Sharkninja Inc (SN) 2025 Q1 法說會逐字稿

Good morning and thank you all for attending the SharkNinja quarter one 25 earnings call.

早安，感謝大家參加 SharkNinja 第一季 25 財報電話會議。

My name is Bria, and I will be your moderator for today.

我叫布里亞 (Bria)，今天我將擔任你們的主持人。

(Operator Instructions)

（操作員指示）

I would now like to pass the conference over to your host, James Lamb, senior Vice President of Investor Relations and Treasury.

現在，我想將會議交給主持人、投資者關係和財務高級副總裁詹姆斯·蘭姆 (James Lamb)。

Thank you may proceed, James.

謝謝，你可以繼續了，詹姆斯。

Good morning and welcome to Shark Ninja's first quarter 2025 earnings conference call. Earlier today, we issued our quarter one earnings release, which is available on the company's website at irsharkninja.com.

早安，歡迎參加 Shark Ninja 2025 年第一季財報電話會議。今天早些時候，我們發布了第一季財報，可在公司網站 irsharkninja.com 上查閱。

A replay of today's webcast will also be available on the site shortly after the call. 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.

會議結束後不久，網站上還將提供今天網路直播的重播。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。

These statements involve risks and uncertainties, and actual results may differ materially. For more details, please refer to our earnings release and the company's most recent SEC filings which outline factors that could impact these statements.

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.

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。

You can find a full reconciliation of these measures to their most directly comparable GAAP measures in the earnings release.

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。

Joining me today are our Chief Executive Officer Mark Barroas and Chief Financial Officer Patrick Reagan. Mark will start by providing a business update followed by Patrick who will review our quarter one financial result and share our outlook for 2025.

今天與我一起出席的還有我們的執行長馬克·巴羅斯 (Mark Ba​​rroas) 和財務長帕特里克·裡根 (Patrick Reagan)。馬克將首先提供業務更新，隨後帕特里克將回顧我們第一季的財務表現並分享我們對 2025 年的展望。

Mark will then offer some closing remarks before we open the call to questions. During the Q&A session, please limit yourself to one question and one follow up.

在我們開始提問之前，馬克將發表一些結束語。在問答環節，請限制自己只提出一個問題並進行一次跟進。

I would now like to turn the call over to Mark.

現在我想把電話轉給馬克。

Thank you, James. Good morning, everyone, and thank you for joining us today. This is undoubtedly a challenging time for business, and I'm excited to discuss how SharkNinja has engaged and is responding to the moment.

謝謝你，詹姆斯。大家早安，感謝大家今天加入我們。毫無疑問，這對企業來說是一個充滿挑戰的時期，我很高興討論 SharkNinja 如何參與並應對這一時刻。

Our first quarter results demonstrate the consistent strength and adaptability of Shark Ninja, with our eighth consecutive quarter of healthy double-digit revenue growth.

我們第一季的業績證明了 Shark Ninja 的一貫實力和適應性，我們連續第八個季度實現了健康的兩位數收入成長。

Net sales increased nearly 15% year over year globally in a market that is not delivering much growth, a reflection of demonstrable market share gains driven by continued demand for our five-star products that customers love.

在市場成長乏力的情況下，全球淨銷售額年增近 15%，這反映出客戶對我們五星級產品的持續需求推動了市場份額的顯著增長。

This revenue growth produced outstanding profitability with adjusted gross margin of 50% and adjusted EBITDA of $200 million in the quarter.

這項營收成長產生了出色的獲利能力，本季調整後的毛利率為 50%，調整後的 EBITDA 為 2 億美元。

Most importantly, quarter one has given our team an opportunity to do what we do best, rallying together and taking quick action to solve problems.

最重要的是，第一季為我們的團隊提供了一個機會，讓我們能夠做我們最擅長的事情，團結起來並迅速採取行動解決問題。

This isn't the first time SharkNinja has encountered really difficult obstacles in the macro environment. We've been here before. During my 17-year tenure running the day-to-day business, SharkNinja has experienced the great financial crisis, the COVID-19 pandemic, component shortages, and many other challenging periods along the way.

這並不是 SharkNinja 第一次在宏觀環境中遇到真正困難的障礙。我們以前來過這裡。在我負責日常業務的 17 年任期內，SharkNinja 經歷了巨大的金融危機、COVID-19 疫情、零件短缺以及許多其他充滿挑戰的時期。

In each case, we not only overcame adversity, but we also emerged stronger than ever by sticking to our time-tested playbook, focused on customer problem solving innovation, and maniacal execution.

在每種情況下，我們不僅克服了逆境，而且透過堅持久經考驗的劇本、專注於客戶問題解決創新和瘋狂的執行，我們變得比以往任何時候都更加強大。

I will speak about how this theme manifests in our exciting product pipeline and three pillar growth strategy a little later, but I first want to address what is likely top of mind for investors, how we're rising to the challenge of tariffs.

稍後我將談談這個主題如何體現在我們令人興奮的產品線和三大支柱成長策略中，但我首先想談談投資者最關心的問題，即我們如何應對關稅挑戰。

SharkNinja has been navigating tariffs for many years, going back to the original series of tariff actions in 2018 that largely targeted China. We successfully implemented a multi-faceted approach to offset these impacts and our business flourished. In fact, from 2018 to 2024, our adjusted net sales grew at a compounded annual growth rate of more than 20%.

SharkNinja 多年來一直在應對關稅問題，最早可以追溯到 2018 年最初針對中國的一系列關稅行動。我們成功地實施了多方面的方法來抵消這些影響，我們的業務蓬勃發展。事實上，從 2018 年到 2024 年，我們的調整後淨銷售額的複合年增長率超過 20%。

And our adjusted gross margin expanded significantly to 49%. Since that time, we've been actively diversifying our manufacturing capabilities to other countries around the world, mainly across Southeast Asia.

我們的調整後毛利率大幅擴大至49%。從那時起，我們一直積極地將我們的製造能力多元化到世界其他國家，主要是東南亞。

We took these steps, many of which required sizable investment and multi-year execution, ahead of our competition, a group that largely remains considerably more dependent on China. Due to our proactive supplier expansion, we expect to have moved roughly 90% of our US volume outside of China by the end of the second quarter and nearly all by the end of 2025.

我們採取了這些措施，其中許多措施需要大量投資和多年的執行，領先於我們的競爭對手，而我們的競爭對手在很大程度上仍然更加依賴中國。由於我們積極主動擴大供應商規模，我們預計到第二季末，大約 90% 的美國產品將轉移到中國以外，到 2025 年底，幾乎全部產品將轉移到中國以外。

Our high quality, fast turn, low cost, and highly diversified supply chain has taken an enormous effort to achieve and stands as a key competitive advantage for SharkNinja.

我們付出了巨大的努力才實現了高品質、快速週轉、低成本和高度多樣化的供應鏈，這是 SharkNinja 的關鍵競爭優勢。

The current tariff dynamic has brought considerable new challenges, but despite the evolving policies and resulting uncertainty, I'm extraordinarily proud of the actions we have already taken in a short period to continue driving our three-pillar growth strategy while materially offsetting the impact of tariffs.

當前的關稅動態帶來了相當大的新挑戰，但儘管政策不斷變化並由此產生不確定性，我仍然對我們在短時間內採取的行動感到非常自豪，這些行動繼續推動我們的三大支柱增長戰略，同時實質性地抵消了關稅的影響。

Before I get into detail, let me start by saying we have not responded to the moment by pulling back or slowing down. It's quite the opposite.

在詳細介紹之前，我首先要說的是，我們並沒有透過退縮或放慢速度來應對這種情況。事實恰恰相反。

We continue to make decisions that are necessary to drive our confidence in sustainable long-term global growth and invest behind all the areas that make SharkNinja special like product innovation, marketing, and go to market capabilities.

我們將繼續做出必要的決策，以增強我們對可持續長期全球成長的信心，並在產品創新、行銷和市場進入能力等所有使 SharkNinja 與眾不同的領域進行投資。

The approach we're taking is not focused only through the lens of our domestic business but rather globally. With over a third of our net sales forecasted to come from outside the United States this year.

我們採取的方法不僅關注國內業務，還著眼於全球業務。預計今年我們的淨銷售額的三分之一以上將來自美國以外。

Our comprehensive tariff mitigation strategy has three key components, how we source, how we sell, and how we control operating costs, each of which I will describe in more detail.

我們的綜合關稅減免策略有三個關鍵組成部分：我們如何採購、如何銷售以及如何控制營運成本，我將對每個部分進行更詳細的描述。

The first area of focus is what we internally call the buy side, ways in which we can drive efficiencies on product cost. I want to break this down into two key areas that we've addressed quickly, factory cost and value engineering.

第一個重點領域是我們內部所說的買方，也就是我們可以提高產品成本效率的方式。我想將其分解為我們快速解決的兩個關鍵領域，即工廠成本和價值工程。

SharkNinja is fortunate to have deep trusted relationships with our suppliers, many of which go back decades. In a short time, we mobilized our global supply teams to secure cost downs, and our factory partners are engaging actively with the majority of our largest tier one and tier two suppliers granting concessions.

SharkNinja 很幸運能與我們的供應商建立深厚的信任關係，其中許多關係可以追溯到幾十年前。我們在短時間內動員了全球供應團隊以確保降低成本，我們的工廠合作夥伴正在積極與大多數最大的一級和二級供應商接觸並給予優惠。

Additionally, we're leveraging our diversified global supply chain and expanding dual source capabilities to shift production to partners with the lowest cost offers. This flexibility enables us to substitute high tariff items in China with products from Vietnam, Indonesia, Cambodia, Thailand, and Malaysia.

此外，我們正在利用多樣化的全球供應鏈並擴大雙重來源能力，將生產轉移給提供最低成本報價的合作夥伴。這種靈活性使我們能夠用越南、印尼、柬埔寨、泰國和馬來西亞的產品取代中國的高關稅商品。

Value engineering is a core competency that optimizes function and value with the pursuit of reduced manufacturing costs, all while maintaining the quality and reliability that customers expect from SharkNinja.

