Sharkninja Inc (SN) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to the SharkNinja first-quarter 2024 earnings call. (Operator Instructions)

女士們先生們，謝謝你們的支持。我叫 Desiree，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 SharkNinja 2024 年第一季財報電話會議。（操作員說明）

I would now like to turn the conference over to Arvind Bhatia, Senior Vice President of Investor Relations. Please go ahead, sir.

現在我想將會議交給投資者關係高級副總裁 Arvind Bhatia。請繼續，先生。

Good morning, and welcome to the SharkNinja first-quarter 2024 earnings conference call. Our first-quarter earnings release was issued this morning and can be found on the company's website at ir.sharkninja.com. And shortly after today's call, a webcast will be available there for replay.

早安，歡迎參加 SharkNinja 2024 年第一季財報電話會議。我們的第一季財報於今天上午發布，可在公司網站 ir.sharkninja.com 上找到。今天的電話會議後不久，將在那裡進行網路廣播重播。

Let me remind you 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 the 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. The company undertakes no obligation to update or revise these forward-looking statements in the future.

讓我提醒您，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。如果您參考收益報告以及該公司最近向美國證券交易委員會提交的文件，您將看到對可能導致該公司實際結果與這些前瞻性陳述存在重大差異的因素的討論。本公司不承擔未來更新或修改這些前瞻性陳述的義務。

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

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將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進行了全面調整。

With me today are Chief Executive Officer, Mark Barrocas; Chief Financial Officer, Patraic Reagan, who joined the company on April 22; and Chief Accounting Officer, Larry Flynn. Mark will provide a business update. Larry will review our Q1 financial results and discuss our 2024 outlook. Mark will share brief closing remarks, and we will then open the call for your questions.

今天與我在一起的有執行長馬克·巴羅卡斯 (Mark Ba​​rrocas)；財務長 Patraic Reagan 於 4 月 22 日加入公司；和首席會計官拉里·弗林。馬克將提供業務更新。拉里 (Larry) 將回顧我們第一季的財務業績並討論我們 2024 年的前景。馬克將發表簡短的閉幕詞，然後我們將開始電話詢問您的問題。

Now I will turn the call over to Mark.

現在我將把電話轉給馬克。

Thank you, Arvind. Good morning, everyone, and thank you for joining us today. Before we begin, let me take a moment to officially welcome and introduce our new Chief Financial Officer, Patraic Reagan.

謝謝你，阿爾溫德。大家早安，感謝您今天加入我們。在我們開始之前，請允許我花點時間正式歡迎並介紹我們的新任財務長 Patraic Reagan。

Over the last several months, we interviewed a number of highly qualified candidates, and Patraic distinguished himself on all of the dimensions that we identified as most important. He has a robust global experience. He has helped to drive growth for big brands.

在過去的幾個月裡，我們面試了一些高素質的候選人，而帕特雷克在我們認為最重要的所有方面都表現出色。他擁有豐富的全球經驗。他幫助推動了大品牌的成長。

He has a proven track record of driving long-term profitability, and he brings the kind of passion, energy, and taste that is a hallmark of the SharkNinja culture. Patraic was most recently CFO of the Asia Pacific and Latin America businesses at Nike and previously held financial leadership roles at powerhouse brand companies such as Coach, Ralph Lauren, and Kraft Foods.

他在推動長期盈利方面有著良好的記錄，他帶來了 SharkNinja 文化的標誌性激情、活力和品味。Patraic 最近擔任 Nike 亞太和拉丁美洲業務首席財務官，此前曾在 Coach、Ralph Lauren 和 Kraft Foods 等知名品牌公司擔任財務領導職務。

We are so pleased to have him join our leadership team. And I can tell you from what I've seen these last few weeks, he's hit the ground running. I also want to thank Larry for his contributions as interim CFO and know that he will be an invaluable member of Patraic's team as our Chief Accounting Officer.

我們很高興他加入我們的領導團隊。從我過去幾週的所見所聞來看，我可以告訴你，他已經開始步入正軌。我還要感謝拉里作為臨時財務長所做的貢獻，並知道他作為我們的首席會計官將成為帕特雷克團隊的寶貴成員。

Patraic, I know you'd like to say a few words.

帕特雷克，我知道你想說幾句話。

Thank you, Mark, and nice to meet all of you. It's been an incredible few weeks, and I appreciate the warm welcome from you and the team. What drew me to SharkNinja was how unique and truly differentiated this company is from any of its competitors, the powerful growth strategy, the best-in-class product development and innovation engine and, of course, the culture.

謝謝你，馬克，很高興見到你們大家。這是令人難以置信的幾週，我感謝您和團隊的熱情歡迎。SharkNinja 吸引我的地方在於，這家公司與其他競爭對手相比是多麼獨特和真正的差異化、強大的成長策略、一流的產品開發和創新引擎，當然還有文化。

The energy in these halls and in every meeting is palpable. I'm looking forward to helping the company continue to execute its proven three-pillar growth strategy while driving long-term profitability and continuing to create strong shareholder value. Mark?

這些大廳和每次會議中的活力都是顯而易見的。我期待著幫助公司繼續執行其行之有效的三大支柱成長策略，同時推動長期獲利能力並繼續創造強大的股東價值。標記？

Thanks, Patraic. Let me begin with a review of our first-quarter performance. Our Q1 results were very strong. Adjusted net sales increased 28%, and we grew adjusted EBITDA by 30%.

謝謝，帕特拉克。讓我先回顧一下我們第一季的業績。我們第一季的業績非常強勁。調整後淨銷售額成長 28%，調整後 EBITDA 成長 30%。

Adjusted gross margins improved over 200 basis points, and adjusted EBITDA margins were up 30 basis points, even as we continue to significantly reinvest in selling and marketing to build our brands in emerging international markets and to drive awareness of our new products globally. We believe these investments will pay off as we establish our presence in these nascent markets and categories.

儘管我們繼續在銷售和行銷方面進行大量再投資，以在新興國際市場建立我們的品牌並提高我們新產品的全球知名度，但調整後毛利率提高了200 個基點，調整後EBITDA 利潤率提高了30個基點。我們相信，隨著我們在這些新興市場和類別中建立業務，這些投資將會得到回報。

We began Q1 with the momentum of a strong holiday season. Our retail partners in North America ended the fourth quarter with lower weeks of supply than the prior year and replenished inventory in the early part of the first quarter.

我們以強勁的假日季節勢頭開始了第一季。我們在北美的零售合作夥伴在第四季末的供應週數低於去年同期，並在第一季初補充了庫存。

Our business performed above expectations throughout the quarter across product categories and across our global markets. Our North America business was up 22%, and our international business grew 42% on an adjusted basis. I'm especially pleased that our performance was so well balanced across all three pillars of our growth strategy.

我們整個季度的業務在各個產品類別和全球市場上的表現都超出了預期。經調整後，我們的北美業務成長了 22%，國際業務成長了 42%。我特別高興的是，我們的業績在成長策略的所有三個支柱上都取得瞭如此良好的平衡。

This strong momentum has continued into the second quarter. And based on Q1 performance and how we're tracking in the second quarter, we're raising our full-year guidance. Larry will provide the details in his prepared remarks.

這種強勁勢頭一直持續到第二季​​。根據第一季的業績以及我們在第二季的追蹤情況，我們正在提高全年指引。拉里將在他準備好的演講中提供詳細資訊。

Let me now provide an update of our three-pillar growth strategy. First, entering new and adjacent categories remains a key area of growth for us. We've entered 18 new subcategories since 2021, including our recent and very exciting launches into two established categories with our disruptive innovation, Ninja coolers and Shark indoor outdoor fans.

現在讓我更新我們的三大支柱成長策略。首先，進入新的和相鄰的類別仍然是我們成長的關鍵領域。自 2021 年以來，我們已進入 18 個新的子類別，包括最近非常令人興奮地透過顛覆性創新在兩個既定類別中推出的產品：Ninja 冷卻器和 Shark 室內室外風扇。

With these introductions, we both increased our presence and diversified our offering to a total of 33 subcategories, which is a larger category footprint than most of our competitors. This is a strategic and intentional approach to drive growth and mitigate risk by seizing opportunity in many categories while simultaneously reducing exposure in any one subcategory. Looking at our new subcategories, I'm confident in their performance and future potential.

透過這些推出，我們不僅擴大了業務範圍，而且使我們的產品多樣化至總共 33 個子類別，這比我們大多數競爭對手的類別覆蓋範圍更大。這是一種策略性和有意的方法，透過抓住許多類別的機會，同時減少任何一個子類別的風險來推動成長和降低風險。看看我們的新子類別，我對它們的表現和未來潛力充滿信心。

In 2023, we entered four new subcategories, carpet shampooing and wet dry vacuuming with our Shark brand and outdoor ovens and in-home beverage with our Ninja brand. Carpet shampooing and stain cleaning represent $1 billion total addressable market in North America and the UK combined. Our Shark CarpetXpert and Shark StainStriker products had strong launches and a very successful holiday season. And momentum has continued throughout this year.

2023 年，我們進入了四個新的子類別：Shark 品牌的地毯清潔和乾濕吸塵器以及 Ninja 品牌的戶外烤箱和家用飲料。北美和英國的地毯清洗和污漬清潔市場總額達 10 億美元。我們的 Shark CarpetXpert 和 Shark StainStriker 產品推出強勁，節日季節非常成功。這一勢頭在今年一直持續。

According to US industry data during the first quarter, we established double-digit market share, and our products drove most of the growth within the category. The Shark MessMaster, our entry into the wet-dry vacuum category last year is performing well and also had double-digit market share in the US during the first quarter.

根據第一季美國行業數據，我們建立了兩位數的市場份額，我們的產品推動了該類別的大部分成長。我們去年進入乾濕兩用吸塵器類別的 Shark MessMaster 表現良好，第一季在美國的市佔率也達到了兩位數。

We're enthusiastic about the growth prospects of Ninja Thirsti, our proprietary home use carbonation system. We launched Ninja Thirsti in the US late last year and will begin its global rollout later this year. We also see a recurring high-margin revenue opportunity from our consumable flavored pods and CO2 canisters as we increase the installed base of the system over time.

