good about where we are now and our plans going into the second half. The second half is an important half.

是的。所以我可以從戰略角度談論它。我認為我們一路上肯定都提到過這一點，我們每天都在學習很多關於我們認為適合企業的營銷支出水平的知識。我認為我們對目前的狀況以及下半年的計劃感到滿意。下半場是重要的半場。

One of the things I've always thought is impressive about this business is that holiday is an important part of our business. I think it shows a lot about the brand that it plays well during that time period. It's a great part of the business for the Pro when you think about the business that's driven in salons during that period. So we feel, again, very excited about what's coming up this fall and both our innovation as well as our holiday plans and the progress that we've made in our marketing engine that we were talking about before, we'll continue to make that throughout the second half of the year and quite frankly, all the way into the future.

我一直認為這項業務令人印象深刻的一件事是假期是我們業務的重要組成部分。我認為這充分錶明了該品牌在那個時期表現良好。如果考慮到那段時期沙龍的業務發展情況，這對專業人士來說就是業務的重要組成部分。因此，我們再次對今年秋季即將發生的事情感到非常興奮，無論是我們的創新，還是我們的假期計劃，以及我們之前談到的營銷引擎所取得的進展，我們都將在今年下半年繼續這樣做，坦率地說，一直到未來。

Yes. And I would just add that your question was specific to marketing. But as we think through what are all the investments that we're making that are leading us to reasserting our EBITDA margin guidance for the year, our investments are aligned around the three priorities that Amanda went through earlier, generate demand, harness innovation, and execute with excellence. And our investment in marketing is the largest, and not only marketing that's tied to short-term sales, but it's building on the base of which our strategy is aligned for the future. So we are relaunching the brand, and that's a long-term ROI.

是的。我只想補充一點，您的問題是針對行銷的。但是，當我們思考我們所做的所有投資都是什麼，這些投資將使我們重申今年的 EBITDA 利潤率指導時，我們的投資圍繞著 Amanda 之前提到的三個優先事項，即創造需求、利用創新和卓越執行。我們在行銷方面的投資是最大的，而且不僅是與短期銷售相關的行銷，而且是我們未來策略的基礎。因此，我們正在重新推出該品牌，這是一個長期的投資回報。

And then on top of that, we layer on innovation, where we're investing there to strengthen our innovation pipeline, not just for this year but for the future. And all that is enabled by investing in new teams and ways of working, which we would expect to see leverage over time. So we see the ultimate potential in all of our investment strategies coming together, and we're encouraged by the progress so far.

在此基礎上，我們進一步加大創新力度，進行投資以加強我們的創新管道，這不僅是為了今年，也是為了未來。所有這一切都是透過投資新團隊和新工作方式實現的，我們預計隨著時間的推移，這將會產生槓桿作用。因此，我們看到了所有投資策略的最終潛力，我們對迄今為止的進展感到鼓舞。

Shovana Chowdhury with JPMorgan.

摩根大通的肖瓦娜·喬杜里。

Thanks for taking our question. I just wanted to quickly ask on your international sales inflected in the quarter, and thanks for providing all the details earlier. But can you shed some light on the progress you've made so far in the distributor rationalization process in markets outside the US? And another question, on the tariff front, you reiterated that there's no material impact this year. But then again, you also said earlier that one of the mitigating levers is pricing on products that has the least elastic impact. Can you tell us when this pricing is expected to go in? And also, how is this pricing or selective pricing increase juxtaposed against your schedule of promotional events in the back half?

感謝您回答我們的問題。我只是想快速詢問一下本季貴公司的國際銷售情況，感謝您早些時候提供所有詳細資訊。但是，您能否介紹一下迄今為止您在美國以外市場分銷商合理化進程中取得的進展？另一個問題，關於關稅方面，您重申今年不會產生實質影響。但話又說回來，您之前也說過，緩解措施之一是對彈性影響最小的產品進行定價。您能告訴我們這個定價預計什麼時候實施嗎？此外，這次定價或選擇性定價的提高與您下半年的促銷活動計劃相比有何不同？

Thank you. Yeah, let me. Yes. Let me try and touch on a couple of those. I think as we iterated on the international business, we have moved out of planning mode into execution mode. And so we're starting those processes, but that's sort of the detail that I'd share at this point. With respect to tariffs, I think we spoke about this on the first call that given where our product is manufactured, which is primarily in the United States, we don't see that as a large issue. So I'm not sure I know the pricing reference that you're making in the question.

謝謝。是的，讓我來。是的。讓我嘗試談其中的幾個。我認為，隨著我們不斷拓展國際業務，我們已經從規劃模式轉向執行模式。所以我們正在開始這些流程，但這是我現在要分享的細節。關於關稅，我想我們在第一次通話中談到了這個問題，考慮到我們的產品主要在美國製造，我們認為這不是什麼大問題。所以我不確定我是否知道您在問題中提到的定價參考。

It was one of the things that we could do if we --

這是我們可以做的事情之一，如果我們--

We did it. But as Amanda said, 95% of our finished goods are sold in the U.S are manufactured in the US So we, as the North America company, have very limited exposure. As we see the events today, it's a fluid environment.

我們做到了。但正如阿曼達所說，我們 95% 的成品都在美國銷售，並且在美國製造，因此，作為北美公司，我們的曝光度非常有限。正如我們今天所看到的，這是一個不斷變化的環境。

There are no further questions at this time. And I'd like to turn the call back to Amanda Baldwin for closing remarks.

目前沒有其他問題。我想請阿曼達鮑德溫 (Amanda Baldwin) 做最後發言。

Just wanted to say thank you to everyone for joining us this morning, and we wish everyone a great day.

我只想對今天早上加入我們的各位表示感謝，並祝大家度過美好的一天。

This concludes today's conference. You may disconnect your lines at this time.

今天的會議到此結束。現在您可以斷開線路。