Spectrum Brands Holdings Inc (SPB) 2025 Q4 法說會逐字稿

Good day. Thank you for standing by. Welcome to Spectrum Brands Holdings fourth-quarter 2025 earnings conference call. (Operator Instructions) Please note today's conference is being recorded.

再會。感謝您的耐心等待。歡迎參加 Spectrum Brands Holdings 2025 年第四季財報電話會議。（操作員說明）請注意，今天的會議正在錄音。

I will now hand the conference over to your first speaker today, Jen Schultz, Division Vice President, Financial Planning Analysis and Investor Relations. Please go ahead.

現在我將把會議交給今天的第一位發言人，財務規劃分析和投資者關係部門副總裁 Jen Schultz。請繼續。

Welcome to Spectrum Brands Holdings Q4 2025 earnings conference call and webcast. I'm Jen Schultz, Division Vice President of FP&A and Investor Relations and I 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.

歡迎參加 Spectrum Brands Holdings 2025 年第四季財報電話會議和網路直播。我是財務規劃與分析及投資者關係部門副總裁 Jen Schultz，我主持今天的電話會議。為了方便您理解我們的發言，我們已將幻燈片簡報上傳至公司網站 www.spectrumbrands.com 投資者關係版塊的活動日曆頁面。電話會議結束後，該文件將繼續保留在該頁面上。

Starting with slide 2 of the presentation. Our call will be led by David Maura, our Chairman and Chief Executive Officer; and Faisal Qadir, our Chief Financial Officer. After opening remarks, we will conduct the Q&A. Turning to slides 3 and 4. Our comments will include forward-looking statements, which are based upon management's current expectations, projections and assumptions and are, by nature, uncertain.

從簡報的第二張投影片開始。本次電話會議將由我們的董事長兼執行長大衛·毛拉和財務長費薩爾·卡迪爾主持。開幕致詞後，我們將進行問答環節。請看第3張和第4張投影片。我們的評論將包含前瞻性陳述，這些陳述基於管理層當前的預期、預測和假設，本質上具有不確定性。

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 November 13, 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.

實際結果可能與實際情況有重大差異。有鑑於此風險，Spectrum Brands 鼓勵您查看我們在 2025 年 11 月 13 日發布的新聞稿、我們最新的 SEC 文件以及 Spectrum Brands Holdings 最新的 10-K 表格年度報告和 10-Q 表格季度報告中概述的風險因素和警示性聲明。

We assume no obligation to update any forward-looking statements. Our statements reflect expectations regarding tariffs, which are based on currently known and effective tariffs and do not reflect tariffs that have been announced or delayed or other additional tariffs, which could result in initial costs.

我們不承擔更新任何前瞻性陳述的義務。我們的聲明反映了對關稅的預期，這些預期基於目前已知的有效關稅，並不反映已宣布或延遲的關稅或其他可能導致初始成本的額外關稅。

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.

另外，請注意，我們將在本次電話會議中討論一些非GAAP財務指標。這些指標的 GAAP 調整表已包含在今天的新聞稿和 8-K 文件中，這兩份文件均可在我們的網站投資者關係部分找到。

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

現在我將把電話交給大衛·毛拉。大衛？

Good morning. Thank you, Jen. Good morning, everyone. I want to welcome everybody to today's fourth quarter earnings update. I appreciate everybody from the time to join us today.

早安.謝謝你，珍。各位早安。歡迎大家參加今天的第四季財報更新會。感謝今天抽出時間參加我們節目的各位。

For today's call, I want to begin with a few big-picture opening remarks. First, I'm delighted and thankful to our teams for navigating the most difficult year. And I am excited to let you all know that we believe that the worst of the tariff and economic disruptions to our businesses are now behind us. Secondly, we expect our two highest value businesses, Global Pet Care and Home & Garden to return to growth in 2026.

在今天的電話會議上，我想先就一些宏觀方面發表一些開場白。首先，我由衷地感謝我們的團隊，感謝他們度過了這最艱難的一年。我很高興地告訴大家，我們相信關稅和經濟對我們企業造成的最嚴重衝擊已經過去。其次，我們預計我們價值最高的兩家業務——全球寵物護理和家居園藝——將在 2026 年恢復成長。

Our adjusted free cash flow of $171 million or approximately $7 per share beat our own expectations in fiscal '25 and our strong free cash flow generation will continue into fiscal '26 and beyond. Fourth, our balance sheet is strong with $124 million in cash at the end of the year, zero drawn revolver. And we ended the year with just 1.58 turns of net leverage after returning approximately $375 million to shareholders throughout the year through buybacks and dividends in fiscal 2025.

2025 財年，我們調整後的自由現金流為 1.71 億美元，即每股約 7 美元，超過了我們自己的預期，我們強勁的自由現金流產生能力將持續到 2026 財年及以後。第四，我們的資產負債表穩健，年底現金餘額為 1.24 億美元，無已提取循環信貸。2025 財年，我們透過股票回購和分紅向股東返還了約 3.75 億美元，最終淨槓桿率僅 1.58 倍。

Last, but certainly not least, we are hell bent on improving the profitability and competitive positioning of our HPC appliance business. As the headwinds dissipate, we are excited to work towards a strategic solution for this business once again. We are also highly confident we're well positioned within our industry to be the consolidator of choice within the Pet and Home and Garden industries.

最後，但同樣重要的是，我們決心提高高效能運算設備業務的獲利能力和競爭地位。隨著不利因素的消散，我們很高興能夠再次著手為這項業務尋求策略解決方案。我們也非常有信心，我們在寵物、家居和園藝行業中佔據有利地位，成為首選的整合者。

As we ramp up a very challenging year, now beginning through headwinds largely outside of our control, I again want to start this call by simply saying thanks. Thanks to every one of our global team members for battling through tough times. Thank you to our vendors and retailers for your partnership in addressing the macroeconomic conditions that we collectively continue to face.

在我們即將迎來充滿挑戰的一年之際，我們又面臨著許多我們無法控制的逆風，我想再次以一句簡單的感謝開始這通電話。感謝我們全球團隊的每一位成員，感謝你們在艱難時期所做的貢獻。感謝各位供應商和零售商與我們攜手應對我們共同面臨的宏觀經濟狀況。

And lastly, thank you to our investor base for your continued trust. I know this year has been tough but I am proud of how we have proactively and decisively reacted to these outside forces, and I believe that actually, it's creating a competitive advantage for us as we look forward to the future.

最後，感謝各位投資人的持續信任。我知道今年很艱難，但我為我們積極主動、果斷地應對這些外部因素而感到自豪，而且我相信，這實際上正在為我們創造競爭優勢，讓我們能夠更好地展望未來。

If I could have everyone now turn your attention to slide 6. During the year, we saw a significant decline in the macroeconomic environment, which impacted overall consumer sentiment, not just here in the US but globally. Trade policy uncertainty and volatility led to softening demand in the US starting in the second quarter, and impacted global markets more noticeably in the second half of fiscal '25.

請大家現在把注意力轉移到第6張投影片。今年，宏觀經濟環境出現顯著下滑，這不僅影響了美國，也影響了全球消費者的整體信心。貿易政策的不確定性和波動導緻美國需求從第二季開始疲軟，並在 2025 財年下半年對全球市場產生了更明顯的衝擊。

When tariffs were at their highest point earlier this calendar year, we were looking at an annualized tariff exposure of approximately USD450 million. This exposure is now approximately $70 million to $80 million on an annualized basis.

今年早些時候，當關稅達到最高點時，我們預計年度關稅風險約為 4.5 億美元。目前，這項風險敞口按年計算約為 7,000 萬至 8,000 萬美元。

And the good news is, thanks to the diligence and the incredible efforts of our global supply team, we are extremely happy to report to you that we have offset substantially all of this exposure through a combination of vendor concessions, painful internal cost reductions, supply-based reconfiguration and diversification and lastly, pricing actions.

好消息是，由於我們全球供應鏈團隊的勤勉和不懈努力，我們非常高興地向您報告，我們已透過供應商讓步、痛苦的內部成本削減、基於供應的重新配置和多元化以及最後的定價措施等一系列措施，基本抵消了所有這些風險敞口。

I shared this with you last quarter that we had implemented a number of cost-reduction initiatives that will result in over $50 million of savings in fiscal '25. This included a reduction in force that spanned all three of our business lines and our corporate functions. While it's never easy to take these kinds of actions, we know that the impact has been tough on our employees.

我上個季度曾向你們透露，我們實施了多項成本削減措施，這些措施將在 2025 財年節省超過 5,000 萬美元。這其中包括裁員，裁員範圍涵蓋我們所有三個業務線和公司職能部門。採取這類行動絕非易事，但我們知道這對我們的員工造成了沉重的打擊。

We also know, however, that it was necessary to rightsize our cost structure and to protect the health of the businesses. We have also made significant progress in diversifying our supply chain to increase both its resiliency and its flexibility.

然而，我們也知道，為了保障企業的健康發展，必須調整成本結構。我們在供應鏈多元化方面也取得了顯著進展，提高了供應鏈的韌性和靈活性。

Heading into fiscal '25, we had approximately $300 million of our -- of sourced product coming into the United States from China. We have since reduced these Chinese sourced products to the US markets by nearly 50%. Further diversification will remain a priority for us going forward.

進入 2025 財年時，我們約有 3 億美元的採購產品從中國進口到美國。此後，我們已將銷往美國市場的中國產品數量減少了近 50%。未來，進一步多元化仍將是我們的首要任務。

And we expect to only have approximately $15 million to maybe $20 million of direct spend in China for our two most highly valued businesses, Global Pet Care and Home & Garden by the end of fiscal '26. We will also continue to move product out of China within our Home and Personal Care businesses when it's the right financial decision to do so and when it does not sacrifice the standards that we have for our quality.

預計到 2026 財年末，我們在中國的兩個最有價值的業務——全球寵物護理和家居園藝——的直接支出將只有大約 1500 萬美元到 2000 萬美元。對於家居和個人護理業務而言，如果這樣做在財務上是正確的決定，並且不會犧牲我們對品質的標準，我們將繼續把產品從中國轉移出去。

I would also like to take the opportunity now to thank our agile global supply chain team who have worked tirelessly to navigate this volatile environment and to make sure that our supply chain going forward is much more resilient and flexible to whatever challenges may arise.

我也要藉此機會感謝我們敏捷的全球供應鏈團隊，他們不懈努力，應對這種動盪的環境，並確保我們未來的供應鏈更具韌性和靈活性，能夠應對可能出現的任何挑戰。

Earlier in the year, I emphasized that with all of this uncertainty, we would control what we could control. And one of the priorities when we pivoted our operating strategy was to maximize cash flow generation and deliver to you over $160 million of free cash flow in fiscal '25.

今年早些時候，我曾強調，在所有這些不確定因素中，我們必須控制我們能夠控制的事情。當我們調整營運策略時，首要任務之一就是最大限度地產生現金流，並在 2025 財年為您帶來超過 1.6 億美元的自由現金流。

And in fact, we overdelivered this number. We delivered $170 million plus in free cash flow through disciplined CapEx management and better working capital improvements. We ended the year with net leverage of 1.58x, well below the stated goal of 2 to 2.5, all while continuing to reward our shareholders with approximately $375 million of capital returns split between share repurchases and dividends in fiscal '25.

