Sharkninja Inc (SN) 2025 Q4 法說會逐字稿

Hello, everybody, and welcome to the SharkNinja's fourth quarter '25 and FY25 earnings call. My name is Elliot, and I will be coordinating your call today. (Operator Instructions)

大家好，歡迎參加 SharkNinja 2025 年第四季及全年業績電話會議。我叫艾略特，今天我將負責協調您的通話。（操作說明）

I would now like to hand over to James Lamb, Senior Vice President of Investor Relations and Treasury. Please go ahead.

現在我將把發言權交給投資者關係和財務高級副總裁詹姆斯·蘭姆。請繼續。

Good morning, and welcome to SharkNinja's fourth quarter 2025 earnings conference call. Earlier today, we issued our Q4 earnings release, which is available on the company's website at ir.sharkninja.com. A replay of today's webcast will also be available on the site shortly after the call.

早安，歡迎參加 SharkNinja 2025 年第四季財報電話會議。今天早些時候，我們發布了第四季度財報，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. 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。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。

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聲明的義務。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 Q4 and full year 2025 financial results and share our outlook for 2026. Mark will then offer some closing remarks before we open the call up to questions. During the Q&A session, please limit yourself to one question and one follow-up.

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 2025 年第四季和全年的財務業績，並分享我們對 2026 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。在問答環節，請每人只提出一個問題，並可提出一個後續問題。

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

現在我想把電話交給馬克。

Thank you, James. Good morning, everyone, and thank you for joining us today. 2025 concluded on a high note for SharkNinja. It was an outstanding holiday season driven by broad-based strength across product categories, geographies and channels. Our remarkable fourth quarter and full year performance reflect many factors, but the simplest are the most crucial.

謝謝你，詹姆斯。各位早安，感謝大家今天的參與。 SharkNinja 的 2025 年以輝煌的成績圓滿落幕。這是一個非常出色的假期季節，這得益於產品類別、地理和通路的全面強勁表現。我們第四季和全年的出色業績反映了許多因素，但最簡單的因素才是最關鍵的。

Consumers want Shark and Ninja products, and they're discovering them in more places than ever before. We believe we are meeting consumers where they are by delivering accessible innovation and exceptional value. We're incredibly proud of what SharkNinja accomplished this year, record financial results, swift and decisive execution and an ever-growing array of groundbreaking products that consumers love. Our most important objective this year and every year is building trust with consumers. We win when consumers around the world get excited to buy our products and feel delighted when using them.

消費者想要 Shark 和 Ninja 的產品，而且他們比以往任何時候都更容易在更多的地方發現這些產品。我們相信，透過提供易於獲取的創新和卓越的價值，我們正在滿足消費者的需求。我們為 SharkNinja 今年所取得的成就感到無比自豪，包括創紀錄的財務業績、迅速果斷的執行力以及消費者喜愛的不斷增長的突破性產品系列。我們今年以及每年最重要的目標都是建立消費者的信任。當世界各地的消費者對我們的產品感到興奮並樂於使用它們時，我們就成功了。

To this day, nothing makes me happier than reading a five-star review online and nothing gets me more motivated than feedback telling us where we can improve. Obsession with the consumer is in our DNA. It powers everything we do. We believe that when we successfully captivate consumers, we earn permission to expand further into their lives. With a never-ending spectrum of consumer problems to solve, we feel the opportunity ahead of us is enormous.

時至今日，沒有什麼比在網路上看到五星級好評更讓我高興的了，也沒有什麼比回饋意見更能激勵我改進了。我們對消費者的執著已經融入了我們的基因。它為我們所做的一切提供動力。我們相信，當我們成功吸引消費者時，我們就獲得了進一步拓展業務、融入他們生活的許可。面對層出不窮的消費者問題，我們認為擺在眼前的機會是巨大的。

Our Q4 results were excellent across the board with net sales increasing nearly 18% year over year, the fastest growth rate of 2025. Domestic growth accelerated to almost 16% , complemented by International growth of over 21%. Adjusted gross margin expanded by nearly 40 basis points and adjusted EBITDA increased 36% year over year. This performance reflects our third consecutive quarter of leverage in adjusted operating expenses as a percentage of net sales, a pattern we believe demonstrates the scalability of our model. Importantly, this performance came against a challenging macro backdrop.

我們第四季的業績全面出色，淨銷售額年增近 18%，是自 2025 年以來最快的成長速度。國內經濟成長加速至近 16%，國際經濟成長超過 21%。經過調整後的毛利率成長了近 40 個基點，經調整後的 EBITDA 年增了 36%。這一業績反映了我們連續第三個季度調整後營運費用佔淨銷售額的百分比實現了槓桿效應，我們認為這一模式證明了我們模式的可擴展性。值得注意的是，這項業績是在充滿挑戰的宏觀背景下取得的。

While our markets remained under pressure throughout 2025 on top of declines in both '24 and '23, we continue to rapidly gain share. According to Circana, the total US market that we participate in declined in the low single digits year over year for the full year 2025, excluding SharkNinja's performance. Q4 was even more challenging for the industry with mid-single-digit declines year over year, again, excluding SharkNinja. The magnitude of our outperformance is noteworthy with market share gains across each of our four category groupings in '25, Cleaning, Cooking and Beverage, Food Preparation and Beauty and Home Environment.

儘管我們的市場在 2024 年和 2023 年都出現下滑，但 2025 年全年仍面臨壓力，我們仍在快速擴大市場份額。根據 Circana 的說法，在 2025 年全年，我們參與的美國市場整體年減了個位數百分比，不包括 SharkNinja 的表現。第四季對於整個產業來說更具挑戰性，年比出現中等個位數的下滑，同樣，不包括 SharkNinja。2025 年，我們在清潔、烹飪和飲料、食品製備以及美容和家居環境這四個類別組中均取得了顯著的市場份額增長，我們的超額收益幅度非常值得關注。

Despite macro headwinds, SharkNinja delivered its 11th consecutive quarter of double-digit top line growth, and we did it while staying true to our core strategy, continuing to invest to drive innovation and maintaining our marketing momentum. We kept executing the same tried and true playbook even with every challenge presented in 2025.

儘管面臨宏觀經濟逆風，SharkNinja 仍連續第 11 個季度實現了兩位數的營收成長，而且我們始終堅持核心策略，持續投資以推動創新，並保持行銷動能。即使面對 2025 年出現的所有挑戰，我們也始終堅持執行同樣有效的策略。

In the face of uncertainty, our goal is consistent execution and durable performance, not just for one quarter but for every quarter. We're confident in our ability to operate effectively in tough consumer environment and diversification is a central reason why. Diversification is a foundational driver of success across our business.

面對不確定性，我們的目標是持續穩定地執行策略，實現持久的業績，不僅在一個季度，而是每個季度。我們有信心在嚴峻的消費環境下有效運營，而多元化是其中的關鍵原因。多元化是我們業務成功的根本驅動力。

The most obvious benefit is revenue growth. We have more products, more channels and more geographies, giving us multiple paths to expand. I'll return to this when I discuss our three-pillar growth strategy. But first, let's look at the several ways diversification differentiates SharkNinja, starting with the consumer. Consumer diversification allows us to reach a broader demographic than ever before.

最顯而易見的好處是收入成長。我們擁有更多產品、更多管道和更多地域，這為我們提供了多種擴張途徑。我會在討論我們的三大支柱成長策略時再談到這一點。但首先，讓我們從消費者的角度來看多元化如何讓 SharkNinja 脫穎而出。消費者群體多元化使我們能夠觸及比以往任何時候都更廣泛的人群。

Years ago, our core customer was typically a 35- to 55-year-old woman. Today, we have high school students asking for Shark and Ninja products for the holidays, 60-year-old men sharing product reviews on social media and everything in between. As we enter new categories, especially in beauty and outdoor, we expect this reach to expand further. Most importantly, a more diverse consumer base generates deeper insights that fuel our disruptive innovation engine. Supply chain diversification is another major differentiator.

多年前，我們的核心客戶通常是 35 歲至 55 歲的女性。如今，我們看到高中生要求在假期購買 Shark 和 Ninja 產品，60 歲的老翁在社交媒體上分享產品評論，以及介於兩者之間的各種情況。隨著我們進入新的領域，尤其是在美容和戶外領域，我們預計這一影響範圍將進一步擴大。最重要的是，更多元化的消費者群體能夠帶來更深刻的洞察，從而推動我們的顛覆性創新。供應鏈多元化是另一個主要差異化因素。

Our work here began more than five years ago, driven by significant investment in people, infrastructure and time. Today, we have the ability to manufacture nearly 100% of our US volume outside of China. We think our multi-country sourcing footprint across Southeast Asia gives us meaningful advantages in supply predictability, cost efficiency and risk management. With this supply chain transformation largely complete, 2026 represents our first full year of optimization, unlocking even greater potential benefits ahead.

我們在這裡的這項工作始於五年多前，這要歸功於對人力、基礎設施和時間的大量投入。如今，我們幾乎 100% 的美國市場產量都在中國以外地區生產。我們認為，我們在東南亞多個國家的採購佈局為我們在供應可預測性、成本效率和風險管理方面帶來了顯著優勢。隨著供應鏈轉型基本完成，2026 年是我們全面優化的第一年，未來將釋放更大的潛在效益。

Marketing diversification continues to expand our reach and engagement from Tom Brady spots during major football events on connected platforms to our engineers engaging directly with consumers on forms like Reddit. SharkNinja's marketing ecosystem is both expansive and distinctive. Our social-first ecosystem has been deliberately built to foster affinity and loyalty amongst consumers. One analyst recently highlighted our social media momentum. SharkNinja reached 3.9 million followers across Instagram and TikTok in 2025, reflecting 119% year-on-year growth, far outpacing peers who averaged just 8% growth on these platforms on a much smaller base of followers.

