Prestige Consumer Healthcare Inc (PBH) 2026 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q2 2026 Prestige Consumer Healthcare Inc. Earnings Conference Call.

各位好，感謝您的耐心等待。歡迎參加 Prestige Consumer Healthcare Inc. 2026 年第二季財報電話會議。

(Operator Instructions)

（操作說明）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Phil Turper-Lilley, Vice President of Investor Relations and Treasury. Please go ahead.

請注意，今天的會議正在錄製。現在我把會議交給今天的第一位發言人，投資者關係和財務副總裁菲爾·圖珀-利利先生。請開始吧。

Thanks, operator, and thank you to everyone who has joined today. On the call with me are Ron Lombardi, our Chairman, President, and CEO and Christine Sacco, our CFO and COO.

謝謝接線員，也感謝今天所有參與電話會議的朋友。與我一起參加會議的有我們的董事長、總裁兼執行長羅恩·隆巴迪，以及我們的財務長兼營運長克里斯汀·薩科。

On today's call, we'll review our second quarter fiscal 2026 results, discuss our full year outlook, and then take questions from analysts.

在今天的電話會議上，我們將回顧 2026 財年第二季業績，討論全年展望，然後回答分析師的提問。

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

本次電話會議附帶的幻燈片演示文稿可通過訪問 prestigeconsumerhealthcare.com，點擊投資者鏈接，然後點擊今天的網絡直播和演示文稿來獲取。

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

請注意，今天簡報中包含的一些資訊包括非GAAP財務指標。

Reconciliations to the nearest GAAP financial measures are included in our earnings release and slide presentations.

我們的獲利報告和簡報中包含了與最接近的 GAAP 財務指標的調整表。

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.

在今天的電話會議上，管理層將就風險和不確定性發表前瞻性聲明，這些聲明已在隨附電話會議的幻燈片演示文稿第 2 頁的完整安全港披露中詳細說明。

These are important to review and contemplate. Business environment uncertainty remains heightened due to supply chain constraints, high inflation, and geopolitical events, each of 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.

這些因素值得重視和深入思考。由於供應鏈受阻、高通膨和地緣政治事件等諸多潛在影響，商業環境的不確定性仍加劇。這意味著結果可能隨時發生變化，而風險因素的預測影響是基於截至今日可獲得的資訊所做的最佳估計。

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

有關風險因素和警示性聲明的更多信息，請參閱我們最新的美國證券交易委員會文件和最新的公司 10-K 表格。

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

現在我把麥克風交給我們的執行長羅恩·隆巴迪。羅恩？

Thanks, Phil. Let's begin on slide 5.

謝謝，菲爾。我們從第五張投影片開始。

Our Q2 results exceeded the expectations we communicated back in August thanks to certain timing factors.

由於某些時間因素，我們第二季的業績超出了我們在8月份公佈的預期。

Sales of $274 million declined versus the prior year but were better than forecast due to the timing of Clear Eyes supply and accelerated e-commerce shipments late in the quarter that outpaced consumption.

銷售額為 2.74 億美元，較上年同期有所下降，但由於 Clear Eyes 的供應時機以及季度末電子商務發貨速度加快超過了消費速度，因此好於預期。

We expect these timing factors to come out of Q3 and still expect a second half improvement in eye care supply previously discussed that underpins our full year forecast.

我們預計這些時間因素將在第三季顯現，並且仍然預計下半年眼科護理供應將有所改善，正如之前討論的那樣，這支撐了我們全年的預測。

I'll review our Q3 and full year outlook in detail later.

稍後我會詳細回顧我們第三季和全年的展望。

Aside from these timing factors, our base business continues to perform well, benefiting from diversity of our portfolio and channels. We continue to experience double-digit e-commerce consumption growth thanks to the long-term investments previously discussed.

除上述時事因素外，我們的基礎業務持續表現良好，這得益於我們多元化的產品組合和通路。如前文所述，由於我們先前進行的長期投資，我們的電子商務消費持續保持兩位數成長。

Moving down the P&L, gross margin was largely as anticipated.

從損益表來看，毛利率基本上符合預期。

Adjusted EPS of $1.07 was similar to the prior year but ahead of expectations due to the sales bee.

調整後的每股收益為 1.07 美元，與去年同期相近，但由於銷售火爆，超出預期。

Lastly, our financial profile continues to generate strong free cash flow, which was $134 million for the first half, up 10% versus the prior year.

最後，我們的財務狀況持續產生強勁的自由現金流，上半年自由現金流為 1.34 億美元，比上年同期成長 10%。

This valuable cash flow and our favorable leverage ratio enables multiple ways to create value for our business.

寶貴的現金流和有利的槓桿率使我們能夠以多種方式為公司創造價值。

For example, in Q2, we maintained our leverage ratio of 2.4 times while repurchasing over 1.1 million shares, and we continue to see additional opportunities for capital deployment that can enhance shareholder value.

例如，在第二季度，我們保持了 2.4 倍的槓桿率，同時回購了超過 110 萬股股票，我們繼續看到更多可以提升股東價值的資本部署機會。

Now, let's turn to page 6 for a review of our DenTek brand and how we are expanding the brand's reach in the dental care market.

現在，讓我們翻到第 6 頁，回顧一下我們的 DenTek 品牌以及我們如何擴大品牌在牙科護理市場的覆蓋範圍。

DenTek participates in the niche peg sections of a much larger oral care category. Our product offerings are diverse and include dental guards, floss picks, interdental brushes, and numerous dental accessories such as temporary tooth fillings. The wide-ranging portfolio is geared towards the dental care enthusiast, offering technology-focused solutions to meet oral care needs.

DenTek 專注於口腔護理這一龐大品類中的細分市場。我們的產品種類繁多，包括牙套、牙線棒、牙間刷以及各種牙科配件，例如臨時補牙材料。我們豐富的產品組合旨在滿足口腔護理愛好者的需求，提供以技術為導向的解決方案。

Like all of our brands, DenTek's emphasis is behind differentiated product offerings where we can use long-term brand building to drive sales growth at attractive margins.

與我們所有品牌一樣，DenTek 的重點在於差異化的產品供應，我們可以透過長期的品牌建立來推動銷售成長並獲得可觀的利潤。

With that in mind, our largest focus within the DenTek portfolio is around dental guards, which today represents well over 50% of the brand's revenue.

考慮到這一點，我們在 DenTek 產品組合中最大的重點是牙套，如今牙套佔該品牌收入的 50% 以上。

By leveraging the brand's number one share in combination with innovation and proven brand building tactics, we've been able to drive category growth and as a byproduct, our market share, which now exceeds 50% of the category.

透過利用品牌第一的市場份額，結合創新和行之有效的品牌建立策略，我們得以推動品類成長，並由此帶動了市場份額的成長，目前我們的市佔率已超過該品類的 50%。

On the right side of the page, you'll see the most recent example of this proven marketing playbook, the Fantasy Guards marketing campaign.

在頁面的右側，您將看到這一行之有效的行銷策略的最新範例——Fantasy Guards 行銷活動。

Fantasy football consumes an estimated 1.2 billion hours of time annually with fierce rivalry and competition.

據估計，夢幻足球每年消耗玩家 12 億小時的時間，競爭異常激烈。

This results in untold stress to players and fans experiencing physical symptoms including teeth clenching and jaw pain.

這給球員和球迷帶來了難以言喻的壓力，導致他們出現咬牙切齒、下巴疼痛等生理症狀。

DenTek interjects itself in a witty way, allowing for fantasy football leagues to enter a sweepstakes and win an embarrassing grand prize finale for their lowest scorer.

DenTek 以一種詼諧的方式介入，讓夢幻足球聯賽參加抽獎活動，並為得分最低的球員贏得令人尷尬的終極大獎。

Launched in Q2 with the backing of former and current NFL players, the campaign is designed to connect DenTek with both new and existing consumers in a culturally relevant way.

