Sharkninja Inc (SN) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the SharkNinja Fourth Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note that this conference is being recorded.

早安，女士們先生們，感謝你們的支持。歡迎參加 SharkNinja 2023 年第四季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I would now like to hand the call over to Arvind Bhatia, Senior Vice President of Investor Relations to begin the presentation. Thank you. You may begin.

現在我想將電話轉交給投資者關係高級副總裁 Arvind Bhatia 開始演講。謝謝。你可以開始了。

Good morning, and welcome to SharkNinja's Fourth Quarter 2023 Earnings Conference Call. Joining me on today's call are Mark Barrocas, SharkNinja's Chief Executive Officer; and Larry Flynn, Interim Chief Financial Officer and Chief Accounting Officer. Mark will begin by providing a business update, and Larry will then review our financial results and discuss our 2024 outlook. After that, we will open the call for your questions.

早安，歡迎參加 SharkNinja 2023 年第四季財報電話會議。參加今天電話會議的還有 SharkNinja 執行長 Mark Ba​​rrocas；臨時首席財務官兼首席會計官拉里·弗林 (Larry Flynn)。馬克將首先提供業務更新，然後拉里將回顧我們的財務表現並討論我們 2024 年的前景。之後，我們將打開電話詢問您的問題。

By now, everyone should have access to the earnings release for our fourth quarter ended December 31, 2023, issued this morning. The press release is accessible on the company's website at ir.sharkninja.com. Shortly after the conclusion of today's call, our webcast will be archived and available for replay.

到目前為止，每個人都應該可以查看今天早上發布的截至 2023 年 12 月 31 日的第四季度收益報告。新聞稿可在該公司網站 ir.sharkninja.com 上取得。今天的電話會議結束後不久，我們的網路廣播將被存檔並可供重播。

Before we begin, let me remind everyone that today's discussion contains forward-looking statements based on the environment as we currently see it and as such, does include risks and uncertainties. If you refer to SharkNinja's earnings release as well as the company's most recent SEC filings, you will see a discussion of factors that could cause the company's actual results to differ materially from these forward-looking statements. Please remember, the company undertakes no obligation to update or revise these forward-looking statements in the future.

在開始之前，讓我提醒大家，今天的討論包含基於我們目前所看到的環境的前瞻性陳述，因此確實包含風險和不確定性。如果您參考 SharkNinja 的收益報告以及該公司最近向 SEC 提交的文件，您將看到可能導致該公司實際結果與這些前瞻性陳述有重大差異的因素的討論。請記住，本公司不承擔將來更新或修改這些前瞻性聲明的義務。

During the call, we will make a number of references to non-GAAP financial measures. We believe these measures provide investors with useful perspective on the underlying growth trends of the business and have included in our earnings release a full reconciliation of non-GAAP financial measures to the most comparable GAAP measures.

在電話會議期間，我們將多次提及非公認會計準則財務指標。我們相信，這些指標為投資者提供了有關業務潛在成長趨勢的有用視角，並在我們的收益發布中納入了非公認會計原則財務指標與最具可比性的公認會計原則指標的全面調節。

Now I will turn the call over to Mark.

現在我將把電話轉給馬克。

Thanks, Arvind. It's great to be with everyone this morning. We're thrilled to share with you our excellent top and bottom line results for the fourth quarter and full year 2023. Our momentum in 2024, which makes us even more excited about the coming year and our positive long-term outlook driven by our proven 3-pillar growth strategy. Let's start by reviewing our operational and financial results.

謝謝，阿爾文德。今天早上能和大家在一起真是太好了。我們很高興與您分享我們2023 年第四季度和全年的出色頂線和底線業績。我們在2024 年的勢頭，這讓我們對來年更加興奮，並且在我們經過驗證的推動下，我們對未來的積極長期前景更加興奮三支柱成長策略。讓我們先回顧一下我們的營運和財務表現。

We once again delivered industry-leading performance, gaining market share across both the Shark and Ninja brand portfolios. We had a very strong fourth quarter as adjusted net sales increased nearly 20%. Adjusted EBITDA was up more than 70%. Adjusted gross margin improved nearly 1,000 basis points and adjusted EBITDA margins expanded almost 500 basis points, which is just incredible. Our outperformance and overall strength demonstrates the power of our innovation engine as our growth was broad-based across categories, customers, channels and geographies.

我們再次實現了領先業界的業績，在 Shark 和 Ninja 品牌組合中贏得了市場份額。我們第四季的業績非常強勁，調整後的淨銷售額成長了近 20%。調整後 EBITDA 成長超過 70%。調整後的毛利率提高了近 1,000 個基點，調整後的 EBITDA 利潤率擴大了近 500 個基點，這真是令人難以置信。我們的卓越表現和整體實力證明了我們創新引擎的力量，因為我們的成長是跨品類、客戶、通路和地理的廣泛基礎。

During the critical holiday selling season, consumers responded with excitement and passion around our product offering and our retail partners leaned into our brands. I'm thankful for the continued support and trust in our brands by consumers and retailers. Our full year results underscore our commitment to delivering on our expectations. On a full year basis, we exceeded the high end of our previously provided guidance across key metrics. We grew adjusted net sales by more than 15% to nearly $4.2 billion. Adjusted EBITDA increased by nearly 39% to $720 million. We expanded adjusted EBITDA margins by nearly 300 basis points to just above 17%. Full year adjusted gross margins improved nearly 700 basis points year-over-year to 46.9%.

在關鍵的假期銷售季節，消費者對我們的產品表現出興奮和熱情，我們的零售合作夥伴也傾向於我們的品牌。我感謝消費者和零售商對我們品牌的持續支持和信任。我們的全年業績強調了我們對實現預期的承諾。從全年來看，我們超過了之前提供的關鍵指標指導的上限。調整後淨銷售額成長超過 15%，達到近 42 億美元。調整後 EBITDA 成長近 39%，達到 7.2 億美元。我們將調整後 EBITDA 利潤率提高了近 300 個基點，達到略高於 17%。全年調整後毛利率年增近 700 個基點至 46.9%。

I'm happy to share that this is well ahead of our longer-term goal of getting back to our pre-COVID adjusted gross margin level of 45%. We believe our strong gross margin rate is a real competitive advantage for us. These results reinforce our position as one of the largest and most profitable companies in our industry. The entire SharkNinja team has done an incredible job. We are delivering strong top and bottom line growth and significant margin expansion at scale. Our performance is even more impressive when considering an uncertain macroeconomic backdrop. The consumer environment remains unpredictable, but we continue to be laser focused on factors within our control. I'm incredibly proud by our team for continuing to deliver these tremendous results.

我很高興地告訴大家，這遠遠超出了我們恢復到新冠疫情前調整後的 45% 毛利率水準的長期目標。我們相信，強勁的毛利率對我們來說是真正的競爭優勢。這些結果鞏固了我們作為行業中規模最大、盈利能力最強的公司之一的地位。整個 SharkNinja 團隊都完成了令人難以置信的工作。我們正在實現強勁的營收和利潤成長以及大規模的利潤率擴張。考慮到不確定的宏觀經濟背景，我們的表現更加令人印象深刻。消費者環境仍然不可預測，但我們繼續專注於我們控制範圍內的因素。我對我們的團隊繼續取得這些巨大成果感到無比自豪。

So what makes SharkNinja's uniquely positioned to win in new categories, markets and geographies? How do we extend our track record of growth even in challenging business cycles? Our success is directly connected to our unique mindset, culture and the way we think about the consumer. At each and every layer in our organization, we are maniacally focused on understanding consumers. SharkNinja has created a moat through the relentless focus on 4 key areas that will continue to propel future growth.

那麼，是什麼讓 SharkNinja 擁有獨特的優勢，能夠在新的類別、市場和地區中獲勝呢？即使在充滿挑戰的商業週期中，我們如何保持成長記錄？我們的成功與我們獨特的思維方式、文化以及我們對消費者的看法直接相關。在我們組織的每一層，我們都非常專注於了解消費者。 SharkNinja 透過對 4 個關鍵領域的不懈關注，打造了一條護城河，將繼續推動未來的成長。

First, our rapid product innovation approach turns proprietary insights into highly desirable products that solve consumer problems. Two, our highly efficient, scaled and agile global supply chain delivers high-quality products with market-leading performance at an extraordinary value. Our global 360-degree marketing plan drives consumer demand through TV, social media and experiential events. And our omnichannel strategy empowers consumers to shop wherever they choose. I can't think of any other company that is as well set up to succeed moving forward with this flywheel.

首先，我們的快速產品創新方法將專有見解轉化為解決消費者問題的非常理想的產品。第二，我們高效、規模化、敏捷的全球供應鏈以非凡的價值提供具有市場領先性能的高品質產品。我們的全球 360 度行銷計畫透過電視、社群媒體和體驗活動推動消費者需求。我們的全通路策略使消費者能夠隨時隨地購物。我想不出還有哪家公司能夠像我們一樣在飛輪方面取得成功。

Looking ahead, the first quarter of 2024 is off to a great start. Because of our strong performance and better-than-expected trends in the fourth quarter, we exited the year with clean inventories and slightly lower week of supply with our retail partners. We are well positioned to continue to drive strong growth in margins as we build on our incredible momentum. Our 2023 performance and our go-forward outlook will continue to be driven by our 3-pillar growth strategy. This includes entering new and adjacent categories, growing share in existing categories, and international expansion. We made great progress across all 3 of our pillars in 2023, and are excited about what we have coming in 2024 and beyond.

