Prestige Consumer Healthcare Inc (PBH) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q3 2023 Prestige Consumer Healthcare, Inc. Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到 2023 年第三季度 Prestige Consumer Healthcare, Inc. 收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Mr. Phil Terpolilli. Sir, you may begin.

我現在想把會議交給今天的演講者，Phil Terpolilli 先生。先生，您可以開始了。

Thanks, operator, and thank you to everyone who's joined today. On the call with me are Ron Lombardi, our Chairman, President and CEO; and Christine Sacco, our CFO. On today's call, we'll review our third quarter fiscal '23 results, discuss our full year outlook and then take questions from analysts.

謝謝接線員，也感謝今天加入的所有人。與我通話的是我們的董事長、總裁兼首席執行官 Ron Lombardi；和我們的首席財務官 Christine Sacco。在今天的電話會議上，我們將回顧我們第三季度的 23 財年業績，討論我們的全年展望，然後回答分析師的問題。

A slide presentation that accompanies today's call can be accessed by visiting prestigeconsumerhealthcare.com, clicking on the Investors link, and then on today's webcast and presentation.

訪問 prestigeconsumerhealthcare.com，點擊 Investors 鏈接，然後在今天的網絡廣播和演示中，可以訪問今天電話會議附帶的幻燈片演示。

Remember some of the information contained in the presentation today includes non-GAAP financial measures. Reconciliations to the nearest GAAP financial measure are included in the earnings release and our slide presentation.

請記住，今天的演示文稿中包含的一些信息包括非 GAAP 財務措施。與最近的 GAAP 財務指標的對賬包含在收益發布和我們的幻燈片演示中。

On today's call, management will make forward-looking statements around risks and uncertainties, which are detailed in a complete safe harbor disclosure on Page 2 of the slide presentation that accompanies the call. These are important to review and contemplate.

在今天的電話會議上，管理層將圍繞風險和不確定性做出前瞻性陳述，這些陳述在電話會議隨附的幻燈片演示文稿第 2 頁的完整安全港披露中有詳細說明。這些對於回顧和思考很重要。

Business environment uncertainty remains heightened due to supply chain constraints, high inflation and various geopolitical factors, which have numerous potential impacts. This means results could change at any time, and the forecasted impact of risk considerations is the best estimate based on the information available as of today's date.

由於供應鏈限制、高通脹和各種地緣政治因素，商業環境的不確定性仍然加劇，這些因素具有許多潛在影響。這意味著結果可能隨時發生變化，風險考慮因素的預測影響是根據截至今天可用的信息做出的最佳估計。

Further information concerning risk factors and cautionary statements are available in our most recent SEC filings and most recent company 10-K.

有關風險因素和警告聲明的更多信息，請參閱我們最近提交給美國證券交易委員會的文件和最近的公司 10-K。

I'll now hand it over to our CEO, Ron Lombardi. Ron?

我現在將其交給我們的首席執行官 Ron Lombardi。羅恩？

Thanks, Phil. Let's begin on Slide 5. We are pleased with our third quarter results, which built on our first half momentum in what continues to be a dynamic supply chain and retail environment.

謝謝，菲爾。讓我們從幻燈片 5 開始。我們對第三季度的業績感到滿意，該業績建立在我們上半年在充滿活力的供應鍊和零售環境中的勢頭之上。

Revenues of $276 million in Q3, grew about 2% organically versus the prior year, thanks to our diverse portfolio of trusted brands. Q3 revenues were driven by a continued rebound in cough/cold, which I'll discuss in greater detail on the next page, the GI segment's Dramamine brand, as well as a strong International segment performance.

第三季度的收入為 2.76 億美元，與上一年相比有機增長約 2%，這要歸功於我們多元化的值得信賴的品牌組合。第三季度的收入受到咳嗽/感冒持續反彈的推動，我將在下一頁更詳細地討論 GI 細分市場的 Dramamine 品牌，以及強勁的國際細分市場表現。

Solid revenue continues to translate into strong profitability, generating $1.04 in diluted EPS and over $50 million in free cash flow in Q3, even with almost $20 million in inventory investment in the quarter to support service levels and future growth.

穩健的收入繼續轉化為強勁的盈利能力，在第三季度產生了 1.04 美元的攤薄後每股收益和超過 5000 萬美元的自由現金流，即使本季度有近 2000 萬美元的庫存投資來支持服務水平和未來增長。

Our consistent cash flow profile continues to enable our disciplined capital deployment strategy. These efforts resulted in a Q3 leverage ratio of 3.5x, our lowest level of leverage in over a decade. We continue to anticipate gradually lower levels of leverage over time, which further enables future capital allocation optionality.

我們一致的現金流狀況繼續支持我們嚴格的資本部署戰略。這些努力導致第三季度的槓桿率為 3.5 倍，這是我們十多年來的最低杠桿水平。我們繼續預計，隨著時間的推移，槓桿水平會逐漸降低，這將進一步支持未來的資本配置選擇。

Now let's turn to Page 6 and discuss the Cough & Cold category, which is experiencing extraordinary demand this fiscal year. Our Cough & Cold portfolio is comprised largely of 2 iconic brands, Chloraseptic and Luden's, each with their own distinct heritage for sore throat treatment.

現在讓我們翻到第 6 頁，討論本財年需求異常旺盛的咳嗽和感冒類別。我們的咳嗽和感冒產品組合主要由 2 個標誌性品牌組成，Chloraseptic 和 Luden's，每個品牌在治療喉嚨痛方面都有自己獨特的傳統。

Chloraseptic has a heritage in efficacious sore throat sprays and lozenges that began in the '50s. Luden's goes back even further with the brand created in the late 1800s. Today, consumers continue to associate the product with its iconic great-tasting cherry-flavored throat drop. This long-standing history with consumers has allowed us to benefit from the extraordinary demand that's driven the category this fiscal year.

Chloraseptic 在 50 年代開始生產有效的喉嚨痛噴霧劑和錠劑。 Luden's 的歷史可以追溯到 1800 年代後期創立的品牌。今天，消費者繼續將該產品與其標誌性的美味櫻桃味潤喉糖聯繫在一起。與消費者的長期歷史使我們能夠從本財年推動該類別的非凡需求中受益。

Year-to-date, the category has grown well beyond our start-of-the-year expectations due to illnesses throughout the year, consumers being more proactive around health treatments, and a low level of inventory at stores due to the supply chain environment. The combination of these factors has enabled strong growth for both Luden's and Chloraseptic beyond what we typically expect.

