Sharkninja Inc (SN) 2024 Q4 法說會逐字稿

Good morning and welcome to SharkNinja's fourth quarter 2024 earnings call. My name is Harry and I will be your operator.

早安，歡迎參加 SharkNinja 2024 年第四季財報電話會議。我的名字是哈利，我將擔任您的接線生。

(Operator Instructions). I would now like to hand the conference over to Arvind Bhatia, Senior Vice President in Investor Relations. Thank you. Please go ahead.

（操作員指令）。現在，我想將會議移交給投資者關係高級副總裁 Arvind Bhatia。謝謝。請繼續。

Good morning and welcome to SharkNinja's fourth quarter 2024 earnings conference call. Earlier today, we issued our Q4 earnings release, which is available on the company's website at ir.sharkninja.com. A replay of today's webcast will also be available on the site shortly after the call.

早安，歡迎參加 SharkNinja 2024 年第四季財報電話會議。今天早些時候，我們發布了第四季度收益報告，可在公司網站 ir.sharkninja.com 上查閱。通話結束後不久，網站上還將提供今天網路直播的重播。

Before we begin, let me remind you that today's discussion will include forward-looking statements based on our current perspective of the business environment. These statements involve risks and uncertainty, and actual results may differ materially. For more details, please refer to our earnings release and the company's most recent SEC filings, which outlined factors that could impact these statements.

在我們開始之前，請允許我提醒您，今天的討論將包括基於我們當前對商業環境的看法的前瞻性陳述。這些聲明涉及風險和不確定性，實際結果可能存在重大差異。欲了解更多詳情，請參閱我們的收益報告和公司最新的美國證券交易委員會文件，其中概述了可能影響這些報表的因素。

The company assumes no obligation to update or revise forward-looking statements in the future. Additionally, during the call, we will reference non-GAAP financial measures which we believe provide valuable insight into the underlying growth trends of our business. You can find a full reconciliation of these measures with their most directly comparable GAAP measures in the earnings release.

該公司不承擔未來更新或修改前瞻性陳述的義務。此外，在電話會議中，我們將參考非公認會計準則財務指標，我們認為這些指標為我們業務的潛在成長趨勢提供了有價值的見解。您可以在收益報告中找到這些指標與最直接可比較的 GAAP 指標的完整對帳表。

A quick reminder, we divested our APAC business in Q3 of last year, so it is no longer included in our year over year comparisons this quarter. Joining me today are our Chief Executive Officer, Mark Barrocas; and Chief Financial Officer, Patraic Reagan.

需要提醒的是，我們去年第三季剝離了亞太地區業務，因此本季的年比數據中不再包括該業務。今天與我一起的還有我們的執行長馬克·巴羅卡斯 (Mark Ba​​rrocas)；和財務長 Patraic Reagan。

Mark will start by providing a business update followed by Patraic, who will review our Q4 and full year 2024 financial results and share our outlook for 2025. Mark will then offer some closing remarks before we open the call to questions. With that, I will now turn it over to Mark.

馬克將首先介紹業務最新情況，隨後帕特里克將回顧我們 2024 年第四季和全年的財務業績，並分享我們對 2025 年的展望。在我們開始提問之前，馬克將發表一些結束語。現在我將把話題交給馬克。

Thank you, Arvind. Good morning, everyone, and thank you for joining us today. Our fourth quarter results were exceptionally strong. Once again, our global teams knocked it out of the park with incredible top and bottom line performance. Net sales grew an impressive 30%. Adjusted EBITDA was up 32%, building on the 71% growth we delivered in Q4 last year.

謝謝你，Arvind。大家早安，感謝大家今天的參與。我們的第四季業績異常強勁。我們的全球團隊再次以令人難以置信的營收和利潤表現脫穎而出。淨銷售額大幅成長了 30%。調整後 EBITDA 上漲 32%，而去年第四季的增幅則為 71%。

We're delivering rapid and highly profitable organic growth at scale. What excites me even more than our strong Q4 results is the breadth of our performance across each of our four key categories cleaning, cooking, food prep, and the newly branded beauty and home environment. We have delivered very strong double digit growth.

我們正在大規模實現快速且高利潤的有機成長。比我們強勁的第四季業績更讓我興奮的是我們在四個主要類別（清潔、烹飪、食品準備以及新品牌的美容和家居環境）中的表現廣度。我們實現了非常強勁的兩位數成長。

In North America, net sales increased 22% year over year. Our international business continued to be a standout. Adjusted net sales grew 49% on top of last year's impressive 62% growth in the fourth quarter. It has been an amazing quarter, and I am so proud of how our teams continue to consistently deliver and drive sustainable growth.

在北美，淨銷售額較去年同期成長22%。我們的國際業務持續表現出色。調整後淨銷售額在去年第四季令人印象深刻的 62% 增幅基礎上又成長了 49%。這是一個令人驚嘆的季度，我為我們的團隊如何繼續始終如一地實現目標並推動永續成長感到非常自豪。

Looking at full year results, 2024 was a remarkably strong year. We grew adjusted net sales 32%, and that is on top of 15% growth last year. We drove adjusted EBITDA growth of 32%, building on 39% growth last year. This means over the past two years. We've achieved a compounded annual growth rate of 24% in adjusted net sales and 35% in adjusted EBITDA, extending our long track record of success.

縱觀全年業績，2024 年是極為強勁的一年。我們的調整後淨銷售額成長了 32%，這是在去年 15% 的成長基礎上的。我們推動調整後 EBITDA 成長 32%，而去年的成長率為 39%。這意味著在過去的兩年裡。我們的調整後淨銷售額和調整後 EBITDA 的複合年增長率分別達到 24% 和 35%，延續了我們長期的成功記錄。

We have also expanded adjusted EBITDA margins by nearly 300 basis points over the past two years while strategically investing and fuelling the next wave of innovation and geographic expansion. We are building a strong foundation for scalable organic growth. We added over $1.3 billion in adjusted net sales growth this year, bringing our total to $5.5 billion. We increased adjusted EBITDA by more than $230 million surpassing $950 million.

在過去兩年中，我們還將調整後的 EBITDA 利潤率提高了近 300 個基點，同時進行了策略性投資並推動下一波創新和地理擴張。我們正在為可擴展的有機成長奠定堅實的基礎。今年，我們的調整後淨銷售額成長了 13 億美元以上，總銷售額達到了 55 億美元。我們的調整後 EBITDA 增加了 2.3 億美元以上，超過 9.5 億美元。

This strong performance highlights the power of our profitable growth flywheel as our healthy revenue growth, strong growth margins, and productive reinvestments into our business fuel our market share gains, new category expansions, and geographic growth. Our performance also speaks to the strength of our team and a cultural mindset that recognizes and reinforces a desire to learn and grow and a sheer drive to be the very best of what we do.

這一強勁表現凸顯了我們獲利成長飛輪的強大力量，因為我們健康的收入成長、強勁的成長利潤率以及對業務的有效再投資推動了我們的市場份額成長、新類別擴張和地理成長。我們的表現也體現了我們團隊的實力和一種文化心態，這種心態承認並強化了學習和成長的願望，以及在我們所做的事情上做到最好的純粹動力。

Together as a team, we embrace the shared mindset that all success is only temporary. We are driven by a deep-seated confidence in our problem-solving abilities and a desire to achieve the extraordinary. With this powerful shared mindset at the core of our company, we are strengthening our competitive edge and accelerating our progress in a large and rapidly expanding market.

作為一個團隊，我們共同秉持這樣的理念：所有的成功都只是暫時的。我們對自己解決問題的能力有著根深蒂固的信心，並且渴望非凡成就。憑藉這種強大的共同思維作為公司的核心，我們正在增強我們的競爭優勢，並在龐大且快速擴展的市場中加快我們的進步。

2024 has been our best year yet, but this is just the beginning. Looking ahead, the first quarter of '25 is off to a solid start. We are not just managing uncertainty, we are on the offense, executing against a well-defined strategy of consumer-focused innovation, strong demand creation, and a highly diversified portfolio of products, geographies, and channels. As a result, we are in a great position to drive strong double-digit growth for the full year.

2024 年是我們迄今為止最好的一年，但這只是個開始。展望未來，25 年第一季開局良好。我們不僅要管理不確定性，還要主動出擊，執行以消費者為中心的創新、強勁的需求創造以及高度多樣化的產品、地域和通路組合的明確策略。因此，我們處於有利地位，可以實現全年強勁的兩位數成長。

Our three-pillar growth strategy is the foundation of our organic growth engine. This strategy focuses on expanding into new and adjacent categories, increasing market share in existing categories, and driving international growth. Disruptive consumer problem solving innovation is what SharkNinja excels at. Our investments in R&D in the past two years have filled the pipeline with exciting new ideas.

我們的三大支柱成長策略是我們有機成長引擎的基礎。該戰略專注於擴展到新的和相鄰的類別，增加現有類別的市場份額，並推動國際成長。顛覆性的消費者問題解決創新正是SharkNinja所擅長的。過去兩年我們在研發方面的投資使各種令人興奮的新想法不斷湧現。

We plan to launch 25 new products this year across both new and existing categories. We will be bringing to market a steady flow of new products each quarter, some of which have already launched in 2025. The first pillar of our growth strategy expanding into new and adjacent categories continues to be a key driver of success.

我們計劃今年推出 25 種新產品，涵蓋新類別和現有類別。我們將每季向市場推出穩定的新產品，其中一些產品已於 2025 年推出。我們成長策略的第一大支柱是擴展到新的和相鄰的類別，這仍然是我們成功的關鍵驅動力。

SharkNinja now participates in 36 new subcategories, both inside and outside the home, all of which have been developed internally. We are committed to entering at least 2 new subcategories each year. In 2024, we exceeded this goal by launching into four new subcategories coolers, fans, frozen drink appliances, and skincare. We believe that each of these subcategories has a strong growth potential for us in 2025 and beyond.

SharkNinja 現參與 36 個新的子類別，包括家庭內部和外部，所有這些子類別都是內部開發的。我們致力於每年進入至少 2 個新的子類別。2024 年，我們超越了這個目標，推出了四個新的子類別：冷卻器、風扇、冷凍飲料器具和護膚品。我們相信，每個子類別在 2025 年及以後都具有強大的成長潛力。

Ninja SLUSHi, our professional grade frozen drink maker, has been a hit with consumers. Fuelled by its viral popularity, SLUSHi has already generated more than a half a billion social media impressions to date. Consumer engagement continues to grow. We have secured multiple branded partnerships for SLUSHi.

我們的專業級冷凍飲料機 Ninja SLUSHi 深受消費者的喜愛。憑藉著病毒式傳播的火爆人氣，SLUSHi 迄今已在社交媒體上獲得了超過五億次點擊量。消費者參與度持續成長。我們已經為 SLUSHi 獲得了多個品牌合作夥伴關係。

These collaborations are helping us reach new audiences creating unique experiences and sustaining social bus. SLUSHi will start rolling out in the UK and other international markets later this year. With Ninja CREAMi leading the ice cream category and SLUSHi gaining momentum, we are on track to become the global destination in frozen treats.

這些合作幫助我們接觸新的受眾，創造獨特的體驗並維持社會效益。SLUSHi 將於今年稍後開始在英國和其他國際市場推出。隨著 Ninja CREAMi 在冰淇淋類別中的領先地位以及 SLUSHi 的發展勢頭強勁，我們有望成為全球冷凍食品的目的地。

With Shark FlexBreeze, we created an entirely new category with our first indoor outdoor cooling system. Its debut season was a tremendous success and established a solid foundation for us to build upon. Looking ahead to 2025, we have exciting innovation planned for this new category. We're gearing up to launch several new SKUs, and we'll be expanding this category into additional international markets.

