Latham Group Inc (SWIM) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to the Latham Group first quarter 2026 earnings conference call. (Operator Instructions) Please -- please note, this event is being recorded.

下午好，歡迎參加 Latham Group 2026 會計年度第一季財報電話會議。(接線員指示) 請——請注意，本活動正在錄音。

I would now like to turn the conference over to Casey Cody, Investor Relations Representative. Please go ahead.

現在我想把會議交給投資人關係代表 Casey Cody。請開始。

Thank you. This afternoon, we issued our first quarter 2026 earnings press release, which is available on the Investor Relations portion of our website. On today's call are Latham's President and CEO, Sean Gadd; and CFO, Oliver Glow.

謝謝。今天下午，我們已發布 2026 會計年度第一季財報新聞稿，可於我們網站的投資人關係專區取得。今天與會者包括 Latham 總裁暨執行長 Sean Gadd，以及財務長 Oliver Glow。

Following their remarks, we will open the call to questions. During this call, the company may make certain statements that constitute forward-looking statements, which reflect the company's views with respect to future events and financial performance as of today or the date specified.

在他們的談話之後，我們將開放提問。在本次電話會議中，公司可能會發表若干構成前瞻性陳述的聲明，該等陳述反映公司截至今日或所指明日期對未來事件及財務表現的看法。

Actual events and results may differ materially from those contemplated by such forward-looking statements due to risks and other factors that are set forth in the company's annual report on Form 10-K and subsequent reports filed or furnished with the SEC as well as today's earnings release.

由於公司年度報告 Form 10-K 以及其後向美國證券交易委員會（SEC）提交或提供的報告、以及今日的財報新聞稿中所載之風險與其他因素，實際事件與結果可能與該等前瞻性陳述所預期者存在重大差異。

The company expressly disclaims any obligation to update any forward-looking statements, except as required by applicable law. In addition, during today's call, the company will discuss certain non-GAAP financial measures. Reconciliations of the directly comparable GAAP measures to these non-GAAP measures can be found in the slide presentation that is available on our Investor Relations website. I'll now turn the call over to Sean Gadd.

除非適用法律要求，公司明確聲明不承擔更新任何前瞻性陳述之義務。此外，在今天的電話會議中，公司將討論若干非 GAAP 財務衡量指標。與這些非 GAAP 指標直接可比的 GAAP 指標之調節表，可在我們投資人關係網站提供的簡報投影片中找到。現在我把電話交給 Sean Gadd。

Thank you, Casey, and thank you all for joining us today to review our first quarter results and discuss our business outlook. Our first quarter results represent a good start to 2026. We are especially pleased with our performance given the adverse weather conditions that plagued most of North America.

謝謝你，Casey，也感謝各位今天加入我們，一同檢視第一季業績並討論我們的業務展望。我們第一季的表現為 2026 年帶來良好開局。鑑於惡劣天候影響北美大部分地區，我們對自身表現尤其感到滿意。

There are several key takeaways from the quarter that are worth noting. First was another quarter in which we saw year-on-year sales growth in each of our product lines. Latham's category leadership position across our product portfolio and our geographic diversification are key competitive advantages for us.

本季有幾項值得注意的重點。第一，我們各產品線皆再次實現年對年銷售成長。Latham 在整體產品組合的品類領導地位，以及我們的地域多元化，是我們的重要競爭優勢。

Secondly, we continue to effectively execute our stand state strategy, showing double-digit sales gains in fiberglass pools in our priority Florida market. We are taking further actions to accelerate our growth in this region.

第二，我們持續有效執行我們的「沙州（sand state）」策略，在我們優先市場佛羅里達的玻璃纖維泳池實現雙位數銷售成長。我們正採取進一步行動，以加速在該地區的成長。

Third, we expanded our margins, benefiting from operating leverage inherent in our business model and from the lean manufacturing and value engineering initiatives that continue to yield very positive results.

第三，我們擴大了利潤率，受惠於我們商業模式內建的營運槓桿，以及精實製造與價值工程計畫持續帶來非常正面的成果。

Oliver will provide additional detail on this later on in the call. And lastly, we are pleased to confirm our 2026 guidance, which anticipates significant sales growth and even stronger growth in adjusted EBITDA within a challenging macro environment where pool starts will be about flat to last year.

Oliver 稍後會在電話會議中提供更多細節。最後，我們很高興確認 2026 年的財測指引；在具挑戰性的總體環境下（預期泳池開工量與去年大致持平），該指引預期銷售將顯著成長，調整後 EBITDA 的成長幅度更強。

Our guidance includes moderate increase in transportation and commodity costs due to today's high oil prices, which we are mitigating with temporary fuel surcharges. We are closely monitoring the dynamic situation in the Middle East and the potential impacts on costs and consumer demand.

我們的指引包含因當前高油價導致運輸與大宗商品成本溫和上升；我們正透過臨時燃油附加費加以緩解。我們正密切關注中東局勢的動態發展及其對成本與消費者需求的潛在影響。

Taking a closer look at our first quarter results, in-ground pool sales increased 3.5% and virtually all of that growth can be attributed to the 1-month contribution from the Freedom Pools acquisition. Adverse weather was definitely a factor in our organic performance. Keeping organic in-ground pool sales steady year-on-year.

更深入檢視第一季業績，地下式泳池（in-ground pool）銷售成長 3.5%，幾乎全部成長皆可歸因於 Freedom Pools 併購案帶來的 1 個月貢獻。惡劣天候確實影響了我們的有機表現。使得有機地下式泳池銷售年對年維持持平。

However, April sales trends were in line with our expectations, and we are on track for fiberglass pools to approach 80% of our full year in-ground pool sales in 2026. The Freedom Pool acquisition we completed on February 26 is integrating as expected. As we've noted, the acquisition expands our presence in Australia and New Zealand, markets where fiberglass pool models have a strong foothold and broadens our reach into new markets in Western Australia, including Perth, which is the fastest-growing city in the country.

不過，4 月的銷售趨勢符合我們的預期，我們也正按計畫推進，預期 2026 年玻璃纖維泳池將接近占我們全年地下式泳池銷售的 80%。我們於 2 月 26 日完成的 Freedom Pool 併購案正如預期整合中。如我們先前所述，該併購擴大了我們在澳洲與紐西蘭的布局——玻璃纖維泳池在這些市場具有強勢立足點——並拓展我們在西澳的新市場版圖，包括全國成長最快的城市珀斯（Perth）。

We recently spent a week in Australia, bringing together the Narellan and Freedom teams. In addition to this transaction being immediately accretive to Latham and giving us a market-leading position in the country, we anticipate achieving considerable revenue synergies from this combination over time as well as gaining firsthand experience from the direct-to-consumer business model.

