Sharkninja Inc (SN) 2025 Q3 法說會逐字稿

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

早安，感謝各位參加 SharkNinja 2025 年第三季財報電話會議。我叫布里卡，我將擔任今天的主持人。（操作說明）

I would now like to pass the conference over to your host, James Lamb, Senior Vice President of Investor Relations and Treasury. Thank you. You may proceed, James.

現在我謹將會議交給主持人，投資人關係和財務高級副總裁詹姆斯·蘭姆。謝謝。你可以繼續了，詹姆斯。

Good morning, and welcome to SharkNinja's third quarter 2025 earnings conference call. Earlier today, we issued our Q3 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 年第三季財報電話會議。今天早些時候，我們發布了第三季財報，可在公司網站ir.sharkninja.com上查閱。今天網路直播的錄影也將在電話會議結束後不久在該網站上提供。

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.

在開始之前，請允許我提醒各位，今天的討論將包含基於我們目前對商業環境的看法而作出的前瞻性陳述。這些聲明涉及風險和不確定性，實際結果可能與聲明有重大差異。

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. The company assumes no obligation to update or revise forward-looking statements in the future.

更多詳情請參閱我們的獲利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聲明的因素。本公司不承擔未來更新或修改前瞻性聲明的義務。

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.

此外，在電話會議期間，我們將提及非GAAP財務指標，我們認為這些指標能夠為我們業務的潛在成長趨勢提供有價值的見解。您可以在獲利報告中找到這些指標與其最直接可比較的 GAAP 指標的完整調整表。

Joining me today are our Chief Executive Officer, Mark Barrocas; and Chief Financial Officer, Adam Quigley. Mark will start by providing a business update, followed by Adam, who will review our Q3 financial results and share our outlook for 2025. Mark will then offer some closing remarks before we open the call to questions.

今天與我一同出席的有我們的執行長馬克·巴羅卡斯；以及財務長亞當·奎格利。Mark 將首先介紹業務最新進展，然後 Adam 將回顧我們第三季的財務表現並分享我們對 2025 年的展望。接下來，馬克將作總結發言，之後我們將開放提問環節。

(Event Instructions) I would now like to turn the call over to Mark.

（活動說明）現在我想把通話交給馬克。

Thank you, James. Good morning, everyone, and thank you for joining us today. During a year of massive upheaval across our ecosystem, supply chain disruptions, consumer uncertainty, industry headwinds and other challenges, SharkNinja has continued to triumph.

謝謝你，詹姆斯。各位早安，感謝大家今天收看我們的節目。在過去一年裡，我們的生態系統經歷了巨大的動盪，供應鏈中斷，消費者充滿不確定性，產業面臨逆風和其他挑戰，但 SharkNinja 依然取得了成功。

At our core, we're a company of problem solvers. We thrive on tackling problems head on to deliver innovative and groundbreaking solutions time and time again. As 2025 has unfolded, the monumental series of challenges has gotten the better of many companies.

我們本質上是一家解決問題的公司。我們擅長迎難而上，不斷提供創新和突破性的解決方案。2025年至今，一系列巨大的挑戰讓許多公司不堪負荷。

I believe SharkNinja, on the other hand, is a true outlier. We've steadily and meaningfully taken market share across categories and geographies. We've continued delivering disruptive innovation at breakneck speed. And we've done it all with best-in-class profitability and impressive execution. In short, SharkNinja has been exemplary.

我認為，SharkNinja 是真正的特例。我們在各個品類和地區都穩步且顯著地擴大了市場份額。我們持續以驚人的速度推出顛覆性創新。而且我們以一流的盈利能力和令人印象深刻的執行力完成了這一切。總之，SharkNinja 的表現堪稱典範。

The third quarter is a testament to all these factors with outstanding results across the board. Net sales grew over 14% year-over-year, our 10th quarter in a row of double-digit top line growth, all of which is organic. Adjusted gross margins expanded more than 90 basis points year-over-year to surpass 50%, and adjusted EBITDA grew nearly 21% year-over-year. We also delivered our second quarter in a row of leverage of adjusted operating expense as a percentage of net sales.

第三季全面取得優異成績，充分證明了上述所有因素的影響。淨銷售額年增超過 14%，這是我們連續第十個季度實現兩位數營收成長，而且全部都是內生成長。調整後的毛利率年增超過 90 個基點，超過 50%，經調整後的 EBITDA 年成長近 21%。我們也連續第二季實現了調整後營業費用佔淨銷售額百分比的槓桿率。

These are truly outstanding numbers, and one might ask just how we're able to deliver them. I think they are the byproduct of two essential aspects of our culture, two things that drive everything we do: our mission of positively impacting people's lives every day and every home around the world; and the existential need to be the absolute best at whatever we do, not just like everyone else, but the best. Our performance this quarter and for the last 17 years proves that this is a winning formula.

這些數據確實非常出色，人們不禁要問，我們是如何取得這些成績的。我認為它們是我們文化中兩個重要面向的副產品，也是我們一切行動的驅動力：我們每天積極影響世界各地人們生活和每個家庭的使命；以及我們存在的意義——無論做什麼都要做到絕對最好，不僅要像其他人一樣，而是要做到最好。本季以及過去 17 年的業績證明，這是一個成功的模式。

Let's deep-dive into sales where SharkNinja continues to materially outpace the competition. Our point-of-sale trends in Q3 demonstrate enviable momentum over a broad base of products and categories. While our data indicates the total US market that we participate in declined slightly year-over-year excluding SharkNinja's performance, our own POS grew in the low double digits.

讓我們深入分析一下銷售情況，SharkNinja 在銷售方面繼續大幅領先競爭對手。第三季我們的銷售點趨勢在廣泛的產品和類別中展現出令人羨慕的成長動能。雖然我們的數據顯示，在不計入 SharkNinja 的業績的情況下，我們參與的美國市場整體同比略有下降，但我們自己的 POS 卻實現了兩位數的低增長。

The outperformance expanded in the last four weeks exiting the quarter, with our POS reaching mid-teens growth as the market weakened further, again, excluding SharkNinja. We're also seeing tremendous success internationally where net sales growth in Q3 accelerated to almost 26% year-over-year, compared to just over 20% year-over-year in the second quarter.

在季度末的最後四周，我們的業績表現進一步提升，隨著市場進一步疲軟，我們的 POS 成長達到兩位數以上（再次強調，不包括 SharkNinja）。我們在國際市場也取得了巨大的成功，第三季淨銷售額年增近 26%，而第二季年增率略高於 20%。

Our top line strength reflects expanding relationships with consumers and retailers. Recent innovative product launches are generating exceptional consumer engagement across reviews, social media and elsewhere.

我們營收成長強勁，反映了我們與消費者和零售商之間不斷擴大的關係。近期推出的創新產品在評論、社群媒體和其他平台上都獲得了消費者的高度關注。

The trusted relationship that SharkNinja has earned with consumers remains our priority. I believe it's why we've maintained our pace of innovation despite a difficult environment. It's why we keep a maniacal focus on consumer satisfaction. And it's why we continue to expand the places consumers can shop for our products. These elements help ensure SharkNinja is driving extraordinary value to the consumer.

SharkNinja與消費者之間建立的信任關係仍然是我們的首要任務。我認為這就是為什麼儘管環境艱難，我們仍然能夠保持創新步伐的原因。這就是為什麼我們始終不遺餘力地關註消費者滿意度。正因如此，我們不斷擴大消費者購買我們產品的管道。這些因素有助於確保 SharkNinja 為消費者創造非凡價值。

I believe as we earn more trust, we build lifetime value and brand loyalty. This advantage means that as we enter new categories, consumers are all ears about what's new with SharkNinja.

我相信，隨著我們贏得更多信任，我們就能建立終身價值和品牌忠誠度。這項優勢意味著，當我們進入新的品類時，消費者都會密切關注 SharkNinja 的新產品。

On the retailer side, our global relationship status continues to strengthen. The commercial team and I spent time during Q3 with the top leaders at our largest and most important partners across the globe. The feedback was incredibly encouraging and remarkably consistent.

在零售商方面，我們的全球關係狀況持續加強。第三季度，我和商務團隊與我們在全球最大、最重要的合作夥伴的高層領導進行了交流。回饋意見令人鼓舞，而且出奇地一致。

SharkNinja is a brand unlike anyone else in our marketplace: fast-moving, uniquely innovative and steadfastly committed to marketing and demand generation. I think this is a rare combination of attributes for any company, but exceptionally so, given the extreme difficulties so many have faced in 2025.

SharkNinja 是我們市場上獨一無二的品牌：快速行動、獨具創新，並堅定不移地致力於行銷和需求創造。我認為對任何公司來說，這都是難得一見的特質組合，考慮到 2025 年許多公司面臨的極端困難，這種情況就更加特殊了。

Our differentiation has earned us an important seat at the table. You're seeing this already in the lead-up to holiday 2025 with meaningful traction in orders. Even with some shipments moving out of Q3 into Q4 as we anticipated, September was a record month for SharkNinja. As we head through the remainder of the year and into 2026, we could not be more excited about SharkNinja's position with our wholesale partners.

我們的差異化優勢為我們贏得了重要的一席之地。在 2025 年假期季節到來之際，我們已經看到訂單量顯著增長，這便是明證。儘管正如我們預期的那樣，一些貨物的出貨量從第三季度轉移到了第四季度，但9月份對於SharkNinja來說仍然是創紀錄的一個月。展望今年剩餘時間以及 2026 年，我們對 SharkNinja 與批發合作夥伴之間的關係感到無比興奮。

This enthusiasm extends to our direct-to-consumer business as well. In October, we launched a completely redesigned sharkninja.com, consolidating three outdated domains into one streamlined destination. Our new platform is a massive upgrade.

這種熱情也延伸到了我們的直接面向消費者的業務。10 月，我們推出了完全重新設計的 sharkninja.com，將三個過時的網域合併為一個精簡的目的地。我們的新平台是一次巨大的升級。

It should enable us to engage the consumer in powerful new ways and provide a more seamless e-commerce experience. Now we can instantly showcase the value of SharkNinja as the innovation powerhouse behind two multibillion dollar brands. Over time, we believe this can be an important driver of traffic, conversion and cross-selling activity.

它應該能夠讓我們以強有力的新方式與消費者互動，並提供更流暢的電子商務體驗。現在我們可以立即展示 SharkNinja 作為兩個價值數十億美元品牌背後的創新動力來源的價值。我們相信，隨著時間的推移，這可以成為流量、轉換率和交叉銷售活動的重要驅動因素。

We're also partnering with major retailers to enhance the SharkNinja experience on their online properties through new creative, enhanced imagery and by leveraging some of our celebrity ambassador content. We will continue to roll out modernized DTC sites across Latin America and EMEA in the first half of 2026 with the goal of learning and optimizing as we get into the second half.