事實上，我們超額完成了這個數字。我們透過嚴格的資本支出管理和更好的營運資本改善，實現了超過 1.7 億美元的自由現金流。我們以 1.58 倍的淨槓桿率結束了這一年，遠低於 2 至 2.5 倍的既定目標，同時在 2025 財年繼續以約 3.75 億美元的資本回報回報股東，這些回報透過股票回購和股息分配。

During just the recently completed fourth quarter, we repurchased an additional 700,000 shares of stock and we continue buying during our pre-earnings quiet period through a 10b5-1 plan put in place in June, which was amended by our Board in September to increase the capital net to $100 million. In fiscal 2025, we repurchased approximately 4.4 million shares, roughly $326 million. And since the close of the fiscal year, we have purchased approximately 0.4 million shares, roughly $21.5 million in total.

僅在最近結束的第四季度，我們就回購了額外的 70 萬股股票，並且在盈利前的靜默期內，我們繼續透過 6 月實施的 10b5-1 計劃進行回購。該計劃已於 9 月由董事會修訂，將淨資本增加到 1 億美元。在 2025 財年，我們回購了約 440 萬股股票，約 3.26 億美元。自本財年結束以來，我們已購買了約 40 萬股股票，總計約 2,150 萬美元。

Since the close of the HHI transaction, we have returned over $1.37 billion of capital to our shareholders through our various share repurchase programs and reduced our share count by approximately 44% since the close of that deal.

自 HHI 交易完成以來，我們透過各種股票回購計畫向股東返還了超過 13.7 億美元的資本，自該交易完成以來，我們的股票數量減少了約 44%。

If I can now have everyone turn to slide 7, I'll give you a quick overview of fiscal '25 results. As I mentioned earlier, it was a challenging year for the businesses, and we were faced with a variety of external headwinds. The volatile trade policy landscape not only impacted consumer demand. But it also led to a temporary pause in shipments from China into our US businesses when the tariffs were at their highest point.

現在請大家翻到第 7 張投影片，我將快速概述 2025 財年的表現。正如我之前提到的，對於企業來說，這是充滿挑戰的一年，我們面臨著各種外部不利因素。動盪的貿易政策環境不僅影響了消費者需求。但這也導致在關稅最高點時，從中國到我們美國企業的貨物運輸暫時停止。

In fact, we paused all incoming and inbound traffic from China for about six to eight weeks, and that impacted our ability to fill orders throughout the second half of the fiscal year. Overall, fiscal '25 net sales declined 5.2% compared with fiscal '24 and this is after actually starting the year off with top line growth if you remember in the first quarter of '25.

事實上，我們暫停了所有來自中國的進出港交通約六到八週，這影響了我們在本財年下半年完成訂單的能力。總體而言，2025 財年淨銷售額比 2024 財年下降了 5.2%，而如果你還記得的話，2025 年第一季實際上實現了營收成長。

And while our fourth quarter net sales also declined by 5%, we're actually encouraged that consumer demand was stabilizing during -- throughout the quarter in our key markets and our categories as trade policy has become a little less volatile and the supply shortages we experienced in the second half of the year are now behind us, largely behind us, I should say.

雖然我們第四季的淨銷售額也下降了 5%，但我們實際上感到鼓舞的是，在整個季度中，隨著貿易政策的波動性有所降低，我們主要市場和品類的消費者需求趨於穩定，而且我們在今年下半年經歷的供應短缺問題現在已經基本解決。

We have been relentless in addressing the top line declines by initiating further cost reduction initiatives and cost savings. In addition to the fixed cost reductions, with the elimination of permanent salary headcount, we have also been reducing selectively our advertising and marketing spend in light of category softness. And we have significantly reduced our office and distribution footprint as well.

我們一直不懈地透過啟動進一步的成本削減計畫和節約措施來應對營收下滑的問題。除了削減固定成本外，隨著永久性薪資人員的裁減，鑑於市場疲軟，我們還有選擇地減少了廣告和行銷支出。同時，我們也大幅縮減了辦公室和配送規模。

All these actions are mitigating some of the EBITDA declines in the various macroeconomic headwinds. If we can now look to slide 8 and focus now on our strategic priorities for this upcoming year, fiscal '26. The fundamentals of our business are actually strong.

所有這些措施都在緩解各種宏觀經濟不利因素對 EBITDA 造成的部分影響。現在我們可以看看第 8 張投影片，並專注於我們即將到來的 2026 財年的策略重點。我們業務的基本面其實很強勁。

And I'm confident the decisions we've made over the last six to nine months actually make us stronger, more focused business. And that brings me to the first key element of our strategic focus. We will continue to be good financial stewards of the business as we navigate the current macroeconomic landscape.

我相信，我們在過去六到九個月裡做出的決定，實際上使我們成為更強大、更專注的企業。這就引出了我們策略重點的第一個關鍵要素。在應對當前宏觀經濟情勢的過程中，我們將繼續做好公司的財務管理。

The actions we took in fiscal '25 while difficult, they were quite necessary to address the external headwinds we were faced with. And with that said, the hard work is not over. We have to continue to be diligent and we actually need to be more efficient with our spending and investing profile. We need to demand and we will demand better returns on our investments while continuing to reduce the overall complexity of our businesses.

我們在 2025 財年採取的行動雖然艱難，但對於應對我們面臨的外部不利因素而言卻是十分必要的。儘管如此，艱苦的工作還沒結束。我們必須繼續保持勤勉，而且實際上我們需要在支出和投資方面更有效率。我們需要要求，也會要求更高的投資回報，同時繼續降低我們業務的整體複雜性。

The teams are now focused on fewer, bigger, better initiatives to maximize the impact of our investments. As you've heard me say before, we witness the strength of our balance sheet sets us apart from our peers. We will continue to remain disciplined in managing working capital while at the same time, maintaining high fill rates supported by our best in class supply chain team.

現在，各團隊專注於更少、更大、更好的項目，以最大限度地發揮我們投資的影響力。正如我之前所說，我們強大的資產負債表使我們從同行中脫穎而出。我們將繼續嚴格管理營運資金，同時在業界一流的供應鏈團隊的支持下，維持較高的訂單滿足率。

The second element here is continued focus on operational excellence by leveraging technology advances that we're building for the future. As you know, we've been on a multiyear journey to upgrade and implement new ERP system, SAP's S/4HANA.

第二個要素是繼續專注於卓越運營，充分利用我們正在為未來打造的技術進步。如您所知，我們多年來一直在進行升級和實施新的 ERP 系統 SAP S/4HANA 的工作。

This is a project that's been the way for the last several years, and it started off with a successful implementation in our Global Pet Care North America business at the end of fiscal '24, and it was shortly, therefore, followed up by a successful go-live in our Home and Garden business, which is mostly a North American business.

這個計畫已經持續了好幾年，它始於 2024 財年末我們在北美全球寵物護理業務中的成功實施，因此不久之後，它又在我們主要面向北美地區的家居和園藝業務中成功上線。

Over the last few months, we've also started now to move portions of our international business over to the new platform. While no new ERP implementation program is flawless, we have been incredibly pleased so far with the progress we've made by implementing this without any -- or trying to minimize any sort of disruption to our customer base.

在過去的幾個月裡，我們也開始將部分國際業務轉移到新平台。雖然沒有哪個新的 ERP 實施計劃是完美無缺的，但到目前為止，我們對實施該計劃所取得的進展感到非常滿意，我們努力將對客戶群的任何干擾降到最低。

We've also made the decision to extend the implementation of S/4HANA to our Home and Personal Care business. Our other key element is centered around our people. And while we've had a challenging year and made a lot of difficult decisions, particularly around human capital has impacted our employees, I'm proud of our team. I believe that their focus and resilience are critical components of driving the next chapter of growth.

我們也決定將 S/4HANA 的實施擴展到我們的家庭和個人護理業務。我們另一個關鍵要素是以人為本的。雖然我們經歷了充滿挑戰的一年，我們做出了許多艱難的決定，尤其是在人力資本方面，這影響了我們的員工，但我為我們的團隊感到自豪。我認為他們的專注力和韌性是推動公司邁入下一個發展階段的關鍵因素。

Our last key element is around transformation. And our continued plans to focus on becoming the pure-play Global Pet Care and Home and Garden business that we've set out a few years ago. Starting with Global Pet Care under Orin leadership, the team is embracing a new data-driven approach that has already yielded small wins and is resulting in improved operational trends.

我們的最後一個關鍵要素是關於轉型。我們將繼續致力於成為幾年前製定的純粹的全球寵物護理、家居和園藝企業。從 Orin 領導下的 Global Pet Care 開始，團隊正在採用一種新的數據驅動方法，這種方法已經取得了一些小的成功，並帶來了營運趨勢的改善。

The innovation pipeline is strong with fewer, bigger, better new product launches on the horizon that are grounded in consumer insights. I'll continue to push this team to go faster because I believe in the strategy, and I'm excited about the future of Pet.

創新管道暢通，即將推出的新產品數量更少，但規模更大，品質更高，這些產品都基於對消費者的洞察。我會繼續督促團隊加快速度，因為我相信這個策略，我對 Pet 的未來感到興奮。

Moving to the Home and Garden business, as you may recall me saying before, we've been on a bit of a turnaround over the last couple of years since Javier has joined the team. Javier has the right tone for a high-performing team with a culture anchored around growth, development and employee engagement.

回到家居園藝業務，正如你可能記得我之前說過的那樣，自從 Javier 加入團隊以來，我們在過去幾年裡經歷了一些轉變。Javier 的風格很適合打造一支高績效團隊，其文化以成長、發展和員工敬業度為核心。

We have had some highly successful innovation launches, and I'm really pleased with the progress the R&D team has made here. And these new products have landed well with the consumer and we're expecting this momentum to actually continue and build with exciting new product launches planned for fiscal '26.

我們已經成功推出了一些創新產品，我對研發團隊在這裡的進展感到非常滿意。這些新產品受到了消費者的歡迎，我們預計這種勢頭將持續下去，並在 2026 財年推出令人興奮的新產品。

I remain optimistic about the evolving M&A landscape. We expect to continue to pursue acquisition opportunities in both our Global Pet Care division and our Home & Garden business as additional assets become available at better price points.

我對不斷變化的併購格局依然保持樂觀。我們預計將繼續在全球寵物護理部門和家居園藝業務中尋求收購機會，以期獲得更多價格更優惠的資產。

Lastly, on Personal Care, the most impacted of our three businesses by the latest trade policy volatility, the team has stepped up to the challenge. They've made meaningful changes to address our current reality. And while we had a tough fiscal '25, we are committed to maximizing the business' value, and we expect an improvement to overall profitability in fiscal '26.

最後，在個人護理領域，這是我們三大業務中受最新貿易政策波動影響最大的領域，團隊已經迎接了挑戰。他們做出了有意義的改變來應對我們當前的現實。儘管我們在 2025 財年經歷了艱難時期，但我們致力於最大限度地提高業務價值，並預計 2026 財年整體盈利能力將有所改善。

We remain committed to the vision of finding a strategic solution for our HPC business. If I can now everyone turn to slide 9. I'm going to give an overview of our high level -- earnings framework. We expect net sales to be flat to up low single digits versus the prior year. The actual headwinds that suppressed consumer demand for the vast majority of fiscal '25 are expected to continue particularly in the first half of our fiscal year.