我們最近在澳洲待了一週，促成 Narellan 與 Freedom 團隊的整合。除了此交易能立即增厚 Latham 的獲利並讓我們在當地取得市場領先地位外，我們也預期隨時間推進，這項結合將帶來可觀的營收協同效益，並讓我們第一手獲得直面消費者（DTC）商業模式的經驗。

Sales advanced 6% in the first quarter, driven by growth in auto cover demand as consumers increasingly recognize the safety and economic benefits of this excellent product. Our industry-leading auto covers are compatible with all in-ground pool types and in many parts of the US, they provide the homeowner with an alternative to fencing while delivering additional cost savings from reduced evaporation and chemical usage.

第一季銷售成長 6%，主要由自動池蓋需求成長所帶動，因消費者日益認知到這項優質產品在安全與經濟上的效益。我們業界領先的自動池蓋可相容於所有地下式泳池類型；在美國許多地區，它可為屋主提供圍欄以外的替代方案，同時透過降低蒸發與化學品用量帶來額外成本節省。

Educational marketing campaigns, including our partnership with Olympic Gold Medalist and pool safety advocate, -- by Miller and his wife Morgan to promote pool safety have served to build consumer awareness and increase attachment rates, a covers to new pool installations. First quarter liner sales were up 9% year-on-year, reflecting increased demand and buying in advance of the pool season. We continue to gain traction with our sand state strategy in the first quarter and are moving forward with plans to accelerate our growth in this important region.

教育型行銷活動——包括我們與奧運金牌得主暨泳池安全倡議者 By Miller 及其妻子 Morgan 的合作，以推廣泳池安全——有助於提升消費者認知，並提高新泳池安裝時的搭售率（池蓋搭配新泳池安裝的比例）。第一季內襯（liner）銷售年對年成長 9%，反映需求增加以及在泳池旺季前的提前採購。第一季我們持續在「沙州」策略上取得進展，並正推動相關計畫以加速在此重要地區的成長。

Many of the investors and analysts who I've met since taking on the CEO role in January have asked me where I see the major growth opportunities ahead for Latham, what our playbook is for capturing that growth. Let me start by saying that the opportunity is substantial. We do not need to wait for the recovery in the US pool market to drive growth.

自我在 1 月接任執行長以來，許多我見過的投資人與分析師都問我：我認為 Latham 未來主要的成長機會在哪裡？我們用什麼作戰手冊來掌握這些成長？我先說，機會相當可觀。我們不需要等待美國泳池市場復甦才來推動成長。

There are enough pool starts for us to go and attack the sand states now, given our relatively low penetration in that region. The key here is that fiberglass is a growing category, and we are the #1 player in the US, and so we are best positioned to gain share. Fiberglass pools are an excellent fit for the sand states for many of the same reasons that the category is growing nationally, fast and easy installation, lasting durability, low maintenance and we have an exceptional design range of sizes and options to choose from, many of which are smaller rectangular shape pools with attached bars that are perfect for our target communities.

鑑於我們在該地區的滲透率相對偏低，目前就有足夠的泳池開工量讓我們去進攻「沙州」。關鍵在於：玻璃纖維是一個正在成長的品類，而我們是美國第一大業者，因此最有條件提升市占。玻璃纖維泳池非常適合「沙州」，原因與該品類在全國成長的原因相同：安裝快速且容易、耐用性佳、維護成本低；此外，我們提供卓越的設計選擇，尺寸與選配多元，其中許多是較小的長方形泳池並附帶吧台（bar），非常適合我們的目標社區。

Latham has laid a good foundation for growth in the sand states. There is definitely increased brand awareness among consumers and dealers in Florida, thanks to several high-profile marketing campaigns paired with local activations. In 2026, we plan to build on that foundation to set the stage for accelerated long-term growth. As you know, I have many years of experience successfully selling against the standard in the building products industry.

Latham 已為在「沙州」成長奠定良好基礎。在佛羅里達，受惠於多項高能見度行銷活動搭配在地推廣，消費者與經銷商的品牌認知確實提升。在 2026 年，我們計畫在此基礎上再接再厲，為加速長期成長鋪路。如各位所知，我在建材產業有多年成功「對標準品競爭」的銷售經驗。

When I apply that experience to Latham's current position in the sand states, I have identified several actions to capture consumer demand and provide additional value to our dealers. First, we are building out our commercial organization with the key pillars being sales strategy, sales operation and sales execution with responsibilities to design and drive sales plans, product leadership and sales effectiveness.

當我把這些經驗套用到 Latham 目前在「沙州」的定位時，我已辨識出若干行動，以掌握消費者需求並為我們的經銷商提供更多價值。第一，我們正在擴建商務組織，其關鍵支柱包括銷售策略、銷售營運與銷售執行，負責設計並推動銷售計畫、產品領導力與銷售效能。

Our goal is to provide a world-class commercial organization that supports our growth, not just in Florida but across all the sand states and all of North America. Second, we have introduced a new market development framework and approach at Latham that I believe will make us even more effective in capturing share. The key element of this framework is segmentation, meaning that we'll be very selective with our targeted state markets and determining the specific sections and neighborhoods that offer the greatest opportunity for us.

我們的目標是打造世界級的商務組織來支持成長，不僅在佛羅里達，而是涵蓋所有「沙州」以及整個北美。第二，我們在 Latham 導入一套新的市場開發框架與方法，我相信這將使我們在提升市占方面更具成效。此框架的關鍵要素是「分群（segmentation）」，也就是我們將非常審慎地選擇目標州市場，並鎖定能為我們帶來最大機會的特定區域與社區。

In essence, it's all about neighborhoods. We're looking for neighborhoods with a large number of homes with home values, lot sizes and household incomes that fall within our parameters. These can be in, adjacent to or outside of master planned communities.

本質上，一切都與社區有關。我們正在尋找住宅數量龐大的社區，這些住宅的房屋價值、地塊面積與家庭收入落在我們的參數範圍內。這些社區可能位於總體規劃社區之內、毗鄰其旁或在其之外。

Third, we'll be adding sales resources in the field to make sure we stay close to the consumer throughout the pool buying process. In this way, we'll be able to assist our dealers in converting more leads into sales and getting greater understanding of the consumer journey.

第三，我們將在第一線增補銷售資源，確保在泳池購買流程中始終貼近消費者。如此一來，我們將能協助經銷商把更多潛在客戶轉化為銷售，並更深入理解消費者旅程。

We know that consumers are looking for designs that fit their lifestyles, and we believe that Latent has the best range of products to meet those needs. In 2026, we are increasing our investment in branding and marketing in a very targeted way to capture greater consumer awareness, together with our network of trusted dealers who are able to fulfill the demand we generate.

