SharkNinja, Inc. (SN) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the SharkNinja second-quarter 2026 earnings call. (Operator Instructions)

大家好。感謝各位加入我們，歡迎參加 SharkNinja 2026 年第二季財報電話會議。(接線員指示)

I will now hand the conference over to James Lamb, Senior Vice President of Investor Relations and Treasury. James, please go ahead.

現在我將把會議交給投資人關係與財務資金部資深副總裁 James Lamb。James，請開始。

Good morning, and welcome to SharkNinja's second quarter 2026 earnings conference call. Earlier today, we issued our Q2 earnings release, which is available on the company's website at ir.sharkninja.com. A replay of today's webcast will also be available on the site shortly after the call.

各位早安，歡迎參加 SharkNinja 2026 年第二季財報電話會議。今天稍早，我們已發布第二季財報新聞稿，可於公司網站 ir.sharkninja.com 查閱。今天網路直播的重播也將在會後不久於該網站提供。

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

在開始之前，提醒各位，今天的討論將包含以前瞻性陳述為主，係基於我們對當前商業環境的觀點。這些陳述涉及風險與不確定性，實際結果可能有重大差異。更多細節請參閱我們的財報新聞稿以及公司最新的 SEC 申報文件，其中列示可能影響這些陳述的因素。公司不承擔於未來更新或修訂任何前瞻性陳述之義務。

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，在本次電話會議中，我們將引用非 GAAP 財務衡量指標；我們相信這些指標能為我們業務的基本成長趨勢提供有價值的洞見。您可在財報新聞稿中找到這些指標與最直接可比的 GAAP 指標之完整調節表。

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 Q2 financial results and share our outlook for 2026. Mark will then offer some closing remarks before we open the call to questions. During the Q&A session, please limit yourself to one question and one follow-up.

今天與我一同出席的有執行長 Mark Barrocas 與財務長 Adam Quigley。Mark 將先提供業務更新，接著 Adam 將回顧我們第二季財務結果並分享 2026 年展望。之後 Mark 會做一些結語，再開放提問。在問答環節中，請每位與會者限制為一個問題及一個追問。

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

現在我想把電話交給 Mark。

Thank you, James. Good morning, everyone, and thank you for joining us today. Let me get right to it. Q2 was a blowout quarter for SharkNinja. We delivered our 13th consecutive quarter of double-digit net sales growth. And we didn't just sustain our pace, we accelerated to over 22% growth year-over-year. This is our fastest growth rate since Q4 2024.

謝謝你，James。各位早安，感謝今天加入我們。我就直接切入重點。第二季對 SharkNinja 來說是表現爆發的一季。我們達成連續第 13 季淨銷售額雙位數成長。而且我們不僅維持步調，年增率更加速至超過 22%。這是自 2024 年第四季以來最快的成長速度。

And here's the key takeaway. SharkNinja's products are resonating globally, not in one category, not in one region, across consumer demographics, across geographies and across channels. Everywhere we compete, we are winning by engaging and delighting consumers. We believe this quarter demonstrates the global power of our diversified business model in action.

以下是關鍵重點。SharkNinja 的產品正在全球市場引起共鳴——不是只在單一品類、也不是只在單一地區，而是跨消費者族群、跨地理區域、跨通路。在我們競爭的每個地方，我們都透過吸引並取悅消費者而取得勝利。我們相信，本季展現了我們多元化商業模式在全球發揮威力的實證。

Domestic net sales grew more than 15% in Q2, a meaningful step-up from last quarter with first half 2026 net sales up greater than 12%. International grew nearly 37%, fueled by the UK, Europe and Latin America. Every cylinder in our engine is firing, powered by our diversified three-pillar growth strategy. Just as important, our profitability performance was exceptional. Gross margin beat our expectations even as tariffs remained a real headwind.

第二季國內淨銷售額成長超過 15%，相較上一季明顯加速；2026 年上半年淨銷售額成長超過 12%。國際市場成長接近 37%，主要由英國、歐洲與拉丁美洲帶動。我們引擎的每個汽缸都在運轉，動能來自我們多元化的三支柱成長策略。同樣重要的是，我們的獲利表現非常出色。即使關稅仍是實質逆風，毛利率仍優於我們的預期。

Adjusted EBITDA increased nearly 19% year-over-year, driven by another quarter of leverage on adjusted operating expenses. And adjusted earnings per share increased nearly 30% year-over-year, clear proof that we're compounding earnings, not just growing sales.

調整後 EBITDA 年增近 19%，主要受惠於調整後營業費用再度展現槓桿效益。調整後每股盈餘年增近 30%，清楚證明我們是在複利式累積獲利，而不只是成長銷售。

I want to be direct. When some investors ask me about SharkNinja's growth, I can sense some skepticism. It's hard to believe that double-digit growth in a business our size in a market that isn't growing much can be durable. Today, I will explain why we believe it is and why it comes down to the most misunderstood part of our business, the size and strength of our core.

我想直說。當一些投資人問到 SharkNinja 的成長時，我能感受到某些懷疑。在一個整體市場成長不大的環境下，要相信一家我們這種規模的企業仍能維持雙位數成長並且可持續，確實不容易。今天我會說明我們為何相信可以，以及為何關鍵在於我們業務中最常被誤解的部分——我們核心業務的規模與實力。

When people think about SharkNinja's growth story, they often think about new innovations we bring to market like SLUSHi, CryoGlow, ChillPill, the products that go viral. There is a misperception that these subcategories are an outsized part of the business that requires enormous growth to drive total sales and that their success comes from SharkNinja effectively pioneering these markets in a way that isn't repeatable.

當人們想到 SharkNinja 的成長故事時，往往會想到我們推出的新創新產品，例如 SLUSHi、CryoGlow、ChillPill 這些爆紅的產品。外界有一種誤解，認為這些子品類在整體業務中占比過大，必須依賴極高成長才能帶動總銷售；也認為它們的成功來自 SharkNinja 以某種不可複製的方式有效開創了這些市場。

Category expansion is a real and important part of our story, but it overlooks what really powers our success. The base business franchises like vacuums, blenders and air fryers, the products consumers already know us for, are very large categories. They are diversified and they are growing, not flat, not managed for decline, growing.

品類擴張確實是我們故事中真實且重要的一部分，但若只看這點，就忽略了真正驅動我們成功的因素。像吸塵器、果汁機與氣炸鍋等基礎業務主力系列——也就是消費者早已熟悉我們的產品——所處的都是非常大的品類。它們多元分散，而且正在成長；不是持平、不是以衰退管理，而是在成長。

Here's a simple way to think about our growth. On average, over the last three years, our existing categories typically grow mid- to high single digits. Layer on international expansion, layer on new category launches, add those three together and you can get a double-digit growth profile. That's not a fragile formula built on one or two hit products.

用一個簡單方式來理解我們的成長。平均而言，在過去三年，我們既有品類通常呈現中到高個位數成長。再加上國際擴張、再加上新類別上市，把這三者加總，就能形成雙位數的成長輪廓。這不是建立在一兩個爆款產品之上的脆弱公式。

That's a durable compounding growth engine with multiple sources of fuel. The three-pillar growth strategy that has been in place for years and one we intend to keep running for years to come. Success within the core is the centerpiece of this strategy, and it comes from relentless innovation in the areas we already dominate. Cleaning is a great proof point this quarter with multiple product launches.

這是一個可持續的複利成長引擎，擁有多個燃料來源。這套三支柱成長策略已運行多年，我們也打算在未來多年持續推進。核心業務的成功是這項策略的核心，而其來源是在我們已占優勢的領域持續不懈地創新。本季清潔品類就是很好的例證，我們推出了多款新品。

The Shark Luxe Home collection brings elevated new finishes to our flagship PowerDetect robot and cordless vacuums. The Shark CarpetForce lineup debuted to give consumers powerful deep cleaning in a lightweight ultracompact design. And the Shark PowerDetect Transformer is a true game changer that brings together three cleaning tools in one, an upright for deep cleaning, a stick vacuum for maneuverability and a handheld for above floor and tight spaces like the car.

Shark Luxe Home 系列為我們的旗艦 PowerDetect 機器人與無線吸塵器帶來更高質感的全新外觀與表面處理。Shark CarpetForce 產品線首次亮相，以輕量、超緊湊的設計，為消費者提供強勁的深層清潔能力。而 Shark PowerDetect Transformer 則是真正的遊戲規則改變者，將三種清潔工具合而為一：用於深層清潔的直立式、便於操控的手持桿式吸塵器，以及適用於地面以上與車內等狹小空間的手持式。

That's three meaningful innovations in a single quarter inside a category we've sold for decades. This is emblematic of SharkNinja, driving continuous innovation within the largest categories we compete in. And it's a big reason our core isn't just holding steady, it's thriving. Motorized kitchen appliances are another great example. This quarter, our blending franchise drove excellent growth within the Food Preparation category.

這是在一個我們已銷售數十年的品類中，單一季度推出的三項重要創新。這正是 SharkNinja 的典型特徵：在我們競爭的最大品類中持續推動創新。這也是我們核心業務不僅維持穩定、而且蓬勃發展的重要原因。馬達驅動的廚房家電是另一個很好的例子。本季，我們的調理機（blending）主力系列在食物準備（Food Preparation）品類中帶動了出色的成長。

The Ninja BlendBOSS, a complete reinvention of our tumbler blender, has reinvigorated our business in the subcategory. Consumers are responding to the product's unique combination of power and function, not to mention personal style, in a big way. Colors have also been a huge win for the BlendBOSS, another element that keeps this part of our blending franchise thriving.

Ninja BlendBOSS 對我們的隨行杯果汁機進行了全面重新設計，為該子品類的業務注入新動能。消費者對產品在動力與功能的獨特結合——更不用說個人風格——有非常強烈的反應。多樣配色也成為 BlendBOSS 的一大勝利，這也是讓我們調理機主力系列這一部分持續蓬勃的重要元素。

There's a second idea I want to leave you with today because I believe it's just as important as the strength of our core. SharkNinja is not a cleaning company or a kitchen appliances company. We're a consumer problem-solving company. That is the lens through which we approach every aspect of our business, and the number of consumer problems left to solve is for all practical purposes, endless.