我們始終致力於為我們的高效能運算業務尋找策略解決方案。現在請大家翻到第9張投影片。我將概述我們的高層獲利框架。我們預計淨銷售額將與上年持平或略有成長。2025 財年大部分時間抑制消費者需求的實際不利因素預計將在本財年的上半年繼續存在。

Despite these external pressures, we believe Home & Garden and Global Pet Care are both positioned to resume growth in fiscal '26, offsetting an expected decline in our Home and Personal Care business as we navigate through category softness in supply chain simplification initiatives that will reduce the product portfolio in North America.

儘管面臨這些外部壓力，我們相信家居園藝和全球寵物護理業務都將在 2026 財年恢復成長，從而抵消我們家居和個人護理業務的預期下滑。這是因為我們正在努力應對供應鏈簡化計劃帶來的品類疲軟，這將減少我們在北美的產品組合。

From an adjusted EBITDA perspective, we are targeting low single-digit growth, primarily driven by continued expense management, cost improvement initiatives and favorable FX offsetting lower volumes. The additional cost of tariffs are largely mitigated through a variety of actions, including pricing.

從調整後的 EBITDA 角度來看，我們的目標是實現個位數低成長，主要得益於持續的費用控制、成本改善措施以及有利的匯率抵消了銷售下降的影響。關稅帶來的額外成本可以透過多種措施（包括定價）得到很大程度的緩解。

And lastly, for adjusted free cash flow, we expect another strong year ahead at approximately 50% conversion of adjusted EBITDA. Heading into the fiscal year, we are seeing signs of improved predictability in the macroeconomic environment, giving us the confidence to reinstate our earnings framework.

最後，對於調整後的自由現金流，我們預計未來一年將保持強勁勢頭，調整後 EBITDA 的轉換率約為 50%。進入新財年，我們看到宏觀經濟環境的可預測性有所改善，這讓我們有信心恢復獲利框架。

We are focused on delivering on our goals to our investors. We believe this framework provides a challenging but achievable financial goal to the team as we look forward to a stronger fiscal '26.

我們專注於實現對投資者的承諾。我們相信，隨著我們展望2026財年更加強勁的發展，這項框架為團隊提供了一個具有挑戰性但可實現的財務目標。

Before I turn the call over to Faisal, I'd like to sincerely thank our outgoing Chief Financial Officer, Jeremy Smeltzer. He's been a tremendous asset to the company and helped us navigate through some really challenging times. I'm confident that Faisal will continue to drive strong execution and financial discipline in the years ahead, and I'm already enjoying my new partnership with him as my CFO.

在將電話交給費薩爾之前，我想真誠地感謝即將離任的財務長傑里米·斯梅爾策。他一直是公司的寶貴財富，幫助我們度過了一些非常具有挑戰性的時期。我相信費薩爾在未來幾年將繼續保持高效的執行力和嚴謹的財務紀律，我已經很享受與他作為我的財務長建立新的合作關係。

With that, I'll turn the call over to Faisal to share more on the financials and additional business unit insights. The call is now yours, Faisal.

接下來，我將把電話交給費薩爾，讓他分享更多關於財務狀況和其他業務部門的見解。費薩爾，現在該你做決定了。

Thank you, David. Turning to slide 11 and a review of our Q4 results from continuing operations, beginning with our net sales. Net sales decreased 5.2%, excluding the impact of $10.5 million of favorable foreign exchange.

謝謝你，大衛。接下來請看第 11 張投影片，回顧我們第四季持續經營業務的業績，首先是我們的淨銷售額。不計入1050萬美元的有利外匯匯率影響，淨銷售額下降5.2%。

Organic net sales decreased 6.6%, primarily driven by supply constraints as a result of our decision to pause purchases from China for the US market during the third quarter and continued category softness in our Global Pet Care and Home & Personal Care business.

有機淨銷售額下降 6.6%，主要原因是由於我們在第三季決定暫停從中國採購美國市場產品而導致的供應限制，以及全球寵物護理和家庭及個人護理業務持續疲軟。

These headwinds were partially offset by a delayed start to the season for our Home & Garden business that benefited current quarter results. Gross profit decreased $31.4 million and gross margins of 35% decreased 220 basis points, largely driven by lower volume, unfavorable inflation and higher tariffs, partially offset by pricing, cost improvement actions and favorable FX.

這些不利因素部分被家居園藝業務季初的延遲所抵消，從而對本季業績產生了積極影響。毛利減少了 3,140 萬美元，毛利率從 35% 下降了 220 個基點，主要原因是銷售下降、不利的通貨膨脹和更高的關稅，部分被定價、成本改善措施和有利的匯率所抵消。

Operating expenses of just over $227 million decreased 14.6% due to lower spend in advertising and marketing and general expense management in light of category softness as well as lower restructuring-related project spend.

由於品類疲軟導致廣告行銷和一般費用管理支出減少，以及重組相關項目支出減少，營運支出略高於 2.27 億美元，下降了 14.6%。

Operating income of $29.4 million increased by $7.5 million due to the lower operating expenses, partially offset by a decline in gross profit. GAAP net income and diluted earnings per share both increased primarily driven by onetime tax benefit for the quarter resulting from a tax entity realignment initiative, lower share count and higher operating income.

營業收入為 2,940 萬美元，由於營運費用降低，增加了 750 萬美元，但部分被毛利下降所抵銷。GAAP淨利潤和稀釋後每股收益均有所增長，主要原因是本季因稅務實體重組計劃而產生的一次性稅收優惠、股份數量減少以及營業收入增加。

Adjusted EBITDA was $63.4 million, a decrease of $5.5 million driven by lower volume and reduced gross margins, partially offset by lower operating expenses. Adjusted diluted EPS increased to $2.61 driven by a onetime tax benefit that I referenced earlier and the reduction in shares outstanding, partially offset by lower adjusted EBITDA.

調整後的 EBITDA 為 6,340 萬美元，減少了 550 萬美元，主要原因是銷售下降和毛利率降低，但部分被營運費用的減少所抵銷。經過調整後的稀釋每股收益增加至 2.61 美元，這主要得益於我之前提到的一次性稅收優惠和流通股數量的減少，但部分被調整後的 EBITDA 下降所抵消。

Turning to slide 12. Q4 interest expense from continuing operations of $7.9 million increased $1.2 million due to higher average borrowing on our cash flow revolver in the current quarter. Cash taxes during the quarter decreased $10.2 million from prior year.

翻到第12張投影片。第四季持續經營業務的利息支出為 790 萬美元，由於本季現金流循環貸款的平均借款額較高，增加了 120 萬美元。本季現金稅比上年同期減少了1,020萬美元。

Depreciation and amortization of $23.9 million decreased $1.7 million from last year. And separately, share-based compensation increased to $5.8 million from $4.6 million in the prior year. Capital expenditures were $13.2 million in Q4, essentially flat to last year. Cash payments towards strategic transactions, restructuring-related projects and other unusual nonrecurring adjustments were $7.3 million versus $10 million last year.

折舊和攤提費用為 2,390 萬美元，比前一年減少了 170 萬美元。此外，股權激勵支出從前一年的 460 萬美元增加到 580 萬美元。第四季資本支出為 1,320 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非常規非經常性調整的現金支付為 730 萬美元，而去年為 1000 萬美元。

Moving to the balance sheet. We had a quarter end cash balance of $123.6 million and $492.3 million available on our $500 million cash flow revolver. Total debt outstanding was approximately $581.4 million consisting of $496 million of senior unsecured notes and $85.3 million of finance leases. We ended the quarter with $457.8 million of net debt.

接下來查看資產負債表。季度末現金餘額為 1.236 億美元，5 億美元的循環現金流中有 4.923 億美元可用。未償債務總額約為 5.814 億美元，其中包括 4.96 億美元的優先無擔保票據和 8,530 萬美元的融資租賃。本季末，我們的淨債務為 4.578 億美元。

Turning to slide 13 and an overview of our full year results. Net sales decreased $0.052 and organic net sales decreased 5.3%. The sales performance was driven by category softness in light of macroeconomic conditions and supply shortages from the six to eight weeks pause previously mentioned.

接下來請看第 13 張投影片，了解我們全年的業績概況。淨銷售額下降了 0.052 美元，有機淨銷售額下降了 5.3%。受宏觀經濟情勢和先前提到的六到八週停產導致的供應短缺的影響，該品類整體疲軟，銷售業績受到影響。

These had been significantly impacted results both in our Global Pet Care and Home & Personal Care business. Despite strong performance by our key brands, sales in Home and Garden business were modestly down, driven by unfavorable weather conditions.

這些都對我們的全球寵物護理和家居及個人護理業務的業績產生了重大影響。儘管我們的主要品牌表現強勁，但受不利天氣條件的影響，家居和園藝業務的銷售額略有下降。

Full year gross profit decreased by $77.4 million and gross margin of 36.7% decreased 70 basis points driven by lower volume, higher inflation, increased tariff costs and unfavorable mix. This was partially offset by cost improvement initiatives, pricing and favorable FX.

全年毛利減少 7,740 萬美元，毛利率為 36.7%，下降 70 個基點，主要原因是銷量下降、通貨膨脹加劇、關稅成本增加以及產品組合不利。成本改善措施、定價和有利的匯率在一定程度上抵消了這種影響。

Adjusted EBITDA decreased to $289.1 million. Excluding investment income of $52.7 million in the prior year, adjusted EBITDA decreased $30 million or 9.4%, primarily driven by lower volume and a decline in gross profit, partially offset by a reduction in operating expenses.

調整後 EBITDA 降至 2.891 億美元。剔除上年 5,270 萬美元的投資收益，調整後的 EBITDA 減少了 3,000 萬美元，降幅為 9.4%，主要原因是銷售下降和毛利減少，部分被營運費用的減少所抵銷。

Adjusted free cash flow was $170.7 million or approximately $7 per share -- $7 cash per share, exceeding the $160 million free cash flow framework that we provided. During the year, we prioritized the health of our balance sheet through active management of CapEx investments and improved working capital.

調整後的自由現金流為 1.707 億美元，即每股約 7 美元——每股現金 7 美元，超過了我們先前設定的 1.6 億美元自由現金流目標。年內，我們透過積極管理資本支出投資和改善營運資本，優先保障了資產負債表的健康。

Now let's get into a review of each business unit, where I'll provide you more details on the underlying performance drivers of our operational results. I'll start with our Global Pet Care business, which is slide 14. Reported net sales decreased 1.5%, and excluding favorable foreign currency impact, organic net sales decreased 3.3%.

現在讓我們來回顧一下每個業務部門，我將向你們詳細介紹我們營運績效的根本驅動因素。我先從我們的全球寵物護理業務開始，也就是第 14 張投影片。報告顯示淨銷售額下降了 1.5%，若不計入有利的匯率影響，有機淨銷售額下降了 3.3%。

Sales in Aquatics increased high single digits, offset by mid-single-digit decline in companion animal. In North America, our companion animal brands continue to trend favorably. Our brands maintained or gained market share driven by innovation and successful commercialization with our retail partners in spite of category softness.

水族用品銷售額實現了接近兩位數的成長，但被寵物用品銷售額中位數的下降所抵消。在北美，我們的寵物品牌持續保持良好的發展趨勢。儘管市場疲軟，但我們的品牌憑藉創新和與零售合作夥伴的成功商業化，保持或提高了市場份額。

In Aquatics, we successfully mitigated category declines and delivered improved results driven by distribution gains in pet specialty and mass channel. Comparisons for the quarter in both companion animal and aquatics were impacted by a strategic pull-forward of orders by retailers in the prior year in preparation of our S/4HANA ERP implementation, resulting in an appropriately $10 million headwind for the quarter.

