Prestige Consumer Healthcare Inc (PBH) 2025 Q3 法說會逐字稿

Thank you for standing by and welcome to Prestige Consumer Healthcare third quarter, 2025 earnings conference call.

感謝您的支持，歡迎參加 Prestige Consumer Healthcare 2025 年第三季財報電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

After the speaker presentation, there will be a question-and-answer session to ask a question.

演講者演講結束後，將有問答環節來提問。

During the session.

在會議期間。

You will need to press star one on your telephone to remove yourself from the queue.

您需要按下電話上的星號鍵才能退出佇列。

You may press star 11 again.

您可以再按星號11。

I would now like to hand the call over to philip Terpolilli, Vice President, Investor Relations and Treasury.

現在我想將電話轉給投資者關係和財務部副總裁 philip Terpolilli。

Please go ahead.

請繼續。

Thanks operator and thank you to everyone who has joined today on the call with me are Ronald M. Lombardi, our Chairman, President and CEO. our CFO and COO on today's call, we'll review our third quarter, fiscal 2025 results, discuss our full year outlook and then take questions from analysts.

感謝接線員，也感謝今天與我一起參加電話會議的所有人，其中包括我們的董事長、總裁兼首席執行官羅納德·M·隆巴迪 (Ronald M. Lombardi)。我們的財務長和營運長在今天的電話會議上，我們將回顧我們 2025 財年第三季的業績，討論我們的全年展望，然後回答分析師的問題。

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

您可以透過造訪 prestigeconsumerhealthcare dotcom，點擊投資者鏈接，然後點擊今天的網路廣播和演示文稿，來觀看今天電話會議的幻燈片演示。

Remember some of the information contained in the presentation today includes non-GAAP financial measures, reconciliations to the nearest GAAP.

請記住，今天演示中包含的一些資訊包括非 GAAP 財務指標、與最接近的 GAAP 的調整。

Financial measures are included in our earnings release and slide presentation 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.

財務指標包含在我們的收益報告和幻燈片演示中，今天的電話會議管理層將就風險和不確定性做出前瞻性陳述，這些陳述在電話會議附帶的幻燈片演示第 2 頁的完整安全港披露中詳細說明。

These are important to review and contemplate business environment.

這些對於審查和思考商業環境都很重要。

Uncertainty remains heightened due to supply chain constraints evolving us and international tariffs and inflation which have numerous potential impacts.

由於供應鏈限制不斷演變以及國際關稅和通貨膨脹產生許多潛在影響，不確定性仍然加劇。

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.

這意味著結果可能隨時發生變化，而風險考慮的預測影響是基於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 and I'll hand it over to our CEO Ronald Front.

有關風險因素和警告聲明的更多信息，請參閱我們最近的證券交易委員會文件和最新的公司 10-K，我會將其交給我們的首席執行官羅納德·弗朗特 (Ronald Front)。

Thanks.

謝謝。

So, let's begin on slide.

那麼，我們從幻燈片開始吧。

Five, our solid third quarter results exceeded the expectations we communicated back in November and resulted in both record quarterly sales and EPS net sales of 290 million increased nearly 3% versus the prior year and was above our forecast.

第五，我們第三季的業績表現穩健，超出了我們 11 月傳達的預期，季度銷售額和每股淨銷售額均創下歷史新高，達到 2.9 億，比上年增長近 3%，高於我們的預測。

We experienced continued strong international growth including for the Hydrolyte brand coupled with broad based growth across nearly all of our North American categories.

我們的國際業務持續保持強勁成長，包括 Hydrolyte 品牌，同時幾乎所有北美類別均實現了廣泛成長。

This included year over year growth in the summer's eve brand within the women's health category, as well as sequential sales improvement for clear eyes earnings increased sharply in Q3 by 15% to a record quarterly EPS of a dollar 22.

其中包括女性健康類別中夏日品牌的同比增長，以及清澈眼睛銷售額的連續增長，第三季度收益大幅增長 15%，達到創紀錄的季度每股收益 1.22 美元。

Reflecting our strong sales growth.

反映了我們強勁的銷售成長。

A stable gross margin and disciplined capital deployment that's led to both lower interest expense and share count.

穩定的毛利率和嚴格的資本配置導致利息支出和股數降低。

Lastly, our strong free cash flow continues to enable capital deployment options that we use to enhance shareholder value.

最後，我們強勁的自由現金流持續為我們用於提升股東價值的資本部署提供選擇。

In Q3, we reduced our variable term loan debt balance to zero and continued to opportunist opportunistically repurchase shares while improving our leverage ratio to 2.5 times.

在第三季度，我們將可變定期貸款債務餘額降至零，並繼續伺機回購股票，同時將槓桿率提高至 2.5 倍。

Chris will discuss our financial profile and go forward capital priorities in greater detail later on now, let's turn to page 6 for a review of our G I category.

克里斯稍後將更詳細地討論我們的財務狀況和未來的資本優先事項，讓我們翻到第 6 頁來回顧我們的 G I 類別。

Our fast growing G I business represents nearly 1/5 of North American sales.

我們快速成長的 G I 業務佔北美銷售額的近 1/5。

The category features wide ranging G I solutions that are shown on the left of the page.

此類別包含廣泛的 G I 解決方案，顯示在頁面左側。

The portfolio is headlined by three iconic G I brands, Dramamine Fleet and Gaviscon.

該產品組合由三個標誌性的 G I 品牌主導，即 Dramamine Fleet 和 Gaviscon。

Each solves for unique consumer needs and leverages our wide assortment of brand building capabilities to drive long term growth.

每個解決方案都能夠滿足消費者的獨特需求，並利用我們廣泛的品牌建立能力來推動長期成長。

Dramamine is synonymous with motion sickness and nausea categories.