展望未來，2024 年第一季迎來了良好開局。由於我們第四季度的強勁表現和好於預期的趨勢，我們以乾淨的庫存和零售合作夥伴本週的供應量略有下降結束了這一年。我們處於有利位置，可以繼續推動利潤率的強勁成長，因為我們將繼續保持令人難以置信的勢頭。我們的 2023 年業績和未來展望將繼續受到我們的三大支柱成長策略的推動。這包括進入新的和相鄰的類別、增加現有類別的份額以及國際擴張。 2023 年，我們在所有 3 個支柱上都取得了巨大進展，並對 2024 年及以後的發展感到興奮。

Let's now dive a bit deeper into all 3. Entering new and adjacent categories continues to be a critical growth driver for us. If you look back over the last 4 years, we added 14 new subcategories. We have a very conscious, deliberate and purposeful approach to entering new and adjacent categories. We've entered categories like beauty and outdoor cooking that didn't always seem obvious for our brands, but where we have been disruptive and highly successful as consumers have gravitated to our innovative offerings.

現在讓我們更深入地探討這三個領域。進入新的和相鄰的類別仍然是我們的關鍵成長動力。如果您回顧過去 4 年，我們新增了 14 個新子類別。我們有一個非常有意識、深思熟慮和有目的的方法來進入新的和相鄰的類別。我們進入了美容和戶外烹飪等領域，這些領域對我們的品牌來說並不總是顯而易見，但隨著消費者被我們的創新產品所吸引，我們在這些領域取得了顛覆性的成果並取得了巨大成功。

Entering new categories is something many consumer products companies strive to do but it's challenging. SharkNinja has a demonstrated track record of not just entering but disrupting the new categories that it enters. This expansion allows us to bring new consumers into our brands, including younger demographics we're seeing with beauty and more male consumers through outdoor cooking.

進入新的品類是許多消費品公司努力做的事情，但這具有挑戰性。 SharkNinja 有著良好的記錄，不僅進入而且顛覆了它所進入的新類別。這種擴張使我們能夠為我們的品牌帶來新的消費者，包括我們看到的喜歡美容的年輕消費者以及透過戶外烹飪看到的更多男性消費者。

In 2023, we added 4 new subcategories to our portfolio, each with tremendous potential. Ninja Thirsti, our recently launched proprietary in-home carbonation drink system, had a strong start in 2023 and is nicely positioned to expand globally in 2024. As we build household penetration, we're excited about the growth potential, including the opportunity to create a recurring revenue stream with our consumable flavored pod and CO2 canisters.

2023 年，我們在產品組合中增加了 4 個新的子類別，每個子類別都有巨大的潛力。 Ninja Thirsti 是我們最近推出的專有家用碳酸飲料系統，在2023 年取得了良好的開局，並有望在2024 年在全球範圍內擴張。隨著我們擴大家庭滲透率，我們對成長潛力感到興奮，包括創造機會我們的消費型調味盒和二氧化碳罐帶來了經常性收入來源。

Our new Ninja Woodfire outdoor oven helped us increase our share of outdoor cooking products, expanding our brands outdoors and particularly in the outdoor cooking space is a key growth area for us. This is a big definable global category. Carpet shampooing and stain cleaning is a $1 billion-plus category in North America and the U.K., which we have not participated in previously. Our recently launched Shark CarpetXpert and Shark Stainstriker cleaning products had a very strong holiday season, and we believe are poised well for growth and market share gains in 2024.

我們的新型 Ninja Woodfire 戶外烤箱幫助我們增加了戶外烹飪產品的份額，擴大了我們的戶外品牌，特別是戶外烹飪空間是我們的關鍵成長領域。這是一個可定義的大的全球類別。地毯清洗和污漬清潔在北美和英國是一個價值超過 10 億美元的類別，我們之前從未參與過。我們最近推出的 Shark CarpetXpert 和 Shark Stainstriker 清潔產品在假期銷售旺季表現強勁，我們相信這些產品將在 2024 年實現成長並擴大市場份額。

Finding ways to expand our cleaning business and providing consumers with solutions to real-world problems is something that we're passionate about. The Shark MessMaster, our recent launch into the wet dry vacuum category is performing well and has become a recognized product on TikTok and TV shopping channels. We expect these new subcategories to remain important growth drivers in 2024 and beyond.

尋找方法來擴大我們的清潔業務並為消費者提供現實問題的解決方案是我們熱衷的事情。我們最近推出的乾濕吸塵器 Shark MessMaster 表現良好，已成為 TikTok 和電視購物頻道上的認可產品。我們預計這些新的子類別在 2024 年及以後仍將是重要的成長動力。

On February 1 this year, we held our first EMEA product Forum, which brought together retailers, press and influencers from all over Europe and the Middle East to experience SharkNinja. At the event, we announced our entry into 2 new billion-dollar subcategories for the outdoors. We're excited to launch our new Shark FlexBreeze, the world's first indoor/outdoor cooling system, which we'll be rolling out in both North America and Europe this spring.

今年 2 月 1 日，我們舉辦了第一屆 EMEA 產品論壇，來自歐洲和中東各地的零售商、媒體和影響者聚集在一起體驗 SharkNinja。在這次活動中，我們宣布進入 2 個價值數十億美元的新戶外子類別。我們很高興推出新的 Shark FlexBreeze，這是世界上第一個室內/室外冷卻系統，我們將於今年春天在北美和歐洲推出。

Our insights showed us that while consumers love spending time outdoors, they were impacted by fleas and bugs, which made it less enjoyable. That negative insight focused us on creating a cooling solution for both indoors and outdoors. The FlexBreeze runs both with a cord and cordless, stands on pedestal, and can be lifted away for tabletop use. And while built to the outdoors, it is stylish, powerful and quiet enough to be used indoors.

我們的見解表明，雖然消費者喜歡在戶外度過時光，但他們受到跳蚤和蟲子的影響，這使得戶外活動變得不那麼愉快。這種負面見解使我們專注於為室內和室外創建冷卻解決方案。 FlexBreeze 可以透過有線和無線兩種方式運行，可以立在底座上，也可以抬起放在桌面上使用。雖然專為戶外設計，但它時尚、強大且安靜，足以在室內使用。

A big innovation is a misting accessory that sprays a cool mist of water, bringing down the ambient temperature nearly 10 degrees. The global fan market is a large definable segment and we believe we can gain market share and grow the overall size of the market with this innovation.

一項重大創新是噴霧配件，可噴出涼爽的水霧，使環境溫度降低近 10 度。全球粉絲市場是一個很大的可定義細分市場，我們相信我們可以透過這項創新獲得市場份額並擴大市場的整體規模。

Another product we just announced is the Ninja FrostVault, our first entry into the premium cooler segment. While coolers have done a great job keeping beverages cold, they fail to keep foods from getting damp and soggy. The soggy sandwich insight is what led us to create the world's first cooler with cold dry storage. So now in addition to getting days of ice retention, an innovative fridge temp drawer built into the cooler allows consumers to safely store anything they want while also keeping it dry.

我們剛剛發布的另一款產品是 Ninja FrostVault，這是我們進入高階冷卻器領域的首款產品。雖然冷卻器在保持飲料冷藏方面做得很好，但它們無法防止食物受潮。對潮濕三明治的洞察促使我們創造了世界上第一個具有冷乾儲存功能的冷卻器。因此，現在除了可以保留數天的冰量外，冰箱內置的創新冰箱溫度抽屜還可以讓消費者安全地存放他們想要的任何東西，同時保持乾燥。

Consumers are spending more and more time outdoors and are looking for products that offer convenience and solution to their pain points. With our entry into these new subcategories, we are expanding our out portfolio, which already includes outdoor grills and ovens, portable blenders and drinkware. Consumers love our products inside their home. And now they're going outdoors with us as well. Expanding our brands and products outside the home is a big growth opportunity for us in the coming years.

消費者在戶外度過的時間越來越多，並且正在尋找能夠提供便利並解決他們的痛點的產品。隨著我們進入這些新的子類別，我們正在擴大我們的產品組合，其中已經包括戶外烤架和烤箱、便攜式攪拌機和飲料用具。消費者喜歡在家中使用我們的產品。現在他們也跟我們一起去戶外。將我們的品牌和產品擴展到國外是我們未來幾年的巨大成長機會。

Looking ahead, there are many more categories both in the home as well as outside of the home for the Shark and Ninja brands to be able to expand into. We intend to capitalize on these opportunities by staying focused on identifying and solving consumer problems that others either don't see or are unable to solve. And what's most exciting is that we're just getting started.

展望未來，Shark 和 Ninja 品牌可以擴展到更多的家庭內外類別。我們打算透過專注於識別和解決其他人看不到或無法解決的消費者問題來利用這些機會。最令人興奮的是我們才剛開始。

Our second growth pillar is growing share in existing categories. We have a long track record of growing market share across our key subcategories. Even in some of our more established subcategories such as vacuum cleaners and blenders, where we have a significant market share we have demonstrated an ability to increase that share. This success is driven by our relentless focus on innovation in existing categories. Of the approximately 20 to 25 new products that we launch annually, about 80% of them are within existing categories, keeping our offerings fresh and consumers excited. We don't take anything for granted.