該活動於第二季啟動，並得到了前任和現任 NFL 球員的支持，旨在以與文化相關的方式將 DenTek 與新舊消費者聯繫起來。

Engagement is broad based across all the various marketing channels.

互動涵蓋了所有不同的行銷管道。

The results are early but showing solid success with an over 5% point gain over last year in DenTek Guard's market share.

雖然結果尚屬初步，但已顯示出穩健的成功，DenTek Guard 的市佔率比去年增長了 5 個百分點以上。

So in summary, through brand building behind DenTek's most differentiated products like dental guards, the brand continues to grow sales and market share and is set up well for continued long-term growth.

總而言之，透過圍繞 DenTek 最具差異化的產品（如牙套）進行品牌建設，該品牌的銷售額和市場份額持續增長，並為持續的長期增長奠定了良好的基礎。

With that, I'll turn it over to Chris to discuss the financials.

接下來，我將把發言權交給克里斯，讓他來討論財務問題。

Thanks, Ron. Good morning, everyone. Let's turn to slide 8 and review our second quarter fiscal '26 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。大家早安。我們翻到第8張投影片，回顧一下2026財年第二季的財務表現。提醒一下，今天演示文稿中包含一些非GAAP信息，這些信息已在我們的盈利報告中與最接近的GAAP指標進行了核對。

Q2 revenue of $274.1 million declined 3.4% from $283.8 million in the prior year.

第二季營收為 2.741 億美元，較上年同期的 2.838 億美元下降 3.4%。

The revenue decline was mainly attributable to lower eye and ear care category sales owing largely to Clear Eyes supply constraints along with lower cough and cold category sales, which we expected.

收入下降主要歸因於眼部和耳部護理類產品的銷售額下降，這主要是由於 Clear Eyes 的供應受限，以及咳嗽和感冒類產品的銷售額下降，而這正是我們預期的。

EBITDA margin remained in the low 30s.

EBITDA利潤率維持在30%左右。

Adjusted EPS of $1.07 was down slightly versus $1.09 in the prior year, with lower sales primarily offset by the favorable timing of A&M as well as improvements in interest expense and share count thanks to the benefits of our capital allocation strategy.

調整後的每股盈餘為 1.07 美元，略低於上年的 1.09 美元，銷售額下降主要被 A&M 的有利時機以及由於我們的資本配置策略帶來的利息支出和股份數量的改善所抵消。

Now let's turn to slide 9 for detail around consolidated results for the first half. In the first six months of fiscal '26, revenues decreased 4.8% organically versus the prior year.

現在我們來看第9張投影片，詳細了解上半年的合併業績。 2026財年上半年，營收年減4.8%。

By segment, excluding FX, North America's segment revenues decreased 6.1% and international segment revenues increased 2.7% versus the prior year.

依業務板塊劃分（不計外匯影響），北美業務板塊營收較上年下降 6.1%，國際業務板塊營收較上年成長 2.7%。

The 1st 6 months' sales declines were due largely to anticipated impacts of the Clear Eyes supply chain constraints and were also impacted by the expected order timing of a certain e-commerce customer that benefited Q4 of the prior year.

前 6 個月的銷售額下降主要是由於 Clear Eyes 供應鏈限制的預期影響，同時也受到某電子商務客戶預期訂單時間的影響，該客戶在上一年第四季度受益。

We have continued to see variability in this customer's order patterns, and Ron will touch on this when reviewing our updated outlook.

我們持續觀察到該客戶的訂單模式有波動，Ron 將在回顧我們更新後的展望時談到這一點。

In spite of this variability, we experienced impressive double-digit year over year consumption growth in the e-commerce business, continuing the long-term trend of higher online purchases. Our ongoing investments have paid off on a consistent basis, including during important large-scale e-commerce sales day events.

儘管存在這種波動，但我們的電子商務業務仍實現了令人矚目的兩位數同比增長，延續了線上購物持續成長的長期趨勢。我們持續的投資也取得了顯著成效，尤其是在重要的電商大型促銷活動期間。

Elsewhere our international OTC segment business increased in the 1st 6 months, helped by higher hydra light sales.

在其他方面，由於 Hydra Light 銷售成長，我們的國際非處方藥業務在前 6 個月有所成長。

Although Q2 was affected by the timing of distributor orders, which we expected, we continue to have confidence in our long-term algorithm for 5% annual segment revenue growth.

儘管第二季受到經銷商訂單時間的影響（正如我們預期的那樣），但我們仍然對長期演算法的5%年度業務收入成長充滿信心。

Total company gross margin of 55.7% in the first six months was up 60 basis points versus the prior year. Looking forward, we still expect a 56.5% gross margin for the year with a Q3 gross margin of approximately 56%.

公司上半年毛利率為55.7%，較上年同期成長60個基點。展望未來，我們預計全年毛利率將達到56.5%，第三季毛利率約為56%。

For tariffs, our latest full year potential cost forecast remains approximately $5 million.

關稅方面，我們最新的全年潛在成本預測仍約為 500 萬美元。

As a reminder, we have a diverse, predominantly domestic supplier base and have only modest exposure to high tariff countries, as well as certain products that are currently exempt from tariffs under USMCA and other specific policies.

再次提醒大家，我們的供應商基礎多元化，主要來自國內，對高關稅國家的業務敞口很小，而且某些產品目前根據美墨加協定和其他特定政策免徵關稅。

Advertising and marketing was down as expected due to the timing of certain marketing initiatives coming in at 14.1% of sales for the first six months.

由於某些行銷活動的時機安排，廣告和行銷支出如預期般下降，前六個月的銷售額佔比為 14.1%。

For fiscal '26, we now anticipate an A&M percentage of approximately 14%, while Q3 A&M is expected to be the highest spend rate of the year at over 15% of sales.

我們現在預計 2026 財年的廣告和行銷支出佔比約為 14%，而第三季的廣告和行銷支出預計將是全年最高的，佔銷售額的 15% 以上。

As expected, G&A expenses were up for the 1st 6 months versus prior year due to the timing of certain expenses. We still anticipate full year G&A of approximately 10% as a percent of sales.

如預期，由於部分費用發生的時間安排，上半年一般及行政費用較上年同期增加。我們仍預期全年一般及行政費用佔銷售額的比例約為10%。

Finally, adjusted EPS of $2.02 compared to $1.98 in the prior year as improved gross margin, the timing of A&M, and more favorable interest expense help offset the impact of lower first half revenues.

最後，由於毛利率提高、A&M 的時間表以及更有利的利息支出，調整後的每股收益為 2.02 美元，而上年同期為 1.98 美元，這在一定程度上抵消了上半年收入下降的影響。

We continue to expect favorable interest expense through the balance of the year.

我們預計今年剩餘時間內利息支出仍將維持有利水準。

Lastly, our Q2 normalized tax rate was 24.1%, resulting in a first half normalized tax rate of 23.7%. We still anticipate a tax rate of approximately 24% for the remaining quarters of fiscal '26.

最後，我們第二季的正常化稅率為24.1%，導致上半年的正常化稅率為23.7%。我們仍預計2026財年剩餘季度的稅率約為24%。

Now let's turn to slide 10 and discuss cash flow.

現在我們來看第 10 張投影片，討論一下現金流。

For the first half we generated $133.6 million in free cash flow, up approximately 10% versus the prior year.

上半年，我們創造了 1.336 億美元的自由現金流，比去年同期成長約 10%。

We continue to maintain industry leading free cash flow and are maintaining our outlook for the full year of $245 million or more.