我們知道消費者在尋找符合其生活型態的設計，而我們相信 Latent 擁有最完整的產品組合來滿足這些需求。在 2026 年，我們將以非常精準的方式加大品牌與行銷投資，以提升消費者認知；同時結合我們值得信賴的經銷商網絡，來承接我們所創造的需求。

In support of all this, we are revamping our marketing and advertising campaigns to give homeowners a full understanding of the true benefits of fiberglass and why it is the right solution for their backyard to enable their dreams of creating wonderful memories to come true.

為了支持上述各項工作，我們正在全面翻新行銷與廣告活動，讓屋主充分了解玻璃纖維的真正優勢，以及為何它是後院的正確解決方案，幫助他們實現創造美好回憶的夢想。

With that, I will turn over the call to Oliver Glow, our CFO, for a financial review. Oliver?

接下來，我將把電話會議交給我們的財務長 Oliver Glow 進行財務回顧。Oliver？

Thank you, Sean, and good afternoon, everyone. I'm pleased to report on what was a solid start to 2026. Please note that all comparisons we discuss today on a year-over-year basis compared to the first quarter of fiscal 2025, unless otherwise noted. Net sales for the first quarter of 2026 were $117 million, 5% above $111 million in Q1 of 2025, of which 3% represented organic growth and 2% represented the one month benefit of the Freedom Pools acquisition we completed at the end of February.

謝謝你，Sean，各位下午好。我很高興報告 2026 年穩健的開局。請注意，除非另有說明，我們今天討論的所有年對年比較，皆是相較於 2025 財政年度第一季。2026 年第一季淨銷售額為 1.17 億美元，較 2025 年第一季的 1.11 億美元成長 5%；其中 3% 來自有機成長，2% 來自我們於 2 月底完成 Freedom Pools 收購所帶來的一個月貢獻。

Organic growth was led by the continued strength of order covers and increased demand for our pool liners. By product line, inbound pool sales were $60 million, up 4% from Q1 2025, with virtually all the year-on-year growth coming from Freedom's fiberglass pool sales. sales were $33 million, up 6% and liner sales were $24 million, up 9% compared to the first quarter of 2025.

有機成長主要由訂單覆蓋（order covers）的持續強勁表現，以及泳池內襯（pool liners）需求增加所帶動。按產品線來看，入地式泳池（inbound pool）銷售額為 6,000 萬美元，較 2025 年第一季成長 4%，幾乎所有年對年成長都來自 Freedom 的玻璃纖維泳池銷售。覆蓋產品銷售額為 3,300 萬美元，成長 6%；內襯銷售額為 2,400 萬美元，較 2025 年第一季成長 9%。

We achieved a first quarter gross margin of 32%, reflecting a 220 basis point increase above last year's 30%. This performance is primarily due to volume leverage, along with production efficiencies driven by our lean manufacturing and value engineering initiatives. SG&A expenses increased to $37 million, up 20% from $31 million in Q1 of 2025.

第一季毛利率為 32%，較去年 30% 提升 220 個基點。此表現主要來自銷量帶來的槓桿效益，以及我們推動精實製造與價值工程計畫所帶動的生產效率提升。SG&A（銷售、一般及行政）費用增加至 3,700 萬美元，較 2025 年第一季的 3,100 萬美元成長 20%。

This was largely tied to strategic investments in sales and marketing to accelerate fiberglass adoption, digital transformation initiatives and acquisition and integration-related costs, which includes $2.3 million of performance-based compensatory earn-out expenses related to our Car Central acquisition in 2024. Target synergies have been realized for Cverar Central, and we are pleased with the contribution from the acquisition, which has exceeded our initial expectations.

這主要與我們在銷售與行銷方面的策略性投資（以加速玻璃纖維採用）、數位轉型計畫，以及收購與整合相關成本有關，其中包含 2024 年 Car Central 收購案所產生的 230 萬美元、以績效為基礎的補償性或有對價（earn-out）費用。Car Central 已實現目標協同效益，我們對該收購案的貢獻感到滿意，其表現超出我們最初的預期。

This earn-out will total roughly $9 million over the course of the year with similar impact in each remaining quarter in 2026. Net loss was $9 million or $0.07 per diluted share compared to a net loss of $6 million or $0.05 per diluted share for the prior year's first quarter, primarily due to the aforementioned increase in SG&A expenses.

這筆 earn-out 全年合計約 900 萬美元，並將在 2026 年其餘各季產生類似影響。淨損為 900 萬美元，或稀釋後每股虧損 0.07 美元；相較之下，去年第一季淨損為 600 萬美元，或稀釋後每股虧損 0.05 美元，主要原因是前述 SG&A 費用增加。

First quarter adjusted EBITDA was $12 million, 9% above $11 million in the prior year period, primarily resulting from volume leverage and efficiencies gained through our lean manufacturing and value engineering initiatives. Adjusted EBITDA margin was 10.4%, a 40 basis point expansion compared to last year's first quarter.

第一季調整後 EBITDA 為 1,200 萬美元，較去年同期的 1,100 萬美元成長 9%，主要來自銷量槓桿效益以及精實製造與價值工程計畫帶來的效率提升。調整後 EBITDA 利潤率為 10.4%，較去年第一季擴張 40 個基點。

Turning to the balance sheet. We continue to maintain a strong financial position, ending the first quarter with a cash position of $27 million. In line with our expectations, net cash used in operating activities was $48 million, reflecting a seasonal increase in working capital needs of peak selling season.

接著看資產負債表。我們持續維持強勁的財務狀況，第一季末現金部位為 2,700 萬美元。符合我們的預期，營運活動使用的淨現金為 4,800 萬美元，反映銷售旺季帶來的營運資金需求季節性增加。

We ended the quarter with total debt of $311 million and a net debt leverage ratio of 2.8, also in line with our expectations. Capital expenditures were $23 million in Q1 2026 compared to $4 million in the prior year period. The increase is primarily due to the purchase of four key fiberglass manufacturing facilities in Florida, Texas, California and West Virginia for $18 million, including a $12 million deposit made in 2025 that was settled in Q1 2026.

本季末總負債為 3.11 億美元，淨負債槓桿比率為 2.8，亦符合我們的預期。2026 年第一季資本支出為 2,300 萬美元，較去年同期的 400 萬美元增加。增加主要來自以 1,800 萬美元購買位於佛羅里達、德州、加州與西維吉尼亞的四座關鍵玻璃纖維製造設施，其中包含 2025 年支付的 1,200 萬美元訂金，並於 2026 年第一季完成結算。

Additionally, we incurred $5 million of CapEx relating to ongoing projects in line with our expectations. As a reminder, we expect CapEx to range between $42 million and $48 million in 2026. This includes $25 million of maintenance CapEx, expenditures related to the purchase of the fiberglass manufacturing facilities that I just mentioned and investments to upgrade our newly acquired Freedom Pools manufacturing facilities.