我們也與各大零售商合作，透過新的創意、增強的圖像以及利用我們的一些名人大使的內容，來提升 SharkNinja 在其線上平台上的體驗。2026 年上半年，我們將繼續在拉丁美洲和歐洲、中東及非洲地區推出現代化的 DTC 網站，目標是在下半年學習和優化。

Making great products is one thing, but creating widespread viral demand for them is another. SharkNinja employs a very sophisticated approach of doing this in multiple ways, leveraging global brand ambassadors, micro ambassadors, influencers and experiential events.

製造出色的產品是一回事，但讓產品獲得廣泛的病毒式需求又是另一回事。SharkNinja 採用了一種非常複雜的方法，透過多種方式實現這一目標，包括利用全球品牌大使、微型大使、影響者和體驗式活動。

At the top of the pyramid, our roster of global brand ambassadors continues to expand with two tremendous new additions to highlight. We are thrilled to welcome comic sensation, Kevin Hart; and NFL icon, Tom Brady, to the SharkNinja family.

在金字塔的頂端，我們的全球品牌大使陣容不斷擴大，其中有兩位傑出的新成員值得重點介紹。我們非常高興地歡迎喜劇巨星凱文哈特和 NFL 偶像湯姆布雷迪加入 SharkNinja 大家庭。

Kevin and Tom each bring their own unique and authentic connection to fans and audiences worldwide. I encourage you to watch the first installment of Kevin and David Beckham, a long-time global brand ambassador, as neighbors in a new digital series we're creating.

凱文和湯姆都以他們獨特而真誠的方式與世界各地的粉絲和觀眾建立了聯繫。我鼓勵大家觀看我們正在製作的全新數位系列節目的第一集，節目中凱文貝克漢和長期擔任全球品牌大使的大衛貝克漢將飾演鄰居。

And be sure to check out the new Tom Brady Roast featuring him using our new Ninja Crispi Pro Air Fryer. We have a lot more exciting content to debut in the coming months from our celebrity partners, so stay tuned.

一定要看看湯姆布雷迪使用我們新款 Ninja Crispi Pro 氣炸鍋烹製的全新美食影片。未來幾個月，我們將推出更多來自明星合作夥伴的精彩內容，敬請期待。

We're also rapidly expanding our influencer network globally, driving more localized contents across key markets in Latin America, Europe and the Middle East. We now have SharkNinja content creators in these markets developing content every single day.

我們也快速擴大全球影響力網絡，推動拉丁美洲、歐洲和中東等主要市場推出更多在地化內容。現在，我們在這些市場上都有 SharkNinja 的內容創作者，他們每天都在創作內容。

The considerable scope of expertise that we're building should be durable and not easily replicable by others. We believe our investments into effective localized content can strengthen our social media marketing advantage worldwide. The same playbook that we've developed successfully in North America is now coming to the rest of the world. This evolution is another proof point of SharkNinja continuing to evolve into a true global business.

我們正在建立的廣泛專業知識應該是持久的，並且不容易被其他人複製。我們相信，對高效在地化內容的投入能夠增強我們在全球社群媒體行銷方面的優勢。我們在北美成功開發的這套策略，現在正推廣到世界其他地區。這一發展再次證明了 SharkNinja 正在不斷發展成為真正的全球性企業。

I will now turn to our three pillar growth strategies, starting with our first growth pillar: expanding into new and adjacent categories. We're now officially in 38 subcategories with the Q3 launch of Ninja Fireside 360, our revolutionary outdoor heater and fire pit combination.

接下來，我將介紹我們的三大支柱成長策略，首先從我們的第一個成長支柱開始：拓展到新的和相鄰的類別。隨著第三季推出 Ninja Fireside 360​​（我們革命性的戶外暖爐和火盆組合），我們現在正式進入了 38 個子類別。

This product exemplifies how we utilize consumer insights to solve problems with innovation. Fireside 360 combines the benefits of traditional heaters and fire pits while eliminating common drawbacks like poor heat distribution and cleanup hassles. The initial consumer response has been excellent, and we're excited to expand further into the outdoor lifestyle space.

這款產品充分體現了我們如何利用消費者洞察，透過創新解決問題。Fireside 360​​ 結合了傳統暖爐和火坑的優點，同時消除了常見的缺點，例如熱量分佈不均和清理麻煩。消費者的初步反應非常好，我們很高興能夠進一步拓展戶外生活方式領域。

Turning to beauty. We've delivered significant new product momentum during the second half of 2025. Shark Glam epitomizes our engineering first approach to solving real consumer problems. It's the first multi-styler that combines ceramic heat and powerful airflow to deliver salon-quality results for even the most challenging hair types.

轉向美。我們在 2025 年下半年取得了顯著的新產品進展。Shark Glam 體現了我們以工程技術為先導，解決消費者實際問題的概念。它是首款結合陶瓷加熱和強勁氣流的多功能造型器，即使對於最難打理的髮質，也能帶來沙龍級的造型效果。

The Shark Glossi leverages the same breakthrough technology in a versatile brush product, appealing to a broader consumer base at a more accessible price point. Together, these launches showcase our ability to evolve individual products into comprehensive franchises with hair care as the latest example.

Shark Glossi 採用同樣的突破性技術，打造出一款多功能刷具產品，以更親民的價格吸引了更廣泛的消費群體。這些新品發布共同展現了我們有能力將單一產品發展成為全面的產品系列，護髮產品就是最新的例證。

We now offer a vast ecosystem of products across multiple use cases and price points, reinforcing our position as an innovation leader transforming the beauty space. Earlier this year, in the US, we entered the skin care market with the Shark CryoGlow.

我們現在提供涵蓋多種用途和價格點的龐大產品生態系統，鞏固了我們作為美容領域創新領導者的地位。今年早些時候，我們在美國推出了 Shark CryoGlow，正式進軍護膚品市場。

In under 12 months, Shark CryoGlow is the number one skin care facial device in the US, and Shark Beauty is the number one skin care facial devices brand in the US, both according to Circana. Acting quickly on the heels of this runaway success we've just launched our next revolutionary innovation in skin care, the Shark FacialPro Glow with DePuffi.

根據 Circana 的數據，不到 12 個月，Shark CryoGlow 就成為美國排名第一的護膚面部設備，而 Shark Beauty 也成為美國排名第一的護膚面部設備品牌。繼此次大獲成功之後，我們迅速推出了護膚領域的下一個革命性創新——Shark FacialPro Glow 去浮腫精華。

We anticipate this hydrofuel device will redefine the at-home facial experience to deliver spa level results in 10 minutes, combining cleansing, moisturizing and de-puffing technology. FacialPro Glow has been an enormous success so far with 25,000 people on the wait list and a complete sellout of Amazon in three hours.

我們預計這款水力燃料設備將重新定義居家臉部護理體驗，在 10 分鐘內即可達到水療級效果，結合清潔、保濕和消腫技術。FacialPro Glow 目前取得了巨大的成功，已有 25,000 人在候補名單上，並且在亞馬遜上 3 小時內全部售罄。

Our ambition is to be the runaway leader in beauty technology, and we believe cutting-edge products like the Shark CryoGlow and Shark FacialPro Glow pave the way for that success.

我們的目標是成為美容技術領域的絕對領導者，我們相信像 Shark CryoGlow 和 Shark FacialPro Glow 這樣的尖端產品將為這一成功鋪平道路。

Taking a step back, what other company launches products as wide-ranging as an outdoor heater fire pit combo and a facial extracting and sculpting device in a single quarter? This is the magic of SharkNinja. We relentlessly pursue the next great breakthroughs across an infinite number of consumer problems to solve.

退一步講，還有哪家公司會在一個季度內推出像戶外取暖火盆組合和臉部清潔塑形儀這樣種類繁多的產品呢？這就是SharkNinja的魅力所在。我們孜孜不倦地追求下一個重大突破，致力於解決無數消費者問題。

We remain fully committed to delivering on our 2025 innovation road map with 25 new products as promised. This is a tall task considering all the supply disruptions earlier this year, but we believe we enter next year with meaningful momentum as new products ramp and our exciting 2026 launches rollout.

我們將繼續全力以赴，按計畫實現 2025 年創新路線圖，推出 25 款新產品。考慮到今年稍早的供應中斷，這是一項艱鉅的任務，但我們相信，隨著新產品的增產和我們令人興奮的 2026 年產品發布計劃的推出，我們將以顯著的勢頭進入明年。

Now let's turn to our second growth pillar: growing share in existing categories. I mentioned earlier how profoundly we outperformed the market we serve in Q3, and the same pattern has been evident all year. Year-to-date, our internal data supports clear market share gains across all four of our category groupings: cleaning, cooking, food preparation and beauty and home environment.

現在讓我們來看看第二個成長支柱：在現有類別中擴大市場佔有率。我之前提到過，我們在第三季的表現遠超乎我們所服務的市場，而且這種趨勢貫穿了全年。今年迄今為止，我們的內部數據顯示，我們在所有四個類別分組（清潔、烹飪、食品準備和美容及家居環境）中都取得了明顯的市場份額增長。

The cleaning business was a particular standout in Q3 with growth across all subcategories. Our robotics division continues to gain traction, while our extraction products also performed well. Extraction represents a great example of one of the hallmarks of SharkNinja, the drive to deliver demonstrably superior product than what we believe the market is currently offering.

第三季度，清潔業表現尤為突出，所有子類別均實現成長。我們的機器人部門持續發展壯大，同時我們的萃取產品也表現出色。萃取技術很好地體現了 SharkNinja 的一個標誌性特點，即致力於提供比我們認為目前市場上提供的產品明顯更優越的產品。

As Shark grew into a powerhouse within the vacuum and floor care markets, retailers asked us for years to enter extraction. We resisted it first because, initially, it wasn't clear how we could solve the consumers' problems in a better, more innovative way.

隨著 Shark 在吸塵器和地板護理市場發展壯大，零售商多年來一直要求我們進入抽吸領域。我們一開始抵制這種做法，是因為最初並不清楚如何以更好、更具創新性的方式解決消費者的問題。

We kept at it and introduced our Shark StainStriker platform to great success. In just a few years, we've gone from 0% share to a meaningful position in the extraction market.

我們堅持不懈，最終成功推出了 Shark StainStriker 平台。短短幾年內，我們就從零市場份額發展到在採礦市場佔據重要地位。

In Q3, we took another leap forward with the introduction of the Shark StainForce. This revolutionary cordless stain elimination system addresses what we call Stainxiety, the stress consumers feel when faced with tough stains or spill emergencies.

