Olaplex Holdings Inc (OLPX) 2025 Q3 法說會逐字稿

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

各位好，歡迎參加 Olaplex Holdings, Inc. 2025 年第三季收益業績電話會議。（操作說明）提醒各位，本次會議正在錄音。

I would now like to turn the conference over to your host, Michael Oriolo, Head of Investor Relations. Please go ahead.

現在我將把會議交給主持人，投資者關係主管邁克爾·奧裡奧洛。請繼續。

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

各位早安。歡迎參加我們2025財年第三季財報電話會議。今天與我一同出席的有執行長阿曼達·鮑德溫，以及營運長兼財務長凱瑟琳·鄧利維。

Before we start, I would like to remind you that management will make certain statements today, which are forward-looking, including statements about the outlook 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.

在開始之前，我想提醒各位，管理層今天將發表一些前瞻性聲明，包括關於 Olaplex 業務前景的聲明以及公司今天發布的盈利報告中提到的其他事項。每項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所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，請參閱公司盈利報告中“關於前瞻性聲明的警示性說明”標題下的內容，以及公司向美國證券交易委員會提交的文件（可在www.sec.gov和公司網站ir.olaplex.com的投資者關係欄目中查閱）。本次電話會議中的前瞻性聲明僅代表截至本次電話會議當天的觀點，我們不承擔更新或修改任何此類聲明的義務。

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，管理階層將討論一些非GAAP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GAAP財務指標的列示不應被孤立地看待，也不應被視為替代依照GAAP編製的結果。您可以在公司的獲利報告中找到有關這些非公認會計準則財務指標的更多信息，以及這些非公認會計準則財務指標與最直接可比的公認會計準則指標的調節表。

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.

本次電話會議的現場直播也可在公司網站 ir.olaplex.com 的投資者關係頁面觀看。此外，在本次電話會議中，管理層將提及一些基於行業出版物或其他公開資訊以及公司內部來源的數據點、估算和預測。

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

該公司並未獨立核實這些行業出版物和其他公開資訊中所含數據的準確性或完整性。此外，這些資訊涉及假設和局限性，請勿過度重視這些估計。

For today's call, Amanda will start by providing highlights of our third 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，Amanda 將首先介紹我們第三季的業績亮點，並討論我們在策略重點領域的進展，然後 Catherine 將討論我們的財務表現和展望。接下來，我們將把通話轉交給接線員進行問答環節。

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

接下來，我將把電話交給阿曼達。

Good morning, and thank you, Mike. We're pleased to share third quarter results that exceeded our expectations. Our team executed well across a range of key initiatives, resulting in improvement in our sell-through trends at the end of the third quarter.

早安，謝謝你，麥克。我們很高興地宣布，第三季業績超出了我們的預期。我們的團隊在一系列關鍵舉措中表現出色，使得第三季末的銷售趨勢有所改善。

This sell-through improvement coincided with the Hair Mask launch and our first fully coordinated 360-degree marketing campaign and demonstrates marked progress in our transformational journey. We remain focused on delivering the annual results we guided to at the outset of the year and building Olaplex for consistent, profitable growth over the long term.

此次銷售業績的提升恰逢髮膜上市以及我們首次全面協調的 360 度行銷活動，這表明我們在轉型之旅中取得了顯著進展。我們將繼續專注於實現年初設定的年度業績目標，並致力於打造 Olaplex，以實現長期持續獲利成長。

Before diving into our strategic progress, here is a summary of our third quarter results. Net sales of $114.6 million, down 3.8% year over year, yet better than our expectations, partially driven by earlier timing of shipments. Adjusted EBITDA of $30.8 million, a margin of 26.9%. This exceeded our internal expectations, driven by strong flow-through of our sales beat. Turning to our performance by channel.

在深入探討我們的策略進展之前，先來總結一下我們第三季的表現。淨銷售額為 1.146 億美元，年減 3.8%，但好於我們的預期，部分原因是提前出貨時間。調整後 EBITDA 為 3,080 萬美元，利潤率為 26.9%。這超出了我們內部的預期，這主要得益於我們銷售業績的強勁成長。接下來我們來看看各頻道的表現。

In professional, net sales grew as we continued to benefit from our strong management of promotions. We outperformed our expectations and are seeing early green shoots in regions where we reset our relationships and are starting to invest in marketing and education, working more closely with our partners overall.

在專業領域，隨著我們繼續受益於強大的促銷管理，淨銷售額有所成長。我們超越了預期，並且在我們重新建立關係並開始投資行銷和教育的地區看到了初步的復甦跡象，與我們的合作夥伴整體上更加緊密地合作。

Specialty retail sales were down in the quarter as expected. Quarterly sell-through was broadly consistent in the second and third quarters with encouraging improvement exiting Q3, led by recent innovation. Direct-to-consumer sales declined, as expected, following large sales events in the second quarter.

如預期，本季專業零售額有所下降。第二季和第三季的季度銷售額整體保持穩定，第三季末的銷售額出現了令人鼓舞的改善，這主要得益於近期的創新。如預期，在第二季大型促銷活動之後，直接面向消費者的銷售額有所下降。

However, we outperformed our expectations and saw strong sales momentum coinciding with tentpole events where we have strategically focused our marketing and promotional efforts. Now let me discuss our progress in the execution against our strategic priorities.

然而，我們的業績超越了預期，在我們策略性地集中進行行銷和推廣工作的重點活動期間，銷售勢頭強勁。現在讓我來談談我們在執行策略重點方面的進展。

As we've discussed, we have three strategic priorities for 2025: one, generate brand demand; two, harness innovation; and three, execute with excellence. First, generate brand demand. Year to date, we have invested significantly in our brand while still generating strong 25.5% adjusted EBITDA margin.

正如我們之前討論過的，我們2025年的三大策略重點是：一、創造品牌需求；二、利用創新；三、卓越執行。首先，創造品牌需求。今年以來，我們已對品牌進行了大量投資，同時仍實現了 25.5% 的強勁調整後 EBITDA 利潤率。

We believe these investments are showing early signs of working. In 2025, we set out to build a brand and a marketing engine implemented in three stages: first, building the brand baseline; second, creating a brand platform; and third, building an ongoing content engine.

我們認為這些投資已經初見成效。2025年，我們著手打造一個品牌和行銷引擎，分三個階段實施：首先，建立品牌基礎；其次，創建品牌平台；第三，建立持續的內容引擎。

In the first half of the year, we focused on the first two stages, with our late February brand refresh in the US and the April launch of our new Designed to Defy brand platform. Our recent brand health tracker indicates that this investment has been successful in helping reach our goal of creating the emotional connection that drives lasting brand relevance, resilience, and love.

今年上半年，我們重點關注了前兩個階段，包括 2 月下旬在美國進行的品牌更新以及 4 月推出的全新 Designed to Defy 品牌平台。我們最近的品牌健康追蹤數據顯示，這項投資已成功幫助我們實現了目標，即建立情感聯繫，從而推動品牌的持久相關性、韌性和喜愛度。

As you may recall, early research conducted when I first joined Olaplex indicated that our brand was seen as effective yet cold and clinical. According to the latest brand health tracker, which we fielded at the end of the quarter, versus the baseline taken before we relaunched the brand, Olaplex is now perceived as more approachable and alluring while retaining its core identity as a scientific and iconic brand.

您可能還記得，我剛加入 Olaplex 時進行的早期研究表明，我們的品牌雖然有效，但卻顯得冷冰冰的，缺乏專業性。根據我們在本季度末進行的最新品牌健康追蹤調查，與我們重新推出該品牌之前的基線相比，Olaplex 現在被認為更平易近人、更具吸引力，同時保留了其作為科學和標誌性品牌的核心身份。

We achieved significant growth across every stage of the brand funnel -- awareness, consideration, Net Promoter Score, and saw important gains across key associations, such as, helps me take great care of my hair and is key to my beauty routine. Increased awareness successfully translated into stronger consideration, including significant lift in both current stated usage and future purchase intent. This is very encouraging as we believe this survey is a leading indicator of future brand momentum.