今天我還想留給各位第二個想法，因為我相信它與我們核心業務的實力同樣重要。SharkNinja 不是一家清潔公司，也不是一家廚房家電公司。我們是一家為消費者解決問題的公司。這就是我們看待並推進業務各個面向的視角，而可供解決的消費者問題，實際上幾乎是無窮無盡的。

Every category we've ever entered started the same way, not with a product we wanted to create, but with a problem we noticed, a soggy sandwich in a cooler, a hot styling tool that damages hair, a stain that traditional cleaner couldn't lift. That mindset doesn't run out. It compounds.

我們進入過的每一個品類，起點都一樣：不是從我們想做的產品出發，而是從我們注意到的問題出發——保冷箱裡濕軟的三明治、會傷髮的高溫造型工具、傳統清潔劑擦不掉的污漬。這種思維不會枯竭。它會累積並放大。

The bigger and more diversified we get, the more problems we're positioned to see and solve first. That's why I don't think about our core and our new categories as two separate stories. They're the same story told at different stages. Cleaning is new every single quarter because we keep finding fresh problems inside of it. And our newest categories will eventually mature into core, the same way things like CREAMi have, which I'll come back to later.

我們規模越大、布局越多元，就越能更早看見並率先解決更多問題。因此，我不把核心業務與新進品類視為兩個分開的故事。它們其實是同一個故事，只是發生在不同階段。清潔品類每一季都像是全新的，因為我們不斷在其中找到新的問題。而我們最新的品類最終也會成熟為核心，就像 CREAMi 一樣——我稍後會再回到這點。

Our focus on the core shows up in how we drive innovation, not just how we talk about it. Roughly 20 of the 25 new products we launch each year go into existing categories. That's deliberate. A vibrant, healthy base business is what powers everything else we do at SharkNinja. And that core doesn't sit still. It gets larger and more diversified every year as we layer on new categories, channels and geographies. That's the strength of our core today.

我們對核心的專注，體現在我們如何推動創新，而不只是如何談論創新。我們每年推出的 25 款新產品中，約有 20 款投入既有品類。這是刻意為之。一個充滿活力、健康的基礎業務，是驅動 SharkNinja 其他一切作為的動力來源。而這個核心不會停滯。隨著我們疊加新的品類、通路與地理市場，它每年都在變得更大、更多元。這就是我們今日核心的實力。

Now I want to spend a minute on two things I believe will extend that advantage for years to come. First, channel expansion, specifically social commerce. Platforms like TikTok Shop aren't just a place to sell our newest, most viral products, they're becoming a front door for entirely new customers to discover our core products for the first time.

接下來我想花一點時間談兩件我相信能在未來多年延續這項優勢的事情。第一，通路擴張，特別是社群電商。像 TikTok Shop 這樣的平台，不只是銷售我們最新、最具病毒式傳播產品的地方，它們正成為全新客群的入口，讓他們第一次發現我們的核心產品。

One of my favorite examples is cutlery, a category we've been in for almost five years. Our Ninja NeverDull Knife system have become a smash hit on TikTok Shop in the US with this channel now in the top 3 for sales in the category. Even better, we're appealing to a mostly younger demographic than we typically see purchasing these products.

我最喜歡的例子之一是刀具——我們在這個品類已經耕耘將近五年。我們的 Ninja NeverDull 刀具系統在美國 TikTok Shop 上成為爆款，而該通路如今已躋身此品類銷售前三。更棒的是，我們吸引到的客群年齡層多半比以往購買這類產品的消費者更年輕。

Social commerce represents a new promising acquisition channel for many of our oldest, largest categories, and it's one that we're scaling globally. At the end of the quarter, we were live with TikTok Shop in seven countries compared to zero in the year ago period. But we're not stopping there with a goal of more than double that number by this holiday season.

社群電商為我們許多最老牌、規模最大的品類帶來一個全新且前景可期的獲客通路，而我們正把它在全球加速擴張。截至本季末，我們已在七個國家上線 TikTok Shop，而去年同期是零。但我們不會止步於此；目標是在今年假期旺季前把這個數字提高到兩倍以上。

Second, artificial intelligence. Last quarter, we described Jailbreak SharkNinja, our initiative that encourages and rewards employees for developing AI tools. One of the most tangible places we're seeing it pay off is product development. AI is compressing the fuzzy front end of innovation.

第二，人工智慧。上季我們介紹了 Jailbreak SharkNinja——這是一項鼓勵並獎勵員工開發 AI 工具的計畫。我們看到最具體回報的領域之一是產品開發。AI 正在壓縮創新流程中最前端、最模糊的階段。

That phase where we conceptualize a product's form factor and style, that used to take months. It's getting shorter and faster iteration should enable a stronger overall pipeline, not just for splashy new categories, but mainly for the core. AI is also meaningfully enhancing our consumer insights team. Increasingly, we can see the full conversation, not just our own channels.

也就是我們構思產品外形規格與風格的那個階段，過去往往需要數個月。現在時間正在縮短，而更快的迭代應能帶來更強的整體產品管線——不僅是那些吸睛的新類別，更主要是核心品類。AI 也在顯著強化我們的消費者洞察團隊。我們愈來愈能看見完整的對話，而不只是發生在我們自有通路上的內容。

The best marketing we have is our consumers. They're sharing recipes, building fan communities and turning our products into a cultural moment. Previously, we could only fully analyze content where people used our hashtags, but less than 20% of user content actually uses hashtags. AI has meaningfully improved our ability to process social media content and find our products.

我們最好的行銷就是我們的消費者。他們分享食譜、建立粉絲社群，並把我們的產品推成一種文化現象。過去，我們只能完整分析那些使用我們主題標籤（hashtag）的內容，但實際上不到 20% 的使用者內容會使用主題標籤。AI 已大幅提升我們處理社群媒體內容並辨識我們產品的能力。

Today, AI has lifted our capture rate to 60% plus accuracy across the full ecosystem of users, influencers and creators engaging with our brand organically. This gives us a more complete real-time view of what's driving demand, and it's increasingly shaping both our marketing and product development strategy.

如今，AI 已將我們的捕捉率提升到 60% 以上的準確度，涵蓋整個生態系中以自然方式與我們品牌互動的使用者、網紅與創作者。這讓我們能更完整、即時地掌握需求的驅動因素，並且正日益影響我們的行銷與產品開發策略。

At the company level, we continue to rapidly progress on our most important AI initiatives. Coming out of our Jailbreak Live, our all-company hack week, we're laser-focused on 8 big bet projects and 20 quick win projects. Two examples of big bet projects are POS attribution and media analytics and optimization. In both cases, we're partnering with major tech companies and other thought leaders in the AI space.

在公司層面，我們持續快速推進最重要的 AI 計畫。在 Jailbreak Live（全公司黑客週）之後，我們高度聚焦於 8 個「重點押注」專案與 20 個「快速見效」專案。兩個重點押注專案的例子是 POS 歸因，以及媒體分析與最佳化。在這兩個領域，我們都正與大型科技公司及 AI 領域的其他思想領袖合作。

Across all these initiatives, we have created a very unique approach, similar to how we operate in product development. Every project has a two-week cycle. The leadership team meets every two weeks with the project leads for updates and plans the next two weeks. The concept of a six- to nine-month project no longer exists at SharkNinja. If we don't see tangible progress on an initiative every two weeks, resources are reallocated elsewhere.

在所有這些計畫中，我們建立了一套非常獨特的方法，類似於我們在產品開發上的運作方式。每個專案都有一個兩週週期。領導團隊每兩週與專案負責人會面，更新進度並規劃接下來兩週。在 SharkNinja，為期六到九個月的專案概念已不復存在。如果我們每兩週看不到某項計畫的具體進展，資源就會被重新分配到其他地方。

Decisive action has always been part of our DNA and AI is helping us move even faster. Both of these social commerce as a discovery channel and AI accelerated innovation enhance our confidence that the core business isn't simply healthy today, it's built to keep winning.

果斷行動一直是我們 DNA 的一部分，而 AI 正幫助我們走得更快。無論是把社群電商作為發現通路，或是以 AI 加速創新，這兩者都強化了我們的信心：核心業務不僅今天很健康，更是被打造為能持續勝出的體質。

With that context on the core, let me walk through our three-pillar growth strategy, beginning with our first pillar, expansion into new and adjacent categories. A common question we hear at SharkNinja is when do we run out of the categories we can go into. In our minds, we've been answering these for 18 years and counting with a relentless focus on solving consumer problems. Independent of whether we already possess a core technology or expertise, we feel like the white space ahead of us is enormous.

在上述核心脈絡之下，讓我帶各位走過我們的三支柱成長策略，先從第一支柱——擴張至新的與相鄰的品類——開始。我們在 SharkNinja 常被問到的一個問題是：我們什麼時候會把能進入的品類都做完？在我們看來，18 年來我們一直在回答這個問題，而且仍在持續——靠的是對解決消費者問題的堅持與專注。不論我們是否已擁有核心技術或專業能力，我們都認為前方的空白市場（white space）非常巨大。

Let's take an age-old consumer problem, settling for soggy leftovers and unevenly heated meals using traditional microwaves. Building on the success of the Ninja Crispi platform, Ninja just reimagined the microwave experience with the revolutionary Ninja Crispi Microwave.

以一個歷久不衰的消費者痛點為例：使用傳統微波爐時，只能將就濕軟的剩菜與受熱不均的餐點。在 Ninja Crispi 平台成功的基礎上，Ninja 以革命性的 Ninja Crispi 微波爐重新想像了微波體驗。

The breakthrough is FusionCrisp technology. It starts with microwave cooking, then automatically finishes with Ninja's legendary air frying using superheated cyclonic air up to 450 degrees to take food from frozen to crispy in 10 minutes. Early consumer reaction has been outstanding. In just the first week alone, we've had over 8 million impressions across our social media landscape.