今年迄今，該品類的增長遠遠超出了我們年初的預期，原因包括全年的疾病、消費者在健康治療方面更加積極主動，以及供應鏈環境導致商店庫存水平較低.這些因素的結合使 Luden's 和 Chloraseptic 的強勁增長超出了我們通常的預期。

As shown on the right of the page, each brand has grown over 20% year-to-date with the potential for additional growth hindered by supply chain limitations that have cast upside for us and others in the category.

如頁面右側所示，每個品牌今年迄今都增長了 20% 以上，但供應鏈限制阻礙了額外增長的潛力，這為我們和該類別的其他人帶來了好處。

We have a clear opportunity to sell additional volume, and we've taken strategic actions like adding new suppliers to keep up with this demand and refill retailers' depleted stocks.

我們有一個明確的機會來銷售更多的數量，並且我們已經採取了戰略行動，例如增加新的供應商來滿足這種需求並補充零售商耗盡的庫存。

Looking forward, although the category is small as a percent of total company sales, we anticipate its strong demand to continue through the balance of the year and these strategic actions helping to position these brands for long-term growth.

展望未來，儘管該品類占公司總銷售額的百分比很小，但我們預計其強勁需求將持續到今年餘下時間，這些戰略行動有助於這些品牌實現長期增長。

With that, I'll pass it to Chris to walk through the financials.

有了這個，我會把它傳遞給克里斯來完成財務。

Thanks, Ron, and good morning, everyone. Let's turn to Slide 8 and review our third quarter fiscal '23 financial results. As a reminder, the information in today's presentation includes certain non-GAAP information that is reconciled to the closest GAAP measure in our earnings release.

謝謝，羅恩，大家早上好。讓我們轉到幻燈片 8，回顧一下我們第三季度的 23 財年財務業績。提醒一下，今天演示文稿中的信息包括某些非 GAAP 信息，這些信息與我們的收益發布中最接近的 GAAP 衡量標準相一致。

Q3 revenue of $275.5 million increased 40 basis points versus the prior year, and increased 1.8% excluding the effects of foreign currency. North America revenues were down approximately 1% versus prior year, excluding currency, with sharp increases in the cough and cold and gastrointestinal categories, offset by declines in the Women’s Health and Eye & Ear Care categories.

第三季度收入為 2.755 億美元，比上年增長 40 個基點，扣除外匯影響後增長 1.8%。北美收入較上年下降約 1%，不包括貨幣，咳嗽和感冒以及胃腸道類別的急劇增長被女性健康和眼耳護理類別的下降所抵消。

Our International segment revenues of $38.6 million were up over 25% in Q3 excluding FX. The performance included broad-based strength across regions and product categories. EBITDA and EPS were up 4% and 5% in Q3, respectively, from the prior year with inflationary pressures and higher interest costs more than offset by higher revenues and lower marketing spend.

我們的國際部門收入為 3860 萬美元，在第三季度增長超過 25%（不包括外匯）。業績包括跨地區和產品類別的廣泛實力。第三季度的 EBITDA 和 EPS 分別比上年增長 4% 和 5%，通脹壓力和更高的利息成本被更高的收入和更低的營銷支出所抵消。

Let's turn to Slide 9 for more detail around year-to-date consolidated results. For the first 9 months, fiscal '23 revenues increased 2% versus the prior year on an organic basis. The performance drivers were largely similar to what we experienced in Q3, with the largest benefits coming from our International segment performance, strength of Dramamine and robust Cough & Cold category growth.

讓我們轉到幻燈片 9，了解有關年初至今合併結果的更多詳細信息。在前 9 個月，23 財年的收入在有機基礎上比上一年增長了 2%。業績驅動因素與我們在第三季度經歷的情況基本相似，最大的收益來自我們的國際部門業績、Dramamine 的實力以及咳嗽和感冒類別的強勁增長。

We also continued to experience solid year-over-year growth in the e-commerce channel, continuing the long-term trend of higher online purchasing. Total company gross margin of 56% in the first 9 months, declined 170 basis points versus last year's adjusted gross margin of 57.7%.

我們還繼續在電子商務渠道實現穩健的同比增長，延續了在線購買量增加的長期趨勢。公司前 9 個月的總毛利率為 56%，比去年調整後的 57.7% 的毛利率下降了 170 個基點。

The gross margin change was anticipated and attributable to cost increases, partially offset by pricing actions across our portfolio, which offset the dollar amount of inflationary cost headwinds. For Q4, we anticipate a gross margin of approximately 54.5%.

毛利率的變化是預期的，可歸因於成本增加，部分被我們投資組合的定價行動所抵消，這抵消了通貨膨脹成本逆風的美元數額。對於第四季度，我們預計毛利率約為 54.5%。

Advertising and marketing came in at 13.6% for the first 9 months, down versus 14.7% in the prior year as a percentage of revenue. As a reminder, we anticipate spend for the year of about 13% of revenue, owing primarily to the timing of initiatives and reduced spending around certain categories due to strong consumer demand.

前 9 個月，廣告和營銷佔收入的百分比為 13.6%，低於去年同期的 14.7%。提醒一下，我們預計今年的支出將佔收入的 13% 左右，這主要是由於採取舉措的時機以及由於消費者需求強勁而導致某些類別的支出減少。

G&A expenses were 9.5% of revenue for the first 9 months. We still anticipate full year G&A dollars to approximate prior year at around 9% of revenue. Finally, diluted EPS of $3.14 compared to $3.15 in the prior year, as higher revenues were more than offset by the gross margin compression just discussed.

前 9 個月的 G&A 費用佔收入的 9.5%。我們仍然預計全年 G&A 收入將接近上一年收入的 9% 左右。最後，稀釋後的每股收益為 3.14 美元，而上一年為 3.15 美元，因為更高的收入被剛剛討論的毛利率壓縮所抵消。

Our year-to-date tax rate of 23% was slightly favorable to prior periods due to the timing of certain discrete tax items. We still anticipate a Q4 and long-term normalized tax rate of approximately 24%.

由於某些離散稅項的時間安排，我們年初至今的稅率為 23%，略高於前期。我們仍然預計第四季度和長期標準化稅率約為 24%。

Now let's turn to Slide 10 and discuss cash flow. In the first 9 months, we generated $165.5 million in free cash flow, down versus the prior year. Although, quarterly variations can be affected by the timing of working capital, beyond this, we have strategically invested behind inventory in light of the current supply chain environment, finding opportunities where we can increase inventory to better support targeted service levels. This is the primary driver to our updated free cash flow guidance for the year of $220 million.

