Spectrum Brands Holdings, Inc. (SPB) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q2 2026 Spectrum Brands Holdings, Inc. earnings conference call.

各位好，感謝您稍候。歡迎參加 Spectrum Brands Holdings, Inc. 2026 年第二季（Q2 2026）財報電話會議。

(Operator Instructions)

（接線員指示）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jen Schultz, Division Vice President of FP&A and Investor Relations.

請注意，今天的會議將被錄音。現在我想把會議交給今天的第一位講者：Jen Schultz，FP&A 與投資人關係事業部副總裁。

Please go ahead.

請開始。

Thank you, and welcome to Spectrum Brands Holdings Q2 2026 earnings conference call and Webcast. I'm Jen Schultz, Division Vice President of FP&A and Investor Relations, 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 2026 年第二季（Q2 2026）財報電話會議與網路直播。我是 Jen Schultz，FP&A 與投資人關係事業部副總裁，將主持今天的會議。為協助您跟進我們的說明，我們已在 www.spectrumbrands.com 網站「投資人關係」專區的「活動行事曆」頁面放置簡報投影片。本文件在會議結束後仍會保留於該處。

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 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.

請從簡報第 2 頁開始。今天的會議將由董事長兼執行長 David Maura，以及財務長 Faisal Qadir 主持。在開場致詞後，我們將進行問答。接著看第 3 與第 4 頁。我們今天的說明包含前瞻性陳述，係基於管理階層目前的預期、推估與假設，且其本質具有不確定性。實際結果可能會有重大差異。

Due to that risk, Spectrum Brands encourages you to review the risk factors and cautionary statements outlined in our press release dated May 7, 2026, our most recent SEC filings and Spectrum Brands Holdings' most recent annual report on Form 10-K and quarterly reports on Form 10-Q.

基於該等風險，Spectrum Brands 建議您查閱我們於 2026 年 5 月 7 日發布的新聞稿、最新的 SEC 申報文件，以及 Spectrum Brands Holdings 最新的 Form 10-K 年度報告與 Form 10-Q 季度報告中所列之風險因素與警示性聲明。

We assume no obligation to update any forward-looking statements. 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 slide presentation, which are both available on our website in the Investor Relations section.

我們不承擔更新任何前瞻性陳述的義務。另外，請注意我們在本次電話會議中將討論若干非 GAAP 財務衡量指標。這些指標按 GAAP 基礎的調節表已包含於今日新聞稿與簡報投影片中，兩者皆可於我們網站「投資人關係」專區取得。

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

現在我把電話交給 David Maura。David？

Thanks, Jen. Good morning, everybody. We want to welcome you here to our second-quarter earnings update, and we thank you and appreciate you joining us this morning. I'll kick the call off today with an update of the operating environment that we find ourselves in. I'll tell you about our operating performance, and then we'll hit our strategic initiatives.

謝謝你，Jen。各位早安。歡迎各位參加我們的第二季財報更新，感謝並感激各位今天早上撥冗加入。我將先就我們所處的營運環境做一個更新。接著我會說明我們的營運表現，然後談到我們的策略性舉措。

Faisal will then provide a more detailed financial and operational update, including a discussion on the specific business unit results. If I could have everybody turn their attention to slide 6, I think, on the investor deck.

接著 Faisal 會提供更詳細的財務與營運更新，包括各事業單位的具體業績討論。請各位把注意力轉到投資人簡報第 6 頁。

Let me start today's call by saying that I'm pleased to be here reporting another strong quarter for Spectrum Brands. Once again, our quarterly results outperformed the expectations, both on the top and bottom lines. This is a direct testament to the effectiveness of our strategy and, frankly, the dedication of our team.

我先開場表示，很高興今天能在此報告 Spectrum Brands 再度交出強勁的一季。我們本季業績再次在營收與獲利兩端都優於預期。這直接證明了我們策略的有效性，也坦白說，反映了團隊的投入與奉獻。

It's quite gratifying for me to see our disciplined approach and focused execution translating into our financial results in such a meaningful way. I am pleased to also report that in the second-quarter both of our reported net sales and adjusted EBITDA increased year-over-year with net sales increasing 4.9% and adjusted EBITDA growing by an impressive 17.8%.

看到我們紀律嚴謹的方法與聚焦的執行，能以如此顯著的方式轉化為財務成果，令我非常欣慰。我也很高興報告，第二季我們的申報淨銷售額與調整後 EBITDA 皆較去年同期成長：淨銷售額成長 4.9%，調整後 EBITDA 則大幅成長 17.8%。

This is a significant milestone for our company as it marks our return to growth for the first time since the first-quarter of 2025, prior to the trade policy changes and the overall deterioration in global macroeconomic conditions. We continue to see signs of stabilization within the broader markets that we serve, with a generally resilient consumer despite the dynamic environment, except for some expected consumer demand softness in our Home & Personal Care business. As we look ahead to the balance of the year, we're quite pleased with the overall improving conditions.

這對公司而言是一個重要里程碑，因為這標誌著我們自 2025 年第一季以來首次重返成長；在那之後，貿易政策變動以及全球總體經濟環境整體惡化對市場造成影響。我們持續看到所服務的更廣泛市場出現穩定跡象；儘管環境多變，消費者整體仍具韌性，但我們的居家與個人護理（Home & Personal Care）業務出現一些預期中的需求疲軟。展望今年剩餘期間，我們對整體環境的改善感到相當滿意。

However, we're also cautious about the resilience of the consumer, and we will remain vigilant as we run the business going forward, given recent geopolitical tensions, most notably with the recent conflict in the Middle East, increasing global fuel prices and the potential for more volatility that we expect in US trade policy this summer.

然而，我們也對消費者韌性保持審慎，並將在未來經營中持續保持警覺；鑑於近期地緣政治緊張情勢，尤其是中東近期衝突、全球燃料價格上升，以及我們預期今年夏季美國貿易政策可能帶來更大波動。

On the cost side, we're also mindful of the ongoing challenges and volatility created by the broader macroeconomic landscape. Since our last quarterly update, geopolitical tensions have escalated, and this has resulted in some modest inflationary cost pressures, particularly across some of our commodities and our freight spend. At this time, we do not view this as a significant headwind for the balance of this year, and we would expect to largely offset it with recent changes to US Trade Policy.

在成本方面，我們也留意到更廣泛的總體經濟環境所帶來的持續挑戰與波動。自上次季度更新以來，地緣政治緊張情勢升高，導致一些溫和的通膨成本壓力，特別是在部分大宗商品以及運費支出上。目前我們不認為這會對今年剩餘期間造成重大逆風，並預期可透過近期美國貿易政策的變動在很大程度上予以抵銷。

We will continue to monitor all these developments closely as we have demonstrated in the past, and we will proactively address cost pressures as they arise to ensure our overall profitability. If I could turn your attention back to the second-quarter. We made focused investments in our key businesses and we returned to growth, all the while maintaining a strong balance sheet position. We continue to exercise discipline by optimizing working capital and keeping our net leverage low, while also returning capital to our shareholders.

我們將一如既往持續密切監控所有這些發展，並在成本壓力出現時主動因應，以確保整體獲利能力。再把焦點拉回第二季。我們在核心業務進行聚焦投資並重回成長，同時維持強健的資產負債表。我們持續以紀律方式運作：最佳化營運資金、維持較低的淨槓桿，同時也回饋資本給股東。

We ended the quarter with approximately $125 million in cash, less than $30 million drawn on our revolver, and our net leverage ratio stood at 1.66 turns, well below the long-term target we've set for the company of 2 to 2.5 turns. We did repurchase about 100,000 shares in the quarter for about $6.8 million.

本季結束時，我們持有約 1.25 億美元現金，循環信貸額度（revolver）動用金額不到 3,000 萬美元，淨槓桿比率為 1.66 倍，明顯低於我們為公司設定的長期目標 2 至 2.5 倍。本季我們回購約 10 萬股，金額約 680 萬美元。

Since the close of the HHI transaction, we've returned over $1.4 billion of capital to our shareholders through our various share repurchase programs, and we've actually repurchased almost 45% of the entire share count of the company since the closing of that transaction. We additionally have over $300 million remaining of Board authorized share repurchase programs left. We will, however, be judicious going forward on share repurchases to ensure flexibility as we look to capitalize on market opportunities.

自 HHI 交易完成以來，我們透過各項股票回購計畫已向股東返還超過 14 億美元資本；而且自該交易完成後，我們實際上已回購公司總流通股數近 45%。此外，我們仍有超過 3 億美元的董事會核准股票回購額度尚未使用。不過，未來我們在股票回購上將更為審慎，以確保在把握市場機會時保有彈性。

I'll talk more about that later. On the strategic front, as we disclosed in our recent 8-K filing Monday of this week, we've entered into an agreement with Oaktree Capital Management to form a strategic partnership in our HPC business. My relationship with Oaktree spans over 20 years, and I'm excited to be partnering with a firm with a proven track record of taking businesses similar to HPC and optimizing them for stand-alone success.

我稍後會再多談一些。在策略面，如同我們本週一於近期 8-K 申報中所揭露，我們已與 Oaktree Capital Management 達成協議，將在我們的 HPC 業務中建立策略夥伴關係。我與 Oaktree 的合作關係已超過 20 年，我很期待與這家在接手與 HPC 類似業務並將其最佳化以實現獨立成功方面具備良好實績的公司合作。

Under the terms of the agreement, Oaktree will make $127 million investment in the HPC business, consisting of $67 million of preferred equity and the balance in the form of a term loan. Their investment implies a valuation for the HPC business of approximately six times LTM EBITDA as of Q1 fiscal '26, and importantly, it is nonrecourse to Spectrum Brands Holdings.