其突破在於 FusionCrisp 技術。它先以微波烹調開始，接著自動以 Ninja 傳奇般的氣炸技術收尾，利用最高達 450 度的超高溫旋風氣流，讓食物在 10 分鐘內從冷凍變得酥脆。消費者的早期反應非常出色。僅在第一週，我們在社群媒體版圖上的曝光就超過 800 萬次。

This is an incredible adjacency for us in an established multibillion-dollar market, adding a TAM that is brand new to SharkNinja and taking our total subcategory count to 40. The Ninja Crispi Microwave is another example of us finding a category that hasn't seen real innovation in years and asking what SharkNinja can do differently. And you will recognize the same thing again in a few weeks when we launch a new category that addresses yet another problem in a space with minimal innovation for years.

這對我們而言是在一個成熟、規模達數十億美元的市場中極具價值的相鄰擴張，新增了對 SharkNinja 而言全新的 TAM（總可服務市場），並將我們的子品類總數提升至 40 個。Ninja Crispi 微波爐再次展現了我們如何找到一個多年缺乏真正創新的品類，並思考 SharkNinja 能做出哪些不同。而在幾週後，當我們推出一個全新品類、解決另一個在多年創新有限的領域中的問題時，各位也會再次看到同樣的做法。

Let's turn to our second growth pillar, growing share in existing categories. I spent time earlier discussing the size and strength of our core business using cleaning and blending as examples. Now let's focus on frozen treats, where the Ninja CREAMi has become a scaled global business with revenue coming from over 30 different countries.

讓我們轉向第二個成長支柱：在既有品類中提升市占率。我先前花了一些時間，以清潔與攪拌作為例子，討論我們核心業務的規模與實力。現在讓我們聚焦冷凍甜點領域，Ninja CREAMi 已成為具規模的全球性業務，營收來自超過 30 個不同國家。

The first CREAMi launched in 2021, and we've transformed it from a single product into a family of products, each with different features and price points with even more innovation coming as part of our road map. This is exactly the pattern we want. A new category doesn't stay new forever. It matures into an existing franchise, and then we keep innovating inside it to become one part of a massive diversified core business that continues to evolve and compound.

第一代 CREAMi 於 2021 年推出，我們已將其從單一產品轉型為一個產品家族，各自具備不同功能與價格帶，且我們的產品路線圖中還會帶來更多創新。這正是我們想要的模式。一個新類別不會永遠是新類別。它會成熟為既有的特許經營品類，接著我們持續在其中創新，使其成為龐大且多元化、持續演進並複利成長的核心業務的一部分。

Fans were also a standout in the quarter, both domestically and particularly in EMEA. Hot temperatures this summer, coupled with our innovative lineup, drove exceptional demand for products like the Shark FlexBreeze and Shark TurboBlade. In fact, we sold out and couldn't capture all the demand we saw.

風扇產品在本季同樣表現突出，無論在國內市場，尤其是在 EMEA。今年夏季高溫，加上我們創新的產品陣容，帶動了對 Shark FlexBreeze 與 Shark TurboBlade 等產品的強勁需求。事實上，我們甚至賣到缺貨，無法滿足所有看到的需求。

This presents a major opportunity for us to scale next year, especially as we expand to more European countries. Fans are a great example of a subcategory that started domestic and is now scaling into international, another proof point of how our playbook travels. This leads us nicely to our third pillar, international expansion, where we demonstrated a sensational quarter.

這為我們明年擴大規模帶來重大機會，特別是當我們拓展到更多歐洲國家之際。風扇是很好的例子：這個子品類起初在國內市場起步，如今正擴展到國際市場，再次證明我們的作戰手冊具可移植性。這也順勢帶到第三個支柱——國際擴張——我們在此交出極為亮眼的一季。

Net sales growth of nearly 37% was powered by broad-based strength across regions, led by UK, Europe and Latin America. The UK grew nearly 19% year-over-year as the power of our diversified category and channel strategy continues to shine. Latin America remains incredibly robust for SharkNinja with contributions across the region.

淨銷售額成長近 37%，動能來自各區域的全面性強勁表現，其中以英國、歐洲與拉丁美洲領先。英國年增近 19%，展現我們多元化品類與通路策略的威力持續發光。拉丁美洲對 SharkNinja 仍然極為強勁，且整個區域皆有貢獻。

In EMEA, we saw strong performance from France and Germany and a successful transition in Italy and Spain, two markets we recently converted from distributor-led to direct markets. Importantly, we're now done for the foreseeable future with these distributor conversions, laying the groundwork for future growth. We've also finished the rollout of our new direct-to-consumer platform across our major international markets.

在 EMEA，我們看到法國與德國表現強勁，且義大利與西班牙的轉換進展順利；這兩個市場我們近期已從經銷商主導轉為直營市場。重要的是，就可預見的未來而言，我們已完成這些經銷商轉換，為未來成長奠定基礎。我們也已完成在主要國際市場導入全新的直面消費者（DTC）平台。

Social commerce initiatives like TikTok shop launches are going exceptionally well across the geographies where we've turned them on. These efforts represent a multiyear, heavily complex transition, and we've now crossed the finish line. This unlocks real focus for our international teams going forward and a major opportunity for SharkNinja.

社群電商計畫（例如 TikTok Shop 上線）在我們啟用的各個地區都進展非常順利。這些工作代表一項跨多年且高度複雜的轉型，而我們現在已跨越終點線。這讓我們的國際團隊接下來能真正聚焦，也為 SharkNinja 帶來重大機會。

We've demonstrated that operating directly enables us to really scale countries under our leadership. In fact, a few weeks ago, we brought together leaders from across the company to our quarterly business review in London. We focused the multi-day meeting on EMEA with the key takeaway being boundless opportunities for growth. The biggest component of this is driving core business expansion market by market.

我們已證明，採取直營模式能讓我們在自身領導下真正把各國市場做大。事實上，幾週前我們在倫敦舉行季度業務檢討（QBR），召集全公司各地領導者。這場為期多日的會議聚焦 EMEA，關鍵結論是成長機會無限。其中最大的組成部分，是逐一市場推動核心業務擴張。

France and Germany are the clearest examples. A year ago, SharkNinja participated in a low double-digit number of categories in each market. Today, that number is up over 50%, with the incremental launches largely coming from our established core. Even with the expansion, we estimate that we're still less than 10% penetrated on an overall category basis across EMEA today. I see so much potential ahead of us for years to come as we keep introducing successful legacy categories while taking share within existing ones.

法國與德國是最清楚的例子。一年前，SharkNinja 在各市場參與的品類數量僅為低雙位數。如今該數量已提升超過 50%，新增上市多數來自我們既有的核心品類。即便如此擴張，我們估計目前在 EMEA 以整體品類基礎來看，滲透率仍不到 10%。隨著我們持續導入成功的既有品類，同時在既有品類中提升市占，我看到未來多年仍有巨大潛力。

What excites me the most about our international expansion is how our social demand generation model is scaling. As we built out our teams, scaled up local language content and learn what works in different countries, we're creating consumer demand across the globe. Just as important is how many more ways we have to reach the end consumer than we did a year ago. Our omnichannel strategy is flourishing.

國際擴張中最令我振奮的是，我們的社群需求生成模型正在擴大規模。隨著我們建立團隊、擴大本地語言內容規模並學習各國有效做法，我們正在全球創造消費者需求。同樣重要的是，相較一年前，我們觸及終端消費者的方式多了許多。我們的全通路策略正蓬勃發展。

Retailers are making bigger commitments to SharkNinja as partnerships deepen, and we are grateful. We're building momentum across countries with major partners like Amazon globally and Mercado Libre in Latin America. And we're complementing all of it with our meaningfully enhanced DTC and social commerce presence. SharkNinja moves fast.

隨著合作關係加深，零售商對 SharkNinja 做出更大的承諾，我們深表感謝。我們與 Amazon（全球）以及 Mercado Libre（拉丁美洲）等主要合作夥伴在各國持續累積動能。同時，我們也以大幅強化的 DTC 與社群電商布局作為補強。SharkNinja 行動迅速。

In the past, the natural pace of expansion in brick-and-mortar could limit this speed. At times, there were more products we wanted to launch than we could. Today, we can move even faster, thanks to our expanded retailer relationships globally in combination with the flexibility of our DTC and social commerce capabilities.

過去，實體零售自然的擴張節奏可能限制這種速度。有時候，我們想推出的產品比能推出的還多。如今，憑藉我們在全球擴大的零售商合作關係，再加上 DTC 與社群電商能力的彈性，我們能以更快速度推進。

Let's take TikTok Shop as a prime example. We launched in multiple new countries in Q2 and the early success has been phenomenal. In the case of Germany, within weeks, our sales volume in this channel started to reach levels that took us months to achieve in the US and UK We think this speaks to how much we've learned over the last nine months on the platform, particularly how to maximize social media marketing.

以 TikTok Shop 為最佳例子。我們在第二季於多個新國家上線，早期成果非常亮眼。以德國為例，短短幾週內，我們在此通路的銷售量就開始達到我們在美國與英國花了數月才達成的水準。我們認為這反映出過去九個月我們在平台上學到很多，尤其是如何最大化社群媒體行銷。

To wrap up, SharkNinja has a battle-tested strategy driving our massive success. Our core is large, diversified and growing. Our new categories keep finding white space. Our domestic business is humming across the board, including with our largest retailers. Our international business go-to-market transformation is complete and ready to scale. Put these pieces together, and we believe we have a balanced, powerful growth engine capable of delivering excellent results into the future.

總結來說，SharkNinja 擁有一套經過實戰驗證的策略，推動我們取得巨大成功。我們的核心業務規模龐大、多元且持續成長。我們的新類別持續找到市場空白。我們的國內業務全面運轉順暢，包括與我們最大的零售商合作。我們的國際業務上市策略（go-to-market）轉型已完成，並已準備好擴大規模。將這些要素結合起來，我們相信我們擁有一個均衡且強大的成長引擎，能在未來交出優異成果。

All these factors drive huge excitement and confidence for 2026. We meaningfully raised our guidance today well beyond the benefit we expect from tariff refunds, a reflection of the continued strength we see for the remainder of the year.