現在讓我們轉到幻燈片 10 並討論現金流。在前 9 個月，我們產生了 1.655 億美元的自由現金流，低於上一年。儘管季度變化可能會受到營運資金時間的影響，但除此之外，我們根據當前的供應鏈環境對庫存進行了戰略性投資，尋找可以增加庫存的機會，以更好地支持目標服務水平。這是我們更新的 2.2 億美元年度自由現金流指導的主要驅動力。

Our stable EBITDA margins enable consistent and strong free cash flow generation. And as a result, we have the ability to invest behind our brands to support increased levels of customer service through working capital investments, without derailing deleveraging efforts and targets.

我們穩定的 EBITDA 利潤率能夠產生穩定且強勁的自由現金流。因此，我們有能力投資於我們的品牌，通過營運資本投資支持更高水平的客戶服務，而不會破壞去槓桿化的努力和目標。

We anticipate Q4 free cash flow of about $55 million and year-end leverage below 3.5x, reflecting our disciplined capital deployment strategy that includes debt pay down.

我們預計第四季度的自由現金流約為 5500 萬美元，年底槓桿率低於 3.5 倍，這反映了我們嚴格的資本配置策略，包括償還債務。

Looking beyond this inventory step-up and related cash flow timing, we anticipate a more normalized free cash flow profile in fiscal '24, and we'll provide a full outlook in May.

除了庫存增加和相關的現金流時間安排之外，我們預計 24 財年的自由現金流狀況將更加正常化，我們將在 5 月份提供完整的展望。

At December 31, our net debt was approximately $1.4 billion, and we maintained a covenant-defined leverage ratio of 3.5x. We now anticipate interest expense of $69 million for the year, owing to the timing of debt pay down.

截至 12 月 31 日，我們的淨債務約為 14 億美元，我們維持契約規定的 3.5 倍槓桿率。由於償還債務的時間安排，我們現在預計今年的利息支出為 6900 萬美元。

With that, I'll turn it back to Ron.

有了這個，我會把它轉回給羅恩。

Thanks, Chris. Let's turn to Slide 12 to wrap up. With just 1 quarter to go in the year, we are refining our outlook. Our proven business strategy and leading consumer health care portfolio are enabling us to grow within our original outlook range for the year even in the current supply chain and inflationary environment we and others are facing.

謝謝，克里斯。讓我們轉到幻燈片 12 結束。今年僅剩一個季度，我們正在完善我們的展望。我們行之有效的業務戰略和領先的消費者保健產品組合使我們能夠在今年的原定展望範圍內增長，即使在我們和其他人當前面臨的供應鍊和通貨膨脹環境下也是如此。

For fiscal '23, we anticipate revenue growth of approximately 3% on both a reported and organic basis, consistent with our long-term target. Q4 revenues are anticipated to be approximately $278 million to $280 million, translating into growth of mid-single digits versus the prior year.

對於 23 財年，我們預計報告收入和有機收入增長約 3%，這與我們的長期目標一致。第四季度收入預計約為 2.78 億美元至 2.8 億美元，與上一年相比將實現中等個位數的增長。

We anticipate EPS of $4.18 for fiscal '23, which implies Q4 EPS of $1.04. Our disciplined pricing actions and cost management are helping to offset inflationary headwinds, while the benefits of our strong free cash flow continues to help offset the impact of higher interest rates.

我們預計 23 財年每股收益為 4.18 美元，這意味著第四季度每股收益為 1.04 美元。我們嚴格的定價行動和成本管理正在幫助抵消通貨膨脹的不利因素，而我們強大的自由現金流的好處繼續幫助抵消更高利率的影響。

Lastly, we now anticipate free cash flow of $220 million or more, reflecting the strategic increases in inventory investments that Chris just discussed.

最後，我們現在預計自由現金流為 2.2 億美元或更多，這反映了克里斯剛才討論的庫存投資的戰略增長。

So in summary, our business strategy is working. With 1 quarter to go, we anticipate solid fiscal '23 growth with record revenue and earnings that builds on our strong fiscal '22, despite a dynamic market backdrop.

因此，總而言之，我們的業務戰略正在發揮作用。在即將過去的第一個季度中，儘管市場背景充滿活力，但我們預計 23 財年將實現穩健增長，創紀錄的收入和收益將建立在我們強勁的 22 財年基礎之上。

We also expect this momentum to result in continued growth in fiscal '24, which we'll provide a full outlook on in May. We remain confident in our business attributes and that our strategy is set up to reward our stakeholders over the long-term.

我們還預計這種勢頭將導致 24 財年的持續增長，我們將在 5 月份提供全面展望。我們對我們的業務屬性仍然充滿信心，我們的戰略旨在長期回報我們的利益相關者。

With that, I'll open it up for questions. Operator?

有了這個，我會打開它來提問。操作員？

(Operator Instructions) And our first question will come from Susan Anderson of Canaccord Genuity.

（操作員說明）我們的第一個問題將來自 Canaccord Genuity 的 Susan Anderson。

Nice job on the quarter. I was wondering if you -- just a follow-up on the supply chain. Obviously, there were some really strong sell-throughs in Cough & Cold. I'm curious, are you guys seeing still supply-demand imbalances in the store? Do you guys feel like, I guess, maybe if you could talk about by category too that the in-stocks are getting better and the out-of-stocks fewer as we kind of look forward through the rest of the year?

本季度幹得好。我想知道你是否 - 只是供應鏈的後續行動。顯然，咳嗽和感冒的銷量非常強勁。我很好奇，你們是否看到商店中仍然存在供需失衡？你們是否覺得，我想，也許你們也可以按類別來談談庫存情況越來越好，缺貨情況越來越少，因為我們期待今年餘下的時間？

Sure. Thanks, Susan. So the supply chain, we've been talking about that topic, I think, on just about every one of these calls for a good year now. I think the positive thing is we've been able to keep up with record demand for our business through last year and through this year so far.

當然。謝謝，蘇珊。所以供應鏈，我們一直在談論這個話題，我想，現在幾乎所有這些電話都在談論這個好年頭。我認為積極的事情是我們能夠在去年和今年到目前為止跟上對我們業務的創紀錄需求。

But we are seeing certain categories that are challenged to keep up with demand, and cough/cold is a clear example of that situation for us and, quite frankly, for many other players in the cough/cold category. And you can see that shelf when you go to retail.