依協議條款，Oaktree 將對 HPC 業務投資 1.27 億美元，其中 6,700 萬美元為優先股權（preferred equity），其餘則以定期貸款（term loan）形式投入。其投資所隱含的 HPC 業務估值約為 2026 財年第一季（Q1 fiscal '26）截至時點之過去十二個月（LTM）EBITDA 的約 6 倍；且重要的是，該投資對 Spectrum Brands Holdings 不具追索權（nonrecourse）。

This transaction represents a meaningful step forward in Spectrum Brands in our previously communicated strategy to separate HPC from our other business units. For the HPC business, this investment actually accomplishes several goals. It reaffirms our vision for the future of the business through this investment from a sophisticated counterparty. It establishes a separate dedicated platform for HPC to maximize focus and growth potential. And three, it creates optionality for HPC to become the strategic partner of choice for the industry. That's whether through a sale, M&A or a spin-off. We are excited about our partnership with Oaktree, and we now have a well-capitalized stand-alone vehicle to maximize shareholder value.

這筆交易代表 Spectrum Brands 在我們先前已溝通之策略（將 HPC 與其他事業單位分拆）上邁出具意義的一大步。就 HPC 事業而言，這項投資實際上達成了數個目標。透過來自成熟且專業對手方的投資，再次確認我們對該事業未來的願景。它為 HPC 建立一個獨立且專屬的平台，以最大化專注度與成長潛力。第三，它為 HPC 創造更多選項，使其成為產業首選的策略合作夥伴。無論是透過出售、併購（M&A）或分拆上市。我們對與 Oaktree 的合作感到振奮，而我們如今也擁有資本充足的獨立載體，以最大化股東價值。

If we can turn now to slide 7, I'd like to update you on our strategic priorities for fiscal '26. These priorities continue to serve as a guide in our decision-making, and I'd like to share our progress on each of them individually. First, if we can start with financial stewardship, I'd like to build upon what I shared earlier in regards to balance sheet health.

如果現在可以請各位翻到第 7 頁投影片，我想向各位更新我們 2026 會計年度的策略優先事項。這些優先事項持續作為我們決策的指引，我也想逐一分享我們在各項上的進展。首先，從財務治理開始，我想延伸我先前就資產負債表健康狀況所分享的內容。

A big part of that health is centered around disciplined inventory management, which has been a focus of ours for the last couple of years. We now have a best-in-class S&OP process and it's yielding results and ensuring we have the right level and mix of inventory on hand. This isn't just my opinion. Exhibit A, we ended the second-quarter with inventory actually $50 million lower than the prior year, and we still delivered fill rates well above 95% across all businesses.

其中很大一部分的健康狀況，聚焦在嚴謹的存貨管理上，這也是我們過去幾年來的重點。我們現在已建立同級最佳的 S&OP 流程，並且正在產生效果，確保我們手上存貨的水位與組合恰到好處。這不只是我的看法。例證 A：我們在第二季季末的存貨實際上比去年同期少了 5,000 萬美元，但我們仍在所有事業中交付了遠高於 95% 的供貨達成率（fill rates）。

We're demonstrating disciplined inventory execution without compromising service levels. This is an excellent demonstration of efficiency, and I'm extremely proud of the team for their continued diligence in driving working capital efficiencies while constantly and consistently meeting customer demand.

我們展現了嚴謹的存貨執行力，同時不犧牲服務水準。這是效率的絕佳展現，我也為團隊感到非常自豪，因為他們持續勤勉地推動營運資金效率，同時不斷且穩定地滿足客戶需求。

Second, if I can move to operational excellence, we continue to make steady progress on our S/4HANA transformation, which remains a foundational element of the long-term strategy here. We recently implemented S/4 on our Global Pet Care EMEA business, marking the first major international deployment of our new ERP transformation. With this milestone, over 95% of our combined Global Pet Care and Home & Garden businesses are now operating on a unified ERP platform.

第二，談到營運卓越，我們在 S/4HANA 轉型上持續穩健推進，這仍是我們長期策略的基礎要素。我們近期已在全球寵物照護（Global Pet Care）EMEA 事業導入 S/4，這標誌著我們新 ERP 轉型的第一個重大國際部署。隨著這項里程碑達成，我們合併後的全球寵物照護與居家與園藝（Home & Garden）事業中，已有超過 95% 在統一的 ERP 平台上運作。

While learnings from this deployment are informing how we operate today, our primary focus is on completing the remaining implementations, most notably within the HPC business to further standardize processes, strengthen controls and support scalable growth over time. As we continue to advance this project, the platform is expected to further enhance productivity, support better and faster decision-making and reinforce our ability to scale the businesses over the long term.

雖然這次部署的學習正在影響我們今日的運作方式，但我們的主要重點是完成其餘的導入，尤其是在 HPC 事業內，以進一步標準化流程、強化控管，並支持隨時間可擴展的成長。隨著我們持續推進此專案，預期該平台將進一步提升生產力、支持更好且更快速的決策，並強化我們長期擴大各事業規模的能力。

We also remain committed to our fewer, bigger, better strategy for our brand investments. This is enabling us to focus resources on higher impact initiatives while maximizing returns. This disciplined approach has driven share gains in several key categories and has strengthened our engagement with consumers. Later in the call, Faisal will share more details on our innovation pipeline and how it's fueling our growth across the portfolio. This now brings me to our third key priority, which is investing in our people.

我們也持續致力於品牌投資的「更少、更大、更好」策略。這使我們能將資源聚焦在影響力更高的計畫上，同時最大化報酬。這種嚴謹的方法已在數個關鍵品類帶動市占提升，並強化我們與消費者的互動。在稍後的電話會議中，Faisal 將分享更多關於我們創新管線的細節，以及它如何推動我們整體產品組合的成長。接著帶到我們第三項關鍵優先事項：投資我們的人才。

I often tell the team that winning is simply more fun, and I think it's a philosophy the team is starting to really embrace. Achieving our goals and delivering results consistently, creates a positive and energizing environment where everyone feels valued and motivated. Success not only boosts morale, but it fosters a culture of collaboration, innovation and continuous improvement. Over the past year, our company has faced significant challenges and we've had to make some really tough decisions. Yet our team's resilience has been remarkable.

我常跟團隊說，贏就是比較有趣，我認為這是一種團隊正開始真正擁抱的理念。達成目標並持續交付成果，會創造正向且充滿活力的環境，讓每個人都感到被重視並受到激勵。成功不僅能提升士氣，也能培養協作、創新與持續改善的文化。過去一年，我們公司面臨重大挑戰，也不得不做出一些非常艱難的決策。然而，我們團隊展現出的韌性令人讚嘆。

We are committed to providing the resources, training and support that our employees need to thrive, because we know that when our team is winning, our business and our stakeholders win as well. Lastly, the fourth priority for fiscal '26 is centered around our strategic transformation. We are encouraged by the strong results in both our Global Pet Care and our Home & Garden businesses, with our key brands in both businesses delivering above-market sales growth. Our team's focus on consumers' needs supported by our data-driven strategy, continues to generate positive results. Beyond organic growth, we continue to remain optimistic about M&A opportunities in both segments.

我們致力於提供員工所需的資源、訓練與支持，協助他們茁壯成長，因為我們知道，當團隊在贏，我們的事業與利害關係人也會一起受益。最後，2026 會計年度的第四項優先事項聚焦在我們的策略轉型。我們對全球寵物照護與居家與園藝兩大事業的強勁成果感到鼓舞，兩個事業的核心品牌皆交出高於市場的銷售成長。團隊以消費者需求為核心、並由數據驅動策略支撐的聚焦，持續帶來正向成果。除了有機成長之外，我們也持續對兩個事業的併購（M&A）機會保持樂觀。

We are committed to a disciplined process in evaluating acquisition targets and believe we are well positioned to be the consolidator of choice in both Pet and the Home & Garden categories. Moving to Home & Personal Care. While Oaktree's strategic investment in the business represents a significant milestone in our journey towards becoming a pure-play Pet and Home & Garden business, it's important to note that our near-term objectives for our Home & Personal Care business remain unchanged.

我們承諾以嚴謹的流程評估收購標的，並相信我們已具備良好條件，成為寵物與居家與園藝品類中首選的整併者。接著談到居家與個人照護（Home & Personal Care）。雖然 Oaktree 對該事業的策略性投資，是我們邁向成為純粹的寵物與居家與園藝公司旅程中的重要里程碑，但必須強調的是，我們對居家與個人照護事業的短期目標仍維持不變。

We will continue to be good stewards of the appliance business, maintaining our focus on operational excellence and maximizing profitability. As we move forward through this transition, our team will continue to execute with discipline, ensuring that the business remains strong and is well positioned to capitalize on market opportunities.

我們將持續妥善經營家電事業，維持對營運卓越的聚焦並最大化獲利能力。在推進這項轉型的過程中，我們的團隊將持續以紀律執行，確保該事業維持強健，並具備良好定位以掌握市場機會。

We can now have everyone turn to slide 8. I'll cover our high-level fiscal '26 earnings framework. We remain quite pleased with our performance in both Global Pet Care and Home & Garden, and we are on track to deliver top line growth for the year in each of these businesses.

現在請各位翻到第 8 頁投影片。我將說明我們 2026 會計年度的高層次獲利架構。我們對全球寵物照護與居家與園藝兩大事業的表現仍相當滿意，且我們正按計畫在今年於這兩個事業皆實現營收成長。

And in Home & Personal Care, despite the decline in net sales, top line performance remains in line with our expectations for the segment. As anticipated, recovery in durable product categories is taking longer and reflecting ongoing softness in global consumer demand.

而在居家與個人照護方面，儘管淨銷售下滑，但營收表現仍符合我們對該事業部門的預期。如同預期，耐久財品類的復甦所需時間更長，反映全球消費需求持續疲弱。

Importantly, our strong results in the first half of the year provide us with increased confidence and help derisk our outlook for the back half of the year, and this positions us well to navigate any potential headwinds. While we continue to expect net sales to be flattish to up low-single digits versus the prior year, we are, in fact, raising our outlook for adjusted EBITDA, and we now expect adjusted EBITDA to increase by low to mid-single digits. We continue to expect adjusted free cash flow to be approximately 50% of that adjusted EBITDA.