暈動病藥 (Dramamine) 是暈動病和噁心症的同義詞。

It recently celebrated its 75th anniversary and continues to remain the clear market defining brand.

它最近慶祝了成立 75 週年，並且繼續保持明確的市場定義品牌地位。

Our sales continue to grow nicely through a combination of engaging marketing, featuring our drama llama that encourages consumers to ditch the drama as well as consistent innovation.

透過引人入勝的行銷、以戲劇駱駝為特色的行銷方式（鼓勵消費者拋棄戲劇）和持續的創新，我們的銷售額持續保持良好成長。

Our most recent innovation includes Dramamine advanced herbals which features ingredients specifically designed to help consumers deal with nausea and stress.

我們最近的創新包括 Dramamine 高級草藥，其成分經過專門設計，可幫助消費者緩解噁心和壓力。

Next.

下一個。

The fleet brand is a clear market leader with 100 plus year history since its creation by Charlie Brown fleet.

該車隊品牌自 Charlie Brown 車隊創立以來，已有 100 多年的歷史，是當之無愧的市場領導者。

Today, it stands with over a 50% share of the reco laxative category.

如今，它在瀉藥領域佔有超過50%的份額。

The brand's core assortment of enemas and suppositories provide rapid constipation relief for consumers when they need it.

品牌的核心產品系列包括灌腸劑和栓劑，可在消費者需要時為其提供快速緩解便秘的功效。

Most.

最多。

We're also successfully leveraging the brand's deep consumer trust to expand into adjacent categories such as oral laxatives where consumers know and trust the fleet brand for laxative relief in other forms.

我們也成功地利用了消費者對品牌的深厚信任，將業務擴展到口服瀉藥等鄰近類別，在這些類別中，消費者知道並信任該品牌以其他形式提供瀉藥。

This expansion builds naturally on the brand brands long standing heritage.

此次擴張自然而然地建立在品牌的悠久歷史之上。

Lastly, our Gaviscon brand in Canada continues to grow nicely with targeted marketing and consistent innovation that we discussed in detail last quarter.

最後，我們在加拿大的 Gaviscon 品牌透過有針對性的行銷和持續的創新繼續保持良好的成長勢頭，我們在上個季度詳細討論過這一點。

So in summary, a wide ranging portfolio of leading G I brands have time tested brand building that is used to drive long term growth in their own unique ways.

總而言之，許多領先的 G I 品牌都經過了時間的考驗，並以自己獨特的方式推動品牌的長期成長。

The formula continues to work driving solid mid single digit growth over the last three years in total and has set us up well for future success with that, I'll turn it over to Chris to discuss the financials.

這個公式繼續發揮作用，在過去三年裡總共推動了穩健的中等個位數增長，並為我們未來的成功奠定了良好的基礎，我將把它交給克里斯來討論財務狀況。

Thanks Ron.

謝謝羅恩。

Let's turn to slide 8 and review our third quarter fiscal '25 financial results.

讓我們翻到第 8 張投影片，回顧一下我們 25 財年第三季的財務表現。

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.

提醒一下，今天演示中的信息包括某些非 GAAP 信息，這些信息與我們收益報告中最接近的 GAAP 指標相協調。

Q3 revenue of $290.3 million increased 2.7% or 2.3% excluding FX versus the prior year in the North American segment.

北美分部第三季營收為 2.903 億美元，較上年同期成長 2.7%（不含外匯則成長 2.3%）。

We experienced broad based growth which included nice growth in G category brands that Ron highlighted earlier, partially offset by lower cough and cold sales, which we expected international segment sales grew approximately 8% excluding FX headlined by hydralyte.

我們經歷了廣泛的成長，其中包括 Ron 先前強調的 G 類品牌的良好增長，但咳嗽和感冒藥物銷售額的下降部分抵消了這一增長，我們預計國際分部銷售額（不包括以 hydralyte 為首的 FX）增長約 8%。

Even a margin was consistent in the low 30s and up 5% versus the prior year, diluted eps of $1.22 was a quarterly record and increased 15% versus prior year.

即使利潤率一直穩定在 30% 出頭且較上年同期增長 5%，1.22 美元的攤薄每股收益也創下了季度新高，較上年同期增長了 15%。

Thanks to the benefits of our capital allocation strategy and reductions in interest expense and share count.

這得歸功於我們的資本配置策略的好處以及利息支出和股份數量的減少。

Let's turn to slide 9 for detail around consolidated results for the first nine months.

讓我們翻到第 9 張投影片來詳細了解前九個月的綜合業績。

For the first nine months of fiscal '25 revenues decreased 90 basis points organically versus the prior year by segment excluding FX North American segment revenues decreased 2.1% and international segment revenues increased 6.2% versus the prior year.

25 財年前 9 個月，按部門劃分的收入較上年同期有機下降 90 個基點，不包括外匯，北美部門收入較上年同期下降 2.1%，國際部門收入增長 6.2%。

The first nine month sales declines were due to anticipated impacts of the clear eyes supply chain constraints previously discussed the planned impact of retailer ordering in the cough and cold category and women's health declines largely in the first quarter.

前九個月銷售額的下降是由於預期的供應鏈限制的影響（先前討論過零售商訂購咳嗽和感冒類產品以及女性健康產品的計劃影響）在第一季大幅下降。

We are pleased to report that we are experiencing our second quarter of sequential improvements in summer's eve with third quarter sales increasing slightly versus the prior year and clear eye sales growing sequentially as well.

我們很高興地報告，夏日來臨之際，我們第二季度的銷售額連續增長，第三季度的銷售額較上年同期略有增長，透明眼藥水的銷售額也連續增長。

E-commerce was also a highlight continuing its trend of double digit year over year channel growth and the long term trend of higher online purchasing of our brands as expected total company growth margin of 55.2% in the first nine months was down slightly versus the prior year.