我們的第二個成長支柱是增加現有類別的份額。我們在關鍵子類別的市場份額不斷增長方面有著長期的記錄。即使在吸塵器和攪拌機等一些更成熟的子類別中，我們擁有重要的市場份額，但我們也展示了增加該份額的能力。這項成功得益於我們對現有類別創新的不懈關注。我們每年推出約 20 至 25 種新產品，其中約 80% 屬於現有類別，這使我們的產品保持新鮮感，讓消費者興奮不已。我們不認為任何事情是理所當然的。

Led by our 800 cross-functional engineers and designers and driven by global consumer insights and dynamic testing, our 24/7 innovation cycle continues to play a major role in the improvements we observed in 2023 as we introduced 25 new products, including 20 new products within existing categories alone. For example, we launched a new series of robotic and cordless vacuums using our proprietary Detect Pro technology.

在我們800 名跨職能工程師和設計師的領導下，在全球消費者洞察和動態測試的推動下，我們的24/7 創新週期繼續在我們在2023 年觀察到的改進中發揮重要作用，推出了25 種新產品，其中包括20 種新產品僅在現有類別內。例如，我們使用我們專有的 Detect Pro 技術推出了一系列新的機器人和無線吸塵器。

In the Home Environment segment, we introduced the Shark NeverChange air purifiers, which don't require filter replacement for 5 years. We expanded our Shark Hair Care family of styling products with the launch of the Shark SmoothStyle, a heated comb straightener and smoother and Shark SpeedStyle, the market's lightest leading digital hairdryer. At $99, the SmoothStyle has allowed us to bring in many more consumers into our Beauty segment, and over time, we hope to graduate them into other beauty products.

在家庭環境領域，我們推出了 Shark NeverChange 空氣清淨器，該淨化器 5 年內無需更換過濾器。我們推出了 Shark SmoothStyle（一款加熱梳直髮器和順滑器）和 Shark SpeedStyle（市場上最輕的領先數位吹風機），擴大了 Shark Hair Care 造型產品系列。 SmoothStyle 的售價為 99 美元，讓我們能夠吸引更多消費者進入我們的美容領域，隨著時間的推移，我們希望讓他們逐漸轉向其他美容產品。

Within the Ninja brand, we introduced the Ninja Combi, our next generation of multicookers. We also reinvigorated our blenders and kitchen systems with improved features and functionality through the launch of the major Detect Pro. We introduced the XL version of our Outdoor Grill. This is not just a larger version, but also a connected device that leverages our app IoT expertise and brings our robotic technology to outdoor cooking. This is all a testament to our innovation approach, which enables us to continue to gain share in existing categories.

在 Ninja 品牌中，我們推出了 Ninja Combi，我們的下一代多功能炊具。我們也透過推出主要的 Detect Pro，透過改進的特性和功能重振了我們的攪拌機和廚房系統。我們推出了 XL 版本的戶外烤肉爐。這不僅僅是一個更大的版本，而且還是一個連接設備，它利用我們的應用程式物聯網專業知識，並將我們的機器人技術引入戶外烹飪。這一切都證明了我們的創新方法，使我們能夠繼續在現有類別中獲得份額。

During 2023, we continue to grow market share across existing subcategories. While growth was broad-based, subcategories like beauty, air fryers, ice cream makers and outdoor grills were particularly strong. For example, based on industry data, our U.S. market share of hair dryers and hot air stylers in 2023 increased to nearly 19% compared to 8% in 2022.

2023 年，我們將繼續擴大現有子類別的市場佔有率。雖然成長基礎廣泛，但美容、氣炸鍋、冰淇淋機和戶外燒烤等子類別尤其強勁。例如，根據行業數據，我們在美國吹風機和熱風造型器的市佔率從 2022 年的 8% 增加到 2023 年的近 19%。

Now to a segment that I'm very excited about, which is our continued international expansion. During 2023, we continued to deliver very strong performance in international markets as adjusted net sales reached $1.1 billion, increasing 66% compared to 2022. U.K., which is our largest international market, grew nearly 60% while markets like Germany, France and Latin America, which are newer, grew at impressive triple-digit rates. We ended the year with presence in 32 countries, up from 26 countries at the end of 2022. We have great momentum, scale and a strong base to further expand our international business. And what's even more exciting is that in most of these markets, our market share is relatively small, and we have a lot of white space to grow. Our tremendous success in the U.K. market has provided important insights and lessons.

現在讓我非常興奮的是我們持續的國際擴張。 2023 年，我們持續在國際市場上取得非常強勁的業績，調整後淨銷售額達到11 億美元，比2022 年成長66%。英國是我們最大的國際市場，成長了近60%，而德國、法國和拉丁美洲等市場則成長了近60%較新的產品以令人印象深刻的三位數成長率成長。到年底，我們的業務已覆蓋 32 個國家，而 2022 年底我們的業務覆蓋了 26 個國家。我們擁有進一步拓展國際業務的強勁勢頭、規模和堅實基礎。更令人興奮的是，在大多數這些市場中，我們的市佔率相對較小，而且我們還有很大的成長空間。我們在英國市場的巨大成功提供了重要的見解和經驗教訓。

We're quickly implementing those lessons to catapult our business in newer markets such as Germany and France, which are key growth markets for us in the next few years. We see these 2 markets as relatively similar in terms of size and scope to the U.K. market with the long-term potential for Germany to be even bigger than the U.K. market for us.

我們正在迅速實施這些經驗教訓，以推動我們在德國和法國等新市場的業務，這些市場是我們未來幾年的關鍵成長市場。我們認為這兩個市場在規模和範圍上與英國市場相對相似，對我們來說，德國市場的長期潛力甚至比英國市場更大。

I'm also thrilled with our initial success in Latin America, which looks promising as we introduce new products and open new markets within the region. Our products are resonating with consumers globally, and we believe our international business can be as large as, if not larger than the U.S. over the long term.

我也對我們在拉丁美洲的初步成功感到興奮，隨著我們在該地區推出新產品和開闢新市場，這看起來很有希望。我們的產品引起了全球消費者的共鳴，我們相信，從長遠來看，我們的國際業務規模即使不能超過美國，也可以與美國一樣大。

Our 3-pillar growth strategy has driven our record of sustainable, repeatable growth and we will continue to deploy this proven strategy going forward.

我們的三大支柱成長策略推動了我們可持續、可重複成長的記錄，我們將繼續部署這項行之有效的策略。

With that, let me turn it over to Larry, who will now walk you through our fourth quarter financials and 2024 outlook. Larry?

接下來，讓我將其交給 Larry，他現在將向您介紹我們的第四季財務狀況和 2024 年展望。拉里？

Thank you, Mark, and good morning, everyone. I'll focus my remarks first on our Q4 financial performance and then cover our expectations for 2024 before turning it back over to Mark for closing remarks.

謝謝你，馬克，大家早安。我的發言將首先集中討論我們第四季度的財務業績，然後介紹我們對 2024 年的預期，然後將其交回給 Mark 進行結束語。

As Mark mentioned, our fourth quarter results were very strong. Net sales increased 17% and adjusted net sales, which exclude our divested APAC business, were up 20% to $1.4 billion. We grew adjusted EBITDA 71% to $219 million, with adjusted EBITDA margins increasing more than 470 basis points year-over-year.

正如馬克所提到的，我們第四季的業績非常強勁。淨銷售額成長了 17%，調整後的淨銷售額（不包括我們剝離的亞太區業務）成長了 20%，達到 14 億美元。調整後 EBITDA 成長 71%，達到 2.19 億美元，調整後 EBITDA 利潤率年增超過 470 個基點。

In terms of top line performance by region, net sales in North America were up 8% to $973 million, representing 71% of our sales mix. North America POS was even stronger and was up mid-teens. Adjusted net sales in international markets were up 62% to $404 million, including U.K., which was up 38%, continuing the strong trend. Retailers leaned into our brands during the holiday season as consumer demand remained strong, leading to reduced week of supply at retailers, which is contributing to the momentum in Q1.

就按地區劃分的營收業績而言，北美地區的淨銷售額成長了 8%，達到 9.73 億美元，占我們銷售組合的 71%。北美 POS 的表現更為強勁，上漲至十幾歲左右。國際市場調整後淨銷售額成長 62%，達到 4.04 億美元，其中英國成長 38%，延續了強勁趨勢。由於消費者需求仍然強勁，零售商在假期期間傾向於我們的品牌，導致零售商一周的供應量減少，這為第一季的成長勢頭做出了貢獻。

Next, let me take a minute to provide color on Q4 performance in our 4 major product categories. Adjusted net sales in the cleaning category, which includes vacuums, carpet extraction, as well as other floor care products such as steam mops and wet and dry cleaning floor products decreased just under 3% to $542 million from $556 million last year.

接下來，讓我花一點時間來介紹我們 4 個主要產品類別的第四季表現。清潔類別（包括吸塵器、地毯吸塵器以及蒸汽拖把和乾濕清潔地板產品等其他地板護理產品）調整後的淨銷售額從去年的 5.56 億美元下降至 5.42 億美元，下降近 3%。

While our sales in the category were down, there were several bright spots. First, we saw a significant sequential improvement relative to the third quarter decline of 9%. Second, sales of our robotic vacuums were up slightly for the quarter after declining earlier in the year. And third, we delivered strong performance in our recently launched carpet extraction subcategory, which continues to perform well here in 2024.