重要的是，我們上半年強勁的成果提升了我們的信心，並有助於降低對下半年展望的不確定性，使我們能更妥善地因應任何潛在逆風。雖然我們仍預期淨銷售相較去年大致持平至低個位數成長，但我們確實上調了調整後 EBITDA 的展望，現在預期調整後 EBITDA 將以低至中個位數成長。我們仍預期調整後自由現金流約為該調整後 EBITDA 的 50%。

Before I turn the call over to Faisal, I want to acknowledge the outstanding contributions of our colleagues worldwide. I want to thank them for their relentless focus and their determination. Those have been key to achieving our strategic objectives and they have positioned us well for continued success. Now you'll hear more from Faisal on the financials and some additional business unit insights, and I'll pick you up in the Q&A to finish the call with you. I'll turn the call now to you, Faisal.

在我把電話交給 Faisal 之前，我想表揚我們全球同仁的傑出貢獻。我要感謝他們不懈的專注與決心。這些都是達成我們策略目標的關鍵，也讓我們具備良好定位以持續成功。接下來各位將聽 Faisal 進一步說明財務表現與一些額外的事業單位洞見，而我會在問答環節再回來，與各位一起完成本次電話會議。現在把電話交給你，Faisal。

Thank you.

謝謝。

Thank you, David. Let's turn to slide 10 and review our second-quarter results from continuing operations, beginning with net sales. Net sales increased 4.9%. Excluding the impact of $22.9 million of favorable foreign exchange, organic net sales increased 1.5%, primarily driven by a strong performance within our Global Pet Care and Home & Garden businesses. In addition to external factors such as the weather and accelerated retailer ordering that favorably impacted our results, our key brands in both businesses continued to perform well and gain market share.

謝謝你，David。我們來看第10頁，回顧我們持續營運的第二季業績，先從淨銷售額開始。淨銷售額成長4.9%。扣除2,290萬美元有利匯率影響後，有機淨銷售額成長1.5%，主要由我們全球寵物照護以及家居與園藝業務的強勁表現所帶動。除了天氣與零售商加速下單等外部因素對業績帶來正面影響外，兩項業務的核心品牌也持續表現良好並提升市占率。

As expected, our Home & Personal Care business continues to experience soft consumer demand across both North America and Europe. Gross profits increased $16.9 million and gross margin of 38.1% increased 60 basis points, largely driven by pricing, cost improvement actions and favorable FX, partially offset by higher trade spend and higher tariff costs.

如預期，我們的家居與個人照護業務在北美與歐洲皆持續面臨疲弱的消費需求。毛利增加1,690萬美元，毛利率38.1%提升60個基點，主要受惠於定價、成本改善措施及有利匯率，但部分被較高的通路促銷支出與較高的關稅成本所抵銷。

Operating expenses of $226.8 million decreased by 3% due to a trade name impairment recognized in the prior year and lower investment spend, partially offset by additional restructuring and strategic transaction expenses and unfavorable FX. Operating income of $43.5 million increased by $24 million, driven by the gross profit increase and lower operating expense I mentioned earlier. GAAP net income and diluted earnings per share both increased, primarily driven by the higher operating income.

營業費用為2.268億美元，因前一年認列商標減損以及投資支出降低而下降3%，但部分被額外的重組與策略交易費用及不利匯率所抵銷。營業利益為4,350萬美元，增加2,400萬美元，主要來自前述毛利增加與營業費用降低。GAAP淨利與稀釋每股盈餘皆上升，主要由較高的營業利益所帶動。

Diluted earnings per share also benefited from a lower share count. Adjusted EBITDA was $84 million, an increase of $12.7 million, driven by the improved gross margins. Adjusted diluted EPS increased to $1.25, driven by the higher adjusted EBITDA and a reduction in shares outstanding.

稀釋每股盈餘亦受惠於較低的流通股數。調整後EBITDA為8,400萬美元，增加1,270萬美元，主要由毛利率改善所帶動。調整後稀釋EPS提升至1.25美元，主要由較高的調整後EBITDA及流通在外股數減少所驅動。

Let's turn to slide 11. Q2 interest expense from continuing operations of $7.3 million decreased $200,000. Cash taxes during the quarter of $10.6 million decreased $13.3 million from the prior year. Depreciation and amortization of $24.2 million decreased $300,000 from last year. And separately, share-based compensation increased to $6 million from $5.2 million in the prior year. Capital expenditures were $9.3 million in Q2, about $100,000 higher than last year. Cash payments towards strategic transactions, restructuring-related projects and other unusual nonrecurring adjustments were $5.3 million versus $6.4 million last year.

我們來看第11頁。第二季持續營運的利息費用為730萬美元，減少20萬美元。本季現金稅金為1,060萬美元，較去年同期減少1,330萬美元。折舊與攤銷為2,420萬美元，較去年減少30萬美元。另外，股份基礎給付由前一年的520萬美元增加至600萬美元。第二季資本支出為930萬美元，較去年約增加10萬美元。用於策略交易、重組相關專案及其他不尋常之非經常性調整的現金支付為530萬美元，去年為640萬美元。

Moving to the balance sheet. We have a quarter end cash balance of $125.1 million and $470.8 million available on our $500 million cash flow revolver. Total debt outstanding was approximately $599.7 million, consisting of $496.1 million of senior unsecured notes and $79.6 million of finance leases. We ended the quarter with $474.6 million of net debt. Let's get into the review of each business unit to provide details on the underlying performance drivers of our operational results.

接著看資產負債表。季末現金餘額為1.251億美元，並且在我們5億美元的現金流循環信貸額度中尚有4.708億美元可用。未償還總債務約為5.997億美元，包括4.961億美元的高級無擔保票據與7,960萬美元的融資租賃。本季末淨負債為4.746億美元。接下來我們將逐一檢視各事業單位，提供推動營運成果之基本績效驅動因素的細節。

I'll start with our Global Pet Care business, which is slide 12. Reported net sales increased 11.2%, and excluding favorable foreign exchange, organic net sales increased 7.6%. Reported net sales in Companion Animal increased double digits -- low double digits, while sales in Aquatics increased mid-single digits. In North America, sales increased mid-single digits, primarily driven by strength in Companion Animal, where our key brands continue to outperform the market. Good 'n' Fun, DreamBone, Nature's Miracle and FURminator all posted positive POS for the quarter in categories that were flat or slightly down versus the prior year.

我先從全球寵物照護（Global Pet Care）業務開始，這在第12頁。報告淨銷售額成長11.2%，扣除有利匯率後，有機淨銷售額成長7.6%。伴侶動物（Companion Animal）的報告淨銷售額呈雙位數成長——低雙位數，而水族（Aquatics）銷售成長中個位數。在北美，銷售成長中個位數，主要由伴侶動物的強勁表現所帶動，我們的核心品牌持續優於市場。Good 'n' Fun、DreamBone、Nature's Miracle與FURminator在本季於類別持平或較去年略降的情況下，POS皆呈現正成長。

Sales performance in the e-commerce channel was particularly strong, achieving double-digit growth this quarter. It is important to note that this result includes an acceleration of approximately $3 million in sales that were originally anticipated to be in the third-quarter. Excluding this timing impact, underlying growth in the e-commerce channel remains robust, reflecting continued strong demand and effective execution of our digital strategy. Our quarterly sales results from -- also benefited from the cost-related pricing actions during the -- taken during the last fiscal year. Organic sales in EMEA increased in the high-single digits with strength across both Companion Animal and Aquatics.

電商通路的銷售表現特別強勁，本季達成雙位數成長。需要注意的是，該結果包含約300萬美元原本預期在第三季的銷售提前認列。排除這項時點影響後，電商通路的基本成長仍然強勁，反映需求持續旺盛以及我們數位策略的有效執行。我們本季的銷售結果也受惠於上一財年所採取、與成本相關的定價措施。EMEA的有機銷售成長高個位數，伴侶動物與水族兩大品類皆表現強勁。

In Companion Animal, Good Boy is outperforming the competition across major European markets, fueled by expanded distribution in Continental Europe and sustained leadership in the UK Aquatics growth was driven by market share gains in our globally leading Tetra brand, which is celebrating its 75 year of providing innovative products for consumers' aquatic care needs.

在伴侶動物方面，Good Boy在歐洲主要市場的表現優於競爭對手，受惠於在歐陸擴大鋪貨，以及在英國持續保持領先地位。水族的成長則來自我們全球領先的Tetra品牌市占提升；該品牌正慶祝其75年來持續為消費者的水族照護需求提供創新產品。

In addition, on March 30, the GPC EMEA business went live on the SAP S/4HANA platform. In anticipation of the transition, which included ordering and shipping blackout periods during the days leading up to and immediately after go-live, GPC partnered with our retail customers to accelerate certain purchases into the period before implementation to ensure that retailers have adequate supply. This accelerated approximately $6 million of sales into our second-quarter results.

此外，3月30日，GPC EMEA業務已在SAP S/4HANA平台正式上線。為因應此次轉換（包含上線前後數日的下單與出貨暫停期間），GPC與零售客戶合作，將部分採購提前至導入前的期間，以確保零售商有充足供應。此舉使約600萬美元的銷售提前反映在我們第二季的業績中。

On the commercial side, our innovation and associated marketing and advertising support are driving incremental growth. As pet owners increasingly focus on health and wellness of their pets, our DreamBone CollaYUMS dog chews enriched with type two collagen for joint health, stands out as a top choice in the market and is driving incremental sales volume for the business.

在商業面，我們的創新以及相應的行銷與廣告支持正帶動增量成長。隨著飼主愈加重視寵物的健康與福祉，我們添加第二型膠原蛋白、主打關節健康的DreamBone CollaYUMS狗咀嚼零食，在市場上脫穎而出，並為業務帶來增量銷售量。

Within Stain & Odor, Nature's Miracle continues to outperform the market, driving growth in a declining category, in part, fueled by our innovation -- innovative product design with ready-to-use packaging and incremental sales growth in our cat cleaning products. Our Good Boy brand, the number one brand in dog chews in the UK, is gaining market share through consistent innovation. Outside of the UK, the expansion of Good Boy across Continental Europe continues to be a priority and has garnered strong support from our retail partners with expanded distribution.