價值工程是一項核心競爭力，它透過降低製造成本來優化功能和價值，同時保持客戶對 SharkNinja 所期望的品質和可靠性。

In the first week after reciprocal tariffs were announced, we engaged in a large-scale value engineering effort to identify over 1,500 cost savings opportunities, changes to configurations, features, packaging, finishes, all of which will help lower product costs while continuing to delight consumers.

在互惠關稅宣布後的第一周，我們開展了大規模的價值工程工作，以確定 1,500 多個成本節約機會以及配置、功能、包裝、飾面的改變，所有這些都將有助於降低產品成本，同時繼續讓消費者滿意。

Let's move to the sell side, where there are four areas of focus, pricing, promotions, retailer programs, and assortment management and mix. From a pricing perspective, we sell in the mid to upper tier of the market, and we don't participate in the opening price segments.

讓我們轉到賣方，其中有四個重點領域：定價、促銷、零售商計劃以及分類管理和組合。從定價角度來看，我們的產品定位於中高端市場，不參與開盤價位段。

Our promise to the consumer is to deliver products that are highly innovative with market leading performance and exceptional quality at a great value. We can maintain this value proposition to consumers as we strategically identify areas where we can drive increased average sale price for our products, not just in the United States but globally.

我們對消費者的承諾是提供具有高度創新性、市場領先性能和卓越品質且物超所值的產品。我們可以向消費者保持這一價值主張，因為我們策略性地確定了可以提高我們產品平均售價的領域，不僅在美國，而且在全球範圍內。

We're already selectively increasing prices for several of our key products, and we'll continue to look for additional opportunities. Our Ninja Lux Cafe premium espresso product exemplifies this strategy. As we recently raised the price on this product from 499 to 549 with no degradation and demand.

我們已經選擇性地提高了幾種主要產品的價格，並且我們將繼續尋找更多機會。我們的 Ninja Lux Cafe 優質濃縮咖啡產品體現了這項策略。由於我們最近將該產品的價格從 499 提高到 549，且沒有降價和需求。

It is in fact now become the number one selling espresso maker skew in the US market just six months after launch. Marketing and advertising play a major role in our pricing power.

事實上，它在推出僅六個月後就已成為美國市場上最暢銷的濃縮咖啡機。行銷和廣告在我們的定價能力中發揮著重要作用。

We continue to invest in demand generation to drive awareness for our five-star products, many of which become viral hits fuelled by user-generated content.

我們持續投資於需求生成，以提高我們五星級產品的知名度，其中許多產品透過用戶生成內容而成為熱門產品。

The power of this organic demand allows us to charge a premium for these kinds of products without impacting overall sales trends, and we're executing on this advantage.

這種有機需求的力量使我們能夠對這類產品收取溢價，而不會影響整體銷售趨勢，我們正在利用這一優勢。

As we continue to invest here, we have also been able to lower the degree of promotional activity. We've already started optimizing our promotional calendar, and while we still want to participate in key selling periods, we believe we can do so with a limited product assortment and at lower discount levels.

隨著我們繼續在此投資，我們也能夠降低促銷活動的程度。我們已經開始優化促銷日程表，雖然我們仍然希望參與關鍵的銷售期，但我們相信我們可以透過有限的產品種類和較低的折扣水準來實現這一點。

This concept extends further to how we work creatively with retailers to address program elements.

這個概念進一步延伸到我們如何與零售商創造性地合作來解決計劃要素。

We've taken steps to reduce certain retailer programs and fixed expenses like N cap placement and instead collaborate on revenue-generating co-investments that become a true win-win.

我們已採取措施減少某些零售商計畫和固定開支（如 N 上限配置），轉而合作進行創收共同投資，實現真正的雙贏。

Our long-standing relationships with our retail partners together with a strong pipeline of products allows us to quickly execute these changes. Finally, let's touch on assortment management and mix.

我們與零售合作夥伴的長期合作關係以及強大的產品線使我們能夠快速執行這些變革。最後，讓我們談談分類管理和混合。

We're working closely with our retail partners to optimize our product assortment by eliminating low margin products and replacing them with higher margin versions. The inventory pre-build we've been executing in anticipation of tariffs is allowing us to quickly move on the substitutions with our retail partners.

我們正在與零售合作夥伴密切合作，透過淘汰低利潤產品並用高利潤產品取代來優化我們的產品組合。我們為應對關稅而預先建立的庫存使我們能夠與零售合作夥伴迅速進行替換。

On the mix side, we're looking at gross margins and pricing of our new products to maximize both at launch. As an example, we originally intended to price CryoGlo in the US at 299 but launched it at 349 based on the strength of the product distinction and the consumer appetite, and the reception has been phenomenal.

在產品組合方面，我們正在考慮新產品的毛利率和定價，以在推出時最大化。舉例來說，我們原本打算將 CryoGlo 在美國的定價定為 299 美元，但根據產品特色和消費者的胃口，我們將其定價為 349 美元，而且反應非常好。

Flex Flame is a similar story, and the retail price of 999 in the US is the highest in our overall product lineup. N also relates to how we're thinking about geographic expansion. Products that were originally going to launch first in the US this year are now going to initially launch in other markets.

Flex Flame 的情況類似，其在美國的零售價為 999 美元，是我們整個產品系列中最高的。N 也與我們如何考慮地理擴張有關。原本計劃今年先在美國推出的產品現在將先在其他市場推出。

Our global footprint enables this optionality as we continue to utilize some of the capacity from US production for international markets like with LatAm and EMEA.

我們的全球足跡實現了這種選擇性，因為我們繼續利用美國生產的部分產能來滿足拉丁美洲和歐洲、中東和非洲等國際市場的需求。

There's a high demand globally for products like Espresso, slushy, CryoGlo, creamy, robots, hair care, and many more, as we're taking a portfolio management approach to direct volumes to the right markets.

全球對濃縮咖啡、冰沙、CryoGlo、奶油、機器人、護髮等產品的需求很高，因為我們採取投資組合管理方法將產量引導到正確的市場。

The third area we're looking at closely is how we can strategically manage operating expenses. While the overall orientation of SharkNinja definitely remains towards growth, we're scrutinizing certain places where our spending can be streamlined and optimized.

我們正在密切關注的第三個領域是如何策略性地管理營運費用。雖然 SharkNinja 的整體方向肯定仍然是成長，但我們正在仔細審查可以精簡和優化支出的某些地方。

We're focusing efficiency efforts on our largest op X categories including headcount additions and certain media spending, while maintaining an aggressive growth strategy.

我們將效率努力集中在我們最大的 op X 類別上，包括增加員工和某些媒體支出，同時保持積極的成長策略。

In parallel, our commercial and operations groups are driving additional cost savings. Critically, we don't expect these cost reductions will limit investment in our key differentiators, R&D and product innovation.

同時，我們的商業和營運團隊正在努力節省更多成本。至關重要的是，我們預計這些成本削減不會限制我們對關鍵差異化因素、研發和產品創新的投資。

With a healthy balance of investment for growth and overall cost discipline, we expect to see leverage on operating expenses as a percentage of net sales for the full year. So, let's bring it all together with an update on where we stand.

透過對成長的投資和整體成本控制進行健康的平衡，我們預計全年營運費用的槓桿率將佔淨銷售額的一定比例。因此，讓我們將所有這些情況匯總起來，更新一下我們的現狀。

When we last spoke in February, we had already leveraged this proven three pronged approach to fully absorb the incremental 10% tariff increase on China at that time.

當我們二月上次談話時，我們已經利用這種行之有效的三管齊下的方法來充分吸收當時對中國增加的10%的關稅。

Since then, even as the scope of global tariffs has expanded significantly, our teams have gone above and beyond working around the clock to identify, quantify and implement powerful offsetting measures.

自那時起，儘管全球關稅範圍已大幅擴大，我們的團隊仍不遺餘力地日以繼夜地工作，以確定、量化和實施強有力的抵銷措施。

We've upped our efforts significantly across by-side optimization, sell side optimization, and operating expense management to be in a confident position to lead through this dynamic and evolving tariff landscape.

我們已在賣方優化、賣方優化和營運費用管理方面加大了力度，以便有信心引領這一動態且不斷變化的關稅格局。

Our updated 2025 guidance, where we're raising numbers across the board, reflects this confidence as we remain nimble and drive our strategy forward to win.

我們更新了 2025 年指導方針，全面提高數字，這反映了我們保持靈活並推動策略向前發展以贏得勝利的信心。

Now let me turn back to quarter one and our three-pillar growth strategy, starting with our first pillar expanding into new and adjacent categories.

現在讓我回到第一季和我們的三大支柱成長策略，首先從第一支柱擴展到新的和相鄰的類別。

Shark Ninja now participates in 37 subcategories, with a commitment to enter at least two more per year as we further expand within and around the home.

Shark Ninja 目前參與 37 個子類別，並承諾隨著我們在家庭內外的進一步擴展，每年至少增加兩個子類別。

In 2024, we overachieved by launching into four new subcategories that are generating a lot of engagement, frozen drink appliances, skin care, coolers, and fans.

2024 年，我們超額完成了四個新子類別的推出，這四個子類別吸引了大量關注，即冷凍飲料用具、皮膚護理、冷卻器和風扇。

We're thrilled to see how this innovation is resonating with customers and our retail partners. In the ninja business, our slushy frozen drink maker is a smash hit with incredible engagement on social media, including over $1 billion impressions globally as consumers share recipes, photos, and more.

我們很高興看到這項創新引起了客戶和零售合作夥伴的共鳴。在忍者業務中，我們的冰沙冷凍飲料機在社群媒體上獲得了驚人的反響，隨著消費者分享食譜、照片等，全球的展示量超過 10 億美元。

On the shark side, CryoGlo is revolutionizing the at-home experience for med spa quality skincare. After the runaway success of our launches in the UK and Mexico, we debuted the product in the US at the beginning of 2025, and people are raving.