雖然我們該類別的銷售額有所下降，但也有一些亮點。首先，與第三季 9% 的下降相比，我們看到了顯著的環比改善。其次，我們的機器人吸塵器的銷售額在今年稍早下降後，本季略有成長。第三，我們在最近推出的地毯抽吸子類別中表現強勁，該類別在 2024 年將繼續表現出色。

Adjusted net sales in the cooking and beverage category, which includes air fryers, multicookers, outdoor grills and ovens and carbonation increased 33% to $503 million compared to $379 million in the prior year. This performance was primarily driven by strength in Europe, particularly in the U.K. where we continue to expand our dominant market position and continued strength in the U.S. market, driven by our outdoor grills, outdoor ovens and Thirsti.

烹飪和飲料類別（包括氣炸鍋、多功能炊具、戶外烤架和烤箱以及碳酸飲料）調整後的淨銷售額增長了 33%，達到 5.03 億美元，而上一年為 3.79 億美元。這項業績主要是由歐洲市場的實力推動的，特別是在英國，我們繼續擴大我們的主導市場地位，並在我們的戶外烤架、戶外烤箱和 Thirsti 的推動下，在美國市場持續保持強勢。

Our performance in the food preparation category which includes blenders, food processors and ice cream makers was also strong. Adjusted net sales in this category increased 14% to $181 million compared to $158 million in the prior year. Growth in food prep was driven by continued strong performance of our creamy ice cream makers and compact lenders, including the launch of our new portable blenders.

我們在食品製備類別（包括攪拌機、食物處理機和冰淇淋機）的表現也很強。此類別調整後淨銷售額成長 14%，達到 1.81 億美元，而上一年為 1.58 億美元。我們的奶油冰淇淋製造商和小型貸款機構的持續強勁表現（包括推出新型便攜式攪拌機）推動了食品準備業務的成長。

And finally, Other, which includes beauty products such as hair dryers and stylers and home environment products such as air purifiers and humidifiers was again our fastest-growing category. Adjusted net sales in this category were $153 million, nearly triple compared to $57 million in the prior year. This growth was fueled by the continued strong performance of our hair care products including FlexStyle, SpeedStyle and SmoothStyle as well as Shark NeverChange air purifiers within the home environment subcategory.

最後，其他，包括吹風機和造型器等美容產品以及空氣清淨機和加濕器等家居環境產品，再次成為我們成長最快的類別。該類別調整後的淨銷售額為 1.53 億美元，幾乎是去年 5,700 萬美元的三倍。這一增長得益於我們護髮產品的持續強勁表現，包括 FlexStyle、SpeedStyle 和 SmoothStyle 以及家庭環境子類別中的 Shark NeverChange 空氣清淨機。

Moving down to gross profit. In the fourth quarter, GAAP gross profit increased 47% to $623 million or 45.2% of net sales, an expansion of 940 basis points compared to the prior year. Adjusted gross profit increased 50% to $653 million or 47.4% of adjusted net sales, representing expansion of 970 basis points over the prior year. This margin expansion was primarily driven by continued supply chain tailwinds, cost optimization efforts and category mix.

下調至毛利。第四季度，GAAP 毛利潤成長 47%，達到 6.23 億美元，佔淨銷售額的 45.2%，比上年增長 940 個基點。調整後毛利成長 50%，達到 6.53 億美元，佔調整後淨銷售額的 47.4%，比上年增長 970 個基點。這種利潤率的擴張主要是由持續的供應鏈順風、成本優化工作和品類組合所推動的。

Turning now to operating expenses. During the quarter, R&D expenses increased 24% to $69 million compared to $56 million in Q4 last year. We continue to invest in research and development, primarily in headcount to support new product categories and new market expansion. As a percentage of sales, R&D was 5% of net sales compared to 4.7% last year. with the increase attributable to incremental share-based compensation.

現在轉向營運費用。本季研發費用成長 24%，達到 6,900 萬美元，去年第四季為 5,600 萬美元。我們繼續投資於研發，主要是在人員方面進行投資，以支持新產品類別和新市場擴張。研發佔銷售額的百分比為 5%，去年為 4.7%。增加歸因於增量股份補償。

Sales and marketing expenses increased to $330 million or 23.9% of sales compared to $217 million or 18.3% of sales in the year ago period. This increase was mainly due to our continued reinvestment of some gross margin dollars back into the business via advertising and personnel to support our new product launches and expansion in existing and new markets and subcategories.

銷售和行銷費用增至 3.3 億美元，佔銷售額的 23.9%，去年同期為 2.17 億美元，佔銷售額的 18.3%。這一成長主要是由於我們透過廣告和人員繼續將一些毛利率重新投資回業務，以支持我們的新產品發布以及現有和新市場和子類別的擴張。

Similar to previous quarters, A portion of the increase in sales and marketing dollars also resulted from increased delivery and distribution costs driven by higher volumes, particularly in our direct-to-consumer business. General and administrative expenses increased to $124 million compared to $97 million in the prior year, primarily due to incremental share-based compensation associated with new RSU grants, as well as transaction costs related to the separation from our parent company, JS Global and our secondary offering in December.

與前幾季類似，銷售和行銷費用的部分成長也是由於銷售增加導致的交付和分銷成本增加，特別是在我們的直接面向消費者業務中。一般和管理費用從上一年的 9,700 萬美元增加到 1.24 億美元，主要是由於與新 RSU 撥款相關的股份補償增量，以及與母公司 JS Global 和我們的二級公司分拆相關的交易成本十二月提供。

Our GAAP effective tax rate was 45.4% in the fourth quarter and 43% on a full year basis. This higher GAAP effective tax rate reflects the expected impact of dividend withholding taxes and nondeductible transaction costs and related party bonus payments. GAAP net income for the quarter was $49 million compared to $47 million in the prior year. Adjusted net income was $132 million or $0.94 per share compared to $75 million or $0.54 per share in the prior year, reflecting growth of 74%.

我們第四季的 GAAP 有效稅率為 45.4%，全年為 43%。較高的公認會計原則有效稅率反映了股利預扣稅、不可扣除交易成本和關聯方獎金支付的預期影響。該季度 GAAP 淨利潤為 4,900 萬美元，去年同期為 4,700 萬美元。調整後淨利潤為 1.32 億美元，即每股 0.94 美元，而前一年為 7,500 萬美元，即每股 0.54 美元，成長了 74%。

Adjusted EBITDA for the quarter increased 71% to $219 million or 15.9% of adjusted net sales compared to $128 million or 11.2% of adjusted net sales in the prior year, reflecting strong gross margin, partially offset by the increased investments in advertising and headcount to support our brand building and growth initiatives.

本季調整後EBITDA 成長71%，達到2.19 億美元，佔調整後淨銷售額的15.9%，而前一年為1.28 億美元，佔調整後淨銷售額的11.2%，反映了強勁的毛利率，但部分被廣告和員工人數增加的投資所抵消。支持我們的品牌建立和成長計劃。

Looking at the full year results. We delivered GAAP net sales growth of 14% to more than $4.2 billion. Adjusted net sales grew 15% to nearly $4.2 billion compared to $3.6 billion in the prior year. We expanded full year adjusted gross margins by 690 basis points to 46.9%, well ahead of our long-term goal of 45% reflecting supply chain tailwinds and our cost optimization efforts. GAAP net income for the full year was $167 million compared to $232 million in the prior year. Adjusted net income was $449 million or $3.22 per share compared to $330 million or $2.38 per share in the prior year, reflecting growth of 36%. Adjusted EBITDA for the full year was $720 million, up 39% year-over-year, and adjusted EBITDA margin increased 290 basis points to 17.2%.

縱觀全年業績。我們的 GAAP 淨銷售額成長了 14%，達到超過 42 億美元。調整後淨銷售額成長 15%，達到近 42 億美元，而前一年為 36 億美元。我們將全年調整後毛利率提高了 690 個基點，達到 46.9%，遠遠超出了我們 45% 的長期目標，反映出供應鏈的順風順水和我們的成本優化努力。全年 GAAP 淨利為 1.67 億美元，前一年為 2.32 億美元。調整後淨利為 4.49 億美元，即每股 3.22 美元，而前一年為 3.30 億美元，即每股 2.38 美元，成長了 36%。全年調整後 EBITDA 為 7.2 億美元，較去年同期成長 39%，調整後 EBITDA 利潤率成長 290 個基點至 17.2%。

Turning to the balance sheet. We finished the year with cash of $154 million, total debt outstanding of $805 million and a net leverage ratio of 0.9x. From an inventory perspective, we believe our inventory level and mix remain healthy. At the end of the quarter, we had inventories of $700 million, up approximately 28% compared to Q4 2022. This was slightly ahead of our sales growth for 3 key reasons. First, we ended last year below our target inventory level. Second, we prepared for strong consumer demand in Q1. And third, we prebuilt a few weeks of supply in anticipation of 301 tariff exemptions that were expected to be reinstated on January 1, 2024, but have been pushed out to at least to June 1.

