Sharkninja Inc (SN) 2025 Q2 法說會逐字稿

Good morning, and thank you all for attending the SharkNinja's second quarter, 2025 earnings call. My name is Brika, and I will be your moderator today. (Operator Instructions)

早安，感謝大家參加 SharkNinja 2025 年第二季財報電話會議。我叫 Brika，今天我將擔任你們的主持人。（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, you may proceed, James.

謝謝，你可以繼續了，詹姆斯。

Good morning, and welcome to SharkNinja's second quarter 2025 earnings conference call. Earlier today, we issued our Q2 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 2025 年第二季財報電話會議。今天早些時候，我們發布了第二季財報，可在公司網站 IR.SharkNinja.com 上查看。電話會議結束後，網站也將提供今天的網路直播重播。

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 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.

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 to their most directly comparable GAAP measures in the earnings release.

本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，我們相信這些指標為我們業務的潛在成長趨勢提供了寶貴的見解。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。

Joining me today are our Chief Executive Officer, Mark Barrocas; and Chief Financial Officer, Patraic Reagan. Mark will start by providing a business update, followed by Patrick who will review our Q2 financial results and share our outlook for 2025. 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.

今天與我一起的還有我們的執行長馬克·巴羅卡斯 (Mark Ba​​rrocas) 和首席財務官帕特里克·裡根 (Patraic Reagan)。馬克將首先提供業務更新，然後帕特里克將回顧我們的第二季度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。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. Our second quarter results exemplify SharkNinja at its best, executing on our differentiated growth strategy, even amid unprecedented global challenges. We believe we've built a durable business model that can deliver demonstrable success in all operating environments.

謝謝你，詹姆斯。大家早安，感謝大家今天加入我們。我們第二季的業績體現了 SharkNinja 的最佳表現，即使在前所未有的全球挑戰中，我們仍執行著差異化的成長策略。我們相信，我們已經建立了一個持久的商業模式，可以在所有營運環境中取得顯著的成功。

This quarter reinforces the power of creating disruptive and innovative products, supporting them with world-class marketing and demand generation, leveraging our diversified global supply chain, and executing our omni-channel strategy to benefit our consumers, retail partners, employees, and shareholders.

本季加強了創造顛覆性和創新性產品的力量，透過世界一流的行銷和需求產生來支持它們，利用我們多樣化的全球供應鏈，並執行我們的全通路策略，使我們的消費者、零售合作夥伴、員工和股東受益。

We did what we said we would do, and our efforts produced another outstanding quarter of results, net sales growth of nearly 16% year-over-year, higher gross margins compared to the year ago period, and adjusted EBITDA growth of approximately 33% year-over-year.

我們說到做到，我們的努力又創造了一個出色的季度業績，淨銷售額同比增長近 16%，毛利率高於去年同期，調整後的 EBITDA 同比增長約 33%。

Importantly, we also follow through on the expense discipline we committed to with operating expenses as a percentage of net sales decreasing by more than 200 basis points compared to the prior year quarter. How did we achieve these results in such a challenging environment?

重要的是，我們也遵守了承諾的費用紀律，與去年同期相比，營業費用佔淨銷售額的百分比下降了 200 多個基點。在如此充滿挑戰的環境中，我們是如何達成這些成果的？

Let's take a look at the underlying drivers of our strength, starting with the consumer. Put simply, we're seeing strong demand for SharkNinja products globally. Our steadfast focus on solving consumer problems with innovative five-star products is resonating worldwide. Year-over-year, net sales growth was up nearly 14% domestically, and our international segment accelerated to over 20% growth year-over-year compared to roughly 14% year-over-year in the first quarter.

讓我們來看看我們實力的根本驅動力，首先是消費者。簡而言之，我們看到全球對 SharkNinja 產品的需求強勁。我們堅定不移地致力於透過創新的五星級產品解決消費者問題，這在全球範圍內引起了共鳴。與去年同期相比，國內淨銷售額成長了近 14%，而我們的國際部門年增率超過 20%，而第一季的年成長率約為 14%。

This momentum reflects broad strength across our diversified portfolio of categories and geographies. Consumers are demonstrating a healthy appetite for spending on products, offering differentiated performance and value that's synonymous with SharkNinja. We have a trusted relationship with consumers, one that we hold sacred. This trust grows as we drive towards an extraordinary value proposition, no matter what is changing around us.

這一勢頭反映了我們多元化產品類別和地理組合的廣泛實力。消費者對產品的消費表現出濃厚的興趣，提供與 SharkNinja 同義的差異化性能和價值。我們與消費者之間有著信任關係，我們視這種關係為神聖之物。無論周遭發生什麼變化，當我們努力實現非凡的價值主張時，這種信任就會不斷增長。

In the second quarter, we hit the challenges of global tariffs head on in multiple ways. Supplier concessions, limited discounting activity, and strategic pricing actions are all tools we utilized in a balanced way. Our targeted price changes to date have resulted in minimal, if any demand degradation.

第二季度，我們以多種方式迎接全球關稅的挑戰。供應商優惠、有限的折扣活動和策略定價行動都是我們平衡利用的工具。到目前為止，我們的目標價格變動只導致需求下降很小（如果有的話）。

We don't take price increases lightly, and we're constantly trying creative approaches and testing to measure their impact. SharkNinja is deeply committed to ensuring the trust we've earned is durable. We do this by solving consumer problems, both known and undiscovered. We do this by innovating and relentlessly delivering value. These core principles allow us to continue to grow and take market share, even when the markets we serve are under pressure.

我們不會輕視價格上漲，並且我們不斷嘗試創造性的方法並進行測試以衡量其影響。SharkNinja 致力於確保我們贏得的信任能夠持久。我們透過解決已知和未知的消費者問題來實現這一目標。我們透過創新和不懈地創造價值來實現這一目標。這些核心原則使我們能夠繼續發展並佔領市場份額，即使我們所服務的市場面臨壓力。

In the first half of 2025, our data indicates the end markets we participate in globally declined in the low single digit range year-over-year when excluding SharkNinja's performance. Our relative strength is significant and positions us to play offense. This is the theme I will return to later.

2025 年上半年，我們的數據顯示，如果不包括 SharkNinja 的業績，我們參與的全球終端市場同比下降幅度在個位數低位。我們的相對實力很強，可以採取進攻姿態。這是我稍後會回顧的主題。

Our reputation with consumers is the result of how we differentiate ourselves as a company. At SharkNinja, problem solving is in our DNA. The second quarter introduced unprecedented global supply challenges, but we did what SharkNinja does with any problem. We attacked it from all angles, mobilized the strategy, and navigated our way to success.

我們在消費者心目中的聲譽取決於我們如何使自己作為一家公司與眾不同。在 SharkNinja，解決問題已融入我們的血液。第二季出現了前所未有的全球供應挑戰，但我們採取了 SharkNinja 應對任何問題的方式。我們從各個角度發動攻擊，調動策略，找到成功之路。

We view this capability as a foundational competitive advantage, particularly given the significant scale and complexity of our global operations. While there are tariff dynamics at play everywhere we source products, we believe it's becoming clear that China will be subject to a higher rate than most other manufacturing centers in Southeast Asia. That's why it's so important to be diversified in other countries, another area where we feel we have an industry-leading optionality.

我們將這種能力視為一項基礎競爭優勢，特別是考慮到我們全球業務的規模和複雜性。雖然我們購買產品的所有地方都存在關稅動態，但我們認為，中國將比東南亞大多數其他製造中心面臨更高的關稅。這就是為什麼在其他國家多元化如此重要，我們認為我們在其他國家擁有領先業界的選擇權。

I'm pleased to confirm that we have now achieved our goal of enabling approximately 90% of our US volume to be produced outside of China. And we remain on track to get to nearly 100% by the end of the year. This is a major milestone for SharkNinja and a significant competitive advantage.

我很高興地確認，我們現在已經實現了我們的目標，大約 90% 的美國產量在中國以外生產。我們仍有望在今年年底前實現近 100% 的完成率。這對 SharkNinja 來說是一個重要的里程碑，也是一個顯著的競爭優勢。

The depth of investment in our supplier network is another edge. We spent multiple years and considerable resources developing independent sub-supplier and component vendors to support the expansion of our tier one partners across Southeast Asia.

我們對供應商網路的投資深度是另一個優勢。我們花了數年時間和大量資源來開發獨立的次級供應商和零件供應商，以支持我們在東南亞的一級合作夥伴的擴張。

I will now turn to our three-pillar growth strategy, starting with our first pillar, expanding into new and adjacent categories. Before I get into some of the exciting highlights from the second quarter, I want to remind everyone of three important elements that differentiate SharkNinja in new product development.

現在我將談談我們的三大支柱成長策略，從第一支柱開始，擴展到新的和相鄰的類別。在介紹第二季的一些令人興奮的亮點之前，我想提醒大家注意 SharkNinja 在新產品開發中脫穎而出的三個重要因素。

The first is the scope of our ambition. Our mission statement is to positively impact people's lives every day in every home around the world. This means we're always on the hunt for problems to solve and ways to delight the consumer. In turn, this mindset empower SharkNinja to enter two new categories every year, while simultaneously introducing 25 ground up new products over the same period.