我們在品牌漏斗的每個階段都實現了顯著增長——認知度、考慮度、淨推薦值，並在關鍵關聯方面取得了重要進展，例如，它幫助我很好地護理我的頭髮，是我美容程序中的關鍵。認知度的提升成功轉化為更強的購買意願，包括目前使用情況和未來購買意願的顯著提升。我們認為這項調查是衡量品牌未來發展動能的重要指標，因此非常令人鼓舞。

In the third quarter, we shifted to executing against the last phase of brand building, developing a consistent, digital-first content engine that supports both the transformational and scientific storytelling behind our core and new product launches. This is critical to amplifying the early indicators we saw in our brand health tracker.

第三季度，我們轉而執行品牌建立的最後階段，開發一個以數位優先的連貫內容引擎，以支持我們核心產品和新產品發布背後的變革性和科學性故事。這對於放大我們在品牌健康追蹤器中看到的早期指標至關重要。

This strategic evolution was evident in our marketing campaign surrounding the late August launch of our two new hair masks, Rich Hydration Mask and Weightless Nourishing Mask. This was the most integrated product launch in our history, with full 360-degree execution. Simply put, this launch was the first time in which we had the team coordinated and the brand baseline built to execute the right content at the right time in the right place.

這項策略演變在我們八月下旬推出的兩款全新髮膜——滋潤髮膜和輕盈滋養髮膜——的行銷活動中得到了充分體現。這是我們史上整合程度最高的產品發表會，實現了全方位、360度的執行。簡而言之，這次發布是我們第一次協調團隊並建立品牌基礎，以便在正確的時間、正確的地點發布正確的內容。

As I have discussed in prior calls, an essential part of our strategy is clearly explaining and getting credit for the power of our science in a meaningful, compelling way. Our hair mask marketing campaign was anchored in this strategy with content that made our superiority clear and easy to understand for both professionals and for consumers.

正如我在之前的電話會議中討論過的，我們策略的一個重要部分是以有意義、有說服力的方式清楚地解釋和認可我們科學的力量。我們的髮膜行銷活動正是基於此策略，透過內容清晰易懂地向專業人士和消費者闡明了我們的優越性。

Our hair masks extend results through five washes in a marketplace which is often oriented to instant cosmetic impact, not long-lasting healthy hair results. Across our professional and specialty retail channels, our education materials and visual merchandising provided compelling support for the superiority with microscopic images of hair when using our hair mask versus competitor offerings and with model shots highlighting hair results before use, after a single wash, and after five washes.

我們的髮膜效果可持續五次洗髮，而市面上的產品往往注重即時的美容效果，而非持久的健康秀髮效果。在我們的專業和專營零售管道中，我們的教育材料和視覺行銷提供了令人信服的證據，證明使用我們的髮膜與競爭對手的產品相比具有優越性，並透過模特兒照片突出展示使用前、洗一次後和洗五次後的頭髮效果。

In addition to having the right marketing content rooted in science and product efficacy, our team successfully coordinated the launch with a single big bang approach across all channels, creating initial buzz and a more sustained and measurable impact.

除了擁有以科學和產品功效為基礎的正確行銷內容外，我們的團隊還成功地協調了所有管道的「一擊即中」式發布，從而製造了最初的轟動效應，並產生了更持久、更可衡量的影響。

First, consistent with our strategy to honor and empower the Pro as the start of our flywheel, we initially launched our masks with pros several weeks before the products were placed on retail shelves. In addition, we launched masks with back bar sizing, which, combined with our recent scalp innovation, allows for a complete root-to-tip service offering for our Pros.

首先，為了配合我們尊重和賦能專業人士作為飛輪起點的策略，我們在產品上架零售貨架前幾週，首先向專業人士推出了我們的口罩。此外，我們還推出了具有後置尺寸調節功能的髮膜，結合我們最近在頭皮護理方面的創新，可以為我們的專業人士提供從髮根到髮梢的完整服務。

By launching with the Pro-first, we reinforced our commitment ensuring professional validation and brought education directly to salons across North America. Secondly, we coordinated a timely and unified launch across PR, influencers, merchandising, and our own channels, great buzz through a disciplined full funnel strategy directed at driving and converting broad awareness down to the point of sale at retail and e-commerce.

透過率先推出 Pro-first，我們強化了我們對確保專業認證的承諾，並將教育直接帶到了北美各地的沙龍。其次，我們協調了公關、影響者、商品銷售和我們自己的管道，及時、統一地推出了產品，透過嚴謹的全通路策略，旨在推動和轉化廣泛的認知度，直至零售和電子商務的銷售點，從而引起了廣泛關注。

We implemented a full funnel influencer approach with over 1,000 high-impact and mid-funnel influencers that supported always-on content, combining both education and science storytelling for emotional appeal.

我們實施了全通路影響者策略，與 1000 多名高影響力和中通路影響者合作，支持持續更新的內容，將教育和科學故事相結合，以達到情感吸引力。

We created a high-visibility experiential activation through the mask market, a pop-up event in New York City, which connected Pros, influencers, media, and consumers during Fashion Week. The event focused on hair innovation and brought hair science to life in an engaging format, featuring interactive stations, hands-on demos, and personalized routines where guests can discover which of Olaplex's two breakthrough hair masks is right for them.

我們在紐約市舉辦了一場名為「口罩市集」的快閃活動，打造了一場高曝光度的體驗式行銷活動，在時裝週期間將專業人士、影響者、媒體和消費者聯繫起來。本次活動以頭髮創新為主題，以引人入勝的形式展現了頭髮科學，設有互動展位、動手演示和個性化護理方案，讓來賓們可以發現 Olaplex 的兩款突破性髮膜中哪一款最適合自己。

Ahead of the event, there was a line stretching for multiple city blocks, which speaks to the brand strength of Olaplex. The event generated nearly 700,000 impressions across outlets in only three days. We are pleased with the early success of the campaign with both sell-in and sell-through outperforming expectations at key retail partners.

活動開始前，隊伍綿延了好幾個街區，這足以說明 Olaplex 的品牌實力。該活動在短短三天內透過各種管道獲得了近 70 萬次的曝光量。我們對此行銷活動的早期成功感到滿意，主要零售合作夥伴的進貨量和銷售量均超出預期。

Now that we have the three foundational pieces of marketing and generating brand demand in place, we will work to refine, optimize, and accelerate our strategy as we move into Q4 and plan for 2026 and beyond. Moving on to our second priority, harness innovation.

現在我們已經具備了行銷和品牌需求創造的三大基礎要素，我們將努力完善、優化和加速我們的策略，以邁入第四季度並為 2026 年及以後製定計劃。接下來是我們的第二個優先事項：利用創新。

The successful launch of mask highlights our strategy to create new scientific products that have the potential to change our trajectory. To that end, let me share a bit more about the science that served as the foundation for our fully integrated marketing campaign. Hair masks are intensive conditioning treatments.

口罩的成功上市凸顯了我們創造具有改變公司發展軌跡潛力的新型科學產品的策略。為此，我想和大家分享我們全面整合行銷活動背後的科學原理。髮膜是深層滋養保養品。

Adding a hair mask to a routine can provide additional benefits, helping to repair, strengthen, and restore moisture even further than a daily conditioner. Hair masks also represent a meaningful category within hair treatment with strong growth where we have been underpenetrated.

在日常護髮程序中加入髮膜可以帶來額外的好處，比每天使用護髮素更能幫助修復、強韌和恢復頭髮的水分。髮膜也是頭髮護理領域中一個重要的類別，對促進頭髮生長具有很強的促進作用，而我們在這方面的滲透率一直很低。

Most hair masks on the market only provide immediate gratification. One wash it's in and the next it's washed out. In contrast, our hair masks are formulated with Biomimetic Cuticle Technology and Olaplex's proprietary Bond Building Technology.