此外，我們也依照預期，針對進行中的專案發生 500 萬美元的資本支出。提醒各位，我們預期 2026 年資本支出將介於 4,200 萬至 4,800 萬美元。其中包含 2,500 萬美元的維護性資本支出、我剛提到的玻璃纖維製造設施購置相關支出，以及對新收購的 Freedom Pools 製造設施進行升級的投資。

While the beginning of 2026 was affected by adverse weather conditions across North America, we are encouraged that April sales trends have been in line with the historical seasonal ramp. We continue to monitor geopolitical developments and their potential impact on our freight and raw material costs, but we believe we are well positioned to manage effectively through this pool building season.

雖然 2026 年初受到北美各地不利天候影響，但我們很受鼓舞的是，4 月的銷售趨勢符合歷史季節性爬坡節奏。我們持續關注地緣政治發展及其對運費與原物料成本的潛在影響，但我們相信自己已做好充分準備，能有效因應本次泳池建造旺季。

We are pleased by the steady progress we are seeing from our fiberglass awareness and adoption initiatives, highlighted by strong consumer engagement with our branding and marketing campaigns and continued gains in Florida, our initial state target market. Based on our performance to date and our current visibility into the remaining season,

我們很高興看到玻璃纖維認知與採用推廣計畫持續穩步推進，亮點包括消費者對我們品牌與行銷活動的高度互動，以及在我們最初鎖定的州別目標市場——佛羅里達——持續取得成長。基於目前為止的表現，以及我們對剩餘旺季的能見度，

we are pleased to reaffirm our guidance for 2026 revenue growth of 9% and adjusted EBITDA growth of 13% at the midpoint and with expectation for new US school starts to be flat with last year. With that, I'll turn the call back to Sean for his closing remarks.

我們很高興重申 2026 年的指引：營收成長 9%，調整後 EBITDA 成長在中位數為 13%，並預期美國新學校開學數量與去年持平。接下來我把電話會議交回 Sean，請他做結語。

Thanks, Oliver. In summary, we are pleased with our first quarter performance, encouraged by recent order trends and excited by the growth opportunities we see on the horizon. Latham is firmly on track to outperform the market for new US pool starts again in 2026, and we intend to take advantage of soft markets to accelerate our sand state strategy and strengthen our execution.

謝謝你，Oliver。總結來說，我們對第一季表現感到滿意，近期訂單趨勢令人鼓舞，也對眼前的成長機會感到振奮。Latham 明確走在正軌上，預計在 2026 年再次超越美國新開工泳池市場的表現；我們也打算把握市場疲軟的時機，加速我們的「沙州（sand state）」策略並強化執行力。

I see tremendous opportunity for Latham to drive market penetration in the sand states as well as the rest of North America, Australia and New Zealand. And with that, operator, please open the call to questions.

我看到 Latham 在沙州以及北美其他地區、澳洲與紐西蘭提升市場滲透率的巨大機會。那麼，接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Ryan Merkel, William Blair.

Ryan Merkel，William Blair。

Hey, everyone. Appreciate the question. I wanted to start off with sort of the fiberglass backlog and orders as you enter the season. How is that looking? And then have you seen trends pick up now that the weather is cleared?

各位好。謝謝讓我提問。我想先從進入旺季時玻璃纖維產品的積壓訂單（backlog）與接單情況談起。目前看起來如何？另外，天氣轉好之後，你們是否看到趨勢回升？

Yes. Thank you for that question, Ryan. In terms of backlog, I think we're seeing what we would have expected to see coming out of the first quarter. The order file in April looks strong to us and looks like it is picking up for the season. And we feel good enough that we obviously have reaffirmed guidance.

是的。謝謝你的問題，Ryan。就積壓訂單而言，我認為我們看到的情況符合第一季結束後的預期。4 月的訂單檔案（order file）在我們看來很強勁，並且看起來正隨著旺季而回升。我們也因此有足夠信心，才會重申我們的指引。

But generally, we are seeing a pickup in orders and feel pretty good trends.

但整體而言，我們看到訂單正在回升，趨勢讓我們感覺相當不錯。

Got it. Okay. And then my second question is the fiberglass conversion is key to the story, Sean, you know that, and you're adding a bunch of resources, it seems. I'm curious, what are the biggest tweaks that you're making to the strategy? And then any early results or maybe it's a little too early?

了解。好。那我的第二個問題是，玻璃纖維轉換是這個故事的關鍵，Sean，你也知道，而且看起來你們正在增加不少資源。我很好奇，你們在策略上做的最大調整是什麼？另外，有沒有任何初步成果，還是可能現在還太早？

Yeah, are definitely making some tweaks. It is -- I will tell you, it's too early. The main thing, and I talked about it earlier on is we are segmenting the market a little bit differently to how we have done it in the past. We've got our criteria now built up where we know we feel like if a neighborhood fits that criteria, the likelihood of them going to Latham and then to fiberglass is higher.

是的，我們確實在做一些調整。我會告訴你——現在還太早。最主要的一點，我之前也提到過，就是我們正在用與過去不同的方式，對市場做更細的分群。我們現在已建立一套判準；我們覺得如果某個社區符合這些判準，他們選擇 Latham、進而轉向玻璃纖維的可能性就更高。

So we like that. We're starting to test that and we get those right with the right dealers, we'll be able to start building out more and more neighborhoods. And so we're early, but I feel like that's definitely on a good path for us.

所以我們喜歡這個方向。我們開始測試；如果能在合適的經銷商搭配下把這些做對，我們就能開始拓展更多、更多的社區。因此我們還在早期，但我覺得這對我們來說絕對走在正確的路徑上。

The second thing we're doing is adding heads. And really, I'm trying to organize the commercial organization into sort of 3 areas: sales strategy, which is really just understanding where is the opportunity, doing more of the segmentation, becoming a little bit smarter around sales.

第二件事是我們在增加人力編制。基本上，我正嘗試把商業組織整理成大概三個領域：銷售策略——也就是理解機會在哪裡、做更多分群，讓銷售變得更聰明一些。

And then then sales operations, which for me is really about converting what we think about the market into real game plans that the sales team can execute, then measuring that sales team and then sales team to go and execute. So just getting a little bit more organized so that we get the most out of our sales organization, and that's really across the whole US, but including in the same space.

然後是銷售營運；對我來說，這主要是把我們對市場的想法轉化成銷售團隊可以執行的實際作戰計畫，接著衡量銷售團隊，並讓銷售團隊去執行。所以就是讓整體更有組織一些，以便從我們的銷售組織中榨出最大的效益；這其實涵蓋全美，但也包括同一個領域。

That's great. That's interesting. Okay. Appreciate that. I'll pass it on.

很好。很有意思。好。謝謝你的分享。我把問題交給下一位。

Greg Palm, Craig-Hallum Capital Group.