在水族領域，我們成功緩解了品類下滑，並透過在寵物專賣店和大眾通路的分銷成長，取得了更好的業績。伴侶動物和水族用品季度業績對比受到零售商上一年提前下單的影響，這是由於零售商為實施 S/4HANA ERP 系統而採取的戰略性措施，導致本季度業績出現約 1000 萬美元的下滑。

Also as expected, our decisions to pass shipments for a six- to eight-weeks period when tariffs were at their highest point during the third quarter led to continued supply shortages during the current quarter. Our inventory levels are now generally healthy and shortages are not expected to be a significant headwind heading into the fiscal '26.

正如預期的那樣，我們在第三季關稅最高時決定暫停出貨六到八週，導致本季持續出現供應短缺。我們目前的庫存水準總體良好，預計在進入 2026 財年時，庫存短缺不會構成重大不利因素。

Conversely, results were favorable impacted by our decisions in the third quarter to stop shipment to a key retailer as tariff pricing negotiations stalled. By the end of third quarter, negotiations were complete but it did result in shipment delays benefiting our fourth quarter results. In EMEA, companion animal sales increased driven by the continued strength of our Good Boy brand, market share gains in the UK and expanding further in Continental Europe.

相反，由於關稅定價談判陷入僵局，我們在第三季決定停止向一家主要零售商發貨，這對業績產生了有利影響。到第三季末，談判已經完成，但這確實導致了發貨延遲，有利於我們第四季度的業績。在歐洲、中東和非洲地區，由於我們的 Good Boy 品牌持續強勁、在英國市場份額不斷增長以及在歐洲大陸進一步擴張，寵物銷售額有所增長。

Net sales also increased in our dog and cat food, led by our Eukanuba brand. Aquatic sales also increased with the Tetra brand gaining shares in key markets, mitigating category softness. Our innovation continues to resonate with the consumer and is largely focused on further expansion into adjacent categories.

我們的狗糧和貓糧淨銷售額也有所成長，其中優卡（Eukanuba）品牌表現特別突出。隨著 Tetra 品牌在主要市場獲得份額，水族產品的銷售也有所增長，緩解了該品類的疲軟態勢。我們的創新持續受到消費者的歡迎，並且主要集中在進一步拓展到相鄰類別。

You may recall, we recently launched [Green Bond Colin], a product that focuses on health and wellness benefits for pets. We also continue to launch new innovations in the treats categories, as our good and tasty product launches continue to flow with further plans of expansion and more unique innovations coming in, in the coming months.

您可能還記得，我們​​最近推出了 [Green Bond Colin]，這是一款專注於寵物健康和保健的產品。我們也在零食類別中不斷推出創新產品，我們美味可口的產品持續上市，未來幾個月還將有進一步的擴張計劃和更多獨特的創新產品推出。

Our investments in Nature's Miracle also continued to yield results in the -- as the brand is gaining share and new points of distribution. In the fourth quarter, Nature's Miracle -- pure play online, mass, food, dollar and drug channels.

我們對 Nature's Miracle 的投資也持續取得成效——該品牌正在獲得市場份額和新的分銷管道。第四季度，Nature's Miracle 專注於線上、大眾市場、食品、美元和藥品管道。

Our Good Boy brand is the number one brand in dog chews in the UK and is the fourth largest brand in overall pet and continues to grow market share, driven by consistent innovation. The brand's expansion across Continental Europe used to perform really well, most recently becoming one of the top five treat brands in the Netherlands.

我們的 Good Boy 品牌是英國排名第一的狗咬膠品牌，也是寵物用品市場第四大品牌，並且憑藉持續創新，市場份額不斷增長。該品牌在歐洲大陸的擴張曾經非常成功，最近更是躋身荷蘭五大零食品牌之列。

In dog and cat food, we are continuing to expand IAMS into more markets and recently launched a refreshed portfolio on [Juba]. This quarter's adjusted EBITDA of $49.6 million is $5.3 million higher than the previous year, and adjusted EBITDA margin was 16.6% compared to 14.8% last year. The improvement to adjusted EBITDA was primarily driven by expense management through cost savings initiatives announced earlier in the year, lower investment spend due to category softness and pricing.

在犬貓食品領域，我們正持續拓展IAMS品牌在更多市場的佈局，並於近期推出了煥然一新的產品組合。[朱巴]。本季調整後的 EBITDA 為 4,960 萬美元，比上年同期增加 530 萬美元；調整後的 EBITDA 利潤率為 16.6%，而去年同期為 14.8%。調整後 EBITDA 的改善主要得益於年初宣布的成本節約計畫帶來的費用管理、品類疲軟導致的投資支出減少以及定價策略的調整。

These actions more than offset the lower sales volume, higher cost and inflation experienced in the quarter. While GPC's fiscal '25 sales fell short of the prior year due to macroeconomic and category headwinds, we believe the business is well positioned heading into fiscal '26, and we expect to return to modest growth as underlying category fundamentals and macroeconomic trends begin to stabilize.

這些措施足以抵消本季銷售下降、成本上升和通貨膨脹的影響。儘管由於宏觀經濟和品類方面的不利因素，GPC 2025 財年的銷售額低於上一年，但我們相信，隨著品類基本面和宏觀經濟趨勢開始穩定，公司已做好充分準備進入 2026 財年，我們預計公司將恢復溫和增長。

With generally healthy levels of inventory, we continue to be optimistic about our performance in the category. With the recent wins in product distribution and placement together with the positive pace of sales and consumer acceptance of our innovation, we believe we will continue to outperform the category. While consumers continue to be challenged, we are encouraged by the overall resilience and strength of our brands.

由於庫存水準整體健康，我們對該品類的業績仍保持樂觀。憑藉近期在產品分銷和通路佈局方面的成功，以及銷售的良好勢頭和消費者對我們創新產品的接受度，我們相信我們將繼續超越同類產品。儘管消費者持續面臨挑戰，但我們對旗下品牌的整體韌性和實力感到鼓舞。

I'll now move to our Home & Garden business. which is on slide 15. Net sales increased 3.2% in the quarter, reflecting a delayed start to the season that pushed volume from the third quarter into the fourth quarter. While July experienced favorable weather -- weather conditions, leading to an improved POS and strong retailer reorder patterns, unfavorable weather conditions across key regions in the latter half of the quarter negatively impacted POS and shipments.

接下來我將轉到我們的家居園藝業務，這部分內容在第15頁。本季淨銷售額成長 3.2%，反映出銷售旺季開始時間較晚，導致第三季的銷量延後到了第四季。7 月天氣狀況良好，有利於銷售點 (POS) 的營運和零售商的重新訂購，但本季後半段主要地區的天氣狀況不利，對銷售點 (POS) 和出貨量產生了負面影響。

Net sales in controls, which is our largest category in Home and Garden, were up high teens as Spectracide continues to outperform the category with a strong finish to the quarter in Home, insect -- and herbicides. In Household pet, Hot Shot also gained share with the positive POS, while the overall category was flat.

家居和園藝領域最大的類別——控制類產品的淨銷售額增長了兩位數以上，因為 Spectracide 在家居、殺蟲劑和除草劑領域繼續表現優異，本季度末取得了強勁的業績。在家庭寵物用品領域，Hot Shot 也憑藉積極的銷售點表現獲得了市場份額，而整個類別則保持穩定。

We are particularly pleased with the recent innovation launch of our flying insect traps that continues to outperform the rest of the category. Repellent sales were down mid-single digits with softness at key retailers, driven by unfavorable weather conditions. Net sales increase were also down for the quarter.

我們對近期推出的創新飛行昆蟲誘捕器感到非常滿意，該產品在同類產品中持續表現優異。受不利天氣條件的影響，主要零售商的驅蚊劑銷售出現疲軟，銷售出現中等個位數的下滑。本季淨銷售額成長也出現下滑。

As weather patterns evolve and shift POS into the fall, our late-season program continued to gain incremental support from our key account partners with activations for the quarter at 4x the number of stores as compared to last year.

隨著天氣模式的變化，銷售點逐漸進入秋季，我們的季末促銷活動繼續得到主要客戶合作夥伴的大力支持，本季的促銷活動門市數量是去年同期的 4 倍。

Our big bet innovations are gaining support from our retailers and resonating with consumers, exceeding expectations. This year's innovation launch, the Spectracide wasp harness and yellow jacket trap was a hit with consumers and quickly gained penetration within the category earning one of the highest penetrations of any new item in overall pest control.

我們大膽創新的產品正在獲得零售商的支持，並引起消費者的共鳴，超乎預期。今年推出的創新產品 Spectracide 黃蜂背帶和黃蜂陷阱受到了消費者的熱烈歡迎，並迅速滲透到該類別中，成為害蟲防治領域所有新產品中滲透率最高的產品之一。

POS performance was above expectations with additional PAMs to expand distribution and capacity heading into fiscal '26. The Hot Shot flying insect trap launch also performed very well with its strong value proposition. We're excited to see expanded distribution on this new product as well in fiscal '26.

POS 業績超乎預期，隨著 PAM 的加入，通路和產能將會提升，進入 2026 財年。Hot Shot 飛行昆蟲誘捕器憑藉其強大的價值主張，上市表現也非常出色。我們很高興看到這款新產品在 2026 財年也能獲得更廣泛的分銷。

Adjusted EBITDA was $16.9 million compared to $19 million last year, and the adjusted EBITDA margin was 12.1%, 200 basis points lower than the prior year. The decrease in adjusted EBITDA was driven by unfavorable mix, inflation, tariffs and incremental brand-focused investments, partially offset by pricing, productivity improvements and higher sales volume as our innovation continues to resonate with consumers.

調整後 EBITDA 為 1,690 萬美元，而去年為 1,900 萬美元；調整後 EBITDA 利潤率為 12.1%，比上年下降了 200 個基點。調整後 EBITDA 的下降是由於不利的產品組合、通貨膨脹、關稅和以品牌為中心的增量投資所致，但部分被價格、生產力提高和更高的銷售量所抵消，因為我們的創新持續引起消費者的共鳴。

As we look forward to fiscal '26, we believe retailer inventory levels are generally healthy and we expect reorder patterns to closely align with POS. Our sales team will continue to work closely with our retail partners to understand consumer demand expectations and what it means to our production and shipment plan.

展望 2026 財年，我們認為零售商的庫存水準整體健康，預計補貨模式將與 POS 系統緊密相關。我們的銷售團隊將繼續與零售合作夥伴緊密合作，了解消費者的需求預期及其對我們的生產和出貨計畫的影響。

We expect our category will continue to be well supported by our retail partners and the strength of our brands will continue to drive shareholders. While weather is unpredictable, early indications are that our retail partners expect a normal weather pattern for fiscal '26 with precipitation and temperatures expected to go back to historical levels.

我們預期我們的品類將持續得到零售合作夥伴的大力支持，我們品牌的實力也將持續為股東帶來回報。雖然天氣難以預測，但初步跡象表明，我們的零售合作夥伴預計 2026 財年天氣將恢復正常，降水量和氣溫預計將恢復到歷史水平。

Most of the POS for our Home and Garden business comes in the second half of our fiscal year, with the first half largely focused on preparation and staging for the seasonal business. As a result, timing of inventory builds can vary and impact quarterly results. Our fiscal '25 first quarter benefited from an earlier than normal seasonal inventory build as well as the plethora of orders in advance of our S4 go live by certain retailers that we would not expect to repeat in fiscal '26.