我們對 Ninja Thirsti（我們專有的家用碳酸化系統）的成長前景充滿熱情。我們去年年底在美國推出了 Ninja Thirsti，並將於今年稍後開始在全球推出。隨著我們隨著時間的推移增加系統的安裝基礎，我們也看到了來自我們的消耗性風味豆莢和二氧化碳罐的經常性高利潤收入機會。

The introduction of our Ninja Woodfire outdoor oven has helped to expand our market share in outdoor cooking products. Along with our Ninja outdoor grill and the XL version, which connects to an app for conveniently monitoring and controlling your cooking, we now offer three different SKUs and price points to attract a wider range of consumers.

Ninja Woodfire 戶外烤箱的推出有助於擴大我們在戶外烹飪產品的市場份額。除了我們的 Ninja 戶外燒烤爐和 XL 版本（可連接到應用程式以方便地監控和控制您的烹飪）之外，我們現在還提供三種不同的 SKU 和價位，以吸引更廣泛的消費者。

Extending our brand presence in outdoor settings, especially within outdoor cooking, holds significant global potential and is an important growth area for us. Over the past few weeks, we began rolling out the Ninja FrostVault, our unique offering in the premium cooler segment, and Shark FlexBreeze, our proprietary indoor-outdoor cooling system. With our entry into these $2 billion subcategories that are ripe for disruption, we have further expanded our total addressable market.

擴大我們在戶外環境中的品牌影響力，特別是在戶外烹飪領域，具有巨大的全球潛力，也是我們一個重要的成長領域。在過去的幾周里，我們開始推出 Ninja FrostVault（我們在高端冷卻器領域的獨特產品）和 Shark FlexBreeze（我們專有的室內外冷卻系統）。隨著我們進入這些價值 20 億美元、顛覆性成熟的子類別，我們進一步擴大了我們的潛在市場總量。

As the world's first cooler with cold dry storage, our FrostVault not only delivers premium ice retention but also solves the problems we call the soggy sandwich, the key consumer insight that led to this game-changing innovation. And FrostVault is priced below other premium coolers, offering consumers an amazing product at extraordinary value.

作為世界上第一個具有冷乾存儲功能的冷卻器，我們的FrostVault 不僅提供優質的冰保留能力，而且還解決了我們所說的“潮濕三明治”的問題，這是導致這一改變遊戲規則的創新的關鍵消費者洞察。FrostVault 的價格低於其他優質冷卻器，為消費者提供了物超所值的優質產品。

The Shark FlexBreeze indoor-outdoor cooling system is truly revolutionary with its power, versatility, portability, and unique misting feature. We have a holistic go-to-market strategy for both FrostVault and FlexBreeze and see meaningful opportunity to extend our reach in these categories over time. We expect our 2023 and 2024 launches to become important growth drivers, and we have a strong pipeline of additional products to be announced later this year.

Shark FlexBreeze 室內外冷卻系統具有真正的革命性，具有強大的功能、多功能性、便攜性和獨特的霧化功能。我們為 FrostVault 和 FlexBreeze 制定了全面的上市策略，並看到了隨著時間的推移擴大我們在這些類別中的影響力的有意義的機會。我們預計 2023 年和 2024 年推出的產品將成為重要的成長動力，我們還有大量其他產品將於今年稍後發布。

Our second key growth pillar is gaining share in existing categories. Each year, we launch around 25 new products, including 20 of those within existing categories. These expansions within existing categories accelerate the consumer upgrade cycle as we consistently launch new products with additional high-quality features and functionality for increased convenience and efficiency.

我們的第二個關鍵成長支柱是增加現有類別的份額。每年，我們都會推出約 25 種新產品，其中 20 種屬於現有類別。現有類別中的這些擴展加速了消費者的升級週期，因為我們不斷推出具有額外高品質特性和功能的新產品，以提高便利性和效率。

A great example is our new Ninja Double Stack XL, the industry's first vertical two-basket air fryer that offers double the performance and requires up to 40% less counter space, a true best of both world's options for consumers. We have leading market share in air fryers today, but we continue to rapidly innovate and create an even stronger moat in the category. By ensuring that our offerings are always fresh and relevant, we stay ahead of the competition, gain additional share of the market, and maintain our ASPs and margins, which is a key differentiator.

一個很好的例子是我們的新型Ninja Double Stack XL，它是業界首款直立式兩籃氣炸鍋，其性能提高了一倍，並且所需的櫃檯空間減少了40%，這對消費者來說是真正的兩全其美的選擇。如今，我們在氣炸鍋領域擁有領先的市場份額，但我們將繼續快速創新，並在該類別中創造更強大的護城河。透過確保我們的產品始終新鮮且相關，我們可以在競爭中保持領先地位，獲得更多市場份額，並保持我們的平均售價和利潤率，這是一個關鍵的差異化因素。

During Q1, we continued to gain global market share as we delivered industry-leading top-line growth. While our growth was broad based, there were a few standouts. For example, we continue to drive strong growth and expansion of the ice cream maker category with our Ninja CREAMi. Our Shark FlexStyle, SpeedStyle, and SmoothStyle generated a lot of buzz in the hair styler category and helped us broaden retail partnerships. And our air fryers continue to deliver strong double-digit growth and build our global presence.

第一季度，我們實現了領先業界的營收成長，並持續獲得全球市場份額。雖然我們的成長基礎廣泛，但也有一些表現突出。例如，我們透過 Ninja CREAMi 繼續推動冰淇淋機類別的強勁成長和擴張。我們的 Shark FlexStyle、SpeedStyle 和 SmoothStyle 在美髮造型器類別中引起了廣泛關注，並幫助我們擴大了零售合作夥伴關係。我們的氣炸鍋繼續實現強勁的兩位數成長，並建立我們的全球影響力。

I will now turn to our third growth pillar, expansion in international markets. Our domestic business is growing well, but we expect our international business to continue to outpace domestic growth for at least the next several years given the significant white space we have internationally. We expect this global growth to come from a combination of category expansion, geographic expansion, and deepening partnerships with international retailers and distributors.

我現在將談談我們的第三個成長支柱，即國際市場的擴張。我們的國內業務成長良好，但鑑於我們在國際上擁有巨大的空白空間，我們預計至少在未來幾年內，我們的國際業務將繼續超過國內成長。我們預計這一全球成長將來自品類擴張、地理擴張以及與國際零售商和分銷商深化合作夥伴關係的結合。

In 2023, we launched several new subcategories in international markets, entered six new countries, and added many new retail partners across EMEA and Latin America, all of which positions us nicely for growth both in 2024 and beyond. We are projecting significant growth in France, Germany, and Latin America this year, and we see tremendous opportunity in the Nordics, Benelux, Poland, Italy, Spain, and the Middle East in the next few years.

2023 年，我們在國際市場推出了幾個新的子類別，進入了6 個新國家，並在歐洲、中東和非洲和拉丁美洲增加了許多新的零售合作夥伴，所有這些都為我們在2024 年及以後的成長奠定了良好的基礎。我們預計今年法國、德國和拉丁美洲將顯著成長，並且我們看到未來幾年北歐、比荷盧經濟聯盟、波蘭、義大利、西班牙和中東地區存在巨大機會。

The UK, which is our largest international market today is also growing well. During Q1, our UK business was up 15% on top of a 73% increase in the first quarter of last year. Our products continue to resonate with consumers worldwide, and we believe our international business could exceed our US business over the long term. Our three-pillar growth strategy has been instrumental in achieving sustained and replicable growth. Moving forward, we remain committed to implementing this effective, tried, and tested strategy.

作為我們當今最大的國際市場的英國也成長良好。第一季度，我們的英國業務在去年第一季成長 73% 的基礎上成長了 15%。我們的產品繼續引起全球消費者的共鳴，我們相信從長遠來看，我們的國際業務可能會超過我們的美國業務。我們的三大支柱成長策略對於實現持續且可複製的成長發揮了重要作用。展望未來，我們將繼續致力於實施這項有效、經過嘗試和檢驗的策略。

In terms of supply chain, I want to note that our diversified global supply chain remains robust and resilient. Following recent contract negotiations with our carriers, we now have improved visibility on container shipping rates. There were no real surprises in our discussions and our contracted rates are essentially in line with our expectations.

在供應鏈方面，我想指出的是，我們多元化的全球供應鏈仍然強勁且富有彈性。經過最近與承運人的合約談判，我們現在提高了貨櫃運費的可見度。我們的討論並沒有出現真正的意外，我們的合約費率基本上符合我們的預期。

We believe that the strategic relationships that we built with a diverse set of carriers over the last several years enables us to act nimbly and navigate issues like the disruptions in the Red Sea with minimal interruptions to our business. In response to the Red Sea issue, we acted swiftly, increasing our weeks of supply to support our strong US and EMEA businesses.

我們相信，過去幾年我們與多家不同的承運商建立的策略關係使我們能夠靈活行動，解決紅海幹擾等問題，同時將對我們的業務造成的干擾降至最低。為了應對紅海問題，我們迅速採取行動，增加了供應週數，以支持我們強大的美國和歐洲、中東和非洲業務。

We not only mitigated the potential risk of disruption and delays but also stayed within our contracted rates in nearly all instances. With respect to tariffs, we remain laser-focused in our efforts to diversify and ensure capacity to produce almost all of our US volume outside of China by the end of 2025.

我們不僅降低了中斷和延誤的潛在風險，而且幾乎在所有情況下都保持在合約規定的費率範圍內。在關稅方面，我們仍然專注於多元化的努力，並確保到 2025 年底我們有能力在中國境外生產幾乎所有美國產量。

We have increased CapEx investments in tooling as we accelerate our efforts to tap into additional capacity outside of China. Meanwhile, as we mentioned on our last call, we're well prepared for Section 301 tariffs if they're reinstated on June 1. We expect the financial impact to us to be relatively small and have already built it into our guidance.

