Spectrum Brands Holdings Inc (SPB) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the third quarter 2025 Spectrum Brands Holdings' earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Spectrum Brands Holdings 2025 年第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Joanne Chomiak.

現在，我想將會議交給今天的第一位演講者喬安妮·喬米亞克 (Joanne Chomiak)。

Thank you, and welcome to Spectrum Brands Holdings Q3 2025 earnings conference call and webcast. I'm Joanne Chomiak, Senior Vice President of Tax and Treasury, and I will moderate today's call. To help you follow our comments, we have placed a slide presentation on the Event Calendar page in the Investor Relations section of our website at www.spectrumbrands.com. This document will remain there following our call.

謝謝，歡迎參加 Spectrum Brands Holdings 2025 年第三季財報電話會議和網路廣播。我是稅務和財務高級副總裁 Joanne Chomiak，我將主持今天的電話會議。為了方便您理解我們的評論，我們在我們網站 www.spectrumbrands.com 投資者關係板塊的「活動日曆」頁面上放置了幻燈片演示。會議結束後，此文件仍將保留在該頁面。

Starting with slide 2 of the presentation. Our call will be led by David Maura, our Chairman and Chief Executive Officer; and Jeremy Smeltser, our Chief Financial Officer. After opening remarks, we will conduct the Q&A.

從簡報的第 2 張投影片開始。我們的電話會議將由董事長兼執行長 David Maura 和財務長 Jeremy Smeltser 主持。開幕致詞後，我們將進行問答環節。

Turning to slides 3 and 4. Our comments today include forward-looking statements, which are based upon management's current expectations projections and assumptions and are by nature uncertain. Actual results may differ materially. Due to that risk, Spectrum Brands encourages you to review the risk factors and cautionary statements outlined in our press release dated August 7, 2025, our most recent SEC filings and Spectrum Brands Holdings' most recent annual report on Form 10-K and quarterly reports on Form 10-Q. We assume no obligation to update any forward-looking statements.

翻到幻燈片 3 和 4。我們今天的評論包括前瞻性陳述，這些陳述基於管理層目前的預期預測和假設，本質上具有不確定性。實際結果可能存在重大差異。由於存在這種風險，Spectrum Brands 鼓勵您查看我們 2025 年 8 月 7 日發布的新聞稿、我們最近向美國證券交易委員會提交的文件以及 Spectrum Brands Holdings 最新的 10-K 表年度報告和 10-Q 表季度報告中概述的風險因素和警示聲明。我們不承擔更新任何前瞻性陳述的義務。

Our statement reflects our expectations regarding tariffs, which are based upon currently known and effective tariffs and do not reflect tariffs that have been announced and delayed or other additional tariffs, which could result in additional costs. Also, please note that we will discuss certain non-GAAP financial measures in this call. Reconciliations on a GAAP basis for these measures are included in today's press release and 8-K filing, which are both available on our website in the Investor Relations section.

我們的聲明反映了我們對關稅的預期，這些預期基於目前已知和有效的關稅，並不反映已宣布和推遲的關稅或其他額外關稅，這些關稅可能會導致額外成本。另請注意，我們將在本次電話會議中討論某些非 GAAP 財務指標。今天的新聞稿和 8-K 文件中包含了這些指標按照 GAAP 進行調整的結果，均可在我們網站的「投資者關係」部分查閱。

Now I'll turn the call over to David Maura. David?

現在我將電話轉給 David Maura。戴維？

Hey, thanks, Joanne. Good morning, everybody. Welcome to our third quarter earnings update. I want to thank everyone for joining us today. I'll start the call as usual with an update on kind of the global economic markets and their impact on our company. We'll then talk about Spectrum's operating performance and then our strategic initiatives. Jeremy, as usual, will then provide a more detailed financial and operational update, including a discussion on the more specific results of each business unit.

嘿，謝謝，喬安妮。大家早安。歡迎閱讀我們的第三季財報更新。我要感謝今天與我們一起參加的各位。我將像往常一樣開始電話會議，介紹全球經濟市場的最新情況及其對我們公司的影響。然後我們將討論 Spectrum 的營運績效以及我們的策略舉措。傑里米將像往常一樣提供更詳細的財務和營運更新，包括討論每個業務部門的更具體結果。

If I could get you guys to turn to slide 6 now. When we spoke last quarter, the company had been hit with what I'm now calling the tariff Torito that really disrupted practically every aspect of how we do business around here, operating when the cost of your products can more than double overnight, is something we never really thought we'd experience.

我現在可以讓你們翻到第 6 張投影片。當我們上個季度交談時，公司受到了我現在所說的 Torito 關稅的打擊，這實際上擾亂了我們在這裡開展業務的幾乎所有方面，當產品成本一夜之間翻一番以上時，我們從未想過我們會經歷這種事情。

Frankly, about 20% of our global cost of goods sold at the time was sourced from China for the US market and the cost of importing that product for sales to the US consumer was suddenly so high, we had to take very swift and quite frankly, draconian actions to protect the company. I told you last quarter that we would control, we would be nimble and we would protect the house. We were resolute in our conviction that we would not sacrifice the long-term health of our business for any sort of short-term gain I was confident that we would get through the near-term volatility and emerge a stronger and more focused competitor in our space.

坦白說，當時我們全球銷售商品成本的約 20% 來自於中國，銷往美國市場，而進口該產品銷售給美國消費者的成本突然變得如此之高，以至於我們不得不採取非常迅速、坦率地說是嚴厲的措施來保護公司。我上個季度告訴過你們，我們會控制，我們會靈活，我們會保護房子。我們堅信，我們不會為了任何短期利益而犧牲我們業務的長期健康，我相信我們將度過短期波動，並成為我們所在領域更強大、更專注的競爭對手。

We knew that there would be short-term consequences to these decisions but we also believe that doing the right thing for the long term would outweigh any sort of short-term gain. As I sit here today, 90 days later, I'm confident that we've made the right decisions. We took the challenges head on. We felt the impacts on our results this quarter, but we're now already starting to see the benefits of making these difficult but correct decisions.

我們知道這些決定會產生短期後果，但我們也相信，從長遠來看，做正確的事情比任何短期利益都更有價值。90天后的今天，我坐在這裡，我相信我們做了正確的決定。我們迎接挑戰。我們感受到了本季業績受到的影響，但現在我們已經開始看到做出這些艱難但正確的決定帶來的好處。

Doing the difficult but right thing meant we had material supply issues in the third quarter. You'll recall that when you have tariff -- US tariff rates on Chinese-sourced products went to 145% and in some cases, up to 170%. Earlier this year, we paused virtually all finished good purchases from China until such time the tariff levels declined to a place where we believe we could maintain profitability and margins.

做這件困難但正確的事情意味著我們在第三季遇到了材料供應問題。你會記得，當有關稅時——美國對中國產品的關稅稅率高達 145%，在某些情況下甚至高達 170%。今年早些時候，我們暫停了幾乎所有從中國採購的成品，直到關稅水準下降到我們認為可以保持獲利能力和利潤率的水平。

In mid-May, when the US tariff rate on Chinese imports dropped to 30%, only then did our businesses begin to strategically place orders again, and we only bought product where we knew we could price them for tariffs.

五月中旬，當美國對中國進口產品的關稅稅率降至30%時，我們的企業才開始再次有策略地下訂單，而且我們只購買那些我們知道可以負擔關稅定價的產品。

Turning to the supply chain took time because we completely shut it off. We were negotiating supplier pricing concessions, we were prioritizing production runs, and we were making arrangement with ocean freight carriers. We genuinely have one of the best supply chain teams in the industry today. But even with the helm, we went up to 8 weeks without any importation of product, and that left us out of stock on some of our main SKUs.

轉向供應鏈需要時間，因為我們完全關閉了它。我們正在與供應商協商價格優惠，我們正在優先考慮生產運行，我們正在與海運承運商做出安排。我們確實擁有當今業界最好的供應鏈團隊之一。但即使有掌舵，我們仍然有長達 8 週的時間沒有進口任何產品，這導致我們的一些主要 SKU 缺貨。

Regular supply is now back on. But in this case, doing the right thing, we had orders, we simply couldn't fill in our Global Pet Care and Home and Personal Care businesses during the third quarter. Some of that will continue into Q4 as well.

現已恢復正常供應。但在這種情況下，做正確的事情，我們有訂單，我們根本無法在第三季度填補我們的全球寵物護理和家庭及個人護理業務。其中一些情況也將持續到第四季。

Doing the difficult but right thing meant that we stopped shipping to some customers, when we faced material inflationary headwinds, our playbook is to cover our margin structure through a combination of supplier concessions, internal cost reductions and yes, unfortunately, pricing.

做一件困難但正確的事情意味著我們停止向一些客戶發貨，當我們面臨重大通膨逆風時，我們的策略是透過供應商讓步、內部成本削減以及不幸的是定價等方式來彌補我們的利潤結構。

So with each round of tariffs, we had to notify our customers that we will be increasing prices. No pricing negotiation with a retail customer is easy. But generally, we seek to be in a mutually agreeable place to arrive at a logical point given the inflationary headwinds. But when these negotiations stall, we simply have no choice but to stop shipping to the customer and allow the negotiation to play out.

因此，每輪關稅上調時，我們都必須通知客戶我們將提高價格。與零售客戶進行價格談判並不容易。但總體而言，考慮到通膨阻力，我們尋求雙方都同意的立場，以達成合理的共識。但當這些談判陷入僵局時，我們別無選擇，只能停止向客戶發貨並讓談判繼續進行。

We know that our products matter not only to our retailers but to our ultimate consumers. And we need to protect our bottom line in part through pricing. With all the tariff headwinds this year, and even with the lower Chinese tariff levels, it simply wasn't practical for us to absorb all the cost of tariffs without increasing some prices.

我們知道，我們的產品不僅對零售商很重要，對最終消費者也很重要。我們需要透過定價來保護我們的底線。鑑於今年關稅方面的種種不利因素，即使中國關稅水平較低，如果不提高一些價格，我們就無法承擔全部關稅成本。

Unfortunately, some of our negotiations lasted much longer than others, which meant we had to stop shipping to certain customers while those negotiations were ongoing. In fact, in some of these cases, the customers are quite large, and they were our key customers and the stop shipment lasted weeks. The good news is that we have now -- we now have tariff-related pricing in place with practically all of our customers and our sales levels are already improving.

不幸的是，我們的一些談判比其他談判持續的時間更長，這意味著我們不得不在談判進行期間停止向某些客戶發貨。事實上，在某些情況下，客戶規模相當大，他們是我們的關鍵客戶，停止出貨持續了數週。好消息是，我們現在幾乎已經與所有客戶實施了與關稅相關的定價，而且我們的銷售水平已經在提高。

Again, doing the right thing to avoid massive long-term P&L heads, mainly had to lose a significant amount of revenue in the third quarter. Doing the difficult but right thing also meant we had to look internally, unfortunately, and we had to reduce our own costs. During the quarter, we executed a number of reduction in force activities that spanned across all the businesses and our corporate functions. We have either eliminated open positions or delayed their backfill. We had to adjust our investment spend to reflect the state of the business and the consumer environment. We've had to prioritize investments that would be the most impactful to both this year and into the future given softer consumer demand in some of our categories.