在鯊魚方面，CryoGlo 正在徹底改變醫療水療品質護膚的家庭體驗。在英國和墨西哥推出該產品並取得巨大成功後，我們於 2025 年初在美國推出了該產品，並受到了人們的熱烈歡迎。

Feedback from influencers, celebrities, and adult consumers of all ages and demographics has highlighted the numerous benefits that CryoGlo can provide across acne, fine lines, and other skin wellness use cases.

來自有影響力的人、名人和各個年齡層和人口統計的成年消費者的反饋凸顯了 CryoGlo 在治療痤瘡、細紋和其他皮膚健康方面可以提供的許多益處。

As I touched on earlier, when discussing demand generation, social media plays a vital role in creating buzz and driving demand, especially for new product introductions.

正如我之前提到的，在討論需求產生時，社群媒體在創造熱點和推動需求方面發揮著至關重要的作用，尤其是對於新產品的推出。

This quarter, our innovative new Shark Turbo blade fan has become a viral sensation on TikTok and other platforms with nearly $100 million impressions already.

本季度，我們創新的新 Shark Turbo 葉片風扇在 TikTok 和其他平台上引起了轟動，展示量已接近 1 億美元。

Countless unboxing videos and other content showcased the ease of setup, eye-catching aesthetic, and incredible versatility of this one-of-a-kind bladeless multidirectional fan.

無數的開箱影片和其他內容展示了這款獨一無二的無葉多向風扇的易於安裝、引人注目的外觀和令人難以置信的多功能性。

This groundswell of consumer excitement is delivering very strong sales momentum for Turbo Blade as well.

消費者的這種興奮情緒也為 Turbo Blade 帶來了非常強勁的銷售動能。

Outside of the home, our Ninja Frost vault and Shark Flex Breeze product lines are getting more placement, including its several prominent outdoor retailers, as we look forward to the summer season.

在戶外，隨著我們期待夏季的到來，我們的 Ninja Frost Vault 和 Shark Flex Breeze 產品線正在獲得更多的展示機會，其中包括幾家著名的戶外零售商。

In 11, we rolled out exciting new product extensions on both products, including several styles of wheeled coolers, multiple size options, and different colors for frost fault.

在 11 年，我們在這兩款產品上推出了令人興奮的新產品擴展，包括幾種款式的帶輪冷卻器、多種尺寸選擇以及不同的防霜顏色。

Within our Flex breeze family, the launches of Hydrogo and ProMI offer incredible versatility for almost any occasion with misting capabilities and easy portability for indoor and outdoor use.

在我們的 Flex breeze 系列中，Hydrogo 和 ProMI 的推出為幾乎任何場合提供了令人難以置信的多功能性，具有噴霧功能，並且易於在室內和室外使用。

As Shark Ninja continues to reimagine what's possible with outdoor products, our new Ninja Flex Flame propane grill stands out as truly revolutionary. This innovation is the brand's first propane system that offers the cooking features of a grill, a smoker, a pizza oven, a roaster, and a griddle all under one hood.

隨著 Shark Ninja 不斷重新構想戶外產品的可能性，我們的新 Ninja Flex Flame 丙烷烤架脫穎而出，具有真正的革命性。這項創新是該品牌的首個丙烷系統，它在一個罩子下提供烤架、煙燻爐、披薩烤箱、烘焙器和煎鍋的烹飪功能。

In a category where there's generally very limited newness, we believe Flex Flame is the most disruptive product in years. We can't wait to see what we're able to accomplish in this $5 billion plus global market as we're off to a fast start.

在新產品通常非常有限的類別中，我們相信 Flex Flame 是多年來最具顛覆性的產品。我們迫不及待地想看看我們在這個價值 50 多億美元的全球市場中能夠取得什麼成就，因為我們已經快速起步。

The product debuted in North America in quarter one with Ninja brand ambassador David Beckham, and consumers are reacting with great fanfare. Across our two brands, we have several exciting new product launches planned for the second half of 2025 and no intention whatsoever of slowing down our unstoppable innovation engine.

該產品於第一季在北美首次亮相，由 Ninja 品牌大使大衛貝克漢代言，消費者反應熱烈。我們計劃在 2025 年下半年推出兩大品牌的幾款令人興奮的新產品，並且我們絕不打算放慢我們不可阻擋的創新引擎的步伐。

Let's turn to our second growth pillar, growing shared existing categories. We attack this initiative in two primary ways adding brand new skews into a category where we already have a strong position and bringing innovation to a legacy platform that solves customer problems in a new and differentiated way.

讓我們轉向第二個成長支柱，即擴大共享現有類別。我們主要透過兩種方式來實施這項措施：在我們已經佔據強勢地位的類別中增加全新的傾向，並為傳統平台帶來創新，以新的、差異化的方式解決客戶問題。

A good example is ice cream. Where Ninja swirl by Creamy is redefining a category that we currently already lead.

一個很好的例子就是冰淇淋。Creamy 的 Ninja swirl 正在重新定義我們目前已經領先的類別。

Many of you know that the creamy ice cream system has been a runaway success, but that didn't stop us from listening to customers about how we could improve even further.

你們中的許多人都知道奶油冰淇淋系統取得了巨大的成功，但這並沒有阻止我們聽取顧客的意見，以進一步改進。

This feedback led to swirl by Creamy, which adds soft serve capability in a fun and versatile way. It's important to underscore just how much of a wow factor this carries, both for consumers and for Shark Ninja.

這項回饋促成了 Creamy 的誕生，它以一種有趣且多功能的方式增加了軟冰淇淋的功能。必須強調的是，無論對於消費者還是對 Shark Ninja 來說，這款產品都具有多麼令人驚嘆的效果。

Not only has demand been outstanding from brand new customers, but we're also actually seeing scores of existing creamy owners interested in upgrading to swirl because the feature set is so compelling and differentiated.

不僅新客戶的需求十分突出，而且我們實際上還看到許多現有的 Creamy 用戶有興趣升級到 Swirl，因為 Swirl 的功能集非常引人注目且與眾不同。

Internally, swirl is a testament to how we're rarely satisfied, even with mega hits, because we always challenge ourselves to rapidly achieve the next breakthrough before anyone else does.

從內部來看，swirl 證明了我們很少滿足，即使取得了巨大的成功，因為我們總是挑戰自己，在其他人之前迅速實現下一個突破。

Consistently delivering on this promise within our existing product lines is something SharkNinja excels at with several other highlights to call out this quarter.

SharkNinja 擅長在現有產品線內持續兌現這項承諾，本季也出現了其他幾個值得關注的亮點。

Sharp cordless vacuums are a staple of our cleaning business and perform strongly in quarter one, driven by a proprietary power detect technology that senses debris, floor types, and other elements to maximize cleaning efficiency.

夏普無線吸塵器是我們清潔業務的主要產品，在第一季表現強勁，這得益於專有的功率檢測技術，該技術可以感應碎片、地板類型和其他元素，從而最大限度地提高清潔效率。

Finally, I'd like to spotlight Ninja Crispy, our portable air fryer product that lets consumers prep, cook, serve, store, and recrisp all in one system.

最後，我想重點介紹我們的便攜式氣炸鍋產品 Ninja Crispy，它讓消費者可以在一個系統中完成準備、烹飪、上菜、儲存和重新炸製等所有操作。

With our exclusive tempware glass containers, consumers can enjoy all the benefits of cooking and storing the glass in addition to the huge convenience unlock that our portable air frying system enables.

使用我們獨特的耐高溫玻璃容器，消費者可以享受烹飪和儲存玻璃的所有好處，此外還可以享受我們的便攜式空氣煎炸系統帶來的巨大便利。

Within the US and EEA air fryer markets where Ninja already owns the number one brand position, Crispy saw another strong quarter of growth as evidence on how ingenuity born from our relentless focus on consumer needs is rewarded in the market by consumers and retailers alike.

在美國和歐洲經濟區 (EEA) 氣炸鍋市場中，Ninja 已經佔據第一品牌地位，Crispy 又實現了強勁的增長，證明了我們堅持不懈地關註消費者需求而產生的創造力得到了市場消費者和零售商的一致認可。

Groundbreaking products like Swirl or Crispy might represent another company's entire innovation calendar for a given year. But at SharkNinja, there are examples of the kinds of disruptive innovation we aim for across our whole portfolio of categories.

Swirl 或 Crispy 等突破性產品可能代表另一家公司某一年的整個創新日曆。但在 SharkNinja，我們在整個產品類別中都追求顛覆性創新的例子。

Our third growth pillar focuses on international growth, where we have consistently found success due to the global appeal of our products.

我們的第三個成長支柱是國際成長，由於我們的產品具有全球吸引力，我們在這方面不斷取得成功。

Our international business has grown considerably over the past several years and is now approaching 3% of total net sales as we continue to build vibrant global brands that stand for innovation and quality.

隨著我們繼續打造代表創新和品質的充滿活力的全球品牌，我們的國際業務在過去幾年中取得了長足的成長，目前已接近總淨銷售額的 3%。

International remains a huge growth opportunity for Shark Ninja and grew a robust 14% year over year in the quarter. But there are two items we have previously called out that impacted this quarter.

國際市場對 Shark Ninja 來說仍然是一個巨大的成長機會，本季年增 14%。但我們之前已經指出有兩件事對本季產生了影響。

The first is in our UK business where the shift of Easter-related shipments into quarter two created a quarter one timing issue.

首先是在我們的英國業務中，復活節相關的發貨轉移到第二季度，造成了第一季的時間問題。

Also, we intentionally prioritize North American demand for key launches like Crispy, slushy, and Lux Cafe in quarter four 2024 and quarter one of 2025.

此外，我們有意優先考慮北美市場對 2024 年第四季和 2025 年第一季 Crispy、slushy 和 Lux Cafe 等主要產品的推出需求。

As we turn into quarter two, we expect these new product launches will accelerate growth, reinforcing our position of strength in the UK market.

隨著進入第二季度，我們預計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。

Second, we mentioned in February that the transition of our Mexico business from a distributor model to a direct market triggers a one-time revenue reversal as we repurchase distributor inventory.