但我們看到某些類別在跟上需求方面面臨挑戰，咳嗽/感冒對我們來說就是這種情況的一個明顯例子，坦率地說，對於咳嗽/感冒類別的許多其他玩家來說也是如此。當你去零售店時，你可以看到那個貨架。

I think we mentioned in the prepared remarks that we brought on some additional liquid -- the liquid supplier to help with capacity there going forward, but it's clearly a category where we see limitations. The other thing I'll call out during the third quarter was our eye care category was another example where despite good continuity of supply so far through the year, the third quarter actually saw a slowdown and impacted our shipments there, and something we're expecting into the fourth quarter.

我想我們在準備好的評論中提到我們帶來了一些額外的液體——液體供應商以幫助那裡的產能向前發展，但這顯然是一個我們看到限制的類別。我要在第三季度指出的另一件事是我們的眼部護理類別是另一個例子，儘管今年到目前為止供應連續性良好，但第三季度實際上出現了放緩並影響了我們在那裡的出貨量，而我們正在期待進入第四季度。

So I think the important note here on the supply chain is that we continue to operate in a challenged environment. We've been trying to add to inventory for a good year now. We made some progress in Q4 really as a way to add buffer to the categories that are doing well and get ourselves in a good position to support continued growth next year and improve our service levels.

所以我認為關於供應鏈的重要說明是我們繼續在充滿挑戰的環境中運營。今年以來，我們一直在努力增加庫存。我們在第四季度取得了一些進展，實際上是為表現良好的類別增加緩衝，並使我們處於支持明年持續增長和提高我們服務水平的有利位置。

Great. That's really helpful. And then maybe if I could just add one more on International business. So another strong quarter there. Maybe if you could just talk about kind of the trends you're seeing there and particularly Hydralyte, and how you're seeing that to play out the rest of the year?

偉大的。這真的很有幫助。然後也許我可以再添加一個關於國際業務的內容。所以那裡又是一個強勁的季度。也許你可以談談你在那裡看到的趨勢，尤其是 Hydralyte，以及你如何看待今年餘下時間的發展趨勢？

Susan, this is Chris. So you're right. International had another really strong performance coming off of a record year last year, right? And so helped a little bit with illnesses. But we saw a strong performance across all regions, not just Australia in the third quarter.

蘇珊，這是克里斯。所以你是對的。去年，國際隊又一次取得了創紀錄的強勁表現，對吧？因此對疾病有所幫助。但我們在第三季度看到所有地區都表現強勁，而不僅僅是澳大利亞。

So we feel good about Hydralyte. It went up to about 10% household penetration on Hydralyte, which is a few points over the last couple of years, which is quite good. But obviously, at 10% household penetration, still plenty of room to go.

所以我們對 Hydralyte 感覺很好。 Hydralyte 的家庭普及率上升到大約 10%，這是過去幾年的幾個百分點，這是相當不錯的。但顯然，在 10% 的家庭普及率下，仍有很大的發展空間。

So we continue to feel good about the growth prospects internationally. And we target, remember, a long-term growth rate of about 5% internationally, and we feel pretty confident about that going forward.

因此，我們繼續對國際增長前景感到樂觀。請記住，我們的目標是在國際上實現約 5% 的長期增長率，我們對未來的發展充滿信心。

(Operator Instructions) And our next question will come from Rupesh Parikh of Oppenheimer & Co.

（操作員說明）我們的下一個問題將來自 Oppenheimer & Co. 的 Rupesh Parikh。

So I just want to go back to the full year guidance. If you can just give more color in terms of the sales reduction to now the lower end of the range in terms of what drove that? And then also for EPS, it looked like higher interest expense may have had an impact on the EPS ratio?

所以我只想回到全年指導。如果你能在銷售額減少到現在範圍的下限方面提供更多顏色，那麼是什麼推動了這一點？然後對於每股收益，看起來更高的利息支出可能對每股收益比率產生了影響？

Yes. Rupesh, so the guide -- reported guide going from 4% growth to 3% growth is really FX-driven. We've seen some currency headwinds, as a reminder for us that in particular, the Australian and Canadian dollar. There's been a lot of movement, particularly in the third quarter in the Australian dollar in particular.

是的。 Rupesh，所以指南——報告的指南從 4% 增長到 3% 增長實際上是由外匯驅動的。我們已經看到一些貨幣逆風，特別是澳元和加元提醒我們。有很多變動，尤其是在第三季度，澳元尤其如此。

So from an EPS perspective, as we just talked about, right, we narrowed our original sales guide to the lower end of the range. There is some currency headwinds sitting in the P&L. It's an other expense related to the currency headwinds, I just discussed. And then interest got called up just about $1 million for Q4 just given the timing of some of the rate hikes and the pay down.

因此，從 EPS 的角度來看，正如我們剛才所說，我們將原來的銷售指南縮小到範圍的下限。損益表中存在一些貨幣逆風。這是與貨幣逆風相關的另一筆費用，我剛剛討論過。然後考慮到一些加息和支付的時間，第四季度的利息只增加了大約 100 萬美元。

So those are the main drivers of the EPS calling down to the lower end of the range, but still within the targeted range.

因此，這些是 EPS 下降至範圍下限但仍在目標範圍內的主要驅動因素。

Okay. Great. And then just in terms of the categories that you guys called out as weaker, Women's Health and Eye & Ear Care, when do you expect those categories to improve? Is that something in Q4 or next year? Maybe just some thoughts there.

好的。偉大的。然後就你們稱為較弱的類別而言，女性健康和眼耳護理，您預計這些類別何時會有所改善？那是在第四季度還是明年？也許只是一些想法。

So let's talk about those both individually, starting with eye care, eye and ear. We actually continue to have great momentum in that category. Consumption is good. Sales are good, as I mentioned, in response to Susan's question. The issue in the third quarter for us is really all about supply chain impact, and we expect a bit of that into the fourth quarter as well.

因此，讓我們分別談談這兩個方面，從眼部護理、眼睛和耳朵開始。實際上，我們在該類別中繼續保持強勁勢頭。消費不錯。正如我在回答蘇珊的問題時提到的那樣，銷售情況很好。對我們來說，第三季度的問題實際上完全是關於供應鏈的影響，我們預計第四季度也會有一些影響。

And then on Women's Health, we've actually seen a decline in the total category. Again, we continue to see consumer changes, as a result of COVID and everything else that's been going on, in particular, women going back to the doctor's office, impacting the yeast infection category and continued impact on the -- on-the-go portion of the Summer's Eve business.