電子商務也是一大亮點，其通路成長保持了同比兩位數的成長趨勢，而我們品牌的長期線上購買趨勢也正如預期的那樣，前九個月公司總成長率為 55.2%，較上年略有下降。

Owing to the expense associated with expedited freight of clear eyes.

由於與清晰眼睛的加急貨運相關的費用。

For Q4.

對於第四季。

We anticipate a gross margin of approximately 57% with the increase largely attributable to the timing of certain cost saving efforts.

我們預期毛利率約為 57%，成長主要歸因於某些成本節約措施的時機。

Looking ahead in terms of tariffs, our unique business attributes leave us well positioned to manage further changes in inflation which include tariffs.

展望關稅方面，我們獨特的業務屬性使我們能夠很好地應對包括關稅在內的通膨的進一步變化。

We continue to plan and manage our actions to respond quickly to any future changes in tariffs and other related inflation.

我們將繼續規劃和管理我們的行動，以便對未來關稅和其他相關通貨膨脹的任何變化做出快速反應。

Our needs based consumer health care brands and their leading market share leave us well positioned to execute further pricing and cost saving efforts as necessary to offset the impact of future inflation.

我們以需求為基礎的消費者保健品牌及其領先的市場份額使我們能夠在必要時進一步實施定價和成本節約措施，以抵消未來通貨膨脹的影響。

Advertising and marketing was 14.1% as a percentage of sales for the first nine months for fiscal '25 we still anticipate A&M up in dollars versus the prior year.

25 財年前 9 個月，廣告和行銷佔銷售額的 14.1%，我們仍預期 A&M 的銷售額將比上年增加。

G A expenses were 9.6% of sales in the first nine months and we still anticipate full year G&A of approximately 9.5% as a percent of sales finally adjusted EPS of $3.20 compared to $3.19 in the prior year with slightly lower revenues.

前九個月，一般行政管理費用佔銷售額的 9.6%，我們仍預期全年一般行政管理費用佔銷售額的百分比約為 9.5%，最終調整後每股收益為 3.20 美元，而去年同期為 3.19 美元，收入略有下降。

And the timing of A&M and G&A spend offset by more favorable interest expense.

而 A&M 和 G&A 支出的時機被更優惠的利息支出所抵銷。

Our Q3 tax rate was 23.9% resulting in a first nine months normalized tax rate of 23.7%.

我們的第三季稅率為 23.9%，導致前九個月的標準化稅率為 23.7%。

And we anticipate a stable tax rate in Q4.

我們預計第四季的稅率將保持穩定。

Now let's turn to slide 10 and discuss cash flows for the first nine months.

現在讓我們翻到第 10 張投影片，討論前九個月的現金流。

We generated $184.9 million in free cash flow up 5% versus the prior year.

我們產生了 1.849 億美元的自由現金流，比上年增長 5%。

We continue to maintain industry leading free cash flow and are maintaining our outlook for the full year of $240 million or more.

我們繼續保持業界領先的自由現金流，並維持全年 2.4 億美元或以上的預期。

We reduced our variable term loan debt balance to zero in the quarter leaving just two fixed cost attractively priced notes with maturities in 2028 and 2031 we continue to repurchase shares opportunistically.

我們在本季將可變定期貸款債務餘額減少至零，只留下兩張固定成本、價格誘人的票據，到期日分別為 2028 年和 2031 年，我們會繼續趁機回購股票。

And for the first nine months, we've repurchased approximately 600,000 shares for $40 million.

在前九個月，我們以 4,000 萬美元回購了約 60 萬股。

We achieved a covenant defined leverage ratio of 2.5 times in Q3.

我們在第三季實現了 2.5 倍的契約定義槓桿率。

This improved ratio, robust free cash flow and consistent business performance gives us strategic flexibility with our capital deployment moving forward.

這種改進的比例、強勁的自由現金流和穩定的業務表現為我們未來的資本部署提供了策略靈活性。

We will continue to evaluate further opportunistic repurchases as well as M&A as part of a disciplined capital deployment strategy and expect to build some cash on the balance sheet to support these efforts given the attractive rates of our remaining fixed debt.

作為嚴謹的資本配置策略的一部分，我們將繼續評估進一步的機會性回購以及併購，並期望在資產負債表上建立一些現金來支持這些努力，因為我們剩餘的固定債務的利率很有吸引力。

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

說完這些，我就會讓它繼續跑下去。

Thanks Chris.

謝謝克里斯。

Let's turn to slide 12 to wrap up.

讓我們翻到第 12 張投影片來總結。

Our business remains healthy and we are on pace to exceed the earnings outlook we gave at the start of the year.

我們的業務依然健康，並且有望超越年初給出的獲利預期。

Our accelerating business momentum is a testament to our proven business strategy and diverse diversified portfolio for fiscal '25.

我們不斷加速的業務發展勢頭證明了我們成熟的業務策略和25財年多元化的投資組合。

We now anticipate revenues of a [$128 billion to a $132 billion] (sic, see presentation slide 12, "$1128 million to $1132 million") with an FX headwind expected in Q4.

我們現在預計收入為 [1280 億美元到 1320 億美元]（原文如此，參見演示幻燈片 12，“11.28 億美元到 11.32 億美元”），預計第四季度將出現外匯逆風。

Our organic revenue growth forecast of approximately 1% versus fiscal '24 remains unchanged.

我們對有機收入成長的預測為與 24 財年相比約 1%，此預測保持不變。

We're forecasting Q4 revenue of approximately $290 million.