所有這些因素都讓我們對 2026 年充滿期待與信心。我們今天大幅上調指引，幅度遠超過我們預期可從關稅退還中獲得的效益，反映我們對今年剩餘期間持續強勁表現的看法。

We were active with our share repurchase program in the second quarter, and we head into the back half with real momentum in the places that matter most, products that excite consumers, a marketing strategy that works globally and more channels to drive sales than ever before. The SharkNinja consumer is proving to be remarkably resilient. We intend to keep pressing that advantage.

第二季我們積極執行股票回購計畫；展望下半年，我們在最重要的面向上具備實質動能：能讓消費者興奮的產品、在全球有效的行銷策略，以及比以往更多的銷售通路。SharkNinja 的消費者展現出驚人的韌性。我們打算持續放大這項優勢。

With that, I'll turn it over to Adam, who will walk you through our financial results and share our updated outlook for 2026.

接下來我把時間交給 Adam，他將帶各位回顧我們的財務結果，並分享我們更新後的 2026 年展望。

Thank you, Mark, and good morning, everyone. Q2 was an outstanding quarter for SharkNinja across the board, and I'm excited to walk through the details. Net sales in the second quarter increased 22.2% year-over-year to $1.77 billion. By geography, domestic net sales increased 15.5% to $1.14 billion. International net sales were $624 million, up 36.6%.

謝謝你，Mark，各位早安。第二季對 SharkNinja 而言各方面都非常出色，我很期待帶大家看細節。第二季淨銷售額年增 22.2%，達 17.7 億美元。按地區來看，國內淨銷售額成長 15.5%，至 11.4 億美元。國際淨銷售額為 6.24 億美元，年增 36.6%。

Our UK business continued its great start to the year with net sales up 18.7% year-over-year to $255 million. We saw particular strength within our Beauty and Home Environment business in the UK, along with heated cooking in multiple other categories. The rest of the international business also performed quite well in the quarter. Our EMEA region grew robustly with multiple countries contributing to our success. Mexico performance remains very strong, along with the rest of the Latin America region.

我們英國業務延續今年良好開局，淨銷售額年增 18.7%，達 2.55 億美元。我們在英國的美容與居家環境業務表現尤其強勁，且在多個其他品類中，加熱烹飪產品也呈現強勁成長。本季其餘國際業務同樣表現相當出色。我們的 EMEA 區域強勁成長，多個國家共同貢獻成功。墨西哥表現仍然非常強勁，拉丁美洲其他地區亦然。

Turning to performance by category. Net sales in the Cleaning category increased 4.1% year-over-year to $522 million. One of our largest subcategories, cordless vacuums drove our success and carpet extraction had another strong quarter. Net sales in the Cooking and Beverage category increased 36.5% year-over-year to $499 million. Two of our flagship Ninja franchises, the Ninja Luxe Café and the Ninja Crispi continue to see very strong momentum globally.

接著看各品類的表現。清潔品類的淨銷售額年增 4.1% 至 5.22 億美元。作為我們最大的子品類之一，無線吸塵器帶動了我們的成功，而地毯抽洗也再度交出強勁的一季。烹飪與飲品品類的淨銷售額年增 36.5% 至 4.99 億美元。我們兩個旗艦 Ninja 系列——Ninja Luxe Café 與 Ninja Crispi——在全球持續展現非常強勁的成長動能。

Net sales in the Food Preparation category increased 13.3% year-over-year to $459 million. Blending was the standout in Q2, as Mark mentioned, and our frozen treats business grew nicely as well. Finally, our Beauty and Home Environment category increased 65.3% year-over-year to $286 million. The Shark beauty technology portfolio performed very well in the quarter, along with sizable contribution from our home environment subcategories.

食物準備品類的淨銷售額年增 13.3% 至 4.59 億美元。如 Mark 所提到，Q2 以攪拌產品表現最為突出，我們的冷凍甜點業務也有不錯的成長。最後，美妝與居家環境品類的淨銷售額年增 65.3% 至 2.86 億美元。Shark 美妝科技產品組合在本季表現非常出色，同時我們的居家環境各子品類也帶來可觀貢獻。

Now let's move to gross profit, where the results in the quarter exceeded our internal expectations. Tariffs remain the primary headwind due mostly to the annualization impact from 2025. We partially offset this pressure through continued cost optimization and favorable mix coming from product and channels.

接著看毛利，本季結果超出我們內部預期。關稅仍是主要逆風，主要來自 2025 年影響的年化效應。我們透過持續的成本優化，以及來自產品與通路的有利組合，部分抵銷了這些壓力。

Adjusted gross margins in the second quarter decreased approximately 70 basis points year-over-year to 48.7% of net sales and GAAP gross margins decreased roughly 30 basis points to 48.7% of net sales.

第二季調整後毛利率年減約 70 個基點至淨銷售額的 48.7%，而 GAAP 毛利率約年減 30 個基點至淨銷售額的 48.7%。

Moving down the P&L. Our adjusted operating expenses this quarter totaled $629 million or 35.6% of net sales. This compares to 36% of net sales in the year ago quarter or roughly 40 basis points of favorability year-over-year. SharkNinja has now driven leverage on adjusted operating expense as a percentage of net sales for five quarters in a row. We remain confident in our ability to balance robust reinvestment in the business while also finding opportunities to optimize spending. This discipline enables SharkNinja to remain flexible regardless of the macro environment around us.

往下看損益表。本季調整後營業費用合計 6.29 億美元，約占淨銷售額的 35.6%。相較去年同期占淨銷售額的 36%，年對年約有 40 個基點的改善。SharkNinja 已連續五個季度在調整後營業費用占淨銷售額比重上實現槓桿效益。我們仍有信心在維持對業務的強勁再投資之餘，同時持續尋找優化支出的機會。這樣的紀律使 SharkNinja 能在各種宏觀環境下保持彈性。

I will now break down our operating expense line items on a GAAP and non-GAAP basis. GAAP research and development expenses increased 22.3% year-over-year to $109 million compared to $89 million in the prior year period. Non-GAAP research and development expenses increased 16.4% year-over-year to $101 million compared to $87 million in the prior year period, leveraging almost 30 basis points year-over-year.

接下來我將以 GAAP 與非 GAAP 口徑拆解各項營業費用。GAAP 研發費用年增 22.3% 至 1.09 億美元，去年同期為 8,900 萬美元。非 GAAP 研發費用年增 16.4% 至 1.01 億美元，去年同期為 8,700 萬美元，年對年約帶來近 30 個基點的槓桿效益。

We believe R&D is one of the most important competitive advantages for SharkNinja. As a result, we will continue to invest in this area as a key component of innovation engine. GAAP sales and marketing expenses increased 23.4% year-over-year to $442 million compared to $358 million in the prior year period.

我們認為研發是 SharkNinja 最重要的競爭優勢之一。因此，我們將持續投入此領域，作為創新引擎的關鍵組成。GAAP 銷售與行銷費用年增 23.4% 至 4.42 億美元，去年同期為 3.58 億美元。

Non-GAAP sales and marketing expenses increased 22.3% year-over-year to $425 million compared to $347 million in the prior year period, essentially flat year-over-year as a percentage of net sales. As we had previewed last quarter, there was more media spending in June 2026 compared to the prior year based on the timing of Prime Day.

非 GAAP 銷售與行銷費用年增 22.3% 至 4.25 億美元，去年同期為 3.47 億美元；占淨銷售額比重年對年基本持平。如我們在上季所預告，因 Prime Day 時點因素，2026 年 6 月的媒體投放支出較去年同期更多。

GAAP general and administrative expenses increased 40.8% year-over-year to $130 million compared to $92 million in the prior year period. The majority of this increase was due to an increase in share-based compensation. Non-GAAP general and administrative expenses increased 18.8% year-over-year to $103 million compared to $87 million in the prior year period, leveraging about 20 basis points year-over-year.

GAAP 一般及行政費用年增 40.8% 至 1.30 億美元，去年同期為 9,200 萬美元。此增幅主要來自股份基礎給付（股權激勵）增加。非 GAAP 一般及行政費用年增 18.8% 至 1.03 億美元，去年同期為 8,700 萬美元，年對年約帶來 20 個基點的槓桿效益。

Investments in SharkNinja personnel, along with professional and consulting fees drove the increase. SharkNinja's profitability goal centers on delivering full year adjusted EBITDA growth that outpaces net sales growth. Due to the annualization of 2025 tariffs, our adjusted EBITDA growth slightly trailed our sales growth in Q2, increasing 18.6% year-over-year to $265 million. This represents a 15% adjusted EBITDA margin, down approximately 50 basis points compared to the prior year period.

對 SharkNinja 人員的投資，以及專業服務與顧問費用推升了費用增加。SharkNinja 的獲利目標聚焦於：全年調整後 EBITDA 成長要快於淨銷售額成長。由於 2025 年關稅的年化影響，我們 Q2 的調整後 EBITDA 成長略低於銷售成長，年增 18.6% 至 2.65 億美元。這相當於 15% 的調整後 EBITDA 利潤率，較去年同期下降約 50 個基點。

As you can see from our guidance, we continue to anticipate adjusted EBITDA growing ahead of net sales for the full year 2026. To wrap up the income statement, our GAAP effective tax rate in Q2 was 20.7%, while our non-GAAP effective tax rate was 19.7%. Adjusted net income in the period was $178 million or $1.26 per diluted share compared to $138 million or $0.97 per diluted share in the year ago period. Our adjusted net income per share in Q2 grew roughly 30% year-over-year, marking growth in excess of 23% for 11 of the last 12 quarters.

從我們的財測可見，我們仍預期 2026 全年調整後 EBITDA 的成長將領先淨銷售額。總結損益表，Q2 的 GAAP 有效稅率為 20.7%，非 GAAP 有效稅率為 19.7%。本期調整後淨利為 1.78 億美元，或每股稀釋後 1.26 美元；去年同期為 1.38 億美元，或每股稀釋後 0.97 美元。我們 Q2 的調整後每股淨利年增約 30%，在過去 12 個季度中有 11 個季度的成長超過 23%。

Turning to the balance sheet and cash flow. At the end of the second quarter, cash and cash equivalents totaled almost $780 million, up more than 300% year-over-year. Total debt outstanding at quarter end was $719 million, and we continue to have nearly $490 million of capacity available to us on our $500 million revolving credit facility. Total inventories were $1.14 billion exiting the quarter, up 8.6% year-over-year.