首先是我們的雄心範圍。我們的使命宣言是積極影響世界各地每個家庭的日常生活。這意味著我們始終在尋找需要解決的問題和讓消費者滿意的方法。反過來，這種思維方式使 SharkNinja 每年能夠進入兩個新類別，同時在同一時期推出 25 種全新產品。

The second factor is the rigor of our process. We recognize the broad strength of our innovation engine that allows us to enter new categories, but it's not easy to do. We're constantly planting seeds, some of which will propel us into a new category quickly and some that might take time. The process to enter a new category is challenging and not linear. There is lots of criteria, decisions, and multiple stage gates at every step.

第二個因素是我們流程的嚴謹性。我們認識到創新引擎的強大力量使我們能夠進入新的領域，但這並不容易做到。我們不斷地播下種子，有些種子會迅速推動我們進入一個新的領域，而有些則可能需要一些時間。進入一個新類別的過程充滿挑戰，而且不是線性的。每一步都有許多標準、決策和多個階段門。

We spent years developing this approach as a key enabler of consistently driving innovation. Like everything else at SharkNinja, there's always room for improvement. We'll continue to refine and reinvent our process as we evolve.

我們花了數年時間開發這種方法，作為持續推動創新的關鍵推動因素。就像 SharkNinja 的其他一切一樣，總是有改進的空間。隨著我們的發展，我們將繼續改善和重塑我們的流程。

The third key differentiator is the size of our pipeline. We intentionally sequence new product introductions to maximize impact and success. For example, we're in 37 different categories in the US, but in fast-growing countries like France and Germany, that number is only roughly 10 today.

第三個關鍵差異是我們的管道規模。我們特意按順序推出新產品，以最大限度地發揮影響力和成功率。例如，在美國，我們屬於 37 個不同的類別，但在法國和德國等快速發展的國家，這個數字目前只有大約 10 個。

As a result, our global geographies have multiple years of structural growth simply by continuing to introduce our already successful products in new categories within these markets. As we continue to add to our innovation pipeline where we're already deep into developing 2026 launches, we constantly build for the long term.

因此，我們只需繼續在這些市場推出新的類別中已經成功的產品，我們的全球業務就能實現多年的結構性成長。隨著我們繼續擴大創新管道，我們已經深入開發 2026 年的新產品，我們不斷為長遠發展而建造。

Back to Q2 specifically, we saw tremendous strength across newer categories. Our Ninja Slushi remains a viral sensation. We earn 1.3 billion impressions globally, up from over a billion impressions last quarter, and so robust performance across geographies.

具體回到第二季度，我們看到新類別表現出巨大的優勢。我們的忍者冰沙仍然風靡一時。我們在全球範圍內獲得了 13 億次展示，高於上一季的 10 億次展示，因此在各個地區都表現強勁。

Our Ninja Luxe Cafe business continues its sizable contribution to growth as we establish ourselves as a disruptive player within the espresso category. We launched our Luxe Cafe Pro series in the second quarter with enhanced automation and versatility features to easily create even more beverage options.

隨著我們成為濃縮咖啡領域的顛覆性參與者，我們的 Ninja Luxe Cafe 業務繼續為成長做出巨大貢獻。我們在第二季度推出了 Luxe Cafe Pro 系列，該系列具有增強的自動化和多功能性，可輕鬆創造更多飲料選擇。

Taking a step back, Slushi and Luxe Cafe are great examples of how we're transforming products into franchises. When we have a viral hit, we don't rest on our laurels because we realize that we need to continue to deliver an even better product the following year.

退一步來說，Slushi 和 Luxe Cafe 就是我們如何將產品轉變為特許經營權的絕佳例子。當我們的產品獲得病毒式傳播時，我們不會滿足於現狀，因為我們意識到我們需要在第二年繼續推出更好的產品。

Over time, we've proven that SharkNinja's success comes from building large durable franchises. To do this, we have to create an assortment of products across price points, feature sets, sizes, and do it globally. If we're successful, we'll capture additional new customers while keeping existing customers satisfied. This is important to keep in mind when we discuss new categories that eventually transition into existing categories.

隨著時間的推移，我們已經證明 SharkNinja 的成功來自於建立大型持久的特許經營權。為了實現這一目標，我們必須打造涵蓋不同價位、不同功能、不同尺寸的產品，並在全球推廣。如果我們成功了，我們將在保持現有客戶滿意的同時吸引更多新客戶。當我們討論最終過渡到現有類別的新類別時，牢記這一點很重要。

Our fan business performed incredibly well during the quarter across key products like the FlexBreeze Go, an Indoor Outdoor Misting fan, and the recently introduced Turbo blade that's gone viral on social media. Fans offer a great example of how SharkNinja completely rethinks categories that are in this case more than a century old.

本季度，我們的風扇業務表現非常出色，主要產品包括 FlexBreeze Go（一款室內外噴霧風扇）以及最近推出的在社群媒體上走紅的 Turbo blade。粉絲們提供了一個很好的例子，說明 SharkNinja 如何徹底重新思考這個超過一百年歷史的類別。

We want you to take fans with you outdoors, we want you to sleep better with fans, we want fans to convert from pedestal to portable with ease, and we show consumers how to benefit from all these use cases using social media with tremendous success. Other companies may look at fans and decide it's a break fix, no growth category.

我們希望您帶著風扇去戶外，我們希望您在有風扇的情況下睡得更好，我們希望風扇可以輕鬆地從底座式轉換為便攜式，並且我們向消費者展示瞭如何利用社交媒體從所有這些用例中受益，並取得了巨大的成功。其他公司可能會看看風扇，然後決定這是一個故障修復，沒有成長類別。

At SharkNinja, leaning into our novel approach has turned into big growth and another proof point on building sustainable franchises. We introduced the Shark Flex freeze last year and followed that up with multiple new products in 2025, all with stronger marketing support and broader channel reach.

在 SharkNinja，依靠我們的新穎方法已經實現了巨大的成長，並且是建立永續特許經營權的另一個證明點。我們去年推出了 Shark Flex 冷凍產品，並於 2025 年推出了多款新產品，所有產品都獲得了更強大的行銷支援和更廣泛的通路覆蓋。

Turning to Beauty, momentum continues to build globally for Shark CryoGlow. The product is launched in the US, UK, and the TAM markets with availability in continental Europe starting this month. CryoGlow enables at-home access to high quality skincare treatments, a market that we think can be huge. This is a prime example of the differentiated thinking we pursue with SharkNinja, and it's only the beginning.

談到美容，Shark CryoGlow 在全球的發展勢頭持續增強。該產品已在美國、英國和 TAM 市場推出，並將於本月在歐洲大陸上市。CryoGlow 讓人們在家中就能享受高品質的皮膚護理，我們認為這個市場潛力巨大。這是我們在 SharkNinja 中追求差異化思維的典型例子，而這只是一個開始。

We aspire to establish Shark Beauty as the runaway leader in beauty technology. An enormous white space opportunity we're seizing at full speed. We plan to introduce several significant and disruptive new products in hair and skin care before year end, with an exciting pipeline for 2026 and beyond.

我們立志將 Shark Beauty 打造為美容科技領域的領導企業。我們正全速抓住巨大的空白機會。我們計劃在年底前推出幾款具有重大意義和顛覆性的護髮和護膚新產品，並為 2026 年及以後推出令人興奮的產品線。

Beauty is an incredibly attractive market that naturally aligns with our recipe for success. Huge demand for innovation and prestige products, visual storytelling and social media interest, the potential for high margins and more.

美容是一個極具吸引力的市場，與我們的成功秘訣自然契合。對創新和高端產品、視覺敘事和社交媒體興趣的巨大需求、高利潤潛力等等。

Let's turn to our second growth pillar, growing share in existing categories. The foundation of SharkNinja's success is a healthy-based business that delivers strong average selling prices, healthy gross margins, and marketing efficiencies.

讓我們轉向第二個成長支柱，即增加現有類別的份額。SharkNinja 成功的基礎是健康的業務，它能帶來強勁的平均銷售價格、健康的毛利率和行銷效率。

In Q2, the story is about bread and consistency. Across all four of our category groupings, cleaning, cooking, food prep, and beauty and home environment, we drove market share gains. A great example is cleaning. Where multiple existing product lines contributed to sizable outperformance relative to the industry at large, including our Cordless Vacuums, Robotics, and Carpet Extraction products.

在第二季度中，故事是關於麵包和一致性的。在我們所有四個類別分組（清潔、烹飪、食品準備以及美容和家居環境）中，我們都推動了市場份額的成長。一個很好的例子就是清潔。我們的多條現有產品線為整個行業帶來了顯著的優異表現，其中包括無線吸塵器、機器人和地毯清潔產品。

The ability to scale and reinvent existing categories is vital to how SharkNinja builds and maintains big businesses. The success of Ninja Crispy reflects the power of this concept within the air fryer category.

擴大和重塑現有類別的能力對於 SharkNinja 建立和維持大型業務至關重要。Ninja Crispy 的成功體現了這個概念在氣炸鍋領域的力量。

Our leading position in this market presents a new challenge to solve, figuring out how to grow even bigger. This is where SharkNinja shines. The portable glass system Crispy revolutionizes air fryer cooking. With this innovation, we're capturing new consumers into the market and even seeing existing consumers retiring their legacy air fryers to upgrade.

