Sharkninja Inc (SN) 2024 Q3 法說會逐字稿

Good morning and thank you all for attending the SharkNinja's Third Quarter 2024 Earnings Conference Call. (Operator Instructions)

早安，感謝大家參加 SharkNinja 2024 年第三季財報電話會議。（操作員說明）

I would now like to pass the conference over to your host, Arvind Bhatia, Senior Vice President, Investor Relations. Thank you. You may proceed, Arvind.

現在我想將會議轉交給東道主投資者關係高級副總裁阿爾溫德·巴蒂亞 (Arvind Bhatia)。謝謝。你可以繼續了，阿爾溫德。

Good morning and welcome to the SharkNinja third-quarter 2024 earnings conference call. Our third 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 年第三季財報電話會議。我們的第三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 and 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和公司最近向美國證券交易委員會提交的文件，您將看到可能導致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。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 these measures provide investors with useful perspective on the underlying growth trends of the business. We have included a full reconciliation of non-GAAP financial measures to the most comparable GAAP measures in our earnings release. With me today are Chief Executive Officer, Mark Barrocas; and Chief Financial Officer Patraic Reagan.

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。我們相信這些措施為投資者提供了有關業務潛在成長趨勢的有用視角。我們在收益報告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財務指標的全面調節。今天與我在一起的有執行長馬克·巴羅卡斯 (Mark Ba​​rrocas)；和財務長帕特里克·雷根。

Mark will provide a business update. Patrick will review our Q3 financial results and discuss our 2024 outlook. Mark will share brief closing remarks, and we will then open the call for your questions. Now, I will turn the call over to Mark.

馬克將提供業務更新。Patrick 將回顧我們第三季的財務表現並討論我們 2024 年的前景。馬克將發表簡短的結束語，然後我們將開始電話詢問您的問題。現在，我將把電話轉給馬克。

Thank you, Arvind. Good morning, everyone and thank you for joining us today. Our third quarter results were very strong. Our global teams once again delivered incredible top and bottom line performance in the quarter. We drove adjusted net sales growth of 35%. Adjusted EBITDA grew 26% on top of 38% growth in Q3 last year, as we continued to reinvest in our growth initiatives.

謝謝你，阿爾溫德。大家早安，感謝您今天加入我們。我們第三季的業績非常強勁。我們的全球團隊在本季再次取得了令人難以置信的營收和利潤表現。我們推動調整後淨銷售額成長 35%。由於我們繼續對成長計畫進行再投資，調整後 EBITDA 在去年第三季成長 38% 的基礎上成長了 26%。

Gross margins remain very healthy. For the quarter, adjusted gross margins were up 160 basis points to 49.4%. This increase was despite the unfavorable impact of Section 301 tariffs, which went into effect in June. Our strategic initiatives around supplier diversification, competitive bidding, and value engineering are all continuing to pay off. We're on track to deliver nearly 200 basis points of adjusted gross margin improvement this year. This is on top of approximately 700 basis points improvement last year, an incredible 900 basis point increase over two years.

毛利率仍然非常健康。本季度，調整後毛利率上升 160 個基點，達到 49.4%。儘管受到 6 月生效的 301 條款關稅的不利影響，但仍實現了這一增長。我們圍繞供應商多元化、競爭性招標和價值工程的策略性措施正在持續取得成效。今年我們預計將調整後的毛利率提高近 200 個基點。這是在去年約 700 個基點的基礎上增加的，兩年內增加了 900 個基點，令人難以置信。

We're not only delivering strong organic growth but also highly profitable growth and we're delivering all of that at scale. At the same time, we are consciously reinvesting our strong performance and upside in our growth initiatives to drive long term shareholder value. These investments are strengthening our moat and accelerating our pursuit of a very large and growing addressable market. While I'm thrilled about our performance in Q3, I'm equally excited about how broad based our growth continues to be across our four key categories and across our global markets

我們不僅實現了強勁的有機成長，而且實現了高利潤成長，而且我們正在大規模實現所有這些成長。同時，我們有意識地將我們的強勁業績和優勢重新投資於我們的成長計劃，以推動長期股東價值。這些投資正在加強我們的護城河，並加速我們對龐大且不斷成長的潛在市場的追求。雖然我對第三季的表現感到興奮，但我同樣對我們的四個關鍵類別和全球市場的成長基礎有多廣泛感到興奮

In Q3, cleaning, cooking, food prep, and other, which includes beauty and home environment all delivered double digit growth in adjusted net sales. Our North American net sales grew 26% year over year. Our international business accelerated with adjusted net sales increasing 62%, on top of 80% growth last year, our toughest quarterly comparison of the year.

第三季度，清潔、烹飪、食品準備和其他（包括美容和家居環境）調整後淨銷售額均實現了兩位數成長。我們的北美淨銷售額年增 26%。我們的國際業務加速成長，調整後的淨銷售額在去年成長 80% 的基礎上成長了 62%，這是我們今年最艱難的季度比較。

Our teams continue to drive strong execution across our three-pillar growth strategy. This includes entering new and adjacent categories, increasing our share in existing categories, and international expansion. Our first growth pillar entering new and adjacent categories remains a key growth driver. We remain committed to entering at least two new sub categories annually. In 2024, we have exceeded that goal with entry into four new subcategories, including coolers, fans, frozen drink makers, and most recently skin care.

我們的團隊持續推動三大支柱成長策略的強力執行。這包括進入新的和相鄰的類別、增加我們在現有類別中的份額以及國際擴張。我們進入新的和相鄰類別的第一個成長支柱仍然是關鍵的成長動力。我們仍然致力於每年至少進入兩個新的子類別。到 2024 年，我們已經超越了這一目標，進入了四個新的子類別，包括冷卻器、風扇、冷凍飲料製造商和最近的皮膚護理產品。

Earlier this month, we announced that we will be entering the skin care market with the launch of the Shark CryoGlow in LED infrared and cryo beauty device that focuses not only on anti-aging and blemish reduction, but also instant under-eye de-puffing.

本月早些時候，我們宣布將進軍皮膚護理市場，推出採用 LED 紅外線和冷凍美容設備的 Shark CryoGlow，該設備不僅專注於抗衰老和減少瑕疵，還專注於即時消除眼部浮腫。

We've gained strong hair and garnered a lot of consumer excitement in the hair space. We felt that skin was the next problem for us to solve. With two daughters and a teenage son, I have watched as they look for new ways to help them deal with skin blemishes. As my wife and I look in the mirror each day and see the signs of aging, I recognize that there is an opportunity for one product to appeal to such a broad consumer base, solving so many different problems. Our expansion into skin care is the latest example of how we continue to deliver on our mission of positively impacting people's lives.

我們獲得了強壯的頭髮，並在頭髮領域贏得了消費者的廣泛關注。我們認為皮膚是我們要解決的下一個問題。我有兩個女兒和一個十幾歲的兒子，看著他們尋找新的方法來幫助他們處理皮膚瑕疵。當我和妻子每天照鏡子並看到衰老的跡象時，我意識到產品有機會吸引如此廣泛的消費者群，解決如此多的不同問題。我們向皮膚護理領域的擴張是我們如何繼續履行積極影響人們生活的使命的最新例子。

We identified a gap in the market for products that deliver both instant results, such as under-eye de-puffing and soothing and long-term skin care benefits like wrinkle and blemish reduction. Traditionally, skin care products are primarily focused only on aging women. Our consumer research identified skin care as a concern for a much broader audience, including men and women of a variety of age groups. Skin, much like here, is a source of confidence for everyone.

我們發現市面上有一個產品缺口，既能提供即時的效果（如去眼袋、舒緩肌膚），又能提供長期肌膚保養功效（如減少皺紋和瑕疵）。傳統上，保養品主要針對老年女性。我們的消費者研究發現，皮膚護理是更廣泛受眾關注的問題，包括各個年齡層的男性和女性。皮膚，就像這裡一樣，是每個人的自信來源。

CryoGlow is different than competing products in that it combines cutting edge LED and infrared technology with under-eye cryo cooling, which results in rejuvenated skin. Our engineering and product development teams partnered with global scientists, dermatologists and wellness experts to develop an at home solution at an accessible price point relative to competing products.

CryoGlow 與競爭產品的不同之處在於，它將尖端 LED 和紅外線技術與眼下冷凍冷卻相結合，從而使皮膚煥發活力。我們的工程和產品開發團隊與全球科學家、皮膚科醫生和健康專家合作，以相對於競爭產品更實惠的價格開發家庭解決方案。

Just like we disrupted the ice cream category with the Ninja CREAMi, we're disrupting the skin care category by offering a versatile product solution versus what's in the market today. We're launching the CryoGlow in the UK and Mexico in the coming weeks. Going forward, we see significant upside potential for us as we drive innovation and skin care and the broader beauty category.

就像我們用 Ninja CREAMi 顛覆了冰淇淋類別一樣，我們也透過提供不同於當今市場的多功能產品解決方案來顛覆護膚類別。我們將在未來幾週內在英國和墨西哥推出 CryoGlow。展望未來，隨著我們推動創新和皮膚護理以及更廣泛的美容類別，我們看到了巨大的上升潛力。

Ninja SLUSHi, our professional grade frozen drink maker continues to strike a chord with consumers. At peak, the waitlist to buy the product from our DTC channel exceeded 200,000 as the product story went viral. To date, SLUSHi has garnered over 200 million impressions on social media. We are now collaborating with some of the largest ready to drink beverage makers and culturally relevant brands to deliver five-star experiences and continuing to drive social engagement. But that's not all. These partnerships are opening opportunities for us to meet consumers in new channels and with new experiences, we see the possibility for grocery store placement and expansion to other channels.

Ninja SLUSHi，我們的專業級冷凍飲料製造商繼續引起消費者的共鳴。在高峰期，隨著產品故事的傳播，從我們的 DTC 管道購買該產品的等候名單超過 20 萬人。迄今為止，SLUSHi 在社群媒體上的曝光量已超過 2 億次。我們現在正在與一些最大的即飲飲料製造商和文化相關品牌合作，提供五星級體驗並繼續推動社會參與。但這還不是全部。這些合作夥伴關係為我們提供了在新管道和新體驗中與消費者見面的機會，我們看到了雜貨店佈局和擴展到其他管道的可能性。

Initial sales of Ninja SLUSHi have significantly surpassed our expectations. Our supply chain teams have been working around the clock to ensure availability across our DTC and retail channels for the holiday season. We're also looking forward to launching SLUSHi in our international markets in the first half of next year. We remain very excited about the long-term opportunity for SLUSHi. We are well on our way to becoming the global destination for frozen treats with Ninja CREAMi, the clear leader in the ice cream category and now, Ninja SLUSHi.