Greg Palm，Craig-Hallum Capital Group。

Yeah, thanks. I wanted to piggyback on the first question a little bit since a lot has happened in the last couple of months since you -- since we were all on the phone together. It doesn't sound like demand environment has changed like all that much, I guess, relative to maybe what you would have thought a couple of months ago.

是的，謝謝。我想稍微延伸第一個問題，因為過去幾個月發生了很多事——自從你——自從我們大家一起在電話上之後。聽起來需求環境並沒有改變太多，我想，相較於你們兩個月前可能的預期。

So maybe you can just confirm that again. But from an input cost side of things, you mentioned freight. I wanted to get your sense on how you're dealing with that and also anything else that's on your radar, whether it be increasing resin prices? Are you seeing any availability shortages of key inputs like that, anything else that should be on our radar?

所以也許你可以再確認一次。但在投入成本方面，你提到了運費。我想了解你們如何應對，另外還有沒有其他你們正在關注的事項，例如樹脂價格上漲？你們是否看到像這類關鍵投入品的供應短缺？還有其他我們需要留意的嗎？

Thanks, Greg. I'll start by talking about the market a little bit. We still see the market overall for this year look likely to remain flat. So our assumption for that hasn't changed. But we are seeing some green shoots coming out, and we feel good about that.

謝謝，Greg。我先談一下市場。我們仍然認為今年整體市場很可能維持持平。所以我們對此的假設沒有改變。但我們確實看到一些回溫的跡象，對此我們感覺不錯。

So like I said, our order trend for April looks strong and then into the start of May. So we feel good about that. PK would have indicated that data would have indicated that some more growth starting to occur with cheaper pools. Again, we like that.

所以如我所說，我們4月的訂單趨勢看起來很強，並延續到5月初。因此我們對此感覺良好。PK 的數據——那份數據顯示，較便宜的泳池開始帶動更多成長出現。同樣地，我們喜歡這點。

That's a good sign for us. Obviously, pools are getting smaller, so that is good. Obviously, the volatility is not helping, but I think we have a sound game -- I know we have a sound approach. So I think we'll work through that. And then from a dealer perspective, when we caught up with the dealers, what they tell us is it's pretty competitive, four or five quotes per job, which is generally up.

這對我們來說是個好訊號。顯然，泳池正在變小，所以這是好的。當然，波動性沒有幫助，但我認為我們有一套健全的作戰——我知道我們有一套健全的方法。所以我想我們會把這些消化掉。另外，從經銷商角度來看，當我們和經銷商交流時，他們告訴我們競爭相當激烈，每個案子有四到五份報價，通常是增加的。

But from what I -- from my take is it's certainly uncertain. But I believe less people will be traveling, the price of gas doesn't help. And so they're staying at home. And I think that's the opportunity. And I think that's what the green shoots we're seeing that people will rather now spend time at the home and hopefully, with that the pool.

但就我——我的看法是，確實存在不確定性。但我相信會有更少人出遊，汽油價格也不利。所以他們會待在家裡。我認為那就是機會。我也認為這就是我們看到的回溫跡象：人們現在更願意把時間花在家裡，希望也包括泳池。

And Greg, let me address the second part of your question with regards to the conflict in the Middle East and some of the updates here on input costs. Let me start off by saying we don't see availability to be an issue as of today.

Greg，讓我回應你問題的第二部分，關於中東衝突以及投入成本的一些最新情況。我先說結論：截至今天，我們不認為供應可得性會是問題。

And partially that's due to our supply diversification coming out of COVID a lot to be multi-sourced and be as diversified as possible. But we are seeing obviously headwinds in cost, right? That comes in 2 forms. One is transportation, the price at the pump and especially in the world of fiberglass, we are obviously incurring transportation costs. It's expensive to ship those fiberglass across the nation.

部分原因是我們在 COVID 之後做了供應多元化，盡可能採取多來源並保持最大程度的分散。但我們顯然看到成本面的逆風，對吧？這主要有兩種形式。第一是運輸：加油站的油價，尤其在玻璃纖維的世界裡，我們顯然會承擔運輸成本。把那些玻璃纖維產品運送到全國各地是很昂貴的。

In terms of mitigation, what we've done on that side is to introduce temporary fuel surcharges that we plan to fully mitigate us when it comes to transportation costs. I think it's too early to tell what the impact is going to be on the commodity side.

在緩解措施方面，我們在那一端採取的是導入臨時燃油附加費，我們計畫在運輸成本上做到完全抵銷。至於大宗商品端的影響會如何，我認為現在還太早下結論。

Obviously, suppliers are reaching out. We are exposed to the -- again, the country in the Middle East as we consume a lot of oil derivatives in the world of resins, vinyl and so forth. Again, I think it's too early to tell, certainly currently in discussions with the suppliers.

顯然，供應商正在聯繫我們。我們確實暴露於——再次強調，中東那個國家，因為我們在樹脂、乙烯基等領域會消耗大量石油衍生品。同樣地，我認為現在還太早判斷；目前我們確實正在與供應商討論。

I think we're making the first purchase orders as we speak on a slightly higher price levels. We'll have to see how the very dynamic situation evolves. But I'm confident in the playbook that we have. We have applied that playbook during COVID. We have applied that playbook certainly last year.

我想我們正在進行第一批採購訂單，價格水準略高一些。我們得看看這個高度動態的情勢如何演變。但我對我們的應對手冊有信心。我們在 COVID 期間用過這套手冊。我們去年也確實用過這套手冊。

And I think we have confidence that the playbook will also work this year as we work through commodities.

我認為我們有信心，當我們處理大宗商品問題時，這套手冊今年也會奏效。

Okay. Great. And then on some of these initiatives that you talked about resegmentation, adding sales resources, I'm curious, how do you feel about your current dealer network right now? And how important of a lever can that be, not just adding new and more dealers, but also leaning into some of your more successful ones. Maybe you can talk a little bit about that as well.

好的。很好。另外，關於你提到的一些措施：重新分群、增加銷售資源，我很好奇，你對目前的經銷商網路感覺如何？這會是多重要的一個槓桿——不只是新增更多經銷商，也包括更用力地倚重你們更成功的那些經銷商。也許你也可以談談這點。

Yeah, sure. I'll start with dealers are very important. They are obviously the extension of us as they sit across the kitchen tables. And so we need them to sales. Now what I will tell you is I believe we've got the opportunity to get more out of our current network, which is goal #1.

好的，當然。我先說，經銷商非常重要。他們顯然是我們的延伸，因為他們坐在客戶的餐桌旁（面對面溝通）。所以我們需要他們來銷售。我可以告訴你的是，我相信我們有機會從現有網路中挖掘更多效益，這是目標 #1。

So I'm talking really about our core, what I would call our core markets, Midwest, Northeast Canada, and that's really about account management. And we're going to be defining what account management looks like for Latham and making sure our organization is trained around good account management.