我們在這個市場上的領先地位提出了一個新的挑戰，即如何進一步發展壯大。這就是 SharkNinja 的閃光點。便攜式玻璃系統 Crispy 徹底改變了氣炸鍋烹飪。透過這項創新，我們正在吸引新的消費者進入市場，甚至看到現有消費者淘汰舊式氣炸鍋並進行升級。

Excitement of this product is a global phenomenon. Crispy first launched in the US with great success, and we've just introduced it into the UK with France and Germany next in line. By design, we don't expect to achieve full reach until year end. And then we've got a big roadmap of innovation lined up to follow.

該產品的受歡迎程度是一個全球現象。Crispy 首次在美國推出並獲得了巨大成功，我們剛剛將其引入英國，接下來是法國和德國。根據設計，我們預計直到年底才能實現全面覆蓋。然後，我們制定了宏大的創新路線圖。

Along the way, we're building a strong intellectual property mode around Crispy while we collect invaluable consumer feedback to power the next wave of new products. Market share gains within existing categories do not happen by accident. Our ability to gain share comes from disruptive products like Crispy, but also the halo effect from our unstoppable innovation and marketing engines throughout the business.

在此過程中，我們圍繞著 Crispy 建立了強大的智慧財產權模式，同時收集了寶貴的消費者回饋，為下一波新產品提供動力。現有類別的市佔率成長並非偶然。我們獲得市場份額的能力不僅來自於像 Crispy 這樣的顛覆性產品，還來自於我們整個業務中不可阻擋的創新和行銷引擎的光環效應。

Across our direct-to-consumer sites, we see more repeat buying behavior and more cross-brand shopping than ever before. The strength of our core product categories is a fundamental cornerstone of how we pursue durable success. Nearly 20 of the 25 new products per year come with an existing category to support the core business and will never stop driving innovation as this space grows larger.

在我們的直接面向消費者的網站上，我們看到了比以往更多的重複購買行為和跨品牌購物。我們核心產品類別的優勢是我們追求持久成功的根本基石。每年 25 種新產品中，近 20 種都來自現有類別以支援核心業務，隨著這個領域的擴大，它將永遠不會停止推動創新。

Our third pillar is International, where we're seeing significant white space for years to come. We experience growth across all our international geographies in Q2, with continued strong trends in Europe, including France, Benelux, and Central Europe.

我們的第三個支柱是國際市場，我們看到未來幾年該市場將有巨大的空白。我們在第二季的所有國際地區都實現了成長，其中歐洲（包括法國、比荷盧三國和中歐）繼續保持強勁成長趨勢。

Importantly, our UK business also returned to form more quickly than expected, with traction across a wide range of products Slushi, Creamy, Luxe Cafe, Blenders, Robots, Fans, CryoGlow, and more. In fact, sales momentum in the UK strengthened throughout the quarter.

重要的是，我們的英國業務也比預期更快地恢復了元氣，在 Slushi、Creamy、Luxe Cafe、Blenders、Robots、Fans、CryoGlow 等多種產品上都獲得了廣泛關注。事實上，整個季度英國的銷售動能都在增強。

This result shows the power of our diversified business model. Despite an approximately 25% year-over-year decline in air fryers, the largest category in the UK, our net sales in this geography still grew in the second quarter. The more we expand our portfolio of products and geographies, the more the power of diversification drives success.

這結果體現了我們多元化商業模式的威力。儘管英國最大的產品類別氣炸鍋同比下降了約 25%，但我們在第二季度在該地區淨銷售額仍然增長。我們的產品和地理組合擴展得越多，多元化的力量就越能推動成功。

This is evident in places like France and Germany, where we're running the same playbook. We're further penetrating the market in these countries with a broader selection of products. We anticipate a big holiday selling season in 2025 in both France and Germany that can drive additional momentum heading into next year.

這在法國和德國等地很明顯，我們在這些地方實行同樣的策略。我們正在透過更廣泛的產品選擇進一步滲透這些國家的市場。我們預計 2025 年法國和德國將迎來一個大型假日銷售季，這將為明年帶來更多動力。

As our other international geographies keep scaling rapidly, we'll continue evolving from distributor led to direct models. The next geographies we have targeted include Benelux, Poland, and the Nordics, with conversions happening over the coming quarters. Our goal is to execute more transitions in 2026 as another lever to drive strong international growth.

隨著我們其他國際地區的業務不斷快速擴張，我們將繼續從經銷商主導模式轉向直銷模式。我們接下來瞄準的地區包括比荷盧三國、波蘭和北歐，並將在未來幾季內完成轉換。我們的目標是在 2026 年實現更多轉型，以此作為推動強勁國際成長的另一個槓桿。

There's a lot of growth potential ahead of us in continental Europe. We're equally excited about our opportunity in Latin America. Our Mexico business successfully transitioned to a direct model in Q1, with shipments accelerating throughout Q2. We expect to see further strength in the second half of 2025, and we're building our teams to support growth.

歐洲大陸有著巨大的成長潛力。我們對在拉丁美洲的機會同樣感到興奮。我們的墨西哥業務在第一季成功轉型為直銷模式，第二季出貨量加速成長。我們預計 2025 年下半年將進一步增強實力，並且我們正在組建團隊來支持成長。

In fact, even as we continue using distributors in other Latin American countries, we're adding our own boots on the ground in areas like marketing and social media. These investments help SharkNinja build connections with local consumers directly, as we learn about their insights and needs.

事實上，即使我們繼續使用其他拉丁美洲國家的分銷商，我們也在行銷和社交媒體等領域增加了自己的力量。這些投資幫助 SharkNinja 直接與當地消費者建立聯繫，因為我們了解他們的想法和需求。

Our three pillar growth strategy is the cornerstone of how we intend to deliver sustainable topline success, and it all stems from our outrageously extraordinary mindset.

我們的三大支柱成長策略是我們實現永續營收成功的基石，而這一切都源自於我們非凡的思維方式。

At SharkNinja, we're obsessed with winning. It's what drives our relentless innovation engine, breakthrough social media campaigns, agile and differentiated supply chain, and deep relationships with retailers. We play to win big and cannot be more excited to be fully on offense in the second half of 2025 to drive momentum heading into 2026 and beyond. This enthusiasm is reflected in our updated outlook, where we're once again raising our net sales and adjusted EBITDA growth ranges for FY 2025.

在 SharkNinja，我們沉迷於勝利。它推動著我們不斷創新、開展突破性的社交媒體活動、建立靈活且差異化的供應鏈以及與零售商建立深厚的關係。我們努力爭取大勝利，並且非常高興能夠在 2025 年下半年全力進攻，為 2026 年及以後的發展奠定基礎。這種熱情反映在我們最新的展望中，我們再次提高了 2025 財年的淨銷售額和調整後的 EBITDA 成長範圍。

Patrick will provide more details but allow me to underscore how excited we are to attack growth opportunities by leveraging every advantage we have. Momentum across both brands, a robust new product pipeline, healthy inventory availability, and increasing interest from retail partners globally.

派崔克將提供更多細節，但請允許我強調，我們非常高興能夠利用我們擁有的每一個優勢來抓住成長機會。兩個品牌的發展勢頭強勁，新產品線強勁，庫存充足，全球零售合作夥伴的興趣日益濃厚。

We will also take advantage of the lessons we're learning related to pricing actions and promotional activity as we continue to experiment thoughtfully with both in the second half of the year. Taken individually, these attributes are meaningful. Taken together, we feel as strongly about the degree of our competitive edge as we ever have.

我們還將利用與定價行動和促銷活動相關的經驗教訓，在今年下半年繼續對這兩項活動進行深思熟慮的試驗。單獨來看，這些屬性是有意義的。總而言之，我們對我們的競爭優勢的感受一如既往地強烈。

When it comes to our brand aspirations, SharkNinjas dreaming bigger and acting bolder. In Q2, we broke new ground as the key sponsor featured in the Apple original films F1, the movie from Warner Brother Pictures. With a focus on precision engineering and elite performance, the F1 audience is a perfect fit for SharkNinja.

當談到我們的品牌願景時，SharkNinjas 的夢想更大，行動更大膽。第二季度，我們作為華納兄弟影業出品的蘋果原創電影《F1》的主要贊助商，取得了突破性進展。SharkNinja 專注於精密工程和卓越性能，非常適合 F1 觀眾。

We saw tremendous consumer activation throughout multiple marketing events associated with the movie. F1 the movie also marks an important evolution in our branding strategy as we build consumer awareness of the combined Shark and Ninja brands.

我們在與電影相關的多個行銷活動中看到了巨大的消費者活躍度。隨著我們不斷提升消費者對 Shark 和 Ninja 品牌的認知度，F1 電影也標誌著我們品牌策略的重要轉變。

We intend to take an even bigger step in this direction with the upcoming relaunch of our direct to consumer site at SharkNinja.com, powered by the Salesforce e-commerce platform.

我們打算朝著這個方向邁出更大的一步，即將重新推出由 Salesforce 電子商務平台提供支援的直接面向消費者的網站 SharkNinja.com。

We're on track to go live in North America in Q4 and expect to follow suit with international DTC sites in Q1 of 2026. The more we demonstrate how our unique culture and innovation strategy drives success, the more outside recognition we receive.