我們家居園藝業務的大部分銷售點都集中在財政年度的下半年，上半年則主要集中於季節性業務的準備和籌備工作。因此，庫存建立的時間可能會有所不同，並影響季度業績。2025 財年第一季度，由於季節性庫存比往年提前建立，以及某些零售商在我們 S4 系統上線前下的大量訂單，我們預計這種情況在 2026 財年不會重現。

Overall, phasing of net sales in Home and Garden are therefore expected to be similar to fiscal '24. And finally, moving to Home & Personal Care, which is slide 16. Reported net sales decreased 11.9%. Excluding favorable foreign exchange, organic net sales decreased 13.4%. Net sales in the Personal Care category were down low single digits this quarter, while sales in Home Appliances were down double digits.

因此，總體而言，家居和園藝業務的淨銷售額預計與 2024 財年類似。最後，我們來看家庭和個人護理，也就是第 16 張投影片。報告顯示淨銷售額下降了11.9%。剔除有利的匯率因素，有機淨銷售額下降了13.4%。本季個人護理類別的淨銷售額下降了個位數百分比，而家用電器的銷售額則下降了兩位數百分比。

Organic net sales in EMEA were down double digits, with softness in both Home Appliances and Personal Care. Lower consumer confidence continues to be a headwind in European markets. impacting both Personal Care and Home Appliances categories. We have also seen influx of Chinese competitors targeting the region in response to the higher tariffs in the US.

歐洲、中東和非洲地區的有機淨銷售額出現兩位數下降，其中家用電器和個人護理用品的銷售額均有所下降。消費者信心持續低迷，對歐洲市場構成不利影響，個人護理和家用電器兩大類別均受到影響。我們也看到，由於美國提高關稅，大量中國競爭對手湧入該地區。

We continue to be nimble and evaluate new strategies to ensure our brands remain relevant to our consumers in the current environment. As the consumer moves increasingly to digital markets, our near-term focus is increasing our digital shelf space and ensuring our presence in all relevant channels.

我們將繼續保持靈活，評估新的策略，以確保我們的品牌在當前環境下與消費者保持相關性。隨著消費者越來越多地轉向數位市場，我們近期的重點是增加我們的數位貨架空間，並確保我們在所有相關管道都有業務。

In addition, one of our retailers experienced high inventory levels following a major sales event that negatively impacted replenished orders within the quarter. North American sales decreased around 25%, driven by lower sales in Home Appliances. Much like GPC, HPC's fourth quarter results were impacted by inventory availability constraints from the six to eight weeks pause on Chinese-sourced products to the US when tariffs were at their highest point.

此外，我們的一家零售商在一次大型促銷活動後庫存水準過高，對本季的補貨訂單產生了負面影響。受家用電器銷售額下降的影響，北美銷售額下降了約 25%。與 GPC 類似，HPC 的第四季業績也受到了庫存供應限制的影響，因為在關稅最高的時候，中國產品對美國的出口暫停了六到八週。

Our inventory levels are now generally healthy and shortages are not expected to be a significant headwind heading into fiscal 2026. Overall share also impacted by pricing taken to offset cost of tariffs. You may recall last quarter that we were one of the first to negotiate pricing with our retail partners, and thus, our product were -- inversed to see tariff-related price increase hit the shelves.

我們目前的庫存水準整體良好，預計到 2026 財年，短缺不會成為重大不利因素。為抵銷關稅成本而採取的定價措施也對整體市場份額產生了影響。您可能還記得，上個季度我們是最早與零售合作夥伴進行價格談判的公司之一，因此，我們的產品價格上漲與關稅相關，導致產品上架銷售。

We expect that this will normalize in the coming months as pricing goes into effect across the categories. First, appliances sales increased in both brick-and-mortar and e-commerce channels, benefiting from a softer prior year comparison.

我們預計，隨著各類別價格的逐步生效，這種情況將在未來幾個月內趨於正常。首先，由於去年同期基數較低，實體店和電商通路的家電銷售額均有所成長。

Organic net sales in Lat Am grew high single digits with growth in both categories, driven by new product launches in Personal Care and distribution gains in the cooking category within Home Appliances. On the commercial side, you may recall, we recently launched the PowerXL Air Max at Walmart and our ad campaign is seeing strong consumer engagement. We also recently launched the Remington Glass collection exclusively at Target stores and -- dot com.

拉丁美洲的有機淨銷售額實現了高個位數成長，兩個類別均實現成長，這主要得益於個人護理領域的新產品推出以及家用電器烹飪類別的分銷渠道拓展。在商業方面，您可能還記得，我們​​最近在沃爾瑪推出了 PowerXL Air Max，我們的廣告宣傳活動獲得了消費者的強烈參與。我們最近也在 Target 商店和 -- dot com 獨家推出了 Remington Glass 系列。

The new line filing tools is designed to deliver high glass results and offer a variety of styling tools. In Lat Am, our Remington brand saw record quarterly sales in the fourth quarter after brand refresh initiatives resulting in distribution gains. The TAM continues to be a compelling market for our HPC business and are excited about our plans to introduce our Russell Hobbs brand to the market in the coming months.

新款修邊工具旨在打造精緻的玻璃質感效果，並提供多種造型工具。在拉丁美洲，我們的雷明頓品牌在第四季度實現了創紀錄的季度銷售額，這得益於品牌重塑計畫帶來的分銷管道拓展。TAM 仍然是我們高效能運算業務極具吸引力的市場，我們很高興計劃在未來幾個月內將 Russell Hobbs 品牌引入該市場。

We continue to be pleased with our launch on TikTok in UK, where our products are resonating with consumers, closing the year with another record month. We plan to build upon the success we're seeing in the UK and take these best practices to other markets in the near future. This quarter's adjusted EBITDA was $15.7 million compared to $19 million in the prior year. The adjusted EBITDA margin was 5.3%.

我們對在英國TikTok上的產品發布感到滿意，我們的產品受到了消費者的歡迎，並以另一個創紀錄的月份結束了這一年。我們計劃以在英國的成功為基礎，並在不久的將來把這些最佳實踐推廣到其他市場。本季調整後 EBITDA 為 1,570 萬美元，而去年同期為 1,900 萬美元。調整後的 EBITDA 利潤率為 5.3%。

The decline in adjusted EBITDA was driven by lower volumes, unfavorable mix and tariffs. These significant headwinds were largely offset by pricing lower brand focused investments in light of tariff supply issues, reduced distribution costs and expense management as we actively address our fixed cost structure.

調整後 EBITDA 的下降是由於銷售下降、產品組合不利以及關稅上漲所致。這些重大不利因素在很大程度上被以下措施抵消：考慮到關稅供應問題，降低品牌投資價格；降低分銷成本；以及積極調整固定成本結構，從而降低費用管理。

As we look forward to fiscal '26, we expect softness in global consumer demand for durables to continue. Compared to the prior year, this is expected to be most impactful to our first quarter results. In North America, tariff-related discussions are expected to reduce sales volume as we prioritize our overall financial health and rightsize the business.

展望 2026 財年，我們預期全球消費者對耐久財的需求疲軟狀況將持續。與上年同期相比，預計這將對我們第一季的業績產生最顯著的影響。在北美，由於我們將優先考慮整體財務健康並調整業務規模，因此預計與關稅相關的討論將導致銷售額下降。

HPC will continue to evolve as we reduce our US Q count to simplify our supply chain and diversify our supply base while maintaining over -- profitability through increased scale on a smaller subset of product offerings. In EMEA, our largest market, we expect category softness and increased competition to continue while we expand presence in the direct-to-consumer channel, helping to partially offset consumer confidence headwinds.

HPC 將繼續發展，我們將減少美國 Q 數量，以簡化供應鏈並實現供應基礎多元化，同時透過擴大較小產品子集的規模來保持獲利能力。在歐洲、中東和非洲地區（我們最大的市場），我們預期品類疲軟和競爭加劇的局面將持續，同時我們將擴大在直接面向消費者管道的業務，這將有助於部分抵消消費者信心的不利因素。

Now turning to slide 17 and our expectations of fiscal '26. We expect net sales to be flat to up low single digits compared to the prior year. While we expect growth in both our Personal -- in our Global Pet Care and Home and Garden business, our Home & Personal Care business is expected to decline due to continued category softness and our supply chain simplification initiative in the North American market.

現在就來看看第 17 張投影片，以及我們對 2026 財年的預期。我們預計淨銷售額將與上年持平或略有成長。雖然我們預計個人護理業務（包括全球寵物護理和家居園藝業務）將實現成長，但由於品類持續疲軟以及我們在北美市場推行的供應鏈簡化計劃，我們的家居及個人護理業務預計將會下滑。

Adjusted EBITDA is expected to grow low single digits, driven by the return to sales growth in our Global Pet Care and Home and Garden business, continued expense management, continuous improvement initiatives and FX favorability, offsetting lower volumes in Home and Personal Care. Cash expected to be largely offset through the various mitigation actions, which we have taken, including pricing.

調整後 EBITDA 預計將實現個位數低增長，這主要得益於全球寵物護理和家居園藝業務銷售增長的恢復、持續的費用控制、持續的改進措施以及匯率的有利影響，從而抵消了家居和個人護理業務銷量的下降。預計現金損失將透過我們採取的各種緩解措施（包括定價）得到很大程度的抵銷。

I do want to point out that in our model, we have fiscal 2026 corporate costs at approximately $66 million, up from $4 million in fiscal '25. As you will recall, in fiscal '25, we had a little over $20 million in TSA cost reimbursements from our sale of HHI that do not repeat in fiscal '26. We have mitigated approximately half of the cost headwind thus far and intend to address the remaining $10 million during the coming quarters.

我想指出的是，在我們的模型中，2026 財年的公司成本約為 6,600 萬美元，高於 2025 財年的 400 萬美元。您可能還記得，在 2025 財年，我們從出售 HHI 中獲得的 TSA 成本補償略高於 2000 萬美元，這筆款項在 2026 財年不會再出現。到目前為止，我們已經緩解了大約一半的成本壓力，並計劃在接下來的幾個季度中解決剩餘的 1000 萬美元。

From a phasing perspective, we expect the first quarter to be the most challenged, primarily due to the shifts in consumer sentiment in the middle of the prior year -- prior fiscal year. We also expect retailer reorder patterns will generally more closely align with POS which is expected to be most impactful to our Home & Garden business given the earlier buy-in of inventory in fiscal '25.

從階段性角度來看，我們預期第一季將最具挑戰性，這主要是由於前一年（上一個財政年度）年中消費者情緒的變化。我們也預期零售商的補貨模式將與 POS 系統更加緊密地保持一致，鑑於我們在 2025 財年較早購入了庫存，預計這將對我們的家居園藝業務產生最大的影響。

And lastly, adjusted free cash flow conversion as a percentage of adjusted EBITDA is expected to be around -- as we continue to prioritize the strength of our balance sheet. Depreciation and amortization is expected to be between $115 million and $125 million, including stock-based compensation of approximately $20 million to $25 million.

最後，調整後的自由現金流轉換率佔調整後 EBITDA 的百分比預計將在——因為我們將繼續優先考慮資產負債表的穩健性。預計折舊和攤銷費用將在 1.15 億美元至 1.25 億美元之間，其中包括約 2,000 萬美元至 2,500 萬美元的股票選擇權補償。

Cash payments towards restructuring, optimization and strategic transaction costs are expected to be between $25 million and $35 million. Capital expenditures are expected to be between $50 million and $60 million. Cash taxes are expected to be between $40 million and $50 million.