所以我主要在談我們的核心——我稱之為核心市場：中西部、東北部、加拿大；而這主要關乎客戶（經銷商）帳戶管理。我們將定義對 Latham 而言「帳戶管理」應該長什麼樣子，並確保我們的組織接受良好的帳戶管理訓練。

So I expect to get more out of our current network. Then I think about adding where we've got white space, we're always going to be looking for dealers to take on white space if our current dealer network doesn't get us there. That is going to be part of the strategy.

因此，我預期能從我們目前的網路中獲得更多成效。接著我會思考在我們仍有空白區域的地方加強布局；如果現有經銷商網路無法覆蓋到位，我們將一如既往地尋找經銷商來承接這些空白區域。這將會是策略的一部分。

And then when I think about the sand states and material conversion, we have a good network of dealers there right now that we are going to be feeding as we go into these neighborhoods and they will be able to get the benefit of referrals and everything else that comes out of those neighborhoods. So we feel good about the network in the sand states, particularly Florida, but our intention will be over time to grow-

然後，當我想到沙州（sand states）以及材料轉換時，我們目前在那裡已經有一個不錯的經銷商網路；隨著我們進入這些社區，我們會持續供應他們，而他們也能受惠於轉介以及這些社區所帶來的其他一切。所以我們對沙州的網路很有信心，特別是佛羅里達州，但我們的意圖是隨著時間推移擴大—

Yeah, fair enough. Okay, I will leave it there. Thanks.

好的，合理。好，那我就先到這裡。謝謝。

Timothy Wojs, Baird.

Timothy Wojs，Baird。

Hey, guys. Good afternoon. Maybe just first question just on the -- just kind of the resegmentation of some of the sales force and things like that. Is the plan that there's incremental investments in terms of dollars that's going into some of the initiatives? Or are you just kind of reallocating what you have?

嗨，各位。下午好。也許先問第一個問題，關於—就是銷售團隊的重新分區（resegmentation）以及類似的調整。計畫是否會在某些倡議上增加額外的美元投資？還是你們只是把現有資源重新分配？

They do a little bit of both. We are definitely going to get ahead a little bit because we need more people on the ground and/or and actually thinking about our game plan. So that is. But our intention will be -- if you think about sales -- sorry, SG&A as a percentage of sales, we should -- over the medium and long term, that should stay the same. So we will continue to find that as we grow.

兩者都會做一點。我們確實會稍微超前投入一些，因為我們需要更多前線人員，並且／或者需要有人實際在地思考我們的作戰計畫。所以是這樣。但我們的意圖是—如果你看銷售—抱歉，是看SG&A占銷售的百分比，中長期來看應該會維持不變。所以隨著我們成長，我們會持續把它控制在那個水準。

And then we will look at opportunities to sort of trim back on the back side of the business to give us some space to spend on the front side of the business and invest.

另外，我們也會尋找機會在業務後端適度精簡，騰出一些空間，讓我們能在業務前端投入與投資。

Okay. Okay. And then, Oliver, just on the price cost question. I guess it's not totally clear if higher resins are kind of in the guide? Or is it kind of a wait-and-see approach right now?

好的。好的。然後，Oliver，再問一下價格與成本的問題。我想目前還不太清楚較高的樹脂成本是否已經納入指引？還是你們現在採取觀望的做法？

And if you do see higher resins, you guys have the ability to take cost out or improve efficiencies or pass them on price. Is that kind of the main message?

如果樹脂成本真的上升，你們有能力透過降本、提升效率或把成本轉嫁到價格上。這是否就是主要訊息？

It's probably more than that. I think transportation cost is relatively foreseeable what that means to us, and that's in the guide, right? With commodities, I think it's too early to tell.

可能不只如此。我認為運輸成本相對可預見其對我們的影響，而且這已經在指引裡了，對吧？至於大宗商品，我覺得現在判斷還太早。

Okay. Okay. Sounds good. Thank you, guys.

好的。好的。聽起來不錯。謝謝各位。

Thank you.

謝謝。

Andrew Carter, Stifel.

Andrew Carter，Stifel。

Hey, thank you. Good afternoon. I wanted to ask and just double-click to make sure we understand exactly what the pricing is for the year. You are putting in temporary fuel surcharges. Can you give a magnitude of how much that's kind of incremental to the old guidance? You are not taking any price increases on products for resins. Just want to make sure and triple check that.

嗨，謝謝。下午好。我想再追問一下，確保我們完全理解今年的定價到底是怎麼安排的。你們正在加收臨時燃油附加費。你能否說明一下，這相對於先前指引大概增加了多少幅度？你們並沒有因樹脂而對產品進行任何漲價。我只是想確認並再三核對一下。

And I think you said we're well prepared for materials during the season. So I'm guessing, is that a comment that everything is good for now and you take a price increase later? And then kind of finally, if you have to take a price increase, can you take one mid-season? Or does that mess things up? Or just how those dynamics work around when you have to make a decision on pricing?

另外我記得你說過，我們在旺季的材料供應方面準備得很充分。所以我猜，這是不是表示目前一切都沒問題，而你們可能會在之後再漲價？最後，如果你們必須漲價，可以在旺季中途漲價嗎？還是那會把事情搞亂？或者說，當你們必須做出定價決策時，相關動態大概是怎麼運作的？

Perfect. So Andrew, I would say the transportation cost and the temporary surcharge, I'd say, for the year is probably worth 60 basis points. But again, it's very dynamic and volatile, right? And obviously, as the headwinds change, that temporary surcharge can change over time as well, right?

很好。所以Andrew，我會說運輸成本與臨時附加費，全年大概相當於60個基點。但再次強調，這非常動態且波動，對吧？而且很明顯，隨著逆風變化，那個臨時附加費也會隨時間調整，對吧？

But that's just order of magnitude, right? I think, again, for commodities, too early to tell. Quite frankly, we haven't even ordered or just about to start ordering materials that would be subject to a change in pricing. So it's really too early to tell.

但這只是量級上的概估，對吧？我認為同樣地，對於大宗商品，現在判斷還太早。坦白說，我們甚至還沒下單，或是才正要開始下單那些可能會受到價格變動影響的材料。所以真的還太早。

And then obviously, the materials get shipped to our sites work their way through inventory ultimately as they consumed in the P&L -- but we'll -- again, we have our playbook and we'll react in time as necessary. And I remind you last year, we actually did do a mid-season price increase catering to the environment last year that came in, in June. So it's not preferred, but it's also not unheard of.