轉向資產負債表。年底，我們的現金為 1.54 億美元，未償債務總額為 8.05 億美元，淨槓桿率為 0.9 倍。從庫存角度來看，我們相信我們的庫存水準和組合保持健康。截至本季末，我們的庫存為 7 億美元，比 2022 年第四季成長約 28%。這略高於我們的銷售額成長，原因有 3 個。首先，我們去年年底的庫存水準低於目標。其次，我們為第一季強勁的消費需求做好了準備。第三，我們預先建立了幾週的供應，以應對 301 項關稅豁免，預計這些關稅豁免預計將於 2024 年 1 月 1 日恢復，但已推遲到至少到 6 月 1 日。

I would like to now touch on 2 global topics that are likely top of mind for everyone, Red Sea disruption and China tariffs. With respect to Red Sea, while the ocean freight situation remains fluid, we have already taken swift action to mitigate the impact. We proactively increased our week of supply in the market as we continue to meet the strong demand we are seeing in the European and U.S. markets.

我現在想談談兩個可能是每個人最關心的全球話題：紅海破壞和中國關稅。就紅海而言，雖然海運狀況仍然不穩定，但我們已迅速採取行動減輕影響。隨著我們繼續滿足歐洲和美國市場的強勁需求，我們主動增加了本週的市場供應。

Over the past few years, we have diversified our shipping partners and as a result, only selectively used spot market containers. Our 2024 guidance assumes some cost impact from the ongoing disruption, but we expect the impact to be immaterial. We are closely monitoring the situation and are ready to adapt to any changes in market conditions to ensure we can continue to serve our customers.

在過去的幾年中，我們使運輸合作夥伴多元化，因此僅選擇性地使用現貨市場貨櫃。我們的 2024 年指導假設持續的中斷會產生一些成本影響，但我們預期這種影響並不重大。我們正在密切關注局勢，並準備適應市場條件的任何變化，以確保我們能夠繼續為客戶提供服務。

Turning to tariffs. First, let me provide some background. We began proactively moving production out of China in 2019 to diversify and build redundancy in our supply chain. Today, we have manufacturing in Vietnam, Thailand, Indonesia and Hong Kong, and we are building a presence in other parts of Southeast Asia, such as Malaysia and Cambodia.

轉向關稅。首先，讓我提供一些背景知識。我們於 2019 年開始主動將生產遷出中國，以實現供應鏈多元化並建立冗餘。如今，我們在越南、泰國、印尼和香港設有製造工廠，並正在馬來西亞和柬埔寨等東南亞其他地區建立業務。

We already have line of sight to a run rate of nearly 2/3 of our U.S. sales volume outside of China, covering us well for Section 301 tariffs, which affect less than half of our U.S. volume or less than 1/3 of our global book volume. We will continue to proactively diversify and tap additional capacity outside of China to mitigate future tariff risk. Overall, we are confident in our ability to move almost all of our U.S. volume out of China by the end of 2025.

我們已經看到美國近2/3 的銷量在中國境外的運行率，這為我們很好地應對了301 關稅的影響，該關稅影響了我們美國銷量的不到一半或全球銷量的不到1/ 3書卷。我們將繼續積極多元化並利用中國以外的額外產能，以降低未來的關稅風險。總體而言，我們有信心在 2025 年底前將幾乎所有美國銷量移出中國。

When we started on our diversification initiative, our cost of production outside of China was 15% higher than inside China. As a result of the partnerships we have built over the last many years, we are now at cost parity outside of China. In terms of the impact on our P&L, we estimate the financial impact of Section 301 tariff exemptions, which are currently set to expire on May 31, 2024, will be immaterial and is already baked into our 2024 guidance.

當我們開始實施多元化措施時，我們在中國境外的生產成本比中國境內高出 15%。由於我們過去多年建立的合作夥伴關係，我們現在在中國以外的地區處於同等成本水平。就對我們損益表的影響而言，我們估計目前將於 2024 年 5 月 31 日到期的 301 條款關稅豁免的財務影響並不重大，並且已納入我們的 2024 年指導中。

With respect to a hypothetical 60% tariff scenario in 2025, if such tariffs were to go into effect, we would not expect any incremental cost to be a long-term issue given the ongoing diversification efforts to move almost all U.S. volume out of China by the end of 2025 as well as the cost parity I talked about earlier.

就 2025 年假設的 60% 關稅情境而言，如果此類關稅生效，考慮到目前正在進行的多元化努力，將幾乎所有美國產量移出中國，我們預計任何增量成本都不會成為長期問題。2025年底以及我之前談到的成本平價。

With that, let me now turn to our outlook for 2024. For the full year, we expect adjusted net sales to increase between 7% and 9%. The adjusted EPS to be in the range of $3.45 to $3.61, which reflects a year-over-year increase of 7% to 12%. Adjusted EBITDA to be in the range of $800 million to $830 million, which represents year-over-year growth of 11% to 15%. Net interest expense of approximately $65 million for the year compared to $45 million in the year ago period, a GAAP effective tax rate of approximately 24% to 25% and finally, capital expenditures of $120 million to $140 million for the year.

現在讓我談談我們對 2024 年的展望。對於全年，我們預計調整後的淨銷售額將成長 7% 至 9%。調整後每股收益在 3.45 美元至 3.61 美元之間，年增 7% 至 12%。調整後的 EBITDA 為 8 億至 8.3 億美元，年增 11% 至 15%。本年度淨利息支出約 6,500 萬美元，而去年同期為 4,500 萬美元，GAAP 有效稅率約為 24% 至 25%，最後，本年度資本支出為 1.2 億至 1.4 億美元。

In closing, we are very pleased to finish off the year with strong results and continued successful execution of our 3-pillar growth strategy. As we enter 2024, we remain focused on strategic reinvestments into the business and believe we are in an optimal position to deliver top and bottom line growth over the next year and for years to come.

最後，我們很高興以強勁的業績結束這一年，並繼續成功執行我們的三大支柱成長策略。進入 2024 年，我們仍然專注於對業務的策略再投資，並相信我們處於在明年和未來幾年實現營收和利潤成長的最佳位置。

With that, I will hand it back to Mark.

這樣，我會把它還給馬克。

Thanks, Larry. Some of the takeaways and highlights from today's prepared remarks are: first, in 2023, we delivered very strong results and achieved profitable organic growth fueled by our 3-pillar growth strategy. We deployed our best-in-class innovation engine to offer high-performance products that solve consumer problems. We leaned into our always-on omnichannel marketing strategy to create demand and increase brand awareness, and we leveraged our supply chain to achieve success. Second, we're entering 2024 with strong momentum, which we've continued to see in Q1.

謝謝，拉里。今天準備好的發言的一些要點和要點是：首先，2023 年，我們取得了非常強勁的業績，並在我們的三大支柱成長策略的推動下實現了獲利性有機成長。我們部署了一流的創新引擎，提供解決消費者問題的高效能產品。我們依靠始終在線的全通路行銷策略來創造需求並提高品牌知名度，並利用我們的供應鏈取得成功。其次，我們正以強勁的勢頭進入 2024 年，這一勢頭在第一季繼續出現。

I could not be more excited for this year as we plan to launch new products enter new categories, new markets and reach more households around the world. We're committed to investing back into our business to drive consumer demand to continue to perfect our state-of-the-art innovation engine and reinvent and create new categories to delight consumers around the world. We're well-positioned to deliver another strong year.

我對今年感到無比興奮，因為我們計劃推出新產品，進入新類別、新市場，並惠及世界各地更多家庭。我們致力於重新投資我們的業務，以推動消費者需求，繼續完善我們最先進的創新引擎，並重新發明和創造新的類別，以取悅世界各地的消費者。我們已做好充分準備，迎接另一個強勁的一年。

Third, I'm more confident than ever that we're on the right track for the long term. We have a large addressable market that grows with each category we enter, a scalable model that applies to all that we do and a proven track record of organic growth. This is all underpinned by a world-class team that ensures we deliver excellence year after year. We remain committed to our mission of positively impacting people's lives every day and every home around the world while driving growth and profitability and creating significant long-term shareholder value.

第三，我比以往任何時候都更有信心，從長遠來看，我們正走在正確的軌道上。我們擁有一個龐大的潛在市場，隨著我們進入的每個類別而成長，我們擁有適用於我們所做的一切的可擴展模型，以及有機成長的良好記錄。這一切都是由世界一流的團隊支撐的，確保我們年復一年地提供卓越的服務。我們仍然致力於履行我們的使命，即積極影響人們的日常生活和世界各地的每個家庭，同時推動成長和獲利並創造顯著的長期股東價值。

That concludes our prepared remarks, and I will now turn it over to the operator to kick off Q&A. Operator?

我們準備好的發言就到此結束，現在我將把它交給接線員來開始問答。操作員？

(Operator Instructions) Our first question comes from the line of Randy Konik with Jefferies.

（操作員說明）我們的第一個問題來自 Randy Konik 和 Jefferies 的線路。

Maybe a little bit more than 1 question. Just, I guess, a couple for Mark, a couple for Larry. Mark, you talked about international and some things you learned about the U.K. that are informing you on how to kind of go to market in a better way in Germany, France, Latin America. Maybe share some of those insights. And then the other thing that's pretty impressive is the continued investment in R&D that continues to pay off and maybe elaborate on some of the capabilities you've been able to build with that R&D investment over the last few years and kind of some of the capabilities you're working on going forward, that would be super helpful.