預計用於重組、優化和策略交易成本的現金支付將在 2,500 萬美元至 3,500 萬美元之間。預計資本支出將在 5,000 萬美元至 6,000 萬美元之間。預計現金稅收將在4000萬美元至5000萬美元之間。

For adjusted EPS, we use an effective tax rate of 28%, including state taxes. To end my section, I want to echo David and thank all of our global employees for their hard work during these very challenging times. Back to you, David.

對於調整後的每股盈餘，我們使用 28% 的有效稅率，其中包括州稅。最後，我想和戴維一樣，感謝我們全球所有員工在這些充滿挑戰的時期所付出的辛勤努力。大衛，該你了。

Thanks, Faisal. Let's look at slide 19. Thanks, everybody, for joining us today on the call. Again, I'll take a few minutes just to recap the key takeaways and findings on slide 20. Fourth quarter financial results concluded a very challenging year for us.

謝謝你，費薩爾。我們來看第19張投影片。感謝各位今天參加我們的電話會議。我再花幾分鐘回顧第 20 頁投影片上的主要結論和發現。第四季財務業績為我們充滿挑戰的一年畫上了句號。

We took decisive actions. As I mentioned, they were necessary to protect the company in the balance sheet, but it did have short-term impacts on the P&L, and that's reflected in the numbers we reported today. We will continue to be good stewards of the businesses going forward. We'll be disciplined while utilizing a strong balance sheet.

我們採取了果斷行動。正如我之前提到的，這些措施對於保護公司資產負債表是必要的，但這確實對損益表產生了短期影響，這一點在我們今天公佈的數據中有所體現。我們將繼續盡心管理好這些企業。我們將保持嚴謹的作風，同時充分利用穩健的資產負債表。

As you know, earlier in the year, with all the macroeconomic uncertainty, we made the strategic pivot and started running this business to maximize free cash flow. I'm proud this decision paid off. We were able to deliver over $170 million or roughly $7 per share in cash flow to our investors.

如您所知，今年早些時候，由於宏觀經濟形勢不明朗，我們進行了策略調整，開始以最大化自由現金流為目標來經營這項業務。我為這個決定最終的成果感到自豪。我們為投資者帶來了超過 1.7 億美元的現金流，約每股 7 美元。

And these actions are now embedded, quite frankly in our DNA and we're going to continue to focus on this going forward. We're really excited to report quite frankly both the Global Pet Care and Home & Garden businesses, which are two most highly valued businesses. They are going to return, we're expecting them to return to growth in fiscal '26. We're excited about that.

坦白說，這些行動現在已經融入了我們的基因，我們將繼續專注於此。坦白說，我們非常高興地宣布，全球寵物護理和家居園藝業務都取得了顯著進展，這兩個業務都是我們公司最有價值的業務。他們將會回歸，我們預計他們將在 2026 財年恢復成長。我們對此感到興奮。

We believe in the categories, and we believe in our teams in these businesses. Our new product development pipeline is strong and we're going to continue to focus on launching fewer, bigger, better initiatives for successful commercialization as we move this comp forward.

我們相信這些業務類別，也相信我們這些業務領域的團隊。我們的新產品開發管道實力雄厚，我們將繼續專注於推出更少、更大、更好的項目，以實現成功的商業化，從而推動公司向前發展。

I also continue to be optimistic about the evolving M&A -- we expect additional assets to become available at better price points. And with that said, we will remain disciplined in our process as we look for highly synergistic assets while being mindful of maintaining our lower leverage.

我對併購市場的演變依然保持樂觀——我們預計會有更多資產以更優惠的價格出售。綜上所述，我們將在尋找具有高度協同效應的資​​產的同時，保持嚴謹的流程，並注意維持較低的槓桿率。

We are confident despite the current headwinds that we -- that were largely outside of our control. We are a stronger, more focused company as we move the business forward and its strategic transformation. We will continue to be good stewards of this appliance business focused on overall profitability improvement as we navigate a challenging environment, and we remain committed to finding a strategic solution for this asset.

儘管目前面臨許多不利因素，但我們仍然充滿信心——這些不利因素很大程度上是我們無法控制的。隨著業務向前發展和策略轉型，我們將成為一家更強大、更專注的公司。我們將繼續盡心管理這項家電業務，專注於在充滿挑戰的環境中提高整體獲利能力，並將繼續致力於為這項資產尋找策略解決方案。

As trade policy stabilizes and consumer sentiment improves, we believe synergistic growth opportunities are on the horizon with a higher probability of consolidations in this, which we believe, frankly, is long overdue. We are committed to executing on our operational goals, delivering improved business performance and driving value to our stakeholders.

隨著貿易政策趨於穩定，消費者信心改善，我們認為協同成長機會即將到來，產業整合的可能性也會更高，坦白說，我們認為這種整合早就該發生了。我們致力於實現營運目標，提升業務績效，並為利害關係人創造價值。

Again, I think the good news today with today's call, we believe that the worst of the tariff and economic disruptions to our business are behind us. We expect our two highest value businesses, Global Pet Care and Global Home and Garden to return to growth in fiscal '26.

再次強調，我認為今天電話會議帶來的好消息是，我們相信關稅和經濟對我們業務造成的最嚴重衝擊已經過去。我們預計我們價值最高的兩個業務部門——全球寵物護理和全球家居園藝——將在 2026 財年恢復成長。

We're going to continue generating a lot of free cash flow as we go forward. The balance sheet is strong, and we'll continue returning lots of capital to shareholders through buybacks and dividends as we move this business forward.

接下來，我們將繼續產生大量自由現金流。公司資產負債表穩健，我們將繼續透過股票回購和分紅向股東返還大量資金，推動業務向前發展。

I'll turn the call back over to Jen, and we'll be very happy to take your questions.

我會把電話轉回給Jen，我們非常樂意回答您的問題。

Thank you, David. Operator, we can go to the question queue now.

謝謝你，大衛。操作員，我們現在可以進入提問隊列了。

(Operator Instructions) Chris Carey, Wells Fargo Securities.

（操作員說明）克里斯‧凱裡，富國證券。

Can we just get updated thought process around the various options for the HPC business, both strategic but also fundamental as you continue to run the business? I realize you've had comments in the press release and the -- in the prepared remarks around still looking for strategic alternatives.

能否請您更新一下關於高效能運算業務各種選擇的最新思路，包括策略性和基礎性選擇，以便您在繼續經營業務的過程中能夠更好地應對？我知道您在新聞稿和準備好的發言稿中都提到了仍在尋找策略替代方案。

But can we just dig a bit deeper into the potential outcomes that you're seeing, weather changing, tariff backdrop evolves, those potential outcomes? And just any sort of update on how you see the past year.

但我們能否更深入探討您所看到的潛在結果，例如天氣變化、關稅環境演變等潛在結果？也歡迎分享你對過去一年的看法。

The short answer is no because I'm not going to discuss any opportunities on a live public call. A more broad response to your question would be it's pretty obvious when you're dealing with $450 million of tariff headwinds that it will sideline a process with strategic parties for completing a synergistic merger, if you will.

簡而言之，答案是否定的，因為我不會在公開電話會議上討論任何機會。更全面的回答是，面對 4.5 億美元的關稅阻力，很明顯，這將阻礙與戰略夥伴完成協同合併的進程。

And so we had a very robust process about a year ago at this time that got derailed by trade policy out of the United States. We pivoted to run the business to maximize cash. We're taking the fixed expense base of that business down to basically deal with the realities of the current economic situation. We've materially diversified the supply chain there, made it more resilient and less reliant on China.

因此，大約一年前的這個時候，我們啟動了一個非常完善的流程，但卻因為美國的貿易政策而脫軌。我們調整了經營策略，以實現現金流最大化。我們正在降低該業務的固定支出基數，以應對當前經濟狀況的現實。我們已在當地實現了供應鏈的實質多元化，使其更具韌性，並減少了對中國的依賴。

We're going to improve the profitability of appliances in fiscal '26 as we move the company forward. and we're telling you that as the trade situation becomes less volatile moving forward and macroeconomic headwinds subside, we are excited to resume strategic discussions around finding a strategic solution for the business, which we believe there are many.

我們將在2026財年提高家電業務的獲利能力，推動公司向前發展。同時，隨著貿易情勢的波動性逐漸降低，宏觀經濟逆風減弱，我們很高興能夠重啟關於尋找業務策略解決方案的討論，我們相信有很多解決方案可供選擇。

Frankly, this industry is littered with small competitors that are subscale and barely profitable and most of them over-levered and some of them will go bankrupt. We intend to capitalize on that because we're the strongest player in the space.

坦白說，這個行業充斥著規模小、利潤微薄的競爭對手，其中大多數負債過高，有些甚至會破產。我們打算充分利用這一點，因為我們是這個領域最強大的企業。

Helpful. Just on a follow-up on the pet category. You've worked through a period of intense competitive activity including from some large private label competitors. Where are we in the journey of the pet business?

很有幫助。關於寵物類別的後續問題。你們經歷了一段競爭異常激烈的時期，其中包括一些大型自有品牌競爭對手的競爭。寵物產業的發展歷程處於什麼階段？

And I think you've said it a bit more confident about shelf placement and some stabilization and go-forward potential and return to growth. So can you just maybe help us understand the journey and how you see the next 12 months?

我認為你對貨架擺放位置、產品穩定性、未來發展潛力以及恢復成長等方面表達得更有信心了。所以，您能否幫助我們了解您的發展歷程，以及您對未來 12 個月的展望？

Yes. Really happy. Thank you for that question, and I'll turn it over to Faisal when I'm done for any additional remarks. But look, we are thrilled because we've infused that business with some new talent. It's got some new direction.

是的。非常開心。謝謝你的提問，我講完後會把這個問題交給費薩爾，看看他是否還有其他補充。但是，我們非常高興，因為我們為這家公司注入了一些新的人才。它有了一些新的方向。

It's got a higher level of energy to it. Team is embracing a more data-driven consumer -- I would tell you, geographic category, specific analysis of that business. In terms of your comment on private label, yes, we saw some competition there. Post COVID, the entire pet industry has kind of been in a recession.

它具有更高的能量水平。團隊正在擁抱更數據驅動的消費者——我會告訴你，按地理類別劃分，對該業務進行具體分析。關於您提到的自有品牌問題，是的，我們看到這方面存在一些競爭。新冠疫情後，整個寵物產業陷入了衰退。

We were able to kind of reset some mods and some shelf space with some major players just a few months ago. We're seeing much better trends now with that done, you take away POS and frankly, shipments been improving pretty consistently. So that's why you hear a much more bullish outlook for the business looking into '26. But more importantly, there were branded ankle biters that entered into this space.

就在幾個月前，我們和一些主要廠商重新調整了一些產品和貨架空間。完成這些工作後，我們看到了更好的趨勢，去除POS機後，坦白說，出貨量一直在穩步改善。所以這就是為什麼你會聽到人們對該業務在 2026 年的前景更加樂觀的原因。但更重要的是，一些知名品牌的小眾品牌也進入了這個領域。

Anybody that had access to social media and the Chinese product could kind of come in here in nibble at you. We are seeing people go by the wayside. And we are seeing products like Nature's Miracle really a lot of market share because the product actually works, does what it says and a lot of competitive products simply does not. So look, I think it's still early innings. We're making progress.