第三季度，我們推出了 Shark StainForce，實現了另一個飛躍。這款革命性的無線去污系統解決了我們所謂的“去污焦慮”，即消費者在面對頑固污漬或溢出緊急情況時所感受到的壓力。

The product became a viral sensation on social media with plenty of user-generated content. Best of all, authentic consumer enthusiasm is translating directly into strong sales performance, reinforcing the power of our consumer-centric product development approach.

該產品在社群媒體上迅速走紅，湧現大量用戶原創內容。最重要的是，消費者的真實熱情直接轉化為強勁的銷售業績，這進一步鞏固了我們以消費者為中心的產品開發方法的優勢。

Another social media standout is the Ninja BlendBOSS, our first-ever tumbler blender that's redefining portable wellness with an ultra-powerful motor and 100% leakproof design. The innovative on-the-go solution demonstrates the potency of our integrated marketing approach. And the launch post went viral.

另一款在社群媒體上備受矚目的產品是 Ninja BlendBOSS，這是我們推出的首款杯式攪拌機，它擁有超強的馬達和 100% 防漏設計，重新定義了便攜式健康產品。這種創新的行動解決方案展現了我們整合行銷方法的強大效力。於是，這篇發文迅速走紅。

We've seen millions of impressions across TikTok, Instagram, YouTube and Facebook, driving exceptionally strong sales in the first few weeks. I think Ninja BlendBOSS is breathing new life into a category that's been dormant, similar to what we spoke about last quarter with fans, and it represents another step in our expansion beyond traditional kitchen appliances to meet consumers' active lifestyles.

我們在 TikTok、Instagram、YouTube 和 Facebook 上獲得了數百萬次的曝光，並在最初幾週內推動了異常強勁的銷售。我認為 Ninja BlendBOSS 為沉寂已久的品類注入了新的活力，這與我們上個季度與粉絲們討論的內容類似，也代表著我們在超越傳統廚房電器、滿足消費者積極生活方式方面邁出的又一步。

This kind of organic consumer engagement reflects the genuine excitement our innovations generate in the marketplace. Lastly, I want to highlight the Ninja Crispi Pro launch, that further extends our leadership in the glass system air fryer category.

這種自發性的消費者互動反映了我們的創新在市場上引起的真正興奮。最後，我想重點介紹 Ninja Crispi Pro 的發布，這進一步鞏固了我們在玻璃系統氣炸鍋領域的領先地位。

Ninja Crispi Pro represents the latest building block in our next-generation air-frying franchise, with expanded excel capacity and enhanced functionality. We have additional breakthrough Crispi products coming in 2026 that I believe will keep one of our largest categories refreshed and vibrant for consumers.

Ninja Crispi Pro 代表了我們新一代氣炸鍋系列的最新組成部分，具有更大的容量和增強的功能。2026 年，我們將推出更多 Crispi 的突破性產品，我相信這些產品將使我們最大的產品類別之一保持新鮮活力，吸引消費者。

A common thread unites all three of the products I just highlighted. They represent disruptive innovation within some of our core existing businesses. The Shark StainForce delivers the best stain fighting in the category with no cords and no setup.

我剛才提到的這三款產品都有一個共同點。它們代表了我們一些核心現有業務中的顛覆性創新。Shark StainForce 擁有同類產品中最強的去污能力，而且無需電源線和安裝。

The Ninja BlendBOSS completely rethinks the way the consumer can utilize a single-serve blending platform as a fashionable, unique and on-the-go product. The Ninja Crispi meaningfully expands the kinds of meals our revolutionary glass system air fryer can handle.

Ninja BlendBOSS 徹底改變了消費者使用單杯攪拌平台的方式，使其成為一款時尚、獨特且便於攜帶的產品。Ninja Crispi 顯著擴展了我們革命性的玻璃系統氣炸鍋可以烹飪的食物種類。

In each case, we believe we're delivering compelling newness to help accelerate the replacement cycle across these core franchises. I think innovating within the base is the key to a healthy and thriving set of existing categories. It's a vital component of our growth algorithm, and we focus on it constantly.

我們相信，在每一種情況下，我們都能帶來引人注目的創新，從而加速這些核心特許經營權的更新換代週期。我認為在現有類別內部進行創新是維持現有類別健康繁榮的關鍵。這是我們成長演算法的重要組成部分，我們一直都非常關注它。

Our third growth pillar, international expansion, delivers exceptional results in Q3. I'm particularly excited about our UK business, which saw a dramatic reacceleration to 27% year-over-year net sales growth, compared to roughly 6% in the prior quarter. Our diversified portfolio of products in the UK is resonating with consumers in both new and existing categories.

我們的第三大成長支柱—國際擴張，在第三季取得了卓越的成果。我尤其對我們的英國業務感到興奮，該業務實現了強勁的再加速，淨銷售額同比增長 27%，而上一季約為 6%。我們在英國多元化的產品組合在新舊品類中都引起了消費者的共鳴。

The air fryer headwind we've observed throughout 2025 in the UK has started to diminish, offset by strength across espresso, beauty, stands, floor care, robotics, frozen treats and more. Mexico continues to perform exceptionally well, and we believe we're building significant momentum heading into 2026.

2025 年英國市場對氣炸鍋的逆風已經開始減弱，但濃縮咖啡、美容、展架、地板護理、機器人、冷凍食品等領域的強勁增長抵消了這一影響。墨西哥的表現持續非常出色，我們相信，在邁向 2026 年之際，我們將累積巨大的發展動能。

Our business is firing on all cylinders. Consumer demand is outstanding, with extraordinary point-of-sale metrics since the transition to a direct model. Retailers are responding in kind by expanding the number of categories they buy from SharkNinja. This flywheel is supported by the dedicated resources we have deployed across sales, marketing and operations.

我們的業務發展勢頭強勁。自轉型為直銷模式以來，消費者需求旺盛，銷售點指標表現異常優異。零售商也紛紛做出相應回應，擴大了從 SharkNinja 購買的商品類型。這種良性循環得益於我們在銷售、行銷和營運方面投入的專項資源。

Our success in Mexico is creating a halo effect across other Latin America markets. Our investments in Spanish language media are paying off in multiple countries, driving strong consumer engagement and stellar POS trends. In Q3, we experienced broad-based triple-digit growth in Latin America overall. These trends drive confidence in our expectations for a robust holiday forecast across the region.

我們在墨西哥的成功正在對其他拉丁美洲市場產生光環效應。我們在西班牙語媒體方面的投資正在多個國家獲得回報，推動了強大的消費者參與度和出色的銷售點趨勢。第三季度，我們在拉丁美洲整體實現了三位數的全面成長。這些趨勢增強了我們對該地區強勁假期預測的信心。

Moving to EMEA, we continue to strengthen and build out our business in Germany and France. These are large definable markets where SharkNinja still has significant market share opportunity. Recent meetings with our key retail partners reinforce their excitement to expand shelf placements across more categories throughout Europe.

進軍歐洲、中東和非洲地區後，我們將持續加強和拓展在德國和法國的業務。這些都是規模較大且界限分明的市場，SharkNinja 在這些市場中仍然有很大的市佔率成長空間。最近與主要零售合作夥伴的會面進一步增強了他們對在歐洲更多品類中擴大貨架陳列的熱情。

I believe the power of our three pillar growth strategy cannot be overstated. This balanced approach across new categories, existing category share gains and international expansion has enabled us to deliver 10 consecutive quarters of double-digit growth.

我認為我們三大支柱成長策略的力量怎麼強調都不為過。這種在新品類拓展、現有品類份額提升和國際擴張之間取得平衡的策略，使我們能夠連續 10 個季度實現兩位數增長。

Our diversification across products, distribution channels and geographies should only fortify our position as we move forward. While many view SharkNinja as a product and marketing company, we're fundamentally a company intently focused on execution and delivering results consistently across all areas of our business.

隨著我們不斷向前發展，我們在產品、分銷管道和地理方面的多元化只會鞏固我們的地位。雖然許多人將 SharkNinja 視為產品和行銷公司，但我們從根本上來說是一家專注於執行和在業務的各個領域持續交付成果的公司。

Given our strong performance and expectations for Q4, we're excited to raise our full year guidance ranges once again, while narrowing them as we enter the final quarter. We're particularly enthusiastic about the holiday season, where our innovative product portfolio and strong retailer relationships have historically positioned us well.

鑑於我們強勁的業績表現和對第四季度的預期，我們很高興再次提高全年業績預期範圍，同時在進入最後一個季度時縮小範圍。我們對假期季節尤其充滿熱情，我們創新的產品組合和強大的零售商關係歷來使我們在假期季節佔據有利地位。

To wrap up, I'm incredibly proud about how we've navigated 2025, during a prolonged period of turbulence around us. We have performed admirably across the dimensions we prioritize, extraordinary sales growth with contributions across geographies, gross margin expansion despite significant tariff headwinds and leverage on operating expense without sacrificing on innovation, marketing or reinvestment in the business.

最後，我為我們能在2025年這段漫長的動盪時期中順利度過難關而感到無比自豪。我們在優先考慮的各個方面都表現出色，實現了非凡的銷售增長，在各個地區都有所貢獻；儘管面臨巨大的關稅阻力，毛利率仍然實現了增長；並且在不犧牲創新、營銷或業務再投資的情況下，有效控制了運營費用。

I think this performance in such a challenging environment demonstrates how resilient and unique SharkNinja is. It's also a testament to the talented group of leaders who have relentlessly worked to drive such strong performance.

我認為在如此充滿挑戰的環境下取得這樣的成績，充分展現了SharkNinja的韌性和獨特性。這也證明了這群才華洋溢的領導團隊的辛勤付出，正是他們的不懈努力才帶來瞭如此強勁的業績。

Results like these don't just happen with our coordinated excellence, across supply chain, operations, commercial, product development, customer service and more. The breadth of our execution is a critical factor in the success of SharkNinja, from new joiners up to our most tenured executives.

取得這樣的成果，並非僅依靠我們在供應鏈、營運、商業、產品開發、客戶服務等各個環節的協調一致和卓越表現。從新進員工到資深主管，我們執行力的廣度是 SharkNinja 成功的關鍵因素。

And I'd like to formally welcome the newest member of this executive leadership team, Adam Quigley. Adam and I have worked together for more than a decade, and I've witnessed firsthand his exceptional financial acumen and strategic thinking ability.