隨著我們加快開發中國以外的額外產能，我們增加了對工具的資本支出投資。同時，正如我們在上次電話會議中提到的，如果 301 條款關稅於 6 月 1 日恢復，我們已做好充分準備。我們預計對我們的財務影響相對較小，並且已經將其納入我們的指導中。

The total addressable market for SharkNinja products continues to expand as we successfully develop and introduce new products and enter subcategories and markets. Based on industry data, our global addressable market is close to $120 billion and growing. And based on our sales of approximately $4.5 billion over the last 12 months, we estimate our market penetration today is less than 4% of this total addressable market, which is why despite our strong growth and market share gains, you often hear me say that in many ways, we're just getting started.

隨著我們成功開發和推出新產品並進入子類別和市場，SharkNinja 產品的總潛在市場不斷擴大。根據行業數據，我們的全球潛在市場接近 1200 億美元，並且還在持續成長。根據我們過去12 個月約45 億美元的銷售額，我們估計今天的市場滲透率還不到整個可尋址市場的4%，這就是為什麼儘管我們增長強勁且市場份額有所增長，但你經常聽到我說：在很多方面，我們才剛開始。

And now Larry will walk you through our first-quarter financials and updated 2024 outlook.

現在，拉里將帶您了解我們第一季的財務狀況和更新的 2024 年展望。

Thank you, Mark, and good morning, everyone. I'll begin with a review of our first-quarter results and then provide an update on our 2024 guidance before turning it back over to Mark for closing remarks.

謝謝你，馬克，大家早安。我將首先回顧我們第一季的業績，然後提供 2024 年指導的最新信息，然後將其交還給馬克進行結束語。

As Mark said, we opened the year with very strong Q1 results. Net sales increased 25%, and adjusted net sales, which exclude our divested APAC business, were up 28% to $1.1 billion. We delivered adjusted EBITDA growth of 30% to $231 million, with adjusted EBITDA margins improving 30 basis points year over year.

正如馬克所說，我們以非常強勁的第一季業績開啟了這一年。淨銷售額成長了 25%，調整後的淨銷售額（不包括我們剝離的亞太區業務）成長了 28%，達到 11 億美元。我們的調整後 EBITDA 成長了 30%，達到 2.31 億美元，調整後 EBITDA 利潤率年增了 30 個基點。

Focusing on top-line performance by region, net sales in North America were up 22% to $734 million, representing 69% of our sales mix. Adjusted net sales in international markets increased 42% to $332 million, with Germany, France, and LatAm markets each delivering triple-digit growth in the quarter. UK, which is our largest market outside the US, was up 15% on top of a tough comp of 73% growth in Q1 last year.

重點關注各地區的營收表現，北美地區的淨銷售額成長了 22%，達到 7.34 億美元，占我們銷售組合的 69%。國際市場調整後淨銷售額成長 42%，達到 3.32 億美元，其中德國、法國和拉丁美洲市場本季均達到三位數成長。英國是我們在美國以外最大的市場，在去年第一季 73% 的強勁成長的基礎上，該市場成長了 15%。

Next, let me take a minute to provide color on the Q1 performance in our four major product categories, which all saw growth within the quarter. 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 increased 6% to $422 million from $398 million. We were pleased to return to growth in cleaning, driven by strong performance of our carpet extraction and robotic vacuum subcategories.

接下來，讓我花一點時間介紹我們四個主要產品類別的第一季表現，這些產品類別在本季都實現了成長。清潔類別調整後的淨銷售額（包括吸塵器、地毯吸塵器以及其他地板護理產品，如蒸汽拖把和乾濕清潔地板產品）增長了 6%，從 3.98 億美元增至 4.22 億美元。在地毯抽吸和機器人吸塵器類別強勁表現的推動下，我們很高興清潔業務恢復成長。

Adjusted net sales in the cooking and beverage category, which includes air fryers, multicookers, outdoor grills, and ovens and carbonation increased 29% to $330 million compared to $255 million in the prior year. This performance was primarily driven by continued strength in Europe, particularly in the UK as we furthered our leading market share position. Our growth was also supported by the success of outdoor grills and outdoor ovens across both the US and the European markets.

烹飪和飲料類別（包括氣炸鍋、多功能炊具、戶外烤架、烤箱和碳酸飲料）調整後的淨銷售額增長了 29%，達到 3.3 億美元，而上一年為 2.55 億美元。這項業績主要得益於歐洲（尤其是英國）的持續強勁，因為我們進一步鞏固了領先的市佔率地位。我們的成長也得益於戶外烤架和戶外烤箱在美國和歐洲市場的成功。

Food preparation, which includes blenders, food processors, ice cream makers, and coolers, delivered an excellent quarter and it was our fastest-growing category. Adjusted net sales in this category increased 77% to $205 million compared to $116 million in the prior year. Growth in food prep was driven by strong sales of our CREAMi ice cream makers and our compact blenders, particularly our portable blenders.

食品製備，包括攪拌機、食品加工機、冰淇淋機和冷卻器，季度表現出色，是我們成長最快的類別。該類別調整後的淨銷售額成長了 77%，達到 2.05 億美元，而上一年為 1.16 億美元。我們的 CREAMi 冰淇淋機和緊湊型攪拌機（尤其是便攜式攪拌機）的強勁銷售推動了食品製備業務的成長。

And lastly, the other category, which includes beauty products such as hair dryers and stylers and home environment products such as air purifiers and indoor-outdoor fans continued its strong growth. Adjusted net sales in this category increased 66% to $110 million compared to $66 million in the prior year. This growth was powered by the continued strong performance of our hair care products within beauty, increased sales in the air purifier subcategory driven by product innovation and the successful new product launch of our FlexFreeze indoor-outdoor cooling system.

最後，另一類產品，包括吹風機和造型器等美容產品，以及空氣清淨機和室內外風扇等家居環境產品，持續強勁成長。該類別調整後的淨銷售額成長了 66%，達到 1.1 億美元，而上一年為 6,600 萬美元。這一增長得益於我們的美容護髮產品持續強勁的表現、產品創新推動的空氣清淨​​機子類別銷售的增長以及 FlexFreeze 室內外冷卻系統新產品的成功推出。

Moving down to gross profit, in the first quarter, GAAP gross profit increased 31% to $527 million or 49.4% of net sales, an expansion of 260 basis points compared to the prior year. Adjusted gross profit increased 33% to $542 million or 50.8% of adjusted net sales, representing expansion of 210 basis points over the prior year. This margin expansion was primarily driven by continued supply chain tailwinds and cost optimization efforts.

轉向毛利，第一季 GAAP 毛利成長 31%，達到 5.27 億美元，佔淨銷售額的 49.4%，比上年增長 260 個基點。調整後毛利成長 33%，達到 5.42 億美元，佔調整後淨銷售額的 50.8%，比上年成長 210 個基點。這種利潤率的擴張主要是由持續的供應鏈順風和成本優化努力所推動的。

Turning now to operating expenses in the quarter, R&D expenses increased 19% to $70 million compared to $59 million in Q1 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 6.5% of net sales compared to 6.9% last year as we leveraged our strong top line growth.

現在轉向本季的營運費用，研發費用成長 19%，達到 7,000 萬美元，而去年第一季為 5,900 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 6.5%，而去年為 6.9%，因為我們利用了強勁的營收成長。

Sales and marketing expenses increased 41% to $215 million or 20.1% of sales compared to $152 million or 17.8% 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-related expenses to support our new product launches and expansion in existing and new markets and subcategories. Like 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.

銷售和行銷費用成長了 41%，達到 2.15 億美元，佔銷售額的 20.1%，而去年同期為 1.52 億美元，佔銷售額的 17.8%。這一成長主要是由於我們透過廣告和人員相關費用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。與前幾季一樣，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。

General and administrative expenses increased to $88 million compared to $67 million in the prior year, primarily due to incremental share-based compensation associated with new RSU grants as well as increased legal and other professional fees, partially offset by lower transaction costs related to the separation and secondary offering.

一般和行政費用從上一年的6700 萬美元增加到8800 萬美元，主要是由於與新RSU 贈款相關的股份補償增量以及法律和其他專業費用的增加，部分被與分拆相關的交易成本降低所抵消和二次發行。

Our GAAP effective tax rate was 23.6% in the first quarter compared to 21.8% in the prior year. This higher GAAP effective tax rate is primarily related to the impact of limitations on deductible executive compensation. GAAP net income for the quarter was $110 million compared to $87 million in the prior year. Adjusted net income was $149 million or $1.06 per share compared to $119 million or $0.86 per share in the prior year, reflecting growth of 23% on a per share basis.

第一季我們的 GAAP 有效稅率為 23.6%，而去年同期為 21.8%。公認會計原則（GAAP）有效稅率較高主要與可扣除高階主管薪酬限制的影響有關。該季度 GAAP 淨利潤為 1.1 億美元，去年同期為 8,700 萬美元。調整後淨利為 1.49 億美元，即每股 1.06 美元，而前一年為 1.19 億美元，即每股 0.86 美元，每股成長 23%。

Adjusted EBITDA for the quarter increased 30% to $231 million or 21.6% of adjusted net sales compared to $178 million or 21.3% of adjusted net sales in the prior year, reflecting strong gross margin expansion, partially offset by increased investments in advertising and personnel to support our brand building and growth initiatives.

本季調整後EBITDA 成長30%，達到2.31 億美元，佔調整後淨銷售額的21.6%，而前一年為1.78 億美元，佔調整後淨銷售額的21.3%，反映出毛利率強勁成長，但部分被廣告和人員投資增加所抵消。

Turning to the balance sheet. As of the end of the first quarter, we had cash of $132 million, total debt outstanding of $800 million and a net leverage ratio of 0.9 times. We had inventory of $750 million at quarter end, up 47% compared to Q1 of last year. While inventory growth was ahead of sales growth, we believe our inventory level and mix is healthy.

轉向資產負債表。截至第一季末，我們擁有現金1.32億美元，未償債務總額8億美元，淨槓桿率為0.9倍。截至季末，我們的庫存為 7.5 億美元，比去年第一季成長 47%。雖然庫存成長領先於銷售成長，但我們相信我們的庫存水準和組合是健康的。

There were four key factors that drove the significant year-over-year increase. First, we ended Q1 last year below our target inventory level. Second, we increased inventory levels this year to support strong consumer demand in Q2.