Ninja SLUSHi 的初期銷售量大大超出了我們的預期。我們的供應鏈團隊一直在全天候工作，以確保我們的 DTC 和零售通路在假期期間的可用性。我們也期待明年上半年在國際市場推出 SLUSHi。我們對 SLUSHi 的長期機會仍然感到非常興奮。我們正憑藉冰淇淋類別中明顯的領導者 Ninja CREAMi 以及現在的 Ninja SLUSHi 成為全球冷凍食品目的地。

Our Shark FlexBreeze has already made waves in the cooling category by providing incredible performance for indoor and outdoor use. FlexBreeze had an amazing first season this year establishing a strong beachhead for us. Last month, it was named the best Cordless fan by the New York Times Wirecutter. We have a very exciting line up in this category for 2025. We expect to launch several new skews to develop a substantial portfolio of products in the category and drive significant growth and additional market share games next year.

我們的 Shark FlexBreeze 透過為室內和室外使用提供令人難以置信的性能，已經在冷卻領域引起了轟動。FlexBreeze 今年的第一個賽季表現出色，為我們奠定了強大的灘頭陣地。上個月，它被《紐約時報》Wirecutter 評為最佳無線風扇。2025 年，我們在這一類別中推出了非常令人興奮的產品陣容。我們預計將推出幾款新產品，以開發該類別的大量產品組合，並推動明年遊戲的顯著成長和額外的市場份額。

This year, Ninja FrostVault technology and innovation disrupted the cooler category that has seen little demonstrable innovation in a long time. After a successful first year, we're super excited about what's in store for the Ninja FrostVault next year. We plan to continue to disrupt the category in 2025 with [skew] expansion, broader distribution including further penetration in the sporting goods channel and improve product availability during the key selling season.

今年，Ninja FrostVault 技術和創新顛覆了長期以來幾乎沒有明顯創新的冷卻器類別。在第一年取得成功之後，我們對明年 Ninja FrostVault 的發展感到非常興奮。我們計劃在 2025 年透過 [skew] 擴張、更廣泛的分銷（包括進一步滲透體育用品管道）以及在關鍵銷售季節提高產品可用性來繼續顛覆該類別。

Our 2023 new subcategory launches are also driving significant growth for us. They include everything from Deep Carpet Cleaning, [Shop-Vac], and outdoor Oven to in home beverage making. We're growing sales in these new subcategories as we annualize the launches, enter new markets and additional channels.

我們在 2023 年推出的新子類別也為我們帶來了顯著成長。它們包括從深層地毯清潔、[Shop-Vac]、戶外烤箱到家庭飲料製作的一切。隨著我們每年推出新產品、進入新市場和增加管道，這些新子類別的銷售額不斷成長。

In the Deep Carpet Cleaning segment, Shark's CarpetXpert is now America's number one upright deep carpet cleaner since the launch in 2023. We haven't rested on our laurels and just last month launched our next generation extractor and spot cleaning products with our patent pending HairPro technology. The goal is to keep building out these new categories to cater to different consumer needs and price points.

在深層地毯清潔領域，自 2023 年推出以來，Shark 的 CarpetXpert 現已成為美國排名第一的直立式深層地毯清潔機。我們並沒有滿足於現狀，就在上個月推出了採用我們正在申請專利的 HairPro 技術的下一代萃取器和污點清潔產品。我們的目標是不斷開發這些新類別，以滿足不同消費者的需求和價位。

Our second key growth pillar is gaining share in existing categories. Our strategy for expanding market share is fundamentally built on our proven track record of innovating and revitalizing within our established categories. This approach of relentlessly improving and reimagining our offerings serves as the cornerstone of our growth. I mentioned this last quarter, but I think it's important to highlight how our innovation is helping us regain strength in the cleaning category.

我們的第二個關鍵成長支柱是增加現有類別的份額。我們擴大市場份額的策略從根本上建立在我們在既定類別內創新和振興的良好記錄之上。這種不斷改進和重新構想我們產品的方法是我們成長的基石。我在上個季度提到這一點，但我認為重要的是要強調我們的創新如何幫助我們在清潔類別中恢復實力。

Adjusted net sales and cleaning grew 19% in the quarter. Our engineering and product development teams have worked relentlessly to bring newness to the category and reignite growth. Our recent innovation in the floor care category includes the launch of our Shark PowerDetect franchise, featuring our most advanced cleaning technology to date across robots, cordless, and corded vacuums. These products deliver unmatched cleaning performance and set a new industry standard in automation.

本季調整後的淨銷售額和清潔業務成長了 19%。我們的工程和產品開發團隊不懈努力，為該類別帶來新鮮感並重新激發成長。我們最近在地板護理類別中的創新包括推出 Shark PowerDetect 特許經營產品，該產品採用我們迄今為止最先進的清潔技術，涵蓋機器人、無線和有線吸塵器。這些產品提供無與倫比的清潔性能，並在自動化領域建立了新的行業標準。

In cordless, we continue to expand on the auto empty segment and drive growth in North America and EMEA. Consumer feedback on auto empty has been overwhelmingly positive. We're delivering a unique product that makes cleaning seamless and saves consumers from the dust cloud of traditional vacuum empty. Our PowerDetect NeverTouch robot is our disruptive entry into the rapidly growing multi-functional vacuum and mopping robot segment. This is our highest consumer rated robot launch that has received amazing press coverage and has been included on several tech publications Best of 2024 list.

在無線領域，我們持續擴大汽車空載領域，並推動北美和歐洲、中東和非洲地區的成長。消費者對汽車清空的回饋非常正面。我們正在提供一種獨特的產品，可實現無縫清潔，並使消費者免受傳統吸塵器的灰塵雲的影響。我們的 PowerDetect NeverTouch 機器人是我們進入快速成長的多功能吸塵和拖地機器人領域的顛覆性產品。這是我們消費者評價最高的機器人發布，獲得了令人驚嘆的媒體報道，並被列入多家科技出版物的 2024 年最佳榜單。

We've already been successful with robots in North America, but we're now a strong competitor in EMEA, including the UK, Germany, and France. With PowerDetect, we have further strengthened our leadership in home cleaning and we're driving growth across key markets. We have also partnered with actress, producer, and entrepreneur and self-claim clean freak, Courtney Cox, to promote our innovative line of PowerDetect robot and cordless vacuums.

我們已經在北美的機器人領域取得了成功，但現在我們在歐洲、中東和非洲地區（包括英國、德國和法國）是強大的競爭對手。借助 PowerDetect，我們進一步加強了在家庭清潔領域的領導地位，並推動了關鍵市場的成長。我們還與女演員、製片人、企業家以及自稱清潔狂的 Courtney Cox 合作，推廣我們創新的 PowerDetect 機器人和無線吸塵器系列。

We've expanded our hard floor cleaning line up with the launch of the Shark Steam PickUp and Shark HydroDuo hard floor cleaners. The hard floor segment presents a great growth opportunity for us and continues to diversify our overall cleaning business.

隨著 Shark Steam PickUp 和 Shark HydroDuo 硬地板清潔機的推出，我們擴大了硬地板清潔產品線。硬地板領域為我們提供了巨大的成長機會，並繼續使我們的整體清潔業務多元化。

Another great example of how we're driving market share games in existing categories is our recent success in the coffee and espresso category following the launch of Ninja Lux Cafe. Coffee is a multi-billion dollar global category. Our coffee business has been steady and growing for many years, but there's still very significant market share games for us to go after. Ninja Lux Cafe provides us a big opportunity to significantly expand our market share in an entirely new segment of the coffee and espresso category.

我們如何在現有類別中推動遊戲市場份額的另一個很好的例子是我們最近在推出 Ninja Lux Cafe 之後在咖啡和濃縮咖啡類別中取得的成功。咖啡是一個價值數十億美元的全球品類。我們的咖啡業務多年來一直在穩定成長，但仍有非常重要的市場份額需要我們去追求。Ninja Lux Cafe 為我們提供了一個巨大的機會，可以大幅擴大我們在咖啡和濃縮咖啡類別的全新領域的市場份額。

Early results have been very exciting, driven by positive consumer feedback and strong demand. We're offering our discerning consumers an affordable multi-functional coffee and espresso machine that is easy to use and as endless drink options. Our consumers are able to enjoy cafe quality drinks at home. Following the US launch a couple of months ago, we're now rolling out Ninja Lux Cafe in the UK, Germany, France, and other European markets.

在積極的消費者回饋和強勁需求的推動下，早期結果非常令人興奮。我們為眼光獨到的消費者提供價格實惠的多功能咖啡和濃縮咖啡機，該機易於使用，可作為無限的飲料選擇。我們的消費者可以在家中享用咖啡館品質的飲料。繼幾個月前在美國推出後，我們現在正在英國、德國、法國和其他歐洲市場推出 Ninja Lux Cafe。

We continue to drive innovation and disruption in the cooking and beverage category. With our September launch of the Ninja CRISPi. This is the first of its kind portable cooking system, which revolutionizes air frying by delivering consistent CRISPi results with complex versatility. CRISPi shows our commitment to meeting consumer demand for convenience. We already have leading market share in air fryers, but with the CRISPi, we're rethinking, redefining, and reinventing the category. We're expanding our market potential and positioning us for continued growth and market share gains in a competitive segment.

我們繼續推動烹飪和飲料領域的創新和顛覆。我們九月推出了 Ninja CRISPi。這是同類首個便攜式烹飪系統，透過提供一致的 CRISPi 效果和複雜的多功能性，徹底改變了氣炸鍋。CRISPi 體現了我們致力於滿足消費者對便利性需求的承諾。我們已經在氣炸鍋領域擁有領先的市場份額，但透過 CRISPi，我們正在重新思考、重新定義和重新發明這個類別。我們正在擴大我們的市場潛力，並使我們在競爭激烈的領域中實現持續成長和市場份額的成長。

Our other category performed extremely well with strength across beauty, fans, and air purifiers. Beauty, led by FlexStyle hot air stylers remains strong both in our domestic and international markets. In early October, we launched Shark FlexFusion styling systems, which addresses a key consumer need we've identified, hot tool styles without the hot tool damage.