我謹正式歡迎亞當‧奎格利加入我們的高階主管領導團隊。我和亞當共事超過十年，我親眼見證了他卓越的財務才能和策略思考能力。

He succeeded throughout his SharkNinja tenure from a manager role when we were under $1.5 billion in revenue, to our SVP of Global Planning and Analysis. His responsibilities span some of the most complex challenges: the sale of the business in 2017, listing on the Hong Kong Exchange in 2019, navigating through the COVID-19 pandemic and architecting our tariff mitigation strategy, among others.

在 SharkNinja 任職期間，他從公司營收不到 15 億美元的經理職位一路晉升為全球規劃與分析高級副總裁，並取得了巨大的成功。他的職責涵蓋了一些最複雜的挑戰：2017 年出售公司、2019 年在香港交易所上市、應對 COVID-19 疫情以及製定我們的關稅緩解策略等等。

I believe Adam's deep understanding of our business model and proven track record make him the ideal leader for our finance organization during this exciting growth phase. I'm thrilled to announce our Board of Directors has officially confirmed him to be SharkNinja's new Chief Financial Officer.

我相信，亞當對我們商業模式的深刻理解和過往的卓越業績，使他成為我們財務部門在這激動人心的成長階段的理想領導者。我很高興地宣布，我們的董事會已正式確認他擔任 SharkNinja 的新財務長。

And now Adam will walk you through our third quarter financial updated and 2025 outlook.

現在，亞當將帶您了解我們第三季的財務更新以及2025年的展望。

Thank you, Mark, for the kind introduction, and good morning, everyone. I'm honored to step in the CFO role and join you on the earnings call. I approach this opportunity the same way I have every step of my journey at SharkNinja over the last 11 years: relentlessly focused on enabling the business to thrive while working side by side with Mark and the rest of the executive team.

謝謝馬克的精彩介紹，大家早安。我很榮幸能夠擔任財務長一職，並與各位一起參加財報電話會議。我對待這個機會的態度，與我過去 11 年在 SharkNinja 的每一步都一樣：堅定不移地專注於讓公司蓬勃發展，同時與 Mark 和其他高管團隊並肩工作。

My vision is to continue building our finance function as a strategic partner that helps propel SharkNinja's continued growth and success. With that, let's review the quarter that yielded record earnings per share for our investors.

我的願景是繼續將我們的財務職能打造成為策略夥伴，以幫助推動 SharkNinja 的持續成長和成功。接下來，讓我們回顧一下為投資者帶來創紀錄每股收益的這個季度。

Net sales in Q3 increased 14.3% year-over-year to $1.63 billion. Looking at our performance by geography, domestic net sales increased 9.5% year-over-year to just over $1.1 billion. International net sales were $530 million, up 25.8% year-over-year as reported, and 21.6% in constant currency.

第三季淨銷售額年增 14.3%，達到 16.3 億美元。從地理來看，國內淨銷售額較去年同期成長 9.5%，略高於 11 億美元。國際淨銷售額為 5.3 億美元，以報告匯率計算年增 25.8%，以固定匯率計算年增 21.6%。

As Mark mentioned earlier, our UK net sales were incredibly strong in the third quarter, up 26.7% year-over-year to $237 million. Mexico was also a standout performer in the quarter, while growth in our EMEA business outside of the UK moderated slightly. Overall, these excellent results drive confidence in our expectation that international net sales growth will accelerate in the second half of 2025 compared to the first half.

正如馬克之前提到的，我們英國第三季的淨銷售額非常強勁，年增 26.7%，達到 2.37 億美元。墨西哥在本季也表現出色，而我們在英國以外的 EMEA 業務成長略有放緩。整體而言，這些優異的業績增強了我們對2025年下半年國際淨銷售額成長速度將比上半年加快的預期。

Looking at performance by category. Net sales in the cleaning category increased 12.4% year-over-year to $593 million. Robotics, extraction and corded uprights all contributed to the success, and we gained considerable market share in the category.

按類別查看業績。清潔用品類淨銷售額年增 12.4%，達 5.93 億美元。機器人技術、抽吸技術和有線立式吸塵器都為我們的成功做出了貢獻，我們在該領域獲得了相當大的市場份額。

Net sales in the cooking and beverage category returned to growth, increasing 6.3% year-over-year to $437 million. Trends here are similar to last quarter with the Ninja Luxe Café espresso strength offsetting difficult compares in other subcategories such as air fryers outside the US.

烹飪和飲料類別的淨銷售額恢復成長，年增 6.3%，達到 4.37 億美元。這裡的趨勢與上個季度類似，Ninja Luxe Café 濃縮咖啡的濃鬱口感抵消了美國以外其他子類別（如氣炸鍋）的艱難比較。

Net sales in the food preparation category increased 11.9% year-over-year to $411 million. The Ninja SLUSHi continued to be a global sensation with availability now across our largest global markets. Finally, our beauty and home environment category increased 56.7% year-over-year to $189 million. We experienced broad-based growth across fans, air purifiers, hair care and skin care in the quarter.

食品製備類產品的淨銷售額年增 11.9%，達到 4.11 億美元。Ninja SLUSHI 繼續風靡全球，目前已在我們最大的全球市場全面上市。最後，我們的美容和家居環境類別年增 56.7%，達到 1.89 億美元。本季度，我們在風扇、空氣清淨機、護髮和護膚品等領域均實現了全面成長。

Now let's move to gross profit, where we were able to offset higher tariff costs with our relentless focus on profitability. It's worth noting that the two year sourcing services agreement with JS Global ended as planned on July 31 of this year.

現在讓我們來看看毛利，我們透過不懈地追求獲利能力，抵銷了更高的關稅成本。值得注意的是，與 JS Global 簽訂的為期兩年的採購服務協議已於今年 7 月 31 日按計劃結束。

In the third quarter, GAAP gross profit increased 17.6% year-over-year to $818 million or 50.1% of net sales. This represents a record high for GAAP gross margin since our US listing and a significant milestone for SharkNinja above the 50% threshold this quarter.

第三季度，GAAP毛利潤年增17.6%，達到8.18億美元，佔淨銷售額的50.1%。這標誌著自我們在美國上市以來，GAAP毛利率創下歷史新高，也是SharkNinja本季突破50%大關的重要里程碑。

Adjusted gross profit increased 16.4% year-over-year to $820 million or 50.3% of net sales. Adjusted gross margin increased approximately 90 basis points year-over-year, with multiple elements of our mitigation strategy offsetting a notable headwind from tariffs.

調整後的毛利潤年增 16.4% 至 8.2 億美元，佔淨銷售額的 50.3%。經調整後的毛利率年增約 90 個基點，我們採取的多項緩解策略抵銷了關稅帶來的顯著不利影響。

The biggest positive contributor to adjusted gross margin this quarter came from multiple initiatives across our product cost optimization. We continually assess gross margin levels to drive improvement in value engineering to reduce build material costs and by introducing replacement versions of existing products that carry higher underlying gross margins, without impacting consumer value.

本季調整後毛利率的最大正面貢獻來自我們在產品成本優化方面所採取的多項措施。我們不斷評估毛利率水平，以推動價值工程的改進，從而降低建築材料成本，並推出現有產品的替代版本，這些替代版本具有更高的潛在毛利率，而不會影響消費者價值。

We also made further progress this quarter by diversifying production across our supply chain to drive further savings and flexibility with our dual source model. While we are pleased with adjusted gross margin performance in the quarter, it's important to note that roughly one-third of the year-over-year expansion came from true outperformance, while two-thirds was the result of favorability related to the timing of tariffs flowing through the financials.

本季度，我們也透過供應鏈生產多元化，利用雙源模式進一步節省成本並提高靈活性，取得了進一步的進展。雖然我們對本季的調整後毛利率表現感到滿意，但值得注意的是，同比增幅中約有三分之一來自真正的超額收益，而三分之二則是由於關稅生效時間對財務數據產生有利影響所致。

Moving down to P&L. Our adjusted operating expenses this quarter totaled $531 million or 32.6% of net sales. This compares to 32.7% of net sales in the year-ago quarter or 16 basis points of leverage year-over-year. As we've committed before, SharkNinja remains laser-focused on balancing cost discipline with the necessary reinvestment levels to fuel our exceptional growth, and we're delivering on that pledge.

接下來檢查損益表。本季調整後的營運費用總計 5.31 億美元，佔淨銷售額的 32.6%。相較之下，這一比例為去年同期淨銷售額的 32.7%，或年比槓桿率為 16 個基點。正如我們之前所承諾的那樣，SharkNinja 將繼續專注於在成本控制和必要的再投資水平之間取得平衡，以推動我們卓越的成長，我們正在履行這一承諾。

I will now review the components of our operating expenses on an adjusted basis. Research and development expenses decreased 3.2% year-over-year to $89 million, compared to $92 million in the prior year period, leveraging 99 basis points year-over-year. I believe this quarter exemplifies how our personnel strategy drives both innovation and efficiency.

接下來，我將對各項營運費用進行調整後的審核。研發費用年減 3.2% 至 8,900 萬美元，而上年同期為 9,200 萬美元，年減 99 個基點。我認為本季充分體現了我們的人員策略如何推動創新和效率的提升。

A year ago, we hired external subject matter experts across new technologies and areas of expertise as we work to develop new solutions to consumer problems. Consistent with our R&D operating model, we strategically brought a portion of that talent in-house, allowing us to retain and develop our knowledge base while optimizing overall operating costs.

一年前，我們聘請了各個新興技術和專業領域的外部專家，致力於開發解決消​​費者問題的新方案。與我們的研發營運模式一致，我們策略性地將部分人才納入公司內部，這使我們能夠在優化整體營運成本的同時，保留和發展我們的知識庫。

Sales and marketing expenses increased 20.7% year-over-year to $355 million, compared to $294 million in the prior year period, deleveraging 116 basis points year-over-year. We continue to invest confidently in our differentiated marketing and demand generation efforts, particularly in new and growing geographies.

銷售和行銷費用年增 20.7% 至 3.55 億美元，而去年同期為 2.94 億美元，年減 116 個基點。我們將繼續堅定地投資於差異化的行銷和需求創造工作，尤其是在新興和不斷成長的地區。

General and administrative expenses increased 7.6% year-over-year to $87 million, compared to $81 million in the prior year period, leveraging 33 basis points year-over-year. The bulk of that increase relates to higher merchant fees in our direct-to-consumer business driven by channel growth in EMEA.

一般及行政費用年增 7.6% 至 8,700 萬美元，而上年同期為 8,100 萬美元，年增 33 個基點。大部分成長與 EMEA 地區通路成長推動的直接面向消費者業務中更高的商家費用有關。

Profitability improvement is the cornerstone of our financial philosophy at SharkNinja with a focus on adjusted EBITDA. We are very pleased to deliver outstanding performance with adjusted EBITDA growing 20.7% year-over-year to $317 million.