我們持續保持業界領先的自由現金流，並維持全年2.45億美元或以上的預期。

At September 30th, our net debt was approximately $900 million, and our covenant defined leverage ratio of 2.4 times remains stable.

截至 9 月 30 日，我們的淨債務約為 9 億美元，我們根據契約規定的槓桿率 2.4 倍保持穩定。

Our strong financial position and consistent business performance continues to enable multiple uses of cash flow in fiscal '26 that add value for our shareholders.

我們強勁的財務狀況和持續的業務表現，使得我們在 2026 財年能夠將現金流用於多種用途，從而為股東創造價值。

For the first six months we've now repurchased 1.6 million shares for approximately $110 million.

前六個月，我們已回購了 160 萬股股票，總價值約 1.1 億美元。

The majority of this was opportunistic repurchases during Q2, which we expect to continue through the remainder of the year.

其中大部分是第二季的機會性回購，我們預計這種情況將持續到今年剩餘時間。

Next, we remain diligent around M&A, seeking leading brands and portfolios that can enhance our portfolio and business. Lastly, we still anticipate the strategic acquisition of our eyecare manufacturer, Pillar5 for approximately $100 million which we expect to close in Q3 based on the fulfillment of certain closing conditions. With that, I'll turn it back to Ron.

接下來，我們將繼續積極開展併購活動，尋求能夠增強我們產品組合和業務的領先品牌和產品組合。最後，我們仍然計劃以約1億美元的價格策略收購我們的眼科護理產品製造商Pillar5，預計該交易將在第三季完成，但需滿足一些交割條件。接下來，我將把發言權交還給Ron。

Thanks, Chris. Let's turn to slide 12 to wrap up.

謝謝，克里斯。我們翻到第12張投影片來總結。

Halfway through the year, we are reiterating the outlook offered in August and feel good about the performance of our business in the current dynamic retail environment.

今年已過半，我們重申8月提出的展望，並對當前充滿活力的零售環境下公司業務的表現感到滿意。

This confidence stems from our proven business strategy and well diversified portfolio that is set up for long-term growth and success.

這種信心源自於我們行之有效的商業策略和多元化的投資組合，這些都為長期成長和成功奠定了基礎。

For fiscal '26, we continue to anticipate revenues of $1.1 billion to $1.115 billion, with organic growth down approximately 1.5% to 3% versus the prior year.

對於 2026 財年，我們繼續預期營收為 11 億美元至 11.15 億美元，有機成長率較上年下降約 1.5% 至 3%。

Most importantly, we are on track to improve Clear Eyes supply in the second half.

最重要的是，我們預計在下半年改善 Clear Eyes 的供應。

For Q3, we're expecting revenue of approximately $282 million down versus the prior year. The lower revenue versus the prior year is attributable to two factors. First, the receipt of Clear Eyes inventory like in Q2 reduces our expected Q3 revenue by an estimated $5 million.

我們預計第三季營收將比去年同期減少約2.82億美元。營收下降主要歸因於兩個因素。首先，與第二季類似，Clear Eyes庫存的接收將使我們對第三季營收的預期減少約500萬美元。

Second, we anticipate an e-commerce retailer order adjustment in Q3. Due to their September order patterns above our stable consumption levels.

其次，我們預期第三季電商零售商的訂單量將會調整，因為他們9月的訂單量高於我們穩定的消費水準。

We realized a similar trend in March and April earlier this year where we saw sales shift into Q4 from Q1.

今年三月和四月，我們也發現了類似的趨勢，銷售額從第一季轉移到了第四季。

For EPS, we now anticipate adjusted EPS of $4.54 to $4.58 for the full year, which is the higher end of our prior range thanks to our share repurchase efforts. For Q3, we'd anticipate EPF of $1.14.

鑑於我們的股票回購計劃，我們目前預計全年調整後每股收益為 4.54 美元至 4.58 美元，高於先前預期範圍的上限。第三季度，我們預計每股收益為 1.14 美元。

Lastly, we continue to anticipate free cash flow of $245 million or more. We have ample capital deployment optionality that has a history of maximizing value for our shareholders.

最後，我們仍然預期自由現金流將達到2.45億美元或更多。我們擁有充足的資本部署選擇權，這些選擇權歷來都能為股東創造最大價值。

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

那麼，接下來我將開放提問環節，接線生。

Thank you.

謝謝。

At this time, we will conduct the question-and-answer session.

屆時我們將進行問答環節。

(Operator Instructions)

（操作說明）

Our first question comes from the line of Susan Anderson with Canaccord Genuity, your line is now open.

我們的第一個問題來自 Canaccord Genuity 的 Susan Anderson，您的線路現已開通。

Hi, good morning. Nice job on the quarter. I guess maybe just to follow-up on the Clear Eyes. So it looks like you guys are on track to return the shipments. I mean, maybe if you could just give some color on how we should expect that to flow through, I guess, in the rest of the year.

您好，早安。本季業績很棒。我想跟進一下Clear Eyes的訂單。看起來你們的退貨工作進展順利。我想問的是，能否詳細說明今年剩餘時間裡，退貨流程會如何安排？

And then also just curious if while you guys kind of were out of supply, if you lost any shelf space at any other retailers. And then also just the lower dis distributor orders in the eye and ear internationally I assume has nothing to do with that but just checking on that, and then may I have a follow-up after that thanks.

另外，我還想問一下，在你們供貨不足期間，其他零售商的貨架空間是否也受到了影響？還有，國際上經銷商訂單減少的情況，我猜應該跟供貨不足無關，但我還是想確認一下。之後能否再跟進一下？謝謝。

Hey, good morning, Susan. It's Chris. I'll start. Maybe, Ron can chime in also, just a reminder, right? Back in August, we laid out the three elements of our long-term efforts that we're focused on, best positioning our supply chain to support Clear Eyes growth. And first phase of this is to bring on two new suppliers to supplement, our requirements. The first of these suppliers came up towards the end of Q1, and the second came up late in Q2 as we had planned.

嗨，蘇珊，早安。我是克里斯。我先來。羅恩也可以補充一下，提醒一下，對吧？早在八月份，我們就制定了長期工作的三個重點，旨在優化供應鏈，更好地支持Clear Eyes的成長。第一階段是引進兩家新的供應商來補充我們的需求。第一家供應商在第一季末加入，第二家則如期在第二季末加入。

Pillar5, the 3rd, continues to make progress with the new high-speed line we've talked about. We continue to expect some benefit in Q3, with more in Q4 when they're producing for the entire quarter. So, while it takes some time to ramp a new line to full capacity, Pillar5 has already produced some commercial product that we expect to ship later in the quarter.

第三家工廠 Pillar5 的高速生產線（我們之前提到過）持續取得進展。我們預期第三季就能看到一些成效，第四季全面投產後效益將更加顯著。因此，儘管一條新生產線達到滿載運轉需要一些時間，但 Pillar5 已經生產出一些商業產品，我們預計將在本季度稍後發貨。

So, we continue to expect sequential improvement in Q3 over Q2 and then Q4 over Q3. And then maybe just I'll just take the third part of your question and Ron can take, so yes, to your point, your question on international eye care, Pillar5 does, produce some eye care products for our international segment, and so they are also feeling the effects of our constraints.

所以，我們仍然預期第三季業績將比第二季有所改善，第四季業績也將比第三季有所改善。接下來，我可能就回答您問題的第三部分，讓羅恩來回答。是的，關於您提到的國際眼科護理問題，Pillar5確實為我們的國際業務生產一些眼科護理產品，因此他們也受到了我們產能限制的影響。

So Susan, it was to your question on lost shares in shelf space, we certainly have seen a pretty significant, reduction in share, as we haven't been able to keep up with prior years' levels of product, and as we communicated to our retail partners what we would be able to supply, they made appropriate adjustments at shelf.