任何能夠接觸到社群媒體和中國產品的人都可以來這裡對你進行一些試探。我們眼睜睜地看著人們被時代拋棄。我們看到像 Nature's Miracle 這樣的產品佔據了很大的市場份額，因為該產品確實有效，能夠達到其宣稱的效果，而許多競爭產品根本做不到這一點。所以你看，我覺得現在還只是比賽初期。我們正在取得進展。

But we are launching a lot of new products. We are getting a better response from the retail customer and consumers seem to be buying our product at a greater rate. And then quite frankly, I think this is going to be a fantastic M&A platform. My vision of getting us to $3 billion of revenue and $500 million of EBITDA and PAT is unchanged from the prior call.

但我們正在推出很多新產品。我們從零售客戶那裡得到了更好的回饋，消費者似乎也更願意購買我們的產品。坦白說，我認為這將是一個非常棒的併購平台。我實現 30 億美元營收和 5 億美元 EBITDA 及 PAT 的願景與上次電話會議時相同。

And in fact, I'm seeing more and more assets come to market at better prices. We have missed on a few of them, we simply refuse to overpay. But we will find highly synergistic businesses that complement this platform from both a cost synergy and revenue synergy standpoint, and I'm looking forward to that opportunity to capitalize on it . I appreciate the question. Faisal, I missed anything?

事實上，我看到越來越多的資產以更優惠的價格進入市場。我們錯過了其中一些機會，但我們絕不願意支付過高的價格。但我們會找到與這個平台高度契合的業務，無論從成本協同效應還是收入協同效應的角度來看，都能起到互補作用，我期待著抓住這個機會。。感謝您的提問。費薩爾，我漏掉了什麼嗎？

Well, I think you've covered it. The only thing I'll add is, if you look at our performance through the year, you kind of see the signs of stabilization and how our Q4 seems to be heading in the right direction for the Global Pet Care business.

嗯，我想你已經講清楚了。我唯一要補充的是，如果你回顧我們全年的業績，你會發現一些穩定的跡象，而我們第四季度的全球寵物護理業務似乎正朝著正確的方向發展。

And we do feel that's one business that returns to growth faster just based on where the category stands and to this point how are our products have recently done in each of the categories that we play in. And we see expansion opportunities like we referenced in our prepared remarks about expanding into adjacent categories there. So a lot of opportunity for the Global Pet Care business.

我們確實認為，根據該品類目前的狀況以及我們產品在我們所涉足的各個品類中的最新表現來看，這個行業會更快地恢復成長。我們看到了拓展機遇，就像我們在準備好的演講稿中提到的那樣，可以拓展到相鄰的類別。因此，全球寵物護理產業有很多機會。

Bob Labick, CJS Securities.

Bob Labick，CJS Securities。

Congratulations on solid execution. I know it's a kind of a category and product basis question. So maybe we can dig in a little and question is, how much is pricing going up at retail for your categories, products, et cetera, kind of in aggregate? And when do you expect to get clarity on consumer acceptance of that? And how has that been playing out so far?

恭喜你們出色地完成了任務。我知道這是一個基於類別和產品的問題。所以，或許我們可以深入探討一下，你們的各類產品等零售價格整體上漲了多少？您預計何時才能明確消費者對此的接受程度？那麼，目前為止情況如何呢？

Yes. Great question. Look, I'm kind of stunned at how little pricing mix we actually had to take I thought February, March, hardly sleeping, staring at $450 million of challenges that we have to take more pricing, we actually did. But that resulted in us having to take a lot of internal pain and make some very difficult decisions to remain competitive itself. We had to take down fixed salary headcount, and that's not fun to do.

是的。問得好。說實話，我有點驚訝於我們實際需要採取的定價策略竟然如此之少。我原本以為在二月、三月，我們幾乎徹夜未眠，面對著 4.5 億美元的挑戰，我們必須採取更多的定價策略，而我們實際上也做到了。但這導致我們必須承受很多內在痛苦，並做出一些非常艱難的決定，才能保持自身的競爭力。我們不得不裁減固定薪資員工，這可不是一件令人愉快的事。

But we've done it, and it's in the past. We'll continue to address the fixed cost structure of the company going forward, particularly corporate overhead, and we're going to be aggressive on that as we move through '26 and complete the S/4HANA implementation in Europe.

但我們已經做過了，那都過去了。我們將繼續著手解決公司的固定成本結構問題，特別是公司管理費用，並且隨著我們推進到 2026 年並在歐洲完成 S/4HANA 的實施，我們將積極採取措施。

But again, in my opening remarks, I thanked our supply base, we've worked really hard with our suppliers to remain competitive, particularly given the consumer landscape and our retailers. So it's really those three levers, right, working really hard with your vendor base, frankly, taking out internal costs and being more efficient with what you have and then taking a little bit of price at retail.

但是，我在開場白中再次感謝了我們的供應商，我們與供應商一起付出了巨大的努力，以保持競爭力，尤其是在當前的消費環境和零售商形勢下。所以，關鍵在於這三個槓桿，對吧？坦白說，就是努力與供應商合作，削減內部成本，提高現有資源的利用效率，然後在零售價上稍微降低一些。

The greater price increases came on the durable side and appliances. We were the first to move there, believe it or not. And I don't think anybody in that space actually knew the numbers. I think you're still figuring out elasticity of demand, particularly in the North American market.

價格漲幅較大的商品是耐久財和家用電器。信不信由你，我們是第一批搬到那裡的人。而且我認為那個領域裡沒有人真正知道具體數字。我認為你還在研究需求彈性，尤其是在北美市場。

I think we took our pain early. And frankly, I think we're going to capitalize on that going forward. But we got our work cut out. I appreciate your comments saying that we executed pretty well. I'm not pleased with the performance yet, but I'm sure looking forward to get into '26 and seeing how we do. So appreciate the question. I'll turn it to Faisal if I missed anything.

我認為我們過早地承受了痛苦。坦白說，我認為我們接下來會充分利用這一點。但我們面臨著艱鉅的任務。感謝您稱讚我們執行得相當不錯。我對目前的表現還不滿意，但我很期待進入2026年，看看我們能取得怎樣的成績。非常感謝您的提問。如果我漏掉了什麼，我會問費薩爾。

I think you covered everything. And I think I'll just reiterate the point that we took our medicine early for our HPC business, and that's where we saw a lot of the impact of price elasticity, which should play in our favor going forward as we see the rest of the market kind of come up because I think everyone will have to eventually take us there.

我覺得你已經涵蓋了所有內容。我想重申一下，我們在高效能運算業務方面很早就採取了行動，也正是在那時我們看到了價格彈性帶來的巨大影響，這應該會對我們有利，因為隨著市場其他部分的發展，我認為最終所有人都必須接受這個結果。

Okay. Great. And then just for my follow-up, what do you see as the keys for you? And maybe you addressed it earlier, I guess, with new products a little bit, but maybe dig into -- and the keys to returning to above category growth over the coming years because I know that's been how you've operated in the past and generally as a goal. So what's it going to take to get back there above category growth in your categories?

好的。偉大的。最後，我想問一個後續問題，您認為關鍵是什麼？或許您之前已經透過新產品稍微解決了這個問題，但也許應該深入探討一下——以及在未來幾年恢復到高於品類平均水平的增長的關鍵所在，因為我知道這是您過去一直採取的經營方式，而且通常也是您的目標。那麼，要想在您所在的品類中重新達到高於平均的成長，需要做些什麼呢？

No, it's a great question. Look, we still have to do a better job on the commercial side, and that's what we're trying to do here. And that's -- frankly, that's what we're in the early innings of I think in pet. Hopefully, that story can evolve to the narrative that I think it can be, which is, look, we have phenomenal products. We need to do a better job, and it's in process now.

不，這是一個很好的問題。你看，我們在商業方面仍然需要做得更好，而這正是我們在這裡努力的方向。坦白說，我認為我們在寵物領域還處於早期階段。希望這個故事能發展成我所認為的那樣，那就是：看，我們有非常棒的產品。我們需要做得更好，目前正在進行中。

It's what I'm most excited about, about letting the consumer know that. And the most effective way we do that is by making claims that resonate with the consumer and get better packaging and communicate that on -- on shelf is always going to be our best market.

最讓我興奮的是，讓消費者知道這一點。而我們實現這一目標最有效的方法就是提出能引起消費者共鳴的宣傳，並採用更好的包裝，並在貨架上傳達這一訊息——貨架始終是我們最好的市場。

And we've got to continue to drive digital. We've got to continue to drive social media, and that's omnichannel. And we are seeing early success there. It's still earning innings, but Bob, that's away from operational excellence, supply chain management, working capital management, fill rates. All the rest of that we've taken three years getting right.

我們必須繼續推動數位轉型。我們必須繼續發展社群媒體，而社群媒體就是全通路的。我們在這方面已經初見成效。它仍然在盈利，但是鮑勃，這與卓越營運、供應鏈管理、營運資本管理、訂單滿足率無關。其餘的那些，我們花了三年才做好。

We have still not gotten to the level that I want to be at from a commercial standpoint. And it's innovation, it's advertising and marketing, and it's really getting efficient returns on that spend. Over the last couple of years, we've allocated a lot of resource to R&D, marketing and advertising.

從商業角度來看，我們還沒有達到我期望的水平。它涉及創新、廣告和行銷，並且真正實現了高效的支出回報。過去幾年，我們投入了大量資源進行研發、行銷和廣告。

This year, the teams are challenged to figure out, hey, look at all those line items guys and get more on the spend you're making and figure out where the deadweight is and get rid of it, because it's -- you got to do more with less in this market. So we're going to be more efficient with it. We're going to get more out of it, but it is exceptional -- for us. We're not there yet.

今年，各團隊面臨的挑戰是：仔細查看所有支出項目，找出浪費的資金並剔除它們，因為在這個市場中，你必須用更少的資源做更多的事情。所以我們會提高效率。我們將從中獲得更多，但對我們來說，這確實很特別。我們還沒到那一步。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾，奧本海默。

Just wanted to ask you on the Power side and how you're thinking about it if we move back to a no tariff or kind of a pre-Liberation Day tariff scenario. Is there -- could you get back to -- can you keep anything? How do we think about that because I know you've taken a ton of different actions. And so a little color on how it would play out if things do get overturned?

我只是想問您關於電力方面的問題，如果我們恢復到零關稅或類似解放日之前的關稅水平，您是怎麼考慮的。還能回去嗎？還能保留什麼東西嗎？我們該如何看待這個問題呢？因為我知道你已經採取了很多不同的行動。那麼，如果事情真的被推翻，會如何發展？

Ian, I can only deal with the facts. I don't mean to be aggressive with the answer, but been a super volatile year. I've dealt with 16 different tariff rates, all at weeks apart. We've been really aggressive in responding to all that. I have no belief that tariffs will go back to zero at all. And if they do, I'll deal with that. I really -- that's how I see it.

伊恩，我只能處理事實。我並非有意咄咄逼人，但今年的局勢確實非常動盪。我處理過 16 種不同的資費標準，每次都相隔數週。我們針對所有這些問題都採取了非常積極的應對措施。我完全不相信關稅會降回零。如果他們真這麼做了，我會處理。我真的——我是這麼看的。

Okay. And then just maybe as a follow-up, it looks like aquatics held in relatively well. And this has really been kind of a category that's just been somewhat tough for you guys, especially on the hardgoods side. Are you noticing any changes in the consumer? I mean, has anything driven that? Is that just coming off of a very low base? Any kind of color you could give there.