其次，我們在二月提到，由於我們回購經銷商庫存，我們的墨西哥業務從經銷商模式向直接市場轉型引發了一次性收入逆轉。

This impact landed almost entirely in quarter one, so we expect the Mexico business to grow once again for the remainder of the year. Elsewhere in Latin America, we're growing meaningfully in markets like Chile, Colombia, and Central America.

這種影響幾乎完全集中在第一季度，因此我們預計墨西哥業務在今年剩餘時間內將再次成長。在拉丁美洲的其他地區，我們在智利、哥倫比亞和中美洲等市場取得了顯著成長。

Strong and growing relationships with retail partners are just as critical to our international success as they are within the domestic business. In Europe specifically, I'm pleased to say we have recently completed new agreements with most of our major partners to gain considerable additional shelf space ahead of holiday 2025.

與零售合作夥伴建立牢固且不斷發展的關係對於我們的國際成功與國內業務一樣重要。具體來說，在歐洲，我很高興地說，我們最近與大多數主要合作夥伴達成了新的協議，以便在 2025 年假期前獲得大量額外的貨架空間。

Consumers are clamoring for our products. Retailers are committing to us in a bigger way, and we're very enthusiastic about the potential we see all around the globe.

消費者對我們的產品非常渴求。零售商對我們做出了更大的承諾，我們對全球範圍內的潛力充滿熱情。

The breadth of our three-pillar growth strategy equips Shark Ninja with multiple ways to drive towards durable success. This distinction has never been more important than right now, with pronounced cross currents in the macro economy.

我們的三大支柱成長策略為 Shark Ninja 提供了多種方式來推動其持久的成功。在宏觀經濟出現明顯逆流的情況下，這種差異現在顯得尤為重要。

Despite the level of uncertainty and shifting consumer sentiment, a product hallmark, performance, quality, and value are still resonating.

儘管存在一定程度的不確定性和消費者情緒的變化，但產品的標誌、性能、品質和價值仍然引起共鳴。

You can see this in our results and retailer data with strong POS trends year-to-date ahead of shipments and a carefully crafted strategy around inventory growth to complement our tariff mitigation plan.

您可以從我們的業績和零售商數據中看到這一點：今年迄今為止，POS 趨勢強勁，領先於出貨量，並且我們圍繞庫存增長精心製定了戰略，以補充我們的關稅減免計劃。

Patrick will walk through the details in a moment, but we feel very good about our inventory position as a key advantage to fuel future growth, and we consider our liquidity and leverage profiles to be excellent.

派崔克稍後會詳細介紹，但我們對我們的庫存狀況感到非常滿意，這是推動未來成長的關鍵優勢，我們認為我們的流動性和槓桿狀況非常出色。

It's also important to remember just how diversified SharkNinja has become over the last several years.

同樣重要的是要記住 SharkNinja 在過去幾年中變得多麼多樣化。

We participate in vast addressable markets across various price points, channels, retailers, demographics, geographies, and more.

我們參與了各種價格點、通路、零售商、人口統計、地理等的廣大目標市場。

Our strong and growing portfolio of categories and distribution vectors is a huge part of our long-term strategy that also guards against becoming overly dependent on just one or two ways to win.

我們強大且不斷成長的品類和分銷載體組合是我們長期策略的重要組成部分，同時也防止我們過度依賴一兩種取勝方式。

We remain committed to launching at least 25 new products in 2025 with an unwavering focus on our future pipeline.

我們將繼續致力於在 2025 年推出至少 25 款新產品，並堅定不移地專注於我們的未來產品線。

As I spoke about earlier, the more disruptive innovation SharkNinja can bring at the enormous and compounding scale we have today, the more distance we'll continue to put between ourselves and everyone else.

正如我之前所說，SharkNinja 在我們今天所擁有的巨大而復合的規模上所能帶來的顛覆性創新越多，我們與其他人之間的距離就越大。

Before I wrap up, I'd like to reiterate a few of the key reasons we're so pleased about quarter one and so optimistic about moving forward.

在結束之前，我想重申我們對第一季感到滿意並對未來充滿樂觀的幾個主要原因。

First, we've implemented various initiatives that are taking aggressive actions to mitigate the impact of tariffs across buy side, sell side, and OpEx work streams as discussed.

首先，我們已經實施了各種舉措，採取積極行動來減輕關稅對買方、賣方和營運支出工作流程的影響，正如所討論的那樣。

Second, consumer demand for Shark Ninja products remains high. The various topline metrics we monitor were solid throughout quarter one and quarter two is off to a good start.

其次，消費者對Shark Ninja產品的需求仍然很高。我們監測的各項主要指標在第一季表現穩健，而第二季也取得了良好的開端。

Finally, we're confident in our ability to gain market share against the competition, despite any macroeconomic shifts that may manifest this year.

最後，儘管今年宏觀經濟可能會出現變化，但我們有信心在競爭中獲得市場份額。

This confidence comes from all the things that make SharkNinja unique an obsession for the consumer, our exceptional innovation engine, our world class demand generation capabilities, a healthy and improving financial profile, our diversified and resilient global supply chain, and the tireless pursuit of excellence that is core to our culture.

這種信心源自於所有讓 SharkNinja 獨一無二的因素：消費者的迷戀、我們卓越的創新引擎、我們世界一流的需求產生能力、健康且不斷改善的財務狀況、我們多元化且有彈性的全球供應鏈，以及作為我們文化核心的對卓越的不懈追求。

These success drivers have always defined SharkNinja from within, and we're proud to see this reflected with external recognition as well.

這些成功的驅動因素始終從內部定義了 SharkNinja，我們很自豪地看到這也得到了外部認可。

This quarter we received two tremendous honours. First, Newsweek named us to their list of most trustworthy companies in America in 2025. This accolade is based on a survey result from over 25,000 US residents overlaid with the proprietary social listening analysis.

本季我們獲得了兩項巨大的榮譽。首先，《新聞週刊》將我們列入 2025 年美國最值得信賴的公司名單。這項榮譽是基於對 25,000 多名美國居民的調查結果以及專有的社交聆聽分析得出的。

We were also named to staff company's prestigious list of the world’s 50 most innovative companies of 2025, earning the number 27 spot overall and number two in the design category.

我們也被員工公司評選為 2025 年全球 50 家最具創新力的公司之一，在總體排名中位列第 27 位，在設計類別中排名第二。

In an excerpt from our press release, Fast Company editor in chief, Brandon Vaughan made a fitting observation. He described this year's list of winners by saying in part, at a time when the world is rapidly shifting, these companies are charting the way forward.

在我們的新聞稿摘錄中，Fast Company 主編布蘭登沃恩 (Brandon Vaughan) 做出了恰當的評論。他在介紹今年的獲獎者名單時表示，在世界快速變化的時代，這些公司正在引領未來發展的方向。

None of this momentum would be possible without the incredible team at Shark Ninja, for which I'm incredibly thankful, especially during these last several weeks as we mobilize to face new challenges head on.

如果沒有 Shark Ninja 出色的團隊，這種勢頭就不可能實現，對此我深表感謝，特別是在過去幾週我們動員起來迎接新挑戰的過程中。

As I said at the beginning, this is what we do best. We don't wait; we act. We don't pull back, we deliver, and we win together.

正如我在一開始所說的，這是我們最擅長的。我們不再等待，我們立即行動。我們不會退縮，我們會兌現承諾，我們會共同獲勝。

And now Patrick will walk you through our first quarter financials and updated 2025 outlook.

現在，派崔克將向您介紹我們的第一季財務狀況和最新的 2025 年展望。

Thank you, Mark, and good morning, everyone. We're off to a strong start in 2025 and I'm excited to review our first quarter results and increased guidance.

謝謝你，馬克，大家早安。我們在 2025 年取得了良好的開端，我很高興回顧我們第一季的業績和增加的指導。

As mentioned in our previous earnings call, quarter one had a lot of puts and takes, but in the end we did what we said we were going to do and overachieved our plans.

正如我們在之前的收益電話會議上提到的那樣，第一季有很多的得失，但最終我們完成了我們所說的目標並超額完成了我們的計劃。

We continue to succeed by executing on our clear three pillar growth strategy.

我們透過執行明確的三大支柱成長策略不斷取得成功。

Our quarter one performance demonstrates that we are delivering on this strategy while at the same time navigating complex operational shifts.

我們第一季的業績表明，我們正在實施這項策略，同時應對複雜的營運轉變。

We continue to expand both product categories in which we compete in geographies where we serve our consumer, and we are delivering these results all against the backdrop of policy uncertainty affecting our manufacturing centers.

我們繼續擴大我們在服務消費者的地區參與競爭的產品類別，並且我們在影響製造中心的政策不確定性的背景下取得了這些成果。

Now let's review the quarter. Net sales in quarter one increased 14.7% year over year to more than $1.2 billion. Adjusted EBITDA decreased 13% to $200 million which was from an investment perspective, largely the purposeful result of substantial investments to fuel our growth. Including driving international expansion, new product development, and advancing our supply chain diversification initiatives.

現在讓我們回顧一下本季。第一季淨銷售額年增 14.7%，達到 12 億美元以上。調整後的 EBITDA 下降 13% 至 2 億美元，從投資角度來看，這主要是我們為推動成長而進行大量投資的結果。包括推動國際擴張、新產品開發以及推動我們的供應鏈多樣化計劃。

We expected our geographical regions to grow similarly in quarter one, and we saw just that as year over year net sales grew 15% domestically and 14% internationally.

我們預計我們各地理區域在第一季將實現類似的成長，而我們也確實看到國內淨銷售額年增 15%，國際淨銷售額年增 14%。

As we previously discussed, the transition of our Mexico distributor business to a direct model occurred in quarter one and has been successful, albeit with known revenue in adjusted EBITDA headwinds in the quarter.

正如我們之前所討論的，我們的墨西哥分銷商業務向直銷模式的轉型發生在第一季度，並且取得了成功，儘管本季度調整後的 EBITDA 收入已知面臨阻力。

Additionally, our international business outside of our UK air fryer business grew significantly across all regions with particular strength in Central Europe.