在去漬與除臭（Stain & Odor）領域，Nature's Miracle持續優於市場，在一個下滑的品類中帶動成長，部分受惠於我們的創新——具即用型包裝的創新產品設計，以及我們貓用清潔產品的增量銷售成長。我們的Good Boy品牌為英國狗咀嚼零食第一品牌，透過持續創新提升市占率。在英國以外，將Good Boy拓展至歐陸仍是優先事項，並在擴大鋪貨方面獲得零售夥伴的大力支持。

We continue to support our brands through targeted marketing and advertising investments that are generating positive POS results across key retail partners. Based on consumer research and market insights, we are in the process of refining our price pack architecture across the portfolio. This initiative is intended to reinforce category health and support sustainable long-term growth by improving value clarity, simplifying consumer choice and ensuring appropriate reinvestment in our brands and innovation pipeline.

我們持續透過精準的行銷與廣告投資支持品牌，並在主要零售夥伴中帶來正面的POS成果。基於消費者研究與市場洞察，我們正著手精進整體產品組合的價格與包裝架構（price pack architecture）。此項計畫旨在透過提升價值清晰度、簡化消費者選擇，並確保對品牌與創新管線的適當再投資，以強化品類健康並支持可持續的長期成長。

This quarter's adjusted EBITDA for our GPC business of $56.8 million is $6.8 million higher than the previous year, and adjusted EBITDA margin was 19% compared to 18.6% last year. The increase in adjusted EBITDA was primarily driven by higher sales volume, pricing and cost improvement actions, partially offset by higher tariff costs and additional trade and investment spend.

本季我們GPC業務的調整後EBITDA為5,680萬美元，較去年增加680萬美元；調整後EBITDA利潤率為19%，去年為18.6%。調整後EBITDA的增加主要由較高的銷售量、定價與成本改善措施所帶動，但部分被較高的關稅成本以及額外的通路與投資支出所抵銷。

Our strong first half positions us well as we enter the balance of our fiscal year, and we are on track to deliver top line growth for fiscal '26 in the GPC business. Our year-to-date results demonstrate that our strategy is working, and we expect to build on our momentum in the second half of the year through strong innovation and brand activations.

我們上半年表現強勁，讓我們在進入本財政年度剩餘期間時具備良好態勢，且我們正按計畫在 GPC 業務於 26 財年實現營收成長。我們年初至今的成果顯示策略正在奏效，我們預期將透過強勁的創新與品牌行銷活動，在下半年延續並擴大動能。

As a result, marketing and advertising expenses are projected to sequentially increase during the second half of the year with the highest spending anticipated in the third-quarter. Also, as a reminder, in fiscal '25, our results were impacted by targeted stop-shipments with certain retailers during tariff-related pricing negotiations, creating an artificial shift in order between the third and fourth-quarter of last year. Now let's move to our Home & Garden business, which is on slide 13.

因此，預計行銷與廣告費用將在下半年呈現逐季增加，且最高支出預期落在第三季。另外提醒一下，在 25 財年，我們的業績曾受到與部分零售商在關稅相關定價談判期間所採取的定向停止出貨影響，導致去年第三季與第四季之間的訂單出現人為移轉。現在讓我們轉到家居與園藝（Home & Garden）業務，請看第 13 頁投影片。

Net sales increased 11.3% in the quarter, primarily driven by double-digit growth in the Controls category, reflecting strong consumer demand for our pest control and herbicide solutions. Favorable weather trends highlighted by the warmest March on record in the US, led to a strong start to the season with higher retail point-of-sale activity. Retailer reorder patterns for the quarter also reinforced our view that retailers started the season with appropriate levels of inventory to support incremental year-on-year sales execution, particularly in the Controls category.

本季淨銷售額成長 11.3%，主要由 Controls（防治）品類的雙位數成長所帶動，反映消費者對我們的害蟲防治與除草劑解決方案需求強勁。有利的天氣趨勢——以美國創紀錄最暖的三月為代表——帶動旺季強勁開局，零售端 POS 活動更為活躍。本季零售商的補貨模式也強化了我們的看法：零售商以適當的庫存水位進入旺季，以支援年對年增量銷售的執行，尤其是在 Controls 品類。

This positions us well to capture ongoing demand as the season progresses. In addition to these external factors, our brands continue to win versus competition in the market with share gains in Spectracide, Hot Shot, Cutter and Repel.

這使我們在旺季推進過程中，能夠有效掌握持續的需求。除上述外部因素外，我們的品牌在市場上持續勝過競爭對手並取得市占提升，包括 Spectracide、Hot Shot、Cutter 與 Repel。

This quarter's results demonstrate the effectiveness of our commercial strategy, and we will continue to prioritize innovation and 360-degree marketing support. Under our Spectracide brand, we recently introduced a new liquid fertilizer innovation platform, providing an easy and affordable solution in lawn care. The two-in-one formula provides both a quick release for a fast green lawn and a slow release for long-lasting color. Distribution was secured at several retailers, including off-shelf displays driving further penetration. Consumer response has been strong and the product was recently recognized as the 2026 Product of the Year in the lawn fertilizer category.

本季成果展現我們商業策略的有效性，我們將持續優先推動創新並提供 360 度行銷支援。在 Spectracide 品牌下，我們近期推出全新的液態肥料創新平台，為草坪養護提供簡單且平價的解決方案。此二合一配方同時具備快速釋放以迅速讓草坪轉綠，以及緩釋以維持長效色澤。我們已在多家零售商取得鋪貨，並透過貨架外展示（off-shelf displays）推動更深度的滲透。消費者反應強勁，該產品近期亦獲選為草坪肥料類別的 2026 年度產品（Product of the Year）。

In Repellent, Cutter, our area insect repellent brand, is performing well and gaining market share with expanded product offerings and advantageous off-shelf placement. To further support our brands, we have successfully secured expanded display presence across key retail locations, ensuring our innovative products are highly visible and accessible to consumers throughout the peak season.

在驅避（Repellent）領域，我們的區域型防蚊蟲驅避品牌 Cutter 表現良好，透過擴充產品組合與有利的貨架外陳列位置，持續提升市占。為進一步支援我們的品牌，我們已成功在關鍵零售據點取得更大規模的展示版位，確保在旺季高峰期間，我們的創新產品能被消費者清楚看見且容易取得。

Adjusted EBITDA for our H&G business for the quarter was $34.8 million compared to $26.7 million last year, and the adjusted EBITDA margin was 20.5%, 300 basis points higher than the prior year. The increase in adjusted EBITDA was primarily driven by the higher sales volume, productivity improvement and operational efficiencies, partially offset by higher trade spend and unfavorable mix. The additional cost of tariff was largely mitigated through a variety of actions, including pricing.

本季家居與園藝（H&G）業務的調整後 EBITDA 為 3,480 萬美元，去年同期為 2,670 萬美元；調整後 EBITDA 利潤率為 20.5%，較去年提高 300 個基點。調整後 EBITDA 的增加主要來自較高的銷售量、產能/生產力改善與營運效率提升，但部分被較高的通路投入（trade spend）與不利的產品組合所抵銷。關稅增加的額外成本已透過多項措施（包含定價）在很大程度上被緩解。

As we look forward to the second half of the fiscal year, while we're encouraged by the strong start to the season and favorable weather conditions we are currently enjoying, weather by nature is uncertain, and therefore, our overall expectation for fiscal '26 remains unchanged. Latest weather projections indicate a warmer-than-average summer, most notably across southern and western portions of the country.

展望下半財年，儘管我們對旺季強勁開局與目前享有的有利天候感到振奮，但天氣本質上具有不確定性，因此我們對 26 財年的整體預期維持不變。最新天氣預測顯示夏季將較常年偏暖，尤以全國南部與西部地區最為明顯。

However, overall expectations for precipitations are mixed with potential for drier season in key regions. With these factors in mind, we believe it is prudent to plan for a normal weather season, which would be an improvement from the prior fiscal year. Our sales team will continue to partner closely with our customers, and we stand ready to respond swiftly should consumer demand patterns shift.

然而，整體降雨預期呈現分歧，部分關鍵地區可能出現較乾燥的季節。考量上述因素，我們認為以正常天候季來規劃較為審慎，而這將較上一財年有所改善。我們的銷售團隊將持續與客戶密切合作，若消費者需求型態出現變化，我們也已準備好迅速因應。

We are dedicated to driving consumer-focused innovation, and we'll continue to strategically invest in our brands through the balance of the year. We remain on track to deliver net sales growth with modest EBITDA margin expansion in fiscal '26 for our Home & Garden business.

我們致力於推動以消費者為核心的創新，並將在今年剩餘期間持續以策略性方式投資於品牌。我們仍按計畫在 26 財年為家居與園藝業務實現淨銷售成長，並帶來溫和的 EBITDA 利潤率擴張。

Let's finally go to our Home & Personal Care business, which is slide 14. Reported net sales decreased 5.5%. Excluding favorable foreign exchange, organic net sales decreased 10.7%. Reported net sales in the Personal Care category were down low-single digits this quarter, while home and -- while sales in home appliances were down high-single digits. Organic net sales in EMEA were down in the mid-teens with softness in both Appliances and Personal Care.

最後我們來看家居與個人護理（Home & Personal Care）業務，請看第 14 頁投影片。報告淨銷售額下降 5.5%。若排除有利的外匯影響，有機淨銷售額下降 10.7%。本季個人護理（Personal Care）品類的報告淨銷售額為低個位數下滑，而家用電器（home appliances）銷售則為高個位數下滑。EMEA 的有機淨銷售額下降約十幾個百分點（mid-teens），家電與個人護理皆呈現疲弱。

Sales across both categories were impacted by elevated levels of inventory at a key retailer following soft consumer demand amid increased competition, resulting in lower replenishment orders within the quarter. With that said, we believe inventory levels at this retailer are now generally aligned with current demand trends, which should support a more balanced replenishment cadence going forward. The balance of our HPC EMEA business continues to be on a solid trajectory, and our core markets are showing signs of stabilization.