提高獲利能力是 SharkNinja 財務理念的基石，我們專注於調整後的 EBITDA。我們非常高興地宣布，公司業績表現優異，調整後 EBITDA 年成長 20.7%，達到 3.17 億美元。

This represents a 19.4% adjusted EBITDA margin, up 100 basis points compared to the prior year period. A really incredible effort by the team here. We will continue to prioritize adjusted EBITDA margin improvement by pursuing opportunities on both the gross margin and operating expense lines.

這相當於調整後 EBITDA 利潤率為 19.4%，比上年同期成長 100 個基點。團隊的表現真是令人難以置信。我們將繼續優先提高調整後 EBITDA 利潤率，透過尋求提高毛利率和營運費用的機會來實現這一目標。

To wrap up the income statement, our GAAP effective tax rate in Q3 was 22.6%, while our non-GAAP effective tax rate was 22.3%. Adjusted net income for the period was $213 million or $1.50 per diluted share, compared to $170 million or $1.21 per diluted share in the year-ago period. This represents an incredible 24% increase year-over-year, with SharkNinja achieving record results for both GAAP and non-GAAP earnings per share in the third quarter.

總結損益表，我們第三季的 GAAP 實際稅率為 22.6%，而非 GAAP 實際稅率為 22.3%。本期調整後淨收入為 2.13 億美元，即每股攤薄收益 1.50 美元，去年同期為 1.7 億美元，即每股攤薄收益 1.21 美元。這代表著與去年同期相比實現了驚人的 24% 的增長，SharkNinja 在第三季度 GAAP 和非 GAAP 每股收益方面均取得了創紀錄的業績。

Turning to the balance sheet and cash flow. We continue to prioritize flexibility given the substantial advantages our balance sheet provides relative to what we observed across the peer group. At the end of the third quarter, cash and cash equivalents totaled $264 million, up more than 100% year-over-year, with total debt outstanding of $746 million. We continue to have nearly $490 million of capacity available to us on our $500 million revolving credit facility.

接下來來看資產負債表和現金流量表。鑑於我們的資產負債表相對於同業群體而言具有顯著優勢，我們將繼續優先考慮靈活性。第三季末，現金及現金等價物總額為 2.64 億美元，較去年同期成長超過 100%，未償債務總額為 7.46 億美元。在我們5億美元的循環信用額度中，仍有近4.9億美元的可用額度。

Total inventories were $1.16 billion exiting the quarter, up 7.6% year-over-year. We've worked through the majority of the tariff rebuild inventory that we strategically added in late 2024 and early 2025. Our healthy inventory levels position us well heading into the holiday season.

本季末總庫存為 11.6 億美元，較去年同期成長 7.6%。我們已經完成了大部分在 2024 年末和 2025 年初戰略性增加的關稅重建庫存。我們充足的庫存水準讓我們能夠很好地迎接假期季節的到來。

Let's move to the updated outlook. Entering Q4, we remain confident in our ability to outperform the market. While tariffs remain a dynamic challenge, our revised outlook assumes current tariff levels persist, including minimum rates of 20% for China, 20% Vietnam, 19% for Indonesia, Thailand, Malaysia and Cambodia.

讓我們來看看更新後的觀點。進入第四季度，我們仍然有信心跑贏大盤。儘管關稅仍然是一個動態的挑戰，但我們修訂後的展望假設目前的關稅水準將持續下去，包括中國最低稅率為 20%，越南為 20%，印尼、泰國、馬來西亞和柬埔寨為 19%。

For the fourth quarter of 2025, we expect our net sales growth to be around 16% year-over-year. We anticipate the timing impacts I mentioned earlier related to tariffs will put pressure on our adjusted gross margin by roughly 50 basis points compared to the prior year period.

我們預計 2025 年第四季淨銷售額將年增約 16%。我們預計，我之前提到的與關稅相關的時效性影響將使我們的調整後毛利率與去年同期相比下降約 50 個基點。

We also anticipate nearly 250 basis points of year-over-year leverage on adjusted operating expense as a percentage of net sales. This sizable improvement comes from seasonally strong fourth quarter sales combined with our continued cost discipline.

我們也預計，調整後的營業費用佔淨銷售額的百分比將年增近 250 個基點。這一顯著改善得益於第四季度強勁的季節性銷售以及我們持續的成本控制。

Finally, we expect adjusted EBITDA margin in Q4 to increase approximately 200 basis points compared to the prior year period. This expansion, of course, is also impacted by timing shifts related to tariffs. When combined with our Q3 adjusted EBITDA performance, we anticipate second half 2025 adjusted EBITDA margin to demonstrate notable improvement compared to the second half of 2024.

最後，我們預計第四季度調整後的 EBITDA 利潤率將比上年同期成長約 200 個基點。當然，這種擴張也受到關稅相關時間變化的影響。結合我們第三季的調整後 EBITDA 業績，我們預計 2025 年下半年的調整後 EBITDA 利潤率將比 2024 年下半年有顯著改善。

For the full year 2025, we now expect net sales to increase between 15% and 15.5%, compared to our prior year guidance of a 13% to 15% increase. Adjusted net income per diluted share is now expected to be in the range of $5.05 to $5.15, compared to $5 to $5.10 previously.

我們現在預計 2025 年全年淨銷售額將成長 15% 至 15.5%，而我們上一年的預期增幅為 13% 至 15%。經調整後的每股攤薄淨收益預計在 5.05 美元至 5.15 美元之間，而此前的預期為 5 美元至 5.10 美元。

Adjusted EBITDA is now expected to be in the range of $1.115 billion to $1.125 billion, representing growth of 17.2% to 18.3% year-over-year, compared to the prior expectation of $1.1 billion to $1.12 billion, representing growth of 16% to 18% year-over-year.

調整後 EBITDA 目前預計在 11.15 億美元至 11.25 億美元之間，年增 17.2% 至 18.3%，而此前的預期為 11 億美元至 11.2 億美元，年增 16% 至 18%。

Net interest expense is now expected to be down $5 million to $10 million relative to 2024, compared to our previous outlook of flat. Our GAAP effective tax rate expectation is now in a range of approximately 23% and to 24%, compared to a range of approximately 24% to 25% previously.

與我們先前預測的持平相比，預計 2024 年淨利息支出將減少 500 萬至 1,000 萬美元。我們目前的GAAP有效稅率預期在23%到24%之間，而先前的預期範圍約為24%到25%。

Our capital expenditures guidance remains $180 million to $200 million for the year. We are tracking toward the lower end of that range due to more efficient deployment of capital.

我們今年的資本支出預期仍為 1.8 億美元至 2 億美元。由於資本部署效率更高，我們的績效正朝著該區間的下限邁進。

To close, our performance in Q3 exceeded expectations across the board. Reflecting on my tenure, I marvel at how we've evolved and what we've accomplished. While we continue delivering strong growth and profitability, the drivers are now much more expansive. We believe our diversification across products, retailers and geographies should enable us to navigate challenges more effectively than ever before.

總之，我們第三季的業績全面超出預期。回顧我的任期，我​​驚訝於我們所取得的進步和成就。雖然我們持續保持強勁的成長和獲利能力，但驅動因素現在更加廣泛了。我們相信，我們在產品、零售商和地理方面的多元化將使我們能夠比以往任何時候都更有效地應對挑戰。

I've also witnessed tremendous development across our finance organization during my decade-plus at SharkNinja. It is my distinct honor to lead this amazingly talented group as we work to continue driving value for consumers, employees and shareholders.

在 SharkNinja 工作的十多年裡，我也親眼見證了我們財務部門的巨大發展。能夠領導這支才華洋溢的團隊，繼續為消費者、員工和股東創造價值，我深感榮幸。

I'll now turn it back to Mark.

現在我把麥克風交還給馬克。

Thanks, Adam. 2025 has been a year of unprecedented challenges for businesses around the world. While many companies struggle in this environment, SharkNinja is thriving in uncertain times. Where others may lack the willingness or capability to innovate and seize the moment, we're forging ahead full throttle.

謝謝你，亞當。 2025年對世界各地的企業來說都是充滿前所未有的挑戰的一年。在當前環境下，許多公司舉步維艱，而SharkNinja卻在不確定的時期蓬勃發展。當其他人可能缺乏創新和抓住機會的意願或能力時，我們正在全力以赴地向前邁進。

Why do we operate like this? It's our existential drive to be the absolute best at what we do. This is the cornerstone of the outrageously extraordinary mindset that fuels everything, from consumer insights and product development, to supply chain and marketing.

我們為什麼會這樣運作？這是我們與生俱來的動力，要做到我們所做事情的絕對最好。這是推動一切事物發展的非凡思維模式的基石，從消費者洞察和產品開發，到供應鏈和行銷。

But mindset means nothing without execution, which is core to our DNA. Our success is inextricably linked to the why and the how of SharkNinja, which I believe distinguishes us from everyone else. I'm proud of what we've accomplished this year and even more excited about what's to come in 2026 and beyond.

但是，如果沒有執行力，心態就毫無意義，而執行力是我們DNA的核心。我們的成功與 SharkNinja 的理念和方法密不可分，我認為這使我們有別於其他所有人。我為我們今年所取得的成就感到自豪，也對 2026 年及以後的發展感到更加興奮。

My sincere gratitude to everyone at SharkNinja who has gone above and beyond to drive our great results. Thank you. And this concludes our prepared remarks. And I'll now turn it over to the operator to kick off Q&A. Operator?

我衷心感謝SharkNinja的每一位成員，感謝他們為取得如此優異的成績所付出的巨大努力。謝謝。我們的發言稿到此結束。現在我將把時間交給接線員，開始問答環節。操作員？

(Operator Instructions) Brooke Roach, Goldman Sachs.

（操作說明）布魯克·羅奇，高盛。

Good morning, and thank you for taking our question. Mark, can you speak to your outlook for category growth for holiday and into 2026? How confident are you in your ability to continue to outperform the category to the same degree into next year? And is your portfolio of new innovation robust enough to cycle your own tough comparisons and continue to deliver a double-digit level of US growth into 2026? Thank you.

早安，感謝您回答我們的問題。馬克，你能否談談你對假期季節及2026年該品類成長的展望？您有多大信心在明年繼續保持領先同類公司的業績水準？您的創新產品組合是否足夠強大，能夠經受住嚴峻的對比考驗，並在 2026 年繼續保持兩位數的美國市場成長？謝謝。

Yeah, thanks so much, Brooke, for the question. I guess I'll start with your second question first on new innovation. The pipeline of new innovation that we have coming out I think, is great. You could just see what we've done over the last couple of weeks now.