有四個關鍵因素推動了年比大幅成長。首先，我們去年第一季末的庫存水準低於我們的目標庫存水準。其次，我們今年增加了庫存水平，以支持第二季度強勁的消費需求。

Third, we proactively increased our weeks of supply to mitigate shipment delays due to the Red Sea situation. And fourth, we prebuilt inventory in anticipation of Section 301 tariff exemptions expiring at the end of May. Relative to the first quarter of 2022, our inventory balance increased to 13% compared to net sales growth of 32% over that same period.

第三，我們主動增加了供應週數，以減少紅海局勢造成的出貨延誤。第四，我們預先建立了庫存，預計 301 條款關稅豁免將於 5 月底到期。與 2022 年第一季相比，我們的庫存餘額增加至 13%，而同期淨銷售額增長 32%。

With that, let me now turn to our outlook for 2024. Given our strong performance in the first quarter and our improved visibility into the second quarter, we are raising our fiscal year 2024 guidance. For the full year, we now expect adjusted net sales to increase between 12% and 14%, above our prior guidance of between a 7% and 9% increase. We expect adjusted EPS to be in the range of $3.66 to $3.82, an increase of 14% to 19% year over year compared to our prior guidance of $3.45 to $3.61 per share or a 7% to 12% increase.

現在讓我談談我們對 2024 年的展望。鑑於我們第一季的強勁表現以及第二季可見度的提高，我們正在提高 2024 財年的指導。對於全年，我們目前預計調整後淨銷售額將成長 12% 至 14%，高於我們先前預期的 7% 至 9% 增幅。我們預計調整後每股收益將在 3.66 美元至 3.82 美元之間，年增 14% 至 19%，而我們先前的指引為每股 3.45 美元至 3.61 美元，年增 7% 至 12%。

Adjusted EBITDA is now expected to be in the range of $840 million to $870 million, representing growth of 17% to 21% year over year compared to our prior expectation of $800 million to $830 million or 11% to 15% growth. Consistent with our previous guidance, we continue to expect net interest expense of approximately $65 million for the year and a GAAP effective tax rate of approximately 24% to 25%.

調整後 EBITDA 目前預計在 8.4 億美元至 8.7 億美元之間，年增 17% 至 21%，而我們先前預期為 8 億至 8.3 億美元，即 11% 至 15% 的成長。與我們先前的指引一致，我們繼續預期今年淨利息支出約為 6,500 萬美元，GAAP 有效稅率約為 24% 至 25%。

We now expect capital expenditures to be between $160 million and $180 million for the year, up from our previous expectation of $120 million to $140 million. The increase is driven primarily by incremental investments in tooling as we accelerate the diversification of our sourcing outside of China.

我們現在預計今年的資本支出將在 1.6 億美元至 1.8 億美元之間，高於我們先前預期的 1.2 億美元至 1.4 億美元。這一增長主要是由於我們加速在中國以外的採購多元化，對工具的投資增加。

To close, we are excited by our performance in the first quarter and continued momentum in the second quarter, reflecting the effectiveness of our three-pillar growth strategy and our industry-leading margin profile. We were also pleased to see broad-based growth across our key categories and markets. We will continue to strategically reinvest throughout our business, and we remain confident in our ability to drive strong top and bottom-line growth for the remainder of the year and beyond.

最後，我們對第一季的業績和第二季的持續成長動能感到興奮，這反映了我們三大支柱成長策略的有效性和業界領先的利潤率狀況。我們也很高興看到我們的關鍵類別和市場的廣泛成長。我們將繼續對整個業務進行策略性再投資，我們對在今年剩餘時間及以後推動營收和利潤強勁成長的能力仍然充滿信心。

Finally, I would also like to welcome Patraic to SharkNinja. I'm truly excited to have him aboard and look forward to working closely with him to deliver strong, profitable growth, and significant shareholder value for years to come.

最後，我還要歡迎 Patraic 加入 SharkNinja。我真的很高興他加入，並期待與他密切合作，在未來幾年實現強勁的獲利成長和顯著的股東價值。

With that, I will hand it back to Mark.

這樣，我會把它還給馬克。

Thanks, Larry. I'm proud of what our incredible team of 3,000 SharkNinja associates have accomplished and believe that our success comes from a powerful and difficult to replicate combination of factors. Our proprietary consumer insights generate both factual inputs and creative inspiration for us to develop products that deliver genuinely disruptive innovation.

謝謝，拉里。我為我們由 3,000 名 SharkNinja 員工組成的令人難以置信的團隊所取得的成就感到自豪，並相信我們的成功來自強大且難以複製的因素組合。我們專有的消費者洞察為我們提供了事實輸入和創意靈感，幫助我們開發出真正顛覆性創新的產品。

Our high-quality, agile, and scalable supply chain allows us to deliver amazing products at extraordinary value to consumers. Our 360-degree marketing approach generates demand by reaching the right audiences with the right message at the right time. And our dominant omnichannel strategy makes it convenient for our consumers to shop our products wherever and whenever they choose.

我們高品質、敏捷且可擴展的供應鏈使我們能夠向消費者提供具有非凡價值的令人驚嘆的產品。我們的 360 度行銷方法透過在正確的時間向正確的受眾傳達正確的訊息來產生需求。我們主導的全通路策略使我們的消費者可以輕鬆地隨時隨地購買我們的產品。

Each of these is an essential element of the SharkNinja game plan. And together, the whole is even greater than the sum of the parts. But what really brings it all together and is extremely difficult to replicate is our unique SharkNinja mindset. Together with our leadership team, I have invested a great deal of time and energy over the last several years, creating the SharkNinja success drivers and leadership principles.

其中每一個都是 SharkNinja 遊戲計畫的基本要素。而且，整體甚至大於部分總和。但真正將這一切結合在一起並且極難複製的是我們獨特的 SharkNinja 思維方式。在過去的幾年裡，我與我們的領導團隊一起投入了大量的時間和精力，創造了 SharkNinja 的成功驅動因素和領導原則。

Our associates embrace and demonstrate these every day as they set out to solve consumer problems and positively impact consumer lives. Our track record of consistent strong top and bottom-line growth as well as steadily increasing market share over the past 16 years is evidence of the power of our scalable platform.

我們的員工每天都在著手解決消費者問題並積極影響消費者生活時擁抱並實踐這些理念。在過去 16 年中，我們持續強勁的營收和利潤成長以及穩定成長的市場份額證明了我們可擴展平台的強大力量。

As I look ahead, I'm confident in our ability to deliver sustainable long-term growth and to mitigate risk through continued diversification across product categories, geographies, distribution channels and sourcing partners.

展望未來，我對我們透過產品類別、地理、分銷管道和採購合作夥伴的持續多元化實現可持續長期成長並降低風險的能力充滿信心。

This concludes our prepared remarks, and I'll 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) Randy Konik, Jefferies

（操作說明）Randy Konik，Jefferies

Hey, good morning, everybody, and thanks for inventing the double-stack air fryer. I ordered it the other day. So I really appreciate it.

嘿，大家早安，感謝您發明雙層氣炸鍋。前幾天我訂購了它。所以我真的很感激。

I guess my first question, we probably have a lot of new people that are getting up to speed on the story. So Mark, what might be helpful is to give us your perspective on additional areas of category expansion you think about going forward.

我想我的第一個問題是，我們可能有很多新人正在了解這個故事。馬克，向我們提供您對未來考慮的品類擴展其他領域的看法可能會有所幫助。

Obviously, you guys own the kitchen, you own the cleaning of the house, you've entered the bathroom. So maybe give us your added thoughts on with the success you're seeing, let's say, FlexStyle, for example, in the beauty category. Just give us your thoughts on where you see incremental opportunity for growth on the product category front. Thanks.

顯然，你們擁有廚房，你們擁有打掃房子的權利，你們已經進入了浴室。因此，也許可以向我們提供您對您所看到的成功的補充想法，例如 FlexStyle 在美容領域的成功。請告訴我們您在產品類別方面看到哪些增量成長機會的想法。謝謝。

Yes. Thanks, Randy. So look, I'll start off by saying that in the quarter, we're really excited about the two new category launches that we've gone into. The Ninja FrostVault is our first launch in the cooler category. That product launched just a couple of weeks ago and has actually been a complete sellout. We're out of inventory completely right now on that product.

是的。謝謝，蘭迪。所以，首先我要說的是，在本季度，我們對我們推出的兩個新類別感到非常興奮。Ninja FrostVault 是我們在冷卻器類別中的首款產品。該產品幾週前剛推出，實際上已經全部售空。我們現在該產品的庫存已經完全耗盡。

So we'll talk a little bit more about outdoor. And then secondly was the Shark FlexBreeze fan, which has been a really nice success for us in just a short few weeks and especially as the weather is warming up in most of the country right now. I think the linkage between the two of those, Randy, is we think there's a tremendous opportunity and a lot of white space for us outside the home.

所以我們將更多地談論戶外。其次是 Shark FlexBreeze 風扇，它在短短幾週內為我們帶來了巨大的成功，尤其是在目前全國大部分地區天氣變暖的情況下。蘭迪，我認為兩者之間的聯繫是我們認為在家庭之外有巨大的機會和大量的空白空間。

I think if you thought about SharkNinja a year or two years ago, he would think about us, as you said, in the kitchen, in the home, cleaning, home environment. I think with our expansion into outdoor cooking, our grill business, our oven business is strong.

我想如果你在一兩年前想到 SharkNinja，他也會想到我們，就像你說的，在廚房裡，在家裡，在清潔，在家庭環境中。我認為，隨著我們擴展到戶外烹飪、燒烤業務、烤箱業務，我們的業務將會很強勁。

The expansion into the indoor-outdoor cooling system with FlexBreeze, our coolers. We're gaining a lot of consumer insights and knowledge about the consumer outside the home and what they're looking for, both as it relates to -- on their patios but also as there -- in RVs or campers or boats or tailgates or places like that. So I think you should expect kind of more innovation coming from us in the outdoor segment.

透過我們的冷卻器 FlexBreeze 擴展到室內外冷卻系統。我們正在獲得大量關於消費者在戶外以及他們正在尋找什麼的消費者洞察和知識，無論是在他們的露台上，還是在房車或露營車或船或後擋板或那裡。因此，我認為您應該期待我們在戶外領域帶來更多創新。

I think secondly, as you mentioned, in beauty, I've said that we expect to expand outside of beauty, outside of just hair care. And I think there's a lot of other categories within beauty for us to be able to expand into. We're expanding our distribution in Sephora. We're expanding our distribution in Ulta.