然後在女性健康方面，我們實際上看到了總類別的下降。同樣，由於 COVID 和其他一直在發生的一切，我們繼續看到消費者發生變化，特別是女性回到醫生辦公室，影響酵母菌感染類別並持續影響——在旅途中夏夜業務的一部分。

So again, it's easy to forget, but we're really in year 3 of 3 years of disrupted factors on the business. And in some cases, it's comps versus a funny number, last year, in some cases, it's the continuation of a change in consumer habits, or continuing to chase supply to keep up with demand.

再說一次，很容易忘記，但我們確實處於 3 年業務中斷因素中的第 3 年。在某些情況下，這是一個有趣的數字，去年，在某些情況下，這是消費者習慣改變的延續，或者繼續追逐供應以跟上需求。

Great. And then maybe one -- just one last question. So I know you're not ready to provide FY '24 guidance. But I was just curious, is there any puts and takes you can share at this point? And I am curious just on A&M. I know this year went down to 13% of sales, if you expect that to be a larger percent of sales next year?

偉大的。然後也許是一個-- 只是最後一個問題。所以我知道您還沒有準備好提供 FY '24 指南。但我只是好奇，現在有什麼可以分享的嗎？我對 A&M 很好奇。我知道今年下降到銷售額的 13%，如果你預計明年銷售額的百分比會更大？

Yes. So let me start, I guess, with a comment on overall momentum of the business. I think I said in the prepared remarks today, we continue to feel good about the positioning of the business, the consumption trends behind many of our brands. And we feel that we're positioned for continued growth in fiscal '24 after 2 record year's top and bottom line in a row, and I'll let Chris comment on A&M for next year.

是的。因此，我想，讓我首先對業務的整體勢頭髮表評論。我想我在今天準備好的發言中說過，我們繼續對業務定位以及我們許多品牌背後的消費趨勢感到滿意。我們認為，在連續創下創紀錄的 2 年最高和最低業績後，我們有望在 24 財年實現持續增長，我會讓克里斯對明年的 A&M 發表評論。

Sure. So obviously, more details to come in May, Rupesh, but we always talk about our A&M plans being built up from the bottom with our marketing teams, right? We talked about additional A&M support being pulled a little bit this year, really related to categories where we have strong demand regardless of our investment.

當然。很明顯，Rupesh，五月份會有更多細節，但我們總是談論我們的 A&M 計劃是與我們的營銷團隊一起從底層制定的，對吧？我們談到了今年稍微取消了額外的 A&M 支持，這確實與我們有強勁需求的類別相關，無論我們的投資如何。

And I would couple that with our ability to provide supply in this environment that we're talking about. So more to come next year. A&M spend is always driven by the timing of initiatives and new product launches, and a whole bunch of variables, but we'll give you more details in a few months here.

我會將其與我們在我們正在談論的這種環境中提供供應的能力結合起來。明年還會有更多。 A&M 支出總是由計劃和新產品發布的時間以及一大堆變量驅動，但我們會在幾個月後在這里為您提供更多詳細信息。

(Operator Instructions) And our next question will come from Jon Andersen of William Blair.

（操作員說明）我們的下一個問題將來自威廉布萊爾的喬恩安德森。

I guess on the inventory step-up, the strategic investment in inventory, is that really kind of a short-term remedy for some of the supply chain disruptions or constraints, I should say, that you're experiencing juxtaposed against the strong demand for things like cough/cold?

我想關於庫存的增加，庫存的戰略投資，確實是對某些供應鏈中斷或限制的短期補救措施，我應該說，你正在經歷與強勁需求並存的情況咳嗽/感冒之類的事情？

Or is there also a longer-term element to it in terms of retailers looking for higher order fill rates, or tighter delivery windows? I'm just trying to understand the -- kind of the reasoning behind it.

或者在零售商尋求更高的訂單履行率或更嚴格的交貨窗口方面是否還有更長期的因素？我只是想了解它背後的原因。

Yes. The first driver is to better align ourselves to meet our retail customers' service requirements. So part of it is that. It's really short term in nature, Jon. As I said earlier, we've been looking to try to build inventory to give us a better buffer for the next hiccup in the supply chain.

是的。第一個驅動力是更好地調整自己以滿足零售客戶的服務要求。所以它的一部分就是這樣。喬恩，這實際上是短期的。正如我之前所說，我們一直在尋求建立庫存，以便為供應鏈中的下一個問題提供更好的緩衝。

And supply chains out there in general continue to be impacted by COVID impacting workforces, not only at their own facilities, but at their -- at our suppliers' suppliers, whether it's cardboard or in API or whatever it is. All it takes is one missing thing in the supply chain to disrupt finished goods, whether it's a label, a pallet or an API.

總體而言，那裡的供應鏈繼續受到影響勞動力的 COVID 的影響，不僅在他們自己的設施中，而且在我們供應商的供應商處，無論是紙板還是 API 或其他任何東西。只需在供應鏈中缺少一件東西就可以擾亂成品，無論是標籤、托盤還是 API。

So we've been focused on trying to give ourselves a better buffer for the next shoe to drop that we don't know about. As we get into fiscal '24, and we begin to learn more about how things are stabilizing, we'll adjust inventory back down over time.

因此，我們一直致力於為自己提供更好的緩衝，以應對我們不知道的下一雙鞋掉落。隨著我們進入 24 財年，我們開始更多地了解情況如何穩定，我們將隨著時間的推移調整庫存。

But right now, it's all about getting that buffer in and being better positioned not only to meet service requirements, but to take advantage of those growth opportunities. And as I mentioned with the cough/cold, we brought on a second Chloraseptic, Luden's supplier. Actually got the first shipments, I think, the last week or 2 of December. So we're chasing things out there, Jon.

但現在，一切都是為了獲得緩衝並更好地定位，不僅可以滿足服務需求，還可以利用這些增長機會。正如我提到的咳嗽/感冒，我們帶來了第二個 Chloraseptic，Luden 的供應商。我想實際上是在 12 月的最後一周或 2 日收到了第一批貨物。所以我們正在追逐那裡的東西，喬恩。

Okay. That's helpful. Gross margin stepped down a little bit sequentially again in the quarter. And I think, Chris, you mentioned, the gross margin you expect for the fourth quarter is kind of similar to what you just experienced in the third quarter. And I understand the math driving this, I think, is the cost increases juxtaposed again against the price increases.

好的。這很有幫助。本季度毛利率再次環比下降。我認為，克里斯，你提到過，你對第四季度的毛利率預期與你剛剛在第三季度經歷的毛利率有點相似。我認為，我理解推動這一趨勢的數學是成本增加再次與價格上漲並列。

But have -- do you think we've kind of leveled off at this point or -- in terms of the gross margin performance? And is there a potential for some recovery as you look to 2024 and 2025? I'm not sure, what would drive that recovery per se. But any thoughts around that would be helpful.