行銷多元化不斷擴大我們的影響力和參與度，從在大型足球賽事期間透過連網平台投放湯姆·布雷迪的廣告，到我們的工程師在Reddit等平台上直接與消費者互動。SharkNinja的行銷生態系統既龐大又獨特。我們精心打造的以社交為先的生態系統旨在培養消費者之間的親和力和忠誠度。一位分析師最近強調了我們在社群媒體方面的發展勢頭。2025 年，SharkNinja 在 Instagram 和 TikTok 上的粉絲數量達到 390 萬，年成長 119%，遠遠超過其他同類平台，後者在這些平台上的平均成長率僅為 8%，而其粉絲基數卻小得多。

Reaching consumers broadly requires an equally diversified go-to-market strategy. In 2025, we deepened partnerships with key retailers, gaining increased flexibility in pricing and promotions. At the same time, we significantly enhanced our direct-to-consumer capabilities. Our newly redesigned sharkninja.com is already delivering strong early results with higher engagement, improved conversion and increased average order value. Finally, investment diversification, particularly in technology, is strengthening our foundation for long-term growth.

要廣泛觸達消費者，就需要採取同樣多元化的市場推廣策略。2025年，我們深化了與主要零售商的合作關係，在定價和促銷方面獲得了更大的靈活性。同時，我們大幅提升了直接面向消費者的能力。我們全新改版的 sharkninja.com 網站已經取得了顯著的早期成效，用戶參與度更高，轉換率更高，平均訂單價值也更高。最後，投資多元化，尤其是在科技領域的投資多元化，正在增強我們長期成長的基礎。

In 2025, we completed the final stages of our global Oracle implementation. We launched Salesforce in the US and Canada to power our new DTC platform, and we rolled out advanced ROI dashboards for social media spending. We also leaned in materially with artificial intelligence from product innovation to consumer experience. Our goal is to embed a greater level of AI capabilities in all of our products going forward, some of which will debut as early as the second half of 2026 in categories like coffee, air purification and robotics.

2025年，我們完成了全球Oracle實施的最後階段。我們在美國和加拿大推出了 Salesforce，為我們新的 DTC 平台提供支持，並推出了用於社群媒體支出的高級 ROI 儀表板。我們也從產品創新到消費者體驗等各個層面，大力推動人工智慧的應用。我們的目標是在未來的所有產品中嵌入更高層次的人工智慧功能，其中一些產品最早將於 2026 年下半年在咖啡、空氣淨化和機器人等類別中首次亮相。

We're on track to hire 100 new software engineers to help drive this AI ambition from more intelligent user interfaces to greater automation to app-based companion features. We believe consumer experience is another rich area of AI-powered potential. As an example, we've moved from sampling under 5% of contact center calls to AI scoring nearly 100% of interactions for quality, empathy and listening.

我們正按計劃招募 100 名新的軟體工程師，以幫助實現這一人工智慧目標，從更智慧的用戶介面到更高的自動化程度，再到基於應用程式的配套功能。我們認為，消費者體驗是人工智慧發揮巨大潛力的另一個領域。例如，我們已經從對呼叫中心電話進行不到 5% 的抽樣調查，發展到利用人工智慧對幾乎 100% 的互動進行品質、同理心和傾聽方面的評分。

Additionally, we feel the massive amount of consumer insight data that sharpening our processes can benefit from AI applications. Our objective is faster, more precise product innovation and improved messaging and content to resonate in a stronger way with consumers.

此外，我們認為，利用人工智慧應用來改善我們的流程，可以使我們獲得大量的消費者洞察數據。我們的目標是更快、更精準地進行產品創新，並改善訊息傳遞和內容，以更有效地引起消費者的共鳴。

This is the SharkNinja flywheel. Consumer insights, a resilient global supply chain, always-on marketing and omnichannel distribution. We believe it's a competitive advantage that exceedingly difficult to replicate at our scale. The diversification shows up very clearly in our financial results, sustained double-digit growth, expanding margins and strong free cash flow. I'd like to spotlight our balance sheet where years of compounding success have put us in a net cash position as we exit 2025, an achievement that opens meaningful new options for SharkNinja.

這是SharkNinja飛輪。消費者洞察、具韌性的全球供應鏈、全天候行銷和全通路分銷。我們認為，在我們目前的規模下，這是一項極難複製的競爭優勢。多元化經營的成果在我們的財務表現中體現得非常明顯，實現了持續兩位數的成長、利潤率的擴大和強勁的自由現金流。我想重點介紹我們的資產負債表，多年的持續成功使我們在 2025 年底實現了淨現金頭寸，這一成就為 SharkNinja 開闢了有意義的新選擇。

Today, the leadership team and I are thrilled to announce that our Board of Directors has authorized an inaugural $750 million share repurchase program. We're excited about the potential that our record levels of cash and equivalents and our anticipated future cash flow could have to drive shareholder value for years. We intend to utilize this authorization to repurchase shares opportunistically while also planning to offset the natural dilution from stock-based compensation. We believe this is a significant milestone for SharkNinja and a testament to our operational discipline and cash management execution.

今天，我和領導團隊非常高興地宣布，我們的董事會已批准一項首輪 7.5 億美元的股票回購計畫。我們對創紀錄的現金及等價物水平以及預期的未來現金流可能在未來數年內提升股東價值的潛力感到興奮。我們打算利用這項授權擇機回購股份，同時計劃抵銷股票選擇權激勵帶來的自然稀釋。我們相信這對 SharkNinja 來說是一個重要的里程碑，也是我們營運紀律和現金管理執行力的證明。

With that, let me turn to our three-pillar growth strategy, beginning with our first pillar, expansion into new and adjacent categories. In 2025, we met our goal of entering two additional subcategories, finishing the year at 38 with the additions of propane grill and outdoor fire pit. We plan to add two more categories to our portfolio in 2026 with significant excitement around both launches.

接下來，讓我來談談我們的三大支柱成長策略，首先從我們的第一支柱——拓展到新的和相鄰的類別開始。2025 年，我們實現了進入兩個額外子類別的目標，隨著丙烷燒烤爐和戶外火坑的加入，這一年結束時我們的產品類別達到了 38 個。我們計劃在 2026 年為我們的產品組合增加兩個新類別，這兩項新品的推出都令人非常興奮。

Category expansion is one of our most foundational differentiators. It grows our addressable market and reshapes how consumers perceive the Shark and Ninja brands. A standout example is Shark Beauty, which we feel is rapidly emerging as a leader in beauty technology. We view this opportunity as a massive global white space.

品類拓展是我們最根本的差異化優勢之一。它擴大了我們的潛在市場，並重塑了消費者對 Shark 和 Ninja 品牌的看法。Shark Beauty 就是一個突出的例子，我們認為它正在迅速崛起，成為美容技術領域的領導者。我們認為這是一個巨大的全球空白市場機會。

In 2025, we established Shark Beauty as a disruptive innovator in skin care with the global launch of Shark CryoGlow and the recent debut of Shark FacialPro Glow with DePuffi, our revolutionary at-home hydro-powered facial device with contrast therapy. These products were runaway holiday successes, complementing our strong hair care performance and helping to cement Shark Beauty as the number one skincare facial device brand in the US.

2025 年，我們透過在全球推出 Shark CryoGlow 和最近推出的 Shark FacialPro Glow with DePuffi（我們革命性的家用水動力臉部護理設備，具有冷熱交替療法），將 Shark Beauty 確立為護膚領域的顛覆性創新者。這些產品在假期期間取得了巨大的成功，與我們強大的護髮產品表現相得益彰，並幫助鞏固了 Shark Beauty 作為美國排名第一的護膚面部設備品牌的地位。

We see clear runway ahead, not only in hair and skin, but across the broader health and wellness ecosystem. The Ninja FireSide 360, our combo smokeless fire pit and propane-powered outdoor space heater exemplifies how new categories bring new consumers into our brands. For many buyers, this innovative product was their first Ninja purchase, opening the door to a lifetime relationship with SharkNinja. It also demonstrates how we built new technical competencies.

我們看到了清晰的發展前景，不僅在頭髮和皮膚領域，而且在更廣泛的健康和保健生態系統中也是如此。Ninja FireSide 360​​ 是一款集無煙火盆和丙烷動力戶外空間加熱器於一體的產品，它體現了新產品類別如何為我們的品牌帶來新的消費者。對許多買家來說，這款創新產品是他們第一次購買 Ninja 產品，開啟了與 SharkNinja 的終身合作關係。這也展示了我們如何建構新的技術能力。

By investing in propane expertise, we successfully paved the way to launch the Ninja FlexFlame and Ninja FireSide 360, creating a foundation for future innovation. This model, engaging experts, learning deeply and innovating boldly is core to SharkNinja. It underpins our expansion across heated cooking, frozen treats, food prep and beyond.

透過投資丙烷技術，我們成功地為推出 Ninja FlexFlame 和 Ninja FireSide 360​​ 鋪平了道路，為未來的創新奠定了基礎。這種模式，即匯聚專家、深入學習和大膽創新，是 SharkNinja 的核心。它為我們拓展加熱烹飪、冷凍食品、食品加工等領域奠定了基礎。

We believe our 2026 pipeline also reflects years of capability building, and we're exceptionally excited about what lies ahead. Our second growth pillar is growing share in existing categories. Maintaining leadership in large mature categories requires relentless innovation, execution and focus. Two standout examples from 2025 are the Ninja Crispi and the Ninja Luxe Cafe. Ninja Crispi represents the next generation of air frying, promoting healthier cooking with the benefits of glass.