市面上大多數髮膜只能提供即時效果。洗一次就進去了，洗一次就出來了。相較之下，我們的髮膜採用仿生角質層技術和 Olaplex 專有的鍵結重建技術配製而成。

This technology is designed to repair and seal the cuticle to lock in hydration and strength, protecting the inner hair fiber and extending results through five washes, actually improving hair health over time versus simply band-aiding it. This is clearly very powerful science that can enable the highest quality products and demonstrates our overall product philosophy to ensure we are truly improving hair over time.

這項技術旨在修復和密封毛鱗片，鎖住水分和強度，保護內部髮絲，並將效果延長至五次洗髮，隨著時間的推移真正改善頭髮健康，而不僅僅是暫時緩解問題。這顯然是一項非常強大的科學技術，能夠生產出最高品質的產品，並體現了我們整體的產品理念，即確保我們能夠隨著時間的推移真正改善頭髮狀況。

Beyond strong initial sell-in and sell-through trends, we have seen very positive consumer response with 4.7 star review average and strong reception from both new and existing customers with many mask customers being new to the brand according to our internal DTC data.

除了強勁的初期銷售和銷售趨勢外，我們還看到了非常積極的消費者反應，平均評分為 4.7 顆星，新舊客戶都給予了很高的評價，根據我們內部的 DTC 數據，許多口罩客戶都是該品牌的新客戶。

In fact, of 2025 product launches, we have the top three selling prestige hair products in both dollar and unit sales for the third quarter of 2025 per Circana data. In addition, with product development, one must always be building for the future.

事實上，根據 Circana 的數據，在 2025 年第三季推出的 2025 年新品中，我們擁有銷售額和銷量均排名前三的高端美髮產品。此外，在產品開發中，必須始終著眼於未來。

Over the last year, we have created 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. These changes have enabled us to launch six new innovative products this year, including our two new hair masks.

過去一年，我們組建了創新團隊，並建立了跨職能流程，我們相信這將為建立強大而一致的前瞻性產品線以及協調一致的發布計劃奠定基礎。這些改變使我們今年得以推出六款創新產品，其中包括兩款新的髮膜。

We are additionally encouraged as we look at what we are building for the long term. During this quarter, we announced the acquisition of Purvala Bioscience. Purvala seeks to develop transformative bio-inspired technologies with applications across health and beauty industries.

此外，當我們展望我們正在為長遠發展而建立的藍圖時，我們也倍受鼓舞。本季度，我們宣布收購 Purvala Bioscience。Purvala致力於開發具有變革意義的仿生技術，並將其應用於健康和美容行業。

What we've accomplished to date has already left a meaningful impact on our industry. And we believe that with Purvala, we have the potential to create the next generation of disruptive science-backed product innovation alongside our patent-protected Bond Building Technology, Bis-Amino.

我們迄今為止所取得的成就已經對我們的行業產生了深遠的影響。我們相信，憑藉 Purvala，我們有潛力結合我們受專利保護的鍵結建構技術 Bis-Amino，創造下一代顛覆性的、以科學為支撐的產品創新。

With only approximately 30 SKUs focused within prestige hair care and our expectation to launch two to three meaningful innovations annually, we see large white space potential for Olaplex, and we look forward to sharing our upcoming innovations along the way. Lastly, our third strategic priority, execute with excellence. We've been working hard to improve our focus and speed of execution through streamlined processes and clear KPIs.

目前，Olaplex 僅有約 30 個 SKU 專注於高端護髮產品，並且我們預計每年推出兩到三項有意義的創新產品，因此我們看到了 Olaplex 的巨大市場潛力，我們期待著在此過程中與大家分享我們即將推出的創新產品。最後，我們的第三個策略重點是：卓越執行。我們一直在努力透過簡化流程和明確KPI來提高我們的專注度和執行速度。

We know that when we streamline processes and achieve those KPIs, we drive results. For example, as we started to discuss in our last call, our education and sales teams have doubled down on reconnecting with the Pro via Blitz program, which has been expanded to three additional cities: Los Angeles, Chicago, and Dallas in the quarter.

我們知道，當我們簡化流程並實現這些關鍵績效指標時，我們就能取得成果。例如，正如我們在上次電話會議中開始討論的那樣，我們的教育和銷售團隊加倍努力，透過 Blitz 計劃與 Pro 重新建立聯繫，該計劃在本季度已擴展到另外三個城市：洛杉磯、芝加哥和達拉斯。

Our data tells us that the sell-through in cities where we have done a Blitz is on average at least mid-teens percentage higher in the two months following the Blitz versus the two months prior and also outperforming control markets. We look forward to expanding this effort.

我們的數據顯示，在我們開展閃電行銷活動的城市，閃電行銷活動後的兩個月的銷售額平均比活動前兩個月至少高出15個百分點，並且也超過了對照市場。我們期待擴大這項工作的規模。

In addition, in preparation for the fourth quarter, we reorganized and increased our field sales team with improved coverage in key geographic markets, optimized our accountability and reporting metrics, and refined our event execution process to drive experiential moments in store, all with the ultimate goal of driving sell-through results.

此外，為了迎接第四季度，我們重組並擴充了現場銷售團隊，提高了在重點地理市場的覆蓋範圍，優化了問責制和報告指標，並改進了活動執行流程，以在店內營造體驗式氛圍，所有這些最終目標都是為了提高銷售業績。

Our second key focus with this priority has been executing a globally aligned go-to-market strategy designed to focus our investments on the countries we believe offer the greatest growth potential while ensuring brand execution is consistent around the world.

我們在此優先事項上的第二個重點是執行全球統一的市場進入策略，旨在將投資集中在我們認為最具成長潛力的國家，同時確保品牌在全球範圍內的執行保持一致。

This strategy follows a three-tiered approach with: one, partner-led priority markets; two, direct investment markets; and three, light-touch partner markets. We are already making tangible progress across each. In partner-led priority markets, our global sales and education teams have begun visiting and reengaging directly with key partners. In the quarter, our teams visited partners in Japan, the Nordics.

此策略遵循三級方法：一、合作夥伴主導的優先市場；二、直接投資市場；三、輕觸式合作夥伴市場。我們在各方面都已經取得了實際進展。在以合作夥伴為主導的重點市場中，我們的全球銷售和教育團隊已經開始直接拜訪並與主要合作夥伴重新建立聯繫。本季度，我們的團隊拜訪了日本和北歐的合作夥伴。

and Germany. Our sales leaders are also working closely with our partners on goal setting, future planning, and setting measurable objectives and KPIs. This focus and increased partnership is already bearing fruit with our key partners, aligning on joint business plans and making investments alongside us as they are inspired by what they see as a positive change in how we are working together and are leaning in on our transformation.

還有德國。我們的銷售主管們也與我們的合作夥伴密切合作，共同製定目標、規劃未來，並設定可衡量的目標和關鍵績效指標。這種專注和加強合作已經與我們的主要合作夥伴取得了成果，他們與我們共同製定聯合商業計劃並進行投資，因為他們受到我們合作方式的積極變化的鼓舞，並積極參與我們的轉型。

We are also seeing positive signs in direct investment markets. In the UK, where we realigned our teams with clear KPIs and invested more in marketing, our sales are outperforming broader international trends.

我們也看到直接投資市場出現了正面跡象。在英國，我們重新調整了團隊，設定了明確的關鍵績效指標，並加大了行銷投入，我們的銷售業績超過了更廣泛的國際趨勢。

In summary, we are encouraged by the execution of our Bonds and Beyond strategy to date and believe the sequential improvement in KPIs since our first coordinated large-scale 360-degree marketing campaign and product launch, traction in our international realignment, and future R&D investment provide optimism for Olaplex's future. We are pleased to reiterate annual guidance.

總而言之，我們對迄今為止「債券及超越」策略的執行情況感到鼓舞，並相信自我們首次協調開展大規模 360 度行銷活動和產品發布以來，關鍵績效指標的持續改善、國際重組取得的進展以及未來的研發投資，都為 Olaplex 的未來帶來了樂觀情緒。我們很高興重申年度業績指引。

And with that, I'll turn it over to Catherine to walk through more of our third quarter results and the outlook for the fourth quarter. Catherine?