但是 - 你認為我們在這一點上已經趨於平穩，或者 - 就毛利率表現而言？展望 2024 年和 2025 年，是否有可能出現一些復甦？我不確定，什麼會推動復甦本身。但任何關於此的想法都會有所幫助。

Yes, Jon, I would just say, gross margin is largely coming in, in line with our expectations, right? And you're right, Q4 being consistent with what we saw here in Q3. I think of -- so if I start with about a 56% gross margin as the base, right, we'll continue to look for opportunities to take pricing actions.

是的，喬恩，我只想說，毛利率在很大程度上符合我們的預期，對吧？你是對的，第四季度與我們在第三季度看到的一致。我想——所以如果我以大約 56% 的毛利率作為基礎，我們將繼續尋找機會採取定價行動。

That can also come in the form of new product development, as it has historically and -- which is a big focus for our company, as you know, in addition to continued multiyear cost-saving projects that we have going on.

這也可以以新產品開發的形式出現，正如它在歷史上所做的那樣——這是我們公司的一大重點，正如你所知，除了我們正在進行的持續多年的成本節約項目之外。

So we've talked about in this environment going forward, you're looking at things a little bit differently than we've been operating for the last few years in that cost savings will come in many different forms going forward.

所以我們已經討論過在這種環境中向前發展，你對事情的看法與我們過去幾年的運營方式略有不同，因為未來成本節約將以多種不同的形式出現。

And it's -- certainly, we've talked about not having a structural issue with our gross margin. So we'll be looking to increase our gross margin over time and reinvest those dollars into A&M to maintain our EBITDA margin, as we always say.

而且它 - 當然，我們已經談到我們的毛利率沒有結構性問題。因此，正如我們常說的那樣，我們將尋求隨著時間的推移增加我們的毛利率，並將這些美元再投資到 A&M 以維持我們的 EBITDA 利潤率。

Great. One follow-up. I think, Ron, at the start of this year, I think you talked about the possibility of perhaps shipping a bit ahead of consumption in fiscal '23, as there was still a need to establish better in-stock levels maybe across certain categories coming out of the pandemic.

偉大的。一個跟進。我想，Ron，在今年年初，我想你談到了在 23 財年可能會提前發貨的可能性，因為仍然需要在某些類別中建立更好的庫存水平脫離疫情。

It kind of feels like you might be in that same situation right now, as you kind of look to 2024. Is 2024 a year where net-net, you think it's possible that you might -- there might be a little bit of a benefit from restocking, given where you sit today?

感覺你現在可能處於同樣的情況，因為你有點期待 2024 年。2024 年是 net-net 的一年，你認為你可能 - 可能會有一點好處從進貨，考慮到你今天坐在哪裡？

Yes. As we started '23, we were focused on trying to recover and improve some of the out-of-stocks and service levels. And we didn't make the progress that we would have liked to, hence, the focus on continuing to build that inventory buffer.

是的。當我們從 23 年開始時，我們專注於嘗試恢復和改善一些缺貨和服務水平。而且我們沒有取得我們希望取得的進展，因此，重點放在繼續建立庫存緩衝區上。

As we head into '24, we think that will likely be the case again where there's more opportunity for inventory recoveries or builds at retail than it going the other way.

當我們進入 24 世紀時，我們認為這種情況可能會再次出現，因為與其他方式相比，庫存回收或零售建設的機會更多。

Congrats on the quarter.

祝賀這個季度。

Sure. Thanks, Jon.

當然。謝謝，喬恩。

(Operator Instructions) And it looks like our next question will come from Mitchell Pinheiro of Sturdivant & Co.

（操作員說明）看起來我們的下一個問題將來自 Sturdivant & Co 的 Mitchell Pinheiro。

Just a couple of questions here. Did the out-of-stocks affect you in any of your categories?

這裡只有幾個問題。缺貨是否影響了您的任何類別？

Yes, right? Cough/cold and in certain SKUs in the ear and eye category are the big costs for us as well as Gaviscon up in Canada as well.

是的，對吧？咳嗽/感冒以及耳部和眼部類別的某些 SKU 對我們以及加拿大的 Gaviscon 都是巨大的成本。

Okay. And then was it -- I mean, in terms of having an impact on your revenue, was it significant? Was it just a couple of percent or any way to put a number on that?

好的。然後是——我的意思是，就對您的收入的影響而言，它是否重要？只是百分之幾還是以任何方式給出數字？

Yes, Mitch, this is Chris. I wouldn't say it was material to the quarter in terms of sales. And what we're seeing largely is a SKU or a brand goes out-of-stock, we refill it. It goes out-of-stock. Again, we refill it. Now it's another brand.

是的，米奇，這是克里斯。就銷售額而言，我不會說這對本季度很重要。我們看到的主要是一個 SKU 或一個品牌缺貨，我們重新填充它。它脫銷了。再次，我們重新填充它。現在是另一個牌子了。

So this concept that Ron mentioned about us wanting to make sure we have enough inventory on hand to provide a more consistent level of supply for unanticipated reductions in the supply chain speaks to exactly what we're experiencing, which is a bit of a game of whack-a-mole, if you will.

因此，Ron 提到的這個概念是關於我們希望確保我們手頭有足夠的庫存，以便為供應鏈中的意外減少提供更一致的供應水平，這恰恰說明了我們正在經歷的事情，這有點像打地鼠，如果你願意的話。

But -- despite that, I guess, I would have -- still just highlight that we had strong sales for the quarter. So having the diversified portfolio has really enabled that and helped us this year.

但是——儘管如此，我想，我還是會強調我們本季度的銷售強勁。因此，擁有多元化的投資組合確實實現了這一點，並在今年幫助了我們。

Okay. And then also on the revenue line, what -- price increases accounted for what percent of the growth?

好的。然後在收入線上，價格上漲佔增長的百分比是多少？

Yes. So we're still -- we had originally guided pricing to be about 2/3 of our growth for the year. And we're still on target, might be slightly above that in terms of pricing for the year. So -- but that's the way to think about pricing for the period.

是的。所以我們仍然 - 我們最初指導定價約為我們今年增長的 2/3。而且我們仍然在目標上，就今年的定價而言可能略高於目標。所以——但這就是考慮這段時期定價的方式。

Okay. And then, Ron, you had mentioned that you anticipate lower levels of leverage over time. And I don't understand, does that mean that -- acquisition growth slows a little bit? Or is there anything implied there with that comment?