我們相信，我們 2026 年的研發計畫也體現了多年來的能力建設，我們對未來充滿期待。我們的第二個成長支柱是提高現有品類的市佔率。在大型成熟品類中保持領先地位需要堅持不懈的創新、執行和專注。2025 年兩個突出的例子是 Ninja Crispi 和 Ninja Luxe Cafe。Ninja Crispi 代表了新一代氣炸鍋，它利用玻璃材質的優點，提倡更健康的烹飪方式。

Our larger format Crispi Pro delivered a strong holiday performance, setting the stage for broader global expansion in 2026. Ninja Luxe Cafe is one of the most exciting success stories. By reimagining the at-home espresso experience, we've created the best-selling espresso SKU in the United States in under one year. In 2026, we will extend this platform with two major innovations, positioning Luxe Cafe as a powerful growth engine across a wider spectrum of consumers. Our Shark Cleaning franchise also delivered outstanding results with continued market share gains across corded and cordless vacuums.

我們更大規格的 Crispi Pro 在假期期間表現出色，為 2026 年更廣泛的全球擴張奠定了基礎。Ninja Luxe Cafe 是最令人興奮的成功案例之一。透過重新構想家庭濃縮咖啡體驗，我們在不到一年的時間內打造了美國最暢銷的濃縮咖啡單品。2026 年，我們將透過兩項重大創新來擴展該平台，將 Luxe Cafe 定位為面向更廣泛消費者的強大成長引擎。我們的 Shark Cleaning 特許經營業務也取得了卓越的成績，在有線和無線吸塵器領域持續擴大市場份額。

In 2026, we plan to introduce breakthrough innovations across several legacy categories, including corded uprights and traditional blending, reinforcing our leadership position. Our third pillar, international expansion, delivered another year of strong performance. The most important takeaway is that our model can scale globally. We believe the most critical parts of our strategy are applicable worldwide, not just to a few countries. Driving widespread consumer demand with five-star reviews, expanding retail partnerships and producing viral local language marketing are all key elements to our International playbook.

2026 年，我們計劃在多個傳統類別中推出突破性創新，包括有線立式洗衣機和傳統攪拌機，從而鞏固我們的領先地位。我們的第三大支柱——國際擴張——又一年取得了強勁的業績。最重要的結論是，我們的模式可以在全球範圍內推廣。我們相信，我們策略中最關鍵的部分是全球適用的，而不僅僅適用於少數國家。透過五星好評推動廣泛的消費者需求、擴大零售合作夥伴關係以及製作病毒式傳播的本地語言行銷，這些都是我們國際策略的關鍵要素。

These attributes can be scaled even more as we evolve from a distributor-led to a direct model in more countries. In Q4, we successfully transitioned to direct operating businesses in the Nordics, Poland and Benelux, while preparing to convert Italy and Spain in the first half of 2026. In each case, we've established a hybrid model, distributor partnerships to serve fragmented customers and a direct relationship with the larger retailers. At the same time, we're upgrading our DTC platforms across major International markets, creating a powerful growth combination.

隨著我們從經銷商主導模式轉向更多國家的直接模式發展，這些優勢還可以進一步擴大。第四季度，我們成功地將北歐、波蘭和比荷盧經濟聯盟的業務轉型為直接運營，同時準備在 2026 年上半年將義大利和西班牙的業務轉型為直接營運。在每種情況下，我們都建立了混合模式，透過經銷商合作關係服務分散的客戶，並與大型零售商建立直接關係。同時，我們正在升級我們在主要國際市場的 DTC 平台，從而形成強大的成長組合。

The UK delivered another strong quarter with over 9% year-over-year growth, while EMEA saw robust results across multiple geographies and channels. Our Latin America business also performed exceptionally well. In Mexico, we believe triple-digit growth underscores the strength of our momentum and the exciting opportunities ahead. The success that we're seeing across Latin America is fueling consumer interest for our products in places we don't currently sell, like Ecuador and Peru. In 2026, we're focusing more attention on expanding our reach by ramping a new partnership with the dominant e-commerce player in the region.

英國本季業績強勁，年成長超過 9%，而歐洲、中東和非洲地區在多個地區和通路均取得了穩健的業績。我們在拉丁美洲的業務也表現出色。在墨西哥，我們相信三位數的成長凸顯了我們強勁的發展勢頭和未來令人興奮的機會。我們在拉丁美洲的成功，激發了厄瓜多爾和秘魯等我們目前尚未銷售產品的地區的消費者對我們產品的興趣。2026年，我們將更加重視擴大我們的業務範圍，透過與該地區領先的電子商務企業建立新的合作夥伴關係來實現這一目標。

Stepping back, diversification remains a central theme. While it introduces complexity, it is powered by constant experience leadership and innovation-driven culture, unwavering consumer focus and disciplined execution. This approach has enabled us to build two multibillion-dollar brands, and we believe we're only at the beginning. This momentum carries directly into our outlook for 2026 with yet another year of double-digit growth reflected in our net sales guidance. We also remain committed to expanding profitability on the adjusted EBITDA line with an even faster rate of expected growth versus top line.

從整體來看，多元化仍然是一個核心主題。雖然這帶來了複雜性，但它依靠的是不斷累積經驗的領導力、創新驅動的企業文化、堅定不移的消費者關注和嚴謹的執行力。這種方法使我們能夠打造兩個價值數十億美元的品牌，而我們相信這只是個開始。這一勢頭直接延續到我們對 2026 年的展望中，我們的淨銷售額預期也反映了這一年將實現兩位數的成長。我們也將繼續致力於提高調整後 EBITDA 的獲利能力，並期望其成長速度比營收成長速度更快。

As our track record demonstrates, SharkNinja is focused on delivering consistent quarter-after-quarter performance. With that, I'll turn it over to Adam, who will walk you through our financial results and share our outlook for 2026.

正如我們的業績記錄所證明的那樣，SharkNinja 致力於實現每季持續穩定的業績。接下來，我將把發言權交給亞當，他將為大家介紹我們的財務業績，並分享我們對 2026 年的展望。

Thank you, Mark, and good morning, everyone. I'm excited to review our results for the fourth quarter and full year 2025. Starting with a summary of 2025, SharkNinja achieved $6.4 billion in net sales, up nearly 16% year over year. Our Domestic net sales grew 13.5% and International net sales increased 20.8%. Adjusted EBITDA increased more than 19% year over year to $1.14 billion for the full year, with adjusted EBITDA margins expanding approximately 50 basis points.

謝謝你，馬克，大家早安。我很期待回顧我們2025年第四季和全年的業績。從 2025 年的業績總結來看，SharkNinja 實現了 64 億美元的淨銷售額，年增近 16%。我們的國內淨銷售額成長了 13.5%，國際淨銷售額成長了 20.8%。全年調整後 EBITDA 年成長超過 19%，達到 11.4 億美元，調整後 EBITDA 利潤率成長約 50 個基點。

Finally, adjusted earnings per share reached a new record for SharkNinja at $5.28, up nearly 21% year over year. A moment ago, Mark highlighted the consistency SharkNinja strives to achieve in our results. We think our sales growth this year is a powerful proof point of this model in action. On a rounded basis, our year-over-year total net sales increased 15%, 16%, 14% and 18% through the four quarters of 2025.

最後，SharkNinja 的調整後每股盈餘達到 5.28 美元，創下新紀錄，較去年同期成長近 21%。剛才，Mark 強調了 SharkNinja 力求在結果中保持一致性。我們認為今年的銷售成長有力地證明了這個模式的有效性。2025 年前四個季度，我們全年淨銷售額年增 15%、16%、14% 和 18%。

Now let's dive into more detail about our performance in Q4 specifically, starting with sales. Net sales in the fourth quarter increased 17.6% year over year to $2.1 billion. By geography, Domestic net sales increased 15.7% to just over $1.37 billion. International net sales were $729 million, up 21.4%. Our UK business grew nicely in Q4 with net sales up 9.2% year over year to $326 million.

現在讓我們更詳細地了解我們第四季的業績，首先從銷售額說起。第四季淨銷售額年增 17.6%，達到 21 億美元。按地域劃分，國內淨銷售額成長 15.7%，略高於 13.7 億美元。國際淨銷售額為 7.29 億美元，成長 21.4%。我們的英國業務在第四季度實現了良好的成長，淨銷售額年增 9.2%，達到 3.26 億美元。

For the full year, our UK business grew 7.3% year over year. Even while air fryers, our single largest category in the UK declined throughout 2025, the rest of our portfolio of categories more than offset the headwind, a testament to the power of our diversification. Our global category performance further reinforces how SharkNinja can win through diversification. Our overall air fryer sales increased in 2025 despite the tough comparables in the UK.

全年來看，我們在英國的業務年增了7.3%。即使氣炸鍋（我們在英國最大的單一品類）在 2025 年全年銷量下滑，但我們其他品類組合的銷量也足以抵消這一不利因素，這證明了我們多元化經營的強大力量。我們的全球品類表現進一步印證了 SharkNinja 如何透過多元化贏得市場。儘管英國市場面臨嚴峻的市場競爭，但我們2025年的氣炸鍋整體銷售仍成長。

Across the rest of our International business, we experienced a robust holiday selling season with high retailer enthusiasm to partner with SharkNinja. The EMEA region performed well with strength across multiple countries. Latin America continues to grow rapidly, led by Mexico. Overall, we expected our International net sales growth to accelerate exiting 2025, and we accomplished just that. Year-over-year net sales grew 23.2% in the second half of 2025 compared with 17.3% in the first half. We see enormous future growth opportunity within International in 2026 and the years to come.

在其他國際業務方面，我們經歷了強勁的假期銷售季，零售商對與 SharkNinja 合作表現出了極高的熱情。歐洲、中東和非洲地區表現良好，多個國家均呈現強勁勢頭。拉丁美洲持續快速成長，其中墨西哥引領著這一趨勢。總體而言，我們預計國際淨銷售額成長將在 2025 年後加速，而我們也確實實現了這一目標。2025年下半年淨銷售額年增23.2%，而上半年年增17.3%。我們看到，2026年及未來幾年，國際市場將迎來巨大的成長機會。

Turning to performance by category. Net sales in the Cleaning category increased 3.4% year over year to $670 million. Carpet extraction was a particular standout, partially driven by disruptive innovation like the Shark StainForce cordless spot and stain cleaner.