然後很明顯，材料會運到我們的據點，經過庫存周轉，最終在損益表中被消耗—但我們—同樣地，我們有既定的應對手冊（playbook），必要時會及時反應。我也提醒你，去年我們其實就因應當時的環境在旺季中途做過一次漲價，並在6月生效。所以這不是首選，但也並非前所未聞。

Thanks. I'll pass it on.

謝謝。我把問題交給下一位。

Scott Stringer, Wolfe Research.

Scott Stringer，Wolfe Research。

Hey, guys, thanks for the question. I'm just wondering if the adverse weather mentioned in 1Q pushes some sales into the second quarter. And the guidance obviously implies some acceleration through the rest of the year, right? So I guess it would just be helpful to know the tailwind from sales being pulled into 2Q, if that is the case.

嗨，各位，謝謝讓我提問。我想了解一下，第一季提到的不利天候是否把部分銷售推遲到第二季。而你們的指引顯然暗示今年剩餘期間會有一些加速，對吧？所以如果確實如此，我想知道銷售被挪到第二季所帶來的順風大概有多少。

So I would say the adverse weather really means we had a lot of snow ice on the ground in January and February. If you think of our annual organic growth of 6%, we certainly didn't achieve -- didn't quite achieve that in Q1, it was probably half of that.

我會說，不利天候主要是指1月和2月地面上有很多積雪和結冰。如果你看我們全年6%的有機成長，我們第一季確實沒有達到—沒有完全達到，可能只有一半左右。

And I would attribute that to weather. So if you translate that to shipping days, that equates to about a shipping day in today's seasonality. So I'm not reading too much into that. The season is young. Q1 is a comparatively small quarter, again, translating our underproportional organic growth in Q1 vis-a-vis the annual guide due to shipping days, it's one day.

我會把這歸因於天候。所以如果你把它換算成出貨天數，以目前的季節性來看，大約相當於少了一個出貨日。因此我不會過度解讀。旺季才剛開始。第一季相對是比較小的季度；同樣地，把第一季相對於全年指引的有機成長不足、並歸因於出貨天數來換算，就是一天。

I think that's another way of saying we put in the prepared remarks that really the trends in April have been as expected. We are seeing the seasonal ramp. whether we'll catch up on that 1 day in Q2 or in Q3, we will see it's early in the quarter.

我想這也是另一種說法：我們在事先準備的講稿裡提到，4月的趨勢基本符合預期。我們正在看到季節性爬坡；至於那少掉的1天會在第二季或第三季補回來，我們再看，因為本季才剛開始。

But certainly, nothing we have seen in Q1 and in our ramp in April that would make us change our view on '26 and the guide.

但可以確定的是，我們在第一季以及4月爬坡所看到的情況，沒有任何會讓我們改變對2026年以及指引的看法。

Okay. Got it. And then I think you guys talked about this a little bit earlier, but just curious on the visibility into 2Q and 3Q for in-ground pool installs. Is that pretty much set? Or just curious how much variability is there over the next few quarters in that segment?

好的。了解。然後我知道你們稍早有稍微提到，但我想問一下，對第二季與第三季的地埋式泳池（in-ground pool）安裝量，你們的能見度如何？那基本上已經確定了嗎？或者我只是好奇，未來幾季在那個細分市場的變動性有多大？

I'll start and then I'll hand it over to Oliver. I think from a Q2 perspective, we're all set, I mean, based on our lead times currently. But it looks like, as I said, we started the quarter really well. Q3 is still obviously -- while we've got orders that do fall into Q3, it's probably too early to tell. But again, from what we're hearing inside of the market and from what we're seeing, we still feel very confident with what the order looks like and we'll continue to hold guide.

我先開始，然後把時間交給 Oliver。我認為就第二季（Q2）的角度來看，我們都已經準備就緒，因為以我們目前的交期來看是這樣。但看起來，如我所說，我們這一季開局非常好。第三季（Q3）當然仍然是——雖然我們確實有一些訂單會落在 Q3，但現在可能還太早下定論。不過同樣地，從我們在市場內部聽到的以及我們看到的情況來看，我們對訂單的狀況仍然非常有信心，並且會繼續維持指引。

And if I compare today's order book versus prior year, it's really nothing that would cause us to think differently about the seasonal pattern vis-a-vis the last year. Again, all confirming our guides there.

而且如果我把今天的訂單簿和去年同期相比，其實沒有任何事情會讓我們對季節性型態（相較於去年）有不同的看法。同樣地，這些都在確認我們的指引。

Got it. That's helpful. Thanks for the time, guys.

了解。這很有幫助。謝謝各位撥冗。

Thank you.

謝謝。

Thanks a lot.

非常感謝。

Matthew Bouley, Barclays.

Matthew Bouley，巴克萊（Barclays）。

Good afternoon, guys. You have [Owen Ku] on for Matt Bouley today.

各位下午好。今天由 [Owen Ku] 代替 Matt Bouley 上線提問。

Good afternoon.

下午好。

For my first question, I'm just curious like what are the top concerns you're seeing from buyers today, like between rates, economic uncertainty, just the need to step up more consumer awareness of fiberglass pools, what's kind of the biggest challenge today?

我的第一個問題是，我想了解一下你們目前從買家那邊看到的主要疑慮是什麼？例如利率、經濟不確定性，或是需要提高消費者對玻璃纖維泳池的認知等等——目前最大的挑戰是什麼？

From what I've heard, the #1 thing would be -- which is tied to interest rates is basic financing is difficult to get. So anybody who hasn't got the cash or is able to get -- got a good FICO score is unable to get financing. We're hearing there a fair bit which isn't all that different to what we would have heard last year.

就我聽到的情況來看，第一大因素會是——而且這與利率相關——基本上融資變得很難取得。所以任何沒有現金、或無法取得——或沒有良好 FICO 分數的人，都無法取得融資。我們聽到這種情況不少，但其實和去年聽到的並沒有太大不同。

And then I think the other part would be the dealers are saying that they're fighting -- they're having to fight for the sale a little harder than they were previously. So when I mentioned four to five quotes, it's typically two to three quotes. So everyone is fighting for the business pretty high. Now we are out of the years.

然後我認為另一部分是，經銷商表示他們在成交上——比以前需要更努力一些。所以我提到四到五份報價時，過去通常是兩到三份報價。所以大家都在非常激烈地爭取生意。現在我們已經走出那些年份了。

We feel in an environment where things are tough, I actually feel good about fiberglass pools because obviously, pools are getting smaller, that fits our trend pools of low maintenance. So the actual cost on an ongoing basis is lower than the alternatives out there. So the expenditure on chemicals and like I said, on evaporation is lower, especially if you have an auto cover.

我們覺得在環境艱難的時候，其實我對玻璃纖維泳池反而感覺不錯，因為很明顯泳池正在變小，這符合我們低維護的趨勢型泳池。因此在持續使用的成本上，比市面上的替代方案更低。所以化學品的支出，以及如我所說的蒸發造成的損耗都更低，尤其是如果你有自動蓋。

And the Dup pool means that there's no ongoing expenses done with the pool. So while we see the market is a little tough, we still see it not adversely affecting us relative to last year.