我們計劃於第四季在北美上線，並預計於 2026 年第一季在國際 DTC 網站上線。我們越能展現我們獨特的文化和創新策略如何推動成功，我們就越能獲得外界的認可。

In the second quarter, we were deeply honored to be named to Time Magazine's list of 100 most influential companies for 2025. It's a true privilege to be part of this elite list of disruptive companies and a major validation of how our relentless focus on solving consumer problems is resonating.

第二季度，我們非常榮幸地入選《時代》雜誌2025年100家最具影響力的公司榜單。能夠成為這份顛覆性公司精英名單中的一員，我深感榮幸，這也充分證明了我們堅持不懈地致力於解決消費者問題的努力所取得的成效。

To wrap up, this quarter demonstrates the power of our proven operating model and competitive mode. Even with all the distractions and challenges around us, SharkNinja is winning because we're problem solvers at our core. This skill set extends from our products and consumer focus to our business strategy and execution.

總而言之，本季展現了我們成熟的營運模式和競爭模式的威力。即使周圍有各種幹擾和挑戰，SharkNinja 仍然能夠獲勝，因為我們本質上是問題解決者。這套技能從我們的產品和消費者關注延伸到我們的業務策略和執行。

Going forward, we believe we're poised to outperform our competitors from a position of strength. Even as we focus on delivering 2025, we're building a strong foundation for the future. SharkNinja is making a concerted investment into our world-class team to enhance our ability to scale and globalize the business.

展望未來，我們相信我們有能力憑藉實力超越競爭對手。即使我們專注於實現 2025 年的目標，我們也在為未來奠定堅實的基礎。SharkNinja 正在對我們世界一流的團隊進行協同投資，以增強我們擴大規模和全球化業務的能力。

The level of talent we're adding to the organization is profound and deliberate. I would like to thank all SharkNinja team members for their unwavering dedication to our success.

我們為組織增添的人才水準是深遠而謹慎的。我要感謝所有 SharkNinja 團隊成員為我們的成功所做的不懈奉獻。

And now, Patrick will walk you through our second quarter financial and updated 2025 outlook.

現在，派崔克將向您介紹我們第二季的財務狀況和最新的 2025 年展望。

Thank you, Mark, and good morning, everyone. I'm excited to speak with you today about our outstanding Q2 results and increased outlook for 2025. SharkNinja is a product innovation powerhouse that thrives on solving problems, whether it's consumer need or a business challenge.

謝謝你，馬克，大家早安。我很高興今天能與大家談論我們出色的第二季業績和對 2025 年的展望。SharkNinja 是一家產品創新巨頭，致力於解決問題，無論是消費者需求還是商業挑戰。

Inherently, we believe that makes us an enormously resilient company. Resiliency is one of the key themes that we have discussed today as we operate within a significant and sometimes unprecedented and unclear set of challenges. This applies to how our products are resonating with consumers and how our global teams are executing across our innovation and growth initiatives.

從本質上來說，我們相信這會讓我們成為一家極具韌性的公司。當我們面臨一系列重大、有時前所未有且不明確的挑戰時，韌性是我們今天討論的關鍵主題之一。這適用於我們的產品如何引起消費者的共鳴以及我們的全球團隊如何執行我們的創新和成長計劃。

Our results this quarter also demonstrate the resiliency of our business model, which has adapted to the ever-changing macro backdrop and continues to deliver strong growth and profitability. While the environment may remain turbulent, we are increasingly confident in our ability to navigate through all while pursuing our growth agenda.

本季的業績也證明了我們商業模式的彈性，它適應了不斷變化的宏觀背景，並繼續實現強勁的成長和獲利能力。儘管環境可能仍然動盪，但我們越來越有信心，我們有能力在追求成長議程的同時渡過一切難關。

Now let's review the quarter. Net sales in Q2 increased 15.7% year-over-year to $1.4 billion. Adjusted EBITDA increased at more than twice the rate of net sales growth, or 33% to $223 million. Adjusted EBITDA margin also improved to 15.5%, up 210 basis points year-over-year.

現在讓我們回顧一下本季。第二季淨銷售額年增 15.7%，達到 14 億美元。調整後的 EBITDA 成長率是淨銷售額成長率的兩倍多，即 33%，達到 2.23 億美元。調整後的 EBITDA 利潤率也提高至 15.5%，較去年同期成長 210 個基點。

Strong top line growth, higher gross margins in disciplined management of our operating expenses, all contributed to the robust performance in the quarter. We're pleased with these results in our overall execution in the first half of 2025, despite the significant challenges. As we mentioned last quarter, moments like these present SharkNinja with an opportunity to do what we do best, rallying together and taking quick actions to solve problems.

強勁的營收成長、更高的毛利率以及嚴格的營運費用管理，都促成了本季的強勁業績。儘管面臨重大挑戰，我們對 2025 年上半年整體執行情況的這些結果感到滿意。正如我們在上個季度所提到的，這樣的時刻為 SharkNinja 提供了一個機會，讓我們做我們最擅長的事情，團結起來，迅速採取行動解決問題。

Turning to our geographical results, domestic net sales increased roughly 14% year-over-year and our international net sales re-accelerated more than 20% year-over-year. As previously communicated, our Mexico business successfully transitioned from distributor led to a direct model in Q1, and I'm happy to report the results are right on track.

從地理分佈來看，國內淨銷售額較去年同期成長約 14%，國際淨銷售額較去年同期成長超過 20%。正如之前所傳達的，我們的墨西哥業務在第一季成功地從分銷商主導轉變為直接模式，我很高興地報告結果一切順利。

Our acceleration in EMEA continues with strong growth in countries like France, Germany, Belgium, the Netherlands, and more. As Mark mentioned, we continue to believe we are in the early innings of our expansion in both existing and new countries, and this gives us great confidence in our future within Europe and beyond.

我們在歐洲、中東和非洲地區持續加速發展，在法國、德國、比利時、荷蘭等國家實現了強勁成長。正如馬克所提到的，我們仍然相信，我們在現有國家和新國家的擴張都處於早期階段，這讓我們對我們在歐洲及其他地區的未來充滿信心。

Looking at performance by category, net sales in the cleaning category increased 8% year-over-year to $501 million from $466 million in the prior year period. Our Robotics and Extraction businesses were standouts in the corner offset slightly by Corded Vacuums. Our family of Shark Stain Striker products and extraction and our power detect franchise across both robots and cordless led the way.

從類別表現來看，清潔類別的淨銷售額年增 8%，從去年同期的 4.66 億美元增至 5.01 億美元。我們的機器人和提取業務表現突出，有線吸塵器業務略佔上風。我們的 Shark Stain Striker 產品和提取系列以及機器人和無線電源檢測特許經營處於領先地位。

Net sales and food preparation category increased 53% year-over-year to $405 million compared to $265 million. This strong growth was driven by the continued viral success of our Slushi frozen drink maker as well as our Creamy ice cream platform. Put simply, consumers around the globe want their frozen treats, and they are turning to our Ninja products in a big way.

食品製備類淨銷售額年增 53% 至 4.05 億美元，去年同期為 2.65 億美元。這一強勁增長得益於我們的 Slushi 冷凍飲料機以及 Creamy 冰淇淋平台的持續病毒式成功。簡而言之，全球消費者都想要冷凍食品，而且他們大量選擇我們的 Ninja 產品。

Net sales in the Cooking and Beverage category decreased 4% year-over-year to $366 million compared to $379 million. Continued global momentum of the Ninja Luxe Cafe espresso business was offset by our air fryer and outdoor grill subcategories, mostly related to lapping a strong second quarter of 2024.

烹飪和飲料類別的淨銷售額年減 4% 至 3.66 億美元，而去年同期為 3.79 億美元。Ninja Luxe Cafe 濃縮咖啡業務持續的全球成長勢頭被我們的氣炸鍋和戶外燒烤子類別所抵消，這主要與 2024 年第二季度的強勁表現有關。

Finally, our Beauty and Home environment category increased 25% year-over-year to $173 million compared to $138 million primarily driven by continued strength of our air purifiers and fans like the Shark FlexBreeze and Shark Turbo blade, as well as momentum behind our Sharp CryoGlow skincare product.

最後，我們的美容和家居環境類別年增 25%，達到 1.73 億美元，而去年同期為 1.38 億美元，這主要得益於我們的空氣清淨​​機和風扇（如 Shark FlexBreeze 和 Shark Turbo blade）的持續強勁增長，以及我們的 Sharp CryoGlow 護膚產品的發展勢頭。

Now let's move to gross profit. In the second quarter, adjusted gross profit increased 16% year-over-year to $714 million or 49.4% of net sales. Adjusted gross margin increased approximately 30 basis points year-over-year, with cost optimization and favorability on pricing and promotional activity partially offset by the impact of tariffs, with mix being a secondary offset in the quarter.

現在讓我們來談談毛利。第二季度，調整後毛利潤年增 16% 至 7.14 億美元，佔淨銷售額的 49.4%。調整後的毛利率年增約 30 個基點，成本優化以及定價和促銷活動的有利因素部分被關稅的影響所抵消，而產品組合是本季度的第二個抵消因素。

With our ever expanding product and category offering focused on solving consumer problems, SharkNinja continues to prioritize investment across our growth driving engines of R&D, product innovation, sales and marketing, geographic expansion, and supply chain diversification.