接著看資產負債表與現金流。截至第二季末，現金及約當現金合計接近 7.80 億美元，年增超過 300%。季末未償還總債務為 7.19 億美元；我們在 5 億美元循環信用額度下仍有近 4.90 億美元可用額度。本季結束時存貨總額為 11.4 億美元，年增 8.6%。

Recall that we are still lapping the large tariff prebuild inventory levels from late 2024 and early 2025. We view our inventory position as healthy and capable of continuing to support our growth plans. Cash flow performance year-to-date is worth highlighting with cash flow from operations of nearly $275 million through the first six months of 2026. This includes meaningful buyback activity.

請記得，我們仍在比較 2024 年底與 2025 年初為因應關稅而大量提前備貨的高基期。我們認為目前的存貨水位健康，並足以持續支撐我們的成長計畫。值得一提的是，今年迄今的現金流表現：2026 年前六個月的營運活動現金流接近 2.75 億美元。其中包含具規模的庫藏股回購活動。

In Q2, we repurchased roughly $100 million worth of stock as part of our authorization. We are pleased with our buyback activity year-to-date and continue to utilize the program opportunistically.

在 Q2，我們依據授權回購了約 1.00 億美元的股票。我們對今年迄今的回購進度感到滿意，並將持續把握機會性地運用該計畫。

Let's move to our outlook. As 2026 has unfolded, we are seeing tremendous global momentum in our business alongside greater visibility to certain cost items. Consistent with prior quarters, our updated 2026 outlook assumes current tariff levels persist for the remainder of the year, including minimum rates of 10% for Indonesia, Malaysia and Cambodia and a recent increase from 10% to 12.5% for China, Vietnam and Thailand.

接著談展望。隨著 2026 年的推進，我們看到業務在全球展現強勁動能，同時對部分成本項目的可見度也提高。與前幾季一致，我們更新後的 2026 年展望假設目前的關稅水準在今年剩餘期間維持不變，包括印尼、馬來西亞與柬埔寨的最低稅率為 10%，以及中國、越南與泰國近期由 10% 上調至 12.5%。

We now anticipate receiving a tariff refund benefit in 2026, the details of which are available in our Form 10-Q. In July 2026, SharkNinja submitted refund claims of approximately $247.1 million to the US. Customs and Border Protection, or CBP, refund process, and the CBP accepted those claims. As a result, we expect to recognize a benefit of approximately $247.1 million as a reduction of cost of sales with a corresponding receivable in the third quarter of 2026.

我們目前預期在 2026 年可取得關稅退稅利益，相關細節載於我們的 Form 10-Q。2026 年 7 月，SharkNinja 向美國海關與邊境保護局（Customs and Border Protection，簡稱 CBP）的退稅流程提交了約 2.471 億美元的退稅申請，且 CBP 已受理這些申請。

The underlying duties subject to refund are expected to be split approximately evenly between amounts previously expensed in fiscal 2025 and in the first half of 2026. We are treating the refunds consistently with the period in which the underlying tariff costs were recognized.

預期可退還的相關關稅稅費，將大致平均分配於先前在2025會計年度費用化的金額，以及2026年上半年費用化的金額之間。我們將退款的會計處理與原始關稅成本被認列的期間保持一致。

Refunds associated with tariffs expensed in 2025 will benefit our GAAP results and cash flow, but will be excluded from adjusted net income, adjusted EBITDA and adjusted net income per diluted share in our fiscal 2026 outlook. Refunds associated with tariffs incurred in 2026 will be reflected in these same adjusted metrics as part of our revised full year outlook, consistent with the treatment of the original expense.

與2025年已費用化關稅相關的退款將有利於我們的GAAP業績與現金流，但在我們2026會計年度展望中，將排除於調整後淨利、調整後EBITDA及調整後稀釋後每股淨利之外。與2026年發生之關稅相關的退款，將依照原始費用的處理方式，反映於我們修訂後的全年展望中的相同調整後指標。

Our updated outlook reflects stronger underlying operating performance complemented by the expected net benefit from the tariff refund. We are opportunistically choosing to reinvest a portion of that benefit in targeted areas that support long-term growth, including retail activation, media, technology and AI capabilities and mitigation of the ongoing updated tariff and input cost pressures.

我們更新後的展望反映了更強勁的基礎營運表現，並由預期自關稅退款取得的淨利益加以補強。我們也把握機會，選擇將其中一部分利益再投資於支持長期成長的重點領域，包括零售端啟動（retail activation）、媒體、科技與AI能力，以及緩解持續更新的關稅與投入成本壓力。

For transparency and clarity, we have separated the net tariff impact where applicable in our outlook. For the full year 2026, we now expect net sales to increase between 16% and 17% compared to our prior guidance of an 11.5% to 12.5% increase. Adjusted net income per diluted share is now expected to be in the range of $6.45 to $6.55 compared to $6 to $6.10 previously. Of the $0.45 increase, approximately $0.15 is associated with the expected net tariff refund benefit.

為提升透明度與清晰度，我們在展望中於適用處將關稅淨影響分開揭露。就2026全年而言，我們目前預期淨銷售額將較先前指引的成長11.5%至12.5%，上調至成長16%至17%。調整後稀釋後每股淨利目前預期為6.45至6.55美元，先前為6.00至6.10美元。在增加的0.45美元中，約0.15美元與預期的關稅退款淨利益相關。

Adjusted EBITDA is now expected to be in the range of $1.36 billion to $1.37 billion, representing growth of 19.5% to 20.5% year-over-year compared to the prior expectation of $1.29 billion to $1.3 billion, representing growth of 13.5% to 14.5% year-over-year. Of the $67 million to $69 million increase, approximately $30 million is associated with the expected net tariff refund benefit.

調整後EBITDA目前預期為13.6億至13.7億美元，代表年增19.5%至20.5%；先前預期為12.9億至13.0億美元，代表年增13.5%至14.5%。在增加的6,700萬至6,900萬美元中，約3,000萬美元與預期的關稅退款淨利益相關。

Net interest expense is now expected to be down relative to 2025. Our GAAP effective tax rate expectation remains approximately 22% to 23% and capital expenditures are still expected to be between $190 million and $210 million for the year, where we are tracking toward the high end.

目前預期淨利息費用將較2025年下降。我們對GAAP有效稅率的預期仍約為22%至23%，而全年資本支出仍預期介於1.9億至2.1億美元之間，目前我們的進度偏向區間高端。

To close, we are proud of our Q2 performance as evidence of continued steady execution in a macro environment that remains uncertain. The strength of our net sales is perhaps the most encouraging data point because we see it coming from so many different places. And it reinforces our belief that consumers continue to recognize the value of our innovation and choose our products across categories, channels and geographies.

最後，我們為第二季的表現感到自豪，這證明在仍充滿不確定性的總體環境下，我們持續穩健執行。我們淨銷售額的強勁或許是最令人振奮的數據點，因為我們看到它來自許多不同的來源。這也強化了我們的信念：消費者持續認可我們創新的價值，並在不同品類、通路與地區選擇我們的產品。

As Mark discussed, it all starts with a healthy base business, a core that is larger, more diversified and more powerful than many realize. We enter the second half of 2026 with great enthusiasm about how SharkNinja can continue to positively impact consumers' lives globally, and we're already underway with planning for 2027 and beyond. Thank you.

如Mark所談，一切都始於健康的基礎業務——一個比許多人所認知更大、更分散且更強大的核心。我們以高度熱忱迎接2026年下半年，期待SharkNinja能持續在全球正向影響消費者的生活，而我們也已開始規劃2027年及更長遠的未來。謝謝。

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

接下來，我把時間交還給Mark。

Thanks, Adam. Our exceptional Q2 results and outlook for the remainder of the year underscore the global strength we see in our business. While execution behind the scenes is extraordinarily complex, the goal is simple: grow domestic and grow international. With domestic, our goal is to be a double-digit grower in '26, and we feel confident about that beacon.

謝謝，Adam。我們卓越的第二季成果以及對今年剩餘期間的展望，凸顯了我們在業務中所看到的全球性強勁動能。雖然幕後執行極其複雜，但目標很簡單：擴大本土成長並擴大國際成長。在本土市場方面，我們的目標是在2026年達成雙位數成長，我們對此方向標很有信心。

Just look at what we're doing with one of our biggest retail partners, Walmart. We recently rolled out large, exceptionally curated end caps at a large number of stores. These displays showcase the best of Shark and Ninja products, and the response so far has been incredible.

看看我們與最大零售夥伴之一沃爾瑪（Walmart）的合作就知道了。我們近期在大量門市推出大型、精心策劃的端架（end caps）陳列。這些展示呈現Shark與Ninja產品的精華，截至目前的反應非常熱烈。

We're also deploying some of our social media tactics with retail partners. Influencers and other social media personalities are creating content about amazing SharkNinja finds they're discovering in stores. And our D2C business is just scratching the surface of the opportunity we see ahead. Internationally, the breadth of our reach is significantly better than even when we began 2026.

我們也正與零售夥伴共同部署部分社群媒體策略。網紅與其他社群媒體創作者正在製作內容，分享他們在門市發現的驚豔SharkNinja好物。而我們的D2C業務也才剛開始觸及我們所看到的龐大機會。在國際市場方面，我們的觸及廣度甚至比2026年初時顯著更好。

The balance of paths we now have to the consumer, retailers, large e-commerce platforms, DTC and social commerce is enormously powerful. Add in how quickly we're learning how to drive demand generation with social media, and you have an incredibly exciting opportunity for years to come. Success like this doesn't happen by chance.