我們的其他類別表現非常出色，在美容、風扇和空氣清淨機方面表現強勁。以 FlexStyle 熱風造型器為首的 Beauty 在國內和國際市場上仍然保持強勁勢頭。十月初，我們推出了 Shark FlexFusion 造型系統，滿足了我們確定的消費者關鍵需求，即熱工具樣式且不會損壞熱工具。

Our research shows the average woman washes her hair just two to three times a week. There's a clear demand for tools that can restyle dry hair between washes. Also, while consumers love hot tools and stylers, they hate the heat damage they cause. We took on the challenge and created a breakthrough product that solves the problem. FlexFusion is a next generation air styler that combines powerful air and heat-controlled ceramic for no heat damage styling. FlexFusion positions us to capitalize on the growing demand for multi-functional beauty devices, further strengthening our market presence and potential for continued growth in the beauty category.

我們的研究表明，普通女性每週只洗兩到三次頭髮。人們對能夠在洗頭之間重新定型乾髮的工具有著明顯的需求。此外，雖然消費者喜歡熱工具和造型器，但他們討厭它們造成的熱損傷。我們接受了挑戰並創造了解決該問題的突破性產品。FlexFusion 是新一代空氣造型器，結合了強大的空氣和熱控陶瓷，可實現無熱損傷造型。FlexFusion 讓我們能夠充分利用對多功能美容設備不斷增長的需求，進一步增強我們的市場佔有率和美容類別持續成長的潛力。

Next, I will turn to our third key growth pillar expansion in international markets. Our international business accelerated delivering 62% adjusted net sales growth in Q3. Germany and France, our largest international markets outside of UK, continue to drive triple-digit sales growth and are well positioned to deliver a strong holiday season. Emerging markets like Benelux, Nordics, Italy, Poland, Spain and the Middle East also continue to deliver very strong growth. The UK grew nearly 6% in Q3 on top of already robust growth of 65% in Q3 last year.

接下來，我將談談我們在國際市場的第三個關鍵成長支柱的擴張。我們的國際業務加速，第三季調整後淨銷售額成長 62%。德國和法國是我們在英國以外最大的國際市場，繼續推動三位數的銷售成長，並準備好迎接強勁的假期季節。比荷盧經濟聯盟、北歐、義大利、波蘭、西班牙和中東等新興市場也持續實現非常強勁的成長。英國在去年第三季已經強勁成長 65% 的基礎上，第三季成長了近 6%。

While the overall UK Air Fryer market, where we hold number one market share has been down significantly this year, we've been able to diversify into new categories and gain share in existing categories. The UK business today is more diversified and overall healthier than ever before. To support strong North America demand for our new products, we've consciously moved some of our UK product launches to the first half of 2025. This will have a temporary impact on Q4 revenue,but will position us well to grow the UK market in 2025.

儘管我們佔據第一市場份額的整個英國氣炸鍋市場今年已大幅下降，但我們已經能夠多元化進入新類別並在現有類別中獲得份額。今天的英國商業比以往任何時候都更加多元化，整體上也更加健康。為了支持北美對我們新產品的強勁需求，我們有意識地將一些英國產品的發佈時間推遲到 2025 年上半年。這將對第四季的收入產生暫時影響，但將使我們能夠在 2025 年拓展英國市場。

SharkNinja generated a lot of buzz at the 100th anniversary of IFA Berlin in September of this year. This is the world's largest consumer electronics and home appliances show. We announced a staggering 20 new products for the EMEA market. This year, we expanded our floor presence significantly. We also had the opportunity to share our story on stage in a much bigger way.

SharkNinja 在今年 9 月的柏林 IFA 100 週年紀念活動上引起了廣泛關注。這是全球最大的消費性電子及家用電器展。我們針對 EMEA 市場推出了 20 款令人驚嘆的新產品。今年，我們顯著擴大了我們的業務範圍。我們還有機會在舞台上以更大的方式分享我們的故事。

I had the privilege to deliver a keynote showcasing our innovative product line up and unique mindset. We had more than 700 meetings with retail partners, nearly tripling year over year, and we received extensive media coverage. I'm also proud of the numerous awards we won this year. All said, we were able to generate significant increase in orders, including from many new partners.

我有幸發表主題演講，展示我們的創新產品線和獨特的思維方式。我們與零售合作夥伴舉行了 700 多次會議，幾乎比去年同期增加了兩倍，我們得到了廣泛的媒體報告。我也為我們今年贏得的眾多獎項感到自豪。總而言之，我們的訂單量大幅增加，其中包括許多新合作夥伴的訂單。

Within Latin America, Mexico net sales grew strong double digits, and the market is poised to accelerate for us next year as we shift it to a direct model. We will continue to expand and diversify our Mexico business. We expect to launch additional product categories, increase retail distribution point,s and capitalize on the direct-to-consumer opportunity.

在拉丁美洲，墨西哥的淨銷售額實現了兩位數的強勁成長，隨著我們將其轉向直接模式，明年該市場將加速成長。我們將繼續擴大我們的墨西哥業務並使之多元化。我們預計將推出更多產品類別，增加零售分銷點並利用直接面向消費者的機會。

Mexico has been a great market for our hair care products and will become the first North American market to enter skin care with the launch of CryoGlow next week. I'm also excited to announce that in September, we entered Brazil. Early results are promising, and we see significant potential for growth in the market over the long term. We're also exploring other Latin American markets for launch in the future.

墨西哥一直是我們護髮產品的重要市場，隨著下週 CryoGlow 的推出，墨西哥將成為第一個進入皮膚護理領域的北美市場。我還很高興地宣布，九月份，我們進入了巴西。早期結果令人鼓舞，我們看到了市場長期成長的巨大潛力。我們也正在探索未來推出的其他拉丁美洲市場。

Looking forward, we know the consumers are stretched and will remain cautious this holiday season as they navigate the uncertain macroeconomic environment, including US elections and a shortened holiday shopping season. While we're cognizant of the external challenges, we will continue our relentless focus on execution.

展望未來，我們知道消費者已經捉襟見肘，並將在這個假期保持謹慎態度，因為他們要應對不確定的宏觀經濟環境，包括美國大選和假期購物季的縮短。雖然我們認識到外部挑戰，但我們將繼續不懈地專注於執行。

We will lead with our innovation. We will deliver amazing products that solve consumer pain points and positively impact consumers' lives. We'll continue to build our brand globally as we leverage our brand partnerships with David Beckham, Chris Appleton, Courtney Cox and others.

我們將用我們的創新來引領。我們將提供令人驚嘆的產品，解決消費者的痛點並積極影響消費者的生活。我們將利用與大衛貝克漢、克里斯阿普爾頓、考特尼考克斯等人的品牌合作關係，繼續在全球範圍內打造我們的品牌。

We will lean in on our nimble supply chain and omni-channel partnerships to ensure timely supply to our customers this holiday season. Regardless of the outcome of next week's election, we're well prepared and poised for significant growth. I'm pleased with the progress we're making in diversifying our production outside of China to mitigate tariff risks. Patrick will share additional details on that in his prepared remarks.

我們將依靠靈活的供應鏈和全通路合作夥伴關係，確保在這個假期向客戶及時供貨。無論下週的選舉結果如何，我們都已做好充分準備並準備好實現顯著增長。我對我們在中國境外生產多元化以降低關稅風險方面所取得的進展感到高興。帕特里克將在他準備好的演講中分享更多細節。

Looking at quarter to date trends, we're off to a great start. We had a highly successful prime day earlier this month. Based on available data, we significantly outperformed the Home and Kitchen category, just as we did on the first prime day in July this year. Given our strong third quarter performance and fourth quarter trends so far, we're again raising our full year 2024 guidance on several key metrics.

縱觀本季迄今的趨勢，我們有了一個好的開始。本月初我們度過了非常成功的黃金日。根據現有數據，我們的表現明顯優於家居和廚房類別，就像我們在今年 7 月第一個黃金日的表現一樣。鑑於迄今為止我們強勁的第三季業績和第四季趨勢，我們再次上調了幾個關鍵指標的 2024 年全年指引。

I'll now hand it over to Patraic, who will walk you through our third quarter financials and share the details of our updated 2024 outlook.

現在我將把它交給 Patraic，他將帶您了解我們第三季的財務狀況，並分享我們最新的 2024 年展望的詳細資訊。

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

謝謝你，馬克，大家早安。我將首先回顧我們第三季度的業績，然後提供修訂後的 2024 年指導的最新信息，然後再將其轉回標記為結束。

Our third quarter results were very strong as we continue to deliver on our three-pillar growth strategy. Net sales increased 33% in adjusted net sales, which exclude our divested APAC business, we're up 35% to over $1.4 billion. As a reminder, we divested our APAC business in Q3 last year. Therefore, beginning in Q4 this year, it will no longer be a factor in our year over year comparisons.

隨著我們繼續實施我們的三大支柱成長策略，我們的第三季業績非常強勁。調整後的淨銷售額（不包括我們剝離的亞太區業務）淨銷售額成長了 33%，淨銷售額成長了 35%，達到超過 14 億美元。提醒一下，我們在去年第三季剝離了亞太地區業務。因此，從今年第四季開始，它將不再成為我們同比比較的因素。

We delivered adjusted EBITDA growth of 26% to $262 million. Adjusted EBITDA margin declined approximately 130 basis points year over year as we continue to purposefully reinvest gross margin upside in product innovation, demand creation, and building our brand globally.

我們的調整後 EBITDA 成長了 26%，達到 2.62 億美元。調整後 EBITDA 利潤率年減約 130 個基點，因為我們繼續有目的地將毛利率上升再投資於產品創新、需求創造和全球品牌建設。

Looking at performance by region, net sales in North America were up 26% to over $1 billion, representing 70% of sales with broad strength across key categories. Adjusted net sales in international markets accelerated, increasing 62% to $421 million, driven by robust results in a EMEA in Latin America. We remain bullish on our international opportunities and believe we have a long runway for growth.