是的，非常感謝你的提問，布魯克。我想我先從你關於創新問題的第二個問題開始回答。我認為我們即將推出的創新產品線非常棒。你看看我們過去兩週都做了些什麼就知道了。

I mean our consumer problem-solving machine was on full display. I mean we reinvented outdoor heating and fire pit. We solved the problem of Stainxiety with our cordless StainForce. We brought an at-home facial solution that extracts, moisturizes and de-puffs your skin. I'm not sure that there's another company solving all of these different types of problems.

我的意思是，我們解決消費者問題的機制已經充分展現了。我的意思是，我們重新發明了戶外取暖和火坑。我們用無線 StainForce 解決了污漬焦慮問題。我們帶來了家用臉部護理產品，可以清潔、保濕和消除肌膚浮腫。我不確定是否有其他公司能夠解決所有這些不同類型的問題。

So I think we've got a great road map of innovation. What I think I'm also really excited about, Brooke, is things that we're doing like, for example, with the BlendBOSS, we're reinventing existing categories. I think what we've done with Crispi Pro, look at how we're not resting on our laurels with the air fryer category, but we're trying to completely actually reinvent the air fryer category with Crispi and now Crispi Pro.

所以我認為我們已經制定了一條非常棒的創新路線圖。Brooke，我覺得讓我真正感到興奮的還有我們正在做的事情，例如，透過 BlendBOSS，我們正在重新定義現有的類別。我認為我們透過 Crispi Pro 所做的一切，體現了我們並沒有在氣炸鍋領域固步自封，而是試圖透過 Crispi 和現在的 Crispi Pro 徹底革新氣炸鍋領域。

So the innovation is coming not just from new categories and kind of homerun new ideas, but it's coming from reinventing the base. And I think as we go into '26, I think we're going to see an increasingly larger amount of new products coming from reinventing the base.

因此，創新不僅來自新的類別和一鳴驚人的新想法，而且來自基礎的重新改造。我認為，進入 2026 年，我們將看到越來越多的新產品源自於對基礎的重新發明。

On your first question in terms of category growth, I mean, look, I think we've consistently outperformed the market now for the 10 quarters that we've been a US public company. I believe the innovation cycle is there. I think we're getting better and better at our content creation that we're developing. We're engaging with consumers more. So I'm excited about where things are headed.

關於你提出的第一個問題，即品類成長方面，我的意思是，你看，我認為自從我們成為美國上市公司以來，在過去的 10 個季度裡，我們的業績一直優於市場。我相信創新週期是存在的。我認為我們正在不斷提高內容創作水平。我們正在加強與消費者的互動。所以我對事情的發展方向感到興奮。

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

偉大的。非常感謝。我會轉達的。

Randy Konik, Jefferies.

Randy Konik，傑富瑞集團。

Hey, great, can you hear me?

嘿，太好了，你聽得到我說話嗎？

Yeah, we can.

是的，我們可以。

All right. Thanks guys. I just wanted to kind of go through -- Adam, first and foremost, congratulations on your new role. In terms of -- if I think about the new design center opening up in the last week or so, Mark, can you talk about what are your hopes in terms of utilizing that design center to kind of continue to build more muscle into the organization, build more innovation? Where do you see that kind of fitting into the rest of the infrastructure you've built around the world? Kind of let's start there.

好的。謝謝各位。我只是想簡單說幾句——亞當，先祝賀你擔任新職務。馬克，就我而言——如果我考慮到最近一周左右新設計中心的開放，你能否談談你希望如何利用該設計中心來繼續增強組織的實力，並進行更多創新？您認為這種模式如何融入您在世界各地建立的其他基礎設施中？我們就從這裡開始吧。

Yeah, Randy, I think I would start with going back to 2014 when we opened up our engineering office in Central London and recognized that there was a talent base in London for design engineering that we just couldn't attract in Boston to the degree that we wanted to at the time.

是的，蘭迪，我想我應該從 2014 年說起，當時我們在倫敦市中心開設了工程辦事處，並意識到倫敦擁有設計工程方面的人才儲備，而我們當時在波士頓根本無法吸引到我們想要的那種人才。

And fast forward today, we have over 200 engineers in the Battersea Power Station that has really helped build this kind of chasing-the-sun innovation approach that SharkNinja has developed. I think there's a lot of parallels and similarities with that here in New York, and I'm actually in New York now.

時至今日，巴特西發電廠擁有 200 多名工程師，他們真正幫助建立了 SharkNinja 所開發的這種追逐太陽的創新方法。我覺得紐約的情況與此有很多相似之處，而我現在其實就在紐約。

I think from a creative standpoint, there is just a level of creative talent that's exceptional in New York. I think from a design perspective, I think PR, media buying, social media. We'll have a content creator studio that will be here right in Midtown.

我認為從創意角度來看，紐約的創意人才水平非常高。我認為從設計的角度來看，我認為是公關、媒體購買和社群媒體。我們將在市中心設立一個內容創作工作室。

I think it's exciting that we're actually going to be designing and developing products here in Midtown Manhattan. I actually had the Dean of Columbia Engineering School here last week that was excited to send down students and interns here at the facility.

我覺得很激動，我們竟然要在曼哈頓中城設計開發產品。實際上，哥倫比亞大學工程學院的院長上週來過這裡，他很高興能派學生和實習生來我們這裡參觀學習。

So all in all, I think it's just going to be a great magnet for talent for us. And I think it's going to blend together really well with our teams in Boston and London and around the world to just bring together the best and brightest people.

總而言之，我認為這對我們來說將成為吸引人才的巨大磁鐵。我認為它將與我們在波士頓、倫敦以及世界各地的團隊完美融合，匯集最優秀、最聰明的人才。

Super helpful. I guess my last follow-up would be, when you think about the next few years and driving continued international growth, maybe remind us kind of just the way you think about international, how big it should be a portion of the total business within a few years? And where you see the biggest opportunities? You keep talking about massive continued growth in the UK and beyond.

非常有用。我想最後一個後續問題是，當您考慮未來幾年以及如何推動國際業務持續成長時，能否提醒我們一下您是如何看待國際業務的，在幾年內，國際業務應該佔總業務的多大比例？你認為最大的機會在哪裡？你一直在談論英國及其他地區的持續大規模成長。

And then, Adam, just a follow-up on gross margin. I think you've talked about there's still ability to kind of bring that further higher in the years ahead. Maybe talk to some of the puts and takes you think about high level from a gross margin standpoint as you think about the next couple of years. Thanks guys.

然後，亞當，關於毛利率，我還有一個問題。我認為你之前也提到過，未來幾年仍有可能進一步提高這個數字。在考慮未來幾年的時候，或許可以和大家聊聊從毛利率角度來看的一些高階的買賣策略。謝謝各位。

Yeah. Look, on the international side, I think what's most exciting is that our model is replicating globally. I mean, let's start with that. I mean if I go back a couple of years ago, people would say, well, Europe is so different, it's so fragmented. Latin America, how do you even get to that market? Is it even accessible to you?

是的。從國際層面來看，我認為最令人興奮的是我們的模式正在全球複製。我的意思是，我們就從這裡開始吧。我的意思是，如果我回到幾年前，人們會說，歐洲變化太大了，它太分裂了。拉丁美洲，你該如何進入那個市場？你能訪問它嗎？

And I think we've kind of proven out that the model of disruptive consumer-focused product innovation and viral marketing that creates consumer demand is a global translatable strategy, and we're seeing that in countries around the world.

我認為我們已經證明，以顛覆性消費者為中心的創新產品和病毒式行銷模式能夠創造消費者需求，是一種全球通用的策略，我們在世界各國都看到了這一點。

I'm very excited about Europe, very excited about Latin America. But I'm also excited that we're building -- we're continuing to build a strong business in the UK I mean there's strong nice growth in the UK. I'll continue to reinforce that I think over time our business in Germany, just because of the market size, will ultimately be bigger than the UK, and France, maybe a little bit smaller.

我對歐洲充滿期待，對拉丁美洲也充滿期待。但我也很高興我們正在——我們正在繼續在英國打造一個強大的業務，我的意思是，英國的業務增長強勁且良好。我將繼續強調，我認為隨著時間的推移，由於市場規模的原因，我們在德國的業務最終會比英國的業務更大，而法國的業務可能會略小。

But for right now, Randy, we're very focused on the path to getting to 50% of our business outside of the US, and that's kind of the short to midterm, immediate target for us.

但就目前而言，蘭迪，我們非常專注於實現 50% 的業務來自美國以外的目標，這算是我們短期到中期的近期目標。

Yeah. And on the gross margin front, I mean, you continue to see from us, we've expanded gross margin considerably every quarter thus far. And what we're seeing as we move forward is the changes that we're making, the structural changes, right, we're improving our product costs through value engineering efforts.

是的。至於毛利率方面，我的意思是，你們也看到了，到目前為止，我們每季的毛利率都大幅成長。隨著我們不斷前進，我們看到的是我們正在做出的改變，結構上的改變，對吧？我們正在透過價值工程努力來降低產品成本。

We're improving the product cost through where we source the product, through the supply chain that we've talked a lot about. And also, we're entering into new categories that are commanding higher price points that have more structural higher gross margins.

我們正在透過改善產品採購管道和供應鏈來降低產品成本，我們已經多次談到這一點。此外，我們正進入新的品類，這些品類價格較高，毛利率也較高。

And so the durability of our ability to expand gross margin, I think we feel very good about going into the future because it's, really, it's no one thing, it's coming from multiple avenues.

因此，我認為我們對未來擴大毛利率的能力的持久性感到非常樂觀，因為這並非單一因素造成的，而是來自多個方面。

Thanks guys, really appreciate it.

謝謝各位，非常感謝。

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，奧本海默。

Good morning, and thanks for taking my question. So just going back to your commentary on the inventory side, it appears to be in really good shape, I think you had a high single-digit growth this quarter. Do you believe you have the inventory right now to meet underlying demand or even stronger demand out there? I know at times you guys have been inventory-constrained in recent quarters.

早上好，感謝您回答我的問題。回到您之前對庫存方面的評論，看起來情況非常好，我認為你們本季度實現了接近兩位數的增長。您認為您目前的庫存足以滿足潛在需求，甚至能夠滿足更強勁的市場需求嗎？我知道你們最近幾季有時會面臨庫存緊張的問題。

Yeah, thanks for the question, Rupesh. I think where we're at with inventory right now is, you saw last year, we really leaned into our balance sheet strength and brought in prebuilt inventory ahead of some of the tariffs coming into place, and that served us quite well throughout this year.