其次，正如您所提到的，在美容領域，我說我們希望在美容、護髮之外拓展業務。我認為美容領域還有很多其他類別可供我們擴展。我們正在擴大絲芙蘭的分銷範圍。我們正在擴大在 Ulta 的分銷範圍。

I think we've created kind of real beauty credibility over the last two years with what we've done in the hair space. And I'm excited about additional categories within beauty that we'll be expanding into shortly.

我認為過去兩年我們在美髮領域所做的努力已經創造了某種真正的美容可信度。我對美容領域的其他類別感到很興奮，我們很快就會擴展到這些類別。

And then lastly, I would just say that we publicly stated that we believe that the Shark brand and the Ninja brand will each launch into at least one new product category a year as we move forward. And I think you'll see more than that as we continue the rollout in '24 of 25 new products that will ultimately come to market.

最後，我想說的是，我們公開表示，我們相信，隨著我們的前進，Shark 品牌和 Ninja 品牌將每年推出至少一個新產品類別。我認為，隨著我們在 2024 年繼續推出最終將推向市場的 25 種新產品，您會看到的不僅僅是這些。

Super helpful. Last question would be, you gave us a good perspective on the success, let's say, around Europe, in particular, the UK. You talked about some other countries of opportunity. Maybe just give us your perspective on the capabilities you're building, infrastructure to kind of support that growth.

超有幫助。最後一個問題是，您為我們提供了關於歐洲（尤其是英國）成功的良好視角。您談到了其他一些有機會的國家。也許只需向我們提供您對您正在建立的功能以及支援這種增長的基礎設施的看法。

I don't know, sales teams and whatnot being put in over there to build relationships, further relationships with the different retailers in different countries. Just give us the lay of the land on how you're building up your capabilities to execute and scale across the different international markets. Thanks.

我不知道，銷售團隊之類的東西被派在那裡建立關係，進一步與不同國家的不同零售商建立關係。只需向我們介紹您如何增強在不同國際市場的執行和擴展能力。謝謝。

Yeah. So Randy, I actually just came back two weeks ago, I spent a week in London, Frankfurt, and Paris. And I think first and foremost, it's about building up the team. Right now, I mean, although we have grown the team tremendously with offices in the UK, in Frankfurt, and in Paris, sitting here today, we have a significant amount of open positions to build the capabilities not just in sales and marketing, but operations and finance and IT and so on and so forth.

是的。蘭迪，實際上我兩週前才回來，我在倫敦、法蘭克福和巴黎待了一週。我認為首先也是最重要的是建立團隊。我的意思是，現在，儘管我們在英國、法蘭克福和巴黎設有辦事處，團隊規模得到了極大的發展，但今天坐在這裡，我們有大量的空缺職位來培養不僅在銷售和營銷方面的能力，而且營運、財務、IT 等等。

We've also expanded quite a bit of our in-store demonstrator group in many of the retailers in Europe. That gives us an opportunity to be able to have demonstrators in store. And so we've expanded that considerably in both Germany as well as in the UK and are starting it now in France.

我們還在歐洲許多零售商中擴大了相當多的店內展示小組。這給了我們一個機會讓示威者準備好。因此，我們在德國和英國都大幅擴展了這項業務，現在正在法國啟動。

I think that what you'll see is continued G&A investment, although we have leverage -- we expect to leverage G&A on a full-year basis, I think in the first half of this year, you're going to see some G&A investment that is going to be directly attributable to EMEA expansion, Latin America expansion and building the team in those markets.

我認為你會看到持續的 G&A 投資，儘管我們有槓桿——我們預計全年都會利用 G&A 投資，我認為在今年上半年，你會看到一些 G&A 投資這將直接歸因於歐洲、中東和非洲地區的擴張、拉丁美洲的擴張以及在這些市場的團隊建立。

I also met with some retailers while I was over there. And those retailers are very, very excited about the innovation that we're bringing, the marketing and advertising that we're investing in those markets. The social media excitement. -- products like our Ninja CREAMi, just last week, our Ninja CREAMi in one key European market did over $1 million just in the week.

我在那裡時還會見了一些零售商。這些零售商對我們帶來的創新、我們在這些市場投資的行銷和廣告感到非常非常興奮。社群媒體興奮不已。 -- 像我們的 Ninja CREAMi 這樣的產品，就在上週，我們的 Ninja CREAMi 在歐洲一個主要市場的銷售額在一周內就超過了 100 萬美元。

So I think they're starting to really see what a lot of the North American and the UK retailers have seen over the last number of years. But if you take SharkNinja's combination of consumer-driven product innovation connected with a strong investment in creating consumer demand and you tie that together with a dominant omnichannel strategy, both brick-and-mortar, online, and direct-to-consumer, that that playbook is very powerful in these European markets as well as these Latin American markets.

因此，我認為他們開始真正看到許多北美和英國零售商在過去幾年中所看到的情況。但如果你將 SharkNinja 的消費者驅動型產品創新與創造消費者需求的大力投資相結合，並將其與主導的全通路策略（包括實體、線上和直接面向消費者）結合起來，那麼劇本在這些歐洲市場以及拉丁美洲市場非常強大。

Very helpful. Thanks. Thanks much.

很有幫助。謝謝。非常感謝。

(Operator Instructions) Andrea Teixeira, JPMorgan.

（操作員指示）Andrea Teixeira，摩根大通。

Congrats on your results overall. Mark, you mentioned the continued momentum in the second quarter. Can you comment on consumption against shipments on your three divisions? And you also included inventory replenishment for a very low base last year that you called out. So how much you would think it helped your 28% sales growth in the quarter?

恭喜您的整體成績。馬克，您提到了第二季度的持續勢頭。您能否評論一下您的三個部門的出貨量消耗情況？您也提到了去年基數非常低的庫存補貨。那麼您認為這對您本季 28% 的銷售成長有多大幫助呢？

And conversely, as you pointed out, some of your new products are sold out, but wondering how investors should think about inventory levels at the trade and the phasing of your guidance even as you raise your guidance substantially. Just wondering how we go from 28% to finish in the high single digit and low double. Thank you.

相反，正如您所指出的，您的一些新產品已售罄，但想知道即使您大幅提高了指導意見，投資者也應如何考慮交易中的庫存水平以及指導意見的分階段。只是想知道我們是如何從 28% 達到高個位數和低雙位數的。謝謝。

Yeah, Andrea. So I guess I'll start with, as you said, we ended 2023 with lower weeks of supply at our retailers as a result of strong sell-through in the holiday season. Our POS out the door was very strong in the first quarter.

是的，安德里亞。因此，正如您所說，我想首先，由於假期季節的強勁銷售，我們的零售商在 2023 年末的供應週數有所減少。第一季我們的 POS 表現非常強勁。

I mean we've been chasing shipments in -- throughout Europe and our international business. I mean our POS and our shipments. Our POS is actually lagging. It's actually a little bit faster pace than our shipments. And so we're trying to keep up with inventory levels to service the international markets.

我的意思是，我們一直在整個歐洲和我們的國際業務中追逐出貨量。我指的是我們的 POS 和我們的出貨。我們的POS實際上是滯後的。它實際上比我們的發貨速度快一點。因此，我們正在努力跟上庫存水平，以服務國際市場。

Our POS in North America was a little bit less than our shipments number, and that's mainly as a result of we entered the first quarter very depleted in inventory. And so although you would -- historically, we've been talking about this idea of destocking and restocking, and I wouldn't say that we actually restocked with inventory in the US retailers.

我們在北美的 POS 數量略少於我們的發貨數量，這主要是因為我們進入第一季時庫存非常耗盡。因此，儘管從歷史上看，我們一直在談論去庫存和補貨的想法，但我不會說我們實際上在美國零售商中補充了庫存。

We actually are down at the end of the first quarter in weeks of supply year on year. So we replenished some inventory in Q1. We had very strong sell-through. We're chasing inventory on certain products that, as I mentioned, that were sold out in beyond just our coolers.

事實上，我們在第一季末的供應週數較去年同期有所下降。所以我們在第一季補充了一些庫存。我們的銷售量非常強勁。正如我所提到的，我們正在追尋某些產品的庫存，這些產品除了我們的冷卻器之外都已售空。

Now as it relates to second-quarter demand and demand in the second half of the year, we didn't touch our guidance significantly for the second half of the year. We'll update our guidance in the second quarter as it relates to the second half of the year. We're taking a conservative position. We're coming into an environment of the consumer continuing, we think, to be challenged. We're coming into a presidential election year.

現在，由於它與第二季的需求和下半年的需求有關，因此我們沒有大幅調整下半年的指導。我們將在第二季更新與下半年相關的指引。我們採取保守立場。我們認為，我們正在進入一個消費者持續面臨挑戰的環境。我們即將進入總統選舉年。

But we think that our combination of, again, performance, quality and value is a strong recipe playbook for what the consumer is looking for today. And I think that we expect our new products and our new innovation that's going to be coming out through the year to continue to excite consumers.

但我們認為，我們的性能、品質和價值的結合是當今消費者所尋求的強大配方手冊。我認為我們預計今年推出的新產品和新創新將繼續讓消費者感到興奮。

That's great to hear you're raising as you're seeing demand and not with the hopes of the new products. So you raised based on the success you've had and how much replenishment and how much fulfillment you can get through? Is that the way we should be thinking?

很高興聽到您因為看到需求而不是對新產品的希望而籌集資金。那麼你籌集的資金是基於你所取得的成功以及你能獲得多少補充和多少滿足感？我們該這樣思考嗎？

It is. And look, I think that, again, as the quarter goes on and as we close out the second quarter and as we get kind of more and more visibility to kind of retailer sentiment and just market sentiment in the second half of the year, we'll update that guidance at the end of the second quarter.

這是。我認為，隨著本季度的繼續，隨著我們第二季度的結束，隨著我們對下半年零售商情緒和市場情緒的了解越來越多，我們我們將在第二季度末更新該指導意見。

That's great to hear. Congrats again. I'll pass it on.