借助 Shark FlexBreeze，我們透過首個室內室外冷卻系統創造了一個全新的類別。它的首季取得了巨大的成功，為我們未來的發展奠定了堅實的基礎。展望 2025 年，我們為這個新類別制定了令人興奮的創新計劃。我們正準備推出幾個新的 SKU，並將將此類別擴展到更多國際市場。

With the launch of our first FDA cleared product, Shark CryoGlow, we're bringing med spot quality skincare into the home, delivering dermatologist optimized treatments for acne, fine lines, and wrinkles. Designed for a broad audience across all age groups, CryoGlow leverages red and blue LED, infrared technology, and under-eye Cryo cooling to rejuvenate and refresh the skin.

隨著我們首款獲得 FDA 批准的產品 Shark CryoGlow 的推出，我們將醫療級品質的護膚品帶入家庭，為痤瘡、細紋和皺紋提供皮膚科醫生優化的治療。CryoGlow 專為各年齡層的廣大受眾設計，利用紅藍 LED、紅外線技術和眼下冷凍冷卻來恢復和刷新皮膚。

Developed with scientists, dermatologists, and wellness experts, it is the first of a kind solution, offering high performance clinically tested results at an accessible price point. CryoGlow has already outperformed sales expectations in its initial launch market, the UK and Mexico. And just last week, we introduced CryoGlow in the US through our direct-to-consumer platform with a planned rollout to key beauty retailers in Q2.

它是由科學家、皮膚科醫生和健康專家共同開發的首個解決方案，以可負擔的價格提供高性能的臨床測試結果。CryoGlow 在最初推出的市場英國和墨西哥的銷售業績已經超出了預期。就在上週，我們透過直接面向消費者的平台在美國推出了 CryoGlow，並計劃在第二季度向主要美容零售商推出。

Press and influencer feedback for the product has been great. And we are excited by the innovation roadmap opportunities that the skincare category affords us moving forward. Our 2024 entry into the cooler category with Ninja FrostVault was a resounding success despite limited supply and distribution.

媒體和有影響力人士對該產品的回饋非常好。我們對護膚品類別為我們未來發展的創新路線圖機會感到非常興奮。我們在 2024 年推出的 Ninja FrostVault 冷卻器類別儘管供應和分銷有限，但仍獲得了巨大成功。

In 2025 we are poised to further disrupt and expand the category. We plan to broaden our SKU lineup, scale distribution, and enter international markets, enabling greater product availability during the pivotal spring and summer selling season. Our second growth pillar focuses on increasing market share within existing categories. A key strength of our business continues to be our ability to innovate and reinvent our core foundation.

2025年，我們準備進一步顛覆和擴大這個類別。我們計劃拓寬我們的SKU陣容，擴大分銷規模，並進入國際市場，以便在關鍵的春夏銷售季節提供更多的產品。我們的第二個成長支柱是專注於增加現有類別的市場佔有率。我們業務的一個主要優勢仍然是我們創新和重塑核心基礎的能力。

It is important to emphasize that our base business remains strong with healthy revenue, stable average selling prices, and solid gross margins. Growth in new categories and international expansion is critical, but it is equally important that our core business remains robust. This strength is not incidental. It is the result of continuous investment in innovation and reimagination.

值得強調的是，我們的基礎業務依然強勁，營收健康，平均銷售價格穩定，毛利率穩健。新產品的成長和國際擴張至關重要，但同樣重要的是，我們的核心業務保持強勁。這種實力並非偶然。這是持續投資創新和重新構想的結果。

Within cleaning, our engineering and product teams have brought fresh ideas to the category to spark new growth. Our Shark PowerDetect line showcases our most advanced cleaning technology yet across robots, cordless, and corded vacuums. These products deliver exceptional cleaning performance and raise the bar for automation in the industry.

在清潔領域，我們的工程和產品團隊為該類別帶來了新想法，以激發新的成長。我們的 Shark PowerDetect 系列展示了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。這些產品具有卓越的清潔性能，並提高了行業自動化的標準。

We've also broadened our hard floor cleaning lineup with the launch of the Shark Steam PickUp and the Shark HydroDuo hard floor cleaners. The hard floor segment represents an exciting growth opportunity for us and adds further diversity to our overall cleaning business. All of this innovation is paying off as we delivered another strong quarter of nearly 20% growth in the cleaning category.

我們還擴大了硬地板清潔產品線，推出了 Shark Steam PickUp 和 Shark HydroDuo 硬地板清潔劑。硬地板領域對我們來說是一個令人興奮的成長機會，並為我們的整體清潔業務增添了更多多樣性。所有這些創新都獲得了回報，因為我們在清潔類別中又實現了近 20% 的強勁成長。

Last September, we took another big step in innovating the cooking and beverage category with the launch of the Ninja CRISPi. This portable cooking system we imagined cooking by putting the power of a full-size air fryer into the palm of your hands. It delivers consistently CRISPi results with incredible versatility and a compact design.

去年九月，我們推出了 Ninja CRISPi，在烹飪和飲料類別的創新方面又邁出了一大步。我們設想的這種便攜式烹飪系統可以將全尺寸氣炸鍋的強大功能放在您的手掌中烹飪。它以令人難以置信的多功能性和緊湊的設計始終如一地提供 CRISPi 結果。

CRISPi is all about meeting consumers, growing demand for convenience while we already lead the air fryer market, CRISPi lets us rethink, redefine, and reinvent the category. It opens up new opportunities, positions us for continued growth, and strengthens our market share in the air fryer space. CRISPi is already performing well in the US, and we are gearing up to launch it in additional markets later this year.

CRISPi 致力於滿足消費者日益增長的便利性需求，雖然我們已經引領氣炸鍋市場，但 CRISPi 讓我們重新思考、重新定義和重塑這個類別。它開闢了新的機遇，為我們持續成長奠定了基礎，並加強了我們在氣炸鍋領域的市場份額。CRISPi 在美國已經表現良好，我們正準備在今年稍後將其推廣到其他市場。

Just in time for grilling season, we are launching Ninja FlexFlame. Our first large format outdoor cooking system with unmatched versatility. Until now, consumers had to choose between a grill, a smoker, a roaster, a griddle, or a pizza oven. FlexFlame eliminates that trade-off, seamlessly transforming between all five.

正值燒烤季節，我們推出了 Ninja FlexFlame。我們的第一款大型戶外烹飪系統具有無與倫比的多功能性。到目前為止，消費者必須在烤架、煙燻爐、烘烤器、扒爐和披薩烤箱之間做出選擇。FlexFlame 消除了這種權衡，可以在五種之間無縫轉換。

Powered by a proprietary cyclonic heat IQ technology, precision heat distribution, and wood fire capabilities, it delivers faster, more flavourful results. But we are not just entering the large format outdoor cooking market, we are redefining it. This is a big definable global category with significant upsides. We are confident that FlexFlame will excite consumers in an industry that has seen soft demand post COVID.

採用專有的旋風熱 IQ 技術、精確的熱量分佈和木火功能，它可以提供更快、更美味的效果。但我們不僅僅是進入大型戶外烹飪市場，我們正在重新定義它。這是一個可定義的全球性大類別，具有顯著的優勢。我們相信，FlexFlame 將讓疫情過後需求疲軟的產業中的消費者感到興奮。

We identified a significant global white space in coffee and espresso. With Ninja Luxe Cafe, we became the first to introduce a product designed not just to capture market share but to expand the entire category. In the US, espresso household penetration remains very low. We took a consumer first approach recognizing that American coffee drinkers want more than just a single shot of espresso.

我們發現咖啡和濃縮咖啡領域存在顯著的全球空白。憑藉 Ninja Luxe Cafe，我們率先推出了一款不僅旨在佔領市場份額而且旨在擴大整個產品類別的產品。在美國，濃縮咖啡的家庭普及率仍然很低。我們採取了消費者至上的理念，並認識到美國咖啡飲用者想要的不僅僅是一杯濃縮咖啡。

They want large format drip coffee, cold brew, ice coffee, and versatility in their at-home brewing experience. By addressing these preferences, we are giving consumers what they want rather than asking them to compromise, and we are doing it at a much more accessible price point. In Europe, where the espresso market is highly competitive and mature, consumer preferences are shifting.

他們想要大容量的滴漏咖啡、冷萃咖啡、冰咖啡，以及多樣化的家庭沖泡體驗。透過滿足這些偏好，我們可以滿足消費者的需求，而不是要求他們做出妥協，而且我們以更容易接受的價格實現了這一目標。在歐洲，濃縮咖啡市場競爭激烈且成熟，消費者的偏好正在改變。

Drip coffee, iced beverages, and globally inspired drinks are becoming more popular. Our strategy is tailored to these evolving trends, allowing us to disrupt the category differently across regions. By leveraging these insights, we have created a product that meets distinct regional needs while driving both category growth and market share expansion.

滴濾咖啡、冰飲以及全球風味的飲品越來越受歡迎。我們的策略是根據這些不斷發展的趨勢而量身定制的，使我們能夠在不同地區以不同的方式顛覆該類別。透過利用這些見解，我們創造了一種滿足不同區域需求的產品，同時推動了品類成長和市場佔有率擴大。

This is a standout example of how we identify white space opportunities and capitalize on them with highly differentiated consumer centric innovation. While Ninja CREAMi continues to expand globally with its first holiday season in Germany, the Nordics, and Brazil, we are not slowing down. We are strategically advancing this winning category with breakthrough innovation.

這是我們如何識別空白領域機會並利用高度差異化的以消費者為中心的創新來獲利的一個傑出例子。雖然 Ninja CREAMi 在德國、北歐和巴西首次迎來假日季，繼續全球擴張，但我們並沒有放慢腳步。我們正以突破性創新策略性地推進這一獲勝類別。

We're thrilled to introduce Ninja Swirl, the next evolution in at-home frozen treats. The Ninja CREAMi allowed consumers to turn just about anything into ice cream, and Ninja Swirl takes it a step further, bringing the full ice cream shop experience to the home with scooping and swirling capabilities. We listen closely to the passionate, CREAMi community and developed the Swirl incorporating real user feedback.

我們很高興推出 Ninja Swirl，這是家庭冷凍食品的下一代產品。Ninja CREAMi 讓消費者可以將任何東西變成冰淇淋，而 Ninja Swirl 更進一步，透過舀取和旋轉功能，將完整的冰淇淋店體驗帶回家。我們密切傾聽熱情的 CREAMi 社群的意見，並根據真實用戶的回饋開發了 Swirl。

We introduced the fit button to cater to the growing demand for high protein frozen desserts and a soft serve function to deliver an even more versatile experience all at the touch of a button. This is a prime example of how we innovate with our consumers, not just for them. With a waitlist of over 90,000 and more than 60 million social media impressions, it is clear that consumer anticipation for Swirl is already high.

我們推出了「適合」按鈕，以滿足對高蛋白冷凍甜點日益增長的需求，並推出了軟冰淇淋功能，只需按一下按鈕即可提供更加多樣化的體驗。這是我們如何與消費者共同創新而不是只為他們創新的典型例子。等候名單已超過 9 萬人，社群媒體曝光量超過 6,000 萬次，顯然消費者對 Swirl 的期望已經很高。

Our innovation strategy is not about incremental launches. It is about creating new categories, disrupting mature categories, and continuously reinventing our foundational categories. Our performance in the beauty and home environment category reflects our commitment to disruptive innovation. FlexStyle had another very strong quarter. In Q4, we soft launched FlexFusion, our next generation airs styler.