再一次，採取正確的措施來避免長期巨額損益，主要是在第三季損失了大量的收入。不幸的是，做這件困難但正確的事情也意味著我們必須從內部審視，並且必須降低自己的成本。本季度，我們實施了一系列涉及所有業務和公司職能部門的裁員活動。我們要么取消了空缺職位，要么推遲了空缺職位的填補。我們必須調整投資支出以反映業務狀況和消費者環境。鑑於某些類別的消費需求疲軟，我們必須優先考慮對今年和未來影響最大的投資。

We also reduced discretionary and external spend and we've been shrinking the real estate footprint of our company by rightsizing office spaces, warehouses and distribution centers. I'm very pleased that despite these tough decisions, these cost reduction activities that we engaged in and then we've implemented literally in the last 90 days, we now expect to reduce our costs by over $50 million in the fiscal year, fiscal '25. That's a lot of work in a 90-day period of time.

我們也減少了可自由支配的支出和外部支出，並透過調整辦公空間、倉庫和配送中心的規模來縮小公司的房地產足跡。我很高興，儘管做出了這些艱難的決定，但我們在過去 90 天內參與並實施了這些成本削減活動，現在我們預計在 25 財年將成本削減 5000 多萬美元。在 90 天的時間內，這需要做大量的工作。

We also have been working hard to diversify the supplier base across the board. The teams are continuing to create diversified sourcing footprints for our global products developing and activating non-Chinese sourcing alternatives. Our goal is to have the lowest all-in cost of supply for each of our markets. We expect that China will likely be the low-cost supply base for our international markets because of its cost advantages and its manufacturing efficiencies.

我們也一直在努力實現供應商基礎的多元化。團隊正在繼續為我們的全球產品創造多樣化的採購足跡，開發和啟動非中國採購替代方案。我們的目標是使每個市場的總供應成本最低。我們預計，由於中國的成本優勢和製造效率，中國很可能成為我們國際市場的低成本供應基地。

Now for the US market, sourcing outside of China even there may not always be the lowest cost option due to tariffs on other Asian countries. However, with the recently announced reciprocal tariffs and the trade agreement between the US and China not finalized, it is possible that Chinese sourcing can still be a low-cost option. We have to be nimble. We're doing the work that provides us the highest level of flexibility to react to whatever the volatility there may be in the marketplace going forward.

現在對美國市場來說，由於對其他亞洲國家徵收關稅，即使在中國以外採購也未必總是成本最低的選擇。然而，由於最近宣布的互惠關稅以及中美貿易協議尚未最終敲定，中國採購仍然可能是低成本的選擇。我們必須靈活。我們所做的工作能夠為我們帶來最高程度的靈活性，以應對未來市場可能出現的任何波動。

We are still working toward the targets we discussed during our last call, with GPC or our global pet care company, having non-Chinese sourcing alternatives for the predominance of its purchases by this calendar year-end, and HPC continuing to build out its non-Chinese sourcing footprint throughout the remainder of fiscal '25 and growing it in '26.

我們仍在努力實現上次電話會議中討論的目標，即 GPC（我們的全球寵物護理公司）在今年年底前擁有非中國採購替代品，以作為其採購的主要來源，而 HPC 將繼續在 25 財年剩餘時間內擴大其非中國採購足跡，並在 26 財年進一步擴大。

However, the drop in Chinese tariff levels has provided some relief to these diversification efforts, and they're giving us a slightly longer time frame in which to address it. If the relative tariff rates change, we will return to an accelerated path to exit China. Ensuring we have quality product finding the right long-term solution for the company is the priority.

然而，中國關稅水準的下降為這些多樣化努力提供了一些緩解，並給了我們稍長的時間來解決這個問題。如果相對關稅稅率發生變化，我們將回到加速退出中國的道路。確保我們擁有優質的產品並為公司找到正確的長期解決方案是當務之急。

With our initial rounds of pricing and supplier concessions, we have essentially eliminated our tariff exposure at the end of Q3. I'm very proud to make that statement. Based on the current known trade agreements between the US, the European Union and other relevant countries that we source from we are now targeting an incremental $20 million to $25 million worth of pricing and supplier concessions across the three businesses to fully cover what we believe will be the incremental exposure heading into fiscal 2026.

透過最初幾輪定價和供應商優惠，我們在第三季末基本上消除了關稅風險。我很自豪能夠發表這樣的聲明。根據目前已知的美國、歐盟和我們採購的其他相關國家之間的貿易協定，我們現在計劃在三家企業中增加價值 2000 萬至 2500 萬美元的定價和供應商優惠，以完全覆蓋我們認為將在 2026 財年出現的增量風險。

Our ability to do the difficult but right thing is enabled by our balance sheet, which is exceptionally strong. Our strong free cash flow generation, the low leverage of the business and our ample liquidity and extended debt maturities. These things are all enabling us to be not only sustain ourselves, but to enable us to strengthen our position in a volatile environment with quarterly sales that quite frankly were materially disrupted given the tariff activities in the last 90 days. But these things -- we continually do the right thing for this company to set us up to enter '26 on strong footing.

我們之所以能夠做這些困難但正確的事情，是因為我們的資產負債表異常強勁。我們擁有強勁的自由現金流產生能力、較低的業務槓桿率、充足的流動性和延長的債務期限。這些因素不僅使我們能夠維持生存，而且還使我們能夠在動盪的環境中鞏固自己的地位，坦白說，由於過去 90 天的關稅活動，季度銷售受到了實質幹擾。但這些事情——我們不斷為公司做正確的事情，為我們進入26年奠定堅實的基礎。

It's really made us the partner of choice to for suppliers that are trying to build out new Southeast Asian factories. They know we're going to be here. They know they're going to give them orders, they know they can count on us to pay them in time, on time, every time. We're going to continue to strive to do the right thing when it comes to protecting our balance sheet and our cash flows always.

這確實使我們成為那些試圖在東南亞建立新工廠的供應商的首選合作夥伴。他們知道我們會來這裡。他們知道我們會給他們下訂單，他們知道他們可以依靠我們每次都按時付款。在保護我們的資產負債表和現金流方面，我們將繼續努力做正確的事情。

If I can now everyone turn your attention to slide 7. I'll take you through the Q3 numbers. And again, these numbers are materially distorted because of shutting off inputs from suppliers and then quite frankly, shutting off sales to customers during pricing negotiations. But our net sales in Q3 did decline 10.2%. If we exclude some foreign currency benefit, organic sales decreased 11.1%.

現在請大家把注意力轉向投影片 7。我將帶您了解第三季的數據。而且，由於切斷了供應商的投入，坦白說，在定價談判期間切斷了對客戶的銷售，這些數字受到了實質的扭曲。但我們第三季的淨銷售額確實下降了 10.2%。如果我們排除一些外匯收益，有機銷售額將下降 11.1%。

The US and European customers have been feeling macroeconomic pressure, quite frankly, from the global trade and stability around the world. Customers have been stressed and that's led to kind of overall category decline in both pet and the appliance businesses. Quarterly sales were also negatively impacted by the temporary but difficult decisions we made to stop shipments to major retailers when tariff-related pricing negotiations stalled as well as some inventory shortages from the period when we paused all imports from China.

坦白說，美國和歐洲客戶一直感受到來自全球貿易和世界穩定帶來的宏觀經濟壓力。顧客感到壓力很大，這導致寵物和家電業務的整體類別出現下滑。當關稅相關的定價談判陷入僵局時，我們做出了暫時但艱難的決定，停止向主要零售商發貨，以及在我們暫停從中國的所有進口期間出現一些庫存短缺，這也對季度銷售額產生了負面影響。

In our Home and Garden business, we actually had a cold and wet start to the season, and that did negatively impact POS and retail reorder patterns during Q3. The adjusted EBITDA generated by the business was $76.6 million. That's a decline of $17 million compared to last year's results, which excludes the investment income we had from the large cash balance at the time.

在我們的家居和花園業務中，這個季節開始時天氣寒冷潮濕，這對第三季的 POS 和零售重新訂購模式產生了負面影響。該業務產生的調整後 EBITDA 為 7,660 萬美元。與去年的業績相比，下降了 1700 萬美元，這還不包括我們當時從大量現金餘額中獲得的投資收益。

Our gross margins did suffer a contraction of 110 basis points during the third quarter, and that's mainly driven by negative mix, tariffs and inflation. We reacted, as I've described very quickly to offset these tariff headwinds and consumer softness by taking out our fixed costs and limiting external spend.

我們的毛利率在第三季確實下降了 110 個基點，這主要是由於負面組合、關稅和通貨膨脹造成的。正如我所描述的，我們迅速做出反應，透過取消固定成本和限制外部支出來抵消這些關稅逆風和消費者疲軟的影響。

It's imperative every dollar of our spend has to be purposed and to be focused on driving the top line of our companies. Our teams have and will continue to step up to the challenge of doing things better, leaner and more efficiently.

我們的每一分錢都必須有其用途，並且要集中用於推動公司獲利。我們的團隊已經並將繼續迎接挑戰，以更好、更精簡、更有效率的方式完成工作。

The third quarter was all about making the tough but right decisions to protect our house to protect our balance sheet and to protect the long-term success of this company. We have now put Q3 in the rearview mirror. We are excited to be focusing on the future, and we are already seeing the results with a very strong start to the fourth quarter from a big rebound in sales in July. We have had a strong start to Q4.

第三季我們做出了艱難但正確的決定，以保護我們的家庭、保護我們的資產負債表並保護公司的長期成功。現在我們已經將 Q3 拋諸腦後。我們很高興能夠著眼於未來，我們已經看到了成果：7 月份銷售額大幅反彈，第四季度開局非常強勁。我們的第四季開局強勁。

In July, both our global pet care company and our Home and Garden division delivered growth over the prior year. For Home and Garden, the weather started to improve in the final weeks of Q3 and that momentum is carried through into July when we had very strong POS and retailer reorder rates.

7月份，我們的全球寵物護理公司和家居及花園部門均實現了比去年同期的成長。對於家居和花園而言，天氣在第三季的最後幾週開始好轉，這種勢頭一直延續到 7 月份，當時我們的 POS 和零售商重新訂購率非常強勁。

The new products we introduced this year, including Spectracide was pointed and yellow trip and the hotshot flying insect trap are driving category growth. And in spite of a lot of new competition entering the category, Spectracide is taking share. GPC and HBC's results continue to be impacted by supply constraints from our pause and Chinese imports but each business is now shipping to all customers. In Global Pet Care, we gained new points of distribution and regained premium shelf placement for some of our choose at a large retailer who had moved them to prioritize their private label product in the past.

我們今年推出的新產品，包括 Spectracide 尖頭黃道和熱射飛蟲陷阱，正在推動品類成長。儘管有許多新的競爭對手進入該類別，Spectracide 仍佔據著市場份額。GPC 和 HBC 的業績繼續受到我們暫停和中國進口造成的供應限制的影響，但每項業務現在都在向所有客戶發貨。在全球寵物護理領域，我們獲得了新的分銷點，並重新獲得了一家大型零售商的部分精選產品的優質貨架位置，該零售商過去曾讓他們優先考慮其自有品牌產品。

Our new GPC President has quickly elevated the level of engagement of our business and is bringing excitement to the team rallying around new innovations in health and wellness, niche treats and food and cat. HPC performed well during Amazon's prime days and is now shipping new innovation to retailers that have been impacted by our pause on Chinese purchases. We are continuing to make top line brand-building investments to support our new innovation and to drive category growth.