從各地區的業績來看，北美地區的淨銷售額成長了 26%，超過 10 億美元，佔銷售額的 70%，在關鍵類別中表現強勁。受拉丁美洲歐洲、中東和非洲地區強勁業績的推動，國際市場調整後淨銷售額加速成長 62%，達到 4.21 億美元。我們仍然看好我們的國際機遇，並相信我們的成長還有很長的路要走。

In Mexico, POS sales remain strong. We will experience a transition period as we shift away from our existing distributor and go direct. This will have a small temporary impact on our sales into Mexico as we execute the shift in Q4 and in early Q1,

在墨西哥，POS 銷售依然強勁。當我們從現有經銷商轉向直接經銷商時，我們將經歷一個過渡期。當我們在第四季和第一季初執行轉變時，這將對我們在墨西哥的銷售產生輕微的暫時影響，

I'll now provide color on Q3 performance in our four major product categories, which all saw strong double digit net sales growth in the quarter. Adjusted net sales in the Cleaning category, which includes vacuums, carpet extraction, as well as other floor care products, remain strong, delivering growth of 19% to $527 million from $443 million in the prior year.

現在，我將提供我們四個主要產品類別第三季度業績的詳細信息，這些產品類別在本季度均實現了兩位數的強勁淨銷售額增長。清潔類別（包括吸塵器、地毯吸塵器以及其他地板護理產品）調整後的淨銷售額仍然強勁，從上一年的 4.43 億美元增長 19% 至 5.27 億美元。

We continue to see broad based strength in the category, including excellent performance and cordless carpet extraction and hard floor. We also continue to gain market share and uprights in robotic vacuums. With our strong innovation in the Cleaning category, we expect momentum to remain strong in Q4.

我們繼續看到該類別的廣泛優勢，包括卓越的性能、無線地毯抽吸和硬地板。我們也繼續獲得機器人吸塵器的市場份額和立柱。憑藉我們在清潔類別的強大創新，我們預計第四季度的勢頭將保持強勁。

Adjusted net sales in the Cooking and Beverage category, which includes air fryers, multi-cookers, outdoor grills and ovens, and carbonation accelerated, increasing nearly 22% to $411 million, compared to $338 million in the prior year. This performance was primarily driven by growth in Europe, particularly in Germany and France.

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化設備）調整後的淨銷售額加速成長，成長近22%，達到4.11 億美元，而上一年為3.38 億美元。這項業績主要受到歐洲成長的推動，尤其是德國和法國。

Food preparation, which includes blenders, food processors, ice cream makers, juicers, frozen drink appliances, and coolers delivered another strong quarter. Adjusted net sales in this category increased 75% to $367 million, compared to $209 million in the prior year. Strong performances from our CREAMi ice cream makers, the launch of SLUSHi Frozen Drink Make,r and continued strength in kitchen systems were the key drivers in this category.

食品加工領域，包括攪拌機、食物處理機、冰淇淋機、果汁機、冷凍飲料器具和冷卻器，季度表現強勁。此類別調整後淨銷售額成長 75%，達到 3.67 億美元，而上一年為 2.09 億美元。我們的 CREAMi 冰淇淋機的強勁表現、SLUSHi 冷凍飲料機的推出以及廚房系統的持續實力是該類別的關鍵驅動力。

Finally, our other category, which includes beauty products such as hair dryers and stylers and home environment products, such as air purifiers and indoor-outdoor fans had another excellent quarter. Adjusted net sales in this category were up 79% to $121 million, compared to $67 million in the prior year. Beauty remains strong and as Mark mentioned, we are excited to continue this momentum with our launch in the skin care.

最後，我們的其他類別，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，也有另一個出色的季度表現。該類別調整後淨銷售額成長 79%，達到 1.21 億美元，而上一年為 6,700 萬美元。美麗依然強勁，正如馬克所提到的，我們很高興能透過推出護膚品來延續這一勢頭。

Now moving to gross profit. In the third quarter, GAAP gross profit increased 43% to $695 million, or 48.7% of net sales. Adjusted gross profit increased 39% to $705 million, or 49.4% of adjusted net sales as we drove 160 basis points of adjusted gross margin expansion over the prior year. This expansion was primarily driven by our cost optimization efforts in our supply chain, combined with mix and foreign exchange favorability, partially offset by unfavorable impact of tariffs.

現在轉向毛利。第三季度，GAAP 毛利潤成長 43%，達到 6.95 億美元，佔淨銷售額的 48.7%。調整後毛利成長 39%，達到 7.05 億美元，佔調整後淨銷售額的 49.4%，調整後毛利率較上年增加 160 個基點。這種擴張主要是由我們在供應鏈中的成本優化努力以及組合和外匯優惠推動的，但部分被關稅的不利影響所抵消。

In terms of operating expenses in the quarter, we continue to use our financial strength to invest in growth initiatives, bringing our amazing products into consumer homes. We are strengthening our product pipeline, expanding our international footprint, and increasing awareness for both the Shark and the Ninja brands.

就本季的營運支出而言，我們繼續利用我們的財務實力投資於成長計劃，將我們令人驚嘆的產品帶入消費者家庭。我們正在加強我們的產品線，擴大我們的國際足跡，並提高 Shark 和 Ninja 品牌的知名度。

R&D expenses increased 56% to $95 million or 6.6% of net sales, compared to $61 million or 5.7% of net sales in Q3 last year.

研發費用成長 56%，達到 9,500 萬美元，佔淨銷售額的 6.6%，而去年第三季的研發費用為 6,100 萬美元，佔淨銷售額的 5.7%。

We continue to invest in head count to support existing and new product categories. In addition, we chose to invest additional prototype costs and head count to accelerate our manufacturing diversification outside of China. Sales and marketing expenses increased 45% to $301 million or 21.1% of net sales, compared to $208 million or 19.4% of net sales in the year ago period. This increase was driven in part by our planned investment in advertising and personnel related expenses to support our exceptionally strong new product launches in our expansion into new markets. In addition, a portion of the year over year dollar increase resulted from increased delivery and distribution costs driven by higher volumes, particularly in our direct-to-consumer business.

我們繼續投資於人員數量，以支援現有和新的產品類別。此外，我們選擇投資額外的原型成本和人員數量，以加速我們在中國以外的製造多元化。銷售和行銷費用成長了 45%，達到 3.01 億美元，佔淨銷售額的 21.1%，而去年同期為 2.08 億美元，佔淨銷售額的 19.4%。這一成長的部分原因是我們計劃對廣告和人員相關費用進行投資，以支持我們在新市場擴張過程中推出異常強勁的新產品。此外，美元年成長的部分原因是銷售增加導致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 decreased to $119 million or 8.3% of net sales, compared to $125 million or 11.6% of net sales in the year ago period. The decrease was primarily driven by transaction costs incurred in Q3 last year related to the separation and distribution from our former parent company. This was partially offset by increased legal fees, including a legal settlement reserve related to certain patent infringement claims and higher professional fees, including increased public company expenses.

一般及管理費用下降至 1.19 億美元，佔淨銷售額的 8.3%，去年同期為 1.25 億美元，佔淨銷售額的 11.6%。這一下降主要是由於去年第三季與我們前母公司的分離和分配相關的交易成本。這部分被法律費用的增加所抵消，包括與某些專利侵權索賠相關的法律和解準備金以及更高的專業費用，包括增加的上市公司費用。

Moving to tax, our GAAP effective tax rate was 24.1% in the third quarter and in line with our expectations. GAAP net income for the quarter was $132 million compared to $19 million in the prior year. Adjusted net income was $170 million or $1.21 per share compared to $133 million or $0.95 per share in the prior year, reflecting growth of 27% on a per share basis.

說到稅收，我們第三季的 GAAP 有效稅率為 24.1%，符合我們的預期。該季度 GAAP 淨利潤為 1.32 億美元，去年同期為 1,900 萬美元。調整後淨利為 1.7 億美元，即每股 1.21 美元，而前一年為 1.33 億美元，即每股 0.95 美元，每股成長 27%。

Adjusted even off of the quarter increased 26% to $262 million or 18.4% of adjusted net sales, compared to $209 million or 19.7% of adjusted net sales in the prior year, reflecting 160 basis points of gross margin expansion, more than offset by continued investments in our growth initiatives.

調整後本季調整後淨銷售額成長26%，達2.62 億美元，佔調整後淨銷售額的18.4%，而上年同期為2.09 億美元，佔調整後淨銷售額的19.7%，反映出毛利率擴張160 個基點，但被持續成長的毛利率所抵銷。

Now to the balance sheet. As of the end of the third quarter, we had cash balance of $128 million, total debt outstanding of $965 million in a net leverage ratio of just under one. We had inventory of $1.08 billion at quarter end, up 36% compared to Q3 of last year. This was in line with sales growth and within our expectations for the quarter. Our inventory mix is healthy. I also want to note that our channel inventory was clean, exiting the third quarter.

現在來看資產負債表。截至第三季末，我們的現金餘額為 1.28 億美元，未償債務總額為 9.65 億美元，淨槓桿率略低於 1。截至季末，我們的庫存為 10.8 億美元，比去年第三季成長 36%。這與銷售成長相符，也符合我們對本季的預期。我們的庫存結構健康。我還想指出的是，我們的通路庫存在第三季是乾淨的。

With respect to tariffs, we continue to make significant progress in our efforts to mitigate risk. Our close partnerships with manufacturers and increased tooling investments with our partners is enabling us to move forward at a rapid pace. We have identified new office space in Vietnam and are hiring additional personnel and instituting increased rigor and quality control and compliance, as we further expand our presence in Southeast Asia. Overall, we continue to grow in confidence in our ability to diversify and have the capacity to move almost all of our US volume outside of China by the end of 2025.

在關稅方面，我們在降低風險的努力中繼續取得重大進展。我們與製造商的密切合作關係以及與合作夥伴增加的工具投資使我們能夠快速前進。隨著我們進一步擴大在東南亞的業務，我們已在越南確定了新的辦公空間，並正在招募更多人員，並加強嚴格的品質控制和合規性。總體而言，我們對多元化的能力繼續增強信心，並有能力在 2025 年底將幾乎所有美國銷售轉移到中國境外。

Next, I'll turn to our outlook for 2024 and provide some preliminary high-level thoughts on 2025. With strong Q3 results in quarter to date trends in Q4, we are raising our fiscal year 2024 guidance on several key metrics. For the full year, we now expect adjusted net sales to increase between 27% and 28% above our prior guidance of 22% to 24% increase. We expect adjusted net income per diluted share to be in the range of $4.13 to $4.24, an increase of 28% to 32% year over year. This compares to our prior guidance of $4.05 to $4.21 per share or a 26% to 31% increase.