我們的創新策略並不是漸進式的推出。它是關於創建新類別、顛覆成熟類別並不斷重塑我們的基礎類別。我們在美容和家居環境類別的表現反映了我們對顛覆性創新的承諾。FlexStyle 又度過了一個非常強勁的季度。在第四季度，我們悄悄推出了下一代空氣造型器 FlexFusion。

FlexFusion is designed to tackle a major consumer concern, achieving hot tool styles without the damage caused by heat. In Q2 this year, we will roll out FlexFusion into major beauty retailers, bringing this breakthrough technology to a wider audience. The full impact of this innovation is yet to be realized and we are confident it will redefine expectations in the beauty space.

FlexFusion 旨在解決消費者的一個主要擔憂，即實現熱工具樣式而不會造成熱量造成的損害。今年第二季度，我們將把 FlexFusion 推廣到各大美容零售商，讓更多的人了解這項突破性的技術。這項創新的全部影響尚未實現，我們相信它將重新定義美容領域的期望。

We're tapping into the growing demand for multi-functional beauty tools, strengthening our presence in the beauty category, and setting the stage for even more growth. Innovation at Shark Ninja is not just about launching new products. It is about reshaping industries and setting new consumer expectations.

我們正在滿足對多功能美容工具日益增長的需求，加強我們在美容領域的地位，並為進一步的成長奠定基礎。Shark Ninja 的創新不僅僅是推出新產品。這是為了重塑產業並設定新的消費者期望。

We create entirely new categories like CREAMi, SLUSHi, CryoGlow, and FlexBreeze. We disrupt and expand major markets with game-changing solutions like CarpetXpert, Luxe Cafe, FrostVault, and FlexFlame, and we never stop improving building on our successes year after year with advancements like PowerDetect, FlexFusion, CRISPi and Swirl.

我們創建了全新的類別，如 CREAMi、SLUSHi、CryoGlow 和 FlexBreeze。我們透過 CarpetXpert、Luxe Cafe、FrostVault 和 FlexFlame 等改變遊戲規則的解決方案顛覆和拓展主要市場，並且我們透過 PowerDetect、FlexFusion、CRISPi 和 Swirl 等進步，年復一年地鞏固我們的成功，從未停止改進。

This relentless drive for innovation keeps us ahead and fuels our long-term growth. Next, I will focus on our third growth pillar, expanding into international markets. Our international business has achieved significant scale, generating $1.7 billion in net sales outside of North America in 2024. A key strategic focus in Q4 was to win at Christmas, particularly in continental Europe and Latin America.

這種不懈的創新動力使我們保持領先並推動我們的長期成長。接下來，我將重點放在我們的第三個成長支柱，即拓展國際市場。我們的國際業務已取得顯著規模，2024 年在北美以外地區的淨銷售額達到 17 億美元。第四季的一個關鍵策略重點是在聖誕節期間獲勝，特別是在歐洲大陸和拉丁美洲。

Based on retailer feedback, we delivered on that goal, securing major wins in these markets. European retailers saw substantial growth from SharkNinja this past holiday season, positioning us for continued expansion in 2025.Our international strategy can be viewed in 3 key segments.

根據零售商的回饋，我們實現了這一目標，並在這些市場取得了重大勝利。在過去的假期季節，歐洲零售商看到了 SharkNinja 的大幅成長，這為我們在 2025 年繼續擴張做好了準備。

First, the UK remains our largest international market, and our strategy here is focused on diversification. While Q4 was, and we expect Q1 will continue to be impacted by an intentional shift in our innovation cycle, prioritizing North America, new product launches in Q2 should drive a strong rebound.

首先，英國仍然是我們最大的國際市場，我們的策略重點是多元化。雖然第四季以及我們預計第一季將繼續受到我們創新週期有意轉變的影響，優先考慮北美，但第二季新產品的推出應該會推動強勁反彈。

The fundamentals of our UK business remains solid with significant untapped product categories and continued expansion into new retail channels underscoring our confidence in long-term market potential. Second while we have made significant strides, we are still in the early stages of expansion across continental Europe Germany and France are scaling rapidly.

我們英國業務的基本面依然穩固，擁有大量未開發的產品類別和持續向新零售通路的擴張，凸顯了我們對長期市場潛力的信心。第二，雖然我們取得了重大進展，但我們仍處於歐洲大陸擴張的早期階段，德國和法國正在迅速擴張。

Our strategy extends far beyond these core markets. We see tremendous opportunities in Spain, Poland, Benelux, and the Nordics, where consumer demand and retail support continue to strengthen. Our brands are gaining traction across social media and retail partnerships validating our momentum. The engagement from top European retailers underscores their confidence in our future trajectory, not just our past performance.

我們的策略遠遠超出了這些核心市場。我們在西班牙、波蘭、比荷盧三國和北歐看到了巨大的機遇，這些地區的消費需求和零售支持持續加強。我們的品牌在社群媒體和零售合作夥伴關係中越來越受歡迎，證明了我們的發展勢頭。歐洲頂尖零售商的參與凸顯了他們對我們未來發展方向的信心，而不僅僅是我們過去的表現。

Third, Latin America building on our 4 success, we continue to gain market share and solidify retailer partnerships in Latin America. These regions present long term opportunities, and we remain focused on measured investments and sustainable growth. Overall, our international business is thriving with a 50% increase in adjusted net sale in 2024, we are executing a strategic vision that balances short-term wins with long-term scalability and expansion.

第三，拉丁美洲在我們第四次成功的基礎上，繼續獲得市場份額並鞏固在拉丁美洲的零售商合作夥伴關係。這些地區代表著長期機遇，而我們將繼續專注於適度的投資和可持續的成長。總體而言，我們的國際業務蓬勃發展，2024 年調整後淨銷售額將成長 50%，我們正在執行一項策略願景，以平衡短期利益與長期可擴展性和擴張性。

As we move through 2025, we remain committed to driving sustained growth across all key categories. Product innovation is a critical pillar of our business but equally important is great storytelling and creating consumer demand. We have executed exceptionally well on this front, establishing ourselves as one of the largest brands on social media.

邁入 2025 年，我們仍致力於推動所有關鍵類別的持續成長。產品創新是我們業務的重要支柱，但講述精彩的故事和創造消費者需求也同樣重要。我們在這方面表現非常出色，使自己成為社群媒體上最大的品牌之一。

Our strategic investments in talent partnerships, experiential events, and multi-channel advertising have forged authentic connections with consumers driving excitement and activating the user-generated content flywheel. This combination of best-in-class product innovation and world class brand storytelling is not easily replicable. It is not just about launching a great product. It is about creating an ecosystem of demand that compels consumers to seek out our products at their preferred destinations.

我們對人才合作夥伴關係、體驗式活動和多通路廣告的策略性投資與消費者建立了真正的聯繫，從而激發了興奮感並激活了用戶生成內容飛輪。這種一流的產品創新和世界一流的品牌故事的結合是難以複製的。這不僅僅是推出一款優秀的產品。這是為了創建一個需求生態系統，迫使消費者在他們喜歡的目的地尋找我們的產品。

Our marketing investments are delivering significant returns, fuelling global momentum and brand affinity. Before our products even launched in new markets, we often see substantial pre-launch demand. This underscores the strength of our global consumer demand and the borderless nature of our brand appeal, which is also accelerating in international markets. I will now hand it over to Patrick who will walk you through our fourth quarter and full your financials and share our 2025 outlook. Patrick.

我們的行銷投資正在產生豐厚的回報，增強全球發展動能和品牌親和力。在我們的產品進入新市場之前，我們經常會看到大量的預發布需求。這凸顯了我們全球消費者需求的強勁以及我們品牌吸引力的無國界性，這種吸引力在國際市場上也正在加速成長。現在我將把時間交給派崔克，他將向大家介紹我們的第四季狀況、完整的財務狀況並分享我們 2025 年的展望。派崔克。

Thank you, Mark, and good morning, everyone. I am thrilled to share our outstanding 2024 results in Outlook for 2025. As Mark said in Q4, we achieved nearly $1.8 billion in net sales, up 30% year over year. Adjusted EBITDA increased 32% to $291 million.

謝謝你，馬克，大家早安。我很高興在 2025 年展望中分享我們 2024 年的優異業績。正如馬克在第四季所說，我們實現了近 18 億美元的淨銷售額，年增 30%。調整後 EBITDA 成長 32% 至 2.91 億美元。

We delivered a 30 basis point increase in our adjusted EBITDA margin, all while making substantial investments to fuel our growth, including driving international expansion and advancing our supply chain diversification initiatives. Net sales in North America were up 22% to nearly $1.2 billion. International net sales grew 49% to more than $600 million driven by triple digit growth in Germany and France.

我們實現了調整後 EBITDA 利潤率提高 30 個基點，同時進行了大量投資以促進我們的成長，包括推動國際擴張和推動我們的供應鏈多元化計畫。北美淨銷售額成長22%，達到近12億美元。在德國和法國三位數成長的推動下，國際淨銷售額成長 49%，達到 6 億多美元。

For the full year, adjusted net sales and adjusted EBITDA increased 32%. Adjusted EBITDA margin was 17.2% consistent with prior year. This was supported by a 220 basis point improvement in adjusted gross margin and a comparable rise in operating expenses as we continued reinvesting in our growth initiatives. Looking at performance by category, all 4 of our major product categories achieved strong double digit growth during the fourth quarter.

全年調整後淨銷售額和調整後 EBITDA 成長 32%。調整後的 EBITDA 利潤率為 17.2%，與前一年持平。由於我們繼續對成長計畫進行再投資，調整後毛利率提高了 220 個基點，且營業費用也相應增加，從而推動了這一增長。從產品類別表現來看，我們四大主要產品類別在第四季度均實現了強勁的兩位數成長。

Net sales in the cleaning category increased 20% to $648 million. Continuing the strong momentum we have seen in this category throughout the year. We saw broad-based strength across cordless, corded, hard floor, deep carpet cleaning, and robots. Net sales in the cooking and beverage category increased 19% to $597 million. Driven by the ongoing strength of heated cooking, particularly in the international markets, and impressive growth in the espresso category.

清潔類產品的淨銷售額成長 20%，達到 6.48 億美元。我們全年都看到該類別保持著強勁勢頭。我們看到無線、有線、硬地板、深層地毯清潔和機器人領域普遍表現強勁。烹飪和飲料類的淨銷售額成長 19%，達到 5.97 億美元。推動這一趨勢的因素包括加熱烹飪的持續強勁增長（尤其是在國際市場）以及濃縮咖啡類別的顯著增長。

Net sales in the food prep category accelerated, increasing 89% to $342 million. This growth was fuelled by the continued success of our CREAMi ice cream makers in the remarkable performance of our newly launched SLUSHi frozen drink maker, which has become a viral hit. Finally, our beauty at home environment category, which we used to call other, saw an impressive 31% growth in sales climbing to $200 million.

食品製備類別的淨銷售額加速成長，成長 89%，達到 3.42 億美元。這一成長主要得益於我們 CREAMi 冰淇淋機的持續成功以及我們新推出的 SLUSHi 冷凍飲料機的出色表現，後者已成為熱門產品。最後，我們的家居環境美容類別（我們過去稱之為「其他」）的銷售額取得了令人印象深刻的 31% 成長，攀升至 2 億美元。

This growth was fuelled by continued strong demand for our hair care products, including FlexStyle, air purifiers, and the early success of CryoGlow, our new skincare product. Now let us move to gross profit, in the fourth quarter, adjusted gross profit increased 31% to $855 million, or 47.8% of net sales as we drove 40 basis points of adjusted gross margin expansion over the prior year. This expansion was primarily driven by our cost optimization efforts partially offset by unfavourable impact of tariffs in geography mix.