此外，我們除英國氣炸鍋業務外的國際業務在所有地區都實現了顯著增長，尤其是在中歐地區。

Turning to performance by category, all four of our major product categories saw growth in the quarter. Met sales in the cleaning category increased 5% year over year to $441 million from $422 million. Our cordless and extraction subcategories drove performance this quarter while corded in robotic vacuums lagged a bit.

從產品類別表現來看，我們四大主要產品類別在本季均實現了成長。大都會清潔產品類別的銷售額年增 5%，從 4.22 億美元增至 4.41 億美元。我們的無線和提取子類別推動了本季的業績，而有線機器人吸塵器則略有滯後。

Net sales in the cooking and beverage category increased 5% year over year to $346 million compared to $330 million.

烹飪和飲料類別的淨銷售額年增 5% 至 3.46 億美元，而去年同期為 3.3 億美元。

As we mentioned last quarter, we expected a challenging compare in the UK air fryer business in quarter one due to outsized growth last year. But this was more than offset by the strength of crispy in the US and our espresso business globally.

正如我們上個季度提到的，由於去年的超額成長，我們預計第一季英國氣炸鍋業務將面臨挑戰。但這被美國脆皮咖啡和全球濃縮咖啡業務的強勁表現所抵銷。

Net sales in the food preparation category increased 45% year over year to $297 million compared to $205 million.

食品製備類別的淨銷售額年增 45% 至 2.97 億美元，去年同期為 2.05 億美元。

This strong growth was driven by the continued success of our slushy frozen drink maker as well as the launch of Squirrel by Creamy, which Mark touched on earlier.

這一強勁增長得益於我們的冰沙冰凍飲料機的持續成功以及馬克之前提到的 Creamy 推出的 Squirrel。

Finally, our beauty and home environment category increased 26% year over year to $138 million compared to $110 million.

最後，我們的美容和家居環境類別年增 26%，達到 1.38 億美元，而去年同期為 1.1 億美元。

Exciting momentum behind our new CryoGlo skincare product and broad-based strength in Flex Breeze fans and air purifiers fuelled growth in this category. Now, let's move the gross profit. In the first quarter, adjusted gross profit increased 13% year over year to $613 million or 50.2% of net sales.

我們的新款 CryoGlo 護膚產品背後令人振奮的發展勢頭以及 Flex Breeze 風扇和空氣清淨機的廣泛優勢推動了這一類別的成長。現在，讓我們來移動一下毛利。第一季度，調整後毛利潤年增 13% 至 6.13 億美元，佔淨銷售額的 50.2%。

Adjusted gross margin declined roughly 60 basis points year over year as anticipated with cost optimization and mix upside offset primarily by the impact of tariffs in the lapping of full price sell-in within a mea of certain products like air fryers.

調整後的毛利率年減約 60 個基點，符合預期，但成本優化和產品組合上漲主要被氣炸鍋等某些產品全價銷售關稅的影響所抵銷。

Investing to drive further separation between us and the competition is a crucial strategic imperative at Shark Ninja.

透過投資進一步拉開我們與競爭對手之間的距離是 Shark Ninja 的一項關鍵策略要務。

As a result, we will continue to prioritize investment specifically, but not limited to R&D, product development, sales and marketing, geographic expansion, and supply chain diversification. In short, we continue to keep our foot on the gas, investing in ourselves and our growth strategy.

因此，我們將繼續優先考慮投資，但不限於研發、產品開發、銷售和行銷、地理擴張和供應鏈多樣化。簡而言之，我們將繼續加大力度，投資於自己和我們的成長策略。

Research and development expenses increased 26% year over year to $88 million compared to $70 million in the year ago period.

研發費用年增 26% 至 8,800 萬美元，而去年同期為 7,000 萬美元。

We are very excited about our new product pipeline for 2025 and beyond, fuelled by our powerhouse product development and engineering talent we have on staff and continue to add to our teams. Sales and marketing expenses increased 29% year over year to $276 million compared to $215 million in the year ago period.

我們對 2025 年及以後的新產品線感到非常興奮，這得益於我們擁有的強大的產品開發和工程人才，並且我們團隊中還會不斷增加人才。銷售和行銷費用年增 29% 至 2.76 億美元，去年同期為 2.15 億美元。

As with previous quarters, this increase was driven primarily by our strategic investment in advertising and personnel to support our new product rollouts and expansion into new markets.

與前幾季一樣，這一成長主要得益於我們在廣告和人員方面的策略性投資，以支持我們的新產品推出和新市場的擴張。

As well as higher delivery and distribution costs from increased order volumes, mainly in our direct to consumer businesses.

由於訂單量增加，運輸和分銷成本也隨之增加，這主要體現在我們的直接面向消費者的業務上。

General and administrative expenses increased 8% year over year to $95 million compared to $88 million in the year ago period.

一般及行政開支年增 8% 至 9,500 萬美元，去年同期為 8,800 萬美元。

Personnel additions and strategic technology investments made up the majority of the increase this quarter.

本季成長的大部分來自於人員增加和策略性技術投資。

Our GAAP effective tax rate was 19% in quarter one, driven by a discrete benefit in the quarter related to stock-based compensation, while our non-GAAP effective tax rate was 23%.

我們第一季的 GAAP 有效稅率為 19%，這得益於本季與股票薪酬相關的單獨收益，而我們的非 GAAP 有效稅率為 23%。

Adjusted net income for the first quarter was $124 million or $0.87 per diluted share compared to $149 million or $1.06 per diluted share in the year ago period.

第一季調整後淨收入為 1.24 億美元，即每股攤薄收益 0.87 美元，而去年同期調整後淨收入為 1.49 億美元，即每股攤薄收益 1.06 美元。

Adjusted EBITDA for the quarter decreased by 13% year over year to $200 million or 16.4% of net sales compared to $231 million or 21.6% of net sales in the prior year.

本季調整後 EBITDA 年減 13% 至 2 億美元，佔淨銷售額的 16.4%，去年同期為 2.31 億美元，佔淨銷售額的 21.6%。

Turning to the balance sheet and cash flow, one of the key advantages SharkNinja holds is our strong financial foundation that enables us to move quickly and opportunistically.

談到資產負債表和現金流，SharkNinja 的主要優勢之一是我們強大的財務基礎，這使我們能夠快速、抓住機會地採取行動。

You saw this throughout 2024 as we pre-built inventory while also accelerating our investments to diversify our manufacturing capabilities. In 11, we once again utilize our strong balance sheet to secure additional inventory and make further progress on our goal to shift US volumes outside of China to enable enhanced optionality regarding future production.

在整個 2024 年，您都會看到這一點，因為我們預先建立了庫存，同時也加快了投資以實現製造能力的多樣化。2011 年，我們再次利用強大的資產負債表來確保額外的庫存，並在將美國產量轉移到中國以外的目標上取得進一步進展，以增強未來生產的選擇性。

At the end of the first quarter, cash and cash equivalents totalled $225 million up 70% year over year, with total debt outstanding of $770 million for a net leverage ratio of 0.6 times.

第一季末，現金及現金等價物總額為 2.25 億美元，年增 70%，未償還債務總額為 7.7 億美元，淨槓桿率為 0.6 倍。

We also have nearly $490 million of capacity available to us on our $500 million revolving credit facility.

我們還有 5 億美元的循環信貸額度可供使用，其中有近 4.9 億美元的可用額度。

Our minimal debt and strong liquidity enable rapid decision making that transforms challenges into opportunities, as demonstrated by our strategic inventory management and manufacturing diversification.

我們的最低負債和強大的流動性使我們能夠快速做出決策，將挑戰轉化為機遇，正如我們的策略性庫存管理和製造多樣化所證明的那樣。

Inventories reached $973 million exiting the quarter of 30% year over year, with just under half of this increase due to intentional prebuilds related to tariffs.

本季庫存達到 9.73 億美元，年增 30%，其中近一半的成長是由於與關稅相關的有意預建。

Before I turn to our updated outlook for 2025, I want to provide some context regarding the dynamic operating environment we find ourselves managing through.

在介紹我們對 2025 年的最新展望之前，我想先介紹我們面臨的動態營運環境的背景。

The evolving rates on both imports from China and our other manufacturing centers have us analysing and modelling a wider range of scenarios and outcomes. As Mark mentioned earlier, we have been exercising all opportunities available to us on both our buy side and sell side as we navigate the ambiguous environment.

來自中國和其他製造中心的進口率的變化促使我們分析和模擬更廣泛的情境和結果。正如馬克之前提到的，在應對模糊的環境時，我們一直在利用買方和賣方可以利用的所有機會。

The strength of our innovative products, deep consumer connections, and strong relationships with our factory partners provide us with a powerful playbook of options in working with retailers and consumers while evaluating a wide array of tariff outcomes.

我們創新產品的優勢、深厚的消費者聯繫以及與工廠合作夥伴的牢固關係，為我們在與零售商和消費者合作評估各種關稅結果時提供了強大的選擇方案。

A revised outlook assumes tariffs remain where they are today, reflecting 145% for China and 10% for the remainder of Southeast Asia.

修訂後的展望假設關稅維持在目前的水平，即中國關稅為 145%，東南亞其他國家關稅為 10%。

Our guidance ranges are inclusive of these tariff assumptions in our mitigation efforts to offset, which are highly dependent on evolving global actions and reactions, as well as yet unknown relative consumer strength and retailer strategies.

我們的指導範圍包括我們為抵銷而採取的緩解措施中的這些關稅假設，這些措施高度依賴不斷發展的全球行動和反應，以及尚未知道的相對消費者實力和零售商策略。

I want to underscore that even in this current environment of heightened macro and policy uncertainty, Shark Ninja remains relentlessly confident in our existing products, robust innovation pipeline, and our ability to execute.

我想強調的是，即使在當前宏觀和政策不確定性加劇的環境下，Shark Ninja 仍然對我們現有的產品、強大的創新管道和執行能力充滿信心。

While no one has a crystal ball on exactly how things will play out, we believe the resilience of our three pillar growth strategy and our financial flexibility positions us well to adapt in the near term and continue to grow stronger in the mid to longer term.