兩大品類的銷售皆受到一位關鍵零售商庫存偏高影響；在競爭加劇、消費需求疲弱之下，該零售商的補貨訂單在本季減少。不過，我們認為該零售商目前的庫存水位大致已與現行需求趨勢對齊，這應可支撐未來更為均衡的補貨節奏。我們在 EMEA 的 HPC 業務其餘部分仍維持穩健軌道，核心市場也出現趨於穩定的跡象。

Further, our direct-to-consumer shift in strategy we introduced in fiscal '25 is yielding results with the direct-to-consumer growth for the quarter in excess of 200% compared to the prior year. While the DTC business represents a small portion of EMEA total sales volume, we are excited about the opportunity to build additional capability for further expansion across Europe and beyond. North America sales decreased in the mid-teens, driven by lower sales in home appliances.

此外，我們在 25 財年導入的直達消費者（DTC）策略轉型已開始產生成果，本季 DTC 成長較去年同期超過 200%。雖然 DTC 業務在 EMEA 總銷售量中占比仍小，但我們對於建立更多能力、以推動在歐洲及其他地區進一步擴張的機會感到振奮。北美銷售下降約十幾個百分點（mid-teens），主要由家用電器銷售下滑所致。

Demand continues to be adversely impacted by overall consumer softness as higher product costs resulting from tariffs have led consumers to either delay or reduce purchases. Sales were also lower from our SKU rationalization actions taken to address changes in trade policy to ensure overall profitability.

由於關稅導致產品成本上升，整體消費者需求持續疲弱，消費者傾向延後或減少購買，進而對需求造成不利影響。為因應貿易政策變化並確保整體獲利能力，我們所採取的 SKU 精簡（rationalization）措施也使銷售降低。

Additionally, home appliances sales were impacted by customer inventory management actions to address pockets of excess inventory. Despite these challenges, we are encouraged by the continued point-of-sales growth in coffee makers and particularly pleased with our Black & Decker brand outperforming the market in this space. In LatAm, organic sales increased in the mid-single digits, primarily driven by sustained growth in personal care, following successful new product launches in the fiscal first-quarter.

此外，家用電器銷售亦受到客戶庫存管理措施影響，以處理部分區域的庫存過剩。儘管面臨這些挑戰，我們仍對咖啡機的 POS 持續成長感到鼓舞，並特別高興 Black & Decker 品牌在此領域的表現優於市場。在拉丁美洲（LatAm），有機銷售成長約中個位數，主要由個人護理的持續成長所帶動，這延續了財年第一季成功新品上市的成果。

The introduction of these products, including the [ Airweave ] and [ gloss ] collections continue to resonate with the consumer. And our key strategic customers once again reported double-digit sales growth in sell-out figures for the quarter.

這些產品的推出，包括 [ Airweave ] 與 [ gloss ] 系列，持續引起消費者共鳴。而我們的關鍵策略客戶本季在終端銷售（sell-out）數據上再次呈現雙位數成長。

Commercially, our focus remains on driving fewer, bigger, better consumer-relevant innovations that enhance our market position. Under our Black & Decker brands in the US and Russell Hobbs brand in EMEA, we recently brought to market a new VacuSteam Handheld Steamer. This product delivers breakthrough technology designed to deliver one pass perfection through a combination of suction, heat and steam power. While in early stages of distribution, we are excited about the innovative feature this product delivers that were designed with the consumer in mind.

在商業面，我們的重點仍是推動「更少、規模更大、品質更好」且與消費者高度相關的創新，以強化我們的市場地位。在美國的 Black & Decker 品牌以及 EMEA 的 Russell Hobbs 品牌之下，我們近期推出全新的 VacuSteam 手持式蒸汽掛燙機。該產品提供突破性技術，透過吸力、熱能與蒸汽動力的結合，實現一次走過即可達到完美效果。雖仍處於鋪貨初期階段，我們對這項以消費者為核心所設計的創新功能感到非常期待。

Consumer response has been strong so far and expanded distribution has been confirmed for the coming months. This quarter's adjusted EBITDA for our HPC business was $8.1 million compared to $7.3 million in the prior year. The adjusted EBITDA margin was 3.4% compared to 2.9% last year. The increase in adjusted EBITDA and margin was primarily driven by pricing, reduced investment spend, cost improvement initiatives, and favorable foreign exchange, partially offset by lower volumes and higher tariff costs. Despite a challenging first half, we continue to expect sequential improvement in the second half as we lap softer prior year comparisons and benefit -- and realize benefits from the actions we have taken to strengthen our business.

截至目前，消費者反應強勁，且未來幾個月已確認擴大通路鋪貨。本季我們 HPC 業務的調整後 EBITDA 為 810 萬美元，去年同期為 730 萬美元。調整後 EBITDA 利潤率為 3.4%，去年為 2.9%。調整後 EBITDA 與利潤率的提升主要由定價、投資支出降低、成本改善計畫以及有利的外匯因素所帶動，但部分被銷量下滑與關稅成本上升所抵銷。儘管上半年充滿挑戰，我們仍預期下半年將逐季改善，因為我們將面對較疲弱的去年同期比較基期，並受惠——且實現我們為強化業務所採取行動帶來的效益。

With that said, reduced sales volumes are expected to continue for the balance of the year, driven by softness in global consumer demand and a reduced product portfolio within the US Our focus remains on improving profitability with plans in place to deliver full-year adjusted EBITDA growth versus prior year despite a projected decline in net sales.

話雖如此，預期銷售量下滑將在今年剩餘期間持續，主因為全球消費需求疲弱，以及美國市場產品組合縮減。我們的重點仍是提升獲利能力；即使預估淨銷售額將下滑，我們也已制定計畫，力求全年調整後 EBITDA 較去年成長。

Now let's turn to slide 15 and review our expectations for fiscal '26. Consistent with our fiscal '26 earnings framework, we expect net sales to be flat to up low single digits compared to prior year. While we expect growth in both our Global Pet Care and Home & Garden businesses, Home & Personal Care is expected to decline.

現在請看第 15 頁，回顧我們對 2026 財年的展望。依照我們 2026 財年獲利架構，我們預期淨銷售額相較去年持平至小幅成長（低個位數）。雖然我們預期全球寵物照護與家居與園藝兩大業務皆將成長，但家居與個人照護預期將下滑。

Adjusted EBITDA is now expected to grow low to mid-single digits, driven by the anticipated sales growth in our Global Pet Care and Home & Garden businesses, continued expense management, continuous improvement initiatives and FX favorability, offsetting the lower volumes in Home & Personal Care.

目前預期調整後 EBITDA 將成長低至中個位數，主要由全球寵物照護與家居與園藝業務的預期銷售成長、持續的費用管理、持續改善計畫以及有利的外匯所帶動，並抵銷家居與個人照護的較低銷量。

Tariffs and inflation are expected to be largely offset through the various mitigation actions which we have taken, including pricing. Also, while we are actively engaged in the process as outlined by the US customs of securing tariff refunds following the Supreme Court decision, our framework does not include any such benefits at this time. And lastly, we continue to expect adjusted free cash flow as a percentage of adjusted EBITDA to be around 50%.

關稅與通膨預期將透過我們已採取的各項緩解措施（包括定價）大致抵銷。此外，雖然我們正依照美國海關所述流程，於最高法院裁決後積極推進關稅退還的申請，但目前我們的架構尚未納入任何此類效益。最後，我們仍預期調整後自由現金流占調整後 EBITDA 的比率約為 50%。

Moving to slide 16. Depreciation and amortization is expected to be between $115 million and $125 million, including stock-based compensation of approximately $20 million to $25 million. 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, excluding the impact of recently announced strategic partnership in our HPC business.

接著看第 16 頁。折舊與攤銷預期介於 1.15 億至 1.25 億美元之間，其中包含約 2,000 萬至 2,500 萬美元的股票基礎薪酬。重整、優化及策略交易成本的現金支付預期介於 2,500 萬至 3,500 萬美元之間。資本支出預期介於 5,000 萬至 6,000 萬美元之間。現金稅款預期介於 4,000 萬至 5,000 萬美元之間，不含近期宣布之 HPC 業務策略合作夥伴關係的影響。

For adjusted EPS, we use an effective tax rate of 25%, incorporating both discrete items and state taxes, but excluding impact of the recently announced strategic partnership in our HPC business. To end my section, I want to echo David and thank all of our global employees for their hard work in a strong first half of the fiscal year. Back now to you, David.

在調整後 EPS 方面，我們採用 25% 的有效稅率，納入一次性項目與州稅，但不包含近期宣布之 HPC 業務策略合作夥伴關係的影響。在結束我這部分之前，我想呼應 David，感謝我們全球員工在本財年上半年表現強勁期間的辛勤付出。接下來交回給你，David。

Thanks, Faisal. Thank you, everybody, for joining us on the call today. Let's take a few minutes and just recap key takeaways. I think that's on slide 18. I'd like to start by highlighting the first-quarter -- of the first half performance actually.

謝謝你，Faisal。也謝謝各位今天參加電話會議。我們花幾分鐘回顧一下重點摘要。我想是在第 18 頁。我想先強調第一季——其實是上半年的表現。

Despite a dynamic and challenging environment, we delivered solid results, underscored by a return to year-over-year growth in the second-quarter. Net sales increased 4.9% and adjusted EBITDA grew nearly 18%, reflecting disciplined execution across the company. Our ongoing momentum in Global Pet Care and Home & Garden is evident with consistent share gains across our portfolio.