接下來按類別查看業績。清潔用品類淨銷售額年增 3.4%，達 6.7 億美元。地毯清洗尤其引人注目，部分原因是像 Shark StainForce 無線污漬清潔器這樣的顛覆性創新。

Net sales in the Cooking and Beverage category increased 11.7% year over year to $667 million. As we've seen in prior quarters, the Ninja Luxe Cafe espresso machine has continued to be a growing hit worldwide. Net sales in the Food Preparation category increased 28.1% year over year to $438 million. Our frozen treats business saw further global momentum in the quarter to help propel this category. As we progress throughout 2026, we are excited to introduce new innovations in frozen treats and beyond.

烹飪和飲料類別的淨銷售額年增 11.7%，達到 6.67 億美元。正如我們在前幾個季度所看到的，Ninja Luxe Cafe 義式咖啡機在全球範圍內持續受到越來越多的歡迎。食品製備類淨銷售額年增 28.1%，達 4.38 億美元。本季度，我們的冷凍甜點業務在全球範圍內獲得了進一步的成長勢頭，從而推動了該品類的發展。隨著 2026 年的推進，我們很高興能在冷凍甜點及其他領域推出新的創新產品。

Finally, our Beauty and Home Environment category increased 63.2% year over year to $326 million, our highest growth rate of the year. Importantly, this strength came from multiple subcategories, including fans, air purifiers and our portfolio of Shark Beauty tech products.

最後，我們的美容和家居環境類別年增 63.2%，達到 3.26 億美元，這是我們全年最高的成長率。重要的是，這種優勢來自多個子類別，包括風扇、空氣清淨機和我們的 Shark Beauty 技術產品組合。

Now let's move to gross profit, where our results in the quarter exceeded our internal expectations driven by two primary factors. First, our International gross margins expanded nicely based on a number of elements, including cost optimization and channel mix.

現在我們來看看毛利，本季我們的毛利表現超出了內部預期，這主要得益於兩個因素。首先，由於成本優化和通路組合等諸多因素，我們的國際毛利率得到了顯著提升。

Secondly, our overall sales mix was more favorable than anticipated, driving margin upside. We did start to see the increased impact of tariffs on our Domestic gross margins in Q4, partially offset by this mix benefit on top of the robust and evolving set of mitigation strategies that we have spoken about previously.

其次，我們的整體銷售組合比預期更有利，推高了利潤率。第四季度，我們開始看到關稅對我們國內毛利率的影響日益加劇，但這種影響被產品組合優勢以及我們之前討論過的一系列強有力的、不斷發展的緩解策略部分抵消了。

Adjusted gross margins in the fourth quarter increased nearly 40 basis points year over year to 48.2% of net sales and GAAP gross margins increased roughly 90 basis points to 47.9% of net sales. Similar to last quarter, the difference between our adjusted and GAAP gross profit results is negligible and should diminish further as 2026 progresses. For the full year, our adjusted gross margins improved approximately 30 basis points year over year to 49.4% of net sales. This outcome exemplifies SharkNinja's core competency on gross margin and our diversified approach to driving upside even in a challenging environment.

第四季調整後毛利率年增近 40 個基點，達到淨銷售額的 48.2%；GAAP 毛利率年增約 90 個基點，達到淨銷售額的 47.9%。與上個季度類似，我們調整後的毛利與 GAAP 毛利之間的差異微乎其微，隨著 2026 年的推進，這種差異應該會進一步縮小。全年來看，我們調整後的毛利率年增了約 30 個基點，達到淨銷售額的 49.4%。這一結果體現了 SharkNinja 在毛利率方面的核心競爭力，以及我們即使在充滿挑戰的環境中也能透過多元化方法實現成長的策略。

Moving down the P&L. Our adjusted operating expenses this quarter totaled $645 million or 30.7% of net sales. This compares to 33.5% of net sales in the year ago quarter or nearly 280 basis points of favorability year over year. We have now produced adjusted operating expense leverage for three consecutive quarters, a clear demonstration of our continued cost discipline balanced with considerable reinvestment in the business to fuel growth.

向下移動損益表。本季調整後的營運費用總計 6.45 億美元，佔淨銷售額的 30.7%。相較之下，去年同期淨銷售額佔 33.5%，較去年同期增幅近 280 個基點。我們已連續三個季度實現了調整後的營運費用槓桿效應，這清楚地表明了我們持續的成本控制，同時對業務進行了大量再投資以推動成長。

Research and development expenses increased 13.1% year over year to $98 million compared to $87 million in the prior year period, leveraging 20 basis points year over year. We believe investing behind R&D resources such as personnel and prototypes remains critical to power our innovation engine.

研發費用年增 13.1%，達到 9,800 萬美元，而上年同期為 8,700 萬美元，年增 20 個基點。我們相信，對研發資源（例如人員和原型）的投入對於推動我們的創新引擎仍然至關重要。

Sales and marketing expenses increased 8% year over year to $459 million compared to $425 million in the prior year period, leveraging almost 200 basis points year over year. Our performance this quarter is a great example of the balance I mentioned a moment ago between cost control and investment for growth. Relative to last year, we have internally developed more sophisticated social media optimization tools. These help us more efficiently spend advertising dollars in social channels to drive strong ROI.

銷售和行銷費用年增 8%，達到 4.59 億美元，而去年同期為 4.25 億美元，較去年同期成長近 200 個基點。本季的業績很好地反映了我剛才提到的成本控制和成長投資之間的平衡。與去年相比，我們內部開發了更先進的社群媒體優化工具。這些措施有助於我們更有效地利用社群管道的廣告預算，從而獲得更高的投資報酬率。

At the same time, we have added meaningful global talent to our SharkNinja team of content creators in cities across the world. We believe our sales and marketing capabilities provide a key competitive differentiator for SharkNinja, one that we will work to enhance globally into the future.

同時，我們也為遍佈世界各地城市的 SharkNinja 內容創作團隊增添了優秀的全球人才。我們相信，我們的銷售和行銷能力為 SharkNinja 提供了一項關鍵的競爭優勢，我們將在未來努力在全球範圍內加強這項優勢。

General and administrative expenses decreased 13% year over year to $107 million compared to $123 million in the prior year period, leveraging about 180 basis points year over year. The bulk of the decrease this quarter relates to lower expenses on personnel, including stock-based compensation favorability year over year.

一般及行政費用較去年同期下降 13% 至 1.07 億美元，而上年同期為 1.23 億美元，年減約 180 個基點。本季降幅主要與人員支出減少有關，包括股票選擇權激勵措施較去年同期降低。

At SharkNinja, our ultimate goal is profitability growth in excess of net sales growth with adjusted EBITDA as our key metric. We emphatically succeeded on this dimension in Q4 with adjusted EBITDA growing 36% year over year to $395 million, roughly double the rate of top line growth. This represents an 18.8% adjusted EBITDA margin, up approximately 250 basis points compared to the prior year period. For the full year 2025, our adjusted EBITDA margin reached 17.7% of net sales, up roughly 50 basis points year over year.

在 SharkNinja，我們的最終目標是實現獲利成長超過淨銷售額成長，並將調整後的 EBITDA 作為我們的關鍵指標。我們在第四季度取得了顯著的成功，調整後的 EBITDA 年成長 36% 至 3.95 億美元，約為營收成長率的兩倍。這相當於調整後 EBITDA 利潤率為 18.8%，比上年同期成長約 250 個基點。2025 年全年，我們調整後的 EBITDA 利潤率達到淨銷售額的 17.7%，比上年增長約 50 個基點。

As we enter 2026, we will continue to utilize our diversified set of gross margin levers and operating expense discipline to keep laser focused on adjusted EBITDA margin improvement potential. To wrap up the income statement, our GAAP effective tax rate in Q4 was 22.6%, while our non-GAAP effective tax rate was 21.9%.

進入 2026 年，我們將繼續利用我們多元化的毛利率槓桿和營運費用控制，以保持對調整後 EBITDA 利潤率提升潛力的精準關注。總結損益表，我們第四季的 GAAP 實際稅率為 22.6%，而非 GAAP 實際稅率為 21.9%。

Adjusted net income in the period was $275 million or $1.93 per diluted share compared to $198 million or $1.40 per diluted share in the year ago period. Our adjusted earnings per share in Q4 grew 38% year over year, while GAAP earnings per share nearly doubled from $0.91 per diluted share to $1.80 per diluted share. Turning to the balance sheet and cash flow. Total inventories were $1 billion exiting the quarter, up 11.4% year over year. With all the tariff prebuilt stock now sold through, our inventory levels exiting the year reflect a healthy position to support our future growth plans.

本期調整後淨利為 2.75 億美元，即每股攤薄收益 1.93 美元，去年同期為 1.98 億美元，即每股攤薄收益 1.40 美元。第四季調整後每股收益年增 38%，而 GAAP 每股收益幾乎翻了一番，從每股攤薄收益 0.91 美元增至每股攤薄收益 1.80 美元。接下來來看資產負債表和現金流量表。本季末總庫存為 10 億美元，較去年同期成長 11.4%。由於所有預建庫存現已售罄，我們年底的庫存水準反映了我們健康的狀況，足以支持我們未來的成長計劃。

Our strong fourth quarter results across net sales and profitability delivered record cash flow performance for SharkNinja. In 2025, we achieved $634 million of cash from operating activities and ended the year with over $777 million of cash and cash equivalents, up more than 100% year over year.

SharkNinja第四季淨銷售額和獲利能力均表現強勁，現金流業績創歷史新高。2025 年，我們從經營活動中獲得了 6.34 億美元的現金，年底現金及現金等價物超過 7.77 億美元，年成長超過 100%。

Total debt outstanding at the quarter end was $739 million, and we continue to have nearly $490 million of capacity available to us on our $500 million revolving credit facility. We feel this level of cash generation and balance sheet strength gives us the durable financial foundation to invest in growth, thoughtfully deploy capital and maintain optionality as the environment evolves.