我們的新任 GPC 總裁迅速提升了我們業務的參與度，並為團隊帶來了在健康和保健、小眾零食和食品以及貓方面的新創新的興奮。HPC 在亞馬遜黃金時段表現良好，目前正在向受到我們暫停中國採購影響的零售商提供新的創新產品。我們將繼續進行頂級品牌建設投資，以支持我們的新創新並推動品類成長。

If I could have everyone now go to slide 8, and I'll give you guys an update of the strategic priorities for the remainder of fiscal '25. After updating their priorities last quarter to reflect the tariff -- the new tariff landscape and softening consumer demand environment, our strategic priorities remain unchanged this quarter to reflect our continued focus on making the right long-term decisions for the business and maintaining a nimble stance during these times of volatility.

如果現在大家可以翻到第 8 張投影片，我將向大家介紹 25 財年剩餘時間的策略重點的最新情況。在上個季度更新了優先事項以反映關稅——新的關稅格局和疲軟的消費者需求環境之後，本季度我們的戰略重點保持不變，以反映我們繼續專注於為企業做出正確的長期決策並在動盪時期保持靈活的立場。

We are focused on protecting the balance sheet, and we remain on track to deliver approximately $160 million in free cash flow this fiscal year, which is nearly $7 per share in free cash flow. On our last call, I told you we were running the business for cash flow generation for the rest of the year due to the high tariff environment and the volatile situation we found ourselves in.

我們專注於保護資產負債表，本財年仍有望實現約 1.6 億美元的自由現金流，相當於每股近 7 美元的自由現金流。在我們上次通話中，我告訴過你們，由於高關稅環境和我們所處的動盪局勢，我們將在今年剩餘時間內開展業務以產生現金流。

The reduction in Chinese tariff rates has shifted our focus back to a more normalized approach while we remain laser-focused on cash flow, liquidity and net leverage, we continue to identify working capital improvements throughout our operations. We are leaning into our supply chain strength to diversify our supplier footprint and our supply chain team is uniquely situated to strategically anticipate and to quickly and proactively respond to macroeconomic developments.

中國關稅稅率的降低使我們的重點重新轉向更正常化的方式，同時我們仍然專注於現金流、流動性和淨槓桿，我們將繼續在整個營運過程中尋找營運資本的改善。我們依靠我們的供應鏈優勢來實現供應商分佈的多樣化，我們的供應鏈團隊具有獨特的優勢，能夠策略性地預測並快速主動地應對宏觀經濟發展。

In the third quarter, they handled not only turning off Chinese imports to the US literally overnight, but also turning that back on in a way that ensured we would maintain our profitability. Our quarterly average global fill rates were over 95% in spite of having tariff-related shortages. I'm very proud of the team for that accomplishment. Thank you all.

在第三季度，他們不僅在一夜之間切斷了中國對美國的進口，而且還以確保我們保持盈利的方式重新恢復了進口。儘管存在與關稅相關的短缺，但我們的季度平均全球供應率仍超過 95%。我為團隊的成就感到非常自豪。謝謝大家。

Having high fill rates and service levels are critical when you're negotiating terms and trying to get pricing with your retail partners, thanks everyone and supply team for making that a reality for us. We are reducing our cost profile to adapt to consumer demand and, quite frankly, the tariff headwinds, and we'll continue to adapt to these new macroeconomic conditions swiftly and decisively, just like we did this past quarter.

當您與零售合作夥伴協商條款並嘗試獲得定價時，擁有高填充率和服務水準至關重要，感謝所有人和供應團隊為我們實現這一目標。我們正在降低成本以適應消費者需求，坦白說，還有關稅逆風，我們將繼續迅速果斷地適應這些新的宏觀經濟條件，就像我們上個季度所做的那樣。

The teams are focused on fewer, bigger and better initiatives to maximize the impact of our investments. We are preparing to take advantage of the opportunities that the times of economic uncertainty bring and emerge a growing stronger company that will be the partner of choice for M&A activity.

這些團隊專注於更少、更大、更好的計劃，以最大限度地發揮我們投資的影響力。我們正準備利用經濟不確定時期帶來的機遇，成為一家不斷成長的公司，成為併購活動的首選合作夥伴。

Our businesses and our advisers are actively looking for acquisition targets for both our Pet and Home and Garden businesses. We believe that when we make the right acquisitions, both our businesses and the target accelerate sales growth and profitability, which makes our strong capital structure to fund M&A the right move. We will remain disciplined, however, and we will not overpay. We will make sure we have the right assets.

我們的企業和顧問正在積極尋找寵物和家居及花園業務的收購目標。我們相信，當我們進行正確的收購時，我們的業務和目標公司都會加速銷售成長和獲利能力，這使得我們強大的資本結構為併購提供資金成為正確的舉措。然而，我們仍將保持紀律，不會支付過高的價格。我們將確保我們擁有合適的資產。

Our strategic transaction for our Home and Personal Care business continued to be delayed given the current tariff landscape and geopolitical factors that are frankly out of our control. While we are disappointed in the delay of the transaction, Spectrum Brands and spectrum becoming a pure-play platform and Garden Company, we believe in the HPC business, and we're going to continue to be great stewards of it. We have not called off a transaction permanently. And as always, we will seek ways and opportunities to maximize its value.

由於當前的關稅情況和地緣政治因素坦率地說是我們無法控制的，我們的家庭和個人護理業務的策略交易繼續被推遲。雖然我們對交易的延遲感到失望，但 Spectrum Brands 和 spectrum 已成為一個純粹的平台和花園公司，我​​們相信 HPC 業務，我們將繼續做好它的管理者。我們並沒有永久取消交易。並且一如既往，我們將尋求方法和機會來最大化其價值。

If I can now turn your attention to slide 9, and we'll give you an update on share repurchases. During the third quarter, we repurchased just under 1 million shares. We, in fact, bought back 900,000 shares, and we continue to buy during our pre-earnings quiet period through a $50 million 10b5-1 plan put in place in June.

現在請您看第 9 張投影片，我們將向您提供有關股票回購的最新情況。第三季度，我們回購了近100萬股。事實上，我們回購了 90 萬股，我們透過 6 月實施的 5,000 萬美元 10b5-1 計畫在獲利前的靜默期內繼續買進。

Year-to-date through today, we have repurchased approximately 4 million shares for roughly $300 million and in total, since we closed the HHI transaction, we have returned approximately $1.32 billion of capital to shareholders through various share repurchase programs, and we've repurchased 2% of our share count since the closing of that deal.

年初至今，我們已回購了約 400 萬股，耗資約 3 億美元，自完成 HHI 交易以來，我們總共透過各種股票回購計畫向股東返還了約 13.2 億美元的資本，自該交易完成以來，我們已回購了 2% 的股票。

We have been more conservative lately in share repurchases to preserve the strong balance sheet and liquidity to manage through the volatility of Q3 and we'll monitor and be opportunistic in share repurchases going forward.

我們最近在股票回購方面更加保守，以保持強勁的資產負債表和流動性，從而應對第三季的波動，並且我們將在未來的股票回購中密切監控並抓住機會。

Turning to slide 10. Given the continued unpredictable nature of global tariffs and global trade negotiations, particularly between the US and China and some softening in the US and Europe of consumer demand, at this time, we don't have sufficient visibility to give you an earnings framework for '25. However, we are reiterating our expectation to deliver the $160 million of free cash flow -- and as I noted earlier, that is approaching $7 per share in free cash flow in fiscal '25.

翻到第 10 張投影片。鑑於全球關稅和全球貿易談判（尤其是美國和中國之間的談判）持續的不可預測性，以及美國和歐洲消費者需求的減弱，目前我們還沒有足夠的預見性來為您提供 25 年的獲利框架。然而，我們重申了實現 1.6 億美元自由現金流的預期——正如我之前提到的，這將使 25 財年的自由現金流接近每股 7 美元。

Now before I turn the call over to Jeremy, I want to sincerely thank each and every one of the members of the Spectrum Brands team. The last 90 days was no fun for any of us. You guys all worked hard and tirelessly. I'm proud of how you faced into the turmoil that was delivered to us through tariffs.

現在，在將電話轉給傑里米之前，我想真誠地感謝 Spectrum Brands 團隊的每一位成員。過去的 90 天對我們任何人來說都沒有什麼樂趣。你們都努力工作並且不知疲倦。我為你們面對關稅給我們帶來的混亂所做的努力感到驕傲。

And I'm really proud of how we've handled that. I think we took our medicine and better days are already happening. So I hope we never get hit with this tariff torpedo again, but I'm confident this team will do the right thing, make the tough decisions, work together to ensure the long-term success of this company.

我對我們的處理方式感到非常自豪。我想我們已經採取了措施，情況已經好轉。所以我希望我們永遠不會再遭受這種關稅打擊，但我相信這個團隊會做正確的事情，做出艱難的決定，共同努力確保公司的長期成功。

I'm going to turn the call now over to Jeremy, and he's going to give you some updates -- more specifics on the financials, a lot more business unit insights, and then I'll come back to you guys for closing remarks.

我現在將把電話轉給傑里米，他將向你們提供一些最新情況——更多關於財務的具體信息，更多業務部門的見解，然後我會回來給你們做結束語。

Turning it over to you now, Jeremy.

現在交給你了，傑瑞米。

Thanks, David. Good morning, everyone. Let's turn to slide 12 and a review of Q3 results from continuing operations. We'll start with net sales, which declined 10.2%. Excluding the impact of $6.8 million of favorable foreign exchange, organic net sales decreased 11.1% primarily driven by targeted stop shipments to certain retailers, supply constraints and category softness in our global pet care and home and personal care businesses as well as unfavorable weather in our home and garden business, with the cold and wet start to the season, impacting the timing of replenishment orders.

謝謝，大衛。大家早安。讓我們翻到第 12 張投影片，回顧一下第三季的持續經營績效。我們先從淨銷售額開始，下降了 10.2%。不計入 680 萬美元有利外匯的影響，有機淨銷售額下降 11.1%，主要原因是針對某些零售商的定點停止發貨、全球寵物護理和家庭及個人護理業務的供應限制和品類疲軟，以及家庭和花園業務的不利天氣（季節開始時寒冷潮濕，影響了補貨訂單的時間）。

Gross profit decreased $38.7 million and gross margins of 37.8%, decreased 110 basis points, largely driven by lower volume unfavorable mix, inflation and higher tariffs, partially offset by pricing, impacts from cost improvement actions and operational efficiencies as well as favorable FX.

毛利減少 3,870 萬美元，毛利率 37.8%，下降 110 個基點，主要原因是銷量下降、產品組合不利、通貨膨脹和關稅上調，但定價、成本改進措施和營運效率的影響以及有利的外匯因素部分抵消了這一影響。

Operating expenses of $232.8 million decreased 8.7% due to lower investment spend in advertising and marketing and general expense management in light of the category softness and lower restructuring-related projects, partially offset by higher impairment charges in the quarter.