聽到這個消息我很高興。再次恭喜。我會把它傳遞下去。

Thank you.

謝謝。

Brooke Roach, Goldman Sachs.

布魯克·羅奇，高盛。

Good morning, and thank you for taking our question. I was hoping you could provide an update on your outlook for industry level growth in the North America market for each of the core categories where you play. What are you seeing in the competitive and promotional environment broadly? And how are your retail partner conversations indicating for trends for the remainder of the year? Thank you.

早安，感謝您提出我們的問題。我希望您能提供有關您所從事的每個核心類別的北美市場行業水平成長前景的最新資訊。您對廣泛的競爭和促銷環境有何看法？您的零售合作夥伴對話如何預示今年剩餘時間的趨勢？謝謝。

Yeah. Brooke, so look, listen, I think you're seeing a lot of the industry trends and market trends as well. I mean I think the market is tough. I think the market is down low single digits. I think the low end of the market is quite promotional.

是的。布魯克，看，聽，我想你也看到了很多產業趨勢和市場趨勢。我的意思是我認為市場很艱難。我認為市場下跌幅度較低。我認為低端市場是相當促銷的。

I think that when you look at our gross margins, when you look at our sell-through that we've had, that's not a market -- those are not areas of the market that we're participating in. I mean we've invested very heavily in sales and marketing. We think that's the better way for us to drive demand than bigger promo pricing. I mean, there's obviously certain cases, of course, that we go on promo and there are certain periods of the year, for example, right now before Mother's Day.

我認為，當你看看我們的毛利率，當你看看我們的銷售情況時，你會發現那不是一個市場——那些不是我們參與的市場領域。我的意思是我們在銷售和行銷方面投入了大量資金。我們認為，與更大的促銷價格相比，這是我們推動需求的更好方式。我的意思是，當然，在某些情況下，我們會進行促銷，並且一年中的某些時期，例如現在母親節之前。

But I think that what SharkNinja is experiencing is definitely bucking the trend of the industry. Our outlook is that we think the industry will get back to flat in the second half of the year after a down year in 2022 and 2023. But our forecast and expectation don't have the industry growing in the second half of the year, but roughly have the industry at about flat in the second half of the year.

但我認為SharkNinja正在經歷的絕對是逆行業潮流而行。我們的前景是，在經歷了 2022 年和 2023 年的下滑之後，該行業將在下半年恢復穩定。但我們的預測和預期並不是下半年產業成長，而是大致認為下半年產業基本持平。

I'll just point out in the conversations, as you say, to retailers. I think if you walk to retail stores and you saw the placement that SharkNinja has, I think retailers are betting on us. I think they're supporting us with incremental SKU placements and stack-outs and additional locations. I think they're counting on us for the innovation that we're bringing to market and the demand that we're creating.

正如你所說，我只是在對話中向零售商指出。我想，如果你走進零售商店，看到 SharkNinja 的展示位置，我認為零售商正在押注我們。我認為他們正在透過增量 SKU 放置、堆疊和其他位置來支持我們。我認為他們指望我們為市場帶來創新並創造需求。

So I think that those conversations that they're having with us might be slightly different than maybe what they're having with others in the industry.

因此，我認為他們與我們進行的對話可能與他們與業內其他人進行的對話略有不同。

Great. Thank you. And then just a follow-up, as you think about outperforming your initial guide, how do you think about flow-through of that outperformance to the bottom line in driving better margin expansion versus reinvesting that for additional pull forward of growth?

偉大的。謝謝。然後是一個後續行動，當您考慮超越最初的指導時，您如何看待將這種優異表現轉化為底線以推動更好的利潤擴張，而不是將其再投資以進一步拉動增長？

So I think, Brooke, we're focused on driving profitable sales. So let's start off with that. I mean our gross margin improved in the quarter. Our gross margin rate improved in the quarter. But as it relates to flowing that all the way through, I mean, I think we've talked a lot about the fact that there's a lot of organic growth areas of the business for us to invest in.

所以我認為，布魯克，我們的重點是推動可獲利的銷售。那麼就讓我們從這個開始吧。我的意思是我們的毛利率在本季有所改善。我們的毛利率在本季有所改善。但由於它涉及整個流程，我的意思是，我認為我們已經討論了很多這樣的事實，即我們可以投資業務的許多有機成長領域。

Europe, we're having a lot of great success in Europe. And we expect to continue to put our foot on the gas when it comes to advertising investment. We're entering into new categories. These new categories require advertising.

歐洲，我們在歐洲取得了許多巨大的成功。我們預計在廣告投資方面將持續加強。我們正在進入新的類別。這些新類別需要廣告。

I think the way you should think about operating expense on a full-year basis is a little bit of leverage on the R&D side, a little bit of leverage on the G&A side as we get into the second half of the year. But I think you should expect sales and marketing to continue to deleverage and be quite strong.

我認為你應該考慮全年營運費用的方式是在研發方面發揮一點槓桿作用，在進入下半年時在一般管理費用方面發揮一點槓桿作用。但我認為你應該預期銷售和行銷將繼續去槓桿化並且相當強勁。

We just think that there are lots of areas for us to invest lots of new markets, lots of new geographies. And we think it's prudent at this point for us to continue to keep investing in those.

我們只是認為我們有很多領域可以投資，很多新市場，很多新地區。我們認為目前繼續對這些領域進行投資是明智的。

Great. Thanks so much. I'll pass it on.

偉大的。非常感謝。我會把它傳遞下去。

Steven Forbes, Guggenheim.

史蒂文福布斯，古根漢。

Good morning, Mark, Patraic, Larry. Congrats on a great quarter. Mark, I was hoping maybe to follow up on some previous questions, right? We look at the first-quarter net sales performance in the US segment at 22%. I mean that's significantly outperformed sort of where we were, and I think where the baseline expectation is for that segment on a go-forward basis.

早安，馬克、帕特雷克、拉里。恭喜您度過了一個出色的季度。馬克，我希望能夠跟進之前的一些問題，對吧？我們預計美國市場第一季的淨銷售業績為 22%。我的意思是，這明顯優於我們的表現，而且我認為該細分市場未來的基準預期是在哪裡。

So is there any way to unpack the various contributing factors to the quarter, whether it be the 2023, 2024 products, whether it be replenishing inventory? Or you think about points of distribution, like any way to contextualize the contributions to growth?

那麼有沒有辦法解開本季的各種影響因素，是否為2023年、2024年的產品，是否為補充庫存？或者您考慮分配點，例如將其對成長的貢獻置於背景中的任何方式？

Yes, absolutely. I mean, well, look, I would say, first and foremost, I think we generated kind of strong base business. I mean I think our core base business was healthy in the quarter. I mean our core vacuum business, our core blender business, our core cooking business in North America.

是的，一點沒錯。我的意思是，好吧，我想說，首先也是最重要的是，我認為我們創造了某種強大的基礎業務。我的意思是，我認為我們的核心基礎業務在本季表現良好。我指的是我們在北美的核心真空業務、我們的核心攪拌機業務、我們的核心烹飪業務。

And so you're coming -- I mean if you think about last year at this time, that market was declining high single digits, even low double digits, market came down to kind of declining low single digits. So we've got a firmed-up core base of our business.

所以你來了——我的意思是，如果你想想去年的這個時候，那個市場正在以高個位數、甚至低兩位數的速度下降，市場下降到低個位數的下降。因此，我們的業務擁有堅實的核心基礎。

Then secondly, I would say you layer on top of that expansion of new categories and new products that we launched in both '22 and '23. I mean we had a very strong outdoor cooking season. Our beauty business continues to be quite strong.

其次，我想說的是，我們在 22 年和 23 年推出的新類別和新產品的擴展之上。我的意思是我們度過了一個非常旺盛的戶外烹飪季節。我們的美容業務仍然相當強勁。

The new products that we launched in 2023 are having a big impact in 2024. I mean I'll identify our cleaning business grew 6%. I mean we're seeing really nice growth out of this expansion into the carpet extractor business and the spot and stain cleaner business has been strong for us.

我們在 2023 年推出的新產品將在 2024 年產生巨大影響。我的意思是我們的清潔業務成長了 6%。我的意思是，我們看到地毯抽洗機業務的擴張確實取得了良好的成長，而污點和污漬清潔劑業務對我們來說也很強勁。

So I think number two is you're just seeing new product and new category growth coming from the compounding effect of '22 and '23 that's having a positive impact on '24. I think three, you have to look at expansion of retailers. I mean, last year at this time in Q1, we weren't in Sephora, we weren't in Ulta. We weren't in Bass Pro Shop. We have in the quarter launched into DICK's Sporting Goods online. So we're in more retail doors as well.

所以我認為第二點是你剛剛看到新產品和新類別的成長來自 22 和 23 的複合效應，這對 24 產生了正面的影響。我認為第三，你必須考慮零售商的擴張。我的意思是，去年第一季的這個時候，我們不在絲芙蘭，也不在 Ulta。我們不在 Bass Pro Shop。我們在本季推出了迪克體育用品線上服務。因此，我們也涉足更多零售領域。

And then lastly is the replenishment from a strong Q4 numbers that we talked about. So I think when you kind of combine all four of those things, it really propelled us into nice growth in the first quarter in North America.

最後是我們談到的強勁的第四季數據帶來的補充。所以我認為，當你將所有這四件事結合起來時，它確實推動了我們在北美第一季的良好成長。

Thank you. I'll pass along.

謝謝。我就過去吧

Phillip Blee, William Blair.

菲利普·布萊爾，威廉·布萊爾。

Good morning, Patrick. Welcome. Thanks for taking my question. There's obviously a pretty long runway to continue to expand here internationally. Can you provide some color on where you are at in terms of the number of product categories offered in some of these more nascent markets versus what's available domestically? And then what your plans are for expansion this year and what kind of lift we can expect that to provide? Thanks.

早上好，派崔克。歡迎。感謝您提出我的問題。顯然，這裡還有很長的路要繼續向國際擴張。您能否提供一些信息，說明您在這些新興市場提供的產品類別數量與國內市場的產品類別數量方面的情況？那麼你們今年的擴張計畫是什麼？謝謝。

Sure. Well, look, Phil, I would say, first and foremost, we were comping a massive Q1 2023 in the UK. And so we're excited to see that our UK business continues to grow, which is our largest market outside of North America.