我們如今擁有多元且平衡的消費者觸達路徑——零售商、大型電商平台、DTC以及社群電商——這股力量極其強大。再加上我們快速學習如何透過社群媒體推動需求生成（demand generation），未來多年將有令人振奮的巨大機會。這樣的成功並非偶然。

It's the output of the SharkNinja playbook consistently applied across all aspects of our business. While this strategy isn't changing, we're hopeful that the way people understand SharkNinja can. To that end, we have added two new slides to our investor presentation published today. These additional resources are intended to bring incremental clarity to our three-pillar growth strategy, particularly on the size and strength of our core. Thank you.

這是SharkNinja作戰手冊在我們業務各層面持續一致落地的成果。雖然這項策略不會改變，但我們希望外界理解SharkNinja的方式能有所改變。為此，我們在今日發布的投資人簡報中新增了兩張投影片。這些補充資源旨在為我們的三支柱成長策略提供更多清晰度，特別是關於我們核心業務的規模與強度。謝謝。

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

以上為我們的事先準備發言，接下來我把時間交給接線員開始問答。接線員？

(Operator Instructions)

（接線員指示）

Randy Konik, Jefferies.

Randy Konik，Jefferies。

Yes, thanks a lot and good morning. Mark, you laid out a lot of good notes on how we should be thinking about the durability of growth through new product generation or innovation, continuing to innovate the core and geographic expansion. One thing that would be probably helpful is to kind of dimensionalize the size of TAM and SAM.

好的，非常感謝，早安。Mark，你提出了許多很好的重點，說明我們應如何看待透過新產品開發或創新、持續創新核心以及地理擴張來支撐成長的持久性。有一點可能會很有幫助，就是把TAM與SAM的規模更具體量化。

I remember three years ago, when we picked up coverage, you kind of talked about a TAM size of well about $100 -- I think, $12 billion and a SAM of about $40 billion, which is a massive opportunity or a massive category. Maybe kind of give us your thoughts on how you think about that size, the true size and the global opportunity and how you layer that in with all this product innovation and continuing to kind of refresh the core?

我記得三年前我們開始覆蓋時，你曾談到TAM大約在100——我想是120億美元左右，而SAM約為400億美元，這是非常龐大的機會或非常大的品類。能否談談你如何看待這個規模、真正的規模與全球機會，以及你如何把它與所有產品創新、以及持續更新核心的作法結合起來？

Yes, Randy, absolutely. Thanks for the question. Look, when we started the second quarter, I think we viewed the available TAM at roughly about $120 billion. So if you think about what our current guide is, there's an enormous amount of runway. Now that TAM continues to keep growing.

是的，Randy，當然可以。謝謝你的提問。你看，當我們進入第二季時，我想我們把可取得的TAM大致看作約1,200億美元。因此若你對照我們目前的指引，仍有非常大的成長跑道。而且那個TAM還在持續成長。

As you heard in the remarks, we just launched the Ninja Crispi Microwave. That now enters us into a category that we never participated in that is a multibillion-dollar TAM, over a $3 billion TAM. So it opens up a whole new set of categories for us. In Q3, as we get toward the end of Q3, we'll be entering into our 41st subcategory that is also a multibillion-dollar subcategory.

如你在發言中所聽到的，我們剛推出Ninja Crispi Microwave。這讓我們進入一個我們過去從未參與、且TAM達數十億美元的品類，TAM超過30億美元。因此它為我們開啟了一整套全新的品類。在第三季，當我們接近第三季末時，我們將進入第41個子品類，而那同樣是一個數十億美元規模的子品類。

So I think by coming out of the year, Randy, we'll be participating in $125 billion to $130 billion available TAM against the overall revenue that we have. So lots and lots of white space. And I would also just like to point out that there's been so much talk about the market. What SharkNinja did in the US this quarter, I think, is astounding. I mean our business, our shipments grew 18% in the United States.

所以我認為在今年結束時，Randy，我們將參與到約1,250億至1,300億美元的可觸及市場（TAM），相較於我們目前的整體營收而言。因此仍有非常非常大的空白市場。另外我也想指出，市場一直被談論很多。SharkNinja本季在美國的表現，我認為令人驚嘆。也就是說，我們在美國的出貨量成長了18%。

Our POS was even higher than that in the US. It bodes well as we head into the second half of the year. So it really points to the fact that kind of SharkNinja is able to create the market by getting consumers excited about our products and driving the viral marketing that we're driving.

我們在美國的POS（銷售點）表現甚至比這更高。這對我們邁入下半年是個好兆頭。因此這也確實指出，SharkNinja某種程度上能夠透過讓消費者對我們的產品感到興奮，並推動我們所帶動的病毒式行銷，來創造市場。

That's great. And I guess following up, one thing that kind of strikes me is you're talking about success in TikTok and you merged the websites and you have this one website you kind of came out with last fall. So I was just curious in thinking about how you just kind of think about long-term penetration potential for direct selling versus wholesale? And maybe Adam can give us some perspective on the margin differential there.

太好了。我想接著追問一下，有件事讓我印象深刻：你提到在TikTok上的成功，你們也合併了網站，並在去年秋天推出了這個單一網站。所以我很好奇，你們如何看待長期而言直銷（direct selling）相較於批發（wholesale）的滲透潛力？也許Adam可以就兩者的毛利差異提供一些觀點。

And then on top of that, the other area that seems interesting is from a margin opportunity while you still invest is marketing where you did say marketing, I think, was flat as a percent of sales year-over-year. But I think as history lessons go, as you get more brand awareness or more penetration in a country or geographic area, it seems like you could get marketing leverage while just becoming more efficient in that area as well. So net-net, it seems like either with direct and marketing, there's continued potential for margin expansion opportunity long term. Just want to get your thoughts on how you think about that as well.

此外，另一個看起來有趣的領域是：在你們仍持續投資的同時，行銷也可能帶來毛利機會。你確實提到行銷費用占銷售額比重，我記得是與去年同期持平。但從過往經驗來看，當你在某個國家或地理區域的品牌知名度或滲透率提高時，似乎可以在行銷上取得槓桿效益，同時在該領域變得更有效率。所以整體而言，看起來不論是直銷或行銷，長期都仍有持續的毛利擴張潛力。也想聽聽你們如何看待這點。

Yes. So let me answer the first part, and then Adam can answer the second piece. First is in the second quarter is when we just completed the Salesforce DTC launches in the rest of Europe. So the results that you're seeing in the second quarter, with the exception of the United States and Canada really do not have any impact. In fact, they may even have a little bit of hurt as a result of the DTC transition and just going through those transitions and then scaling back up.

是的。我先回答第一部分，然後Adam再回答第二部分。第一點是，第二季我們剛完成在歐洲其他地區的Salesforce DTC（直面消費者）上線。因此你在第二季看到的結果，除了美國與加拿大之外，實際上並沒有受到影響。事實上，由於DTC轉換以及經歷這些轉換、再重新擴大規模的過程，可能還會有一點點負面影響。

We're going to continue to maintain our omnichannel strategy. I mean we think that, that's what is so compelling about us. I mean you heard me talk in the prepared remarks about what we're doing with Walmart, which is exciting and continuing to grow other retailers. We're excited about partnership we're developing with Mercado Libre in Latin America. We're launching Allegro in Poland that's going to continue to expand our pure-player presence.

我們會持續維持全通路（omnichannel）策略。我們認為這正是我們如此吸引人的地方。你也聽到我在事先準備的發言中談到我們與Walmart的合作，這很令人振奮，並且也持續帶動其他零售商的成長。我們也對在拉丁美洲與Mercado Libre正在發展的合作夥伴關係感到興奮。我們將在波蘭上線Allegro，這會持續擴大我們在純電商平台（pure-player）的布局。

But there's no doubt that TikTok, affiliates, DTC in '27 is going to grow as a faster percentage of our sales than the rest of the business. And I think as you get into the third and fourth quarter and particularly into '27, I think you're going to see a lot of acceleration from the investments that we've made in the DTC platform and some of the new Salesforce tools that will be launching and optimizing and the CRM benefits that will be coming. But let me, Adam, turn it over to you on the other piece.

但毫無疑問，TikTok、聯盟夥伴（affiliates）、以及到'27年的DTC，將以比其他業務更快的速度、占我們銷售額更高的比例成長。我認為當你進入第三、第四季，尤其是進入'27年時，你會看到我們在DTC平台上的投資所帶來的加速成效，以及一些新的Salesforce工具將上線、優化，並帶來CRM的效益。不過Adam，關於另一部分我就交給你。

Sure. Yes, Randy, I'll hit on the margin makeup overall. So obviously, DTC, TikTok Shop, overall social commerce does come at a higher structural gross margin. That's sort of the initial benefit. And so as Mark noted, those are the channels that we have seen and we will continue to see growing faster than retail.

好的。是的，Randy，我來談整體毛利結構的組成。很明顯，DTC、TikTok Shop，以及整體社群電商（social commerce）在結構上確實帶來較高的毛利率。這算是最初的好處。因此如Mark所說，這些是我們已經看到、且未來也會持續看到成長速度快於零售通路的渠道。

The more exciting piece there is then how much control we have within those channels in terms of what assortment we're putting out there, what colors we're putting out there, collectibles, the ability to be changing price, changing promotions, reacting quickly.

更令人興奮的是，我們在這些渠道中擁有更高的掌控度，例如我們要推出什麼樣的產品組合、要推出什麼顏色、收藏款（collectibles）、以及調整價格、調整促銷、快速反應的能力。

So there's a lot more that then stands in our control as we go forward in terms of how we can impact that margin, but certainly higher gross margin opportunity overall. And then as we scale that business, we start to see overall benefits across our distribution network, across customer service, et cetera. So for us, it's looking forward to what is then the ability to leverage the scale of these channels while also recognizing that structurally, they come at a higher gross margin overall.

因此，隨著我們往前推進，在我們如何影響毛利方面，有更多事情是掌握在我們手上的；但整體而言，確實存在更高毛利率的機會。而當我們把這項業務規模做大後，也會開始在整體配送網路、客服等方面看到整體效益。所以對我們而言，是展望如何運用這些渠道的規模槓桿，同時也認知到在結構上，它們整體確實帶來較高的毛利率。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛。

Good morning and thank you for taking our question. Mark, I was hoping you could unpack the growth that you're seeing in the domestic business, which was really strong. How large is your DTC business domestically today? And how are you thinking about the pace of contribution from DTC and TikTok Shop to domestic growth this year and into 2027?