也許問題多於 1 個。我想，馬克有一對，拉里有一對。馬克，你談到了國際以及你在英國了解到的一些事情，這些事情告訴你如何以更好的方式進入德國、法國和拉丁美洲的市場。也許可以分享其中一些見解。另一件令人印象深刻的事情是對研發的持續投資，這種投資持續獲得回報，並且可能會詳細說明您在過去幾年中通過研發投資能夠構建的一些功能以及一些功能您正在努力前進，這將非常有幫助。

And then just for Larry after Mark, when you think about the guidance that you gave, again, impressive, especially on the EBITDA dollar line, maybe give us some perspective on what that guidance entails from just category thoughts and then gross margin thoughts in the numbers -- in the plan for the guide for the year? That would be super helpful as well.

然後，對於馬克之後的拉里來說，當你想到你給出的指導時，再次令人印象深刻，尤其是在EBITDA 美元線方面，也許可以讓我們從類別想法和毛利率想法中了解該指導的含義。數字——今年指南的計劃中？這也會非常有幫助。

Yes. So I'll start here, Randy. Thanks for the question. So let's start with the international learnings. I mean I think, first and foremost, it comes down to do we have the right products for consumers in those markets. I mean, homes are different in Germany and France and elsewhere in Europe and Latin America. Consumer trends are different. So the first thing was getting local consumer insights in the markets was a very big change for us. So we have consumer insights teams in Germany, in France. We're in Italy, we're in Spain, we're in Mexico. So I would say, first, getting the product right and making sure that we are really in tune with consumers in their homes, how they use these products.

是的。那我就從這裡開始吧，蘭迪。謝謝你的提問。那麼，就讓我們從國際經驗開始。我的意思是，我認為，首先也是最重要的是，我們是否為這些市場的消費者提供了合適的產品。我的意思是，德國和法國以及歐洲和拉丁美洲其他地方的房屋有所不同。消費趨勢不同。因此，第一件事是了解市場中的本地消費者對我們來說是一個非常大的變化。因此，我們在德國和法國都有消費者洞察團隊。我們在義大利，我們在西班牙，我們在墨西哥。所以我想說，首先，提供正確的產品，並確保我們真正與消費者的家中以及他們如何使用這些產品保持一致。

The second is, I would say, kind of our omnichannel strategy. In every market that we're in, the focus is being relevant where the consumer chooses to shop for our products, whether that is online, whether that is brick-and-mortar in a country like Germany, brick-and-mortar still has a very, very high percentage of overall sales and also a robust direct-to-consumer business. So we've employed that omnichannel approach in every market that we're in.

我想說，第二個是我們的全通路策略。在我們所處的每個市場中，重點是消費者選擇購買我們產品的相關性，無論是在網上，還是在像德國這樣的國家的實體店，實體店仍然有佔總銷售額的比例非常非常高，而且直接面向消費者的業務也很強勁。因此，我們在我們所處的每個市場都採用了全通路方法。

Third, I would say, is our marketing strategy. TV, social media, experiential events we're taking those learnings from the U.K. We're applying them to all of those markets as well. We're leveraging lots of social media content from one country to another. In fact, I'll give you an interesting insight, lots of social media that was run in Mexico, how we're taking that content and leveraging it in Spain and vice versa. And then I would also say that we just had our first EMEA forum in Majorca February 1st and 2nd where we brought together retailers, influencers and press all across Europe and the Middle East to really kind of demonstrate to them kind of the power of SharkNinja and let them see the products in a controlled environment.

第三，我想說的是我們的行銷策略。我們正在從英國的電視、社群媒體、體驗活動中汲取經驗教訓，並將其應用到所有這些市場。我們正在利用從一個國家到另一個國家的大量社群媒體內容。事實上，我會​​給你一個有趣的見解，在墨西哥運作的許多社群媒體，我們如何在西班牙利用這些內容，反之亦然。然後我還要說，我們剛剛在2 月1 日至2 日在馬略卡島舉辦了首屆歐洲、中東和非洲論壇，我們聚集了歐洲和中東各地的零售商、影響者和媒體，向他們真正展示了SharkNinja 和SharkNinja 的力量。讓他們在受控環境中看到產品。

And there's a lot of retailers in Europe that are cross-country retailers. And so they're driving us. We might sell them in Germany, but they're driving us to sell them in Poland and Turkey and elsewhere. So I think all of those learnings are kind of helping us focus on the consumer at a more local level rather than trying to direct a lot of this from the home office in Boston.

歐洲有很多零售商都是跨國零售商。所以他們正在駕駛我們。我們可能會在德國銷售它們，但它們促使我們在波蘭、土耳其和其他地方銷售它們。因此，我認為所有這些經驗教訓都有助於我們在更本地的層面上專注於消費者，而不是試圖從波士頓的家庭辦公室指導許多工作。

The second part to your question in terms of R&D and scale and capability, I think on this one, Randy, our team is not only getting larger and larger now with over 800 engineers around the globe, but it's the skill set of those engineers. It's mechanical, electrical, software, app IoT, I mean we just launched in Q4 of last year, a Ninja-XL-connected grill. Most of that was designed and developed by our robot app IoT team and was able to port that technology over into our Grill business.

你的問題的第二部分是關於研發、規模和能力，我認為在這一點上，Randy，我們的團隊現在不僅變得越來越大，在全球擁有超過800 名工程師，而且還在於這些工程師的技能組合。它是機械、電氣、軟體、應用程式物聯網，我的意思是我們剛剛在去年第四季推出了 Ninja-XL 連接烤架。其中大部分是由我們的機器人應用程式物聯網團隊設計和開發的，並且能夠將該技術移植到我們的燒烤業務中。

So our products have a lot of technology inside of them, increasingly more and more for a rather affordable average sell price to the consumer. And I will tell you that just the amount of ideas and innovation that's coming from the team is continuing to accelerate with the scale and growth that we've had internationally with that group. Larry?

因此，我們的產品內部蘊藏著大量技術，而且技術越來越多，平均售價對消費者來說相當實惠。我會告訴你，隨著我們在國際上與該團隊的規模和成長，來自該團隊的想法和創新的數量正在繼續加速。拉里？

Yes. Thanks for the question, Randy. I guess, starting on the EBITDA guide. I think overall, kind of continued gross margin expansion in the first half, kind of flattish in the second half. So that's going to drive a lot of that kind of flow through down to the EBITDA line. From an adjusted OpEx perspective, we're planning for that to be effectively flat as a percentage of sales in 2024 kind of within the gross margin line specifically.

是的。謝謝你的提問，蘭迪。我想，從 EBITDA 指南開始。我認為整體而言，上半年毛利率持續擴張，下半年則持平。因此，這將推動大量此類資金流向 EBITDA 線。從調整後的營運支出角度來看，我們計劃在 2024 年將其佔銷售額的百分比實際上保持在毛利率範圍內。

Obviously, we've talked about kind of the cost tailwinds that we saw, some of the cost optimization efforts that we realized, and benefited from, in the second half of 2023 as we've kind of diversified our supply chain, created dual sourcing capabilities, which has helped us to really kind of kind of optimize our cost base, get obviously cost parity outside of China, but it's also given us kind of leverage as we have competed with our suppliers.

顯然，我們已經討論了我們看到的成本順風，我們在 2023 年下半年實現並受益的一些成本優化工作，因為我們實現了供應鏈多元化，創建了雙重採購能力，這幫助我們真正優化了我們的成本基礎，在中國以外獲得了明顯的成本平價，但它也給了我們在與供應商競爭時的某種槓桿作用。

So overall, kind of the gross margin, as we think about the full year, it's 80 to kind of 100 basis points there. And what I would say as we think about the kind of those cost optimization efforts as well, Q4, we also saw category mix benefit us in the gross margin line as we think about beauty growing strongly relative to the rest of the business, D2C growing at a faster pace than the rest of the business.

總體而言，當我們考慮全年時，毛利率為 80 到 100 個基點。我想說的是，當我們考慮這些成本優化工作的類型時，第四季度，我們也看到品類組合在毛利率方面對我們有利，因為我們認為美容相對於其他業務增長強勁，D2C 增長以比其他業務更快的速度。

We've also -- ASPs were strong in the fourth quarter, discounted less than expected, really driving demand through our investments in media. And I think those fundamental elements to the gross margin kind of will continue to benefit us in our tools kind of -- in our toolkit, I guess, as we think about gross margin going forward.

我們也—第四季度的平均售價強勁，折扣低於預期，透過我們對媒體的投資真正推動了需求。我認為，當我們考慮未來的毛利率時，毛利率的這些基本要素將繼續在我們的工具中使我們受益——我猜，在我們的工具包中。

From a category perspective, I guess, on the top line, we would look at kind of cleaning and cooking up low kind of mid-single digits food prep, kind of mid-teens and then kind of other, which encompasses beauty and home environment as kind of high teens. That's kind of what's baked into our top line guide.

從類別的角度來看，我想，在最重要的方面，我們會關注低位數的清潔和烹飪食物準備，十幾歲左右的食物準備，然後是其他種類，其中包括美容和家庭環境就像青少年一樣。這就是我們的首要指南中包含的內容。

Our next question comes from the line of Brooke Roach with Goldman Sachs.

我們的下一個問題來自布魯克·羅奇（Brooke Roach）與高盛的對話。

I was hoping you could elaborate on the underlying market level growth rate you expect, both in the U.S. and the U.K. for your core categories. Do you think the industry is moving back to more normalized growth levels relative to the last couple of years? And are you seeing any changes in how wholesale partners are planning their orders for the year?