所以蘇珊，關於你提出的貨架空間份額損失的問題，我們確實看到了相當大的份額下降，因為我們無法保持往年的產品供應水平，而且當我們與零售合作夥伴溝通我們能夠供應的產品時，他們也對貨架進行了相應的調整。

So if you go to shelf and look, you'll see our base redness and max redness pretty much the main available product which is what we have focused on because it was the most significant element, of the product sales, so as we get the two new suppliers into full production, steady production and Pillar5's new high speed lineup, we'll begin to look at recovering, that shelf space and those SKU offerings.

所以，如果你去貨架上看看，你會發現我們的基礎紅度和最大紅度幾乎是我們目前的主要產品，這也是我們一直關注的重點，因為它是產品銷售中最重要的因素。隨著兩家新供應商全面投產，穩定生產，以及 Pillar5 的全新高速產品線投入使用，我們將開始考慮恢復貨架空間和這些 SKU 產品。

Okay, great. And then maybe if you could just talk a little bit about the cold c season. I know you guys are not as exposed as some others. It's been pretty weak to start, here and then over in Europe as well. It looked like your international, which is probably primarily Asia and Australia though, was, performed pretty well, and then if you could just talk about what you're expecting for the rest of the season, here domestically.

好的，太好了。那您能不能稍微談談這個寒冷的賽季？我知道你們不像其他一些國家那樣受到廣泛關注。賽季初，無論是國內還是歐洲，情況都比較疲軟。不過，你們的國際賽場，雖然主要集中在亞洲和澳大利亞，表現似乎還不錯。最後，您能否談談對國內賽季剩餘比賽的預期？

Yeah, so when we talk about the cold and flu category, we always, like to remind everybody as you stated, it's not a significant category with, high single-digits for us and we're primarily in the cold, excuse me, in the cough segment.

是的，所以當我們談到感冒和流感類別時，我們總是想提醒大家，正如你所說，這並不是一個重要的類別，對我們來說只有個位數，我們主要關注的是感冒，抱歉，是咳嗽領域。

Our international business, right, which is in the southern equator, did have a good. Good season, so that was, good for us, but we're primarily in the saline, nasal care, segment there.

我們的國際業務，也就是位於南赤道地區的業務，確實度過了一個不錯的季度，這對我們來說是好事，但我們在那裡的主要業務是生理鹽水鼻腔護理。

But we just reported results through September, right? So, two quarters we haven't even gotten into the cough, cold, season yet. We'll see how illness levels play out during the important, Thanksgiving to New Year's. Time frame, so we'll see where it goes. Susan, too early to predict, I guess is my final comment on it.

但我們才剛公佈了九月份的業績，對吧？也就是說，兩個季度過去了，我們甚至還沒進入咳嗽感冒的流行季節。我們會觀察感恩節到新年這段重要時期內的疾病程度變化，看看情況如何。蘇珊，我想現在預測還為時過早，這是我最後的評論。

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

好的，太好了。非常感謝。祝你今年剩下的日子一切順利。

Thank you so much.

太感謝了。

Our next question comes from the line of Rupesh Parikh with Oppenheimer & Company, your line is not open.

我們的下一個問題來自奧本海默公司 Rupesh Parikh 的線路，您的線路目前無法接通。

Thank you. So good morning. Thanks for taking my question. So, I guess you're starting off with the retailer inventories. So, I know you went through the e-commerce volatility there, but just curious, outside of that, I guess the e-commerce channel, how do you characterize the health of retailer inventories in the US?

謝謝。早安.感謝您回答我的問題。我想您首先要談談零售商的庫存情況。我知道您之前談到了電商市場的波動，但我很好奇，拋開電商通路不談，您如何評價美國零售商的庫存狀況？

Yeah, so you know I'll comment on our space within the store which is what we focus on in in general. Outside of the Ecom order patterns that we talked about, the rest of our, inventory at retail has been steady or predictable is the way I would describe it.

是的，我會談談我們店內的空間佈局，這也是我們一直以來的重點。除了我們之前提到的電商訂單模式之外，我們零售通路的其他庫存一直都很穩定，或者說，可以說是可預測的。

So there really hasn't been any, significant impact on our performance in those channels, you are hearing other, companies talk about it more broadly in CPG, but even in our space. But it seems to be more concentrated in the big categories where there's multiple brands or competitors fighting for shelf space or it's, lots and lots of skews and big shelf space where retailers may look to reduce inventories in those spaces so think.

所以，這些管道的業績其實並沒有受到任何顯著影響。你可能聽到其他公司在消費品產業，甚至在我們這個領域，更廣泛地談論這個問題。但似乎這種影響更集中在那些品牌眾多、競爭對手爭奪貨架空間的大品類中，或者貨架空間分佈不均，零售商可能會考慮減少這些區域的庫存。

About cold and the cold and flu section of the of the store, think about the analgesic section, right? Lots and lots of space where there's an opportunity to find ways to take, cash out of the system. So, for us it continues to be steady with the exception of the Ecom as we've talked about.

說到感冒藥和感冒流感專區，想想止痛藥區，對吧？那裡有很多空間，有很多機會可以想辦法從系統中抽取現金。所以，除了我們之前提到的電商業務之外，我們的整體業務仍然保持穩定。

Great. And then maybe my one follow-up question. So, Women's Health, you've had momentum in recent quarters. It looks like it was down this quarter in North America. So just curious, what's happening there. I don't know if it's comparisons or just some additional color there.

好的。那我可能還有一個後續問題。女性健康雜誌，你們最近幾季發展勢頭良好。但看起來這季度在北美地區的銷量有所下滑。所以我很好奇，這是怎麼回事？我不知道這是因為數據比較的原因，還是有其他因素需要考慮。

Yeah, so there's a kind of a lot going on to take a look at one quarter's comp. So over the last three quarters or so we've had a lot of noise in the order patterns, not only in women's health but across that portfolio. In women's health in particular we had some funny comps going on last year.

是的，所以要分析一個季度的年比數據，需要考慮很多因素。過去三個季度左右，訂單模式波動很大，不僅是女性健康領域，整個產品組合都是如此。尤其是在女性健康領域，去年的年比數據有些特殊。

As the Monostat VAF category changed from vertical product offering to horizontal, so it impacted retailer order patterns and inventory levels last year as they were getting rid of the old and bringing in the new, so. If you go look at it over the 3 quarters ended September or the 4 quarters ended September versus the same comps, you'll actually see that women's health is up.

由於壟斷性VAF類別從垂直產品供應轉向水平產品供應，零售商去年的訂單模式和庫存水準受到了影響，因為他們需要淘汰舊產品並引進新產品。因此，如果您查看截至9月份的三個季度或四個季度與同期相比的數據，您會發現女性健康產品實際上有所增長。

So, I always like to go back to we continue to feel good about the work that we've done to continue to position those two brands for long-term growth.

所以，我總是喜歡回到我們一直以來所做的工作上，我們仍然對我們所做的工作感到滿意，這些工作旨在繼續為這兩個品牌的長期成長奠定基礎。

Okay great thank you I'll pass it on.

好的，非常感謝，我會轉達的。

Okay, thanks for.

好的，謝謝。

Thank you so much. Our next, hold one moment.

非常感謝。下一個，請稍等片刻。

Our next question comes from the line of Keith Davis with Jefferies, your line is now open.

下一個問題來自 Keith Davis 和 Jefferies 的線路，您的線路現在開放。

Hey, good morning. Thanks for the question.

嘿，早安。謝謝你的提問。

I'm curious if you guys can actually just comment what you're seeing on the macro environment. It's been volatile for some time. We're seeing consumption across a lot of consumer health categories kind of slow into the end of the year, so.