接下來，我將把麥克風交給凱瑟琳，讓她繼續介紹我們第三季的業績以及第四季的展望。凱瑟琳？

Thank you, Amanda, and good morning, everyone. We delivered strong results this quarter with both top and bottom line performance ahead of our expectations.

謝謝你，阿曼達，大家早安。本季我們取得了強勁的業績，營收和利潤均超乎預期。

We are making decisive progress on stabilizing the business and are well positioned to deliver on the commitments we set out at the beginning of the year. Third quarter net sales were $114.6 million, a 3.8% decrease year over year, which outperformed our expectations across channels. We are encouraged that our sell-through trends continued to improve, especially in the last weeks of the quarter.

我們在穩定業務方面取得了決定性進展，並已做好充分準備，履行我們在年初制定的承諾。第三季淨銷售額為 1.146 億美元，年減 3.8%，但各通路均超出預期。我們很高興地看到，銷售趨勢持續改善，尤其是在本季的最後幾週。

Consistent with our practice throughout the year, I will review both our third quarter and year-to-date performance. We believe looking at year-to-date results is helpful to understand the progress made in our transformation given the significant changes underway and potential variability in quarterly net sales metrics.

按照我們全年的慣例，我將對第三季和年初至今的業績進行審查。鑑於目前正在進行的重大變革以及季度淨銷售指標可能存在的波動性，我們認為查看年初至今的業績有助於了解我們在轉型過程中取得的進展。

By channel, professional increased 5.3% year over year in the quarter to $44.5 million, with net sales increasing 1.8% year to date. This growth is driven by our strong management of promotions. We are also seeing benefits from our strategic initiatives.

按通路劃分，本季專業通路銷售額年增 5.3% 至 4,450 萬美元，淨銷售額年增 1.8%。這一增長得益於我們對促銷活動的出色管理。我們也看到了策略性措施帶來的益處。

In North America, we drove growth in independents, which helped offset softness in larger national chains. Our Blitz strategy successfully drove sales acceleration in those markets where we have led events, as Amanda discussed earlier. Internationally, we saw select partners respond positively to our reinvestment and increased partnership.

在北美，我們推動了獨立零售商的成長，這有助於抵消大型全國連鎖店的疲軟。正如 Amanda 之前所討論的那樣，我們的閃電戰策略成功地推動了我們在舉辦活動的那些市場的銷售加速成長。在國際上，我們看到一些合作夥伴對我們的再投資和加強合作做出了積極回應。

As mentioned earlier, in the third quarter, we made tangible progress on realigning our international markets. This caused revenue shifts across channels, which served as a tailwind to professional or serving as a headwind to retail.

如前所述，第三季我們在調整國際市場方面取得了實際進展。這導致各通路的收入轉移，對專業通路而言是順風，對零售通路而言是逆風。

Specialty retail declined 13.5% year over year in the quarter to $36.9 million with net sales decreasing 6.8% year to date. We believe inventory levels at our key customers are in a healthy position. Direct-to-consumer declined 2.9% year over year to $33.3 million in the quarter, with net sales increasing 1.6% year to date.

本季專業零售額年減 13.5% 至 3,690 萬美元，淨銷售額年減 6.8%。我們認為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減 2.9% 至 3,330 萬美元，而年初至今的淨銷售額則成長了 1.6%。

As expected, the third quarter experienced headwinds following the large sales events in 2Q. Our strategic shift from always-on to timed promotions led to strong performance in tentpole moments with key partners.

正如預期的那樣，繼第二季的大型促銷活動之後，第三季遭遇了不利因素。我們從持續推廣轉向定時推廣的策略轉變，使我們在與重要合作夥伴的關鍵時刻取得了強勁的業績。

For example, during a key customer's event in July, four of our featured SKUs were the number one ranked items in their respective categories, with nearly 60% of customers during that period identifying as new Olaplex users. Year to date by region, US net sales were down approximately 4%, with international sales up approximately 2%.

例如，在 7 月的一次重要客戶活動中，我們四款主推 SKU 在各自類別中排名第一，近 60% 的客戶表示他們是 Olaplex 的新用戶。今年迄今為止，按地區劃分，美國淨銷售額下降約 4%，國際銷售額增長約 2%。

These year-to-date trends were largely driven by third quarter results, with international outperforming expectations, including continued benefit from the impact of better management of promotions. We saw better-than-expected trends in select regions, specifically in our direct investment markets, where we have refocused our commercial investments and intensified joint business planning.

今年迄今的這些趨勢主要受第三季業績的推動，其中國際業務表現超出預期，包括持續受益於更好的促銷管理帶來的影響。我們在部分地區看到了比預期更好的趨勢，尤其是在我們的直接投資市場，我們重新調整了商業投資方向，並加強了聯合業務規劃。

US net sales remained down as we continued to focus on sequentially improving sell-through. Adjusted gross profit margin for the quarter was 71.5%, up 70 basis points year over year, as lower margin on new products that have not yet reached full production scale or efficiency was more than offset by margin expansion stemming from our improved promotional experience.

由於我們持續專注於逐步提高售罄率，美國淨銷售額依然下降。本季調整後的毛利率為 71.5%，年增 70 個基點，原因是尚未達到全面生產規模或效率的新產品的毛利率較低，但促銷經驗的改善帶來的毛利率擴張足以抵銷這一影響。

Year-to-date adjusted gross profit margin is 72.2%, flat year over year. Adjusted SG&A was $51.3 million for the quarter and $150.0 million year to date, an increase of $29.7 million year over year.

今年迄今的調整後毛利率為 72.2%，與去年同期持平。本季調整後的銷售、一般及行政費用為 5,130 萬美元，今年迄今為 1.5 億美元，比去年同期增加了 2,970 萬美元。

This increase is aligned with our strategic priorities and primarily reflects investment in sales and marketing, which increased $6.2 million year over year in the quarter and approximately $20.8 million year to date. Adjusted EBITDA was $30.8 million for the quarter, representing a 26.9% margin. This compares to 37.5% margin in the third quarter of 2024.

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，該季度年增 620 萬美元，今年迄今成長約 2,080 萬美元。本季調整後 EBITDA 為 3,080 萬美元，利潤率為 26.9%。相較之下，2024 年第三季的利潤率為 37.5%。

Year-to-date adjusted EBITDA is $81.0 million, representing a 25.5% margin, compared to 34.8% in the prior year. This year-over-year change reflects the strategic investments in marketing and people we are making to position our business for sustainable long-term growth.

今年迄今的調整後 EBITDA 為 8,100 萬美元，利潤率為 25.5%，而去年同期為 34.8%。這一同比變化反映了我們在行銷和人才方面的策略性投資，旨在使我們的業務實現可持續的長期成長。

Turning to a review of cash flow and balance sheet. We generated positive operating cash flow again in the third quarter, reflecting strong management of our working capital and the power of our asset-light business model even as we invest for growth. We ended the quarter with cash and cash equivalents of $286.4 million and debt of $352.1 million.

接下來，我們來看看現金流量表和資產負債表。第三季我們再次實現了正的營運現金流，這反映了我們對營運資本的良好管理，以及我們輕資產商業模式的強大實力，即便我們也在為成長進行投資。本季末，我們持有現金及現金等價物2.864億美元，負債3.521億美元。

Inventory was $73.3 million, down approximately $12.6 million from $85.9 million in the third quarter of fiscal year 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.

庫存為 7,330 萬美元，比 2024 財年第三季的 8,590 萬美元減少了約 1,260 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，並將繼續精心管理庫存水平，以支援新產品發布和更新商品陳列。

We are pleased to maintain our full year 2025 guidance. 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 margin of 20% to 22%. This guidance assumes no material impacts from tariffs as we believe we are minimally exposed, although the trade environment remains fluid.