隨著我們不斷擴大產品和類別，專注於解決消費者問題，SharkNinja 繼續優先投資於我們的成長驅動引擎，包括研發、產品創新、銷售和行銷、地理擴張和供應鏈多樣化。

The power of our sales growth and profitability profile enable us to reinvest purposefully in these areas while also working to drive down operating expenses as a percent to net sales. We achieved OpEx leverage in the quarter consistent with our focus on cost discipline and remain confident we will see leverage for the full year.

我們的銷售成長和獲利能力使我們能夠有目的地在這些領域進行再投資，同時努力降低營運費用佔淨銷售額的百分比。我們在本季度實現了營運支出槓桿，這與我們對成本控制的關註一致，並且我們仍然相信我們將在全年實現槓桿。

Research and development expenses were roughly flat year-over-year at $89 million compared to $90 million in the year ago period. We continue to invest aggressively in key talent, as you've seen from recent announcements to support our growth initiatives and new product development while driving efficiencies by incurring lower professional and consulting fees.

研發費用與去年同期的 9,000 萬美元相比基本持平，為 8,900 萬美元。正如您從最近的公告中看到的那樣，我們將繼續大力投資關鍵人才，以支持我們的成長計劃和新產品開發，同時透過降低專業和諮詢費用來提高效率。

Sales and marketing expenses increased 18% year-over-year to $358 million compared to $303 million in the year ago period. 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, as well as higher delivery and distribution costs from increased order volumes.

銷售和行銷費用年增 18% 至 3.58 億美元，去年同期為 3.03 億美元。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，以及訂單量增加導致的運輸和分銷成本上升。

Within B2C we are seeing greater efficiency in our distribution expenses driven by warehouse consolidation in favorable outbound in transfer freight negotiations in North America.

在 B2C 領域，我們看到，由於北美有利的出站轉運貨運談判中的倉庫整合，我們的分銷費用效率得到了提升。

General and administrative expenses decreased 11% year-over-year to $92 million compared to $104 million in the year ago period. This decrease was driven primarily by reduction in legal, professional, and consulting fees compared to the prior year.

一般及行政開支年減 11% 至 9,200 萬美元，去年同期為 1.04 億美元。這一下降主要是由於與前一年相比法律、專業和諮詢費用的減少。

Our GAAP effective tax rate was 22.8% in Q2. While our non-GAAP effective tax rate was 23.2%. Adjusted net income for the second quarter was $138 million or $0.97 per diluted share compared to $100 million or $0.71 per diluted share in the year ago period.

我們第二季的 GAAP 有效稅率為 22.8%。而我們的非公認會計準則有效稅率為 23.2%。第二季調整後淨收入為 1.38 億美元，即每股攤薄收益 0.97 美元，去年同期為 1 億美元，即每股攤薄收益 0.71 美元。

And as mentioned, adjusted EBITDA for the quarter increased by 33% year-over-year to $223 million or 15.5% of net sales compared to $168 million or 13.4% of net sales in the prior year.

如上所述，本季調整後的 EBITDA 年成長 33%，達到 2.23 億美元，佔淨銷售額的 15.5%，而去年同期為 1.68 億美元，佔淨銷售額的 13.4%。

Turning to the balance sheet and cash flow, the size and profile of our balance sheet is a critical strength for SharkNinja, as we grow internationally and exercise flexibility on inventory purchases. We continue to pre-build inventory based on evolving tariff policies, but to a lesser degree with the dollar amount in the second quarter, less than half of what we added in the first quarter.

談到資產負債表和現金流，隨著我們在國際上的發展以及在庫存採購方面保持靈活性，我們的資產負債表的規模和狀況對於 SharkNinja 來說是一個關鍵優勢。我們繼續根據不斷變化的關稅政策預先建立庫存，但程度較輕，第二季的美元金額不到第一季增加的一半。

At the end of the second quarter, cash and cash equivalents totaled $188 million up 36% year-over-year, with total debt outstanding of $759 million. We also have nearly $490 million of capacity available to us on our $500 million revolving credit facility. Total inventories reached $1.1 billion exiting the quarter of 25% year-over-year as we continue to invest behind our growth initiatives globally.

第二季末，現金及現金等價物總額為 1.88 億美元，年增 36%，未償還債務總額為 7.59 億美元。我們還有 5 億美元的循環信貸額度，可提供近 4.9 億美元的信貸額度。由於我們繼續在全球範圍內投資成長計劃，本季總庫存達到 11 億美元，較去年同期成長 25%。

Let's move to our updated outlook for 2025. As we discussed last quarter, our internal teams continue to model a wide range of macro and policy scenarios as an ongoing part of our tariff mitigation strategy. All three major components of this plan, how we source, how we sell, and operating expense management are contributing employees to deliver more savings if we put our strategy into operation.

讓我們來看看 2025 年的最新展望。正如我們上個季度所討論的，我們的內部團隊繼續模擬各種宏觀和政策情景，作為我們關稅減免策略的持續組成部分。如果我們實施我們的策略，該計劃的所有三個主要組成部分，即我們如何採購、我們如何銷售以及營運費用管理，都將幫助員工實現更多的節省。

Relative to when we spoke on our last earnings call in May, we feel there is better clarity on the tariff outlook for our business. As a result, we have incrementally higher confidence in the rigor of our analysis and how this is reflected in our guidance ranges.

相對於我們在五月上次財報電話會議上所說的情況，我們認為我們業務的關稅前景更加清晰。因此，我們對分析的嚴謹性以及這如何反映在我們的指導範圍中越來越有信心。

Our revised outlook assumes tariffs remain where they are today, including 30% for China, 20% for Vietnam, and 19% for Indonesia, Thailand, Malaysia, and Cambodia. Our guidance ranges incorporate these tariff assumptions and our mitigation efforts to offset, including the incremental headwind from tariff rates in our Southeast Asia footprint, moving higher compared to the 10% rates we assumed in our guidance update in May.

我們修訂後的展望假設關稅維持在目前的水平，其中中國為 30%，越南為 20%，印尼、泰國、馬來西亞和柬埔寨為 19%。我們的指導範圍包含了這些關稅假設和我們的緩解措施，包括來自東南亞業務的關稅稅率的增量阻力，與我們在 5 月份指導更新中假設的 10% 的稅率相比有所上升。

It's important to note that the impact of tariffs will be more weighted towards the second half of the year based on the phasing of when the higher costs fully impact the P&L.

值得注意的是，根據成本上升對損益表全面產生影響的階段，關稅的影響將更集中在下半年。

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 13% and 15% compared to our prior guidance of an 11% to 13% increase. Adjusted net income per diluted share is now expected to be in the range of $5 to $5.10 compared to $4.90 to $5 previously.

考慮到上述背景，讓我們回顧一下我們更新後的展望。對於 2025 年全年，我們預計淨銷售額將成長 13% 至 15%，而先前預測的成長率為 11% 至 13%。調整後每股攤薄淨收益預計在 5 美元至 5.10 美元之間，而先前的預期為 4.90 美元至 5 美元。

Adjusted EBITDA is now expected to be in the range of $1.1 billion to $1.12 billion representing growth of 16% to 18% year-over-year compared to $1.09 billion to $1.11 billion representing growth of 15% to 17% year-over-year.

調整後的 EBITDA 目前預計在 11 億美元至 11.2 億美元之間，年增 16% 至 18%，而先前預期為 10.9 億美元至 11.1 億美元，年成長 15% 至 17%。

Net interest expense is still expected to be flat to 2024, and our GAAP effective tax rate expectations remain in the range of approximately 24% to 25%. On capital expenditures, the cost control we are applying to our operating expense extends to our discipline on CapEx. We are reaffirming our previous guidance of $180 million to $200 million for the year, but would no longer point you to the higher end of the range.

預計到 2024 年淨利息支出仍將保持平穩，我們的 GAAP 有效稅率預期仍將在約 24% 至 25% 的範圍內。在資本支出方面，我們對營運費用實施的成本控制延伸到了資本支出的紀律。我們重申先前對今年 1.8 億至 2 億美元的指導，但不再向您提供該範圍的上限。

To close, our performance in Q2 is a credit to the resiliency of our business model and our tenacious execution to deliver on behalf of our consumers, retailers, employees, and shareholders. As we have reinforced several times today, SharkNinja is all about solving problems and remaining resilient.

最後，我們第二季的業績歸功於我們業務模式的彈性以及我們為消費者、零售商、員工和股東提供的堅韌執行力。正如我們今天多次強調的那樣，SharkNinja 的宗旨是解決問題並保持韌性。

We enter the second half of the year knowing that whatever new challenges come our way, we feel energized and confident in the path ahead. I would like to join Mark in thanking the entire SharkNinjat team worldwide for their tireless efforts and ongoing commitments to our success.

進入下半年，我們知道，無論遇到什麼新的挑戰，我們都會充滿活力，對未來的道路充滿信心。我想與馬克一起感謝整個 SharkNinjat 全球團隊為我們的成功所做的不懈努力和持續承諾。

With that, I'll hand it back to Mark.

說完這些，我就把它交還給馬克。

Thanks, Patraic. We're proud of our Q2 results and incredibly optimistic about the future because of how SharkNinja operates. We took on enormous challenges in the second quarter and did what we always strive to do, stay agile, act quickly, and determine a path to win.