儘管環境多變且充滿挑戰，我們仍交出穩健成果，並在第二季恢復年對年成長，進一步凸顯表現。淨銷售額成長 4.9%，調整後 EBITDA 成長近 18%，反映公司各面向的紀律執行。我們在全球寵物照護與家居與園藝的持續動能十分明顯，整體產品組合的市占率持續提升。

This underscores the effectiveness of our innovation strategy as we continue to support with targeted investments. In Home & Personal Care, the top line did decline, and that was driven by continued consumer softness across the US and EMEA, which was anticipated and in line with our expectations. Despite HPC's lower net sales, adjusted EBITDA actually improved modestly as we remain focused on maximizing the profitability of the business.

這凸顯我們創新策略的有效性，我們也持續以精準投資加以支持。在家居與個人照護方面，營收確實下滑，主要因美國與 EMEA 地區消費者持續疲弱；這在預期之內，且符合我們的預估。儘管 HPC 淨銷售額較低，調整後 EBITDA 仍小幅改善，因為我們持續專注於將該業務的獲利能力最大化。

As we look forward to the second half of the year, the focus is clear for us. We are mindful of the evolving macroeconomic environment and continued pockets of consumer softness. Our priorities and strategic focus remain unchanged, and we are firmly centered on execution and financial discipline.

展望下半年，我們的重點很明確。我們留意到總體經濟環境的演變，以及消費疲弱仍在部分領域持續。我們的優先事項與策略重點維持不變，並堅定聚焦於執行力與財務紀律。

We will continue to monitor closely inflationary pressures and geopolitical uncertainties and are prepared to address proactively any challenges to protect our profitability and sustain our growth trajectory. With these factors in mind, we are reaffirming our full year earnings framework for net sales and adjusted free cash flow, but we are, however, raising our outlook for our adjusted EBITDA. We now expect adjusted EBITDA to grow low to mid-single digits compared to the prior year.

我們將持續密切監控通膨壓力與地緣政治不確定性，並準備主動因應任何挑戰，以保護獲利能力並維持成長軌跡。基於上述因素，我們重申全年淨銷售額與調整後自由現金流的獲利架構，但同時上調調整後 EBITDA 展望。我們目前預期調整後 EBITDA 將較去年成長低至中個位數。

On the strategic front, the recent announcement of our partnership with Oaktree Capital in our Home & Personal Care business is a meaningful milestone in our long-term objective of separating HPC from our other businesses. While little will change in the day-to-day operations of HPC, we are confident that this partnership will help the team pursue new growth opportunities and deliver lasting value.

在策略面上，近期宣布我們在家居與個人照護業務與 Oaktree Capital 的合作夥伴關係，是我們長期目標——將 HPC 與其他業務分離——的重要里程碑。雖然 HPC 的日常營運不會有太大改變，但我們相信這項合作將協助團隊追求新的成長機會並創造長期價值。

Our teams will continue to operate with the same dedication and focus, ensuring continuity and stability to our customers and employees. Outside of the appliance business, we continue to seek strategic M&A opportunities within both the Pet and Home & Garden segments. With that said, we will continue to exercise discipline and prioritize the strength and stability of our balance sheet.

我們的團隊將持續以同樣的投入與專注運作，確保對客戶與員工的延續性與穩定性。除家電業務之外，我們仍持續在寵物與家居與園藝兩大事業部尋找策略性併購機會。即便如此，我們仍將維持紀律，並優先確保資產負債表的強健與穩定。

We firmly believe that maintaining a healthy balance sheet provides us with a distinct competitive advantage, especially as new opportunities and deals emerge in the marketplace. This approach ensures we are well positioned to act decisively and capitalize on attractive prospects while safeguarding our long-term financial health.

我們堅信維持健康的資產負債表能帶來明顯的競爭優勢，尤其是在市場上出現新機會與新交易之際。此一作法可確保我們在維護長期財務健全的同時，也能處於有利位置果斷行動，並把握具吸引力的機會。

Before I turn the call over for Q&A, I'd like to thank our team for their exceptional commitment and focus in a dynamic market environment. The results we achieved this quarter are a testament to the team's adaptability and determination, and I'm confident that our collaborative spirit will continue to drive us forward as we embrace new challenges and opportunities. I thank you all for your hard work and for supporting our shared vision as we move ahead together. Now back to you, Jen, and we can start the Q&A.

在我把電話交給 Q&A 之前，我想感謝團隊在多變的市場環境中展現卓越的承諾與專注。我們本季達成的成果證明了團隊的適應力與決心；我也相信，當我們迎接新的挑戰與機會時，彼此合作的精神將持續推動我們向前。感謝各位的辛勤付出，以及支持我們共同的願景，讓我們能攜手向前。現在交回給你，Jen，我們可以開始 Q&A。

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

謝謝你，David。接線員，我們現在可以進入提問隊列。

(Operator Instructions)

(接線員指示)

Bob Labick, CJS Securities.

Bob Labick，CJS Securities。

It's Pete Lukas for Bob. You guys covered a lot in the prepared remarks. Maybe more just a general question. If you could talk a little bit about the characteristics of your fastest-growing brands in Pet and H&G? And is there an opportunity to replicate that across the rest of the brand portfolio?

我是 Pete Lukas，代替 Bob。你們在事先準備的發言中涵蓋了很多內容。也許更偏一般性的問題。你們能否談談在寵物與家居與園藝（H&G）中成長最快品牌的特徵？以及是否有機會把這些做法複製到其餘品牌組合上？

I think what you see this quarter, I mean, we've got our balance sheet healthy, we've got our operations running tight. You saw double-digit growth in both Pet and Home & Garden. We haven't seen that growth in a long time. And I think, hopefully, these are early indicators that the fewer, bigger, better strategy of taking real innovation and storytelling and marketing, that is actually yielding some good results. And we see that with the wasp and hornet trap in the Home and Garden sector, to just pick on one.

我想你在本季看到的是，我們的資產負債表很健康，我們的營運也運作得很緊實。你看到寵物與家居與園藝兩個部門都出現了雙位數成長。我們很久沒有看到這樣的成長了。我想，希望這些是早期指標，顯示「更少、更大、更好」的策略——以真正的創新、敘事與行銷——確實正在帶來一些不錯的成果。我們在家居與園藝領域的黃蜂與大黃蜂誘捕器上就看到了這點，僅舉一例。

Faisal commented on CollaYUMS. We have a type two collagen that we put into the dog bones for our Good 'n' Fun lineup, and DreamBones, sorry. And that has really resonated with the consumer and has resulted in tremendous growth.

Faisal 提到了 CollaYUMS。我們有一種第二型膠原蛋白，加入到我們 Good 'n' Fun 產品線的狗骨頭裡，以及 DreamBones，抱歉。這確實引起了消費者的共鳴，並帶來了非常可觀的成長。

So it's continued focus on -- it's the basics of commercial operations: focus on innovation, use consumer insights, bring things to market that the customer wants that helps meet a need or provides greater efficacy or lets them create a greater emotional bond with their pet, tell that story more effectively. And quite frankly, I'm really pleased with the price pack architecture we're doing in Pet, too. I think that's going to bring real clarity to shop, a good, better, best strategy at the point of sale. I think it's going to actually help our retail partners, because right now, the merchandising in a lot of these stores is actually quite messy and opaque. Consumers go there, they're confused by the shelf.

所以就是持續聚焦於——這是商業營運的基本功：聚焦創新、運用消費者洞察、把客戶想要的產品帶到市場上，去滿足需求或提供更高效能，或讓他們能與寵物建立更強的情感連結，並更有效地把這個故事說清楚。坦白說，我也對我們在寵物品類所做的價格／規格（price pack）架構很滿意。我認為這會讓購物更清楚，在銷售點採取「好、更好、最好」的策略。我覺得這也會實際幫助我們的零售夥伴，因為目前很多門市的陳列其實相當凌亂、不透明。消費者走進去，會被貨架搞得很困惑。

I think if we really bring some clarity and focus to the optical shelf situation, I think that's going to lift all ships for the category. So looking forward to the benefits of that activity as well. Faisal, do you have others to add or.

我想如果我們真的能讓貨架呈現更清楚、更聚焦，我認為這會讓整個品類都受益。所以也很期待這項行動帶來的效益。Faisal，你還有要補充的嗎，或是。

No, I think you've covered it.

沒有，我想你都講到了。

Very helpful. And then just one follow-up. Maybe you could discuss a little bit the -- how HPC International business is doing and the impacts that you're seeing from tariffs and the conflict in the Middle East?

非常有幫助。接著再追問一題。也許你可以談談——HPC 國際業務目前表現如何，以及你們看到關稅與中東衝突帶來的影響？

So like I said in the prepared remarks, our International business, specifically in Europe, has been impacted by certain customer dynamics, where, because of consumer softness, inventory with certain key customers was high, which effectively reduced our ship into the customers, sale into the customers. We believe that's evened out, which means our shipments to the customers and our ship out of POS would generally align better in Europe, which drives some clarity in our supply chain. But I think the consumer and overall environment in Europe still remains challenged for us. So we'll continue to be cautious about that. And like I said, this year, we expect some pressure to continue in the second half.

如同我在事先準備的發言中提到的，我們的國際業務，特別是在歐洲，受到某些客戶動態影響；由於消費疲軟，部分關鍵客戶的庫存偏高，這實際上降低了我們對客戶的出貨、以及對客戶的銷售（sale into the customers）。我們相信這已經趨於平衡，這表示在歐洲，我們對客戶的出貨與從 POS 端的出貨（ship out of POS）通常會更一致，進而讓我們的供應鏈更清楚。但我認為歐洲的消費者與整體環境對我們而言仍然充滿挑戰。所以我們會持續保持審慎。而且如我所說，今年我們預期下半年仍會持續有一些壓力。

But as you think about comparison to last year, I think about this time last year, we had started to see a lot of the consumer sentiment degrade. So our comparisons to last year become a lot better in the second half. But as I said before, still expect that business to decline in the second half. That's kind of the consumer that we see in Europe. Our business in LatAm is actually doing really well.