我們很高興維持2025年全年業績預期。我們預計淨銷售額將比 2024 財年下降 3% 至上升 2%，調整後毛利率將在 70.5% 至 71.5% 之間，調整後 EBITDA 利潤率為 20% 至 22%。該指導意見假設關稅不會產生實質影響，因為我們認為我們受到的影響很小，儘管貿易環境仍然瞬息萬變。

Our outlook considers earlier timing of sales that benefited the third quarter, and we are mindful of the uncertain macro backdrop into holiday. As we continue to execute our globally aligned go-to-market strategy in international, we expect revenue shifts across channels.

我們的展望考慮了先前有利於第三季的銷售情況，並且我們也注意到假期期間宏觀經濟環境的不確定性。隨著我們繼續在國際市場執行全球統一的市場推廣策略，我們預計各通路的收入將會改變。

We believe that this will particularly benefit professional while serving as a headwind to retail. In DTC, we balanced optimism for our holiday plans with weakening consumer sentiment. Additionally, we are cognizant of some planned industry destocking, which we are proactively managing, and which we expect will particularly pressure DTC.

我們認為這將尤其有利於專業人士，但會對零售業造成不利影響。在 DTC 業務中，我們既要應對假日計劃的樂觀預期，也要應對消費者信心的減弱。此外，我們也意識到行業內一些計劃中的去庫存行為，我們正在積極應對，預計這將對 DTC 模式造成特別大的壓力。

I'd like to close with a quick summary of our progress and strategic context as we move to close 2025. Our results this quarter, outperforming expectations in sales and profitability, aren't just financial metrics.

最後，我想快速總結我們在邁向 2025 年底之際所取得的進展和策略背景。本季我們的業績，包括銷售額和獲利能力，都超出了預期，但這不僅僅是財務指標的問題。

They are tangible indicators of our strategy in action. Our strategic execution is beginning to work. The successful fully integrated launch of our new hair masks demonstrated that we can execute a coordinated 360-degree go-to-market strategy. This launch is a model for how we will drive brand execution going forward and the early impact on sell-through is encouraging. The foundation for growth is strengthening.

它們是我們策略實施的切實體現。我們的策略執行開始奏效了。我們新推出的髮膜產品成功實現了全面整合上市，這表明我們可以執行協調一致的 360 度市場推廣策略。此次發佈為我們未來如何推動品牌執行樹立了典範，目前對銷售的初步影響令人鼓舞。成長的基礎正在加強。

We've made foundational investments to transform how the market perceives Olaplex. We believe this brand building is a leading indicator of future momentum. Our harness innovation priority is accelerating.

我們已進行基礎性投資，以改變市場對 Olaplex 的看法。我們認為，這種品牌建立是未來發展動能的領導指標。我們正在加速推進線束創新。

We believe that the acquisition of Purvala Bioscience and the success of masks are the early stages of us building the next generation of disruptive science-backed innovation. We are not just managing the business, we are working to rebuild for long-term consistent and profitable growth.

我們相信，收購 Purvala Bioscience 以及口罩的成功是我們建構下一代顛覆性科學支持創新的早期階段。我們不僅僅是在經營業務，我們更致力於重建業務，以實現長期、持續和盈利的成長。

Our operating discipline, demonstrated by strong cash flow and margin management even amid strategic investments, gives us confidence in the ability to deliver on our full-year forecast and, more importantly, to position Olaplex as a strategic leader for years to come.

即使在進行策略性投資的情況下，我們依然保持著穩健的現金流量和利潤率管理，這體現了我們嚴謹的經營紀律，也讓我們有信心實現全年預測，更重要的是，將 Olaplex 定位為未來幾年的策略領導者。

Operator, we're now ready to take questions.

接線員，我們現在可以開始回答問題了。

(Operator Instructions) Susan Anderson, Canaccord Genuity.

（操作說明）Susan Anderson，Canaccord Genuity。

Nice job on the quarter. I wanted to maybe ask about -- I think you guys mentioned some orders were pulled into the third quarter. Was that across both spec retail and professional? And then I think the reiteration of the guide implies a pretty wide range for fourth quarter.

這季度表現不錯。我想問一下——我記得你們提到過一些訂單被推遲到第三季。這種情況是否涵蓋了零售和專業市場？我認為，指南的重申意味著第四季的預測範圍相當廣泛。

I think previously you expected the fourth quarter to be up high single. But I guess with that pull forward now, should we expect anything different for fourth quarter? And I have a quick follow-up.

我認為你之前預期第四季單邊會大幅上漲。但我想，隨著目前的情況發展，我們是否應該期待第四季會有所不同？我還有一個後續問題。

This is Catherine. Thank you for the call and the question. We are pleased to be able to reaffirm our guidance for the third consecutive quarter. And as you know, we really plan our business on an annual basis, and we're laser-focused on delivering our commitments as we enter the fourth quarter. And we think we're in a strong position to do exactly that.

這是凱瑟琳。感謝您的來電和提問。我們很高興能夠連續第三個季度重申我們的業績預期。如您所知，我們每年都會制定業務計劃，進入第四季度後，我們將全力以赴履行我們的承諾。我們認為我們完全有能力做到這一點。

As you think about the fourth quarter, we feel great about what we can control. We have strong plans for the holiday season, and we did see encouraging sell-through trends and positive consumer and partner response to our marketing activations and innovations.

展望第四季度，我們對能夠掌控的方面感到非常滿意。我們為假期季節制定了強有力的計劃，並且我們看到了令人鼓舞的銷售趨勢，以及消費者和合作夥伴對我們的行銷活動和創新的積極反饋。

Our improved execution, as we talked about, particularly in masks, allows us to harness our innovation. And again, we feel really great about the things that we can control. A few factors that are impacting our fourth quarter thinking is: one, the macroenvironment.

正如我們之前討論過的，我們改進的執行力，尤其是在口罩方面，使我們能夠充分發揮我們的創新能力。再次強調，我們對能夠掌控的事情感到非常滿意。影響我們第四季決策的幾個因素包括：一、宏觀環境。

Consumer sentiment is increasingly uncertain as we head into the critical holiday season. Consumers seem to be shopping around big events, but are more discerning at other times. Timing shifts, as I mentioned, we did see some earlier-than-expected shipments in the third quarter, which we think could impact the fourth quarter.

隨著關鍵假日季節的臨近，消費者信心越來越不明朗。消費者似乎會在大型活動期間大量購物，但在其他時間則更加挑剔。正如我之前提到的，時間安排有所變化，我們在第三季度確實看到了一些比預期更早的出貨量，我們認為這可能會對第四季度產生影響。

It's not like we saw one big order that said this is the holiday shipment and it was a pull-in, we didn't. It was that these orders came in, in September that we thought might come in, in October.

我們沒有看到一大筆訂單說明這是假日貨物，然後是臨時調撥的，我們沒有。這些訂單原本我們以為會在十月才到，結果卻在九月就到了。

To the extent that it's timing depends on how our sell-through goes throughout the quarter, in particular, holiday. And then as I mentioned, we're also navigating some industry destocking that we expect to pressure fourth quarter, particularly in our DTC channel. However, it's important to note that inventory is in a very healthy position we believe, and with our sell-through trends, we're in a great position to deliver the year.

時機取決於我們整個季度的銷售情況，尤其是假期期間的銷售情況。正如我之前提到的，我們也正在應對一些行業去庫存的情況，我們預計這將給第四季度帶來壓力，尤其是在我們的 DTC 管道。不過，值得注意的是，我們認為庫存狀況非常健康，根據我們的銷售趨勢，我們完全有能力完成今年的目標。

So year-to-date sales, this is the way that we encourage everybody to think about it, are down about 1% for the year, right in line with the midpoint of our annual guidance range. And again, we're focused on delivering the guidance that we've happily reaffirmed.

因此，我們鼓勵大家這樣看待今年迄今的銷售額，比去年同期下降了約 1%，正好符合我們年度指導範圍的中點。我們再次重申，我們將專注於提供我們所樂於重申的指導。

And then I just want to follow up maybe on the Purvala acquisition. Not sure if you could give more color, just about how you're thinking about their molecules and how they fit with Olaplex, whether that's in hair or another area of beauty. I believe you already utilize some of them. So I guess just curious when do you think in terms of timing you will start to see some new products with these molecules roll out.