我希望您能詳細說明您所期望的美國和英國核心類別的基本市場水平增長率。您認為與過去幾年相比，該行業是否正在回到更正常的成長水平？您是否發現批發合作夥伴計劃今年訂單的方式有任何變化？

And then second for Larry, I was hoping you could help us with a few guardrails on how to think about how the year might shape out on sales growth. The commentary on a strong start to 1Q is very encouraging. But are there any puts and takes we should be catering regarding growth by quarter due to comparisons, product launches or otherwise?

其次，拉里（Larry），我希望你能幫助我們提供一些指導，幫助我們思考今年的銷售成長。第一季強勁開局的評論非常令人鼓舞。但是，由於比較、產品發布或其他原因，我們是否應該考慮季度成長的情況？

Yes. So Brooke, on the first part of your question in terms of the underlying market, as you know, we're coming off of 2 years now of market declines in 2022 and 2023 after we saw a real spike in demand in '20 and '21. I think we're anticipating the market to flatten in the first half of this year with the hope that we see a little bit of increase in the second half of the year. But our assumption for our guidance kind of assumes a flat overall market, and if we're able to get any tailwind from that with the market growing a little bit, that will be a benefit for us.

是的。布魯克，關於你關於基礎市場的問題的第一部分，正如你所知，在我們看到「20 世紀20 年代和20 世紀」的需求真正激增之後，我們將在2022 年和2023 年擺脫兩年的市場下滑。 21.我認為我們預計今年上半年市場會趨於平緩，並希望下半年會出現一點成長。但我們對指導的假設是假設整體市場持平，如果我們能夠在市場略有成長的情況下從中獲得任何順風車，那將對我們有利。

In terms of the retailers and how the retailers are looking at things, the retailers, as Larry and I pointed out, really leaned into us in Q4. And I think that we're expecting them to support us in rather big way as we go into 2024, both in our existing categories as well as new categories that we're entering. We are not assuming destocking in '24 but our guidance also hasn't assumed any significant amount of restocking.

就零售商以及零售商如何看待事物而言，正如拉里和我指出的那樣，零售商在第四季度確實傾向於我們。我認為，當我們進入 2024 年時，我們希望他們能夠在我們現有的類別以及我們正在進入的新類別中為我們提供相當大的支持。我們不假設 24 年會去庫存，但我們的指導也沒有假設任何大量的補貨。

So we're expecting to kind of wait until the retailer year-end finish at the end of this year. and start to have conversations with them in March and April as to how they're going to plan their inventory levels. Now all that being said, I think it's positive to note that retailers did support us with inventory in Q4. They came out of Q4, rather clean on inventory, and we are seeing good ordering patterns in the first quarter of this year. So we're optimistic that retailers will continue to lean into our products and make sure that they have the stock when the consumer comes to purchase it.

因此，我們預計要等到今年年底零售商年終結束。並在三月和四月開始與他們討論如何規劃庫存水準。話雖如此，我認為零售商確實在第四季度為我們提供庫存支援是積極的。他們從第四季出來，庫存相當乾淨，我們在今年第一季看到了良好的訂購模式。因此，我們樂觀地認為零售商將繼續關注我們的產品，並確保在消費者購買產品時有庫存。

Yes. And then, Brooke, on the kind of phasing throughout the year on the top line, we look at it as first half kind of stronger than second half Q1 and Q2 baked in our guide is kind of low double digit in the first 2 quarters of the year, as you know, kind of in Q1 of last year, we obviously had kind of lighter growth in Q1 of last year. So that's kind of how we think about, I guess, the shaping throughout 2024 kind of embedded within our 7% to 9% top line.

是的。然後，布魯克，就全年營收的分階段而言，我們認為上半年比下半年強，第一季和第二季在我們的指南中是前兩個季度的低兩位數。正如你所知，今年是去年第一季度，我們去年第一季的成長顯然較輕。我想，這就是我們對 2024 年全年 7% 至 9% 營收的塑造的思考方式。

Our next question comes from the line of Steven Forbes with Guggenheim Securities.

我們的下一個問題來自古根漢證券公司的史蒂文·福布斯。

Mark, Larry, Arvind. Maybe just a follow-up on Larry's comment before. I think you said OpEx flat for the year. If we think about the support for new market and new category growth in the fourth quarter and the ramp in ad spend. Can you just maybe frame for us how you're thinking about the sales and marketing line for 2024, both in terms of the team itself and pure advertising sort of spend?

馬克、拉里、阿文德。也許只是拉里之前評論的後續。我想你說今年的營運支出持平。如果我們考慮第四季度對新市場和新類別成長的支持以及廣告支出的成長。您能否向我們介紹一下您對 2024 年銷售和行銷線的看法，包括團隊本身和純粹的廣告支出？

Yes. So I guess kind of within that flat OpEx as a percentage of sales year-over-year, we would see kind of continued investments in sales and marketing, right, in media, those investments that we made in Q4 and kind of continue to make. Some of those are obviously longer-term investments around sales forces globally, obviously, new markets and new categories and kind of building the brand awareness there.

是的。因此，我想在營運支出佔銷售額同比持平的情況下，我們會看到在銷售和行銷方面的持續投資，對吧，在媒體方面，我們在第四季度進行的投資以及繼續進行的投資。其中一些顯然是圍繞全球銷售團隊的長期投資，顯然是新市場和新類別以及在那裡建立品牌知名度的投資。

And I think we've talked about that as kind of one of the benefits of our strong gross margin and being able to kind of embed these investments within the P&L to really fuel longer-term growth. And so then kind of a byproduct of that is then thinking about sales and marketing with a little bit of additional investment there, G&A and R&D just kind of deleveraging slightly kind of overall to flat OpEx as a percentage of sales kind of all that.

我認為我們已經討論過這一點，這是我們強勁毛利率的好處之一，並且能夠將這些投資嵌入損益表中，以真正推動長期成長。因此，其副產品是考慮銷售和行銷，並進行一點額外投資，一般管理費用和研發只是稍微去槓桿化，使營運支出佔銷售額的百分比持平。

Steve, I think we feel that there is a lot of white space growth potential for us in new markets. We've got to continue to build our brand. There's new categories that we're launching into. But we did also spend at quite elevated levels in the second half of '23. And so to Larry's point, you will still continue to see more investment in sales and marketing. It just won't be to a degree that we've seen the increase of '23 versus '22, but you will continue to see more sales and marketing investment.

史蒂夫，我認為我們認為新市場有很大的空白成長潛力。我們必須繼續打造我們的品牌。我們正在推出新的類別。但 23 年下半年我們的支出水準也確實相當高。因此，就拉里的觀點而言，您仍將繼續看到在銷售和行銷方面的更多投資。只是不會達到「23 年」與「22 年」相比的成長程度，但您將繼續看到更多的銷售和行銷投資。

And if I can, maybe just staying on expenses, given the investments in molds and tooling and so forth, maybe the shorter duration assets or depreciation life assets, can you just maybe frame D&A expense for the year?

如果可以的話，也許只是保留開支，考慮到模具和工具等方面的投資，也許是較短期限的資產或折舊年限資產，您能否確定今年的 D&A 費用？

Yes. I mean I think it would be up slightly, not materially different kind of overall. But yes, because we stepped up, I think it was $90 million of CapEx in 2022. And right -- we finished kind of right inside of our 2023 guide at about $130 million, $131 million of CapEx in 2023. And to kind of to your point, as we talked about previously, a lot of that step-up in CapEx, right, is those tooling investments kind of as we dual source outside of China, et cetera.

是的。我的意思是，我認為它會略有上升，但整體上並沒有實質的差異。但是，是的，因為我們加大了力度，我認為 2022 年的資本支出為 9000 萬美元。對了，我們在 2023 年指南中完成了大約 1.3 億美元，2023 年的資本支出為 1.31 億美元。正如我們之前談到的，您的觀點是，資本支出的大部分提升是那些工具投資，就像我們在中國境外進行雙重採購等。

Our next questions come from the line of Phillip Blee with William Blair.

我們的下一個問題來自菲利普·布萊爾和威廉·布萊爾的對話。

Can you speak about some of the outsized growth in share gains you're seeing some of the newer categories like Beauty and Outdoor. What are the key drivers there? And how sustainable is that in 2024? And then should we expect a similar kind of success in some of the new categories you have planned for this year? And then just quickly on your ability to diversify your supply chain outside of China over the next 2 years, how do you think about the potential risk to quality or supply here given your existing foods on the ground approach of some of your long-time suppliers?

您能否談談您所看到的一些較新類別（例如美容和戶外）的份額收益的大幅增長。那裡的關鍵驅動因素是什麼？到 2024 年，這種情況的可持續性如何？那麼我們是否應該期待您今年計劃的一些新類別取得類似的成功？然後快速介紹一下您在未來兩年內實現中國以外供應鏈多元化的能力，鑑於您的一些長期供應商的現有食品在當地的做法，您如何看待這裡的品質或供應的潛在風險？

Yes. So first on the question of new categories, we did experience significant growth both in beauty and outdoor cooking in 2023, which came from growing within the existing retailers as well as expanding into new retailers for a lot of those products in Q4 of '23 was the first holiday season that we were in Sephora and Ulta. We're excited to see our beauty brands there. We ended the year were the fastest-growing hair tools company in the U.S. We experienced significant growth in Europe as well. But we're still relatively low share. I mean in the U.S. we ended the year at about 19% share in hot air stylers. We did run with supply constraints throughout the year on beauty as we were chasing supply. We only really launched in most of Europe at the end of last year. Same with Latin America, we really launched just at the end of last year. So we'll see the full year benefit and impact to beauty.