雖然沒有人能準確預測事情將如何發展，但我們相信，我們三大支柱成長策略的韌性和財務靈活性使我們能夠在短期內適應並在中長期內繼續發展壯大。

With the above context in mind, let's review our updated outlook. For the full year 2025, we now expect net sales to increase between 11% and 13%.

考慮到上述背景，讓我們回顧一下更新後的展望。對於 2025 年全年，我們預計淨銷售額將成長 11% 至 13%。

Slightly above our prior guidance of a 10% to 12% increase.

略高於我們先前預測的 10% 至 12% 的增幅。

Adjusted net income per diluted share is now expected to be in the range of $4.90 to $5 compared to $4.80 and $4.90 previously.

調整後每股攤薄淨收益預計在 4.90 美元至 5 美元之間，而先前預期為 4.80 美元至 4.90 美元。

Adjusted EBITDA is now expected to be in the range of $1.09 billion to $1.11 billion representing growth of 15% to 17% year over year compared to $1.07 billion to $1.09 billion representing growth of 13% to 15% year over year.

調整後的 EBITDA 目前預計在 10.9 億美元至 11.1 億美元之間，年增 15% 至 17%，而先前預計為 10.7 億美元至 10.9 億美元，年成長 13% 至 15%。

Net interest expense is still expected to be flat to 2024, and our GAAP effective tax rate remains in a range of approximately 24% to 25%.

預計到 2024 年淨利息支出仍將保持平穩，我們的 GAAP 有效稅率仍將在約 24% 至 25% 的範圍內。

Now with respect to capital expenditures, we are reaffirming our previous guidance of $180 million to $200 million for the year, likely at the higher end of the range, mirroring our conviction behind critical investments in operating expenses, we are intentionally tracking toward the higher end of our CapEx range as we remain committed to foundational supply chain investments that we believe will benefit SharkNinja now and into the future.

現在關於資本支出，我們重申先前的年度 1.8 億至 2 億美元指導，可能處於該範圍的高端，這反映了我們對營運費用關鍵投資的信念，我們有意追蹤資本支出範圍的高端，因為我們仍然致力於基礎供應鏈投資，我們相信這將使 SharkNinja 現在和將來受益。

To close, our strong quarter one performance demonstrates the continued effectiveness of our three-pillar growth strategy and our ability to deliver impressive results across key categories and markets.

最後，我們第一季的強勁表現證明了我們的三大支柱成長策略的持續有效性，以及我們在關鍵類別和市場取得令人矚目的業績的能力。

We feel especially confident about the aggressive actions we are taking to mitigate tariff impacts through our comprehensive initiatives around sourcing, supply chain, pricing, mix, and operational efficiency.

我們對自己透過圍繞採購、供應鏈、定價、產品組合和營運效率採取的全面措施來減輕關稅影響的積極行動尤其充滿信心。

All while maintaining our strong margin profile. With our diversified portfolio, strong consumer demand for Shark Ninja products, and exceptional innovation engine, we remain confident in our position to drive exciting top and bottom line growth in 2025 and beyond.

同時保持我們強勁的利潤率。憑藉我們多元化的產品組合、消費者對 Shark Ninja 產品的強勁需求以及卓越的創新引擎，我們仍然有信心在 2025 年及以後推動令人興奮的營收和利潤成長。

Finally, I would like to welcome James Lam as our new senior Vice President of Investor Relations and Treasury.

最後，我歡迎 James Lam 擔任我們新投資者關係和財務高級副總裁。

James joins us from Wayfair, where he led both functions in addition to capital markets and tax during his tenure.

詹姆斯來自 Wayfair，在任職期間，他除了領導資本市場和稅務部門外，還領導這兩個部門。

Previously he spent 18 years as a long only equity research analyst.

此前，他曾擔任股票研究分析師 18 年。

He's looking forward to working with all of you, and we're happy to have him on board. Now, I will hand it back to Mark.

他期待與大家合作，我們很高興他能加入我們。現在，我將把它交還給馬克。

Thanks, Patrick.

謝謝，派崔克。

By design, we've gone into great detail today to really illustrate how comprehensive and unique our strategy is to power through all the uncertainty out there. It is exceedingly rare to take on all these things we're doing while still driving world-class innovation across dozens of major categories.

按照設計，我們今天進行了非常詳細的闡述，以真正說明我們的策略有多麼全面和獨特，能夠克服所有的不確定性。我們能夠承擔所有這些工作，同時也在數十個主要類別中推動世界一流的創新，這是極為罕見的。

What we're accomplishing is hard to do, plain and simple, and there is one final point I want to drive home. SharkNinja has never prioritized solving for today at the expense of tomorrow. By steadily investing behind consumer insights, innovation, marketing, and distribution, we're continuously planting the seeds.

我們所取得的成就來得並不容易，道理很簡單，最後我還想強調一點。SharkNinja 從來不會為了解決今天的問題而犧牲明天的問題。透過穩步投資消費者洞察、創新、行銷和分銷，我們不斷播下種子。

That produce durable organic growth over time. This winning strategy has proven itself time and time again for SharkNinja.

隨著時間的推移，這將產生持久的有機成長。這項制勝策略已一次又一次地證明了 SharkNinja 的有效性。

In past periods of great upheaval or seemingly impossible challenges, we've come out better positioned for the long term, smarter, more differentiated, and more determined than ever.

在過去的巨大動盪或看似不可能的挑戰時期，我們比以往任何時候都更加擁有長遠的眼光、更加聰明、更加差異化、更加堅定。

Thank you. This concludes our prepared remarks, and I'll turn it over to the operator to kick off Q&A operator.

謝謝。我們的準備好的演講到此結束，我將交給操作員開始問答環節。

Thank you, Mark. We will now begin the question-and-answer session.

謝謝你，馬克。我們現在開始問答環節。

(Operator Instructions)

（操作員指示）

The first question we have comes from Randy Konik with Jeffrey. You may proceed.

我們的第一個問題來自 Jeffrey 的 Randy Konik。您可以繼續。

Good morning, guys and great stuff yet again. So, one thing, Mark, I wanted to ask you about that would be super helpful, we put out a product that kind of tracks search interest across your different products. There's a ton of them. And one thing that we notice a lot in our work is this accelerated search and interest in the new products which you want. It's a super healthy demand indicator.

大家早安，又有精彩內容了。所以，馬克，我想問你一件事，這將非常有幫助，我們推出了一種產品，可以追蹤不同產品的搜尋興趣。數量眾多。我們在工作中註意到的一件事是，人們對自己想要的新產品的搜尋和興趣正在加速增長。這是一個非常健康的需求指標。

What do you think is different today beyond social media that is really helping the consumer discover or find out and notice these new products, more quickly than in years past. It's really kind of we all know about the innovation engine you have, but I think it's also just as important to understand that discovery process that's accelerating as well on the on the on the side of the consumer.

您認為除了社群媒體之外，如今還有什麼不同能夠真正幫助消費者比過去幾年更快發現或了解並注意到這些新產品？我們都知道你們擁有創新引擎，但我認為了解消費者方面正在加速的發現過程也同樣重要。

Thanks.

謝謝。

Yeah, thanks, Randy. So, look, if I go back in the business 10 years ago, we will put a product out in the market. No one would know the day that we're launching it. There'd be no sign up. There'd be no waitlist, it would take, three to six months for kind of the demand to start building on the product. I mean, even, if we run advertising around it would take some time to kind of ramp up.

是的，謝謝，蘭迪。所以，你看，如果我回到 10 年前的產業，我們就會向市場推出一款產品。沒有人會知道我們推出它的那一天。沒有簽名。沒有等待名單，需要三到六個月的時間才能滿足對產品的需求。我的意思是，即使我們到處投放廣告，也需要一些時間來提升效果。

I think one of the things that is first exciting, Randi, is the installed base that we have, the email file that we have. I mean, when we go out with a new product and on the day that we're launching it, we generally have a very large amount of signups from consumers that are already interested in purchasing it.

蘭迪，我認為最令人興奮的事情之一是我們擁有的安裝基礎，即我們擁有的電子郵件文件。我的意思是，當我們推出新產品時，在發布的當天，我們通常會有大量有意購買該產品的消費者進行註冊。

I mean, we launched the swirl by Creamy in the first quarter of this year. We launched it on a Tuesday morning at nine o'clock and we were selling a unit every eight seconds.

我的意思是，我們在今年第一季推出了 Creamy 漩渦。我們在周二早上九點推出了這款產品，每八秒鐘就能賣出一台。

So, we could have launched the product 10 years ago and on the day that we launched we would have sold two units and likely those were two units that sold to the competition.

因此，我們本可以在 10 年前推出該產品，並且在推出當天就會售出兩台，而且很可能這兩台都賣給了競爭對手。

So, you know I think we've got this big installed base.

所以，您知道我認為我們已經擁有了這麼大的用戶群。

This, we've got a big file that we're marketing to. We've got consumers that are kind of waiting for the next products.

這個，我們有一個正在行銷的大文件。我們的消費者正在等待下一代產品。

We're seeding influencers with our products before launch, so they're already going out and they're already teasing the products. I mean, Swirl was a great example. We brought about 15 to 20 really strong, creamy influencers behind. Time the scenes. We let them use the product for 30 days.

我們在產品上市前就向有影響力的人宣傳我們的產品，所以他們已經開始宣傳我們的產品了。我的意思是，Swirl 就是一個很好的例子。我們邀請了 15 到 20 位真正強大、有影響力的人物。對場景進行計時。我們讓他們使用該產品 30 天。

We let them develop content, and they were already seeing content two weeks before the product was launching into the market, so it was already starting to build excitement and awareness for the product before we even launched.

我們讓他們開發內容，並且在產品上市前兩週他們就已經看到了內容，因此在我們推出產品之前，它就已經開始為產品建立興奮感和知名度了。

So, I think it's a model that we continue to keep refining. I, it's a model that we're seeing that's working in the United States and Canada, and particularly in the UK. It's a model that we're, tweaking for places like France and Germany and Mexico, but overall, I mean, there is just a lot more awareness and excitement the day a product launches versus waiting for, three to six months for that to build up.