然後，我想跟進 Purvala 的收購事宜。不知道您能否提供更多細節，例如您是如何看待它們的分子結構以及它們如何與 Olaplex 結合使用的，無論是在頭髮護理方面還是在其他美容領域。我相信你已經在使用其中的一些方法了。所以我很好奇，您認為從時間上看，什麼時候會看到一些含有這些分子的新產品推出？

Susan, it's Amanda. Thank you for the question. So I'll try to give a little bit of color, but as I'm sure you can appreciate where our future innovation is going is something that we'll share as it emerges as we did with mask in this quarter. But look, I think the thing to understand about us is that we are really focused on how do we continue to deliver science-backed breakthrough products. Bis Amino is an incredible technology.

蘇珊，我是阿曼達。謝謝你的提問。所以我會盡量增添一些色彩，但我相信您也能理解，我們未來的創新方向，我們會像本季推出口罩一樣，在有新進展時與大家分享。但是，我認為大家需要了解的是，我們真正關注的是如何繼續推出以科學為基礎的突破性產品。雙氨基技術是一項了不起的技術。

It's one that still stands on its own and is certainly above the pack in terms of what it can do in terms of relinking disulfide bonds. But there are other things that we hope to be able to do that require different technology.

它仍然獨樹一幟，在重新連接二硫鍵方面，它的功能絕對領先於其他同類產品。但我們也希望能夠實現其他一些需要不同技術的事情。

So there'll probably be a balance, I would say, and there'll be certain things in every formula that's unique that we'll be able to scramble and bring to the market as fast as humanly possible. I think innovation means moving quickly. And there are some things that will take longer.

所以我覺得可能會達到某種平衡，每種配方中都會有一些獨特的成分，我們會盡一切可能盡快將其推向市場。我認為創新意味著快速行動。有些事情需要更長時間。

And I've spent a lot of time personally with our chief scientists. I've met the folks that are working on these technologies. They spend a lot of time just really understanding what we can do. And I think that a strong innovation platform has both immediacy to it as well as things that are bigger bets that take time.

我曾親自花了很多時間和我們的首席科學家們交流。我見過從事這些技術研究的人。他們花了很多時間真正了解我們能做什麼。我認為，一個強大的創新平台既要有即時性，也要有需要時間進行的大手筆投入。

So you'll see, I think, both from us going forward, and we'll continue to report out on that and certainly highlight as we're using the technology where it's coming through so that people understand.

所以我認為，你們將會看到，我們今後也會繼續報道此事，並且肯定會重點介紹我們在使用這項技術時所取得的成果，以便人們能夠理解。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

This is [Lillian] on for Olivia. I just wanted to ask a bit about the holiday setup. What are you hearing from retailers? And then just any color on what you can share on sell-in or sell-through expectations would be helpful.

這是莉莉安替奧莉維亞上場。我只是想問一下關於假期安排的情況。你從零售商那裡聽到了什麼消息？然後，如果您能分享一些關於銷售預期或銷售業績預期的信息，那就太好了。

And then just how are you approaching holiday marketing this year? Are there any changes from prior years?

那麼，今年你們打算如何進行假日行銷呢？與往年相比有什麼變化嗎？

I think we're still in the midst of that as we anticipate the holiday coming up in really the next few weeks. So what I would say is that our marketing organization is ready. And as we highlighted, and we were talking about the mask that we really have started to hit our stride in terms of our ability to deliver the right content at the right place at the right time.

我認為我們目前仍處於這種狀態，因為我們預計假期將在未來幾週內到來。所以我想說的是，我們的行銷部門已經準備就緒。正如我們所強調的，我們一直在討論口罩問題，我們確實已經開始步入正軌，能夠在正確的時間、正確的地點提供正確的內容。

So we're excited about those pieces of our marketing strategy starting to hit the market really as we speak. So it's too soon to say anything more than that.

所以我們很高興看到，我們行銷策略的這些部分正在逐步推向市場。所以現在下更多結論還太早。

But it is an important part of the Olaplex brand is selling during holiday. It's always something that I've thought of as a real sign of our strength as a brand is our giftability and the desirability during this time of year is quite unique, I think, for a hair care product. You usually see a lot of momentum in other categories.

但這卻是 Olaplex 品牌在假日期間銷售的重要組成部分。我一直認為，我們品牌實力的真正標誌就是它的禮品屬性，而且我認為，在這個季節，護髮產品的吸引力是相當獨特的。通常情況下，其他類別也會湧現出許多成長動能。

So look, I think that this is one that we'll all be watching. And I think that's why we kept our guidance as it is. And as Catherine said, left ourselves flexibility for what we do expect to be an important promotional period in the category.

所以，我覺得這將會是一場我們所有人都會關注的比賽。我認為這就是我們維持現有指導方針的原因。正如凱瑟琳所說，我們為自己留出了彈性，因為我們預期這將是該品類的重要促銷期。

And then just as a follow-up, I'm wondering if you could add any color on the overall promotional environment across key channels right now. Are you seeing any more aggressive discounting from peers or retailers and just how you're positioning yourself within that backdrop?

最後，我想補充一點，您能否就目前主要管道的整體推廣環境補充一些資訊？您是否注意到同行或零售商採取了更激進的折扣策略？在這種背景下，您是如何定位自己的？

We're obviously watching everything that folks can see. And there's a lot that comes in Black Friday, Cyber Monday that we're several weeks away from, but we're certainly ready to take things as we see them unfold in the market. And it was a position that we took last year as well at this time was to make sure that we were ready to read and react to what's happening.

我們當然會關注所有大家能看到的內容。黑色星期五和網路星期一還有好幾週的時間，屆時會有很多促銷活動，但我們肯定會根據市場的發展隨時調整策略。去年這個時候，我們也採取了同樣的立場，那就是確保我們能夠隨時了解並應對正在發生的事情。

Jonna Kim, TD Cowen.

Jonna Kim，TD Cowen。

Just first one around investments. Obviously, you've made nice progress there. But as you think about next year, how much more investment do you need to make? And what are some of the areas that's left? And I would love to hear just more about your pricing strategy as you think about next year, how you're thinking about the pricing structure across your product portfolio.

這是關於投資的第一篇。顯然，你在這方面取得了不錯的進展。但展望明年，您還需要投入多少資金？那麼還有哪些領域尚未涉及呢？我很想了解更多關於您明年定價策略的信息，以及您如何考慮整個產品組合的定價結構。

As we talked about a couple of things with respect to the investments that we continue to have incredibly strong margins despite the fact that we have invested significantly behind our brand this year. There's a couple of things that came through in the quarter this morning that we're talking about that I think are important to reflect upon versus what we were just talking about, which is really our own executional ability to actually get out there with what we call a big bang approach to a launch.

正如我們之前討論過的，關於投資方面，儘管今年我們對品牌進行了大量投資，但我們仍然保持著非常強勁的利潤率。今天早上我們討論的季度報告中有幾件事值得我們反思，這與我們剛才討論的內容有所不同，我們剛才討論的是我們自身的執行能力，即我們所謂的“大爆炸式”發布方式。

And we really saw that we were able to do that mask and we were able to deliver against the sales for a product like that. So as we see those three critical pieces of a brand come into place as we really entered into this year, and I'm excited to be at the place where we're exiting it with all the pieces of the puzzle in place where we have the right brand baseline, we have our brand platform, we have our content engine.

我們確實看到了我們能夠生產那種口罩，並且能夠達到那種產品的銷售目標。所以，隨著我們真正進入今年，我們看到品牌的這三個關鍵要素逐漸到位，我很高興我們現在已經走到了這一步，所有的拼圖碎片都已到位，我們擁有了正確的品牌基礎、品牌平台和內容引擎。

Now we're going to get into the place where it's test, learn, iterate, refine, maximize, accelerate, and every situation will be unique. So that's really where I would say at this point is really where we're focused from a marketing point of view.