截至季末，未償債務總額為 7.39 億美元，而我們 5 億美元的循環信貸額度中仍有近 4.9 億美元的可用額度。我們認為，這種現金流和資產負債表實力為我們提供了持久的財務基礎，使我們能夠投資於成長，謹慎地部署資本，並在環境變化時保持選擇權。

As Mark touched on, we have deliberately strengthened SharkNinja's financial profile through years of disciplined execution. We have long viewed our balance sheet as a key advantage relative to peers. In 2024 and '25, we prioritized flexibility around elements like inventory and working capital. In 2026 and beyond, we feel we are in a prime position to remain nimble while also prioritizing capital allocation in a more meaningful way. This is why we are so excited about the $750 million share repurchase authorization. We view it as another means by which we can drive long-term value for our shareholders.

正如馬克所提到的，我們透過多年的嚴格執行，有意識地增強了 SharkNinja 的財務狀況。我們一直認為，相對於同行，我們的資產負債表是一項關鍵優勢。2024 年和 2025 年，我們優先考慮庫存和營運資金等方面的靈活性。展望 2026 年及以後，我們認為我們處於有利地位，既能保持靈活性，又能以更有意義的方式優先考慮資本配置。這就是我們對7.5億美元股票回購授權感到如此興奮的原因。我們認為這是我們為股東創造長期價值的另一種方式。

Let's move to our outlook. We entered the year excited about the multiple growth opportunities ahead and cognizant of the tariff-related headwinds that are now fully manifesting in the P&L. Consistent with prior quarters, our initial 2026 outlook assumes current tariff levels persist, including minimum rates of 20% for China, 20% for Vietnam and 19% for Indonesia, Thailand, Malaysia and Cambodia.

接下來我們來談談展望。年初時，我們對未來眾多的成長機會感到興奮，同時也意識到關稅相關的不利因素現在已在損益表中完全顯現出來。與前幾季一致，我們最初的 2026 年展望假設目前的關稅水準持續，包括中國 20% 的最低稅率、越南 20% 的最低稅率以及印尼、泰國、馬來西亞和柬埔寨 19% 的最低稅率。

For the full year 2026, we expect our net sales to increase between 10% and 11%, adjusted net income per diluted share to be in the range of $5.90 to $6, an increase of 12% to 14% year over year. Adjusted EBITDA to be in the range of $1.27 billion to $1.28 billion, representing growth of 12% to 13% year over year. Net interest expense to be flat relative to 2025, our GAAP effective tax rate to be approximately 22% to 23% and capital expenditures to be between $190 million to $210 million for the year.

預計 2026 年全年淨銷售額將成長 10% 至 11%，調整後每股攤薄淨收入將在 5.90 美元至 6 美元之間，年增 12% 至 14%。調整後 EBITDA 預計在 12.7 億美元至 12.8 億美元之間，年增 12% 至 13%。淨利息支出與 2025 年持平，GAAP 有效稅率約為 22% 至 23%，年度資本支出在 1.9 億美元至 2.1 億美元之間。

To close, our performance in Q4 capped off a truly remarkable year for SharkNinja. In the face of extraordinary challenges, we relentlessly executed to drive value for our consumers, retail partners, employees and shareholders. 2025 will likely be remembered as an exceptionally unique period, but in many ways, it has been business as usual for SharkNinja. We remain squarely focused on delivering our goals quarter after quarter, year after year.

總而言之，我們在第四季度的出色表現為 SharkNinja 這非凡的一年畫上了圓滿的句號。面對前所未有的挑戰，我們堅持不懈地努力，為消費者、零售合作夥伴、員工和股東創造價值。 2025年或許會被銘記為一個極其特殊的年份，但在許多方面，SharkNinja的業務運作一切如常。我們將繼續全力以赴，逐季逐年實現我們的目標。

With that, I will now turn it back to Mark.

接下來，我將把麥克風交還給馬克。

Thanks, Adam. During our Q1 conference call back in May, I reflected on some of the major macroeconomic challenges during my 17-year tenure. The great financial crisis, the COVID-19 pandemic, component shortages and now the tariff-related upheaval of 2025. Our tremendous results this year reinforce our perspective that these are not roadblocks. There are opportunities.

謝謝你，亞當。在今年 5 月的第一季電話會議上，我回顧了 17 年任期內我面臨的一些重大宏觀經濟挑戰。金融危機、新冠肺炎疫情、零件短缺，以及現在與關稅相關的 2025 年動盪。我們今年所取得的巨大成就更加印證了我們的觀點，即這些並非障礙。機會很多。

We believe SharkNinja has emerged from this period stronger, smarter, more agile and unwaveringly committed to winning, all powered by our diversification strategy across the business. This is why I'm so excited for 2026 as a fresh chapter in SharkNinja's evolution as a company.

我們相信，SharkNinja 已經從這段時期變得更加強大、更聰明、更靈活，並且堅定不移地致力於取得勝利，這一切都得益於我們業務的多元化策略。這就是為什麼我對 2026 年充滿期待，認為這將是 SharkNinja 公司發展歷程中的一個新篇章。

On the business side, we're now a direct operator in more markets than ever before. There is a huge opportunity ahead to scale our International business, supported by the success in Mexico and early indications in EMEA. We also entered the year with a meaningfully stronger omnichannel presence, more placements at retailers and momentum with many of our largest partners. This is complemented by our revamped direct-to-consumer presence rolling out across the globe in early 2026.

在業務方面，我們現在比以往任何時候都更直接地經營更多的市場。在墨西哥取得成功以及在歐洲、中東和非洲地區取得的早期跡象支持下，我們國際業務的擴張前景十分廣闊。進入新的一年，我們的全通路佈局也顯著增強，在零售商處的產品投放量增加，並且與許多最大的合作夥伴保持著良好的發展勢頭。此外，我們也將於 2026 年初在全球推出經過改良的直接面向消費者的業務模式。

On the financial side, we've achieved our goal of becoming a domestic filer. This is an exciting milestone for SharkNinja and the final step needed to earn consideration for broader index inclusion. Keep an eye out for our annual report on Form 10-K in the next few weeks and our proxy later in the spring. Across all facets of our business, we believe SharkNinja is set up incredibly well for success for years to come.

在財務方面，我們已經實現了成為國內報稅者的目標。對於 SharkNinja 來說，這是一個令人興奮的里程碑，也是獲得更廣泛的指數納入考量所需的最後一步。請密切關注我們未來幾週內發布的 10-K 表格年度報告以及春季晚些時候發布的委託書。我們相信，SharkNinja 在業務的各個方面都已做好充分準備，在未來幾年取得成功。

I'm often asked by investors how and why we continue our pattern of strong net sales growth and profitability improvements going forward. We think the answer is simple. We focus on two foundational cornerstones, disruptive consumer-focused product innovation and viral marketing capabilities that create consumer demand. We feel the combination of these driving forces is powerful and differentiated, especially when considering how much white space we see, new categories to pursue, existing categories where we can go deeper and new countries to enter.

投資者經常問我，我們如何以及為什麼能夠繼續保持強勁的淨銷售額成長和獲利能力提升的勢頭。我們認為答案很簡單。我們專注於兩大基石：顛覆性的以消費者為中心的創新產品和創造消費者需求的病毒式行銷能力。我們認為這些驅動力的結合是強大而獨特的，尤其是在考慮到我們看到的空白市場、可以追求的新類別、可以深入開發的現有類別以及可以進入的新國家時。

With so much opportunity ahead, we think our culture is a key enabler of success as long as we stay grounded in what matters the most, positively impacting people's lives every day in every home around the world and the existential need to be the very best.

面對如此多的機遇，我們認為，只要我們腳踏實地，不忘最重要的事——每天在世界各地每個家庭中積極影響人們的生活，以及追求卓越——我們的文化就是成功的關鍵推動力。

These mantras permeate everything we do. Our focus on the consumer, our multilayered flywheel, our growth pillars, our ability to execute and our guiding principles. To the over 4,000 team members committed to the outrageously extraordinary mindset, I thank you for a truly incredible 2025. We feel like we're still at the beginning of an exciting journey and a bright future for SharkNinja. Thank you.

這些理念滲透到我們所做的每一件事。我們以消費者為中心，我們的多層次飛輪效應，我們的成長支柱，我們的執行能力和我們的指導原則。感謝 4000 多位秉持非凡精神的團隊成員，感謝你們成就了 2025 年的輝煌。我們感覺自己仍處於一段激動人心的旅程的開始階段，SharkNinja 的未來一片光明。謝謝。

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

我們的演講到此結束，現在我將把發言權交給主持人，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。

Mark, given the momentum in the business, I was hoping you could outline what you believe is an appropriate medium-term growth algorithm for your US business. What does that mean for US growth in 2026? And what contribution do you expect from units versus price?

馬克，鑑於公司目前的業務發展勢頭，我希望你能概述一下你認為適合美國業務的中期成長演算法。這對美國2026年的經濟成長意味著什麼？您認為銷售量與價格相比能做出怎樣的貢獻？

Brooke, I'm sorry, the ending. What contribution do you expect from units versus price?

布魯克，我很抱歉，結局是這樣。您認為銷售量與價格相比能做出什麼貢獻？

Correct. Yes. Thank you, Mark.

正確的。是的。謝謝你，馬克。

Okay. Yes. Yes. So Brooke, look, we came out of Q4 and delivered great growth in the US. Our D2C business is growing nicely.