營業費用為 2.328 億美元，下降 8.7%，原因是由於類別疲軟以及重組相關項目減少，導致廣告和行銷以及一般費用管理的投資支出減少，但本季的減損費​​用增加部分抵消了這一影響。

Operating income of $31.3 million decreased by $16.4 million, driven by the gross margin decline partially offset by the lower operating expenses I mentioned. GAAP net income and diluted earnings per share both increased primarily driven by lower interest expense, reduced income tax expense and lower share count partially offset by lower operating income and lower investment income.

營業收入 3,130 萬美元，減少了 1,640 萬美元，這是由於毛利率下降，但被我提到的營業費用降低部分抵消了。GAAP 淨收入和每股稀釋收益均有所增加，主要由於利息支出減少、所得稅支出減少和股份數量減少，但營業收入和投資收入減少部分抵消了這一影響。

Adjusted EBITDA was $76.6 million, a decrease of $29.7 million, driven by investment income of $12.7 million last year, lower volume and reduced gross margins partially offset by continued general expense management and lower investments in light of category softness. Excluding last year's investment income, adjusted EBITDA decreased $17 million. Adjusted diluted EPS increased to $1.24 driven by reduced income tax expense, lower interest expense and the reduction in shares outstanding, partially offset by lower adjusted EBITDA.

調整後的 EBITDA 為 7,660 萬美元，減少了 2,970 萬美元，原因是去年的投資收入為 1,270 萬美元，銷量下降和毛利率下降，但持續的一般費用管理和由於類別疲軟而減少的投資部分抵消了這一影響。不包括去年的投資收益，調整後的 EBITDA 減少了 1700 萬美元。調整後稀釋每股收益增至 1.24 美元，主要由於所得稅費用減少、利息費用降低以及流通股減少，但調整後 EBITDA 降低部分抵消了這一影響。

Turning now to slide 13. Q3 interest expense from continuing operations of $8.4 million decreased $7.3 million due to our lower gross outstanding debt balance. Cash taxes during the quarter of $14 million increased $9.6 million from last year. Depreciation and amortization of $25.1 million was flat to last year. And separately, share-based compensation increased to $4.8 million from $4.5 million last year. Capital expenditures were $10 million in Q3, essentially flat to last year. Cash payments towards strategic transactions, restructuring related projects and other unusual nonrecurring adjustments, were $8.6 million versus $10.5 million last year.

現在翻到第 13 張投影片。由於我們的未償債務總額較低，第三季持續經營業務的利息支出為 840 萬美元，減少了 730 萬美元。本季現金稅為 1,400 萬美元，比去年同期增加了 960 萬美元。折舊和攤提為 2510 萬美元，與去年持平。另外，股權激勵費用從去年的 450 萬美元增加到 480 萬美元。第三季的資本支出為 1,000 萬美元，與去年基本持平。用於策略交易、重組相關項目和其他不尋常的非經常性調整的現金支付為 860 萬美元，而去年同期為 1050 萬美元。

Moving now to the balance sheet. We had a quarter end cash balance of $122 million and $388.5 million available on our $500 million cash flow revolver. Total debt outstanding was approximately $681 million, consisting of borrowings on our cash flow revolver of $103 million, $496 million of senior unsecured notes and $82 million of finance leases. We ended the quarter with $559 million of net debt.

現在轉到資產負債表。我們季末的現金餘額為 1.22 億美元，5 億美元現金流循環信貸額度中可用現金為 3.885 億美元。未償還債務總額約為 6.81 億美元，其中包括 1.03 億美元的現金流循環信貸借款、4.96 億美元的無擔保優先票據和 8,200 萬美元的融資租賃。本季末我們的淨債務為 5.59 億美元。

Now let's get into the review of each business unit to provide details on the underlying performance drivers of our operational results. We will start with Global Pet Care, which is on slide 14. Reported net sales decreased 9.6% and excluding favorable foreign currency impacts, organic net sales decreased 11.4%.

現在讓我們回顧一下每個業務部門，以提供有關我們營運結果的潛在績效驅動因素的詳細資訊。我們將從幻燈片 14 上的“全球寵物護理”開始。報告淨銷售額下降 9.6%，排除有利的外匯影響，有機淨銷售額下降 11.4%。

The primary driver of the sales decline was our decision to stop shipping to a handful of customers during tariff-related pricing negotiations. In the case of one key customer, the stop ship lasted a number of weeks. By the end of the quarter, the pricing was in place and we had resumed shipping to this retailer, although our shipments were below normal levels.

銷售量下降的主要原因是我們在與關稅相關的定價談判期間決定停止向少數客戶出貨。對於一個重要客戶來說，停駛持續了數週之久。到本季末，定價已經到位，我們也恢復了向該零售商的發貨，儘管我們的發貨量低於正常水平。

In addition, sales were negatively impacted by tariff-related supply issues attributable to the period during which US tariff rates on Chinese products were 145%, and we had paused importing Chinese-sourced products. Sales in the early part of our quarter were also negatively affected by capacity constraints at a large retailer, causing the retailer to slow purchases for a period of time. Those purchase patterns returned by the end of the quarter. These headwinds led to companion animals organic net sales being down low double digits for the quarter.

此外，由於美國對中國產品徵收 145% 的關稅，我們暫停了進口中國產品，導致關稅相關供應問題對銷售產生了負面影響。本季初的銷售也受到大型零售商產能限制的負面影響，導致該零售商在一段時間內減緩採購。這些購買模式在本季末恢復。這些不利因素導致本季伴侶動物有機淨銷售額下降兩位數。

In addition, while we maintained our market share, the overall North American companion animal category declined in the low single digits. We are pleased with the consumer reaction to our innovation and commercial activation, amplified by a successful collaboration with key retailers that resulted in expanded distribution and improved shelf placement.

此外，雖然我們保持了市場份額，但北美伴侶動物類別的整體市場份額卻下降了個位數。我們很高興看到消費者對我們的創新和商業活化的反應，並且透過與主要零售商的成功合作擴大了分銷範圍並改善了貨架擺放。

In EMEA, Organic net sales for our Good Boy brand increased, driven by successful range reviews in the UK and a very successful launch into Germany and Austria, yet overall companion animal sales were down low single digits driven by weakening European consumer sentiment and a sales push into Q4 due to customer warehouse constraints.

在歐洲、中東和非洲地區，得益於英國的成功系列評價以及在德國和奧地利的成功推出，我們 Good Boy 品牌的有機淨銷售額有所增長，但由於歐洲消費者信心減弱以及由於客戶倉庫限製而進入第四季度的銷售推動，整體伴侶動物銷售額下降了個位數。

Organic net sales in Latin America grew low double digits, predominantly in the choose category. In Aquatics, organic net sales declined in the low teens with sales declining in each region. In North America, consumer demand remained soft and sales were affected by the same pricing negotiation and weeks where we were not shipping to certain retailers. Distribution gains at Pet Specialty offset some of that softness. In EMEA, market share increased nicely. However, sales were impacted by lower consumer demand and the timing of order fulfillment.

拉丁美洲的有機淨銷售額成長了兩位數，主要是精選類別。在 Aquatics 領域，有機淨銷售額下降了百分之十幾，並且每個地區的銷售額都在下降。在北美，消費者需求仍然疲軟，銷售受到相同定價談判以及數週未向某些零售商發貨的影響。寵物專賣店分銷業務的成長抵消了部分疲軟的影響。在歐洲、中東和非洲地區，市場佔有率大幅成長。然而，銷售額受到消費者需求下降和訂單履行時間的影響。

GPC's new leaders are focused on commercializing innovation to engage our retailers and consumers. Our recently launched DreamBone Colliums continue our focus on introducing innovation that offers health and wellness benefits for pets. Collins are the only two in the market enriched with a Type 2 collagen derived from chicken cartilage benefiting hip and joint health, while offering flavor that was liked by 100% of tested dogs. Good n fun is gaining points of distribution including in pet specialty, and we will be launching new innovation in good and tasty treats in the next few months.

GPC 的新領導層致力於將創新商業化，以吸引我們的零售商和消費者。我們最近推出的 DreamBone Colliums 繼續致力於推出為寵物提供健康和保健益處的創新產品。柯林斯是市面上僅有的兩款富含從雞軟骨中提取的 2 型膠原蛋白的狗糧，這種膠原蛋白有益於臀部和關節健康，同時其口味受到 100% 接受測試的狗的喜愛。Good n fun 正在獲得包括寵物專賣店在內的分銷點，我們將在未來幾個月推出美味零食的新創新。

Our investments in Nature's Miracle are gaining momentum. Nature's Miracle has an extraordinarily high loyalty rate driven by its best-in-class product performance. Our investments and partnerships with retailers and influencers to increase consumer engagement along with our recently launched delivery systems featuring our patented flip and go technology to enhance user convenience and drive consumer engagement is being well received by Nature's Miracle consumers.

我們對 Nature's Miracle 的投資正在不斷成長。Nature's Miracle 憑藉其一流的產品性能而擁有極高的忠誠度。我們與零售商和有影響力人士的投資和合作旨在提高消費者的參與度，同時我們最近推出的配送系統採用我們專利的翻轉和移動技術，以提高用戶便利性並推動消費者參與度，受到了 Nature's Miracle 消費者的一致好評。

In dog and cat food, we went live with an IMS grain-free line of products and are expanding countries of distribution within EMEA. In Aquatics, we are partnering with key retailers to feature our unique GloFish experience at the front of their stores, promoting the brand and its exciting innovation.

在狗糧和貓糧方面，我們推出了 IMS 無穀物產品線，並擴大 EMEA 地區的分銷國家。在 Aquatics，我們與主要零售商合作，在他們的商店前面展示我們獨特的 GloFish 體驗，推廣品牌及其令人興奮的創新。

This quarter's adjusted EBITDA of $44 million is $12.7 million lower than last year, and adjusted EBITDA margin was 17.2% compared to 20.1% last year. The reduction in adjusted EBITDA was primarily driven by lower sales volumes, unfavorable mix and inflation, partially offset by operational productivity improvements, lower brand-focused investments and FX.

本季調整後的 EBITDA 為 4,400 萬美元，比去年同期低 1,270 萬美元，調整後的 EBITDA 利潤率為 17.2%，而去年同期為 20.1%。調整後 EBITDA 的減少主要是由於銷售量下降、產品組合不利和通貨膨脹，但被營運生產力的提高、品牌投資的減少和外匯等因素部分抵消。

Looking forward, we expect cautious consumer behavior in North America but we remain optimistic about our performance in the category with some recent wins in product distribution and placement together with a positive pace of sales and consumer acceptance to our innovation. European consumer demand in the pet categories is also feeling the effect of the global economic uncertainties. Yet our Good Boy brand is performing well, and we have a promising innovation pipeline.