現在我們要進入測驗、學習、迭代、改進、最大化、加速的階段，每一種情況都是獨一無二的。所以，從行銷的角度來看，這確實是我們目前關注的重點。

The other thing that is worth highlighting is the brand health tracker results. Those were something that we've been eagerly awaiting because there's marketing investments that are immediate and there's marketing investments that are, as we've always guided to, in this transformation that we're spending and investing and building for the long run. And brands aren't built overnight. Olaplex had an extraordinary foundation of science.

另一個值得重點關注的是品牌健康追蹤器的結果。這些都是我們一直熱切期盼的事情，因為有些行銷投資是立竿見影的，而有些行銷投資，正如我們一直以來所指導的那樣，是我們正在投入資金、進行投資和建設的長期轉型過程中的。品牌不是一朝一夕就能打造出來的。Olaplex擁有非凡的科學基礎。

We needed to build a brand around it. And so we've made those long-term decisions and those long-term investments. The best indicators on those, and folks along the way have said, what are you going to look for, Amanda, to know if you've pointed the ship in the right direction.

我們需要圍繞它打造一個品牌。因此，我們做出了這些長期決策和長期投資。關於這些方面，最好的指標是，而且一路上有人問過我，阿曼達，你會關注什麼，才能知道你是否把船開向了正確的方向。

And seeing those brand health tracker results was really exciting and rewarding for us as an organization to see that the things that we knew we needed to move the needle on, that we needed to move off of a brand that had extraordinary efficacy but wasn't necessarily connecting in an emotional way, that we really moved the needle there, that we moved our needle across the brand funnel. We continue to be number one in EMV.

看到這些品牌健康追蹤器的結果，對我們這個組織來說真的令人興奮和欣慰，因為我們看到，我們知道我們需要改進的地方，我們需要擺脫一個功效非凡但不一定能與消費者建立情感聯繫的品牌，我們確實在這方面取得了進展，我們確實在整個品牌漏斗中取得了進展。我們在EMV領域繼續保持第一的位置。

We have these things that really point to a very strong and resilient brand that's being built here. So as we get into 2026, a lot is going to be focused on how do we build on the successes that we've seen thus far.

我們看到的這些跡象表明，我們正在打造一個非常強大且具有韌性的品牌。因此，進入 2026 年，我們將重點放在如何鞏固迄今為止的成功。

Yes. I'll just add a couple of things to that. In 2025, we've made significant strategic investments to establish the foundation for the business's long-term success. And these investments, combined with our enhanced executional excellence, allows us to better harness both our marketing spend and the power of our science-based innovation. And as Amanda just said, we have clear and positive signs of traction.

是的。我再補充幾點。2025年，我們進行了重大策略投資，為企業的長期成功奠定了基礎。這些投資，加上我們不斷提升的執行力，使我們能夠更好地利用行銷支出和以科學為基礎的創新力量。正如阿曼達剛才所說，我們已經看到了明顯的積極進展。

So while we're pleased with these signals that our investments are working, I do want to emphasize that we're still in the midst of a multiyear transformation. We continue to rigorously collect data and the learnings to inform our path forward.

雖然我們對這些顯示我們的投資正在奏效的訊號感到高興，但我還是要強調，我們仍處於多年轉型之中。我們將繼續嚴格收集數據和經驗教訓，以指導我們未來的發展方向。

And we're gaining a much clearer perspective on the appropriate organization and the investment base for future years, but we're not yet prepared to define that base. But as we've consistently stated, our focus remains on building for the long term, committed to achieving our 2025 guidance of 20% to 22% adjusted EBITDA, generating strong cash flow, and executing the transformation that positions the company for really long-term, sustainable, profitable growth.

我們對未來幾年的合適組織架構和投資基礎有了更清晰的認識，但我們還沒有準備好確定這個基礎。但正如我們一直強調的，我們的重點仍然是著眼於長期發展，致力於實現 2025 年調整後 EBITDA 增長 20% 至 22% 的目標，產生強勁的現金流，並執行轉型，使公司能夠實現真正長期、可持續、盈利的增長。

Javier Escalante, Evercore ISI.

Javier Escalante，Evercore ISI。

I do appreciate a deliberate approach that you are taking to improve fundamentals and also that you exceeded internal expectations. But can you please provide a sense of your sell-out ideally in the US and internationally? How do retail sales compare sequentially versus Q2 and the broader hair care market, if you can help us understand market share dynamics in a bigger picture way? And then I have a follow-up for Amanda.

我很欣賞你為提高基本功而採取的深思熟慮的方法，而且你也超出了內部預期。但您能否簡單介紹一下您在美國和國際市場的銷售情況？如果您能幫助我們從更宏觀的角度了解市佔率動態，請問零售銷售額與第二季及更廣的護髮市場相比如何？接下來我要向阿曼達詢問一些後續問題。

I think what we indicated this morning is that second and third quarter had relatively consistent sell-through trends and that the launch of the rich hydration and weightless nourishing masks were ahead of our expectations. And so we're very pleased with that and how that can lead for the future.

我認為我們今天早上已經表明，第二季度和第三季度的銷售趨勢相對穩定，而且富含水分和輕盈滋養的面膜的推出超出了我們的預期。因此，我們對此感到非常滿意，並相信這會對未來產生正面影響。

The prestige hair care market is a very strong market. This is a market that continues to grow in the low-single digit -- sorry, the mid- to high-single digits, and I think is really poised for a lot of future momentum. So we're really excited about the category that we're playing in and our future and ability to continue to harness the growth that the consumer is seeing in that category. So that's what I would say on that topic at this point.

高端護髮產品市場是一個非常強勁的市場。這是一個持續以個位數低段增速增長的市場——抱歉，是中高段的個位數增速，我認為它真的已經做好了迎接未來強勁增長勢頭的準備。因此，我們對我們所處的品類、我們的未來以及我們繼續利用消費者在該品類中所看到的成長潛力的能力感到非常興奮。所以，關於這個問題，我現在想說的就是這些。

So basically, if the category is growing mid-to high-single digits, your sellout is lagging that, right?

所以基本上，如果某個品類的成長速度達到個位數中高段位，那麼你的產品銷售速度就落後於這個速度，對吧？

That's correct.

沒錯。

And relative to, say, the market share trends that you saw, say, in Q2, how all these initiatives and the new products and the increased marketing, how does it look in Q3 relative to Q2? Because it feels that there is a disconnect.

相對於例如第二季的市佔率趨勢，所有這些舉措、新產品和加強行銷力度，第三季與第二季相比情況如何？因為感覺彼此之間有隔閡。

And I understand that there is a lot of things that are happening and they will take time to play out. But it's just trying to understand whether -- what gives you the confidence that your market share that you are going to -- when you are going to grow in line with the category then?

我知道現在發生了很多事情，這些事情需要時間才能塵埃落定。但這只是想了解——是什麼讓你有信心，你的市場份額——當你能夠與該品類同步增長時？

I think at this point, what I'd really again highlight is what we talked about with performance around the mask that we were very pleased that those are ahead of expectations on both sell-in and sell-through, that we have very strong indicators in our brand health tracker, that we're making investments that will pay off over the long run, that our innovation and plans for the future continue to be strong.

我認為，在這一點上，我真正想再次強調的是我們之前討論過的口罩銷售業績，我們非常高興地看到，無論是進貨量還是銷售率都超出了預期；我們的品牌健康追踪器也顯示出非常強勁的指標；我們正在進行的投資將在長期內獲得回報；我們的創新和未來計劃依然強勁。

We're in the middle of a transformation, as I've indicated from the very beginning. These things are not linear, and they're not overnight. But again, I want to really reiterate today that we're really pleased with the progress that we've made. We feel really good about where we're going, that we've got the right strategy in place, and we're just going to keep at it and keep chipping away at all the things that need to get done.