謝謝，派崔克。我們對第二季的業績感到自豪，由於 SharkNinja 的運作方式，對未來充滿信心。我們在第二季度面臨巨大的挑戰，並做了我們一直努力去做的事情：保持敏捷，迅速行動，確定一條制勝之路。

A big part of this is connecting with consumers in a way we feel stands out considerably from the competition. We listen, we innovate, and we deliver disruptive 5-star products. And we do this all globally at massive scale, while spanning more than three dozen product categories.

其中很大一部分是以一種我們認為在競爭中脫穎而出的方式與消費者建立聯繫。我們傾聽、我們創新，我們提供顛覆性的五星級產品。我們在全球範圍內大規模地開展這項工作，涉及三十多個產品類別。

The reality of the current macro and policy environment is that we'll need to stay just as nimble to drive continued success. Accomplishing this at our size requires careful attention, new product introductions, continued supply chain diversification, geographic expansion and more.

當前宏觀和政策環境的現實是，我們需要保持彈性才能推動持續的成功。以我們的規模實現這一目標需要細心關注、推出新產品、持續實現供應鏈多樣化、進行地理擴張等等。

For all of this complexity, our business strategy is actually quite simple, drive a solid base business franchise, add new and adjacent categories, and replicate our success internationally. This 3-pillar growth strategy is powerful, and we're excited to play offense and push SharkNinja forward. Thank you. This concludes our prepared remarks, and I will now turn it over to the operator to kick off Q&A. Operator?

儘管存在所有這些複雜性，我們的業務策略實際上非常簡單，即推動穩固的基礎業務特許經營，增加新的和相鄰的類別，並在國際上複製我們的成功。這三大支柱的成長策略非常強大，我們很高興能夠積極進攻並推動 SharkNinja 向前發展。謝謝。我們的準備好的演講到此結束，現在我將交給操作員開始問答環節。操作員？

(Operator Instructions)

（操作員指示）

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Mark, you spoke about being fully on offense in the back half. How are you thinking about what that means for the growth opportunity between US and international? And then for Patraic, can you help us understand your tariff commentary? How should we be thinking about gross margins for the year and the tariff pressure that you expect in each of the third and fourth quarters on a mitigated basis?

馬克，你談到了後半場全力進攻。您如何看待這對美國和國際之間的成長機會意味著什麼？那麼對於派崔克，您能幫助我們理解您的關稅評論嗎？我們應該如何看待今年的毛利率以及您預計第三季和第四季各自的關稅壓力？

Yes. Thanks, Brooke. So look, we are excited that we have strong demand in our domestic business, our North America business in the second quarter. And we're continuing to see nice demand from the core domestic business. We've got a lot of new product introductions that are coming over the next 60 days. We've got a lot of strong retailer commitments in the back half of the year.

是的。謝謝，布魯克。所以，我們很高興看到第二季我們的國內業務和北美業務需求強勁。我們繼續看到來自核心國內業務的良好需求。我們將在未來 60 天內推出許多新產品。今年下半年，我們已獲得許多零售商的大力支持。

So we feel good about the domestic business in spite of the market being down. I mean when you remove SharkNinja numbers, the market was down kind of almost mid- to high single digits in the second quarter. So we're not seeing a strong market overall, but we're seeing strong consumer demand for our products domestically.

因此，儘管市場低迷，我們對國內業務仍充滿信心。我的意思是，當你刪除 SharkNinja 的數字時，市場在第二季幾乎下降了中高個位數。因此，我們總體上沒有看到強勁的市場，但我們看到國內消費者對我們產品的需求強勁。

When we look at the international business, we talked about our business in the UK accelerated as we moved out of the second quarter. We're continuing to see those new product launches from last year move into the UK business. So we're expecting some acceleration from our UK business as we go into the second half of the year.

當我們審視國際業務時，我們談到隨著第二季的結束，我們在英國的業務加速發展。我們繼續看到去年推出的新產品進入英國市場。因此，我們預計進入下半年，英國業務將會加速。

Germany and France continues to be strong. And I've talked about the commitments that we have from retailers in those markets as we go into the third and fourth quarter and we're starting to see some great traction. Mexico, we obviously have the transition in the first quarter. We didn't really get up and going until kind of mid-May in the second quarter, but we're seeing really nice POS growth in Mexico.

德國和法國持續保持強勁。我已經談到了我們在進入第三季和第四季時對這些市場零售商的承諾，我們開始看到一些巨大的成長勢頭。墨西哥，我們顯然在第一季經歷了轉型。我們直到第二季五月中旬才真正開始行動，但我們看到墨西哥的 POS 成長確實非常好。

Countries like the Nordics, Benelux, Poland, we're seeing nice POS growth. So overall, we feel like there's kind of balanced growth in the second half of the year driven by lots of new product introductions in North America and the UK and just continued market penetration in the rest of the world.

在北歐、比荷盧三國、波蘭等國家，我們看到了良好的 POS 成長。因此，總體而言，我們認為下半年將出現一種平衡的成長，這得益於北美和英國大量新產品的推出以及世界其他地區市場的持續滲透。

Yes. And then Brooke, on kind of gross margin and tariff question. So one, if we go back 90 days ago, the biggest variable in our P&L and outlook for the year was the clarity of tariff assumptions for the balance of the year. And so we took our best guess at that point in time. And if you remember, our assumption was roughly 145% for China. It was roughly 10% for the balance of the Southeast Asia countries.

是的。然後是布魯克，關於毛利率和關稅的問題。因此，如果我們回顧 90 天前，我們今年的損益表和前景中最大的變數是今年餘額的關稅假設的清晰度。因此我們在那個時間點做出了最好的猜測。如果你還記得的話，我們對中國的假設大約是 145%。東南亞國家的餘額約為 10%。

And so we said at the time, the thing that we were craving the most in terms of putting together what the balance of our year looks like was clarity. And we now feel like we're getting more clarity in terms of what the tariff rates look like for balance of year.

因此，我們當時說，在規劃今年的平衡時，我們最渴望的就是清楚的規劃。現在，我們感覺對今年剩餘的關稅稅率有了更清晰的了解。

So now that we see China at 30%, the Vietnam in 20%, the rest of Southeast Asia, at least for right now at 19%, and as you saw in the prepared remarks that we put forward. We feel like that gives us the clarity that we need to operate. And so that is reflected in terms of what you see relative to our raised guidance for the balance of the year on the EBITDA.

因此，現在我們看到中國佔 30%，越南佔 20%，東南亞其他國家目前至少佔 19%，正如您在我們提出的準備好的評論中所看到的。我們覺得這讓我們對營運所需的資訊有了更清晰的認識。因此，這反映在您所看到的相對於我們對今年 EBITDA 餘額的上調指導方面。

What I would say is the China rate going from 1.45% to 30% that's not a massive economic impact to us because we weren't planning on shipping a lot of product at the 1.45 rate. But what it does do is it gives us increased flexibility in our supply chain, which gives us the flexibility and balance of the year from a shipment standpoint if we choose to make certain decisions on product coming out of China. So I kind of address that question saying that we feel better than where we did 90 days ago in terms of clarity on tariffs.

我想說的是，中國的稅率從 1.45% 上升到 30% 不會對我們的經濟造成巨大的影響，因為我們原本不打算以 1.45 的稅率運送大量產品。但它確實提高了我們供應鏈的靈活性，如果我們對從中國出口的產品做出某些決定，那麼從發貨的角度來看，這為我們提供了靈活性和全年的平衡。因此，我回答這個問題時說，就關稅透明度而言，我們感覺比 90 天前更好。

Randy Konik, Jefferies.

蘭迪‧科尼克 (Randy Konik)，傑富瑞 (Jefferies)。

I guess, Mark, I want to key in on the comments made around the talent acquisition. I think you've hired at least key executives over the last few months here since the beginning of the year. What's the approach there? Are you adding additional types of capabilities into the organization added muscle that you didn't have before?

馬克，我想重點談談有關人才招募的評論。我認為自今年年初以來的過去幾個月你們至少已經聘請了多名關鍵高階主管。那裡的方法是什麼？您是否為組織添加了以前沒有的額外類型的能力？

Well, I think you said there's less use of external professional services as a result. Just maybe kind of dimensionalize that a little bit more on what these different leaders bring to the table and other capabilities that are going to be adding to the business to help continue to elevate the growth rate of the business over the long term.

嗯，我想您說過，因此對外部專業服務的使用減少了。也許可以更詳細地了解這些不同的領導者能為企業帶來什麼，以及他們能為企業帶來哪些其他能力，從而幫助企業在長期內持續提高成長率。

Yes, Randy, I mean, look, we've grown our business so much over the last 24 months and not just in dollars but in complexity and scale. I mean, we're a much more international business than we were 24 months ago. I mean we're in more new product categories.

是的，蘭迪，我的意思是，你看，我們的業務在過去 24 個月裡有了很大的發展，不僅僅是在金額上，而且在複雜性和規模上。我的意思是，與 24 個月前相比，我們的業務更加國際化。我的意思是我們有更多新的產品類別。

I mean, our product categories, our products are getting much more complex. I mean when you think about hires like Myaris, we're seeing a lot more software and a lot more electronics and mechatronics being driven into our products, we think that's only going to continue to escalate as we move forward on the product development side. Howard Nook coming on board we got to drive a big pipeline of innovation.