接下來，我將談談我們對 2024 年的展望，並對 2025 年提供一些初步的高層想法。鑑於第三季的強勁業績以及第四季迄今的趨勢，我們正在提高 2024 財年幾個關鍵指標的指引。對於全年，我們現在預計調整後的淨銷售額將成長 27% 至 28%，高於我們先前指導的 22% 至 24% 成長。我們預計調整後每股攤薄淨利潤將在 4.13 美元至 4.24 美元之間，年增 28% 至 32%。與我們之前每股 4.05 美元至 4.21 美元的指引相比，增幅為 26% 至 31%。

Adjusted EBITDA is now expected to be in the range of $925 million to $945 million, representing a growth of 29% to 31% year over year compared to our prior expectation of $910 million to $940 million or 26% to 31% growth.

調整後 EBITDA 目前預計在 9.25 億美元至 9.45 億美元之間，年增 29% 至 31%，而我們先前的預期為 9.10 億美元至 9.4 億美元，成長 26% 至 31%。

Consistent with our previous guidance, we continue to expect net interest expense of approximately $65 million for the year. A GAAP effective tax rate of approximately 24% to 25%, in capital expenditures to be between $160 million and $180 million for the year.

與我們先前的指引一致，我們繼續預計今年的淨利息支出約為 6,500 萬美元。GAAP 有效稅率約為 24% 至 25%，全年資本支出介於 1.6 億至 1.8 億美元之間。

Our 2024 year-to-date performance has been strong, and we continue to play from a position of strength. We have accelerated the pace of innovation and geographic expansion this year. Our revised outlook includes the impact of additional investments in our world class product pipeline. It also includes opportunistic and targeted marketing investments we are making to build our brand in newer markets and to support new product launches.

我們 2024 年迄今的表現一直很強勁，我們將繼續保持強勢地位。今年我們加快了創新和地理擴張的步伐。我們修訂後的前景包括對我們的世界級產品線進行額外投資的影響。它還包括我們為在新市場中建立我們的品牌並支持新產品發布而進行的機會性和有針對性的行銷投資。

We have also made a conscious decision to strengthen our supply chain as we accelerate moving manufacturing outside of China. We are pulling forward investments that will help us increase capacity. In terms of Q4, it is seasonally our largest quarter of the year. While we are very well positioned for the critical holiday period ahead of us, we are aware this year's shopping season is shortened. Next week's US Presidential election adds another layer of uncertainty to consumer sentiment and spending.

隨著我們加速將製造轉移到中國境外，我們也做出了有意識的決定，以加強我們的供應鏈。我們正在推進投資，這將有助於我們提高產能。就第四季而言，這是我們一年中季節性最大的季度。雖然我們已經為即將到來的關鍵假期做好了充分準備，但我們意識到今年的購物季節將會縮短。下週的美國總統選舉為消費者信心和支出增添了另一層不確定性。

Our updated 2024 guidance reflects our strong growth trajectory, increased investments in growth initiatives and the continued macro-economic uncertainty we face is a global company.

我們更新的 2024 年指引反映了我們強勁的成長軌跡、對成長計畫的投資增加以及我們作為全球性公司面臨的持續宏觀經濟不確定性。

Looking ahead, while we are not providing formal guidance for 2025 at this time, we did want to provide some high-level comments for you to consider as we wrap this year. First, as 2024 is shaping up to be an exceptionally strong year in which we expect to add over $1 billion in adjusted net sales and over $200 million in adjusted EBITDA year over year. This sets a high bar for us as we plan for 2025.

展望未來，雖然我們目前沒有提供 2025 年的正式指導，但我們確實希望在今年結束時提供一些高級評論供您考慮。首先，2024 年將成為異常強勁的一年，我們預計調整後淨銷售額將年增超過 10 億美元，調整後 EBITDA 將年增超過 2 億美元。這為我們 2025 年的計畫設定了很高的標準。

Second, as I mentioned, the global macro environment has significant uncertainty with continued geopolitical unrest, the impending US elections and the cumulative impact inflation has had on our consumers.

其次，正如我所提到的，全球宏觀環境存在很大的不確定性，地緣政治持續動盪、美國大選即將到來以及通膨對消費者的累積影響。

Third, similar to our approach in 2023 and 2024, we are taking a prudent and measured approach to our 2025 planning. We are balancing our competitive advantages and business momentum with the continued challenges in the global economy. Our 2025 planning is well underway, and we will provide more detailed guidance when we report fourth quarter earnings in February.

第三，與我們在 2023 年和 2024 年的做法類似，我們對 2025 年的規劃採取了審慎和慎重的態度。我們正在平衡我們的競爭優勢和業務動能與全球經濟的持續挑戰。我們的 2025 年規劃正在順利進行，我們將在 2 月報告第四季度收益時提供更詳細的指導。

To close, we are exceptionally pleased with our year-to-date performance. The broad-based growth and sustained momentum across our business reinforce our strategic vision and execution of our three-pillar growth strategy. We remain committed to making targeted investments that will further elevate our position as an industry leader in identifying, addressing, and solving everyday consumer problems. We are well positioned to deliver robust revenue and profit growth in the remainder of 2024 and beyond.

最後，我們對今年迄今的表現感到非常滿意。我們業務的廣泛成長和持續動能強化了我們的策略願景和三大支柱成長策略的執行。我們仍然致力於進行有針對性的投資，這將進一步提升我們在識別、處理和解決日常消費者問題方面作為行業領導者的地位。我們完全有能力在 2024 年剩餘時間及以後實現強勁的營收和利潤成長。

Now, I will hand it back to Mark.

現在，我將把它交還給馬克。

Thanks, Patrick. SharkNinja's outstanding third quarter results showcase our continued success in delivering profitable organic growth through innovative high-performance products. Our expanding $120 billion addressable market presents tremendous opportunity as we enter exciting new categories and strengthen our global brand presence.

謝謝，派崔克。SharkNinja 出色的第三季業績展示了我們在透過創新的高性能產品實現盈利有機成長方面的持續成功。隨著我們進入令人興奮的新類別並加強我們的全球品牌影響力，我們不斷擴大的 1,200 億美元的潛在市場提供了巨大的機會。

Our consumer driven innovation engine continues to thrive and is fueling our growth potential. We're leveraging our agile supply chain and ramping up production to meet increasing consumer demand. We're thrilled about our strong market position for this holiday season and the incredible products we offer.

我們的消費者驅動的創新引擎持續蓬勃發展，並正在激發我們的成長潛力。我們正在利用靈活的供應鏈並提高產量，以滿足不斷增長的消費者需求。我們對我們在這個假期的強大市場地位以及我們提供的令人難以置信的產品感到興奮。

Looking ahead to 2025, we're more confident than ever. Our ability to capitalize on our consumer insights, cutting edge R&D capabilities and expanding range of products to drive sustainable long-term growth puts us in a strong position. We've made tremendous progress in diversifying our production outside of China to mitigate tariff risks. The future is bright for SharkNinja, and we're excited to continue delivering innovative solutions that enhance our consumers' lives.

展望2025年，我們比以往任何時候都更有信心。我們有能力利用消費者洞察、尖端研發能力和擴大產品範圍來推動可持續的長期成長，這使我們處於有利地位。我們在中國境外生產多元化以降低關稅風險方面取得了巨大進展。SharkNinja 的未來是光明的，我們很高興能夠繼續提供創新的解決方案來改善消費者的生活。

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？

Thank you, Mark. We will now begin the question-and-answer session. (Operator Instructions),

謝謝你，馬克。我們現在開始問答環節。（操作員說明），

Brooke Roach with Goldman Sachs.

高盛的布魯克·羅奇。

Good morning and thank you so much for taking our question. Mark, I was hoping you could elaborate a little bit more on your reinvestment priorities as you look ahead into the fourth quarter and into early 2025. How are you thinking about the rate of potential flow through on revenue growth and margin expansion as you look ahead? And then, for Patrick, can talk a little bit about the rate of margin that you're seeing in international, in the new products and in your DTC businesses? And then finally, can you size the impact of some of these elevated and accelerated supply chain investments that you're making relative to your prior expectations as you look to diversify your supply chain? Thank you.

早安，非常感謝您提出我們的問題。Mark，我希望您在展望第四季和 2025 年初時能夠詳細說明您的再投資優先事項。展望未來，您如何看待營收成長和利潤擴張的潛在流量率？然後，Patrick 能否談談您在國際、新產品和 DTC 業務中看到的利潤率？最後，當您希望實現供應鏈多元化時，您能否根據您先前的預期來衡量您正在進行的一些增加和加速的供應鏈投資的影響？謝謝。

Yeah. Brooke, thanks for the question. Listen, this has been an incredibly innovative and growth driving year for us. I mean, we delivered 38% top line growth in the second quarter, 35% top line growth in the third quarter. Our market that we're in is kind of flat to down a little bit. So, we're taking massive share growth both in the existing categories, the new categories and international expansion.

是的。布魯克，謝謝你的提問。聽著，這對我們來說是令人難以置信的創新和成長驅動的一年。我的意思是，我們第二季的營收成長了 38%，第三季的營收成長了 35%。我們所處的市場是持平甚至略有下降。因此，我們在現有類別、新類別和國際擴張方面都取得了巨大的份額成長。

investments that we've made in R&D, have required a lot of spend and we've got a great pipeline as we look forward into 2025. I mean, we're very fortunate, Brooke. We've hit with our Lux cafe. We've hit with our SLUSHi. We've hit with our CRISPi, FlexFusion, CryoGlow, our PowerDetect vacuums. we launched 15 new products just in the third quarter.

我們在研發方面的投資需要大量支出，展望 2025 年，我們已經擁有了豐富的產品線。我的意思是，我們非常幸運，布魯克。我們去了 Lux 咖啡館。我們已經用我們的 SLUSHi 擊中了。我們推出了 CRISPi、FlexFusion、CryoGlow 和 PowerDetect 吸塵器。光是第三季我們就推出了 15 款新產品。

A lot of that revenue is not going to hit in 2024. I mean, this is really all setting us up for 2025 and beyond, and then continuing that pace of innovation in 2025 that we're investing now in the third, fourth quarter and as we get into next year. So that's one big piece of investment.