這一成長主要得益於對我們的護髮產品（包括 FlexStyle）和空氣清淨機持續強勁的需求，以及我們的新護膚產品 CryoGlow 的早期成功。現在讓我們來看看毛利潤，在第四季度，調整後的毛利潤增長了 31%，達到 8.55 億美元，佔淨銷售額的 47.8%，因為我們推動了調整後毛利率比上年擴大了 40 個基點。這項擴張主要得益於我們的成本優化努力，但地理區域組合關稅的不利影響部分抵消了這項推動力。

Thanks to our strategic focus on supplier diversification, competitive bidding, and value engineering, we've successfully delivered more than 200 basis points of adjusted gross margin improvement this year on top of nearly 700 basis points improvement in the previous year. In terms of operating expenses for the quarter, we continue to be on the offense as we expand into new countries, categories, and diversify our manufacturing base.

由於我們將策略重點放在供應商多元化、競爭性投標和價值工程上，我們今年成功地實現了超過 200 個基點的調整後毛利率提高，而去年的毛利率提高了近 700 個基點。就本季的營運費用而言，隨著我們向新的國家和類別擴張以及製造基地的多元化，我們繼續保持攻勢。

While these investments impact profitability in the short term, we view them as critical long-term investments that enable us to put more distance between SharkNinja and our competition and to position us exceptionally well for 2025 and beyond. R&D expenses increased 26% to $87 million or 4.9% of sales compared to $69 million or 5% of net sales in Q4 last year. We continue to invest in headcount to drive new product and category innovation, support geographic expansion, and to generate global consumer insights.

雖然這些投資會在短期內影響獲利能力，但我們認為它們是關鍵的長期投資，使我們能夠在 SharkNinja 和競爭對手之間拉開更大距離，並為我們在 2025 年及以後佔據有利地位。研發費用成長 26% 至 8,700 萬美元或占銷售額的 4.9%，而去年第四季為 6,900 萬美元或占淨銷售額的 5%。我們將繼續投資員工隊伍，以推動新產品和類別創新、支持地理擴張並產生全球消費者洞察。

Our new product pipeline for 2025 is well set and we have a strong line of sight to products for 2026 and beyond. Sales and marketing expenses increased 29% to $425 million or 23.8% of net sales compared to $330 million or 23.9% of net sales in the year ago period. As with previous quarters, this increase was driven in part by our strategic investment in advertising and personnel to support our exceptionally strong new product rollouts and our expansion into new markets.

我們針對 2025 年的新產品線已經準備就緒，我們對 2026 年及以後的產品也有著清晰的規劃。銷售和行銷費用成長 29% 至 4.25 億美元或占淨銷售額的 23.8%，而去年同期為 3.3 億美元或占淨銷售額的 23.9%。與前幾季一樣，這一成長部分得益於我們對廣告和人員的策略性投資，以支持我們強勁的新產品推出和新市場的擴張。

This year over year increase was also driven by higher delivery and distribution costs from increased order volumes, mainly in our direct consumer business. General and administrative expenses declined to $123 million, representing 6.9% of net sales compared to $124 million or 9% of net sales in the same period last year. This reduction was primarily driven by illegal settlement and lower transaction-related costs associated with our separation and distribution from JS Global in 2023.

與去年同期相比，這一增長也受到訂單量增加導致的運輸和分銷成本上升的影響，主要是在我們的直接消費者業務中。一般及行政開支下降至 1.23 億美元，佔淨銷售額的 6.9%，去年同期為 1.24 億美元，佔淨銷售額的 9%。這一減少主要是由於 2023 年我們從 JS Global 分離和分配相關的非法結算和交易相關成本降低。

These savings were partially offset by increased legal fees, technology investments, and other expenses. Our GAAP effective tax rate was 22% in the fourth quarter compared to 45.4% in the prior year and in line with our expectations. Adjusted net income for the fourth quarter was $198 million or $1.40 per share compared to $132 million or $0.94 per share in the prior year, reflecting growth of 48% on a per share basis. Adjusted even after the quarter increased more than 32% to 291 million or 16.3% of net sales compared to $219 million or 15.9% of net sales in the prior year.

這些節省的部分被增加的法律費用、技術投資和其他費用所抵消。我們第四季的 GAAP 有效稅率為 22%，去年同期為 45.4%，符合我們的預期。第四季調整後淨收入為 1.98 億美元，即每股 1.40 美元，去年同期為 1.32 億美元，即每股 0.94 美元，每股成長 48%。經調整後，本季淨銷售額仍成長了 32% 以上，達到 2.91 億美元，佔淨銷售額的 16.3%，而去年同期為 2.19 億美元，佔淨銷售額的 15.9%。

I now want to turn our attention to the balance sheet and cash flow. While our industry leading strength and product innovation, supply chain, and marketing set us apart from our competitors, our robust margins, sustained profitability, and strong balance sheet further widens our competitive mode. With low relative debt and strong cash flow, we are able to act with world-class speed, ensuring we can swiftly capitalize on opportunities and turn challenges into competitive advantages.

現在我想把我們的注意力轉向資產負債表和現金流。雖然我們的行業領先實力和產品創新、供應鏈和行銷使我們在競爭對手中脫穎而出，但我們強勁的利潤率、持續的盈利能力和強勁的資產負債表進一步拓寬了我們的競爭模式。憑藉較低的相對債務和強勁的現金流，我們能夠以世界一流的速度採取行動，確保我們能夠迅速利用機會並將挑戰轉化為競爭優勢。

Recent examples include our strategic pre-build of inventory and the rapid diversification of our manufacturing base. We move fast and our financial strength is a key competitive advantage. As of the end of the fourth quarter, we held a cash balance of $364 million with total debt outstanding at $780 million resulting in a net leverage ratio of 0.4 times the lowest since our public listing.

最近的例子包括我們策略性地預先建立庫存以及我們製造基地的快速多樣化。我們行動迅速，財務實力是我們的關鍵競爭優勢。截至第四季末，我們持有的現金餘額為 3.64 億美元，未償還債務總額為 7.8 億美元，淨槓桿率為 0.4 倍，為上市以來的最低水準。

Over the past year, we generated nearly $450 million in operating cash flow and maintained nearly $500 million in available credit ensuring ample liquidity. A quarter end our inventory totalled $900 million, reflecting a 29% increase compared to Q4 of the prior year. We continue to strategically leverage our balance sheet to proactively build inventory, helping to mitigate potential P&L impacts from new tariffs.

在過去的一年裡，我們創造了近4.5億美元的營運現金流，並維持了近5億美元的可用信貸，確保了充足的流動性。本季末我們的庫存總額為 9 億美元，比去年同期成長了 29%。我們繼續策略性地利用我們的資產負債表來積極建立庫存，以幫助減輕新關稅對損益的潛在影響。

As a result, we expect inventory levels to remain elevated through the first half of the year before normalizing in Q3. Importantly, we remain confident in both the quality and the composition of our inventory. I want to emphasize that our efforts to diversify production outside of China remain on track with nearly all US volume expected to shift outside of China by the end of 2025 and approaching 90% completed by the end of Q2.

因此，我們預計庫存水準將在今年上半年保持高位，然後在第三季恢復正常。重要的是，我們對庫存的品質和成分仍然充滿信心。我想強調的是，我們在中國以外實現生產多元化的努力仍在進行中，預計到 2025 年底，幾乎所有美國產量都將轉移到中國以外，到第二季末將完成近 90%。

This has been a deliberate and proactive decision that we took fully aware of the complexities involved. It has been a challenging journey, but we are proud of the progress we have made. This was not the easy path. It was the road less travelled, and we took it with a long term strategic vision in mind. We committed to diversifying our supply chain early, making difficult yet necessary decisions that are now delivering tangible results.

這是一個深思熟慮且積極主動的決定，我們充分意識到了其中涉及的複雜性。這是一趟充滿挑戰的旅程，但我們為所取得的進步感到自豪。這並不是一條容易的路。這是一條人跡罕至的道路，我們以長遠的戰略眼光走這條路。我們早期致力於實現供應鏈多元化，做出了艱難但必要的決定，現在正在產生實際的成果。

The proactive steps we took in response to tariff challenges underscore our ability to navigate complexity and execute with resilience. We chose to move decisively, and the progress we are seeing today validates that decision. We remain confident in our approach and committed to ensuring a more agile, resilient, and diversified supply chain moving forward.

我們為應對關稅挑戰而採取的主動措施凸顯了我們應對複雜情況和堅韌執行的能力。我們選擇果斷採取行動，今天所看到的進展證明了這個決定是正確的。我們對我們的方法充滿信心，並致力於確保未來供應鏈更加靈活、有彈性和多樣化。

Next, I will turn to our outlook for 2025. Our 2025 guidance highlights our strong momentum, continued investments in key growth initiatives, while managing ongoing macroeconomic uncertainties as a global company. The tariff situation, of course, remains dynamic. However, it is important to note we have proactively accounted for the impact of the recently announced 10% China tariffs in our full year guidance.

接下來，我將談談我們對2025年的展望。我們的 2025 年指引凸顯了我們強勁的發展動能、對關鍵成長計畫的持續投資，同時作為全球性公司管理持續的宏觀經濟不確定性。當然，關稅情況仍然動態。然而，值得注意的是，我們已經在全年指引中主動考慮了最近宣布的 10% 中國關稅的影響。

For the full year 2025, we expect net sales to increase between 10% and 12%. Adjusted net income per diluted share could be in the range of $4.80 to $4.90 an increase of 12% to 15% year over year. Adjusted EBITDA to be in the range of $1.07 billion to $1.09 billion, representing growth of 13% to 15% year over year. Net interest expense to be flat to 2024.

到 2025 年全年，我們預計淨銷售額將成長 10% 至 12%。調整後每股攤薄淨利潤可能在 4.80 美元至 4.90 美元之間，年增 12% 至 15%。調整後 EBITDA 在 10.7 億美元至 10.9 億美元之間，年增 13% 至 15%。到 2024 年，淨利息支出將保持穩定。

Our GAAP effective tax rate to be approximately 24% to 25%. And capital expenditures to be between $180 million and $200 million for the year. For some additional context, as we typically do not provide quarterly guidance. I do though want to offer key directional insights on how we see the year shaping up. We expect revenue seasonality this year to be relatively consistent with historical trends.

我們的 GAAP 有效稅率約為 24% 至 25%。今年的資本支出將在 1.8 億至 2 億美元之間。由於我們通常不提供季度指導，因此需要提供一些額外背景資訊。不過，我確實想就我們如何看待今年的發展提供一些關鍵的方向性見解。我們預計今年的營收季節性將與歷史趨勢相對一致。

We also expect the first half profit contribution to full year results to be consistent with prior years. However, we anticipate stronger profitability in Q2 than in Q1 due to three factors. First, we continue to make targeted investments in both marketing and supply chain diversification.

我們也預期上半年利潤對全年業績的貢獻將與往年保持一致。然而，由於三個因素，我們預計第二季的獲利能力將比第一季更強。首先，我們繼續在行銷和供應鏈多樣化方面進行有針對性的投資。

In our supply chain, as we continue to strategically shift US production outside of China, we anticipate elevated spending through Q1 and lessening as we move through the balance of the year. Second, as we transition Mexico from a distributor model to a direct market, we are repurchasing distributor inventory, which triggers a one-time revenue reversal by Q2, we expect this shift will drive both strong revenue growth, and enhanced margins, further strengthening our business in the region.

在我們的供應鏈中，隨著我們繼續將美國生產策略性地轉移到中國以外，我們預計第一季的支出會增加，而在今年餘下的時間裡支出會減少。其次，隨著我們將墨西哥從分銷商模式轉變為直接市場，我們正在回購分銷商庫存，這將引發第二季度的一次性收入逆轉，我們預計這一轉變將推動強勁的收入增長和利潤率的提高，進一步加強我們在該地區的業務。

Third, UK market dynamics. The shift of Easter-related shipments into Q2 will create a Q1 timing issue. Also, we intentionally prioritize North America demand for key launches like CRISPi, SLUSHi, and Luxe Cafe in Q4 2024 in Q1 2025. As we turn into Q2, these new product launches will accelerate growth. Reinforcing our position of strength in the UK market.