展望未來，我們預計北美消費者的行為將保持謹慎，但我們對這一類別的表現仍然持樂觀態度，因為我們最近在產品分銷和佈局方面取得了一些勝利，而且銷售速度和消費者對我們創新的接受度也呈積極態勢。歐洲消費者對寵物類產品的需求也受到全球經濟不確定性的影響。然而，我們的 Good Boy 品牌表現良好，而且我們擁有前景光明的創新管道。

We remain cautious about Aquatics where some US retailers are reducing shelf space due to lower consumer demand and recent growth trends. We are overall excited about the pet category and believe these short-term headwinds will be behind us in the near term. As a reminder, our prior year fourth quarter net sales were positively impacted by a non-repeating customer pull forward of approximately $10 million in purchases ahead of our SAP S/4HANA go live last October.

我們對 Aquatics 持謹慎態度，由於消費者需求下降和近期的成長趨勢，一些美國零售商正在減少貨架空間。總體而言，我們對寵物類別感到興奮，並相信這些短期不利因素將在短期內消失。提醒一下，我們去年第四季的淨銷售額受到了非重複客戶在去年 10 月 SAP S/4HANA 上線之前約 1000 萬美元的購買量的正面影響。

Let's turn now to Home and Garden, which is on slide 15. We Net sales decreased 10.3% in the quarter. The cold and wet start to the season delayed POS in our categories, negatively impacting retailer reorder patterns. Net sales and controls, our largest business, were down low single digits, while net sales in household test, repellents and cleaning were down double digits.

現在我們來看幻燈片 15 上的「家居與花園」。本季我們的淨銷售額下降了 10.3%。本季開始時寒冷潮濕，導致我們各類別的 POS 延遲，對零售商的重新訂購模式產生了負面影響。我們最大的業務－控制產品的淨銷售額下降了個位數，而家用測試、驅蟲劑和清潔劑的淨銷售額則下降了兩位數。

While total category sales in each of our categories were lower this quarter, Inspectacide gained market share, with -- was an Hornet pest control sales well above category and comps improving with the weather conditions towards the end of the quarter. In fact, Spectracide is the only top 5 brand that grew across the controls category in the quarter from the data that we see.

雖然本季我們每個類別的總銷售額都有所下降，但 Inspectacide 的市佔率有所增加，其中 Hornet 害蟲防治產品的銷售額遠高於同類產品，並且隨著本季末天氣狀況的改善，銷售額也在不斷改善。事實上，從我們看到的數據來看，Spectracide 是本季控制類別中唯一實現成長的前五大品牌。

Hotshot also outperformed the category this quarter, growing in every indoor segment in which we compete, driven by our new products and innovation. Repel was the fastest-growing repellent brand in the category, where sales in the food, drug and dollar channel this quarter were especially strong, while cleaning sales comparisons continue to be affected by the loss of distribution in the prior year. As the weather improved in the last weeks of June, we saw both POS and retailer reorder patterns improve. And as we closed the quarter, retailer inventory levels were generally flat year-over-year.

本季度，Hotshot 的表現也優於同類產品，在新產品和創新的推動下，我們參與競爭的每個室內細分市場都實現了成長。Repel 是該類別中成長最快的驅蟲品牌，本季在食品、藥品和美元通路的銷售尤其強勁，而清潔銷售額則持續受到前一年分銷損失的影響。隨著六月最後幾週天氣好轉，我們看到 POS 和零售商重新訂購模式都有所改善。截至本季末，零售商庫存水準與去年同期基本持平。

Our innovation continues to gain support from our retail partners and interest from consumers. The Spectracide one-shot product line, our higher performance, longest-lasting product gained incremental off-shelf display support early in the season inside the home center channel and combined with the continued advertising support contributed to Spectracide market share gains this season.

我們的創新持續獲得零售合作夥伴的支持和消費者的興趣。Spectracide 一次性產品線是我們性能更高、使用壽命最長的產品，在季度初就獲得了家庭中心通路內部增量式的現貨展示支持，再加上持續的廣告支持，促成了 Spectracide 季度市場份額的增長。

This year's innovation launch, the Spectracide was borne and yellow jacket trap continues to gain momentum with consumers and support from all of our key accounts. POS performance is well above expectations, and we are in the process of increasing capacity for fiscal '26. This product quickly gained penetration in the category, one of the highest of any new items in overall pest control.

今年的創新產品 Spectracide 誕生了，黃蜂陷阱繼續受到消費者和我們所有主要客戶的支持。POS 性能遠遠超出預期，我們正在增加 26 財年的產能。該產品在該類別中迅速普及，成為整體害蟲防治領域中普及率最高的新產品之一。

We also launched the new hot shot flying insect trap this season, in line with our brand strategy of offering strong benefits and significant value to consumers. This innovation was voted Product of the Year for best in pest control. At a value price point to competitive products, the hotshot flying insect trap provides continuous action to attract and capture house flies and fruit flies with a discrete compact design that blends seamlessly into your home with no setup or electricity required. POS performance has been very strong, significantly surpassing expectations.

本季我們也推出了新款熱門飛蟲陷阱，符合我們為消費者提供強大優勢和顯著價值的品牌策略。這項創新產品被評為年度最佳害蟲防治產品。與競爭產品相比，這款熱門飛蟲陷阱具有超值的價格，可以持續吸引和捕捉家蠅和果蠅，其緊湊的設計可以無縫融入您的家中，無需設置或電力。POS 表現非常強勁，大大超乎預期。

Adjusted EBITDA was $38.6 million compared to $43.3 million last year, and the adjusted EBITDA margin was 20.4%, 10 basis points down from last year. The decrease in adjusted EBITDA was driven by lower volumes, inflation, incremental brand-focused investments and negative mix offset partially by productivity improvements, favorable cost variances and lower trade spend.

調整後的 EBITDA 為 3,860 萬美元，而去年同期為 4,330 萬美元，調整後的 EBITDA 利潤率為 20.4%，比去年下降了 10 個基點。調整後 EBITDA 的下降是由於銷售下降、通貨膨脹、品牌投資增加和負面產品組合所致，但生產力提高、成本差異有利以及貿易支出減少部分抵消了這些影響。

Weather conditions improved in the final weeks of June and have generally remained favorable in the early weeks of our fourth quarter. In fact, we had record high shipping weeks in July. Our retail partners continue to prioritize the lawn and garden category in their stores with off-shelf space and displays, supporting consumer sales during the later breaking season.

六月最後幾週天氣狀況改善，第四季初期整體保持良好。事實上，七月我們的運輸週數創下了歷史新高。我們的零售合作夥伴繼續在其商店中優先考慮草坪和花園類別，並提供非貨架空間和展示，以支持後期休假季節的消費者銷售。

We are encouraged that the control season has extended this year compared to prior years with higher POS than typical carrying into the fourth quarter. Our fall cross program is gaining momentum, with retailers recognizing the shifting seasonal patterns and opportunity to continue driving foot traffic throughout the fall as consumers focus on controlling pests inside their homes and weeds in their yards. We are anticipating expanded retail placement for the fall cross season, supported by incremental in-store displays, promotions and media. Overall, the category remains competitive, and we plan to sustain our brand-focused investment throughout the fourth quarter.

我們很高興看到，與往年相比，今年的控制季節有所延長，進入第四季度的 POS 高於往年。我們的秋季跨季計畫正在蓬勃發展，零售商認識到季節模式的變化以及在整個秋季繼續推動客流量的機會，因為消費者將重點放在控製家中的害蟲和院子裡的雜草上。我們預計秋季跨季零售店面將擴大，並透過增加店內展示、促銷和媒體來支持。總體而言，該類別仍然具有競爭力，我們計劃在整個第四季度維持以品牌為中心的投資。

And finally, Home and Personal Care, which is on slide 16. I Reported net sales decreased 10.8%. Excluding favorable foreign exchange, organic net sales decreased 11.4%. Sales in the home appliance category were down mid-single digits this quarter, while sales in Personal Care were down double digits.

最後是家庭和個人護理，位於幻燈片 16。我報告的淨銷售額下降了10.8%。不計有利的外匯因素，有機淨銷售額下降了 11.4%。本季家電類產品的銷售額下降了中個位數，而個人護理類產品的銷售額下降了兩位數。

Organic net sales in EMEA were also down double digits, driven predominantly by softness in personal care, weaker consumer confidence across the region negatively impacted hair care sales in the quarter, offset by some favorability in Shave and gloom.

歐洲、中東和非洲地區的有機淨銷售額也下降了兩位數，主要原因是個人護理產品銷售疲軟，整個地區消費者信心下降對本季度的護髮產品銷售產生了負面影響，但剃須和陰鬱產品銷售的一些利好抵消了這一影響。

Home appliance sales were down low single digits due to continued softness in brick-and-mortar, partially offset by growth in e-commerce with growth in garment offset by a decline in food preparation. Overall, European consumer confidence remains cautious in the current geopolitical environment.

由於實體店銷售持續疲軟，家電銷售額下降了個位數，但電子商務的成長部分抵消了這一影響，服裝銷售額的成長被食品加工銷售額的下降所抵消。整體而言，在當前的地緣政治環境下，歐洲消費者信心仍保持謹慎。

North American sales decreased around 20%. Similar to EMEA, the sales decline in Personal Care was greater than the decline in home appliances. Throughout the quarter, the US HPC team negotiated tariff-related pricing increases. And while pricing is now in place, those negotiations were dynamic and in some cases, required us to stop shipping product to certain retailers for a period of weeks.

北美銷售額下降了約20%。與歐洲、中東和非洲地區類似，個人護理類別的銷售下滑幅度大於家用電器的下滑幅度。整個季度，美國 HPC 團隊就關稅相關的價格上漲進行了協商。雖然價格現在已經確定，但這些談判是動態的，在某些情況下，要求我們在幾週內停止向某些零售商運送產品。

The negotiations for Personal Care in some cases, lasted longer than those for home appliances, negatively impacting relative sales. Product availability and sales were also negatively impacted by the period during which we paused purchases from China.

在某些情況下，個人護理產品的談判持續時間比家用電器產品的談判時間更長，對相關銷售產生了負面影響。在我們暫停從中國採購的期間，產品的供應和銷售也受到了負面影響。

Consumer demand remains cautious and retail prices for the category have hit the shelf. Organic net sales in Latin America grew low double digits with strong growth in both categories, driven by new product launches in personal care and cooking and coffee for home appliances.

消費者需求依然謹慎，該類別的零售價格已上架。拉丁美洲的有機淨銷售額實現了低兩位數增長，兩個類別均實現強勁增長，這得益於個人護理和烹飪以及家用電器咖啡的新產品的推出。

On the commercial side, we launched the Power XL Air Max at Walmart this quarter. The Air Max is sourced from Indonesia and sell-in is exceeding our expectations. We're pleased with our launch on TikTok in the UK, where our products are resonating well with consumers and monthly sales are growing. The Power XL brand is developing strong brand awareness and positioning in Latin America across multiple countries and retailers.

在商業方面，我們本季在沃爾瑪推出了 Power XL Air Max。Air Max 來自印度尼西亞，銷量超出了我們的預期。我們很高興在英國的 TikTok 上推出我們的產品，我們的產品在那裡受到了消費者的熱烈歡迎，每月銷售額也在增長。Power XL 品牌正在拉丁美洲多個國家和零售商中建立強大的品牌知名度和定位。

Our Remington Balder, the SERCANA-certified number 1 brand of head shavers in the US continues to win accolades, having recently been awarded the best overall head shaver by Men's Journal Magazine. We're launching a new Remington line, the Arviv, in our international markets, and recently hosted 40 of our largest European customers at a unique Manchester United event to build on the regional brand strength and positioning of Remington internationally. We plan to launch the RV in the US in the near term.