所以，我認為這是一個我們會不斷改進的模型。我認為，這是我們在美國、加拿大，尤其是英國看到的行之有效的模式。我們正在針對法國、德國和墨西哥等地調整這個模式，但總的來說，產品發布當天就能引起人們的關注和興奮，而等待三到六個月才能形成。

Super helpful and my last question is, in the script you talked about solid sell through and expanded shelf space, I think acquired, in the European market obviously beyond the UK maybe elaborate on that a little bit more on what countries.

非常有幫助，我的最後一個問題是，在腳本中您談到了穩定的銷售量和擴大的貨架空間，我認為在歐洲市場顯然超越了英國，也許可以更詳細地說明哪些國家。

Be more a little more specific there and then maybe weave that in with all the exciting talent announcements you've been kind of putting out there from press releases that seem to be kind of analysing even more ability for this business to continue to scale and globalize going forward. Thanks guys.

請更具體一點，然後將其與您在新聞稿中發布的所有令人興奮的人才公告結合起來，這些公告似乎在分析這項業務未來繼續擴大規模和全球化的能力。謝謝大家。

Yeah, so I mean specific to the Europe part, I mean, I think what's exciting, Randy, is, the relationships that are being built with the European retailers, all the way up to the CEOs. I had a CEO of a major UK retailer in Boston and had dinner with them a couple of weeks ago. I'm headed to Paris next week and I'm meeting with the CEO of a major retailer there and having dinner with them. Same in Germany. So I think the relationships.

是的，所以我的意思是具體到歐洲部分，我的意思是，我認為令人興奮的是，蘭迪，與歐洲零售商一直到首席執行官建立的關係。幾週前，我和波士頓一家英國大型零售商的執行長共進晚餐。我下週要去巴黎，我會和那裡一家大型零售商的執行長會面並共進晚餐。德國也一樣。所以我認為是關係。

Have really developed considerably because they're seeing, the innovation, they're seeing the viral marketing, they're seeing the investment that we're making in the category.

確實取得了長足的發展，因為他們看到了創新，看到了病毒式行銷，看到了我們在這一類別中所做的投資。

Many of these categories in Europe are not growing today, and I think they're recognizing the kind of Shark ninja is a partner that they want to build their business around. And so as a result of that, we've seen an increase in commitments that we've received for particularly this holiday selling season in both the Shark and Ninja brands.

如今，歐洲的許多此類產品都不再成長，我認為他們已經認識到 Shark ninja 是他們想要圍繞其開展業務的合作夥伴。因此，我們看到 Shark 和 Ninja 品牌在假期銷售季收到的承諾增加。

And you know it's Germany, it's France, it's Benelux, it's the Nordics, we're expanding in Poland, we're expanding in Spain, and a lot of these European retailers have stores in multiple countries, and so they're pushing us to continue to expand with them into these other markets on the talent side.

你知道，我們在德國、法國、比荷盧三國、北歐等地擴張業務，在波蘭擴張業務，在西班牙擴張業務，許多歐洲零售商在多個國家都有門市，因此他們推動我們繼續與他們一起在人才方面拓展到其他市場。

I think that one is a really exciting one, we have this concept here that we talk about which is building an unstoppable team of people that you would never want to compete against. And I think that, on the product development and engineering side, I think we've done that over the course of the last 10 or 15 years.

我認為這確實令人興奮，我們在這裡談論的這個概念是建立一支不可阻擋的團隊，你永遠不想與之競爭。我認為，在產品開發和工程方面，我們在過去 10 年到 15 年裡已經做到了這一點。

I mean, I think we have an extraordinary team of product developers and engineers, we made a big new hire with Linus Carlsson coming in to really develop our global creative teams. We also announced in conjunction with that that we were opening a creative marketing design office in New York City.

我的意思是，我認為我們擁有一支出色的產品開發人員和工程師團隊，我們聘請了 Linus Carlsson 來真正發展我們的全球創意團隊。我們也宣布將在紐約市開設創意行銷設計辦公室。

We've just expanded that now, with Michelle coming on board and Cliona coming on board. I mean, we think beauty is going to be a category that is going to generate significant global growth for us over the next five years. And we really feel like we need the talent that is going to be able to help us propel in those categories to the next level.

現在我們剛剛擴大了這個範圍，Michelle 和 Cliona 也加入了進來。我的意思是，我們認為美容將成為未來五年內為我們帶來顯著全球成長的類別。我們確實覺得我們需要能夠幫助我們將這些類別推向更高層次的人才。

But you know that's not only happening at the senior level. I mean it's also happening, down in the organization as we continue to keep bringing in, really talented, really bright folks to help us expand and grow the business.

但你知道這不僅發生在高層。我的意思是，隨著我們繼續引進真正有才華、真正聰明的人才來幫助我們擴大和發展業務，這種情況也在組織中發生。

Super helpful thanks Guys.

非常有幫助，謝謝大家。

Thank you.

謝謝。

We now have Broken Roach with Goldman Sachs on the line.

目前，Broken Roach 已與高盛公司展開合作。

Good morning and thank you for taking our question, Mark. I was hoping you can provide some further color on tariff mitigation. There's a lot said in the prepared remarks, but have you fully offset the current tariff rates based on your initiatives for the US this year? What proportion of that mitigation is driven by the buy side, the sell side, and your proactive inventory bills?

早安，感謝您回答我們的問題，馬克。我希望您能就關稅減免提供更多詳細資訊。發言稿裡說了很多，但是您今年對美採取的措施是否已經完全抵銷了現有的關稅稅率？在這種緩解措施中，有多少比例是由買方、賣方和主動庫存帳單所推動的？

Yeah, okay, so, Brooke, I mean, tariffs, have hit us obviously in multiple phases. I mean, obviously the 301-tariff exclusion lapsed in 2024, and so we had 25% tariffs coming in on many of our categories in 24. We have the 10% tariff in February, the additional 10% in March, the other tariffs that came into effect in April.

是的，好的，布魯克，我的意思是，關稅顯然分多個階段對我們造成了影響。我的意思是，顯然 301 關稅豁免將於 2024 年失效，因此我們在 24 年對許多類別的產品徵收 25% 的關稅。我們在二月徵收了10%的關稅，三月又加徵了10%的關稅，其他關稅於四月生效。

And we quickly mobilized around, the three pillars that I talked about in the prepared remarks on the buy side, the sell side, and the operating expense side. The impact of the tariffs was hundreds of millions of dollars. I wouldn't say that we have 100% mitigated the impact of that.

我們迅速圍繞著我在準備好的發言中談到的買方、賣方和營運費用三大支柱展開動員。關稅的影響達數億美元。我不會說我們已經 100% 減輕了其影響。

I think we got comfortable to the point where we feel that we were able to put out the numbers that we were able to put out based on the world that is today, I mean, which is 145% tariff in China and 10% tariff everywhere else. I mean, we're assuming that that's what it's going to be through the end of our fiscal year.

我認為我們已經感到很舒服了，我們覺得我們能夠根據當今的世界情況公佈這些數字，我的意思是，中國的關稅為 145%，其他地區的關稅為 10%。我的意思是，我們假設我們的財政年度結束時情況將會如此。

In terms of the breakdown on the buy side, sell side, and the operating expense side, look, the operating expense is the most fixed one because that's the one that's totally in our control, and we've made those changes and I'm at least happy to say that we're not going to go after places like R&D and innovation.

就買方、賣方和營運費用方面的細分而言，營運費用是最固定的，因為這是我們完全可以控制的，而且我們已經做出了這些改變，我至少可以高興地說，我們不會去追求研發和創新等方面的投入。

I mean, we're going to continue to launch 25 new products into the market this year. We do need to get more efficient with our marketing and advertising spending. And so that was a project we were already working on, we've continued to accelerate that and we've identified kind of other operating expense areas for us to be able to pare back on and find efficiencies with.

我的意思是，我們今年將繼續向市場推出 25 種新產品。我們確實需要提高行銷和廣告支出的效率。這就是我們已經在進行的項目，我們一直在加快推進，並且已經確定了其他營運費用領域，以便我們能夠削減開支並提高效率。

On the sell side, look, that's going to be a fluid, thing. I mean, we're going to raise prices on certain products. Some of those prices are going to stick and have no demand generation impact. Other of those we might have to dial back a little bit.

從賣方角度來看，這將是一個不穩定的事情。我的意思是，我們將提高某些產品的價格。其中一些價格將會維持不變，不會對需求產生影響。對於其他方面，我們可能必須稍微回撥一下。

So you know what I could tell you, Brooke, is that this is a business that it gets the data, reacts very quickly, adapts to the environment that we're in, pivots quickly, but I think between the buy side, the sell side, and the operating expense side, we feel like there's a good portion of those tariffs that are going to be mitigated, but, it's obviously not 100%.

所以你知道我可以告訴你的，布魯克，這是一個獲取數據、快速反應、適應我們所處環境、快速轉變的業務，但我認為在買方、賣方和運營費用方面，我們覺得其中很大一部分關稅將會被減輕，但顯然不是 100%。

Yeah, hey Brooke, this is Patrick, one thing I would just add on to what Mark was saying is. Leading up to the call, we've seen a lot in the press and then even some notes this morning they were just like, how is SharkNinja able to pivot so quickly. And what I would just, kind of add on is that we've essentially been in training for this for, several years.

是的，嘿，布魯克，我是派崔克，我只想補充馬克所說的話。在電話會議召開之前，我們在媒體上看到了很多報道，甚至今天早上也看到一些人在問，SharkNinja 是如何做到如此迅速地轉變的。我想補充的是，我們實際上已經為此進行了好幾年的訓練。

And so, where we feel like we've got a competitive advantage in this is all the work, the playbook that we leverage in terms of how we have agility and flexibility in our supply chain and you know when April second hit we'd already been working the problem. We obviously saw that, we got some news that we didn't expect.