但如果你思考與去年相比，我想大約在去年的這個時候，我們已開始看到消費者情緒明顯轉弱。因此我們在下半年相較去年的比較基期會好很多。但如我先前所說，我們仍預期該業務在下半年會下滑。這就是我們在歐洲看到的消費者狀況。我們在拉丁美洲（LatAm）的業務其實表現非常好。

Our HPC business has done really well in LatAm, and we've got really strongly positioned brands and really good distribution and customer relationships. So we expect to continue to grow that business in the second half. I think that's kind of the consumer health overall from an International HPC business. Did you have a second part of that question?

我們的 HPC 業務在拉丁美洲表現非常好，我們擁有定位很強的品牌，以及非常好的通路與客戶關係。所以我們預期下半年會持續成長這項業務。我想這大致就是國際 HPC 業務整體的消費者健康狀況。你剛才那個問題還有第二部分嗎？

No, that was it.

沒有，就這些。

Chris Carey, Wells Fargo Securities.

Chris Carey，Wells Fargo Securities。

I wanted to get a sense of just the outlook, right? So profitability outlook now better, which certainly seems unique in this environment where inflation is moving, but revenue unchanged. I think you're mindful of some of the drivers in the back half can always evolve like weather, the consumer. I think you also mentioned some timing dynamics in fiscal Q2. Obviously, still solid underlying.

我想了解一下整體展望，對吧？所以目前獲利展望更好，這在通膨仍在變動的環境下看起來確實很特別，但營收維持不變。我想你們也留意到下半年的一些驅動因素可能隨時演變，例如天氣、消費者狀況。我想你們也提到財年第二季的一些時點動態。顯然，基本面仍然穩健。

But maybe just give us a sense of whether you're factoring any of that into your consideration for revenue. But yes, maybe just take a step back to this concept of revenue maintained and higher profit in this kind of a backdrop. Just maybe a bit more detail on some of your thinking going into the back half of the year? And then I have a follow-up.

但也許請你們談談，你們在營收考量上是否已把這些因素納入？另外，也請退一步談談，在這樣的背景下「營收維持、獲利提高」這個概念。能否就你們對今年下半年的一些思考提供更多細節？然後我還有一個追問。

Look, I think if we zoom out, right, we talked about tariffs in '25 being really disruptive to the business. I think if you turn -- if you tuned into kind of our Q3, Q4 calls last year, I talked about the business starting to heal. We did have to take some pricing. We did have to work with some suppliers. I think if you look at Q1 and Q2 this year, we've beaten both quarters, right?

你看，我想如果我們拉遠一點看，我們談到 2025 年的關稅對業務造成很大的干擾。我想如果你回去聽我們去年 Q3、Q4 的電話會議，我提到業務開始修復。我們確實必須做一些調價。我們也確實必須與一些供應商合作。我想如果你看今年的 Q1 和 Q2，我們兩季都超出預期，對吧？

So we're trying to do what we said we're going to do and hopefully do a little bit better. We clearly have greater vitality in our NPD. We clearly are taking market share in our two fastest-growing higher-margin businesses, which is Pet, Home & Garden. We've just attracted a strategic investment in our Appliance business, which we think is going to produce a lot of value for us and them going forward. I think -- if you look at this quarter, I think we beat on both the revenue and EBITDA and EPS lines for Q2.

所以我們正努力做到我們說過要做的事，並希望能做得更好一些。我們的新產品開發（NPD）顯然更有活力。我們也明顯在兩個成長最快、毛利較高的業務——寵物與家居與園藝——取得市占。我們的家電業務剛吸引到一筆策略性投資，我們認為這將在未來為我們與對方創造大量價值。我想——如果你看本季，我們在 Q2 的營收、EBITDA 與 EPS 都優於預期。

That's a good thing, right? And if I look forward, I'm just trying to maintain vigilance, because I think Middle East turmoil, higher prices at the pump, that will generally hurt discretionary income. I think the US administration's tariff policy, Supreme Court knocked some stuff down. They're going to redo some stuff on 301. I would anticipate that to be later in the summer.

這是好事，對吧？而如果我往前看，我只是想保持警覺，因為我認為中東動盪、加油站油價上升，通常會傷害可支配所得。我認為美國政府的關稅政策，最高法院否決了一些內容。他們會在 301 條款上重新做一些調整。我預期那會在夏末較晚的時候發生。

So I think it would be overly optimistic to not assume additional distortion or challenges that are on the horizon. And we want to continue to do what we said we're going to do and hopefully do better. So I think that's -- I'm trying to answer your question. Isn't that what you're asking me, what my outlook is relative to short-term performance or ?

所以我認為，如果不假設未來還會出現額外的扭曲或挑戰，那就過於樂觀了。我們希望持續去做我們說過要做的事，並且希望做得更好。所以我想那就是——我是在試著回答你的問題。這不就是你在問我、我對短期表現的展望相對如何，或？

Well, yes, I get the context of being reasonable, given the unknowns and wanting to exceed. I guess the spirit of the question was whether there were any tangible offsets that you would be thinking about into the back half of the year? Or if it's more good progress, let's see where it goes, but we feel good about the visibility that we're establishing today.

嗯，是的，我理解在未知因素下保持合理、並希望超越的脈絡。我想這個問題的核心是：在今年下半年，你是否在思考任何具體可見的抵銷因素？或者說，更多是「進展不錯，看看後續如何」，但我們對於今天所建立的能見度感到不錯。

I'll let Faisal take that.

我讓Faisal來回答。

Yes. Look, so if you just kind of look at our businesses, GPC, we've talked about how we're -- all -- most of our key brands are now outperforming the market, but we still remain cautious about the category overall. We've shown growth in categories this quarter that are either flat or declining. So the category outlook is what determines some of our cautious outlook for the top line. And on the H&G business, most of the season is ahead of us, right?

是的。你看，如果你大致看我們的業務，GPC方面，我們談過我們——我們大多數的核心品牌現在都在跑贏市場，但我們對整體品類仍然保持謹慎。本季我們在一些品類上呈現成長，而這些品類本身不是持平就是下滑。因此，品類的展望決定了我們對營收端保持謹慎的部分原因。至於H&G業務，大部分的旺季還在前面，對吧？

So it will be premature based on our second-quarter early really good results to call the year up. I think we're being cautious. We're going to continue to monitor what happens. But again, the key takeaway here is our brands are outperforming the market. We are definitely gaining share.

所以，僅憑第二季初期非常好的結果就說全年會上修，還為時過早。我認為我們是在保持謹慎。我們會持續監測接下來的情況。但再次強調，關鍵重點是：我們的品牌正在跑贏市場。我們確實正在提升市占。

So there's a lot of strength going into the second-quarter, but there's a lot of caution around, as David said in his prepared remarks, in the macroeconomic environment and what it does to the consumer.

所以第二季有很多強勁動能，但同時也有很多需要謹慎的地方，正如David在事先準備的發言中提到的，宏觀經濟環境以及它對消費者的影響。

Okay. Yes, that checks and makes a lot of sense. One follow-up would be on the HPC partnership. Can you give us a sense of just thought process over the years of thinking through strategic options for the business? And maybe just give us a sense of how you got to this point.

好的。是的，這樣就對得上，也很合理。我有一個追問，關於HPC合作夥伴關係。你能否談談多年來在思考該業務策略選項時的思路？也請大致說明一下你們是如何走到今天這一步的。

And obviously, this creates more flexibility, which is very interesting. I just wanted to get a bit more sense of how this came to be and how you're assessing various alternatives.

而且顯然，這帶來了更大的彈性，這點很有意思。我只是想更了解這是如何促成的，以及你們如何評估各種替代方案。

Yes. Again, I think we've heard from our shareholders that they would prefer to see this business separate from the faster-growing, higher-margin Pet Home & Garden businesses that we own. Look, we have looked at a lot of options for this business over the years. It's been unfortunate that when we've attracted strategic and financial interest for it that we got into a trade policy situation, which actually derailed the process.

是的。再次強調，我們從股東那裡聽到的意見是，他們更希望看到這項業務與我們所擁有、成長更快且毛利更高的Pet Home & Garden業務分開。你看，我們多年來針對這項業務評估過很多選項。不幸的是，當我們吸引到策略性與財務性買家的興趣時，卻遇到貿易政策的情勢，實際上使流程脫軌。

If you look at the competitive set, other than SharkNinja, which is an amazing company doing exceedingly well, most of our competitors in this space are either overlevered, underperforming, suffering with negative sales growth and don't have a lot of optionality.

如果你看競爭組合，除了SharkNinja——那是一家非常出色、表現極為亮眼的公司——之外，我們在這個領域的大多數競爭對手不是槓桿過高、就是表現不佳、正承受負的銷售成長，而且缺乏太多可選性。

And if you look at our business, it's a strategic platform. We believe the business is going to generate $60 million, hopefully more. EBITDA should start to climb as we get into the back half, quite frankly. So Oaktree has picked a good time to come in because we expect EBITDA to actually grow from here. I've known Oaktree for 20 years.

而如果你看我們的業務，它是一個策略性平台。我們相信這項業務將產生6,000萬美元的EBITDA，希望更多。坦白說，隨著進入下半年，EBITDA應該會開始攀升。所以Oaktree選在一個好時點進來，因為我們預期EBITDA將從現在開始成長。我認識Oaktree已經20年了。

They are very astute credit investors. They are exceedingly good capital allocators. They probably could have invested in any appliance company on the globe if they wanted to. They chose us. And frankly, we see tremendous dislocation in this space.

他們是非常精明的信用投資人。他們也是極其出色的資本配置者。如果他們想，他們大概可以投資全球任何一家家電公司。他們選擇了我們。而且坦白說，我們看到這個領域存在巨大的錯位。

And we believe that with Oaktree, we can initially look at higher organic growth opportunities. And going forward, over time, look at inorganic growth opportunities with them. But we're going to be very judicious, and we are going to look to make a lot of money together with them.

我們相信，與Oaktree合作，我們可以先著眼於更高的內生成長機會。並在未來、隨著時間推進，與他們一起尋找外延式成長機會。但我們會非常審慎，而且我們希望與他們一起賺很多錢。

Brian McNamara, Canaccord Genuity.