我們的雷明頓巴爾德 (Remington Balder) 是 SERCANA 認證的美國第一頭剃刀品牌，不斷贏得讚譽，最近被《男士雜誌》評為最佳整體頭剃刀。我們正在國際市場上推出新的雷明頓系列產品 Arviv，並且最近在一場獨特的曼聯活動中接待了 40 位最大的歐洲客戶，以增強雷明頓在國際上的區域品牌實力和定位。我們計劃近期在美國推出這款 RV。

This quarter's adjusted EBITDA was $7 million compared to $11.8 million last year. The adjusted EBITDA margin was 2.7%. The decline in adjusted EBITDA was driven by lower volumes, inflation, unfavorable mix and tariffs, partially offset by pricing lower brand-focused investments and distribution costs and FX.

本季調整後的 EBITDA 為 700 萬美元，而去年同期為 1,180 萬美元。調整後的 EBITDA 利潤率為 2.7%。調整後 EBITDA 的下降是由於銷售下降、通貨膨脹、產品組合不利和關稅造成的，但被較低的品牌投資定價、分銷成本和外匯等因素部分抵消。

We are actively streamlining our global business, reducing our fixed costs and executing our plan to diversify our global sourcing footprint. We are pursuing a dual sourcing model to provide options to source either from China or an alternative country depending on which source of supply provides us with the lowest all-in cost.

我們正在積極精簡我們的全球業務，降低固定成本，並執行多元化全球採購足跡的計劃。我們正在推行雙重採購模式，提供從中國或其他國家採購的選擇，這取決於哪個供應源能為我們提供最低的總成本。

We also intend to significantly streamline and reduce our US SKU count to simplify our supply chain and the lift of moving production out of China. With most of our pricing negotiations behind us, we should not have meaningful stop shipment situations in Q4, but do expect that we will have some supply constraints in North America due to the pause in purchases, while the 145% tariff on Chinese imports was effective.

我們還打算大幅精簡和減少美國的 SKU 數量，以簡化我們的供應鏈並減輕將生產轉移出中國的負擔。由於我們的大部分定價談判已經結束，因此第四季度我們不應該出現嚴重的停止發貨的情況，但由於採購暫停，預計我們在北美將面臨一些供應限制，而對中國進口產品徵收 145% 的關稅是有效的。

Let's turn now to slide 17. As David said, given the continuing instability regarding global tariffs, the unpredictable nature of global trade negotiations and the continued cautiousness of consumers in the US and Europe.

現在我們翻到第 17 張投影片。正如戴維所說，鑑於全球關稅持續不穩定、全球貿易談判的不可預測性以及美國和歐洲消費者持續謹慎的態度。

At this time, we do not have sufficient visibility to provide an earnings framework for fiscal '25. We are, however, reaffirming the expectation that we will generate approximately $160 million of free cash flow for the year, actively managing our spend and working capital. In addition, with our sales performance in July, we do expect Q4 year-over-year sales to be improved from the 11.1% organic sales decline we experienced in Q3.

目前，我們還沒有足夠的透明度來提供 25 財年的獲利框架。然而，我們重申我們的預期，透過積極管理我們的支出和營運資金，我們將在今年產生約 1.6 億美元的自由現金流。此外，根據我們 7 月的銷售業績，我們預計第四季的年比銷售額將較第三季 11.1% 的有機銷售額下降有所改善。

To end my section, I want to echo David and thank all of our global employees for their hard work in these challenging times. Now back to David.

在結束我的演講之前，我想同意大衛的觀點，並感謝我們全球的所有員工在這個充滿挑戰的時期所做的努力。現在回到大衛。

Hey, thanks, Jeremy. And thanks, everybody, again for joining us on the call today. Look, let's take a few minutes like I normally do, and let's just recap kind of the key takeaways of today's call. You can find that on slide 19.

嘿，謝謝，傑里米。再次感謝大家今天參加我們的電話會議。瞧，讓我們像平常一樣花幾分鐘時間，回顧一下今天電話會議的要點。您可以在第 19 張投影片上找到它。

I concluded our last call by telling you I was confident we'd get through the near-term tariff-related volatility and emerge a stronger, more focused company and competitor. we really did make very swift difficult decisive decisions to protect our long-term financial health during Q3. And that's caused -- I mean, Q3 is just -- there's a lot of distortion in the numbers.

我在上次電話會議結束時告訴你們，我相信我們會度過近期與關稅相關的波動，成為更強大、更專注的公司和競爭對手。我們確實在第三季做出了非常迅速、艱難和果斷的決定，以保護我們的長期財務健康。這就是導致的——我的意思是，第三季的數據存在著很大的扭曲。

When you look at not importing product for months and then not shipping for weeks. We didn't wait. We tackled this thing head on and aggressively. We didn't wait to turn off supply from China when tariff rates on Chinese imports, skyrocketed to 145% and higher. We didn't wait to notify retailers a reasonable tariff-related price increases, and we did not wait to stop shipping when negotiations stalled. We did not wait to develop dual sourcing plans to diversify our supplier base and to regularly reassess these plans to ensure we have the lowest cost sourcing options.

當您發現幾個月沒有進口產品並且幾週沒有發貨時。我們沒有等待。我們積極積極地解決這個問題。當中國進口產品的關稅稅率飆升至 145% 甚至更高時，我們並沒有等到就停止來自中國的供應。我們沒有等到合理的關稅相關價格上漲就通知零售商，也沒有等到談判陷入僵局就停止出貨。我們立即制定雙重採購計劃來使我們的供應商基礎多樣化，並定期重新評估這些計劃以確保我們擁有最低成本的採購選擇。

We did not wait to take out fixed costs and discretionary spend. Like I said in my earlier comments, I mean, taking $50 million of costs out in 90 days, it was painful. It was a lot of work, but I'm really proud of the teams for just being proactive and getting it done.

我們沒有等待就取消了固定成本和可自由支配的開支。就像我之前的評論中所說的那樣，在 90 天內扣除 5000 萬美元的成本是痛苦的。雖然工作量很大，但我真的為團隊的積極主動和完成工作感到自豪。

Thanks, everybody. In a typical quarter, any one of those actions is a significant undertaking, and the team did all this in the third quarter. Look, we took hits in Q3. We took our medicine. We made some hard decisions, but that's behind us. Our focus is now in the future.

謝謝大家。在一個典型的季度中，任何一項行動都是一項重大的任務，而該團隊在第三季完成了所有這些任務。看，我們在第三季受到了打擊。我們吃了藥。我們做出了一些艱難的決定，但這些都已經過去了。我們現在關注的是未來。

And you know what, Q4 is off to a good start. We are seeing more normalized sales than in Q3. We will have a little bit of supply constraint on some orders still in the fourth quarter, and that's lingering over from when we paused all the Chinese purchases, particularly in the appliance, but those are going to be all behind us by the end of the fourth quarter.

你知道嗎，第四季開局良好。我們看到銷售額比第三季更正常。我們在第四季仍會面臨一些訂單的供應限制，這種情況自從我們暫停所有中國採購（尤其是家電採購）以來一直存在，但到第四季末，這些問題都將得到解決。

Consumer sentiment in the US and Europe is still a little soft, but we do see signs of improving macroeconomic conditions. And in fact, we expect consumer confidence will stabilize once this heightened geopolitical tension subsides. Weather trends have improved for Home and Garden. We expect to see continued strong POS levels into the fall. And we're excited about the fall crawl season that Javier and the team has going on currently.

美國和歐洲的消費者信心仍然有些疲軟，但我們確實看到了宏觀經濟狀況改善的跡象。事實上，我們預計，一旦地緣政治緊張局勢消退，消費者信心就會穩定下來。家庭和花園的天氣趨勢有所改善。我們預計秋季 POS 水準將持續保持強勁。我們對哈維爾和他的團隊目前正在進行的秋季爬行賽季感到非常興奮。

We know the hard work is now behind us, and we're not kidding ourselves. We expect that tomorrow, we'll bring more changes and challenges, and we'll again have to make difficult but correct decisions. However, I'm highly confident that our team of 3,000 global employees will rally together, attack those challenges just like we attacked in this past quarter.

我們知道艱苦的工作已經過去了，我們不是在自欺欺人。我們預計明天我們將面臨更多的變化和挑戰，我們將再次做出艱難但正確的決定。然而，我非常有信心，我們全球 3,000 名員工的團隊將團結一致，應對這些挑戰，就像我們上個季度所面臨的挑戰一樣。

We're going to continue to lean into our competitive advantage as we take on these challenges, knowing our brands, leaders, teams, strong cash flows, strong balance sheet are all there to support us. With the third quarter behind us and a very solid start to Q4, we are now full steam ahead to finish fiscal '25 strong, and we're optimistic about setting up for a better 2026.

在應對這些挑戰時，我們將繼續依靠我們的競爭優勢，因為我們知道我們的品牌、領導者、團隊、強勁的現金流、強勁的資產負債表都會支持我們。第三季已經過去，第四季也取得了非常穩健的開局，我們現在正全力以赴，以強勁的勢頭結束 25 財年，並且對 2026 年的更好表現充滿信心。

At this time, I want to turn the call back to Joanne, and we're happy to take questions.

現在，我想把電話轉回給喬安妮，我們很樂意回答問題。

Thank you, David. Operator, we can go to the questions for you now.

謝謝你，大衛。接線員，我們現在可以回答您的問題了。

(Operator Instructions) Brian McManera, Canaccord Genuity.

（操作員指示）Brian McManera，Canaccord Genuity。

Hey guys. How are you? Thanks for taking our questions. First, could you reasonably quantify how much sales you left on the table by stopping shipments and other internal actions in Q2? And what impact, if any, lingers into Q4?

嘿，大家好。你好嗎？感謝您回答我們的問題。首先，您能否合理量化因第二季停止出貨和其他內部行動而損失的銷售額？如果有的話，其影響會持續到第四季嗎？

A lot and less. Yes. I mean I think, Madison, if you look all in, we would probably estimate it's in the neighborhood of $30 million in Q3. And to David's point, I think it will be quite a bit less than that.

很多，也少。是的。我的意思是，麥迪遜，如果你綜合考慮，我們可能會估計第三季的收入約為 3000 萬美元。對於大衛的觀點，我認為實際數字會比這少很多。

Okay. Great. And why is guidance still so difficult even with the improved clarity on tariffs. We've heard from other companies who are more exposed that have added like reinstated guidance or updated the prior outlook. Any color you could give us would be great.

好的。偉大的。為什麼即使關稅更加明確，指導仍然如此困難。我們聽說其他受影響較大的公司也恢復了指導或更新了先前的展望。您能給我們任何顏色就太好了。

Well, first, comparisons with FIFA Joy. We don't do that. We manage our own business. Look, I think -- the message I'm trying to get to you guys today is we took this thing on full steam. I mean I use nautical terms because they grew up around a lot of boats, but we stuck to bow this company right into the wave and I'm really proud of how we've addressed it.