好的。是的。是的。所以布魯克，你看，我們第四季在美國取得了巨大的成長。我們的D2C業務發展動能良好。

Our retailer partners gave us tremendous support in the holiday season, and they're continuing to do that into 2026. New channels are emerging like TikTok Shop as we've talked about. So we think the US business is a double-digit growth business. We delivered that in '25, and we entered growth business in 2026.

我們的零售合作夥伴在假期季節給予了我們巨大的支持，他們將繼續在 2026 年給予我們支持。正如我們之前討論過的，像TikTok Shop這樣的新管道正在湧現。所以我們認為美國業務將實現兩位數的成長。我們在 2025 年實現了這一目標，並在 2026 年進入了成長型業務階段。

As it relates versus dollars, leverage sales plus growing, in 2020 we experienced some nice increase, you know, due to pricing through the year, anticipating additional pricing in '26. So we aim to move into higher than leverage. Our strength will be that we're selling at a higher price. But in general, think (inaudible) the pricing units will come in other words, in 2020, you know, we saw a little bit of that.

就美元而言，槓桿銷售加上成長，2020 年我們經歷了一些不錯的成長，你知道，這是由於全年的定價，預計 2026 年會有進一步的定價。因此，我們的目標是提高槓桿率。我們的優勢在於我們以更高的價格出售。但總的來說，想想（聽不清楚）定價單位將會以另一種方式出現，你知道，在 2020 年，我們已經看到了一些這方面的跡象。

Very quick follow-up. As you talk about expansion next quarter, can you provide context regarding the thing that we should expect and where that might fall on growth margin and expense control?

後續跟進非常迅速。當您談到下個季度的擴張計劃時，能否提供一些背景信息，說明我們應該期待什麼，以及這可能會對增長利潤率和費用控制產生什麼影響？

As we look at first half, there's gonna be dollars coming into the second half that last year, that's the biggest heading in the first half. As we look at, we started with the growth, and it was growth early, and it was really long.

展望上半年，下半年將會有一些資金流入，而去年同期是上半年最大的成長點。讓我們回顧一下，我們從成長開始，而且成長很早，持續時間也很長。

(technical difficulty)

（技術難題）

Operator, are we ready for the next question?

操作員，我們準備好回答下一個問題了嗎？

Sorry, ladies and gentlemen, following the technical difficulties. Steve Forbes, Guggenheim.

抱歉，各位女士先生，由於技術故障，請見諒。史蒂夫福布斯，古根漢美術館。

I'll try to get through this. We're having a little trouble hearing you guys on the call here. But my question really is about the International segment growth. So you mentioned triple-digit growth in Mexico, a lot of excitement around Lat Am, but you also commented on the recent transitions to a direct model, right, in a variety of countries. As we think about the first quarter in particular, right, the quarter we're in, given that we're cycling the disruption from Mexico last year, any way to help us just think through how you guys are planning for the International segment growth profile to evolve as we work through 2026?

我會努力撐過去的。我們這邊通話有點問題，聽不清楚你們的聲音。但我真正想問的是關於國際市場成長的問題。所以你提到了墨西哥的三位數成長，拉丁美洲也令人振奮，但你也評論了最近許多國家向直接模式的轉變，對吧。尤其是在我們思考第一季的時候，也就是我們現在所處的這個季度，考慮到我們去年受到墨西哥市場衝擊的影響，你們能否幫助我們思考一下，在2026年之前，你們是如何規劃國際業務成長的？

Can you hear us now?

現在能聽到我們說話嗎？

Yes, that is much better.

是的，這樣好多了。

Okay. We'll try this. I think I got most of your questions, Steve. This is Adam. So as we look at the International growth profile, we do continue to see International growing at a faster rate than the Domestic business.

好的。我們試試這個方法。史蒂夫，我想我已經回答了你的大部分問題。這是亞當。因此，從國際業務成長情況來看，國際業務的成長速度確實比國內業務更快。

We're seeing incredible momentum out of the Lat Am business, specifically in Mexico, continuing to accelerate as we entered and exited the second half of this year. We do expect that to continue into the first half of 2026, and we've really laid some really great framework and foundations in that market to continue to build upon. Over on EMEA, I think what you've seen is an acceleration overall from the first half into the second half of 2025 as well. Obviously, we've talked a lot about lapping pretty strong air fryer comps overall. We're pleased with the diversification that we're seeing, particularly on the UK.

我們看到拉丁美洲業務，特別是墨西哥業務，呈現出令人難以置信的成長勢頭，並且隨著我們進入和結束今年下半年，這種勢頭還在持續加速。我們預計這種情況將持續到 2026 年上半年，並且我們已經在該市場奠定了一些非常好的框架和基礎，以便繼續成長。在歐洲、中東和非洲地區，我認為你們已經看到，從 2025 年上半年到下半年，整體成長速度都在加速。顯然，我們已經討論了很多關於在氣炸鍋比賽中取得優異成績的話題。我們對目前看到的多元化發展趨勢感到滿意，尤其是在英國市場。

UK in a really good growth position now, having lapped and continuing to lap pretty strong air fryer comps there. Similar trends on Germany and France, where, again, our focus is on diversification in those markets, continuing to bring the wealth of category expansions that we have across our developed markets into some of those new and expansion markets.

英國目前處於非常好的成長地位，已經超越並持續超越當地實力強勁的氣炸鍋競爭對手。德國和法國的情況也類似，我們同樣專注於這些市場的多元化，繼續將我們在已開發市場擁有的豐富品類擴張經驗引入一些新興市場和擴張市場。

Look, Steve, I mean, we grew in the fourth quarter, 21% International. We said that there was going to be some noise in the numbers due to the transition of Benelux, Poland, the Nordics. In Q1, there's some disruption as it relates to the movement of Spain and Italy. So yes, we are comping the Mexico transition. There will be some kind of transition impacts that are going to happen in Q1.

史蒂夫，我的意思是，我們在第四季度實現了成長，國際業務成長了 21%。我們說過，由於比荷盧經濟聯盟、波蘭和北歐國家的過渡，數據會出現一些波動。第一季度，由於西班牙和義大利的交通運輸受到影響，出現了一些混亂。是的，我們正在推動墨西哥的過渡進程。第一季將會出現一些轉型影響。

By the end of Q2, we're still on track to kind of have a normalized business moving forward. And so we think this was the right thing to do. We're up and running now on a direct basis in the Nordics, Benelux and Poland. By the second quarter, we'll be up on a direct basis in Spain and Italy. And we think this kind of distributor direct major transitions will be gone as we come out of the second quarter.

到第二季末，我們仍有望實現業務的正常化發展。所以我們認為這樣做是正確的。我們現在已經直接在北歐、比荷盧經濟聯盟和波蘭開展業務。到第二季度，我們將直接進軍西班牙和義大利市場。我們認為，隨著第二季的結束，這種分銷商直接進行重大轉型的情況將會消失。

But overall, the UK growth was very nice. Our European business continues to be very strong. Latin America, we pointed out. And I'm very excited as we go into the second half of this year to the Middle East.

但總體而言，英國的經濟成長非常可觀。我們的歐洲業務依然非常強勁。我們指出，拉丁美洲就是一個例子。我對今年下半年進軍中東感到非常興奮。

I mean, I think we're seeing some really good signs out of some products that we launched in Q4 in the Middle East that our distributor will start getting back into inventory toward the end of Q1. So I think there's a lot of pathways for growth for us in the International business.

我的意思是，我認為我們在第四季度於中東推出的一些產品出現了非常好的跡象，我們的分銷商將在第一季末開始恢復庫存。所以我認為我們在國際業務領域有很多發展途徑。

Maybe I'll just stick, Mark, with the International commentary because it's sort of where I was getting with the question, you think about the success in Mexico post the transition, post the disruption that you experienced, I don't know if you can maybe frame up for us here on the call, like how much visibility do you have into those countries that you've transitioned as you look out to the second half of '26 into 2027, planning for 2028. I mean you're on record talking about the mix of the business eventually getting to 50-50. Obviously, that's some pretty exciting International growth implications. So maybe I'll just leave the question there and have you comment on just the visibility behind the growth profile as we get past the disruptions.

馬克，或許我還是繼續談國際評論吧，因為這和我之前的問題有點關係。你認為墨西哥在轉型後，經歷了動盪之後，取得了怎樣的成功？我不知道你是否能在電話會議上為我們闡述一下，你對那些已經轉型的國家在2026年下半年到2027年以及2028年的規劃中，有多少了解。我的意思是，你曾公開表示，最終業務組合將達到 50-50。顯然，這對國際成長有著非常令人興奮的意義。所以，我或許就把這個問題留在這裡，請你談談在我們克服這些幹擾之後，成長前景的可見性如何。

Look, Steve, I think the biggest thing is, let's start off with do consumers love the products, okay? Like first and foremost, like are they resonating with the products? And I think we've got really good visibility as it relates to that. I mean I think if you -- whether you go online and you look at online reviews in Norway or you look at online reviews in Mexico, I mean the products are really resonating with consumers and not just across one or two categories, but across lots of categories. The second is, is our demand generation model resonating and working?

史蒂夫，我覺得最重要的是，我們先來問問消費者是否喜歡這些產品，好嗎？首先，也是最重要的，他們是否對這些產品產生共鳴？我認為我們在這方面已經有了非常清晰的認識。我的意思是，我覺得如果你——無論是上網查看挪威的在線評論，還是查看墨西哥的在線評論，你都會發現這些產品確實引起了消費者的共鳴，而且不僅僅是一兩個類別，而是很多類別。第二個問題是，我們的需求產生模式是否引起了共鳴並且有效運作？

And while Adam pointed out the great Q4 that we had in Mexico, all of that Spanish language media is spilling over into the rest of Latin America as well. I mean our PriceSmart business was very strong in Q4. We talked about expanding quite a bit with Mercado Libre in 2026. That's all coming because demand is being generated in -- throughout Latin America by the social media and the demand generation that's happening in Mexico that's spilling over into these other markets. So I think we have great visibility on the consumers love the products.