第三，英國市場動態。復活節相關的出貨量轉移到第二季將造成第一季的時間問題。此外，我們有意優先考慮 2024 年第四季和 2025 年第一季 CRISPi、SLUSHi 和 Luxe Cafe 等關鍵產品的北美需求。隨著進入第二季度，這些新產品的推出將加速成長。鞏固我們在英國市場的優勢地位。

We wrapped up 2024 with outstanding results and strong execution across our three growth pillars. Looking ahead to 2025 and beyond, we remain highly confident in the trajectory of our business. Our focus on consumer-driven innovation is stronger than ever, and we are excited about our market position and the amazing products we are launching. All of this sets us up for impressive growth, both on the top and bottom line next year and beyond.

我們在三大成長支柱上取得了出色的成績和強勁的執行力，為 2024 年畫上了句號。展望 2025 年及以後，我們對業務發展方向仍充滿信心。我們比以往任何時候都更專注於消費者驅動的創新，我們對我們的市場地位和即將推出的令人驚嘆的產品感到興奮。所有這些都為我們明年及以後的令人矚目的成長奠定了基礎，無論是營收還是利潤。

Now, I will hand it back to Mark.

現在，我將把它交還給馬克。

Thanks, Patraic. SharkNinja's amazing fourth quarter and full year results really show how far we have come in driving sustainable, profitable organic growth with our innovative high performance products. As we look toward 2025 and beyond, we have never been more confident. Our commitment to consumer-driven innovation is thriving and it is skewing incredible growth potential.

謝謝，派崔克。SharkNinja 令人驚嘆的第四季度和全年業績真實地展示了我們憑藉創新的高性能產品在推動可持續、盈利的有機增長方面所取得的進展。展望2025年及以後，我們從未像現在這樣充滿信心。我們對消費者驅動創新的承諾正在蓬勃發展，並正在產生令人難以置信的成長潛力。

We have built a resilient world-class team with a proven ability to pivot seamlessly, iterate rapidly and drive disruptive consumer problem solving innovation regardless of external challenges. We are thrilled about our strong market position and the fantastic products we are bringing to the table. With our $120 billion addressable market growing, we're seeing so many exciting opportunities, whether it's entering new categories or strengthening our global brand presence.

我們已經建立了一支堅韌不拔的世界級團隊，無論面臨何種外部挑戰，他們都具有無縫轉型、快速迭代和推動顛覆性消費者問題解決創新的能力。我們對自己強大的市場地位和推出的優質產品感到非常興奮。隨著我們 1200 億美元潛在市場的成長，我們看到了許多令人興奮的機會，無論是進入新的類別還是加強我們的全球品牌影響力。

We believe the future continues to be incredibly bright for SharkNinja, and we can't wait to keep delivering innovative solutions that continue to positively impact our consumers' lives. This concludes our prepared remarks, and I will now turn it over to the operator to kick off Q&A, operator.

我們相信 SharkNinja 的未來將會一片光明，我們迫不及待地想要繼續提供創新的解決方案，繼續為消費者的生活帶來正面影響。我們的準備好的演講到此結束，現在我將把時間交給接線員開始問答環節。

(Operator Instructions). Brian McNamara, Canaccord.

（操作員指令）。布萊恩·麥克納馬拉 (Brian McNamara)，Canaccord。

Hey, good morning, guys. Congrats on the excellent results and thanks for taking the question. One thing I think the market grapples with is what does a quote unquote normal growth year look like for you guys? I know you've grown at a very impressive 20% CAGR for I think 17 years now, but that seems like a high bar on a $5.5 billion sales base in the slow growth industry.

嘿，大家早安。恭喜您取得的優異成績，並感謝您回答這個問題。我認為市場正在努力解決的一個問題是，對你們來說，正常的成長年份是什麼樣的？我知道你們已經以令人印象深刻的 20% 複合年增長率增長了 17 年，但對於增長緩慢的行業來說，對於 55 億美元的銷售基礎來說，這似乎是一個很高的標準。

This time last year, I believe you got an 8% sales growth at the midpoint and just finished at plus 32%, which is tremendous. So, what drove that large delta outside of extreme conservatism from the outset and how should we rank order the buckets of growth this year, whether it be 2025 innovation, scaling 2024 innovation like the frost fault, new distribution, international, etc. Thank you.

去年此時，我相信你們的銷售額中期成長了 8%，而剛結束的銷售額成長了 32%，這是非常驚人的。那麼，除了極端保守主義之外，從一開始是什麼導致瞭如此大的差距，我們應該如何對今年的成長進行排序，無論是 2025 年的創新，還是擴大 2024 年的創新（如霜凍斷層）、新分銷、國際化等等。

Yeah, thanks for the question, Brian. Look, in terms of answering your first question. What does normal growth look like? I mean, you tell me, as you said, we have historically grown at 21% a year. We have said that we believe that we are a long-term double digit growth company, be guided initially for 2025, 10% to 12%. When you look at the growth in '24, it came across all three major pillars.

是的，謝謝你的提問，布萊恩。看一下，回答你的第一個問題。正常生長是什麼樣的？我的意思是，你告訴我，正如你所說，我們的歷史成長率為每年 21%。我們曾經說過，我們相信我們是一家長期兩位數成長的公司，最初的預期是 2025 年成長 10% 至 12%。當你回顧24年的成長時，它涵蓋了所有三大支柱。

I mean, we gained share in existing categories. We drove tremendous innovation, in those existing categories, we expanded into lots of new categories I pointed out. And we delivered, 50% growth, in our international business, and we came out of for the fourth quarter growing the fourth quarter 49% in our international business. So, it is not as if our growth internationally is kind of has scaled down through 2024 and actually held fairly constant.

我的意思是，我們在現有類別中獲得了份額。我們推動了巨大的創新，在現有的類別中，我們擴展到了我指出的許多新類別。我們的國際業務實現了 50% 的成長，在第四季度我們的國際業務成長率達到了 49%。因此，我們的國際成長並不會在 2024 年有所放緩，而是實際上保持相當穩定。

So, as we look to '25, I mean, let us start with international, as I said in my prepared remarks. We are still very much in the early innings regarding our expansion in Europe. We had a great Christmas selling season. Two weeks ago, I was in Europe. I met with the CEO of Euronics. I met with the CEO of Finac Doherty in France. I met with the CEO of Sainsbury.

因此，當我們展望25年時，我的意思是，讓我們從國際開始，正如我在準備好的發言中所說的那樣。我們在歐洲的擴張仍處於早期階段。我們度過了一個十分出色的聖誕銷售季。兩週前，我在歐洲。我與 Euronics 的執行長會面。我在法國會見了Finac Doherty公司的執行長。我見到了塞恩斯伯里的執行長。

These retailers are putting big bets behind us in 25. They want us to aggressively expand into more of their markets across Europe. It is not just Germany and France, but as I pointed out, it is Spain, it is the Nordics, it is Benelux, it is Poland. We are expanding in Turkey. We're expanding in the Middle East, our Latin America growth, I think as we get onto Q2 we'll really start accelerating, once we get through the transition of the distributor market in Mexico.

這些零售商在 25 年間下了很大的賭注。他們希望我們積極拓展歐洲更多市場。不只是德國和法國，如我所指出的，還有西班牙、北歐、比荷盧三國、波蘭。我們正在土耳其擴張。我們正在中東和拉丁美洲擴張業務，我認為，隨著我們進入第二季度，一旦我們完成墨西哥經銷商市場的轉型，我們的成長速度就會真正開始加速。

So, number one is, I think, we expect to see continued strong growth out of the international business. On the new category front, we expect to launch, at least two new categories in 2025.You'll hear more about that as we go through the quarters. When you think about our 2024 new product launches or new category launches.

因此，我認為，首先我們預計國際業務將繼續強勁成長。在新類別方面，我們預計將在 2025 年推出至少兩個新類別。當您考慮我們 2024 年的新產品發布或新類別發佈時。

We generated quite a small amount of revenue in '24 on many of those products like the CRISPi and the SLUSHi and the Luxe Cafe and our PowerDetect robots, mainly only launched in the United States and Canada. So, they will really be a significant full year rollout, of the 2024 innovation.

24年，我們在許多產品上創造了相當小的收入，例如CRISPi、SLUSHi、Luxe Cafe和我們的PowerDetect機器人，主要僅在美國和加拿大推出。因此，2024 年創新確實將是重要的全年推廣。

We've got a great pipeline of new products in 25. .We just launched in the US last week. The Shark CryoGlow after we received FDA approval for the product. You can see the excitement on social media and PR from places like Cosmopolitan and Allure. Our CREAMi Swirl product launched two days ago. Amazing response and feedback from that product.

我們在 25 年內擁有大量新產品。.我們上週剛在美國推出。在產品獲得 FDA 批准後，我們推出了 Shark CryoGlow 產品。您可以從 Cosmopolitan 和 Allure 等網站的社交媒體和公關中看到這種興奮之情。我們的 CREAMi Swirl 產品兩天前上市。該產品的反響和回饋令人驚訝。

You'll start to see a big rollout as we get into next month. With our Ninja FlexFlame, the first large format outdoor cooking product that we are bringing to market. So, I think that when you get through this year, you're going to, look back and say wow, I mean a lot of really interesting new categories and products that SharkNinja expanded into.

進入下個月，你會開始看到大規模的推廣。我們的 Ninja FlexFlame 是我們向市場推出的首款大型戶外烹飪產品。所以，我認為，當你度過這一年時，你會回顧並說哇，我的意思是SharkNinja擴展了許多非常有趣的新類別和產品。

And then as I said in my prepared remarks, I mean, it all is underscored by a strong-based business. I mean our business is healthy, our core cleaning business, our core lending business. We've got a lot of innovation, that has come in 24 in the core that will have a full year impact this year. We've got a lot of 25 new products that will drive business in the core.

正如我在準備好的演講中所說的那樣，這一切都源於強大的業務基礎。我的意思是我們的業務很健康，我們的核心清潔業務，我們的核心貸款業務。我們有許多創新，其中 24 個是核心創新，將對今年產生全年影響。我們有 25 種新產品可以推動核心業務的發展。

So, I think you should expect, as you saw in '23 and '24 from us, that, this three pillar growth strategy we might toggle based on where the growth is coming from across those three, but in general I think we've got some very strong, exciting pathways for organic growth for our business in '25.

因此，我認為你應該期待，正如你在23年和24年看到的那樣，我們可能會根據這三個支柱的成長來源來切換這三大支柱成長策略，但總的來說，我認為我們在25年為我們的業務實現了一些非常強勁、令人興奮的有機成長途徑。

Great, I appreciate the Call. Thanks, Mark.

太好了，我很感謝您的來電。謝謝，馬克。

Randy Konik, Jefferies.

蘭迪‧科尼克 (Randy Konik)，傑富瑞 (Jefferies)。

Yeah, thanks so much and, good morning, everybody. I guess Mark maybe kind of dig a little deeper into, the DTC. I got the CryoGlow on that, I guess that channel. And it seems as if the brands of Shark and Ninja are getting more and more, awareness and there's just more of a want by the consumer to kind of shop your website directly, so maybe give us some perspective over the long term kind of what are your hopes around.