其中大部分收入到 2024 年都不會實現。我的意思是，這實際上是為 2025 年及以後做好準備，然後在 2025 年繼續我們現在在第三、第四季以及進入明年投資的創新步伐。所以這是一項很大的投資。

The second is we're expanding into a lot of new markets. I mean we're driving, we drove 62% growth in our international business and that growth is coming from lots of new countries. I mean, we're entering our first, what I would call really massive scaled holiday season in Germany and France. And it's required a lot of upfront investment for us to position ourselves across a number of different product categories.

第二是我們正在擴展到許多新市場。我的意思是，我們正在推動，我們的國際業務成長了 62%，而且這種成長來自許多新的國家。我的意思是，我們正在進入德國和法國的第一個我稱之為大規模的假期季節。我們需要大量的前期投資才能在許多不同的產品類別中定位自己。

And then third on the supply chain side, I guess I would put that, broke into two buckets for you. One is we're making a conscious investment to move and accelerate our outside of China manufacturing faster than what we expected. Not just because of the election right now, but we think that there's capacity outside of China and we want to capture that capacity outside of China and lock that up for us.

然後是供應鏈的第三個，我想我會把它分成兩個桶子。一是我們正在進行有意識的投資，以比我們預期更快的速度轉移和加速我們在中國以外的製造業。不僅僅是因為現在的選舉，而且我們認為中國境外有產能，我們希望抓住中國境外的產能並鎖定我們。

So, it's coming from everything from manufacturing consultants that we put in place, quality staff. You heard Patrick talk about we're opening up an office in Ho Chi Minh City in Vietnam. But there's a lot of incremental investment that we're making to set up our supply chain to scale as we enter 2025. On the diversification side, on the quality side, and just quite frankly on the ability for us to produce 70 million, 80 million, 90 million units a year across our supply chain.

所以，它來自我們安排的製造顧問和高素質員工的一切。您聽到帕特里克談到我們將在越南胡志明市開設辦事處。但隨著我們進入 2025 年，我們正在進行大量增量投資來建立我們的供應鏈以擴大規模。在多元化方面，在品質方面，坦白說，我們在整個供應鏈中每年生產 7,000 萬、8,000 萬、9,000 萬件的能力。

And then the last thing I would say from an investment standpoint is, we're making other targeted strategic investments in a new e-commerce platform. We are excited about the growth of our direct-to-consumer business, but it's going to take us to provide the consumer with a better experience on our direct-to-consumer site than what we currently have today. And so that re platforming work is going on right now to be able to enable us to launch that in 2025.

從投資的角度來看，我要說的最後一件事是，我們正在對新的電子商務平台進行其他有針對性的策略投資。我們對直接面向消費者業務的成長感到興奮，但我們需要在我們的直接面向消費者網站上為消費者提供比目前更好的體驗。因此，重新平台工作正在進行中，以便我們能夠在 2025 年推出它。

So, I think what I've always done for the last 16 years is invested in long-term sustainable growth. We've grown a lot, but we got to put the pieces in place to make sure that the growth continues for many, many more years to come. I'll let Patraic answer your other question.

所以，我認為過去 16 年我一直在做的就是投資長期可持續成長。我們已經成長了很多，但我們必須把各個部分落實到位，以確保在未來很多很多年裡繼續成長。我會讓帕特雷克回答你的另一個問題。

Hey, Brooke. Nice to hear from you. So, what I'd like to say on the question around the international margin is one, as you heard Mark say, everything that we do really follows our strategy, our three-pillar growth strategy. And so, what I'd like to say is, first of all, we see EMEA, we continue to see, and we've spoken about this is just a tremendous opportunity to extend the breadth in the reach of the SharkNinja brand. And so with that is kind of the backdrop strategically, how we go into marketplaces is we just typically test and learn.

嘿，布魯克。很高興收到你的來信。因此，關於國際利潤率的問題，我想說的是，正如你聽到馬克所說，我們所做的一切都真正遵循我們的策略，即我們的三大支柱成長策略。所以，我想說的是，首先，我們看到了歐洲、中東和非洲地區，我們還在繼續看到，我們已經說過，這是一個擴大 SharkNinja 品牌影響範圍的巨大機會。因此，在這種策略背景下，我們通常只是測試和學習如何進入市場。

From EMEA standpoint, you see that the UK is our both our largest and our oldest marketplace that we've been in, although still relatively youthful and in terms of amount of years we've been there. And so that structurally has highest margin at this point in time. The next couple of markets that we're in a significant way, owning our business from a direct standpoint is France and Germany. And so, we are, in those markets, both expanding, but also building our margins within those two countries.

從歐洲、中東和非洲的角度來看，您會發現英國是我們最大且最古老的市場，儘管就我們在那裡的年數而言仍然相對年輕。因此，從結構上講，目前該公司的利潤率最高。從直接的角度來看，我們重點關注的接下來的市場是法國和德國。因此，我們在這些市場中既擴大了規模，又在這兩個國家建立了利潤率。

And then structurally how we're going about bringing the SharkNinja brands to the balance of EMEA is largely through our distributor strategy. And what this does is, it allows us to enter into marketplaces in much more of a test and learn methodology standpoint. And the net of that is we typically go in, we split our profit model with our distributor, they take margin, we take a little bit less margin than we have in our other EMEA markets, but we have very little operating expense. So, from an EBITDA standpoint, it's roughly in line with what we see from the balance of the SharkNinja operating model. So hopefully that gives you a little bit of context in terms of international margin.

從結構上講，我們如何將 SharkNinja 品牌帶入歐洲、中東和非洲地區的平衡，主要是透過我們的經銷商策略。這樣做的作用是，它使我們能夠更多地從測試和學習方法的角度進入市場。結果是，我們通常會進入，我們與經銷商分割我們的獲利模式，他們收取利潤，我們收取的利潤比其他歐洲、中東和非洲市場少一點，但我們的營運費用很少。因此，從 EBITDA 的角度來看，它與我們從 SharkNinja 營運模式的平衡中看到的情況大致一致。希望這能為您提供一些有關國際利潤率的背景資訊。

Randy Konik with Jefferies.

蘭迪·科尼克和傑弗里斯。

Yeah. Thanks a lot. I guess what I want to ask about is the evolution of your channel partnerships. First maybe give us some perspective of how we've come so far with my key partners across Walmart, Costco, Amazon. Because I guess what we're seeing in the field is enhanced presentations, shelf space increases to your products. And then, on top of that, can you give us an update on where we are in the Beauty, grocery, and Sporting goods channel, and where we should expect that those areas of distribution to go in the next couple of years. Thanks guys.

是的。多謝。我想我想問的是你們通路夥伴關係的演變。首先，請讓我們了解我們與沃爾瑪、好市多、亞馬遜等主要合作夥伴迄今為止的進展。因為我想我們在現場看到的是增強的演示，為您的產品增加了貨架空間。然後，最重要的是，您能否向我們介紹我們在美容、雜貨和體育用品管道中的最新情況，以及我們預計這些領域在未來幾年內的發展方向。謝謝你們。

Yeah. Thanks, Randy for the question. Look on the channel partner side, I think you can just walk through those retailers that you mentioned and see increased placement that we've been able to generate. I mean, we've got great placement and whether it's Costco or Walmart or Target or Best Buy or the European retailers as well. I mean, we were placed extensively in Amazon's holiday gift book that's gone out. So, I think that these retailers are very, very supportive of our innovation. I mean, we're driving growth for them, we're driving consumers into their stores. I think what's super exciting is, you take a product like our Ninja Cafe Luxe at $499. I mean, we're bringing in great consumers, into buying high ASP items into their stores, or online.

是的。謝謝蘭迪提出問題。在通路合作夥伴方面，我認為您可以瀏覽您提到的那些零售商，看看我們能夠增加的展示位置。我的意思是，我們已經獲得了很好的定位，無論是好市多、沃爾瑪、塔吉特、百思買還是歐洲零售商。我的意思是，我們被廣泛地放置在亞馬遜的節日禮品書中，但這本書已經售出。所以，我認為這些零售商非常非常支持我們的創新。我的意思是，我們正在推動他們的成長，我們正在吸引消費者進入他們的商店。我認為最令人興奮的是，您可以以 499 美元的價格購買像我們的 Ninja Cafe Luxe 這樣的產品。我的意思是，我們正在吸引優秀的消費者到他們的商店或在網路上購買高平均售價的商品。

So, on the channel partnership side, we've got great support from these channel partners. I mean, at the same time, our direct-to-consumer business is growing as well, and we still continue to see that as a really viable growth channel that will grow even faster than our retail business over the course of the next couple of years.

所以，在通路夥伴方面，我們得到了這些通路夥伴的大力支持。我的意思是，同時，我們的直接面向消費者的業務也在成長，我們仍然認為這是一個真正可行的成長管道，在接下來的幾年中，它的成長速度將比我們的零售業務更快。

On the side of beauty, grocery, sporting goods. Look, I'll start with beauty. We launched in the quarter at the end of the quarter, our Shark FlexFusion, our new hairstyle product that brings kind of hot tool finish without the hot tool damage. We launched our Shark CryoGlow that will go on sale in the UK and Mexico on November 4. So, in the beauty space you're going to see as we enter 2025, a lot more placement, a lot more placement in the office, in the Sephora's, and also our regular retailers as well. I think everyone's really excited about our expansion into skin. It won't contribute a lot from a revenue standpoint this fiscal year, but it's well set up to be able to do that for next fiscal year.