亞當指出，我們在墨西哥度過了非常棒的第四季度，而所有這些西班牙語媒體也正在向拉丁美洲其他地區蔓延。我的意思是，我們的 PriceSmart 業務在第四季度表現非常強勁。我們曾討論過在 2026 年與 Mercado Libre 進行大幅擴張。這一切都是因為社群媒體在整個拉丁美洲創造了需求，而墨西哥的需求正在蔓延到其他市場。所以我認為我們對消費者喜愛這些產品的情況有了非常清楚的了解。

I think we have really good visibility on is our demand generation model working. I think we're -- it's always slower to get into brick-and-mortar retailer placements, but our pure player business is growing quite a bit. Our D2C business is growing quite a bit. And look, the brick-and-mortars will come online as their planograms set and things like that. But at the end of the day, it's a matter of how are we resonating with the consumer, how -- what kind of relationship are we building with the consumer?

我認為我們對自身需求產生模式是否有效有非常清楚的了解。我認為我們——進入實體零售商通路總是比較慢，但我們的純零售業務成長相當迅速。我們的D2C業務成長相當迅速。你看，實體店會按照他們的陳列圖等安排陸續上線。但歸根究底，這取決於我們如何與消費者產生共鳴，我們正在與消費者建立什麼樣的關係？

And I think whether it's Norway or Poland or Belgium or Mexico or Colombia, the consumer is resonating with our model and with our products. And so we're excited as we go into '26.

我認為無論是挪威、波蘭、比利時、墨西哥或哥倫比亞，消費者都對我們的模式和產品產生了共鳴。所以，我們對即將到來的2026年感到興奮。

Jonna Kim, TD Cowen.

Jonna Kim，TD Cowen。

Just wanted to double-click a little bit on the Beauty segment. Could you talk about the customers you're acquiring to Shark brands through Beauty? Any notable characteristics of these customers versus your other brands and products? And then also just related to that, how do you see the distribution opportunity within beauty? What are some white space both domestically and internationally?

我只是想稍微補充一下美容板塊的內容。您能否談談您透過美妝管道為 Shark 旗下品牌吸引的客戶群？這些客戶與貴公司其他品牌和產品相比有哪些顯著特徵？另外，也與此相關，您如何看待美容產業的經銷機會？國內和國際上都存在哪些空白領域？

Okay. Look, what is the difference? I mean, like we're obviously attracting a younger demographic. I mean we're attracting a young female demographic in particular. You'd be surprised actually in our skin care business.

好的。你看，差別在哪裡？我的意思是，很明顯，我們正在吸引更年輕的消費族群。我的意思是，我們尤其吸引了年輕女性顧客群。實際上，在我們的護膚品行業，情況可能會讓你感到驚訝。

We're also attracting a young male demographic in that. I think that we're creating lots of social media excitement, whether it's CryoGlow or whether it's FacialPro Glow. But I'll give you an interesting -- a couple of interesting points about the Beauty business. I mean let's think about Christmas 2024. If you wanted to buy an LED mask, it was a fringe product that was sold online and it was mainly sold with some no-name brands.

我們也吸引了一群年輕男性顧客。我認為，無論是 CryoGlow 還是 FacialPro Glow，我們都在社群媒體上引起了很大的轟動。但我會給你講講美容產業的幾個有趣的觀點。我的意思是，讓我們想想2024年的聖誕節。如果你想買一個 LED 面具，那它是一種小眾產品，主要在網路上銷售，而且大多是一些不知名的品牌。

I mean in 2025, I mean we democratize the category. I mean you could buy a Shark CryoGlow at Costco in Bloomington, Indiana. And I think what bodes so well for this is that we're enlarging the size of the market. I mean the total LED mask market in the United States was $35 million in 2024. We did more than 2x that just in '25 ourselves.

我的意思是，到 2025 年，我們將使這個類別民主化。我的意思是，你可以在印第安納州布盧明頓的 Costco 買到 Shark CryoGlow。我認為，對這個產業來說，最有利的一點是，我們正在擴大市場規模。我的意思是，到 2024 年，美國 LED 口罩市場的總規模將達到 3,500 萬美元。光是 2025 年，我們自己的產量就超過了這個數字的兩倍。

So what we're doing in skin care is a lot like what we did with the CREAMI or a lot like what we did in other categories where we're developing the category. I mean we're the number one skin care facial device in the US coming out of the holiday season. But more than that, I mean our goal is we want to be the number one beauty tech company in the world. And we think it starts with hair, and we think it extends into skin and we think there's a lot of other places for us to go within the beauty space.

所以，我們在護膚領域所做的，與我們在 CREAMI 領域所做的非常相似，或者與我們在其他品類中開發新品類所做的非常相似。我的意思是，在假期過後，我們是美國排名第一的護膚臉部設備。但更重要的是，我們的目標是成為全球第一的美妝科技公司。我們認為這一切始於頭髮，然後延伸到皮膚，我們認為在美容領域還有很多其他方面值得我們去探索。

I mean scalp, I think, is an interesting place. I think nails is an interesting place. I think wellness is quite interesting, and we're looking into. So I think it bodes really well for a big expansive global category for us to develop, but it also opens up the next doors for us as to where to Shark and Ninja go next.

我的意思是，頭皮，我覺得，是個很有趣的地方。我覺得美甲是個很有趣的地方。我認為健康養生很有意思，我們正在研究這個領域。所以我認為這預示著我們將迎來一個廣闊的全球市場，同時也為我們打開了鯊魚和忍者品牌未來的發展方向之門。

Andrew Didora, Bank of America.

安德魯·迪多拉，美國銀行。

So Mark, I guess, in 2025, you launched several new celebrity campaigns for the likes of Tom Brady, Kevin Hart. I guess, how would you define the success of these campaigns? And maybe what new initiatives do you have to continue to engage your customer this year?

所以馬克，我猜，在 2025 年，你為湯姆布雷迪、凱文哈特等名人發起了幾項新的宣傳活動。我想，您會如何定義這些活動的成功？今年您有哪些新的措施來持續吸引顧客？

Look, I think in '25, we absolutely became more part of culture. Our social media followers grew over 100%. Our engagement with consumers grew over 100%. Everything from how consumers viewed us in the F1 movie, which was a tremendous success for us. I think Tom and Kevin and David and what we're doing with those celebrity partnerships are kind of the tip of the pyramid.

我認為，到了 2025 年，我們絕對更融入了文化之中。我們的社群媒體粉絲成長超過 100%。我們與消費者的互動成長了100%以上。從消費者對我們在F1電影中的看法，到這部電影對我們來說的巨大成功，一切都讓我們感到欣慰。我認為湯姆、凱文、大衛以及我們與這些名人合作所做的一切，只是金字塔的頂端。

But I think it's all part of kind of a campaign that starts at the celebrity level and looks at macro influencers like people like Alix Earle. We go -- we work with tons of micro influencers that have very high engagement and followership in specific categories. I mean that could be in something like outdoor cooking or that could be in something like CleanTalk or food prep or other areas. But I think it's all part of how do we meet the consumer where they're engaging in content, whether that is ask me anything on Reddit, whether that is TikTok Shop, whether that is Instagram, whether that's outdoor billboards. It's all part of kind of a total demand generation approach.

但我認為這都是一場運動的一部分，這場運動從名人層面開始，著眼於像艾利克斯·厄爾這樣的大影響力人物。我們與大量在特定領域擁有極高互動率和粉絲量的微型網紅合作。我的意思是，這可能涉及戶外烹飪，也可能涉及清潔飲食、食品準備或其他領域。但我認為這都取決於我們如何在消費者參與內容的地方與他們互動，無論是在 Reddit 上的「問我任何問題」環節，還是在 TikTok Shop，還是在 Instagram，亦或是戶外廣告牌。這一切都屬於整體需求創造策略的一部分。

And I'll tell you something that I think is really exciting as we look at our business right now heading into '26, it's the spillover effect of all the media. This social media has no borders to it. And so when you run social media content in the US or the UK, it's being viewed in places all around the world. I mean we're now tracking influencer content based on what countries view their content and engage with their content.

展望我們即將邁入 2026 年的業務，我認為最令人興奮的事情是所有媒體的溢出效應。這種社群媒體沒有國界。因此，當你在美國或英國發布社群媒體內容時，世界各地的人都會看到這些內容。我的意思是，我們現在會根據哪些國家/地區查看和互動了網紅的內容來追蹤他們的內容。

We're getting much more sophisticated in does an influencer only have followership in the United States? Or if we hire them, does the influencer also have followership in Mexico and France and Germany and in other places. So I think the whole approach to our demand generation strategy is getting much, much more sophisticated. The analytics behind it are getting much more sophisticated. That's going to allow us to make sure that we're targeting the right content with the right influencers to the right consumers to drive POS.

我們對「網紅是否只在美國擁有粉絲」這個問題的理解越來越深入了。或者，如果我們聘用他們，這位網紅在墨西哥、法國、德國和其他地方是否也有粉絲？所以我認為，我們整個需求產生策略的方法變得越來越複雜。背後的分析技術正變得越來越複雜。這將使我們能夠確保透過合適的影響者，向合適的消費者推送合適的內容，從而推動銷售點的銷售。

That's great. Very helpful. Just a follow-up for Adam, and sorry if I missed this, I think things were cutting in and out a little bit. But can you speak to any gross margin kind of headwinds and tailwinds that you see for this year? And how would you characterize your ability to grow gross margins in 2026?

那太棒了。很有幫助。給亞當的後續回复，如果我錯過了這條消息，請見諒，我覺得消息斷斷續續的。但您能否談談今年在毛利率方面可能存在的利多和不利因素？您如何評價貴公司在 2026 年實現毛利率成長的能力？

Yes, certainly. Thanks, Andrew, and a good piece to hit on. So as we look at the first half of 2026, we will be normalizing tariffs as we go into the year and paying -- having them come through the P&L in a way that we didn't have last year in the first half. We, of course, didn't really start to see those flow into our P&L until Q3 a bit and then into Q4. And so the first half, we expect a decent gross margin headwind driven by tariffs with slight offsets driven by all the cost optimization efforts that we have talked about before, and we've continued to ramp up.