嗯，首先，與 FIFA Joy 進行比較。我們不這麼做。我們管理自己的業務。聽著，我認為——我今天想要傳達給你們的訊息是，我們全力以赴地處理這件事。我的意思是，我使用航海術語，因為他們在許多船的周圍長大，但我們堅持讓這家公司直接進入浪潮，我為我們解決這個問題的方式感到非常自豪。

I mean if you're evaluating the stock, you shouldn't price it off Q3. Q3 has got a ton of noise where you're shutting down inputs two months. You're shutting down selling stuff for weeks on end to get pricing and you're taking $50 million of cost out of the business. That's a lot of surgery in a 90-day period, and that's why I'm really proud of the team. we've told you is, say, things are really looking a hell of a lot better.

我的意思是，如果你正在評估股票，你不應該根據第三季來定價。第三季有大量噪音，您將關閉兩個月的輸入。為了獲得定價，你連續數週停止銷售產品，並從業務中損失了 5000 萬美元的成本。在 90 天內進行了很多手術，這就是我為這個團隊感到自豪的原因。我們告訴你的是，情況看起來真的好多了。

July is off to a great start. But look, the year -- we got hit with this tariff torpedo. And it just doesn't make any sense. Listen, it's still fluid, right? You can -- you read the headlines every single day. And it's just irresponsible to sit here and say, -- oh, yes, we're going to predict this stuff like very accurately. We are getting back -- what we're trying to convey is look, we're -- we think the bulk of this is behind us. We're getting into a much more normalized operating rhythm. It's full steam ahead, and we're setting up for grade 26. So it's only two months away. And obviously, we look forward to talking to you then in November. I think that's the best way I can tell you where we're at.

七月的開始很好。但是看看，今年——我們遭受了關稅打擊。這根本就沒有任何意義。聽著，它還是液體，對嗎？你可以——你每天都會讀到新聞頭條。坐在這裡說“哦，是的，我們會非常準確地預測這些事情”，這是不負責任的。我們正在回歸——我們試圖傳達的是，看，我們——我們認為大部分已經過去了。我們正在進入更正常的營運節奏。我們正在全速前進，為 26 年級做好準備。所以只剩兩個月的時間了。顯然，我們期待在十一月與您交談。我認為這是我能告訴你我們所處位置的最好方式。

Bob Lebeck, CJS Securities.

鮑伯‧勒貝克（Bob Lebeck），CJS 證券公司。

This is Will on for Bob. you've been increasing your brand investment in recent years. And can you just talk about your capital allocation strategy in a soft consumer environment? And are there any changes to where you are investing?

我是威爾，代替鮑伯。近年來，您一直在增加品牌投資。您能談談在疲軟的消費環境下您的資本配置策略嗎？您的投資地點有什麼改變嗎？

Listen, I think the whole space is undervalued. I think anything that's facing the consumer had any sort of tariff exposure to it got destroyed from a share standpoint. I think the shares are dramatically undervalued. We keep buying them every single day. We have a very unlevered balance sheet to continue buying back shares. But I mean we've bought back almost half the float.

聽著，我認為整個空間都被低估了。我認為，從市場份額的角度來看，任何面向消費者的產品，只要受到某種形式的關稅影響，就會遭到破壞。我認為該股票被嚴重低估了。我們每天都會購買它們。我們的資產負債表非常低，因此可以繼續回購股票。但我的意思是我們已經回購了幾乎一半的流通股。

And I guess if the shares want to stay down here, we're going to keep buying them. At the end of the day, I do want to do M&A. We chased the deal this quarter. got really close, unfortunately got outbid. We have to maintain discipline when it comes to price and getting return on acquisitions. But -- we have a vision to triple our pet business and double our Home and Garden business and find something accretive with appliances. And I want to maintain enough balance sheet flexibility to accomplish that. And we may or may not take on partners to do it.

我想，如果股價想保持低位，我們會繼續買。歸根結底，我確實想做併購。我們本季一直在爭取這筆交易，雖然已經非常接近了，但不幸的是，出價被別人超過了。在價格和收購回報方面，我們必須保持紀律。但是——我們有一個願景，那就是將我們的寵物業務增加三倍，將我們的家居和花園業務增加一倍，並透過家用電器找到一些增值業務。我希望保持足夠的資產負債表彈性來實現這一目標。我們可能會或可能不會與合作夥伴一起完成這項工作。

But look, at the end of the day, I think the balance sheet is super healthy. We're super liquid. We want to go build an AOP plan and put together a much better '26, and we look forward to talking to you about that in November. We want to invest behind these businesses and grow them organically again. But we want to do accretive acquisitions and M&A. We think our pet platform is amazing. Super excited to have [ory] on board. I just got invited to a leadership meeting in St. Louis and give them a little bit of a pop talk, but I was blown away by the opportunity we have both organically and strategically.

但從整體來看，我認為資產負債表非常健康。我們的流動性非常強。我們希望制定一個 AOP 計劃並整合出更好的 26 年，我們期待在 11 月與您討論此事。我們希望投資這些企業並使其再次實現有機成長。但我們想進行增值收購和併購。我們認為我們的寵物平台非常棒。非常高興 [ory] ​​能加入我們。我剛剛被邀請參加在聖路易斯舉行的一次領導會議，並向他們發表一些流行演講，但我對我們在有機和戰略上所擁有的機會感到震驚。

As I talked about last quarter, we think if we can fill in some voids, whether it's wet food, whether it's cat, whether it's some of these treats as we try to expand into treats versus just being in choose all the while strengthening our core thus business, we think our pet platform's got a very exciting future. We've got a few gaps, health wellness, food, CAD, et cetera. We want to go fill those in with M&A.

正如我上個季度談到的，我們認為如果我們能夠填補一些空白，無論是濕糧、貓糧還是一些零食，當我們嘗試擴展到零食領域而不是僅僅選擇時，同時加強我們的核心業務，我們認為我們的寵物平台將有一個非常令人興奮的未來。我們還有一些差距，健康保健、食物、電腦輔助設計等等。我們希望透過併購來填補這些問題。

And so we're going to continue to pursue that. Home and Garden, I think there's a couple of things that are coming down the pipe that could fit really well with half year's business. So we've got tons of capital. Everybody calls us. Everybody loves our low leverage. And so there's tons of capital available to us. We have to be disciplined to find the right assets. And in the interim, we'll keep buying shares.

因此我們將繼續追求這一目標。家居和花園，我認為有幾件即將發生的事情可能與半年的業務非常契合。所以我們擁有大量資本。每個人都打電話給我們。每個人都喜歡我們的低槓桿。因此我們擁有大量可用資金。我們必須嚴格遵守紀律才能找到正確的資產。在此期間，我們將繼續購買股票。

And just a follow-up. Has the M&A environment improved meaningfully with the new tariff map recently in actors, there's still too much uncertainty.

這只是後續行動。最近，隨著新的關稅地圖出台，併購環境是否有所改善，但仍存在太多不確定性。

It's both, right? Uncertainty mix, it's hard to underwrite stuff that's in trouble. And so you got to be careful you don't casts a falling knife. But then there's a lot of capital still around. And like I just disclosed, we unfortunately just got outbid on something, I think, would have been a fantastic fit with us. Thankfully, it went to private equity.

兩者都有，對嗎？由於存在不確定性，很難為陷入困境的項目提供承保。所以你必須小心，不要丟掉一把掉落的刀。但周圍仍然有大量資本。正如我剛才透露的那樣，不幸的是，我們在某件東西上的出價被別人超過了，而我認為，這件東西本來非常適合我們。值得慶幸的是，它被私募股權公司收購了。

So it will come back again. Hopefully, we'll get a second shot at it. But no, we think -- and if you -- I agree with some of the bigger private equity shops. I think what you're seeing them say is say, look, seller expectations are still too high. Bids are below clearing prices on a lot of stuff. And hopefully, that bid as spread narrows and you see more transaction. But I think it's getting better, but it's getting better, slower than we'd like.

所以它會再回來。希望我們能夠有第二次機會。但不，我們認為——如果你也這麼認為——我同意一些較大的私募股權公司的觀點。我想你看到他們說的是，看，賣家的期望仍然太高。許多商品的出價都低於清算價格。希望隨著價差縮小，您會看到更多的交易。但我認為情況正在好轉，但好轉的速度比我們希望的要慢。

Carla Casella, JP Morgan.

卡拉‧卡塞拉，摩根大通。

Wonder if you could give us a little bit more color on the pet category. And kind of if you're seeing a major channel mix there in terms of consumer preferences towards mass club specialty. And you talked about share gains as you use just more color on where you're gaining share or where the supply constraint you talked about and you talked about one retailer having supply entrance where that came from? Just any more color on Pet.

不知道您是否可以提供我們更多關於寵物類別的詳細資訊。如果你看到消費者對大眾俱樂部特色的偏好存在主要的管道組合。您在談到份額增長時，更多地解釋了份額增長的原因，或者您談到的供應限制以及您談到的一家零售商的供應入口來自哪裡？寵物身上還有更多顏色。

Yes. I mean, I'll start. So I mean, I think -- it's interesting to see the overall category still declining in what we do, particularly for chews and treats, right? And I think that's been the biggest challenge for all of us that compete in that space because it's been years of category growth. And I think that goes back to what we talked about on the call, which is it's really driven by consumer sentiment and some trade downs.

是的。我的意思是，我先開始了。所以我的意思是，我認為——有趣的是，我們看到整個類別的銷售仍然在下降，特別是咀嚼物和零食，對吧？我認為這是我們所有在該領域競爭者面臨的最大挑戰，因為該領域已經經歷了多年的成長。我認為這又回到了我們在電話會議上討論的內容，即它實際上是由消費者情緒和一些交易下降所驅動的。

And that's been a challenge for us, really, the last four quarters. I think what you heard in my prepared remarks today is actually a little bit more optimism from a number of things. One, we got our pricing through on choose, in particular, that's very important because that's our biggest exposure from a category perspective.

過去四個季度，這對我們來說確實是一個挑戰。我認為，今天大家在我的準備好的發言中聽到的實際上是從很多方面表達出更多的樂觀情緒。首先，我們透過選擇來定價，這一點非常重要，因為從類別角度來看，這是我們最大的曝光度。

And then two, I think as we've talked about the last couple of calls, particularly last call, is that all of us are on the same boat, right? Everybody on the choose-and-treat side, the vast majority of the larger players are sourcing out of Asia. And so the tariff is hitting tariffs are hitting everybody, and that includes private label. And so we have actually started to improve versus private label in the US market, which is great to see.

其次，我想，正如我們討論過的最後幾次通話，特別是最後一次通話，我們所有人都在同一條船上，對嗎？在選擇和對待方面，絕大多數大型企業都從亞洲採購。因此，關稅正在影響所有人，包括自有品牌。因此，我們實際上已經開始在美國市場上改進自有品牌，這是令人高興的。

But Pet definitely was impacted materially by stop shipments. I actually think that if we didn't have stopped shipments and some product availability issues, we probably sequentially would have improved sales from Q2 to Q3, which again goes back to it actually does feel like it's bottomed and starting to get a little bit better.