我們預測第四季的營收約為 2.9 億美元。

We now anticipate adjusted EPS of approximately $4.50 for the full year.

我們現在預計全年調整後每股收益約為 4.50 美元。

Thanks to our debt reduction efforts and the lower interest costs, this implies fourth quarter EPS of a dollar 30.

由於我們努力減少債務並降低利息成本，這意味著第四季度的每股收益將達到 1.30 美元。

Lastly, we continue to anticipate free cash flow of 240 million or more.

最後，我們繼續預期自由現金流將達到 2.4 億或更多。

Thanks to our improved leverage ratio and the strong financial profile.

這得益於我們改善的槓桿率和強勁的財務狀況。

The result is ample capital deployment optionality moving forward that allows us to drive upside and maximize shareholder value with that.

結果是，未來充足的資本部署選擇性使我們能夠推動成長並實現股東價值最大化。

I'll open it up for questions, operator.

我將開始回答問題，接線員。

Thank you.

謝謝。

As a reminder to ask a question.

提醒一下，要問一個問題。

You will need to press star 11 on your telephone to remove yourself from the queue.

您需要按電話上的星號 11 來退出佇列。

Please press star 11 again.

請再按一次星號 11。

Please stand by while we compile the Q&A roster.

請稍候，我們正在編制問答名單。

Our first question comes from the line of Rupesh Parikh of Oppenheimer and company.

我們的第一個問題來自奧本海默公司 (Oppenheimer) 的魯佩什·帕里克 (Rupesh Parikh)。

Your question, please.

請問您的問題。

Good morning.

早安.

Thanks for taking my question.

感謝您回答我的問題。

So maybe just going back to clear eyes if you could just remind us how you think about the recovery going forward.

因此，如果您能提醒我們您對未來復甦的看法，也許我們就能回到清醒的頭腦中。

What you're seeing from an in stock perspective at retail and then just when you think we'll get back to normalized levels within the channel.

從零售庫存角度來看，您會看到，就在您認為我們將回到通路內的正常水平時。

Thank you.

謝謝。

So good morning.

早安.

So for clear eyes for the third quarter, production levels were pretty much in line with what we had expected for the quarter.

因此，從第三季的情況來看，生產水準與我們對該季度的預期基本一致。

Sales were a little bit ahead as some of the timing of some quarter end shipments enabled us to get it in and out of the warehouse at the end of the quarter.

銷售額略有提前，因為一些季末發貨的時間使我們能夠在季度末將其進出倉庫。

So that was just timing differences between Q3 and Q4 for Q4.

所以這只是第四季第三季和第四季之間的時間差異。

We anticipate a level of sales to be similar to Q3 again because of that timing, but we'll, we anticipate a continued slight increase in production levels going forward.

由於時間原因，我們預計銷售水準將再次與第三季相似，但我們預計未來生產水準將繼續小幅成長。

So, looking ahead, it continues to kind of be a balancing act between short- and long-term objectives as we look to continue to support service levels and in stock levels the best we can while allowing the suppliers to continue to make investments and improvements to support longer term capacity increases.

因此，展望未來，這將繼續成為短期和長期目標之間的平衡行為，因為我們希望繼續盡最大努力支持服務水平和庫存水平，同時允許供應商繼續進行投資和改進，以支持長期產能成長。

So, as we look forward, we expect our sales to the retailers to continue to ramp up slowly going forward each quarter with a likely increase in the second half of 26 as we see increases in supply from the current suppliers and the addition of a couple of additional suppliers into the network.

因此，展望未來，我們預計對零售商的銷售額將在未來每個季度繼續緩慢上升，並且隨著現有供應商的供應量增加以及網路中增加了幾個供應商，2026 年下半年的銷售額可能會增加。

So, this is going to continue to improve slowly and incrementally each, each quarter going forward.

所以，未來每季，這狀況都會繼續緩慢、逐步地改善。

Okay, great.

好的，太好了。

And then maybe just going back to Q your expectation for Q4, I think before the expectation was for gross margins to increase in Q4.

然後也許回到 Q 您對第四季的預期，我認為之前的預期是第四季的毛利率會增加。

So just more clarity in the puts and takes as you, as you look at the balance of balance of the year on the grows margin line.

因此，當您查看成長邊際線上的年度餘額時，您會對投入和產出更加清晰。

Yeah.

是的。

Hi, good morning Rupesh.

你好，早安，Rupesh。

So, growth margin steps up, excuse me in Q4 is really driven by the timing of cost saving initiatives and we're not counting on any one thing.

因此，成長利潤率的提高，對不起，第四季的成長實際上是由成本節約舉措的時機所驅動的，我們並不依賴任何一件事。

There's a number of projects have been in the works now for a couple of years and they'll start running through the P&L in the fourth quarter.

有許多項目已經籌備了幾年，它們將在第四季開始計入損益表。

And then maybe just one final question.

最後再問一個問題。

I know you're not ready to give guidance for the upcoming fiscal year, but is there any initial puts and takes as you look forward towards the next, the next fiscal year?

我知道您還沒有準備好為即將到來的財政年度提供指導，但是，對於下一個財政年度，您是否有什麼初步的預期？

Yes.

是的。

So obviously, we feel good about the business, right?

所以顯然，我們對這項業務感覺很好，對嗎？

We just re reported a record sales and EPS We think we have solid momentum as we finish up this year and head into fiscal '26.

我們剛剛報告了創紀錄的銷售額和每股收益，我們認為，在結束今年並邁入 26 財年時，我們擁有強勁的發展勢頭。

We'll have more to share in May.

五月我們會分享更多內容。

But that's how we're feeling about the business overall.

但這就是我們對整個業務的感受。

Okay, great.

好的，太好了。

Thank you.