是的，謝謝你的提問，Rupesh。我認為我們目前的庫存情況是，正如你去年看到的，我們充分利用了資產負債表的優勢，在一些關稅生效之前儲備了預製庫存，這在今年對我們非常有幫助。

What you saw in Q3 of growing about 7%, 8% year-over-year is we've got healthy inventory stock. We're not in an overstock position by any means. The stock that we have on hand, we feel good about going into the holiday season.

第三季年增約 7%、8%，顯示我們的庫存狀況良好。我們絕對沒有出現庫存過剩的情況。就我們目前的庫存而言，我們對即將到來的假期季節充滿信心。

We've talked about some NPDs shifting in terms of timing and potentially picking that up in 2026. But overall heading into the holiday season, I think we feel really good, and also reflecting on some of the actions that were taken a year ago, feeling really good about that and being able to help us on the gross margin front.

我們已經討論過一些新產品開發計劃在時間安排上的變化，並有可能在 2026 年開始實施。但總的來說，展望即將到來的假期，我認為我們感覺非常好。回顧一年前採取的一些行動，我們感到非常滿意，這些行動能夠幫助我們提高毛利率。

Great. And then maybe just a quick follow-up question, just on the elasticity front. We've heard some players out there just some of the challenges they've had in actually taking price while you guys have done quite well. So just curious what you're seeing from an elasticity perspective and overall how you feel about your price gaps.

偉大的。然後，或許可以再問一個關於彈性方面的問題。我們聽說有些玩家在接受賠率方面遇到了一些挑戰，而你們做得相當不錯。所以，我只是好奇從彈性角度來看，你看到了什麼，以及你對價格差距的整體感受如何。

Yeah, Rupesh, we've taken price, but we've done it very, very cautiously. I mean we understand the consumer is challenged, I mean, we're particularly watching the impact of the government shutdown. And what we've seen to date is that we're still delivering extraordinary value to the consumer. I mean we're not the highest-priced products in the market, we're not the lowest-priced products.

是的，Rupesh，我們已經考慮過價格了，但我們非常非常謹慎地進行了考慮。我的意思是，我們理解消費者面臨挑戰，我們特別關注政府停擺的影響。到目前為止，我們看到的是，我們仍然在為消費者提供非凡的價值。我的意思是，我們的產品既不是市場上價格最高的，也不是價格最低的。

You could still buy a SharkNinja product for $59 or for $999. So I think we're in all of the key price points that you can -- that consumers are looking for. And as long as we continue to maintain market-leading performance and high-quality products and still deliver them to consumers at a great value, I think that'll work out fine for us.

你仍然可以花 59 美元或 999 美元購買 SharkNinja 產品。所以我覺得我們涵蓋了所有關鍵的價格區間——也就是消費者正在尋找的價格區間。只要我們繼續保持市場領先的業績和高品質的產品，並以極具競爭力的價格提供給消費者，我認為這對我們來說就沒問題。

Great, thank you.

太好了，謝謝。

Brian McNamara, Canaccord Genuity.

Brian McNamara，Canaccord Genuity。

Hey, good morning guys. Thanks for taking our questions. So there was a lot of concern from investors for the last several weeks heading into this print, pretty much all of which was kind of proven unfounded with these results and guidance. A number of your competitors have reported much weaker results, and one common headwind has been kind of retailer inventory levels.

嘿，各位早安。謝謝您回答我們的問題。因此，在過去幾周里，投資人對這份財報感到非常擔憂，但這些業績和指引幾乎證明他們的擔憂都是沒有根據的。您的許多競爭對手都報告了遠遜於您的業績，其中一個共同的不利因素是零售商的庫存水準。

So you had a European competitor (inaudible) last month and called out US retailers' wait and see attitude, while a US competitor last week called out a retailer inventory adjustment in Q3 as kind of higher inventory value due to tariffs were absorbed by the market. So I'm just curious how your business was impacted by these market dynamics. Thanks.

所以，上個月你們的歐洲競爭對手（聽不清楚）批評了美國零售商的觀望態度，而上週你們的美國競爭對手則批評了零售商在第三季度的庫存調整，因為關稅導致的較高庫存價值已被市場吸收。所以我很好奇這些市場動態對您的業務產生了哪些影響。謝謝。

Yeah, Brian, I mean, I guess, on your first point, we've delivered 10 consecutive quarters of double-digit top and bottom line growth since we've been a US public company. So I can't speak to what investor concerns were specifically.

是的，布萊恩，我的意思是，關於你的第一點，自從我們成為一家美國上市公司以來，我們已經連續 10 個季度實現了兩位數的營收和利潤增長。所以我無法具體說明投資人的擔憂是什麼。

As it relates to retailer inventory, yeah, I mean, we're experiencing good retailer support. I mean I think the retailers are leaning in with SharkNinja. I think they believe in our innovation. I think they believe in the demand generation that we're going to bring to them. I mean there are, of course, situations where maybe there isn't the inventory levels that we'd like them to be.

至於零售商庫存方面，是的，我的意思是，我們得到了零售商的良好支持。我的意思是，我認為零售商們正在積極與SharkNinja合作。我認為他們相信我們的創新能力。我認為他們相信我們將為他們帶來的需求成長。當然，也存在庫存水準可能達不到我們預期情況的情況。

I think we distribute through lots of different channels, I mean, from dot-com to brick-and-mortar to D2C. Our job is just to make sure that our innovation is able to be purchased by consumers when we create the demand for it. And we love full retailer participation. In some cases, we get it; in some cases, we don't get it. But we still have to drive demand and fulfill orders for consumers.

我認為我們透過許多不同的管道進行分銷，我的意思是，從互聯網到實體店再到直接面向消費者 (D2C)。我們的工作就是確保當我們創造出對創新產品的需求時，消費者能夠購買到我們的創新產品。我們非常歡迎零售商的全面參與。有些情況下我們能理解；有些情況下我們則不能。但我們仍然需要刺激需求並滿足消費者的訂單。

That's helpful, and (multiple speakers)

那很有幫助，而且（多位發言者）

And Brian, I was just going to mention too, I think one of the things that we can point to is our Q4 guidance is sort of the confidence that we have in the retail orders that are ahead. And so I think you're seeing that reflected also in what we've put out today.

布萊恩，我也正想提一下，我認為我們可以指出的一點是，我們對第四季業績的預期反映了我們對未來零售訂單的信心。所以我覺得你們也能從我們今天發布的內容中看到這一點。

Great. And then secondly, obviously, I don't want to front load your '26 guidance, but you've consistently said you're a double-digit growth company. Is that a reasonable expectation for the top line next year?

偉大的。其次，很顯然，我不想提前預測你們 2026 年的業績，但你們一直表示你們是一家兩位數成長的公司。這是對明年營收的合理預期嗎？

Yeah. I mean, I think as we go forward, we're continuing to be very proud of where we're going to land in 2025. We're not in a position right now to give any guidance on 2026. But I think we've got a really incredible Q3 that we've just put out today, and I think we're really excited about Q4.

是的。我的意思是，我認為展望未來，我們對 2025 年將取得的成就感到非常自豪。我們目前無法對 2026 年的情況做出任何預測。但我認為我們今天剛發布的第三季業績非常出色，而且我們對第四季也感到非常興奮。

Thanks guys. Appreciate it.

謝謝各位。謝謝。

Thank you.

謝謝。

Steven Forbes, Guggenheim Securities.

史蒂文福布斯，古根漢證券。

Hey, Mark. Hey, Adam. Maybe just a follow-up on international expansion. As we look out sort of over the next couple of quarters here, I was hoping maybe for a formal update on the transitions of the international markets from third-party distribution to self-distribution. I don't know if you can give us maybe a road map to think through.

嘿，馬克。嘿，亞當。或許只是國際擴張的後續報導。展望未來幾個季度，我原本希望能夠正式了解國際市場從第三方分銷過渡到自主分銷的情況。我不知道您是否能為我們提供一個思考方向的路線圖。

And then maybe broader comments on how has the risk parameters of that transition period changed. I mean we're coming off, right, the Mexico transition that you've talked about some optimism on a smoother transition ahead. So maybe just would love to hear your most updated thoughts as we look ahead to those transitions.

然後或許可以就過渡時期風險參數的變化發表更廣泛的評論。我的意思是，我們剛結束了墨西哥的過渡時期，你也談到了對未來更平穩過渡的樂觀態度。所以，我們很想聽聽您對未來這些轉變的最新想法。

Yeah, Steve, I mean, I think the biggest -- as we talked about on previous calls, I mean, I think the biggest learning was not to approach these things from a big bang perspective, that in each market, likely there is a role for a distributor, particularly in countries that do have a sizable amount of small retailers that maybe it's just not in our best interest to be working with on a direct basis.

是的，史蒂夫，我的意思是，我認為最大的教訓——就像我們之前通話中談到的那樣，我認為最大的教訓是不要從大爆炸的角度看待這些事情，在每個市場，分銷商可能都扮演著一定的角色，尤其是在那些擁有大量小型零售商的國家，直接與他們合作可能並不符合我們的最佳利益。

I mean you take a country like Spain, there's four major retailers that we're going to work with, but there's a whole lot of other retailers that we might be better off just being serviced by a distributor. And so I think that's more of the model that we're moving towards.

我的意思是，以西班牙這樣的國家為例，我們將與四家主要零售商合作，但還有很多其他零售商，我們或許最好還是透過經銷商來提供服務。所以我認為這更符合我們正在努力的方向。

You're going to see that in the Nordics, you're going to see that in Poland. You're going to see that in Spain and Italy, likely see that in some countries in South America. So I think that it shouldn't be kind of an event situation.

你會在北歐看到這種情況，你會在波蘭看到這種情況。你會在西班牙和義大利看到這種情況，也可能會在南美洲的一些國家看到這種情況。所以我認為這不應該成為一個事件。

I think you should see it as more of a kind of just an ongoing smoother transition as we take over some of the larger retailer relationships and continue to partner with distributors to meet the secondary and tertiary retailers in the market.

我認為你應該把它看作是一個持續平穩的過渡過程，我們將接管一些較大的零售商關係，並繼續與分銷商合作，以滿足市場上的二級和三級零售商的需求。

And then just a quick follow-up. I don't know if you can provide a formal update on the path to becoming a domestic filer. It seems to be a point of interest from your -- from investors. So I don't know if there's a formal statement that you guys can provide.

然後還有一個簡短的後續問題。我不知道您是否能提供關於如何成為國內報稅人的正式最新資訊。這似乎是你們——投資者——感興趣的一點。所以我不知道你們能否提供一份正式聲明。

As we look ahead to 2026, we have officially failed the foreign private issuer test. And so certainly making our way for as a domestic filer, and that will occur in 2026. So yeah, on track on that front, what we've said before.