但寵物確實因停止出貨而受到了重大影響。我實際上認為，如果我們沒有停止發貨和一些產品供應問題，我們的銷售額可能會從第二季度到第三季度連續提高，這又回到了它實際上確實感覺它已經觸底並開始好轉一點。

Certainly, we at least maintain share from a POS perspective, even though our net sales were below because of the timing of those stop shipments and and retailer could trade. That was mostly in the US, a little bit in Europe to around a global customer that really was having just some overall warehouse constraints and issues with too much product in their DCs and it delayed some orders.

當然，儘管由於停止發貨的時間和零售商無法交易，我們的淨銷售額低於預期，但從 POS 角度來看，我們至少保持了份額。這主要發生在美國，也有少量發生在歐洲，但全球客戶確實遇到了一些整體倉庫限制以及配送中心產品過多的問題，導致一些訂單被延遲。

So Overall, I think our message is we think we're probably incrementally in a better place than we were six months ago in Pet. We've got our pricing in place and a new team in that business reinvigorating the messaging, both internally and externally with our retail customers, and we're excited about what's ahead in '26.

所以總的來說，我認為我們的訊息是，我們認為我們現在的處境可能比六個月前在 Pet 的情況要好一些。我們已經確定了價格，並成立了新的業務團隊，重新向零售客戶的內部和外部傳達訊息，我們對 26 年的未來充滿期待。

Okay. Great. And can I just ask on -- you talked about the timing of your shipping and holding off on purchases during the tariffs. Are you seeing major volatility in shipping or container rates with yourself and maybe others doing some of the same.

好的。偉大的。我可以問一下——您談到了關稅期間的發貨時間和推遲購買的情況。您是否發現航運或貨櫃費率有大幅波動，而您自己和其他人的波動也類似？

No.

不。

Not anymore. No, we're pretty steady. We're pretty much on contract rates. We're really pleased with our relationships with ocean freight carriers. And I think I really don't see anything disrupting the normal pace in Q4 like we had in Q3. Obviously, barring some blow up in trade negotiations amongst the US and countries that matter to our sourcing.

不再。不，我們很穩定。我們基本上是按照合約價格收費。我們對與海運承運商的合作關係感到非常滿意。我認為，我確實沒有看到任何事物像第三季那樣擾亂第四季的正常步伐。顯然，除非美國與對我們的採購至關重要的國家之間的貿易談判發生破裂。

Olivia Tong, Raymond James.

奧利維亞唐，雷蒙德詹姆斯。

I imagine. So I wanted to follow up a little bit on what was left on the table and of that of that $30 million, how much of that do you think you can make up or have made up already, if you could sort of parse that out between HPC and HNG to start?

我想像。因此，我想稍微跟進一下還剩下什麼，以及在那 3000 萬美元中，您認為您可以彌補多少或已經彌補了多少，如果您可以首先在 HPC 和 HNG 之間進行分析的話？

Yes. I mean it's -- that doesn't really impact H&G, Olivia. It's really an HPC and GPC. Issue I think probably half of it we've already recovered and goes to that solid July that David talked about, particularly around some of the stop shipments. So some of it will miss. Product availability, oftentimes, you miss a little bit of POS, but I don't think by the time we get through the full year, that will be an overall meaningful impact to our results.

是的。我的意思是——這對 H&G 並沒有什麼影響，奧利維亞。它實際上是一種 HPC 和 GPC。我認為，大概我們已經恢復了一半的銷量，正如 David 所說的，7 月份銷量表現穩健，特別是在一些停止發貨的地區。因此有些內容將會遺失。產品可用性，很多時候，你會錯過一點 POS，但我認為，當我們度過全年時，這不會對我們的結果產生整體上有意義的影響。

Got it. Sorry about that makes up on H&G. And then putting aside obviously the noise with the stock shipment and the stop ordering. What's your view in terms of consumer demand. We talked about this a couple of times in the call, but are you seeing any change in demand across price points? Are consumers looking for more value? Or are they holding the line?

知道了。很抱歉，H&G 出現了問題。然後顯然將庫存發貨和停止訂購的噪音放在一邊。您對消費者需求有何看法？我們在電話會議中討論過這個問題幾次，但您是否看到各個價格點的需求有任何變化？消費者是否在尋求更多價值？還是他們正在堅守陣地？

And then in terms of the pricing that you're planning, could you talk about how much on average and sort of the range that you're looking for and when that's getting implemented?

然後，就您計劃的定價而言，您能否談談平均價格是多少、您想要的範圍是多少以及何時實施？

I'll go first and then Jeremy can fix it. Look, I've been surprised at how resilient the consumer is. Honestly, given everything thrown at them. And we weakness in the US I think last fall coming into the start of this year.

我先去，然後傑里米可以修好它。瞧，消費者的適應力令我感到驚訝。說實話，考慮到他們面臨的一切。我認為去年秋天到今年年初美國的疲軟態勢已經顯現。

And then Europe kind of followed behind that -- and again, we -- there's still uncertainty out there, but my personal view is that we're probably through the bulk of the material volatility and just scaring the hell out of people with tariff rates changing every day and just the unpredictable nature of global trade. And so I think as that kind of calms down, I do think consumer sentiment will start to heal globally.

然後歐洲也緊隨其後——我們再次強調——仍然存在不確定性，但我個人認為，我們可能已經度過了大部分的物質波動，只是關稅稅率每天都在變化，全球貿易的不可預測性讓人們感到害怕。因此我認為，隨著這種局勢的平靜，全球消費者情緒將開始恢復。

Now if we can get some rate cuts and all the rest of that helps. We clearly have seen people be more judicious in how they spend money, tighter, more selective. And that's -- but that's also why we're so bullish on what we're trying to tell you, like getting a mod reset, getting better shelf placement, getting our branded product, which actually generates a lot of margin and a lot of turns a lot of velocity and foot traffic for our retailers and accomplishing that this quarter in Pet, that's a really positive outcome.

現在如果我們能夠降低利率，那麼其他一切都會有幫助。我們清楚地看到人們在花錢方面更加謹慎、更加精打細算、更有選擇性。這就是——但這也是為什麼我們如此看好我們試圖告訴你的事情，例如進行模式重置、獲得更好的貨架位置、獲得我們的品牌產品，這實際上為我們的零售商帶來了很多利潤和很多轉變、很多速度和客流量，並且在本季度在寵物方面實現了這一點，這是一個非常積極的結果。

And so -- look, I would say the consumer has been more resilient than I thought. We have a lot of new innovation in the pipeline. It's going to take a couple of quarters, right? We just put new leadership in there. It's going to take some time to get some traction. But we're pretty jazzed about where I think we can do organically.

所以——看，我想說消費者的適應力比我想像的還要強。我們有很多新的創新正在籌備中。這需要幾個季度的時間，對嗎？我們剛剛任命了新的領導。要獲得一些進展還需要一些時間。但我認為，我們對可以有機進行的工作感到非常興奮。

We want a couple of months here to write an AOP plan and put together something for '26 and then we can give you a lot more specifics. But -- what would you add to that?

我們希望花幾個月的時間來編寫 AOP 計劃並為 26 年做好準備，然後我們就可以為您提供更多細節。但是——您對此還有什麼補充呢？

Yes. I mean I agree with everything David said, when I tell people about what we're seeing from a consumer behavior perspective is just look at what we're experiencing in pet versus what we're experiencing in Home and Garden and think about the different brand strategies there, particularly in the US.

是的。我的意思是，我同意大衛所說的一切，當我告訴人們我們從消費者行為的角度所看到的情況時，只需看看我們在寵物方面的經歷與我們在家庭和花園方面的經歷，並思考那裡不同的品牌策略，特別是在美國。

So our Home and Garden business is entirely a portfolio of value brands that while we have great innovation, by definition, when consumers go to the shelf and buy our products in those categories, they are values to other brands in that space, and we're gaining share in every category is what you heard in my prepared remarks.

因此，我們的家居和花園業務完全是一個價值品牌組合，雖然我們擁有偉大的創新，但根據定義，當消費者走到貨架前購買我們這些類別的產品時，它們對該領域的其他品牌來說也是有價值的，而且我們在每個類別中的份額都在增加，這就是您在我準備好的發言中所聽到的。

So consumers are looking for value. And I think that's pretty consistent with what all of our big retail customers say on their earnings calls as well. And then if you look at PET, the last three or four quarters, it's been a struggle for us to hold share versus category predominantly due to trade downs and private label, but that is starting to get a little bit better.

因此消費者追求的是價值。我認為這與我們所有大型零售客戶在收益電話會議上所說的非常一致。如果你看一下 PET，過去三、四個季度，我們一直在努力保持市場份額，這主要是由於交易降級和自有品牌，但這種情況開始有所好轉。

So -- but that's, I think, a great picture of what the consumer is experiencing. But I think the fact that when prices do get raised when we do a rollback on our premium brands, we actually see consumers come right back to those brands. And so they still really do want those branded products. That's why I feel so much better heading into '26 in that business.

所以——但我認為這很好地描繪了消費者的體驗。但我認為，當我們減少高端品牌的數量並提高價格時，我們實際上會看到消費者重新回歸這些品牌。所以他們確實仍然想要那些品牌產品。這就是為什麼我對進入 26 年這個行業感覺好多了。

And then to your last question, I'm really pleased with where we're at right now. As we sit here, still fairly early in the fourth quarter. And all these trade arrangements have been made just in the last few weeks with countries that matter to us.

然後回答你的最後一個問題，我對我們目前的狀況感到非常滿意。現在我們正處於第四季的初期。所有這些貿易安排都是在過去幾週內與我們重要的國家達成的。

And many of them have made arrangements with the US at pricing above the 10% tariffs that we were operating under. We still only have $20 million to $25 million of incremental pricing and supplier concession on an annualized basis that we're targeting for '26 to mitigate that.

其中許多公司已與美國達成協議，其定價高於我們所徵收的 10% 關稅。我們仍然只有 2,000 萬至 2,500 萬美元的年度增量定價和供應商優惠，我們的目標是 26 年緩解這個問題。

And so that's a pretty low number across a $3 billion revenue base in three different businesses in multiple categories. So to your question on how much price, it's -- by definition, it's less than 1% in total. And at this point, I think it will be very strategic and targeted from a revenue growth management perspective on how we get that price, and we'll partner with our retail customers to make that happen and protect, as David always said, protect our bottom line in our house.

因此，對於涉及多個類別的三個不同業務的 30 億美元收入而言，這個數字相當低。所以對於你關於價格是多少的問題，根據定義，它總共不到 1%。此時，我認為從收入成長管理的角度來看，如何獲得這個價格將非常具有策略性和針對性，我們將與零售客戶合作實現這一目標，並保護我們公司的底線，正如大衛常說的那樣。

This concludes the question-and-answer session. I would now like to turn it back to Joanne for closing remarks.

問答環節到此結束。現在我想請喬安妮做最後發言。

Thank you. And with that, we have reached the top of the hour, so we will conclude our conference call. thank you to David and Jeremy. And on behalf of Spectrum Brands, thank you for your participation this morning.

謝謝。至此，我們已經到了整點​​，所以我們將結束電話會議。感謝大衛和傑里米。我代表 Spectrum Brands 感謝您今天早上的參與。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。