正如我從一開始就指出的那樣，我們正處於變革之中。這些事情並非線性發展，也不是一朝一夕就能完成的。但是，我今天再次重申，我們對所取得的進展感到非常滿意。我們對自己的發展方向感到非常滿意，認為我們已經制定了正確的策略，我們將繼續努力，一點一點地完成所有需要完成的事情。

And Amanda, if you can expand on the strategy by looking into retail channels, Amazon continues gaining market share. You have a big business there. And at the same time, there has been a lot of entries in premium beauty, premium Amazon beauty by Estée Lauders and the likes. So how that alters your equation? Because it feels as if you have been focused on retailers that are losing market share.

阿曼達，如果你能透過研究零售通路來擴展這項策略，亞馬遜將繼續擴大市場份額。你在那裡有一門大生意。同時，高端美妝領域也湧現了許多新品，例如雅詩蘭黛等品牌在亞馬遜推出的高端美妝產品。那麼這會如何改變你的等式呢？因為感覺你們一直專注於那些正在失去市場份額的零售商。

We have a three-pronged distribution strategy that I think is very strong and one of the things that I was excited to be able to -- when I came to Olaplex, I thought that we had the right distribution strategy and a really strong portfolio of different places where the product is available.

我們擁有三管齊下的分銷策略，我認為這非常強大，這也是我加入 Olaplex 時感到非常興奮的原因之一——我認為我們擁有正確的分銷策略，並且在不同的銷售渠道擁有非常強大的產品組合。

What we've done as an organization is really pivot to -- focus on the Pro at the start of that flywheel, and you're seeing evidence of the strength in that strategy and where we're really Pro-first and Pro-early, and focused on how the Pro gives us credibility that other brands wouldn't necessarily have when they're in retail or DTC is really, really important and something that sets us apart.

我們作為一個組織所做的，實際上是轉型——專注於飛輪啟動階段的專業人士，你們已經看到了這一戰略的優勢，我們真正做到了專業人士優先、早期發展，並且專注於專業人士如何為我們帶來其他品牌在零售或 DTC 領域不一定擁有的信譽，這真的非常重要，也是我們與眾不同的地方。

We think that there is a real exciting role for retail. It gives us reach. It gives us credibility in a different way when your product is on those shelves.

我們認為零售業將扮演一個非常令人興奮的角色。它賦予我們影響力。當你的產品擺上貨架時，它會以另一種方式提升我們的信譽度。

And obviously, DTC is a huge global and growing platform for the category as a whole. It isn't about one or the other. It's really about where we want to get over time is growing the pie and growing the visibility of our brand. And I think we have incredibly strong partnerships that allow us to do that.

顯然，DTC（直接面向消費者）是整個品類中龐大且不斷成長的全球平台。這並非二者擇一的問題。我們真正想要實現的，是隨著時間的推移，把市場蛋糕做大，提高我們品牌的知名度。我認為我們擁有非常強大的合作夥伴關係，這使我們能夠做到這一點。

(Operator Instructions) Ashley Helgans, Jefferies.

（操作說明）Ashley Helgans，Jefferies。

This is [Brian] on for Ashley. On the sales guide, I know you reiterated, but I was curious if you could unpack any more dynamics that might be evolving under the hood in terms of your expectations for domestic and international or any other color there?

這是布萊恩替阿什利上場。我知道您在銷售指南中重申了這一點，但我很好奇您是否可以進一步闡述一下，就您對國內和國際市場的預期，或者其他任何方面，是否存在其他正在醞釀的動態變化？

Thanks for the question. So we primarily think about our business on a consolidated basis where sales are down just 1% year to date. That's the best measure of our transformation progress given all the numerous revenue dynamics. There's a bit of divergence in the third quarter between our US and our international sales, and I can share a little bit more about that with you.

謝謝你的提問。因此，我們主要從合併層級來考慮我們的業務，截至目前，銷售額僅下降了 1%。考慮到許多收入因素，這是衡量我們轉型進展的最佳指標。第三季我們美國國內銷售額和國際銷售額出現了一些差異，我可以和大家分享更多相關資訊。

International outperformed our expectations due to strong execution. Our partners showed up with significant enthusiasm, I think, in the third quarter, driving, again, outperformed expectations. This, we think, could have been some timing of the orders that I mentioned earlier that we saw some October orders shift into September, but the extent will be based on how the sell-through plays out through the rest of the fourth quarter.

國際業務由於執行力強，表現超出預期。我認為，我們的合作夥伴在第三季度表現出了極大的熱情，再次超出了預期。我們認為，這可能與我之前提到的訂單時間表有關，我們看到一些 10 月份的訂單轉移到了 9 月份，但程度將取決於第四季度剩餘時間的銷售情況。

Targeted investments that we've made internationally have started to pay off. Though much of our transformation is focused on the US, we are seeing early signs of success of our focused international investments.

我們在國際上進行的有針對性的投資已經開始產生回報。雖然我們的轉型主要集中在美國，但我們已經看到有針對性的國際投資取得了初步成功。

We've established closer, more direct partnerships, including increased joint business planning, and we're really seeing some positive green shoots and early results there. And I've mentioned this before, improved promotional management.

我們建立了更緊密、更直接的合作關係，包括加強聯合業務規劃，我們確實看到了一些積極的跡象和初步成果。我之前也提到過，要改進促銷管理。

We have implemented better promotional discipline across the board. And this is across the board, but some of that impacted the international channels a bit more in this period. And in the US, we are seeing sell-through that is improving, but it is not yet positive.

我們已全面加強了促銷紀律。這種情況普遍存在，但在此期間，國際通路受到的影響更大一些。在美國，我們看到銷售情況正在改善，但尚未轉正。

And so that is some of the dynamics between US and international. In short, international reflects strong channel execution and timing of partner orders. In the US, it's primarily a function of the timing of us changing our sell-through trends. It just takes time, but we're confident in our strategy, both US and international.

這就是美國與國際社會之間的一些動態關係。簡而言之，國際市場反映了強大的通路執行力和合作夥伴訂單的及時性。在美國，這主要取決於我們改變銷售趨勢的時機。這需要時間，但我們對我們的策略充滿信心，無論是在美國還是國際上。

And just one quick follow-up. Could you talk a little bit more about what innovation or marketing campaigns are driving the most new customer acquisition and engagement for you?

還有一個後續問題。能否再詳細談談哪些創新或行銷活動最能有效獲取新客戶並提高客戶參與度？

So the marketing campaign that was really the focus of the third quarter was the campaign on our two masks that we launched at the end of August. As we indicated this morning, we did see some nice new customer pickup on our DTC channel where we get that information directly. And I think that every innovation, like I said before, has different pieces of the strategy.

因此，第三季的行銷活動重點是我們在 8 月底推出的兩款口罩的行銷活動。正如我們今天早上所指出的，我們確實看到透過我們的 DTC 管道獲得了一些不錯的新客戶，因為我們可以直接從該管道獲取資訊。而且我認為，就像我之前說的，每項創新都包含不同的策略組成部分。

This is certainly one where we're delivering unique science into a category that is one where there are -- there is competition, we're really outcompeting in terms of the efficacy of our product as well as the marketing strategy that is talking about that efficacy. So you have to have product that works, but also an ability to story-tell around it.

我們確實將獨特的科學帶入了一個競爭激烈的領域——在這個領域，我們在產品的功效以及宣傳這種功效的營銷策略方面都真正做到了超越競爭對手。所以你不只要有好用的產品，也要有能力圍繞著產品說故事。

And that's really where we're seeing a nice balance in how we've come to market on these products, in particular this quarter. That was really the focus for our marketing efforts.

而這正是我們在本季將這些產品推向市場時所看到的良好平衡之處。這確實是我們行銷工作的重點。

At this time, we will not be taking any more questions. And I'd like to turn the floor back to Amanda Baldwin for closing remarks.

現在，我們將不再接受提問。接下來，我想把發言權交還給阿曼達·鮑德溫，請她作總結發言。

Again, thank you, everybody, for your questions this morning. We always appreciate it and wishing everyone a great close to the year.

再次感謝大家今天早上提出的問題。我們一直都很感激，並祝福大家年末一切順利。

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

謝謝。今天的會議到此結束。現在您可以斷開線路了，感謝您的配合。