展望 2026 年，我們正式未能通過外國私人發行人測試。因此，我們肯定會努力成為國內納稅人，而這將在 2026 年實現。是的，在這方面我們進展順利，正如我們之前所說。

Thank you. I'll pass it on.

謝謝。我會轉達的。

Philip Blee, William Blair.

菲利普·布利，威廉·布萊爾。

Morning, Mark. Adam, congrats on the new role.

早上好，馬克。亞當，祝賀你榮任新職。

Thank you.

謝謝。

I wanted to focus on the beauty space a bit more. Can you maybe provide a bit of color around the consumer response to all the newness you've released in hair and skin over the past few months? What kind of lift that could have during this holiday season as a more giftable option?

我想多關註一下美容領域。您能否簡要介紹一下消費者對您在過去幾個月推出的所有護髮和護膚新品的反應？在這個假期季節，作為更適合的送禮選擇，它能帶來怎樣的提升？

And then what's the opportunity to expand the availability of your skin assortment to retail partners beyond just the specialty beauty space? Thank you.

那麼，除了專業美容領域之外，還有哪些機會將您的護膚產品系列推廣到零售合作夥伴？謝謝。

Yeah, thanks, Phillip. Look, we're really excited about what we're doing in beauty, both in hair and in skin and what that potentially opens up for us to other categories in beauty. This will be the first holiday selling season for CryoGlow in the United States and most of Europe. So we're excited about that. We're seeing great momentum. It's the number one selling skincare beauty device in the US in just a very short period of time.

是啊，謝謝你，菲利普。你看，我們對在美容領域所做的一切感到非常興奮，包括頭髮和皮膚護理，以及這可能為我們打開的美容其他領域的大門。這將是 CryoGlow 在美國和歐洲大部分地區的第一個假期銷售季。我們對此感到很興奮。我們看到了強勁的發展勢頭。它只花了很短的時間就成為美國銷量第一的護膚美容儀器。

We just launched a product called the Shark FacialPro Glow. We think it's off to a great start. Won't have broad distribution in Q4, but we think it will as we start to roll it out into Q1 and Q2 and beyond. I think what's exciting about that product is the replenishment topical that is sold with it.

我們剛推出了一款名為 Shark FacialPro Glow 的產品。我們認為這是一個好的開始。第四季不會廣泛鋪開，但我們認為隨著第一季、第二季及以後的逐步推廣，鋪開的規模將會擴大。我覺得這款產品最吸引人的地方在於它配套販售的補充外用產品。

I mean we developed that with this Korean formulation company. So I'm excited that we're not just selling a product, but we're selling a system that the consumer will kind of ongoing engage with us.

我的意思是，我們和這家韓國配方公司一起開發了它。所以我很興奮，我們不只是在銷售產品，而是在銷售一個消費者會持續與我們互動的系統。

In the hair care space, we've got a lot of new innovation and technology happening, not just with what we launched today, but the pipeline of what's to come moving forward. I don't view it as that we're only looking at the beauty business to sell that in the prestige retailers.

在護髮領域，我們有許多新的創新和技術正在湧現，不僅是我們今天推出的產品，還有未來即將推出的產品。我不認為我們只是為了在高端零售商那裡銷售美妝產品而關注這個行業。

I think you're going to see broadened retail distribution from us. I mean we want to be able to positively impact everyone. We think everyone should feel beautiful with our hair care products and our skin care products. So I think you'll continue to see broader distribution as we get into '26, but we're in very much our early stages in the expansion of our overall beauty business.

我認為你們將會看到我們擴大零售分銷管道。我的意思是，我們希望能夠對每個人產生正面的影響。我們認為，使用我們的護髮產品和護膚產品，每個人都應該感受到美麗。所以我認為，隨著我們進入 2026 年，你會看到更廣泛的分銷管道，但我們整體美容業務的擴張還處於非常早期的階段。

Okay. Great. That's super helpful. And then just now that a lot of this accelerated supply chain diversification efforts are behind you and inventory levels seem to be in good shape, how do you think about the potential to accelerate the category availability in international markets more in line with what's available here in the US? And then what kind of lift could that have on the segment? Thank you guys.

好的。偉大的。這太有幫助了。現在，許多加速供應鏈多元化的努力已經完成，庫存水準似乎也處於良好狀態，您認為如何才能加快國際市場的品類供應，使其更符合美國市場的供應水準？那麼，這會對該細分市場產生怎樣的提振作用呢？謝謝大家。

Yeah, Phillip, I think inventory and our global sourcing model obviously has impacted our ability to roll out as fast as we want or fulfill as much demand as we wanted to globally. But I think there's another constraint also that we've talked about, which is marketing and just being able to invest a sufficient amount of marketing on each category to be able to get a foothold in these new markets.

是的，菲利普，我認為庫存和我們的全球採購模式顯然影響了我們按預期速度推出產品或在全球範圍內滿足預期需求的能力。但我認為還有另一個我們討論過的限制因素，那就是行銷，以及能否在每個類別上投入足夠的行銷資金，以便在這些新市場站穩腳跟。

I mean let's not forget, like three years ago, a German consumer didn't know who Shark or Ninja was. And there was no German consumer that had our products in their homes. And so there's still a lot of brand building that's needed. I mean there's still a lot of education that we need to do in a lot of these markets.

我的意思是，別忘了，就在三年前，德國消費者還不知道 Shark 或 Ninja 是什麼。而且，沒有一個德國消費者在家中使用過我們的產品。因此，品牌建立方面仍有許多工作要做。我的意思是，在許多市場中，我們仍然需要進行大量的教育工作。

So supply chain is a component of it, but I almost see marketing as an equal or bigger component of it. And it's just going to take us some time as we move forward. And really, I don't want to make the mistake of pushing too far, too fast, and not being able to support it properly from a marketing standpoint.

所以供應鏈是其中的一個組成部分，但我認為行銷幾乎是同等重要甚至更重要的組成部分。我們前進的過程中需要一些時間。說真的，我不想犯下用力、操之過急的錯誤，以至於我無法從行銷的角度給予適當的支持。

Makes sense. Excellent. Best of luck.

有道理。出色的。祝你好運。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，摩根大通。

Thank you, operator, and good morning everyone. Congrats Adam on the promotion. I wanted to go back, Mark, with the commentary, because you did say in the beginning of September, a competitor conference, that some of the inventory may have slipped through into the fourth quarter. And you also mentioned some of the innovation also that had been planned for 2025 could come to fruition in 2026.

謝謝接線員，大家早安。恭喜亞當升職！馬克，我想就此發表評論，因為你在 9 月初的一次競爭對手會議上說過，部分庫存可能已經進入了第四季。您也提到，一些原計劃在 2025 年實現的創新項目可能會在 2026 年實現。

So I was just hoping to see if, one, that concern that some of these shipments would shift into the fourth quarter actually did not materialize at the end of the quarter. In other words, you don't have that benefit potentially in the fourth quarter. Obviously, we can do the math, but we just want to figure how consumption and shipment dynamics are unfolding, and inventory levels.

所以我只是希望看看，第一，那些關於部分貨物運輸會轉移到第四季度的擔憂，是否真的在季度末沒有成為現實。換句話說，你在第四季可能無法獲得這種好處。顯然，我們可以進行計算，但我們只想弄清楚消費和運輸動態是如何發展的，以及庫存水準如何。

And then if you think on the innovation, obviously, you have announced a very strong pipeline now, but just wondering how that pipeline compares when you started the year or as it unfolded and how it sets you for 2026. Thank you.

然後，如果你考慮創新方面，顯然，你們現在已經公佈了一個非常強大的產品線，但我只是想知道這個產品線與年初或發展過程中相比如何，以及它如何為 2026 年做好準備。謝謝。

Andrea, let me take the question around Q3 and Q4 and some of the retailer shipment timing. I think every year at this time, we're actively watching and monitoring daily what inventory patterns are and what the retailer shipments are.

Andrea，讓我來回答關於第三季和第四季以及一些零售商出貨時間的問題。我認為每年這個時候，我們都會積極觀察並每日監控庫存模式和零售商的出貨情況。

And so as the retailers ramp up for the holiday season and we also ramp up our inventory for the holiday season, that Q3, Q4 timing is often quite tricky. I will say our sales and operations team did an incredible job to really get as much out as we could with the retail orders that we had.

因此，隨著零售商為假期季節加緊備貨，我們也為假期季節增加庫存，第三季和第四季的時機往往相當棘手。我必須說，我們的銷售和營運團隊做得非常出色，盡可能地完成了我們所有的零售訂單。

And I think one of the items that Mark mentioned earlier in the call was retailers really view us quite favorably right now. And we know we're operating in an uncertain consumer environment and that retailers, we can't speak for them, but they're going to make their own choices and they're going to make their own bets across who they're buying inventory from and when.

我認為馬克在電話會議早些時候提到的一點是，零售商目前對我們的看法確實相當不錯。我們知道我們正處於一個不確定的消費環境中，零售商們，我們不能代表他們發言，但他們會做出自己的選擇，他們會自己決定從誰那裡購買庫存以及何時購買。

And I think we've positioned ourselves really well for them to prioritize us because they know that we're going to stand behind the products. They know that we were investing behind the brand and the products that we're launching. And I think they're looking to win in Q4 with us.

我認為我們已經很好地定位了自己，讓他們優先考慮我們，因為他們知道我們會對產品負責。他們知道我們一直在投資這個品牌以及我們即將推出的產品。我認為他們希望在第四季和我們一起贏得比賽。

Yeah. In terms of the innovation, listen, I think we feel very good about the pipeline of what we've developed across lots of different categories. And as I said earlier, I think we're doing a really good job of innovating in the base.

是的。就創新而言，聽著，我認為我們對我們在眾多不同類別中開發的產品線感到非常滿意。正如我之前所說，我認為我們在基礎創新方面做得非常出色。

And that's something that I really want to reinforce to investors because we have a great, healthy base business, which is the foundation of the overall business that we've created. So things like BlendBOSS and things like Crispi Pro and things like improvements to our core vacuum business, those are all, I think, really, really exciting, that maybe do not get some of the fanfare out there that they should.

這一點我真的想向投資者強調，因為我們擁有一個強大、健康的基礎業務，這是我們所創造的整體業務的基礎。所以像 BlendBOSS、Crispi Pro 以及我們核心吸塵器業務的改進等等，我認為都非常非常令人興奮，但可能並沒有得到應有的關注。

Thank you. I can confirm that does conclude the question-and-answer session here. And that does conclude today's call. Thank you all for your participation. You may now disconnect, and please enjoy the rest of your day.

謝謝。我可以確認，問答環節到此結束。今天的電話會議到此結束。感謝各位的參與。現在您可以斷開連接了，請享受餘下的時光。