是的。因此，首先就新類別的問題而言，我們在2023 年確實經歷了美容和戶外烹飪方面的顯著增長，這來自於現有零售商的增長，以及23 年第四季度許多此類產品向新零售商的擴張。我們在絲芙蘭和 Ulta 的第一個假期。我們很高興在那裡看到我們的美容品牌。去年年底，我們成為美國成長最快的美髮工具公司。我們在歐洲也實現了顯著成長。但我們的份額仍然相對較低。我的意思是，截至今年年底，美國熱風造型器的市佔率約為 19%。在我們追逐供應的過程中，我們全年美容產品確實面臨供應限制。我們去年底才真正在歐洲大部分地區推出。與拉丁美洲一樣，我們是在去年年底才真正推出的。因此，我們將看到全年的效益和對美容的影響。

In the outdoor space, we've expanded into more products. We launched an outdoor oven at the end of the year last year. We'll obviously go into this barbecue season in Q2 with a much stronger offering than we did last year having multiple grills and ovens. So we're excited about the growth potential there in outdoor as well as expanding into more doors and more retailers with our outdoor cooking products.

在戶外空間，我們拓展了更多產品。我們在去年年底推出了一款戶外烤箱。顯然，我們將在第二季度進入這個燒烤季節，提供比去年更強大的產品，擁有多個烤架和烤箱。因此，我們對戶外領域的成長潛力感到興奮，並透過我們的戶外烹飪產品擴展到更多的門和更多的零售商。

In terms of some of the new products, we think there's a big growth opportunity for us in outdoors going outside the home. You heard us just talk about the recent launches of our indoor outdoor fan and also our entry into the premium cooler market, our entry into the drinkware market. So I think outdoor is a category for us overall that we feel like both the Shark and Ninja brands have white space to be able to expand into as we move forward. On the supply chain side, we've been diversifying outside of China now for the better part of the last 5 years.

就一些新產品而言，我們認為戶外活動對我們來說有很大的成長機會。您聽到我們剛剛談論了我們最近推出的室內室外風扇，以及我們進入高級冷卻器市場、我們進入飲料市場的情況。因此，我認為戶外對於我們整體來說是一個類別，我們覺得 Shark 和 Ninja 品牌都有空白空間可以在我們前進的過程中擴展到。在供應鏈方面，在過去五年的大部分時間裡，我們一直在中國以外的地區多元化。

We've opened up an engineering and quality office actually in Ho Chi Minh City, which just happened last year. So the quality side, we have moved offshore with a lot of existing suppliers in China that have opened up facilities in Southeast Asia. And so our teams are on the ground with them. Their managers have moved over from China into Southeast Asia. So focusing on quality, focusing on fast churn, focusing on competitive pricing, is all something that we've been working on for the last 4 or 5 years, and you're just seeing a scaling up of the work that we've done over those last few years really come into effect over the last 18 months.

我們去年剛在胡志明市開設了一個工程和品質辦公室。因此，在品質方面，我們已經與中國的許多現有供應商一起轉移到海外，這些供應商在東南亞開設了工廠。因此，我們的團隊與他們同在。他們的經理已經從中國轉移到東南亞。因此，過去四、五年來，我們一直在致力於品質、快速流失、具有競爭力的價格，而且您只會看到我們所做的工作不斷擴大過去幾年的規定在過去 18 個月內真正生效。

Our next questions come from the line of Megan Alexander with Morgan Stanley.

我們的下一個問題來自摩根士丹利的梅根亞歷山大。

I wanted to follow up just on the kind of retailer destocking and restocking comment. I think the gap between POS in North America in shipments I think was in the high single-digit type range in the fourth quarter. I guess, how does that compare to what you've been seeing prior? And how did that trend over the quarter? And are you getting to the point where the gap is at least closing and understanding you want to be conservative and not assume it may be reverses. But any more color you can give us there?

我想跟進零售商去庫存和補貨的評論。我認為第四季北美 POS 出貨量之間的差距處於較高的個位數範圍內。我想，這與您之前看到的相比如何？本季的趨勢如何？你是否已經到了差距至少正在縮小的地步，並且明白你想要保守，而不是假設情況可能會逆轉。但你還能給我們更多的顏色嗎？

So the gap is definitely closing as we come out of Q4. POS still grew over shipments, but at a narrower gap than what we have seen in particularly Q3 and Q2 and Q1. And we would expect that as we go into 2024 the POS and shipments are going to start to normalize themselves. I don't necessarily think or we're not planning for shipments to outpace POS and kind of build inventories back. But I think at least we're planning for shipments in POS to kind of match each other and look a lot more apples-to-apples.

因此，隨著第四季的結束，差距肯定會縮小。 POS 出貨量仍然成長，但差距比我們在第三季、第二季和第一季看到的要窄。我們預計，進入 2024 年，POS 和出貨將開始自行正常化。我不一定認為或我們不打算讓發貨量超過 POS 並恢復庫存。但我認為至少我們正在計劃 POS 中的發貨方式相互匹配，並且看起來更加相似。

Super helpful. And then maybe just a question on distribution channels, particularly with some of these new category launches the cooler in particular, how are you thinking about or planning for new distribution entry in the U.S. in 2024 and beyond?

超有幫助。然後也許只是一個關於分銷管道的問題，特別是其中一些新類別推出的冷卻器，您如何考慮或計劃在 2024 年及以後進入美國的新分銷渠道？

So we've made investments in our sales organization over the last year, outdoor retailers, sporting goods, retailers, with the launch of our Ninja Thirsti product, grocery retailers. So over the last 6 months, we brought a lot of that staff on. They're scaling up in the business. We think that sporting goods will continue to be a bigger channel for us. I mean, as you think about not just coolers and drinkware but outdoor cooking and our types of outdoor cooking products could apply well into sporting goods.

因此，去年我們對銷售組織、戶外零售商、體育用品、零售商進行了投資，推出了 Ninja Thirsti 產品、雜貨零售商。因此，在過去 6 個月裡，我們引進了許多員工。他們正在擴大業務規模。我們認為體育用品將繼續成為我們更大的管道。我的意思是，正如您所想到的，不僅是冷卻器和飲料器皿，還包括戶外烹飪和我們類型的戶外烹飪產品可以很好地應用於體育用品。

We've launched and been quite successful with a product called the Ninja Blast. It's a portable cordless blender that we think the sporting goods space would be right for again, as I said, Ninja Thirsti in grocery stores, we think, is an opportunity. And then continued expansion with both outdoor cooking and beauty as we go into kind of more retailers than we have been in, in the past, not just in North America but in Europe as well. So you will see a lot of sales force expansion from us and us entering into new retailers.

我們推出了一款名為 Ninja Blast 的產品，並且取得了相當成功。這是一款便攜式無線攪拌機，我們認為體育用品領域將再次適合它，正如我所說，我們認為雜貨店的 Ninja Thirsti 是一個機會。然後，我們進入了比過去更多的零售商，不僅在北美，而且在歐洲，都在戶外烹飪和美容領域繼續擴張。因此，您會看到我們的銷售隊伍大量擴張，並且我們進入了新的零售商。

Our next questions come from the line of Brian McNamara with Canaccord.

我們的下一個問題來自 Canaccord 的 Brian McNamara。

Congrats on the strong results. We've gotten a lot of questions from investors on what a "normal" top line growth year looks like after kind of flattish sales in '22 mid-teens growth last year and now high single digits guided for 2024. Not expecting a formal long-term guide here, but how should investors overall think about top line growth longer term?

祝賀取得強勁的成果。我們收到了投資者的許多問題，詢問「正常」的營收成長年是什麼樣的，去年 22 世紀中期銷售額成長持平，現在 2024 年的指導值為高個位數。這裡是長期指南，但投資者整體上應該如何考慮長期營收成長？

Yes. I mean to your point, Brian, we haven't given that kind of long-term guide. Obviously, this is our kind of first time coming out with full year guidance at the beginning of the year, right? So I guess how we probably commented on it at this point in time is 2024, we kind of put that out there and at the 7% to 9% top line, and probably not a bad template kind of as we look forward. But again, nothing official from a long-term guide at this point in time. Thank you.

是的。我的意思是，就你的觀點而言，布萊恩，我們還沒有提供那種長期指導。顯然，這是我們第一次在年初發布全年指引，對嗎？所以我想我們在 2024 年這個時間點上可能會如何評論它，我們把它放在了 7% 到 9% 的頂線，正如我們所期待的那樣，這可能是一個不錯的模板。但同樣，目前還沒有任何官方的長期指南。謝謝。

There are no further questions at this time. I would now like to hand the call back over to Mark Barrocas for any closing remarks.

目前沒有其他問題。現在，我想將電話轉回給馬克·巴羅卡斯 (Mark Ba​​rrocas)，讓其發表結束語。

Great. Thanks, everyone, for joining us on our fourth quarter call, and we look forward to speaking to you again soon. Have a great day. Thank you.

偉大的。感謝大家參加我們的第四季電話會議，我們期待很快再次與您交談。祝你有美好的一天。謝謝。

That does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。享受你一天剩下的時間。