好的。然後，或許可以作為後續報道，水上運動似乎表現得相對不錯。對你們來說，這確實是一個有點困難的類別，尤其是在硬體方面。你注意到消費者方面有什麼變化嗎？我的意思是，是什麼原因導致這種情況發生的？是不是因為基數很低？你可以給它塗上任何顏色。

We're the world's largest player in Tetra. We have the best brand, what's recognized without having to advertise it, right? You don't need any awareness. We've got a great product. Frankly, I'm excited about the new leadership in pack.

我們是全球最大的 Tetra 設備供應商。我們擁有最好的品牌，無需廣告宣傳就能獲得認可，對吧？你不需要任何意識。我們的產品很棒。坦白說，我對狼群的新領導層感到興奮。

I think we have a price pack architecture issue, and I think we have a lot of opportunity there. We're doing better in Europe than we have in North America. Kids like to live on these iPhones all day long. They don't like taking care of fish tanks.

我認為我們在價格方案架構方面有問題，我認為這方面我們有很多機會。我們在歐洲的表現比在北美好。孩子們喜歡整天抱著iPhone玩。他們不喜歡照顧魚缸。

The hobbyist community has been the installed base. We need to do a better job communicating they could actually love aquariums, taking care of fish teaches responsibility, and it's actually a very therapeutic thing to do as a family, and it's an enjoyable thing to have in your household. Orin's got a big task in front of him.

業餘愛好者群一直是使用者群體。我們需要更好地向孩子們傳達這樣一個訊息：他們其實可能會喜歡水族箱，照顧魚類可以培養責任感，而且對全家來說也是一件非常有益身心的事情，在家裡養水族箱也是一件令人愉快的事情。奧林面臨著一項艱鉅的任務。

He's addressing it. But we are the leaders, and we are responsible for changing the narrative in that space and driving growth no matter what the external environment is. We're doing a decent job in Europe. We got to get a better job going here in North America. I hope to achieve that during fiscal '26.

他正在處理此事。但我們是領導者，我們有責任改變這領域的格局，無論外在環境如何，都要推動成長。我們在歐洲做得還不錯。我們必須在美國北美找到更好的工作。我希望能在 2026 財年實現這一目標。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

A couple of cleanups. Last quarter, I think you exited with about $20 million, $25 million annualized and tariff headwinds related to the EU and Southeast and Asian markets that you hadn't mitigated at the time. Just maybe an update on any steps you've taken to address those costs and whether you feel like you have addressed them -- '26, maybe to start there.

需要清理一些地方。我認為上個季度你們的盈餘約為 2000 萬美元，年化盈餘約為 2500 萬美元，但當時你們尚未消除與歐盟、東南亞和亞洲市場相關的關稅阻力。或許可以更新一下您為解決這些成本問題所採取的措施，以及您是否覺得已經解決了這些問題——也許可以從 '26' 開始。

I mean, I think we've eliminated most of them. I think there's two different numbers that we're giving here, right? We're giving you the gross exposure was $450 million. That was at $145 million out of China, plus all the other countries, right?

我的意思是，我認為我們已經消滅了其中大部分。我認為這裡我們給的數字有兩個不同，對嗎？我們告知您的總風險敞口為 4.5 億美元。那筆錢包括來自中國的1.45億美元，以及其他所有國家的，對吧？

And then we're giving you an updated one because China rate is lower. And -- so apples-to-apples, that's like 70 to 80, but we're telling that we've mitigated the vast majority of it. And then we're also telling you that look, things move around so much.

然後，我們為您提供更新後的版本，因為中國的匯率更低。所以——如果以同等條件比較，那就是 70% 到 80%，但我們想說的是，我們已經緩解了其中絕大部分的影響。然後我們還要告訴你，你看，事物變化如此之大。

I mean, I used to have $120 million of exposure to China just on pet. I think I just told you on this call that my gross exposure on global purchases for my two most high-value businesses, which is global pet and -- business is somewhere between $15 million to $20 million by the end of '26.

我的意思是，我以前僅在寵物投資方面就對中國投入了 1.2 億美元。我想我剛才在電話裡告訴過你，到 2026 年底，我兩項最有價值的業務（即全球寵物業務和…業務）的全球採購總風險敞口將在 1500 萬美元到 2000 萬美元之間。

I mean, we've really worked this thing down to nothing. And we'll continue to flex it around, whether it's Cambodia, Vietnam, US, wherever we can do it. That's where it economically makes sense for us today. Faisal, if I messed the messaging up, please, clean up.

我的意思是，我們已經把這件事簡化到極致了。我們將繼續靈活調整策略，無論是在柬埔寨、越南、美國，或是任何我們能做到的地方。從經濟角度來看，這對我們來說是合理的。費薩爾，如果我的訊息傳遞出了問題，請你幫忙解決。

You're exactly right. And we have, for the most part, we've taken most of the actions, including pricing actions everywhere. There's a little bit more to do getting into next year, but we'll do that with a combination of, again, cost reductions, supply-based changes, supplier concessions as well as pricing. But vast majority of it is behind us.

你說得完全正確。而且，我們基本上已經採取了大部分措施，包括在各方面採取價格措施。明年還有一些工作要做，但我們將透過一系列措施來實現這些目標，包括降低成本、改變供應方式、給予供應商讓步以及調整價格。但絕大部分已經過去了。

Perfect. And two others, if I could. Just one is just your category growth expectations in '26 relative to your -- your own call for low single-digit top line growth. Just how you think like end market demand compares to your top line expectations? And then separately, as you think about rolling out S/4HANA, I think you mentioned moving that into HPC, David.

完美的。如果可以的話，我還想再加兩個人。其中之一就是您對 2026 年品類​​成長的預期，相對於您自己預測的低個位數營收成長而言。您認為終端市場需求與您的預期營收目標相比如何？另外，在考慮推出 S/4HANA 時，我想你提到過將其遷移到 HPC 領域，David。

Just any implications there on your ability to pursue strategically there while that's in flight. Just does that delay or cause any impediment to moving strategically as that business -- as that project is underway? And then are you able to implement it in such a way that it's sort of modular enough to potentially carve out if the separation is the ultimate solution.

這只是對你在飛行過程中進行戰略部署的能力有何影響？但這是否會延誤或阻礙該業務在專案進行過程中採取策略性行動？那麼，你能否以某種模組化的方式實現它，以便在分離是最終解決方案時能夠將其剝離出來？

No, it's a great question. I appreciate you answering. I'll take the second one. Faisal will touch on the first one.

不，這是一個很好的問題。感謝您的回覆。我選第二個。費薩爾將談到第一個問題。

Look, the whole goal of S/4HANA is to get to a single source of truth and quit using 10 different systems all over the place and run the company more efficiently and then liquidate frankly, corporate costs, right? AI, the whole movements be more efficient, period, end of story. We're basically done with that in North America. We still have to get the synergies for it. Europe we're rolling that out.

你看，S/4HANA 的最終目標是實現單一資料來源，停止使用遍布各處的 10 個不同系統，從而更有效率地經營公司，並坦白說，削減公司成本，對吧？人工智慧會讓整個運動更有效率，就這麼簡單，無需贅言。我們在北美基本上已經完成了這項工作。我們還需要找到實現協同效應的方法。我們正在歐洲推廣這項服務。

HPC is on a bunch of different platforms. It's been a series of acquisitions over 20 years. Putting that on a single source of S/4HANA is actually going to create a lot of efficiencies and create a platform there that enhances the business. It will in no way slow down anything that we have on the table now or in the future for strategic solution. We will pursue that.

高效能運算運行在多種不同的平台上。這是過去20年間的一系列收購。將這些功能整合到 S/4HANA 的單一資料來源上，實際上會大大提高效率，並創建一個能夠增強業務的平台。這絕不會延緩我們現在或將來提出的任何策略解決方案。我們會繼續追查此事。

And if we find something great, we're going to execute it and you'll hear about it then. But in the interim, actually, we'll make that business more valuable to any potential partner in the future because it will have a more flexible dynamic operating infrastructure that can actually be more plug and play, which is, quite frankly, where the industry needs to go.

如果我們發現了什麼好東西，我們會付諸實施，到時候你們就會聽到消息。但在此期間，實際上，我們將使這項業務在未來對任何潛在合作夥伴更有價值，因為它將擁有更靈活的動態營運基礎設施，可以更加即插即用，坦白說，這正是該行業需要發展的方向。

There are way too many subscale players selling products from the same supply chain to weigh too few retailers. That space makes no sense in its current configuration. And again, I think S/4HANA will be not only a great enhancement to the operating income and efficiency of the company that was -- that's in existence today, but we'll actually enhance it as an M&A partner for future combinations. That's mine. Faisal.

同一供應鏈中存在太多規模較小的商家銷售產品，因此很難對少數零售商進行有效評估。目前的佈局讓這個空間顯得毫無意義。而且，我認為 S/4HANA 不僅能大幅提高公司（目前已存在）的營業收入和效率，還能增強公司作為併購合作夥伴在未來合併中的作用。那是我的。費薩爾。

I'll just maybe address the first question. So I think Home and Garden category remains strong, but it's weather-dependent. Like we said, we expect a more normalized weather year next year, and that automatically gives you growth over this year. On the Global Pet Care categories, Aquatics, I think we're seeing signs of bottoming out, and it's kind of flattening and turning around.

我或許可以回答第一個問題。所以我認為家居園藝類商品依然強勁，但這取決於天氣。正如我們所說，我們預計明年的氣候將更加正常，這自然會帶來比今年更好的成長。在全球寵物護理類別中，水族用品方面，我認為我們看到了觸底反彈的跡象，市場正在趨於平穩並出現轉機。

Same with our companion animal area. I think we're starting to see the category stabilize. Our growth is also dependent on just expansion in our own portfolio, including in adjacent categories, but as well as just gaining market share. We're actually seeing our products perform and our brands perform better in the marketplace. Home and Personal Care is the one category that remains under pressure.

我們的寵物區也是如此。我認為我們開始看到這個品類趨於穩定。我們的成長不僅取決於我們自身產品組合的擴張（包括相鄰類別），還取決於市場份額的擴大。我們看到，我們的產品和品牌在市場上的表現確實越來越好。家庭和個人護理是唯一一個仍然面臨壓力的類別。

It will be for both Europe and North America going into next year. We have to see what the market does from a pricing perspective. I think our competitors will come in the market with the price. And in the next few months, we should see all that play out. So that should be the second half of the year play out to our advantage. But in the short term, that category remains very challenging for us.

明年歐洲和北美地區都將面臨這個問題。我們需要觀察市場從定價角度來看會如何運作。我認為我們的競爭對手會以低價進入市場。接下來的幾個月裡，我們應該會看到這一切發生。所以下半年的情況應該會對我們有利。但就短期而言，這個類別對我們來說仍然極具挑戰性。

And that's all the time we have for our Q&A session. I will now turn the call back over to Jen for any closing remarks.

我們的問答環節時間到此結束。現在我將把電話轉回給Jen，請她作總結發言。

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

謝謝。到此為止，我們已經到了整點​​，所以我們的電話會議就到此結束。感謝大衛和費薩爾。我謹代表Spectrum Brands，感謝您今天早上的參與。

Thank you, everyone, have a good day.

謝謝大家，祝大家今天過得愉快。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。