是的，非常感謝，大家早安。我想馬克可能會對 DTC 進行更深入的研究。我猜我從那個頻道上看到了 CryoGlow。似乎 Shark 和 Ninja 等品牌的知名度越來越高，消費者也越來越希望直接在你們的網站上購物，所以你們可以從長遠角度告訴我們你們的期望是什麼。

Give the consumer the opportunity to kind of shop everywhere obviously do a great job on the wholesale side with your partners around the world, maybe give us some, perspective of kind of your hopes of how you kind of want to expand that direct channel distribution, any plans for kind of changing up the website or not, across Sharp and Ninja, just give us some kind of flavour there'd be very helpful. Thanks.

讓消費者有機會隨處購物，顯然您要與世界各地的合作夥伴在批發方面做得很好，也許您可以給我們講講您希望如何擴大直接渠道分銷，有沒有計劃改變網站，無論是夏普還是忍者，只要給我們一些感覺，那都會很有幫助。謝謝。

Yeah Sure, Randy. So, DTC grew faster than the rest of the business in '24. We expect that DTC will grow faster than the rest of the business in '25. Now that said, we still hold true to our model, which is we want to be relevant wherever the consumer chooses to shop for our products. So, that is paramount and that is unwavering in our business. Now that said, I mean, I think Randy, I will give you the example of Swirl that I think is so interesting.

是的，當然，蘭迪。因此，DTC 在 24 年的成長速度超過了其他業務。我們預計，在25年，DTC 的成長速度將快於其他業務。儘管如此，我們仍然堅持我們的模式，那就是我們希望無論消費者在哪裡購買我們的產品，我們都能與之保持相關性。所以，這對我們的業務來說是至關重要且不可動搖的。現在說了，我的意思是，我認為蘭迪，我會給你一個我認為非常有趣的 Swirl 的例子。

Before we launched the product. We had 70 million impressions on social media as we ceded the product to a select group of influencers. We had a wait list of 90,000 people for the product. And so, we do feel that kind of launching our products on direct to consumer allows us to kind of control the distribution early on. It allows us to get immediate feedback from consumers as they start using the product.

在我們推出該產品之前。當我們將產品轉移給一群有影響力的人士時，我們在社群媒體上獲得了 7000 萬次展示。我們有 90,000 人正在等待該產品。因此，我們確實覺得，直接向消費者推出我們的產品使我們能夠儘早控制分銷。它使我們能夠在消費者開始使用產品時立即獲得他們的回饋。

So, I think you should expect to see the first 30 to 45 days of many of these big, viral product launches to be done through direct to consumer and then to expand out, into our retail partners. Now that said, I think what we are also recognizing is that there is a real opportunity for us to have a broader merchandizing assortment and direct to consumer. Colors that are only available to us on our direct to consumer site, special configurations.

因此，我認為您應該會看到，許多大型病毒式產品在發布的前 30 到 45 天內將直接面向消費者，然後擴展到我們的零售合作夥伴。話雖如此，我認為我們也認識到，我們確實有機會擁有更廣泛的商品組合併直接面向消費者。這些顏色僅在我們直接面向消費者的網站上提供，特殊配置。

We've got to make direct to consumer a unique destination for the consumer to buy our products by having something unique and special for them. In terms, of the upgrade, we have announced that we are going to be transitioning to Salesforce. In the end of the third quarter of this year. We're going to go live in North America with that at the end of the third quarter, we'll go live in Europe with that likely in the first quarter of next year.

我們必須為消費者提供獨特而特別的產品，使直接面向消費者的管道成為消費者購買我們產品的獨特目的地。在升級方面，我們已經宣布我們將過渡到 Salesforce。今年第三季末。我們將在第三季末在北美推出該服務，並可能在明年第一季在歐洲推出該服務。

We think it's going to provide an incredibly better shopping experience, research experience, service experience for the consumer. We are partnering tremendously with Salesforce. And their agent force technology, you know, to be able to bring that, we've got relationships, all the way up to market at Salesforce, the CEO, and, so we're excited about what that's going to bring to our direct to consumer business, but the goal here is still to keep a balanced, omnichannel strategy, but to really make sure that direct to consumer, creates a unique destination for the consumer.

我們認為它將為消費者提供更好的購物體驗、研究體驗和服務體驗。我們與 Salesforce 建立了廣泛的合作關係。您知道，為了實現這一點，我們與他們的代理強制技術建立了關係，一直到 Salesforce 的市場，以及首席執行官，因此，我們對這將為我們的直接面向消費者的業務帶來什麼感到興奮，但這裡的目標仍然是保持平衡的全渠道戰略，但真正確保直接面向消費者，為消費者創造一個獨特的目的地。

Super helpful thanks guys.

非常有幫助，謝謝大家。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good morning and thank you for taking our question. I was hoping you could speak to the most important areas of operating expense reinvestment in 2025 and your philosophy of potential flow through of any outperformance that you might see, as we get through the supply chain diversification mid-year, what level of cost reduction might we see and can that enable a faster rate of operating margin expansion in the back half?

早安，感謝您回答我們的問題。我希望您能談談 2025 年營運費用再投資的最重要領域，以及您對可能看到的任何優異表現的潛在流通理念，隨著我們在年中完成供應鏈多元化，我們可能會看到什麼程度的成本降低，這是否可以使下半年的營運利潤率更快擴張？

Secondly, it's just a follow up. Patraic, we appreciate the color regarding some of the timing shifts and one-time items that are impacting the first half. Could you help us quantify the Mexico distributor inventory impact to revenue and the rough size of what you expect the Easter timing shift to be? Thank you.

其次，這只是一個後續行動。派崔克，我們很欣賞對上半年產生影響的一些時間變化和一次性項目的詳細闡述。您能否幫助我們量化墨西哥經銷商庫存對收入的影響以及您預計復活節時間變化的大致幅度？謝謝。

Yeah, Brook, so I will take the first part and then turn it over to Patraic. Look, the supply chain costs are going to be elevated, through the first half of the year, with sizable investment in the first quarter. I mean, we are working very hard to try to move as much product out of China as quickly as we possibly can, and we remain on track here, for 90% of our US production to be able to be produced outside of China by the end of Q2.

是的，布魯克，我將負責第一部分，然後將其交給帕特里克。你看，今年上半年的供應鏈成本將會上升，因為第一季的投資相當可觀。我的意思是，我們正在努力嘗試盡快將盡可能多的產品運出中國，並且我們仍在按計劃進行，到第二季度末，我們 90% 的美國產品將能夠在中國以外生產。

From a leverage standpoint as we go through the year, Brooke. There is two pieces, one, you are going to see the supply chain, year on year expenses decrease versus prior year. You are going to see us be able to leverage some of our sales and marketing expenses, and I think you are going to see some leverage on the GNA side as well. I mean, we've made a lot of investments in people and infrastructure in '24.

從槓桿的角度來看，布魯克，我們已經度過了這一年。有兩點，第一，你會看到供應鏈的支出較去年同期減少。您將會看到我們能夠利用部分銷售和行銷費用，而且我認為您也會看到 GNA 方面也具有一些槓桿作用。我的意思是，我們在 24 年對人才和基礎設施進行了大量投資。

As we get into the second half of the year, you'll start to see an anniversary, a lot of those, and not seeing, the growth, that we have seen in '23 and '24 from an expense side. Now, as it relates to our ability to be able to put that into, EBITDA margins, I mean, we want to look at kind of what happens. On the tariff side, what happens on the, global side, related to trade, and I think we'll have more information on that as we get through Q1 and into Q2.

隨著我們進入下半年，您將開始看到許多周年紀念日，但卻看不到我們在'23 年和'24 年從費用方面看到的增長。現在，由於這與我們將其納入 EBITDA 利潤率的能力有關，我的意思是，我們想看看會發生什麼。在關稅方面，全球貿易方面會發生什麼情況，我認為，隨著第一季和第二季的到來，我們將獲得更多有關這方面的資訊。

For right now, I think we're planning a conservative, even though we'll slightly grow faster than revenue, but I think there's a lot of uncertainty out there in the market right now, and I think it's prudent for us to guide with what we have right now and update you with more information as we get, further on in the year.

就目前而言，我認為我們正在製定一個保守的計劃，儘管我們的增長速度會略快於收入，但我認為目前市場上存在很多不確定性，我認為我們明智的做法是按照目前的情況進行指導，並在今年晚些時候向您更新更多信息。

Yeah, and then Brooke, on the question around Mexico, thanks for asking that one. So, I think, first of all to frame it up, as we always kind of lead with the consumer first in terms of doing what is best for the consumer. And as you heard me say in some of the prepared remarks as well, we're very adept at making, the hard decisions.

是的，然後布魯克，關於墨西哥的問題，謝謝你提出這個問題。因此，我認為，首先要先明確這一點，我們總是把消費者放在第一位，為消費者提供最好的服務。正如你們在我準備好的一些發言中聽到的那樣，我們非常擅長做出艱難的決定。

And so Mexico was, one of those that's the right thing for the consumer, but it's like, right, what time do you do that. And so, what we decided in terms of, the timing of that was Q1 of this year was the was the best time to actually execute on that and so. So the reasons for that is, number one, we get the marketplace through the holiday selling season in Q4, which is the most important, and then we set ourselves up to be a direct business as we get into Q2, Q3, Q4, and beyond, and then we're off to the races.

因此，墨西哥是那些對消費者來說是正確的選擇之一，但問題是，你什麼時候會這樣做呢？因此，我們決定，今年第一季是實際執行該方案的最佳時機。原因在於，第一，我們透過第四季度的假日銷售季佔領了市場，這是最重要的，然後我們在第二季、第三季、第四季及以後將自己定位為直接業務，然後我們就可以開始角逐了。

So if we look at it through that experience, improving the consumer experience, it's why we've taken the decision when we did. As far as quantifying it, I'm not going to give you, the exact quantification, but how you can think of it is and why it's headwinds is, one, we're reversing out revenue that we've already sold in, so that's number one.

所以如果我們從改善消費者體驗的角度來看這個問題，這就是我們做出這個決定的原因。至於量化，我不會給你確切的量化，但你可以如何看待它以及為什麼它的阻力是，第一，我們正在扭轉已經售出的收入，所以這是第一點。

Two is we're not selling in additional revenue during the quarter and then three, we're not capturing the upside of, going from a Distributor business to a direct business, but as we get into Q2, Q3, Q4, we'll see the acceleration happen in Mexico, which is, an exceptionally important market for us as we enter Latin America. And then from a long term standpoint we see, our opportunity in Mexico to be at least $400 million over the course of the next few years or so.

二是我們在本季度沒有銷售額外收入。從長遠來看，我們認為未來幾年內在墨西哥的機會至少達到 4 億美元。

Great thank you so much I will pass it on.

非常好，非常感謝，我會傳達的。

(Operator Instructions). Andrea Teixeira, JP Morgan.

（操作員指令）。摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

Thank you for the question. Congrats to the whole team on the results. A question on sales and then a follow up on margins first on the top line, Mark, you gave some saving for the UK and you and Patraic on the Mexico side. Can you also talk about the phasing in the US, and overall if we put all the pieces together, would you say Q1 is to grows within your guide of double digits or perhaps more on a high single digit, more muted, and a clarification of the size of Maxico he says I understand the piration you just mentioned if I understood it correctly, it's $400 million but obviously it's running much lower than that.

感謝您的提問。恭喜整個團隊所取得的成績。首先問一下銷售額，然後問利潤率，馬克，你為英國節省了一些資金，你和帕特里克為墨西哥節省了一些資金。您能否也談談美國分階段的情況，總的來說，如果我們把所有的部分放在一起，您是否認為第一季度的增長將在您的指導範圍內達到兩位數，或者可能更多地保持在高個位數，更加溫和，並澄清了 Maxico 的規模，他說，我理解您剛才提到的盜版，如果我理解正確的話，它是 4 億美元，但顯然它比這要低得多。

If you can, perhaps tell us, what would be the shift and then the clarification on margins, obviously you had an impressive number, for even for 2025 if you take everything together for the back end of the year. Can you help us in terms of like gross margin, phasing and EBITDA sizing the tariff impact, and I really do appreciate that you, that included in there. And how we should be thinking therefore the underlying margin that is that the business is running at this point.