我很想知道你們能否就宏觀環境發表一下看法。宏觀環境已經波動了一段時間。我們看到，許多消費者健康類產品的消費量在年底前都出現了放緩的趨勢。

Any color on, how that's playing out in your business and then as it pertains to the guidance, particularly on top-line is a lot of the difference between the high and low end of the range, mostly related to eye care recovery and you know how are you factor in the rest of the underlying performance into that.

任何關於這在你公司是如何體現的，以及就業績指引而言，特別是就營收而言，高低區間之間的很大差異主要與眼科護理的恢復有關，你也知道你是如何將其他基礎業績考慮進去的。

Good morning, Keith. Let me make a few comments on the macro environment and I'll let Chris comment on the sales outlook. So first of all, you don't have to look very hard to hear and see lots of, news on, slowing consumer trends and concerns about momentum in the consumer environment.

早安，基斯。我想就宏觀環境談幾點看法，銷售前景方面就交給克里斯來談。首先，你不難發現，關於消費趨勢放緩和消費環境成長勢頭疲軟的新聞鋪天蓋地。

So, if you think about a retail store, right, the stores in general are under some pressure, for our part of the store, right, we sell needs based products, right? You wake up, someone in your household is ill, you're going to reach for that trusted brand.

所以，如果你想想一家零售店，對吧，一般來說，商店都面臨著一些壓力，就我們店裡而言，對吧，我們銷售的是基於需求的產品，對吧？你早上醒來，家裡有人生病了，你就會選擇你信賴的品牌。

So, we have a certain moat, around our categories that that have us a little bit disconnected from the general macro environments that are that are going on, for us we have broad offerings that are available in broad channels, with many brands having multiple price points, with either different kinds of technology or innovation or different pack sizes, so we're well positioned to catch the consumer with our trusted brand.

因此，我們圍繞自身品類建構了一定的護城河，使我們與正在發生的宏觀環境略有脫節。我們擁有廣泛的產品線，並透過廣泛的管道銷售，許多品牌提供多種價格點，採用不同的技術或創新或不同的包裝規格，因此我們憑藉值得信賴的品牌，能夠很好地吸引消費者。

As they think about maybe shopping differently or looking for different price points, so for now we haven't seen any meaningful impact on how we would think about the outlook for the for the business for the rest of the year.

他們可能會考慮改變購物方式或尋找不同的價格點，因此目前我們還沒有看到任何實質的影響，影響我們對今年剩餘時間業務前景的看法。

And, Keith, this is Chris. So, your question regarding the low and the high end of the range, yes, you're correct.

基思，我是克里斯。關於價格範圍的低端和高端，是的，你說得對。

Eye care is the primary, driver behind those two numbers, as Ron mentioned, rest of the business largely as expected, back in August, no real change from those comments where we talked about an international step up just for normal seasonality in the back half versus the first half, really just updating today for the timing of the early shipments on Clear Eyes and the retailer order patterns from Q2 to Q3.

正如 Ron 所提到的，眼科護理是這兩個數字背後的主要驅動力，其餘業務基本上符合預期，就像 8 月份那樣，與我們當時的評論並無太大變化，我們當時談到，由於正常的季節性因素，下半年國際業務將比上半年有所增長，這只是一個正常現象。今天就更新一下 Clear Eyes 的早期出貨時間以及第二季到第三季的零售商訂單模式。

Great, that's very helpful. If I could squeeze in a follow-up just on capital allocation and the deal environment, we saw a large consumer health player, kind of taken off the board earlier this week.

太好了，這很有幫助。如果可以的話，我想補充一點關於資本配置和交易環境的內容。本週早些時候，我們看到一家大型消費保健品公司退出了市場。

Curious how that plus maybe the potential for future consolidation changes, how you think about the deal environment and, in terms of where to allocate capital between reinvestment, share repose, and potential M&A, if any of the activity recently kind of changes, how, what's your order of preferences. Thanks.

我很好奇，考慮到未來可能出現的整合變化，您如何看待當前的交易環境？在再投資、股權回購和潛在併購之間如何分配資金？如果近期有任何變化，您會如何看待？您的優先順序是什麼？謝謝。

Yeah, so Keith, let me start and I'll let, Chris add at the end here. So for capital allocation our priorities can continue to be consistent. We would like to do M&A. We're sitting on historically low levels of, leverage and M&A capacity.

好的，基思，我先開始，克里斯最後補充。關於資本配置，我們的優先事項可以保持不變。我們希望進行併購。我們目前的槓桿率和併購能力都處於歷史低點。

Again, over the next 4 years we expect to generate a billion or more of cash flow that we'll be looking to do something with, and I think the quarter ended September is a great example of that. We were out in the market opportunistically buying back our shares.

再次強調，未來四年我們預計將產生十億美元或更多的現金流，我們將考慮如何利用這些資金，我認為截至九月的季度就是一個很好的例子。我們當時抓住機會，在市場上回購了我們的股票。

We bought back over a million shares, which is a great way to add value to the existing shareholders, right? That was about 2% of our float during the quarter.

我們回購了超過一百萬股股票，這對現有股東來說無疑是增加價值的好方法，對吧？這大約占我們本季流通股數的2%。

So, we've got backups to do while we wait for those right M&A opportunities in terms of the pipeline or the kind of opportunities that might pop up. We don't think this week's announcement, really changes that. They're going to continue to look at their portfolio and make decisions about what they keep based on where they see opportunities and what fits their investment criteria.

所以，在我們等待合適的併購機會出現期間，我們需要做好備選方案。我們認為本週的公告並不會真正改變這一點。他們將繼續審視其投資組合，並根據他們認為的機會以及符合其投資標準的因素來決定保留哪些資產。

So really nothing changed there or with any of the other big spin outs that are that have recently happened or expected to happen.

所以，無論是最近發生的還是預計會發生的其他大型分拆事件，實際上都沒有什麼變化。

And again over time we've bought from families, we bought from, private equity, we've bought from big pharma and or big consumer companies, so we expect that we'll see more opportunities and the important thing for us is we're going to continue to be disciplined and make M&A investments where it, presents long-term growth and value creation opportunities.

隨著時間的推移，我們收購了家族企業、私募股權公司、大型製藥公司和/或大型消費品公司的股份，因此我們預計會看到更多機會，對我們來說重要的是，我們將繼續保持自律，並在能夠帶來長期成長和價值創造機會的地方進行併購投資。

Thanks, I'll pass it on.

謝謝，我會轉達的。

Great. Thanks, Keith.

太好了，謝謝你，基斯。

Thank you so much.

太感謝了。

Our next question comes from the line of Jon Anderson with William Blair. Your line is now open.

下一個問題來自喬恩·安德森和威廉·布萊爾的連線。您的線路現在暢通。

Morning everybody.

大家早安。

Morning, Jon.

早安，喬恩。

Hey, sorry, I jumped on a little bit late, so I may have a duplicate question. I apologize in advance, really just two things that I was wondering if you could comment on, taking kind of Clear Eyes out of the equation, the kind of consumption trends in North America that you saw across the balance of the portfolio, kind of where you came in and then any particular strengths, and, or weaknesses by, brand and category, would be helpful.

嗨，不好意思，我來晚了，所以可能問了一個重複的問題。先道個歉，其實我只有兩點想請教您：拋開Clear Eyes這個品牌不談，您觀察到的北美其他品牌的消費趨勢，以及您是如何進入北美市場的，還有各個品牌和品類有哪些優勢和劣勢，這些都對您很有幫助。

And then, I just back to Clear Eyes, I kind of wondering what you're assuming around your kind of ability or visibility to reclaiming. Maybe some of the shelf space that.

然後，我又回到「清晰的目光」這個話題，我有點好奇你對你的能力或知名度有什麼看法，例如能否重新獲得一些貨架空間。

You've lost during this, supply constraint period and how that, you're, what kind of assumptions you're making around reclaiming that over what kind of time period. Thanks.