謝謝。

I'll pass it along.

我會傳達的。

Thank you.

謝謝。

Our next question comes from the line of Susan Anderson of Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的 Susan Anderson。

Your line is open, Susan.

您的線已開通，蘇珊。

Hi, good morning.

嗨，早安。

Nice job on the quarter.

本季表現良好。

I was wondering maybe if you could talk a little bit about the cold cough season.

我想知道您是否可以談談感冒咳嗽季節。

Obviously, it was weak.

顯然，它很虛弱。

It does seem like it's picked up lately, I guess.

我猜，它最近似乎確實有所回升。

Is this going to help fourth quarter or is it really just about clearing inventory out there?

這會對第四季有所幫助嗎？

And then also, do you feel like the inventory is a little bit high at retail right now across the category?

另外，您是否覺得目前整個類別的零售庫存都有點高？

And you know, can we, I guess in the season?

你知道，我想我們可以在這個季節嗎？

Clean?

乾淨的？

Thanks.

謝謝。

Good morning, Susan.

早安，蘇珊。

You know, I often like to, to start talking about cough cold, reminding everybody that, it isn't a significant element of our portfolio.

你知道，我經常喜歡談論咳嗽和感冒，並提醒大家，它不是我們投資組合的重要組成部分。

It's seven is percent of sales.

其佔銷售額的百分之七。

So, whether it's a good, bad or indifferent cough cold season, it really doesn't move our needle in the third quarter is a great example of not only that but, the benefits of the diverse portfolio.

因此，無論是好是壞還是無所謂的咳嗽感冒季節，它都不會對我們第三季度的發展產生影響，這不僅是一個很好的例子，也體現了多元化投資組合的好處。

So, cough cold was sales for us.

所以，咳嗽感冒對我們來說就是銷售。

We're down quite a bit in the third quarter for the whole year; we anticipated it to be flat to down slightly at the beginning of the year.

我們第三季的全年業績下降了不少；我們預計年初時該數字將持平或略有下降。

It looks like it's going to be down a bit more than that this point.

看起來，現在的跌幅還會比現在更大。

So, despite the fact that I think as we finished up December and got into January incident levels have ticked up.

因此，儘管我認為隨著 12 月結束並進入 1 月，事故發生率已經上升。

I'm not sure that's going to result in retailer reorders at this point.

我現在還不確定這是否會導致零售商重新訂貨。

As a matter of fact, through the third quarter, we've seen, take away at the, at the shelf, be above shipments in.

事實上，整個第三季度，我們已經看到，貨架上的外賣量超過了出貨量。

So, retailers, at least for our categories and our products seem to be working down the inventory that they built with their preseason buy.

因此，至少對於我們的類別和產品而言，零售商似乎正在減少他們在季前採購時建立的庫存。

So at this point, I'm not sure I would anticipate any increase in reorder rates for our products.

因此，目前我不確定我們產品的重新訂購率是否會增加。

Okay, great.

好的，太好了。

That's helpful.

這很有幫助。

And then maybe if you could just talk a little bit more about just your exposure to tariffs now that, potentially move to also Canada, Mexico, Europe and then also, China as well, maybe if you could talk about if you have any exposure there, I know most of the manufacturing is in the US.

然後，如果您可以再多談一下您現在受到的關稅影響，可能還會轉移到加拿大、墨西哥、歐洲，然後還有中國，如果您可以談談您在這些地方是否有任何影響，我知道大多數製造業都在美國。

But if you could just kind of give us some more color there.

但如果您能給我們更多細節的話。

Good morning, Susan.

早安，蘇珊。

So, on tariffs, just like everyone.

因此，在關稅問題上，和大家一樣。

We're, we're watching carefully for implications not just for finished goods but other derivative elements.

我們正在密切關注不僅對成品而且對其他衍生元素的影響。

And we'll understand that better as the landscape becomes clearer.

隨著情況變得更加明朗，我們將會更好地理解這一點。

You know, a tariff is the cost just like any other cost that we would address while we do source some of our products from the countries expected to be impacted in aggregate, the business is well diversified and, and that includes our supply base, as a reminder, the vast majority of our manufacturing in the US, with the small remaining manufacturing fairly diversified across other countries and continents.

您知道，關稅就像我們要解決的任何其他成本一樣，雖然我們的部分產品確實來自預計會受到影響的國家，但總體而言，業務是多樣化的，其中包括我們的供應基地，提醒一下，我們的絕大多數製造業務都在美國，剩下的一小部分製造業務則分佈在其他國家和大洲。

And we think this is a strategic advantage versus others as things unfold.

我們認為，隨著事態的發展，這對我們來說是一個戰略優勢。

So, I think given the fluidity of the situation, it wouldn't be prudent for us to speculate at this time, there's still a lot of unknowns out there and we need to understand the different variables, but we're running scenarios and we will be agile agile in our responsive actions as we were through the pandemic period.

因此，我認為，鑑於形勢的不確定性，我們此時進行猜測並不明智，仍有很多未知數，我們需要了解不同的變量，但我們正在運行各種場景，我們將像在大流行時期一樣，採取敏捷的響應行動。

Okay, great.

好的，太好了。

Thanks so much.

非常感謝。

Good luck the rest of the year.

祝今年餘下的時間一切順利。

Thanks, Susan.

謝謝，蘇珊。

Thank you.

謝謝。

Our next question comes from the line of Keith Davis of Jeffries' your question, please.

我們的下一個問題來自 Jeffries 的 Keith Davis，請回答您的問題。

Keith.

基思。

Hey, thank you.

嘿，謝謝你。

Good morning, guys.

大家早安。

Maybe just doubling back quickly to the eye drop recovery.