美容、雜貨、運動用品方面。聽著，我先從美麗開始。我們在本季末推出了 Shark FlexFusion，這是我們的新髮型產品，可帶來某種熱工具飾面，而不會造成熱工具損壞。我們推出了 Shark CryoGlow，將於 11 月 4 日在英國和墨西哥上市。因此，進入 2025 年，在美容領域，您將看到更多的安置，在辦公室、絲芙蘭以及我們的常規零售商中也有更多的安置。我認為每個人都對我們向皮膚領域的擴張感到非常興奮。從本財年的收入角度來看，它不會貢獻太多，但它已經做好了準備，能夠在下一個財政年度做到這一點。

On the grocery side. Look, we've mentioned that the Ninja SLUSHi is doing great. I mean, we're having conversations with people like Walmart to put it into their grocery areas. We're having conversations with other grocery chains to partner it with premier ready to drink beverage brands. So, I think SLUSHi presents a great opportunity there. You might have just seen that a week ago. We launched for the first time sodas into our thirsty product, Cola's other types of soda flavors. We're getting a great response on social media to that and I think that's going to continue to help us broaden into the grocery space

在雜貨店那邊。看，我們已經提到 Ninja SLUSHi 表現非常出色。我的意思是，我們正在與沃爾瑪等公司進行對話，將其放入他們的雜貨區。我們正在與其他雜貨連鎖店進行對話，以與頂級即飲飲料品牌合作。所以，我認為 SLUSHi 在那裡提供了一個很好的機會。您可能一周前才看到這一點。我們首次將蘇打水引入我們的解渴產品中，即可樂的其他類型蘇打水口味。我們在社群媒體上得到了熱烈的反響，我認為這將繼續幫助我們拓展雜貨領域

And then in sporting goods, I mean, look, honestly speaking, we missed the season this year on the cooler side. I mean, we captured whatever demand we could have captured this year, but we're going to be really well set up in 2025 with more SKUs, our earlier in the season, with more inventory and with more support from a number of these sporting goods retailers. So, I think the innovation and the steps that we're taking are all leading us to broaden out our channel partners and to gain more placement in some of these new retailer channels.

然後在體育用品方面，我的意思是，老實說，我們錯過了今年涼爽的季節。我的意思是，我們抓住了今年可以抓住的任何需求，但我們將在 2025 年做好準備，在賽季初期提供更多 SKU、更多庫存以及來自許多體育運動品牌的更多支持。零售商。因此，我認為我們正在採取的創新和步驟正在引導我們擴大我們的通路合作夥伴，並在一些新的零售商通路中獲得更多的地位。

Andrea Teixeira with JP Morgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

Thank you, operator, and good morning, everyone. I understand that you want to be prudent as usual given the market and political uncertainties, but what are you seeing Q4 so far in terms of consumption? Looking at Nielsen in the US, you up about 50% in consumer takeaway so far in the quarter and it's just three weeks. But even with your raise guidance, they imply Q4 sales growth would be around 15% in the midpoint. I mean, acknowledging the shorter holiday season.

謝謝接線員，大家早安。我理解，考慮到市場和政治的不確定性，您希望像往常一樣謹慎行事，但您對第四季度的消費有何看法？看看美國的尼爾森，本季到目前為止，消費者外送成長了約 50%，而且只持續了三週。但即使有您的加薪指導，他們也暗示第四季度的銷售成長將在中位數 15% 左右。我的意思是，承認假期較短。

But I understand there's also a policy of giving guidance more backward looking, meaning like just including the beat of the third quarter or are you seeing more of a slow down due to the shift in Mexico and the UK and moving some of that upside to the Q1 '25.

但我知道還有一項政策給予指導更加向後看，這意味著就像只包括第三季度的節拍，或者你是否會看到由於墨西哥和英國的轉變而導致經濟放緩更多，並將部分上行趨勢轉移到25 年第一季。

And if you can please quantify those effect approximately as we speak about the underlying consumption and lastly related to that, can you please speak to the inventory levels because it was super useful last quarter, when you gave us perspective of how retail inventory had been unfolding and there was a stocking at that point and restocking I'm assuming happened in the third quarter. So, how we should be positioned again into the holiday season? [Vis A vis] last year? Thank you.

如果您能在我們談論潛在消費以及最後與之相關的時候大致量化這些影響，您能否談談庫存水平，因為上個季度它非常有用，當時您向我們提供了零售庫存如何展開的觀點當時有庫存，我假設第三季發生了補貨。那麼，再次進入假期，我們該如何定位呢？[Vis A vis] 去年？謝謝。

Yeah. So, Andrew on your first question. We're seeing solid demand in the fourth quarter. We keep, we have had a strong Amazon second Prime Day. We took share in that. We hit our forecast. We're seeing good demand in North America. We're seeing good demand in international. I think if there's any challenge for us in Q4 right now, is that some of our hit products in particular SLUSHi, CRISPi, Cafe Luxe, are going to be constrained from an inventory perspective and we won't be able to capture all of the upside in Q4 that, that we would have anticipated.

是的。那麼，安德魯，關於你的第一個問題。我們看到第四季的需求強勁。我們知道，亞馬遜第二個 Prime Day 表現強勁。我們也參與其中。我們達到了我們的預測。我們看到北美的需求旺盛。我們看到國際市場的需求旺盛。我認為，如果我們現在在第四季度面臨任何挑戰，那就是我們的一些熱門產品，特別是 SLUSHi、CRISPi、Cafe Luxe，從庫存角度來看將受到限制，我們將無法捕獲所有產品第四季度的好處是我們所預期的。

So, on the demand side though, I think we're seeing solid demand, and I think we expect to see solid demand as we go through the holiday season. Also, our ASPs are strong. I mean, we're not expecting to see more discounting this holiday season than last holiday season. So, I think from that perspective, Q4 is off to a good start.

因此，在需求方面，我認為我們看到了強勁的需求，我認為我們預計在假期期間也會看到強勁的需求。此外，我們的 ASP 也很強大。我的意思是，我們預計這個假期季節的折扣不會比上一個假期季節更多。所以，我認為從這個角度來看，第四季是一個好的開始。

On the ship and POS side, that story, Andrew, really in the US has kind of quieted down. I mean, roughly speaking, our ship and our POS were flat in Q3. We anticipate being flat in Q4 as well. So there really isn't a lot of conversations around that. I think areas where we are inventory constrained probably has more to do with us. Just not being able to capture the demand that we're seeing from some of the new products than it does from the retailers, not buying the inventory. But I'll let Patrick talk about the inventory side.

在船舶和 POS 方面，安德魯，這個故事在美國確實已經平靜下來了。我的意思是，粗略地說，我們的船舶和 POS 在第三季持平。我們預計第四季也將持平。因此，圍繞這一點確實沒有太多對話。我認為我們庫存緊張的領域可能與我們有更多關係。只是無法捕捉到我們從一些新產品中看到的需求，而不是從零售商看到的需求，而不是購買庫存。但我會讓派崔克談談庫存方面。

Yeah. Hey thanks, Andre, for asking the question, something that we focus on every single day. So I think there's really three quick things and then one overall overarching comment. One is, as I said in the prepared remarks, both our owned inventory and channel inventories at very healthy levels, very clean levels. We feel really good about where we are as we closed out Q3 and look into Q4.

是的。嘿，謝謝安德烈提出這個問題，這是我們每天關注的問題。所以我認為實際上是三件事，然後是一個總體的總體評論。一是，正如我在準備好的演講中所說，我們的自有庫存和通路庫存都處於非常健康、非常乾淨的水平。當我們結束第三季並展望第四季時，我們對自己的處境感到非常滿意。

As Mark mentioned, kind of the restocking, destocking, that's largely behind us. We don't really see that it play anywhere near the level of significance that we saw from more of a historical standpoint. So we think that's in the rear view largely and then, just more from like a data point standpoint is we look at Q3 inventory, we finished up about 35%, 36%. And if you remember back to the last few calls, we also tried to guide and provide some transparency on our inventory to revenue relationship using a two-year stack because we we've had a particularly low levels of inventory in the beginning part of 2024, that is now normalized.

正如馬克所提到的，補貨、去庫存基本上已經過去了。我們並沒有真正看到它的重要性達到我們從更多歷史角度看到的水平。因此，我們認為這主要是在後視圖中，然後，更多地從數據點的角度來看，我們看看第三季的庫存，我們最終上漲了約 35%、36%。如果您還記得最近幾次電話會議，我們還嘗試使用兩年堆疊來指導我們的庫存與收入關係並提供一定的透明度，因為我們在 2024 年初的庫存水平特別低，現在已標準化。

So, if you now take a look at a two-year stack, inventory is up roughly 50% on a two-year basis and net revenue is up roughly 50% on a two-year basis. And so, we feel really, really good. Number one about those levels, and then number two is we've communicated to the community previously, that's what we expected to happen. And so, I think, from a data point standpoint, from an analytics standpoint, we feel good and then finally, just to use a quick thirty seconds to say, this really speaks to the strength of our supply chain. So, we have a very nimble agile supply chain. I heard Mark speak a little bit earlier about the continued investments that we're continuing to make to preserve that nimbleness and that flexibility. And we view it as one of the core underlying strengths and competitive advantages of what we have here at Sharkninja.

因此，如果您現在看一下兩年的堆疊，您會發現庫存在兩年的基礎上增長了大約 50%，淨收入在兩年的基礎上增長了大約 50%。所以，我們感覺非常非常好。第一是關於這些級別，第二是我們之前已經與社區進行了溝通，這就是我們期望發生的事情。因此，我認為，從數據點的角度來看，從分析的角度來看，我們感覺很好，最後，用三十秒的時間來說，這確實說明了我們供應鏈的實力。所以，我們有一個非常靈活的敏捷供應鏈。我早些時候聽到馬克談到我們正在繼續進行投資，以保持這種敏捷性和靈活性。我們將其視為 Sharkninja 的核心潛在優勢和競爭優勢之一。

Megan Alexander with Morgan Stanley.

梅根亞歷山大與摩根士丹利。

Hi. Thanks so much for squeezing me in. I'll maybe just ask a follow up to, I think it was Brook's question a little bit earlier, just maybe ask it in a different way. I'm just trying to understand, how to think about maybe the the margin trajectory in '25, as you think about some of the investments you're making. Is there any way to kind of contextualize, how much is pull forward in a way to kind of set you up for continued growth in 2025 versus maybe what could linger in '25 related to some of the supply chain work, which is obviously, prudent to get ahead of potential tariffs and move things out of China, but just trying to understand kind of the puts and takes around how we should think about the expense drivers into 2025.