我的意思是，我們的產品類別、我們的產品變得越來越複雜。我的意思是，當你想到像 Myaris 這樣的員工時，我們會看到更多的軟體和更多的電子和機電一體化技術被應用到我們的產品中，我們認為，隨著我們在產品開發方面的進步，這種情況只會繼續升級。霍華德·努克 (Howard Nook) 加入後，我們將推動大規模創新。

And we're -- we've got a great advanced development team, but we needed kind of strong leadership over that advanced development group reporting to Ross that would be able to keep driving that pipeline. So we're really excited. And I, in fact, just got out of a meeting last night for products for 2027 that I'm so excited about. Ads like Michelle in the growth area, we've got to deliver significant growth every year, significant organic growth.

我們擁有一支優秀的高級開發團隊，但我們需要對向羅斯報告的高級開發小組進行強有力的領導，以便能夠繼續推動這一進程。所以我們真的很興奮。事實上，我昨晚剛參加了有關 2027 年產品的會議，對此我感到非常興奮。像米歇爾這樣的廣告在成長領域，我們每年都必須實現顯著的成長，顯著的有機成長。

And so where is it coming from by product category, where is it coming from by geography, as we keep expanding into these new markets, there's operational challenges, there's compliance challenges. And so we felt like we really needed to develop this growth group in a big way.

那麼，按產品類別劃分，它來自哪裡？按地理位置劃分，它來自哪裡？隨著我們不斷擴展到這些新市場，我們面臨營運挑戰和合規挑戰。因此，我們覺得我們確實需要大力發展這個成長團隊。

You've heard me talk about the opening of our New York office that's going to be a real creative epicenter for us. I think that one way of driving demand, obviously, is efficiency in our media, but I think a big area is continuing to drive better and better content that consumers engage with, and we're not just developing content now in the English-speaking world we've got to develop it in the Spanish-speaking world.

你們已經聽我談論過我們在紐約開設辦事處的事情，它將成為我們真正的創意中心。我認為推動需求的一種方式顯然是提高媒體效率，但我認為一個很大的領域是繼續推動消費者參與的越來越好的內容，我們現在不僅在英語世界開發內容，還必須在西班牙語世界開發內容。

We've got to develop it in French. We got to develop it in German. I mean we've got to really scale that globally. And so on the creative side, that is an area that we need a lot more sophistication.

我們必須用法語來開發它。我們必須用德語來發展它。我的意思是我們必須真正地在全球範圍內擴大這一規模。因此，在創意方面，我們需要更加成熟。

And then on the beauty piece, look, I mean, we're not -- we believe beauty tech is a real white space area for us to continue to develop in over the next 5 years. We've got some new hair care products that are coming out in the next 60 days. We've got some new skin care products that are coming out. We think there's other places for us to go in beauty tech. And so we felt like we needed to bring in a much stronger beauty marketing team to be able to support that growth.

然後關於美容方面，看，我的意思是，我們不是——我們相信美容科技是我們在未來 5 年內繼續發展的一個真正的空白領域。我們將在未來 60 天內推出一些新的護髮產品。我們即將推出一些新的護膚產品。我們認為在美容科技領域我們還有其他可以去的地方。因此，我們覺得我們需要引進一支更強大的美容行銷團隊來支持這一成長。

So look, it's just a natural evolution of the business and how do we stay ahead. And we have this saying that we talk about here internally, which is we want to build unstoppable teams, and we want to build teams that you would never want to compete against. And I think in a lot of areas of the business now, we're building teams that you would not want to compete against, and so I'm excited about that.

所以看，這只是業務的自然演變以及我們如何保持領先地位。我們內部有這樣一句話，那就是我們想要建立一個不可阻擋的團隊，我們想要建立一個你永遠不想與之競爭的團隊。我認為現在在許多業務領域，我們正在建立你不想與之競爭的團隊，所以我對此感到興奮。

last follow-up. With the F1 movie and its success in the SharkNinja brand being so apparent. I think it's the first time you've ever market that brand together. Does that kind of inform you? Or how do you think about changing the way you go to market with media, almost kind of bring the brands together over time? You're doing, I think, on the website and kind of place products next to each other, and they're SharkNinja.

最後一次跟進。隨著 F1 電影及其在 SharkNinja 品牌上的成功變得如此明顯。我認為這是你們第一次一起行銷該品牌。這能給你一些資訊嗎？或者您如何看待改變利用媒體進行行銷的方式，隨著時間的推移將品牌整合在一起？我認為，你在網站上將產品並排擺放，它們就是 SharkNinja。

Just how should we be thinking about how you kind of do the marketing angle of the business, either the same or different over the coming years?

我們究竟該如何思考未來幾年內您的業務行銷角度是保持不變還是有所不同？

Yes. I mean let's start with the F1 movie was a huge success for us. I think that sometimes you go into these things, and you're not sure exactly how it's going to play out. But that the awareness that we've gotten, I mean, how consumers have really looked at the car and what Brad Pitt was wearing and really associated kind of SharkNinja with Formula One.

是的。我的意思是，首先，F1 電影對我們來說是一個巨大的成功。我認為，有時當你陷入這些事情時，你並不確定它到底會如何發展。但我們已經意識到，我的意思是，消費者是如何真正看待這輛車以及布萊德彼特穿的衣服，並將 SharkNinja 與一級方程式賽車聯繫起來的。

I mean we have every Formula One team for us right now in terms of how do we engage with them. It just seems like such a natural partnership from a performance and engineering standpoint and things like that. I would say, Randy, that the next evolution to that is going to be the launch of this website where the consumer is going to land on a SharkNinja website for the first time in our history, where the consumers can have access to all of our SharkNinja products.

我的意思是，就我們如何與一級方程式車隊合作而言，我們現在擁有每一支車隊。從性能和工程角度等來看，這似乎是一種自然的合作關係。蘭迪，我想說，下一步的發展將是推出這個網站，消費者將在我們的歷史上首次登陸 SharkNinja 網站，消費者可以訪問我們所有的 SharkNinja 產品。

We're going to be able to much more easily cross-sell consumers. We're going to be able to drive much better loyalty programs across brands. So I think it's an evolution. I mean, I think the consumer is starting to recognize that there's this great company behind these 2 great brands. I think we need to take it in stages. I think the website will give us a lot of great data through the holiday season for us to think through.

我們將能夠更輕鬆地向消費者進行交叉銷售。我們將能夠推動跨品牌的更好的忠誠度計劃。所以我認為這是一種進化。我的意思是，我認為消費者開始意識到這兩個偉大品牌背後都有一家偉大的公司。我認為我們需要分階段進行。我認為網站將在假期期間為我們提供大量有用的數據供我們思考。

I think there will be more and more opportunities for us to market the SharkNinja business and not just the Shark or Ninja brands. But it's an evolution. And I think we'll kind of take it as we get more data around it, we'll keep evolving our thinking.

我認為我們將有越來越多的機會來推廣 SharkNinja 業務，而不僅僅是 Shark 或 Ninja 品牌。但這是一種進化。我認為，隨著我們獲得更多相關數據，我們會不斷發展我們的思維。

And Randy, just one final point on that. As you brought up the website and Mark talked about it is one of the reasons we're so excited to kind of co-brand and bring these brands together on the website is if you think about from a consumer experience right now, the consumer is going to Shark clean and Ninja kitchen, two separate websites to kind of come together.

蘭迪，關於這一點我只想說最後一點。正如您提到的網站以及馬克所說的那樣，我們如此興奮地進行聯合品牌推廣並將這些品牌整合到網站上的原因之一是，如果您從現在的消費者體驗考慮，消費者會將 Shark clean 和 Ninja kitchen 這兩個獨立的網站整合在一起。

And now we see just a lot of synergy and a lot of benefit for the consumer coming in through one funnel. So we're super excited about this as it lands in Q4.

現在，我們看到透過一個管道，消費者獲得了很大的協同效應和利益。因此，我們對它將於第四季度推出感到非常興奮。

Alex Perry, Bank of America.

美國銀行的亞歷克斯·佩里。

Congrats on a strong quarter. I guess, just first, as a follow-up, could you speak about sort of the domestic growth upside in the quarter? I think prior year you'd expect -- you had been expecting quite a lower growth rate domestically, but it came in materially better.

恭喜本季業績強勁。我想，首先，作為後續問題，您能談談本季國內經濟成長的情況嗎？我認為，去年你會預期──你曾預期國內成長率會相當低，但今年的實際成長率卻大幅提高。

Did the China shipment pause sort of not have as great an effect? And then how should we be thinking about back half domestic growth? Does it accelerate from here? And what are the key drivers?

暫停向中國出貨是否沒有產生那麼大的影響？那我們該如何看待下半年國內成長呢？從這裡開始加速嗎？主要驅動因素是什麼？

Yes. Look, I think the China supply chain still had a little bit of impact in the quarter. But we really experienced good POS growth. We saw a lot of great demand for our products. That we actually saw that accelerate as we went through the quarter and into July.