也許只是快速加倍恢復眼藥水。

We can see some competitors have obviously benefited while you guys have been off the shelf.

我們可以看到，當你們的產品停產時，有些競爭對手顯然受益了。

So, as you think about the full stages of the recovery, are you expecting anything from a promotional, anything to change from a promotional intensity standpoint and how you kind of expect consumption to involve evolving as you get back on the shelf?

那麼，當您考慮復甦的完整階段時，您是否期待從促銷方面發生任何變化，從促銷強度的角度來看會發生什麼變化，以及當您回到貨架時，您預計消費將如何發展？

Yeah, Clear Eyes is by far the leading eye care brand and units at retail.

是的，Clear Eyes 是迄今為止零售領域領先的眼部護理品牌和單位。

So, we've got a long heritage and connection with consumers we're seeing transferability among skews for clear eye.

因此，我們與消費者有著悠久的傳統和聯繫，我們可以清楚地看到差異之間的可轉移性。

So, if one happens to be out at a retail location, we're seeing our consumers reach for a different clear eye.

因此，如果有人碰巧在零售店裡，我們會看到我們的消費者選擇購買不同的清晰眼鏡。

So we don't need to have a different approach around promotional activity or spending to continue to connect with the consumers.

因此，我們不需要採取不同的促銷活動或支出來繼續與消費者保持聯繫。

You know, they're going to go look for that clear eye product, it's important to them.

你知道，他們會去尋找清晰的眼部產品，這對他們來說很重要。

So, you know, service levels aren't exactly and in stock levels aren't where we want them to be.

所以，您知道，服務水準並不完全符合我們的要求，庫存水準也沒有達到我們的要求。

As I had mentioned earlier, we're focused on that balance between making sure we're doing the right things to support long term demand with our supply network and getting as much product into the into the retailer shelves as soon as possible.

正如我之前提到的，我們專注於在確保我們採取正確措施以透過我們的供應網絡支持長期需求與盡快將盡可能多的產品放入零售商貨架之間取得平衡。

So, we expect that we'll be able to re regain and retain our historic levels of, of of share over time.

因此，我們預計，隨著時間的推移，我們將能夠重新獲得並保持我們的歷史份額水準。

Got it that's helpful.

明白了，很有幫助。

And maybe just switching to Hydralyte, the brand has obviously been very successful.

也許只是轉換到 Hydralyte，品牌顯然已經非常成功。

You guys required the remaining rights and other markets and so maybe it's adding some context on how you kind of expect the brand to evolve, what plans or reinvestment you plan to put behind it now that you have, the rights in some other countries.

你們需要剩餘的權利和其他市場，因此，也許它可以增加一些背景信息，說明你對品牌發展的期望，以及現在你已經擁有了其他國家的權利，你計劃對其進行什麼樣的計劃或再投資。

And maybe it's just expected contribution that you can see from the brand and the momentum continuing.

也許這只是您可以從品牌和持續的勢頭中看到的預期貢獻。

Yeah.

是的。

So for starters, right, the Hydralyte brand and its core core market of Australia continues to be the classic example of how we think about long term brand building.

首先，Hydralyte 品牌及其核心市場澳洲仍然是我們如何思考長期品牌建立的經典範例。

You know, starting in hydro case with growing the category and getting consumers to think about hydration as an important element of taking care of their health.

您知道，從水合作用開始，不斷擴大產品類別，讓消費者將補水視為照顧健康的重要元素。

So, we think we got a long runway there, it was about six years ago, we bought the first tranche of international regions for Southeast Asia, except for China.

所以，我們認為我們在那裡擁有很長的跑道，大約六年前，我們購買了東南亞（中國除外）的第一批國際區域。

And then more recently, we bought the rest of the world's rights with the exception of the US and in most of those territories, hydrolyte didn't have any presence.

最近，我們購買了除美國以外世界其他地區的版權，而在大多數地區，hydrolyte 都還沒有任何業務。

So, it's going to be a slow build, right?

所以，這將是一個緩慢的建設過程，對嗎？

As we build out a distribution network, work with retailers to understand the offerings and then work to connect with consumers so that they understand that there's a product with this, with these benefits out there and available for them.

當我們建立分銷網絡時，我們會與零售商合作了解產品，然後努力與消費者建立聯繫，以便他們了解有這樣的產品，有這樣的好處，並且可以為他們提供。

So it'll be a slow build over time.

因此，這將是一個隨著時間的推移而緩慢構建的過程。

But a product proposition in a way to connect with consumers that we think will grow nicely over the long term.

但我們認為，以一種與消費者建立聯繫的方式推出的產品主張，從長遠來看將實現良好的發展。

Got it.

知道了。

Thank you.

謝謝。

Pass it on.

傳承下去。

Great.

偉大的。

Thanks, Keith.

謝謝，基斯。

Thank you.

謝謝。

Our next question comes from the line of David Shakno of William Blair.

我們的下一個問題來自威廉布萊爾公司的戴維沙克諾 (David Shakno)。

Please go ahead, David.

請繼續，大衛。

Hey, good morning.

嘿，早安。

I just had a question international.

我剛才有一個國際問題。

I think it was a bit higher than many of us expected.

我認為這比我們許多人預期的要高一些。

And you mentioned the press release that came from broad based growth in addition to hydralyte, can you expand on some of that growth outside of hydralyte where that occurred?

您在新聞稿中提到，除了水合物之外，還有廣泛的成長，能否詳細介紹水合物以外的一些成長？

Yeah, so maybe I'll start with there and all that because I think if you look at across the brand portfolio for the for the care business, I think almost all of the biggest brands there.

是的，也許我會從那裡開始，因為我認為如果你看看護理業務的整個品牌組合，我認為幾乎所有最大的品牌都在那裡。

So the M Zed in, for example, actually had strong growth.