如果可以的話，也許可以告訴我們，變化會是什麼，然後澄清利潤率，顯然你有一個令人印象深刻的數字，即使是到 2025 年，如果你把年底的所有數據放在一起。您能否在毛利率、分階段和 EBITDA 規模等方面幫助我們評估關稅的影響，我非常感謝您提供這些幫助。因此，我們應該如何思考當前業務運作的潛在利潤。

Thank you.

謝謝。

Yeah, thanks Andrea. That is about 15 questions into one, so good work from a top line standpoint, let us just start with the full year. And so from a full year standpoint, from a domestic business, we're thinking and guiding in the high single digit range from an international standpoint, roughly high 10s, so you can kind of think through the lens of our 2X growth international versus domestic as it relates to one particularly we're in the high single digit range overall from a SharkNinja Inc standpoint.

是的，謝謝安德里亞。這就把 15 個問題合併在一起了，從營收角度來看，這是一個不錯的工作，讓我們從全年開始。因此，從全年的角度來看，從國內業務來看，從國際角度來看，我們正在考慮並指導高個位數範圍，大約是 10% 以上，因此您可以透過我們國際與國內 2 倍增長的角度來思考，特別是從 SharkNinja Inc 的角度來看，我們總體上處於高個位數範圍。

So I think, contextually think through that lens as it gets into gross margin phasing, it's another great question. So, the best way I can kind of, guide you through this is that in Q1. Q1 would be the low point in terms of, margin expansion or better say contraction through the year and As we go through Q2, Q3, Q4, we'll see margin accretion building as we continue to move production out of China and put into some other initiatives that we've been building around as it relates to improving margins in the face of our growing business. So you know what you can think of is kind of low point Q1 progressing up through the balance of year.

因此我認為，從上下文角度思考，當涉及毛利率階段時，這是另一個很好的問題。因此，我可以指導您解決此問題的最佳方法是在 Q1。就利潤率擴張而言，或者更確切地說是收縮而言，第一季將是全年的低谷。因此，您知道，您所能想到的是一種第一季的低點，並隨著今年的平衡而不斷上升。

And if I can squeeze the size of Mexico, I really appreciate all the all the bridges.

如果我能壓縮墨西哥的面積，我真的很感激所有的橋樑。

Well, Andrea, as I said to Brooke earlier, we're not going to provide exact, guidance in terms of what the impact of Mexico is, but, I would just say, over the course of the long term, we think it's at least $400 million market for us.

好吧，安德里亞，正如我之前對布魯克所說的那樣，我們不會就墨西哥的影響提供確切的指導，但我只想說，從長遠來看，我們認為這對我們來說至少是一個 4 億美元的市場。

Great, thank you so much. I will pass it on. Congrats again.

太好了，非常感謝。我會傳達它。再次恭喜。

Alex Perry, Bank of America.

美國銀行的亞歷克斯·佩里。

Hi, thanks for taking my question here and congrats again on a strong quarter, I guess just on the new product roadmap for 2025. Mark, what products are you most excited about? What could a new product like Cairogo or Swirl add to the top line if they are successful? And then as you think about sort of the typical waterfall of new launches, like how much do they sort of scale, year two versus year one. And then just quickly on channels any color on how you are thinking about, adding new wholesale channels in particular going deeper into sporting goods, thanks.

嗨，感謝您在這裡回答我的問題，並再次祝賀您本季表現強勁，我想這只是關於 2025 年新產品路線圖的祝賀。馬克，你最感興趣的產品是什麼？如果 Cairogo 或 Swirl 等新產品獲得成功，會為營收帶來什麼成長？然後，當您思考新產品發布的典型瀑佈時，它們的規模與第一年相比有多大。然後，請快速談談您在考慮什麼管道，添加新的批發管道，特別是深入體育用品管道，謝謝。

Yeah, so, I will take the last first. I mean, I think that we will expand more into sporting goods in the US. We will have more SKUs to sell them in '25. We are going to be expanding our cooler lineup. We are going to be expanding our outdoor fan lineup, outdoor cooking, so sporting goods is something that you will see more in placement, more expansion in the beauty retailers, you will see hair expansion in '25, you'll see skin expansion in '25. So I think those are two.

是的，所以我將首先選擇最後一個。我的意思是，我認為我們將在美國進一步拓展體育用品業務。'25年我們將有更多的SKU來銷售它們。我們將擴大我們的冷卻器產品線。我們將擴大我們的戶外風扇產品線、戶外烹飪產品線，因此，您將看到體育用品在佈局中得到更多拓展，美容零售商也將進一步擴張，您將看到頭髮產品在'25 年得到擴張，您將看到皮膚產品在'25 年得到擴張。所以我認為是兩個。

Grocery, I think grocery is something that we think, there's expansion opportunity with selected products for us as we start to move through the year and we're starting to get a lot of inquiries, for example, a Walmart wants to double expose a SLUSHi from us and put it in both the appliance section. And as well as the grocery section, we are getting, similar type of feedback from other types of grocery retailers.

雜貨，我認為雜貨是我們認為的一種東西，隨著我們開始度過這一年，我們認為精選產品有擴張的機會，我們開始收到很多詢問，例如，沃爾瑪想雙重展示我們的 SLUSHi，並將其放在電器部分。除了雜貨區，我們也從其他類型的雜貨零售商那裡得到了類似的回饋。

So that gives you just a little bit of a snapshot from the retailer landscape. It is hard to generalize and give you like a set algorithm or how much could it generate and there is 25 new products. What I can say is that a lot of our new products last year launched quite late in the year. So obviously you will get the full year impact this year. It will generally take on some of these new products about 12 months before we scale them globally.

以上只是為您提供了零售商概況的一小部分。很難概括並給你一套演算法或它能產生多少以及有 25 種新產品。我可以說的是，我們去年的許多新產品推出的時間都很晚。因此顯然你今年就會感受到全年的影響。我們通常會花大約 12 個月的時間推出一些新產品，然後再在全球推廣。

So as an example, the SLUSHi will not launch in Europe and the UK until Q2. You probably will not have a full rollout until we get into Q3. With the European retailers that we want to play, so, it, it will take a year to kind of roll out one of those big products. Something like Swirl has a huge growth potential for us this year. CryoGlow has a huge growth potential if we just look at what we did in 8 weeks in the holiday season in the UK and Mexico.

舉個例子，SLUSHi 要到第二季才會在歐洲和英國推出。可能要等到第三季才能全面推出。我們想要與歐洲零售商合作，因此，需要一年的時間才能推出其中一款重要產品。像 Swirl 這樣的產品對於我們今年來說具有巨大的成長潛力。如果我們看看英國和墨西哥假期季節八週的業績，CryoGlow 擁有巨大的成長潛力。

CryoGlow presents a $100 million plus opportunity for us, this year. So, again it is hard to kind of generalize it across the lineup, but I would say that we are entering some big definable categories. We are getting great retailer support. It is taking some time for our supply chain to scale up. And for its distribution to scale up globally, but I think if you start to get into Q3 you'll really start to see the impact of the 24 products.

今年，CryoGlow 為我們帶來了超過 1 億美元的機會。因此，再次很難對整個陣容進行概括，但我想說我們正在進入一些可定義的大類別。我們得到了零售商的大力支持。我們的供應鏈需要一些時間來擴大規模。並在全球範圍內擴大其分銷規模，但我認為，如果進入第三季度，您會真正開始看到這 24 種產品的影響。

And then the 25 products you're going to start to see us rolling those out, a little bit quarter by quarter. So, there will be some other rollouts as we get later into Q1 now. There will be more rollouts as we get into Q2. So, I think you should just expect this kind of continuous flow of new products and what to me is exciting about it is that the consumers really getting behind it.

然後，您將會看到我們按季度逐步推出這 25 種產品。因此，隨著我們進入第一季後期，還會有一些其他的推出。進入第二季後，將會有更多產品推出。所以，我認為你應該期待這種新產品的不斷湧現，而對我來說令人興奮的是消費者確實支持它。

I mean, when we tease some of this, they are signing up for the waitlist. They are, engaging with us on social media, and we have got, kind of this, global consumer fan base that is really excited to hear about what is new from Shark or Ninja.

我的意思是，當我們透露一些消息時，他們正在加入候補名單。他們在社群媒體上與我們互動，我們擁有全球消費者粉絲群，他們非常興奮地了解 Shark 或 Ninja 的新產品。

Thank you. Just one quick follow up, I think there is a little confusion on the one sort of commentary that you gave, Patraic. Did you say that Q1 revenue should be high single digit percent? Just wanted to clarify that for people.

謝謝。我只想快速跟進一下，帕特里克，我認為你給出的一種評論有點令人困惑。您是否說過第一季的收入應該是高個位數百分比？只是想向大家澄清這一點。

Yeah, that is what at we are got into.

是的，這就是我們所處的境況。

Perfect, very helpful. Best of luck going forward.

非常完美，非常有幫助。祝你未來好運。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克（Rupesh Parikh），奧本海默。

Good morning and thanks for taking that question and congrats on a great quarter. Just from a, I guess a high level perspective, if you look at your business, you are from a category and consumer perspective globally. Are you planning for, a similar backdrop to what you saw in 2024 or maybe improvements or maybe a more difficult backdrop? So just some high level thoughts on consumer category dynamics globally.

早上好，感謝您回答這個問題，並祝賀您度過了一個美好的季度。我想，從高層次的角度來看，如果你審視你的業務，你是從全球類別和消費者的角度來看的。您是否計劃採用與 2024 年類似的背景，或進行改進，或採用更困難的背景？以上只是對全球消費者類別動態的一些高層次的想法。

Rupesh, you're referring to the overall market.

Rupesh，您指的是整體市場。

Yeah, that's correct, yeah.

是的，沒錯，是的。

Yeah, look, I mean, I think we're assuming kind of the base case that market is flat. That's going to obviously vary kind of country to country, but I think on the whole, as we go into kind of thinking about the year and planning the year, we kind of look at it and say market's flat, now, how do we go out and grow, how do we go out and enlarge the size of the market.

是的，看，我的意思是，我認為我們假設的基本情況是市場平穩。顯然，不同國家的情況會有所不同，但我認為，總體而言，當我們思考和規劃這一年時，我們會認為市場持平，那麼，我們如何走出去並發展，如何走出去並擴大市場規模。

So, in general, I don't know that we're kind of planning, any type of, either big market rebound or, market decline. I think with what we are seeing so far in Q1, flat is about, overall, what the market is seeing, so that's kind of our base case of what we are looking at.

所以，總的來說，我不知道我們是否在計劃任何類型的市場大反彈或市場衰退。我認為，根據我們目前在第一季看到的情況，總體而言，市場表現平穩，這就是我們所關注的基本情況。

Great. And then maybe just one quick follow-up question on the tariff front, when you do see these, 10% type China tariffs, typically when they flow through because I know there is a lot in terms of when that sell through is, so just any color there. Thank you.

偉大的。然後，也許只有一個關於關稅方面的快速後續問題，當您看到這些 10％ 類型的中國關稅時，通常是在它們流過時，因為我知道在銷售時間方面有很多問題，所以那裡的任何顏色都是如此。謝謝。

Yeah, look, it varies. I mean, as Patraic talked about, I mean, we built some tariff pre-built inventory where, every month, more and more products are moving out of China. If you have a product that is running at very low weeks of supply, the recent additional 10% basically went into effect, 48 hours after, Trump announced it and so. That could be going in very quickly and then you have other products that we might have tariff rebuilt and you have got 4 or 5 months of inventory that it will not go through.