在供應緊張時期，您遭受了損失。您對此有何假設？您打算在多長時間內彌補這些損失？謝謝。

Yeah, so let me take those questions in reverse order, Jon. So, for Clear Eyes in terms of recovering our share, recovering shelf space, it'll take a little bit of time as the retailers, quite frankly get comfortable with our ability to sustain service levels. So, we'll see how that plays out over the next two resets, but certainly there'll be a recovery as we get, the retailers' inventories filled and the shelves, filled.

好的，Jon，那我倒著回答你的問題。就Clear Eyes而言，要恢復市場份額和貨架空間，需要一些時間，坦白說，零售商需要時間來適應我們維持服務水準的能力。所以，我們會觀察接下來兩次調整的情況，但隨著零售商的庫存和貨架的補滿，我們的市佔率肯定會恢復。

But the important thing to remember there is, Clear Eyes in a lot of ways defined that segment of eye care. And if you go look at the categories. The categories have actually declined. The I miss the redness section, the categories actually declined as Clear Eyes, supply and share has declined.

但需要記住的重要一點是，Clear Eyes 在許多方面定義了眼科護理的這一細分領域。如果你去看一下各個產品類別，你會發現它們其實都在萎縮。例如，我懷念的「眼部發紅」類別，隨著 Clear Eyes 的供應和市場份額下降，這些類別實際上都在萎縮。

So that's where we're going to start with our discussions with the retailer about the importance of getting our Skews back online because there's consumers out there waiting to buy the product, right, and get to looking to get back into the category, so you just don't get it. We're going to have to, invest in marketing and get that field flywheel going again, but we feel good about the historic positioning and brand recognition with consumers, for that.

所以，我們將從與零售商討論Skews產品重新上線的重要性入手，因為有很多消費者正翹首以盼購買我們的產品，他們渴望重返這個品類，所以，我們無法完全理解他們的需求。我們需要加大行銷投入，重新活化市場，但我們對Skews的歷史定位和消費者品牌認知充滿信心。

Now, back to your comment about the total company's performance and, as I commented a little while ago on women's health over the last three quarters or so there's been a lot of noise. Right, Clear Eyes supply has had a big impact on company performance, and we've had these order patterns of roller coasters way up one quarter, way down the next, way back up again.

現在回到您剛才提到的公司整體業績，正如我剛才提到的，過去三個季度左右，女性健康領域波動很大。沒錯，Clear Eyes的供應情況對公司業績影響很大，訂單量也像坐過山車一樣起伏不定，一個季度飆升，下一個季度暴跌，然後又迅速回升。

So, you know one of the things we're looking at here is kind of TTM performance. So, if you take a look at the total company's TTM performance through September, take out Clear Eyes and adjust for FX total company sales up about 2.5% in line with our long-term organic expectations of 2% to 3%.

所以，我們關注的重點之一是過去12個月的業績。如果你看一下公司截至9月份的過去12個月業績，剔除Clear Eyes並根據匯率進行調整後，公司總銷售額增長約2.5%，這與我們2%至3%的長期有機增長預期相符。

The international business is up about 5%, which is what we would have expected, for the international business, and then, North America has been up, 11% or so again, a little bit North America is a little bit below, the long-term MO, but it's all, pretty consistent with what we would expect over the long-term, callouts for areas that we've, seen very strong performance, GI.

國際業務成長約 5%，這與我們對國際業務的預期相符；北美業務成長約 11%，略低於長期平均水平，但總體而言，與我們對長期的預期基本一致。特別指出一些表現非常強勁的領域，例如 GI。

Not just Dramamine, but Fleet, as well as Gaviscon up in Canada, in particular, has done well for us, but, Women's Health, has grown over that TTM period as well as we've continued to position those brands for long-term growth and consistency in the international business, but the list could go on and on, but I'll, and my comment on this question that we continue to feel good about the position of the company, the brands, as we manage through this environment, right? Lots of turmoil, lots of fluidity out there, in the environment.

不僅是暈車藥Dramamine，還有Fleet，以及加拿大的Gaviscon，都為我們帶來了不錯的表現。此外，女性健康品牌在過去12個月也取得了成長，因為我們持續致力於這些品牌在國際業務中的長期成長和穩定性。這樣的例子不勝枚舉，但我只想說，我們對公司和旗下品牌在當前環境下的狀況依然充滿信心，對吧？畢竟，現在的市場環境動盪不安，瞬息萬變。

Yeah, it makes sense. Maybe one follow-up, given the gross margin rate in the first half of the year, I guess was a bit depressed because of some of the mixed dynamics, but the guide for the year implies a pretty meaningful step up in the sequentially, second half to first half.

是的，這很有道理。考慮到上半年的毛利率，或許需要補充一點，我猜是因為一些複雜的因素導致毛利率略微偏低，但全年業績指引表明，下半年毛利率將比上半年有顯著提升。

What are the building blocks there and how much, how confident or what kind of visibility do you have in that happening, or is it dependent on some of these.

構成要素有哪些？你對實現這些要素有多大把握、多有信心、有多大的可見度？或者說，這取決於其中的一些因素？

Ranges you've given around Clear Eyes outcomes, thanks.

謝謝您提供的Clear Eyes療效範圍的資訊。

Hey John, it's Chris. So, just note we have a 60 basis point step up in the first half gross margin. So really just, a continuation of the benefits of cost savings and mix, the implication of your point is a bigger step up in Q4.

嗨，約翰，我是克里斯。請注意，我們上半年的毛利率提升了60個基點。這實際上是成本節約和產品組合優化帶來的持續效益，正如你所說，這意味著第四季度毛利率將有更大的提升。

It's similar to last year, largely driven by the timing of cost savings, and, when we look at our international. Segment gross margin revenues were impacted by mix, but also in the quarter we were carrying two warehouses as we transitioned facilities and the provider for our warehouse in Australia. So maybe a little bit of lingering costs in Q3, but we would expect to see a sequential improvement in that in that segment as well, which will impact the total company.

與去年類似，主要受成本節約​​時機的影響，以及我們國際業務的影響。此業務板塊的毛利率收入受到產品組合的影響，此外，由於本季度我們正在進行設施和澳洲倉庫供應商的過渡，因此我們同時運營兩個倉庫。所以第三季可能存在一些殘留成本，但我們預計該業務板塊的情況將環比改善，這將對公司整體業績產生正面影響。

Great. Thanks so much.

太好了，非常感謝。

Thanks, Jon.

謝謝你，喬恩。

Okay.

好的。

Thank you so much.

太感謝了。

Our next question comes from the line of Mitchell Pinero with Sturdivant and Company, your line is now open.

我們的下一個問題來自 Sturdivant and Company 的 Mitchell Pinero，您的電話線現在已接通。

Hey, good morning.

嘿，早安。

So, a couple of admin questions here. First, I saw inventories were up $5 million sequentially in Q2.

這裡有幾個管理方面的問題。首先，我看到第二季的庫存較上季增加了500萬美元。

And I assume is that is that a Clear Eyes, is that attributed to Clear Eyes? And I didn't quite understand what's happening in the third quarter with Clear Eyes if you could just clarify that.

我猜想，那是不是「清晰的目光」？這是否與「清晰的目光」有關？第三節「清晰的目光」的情況我不太明白，您能否解釋一下？

No pun intended.

無意冒犯。

Chris. So, the inventory step up during the quarter, no, is not really Clear Eyes, and what comes in on Clear Eyes goes right out the door. So, if you recall that we had a very large order from our e-commerce retailer in Q4, and we've kind of been correcting on that for several brands. So that's kind of, not one particular thing, just across the board.