以 M Zed 為例，它實際上實現了強勁成長。

So this isn't the first time that we've seen this.

這不是我們第一次見到這種情況。

And I've commented in the past that, care is hitting on a lot of cylinders, not just hydra Light or our international business.

我過去曾評論說，護理正在影響很多方面，而不僅僅是 Hydra Light 或我們的國際業務。

I think we also had nice business, excuse me, nice growth in our small European business and through our distributor network in South America as well.

我認為我們的業務也不錯，不好意思，我們的小型歐洲業務以及南美的分銷網絡也取得了良好的增長。

So not just Hydro Light, it's really the broader portfolio.

因此，不僅僅是 Hydro Light，它實際上是更廣泛的產品組合。

Great.

偉大的。

I'll pass it on.

我會傳達的。

Thanks David.

謝謝大衛。

Thank you.

謝謝。

Our next question comes from the line of Linda Bolton Weiser of D A Davidson.

我們的下一個問題來自 D A Davidson 的 Linda Bolton Weiser。

Your question, please, Linda.

請問您的問題是什麼，琳達。

Yes, hello.

是的，你好。

Thank you.

謝謝。

Congratulations on the good quarter.

恭喜本季取得良好業績。

So I was curious about when you talked about the brand fleet and Dram, I mean, I was wondering on fleet.

所以當您談到品牌車隊和 Dram 時我很好奇，我的意思是，我對車隊感到好奇。

I think you talked about an expansion into oral laxative.

我覺得您談到了口服瀉藥的擴展。

I I'm just wondering, is it, am I understanding that that's like competing with like the big guys like a Metamucil?

我只是想知道，我是否理解這就像與 Metamucil 這樣的大公司競爭？

And if so, can you explain kind of why that makes sense.

如果是這樣，您能解釋為什麼這是有道理的嗎？

And then on drama mean II heard you men mentioned anxiety is that a new expansion of the brand into that category?

然後關於戲劇，我聽到你們提到焦慮，這是品牌向該類別的新擴展嗎？

And again, what gives the brand the right to kind of compete in that in that category?

那麼，是什麼賦予該品牌在該類別中競爭的權利呢？

Thanks.

謝謝。

Yeah.

是的。

So let me start with the Dramamine first.

因此，我首先從 Dramamine 開始。

So we launched a product that is for nausea and stress.

因此我們推出了一款針對緩解噁心和壓力的產品。

So when we go out and talk to consumers, one of the things they tell us is that stress is often attributed to a cause or a cause of, of being, being nauseated.

因此，當我們出去與消費者交談時，他們告訴我們的一件事是，壓力通常歸因於噁心的原因。

So that's the new product that that's there and it's done very well at retail for us.

這就是我們推出的新產品，而且它在零售方面表現得非常好。

And we launched that I think last the end of last fiscal year.

我認為我們是在上個財政年度結束時推出的。

So for fleet, we've launched constipation related products, not fiber.

因此，對於艦隊，我們推出了與便秘相關的產品，而不是纖維。

So, we are inching into the category that other big players have brands into, but we're connecting in a way that's more grounded in fleets, a position of serious constipation.

因此，我們正在慢慢進入其他大公司都有品牌的類別，但我們的連接方式更基於艦隊，這是一個嚴重便秘的位置。

So, we've got a number of products including stool softeners.

因此，我們有許多產品，包括大便軟化劑。

Out there that we've actually launched again towards the end of last fiscal year, we're growing distribution slowly and connecting with consumers online, digital and growing the distribution.

實際上，我們在上個財年末就再次推出了該產品，我們正在慢慢擴大分銷管道，並透過線上、數位化的方式與消費者建立聯繫，擴大分銷管道。

So again, these products will be positioned in line with the fleet's heritage of strong, fast and efficacious constipation relief.

因此，這些產品的定位將與該系列產品的強效、快速、有效的緩解便秘功效保持一致。

Okay.

好的。

That makes sense.

這很有道理。

I was also wondering you, in looking at the Nielsen data and I know it does not tell the whole story, but nevertheless, it does seem like the prior year comparisons on P OS growth do get a little bit harder in the coming weeks.

我也對您感到疑惑，在查看尼爾森數據時，我知道它並不能說明全部情況，但儘管如此，在未來幾週內，與去年同期相比，P OS 增長似乎確實會變得更加困難。

Like in the 4 to 10% growth range, which is pretty high.

例如 4% 到 10% 的成長範圍，這個數字相當高。

Can you remind us what that was all about a year ago?

您能提醒我們一下一年前發生了什麼事嗎？

And then how do you feel about kind of comping up against that on AP Os level?

那麼您覺得在 AP Os 等級上與之競爭怎麼樣？

Thanks.

謝謝。

Yeah.

是的。

You know, we see variability, week, week to week and P OS stuff, whether there's a change in holidays or weather or, or other factors, the Super Bowl is a week later this year, right?

您知道，我們每週都會看到變化，以及 P OS 的東西，無論是假期、天氣還是其他因素的變化，今年的超級碗要晚一周，對吧？

So, people are heading into the stores a week later to get their chips dips and G I stuff, I guess.

所以，我猜人們一週後就會去商店買薯片醬和 G I 東西。

But anyway, so we look at that, to step back for a minute, we already commented on the fact that we feel really good about the momentum in our business.

但無論如何，讓我們看一下，退一步來說，我們已經評論過這樣一個事實，即我們對業務的發展勢頭感到非常滿意。

If you go look at North America, for instance, in the third quarter, I think we were up year over year in just about every category, I think with the exception of one.