你好。非常感謝你把我擠進去。我可能會問一個後續問題，我認為這是布魯克早些時候提出的問題，只是可能以不同的方式提出。我只是想了解，當你思考你正在進行的一些投資時，如何思考 25 年的利潤軌跡。有沒有什麼方法可以結合實際情況，向前推進多少，以便為 2025 年的持續增長做好準備，而不是可能在 25 年與某些供應鏈工作相關的問題，這顯然是謹慎的提前了解潛在的關稅並將產品移出中國，但只是想了解我們應該如何考慮2025 年的費用驅動因素。

Yeah. Look, I think the way that you should think about them, Megan, is that we want to make sure that our business is set up for long term success and it's not in our interest to try to. We need to spend in the quarters that we need to spend it in. And I think on the supply chain side, we looked at things and said, maybe we could drive this expense through 2025. I think what we're realizing is, there's a number of things that are happening in our supply chain. We're having to scale much faster than what we anticipated, just the overall total sheer volume of our supply chain.

是的。聽著，梅根，我認為你應該這樣思考：我們希望確保我們的業務是為了長期成功而建立的，而嘗試這樣做並不符合我們的利益。我們需要在需要花錢的地方花錢。我認為在供應鏈方面，我們研究了一些情況並表示，也許我們可以在 2025 年之前推動這項支出。我認為我們意識到，我們的供應鏈中正在發生很多事情。我們的擴張速度必須比我們預期的快得多，僅是我們供應鏈的整體總量。

The complexity of the products that we're selling today, I mean, we're in a lot of new categories that are requiring a lot of new quality competencies and manufacturing expertise competencies and then the diversification of the supply chain outside of China. And I think that we could either look at it and say, let's make these investments over the course of 12 months or let's really go after this and make very significant investments, in the third and fourth quarter. And I think that's what we've chosen to do.

我的意思是，我們今天銷售的產品非常複雜，我們屬於許多新類別，需要大量新的品質能力和製造專業能力，以及中國以外供應鏈的多元化。我認為我們可以考慮一下並說，讓我們在 12 個月內進行這些投資，或者讓我們真正追求這一目標，並在第三和第四季度進行非常重大的投資。我認為這就是我們選擇要做的事。

Do I think that some of it is pulled forward from 25? I would say that I think some of it is accelerated into 2024 from 2025. I think we anticipate our business growing in '25 and we've got to make sure that our supply chain is well set up to be able to support it. So that's as it relates to the supply chain side.

我是否認為其中一些是從 25 開始提前的？我想說的是，我認為其中一些會從 2025 年加速到 2024 年。我認為我們預計我們的業務將在 25 年成長，我們必須確保我們的供應鏈建立良好，能夠支持它。這與供應鏈方面有關。

On the side of international growth, look, we're really driving scale right now in Germany and France and a number of other European markets. And again, I think we can look at the business and say, should we haircut it 4% or 5%, spend as a percentage of sales right now or should we make the investments and set ourselves up really great for 2025 and beyond.

在國際成長方面，我們現在確實正在德國、法國以及其他一些歐洲市場擴大規模。再說一遍，我認為我們可以審視一下業務，然後說，我們應該將其削減 4% 或 5%，立即按照銷售額的百分比進行支出，還是應該進行投資，為 2025 年及以後做好準備。

And I think we've made the decision that we think we should spend now in advance of what we think that could materialize for 2025. So, I would say, look, we're not trying to manage this by quarter. We're not trying to manage this by year. We look at kind of what's in front of us right now and we say, what's the right thing for our business Christmas 2025. And the right thing for our business Christmas 2025 is to invest in R&D, to make the supply chain moves that we're making and to continue to keep investing in our brands in these new markets. And we do believe that long term, it's going to pay off well for us.

我認為我們已經做出了我們認為現在應該在 2025 年實現的支出之前進行支出的決定。所以，我想說，看，我們不想按季度來管理這個問題。我們不想按年管理。我們審視目前擺在我們面前的情況，然後說，什麼對我們 2025 年聖誕節的業務來說是正確的。對於我們 2025 年聖誕節業務而言，正確的做法是投資研發，推動我們正在實施的供應鏈變革，並繼續在這些新市場中繼續投資我們的品牌。我們確實相信，從長遠來看，這將為我們帶來豐厚的回報。

I would echo exactly what Mark says, we really feel like at this point in time and for the foreseeable future, we're dealing from a position of strength. And so, what we're trying to do at this moment is if you think about the innovation that we've brought into marketplace, just in the last three months, much less the last 12 or 18 months, it's been an incredible pipeline of innovation. And so, how we think about that is very much on an end-to-end basis. It's like to bring that innovation to market to solve the consumer problems that requires investment in our product design, product development, engineering space to produce that product, especially in a shifting macro-economic environment, where =at this point in time, we're not certain where tariffs may lie 180 days from now. we're building into and we're building flexibility into our supply chain.

我完全同意馬克所說的，我們真的覺得在此時此刻以及在可預見的未來，我們正在處於強勢地位。因此，我們目前正在努力做的是，如果你考慮我們在過去三個月內引入市場的創新，更不用說過去 12 或 18 個月了，這是一個令人難以置信的管道創新。因此，我們的想法很大程度上是基於端到端的。這就像將創新推向市場來解決消費者問題，需要投資於我們的產品設計、產品開發、工程空間來生產該產品，特別是在不斷變化的宏觀經濟環境中，此時，我們不確定180 天後關稅會如何。我們正在建立供應鏈的靈活性。

And then finally, as we get product into market, we have amazing, amazing product stories to tell that are solving consumer problems. But the products just don't show up and solve themselves. We have to educate our consumers. The great thing is our consumers are discerning, they engage with our products on a very heightened level. But we do have to educate in terms of what's coming into marketplace. And I think the Ninja Cafe Luxe is a great example. It's like to the average consumer, an espresso machine is intimidating. But what we're bringing to market is something that is so streamlined, so easy to use, it pulls the consumer in. But we've got an obligation to the consumer to really educate him or her in terms of what that value proposition is and what that product can bring to his or her life. And so that's a little bit of the end to end strategy around investments. As I said, everything that we do from an investment standpoint is is informed by our three-pillar growth strategy. So, a little bit more context for you there, but.

最後，當我們將產品推向市場時，我們有令人驚嘆的、令人驚嘆的產品故事可以講述，這些故事正在解決消費者的問題。但產品就是不會出現並自行解決問題。我們必須教育我們的消費者。最棒的是我們的消費者眼光敏銳，他們在很高的水平上與我們的產品互動。但我們確實必須就即將進入市場的產品進行教育。我認為 Ninja Cafe Luxe 就是一個很好的例子。就像對一般消費者來說，濃縮咖啡機是令人生畏的。但我們向市場推出的產品非常精簡、易於使用，能夠吸引消費者。但我們有義務讓消費者真正了解該價值主張是什麼以及該產品可以為他或她的生活帶來什麼。這就是圍繞投資的端到端策略的一點點。正如我所說，從投資角度來看，我們所做的一切都是基於我們的三大支柱成長策略。所以，這裡為您提供更多背景信息，但是。

I don't know if they're going to cut me off. But could I like one quick follow up, I guess from a supply chain standpoint, you obviously talked about you're not, you're maybe missing some demand in the holiday season. What's your expectation for how quickly that can catch up and you can get back to the point we're able to supply to the demand. And how do you give thought to the pace of innovation, in the context of, you're maybe missing out on some demand this holiday season.

我不知道他們是否會打斷我。但我想快速跟進嗎？您期望多快能夠趕上並回到我們能夠滿足需求的程度。在這個假期您可能會錯過一些需求的情況下，您如何考慮創新的步伐。

Yeah. In terms of how fast we can catch up? I would say, some products in first quarter, some products not until the second quarter. We are pushing out some of our new product launches from the UK just to keep that demand and be able to continue to fulfill us customers. So, I would say, some will catch in Q1 and some will catch in Q2. In terms of how does it impacts our R&D or innovation approach. I don't think it does. it's hard to forecast new products. It's hard to think about, which are the ones that are going to kind of be runaway successes and which are the ones that are just going to be really solid products that sell every day on the shelf. But I think what's encouraging Megan more than anything is the hit rate of the innovation is increasing.

是的。我們能以多快的速度趕上？我想說，有些產品在第一季上市，有些產品要到第二季才上市。我們正在英國推出一些新產品，只是為了保持這項需求並能夠繼續滿足我們的客戶需求。所以，我想說，有些會在第一季流行，有些會在第二季流行。就它如何影響我們的研發或創新方法而言。我認為不會。很難預測新產品。很難想像哪些產品會取得巨大成功，哪些產品將成為每天在貨架上銷售的真正可靠的產品。但我認為最讓梅根感到鼓舞的是創新的命中率正在提高。

And I think that's testament to our consumer insights approach to all the testing that we do before we launch these products, the price testing, the feature testing the marketing testing. So if anything, I think what '24 is showing us is we're just getting better and better at product developing and ensuring that we're giving the consumer the right performance at the right quality at the right price. What we probably need to do as we move forward is kind of think about more flexibility in our supply chain. And maybe how do we get kind of earlier read signals as it relates to which of these products are going to really take off and accelerate. But that's obviously a tough one that we're going to continue to work on for the next 10 years.

我認為這證明了我們在推出這些產品之前所做的所有測試（價格測試、功能測試和行銷測試）中採用的消費者洞察方法。因此，我認為「24」向我們展示的是，我們在產品開發方面做得越來越好，並確保我們以合適的價格、合適的品質為消費者提供合適的性能。隨著我們的前進，我們可能需要做的是考慮供應鏈的更大靈活性。也許我們如何獲得早期的讀取訊號，因為它關係到哪些產品將真正起飛和加速。但這顯然是一項艱鉅的任務，我們將在未來 10 年繼續努力。

Thank you. I would now like to turn it back to Mark Barrocas, CEO for some final closing remarks.

謝謝。現在我想請執行長馬克·巴羅卡斯 (Mark Ba​​rrocas) 做最後的總結發言。

Yeah. Well, look, thank you for joining us, and we look forward to speaking with you again soon. So have a wonderful day. Thanks.

是的。好吧，謝謝您加入我們，我們期待很快再次與您交談。祝你有美好的一天。謝謝。

Thank you for joining the SharkNinja's third quarter 2024 earnings conference call. I can confirm today's call has now concluded and you may now disconnect from the call and please enjoy the rest of your day.

感謝您參加 SharkNinja 2024 年第三季財報電話會議。我可以確認今天的通話現已結束，您現在可以掛斷通話，祝您度過愉快的一天。