早安，謝謝讓我們提問。Mark，我希望你能拆解一下你們在本土業務看到的成長，表現非常強勁。目前你們在本土的DTC業務規模有多大？以及你們如何看待今年以及到2027年，DTC與TikTok Shop對本土成長的貢獻節奏？

Similarly, on the other hand of your business, you spoke to stronger POS versus shipments. Where do inventory levels sit in the channel? And how are you thinking about the opportunity for sell-in versus sell-through to more closely align? Maybe bottom line, do you think that you can grow the domestic business at a double-digit rate in the back half?

同樣地，從你們業務的另一面來看，你提到POS強於出貨。通路端的庫存水位目前如何？你們如何看待讓sell-in（進貨/出貨至通路）與sell-through（終端銷售）更緊密對齊的機會？或許歸根結底，你認為本土業務在下半年能以雙位數成長嗎？

Yes. So thanks for the question, Brooke. Look, I have been excited since the beginning of the year saying that I believe our domestic business is a double-digit growth business. We came out of the first half of the year. It is a double-digit growth business, and I believe it will grow double digits in the back half of the year as well. So I'm confident if we look at the second quarter results, the US business grew 18%.

是的。謝謝你的問題，Brooke。你看，我從年初就一直很興奮地說，我相信我們的本土業務是一個雙位數成長的業務。我們走過上半年。它確實是一個雙位數成長的業務，而且我相信下半年也會維持雙位數成長。所以如果看第二季結果，我們美國業務成長了18%。

The Canada business was down 17% as we flow through all of the remaining changes in Canada. Canada is going to grow in second half of the year. The US is going to grow. So I feel very, very good about a double-digit second half number for the domestic business. We don't break out the percentage of our D2C business.

加拿大業務下滑17%，因為我們正在消化加拿大剩餘的所有變更。加拿大在下半年會恢復成長。美國也會成長。因此我對本土業務下半年達到雙位數成長感覺非常、非常好。我們不會單獨揭露D2C業務的占比。

What I can tell you is that I do expect D2C and affiliates to grow at a faster rate than the rest of the business through the end of '27. I would also tell you that we've had some start-ups with Salesforce. We transitioned the UK that had a couple of week blip in the second quarter. We transitioned Germany and France and the rest of Europe. By the fourth quarter, we'll be live in Europe in 14 different countries with Salesforce.

我能告訴你的是，我確實預期D2C與聯盟夥伴（affiliates）在到'27年底之前，將以快於其他業務的速度成長。我也會告訴你，我們在Salesforce上有一些啟動期的狀況。我們在第二季轉換英國時，出現了幾週的小波動。我們也轉換了德國、法國以及歐洲其他地區。到第四季，我們將在歐洲14個不同國家以Salesforce正式上線。

So I don't think you're seeing in the numbers the benefits today of what is going to come from Salesforce and from our D2C site. I think you'll start to see that in Q4 of this year, and you'll really see it accelerate as we get into 2027. But as I said in the last question, I still stay firm to our omnichannel strategy.

所以我不認為你會在目前的數字中看到，未來將由 Salesforce 以及我們的 D2C 網站帶來的效益。我認為你會在今年第四季開始看到，並且在我們進入 2027 年時會明顯加速。但如同我在上一個問題中所說，我仍然堅定推進我們的全通路策略。

I mean retailers are making big bets with SharkNinja. Our brands are the most searched brands on the pure-player sites. And I think we want to be relevant wherever the consumer chooses to shop for our products.

我的意思是，零售商正在對 SharkNinja 下很大的賭注。我們的品牌是在純電商平台上被搜尋最多的品牌。而且我認為，無論消費者選擇在哪裡購買我們的產品，我們都希望能保持相關性。

And then as far as the POS ships piece, Brooke, we do see that normalizing as you get into the back half of the year. The Q2 difference is largely driven by the timing of Prime Day. So POS certainly outpaced ships at that point.

至於 POS 與出貨（ships）之間的那一段，Brooke，我們確實看到在進入下半年後會趨於正常化。第二季的差異主要是由 Prime Day 的時點所驅動。因此在那個時間點，POS 的確明顯超過出貨。

Overall, the retailer inventory is extremely healthy. We're not seeing any pullback on that front. Our inventory levels remain extremely healthy as well. And so I think we're really well positioned for the back half of the year and feel good about where POS ships is in relation to that.

整體而言，零售商的庫存非常健康。我們沒有看到那方面有任何縮手。我們自身的庫存水位也仍然非常健康。因此我認為我們在今年下半年確實處於非常有利的位置，也對 POS 與出貨之間的相對關係感到放心。

And look, I would say, if anything, I think retailers could take a bit more inventory, not they're consciously working down their inventory, but I think there's a lot of demand to capture. And I think that we could see inventory levels -- we will at least push for inventory levels to grow as we head into Q4.

而且你看，我會說，如果有什麼的話，我認為零售商其實可以再多拿一點庫存；他們並不是刻意在去化庫存，但我認為有很多需求需要去承接。我想我們可能會看到庫存水位——至少我們會推動庫存水位在邁向第四季時成長。

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

很好。非常感謝。我把問題交給下一位。

Steven Forbes, Guggenheim.

Steven Forbes，Guggenheim。

Mark, I appreciate the comments around SharkNinja's partnership with Walmart and new end caps. But I was curious if you can maybe broaden those comments out to other sort of retail partners. And as we think about sort of planogram changes or opportunities ahead of Holiday 2026, like how do you sort of summarize what the real change on a year-over-year basis given what happened last year with missing some of those planogram dates?

Mark，我很感謝你對 SharkNinja 與 Walmart 的合作以及新增端架（end caps）的評論。但我想知道你是否可以把這些評論延伸到其他類型的零售合作夥伴。另外，當我們思考 2026 年假期檔期之前的平面配置（planogram）變更或機會時，鑑於去年因錯過部分 planogram 時點所發生的情況，你會如何總結今年相較去年在年對年基礎上的實質變化？

And then maybe equally as important, just given the growth and the opportunity, like are you starting to have even earlier conversations with some of those new international partners about planogram opportunities even in the first half of next year? Or how do you sort of think about -- or how should we think about sort of the performance of the business impacting the ability to change planograms maybe earlier than anticipated in those new markets?

然後也許同樣重要的是，考量到成長與機會，你們是否已開始與一些新的國際合作夥伴更早地討論 planogram 的機會，甚至是在明年上半年？或者你如何看待——或我們應該如何看待——業務表現對於在這些新市場中，可能比預期更早調整 planogram 的能力所帶來的影響？

Yes, Steve, let me start with your international question first because I said something in the prepared remarks, and I want to make sure that it's clear to folks. If we were sitting here last year at this time, SharkNinja did not have a lot of ways to get to the end consumer in some of these European markets that it does today. We didn't have D2C sites set up.

是的，Steve，我先從你的國際問題開始，因為我在事先準備的發言中提到了一些內容，我想確保大家理解清楚。如果我們在去年的這個時點坐在這裡，SharkNinja 在某些歐洲市場其實沒有太多能直接觸達終端消費者的方式，而今天則不同。當時我們還沒有建立 D2C 網站。

TikTok Shop was not set up in these countries a year ago at this time. We were not set up and scaling the pure players. So I don't want to minimize -- we've done a great job expanding our planogram placement with all of the European retailers heading into holiday of this year. But we've got a lot more ways to get to the end consumer in Europe than we did a year ago. We'll be up on TikTok platforms in 13 countries.

一年前的這個時點，TikTok Shop 在這些國家也尚未上線。我們也尚未布局並擴大純電商平台（pure players）。所以我不想淡化——我們確實在今年假期檔期前，與所有歐洲零售商一起把 planogram 的陳列位置擴大，做得非常好。但相較一年前，我們現在在歐洲有更多方式可以觸達終端消費者。我們將在 13 個國家的 TikTok 平台上線。

As I said, we'll be in places like Allegro and Amazon and other pure players. Our D2C business has stood up heading into Q4. So we have a lot of ways now to get to the end consumer in Europe that we didn't have a year ago. Now that being said, yes, we are having lots of conversations with the European retailers. Some are willing to move their annual planogram changes.

如我所說，我們也會進入像 Allegro、Amazon 以及其他純電商平台。我們的 D2C 業務也已在邁向第四季前建立起來。因此，我們現在在歐洲有很多一年前沒有的方式可以觸達終端消費者。話雖如此，是的，我們正與歐洲零售商進行大量對話。有些願意調整他們年度的 planogram 變更時程。

Some are simply not. But I feel very confident in our ability to be able to launch more products into Europe and get to more consumers as a result of social commerce, pure players and our D2C site. So that's on the Europe side. On the US side, I think there's a really interesting dynamic. I mentioned Walmart and the end caps that we've done.

有些則完全不願意。但我對我們能夠在社群商務、純電商平台以及我們的 D2C 網站的帶動下，在歐洲推出更多產品並觸達更多消費者的能力非常有信心。以上是歐洲的部分。至於美國，我認為有一個非常有趣的動態。我提到了 Walmart 以及我們所做的端架（end caps）。

We've got some great promotions that are coming up with Target. They're a retailer that has really recognized the colors that we're doing and how we're bringing excitement to a lot of these products. They are going all in with us on that in both their dot-com sites as well as in-store on end caps. We've got some great things that we're working on with people like Costco and Sam's.

我們也即將與 Target 推出一些很棒的促銷活動。他們是一家真正認可我們所做的配色，以及我們如何為許多產品帶來新鮮感與興奮感的零售商。他們在其 dot-com 網站以及門市端架上，都全力與我們合作。我們也正在與像 Costco 和 Sam's 這樣的夥伴推進一些很棒的合作。

So overall, I think that retailers are seeing us in lots of different ways than they did a year ago. I think our products have very much become part of culture. I mean, I'll give you one example. We never sold any products other than hair care and skin care to Ulta, and we showed them our Shark ChillPill and they said this would be an amazing product for them to add to their assortment.