例如，如果你看看第三季的北美，我認為幾乎每個類別都比去年同期有所成長，除了一個類別。

So, we saw a broad-based strong performance across the portfolio.

因此，我們看到整個投資組合都表現強勁。

And we feel good about those trends as we head into the fourth quarter, both from a consumption standpoint and the ability to hit our hit our outlook for, for sales and EPS for the fourth quarter.

進入第四季度，我們對這些趨勢感到樂觀，無論是從消費的角度，還是從實現第四季度銷售和每股收益預期的能力的角度。

Okay.

好的。

And then my last question is just on free cash flow.

我的最後一個問題是關於自由現金流。

I'm just curious with the increase in earnings guidance.

我只是對獲利預期的增加感到好奇。

Why wasn't there a little bump up in the free cash flow guidance?

為什麼自由現金流指引沒有稍微上漲？

Yeah, Linda.

是的，琳達。

Hi Chris.

嗨，克里斯。

So the original guide was 240 million or more.

因此最初的指導價是2.4億或更多。

I guess that the recent uptick would be the or more part.

我猜最近的上漲將是其中的一部分。

So, we're, we're holding to that but certainly feeling good about the cash flow at this point.

所以，我們堅持這一點，但目前對現金流感到非常滿意。

Okay, sounds good.

好的，聽起來不錯。

Thanks a lot.

多謝。

Thank you, Linda.

謝謝你，琳達。

Thank you.

謝謝。

Our next question comes from the line of Anthony Lezin of Sidoti and company.

我們的下一個問題來自 Sidoti 和公司的 Anthony Lezin。

Please go ahead, Anthony.

請繼續，安東尼。

Good morning, everyone and thank you for taking the questions.

大家早安，感謝大家回答問題。

So, as far as the gross margin, so I know you're expecting an increase sequentially in the fourth quarter, 57%.

那麼就毛利率而言，我知道您預計第四季毛利率將較上季成長 57%。

You know, looking back prior to COVID, I guess you guys were close to 58%.

你知道，回顧 COVID 之前，我猜你們的比例接近 58%。

As you, as we, as we look at, into the future here, do you think there's an opportunity to get back to those historical gross margins or, if not, how should we think about that?

當您、當我們展望未來時，您認為是否有機會回到歷史毛利率水平，如果沒有，我們該如何看待這一點？

Yeah.

是的。

Hi, Anthony.

你好，安東尼。

So longer term, obviously, we'll continue the path of continued cost saving measures.

因此，從長期來看，我們顯然將繼續採取節約成本的措施。

We'll launch a margin of crete of new products.

我們將推出一系列新產品。

And so we would anticipate slowly creeping that margin up over time.

因此，我們預計隨著時間的推移，該利潤率將慢慢上升。

You know, just a reminder, we're trying to manage to a low to mid 30s, EBITA margins.

你知道，提醒一下，我們正試著將 EBITA 利潤率控制在 30% 左右。

So to the extent our gross margin is moving, you're likely to see a change in our, in our A&M or G&A spend, which would, which would hold operating income margins pretty flat.

因此，就我們的毛利率變化而言，您可能會看到我們的 A&M 或 G&A 支出發生變化，這將使營業利潤率保持相當穩定。

So that's our expectation for the future but nothing structural that's happening in gross margin that we don't think we can recover over time.

這是我們對未來的預期，但毛利率不會發生任何結構性變化，我們認為這些變化無法隨著時間的推移而恢復。

That's great to hear.

我很高興聽到這個消息。

And then with the free cash flows of the business and now you're paying off the debt, the variable debt.

然後利用企業的自由現金流償還債務，即可變債務。

That is, you know, what's your appetite for acquisitions and what's the pipeline looking like these days?

也就是說，您知道，您對收購的興趣如何以及目前的收購計劃是什麼樣的？

Yeah, so certainly, after investing in our brands, M&A is our second focus for free cash flow followed by opportunistic repurchases and then, debt reduction, which will come in the form of cash build for now.

是的，當然，在投資我們的品牌之後，併購是我們獲得自由現金流的第二個重點，其次是機會性回購，然後是減債，目前將以現金累積的形式實現。

Our appetite for M&A is healthy as ever.

我們對併購的興趣一如既往地旺盛。

I mean, we are looking at a lot of things, we always say we're, we haven't been out of the market,

我的意思是，我們正在關注很多事情，我們總是說我們還沒有退出市場，

we've just remained disciplined and when we find something that meets our very well defined specific criteria, we'll move forward with it.

我們一直保持紀律，當我們發現某些東西符合我們明確定義的具體標準時，我們就會繼續前進。

But for now, you know, as we sit here today, the pipeline, there's a lot out there.

但是就目前而言，你知道，當我們今天坐在這裡時，管道就在那裡，有很多東西。

We're looking at all of it.

我們正在審視這一切。

it's kind of the same as it's been for, for a number of years now.

它和過去幾年的情況差不多。

So just given the nature of the fragmented space, we think there'll be a lot of opportunities going forward.

因此，考慮到碎片化的性質，我們認為未來將會有許多機會。

We'll continue to remain disciplined and, and, and we'll look at a lot.

我們將繼續嚴守紀律，並且會密切注意。

All right.

好的。

Well, thank you very much and best of luck.

好吧，非常感謝你，祝你好運。

Thanks Anthony.

謝謝安東尼。

Thank you.

謝謝。

I would now like to turn the conference back to Ronald Lombardi for closing remarks, sir.

先生，現在我想請羅納德·隆巴迪先生致閉幕詞。

Thank you, operator, and thanks to everyone for joining us today and we look forward to providing an update in May.

謝謝接線員，也謝謝大家今天的加入，我們期待在五月提供更新。

Thank you and have a great day.

謝謝您，祝您有愉快的一天。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。