當然。好吧，菲爾，我想說，首先也是最重要的是，我們正在英國進行 2023 年第一季的大規模比較。因此，我們很高興看到我們的英國業務持續成長，這是我們在北美以外最大的市場。

The business in the UK is getting more diversified across more product categories. We're generating real scale in new categories that we've expanded into. We're the number one electric grill in the UK. Our CREAMi business is starting to grow really nicely. Our spot and stain cleaner, our hard floor cleaner business is growing in the UK.

英國的業務在更多產品類別上變得更加多元化。我們正在擴展的新類別中產生真正的規模。我們是英國排名第一的電燒烤爐。我們的 CREAMi 業務開始快速成長。我們的污漬清潔劑和硬地板清潔劑業務在英國不斷成長。

So when you look at the UK, first and foremost, we're in about 20 of our 33 categories today that are in the UK. And that business is becoming, we think, more healthier, more diversified. In Germany and France, we experienced triple-digit growth in the quarter. We expect similar triple-digit type growth in the second quarter in Germany and France.

因此，當你觀察英國時，首先也是最重要的是，我們今天的 33 個類別中約有 20 個屬於英國。我們認為，該業務正在變得更加健康、更加多元化。在德國和法國，本季我們實現了三位數的成長。我們預計德國和法國第二季將出現類似的三位數成長。

And those markets, for the most part, are really selling about 10 product categories. So we've got a long runway of new products to be able to expand into Germany and France. And we're seeing great support from the Euronics and the MediaMarkts and the Fnac Dartys and the [Boulangers] in Germany and France. So we're getting really strong retailer support.

這些市場大部分實際上銷售約 10 個產品類別。因此，我們有很長一段新產品可以擴展到德國和法國。我們看到了 Euronics、MediaMarkts、Fnac Dartys 以及德國和法國的 [Boulangers] 的大力支持。所以我們得到了非常強大的零售商支持。

You look at a market like Latin America, I mean, our beauty business is extremely strong in Latin America. And we're expanding more and more our Ninja brand into that market. In the second half of the year, you'll see a much bigger launch into the Middle East. That will start contributing to our growth as we get into the third and fourth quarter.

你看看拉丁美洲這樣的市場，我的意思是，我們的美容業務在拉丁美洲非常強大。我們正在將我們的 Ninja 品牌越來越多地擴展到該市場。今年下半年，您將看到更大規模的產品進入中東。當我們進入第三季和第四季時，這將開始為我們的成長做出貢獻。

So I would say, at the most mature area being UK, we're still seeing opportunities for category expansion. And then you look at some of these other less mature markets, there's a multiyear runway of products for us to be able to continue to expand in those markets.

所以我想說，在最成熟的地區英國，我們還是看到品類擴張的機會。然後你看看其他一些不太成熟的市場，我們有一個多年的產品跑道，可以繼續在這些市場上擴張。

Okay, great. Very helpful. And then just a quick one, you spoke about the opportunity for recurring revenue with CO2 cans and flavored pods for Thirsti. Can you talk about where you are now in terms of adoption there? And then what are the opportunities to kind of expand some of these ancillary recurring purchases and existing or maybe planned new categories? Thanks a lot.

好的，太好了。很有幫助。然後簡單介紹一下，您談到了透過二氧化碳罐和 Thirsti 調味豆莢獲得經常性收入的機會。您能談談您現在在收養方面的進展嗎？那麼，有哪些機會可以擴大這些輔助性經常性購買以及現有或可能計劃的新類別？多謝。

Yeah. So Philip, I think the consumable conversation is much broader than just Thirsti. I mean we're getting a very, very high attach rate in our carpet cleaners and staying cleaners with our proprietary chemicals that go into those products. Our hard floor cleaners, like the hydrovac are getting high attach rates with chemicals on those products.

是的。所以，菲利普，我認為消費品的話題比 Thirsti 的話題要廣泛得多。我的意思是，我們的地毯清潔劑具有非常非常高的附著率，並且使用這些產品中使用的專有化學品保持清潔。我們的硬地板清潔劑（例如 Hydrovac）在這些產品上的化學物質附著率很高。

So our accessories business in outdoor cooking, in our pellet business is quite strong in those categories of consumers coming back and buying a cover or a griddle or some other accessory for our outdoor cooking business. So there's lots of aspects of our business that are becoming more either aftermarket accessory driven or more consumable driven.

因此，我們在戶外烹飪方面的配件業務，在我們的顆粒業務中，對於那些回來為我們的戶外烹飪業務購買蓋子、煎鍋或其他配件的消費者來說，是相當強大的。因此，我們業務的許多方面都變得更加由售後配件驅動或更多由消耗品驅動。

I think the most exciting one clearly is Thirsti, and we're learning a tremendous amount about Thirsti. I mean we've had a nice installed base as we get into Q1. We're starting to see replenishment on which flavors are resonating, which drink types are resonating, which are not resonating and how do we start to need to retool kind of the flavor development.

我認為最令人興奮的顯然是 Thirsti，我們正在了解大量有關 Thirsti 的知識。我的意思是，當我們進入第一季時，我們已經擁有了良好的安裝基礎。我們開始看到哪些口味會引起共鳴，哪些飲料類型會引起共鳴，哪些類型不會引起共鳴，以及我們如何開始需要重新調整口味開發的類型。

We brought on a number of outside consultants that come from the ready-to-drink beverage space that are working with us on drink development and recipe development. We're going to launch our Thirsti product into the UK late in the second half of the year. We're working on drink development for that market.

我們聘請了許多來自即飲飲料領域的外部顧問，他們正在與我們合作進行飲料開發和配方開發。我們將於今年下半年在英國推出 Thirsti 產品。我們正在致力於為該市場開發飲料。

CO2 is kind of another area of replenishment. So look, I would say that we're learning a lot. We're tweaking as we go to try to figure out how to get the formula right and try to really figure out how do we give consumers what they want and what they're looking for. And I think as we go quarter-over-quarter, we're going to continue to get much, much smarter about how we're approaching that Thirsti business and how do we take those learnings and apply it to other potential consumable categories that we have in the pipeline.

二氧化碳是另一個補充領域。所以看，我想說我們學到了很多。我們正在不斷調整，試圖弄清楚如何獲得正確的配方，並真正弄清楚如何為消費者提供他們想要的東西和他們正在尋找的東西。我認為，隨著每個季度的進展，我們將繼續更明智地了解如何開展 Thirsti 業務，以及如何利用這些經驗教訓並將其應用到我們認為的其他潛在消費品類別中。

Great. Thanks again, and congrats on a good quarter.

偉大的。再次感謝，並恭喜季度業績良好。

Brian McNamara, Canaccord Genuity.

麥克納馬拉 (Brian McNamara)，Canaccord Genuity。

Good morning, guys. Thanks for taking the question, and congrats on the very good results. Mark, I think you could -- consumer companies that are looking to go public take the SharkNinja playbook given your guys' success in arguably a very tough category. The company has obviously been very successful since you debuted last July. I'm curious what was your philosophy in terms of expectations management when you went public? And has anything changed now with a permanent CFO and Patraic in place? Thanks.

早上好傢伙。感謝您提出問題，並祝賀取得了非常好的結果。馬克，我認為你可以——考慮到你們在一個非常艱難的領域取得的成功，那些希望上市的消費公司可以採用 SharkNinja 的策略。自從你去年七月首次亮相以來，該公司顯然非常成功。我很好奇您上市時的預期管理理念是什麼？隨著永久財務長和帕特雷克的就位，現在有什麼變化嗎？謝謝。

Yeah. Look, Brian, I mean we're just playing the playbook we've done for the last 16 years. I mean this company has had different chapters. I mean, it had a long chapter of Mark and I owning the business, a chapter of us with investors, a chapter of us in Hong Kong and going public last July, which is kind of the next chapter of the business.

是的。聽著，布萊恩，我的意思是我們只是在重複過去 16 年以來的做法。我的意思是這家公司有不同的章節。我的意思是，它有一個很長的章節，是馬克和我擁有這家公司的章節，是我們與投資者的章節，是我們在香港的章節，還有去年七月上市的章節，這可以說是該公司的下一個章節。

I mean the underlying kind of operating of the business, those are the same mission, same pillars that we worked on for the last 16 years. I mean the business is about positively impacting people's lives every day and every home around the world. We do that through taking these proprietary insights that we have and turning them into disruptive innovation that solves consumer problems.

我指的是企業的基本運作方式，這些是我們過去 16 年致力於的相同使命、相同支柱。我的意思是，這項業務旨在對人們的日常生活和世界各地的每個家庭產生積極影響。我們透過利用我們擁有的這些專有見解並將其轉化為解決消費者問題的顛覆性創新來做到這一點。

We've continued to keep working on driving efficiency in our global supply chain. We think that our ability to story tell and to get the consumer to really understand the problems that we're solving and create consumer demand through social media and TV and experiential events, we're really connecting and engaging with our consumers. And we think that we've created a really dominant omnichannel strategy of brick-and-mortar and dot-com and direct-to-consumer to enable the consumer to buy our products whenever or wherever they want.

我們持續致力於提高全球供應鏈的效率。我們認為，我們有能力講故事，讓消費者真正理解我們正在解決的問題，並透過社群媒體、電視和體驗活動創造消費者需求，我們真正與消費者建立了聯繫和互動。我們認為，我們已經創建了一個真正占主導地位的實體、網路和直接面向消費者的全通路策略，使消費者能夠隨時隨地購買我們的產品。

And so I mean, all of that is the same. And I think if we just keep playing that same playbook and we keep getting better and better at it as a leadership team and as a company overall, hopefully, the consumer responds by buying more products from us and buying across brands and buying across categories and expanding it into more markets. And we'll kind of let the market decide how that all rolls up from a stock performance perspective.

所以我的意思是，所有這些都是一樣的。我認為，如果我們繼續玩同樣的劇本，並且作為領導團隊和整個公司，我們在這方面做得越來越好，希望消費者能夠透過向我們購買更多產品、跨品牌購買、跨類別購買來做出回應。我們會讓市場從股票表現的角度來決定這一切如何發展。

Thanks very much. I'll leave it there. Best of luck.