是的，看，它是多種多樣的。我的意思是，正如帕特里克所說的那樣，我們建立了一些關稅預建庫存，每個月都有越來越多的產品從中國運出。如果你有一種產品的供應量在幾週內非常低，那麼最近的額外 10% 的降價基本上就在 48 小時後生效了，川普就宣布了這一點。這可能很快就會發生，然後你還有其他產品，我們可能會重建關稅，而且你有4或5個月的庫存，這些庫存將不會被用完。

So, it varies. I think if you were to look across the inventory spectrum, you probably look at maybe 60 days to 75 days, but again, I think it was important for us to provide guidance that included the latest information that we have, from the day that those tariffs were announced. I mean, we immediately went into action to work on understanding the impact and initial steps of how to mitigate those and so I think we're just trying to provide the right color to say based on the latest information that we have, we still feel good about guiding our business, to a 13% to 15% EBITDA growth number in '25.

因此，它是因人而異的。我認為，如果從整個庫存範圍來看，可能需要 60 天到 75 天的時間，但同樣，我認為，對我們來說，提供包括自宣布關稅之日起我們掌握的最新資訊的指導非常重要。我的意思是，我們立即採取行動，努力了解影響並採取初步措施減輕這些影響，所以我認為我們只是想根據我們掌握的最新信息，提供正確的信息，表明我們仍然有信心引導我們的業務在25年實現 13% 至 15% 的 EBITDA 增長。

Yeah, and that's just to wind it up on that one, how you can kind of categorize it is, we've been on this offense for quite some time, obviously adjusting in the moment and you know what we view as our responsibility is engineering a soft landing. And so that's why he saw us take the hard decisions over the course of the last 12 months to18 months or so in terms of investing heavily to get production out of China.

是的，這就是問題的最後總結，你可以這樣分類，我們已經處於這種進攻狀態很長一段時間了，顯然現在正在調整，你知道我們認為我們的責任是實現軟著陸。這就是為什麼他看到我們在過去 12 個月到 18 個月左右的時間裡做出艱難的決定，投入大量資金將生產轉移出中國。

It's why we've invested in working capital from pre-build of inventory standpoint, and that's why we continue to invest as we get into this year in terms of continuing to move out of China. So, we have got select inventory that is pre-built. It should help us, but we're doing, everything we can, all across our P&L and balance sheet to make sure that we mitigate tariffs as much as we can, and that's why we felt confident in terms of building that into our guidance that we shared with you today.

這就是我們從預建庫存的角度投資營運資金的原因，也是我們今年繼續投資以繼續撤出中國的原因。因此，我們已經選擇了預先建造好的庫存。這應該對我們有幫助，但我們正在盡一切努力，在我們的損益表和資產負債表中確保盡可能地降低關稅，這就是為什麼我們有信心將其納入我們今天與你們分享的指導中。

Great, thank you for all the color. Best of luck.

太棒了，謝謝你帶來的所有色彩。祝你好運。

Steven Forbes, Guggenheim Partners.

古根漢合夥人公司史蒂文福布斯。

Good morning, Mark, Patrick.

早上好，馬克、派崔克。

Mark, I wanted to focus on sales and marketing given two years here of 40% growth, so curious if you could help us better understand how much of this year's spend is associated with future growth opportunities because it looks like a key area of reinvestment for you and then any anyway to deconstruct the almost $600 million of advertising spend into the various channels right as we think about brand or performance just like reframing the advertising spend for us as we enter 2025.

馬克，我想把重點放在銷售和行銷上，因為這裡的兩年增長率為 40%，所以我很好奇你是否可以幫助我們更好地了解今年的支出中有多少與未來的增長機會相關，因為這看起來是你再投資的一個關鍵領域，然後有沒有什麼辦法可以將近 6 億美元的廣告支出分解到各個項目，就像我們考慮品牌或業績支出時重新規劃 2025 年的廣告支出一樣。

Yeah, look, Steven.

是的，看，史蒂文。

I mean, you have to understand that, we've entered a lot of new categories that require investment all of which that doesn't pay off immediately. We have entered a lot of new countries that we are starting from scratch that require investment that does not pay off and kind of compounds on itself. So, I would say that over the last few years, we have done a lot of investing to kind of build a solid foundation and business to grow off. I mean, if you look at what we did in Europe this holiday season, we drove big growth for these European retailers, I mean, they believe in SharkNinja like the US retailers believe in SharkNinja, the UK retailers believe in SharkNinja.

我的意思是，你必須明白，我們已經進入了許多需要投資的新領域，但這些投資不會立即帶來回報。我們進入了許多新的國家，這些國家都是白手起家，需要的投資沒有回報，還會自我累積。所以，我想說，在過去的幾年裡，我們做了大量的投資來建立堅實的基礎並使業務得以發展。我的意思是，如果你看看我們這個假期在歐洲的表現，我們為這些歐洲零售商帶來了巨大的成長，我的意思是，他們相信 SharkNinja，就像美國零售商相信 SharkNinja、英國零售商相信 SharkNinja 一樣。

So, what is that worth? I mean, that is, no easy task to do. And by the way, it is not just about how much money you spend. I mean, it is about, this combination of having the right product innovation, investing the money to create awareness and great storytelling. And then having, satisfied, raising consumers that are, pushing the brand. So, I mean, I think there's a massive investment that's been made over the last two years that the benefits of it we've yet to see in 2024 and we'll pay dividends as we go into '25 and '26 and we kind of, keep compounding and building on ourselves so, that's one piece, I think.

那麼，這值多少錢？我的意思是，這並不是一件容易的事。順便說一句，這不僅僅是關於你花了多少錢。我的意思是，這涉及到正確的產品創新、投入資金來創造知名度和講述精彩故事三者的結合。然後讓消費者感到滿意並提升其品牌影響力。所以，我的意思是，我認為過去兩年我們進行了大規模的投資，但我們在 2024 年還未看到其效益，而我們將在進入 25 年和 26 年時獲得紅利，我們會不斷自我複合和建設，所以，我認為這是其中的一部分。

Secondly is look, we've been in a flat market and we've been in a market where we have to do the heavy lifting to grow the overall market and grow the business, and we feel like that's our responsibility to be able to grow and that is what also continues to endear the retailers to us that we're driving people into their stores. We are creating excitement for these categories because there is not a lot of other people there is not a lot of other brands that are doing that.

其次，我們一直處於一個平淡的市場，我們一直處於一個必須付出巨大努力來擴大整體市場和發展業務的市場，我們覺得這是我們能夠發展的責任，這也是讓我們繼續贏得零售商青睞的原因，我們正在吸引人們進入他們的商店。我們正在為這些類別創造興奮點，因為沒有太多其他人，也沒有太多其他品牌在做這樣的事情。

Especially to the degree or scale that we are doing it. Now when you look across the $600 million plus in advertising I mean, there is a lot of different components to this. I mean our direct to consumer business is growing. I mean there is a lot of lower funnel direct to consumer marketing that is going in as we want to kind of capture that consumer to our direct to consumer channel. So, let us put that in one bucket there is a large amount of upper funnel awareness that is being driven

特別是我們這樣做的程度和規模。現在，當你看一下 6 億多美元的廣告費用時，你會發現這其中包含許多不同的組成部分。我的意思是我們的直接面向消費者的業務正在成長。我的意思是，我們正在進行大量底層漏斗直接面向消費者的行銷，因為我們希望將消費者吸引到我們的直接面向消費者的管道中。因此，我們將其歸為一類，因為有大量的上層漏斗意識正在被推動

As we enter some of these new categories and these new markets, we try not to drive the brand, Steven. I mean, I try, I am not a believer that we want to go out there and just kind of market the Shark or Ninja brand. We have to do that under the halo of some sort of product. I mean, even if you saw our David Beckham, Christmas commercial. We tried to make that still very product centric. I mean that he was, using these different products to be able to make his Christmas dinner.

當我們進入一些新的類別和新的市場時，我們盡量不去推動品牌，史蒂文。我的意思是，我嘗試過，我不相信我們想去那裡只是推銷 Shark 或 Ninja 品牌。我們必須在某種產品的光環下做到這一點。我的意思是，即使你看了我們的大衛貝克漢的聖誕廣告。我們試圖使其仍然以產品為中心。我的意思是，他使用這些不同的產品來製作他的聖誕晚餐。

So, I would say that there is a big chunk of lower funnel. There is a big chunk of upper funnel. And there is a big chunk of how do we start to create the user generated flywheel. I mean, it's very interesting, Steven , like the rule of thumb that I had a year ago was we need to get 50,000 to 100,000 units out of the market before we were able to get this kind of user generated flywheel going.

因此，我想說，下部漏斗中有很大一部分。上部漏斗有一大塊。我們還有一個很大的問題：如何開始創建用戶生成的飛輪。我的意思是，史蒂文，這非常有趣，就像我一年前的經驗法則一樣，我們需要從市場上推出 50,000 到 100,000 台設備，然後我們才能讓這種用戶生成的飛輪運轉起來。

I think what CREAMi Swirl Showed you and what CryoGlow showed you is we could do that. Before we even launch the product, we can do that by feeding you know 100 Influencers .And building great branded content, that was already starting to start, the flywheel. I mean we had influencers that we sent the CREAMi Swirl to, they committed to us that they would do one TikTok, or one Instagram post or one YouTube short, and they came back and they did 15 of them, 16 of them.

我認為 CREAMi Swirl 和 CryoGlow 向您展示的內容是我們可以做到這一點。在我們推出產品之前，我們可以透過向 100 位有影響力的人提供資訊來做到這一點並且建立出色的品牌內容，這已經開始啟動，飛輪。我的意思是，我們向一些有影響力的人物發送了 CREAMi Swirl，他們向我們承諾會製作一個 TikTok、一個 Instagram 帖子或一個 YouTube 短片，結果他們回來後就做了 15 個、16 個。

These influencers are recognizing that they're able to build their follower base using our products like our products are engaging, their follower base or building their follower base for them. So, we have created this really incredible kind of symbiotic relationship where, these influencers are not just, thinking of us as, a brand that is going to invest in them. We are actually in some cases not investing monetarily, but we are giving them a head start or we're giving them a sneak peek, or we're giving them a behind the scenes view. And that is very valuable to them in terms of being able to develop content that, engages their communities.

這些有影響力的人認識到，他們能夠使用我們的產品來建立他們的追隨者基礎，就像我們的產品具有吸引力，他們的追隨者基礎或為他們建立追隨者基礎一樣。因此，我們創造了這種真正令人難以置信的共生關係，這些有影響力的人不僅將我們視為一個將投資於他們的品牌。實際上，在某些情況下，我們並沒有進行資金投資，而是讓他們領先一步，或讓他們先睹為快，或讓他們了解幕後情況。對他們來說，這非常有價值，因為他們能夠發展出吸引社區參與的內容。

That was great. Thank you, Mark.

那很棒。謝謝你，馬克。

Thanks Unfortunately, we have run out of time for any further questions, so I will now hand the call back to Mark Barrocus for some closing remarks.

謝謝，很遺憾，我們沒有時間回答其他問題了，因此我現在將電話交還給馬克·巴羅卡斯 (Mark Ba​​rrocus)，請他發表一些結束語。

Yeah, so thank you so much for joining us, and we look forward to speaking with you again soon. Have a wonderful day.

是的，非常感謝您加入我們，我們期待很快再次與您交談。祝您有美好的一天。

Thank you. This will conclude SharkNinja's fourth quarter 2024 earnings call. Thank you for your participation. You may now disconnect your lines.

謝謝。SharkNinja 2024 年第四季財報電話會議將結束。感謝您的參與。現在您可以斷開線路了。