好的。然後，羅恩，你提到過你預計隨著時間的推移槓桿水平會降低。我不明白，這是否意味著——收購增長放緩了一點？或者該評論有什麼暗示嗎？

No. And I think a great example is what we did last year with the Akorn acquisition. So we were able to do a $225 million acquisition in the year, added to our eye care platform and still reduced leverage by about 0.5 point last year.

不，我認為一個很好的例子就是我們去年對 Akorn 的收購。因此，我們能夠在這一年進行 2.25 億美元的收購，添加到我們的眼部護理平台，並且去年仍然將槓桿率降低了約 0.5 個百分點。

So I think really, the message is that one, as we get bigger and generate increased levels of cash flow and lower our debt over time, it gives us the ability to do transactions and not go back to the peak levels of leverage we saw historically, as we were building the business.

所以我認為真的，信息是這樣的，隨著我們變得更大，產生更多的現金流和隨著時間的推移降低我們的債務，它讓我們有能力進行交易，而不是回到我們歷史上看到的槓桿的峰值水平，因為我們正在建立業務。

In terms of M&A, if there's a compelling opportunity out there, it's really our job to figure out how to get it done within the right leverage profile for the company. So that's how we think about it. It's not really describing any limiter for us, Mitch.

在併購方面，如果有一個令人信服的機會，我們的工作就是弄清楚如何在公司的正確槓桿作用下完成它。這就是我們的想法。米奇，這並沒有真正為我們描述任何限制器。

(Operator Instructions) Our next question will come from Anthony Lebiedzinski of Sidoti & Company LLC.

（操作員說明）我們的下一個問題將來自 Sidoti & Company LLC 的 Anthony Lebiedzinski。

This is [Stefan Gio] in for Anthony. My first question is, can you comment on the level of pricing actions that you took in the quarter?

這是安東尼的 [Stefan Gio]。我的第一個問題是，您能否評論一下您在本季度採取的定價行動水平？

Sure. So we had announced pricing back in -- at the beginning of the year really. For some of our brands, we've gone through a second round of pricing. We talked about 2/3 of our growth this year expected to come from pricing, which is essentially with cost savings offsetting our inflationary pressures on a dollar-for-dollar basis for the year.

當然。所以我們已經宣布重新定價——真的是在今年年初。對於我們的一些品牌，我們已經進行了第二輪定價。我們談到今年 2/3 的增長預計將來自定價，這基本上是通過成本節約抵消我們今年美元對美元基礎上的通脹壓力。

So we talked about that being in the $15 million to $20 million range for the year. So the pricing that rolled through earlier in the year certainly helped in the quarter.

所以我們談到這一年在 1500 萬到 2000 萬美元之間。因此，今年早些時候推出的定價肯定對本季度有所幫助。

And second question is given the slower economy, are you guys seeing any meaningful changes to consumer behavior? If yes, like which categories?

第二個問題是鑑於經濟放緩，你們是否看到消費者行為有任何有意義的變化？如果是，喜歡哪些類別？

Yes. In our categories, what we've seen over time is that it tends to be the -- one of the last areas that might be impacted by a slowing economy or pinched wallets by the average consumer, right? If you wake up and somebody is sick in your household and you don't feel well, it isn't something that you generally look to postpone or forget about.

是的。在我們的類別中，隨著時間的推移，我們所看到的是，它往往是——最後可能受到經濟放緩或普通消費者錢包緊縮影響的領域之一，對吧？如果您醒來發現家裡有人生病並且您感覺不舒服，通常您不會希望推遲或忘記這件事。

It continues to be an opportunity where you look for that trusted brand to take care of your health. So it's something we continue to monitor and take a look at. But at this point, we don't see it impacting our business.

這仍然是您尋找值得信賴的品牌來照顧您的健康的機會。所以這是我們繼續監控和研究的事情。但在這一點上，我們認為它不會影響我們的業務。

All right. And how much is e-commerce now as a percentage of revenue? And what was the growth rate in the quarter?

好的。電子商務現在佔收入的百分比是多少？該季度的增長率是多少？

Yes, e-comm is now about 15% of our sales, and the growth has been -- continued to be strong in the high single digits.

是的，電子商務現在約占我們銷售額的 15%，而且增長一直保持在高個位數的強勁勢頭。

And lastly, I'm not sure if you guys answered that, but it looks like you guys' adjusted guidance. And I was just wondering why you guys -- why the company is adjusting the guidance for '23? I don't know, if I missed that. I apologize.

最後，我不確定你們是否回答了這個問題，但看起來你們的指導意見有所調整。我只是想知道為什麼你們 - 為什麼公司要調整 '23 的指導？我不知道，如果我錯過了。我道歉。

Yes. So sure. So what we did today is we narrowed the original guide that we had to the lower end of the range on the top line. We talked about FX impacting the top line results a little worsened -- it worsened a bit this quarter from our previous expectations, and the EPS guide at the lower end of the range really reflecting the top line we just talked about.

是的。所以肯定。所以我們今天所做的是將我們原來的指南縮小到頂線範圍的下限。我們談到外匯影響頂線結果有點惡化 - 本季度它比我們之前的預期有所惡化，而處於範圍低端的 EPS 指南確實反映了我們剛才談到的頂線。

(Operator Instructions) And our next question will come from Linda Bolton-Weiser of D.A. Davidson.

（操作員說明）我們的下一個問題將來自 D.A. 的 Linda Bolton-Weiser。戴維森。

So on the question of innovation, I was just curious, what you consider to be -- to have been your most significant innovation in FY '23? And then for FY '24 in general, do you expect a similar level of innovation to drive revenue or higher or lower?

所以關於創新的問題，我很好奇，你認為什麼是你在 23 財年最重要的創新？然後對於整個 24 財年，您是否期望類似水平的創新來推動收入或更高或更低？

If you look across our portfolio, it's kind of hard to pick one, right? If you look at our Dramamine business, we've had a string of great success expanding into nausea. And in '23, we saw a number of the nausea products continue to do really well is one example. Compound W is another example, where the recent launches of technology have done well there, as a couple of examples.

如果您查看我們的投資組合，很難選擇一個，對嗎？如果你看看我們的 Dramamine 業務，我們已經取得了一系列巨大的成功，並擴展到了令人作嘔的領域。在 23 年，我們看到許多噁心產品繼續做得很好就是一個例子。 Compound W 是另一個例子，作為幾個例子，最近推出的技術在那裡表現良好。

We look to have a consistent pipeline of new products and innovation to come out every year. So '24 will be no different than we've seen over the last few years with a steady pipeline. And we generally don't talk about the things until they get out in the market for obvious reasons. So we continue to feel good about the efforts and the results in our NPD pipeline.