克里斯：所以，本季庫存增加，不，其實不是Clear Eyes品牌的庫存，Clear Eyes的庫存很快就賣了。如果你還記得的話，我們在第四季度收到了來自電商零售商的一筆大訂單，我們一直在調整幾個品牌的庫存。所以，這並不是某個特定品牌的問題，而是所有品牌都面臨的問題。

And then for Q3, even with the about $5 million we received very late in Q2 that we kind of took out of Q3, we're still expecting sequential improvement in Q3 as we have longer periods with the 1 in particular, but the two new suppliers that came have come online already for Clear Eyes and then, some commercial product, the very beginning of commercial product coming out of that high speed line at Pilar.

至於第三季度，即使我們在第二季度末收到了大約 500 萬美元，並將其從第三季度中扣除，我們仍然預計第三季度會環比改善，因為我們與 1 的合作週期更長，而且兩家新供應商已經為 Clear Eyes 上線，還有一些商業產品，Pilar 的高速生產線也開始生產一些商業產品了。

Okay, thank you for that. And then, Yeah So, from the A&M point of view, you, it's going to be your, highest spend in Q3. Any particularly, particular initiatives there that you're focused on?

好的，謝謝。那麼，從德州農工大學的角度來看，第三季將是你們支出最高的季度。你們有沒有特別關注哪些具體的措施？

No, not in particular. Just, really driven, we built it from the brands up so the timing of, new product innovation could be impacting that, and there is some seasonality to some of our brands and our spend associated with that, but nothing in particular, not one thing.

不，沒有特別的原因。只是，我們確實是從品牌層面開始打造的，所以新產品創新的時機可能會產生影響，而且我們的一些品牌和相關的支出也存在一些季節性，但沒有什麼特別的原因，沒有哪一件事情是決定性的。

And then on, the e-commerce order, variability is that just something that. You're just going to see going forward, or is there something unusual happening? Sort of with your e-commerce customer, or is it, is there new. New buyers, new, how is, how should we think about the variability there?

然後，關於電子商務訂單，這種波動性是必然存在的，還是說未來會出現一些異常情況？例如你的電子商務客戶群，或是出現了新的買家，我們該如何看待這種波動性？

Yeah, so Mitch, it's hard to predict. We don't get any insight, from our Ecom customers around their planned, timing of their orders or what they're doing with their inventory.

是的，米奇，這很難預測。我們無法從電商客戶那裡獲得任何關於他們訂單計劃、時間表或庫存情況的資訊。

So, our focus is on being prepared to have high service levels during these peaks and valleys, so we, that's the way we think about it. We dig into consumption to understand what's going on with that element of it.

所以，我們的重點是做好準備，在高峰和低谷時期都能提供高水準的服務，這就是我們的思考方式。我們會深入分析消費情況，並了解這方面的變化。

You know managing our investments by brand to find opportunities to continue to do well there so we always go back to at the end of the day you know we want to win with consumption and grow our share and grow with the customers who are showing up in increasing numbers in our categories and be positioned to just provide the best service we can based on when our customers who no matter who they are when they decide to order.

你知道，我們按品牌管理投資，尋找機會繼續在這些品牌上取得成功，所以我們最終總是回到這一點，你知道，我們希望贏得消費，擴大市場份額，並與越來越多出現在我們各個品類中的客戶共同成長，並做好準備，無論客戶是誰，無論他們何時決定下單，都能提供我們所能提供的最佳服務。

Mitch, I would also just comment that you know through our distributor, right, we don't think this is unique to us, maybe a different size customer to some other larger companies that may not talk about it, but we certainly don't think it's specific to Prestige.

米奇，我還想補充一點，你知道，透過我們的經銷商，我們認為這並非我們獨有的情況，也許我們遇到的客戶規模與其他一些規模更大的公司不同，他們可能不會談論這個問題，但我們肯定不認為這是 Prestige 特有的。

Okay, and then, it was sort of related to that. As you reflect on the Clear Eyes issue.

好的，然後，這件事也跟那件事有點關係。就像你反思《清晰之眼》那一期雜誌時說的。

And the suppliers like you have over 103rd party, outside suppliers, and I'm wondering whether, as you look at this, are there any other areas or candidates that you'd consider bringing in house to have a sort of better control.

像你們這樣的供應商有超過 103 家外部供應商，我想知道，在考慮這個問題時，你們是否會考慮將其他領域或候選人納入內部管理，以便更好地進行控制。

Is that have you thought about that and then and related to that.

你有沒有想過這個問題，以及其他與此相關的問題？

And I know maybe this is a one-off incident to Clear Eyes, but is there, do you have any fee, do you think you need more inventory to carry higher levels of inventory going forward? Maybe not a lot but do you think there should be increased emergency sort of inventories that, would be a sort of, higher than historical levels.

我知道這可能只是Clear Eyes遇到的個別事件，但您是否認為，為了應對未來更高的庫存水平，是否需要增加庫存？也許不需要太多，但您是否認為應該增加一些應急庫存，使其高於歷史水平？

So, Mitch, let me start with your comment on the suppliers. Yeah, we have well over 100 suppliers. It's really a function of our broad product offering, right? We offer everything from, tablets to sterile eye care products and everything in between.

那麼，米奇，我先來說說你對供應商的看法。是的，我們有超過100家供應商。這確實與我們豐富的產品線有關，對吧？我們提供的產品種類繁多，從片劑到無菌眼科護理產品，應有盡有。

We take advantage of our fleet facility in Lynchburg, and we've brought in a couple of products over the last few years to take advantage of what they do to give us an advantage in the market, and eye care is a unique situation that's evolved, right? Available sterile eye care capacity over the last 10 years is just gotten smaller and smaller each year over the 15,16 years I've been here. I've seen it just decline.

我們充分利用了位於林奇堡的車隊設施，並在過去幾年引進了一些產品，以藉助他們的優勢來提升我們的市場競爭力。眼科護理是一個獨特的領域，而且一直在不斷發展變化，對吧？在我在這裡工作的這15、16年裡，過去10年可用的無菌眼科護理產能逐年下降。我親眼目睹了它的萎縮。

So, we've got to a point where it made sense given our focus on sterile eye care, right? We added the tiers. We've had meaningful growth on Clear Eyes. We've got a nice international business around sterile eye care.

所以，鑑於我們專注於無菌眼科護理，現在這樣做是合理的，對吧？我們增加了產品分級。 Clear Eyes 取得了顯著成長。我們在無菌眼科護理領域也建立了良好的國際業務。

It made sense for us to invest and bring that technology. In house, but for the rest of our portfolio, there's plenty of external available capacity for the things that we need, so there isn't any, anything else, no other meaningful shoe to drop that we would expect, that would drive a change in bringing stuff in house. I'll let Chris come in on inventory and service.

對我們來說，投資並引進這項技術是明智之舉。這項技術將內部研發，但對於我們產品組合中的其他部分，我們所需的外部產能充足，因此沒有任何其他重大因素會促使我們改變主意，將部分業務轉移到內部。庫存和服務方面就交給克里斯負責吧。

Yeah, certainly, customer service is our number one priority. So, there may be a little pocket as Ron mentioned where we'll look to increase safety stock for some of the other brands, but nothing material that you'll likely hear us talking about on a call like this.

當然，客戶服務始終是我們的首要任務。正如羅恩所提到的，我們可能會稍微增加一些其他品牌的安全庫存，但不會有任何實質性的變動，所以您不太可能在這樣的電話會議上聽到我們談論這些。

Okay, yeah, I have a couple of questions on the dental care enthusiasts, but I'll save that for offline.

好的，是的，我對牙科護理愛好者們有幾個問題，不過我還是線下再問吧。

Okay, Mitch. Thanks.

好的，米奇。謝謝。

Thank you so much.