非常感謝。我會把它留在那裡。祝你好運。

Rennie Pan, UBS.

雷尼潘，瑞銀。

Hi, and congrats on the strong result. This is Rennie from UBS. My question is on your cleaning appliances segment. It has accelerated and has been positive in this quarter. And if we exclude the extractor and robotic categories generated positive growth. And since this is a core category, I would like to understand your views on the category outlook for full year '24.

你好，恭喜你取得了優異的成績。我是瑞銀集團的雷尼。我的問題是關於你們的清潔器具部分的。本季這一趨勢有所加速且積極。如果我們排除提取器和機器人類別，則會產生正增長。由於這是一個核心類別，我想了解您對 24 年全年類別前景的看法。

Yeah. So Rennie, if you strip out the impact of extractor and you look at our total global vacuum business, it was up a few percent. So we've seen positive growth in a market that is down. So we believe we've continued to take share in that category.

是的。所以雷尼，如果你剔除抽氣機的影響，看看我們的全球真空業務總量，你會發現它成長了幾個百分點。因此，我們在低迷的市場中看到了積極的成長。因此，我們相信我們將繼續在該類別中佔據份額。

I think as we look at the full-year outlook, I think we will continue to accelerate the cleaning category. We've got a lot of new products that are launching in cleaning over the course of the next couple of months. As we continue to keep penetrating more into certain global markets and getting more retailer placement in places like Germany and France and other European countries, I think that that will continue to help the cleaning category.

我認為，當我們展望全年前景時，我認為我們將繼續加速清潔類別的發展。我們將在接下來的幾個月內推出許多清潔領域的新產品。隨著我們繼續更多地滲透到某些全球市場，並在德國、法國和其他歐洲國家等地獲得更多零售商的安置，我認為這將繼續有助於清潔類別。

So overall, I'm bullish that we'll continue to see some acceleration as we go through the year in the overall cleaning category.

因此，總的來說，我看好我們在今年的整體清潔類別中將繼續看到一些加速。

Thank you. And also, I would like to understand your views on the gross margin. It's been very strong this quarter. Are you comfortable with that? And since there are some very promotional environment? And what's your view into the like second quarter or into the second half of this year? Thank you.

謝謝。另外，我想了解您對毛利率的看法。本季的表現非常強勁。你對此感到滿意嗎？還有既然有些非常促銷的環境呢？您對第二季或今年下半年有何看法？謝謝。

Yeah. Well, look, I mean we need to deliver -- let's go back to -- I mean, we need to deliver compelling, disruptive innovation with great quality, and we need to do it at an extraordinary value to the consumer. And so we always got to keep that quotient in mind as we're thinking about pricing and we're thinking about gross margin.

是的。好吧，聽著，我的意思是我們需要交付——讓我們回到——我的意思是，我們需要交付高品質的、引人注目的、顛覆性的創新，並且我們需要為消費者帶來非凡的價值。因此，當我們考慮定價和毛利率時，我們始終必須牢記這個商數。

And I think we're working hard to kind of find that right balance and make sure that consumers really feel that they're getting great value when they buy a Shark or Ninja product. As you said, I mean, the market is promotional, but I think when you look at a business that's investing over 6% of sales in R&D and over 9% of sales in marketing.

我認為我們正在努力找到適當的平衡，並確保消費者在購買 Shark 或 Ninja 產品時真正感受到他們獲得了巨大的價值。正如您所說，我的意思是，市場是促銷性的，但我認為當您看到一家將超過 6% 的銷售額投資於研發、超過 9% 的銷售額投資於行銷的企業時。

I think we're creating unique products and I think we're creating lots of great demand for those products. I mean, I think our cooler is a great example of that, the Ninja FrostVault. I mean I think we found a real consumer problem, and we developed a really disruptive product to solve that problem. I think the marketing and the social media that we put out there really connected and engaged and resonated with consumers as they started seeing it.

我認為我們正在創造獨特的產品，我認為我們正在為這些產品創造大量巨大的需求。我的意思是，我認為我們的冷卻器 Ninja FrostVault 就是一個很好的例子。我的意思是，我認為我們發現了一個真正的消費者問題，並且我們開發了一款真正顛覆性的產品來解決這個問題。我認為，當消費者開始看到它時，我們在那裡推出的行銷和社群媒體確實與消費者產生了聯繫、互動和共鳴。

I think that the business really drove through our direct-to-consumer channels and through some of our retail partners. And I think that when consumers got the product in home, they felt that it was really priced right and it was at a good value, maybe versus other premium competitive cooler companies in the market.

我認為這項業務確實是透過我們的直接面向消費者的管道和我們的一些零售合作夥伴推動的。我認為，當消費者在家中拿到產品時，他們會覺得它的價格確實合適，並且物有所值，也許與市場上其他優質競爭冷卻器公司相比。

So I think if we get all of those quotients right of innovation and compelling message and omnichannel, and we do it at the right price, I think we'll kind of find that right balance from a gross margin standpoint.

因此，我認為，如果我們獲得所有這些創新、引人注目的資訊和全通路的商數，並且我們以合適的價格做到這一點，我認為從毛利率的角度來看，我們會找到適當的平衡。

Thank you. That's very helpful.

謝謝。這非常有幫助。

Megan Alexander, Morgan Stanley.

梅根亞歷山大，摩根士丹利。

Hi, good morning. Thanks for squeezing me in. I wanted to just come back to the restocking conversation. I think it's a little bit confusing. And everyone is just trying to understand the dynamics, not just for your categories, but a lot of categories that saw this.

早安.謝謝你把我擠進去。我想回到補貨的話題上來。我認為這有點令人困惑。每個人都只是想了解動態，而不僅僅是您的類別，還有很多看到這一點的類別。

So maybe just a clarification and a question. So to clarify, it does seem like the fact you shipped ahead of POS in 1Q was really more a function of where you ended the year and seeing kind of replenishment carryover into 1Q from the holiday season as opposed to kind of lapping over an easy compare on the destocking last year.

所以也許只是一個澄清和一個問題。因此，需要澄清的是，您在第一季度提前於 POS 發貨的事實似乎更多是由於您年底的情況以及看到假期季節的補貨結轉到第一季度而不是簡單比較的結果關於去年的去庫存。

So I guess clarification would be is that fair? And then the question would just be, is the better way to think about it, perhaps where your weeks of supply at retail sit today versus maybe what is normal?

所以我想澄清一下這公平嗎？那麼問題就在於，更好的思考方式是，也許你今天的零售供應量與正常情況相比是多少？

Just trying to understand whether as we get to the back half and you're going to be lapping a pretty large gap in POS and shipments if the easy compare, if it is an easy compare or it's really more about kind of how your weeks of supply look and not so much a year-over-year conversation. Hopefully, that makes sense. Thank you.

只是想了解一下，當我們進入後半部分時，如果簡單比較的話，您是否會在 POS 和發貨方面出現相當大的差距，或者實際上更多的是關於您幾週的情況供應看起來而不是逐年對話。希望這是有道理的。謝謝。

Sure, Megan. So again, let's start by focusing on the fact that like this restocking, destocking situation is a US-only phenomenon and doesn't exist outside or hasn't existed outside of the US. To help make this more clear for you, at the end of Q1 2022, retailers had 11 weeks of supply. At the end of Q1 '23, they had nine weeks of supply. And at the end of Q1 '24, they have 8 weeks of supply.

當然，梅根。那麼，讓我們先專注於這樣一個事實：像這種補貨、去庫存的情況只是美國的現象，在美國以外不存在或從未存在過。為了幫助您更清楚地了解這一點，截至 2022 年第一季末，零售商的供應量為 11 週。23 年第一季末，他們有九週的供應。到 24 年第一季末，他們有 8 週的供應量。

So we are -- on your question on a week to supply basis, we're down three weeks of supply versus '22 and we're down 1 week of supply versus '23. As we said, we ended '23 with significantly lower weeks of supply and inventory levels than we did at the end of '22. And so you had some pipeline fill to replenish that back.

因此，關於您對一週供應量的問題，與 22 年相比，我們的供應量減少了三週，與 23 年相比，我們的供應量減少了 1 週。正如我們所說，我們 23 年底的供應週數和庫存水準顯著低於 22 年底。所以你有一些管道填充來補充它。

But even after replenishing that back, our POS in the US grew 14%, 15%. Our shipments in North America grew 22%. So there's a little kind of apples and oranges there because you've got to include Canada as well in that number. But in general, we're ending Q1 with 1 less week of supply versus last year at three weeks less of supply versus two years ago.

但即使在補充了這些資金後，我們在美國的 POS 成長了 14%、15%。我們在北美的出貨量成長了 22%。所以那裡有一些蘋果和橘子，因為你必須把加拿大也包括在這個數字中。但總的來說，我們在第一季末的供應量比去年減少了一周，比兩年前減少了三週。

Again, we're going to continue to guide that shipments in POS will match each other as we go out through the remaining three quarters. And we'll just have to see whether retailers continue or are willing to increase their week of supply relative to what we saw prior year. I'm happy to have any follow-up on that.

同樣，我們將在剩下的三個季度中繼續指導 POS 中的發貨量相互匹配。我們只需要看看零售商是否繼續或願意增加一週的供應量（相對於去年）。我很高興對此有任何後續行動。

No. That makes a lot of sense. I think that's really helpful. So, thank you so much.

不。這很有意義。我認為這真的很有幫助。所以，非常感謝你。

Great.

偉大的。

That concludes our question-and-answer session. Mr. Mark Barrocas, I turn the call back over to you.

我們的問答環節到此結束。馬克·巴羅卡斯先生，我將電話轉回給您。

Great. Well, thank you all for joining us on our first-quarter call. We're excited by the strong start to 2024, and we appreciate your engagement and continued interest in the SharkNinja story. We look forward to speaking with you again next quarter. Thanks so much.

偉大的。好的，感謝大家參加我們的第一季電話會議。我們對 2024 年的強勁開局感到興奮，感謝您的參與以及對 SharkNinja 故事的持續關注。我們期待下個季度再次與您交談。非常感謝。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。