我們希望每年都能推出一致的新產品和創新產品。因此，'24 與我們在過去幾年中看到的穩定管道沒有什麼不同。我們通常不會談論這些事情，直到它們出於明顯的原因進入市場。因此，我們繼續對 NPD 管道中的努力和結果感到滿意。

Okay. And then years ago in your business, we would rarely hear about the sort of supply chain glitches and hiccups and everything. But of course, now it's becoming a little bit more of a frequent thing. Does that change your view on having more internal manufacturing?

好的。然後幾年前，在您的業務中，我們很少聽到供應鏈故障和打嗝之類的事情。但當然，現在它變得越來越頻繁了。這是否會改變您對擁有更多內部製造的看法？

And maybe you could update us, do you still have that Lynchburg, Virginia facility? And what is going on there? What's manufactured there? And what's the capacity like in that facility?

也許你可以更新我們，你還有弗吉尼亞州林奇堡的工廠嗎？那裡發生了什麼？那裡生產什麼？該設施的容量如何？

Yes. We still think that our business model of working and partnering with third-party suppliers and having the Lynchburg facility is the right mix. Lynchburg makes about 15% or so of our total revenue. It's a liquid mix and fill-focused facility, and does a great job for us.

是的。我們仍然認為我們與第三方供應商合作和合作以及擁有林奇堡工廠的商業模式是正確的組合。林奇堡約占我們總收入的 15% 左右。這是一個以液體混合和填充為重點的設施，對我們來說做得很好。

One thing that we have learned during COVID, right, is that as the supply chain environment has evolved and changed, we've had to change the way that we partner with our suppliers. So over the last couple of years, we've done like make investments at the suppliers for additional tooling or additional lines to get dedicated capacity.

我們在 COVID 期間學到的一件事是，隨著供應鏈環境的發展和變化，我們不得不改變與供應商合作的方式。因此，在過去的幾年裡，我們已經在供應商處進行了投資，以獲得額外的工具或額外的生產線以獲得專用產能。

And we've also looked to add additional suppliers. And I use that Chloraseptic liquid supplier as an example, where in the past, we were comfortable with 1 main supplier on that Chloraseptic product offering. Now we want to have 2. So we're going to continue to think about different ways to partner to add robustness in the supply chain, as a result of the new world that we're operating in.

我們還希望增加其他供應商。我以那個 Chloraseptic 液體供應商為例，在過去，我們對那個 Chloraseptic 產品供應的主要供應商感到滿意。現在我們想要 2 個。所以我們將繼續考慮不同的合作方式，以增加供應鏈的穩健性，這是我們所處的新世界的結果。

(Operator Instructions) Our next question will come from Carla Casella of JPMorgan.

（操作員說明）我們的下一個問題將來自摩根大通的 Carla Casella。

This is Oliver Brotman on for Carla. Just to piggyback off of the prior question on gross profit margin kind of sequential decline. Is there a component of that, that was related to a tick up in promotions in any category? And are you experiencing any retailer pushback on pricing?

這是卡拉的奧利弗布羅特曼。只是為了解決先前關於毛利率連續下降的問題。其中是否有一部分與任何類別的促銷活動有關？您是否遇到過任何零售商對定價的抵制？

Yes. No. So in our categories, right, not a lot of promotion to drive consumers because they're still linked to incidences. So the answer is no. The gross margin was not impacted by the timing or increased promotional activity. I apologize, I just missed the second part of that question.

是的。不，所以在我們的類別中，對，沒有太多的促銷來吸引消費者，因為它們仍然與事件有關。所以答案是否定的。毛利率不受時間安排或促銷活動增加的影響。對不起，我只是錯過了那個問題的第二部分。

Yes. The gross margin really relates to the cost inflation that we've been talking about for the whole year. So that's partially offset -- it's offset dollar for dollar by pricing. But from a margin perspective, that still lowers the overall percentage, and that's really where we are in Q3 and Q4.

是的。毛利率確實與我們全年一直在談論的成本通脹有關。所以這部分抵消了——它通過定價抵消了美元對美元的影響。但從利潤率的角度來看，這仍然降低了整體百分比，而這正是我們在第三季度和第四季度所處的位置。

Yes. Just the second part was any pushback from retailers on pricing?

是的。只是第二部分是零售商對定價的任何反對？

Yes. We haven't seen pushback from retailers on pricing. And I guess the environment is such that everyone is facing inflationary pressures, and everyone is going to retailers with the pricing. And quite frankly, they've got cost inflation on the labor side and such for themselves. So, so far, we have not seen significant pushback from the retailers now.

是的。我們還沒有看到零售商對定價的抵制。而且我猜環境是這樣的，每個人都面臨著通脹壓力，每個人都帶著定價去零售商那裡。坦率地說，他們在勞動力方面和他們自己方面都存在成本膨脹。因此，到目前為止，我們還沒有看到零售商的重大阻力。

And then just one more question. Do you have any thoughts or initial thoughts on timing potentially on refinancing your '24 term loan?

然後還有一個問題。您對可能為您的 24 年期貸款再融資的時間有任何想法或初步想法嗎？

So the term loan goes through 2027. So we'll continue to kind of actively look at that. If you're referring to our revolver ABL, that is maturing at the end of 2024, and we'll continue to kind of look at that. But obviously, a much different structure than the term loan, but we'll be opportunistic on both.

所以貸款期限將持續到 2027 年。因此我們將繼續積極研究這一點。如果您指的是我們的左輪手槍 ABL，它將在 2024 年底成熟，我們將繼續對此進行研究。但顯然，與貸款期限有很大不同的結構，但我們將在兩者上投機取巧。

And I'm seeing no further questions in the queue. I would now like to turn the conference back to Ron Lombardi for closing remarks.

我沒有看到隊列中有其他問題。我現在想把會議轉回 Ron Lombardi 的閉幕詞。

Thank you, operator, and thanks to everyone for joining us today, and we look forward to providing an update in May on our finish to fiscal '23, and our outlook for fiscal '24.

謝謝運營商，感謝大家今天加入我們，我們期待在 5 月份提供有關 23 財年完成情況和 24 財年展望的最新消息。

Thanks again, and have a good day.

再次感謝，祝你有美好的一天。

This concludes today's conference call. Thank you all for participating. You may now disconnect, and have a pleasant day.

今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開連接，並度過愉快的一天。