太感謝了。

Our next question comes from the line of Anthony Lebiedzinski with Sidoti. Your line is now open.

下一個問題來自安東尼·萊比津斯基（Anthony Lebiedzinski）和西多蒂（Sidoti）的連線。您的連線現已開放。

Thank you and good morning, everyone. Thanks for taking the questions. So, I wanted to follow-up. I think Ron, you said that as it relates to Clear Eyes, once the supply improves, that you will need to invest more into marketing.

謝謝大家，早安。感謝你們回答問題。我想再問一個後續問題。羅恩，你之前說過，就Clear Eyes而言，一旦供應改善，就需要增加行銷投入。

So, typically, Prestige has spent roughly 13% to 14% of its revenue on A&M. How should we think about that, once we can hopefully get into fiscal '27, things are kind of back to normal, do you think that ratio, for A&M will go up, or how do we think about that going forward?

所以，通常情況下，Prestige會將大約13%到14%的收入用於廣告和媒體推廣。我們該如何看待這個問題？一旦我們預計進入2027財年，一切恢復正常，您認為廣告和媒體推廣的比例會上升嗎？或者我們應該如何看待未來的發展趨勢？

Yeah, so going forward I didn't mean to imply that we were spending more as a company if I did, but we'll get back to looking at reallocating, A&M and spending the right amount, compared to the opportunity. So, spending marketing, Clear Eyes when we can't deliver enough didn't make sense, so it was reallocated to other brands.

是的，所以接下來我這麼說並不是暗示公司會增加支出，而是我們會重新審視廣告和行銷方面的資源分配，並根據實際情況合理分配資金。例如，如果我們無法提供足夠的產品，那麼把錢花在Clear Eyes的行銷上就毫無意義，所以我們把這部分資金重新分配給了其他品牌。

To invest in anything from trying to accelerate NPD or innovation or take advantage of the momentum in the, in the marketplace that's out there, so we'll get back to reevaluating what the right level of A&M versus the expected return on sales going forward. So, we'll continue to be, disciplined around having the right level of investment.

無論是加速新產品開發或創新，或是利用當前市場的發展勢頭，我們都需要進行投資。因此，我們將重新評估合適的廣告和行銷投入程度與預期銷售回報之間的關係。我們將繼續保持嚴謹的投資策略，確保投資水準的合理性。

That, that's good to hear. And then as it relates to a private label competition, are you seeing kind of more of the same or has anything changed meaningfully in the products that you guys sell?

那真是個好消息。那麼，就自有品牌競爭而言，你們覺得情況還是大同小異，還是你們銷售的產品發生了實質的變化？

Yeah, no real change in market share or differences in impact from private label, you may get the private label players making comments that they're seeing share gains in this environment. Matter of fact, this week I think there was announcements out on that, but again they're focused on different spaces than we are, right?

是的，市場佔有率或自有品牌的影響並沒有發生實質變化，你可能會聽到一些自有品牌廠商聲稱他們在這種環境下獲得了市佔率成長。事實上，我認為這週就有相關的公告發布，但他們的關注點和我們不同，對吧？

Think tablet of analgesics, think about the cold and flu smoking cessation, so. It really isn't impacting us at this point.

想想止痛藥片，想想感冒和流感，想想戒菸，所以，目前它對我們真的沒什麼影響。

Got it. All right. Well thank you and best of luck.

明白了。好的。非常感謝，祝你好運。

Thank you, Anthony.

謝謝你，安東尼。

Thank you so much.

太感謝了。

Our next question comes from the line of Doug Lane with Water Tower Research. Your line is now open.

下一個問題來自水塔研究公司的道格·萊恩。您的線路已接通。

Thanks, and good morning, everybody.

謝謝大家，大家早安。

Did you quantify the amount of that pull forward you think happened with the online retailer into the second quarter from the 3rd quarter?

您是否量化了您認為線上零售商從第三季到第二季的業績成長幅度？

Well, we talked about, Doug, this is Chris. Morning, we talked about, the Clear Eyes timing of about $5 million and the majority of the rest of the beat was attributable to that retailer order.

嗯，我們剛才談到了，道格，我是克里斯。早安，我們談到了Clear Eyes的500萬美元訂單，以及其餘大部分訂單都歸功於那筆零售商訂單。

Okay. Got it. And then you mentioned in Clear Eyes that the 3rd quarter should be better than the second quarter and the 4th quarter should be better than the 3rd quarter. Are we all the way there yet by the end of the year or are we still going to be catching up in 2027?

好的，明白了。你在《清晰的視野》一書中提到，第三季應該比第二季好，第四季應該比第三季好。到今年年底我們是否已經完全實現了目標，還是要等到2027年才能趕上？

By the end of the year, we should be producing at a level where we're kind of already there, right? The timing of how we, get that through to retailers and get it number one on their shelves and then back in their warehouses and then build our safety stock that'll probably flow into fiscal '27 a bit.

到年底，我們的產量應該已經達到一定水準了，對吧？現在的問題是，如何把產品送到零售商手中，讓他們第一時間上架，然後重新入庫，並建立安全庫存，這些工作可能會持續到2027財年。

Okay, to say it just to add some color to it, say it a different way, we expect by the end of our fiscal year that all the changes that we've been making in the Clear Eyes supply chain will be implemented in place. So, the two new suppliers will be in place and the new high-speed line at Pillar5, will be in place and we'll have, control and ownership of the facility Pillar5 at that point as well.

好的，為了更清楚地說明情況，我們預計到本財年結束，我們在Clear Eyes供應鏈中所做的所有調整都將落實到位。屆時，兩家新供應商將到位，Pillar5的新高速生產線也將投入使用，我們也將擁有Pillar5工廠的控制權和所有權。

Right, Pillar5 closes in Q3. Does anything change, or are you already acting like you own it? Or you get to do more things that we don't know about once you own it?

沒錯，Pillar5計畫將在第三季結束。情況會有什麼變化嗎？還是說你們已經像擁有它一樣行事了？或者說，一旦你們擁有了它，你們就可以做更多我們不知道的事情？

Yeah. So, we've been partners with Pillar for a number of years. Doug was certainly involved, at a very deep level in the organization there and been partnering with them, even before the ownership change was contemplated.

是的。我們和Pillar已經合作多年了。 Doug在Pillar的組織架構中扮演著非常重要的角色，甚至在考慮所有權變更之前，他就一直與他們保持合作關係。

So, what we talked about on the last call when we announced the acquisition was essentially just, you know. We want to run this for the long-term as Ron said there's scarcity and availability for sterile eye care out there, and we just think, our, the needs of the business to better align with our long-term focus on the category, made sense for us to acquire it.

所以，我們在上次電話會議上宣布收購時，主要討論的內容就是，你知道的。正如羅恩所說，我們希望長期運營這家公司，因為目前市場上無菌眼科護理產品供應短缺，我們認為，為了更好地滿足我們長期專注於該領域的業務需求，收購這家公司是明智之舉。

Okay, that makes sense. And just one last thing, have you talked about how you're going to finance the $100 million?

好的，明白了。最後一個問題，你們有沒有討論過如何籌集這1億美元？

Primarily cash on hand.

主要以現金支付。

Okay. Sounds good thanks.

好的，謝謝。

Thank you so much.

太感謝了。

I am showing no further questions at this time. I would now like to turn it back to Ron Lombardi for closing remarks.

目前我沒有其他問題要問。現在我想把時間交還給羅恩·隆巴迪，請他作總結發言。

Thank you, operator, and thank you to everyone for joining us today and we look forward to providing further updates on our next quarterly call. Have a great morning.

謝謝接線員，也感謝各位今天參加我們的電話會議，我們期待在下次季度電話會議上提供更多最新資訊。祝您早安。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。本次會議到此結束，您可以斷開連線了。