所以整體而言，我認為零售商現在以許多不同的方式看待我們，與一年前相比已大不相同。我認為我們的產品已經非常融入文化之中。我舉一個例子。我們過去賣給 Ulta 的產品只有美髮與護膚，但我們向他們展示了 Shark ChillPill，他們說這會是非常適合加入其品類組合的產品。

They launched the ChillPill. They've done great with it. In fact, Vogue and Elle have written up ChillPill as the hit product of summer in Europe. We're seeing people writing that up in the United States as well. So it's really helping us get incremental placement at retailers that were not selling these types of products a year or two years ago.

他們上架了 ChillPill。表現非常好。事實上，Vogue 和 Elle 都把 ChillPill 報導為歐洲今夏的爆款產品。我們也看到在美國同樣有人撰文報導。因此，這確實幫助我們在一些一到兩年前還不販售這類產品的零售商那裡，取得額外的陳列與上架機會。

That's helpful. And then maybe just a quick follow-up on sort of the AI-related acceleration agenda. You gave some color there on innovation, Jailbreak. We've talked in the past about sort of efficiency capture around promotion and media spending. So maybe if you can update us on sort of that initiative as it pertains to driving better ROAS or promotional optimization. Where are we today? And how would you sort of summarize the opportunity that you're chasing?

這很有幫助。然後也許再快速追問一下關於 AI 相關的加速議程。你在創新、Jailbreak 方面提供了一些細節。我們過去也談過在促銷與媒體投放支出上捕捉效率。所以也許你可以更新一下，這項計畫在提升 ROAS 或促銷最佳化方面的進展。我們目前進展到哪裡？你會如何總結你們正在追求的機會？

Look, we went live a couple of weeks ago with a Phase 1 initiative on promotions and optimization management with Palantir. The first couple of weeks, the results of that showed a lot of promise to the point where we actually have now moved ahead with a Phase 2 initiative with Palantir that will take about four months to implement.

你看，我們在幾週前已與 Palantir 上線了第一階段的促銷與最佳化管理計畫。前幾週的結果顯示出很大的潛力，以至於我們現在已經推進與 Palantir 的第二階段計畫，實施大約需要四個月。

I think you'll see the benefits of the Palantir work come through in Q4 promotions and Q4 media planning, primarily in the United States, UK, Germany and France. It will expand to the rest of the markets as we get closer towards the end of the year. So I'm very, very optimistic about the work that we've done on promotions management, on marketing, on pricing.

我認為你會在第四季的促銷與第四季的媒體規劃中看到 Palantir 專案的效益，主要是在美國、英國、德國與法國。隨著接近年底，它也會擴展到其他市場。因此，我對我們在促銷管理、行銷與定價方面所做的工作非常、非常樂觀。

I think we are going live at the end of September on a system that we've worked on with Amazon, with AWS around media optimization. And I think you'll see a little bit of the benefit of that come through in Q4, but really for the most part, that won't scale until '27. But Steve, we're seeing a tremendous amount of optimization in lots of the quick wins work that we're doing and lots of the AI Sharks work that we're doing. I mean, yes, we're investing and we're seeing benefit.

我認為我們將在9月底上線一套我們與亞馬遜、AWS合作開發、圍繞媒體優化的系統。我想你會在第四季看到一些效益開始顯現，但整體而言，這要到2027年才會真正規模化。但Steve，我們在許多快速取勝（quick wins）的工作，以及我們正在做的許多AI Sharks工作中，都看到了大量的優化。我的意思是，是的，我們正在投資，而且我們也看到了效益。

But I think what you're going to see is that as we turn the page on '26 and we go into '27, I think you're going to see us be able to really leverage compensation in a big way in '27, not to the extent of seeing any type of large reductions, but I think we're going to continue to be able to keep growing the business on roughly flat headcount as we get into '27. And I think that's going to be a big benefit for us in terms of leveraging operating expense and then being able to choose where do we invest that operating expense maybe into other areas that will drive a higher return on investment for us.

但我認為你將會看到的是，當我們翻過2026年、進入2027年時，我想你會看到我們能在2027年以很大的方式真正善用薪酬（compensation），不是那種會看到任何大型削減的程度，但我認為當我們進入2027年時，我們將能在員工人數大致持平的情況下，持續擴大業務規模。而我認為這將在槓桿化營運費用方面為我們帶來很大的好處，並且讓我們能選擇把這些營運費用投資到其他領域，從而為我們帶來更高的投資報酬率。

Thank you.

謝謝。

Peter Keith, Piper Sandler.

Peter Keith，Piper Sandler。

Nice results. I wanted to just dig into the strength in the core categories. I guess the one that really stood out to us was the Cooking and Beverage Appliance category was the strongest, I think, in at least 2 years. Could you just unpack a little bit of what you're seeing in that category that's driving such strong growth?

成果不錯。我想再深入了解一下核心品類的強勁表現。我想其中最讓我們印象深刻的是烹飪與飲品家電（Cooking and Beverage Appliance）品類，是至少兩年來最強的一次。你能否稍微拆解一下，你們在該品類看到哪些因素在推動如此強勁的成長？

Yes, Peter, look, I would say a few things. One is our espresso and coffee business has seen very significant growth globally. During the quarter, we launched a fully automatic coffee maker, the Ninja AutoBarista that launched at $949 and was off to a great start. We've continued to scale our espresso business in more and more countries around the world into places like Spain and Italy that we just launched. We expanded it more into Latin America.

是的，Peter，你看，我會說有幾點。第一，我們的義式濃縮與咖啡業務在全球都出現非常顯著的成長。本季我們推出了一款全自動咖啡機 Ninja AutoBarista，上市價949美元，開局表現非常好。我們也持續在全球更多國家擴大義式濃縮業務版圖，包含我們剛推出的西班牙與義大利等市場。我們也把版圖進一步擴展到拉丁美洲。

Our Ninja Crispi business has done great in the quarter. We've really built that into a whole franchise of products. We launched our original Crispi, then we expanded into the Ninja Crispi Pro. And in the quarter, we launched in the United States, the Ninja DualZone Crispi. And so you'll see that start to scale out to the rest of the world as we get through this year and into the early part of Q1 of next year.

我們的 Ninja Crispi 業務在本季表現也很出色。我們已經把它真正打造為一個完整的產品系列（franchise）。我們先推出原始版 Crispi，接著擴展到 Ninja Crispi Pro。而在本季，我們在美國推出了 Ninja DualZone Crispi。因此，隨著今年進展並進入明年第一季初期，你會看到它開始擴展到世界其他地區並逐步放量。

So I think expansion in our Crispi business, expansion in our espresso business, solid results in items like our oven business, our multi-cooker business. You kind of put all of those things together and you just look at kind of further penetration of our heated cooking products into more new countries, and that's what drove really nice growth in the quarter. I mean, look, cooking did great.

所以我認為，Crispi 業務的擴張、義式濃縮業務的擴張，以及像我們的烤箱業務、多功能鍋（multi-cooker）業務等產品的穩健表現。把這些因素綜合起來，再看我們的加熱烹飪產品在更多新國家的進一步滲透，這就是本季帶來相當亮眼成長的原因。我的意思是，你看，烹飪品類表現非常好。

I would also point to the fact that Home and Beauty had a standout quarter, growing over 60%. Our Cleaning business in the first half of the year had very strong growth relative to the market. And our Food Prep business grew double digits. So it was great to see that all four of our major product categories grew in the quarter.

我也想指出，家居與美容（Home and Beauty）本季表現突出，成長超過60%。我們的清潔（Cleaning）業務在上半年相對於市場有非常強勁的成長。而我們的食物前處理（Food Prep）業務也有雙位數成長。所以很高興看到我們四大主要產品品類在本季都實現成長。

Yes, agreed. The other thing I just picked up on the call is it sounds like you're going to now launch three subcategories this year. I want to confirm if that's right. And then I guess, if so, it sounds like an accelerated pace of innovation. It might be early, but is this anything related to the Jailbreak initiative?

是的，同意。我在電話會議中另外注意到的一點是，聽起來你們今年將會推出三個子品類（subcategories）。我想確認是否正確。如果是的話，這聽起來像是創新節奏加快。可能還言之過早，但這是否與 Jailbreak 計畫有關？

Not really. So Peter, we are -- we launched the BlastBoss earlier in the year. We launched the Crispi Microwave a couple of weeks ago. We have a new subcategory that's going to launch in Q3. I think we've publicly said that we would launch in a minimum of two subcategories a year. I'm really excited about what we have coming in 2027. And we have to obviously get through '26, but we have a great pipeline of new categories for '27.

不完全是。所以Peter，我們在今年稍早推出了 BlastBoss。我們在幾週前推出了 Crispi 微波爐（Crispi Microwave）。我們還有一個新的子品類將在第三季推出。我想我們已公開表示，我們每年至少會推出兩個子品類。我對我們在2027年將推出的產品非常興奮。當然我們必須先走完2026年，但我們為2027年準備了很強的新類別產品管線。

And I think that's where you're really going to see the impact of AI and the Jailbreak work on our product development. I mean you'll see some new products that are coming out Q3 and Q4 of this year that are using kind of enhanced software capability in them. But I think the innovation changes that we've made, particularly using AI and consumer insights through AI, you'll start to see really come through in '27.

而我認為，這正是你將真正看到AI以及 Jailbreak 工作對我們產品開發帶來影響的地方。我的意思是，你會在今年第三季與第四季看到一些新產品推出，當中使用了某種更強化的軟體能力。但我認為我們所做的創新變革，特別是運用AI以及透過AI取得的消費者洞察，你將會在2027年開始真正看到成果顯現。

All right. Sounds great. Thank you very much.

好。聽起來很棒。非常感謝。

This concludes the question-and-answer session. This concludes the call. Thank you for attending. You may now disconnect.

問答環節到此結束。本次電話會議到此結束。感謝各位參與。您現在可以斷線。