當然可以。謝謝你，安德魯，這是一個很好的切入點。因此，展望 2026 年上半年，我們將逐步使關稅正常化，並在新的一年中支付關稅——讓關稅以去年上半年沒有的方式計入損益表。當然，直到第三季和第四季度，我們才真正開始看到這些收益流入我們的損益表。因此，上半年我們預計毛利率將受到關稅的較大影響，但之前討論過的所有成本優化措施將略微抵消這些影響，而且我們一直在不斷加大投入。

The other piece is that you will start -- you will continue to see the operating expense leverage from us in the first half and into the second half as well as we continue to not only optimize across various initiatives and spend areas, but also continue to execute against some of the initiatives that we've been doing for years now. So our goal overall remains, and you see it, obviously, in the guidance is that our goal is to expand EBITDA rate as a percentage of sales, and we're certainly intent on doing just that, and you'll see that in the first half right out of the gate.

另一方面，您將會看到我們在上半年和下半年繼續降低營運成本，因為我們不僅會繼續優化各項措施和支出領域，還會繼續執行我們多年來一直在實施的一些措施。因此，我們的總體目標仍然是，而且很明顯，從業績指引中也可以看出，我們的目標是提高 EBITDA 佔銷售額的百分比，我們當然決心要做到這一點，而且你會在上半年一開始就看到這一點。

Phillip Blee, William Blair.

菲利普·布利，威廉·布萊爾。

So fourth quarter was very strong. Domestic growth of almost 16% is very impressive. So how do you think about that momentum flowing through into the first quarter, first half of this year? And then how do you think about lapping any retailer stockpiling ahead of tariffs or potentially some sales left on the table from inventory constraints last year? And then I just want to confirm, since we had some sound issues earlier.

所以第四季表現非常強勁。國內成長率接近16%，非常令人矚目。那麼，您如何看待這種勢頭延續到今年第一季和上半年？那麼，您如何看待零售商在關稅生效前囤積商品，或者去年因庫存限製而錯失的一些銷售機會？然後我想確認一下，因為我們之前遇到了一些聲音問題。

You mentioned the US growth should be sustainable in the double-digit range, correct?

您提到美國經濟成長應該能夠持續維持在兩位數水平，對嗎？

Yes. I mentioned, Phillip, that I think the US should continue to grow at double digits. We saw strong momentum coming out of '25. We feel good about our placement in '26 with retailers.

是的。菲利普，我之前說過，我認為美國應該繼續保持兩位數的成長。我們看到2025年以來勢頭強勁。我們對2026年零售商的排名感到滿意。

We feel good about the momentum that our D2C site is going to continue to get as we get through the year, and we stand that up with additional functionality. Look, I mean there's always inventory issues that you're lapping or constraints or one-offs or one-times. I mean that's part of the diversification across the business that we're managing. I mean it's hard for us to comment on like any one specific thing at a quarterly level. I think the more important thing is that our business has multiple pathways of growth.

我們對 D2C 網站在今年的發展勢頭充滿信心，並計劃為其增加更多功能。你看，我的意思是，總是會有一些庫存問題需要解決，或是有一些限制，或是會有一些特殊情況或一次性事件發生。我的意思是，這是我們正在進行的業務多元化管理的一部分。我的意思是，我們很難對季度層面的任何具體事項發表評論。我認為更重要的是，我們的業務有多種成長途徑。

I mean we're going to enter into two new product categories this year in '26. We've got a really great pipeline of innovation in '26 that we're going to be bringing to market with 25 new products. We're building our base business. We're continuing to take share in the base business, not just in North America, but in Europe and Latin America as well. And we think there's a lot of continued pathways for International growth.

我的意思是，我們將在2026年進入兩個新的產品類別。我們在 2026 年擁有非常強大的創新產品線，我們將推出 25 款新產品。我們正在打造我們的基礎業務。我們不僅在北美，而且在歐洲和拉丁美洲，都在不斷擴大基礎業務的市場份額。我們認為國際成長仍有許多持續發展的方向。

So it's hard to comment on any individual onetime blip quarter to quarter. I think at a macro level, how do we feel about our three-pillar growth strategy? I mean we feel like it's strong, and we feel like we've got good momentum as we head into '26.

因此，很難對任何個別的、一次性的季度波動做出評論。從宏觀層面來看，我們對自身的三大支柱成長策略有何感想？我的意思是，我們感覺它很強勁，而且我們感覺在進入 2026 年之際，我們擁有良好的發展勢頭。

Okay. Great. Very helpful. And then you've spoken a bit about how you're getting smarter about social spend, how you're paying affiliates. We saw quite a bit of leverage then in sales and marketing line this quarter.

好的。偉大的。很有幫助。然後您也談到了您如何更明智地進行社交媒體支出，以及如何向聯盟夥伴支付費用。本季我們在銷售和行銷方面看到了相當大的槓桿效應。

So how should we think about the impact of those efforts, both from maybe a marketing effectiveness standpoint, but then also a financial perspective? Should we expect that line to remain more flattish as a percentage of sales for the time being? Or how should we think about that?

那麼，我們該如何看待這些努力的影響呢？既要從行銷效果的角度，也要從財務角度來看。我們是否可以預期，在一段時間內，該項銷售比例將保持相對穩定？我們該如何看待這個問題？

Yes. Thanks, Phillip. So as we look at sales and marketing, again, you'll see -- you saw significant leverage in Q4 across that line item. And that's really driven by a number of different factors. It's the media optimization type efforts that Mark talked about earlier, it's allocations between media spend and price and promo depending on the category, depending on the region.

是的。謝謝你，菲利普。所以，當我們再次審視銷售和行銷時，你會發現——在第四季度，該指標得到了顯著提升。這實際上是由許多不同因素所驅動的。這就是馬克之前提到的媒體優化工作，即根據類別和地區，在媒體支出、價格和促銷之間進行分配。

And so that bucket has a lot of different moving pieces within it. But also, as we look ahead and move forward, there's a lot of great optimization efforts that will allow us to continue to leverage that line item. We're at a point of scale now that we can leverage some of these global campaigns Mark touched on earlier, F1 movie as an example, some of the global brand ambassadors that are on board. Those are all assets that appeal across many different markets. So sales and marketing is certainly a line that while it is a competitive advantage and will remain one that we continue to lean in on via investment for new geographies, new categories.

所以這個桶子裡有很多不同的活動部件。但展望未來，我們將進行許多優秀的優化工作，使我們能夠繼續利用該資源。我們現在已經達到了一定的規模，可以利用馬克之前提到的一些全球性活動，例如F1電影，以及一些已經加入我們的全球品牌大使。這些都是在許多不同市場都具有吸引力的資產。因此，銷售和行銷無疑是一個競爭優勢領域，我們將繼續透過投資拓展新地域、新類別來強化這一領域。

It's also a massive area of leverage. So it's not about harvesting any sort of forced leverage there. It's really about optimizing what is a very large and healthy base of investment.

這同時也是一個巨大的槓桿領域。所以，關鍵不在於取得任何強制槓桿。實際上，關鍵在於如何優化一個非常龐大且健康的投資基礎。

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，奧本海默。

So just curious, as you guys think about this upcoming fiscal year, how are you thinking about the consumer category backdrop? Do you expect it to be same or better than the prior year? And then just any thoughts on whether your categories could benefit from stimulus in the US market?

我很好奇，當你們考慮即將到來的財政年度時，你們是如何看待消費品產業的現狀的？你預計今年的業績會與去年持平還是更好？那麼，您認為您的產品類別能否從美國市場的刺激政策中受益呢？

Yes. Look, Rupesh, I mean I think other than -- I think I mentioned this, other than the 18 months during COVID, I don't remember kind of a frothy consumer time for us. So I would say the consumer is going to be kind of expected to be flat to where we were last year in general. Listen, when there is stimulus in the United States, it does seem like that stimulus does flow through the economy quite fast and consumers use that money to spend on things that they want. I can't comment until we understand what that exactly looks like.

是的。聽著，魯佩什，我的意思是，除了──我想我之前提到過，除了新冠疫情期間的18個月，我不記得我們有過消費泡沫時期。所以我認為，總體而言，消費者的消費水準預計會與去年持平。聽著，當美國推出刺激經濟的政策時，這些刺激資金似乎確實能很快流入經濟體系，消費者會用這些錢去買他們想要的東西。在弄清楚具體情況之前，我無法置評。

But I would expect the consumer to be flat, and I think it's our job to earn the consumers' hard-earned dollar by making great products and delivering them at a great value and letting them choose as to whether they go out to dinner two times more, they buy a Shark or Ninja product. I mean I don't think we're competing against our industry per se. I mean, I think we're competing against a pool of consumer discretionary dollars and how do we make sure that we put our best foot forward in making the case as to why they should invest in SharkNinja.

但我認為消費者會持平，我認為我們的工作是透過生產優質產品並以優惠的價格提供這些產品來贏得消費者辛苦賺來的每一分錢，讓他們自己選擇是多出去吃兩頓飯，還是購買 Shark 或 Ninja 的產品。我的意思是，我不認為我們是在和我們所在的行業本身競爭。我的意思是，我認為我們正在與大量可自由支配的消費者資金競爭，我們如何確保我們能夠充分展現自身優勢，讓他們相信投資 SharkNinja 是明智之舉？

Ladies and gentlemen, that's all the time we have for questions. So this concludes our Q&A and today's conference call. We'd like to thank you for your participation. You may now disconnect your lines.

女士們、先生們，提問時間到此結束。問答環節和今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。