Brian McNamara，Canaccord Genuity。

This is Madison Callinan on for Brian. First, how has the garden season started in April? And industry peers said yesterday that on-hand retailer inventories were low, which is a replenishment. Just give us any color on how committed retailers are to the category.

我是代Brian提問的Madison Callinan。首先，4月的園藝旺季開局如何？而同業昨天表示，零售商手上的庫存偏低，這意味著需要補貨。請提供一些資訊，談談零售商對這個品類的投入程度。

Yes. Look, we think as opposed to last year, retail inventory started out much more prudent, and April is off to a great start. So I will tell you that we're very bullish on that business right now. I think Faisal made the comment, which is correct, the bulk of the season is yet to be. So until you get through May and June, you really don't know what you've got.

是的。你看，我們認為相較於去年，零售端庫存起步更為審慎，而4月開局非常好。所以我可以告訴你，我們目前對這項業務非常看多。我想Faisal提到的一點是正確的：旺季的大部分還沒到。所以在你走完5月和6月之前，你其實不會真正知道結果如何。

All the weather forecasts look favorable, but you and I know the weather man, they can be wrong half the time and still keep a job. So look, we want to be conservative in the outlook, but the business is having a great April. I agree with you that retail inventory has been lower than last year, which means more replenishment orders for us.

所有天氣預報看起來都很有利，但你我都知道，氣象員就算有一半時間說錯，照樣能保住工作。所以你看，我們希望在展望上保守一些，但這項業務在4月表現非常好。我同意你的看法，零售庫存比去年更低，這意味著我們會有更多補貨訂單。

Great. And then second, do you think we've bottomed in pet, both for Spectrum and the industry as a whole, and that we're now set up for sustainable growth from here? And just anything on how pet ownership and buy rates are trending?

很好。第二，你認為寵物品類（不論是Spectrum還是整體產業）是否已經觸底，並且我們從這裡開始已經具備可持續成長的條件？另外，關於寵物飼養率與購買頻率的趨勢，有沒有任何更新？

I think your question refers to, we had a big boom during COVID. Post-COVID, you saw the pet industry really take a break. I can tell you that I think pet specialty is definitely recovering, where they had a really hard time. For us -- again, I can just comment on what we're doing, and we're launching new products. We're bringing new packaging.

我想你的問題是指：我們在COVID期間有一波大幅成長。COVID之後，你看到寵物產業確實放緩了一段時間。我可以告訴你，我認為寵物專門通路確實正在復甦，因為他們之前非常艱難。就我們而言——再次強調，我只能評論我們正在做的事——我們正在推出新產品。我們正在導入新包裝。

We're bringing new claims. And we're bringing new marketing techniques, and we are growing our biggest brands at faster than category growth and we're going to continue to do that.

我們正在提出新的訴求。我們也在採用新的行銷手法，而且我們最大的品牌成長速度快於品類成長，我們也會持續這麼做。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

I wanted to get a little bit more of your perspective on the sales growth this quarter and the sustainability of that and whether you think there maybe was some benefit from either destocking last year or tax refund this year? Because clearly, sales improved, though you left the full year sales outlook unchanged despite the stop-shipments in the year ago that hit second half and some FX favorability.

我想更了解你對本季銷售成長的看法、其可持續性，以及你是否認為其中可能受惠於去年去庫存（destocking）或今年退稅（tax refund）的因素？因為很明顯銷售改善了，但你們仍維持全年銷售展望不變，儘管去年因停運出貨（stop-shipments）影響到下半年，且今年還有一些匯率（FX）利多。

So is there something that benefited Q2 that you don't expect to repeat? Or are you being just mindful of the uncertain overall environment and that gives you some pause as you think about second half?

那麼，第二季是否有什麼受惠因素是您預期不會重複出現的？還是說，您只是考量到整體環境仍不確定，因此在思考下半年時會比較審慎、略有保留？

Yes, I'll go first and I'll let Faisal clean it up. I mean we did have a little bit of pull-in in pet. I think we mentioned the $6 million number, which it's not material. But we had some S/4 going live in EMEA and we wanted to give customers a heads up and just make sure that we kept everything flowing smoothly there. But again, I think the main thing that you guys should be modeling is we're putting out better product.

是的，我先回答，然後我會讓 Faisal 補充說明。我的意思是，我們在寵物業務確實有一點提前拉貨（pull-in）。我想我們提過 600 萬美元這個數字，並不重大。但我們在歐洲、中東及非洲（EMEA）有一些 S/4 上線，我們想先提醒客戶，並確保那邊一切運作順暢、供應不中斷。不過再說一次，我認為你們建模時最主要應該納入的是：我們正在推出更好的產品。

We're putting out price pack architecture. We're supporting our brands with new marketing campaigns. We got better packaging and better call-outs, and we're launching products that the consumer wants based on consumer insights, and we're taking market share. I mean -- listen, a year ago, I was dealing with some of my biggest brands comping down 5%. This year, they're comping up that amount or more. And that is just fundamental improvement in the base business, period, end of story.

我們正在推出價格／包裝架構（price pack architecture）。我們以新的行銷活動支持我們的品牌。我們有更好的包裝與更清楚的賣點標示（call-outs），並且根據消費者洞察推出消費者想要的產品，我們也正在取得市占。我的意思是——聽著，一年前，我還在處理一些最大品牌同店（comp）下滑 5% 的情況。今年，它們同店成長回到那個幅度或更高。而這就是基礎業務的根本性改善，句點，故事到此為止。

Yes, I'll just add. We called out last year Cutter as a brand that needed some more support and recovery, and we're actually seeing that happen this year. So in our H&G space, basically, all of our key brands are showing growth and gaining share, which is pretty amazing. And same thing on our Global Pet Care business. Our brands are again outperforming the market and really strong performance overall.

是的，我再補充一下。我們去年點名 Cutter 這個品牌需要更多支持與復甦，而我們今年確實看到這正在發生。因此在我們的家居與園藝（H&G）領域，基本上所有關鍵品牌都呈現成長並且提升市占，這相當令人驚豔。全球寵物照護業務也是同樣情況。我們的品牌再次優於市場，整體表現非常強勁。

There is some pull-in, as David said, in the second-quarter, but we continue to believe that we'll grow our Home & Garden and Global Pet Care business. And at this point, we're growing above the category. A lot of our cautiousness just comes from the fact that in Home & Garden's case, a lot of the season is still ahead of us. And overall, if you just look at the consumer health and consumer confidence, there are a lot of negative externalities that are keeping us cautious about the balance of the year.

如 David 所說，第二季確實有一些提前拉貨，但我們仍然相信家居與園藝以及全球寵物照護業務會成長。而且目前我們的成長高於品類平均。我們之所以較為審慎，主要是因為以家居與園藝而言，旺季還有很大一部分在後面。整體來看，如果你看消費者健康狀況與消費者信心，有許多負面的外部因素讓我們對今年剩餘期間保持謹慎。

Got it. So just a point of clarification. The only sort of pull forward was that $6 million in Pet?

了解。那我確認一下。唯一的提前拉貨就是寵物業務那 600 萬美元嗎？

It was $9 million in total in the Global Pet Care business.

全球寵物照護業務合計是 900 萬美元。

Okay. Got it. And then my second question is just around the Oaktree investment. And is there any structure in place to enable full change in control? Does this preclude other potential bidders from making a go at HPC if something were to come along?

好的。了解。那我第二個問題是關於 Oaktree 的投資。是否有任何架構安排可以促成完全的控制權變更（full change in control）？如果未來出現機會，這是否會排除其他潛在競標者對 HPC 提出收購？

I mean we own 73% of it on a fully diluted basis. So if we want to sell to somebody who wants to pay a big number, we're fully able to do that.

我的意思是，我們在完全稀釋基礎（fully diluted basis）下持有 73%。所以如果我們想賣給願意出高價的人，我們完全有能力這麼做。

Got it. And then just last question around the commodities outlook. Can you help us sort of quantify the impact of higher oil for fiscal '26 and what potentially is delayed until fiscal '27 just because of inventory on hand or what have you? Any rule of thumb you could offer in terms of if oil was at $80, $90, $100, what will have you -- what kind of impact that might have on you?

了解。最後一個問題是關於大宗商品展望。你們能否協助我們量化一下：若油價走高，對 2026 財年的影響有多大？以及因為手上庫存等因素，哪些影響可能會延後到 2027 財年？能否提供一個經驗法則：如果油價在 80、90、100 美元等不同水準，可能會對你們造成什麼樣的影響？

For the year, as we said before, I think we're reasonably covered. We'll see some inflation in -- really Q4 is when we'll feel some inflation. But I think -- with the tariffs being down, I think we kind of offset that. And it's a little too early to talk about next year and how much inflation we actually capitalize into next year. But I would point to the fact that our recent experience with inflation has been that we're able to offset it either through productivity and price, and we'll continue to monitor. And our goal would be to just hold our margin profile and offset that inflation as we see it.

就今年而言，如同我們先前所說，我想我們的避險／覆蓋程度相當足夠。我們會看到一些通膨壓力——真正會感受到一些通膨是在第四季（Q4）。但我認為——在關稅下降的情況下，我們某種程度上可以抵銷。而且現在談明年以及我們實際會把多少通膨影響資本化／帶入明年，還有點太早。不過我會指出，我們近期面對通膨的經驗是：我們能透過生產力提升與定價來抵銷，我們也會持續監控。我們的目標是維持我們的毛利率／利潤率輪廓（margin profile），並在看到通膨時加以抵銷。

I'm showing no further questions in the queue. I would now like to turn it back to Jen Schultz for closing remarks.

我這邊顯示佇列中沒有其他問題。現在我想把時間交回給 Jen Schultz 做結語。

Thank you. And with that, 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。那麼，我們將結束本次電話會議。感謝 David 與 Faisal。我謹代表 Spectrum Brands，感謝各位今天上午的參與。

Thanks, everybody. Have a good day.

謝謝各位。祝大家有美好的一天。

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

感謝您參與今天的會議。本節目到此結束。您現在可以掛線。