因此，我們覺得我們在這方面具有競爭優勢的地方在於，我們所做的所有工作，我們在供應鏈的敏捷性和靈活性方面所採取的策略，你知道，當 4 月 2 日來襲時，我們就已經在著手解決這個問題了。我們顯然看到了這一點，我們得到了一些意想不到的消息。

The world got some news that wasn't expected, and we quickly pivoted into that playbook, and we've been able to kind of work through that in, really a truly unique SharkNinja way. And just to tie us back to one, comment that Mark made earlier is, this gets right to the heart of the talent and the talent profile and the culture that's in play every day here at SharkNinja.

世界收到了一些意想不到的消息，我們迅速轉向了那個劇本，並且我們能夠以一種真正獨特的 SharkNinja 方式解決這個問題。讓我們回顧一下馬克之前的評論，這直接觸及了 SharkNinja 每天運作的人才、人才概況和文化的核心。

So it's allowed us to take quick and decisive actions as we TRY to manage the uncertainty that we're facing into.

因此，當我們試圖應對所面臨的不確定性時，它使我們能夠採取快速而果斷的行動。

Patrick, one quick follow up. Can you help us understand what growth margin assumptions are embedded within the guidance and how that should cadence throughout the year?

派崔克，有一個快速的後續問題。您能否幫助我們理解指引中包含哪些成長利潤率假設以及這些假設在全年應如何變化？

Yeah, so fundamentally, Brooke, without going into too great a detail, I mean you saw that, overarchingly we've not only reiterated but we've raised our guidance on a full year basis, so we fundamentally feel very strong about how we're managing through the year.

是的，布魯克，從根本上來說，我們不需要講得太詳細，我的意思是，你已經看到了，總體而言，我們不僅重申了，而且還提高了全年的指導，所以我們從根本上對我們全年的管理方式感到非常有信心。

Now, with that being said, we're continuing, as Mark mentioned earlier, to be, very nimble in how we're evaluating gross margin as we make our way through the year.

現在，正如馬克之前提到的那樣，我們將繼續非常靈活地評估全年的毛利率。

And so what you can expect is. We get into the back half of quarter two into the second half of the year that we'll continue, we're going to continue to evaluate the levers that we're pulling, whether that's on price, consumer reaction, strategies with our retailers.

因此您可以期待的是。進入第二季後半段，也就是今年下半年，我們將繼續評估我們正在採取的措施，無論是價格、消費者反應，還是與零售商的策略。

And we'll adjust particularly on what we call the sell side as we as we move forward throughout the year. So, while I can't give you a specific number on gross margin, that's how we're managing our way through it. So, it's kind of constant read and react.

隨著全年的發展，我們將特別針對賣方進行調整。因此，雖然我無法給你一個具體的毛利率數字，但這就是我們的管理方式。因此，這是一種持續的閱讀和反應。

Thank you. We have the next question from Rupesh Parikh with Oppenheimer and Co.

謝謝。下一個問題來自 Oppenheimer and Co. 的 Rupesh Parikh。

Please go ahead.

請繼續。

Good morning and thanks for taking my question. So, I guess just going back to North America, so very positive commentary quarter to POS trends. Any sense of whether you saw any pull for in demand in North America and then how you think about just the growth for North America just given a more uncertain environment going forward.

早上好，感謝您回答我的問題。所以，我想回到北美，對 POS 趨勢的評論非常積極。您是否看到北美的需求增加？鑑於未來環境更加不確定，您如何看待北美的成長？

Yeah.

是的。

So Rupesh, I don't think that we saw pull forward per se. I mean, I, our products are, have an average sale price of $199 to $229. I mean, I think that may be kind of higher ticket items that you might be seeing the pull forward from.

所以 Rupesh，我不認為我們本身就看到了向前的拉動。我的意思是，我們的產品平均售價為 199 美元至 229 美元。我的意思是，我認為您可能會看到這些高價商品的上漲。

In terms of how I see North America going forward, baked into our numbers, I mean, we're assuming that there will be some revenue disruption in North America as a result of out of stocks, that there'll be products that we will not be able to bring in sufficient inventory from China. I talked about, we're going to be moving some of our new products that we expected to launch in North America or in the United States.

就我對北美未來發展的看法而言，考慮到我們的數據，我的意思是，我們假設由於缺貨，北美的收入將受到一些影響，有些產品我們將無法從中國進口足夠的庫存。我說過，我們將會轉移一些我們預計在北美或美國推出的新產品。

We're now going to launch them first in Europe. It's kind of the opposite of what we faced last year, where last year we had such strong demand that we didn't launch some of these new products in Europe. We only kept the inventory that we had for the United States.

我們現在將首先在歐洲推出它們。這與我們去年面臨的情況正好相反，去年我們的需求非常強勁，以至於我們沒有在歐洲推出一些新產品。我們只保留了美國的庫存。

I think you'll see the opposite of some of that this year where there'll be products as we get into quarter three and quarter four that we've now quickly shifted and said we'll launch in Europe and the UK first and then see how things play out and kind of move those products outside of China and then be able to bring them into the United States maybe in quarter four into quarter one of next year, so.

我認為今年你會看到與此相反的情況，當我們進入第三季度和第四季度時，我們現在已經迅速轉變策略，並表示將首先在歐洲和英國推出產品，然後觀察情況如何，再將這些產品轉移到中國以外，然後可能在第四季度到明年第一季將它們帶入美國。

Look, I think demand in North America, we continue to feel upbeat about it. I mean, the retailers are supporting us. I mean, the retailers feel that they're excited. I mean, they're obviously concerned about supply, but I think, we'll get over some of those little hiccups and supply and kind of movement and NPD, and overall I mean I feel like the domestic business is healthy.

看，我認為我們對北美的需求繼續感到樂觀。我的意思是，零售商正在支持我們。我的意思是，零售商感到很興奮。我的意思是，他們顯然擔心供應問題，但我認為，我們會克服一些小問題、供應、運動和新產品開發，總的來說，我覺得國內業務是健康的。

Great thank you I'll pass.

非常感謝，我會通過的。

It along.

它沿著。

Thank you.

謝謝。

We now have a question from Steven Forbes with Guggenheim Security. You may proceed your question.

我們現在有來自古根漢安全公司的史蒂文·福布斯的一個問題。你可以繼續你的問題。

Good morning, Mark, Patrick James.

早安，馬克，派崔克詹姆斯。

Mark, maybe just expanding on that point, right? You think about this environment in the retailer vendor relationships and how they how they're evolving, where the opportunity is. Specifically for shark, can you maybe just, reframe for us?

馬克，也許只是擴展一下這一點，對吧？您可以考慮一下零售商供應商關係中的這種環境以及它們如何發展，機會在哪裡。具體來說，對於鯊魚，您能否為我們重新建造？

I know you provided some comment in the prepared remarks. We just talk about how the conversation with your core US retail partners has evolved. What are they really asking from you today?

我知道您在準備好的發言中提出了一些評論。我們只是談論與您核心美國零售合作夥伴的對話如何發展。他們今天真正向您要求的是什麼？

Is there a huge shelf space opportunity ahead for Shark this year in particular right due to the advantages you highlighted in the prepared remarks and how do you sort of Give them confidence of the sort of mutually beneficial outcome that Shark can bring to the table.

由於您在準備好的演講中強調的優勢，Shark 今年是否面臨著巨大的貨架空間機會，您如何讓他們相信 Shark 可以帶來互惠互利的結果。

Yeah, Steve, the conversations I think have been, highly collaborative. I mean, they understand the situation that we're in, they see the steps that we're taking, I think the increases that we're talking about passing along are smaller than what they're going to see from others in certain categories. I think they're very appreciative of the fact that we made some of the supply moves outside of China much faster.

是的，史蒂夫，我認為這些對話是高度合作的。我的意思是，他們了解我們所處的境況，他們看到我們正在採取的措施，我認為我們所談論的增長幅度比他們從某些類別的其他人那裡看到的要小。我認為他們非常感激我們更快地將部分供應轉移到中國境外。

I think they're asking us, is the innovation pipeline going to continue at the pace that it's been at? Are you going to continue to keep investing in media at the way that you are?

我想他們問我們，創新管道是否會繼續以目前的速度發展？您會繼續以目前的方式投資媒體嗎？

I mean, those are some of the big questions that they, what they're hearing a lot from vendor communities is big pullbacks, big retrenching.

我的意思是，這些都是他們關心的一些大問題，他們從供應商社區聽到最多的是大幅撤退、大幅裁員。

And what I think they really want to know is SharkNinja still investing? Is Shark Ninja still going to drive people into their stores and drive people online, and is it still going to, maintain its innovation flywheel cadence and its viral marketing approach?

我認為他們真正想知道的是 SharkNinja 是否仍在投資？Shark Ninja 是否還會吸引人們進入他們的商店並吸引人們上網？它是否還會保持其創新飛輪節奏和病毒式行銷方法？

And so, I think that's the assurance that we need to give them and have been giving them that, this is not a business that, is going to recoil, but we're going to invest and, they've asked us a lot of questions about our new product pipeline.

所以，我認為這是我們需要向他們提供的保證，而且我們一直在向他們保證，這不是一個會退縮的業務，而是我們會進行投資，而且他們向我們詢問了很多有關我們新產品線的問題。

We're going to do everything we possibly can to make sure that the holiday selling season, is as great as it possibly can be. I mean, we've got a great balance sheet, I mean, we're investing, they're counting on us for growth, and I think we need to step up and deliver for them.

我們將竭盡全力確保假日銷售季盡可能順利。我的意思是，我們擁有出色的資產負債表，我的意思是，我們正在投資，他們指望我們實現成長，我認為我們需要加緊努力，為他們實現目標。

Thank you. I can confirm that does conclude the Shark Ninjas quarter one 25 earnings call. You may now disconnect.

謝謝。我可以確認 Shark Ninjas 第一季 25 財報電話會議確實結束了。您現在可以斷開連線。

Thank you all for your participation and please enjoy the rest of your day.

感謝大家的參與，祝福大家享受剩餘的一天。