是的。我認為中國供應鏈在本季仍然產生了一些影響。但我們的 POS 業務確實成長良好。我們發現我們的產品有很大的需求。隨著本季的結束和七月的到來，我們實際上看到了這一趨勢的加速。

So I think, Alex, it's just really a virtue of strong demand. Now in terms of how we think about the back half, I mean, look, I think we've guided ourselves conservatively in the back half. There obviously continues to be uncertainty, albeit there is, I think, a clear playing field being laid out now as it relates to tariffs and what that tariff landscape is going to look like.

所以我認為，亞歷克斯，這其實只是強勁需求的優點。現在就我們如何看待後半部分而言，我的意思是，看，我認為我們在後半部分採取了保守的指導。顯然，不確定性仍然存在，儘管我認為，目前在關稅以及關稅前景方面已經有一個清晰的競爭環境。

But there are going to be some pricing increases in the second half of the year. We obviously want to see how consumers react from a demand perspective around those and so I could tell you that as we look at Q3 right now, we've seen strong demand continue in Q3 in our domestic business.

但今年下半年價格會上漲。我們顯然想從需求角度看看消費者對此有何反應，所以我可以告訴你，當我們回顧目前的第三季時，我們看到國內業務在第三季繼續保持強勁的需求。

We've got a lot of new products that we're launching. We will have some delays in some of the new products, as we talked about in our previous call where we're launching some products outside of the US and not in the US this year because of that blip that we had during the China shutdown. But net-net, I think overall, we feel good about the domestic consumer.

我們即將推出許多新產品。正如我們在先前的電話會議中提到的那樣，由於中國停產期間出現的問題，我們今年將在美國以外而不是在美國推出一些新產品，因此我們的一些新產品將會有所延遲。但總體而言，我認為我們對國內消費者感到滿意。

Really helpful. And just a follow-up, what categories and products do you expect to drive outsized back half growth? What categories do you have sort of more outsized innovation coming?

真的很有幫助。再問一個問題，您預計哪些類別和產品將推動下半年的大幅成長？你們在哪些領域會推出更重大的創新？

I think for the balance of this year, Alex, I think we have outsized innovation coming in beauty. And I think you'll see that over the course of the next six to eight weeks with the products that we have coming out in the beauty space.

亞歷克斯，我認為就今年的平衡而言，我們在美容領域有著巨大的創新。我認為，在接下來的六到八週內，您將看到我們在美容領域推出的產品。

I think we have a really innovative product that's going to be launching in the Ninja brand outdoors. It's a new category that we've never been in. I can say that we don't plan any of these categories to be a home run. But I think it just, again, puts us in more places outside the home for the consumer.

我認為我們有一個真正創新的產品，將在 Ninja 品牌戶外推出。這是我們從未涉足過的新類別。我可以說，我們並沒有計劃讓這些類別中的任何一個都取得本壘打。但我認為這只是讓我們能夠為消費者提供家庭以外更多地方的服務。

So I'm excited about some of the new categories that are launching but I think beauty presents a real exciting opportunity for us.

因此，我對即將推出的一些新類別感到興奮，但我認為美容為我們提供了一個真正令人興奮的機會。

I think, Alex, the other thing you could do in terms of reading the tea leaves on -- in that space and beauty is -- last call, we talked about some key hires in the marketing space in beauty. And so that's kind of a little bit of insight into how we're thinking about teeing up the strength in the back half in the category and then going forward into 2026.

亞歷克斯，我認為，在解讀美容領域的前景方面，你還可以做的另一件事是——最後一次，我們談到了美容行銷領域的一些關鍵招募。因此，這讓我們對如何考慮增強該類別後半部分的實力並展望 2026 年有了一點了解。

We now have Steve Forbes with Guggenheim.

現在我們請到了古根漢美術館的史蒂夫福布斯。

Mark, I was curious if you can maybe -- I was curious if you can maybe give us a glimpse, right, into the conversations you're having with your retail partners and the thought here or what I'm trying to explore is what opportunities are sort of being presented to you via those conversations. As it pertains to distribution point share opportunities or even just market share opportunities as you look to sort of solve all the pain points, right, or friction points that are out there for the retailer network in general.

馬克，我很好奇你是否可以——我很好奇你是否可以讓我們了解一下你與零售合作夥伴的對話，這裡的想法或者我想探索的是，透過這些對話，你獲得了什麼樣的機會。因為它涉及分銷點份額機會，甚至只是市場份額機會，因為您希望解決零售商網路普遍存在的所有痛點或摩擦點。

Yes. I mean, look, its timely next week, myself and our Chief Commercial Officer, Neil, are off to see the senior leaders at Walmart and Target and talk to them about the back half of the year. Listen, the conversations are that they're excited about our innovation. I mean, they -- how do they partner with us in a better way upfront. I mean how do they get a leg up from a fair share standpoint when new products come out into the market. So I think those conversations domestically have been great.

是的。我的意思是，看，下周正好，我和我們的首席商務官尼爾將去拜訪沃爾瑪和塔吉特的高層領導，並與他們討論下半年的情況。聽著，談話中他們對我們的創新感到興奮。我的意思是，他們——他們如何以更好的方式與我們合作。我的意思是，當新產品進入市場時，他們如何從公平份額的角度獲得優勢。所以我認為國內的這些對話非常順利。

I think we've got a lot of support from our retailers, but I think what's most exciting for me is that we've got a lot of great support internationally. I mean I'll give you a good example. Like I was on the phone with the President of a really strong retailer in Latin America and South America, and it was really pushing us how do we get more products in there faster, how do we take advantage of the holiday season, really pushing us to get into market and turn on our demand generation engine.

我認為我們得到了零售商的大力支持，但我認為最讓我興奮的是我們在國際上得到了很多大力支持。我的意思是我會給你一個很好的例子。就像我和拉丁美洲和南美一家非常強大的零售商的總裁通電話一樣，這確實在推動我們如何更快地在那裡提供更多的產品，我們如何利用假期，真正推動我們進入市場並啟動我們的需求生成引擎。

I have the same conversation with a CEO of a European retailer in Italy. Again, Italy hasn't been a direct market for us. It's going to become a direct market. Him asking us, can we accelerate it, can we get certain products this holiday season to get a leg up on things into 2026.

我與義大利一家歐洲零售商的執行長進行了同樣的對話。再說一次，義大利並不是我們的直接市場。它將成為一個直接市場。他問我們，我們能否加快速度，能否在這個假期推出某些產品，以便在 2026 年取得領先優勢。

So I think for me, Steve, the most exciting thing is we've been working with the US Canadian retailers, even the British retailers for so many years. It's the engagement that I'm getting at the CEO levels of European and South American retailers that are really, really excited about how Shark and Ninja can drive growth for them.

所以我認為，史蒂夫，對我來說，最令人興奮的事情是我們多年來一直與美國、加拿大零售商，甚至英國零售商合作。我與歐洲和南美零售商的執行長們進行了接觸，他們對 Shark 和 Ninja 如何推動他們的成長感到非常興奮。

Yes. It sort of gets back to sort of your comments right around the 10 products, right, being offered in France and Germany currently versus the portfolio as a whole. So any early teasers on what we should expect or model right, as it pertains to sort of product category expansion in some of those key markets, right, or even some markets that you haven't really framed up for us in the past, Spain, Italy in a broader detail? Like where does that 10 go? And how big could category expansion be internationally in 2026 and beyond?

是的。這有點回到你對目前在法國和德國提供的 10 種產品以及整個產品組合的評論。那麼，對於我們應該期待什麼或模擬什麼，有什麼早期預告嗎？因為它涉及一些關鍵市場的產品類別擴展，或者甚至是一些您過去沒有為我們真正構建過的市場，例如西班牙、義大利，請提供更廣泛的細節？那 10 去哪了？2026 年及以後，國際上的品類擴張規模能有多大？

Yes. So I mentioned to an earlier question, the hire of our Chief Growth Officer, and we have a project here internally, which is called our Global Growth High Impact Initiative. And that is really focusing on how we drive 50% of our sales outside of the US I mean that was something that we started earlier this year. And I guess I can just say, Steve, that -- that's where I think we're headed. I mean I think -- I don't know that we get there in 2026, but I think in the near term, we believe that 50% of our sales come from outside the US.

是的。因此，我提到了先前的問題，即聘請我們的首席成長官，我們內部有一個項目，稱為「全球成長高影響力計畫」。這實際上側重於如何將 50% 的銷售額推向美國以外，這是我們今年早些時候開始做的事情。我想我只能說，史蒂夫，這就是我們前進的方向。我的意思是，我認為——我不知道我們是否會在 2026 年實現這一目標，但我認為在短期內，我們相信 50% 的銷售額來自美國以外。

We think that there's a lot of white space opportunity. And as you mentioned, Spain and Portugal and Italy and the Nordics and Poland and Benelux in South America and the Middle East. But I think you can think about our business over the next few years as being a business that's going to be 50% of our sales coming from outside of the US.

我們認為，存在著許多空白機會。正如您所提到的，包括西班牙、葡萄牙、義大利、北歐、波蘭、南美的比荷盧三國以及中東。但我認為，你可以想像，未來幾年我們的業務將有 50% 的銷售額來自美國以外。

Thank you. I can confirm that does conclude today's call. Thank you all for joining. You may now disconnect and thank you and please enjoy the rest of your day.

謝謝。我可以確認今天的電話會議已經結束。感謝大家的加入。您現在可以斷開連接並表示感謝，並請享受剩餘的一天。