而且 Dup 泳池意味著泳池沒有持續性的費用支出。所以雖然我們看到市場有點艱難，但相較於去年，我們仍然認為這不會對我們造成不利影響。

Got it. And in terms of your increased branding and marketing spend, can you walk us through the cadence of what that might look like through the year and its impact on SG&A? And also, what does this sort of look like? Like is it a targeted brand program for dealers? Is it more salespeople on the ground?

了解。那關於你們增加品牌與行銷支出，你能否帶我們了解一下今年各階段的節奏大概會是什麼樣子，以及對 SG&A 的影響？另外，這整體看起來會是什麼形式？例如是針對經銷商的品牌計畫？還是增加更多前線業務人員？

Or is it more like the ad and marketing spend? Thank you.

或者更像是廣告與行銷投放？謝謝。

Yeah, It's a bit of both. We've got -- right now, we're running a national campaign. The national campaign is good because it lifts all markets up, which is great. The other good part of our national campaign is when you think about the sand space, there's a trend of people moving from the Midwest, Northeast into the sand states.

是的，兩者都有。我們——目前正在進行全國性活動。全國性活動的好處是能把所有市場一起帶動，這很棒。我們全國性活動的另一個好處是，當你想到所謂的「沙州」（sand states）區域時，有一個趨勢是人們從中西部、東北部搬到沙州。

We like that because fiberglass is the standard in those markets, so they know us.

我們喜歡這點，因為在那些市場玻璃纖維是標準配置，所以他們認識我們。

So we like the marketing campaign being a national format. The increase -- and I'll just talk with the timing, the size of the time is really set for the pool season. So we started sort of February, mid- to late February, and we're moving all the way through to sort of July, August. That's the time frame for the national campaign.

所以我們喜歡以全國形式來做行銷活動。至於增加——我先談時點，時程的安排基本上是配合泳池旺季。所以我們大概從二月開始，二月中下旬啟動，一路做到大概七月、八月。這就是全國性活動的時間範圍。

And then when I think about my neighborhoods, that's going to be way more tactical in nature. So I'm talking about things like digital marketing, I'm talking about store hangers and marketing around the homes. I'm talking about doing events at the home to inspire the neighborhood. So those are pretty tactical small expenses that will run in every.

然後當我想到「我的社區」（my neighborhoods）時，那會更偏戰術性。所以我指的是像數位行銷、門把吊牌（door hangers）以及在住家周邊的行銷。我也指在住家舉辦活動來啟發社區。所以這些都是相當戰術性的小額支出，會在每個地方運行。

So when it comes to the increase and the cadence of the increase, as we said earlier on, I think over the foreseeable future, SG&A as a percent of sales will roughly be flat. It was 22.5% last year. We expect it to be a similar amount this year. And the majority of that is spent in the sales organization and marketing.

至於增加的幅度與節奏，如我們先前所說，我認為在可預見的未來，SG&A 佔銷售額的比例大致會維持持平。去年是 22.5%。我們預期今年也會是相近的水準。其中大部分會花在銷售組織與行銷上。

There's a little bit of digital transformation in there and also inflation on the core, meaning G&A. But again, the majority is going into the sales organization and marketing. There's also a little bit of increase in the absolute dollar number as we bought Freedom and that comes with about EUR3 million of SG&A.

另外也包含一些數位轉型，以及核心成本的通膨，也就是一般與行政（G&A）。但同樣地，大部分會投入在銷售組織與行銷。此外，因為我們收購了 Freedom，絕對金額也會有一些增加，這部分大約帶來 300 萬歐元的 SG&A。

So that gives you the EUR22.5 million. But I would like to remind you that in addition, we have the earn-out expenses for cover Central that is about EUR9 million that's tied to 2026, so it won't recur in '27, either didn't occur in '25. So that is an earn-out expense that is tied to 2026. Now with regards to cadence, it's roughly the same as usual. You will see that Q1 and Q2 are a little bit heavier and that is because we are running our marketing campaign, our national TV campaign earlier and longer in '26 versus '25.

所以就會形成 2,250 萬歐元。但我想提醒你，另外我們還有 Cover Central 的或有對價（earn-out）費用，大約 900 萬歐元，這是與 2026 年掛鉤，因此在 2027 年不會再發生，2025 年也沒有發生。所以這是一筆與 2026 年掛鉤的或有對價費用。至於節奏，大致上與以往差不多。你會看到第一季和第二季會稍微重一些，因為相較於 2025 年，我們在 2026 年把行銷活動、全國電視活動提早開始且拉長投放期間。

Good. Thanks. I'll pass it on.

好的。謝謝。我把問題交給下一位。

Susan Maklari, Goldman Sachs.

Susan Maklari，高盛（Goldman Sachs）。

Hey, everyone. This is Charles Perron in for Susan. First, I'd like to shift gear a little bit and talk about the auto cover and the opportunities that you see in this market. Considering the changing macro dynamics, is there any impact you're seeing in terms of the adoption? And any efforts you can do here to further expand the penetration over the coming years?

各位好。我是 Charles Perron，代替 Susan。首先，我想稍微換個方向，談談自動蓋（auto cover）以及你們在這個市場看到的機會。考量到宏觀動態的變化，你們是否看到採用率方面有任何影響？以及未來幾年你們能做哪些努力來進一步提升滲透率？

Yeah, I'll start that. I think -- so the answer is no, we're not seeing a decrease in adoption. We had a pretty good quarter in auto covers covers in general. We think we should -- I mean we had very large growth last year. We expect it to grow this year, and we expect it to grow in the coming years as well.

好的，我先回答。我認為——答案是否，我們沒有看到採用率下降。我們這一季在自動蓋、以及蓋子產品整體表現相當不錯。我們認為應該——我的意思是，我們去年成長非常大。我們預期今年會成長，也預期未來幾年同樣會成長。

It's really about awareness for us. The reality is most people still don't know that auto covers are available. Auto covers can fit on every pool. So it doesn't really matter if it's the fiberglass pool or not.

對我們來說，關鍵其實是認知度。現實是大多數人仍然不知道有自動蓋這種產品。自動蓋可以安裝在任何泳池上。所以不管是不是玻璃纖維泳池，其實都無所謂。

So the market is actually very large for us. And we've got our value-added resellers set up to take advantage of that. And then we also are now getting our sales organization, latent sales organization around that product, and it's still early for that to happen.

所以對我們而言，市場其實非常龐大。而且我們已經建立好加值型經銷商（VAR）體系來把握這個機會。接著我們也正在建立圍繞該產品的銷售組織、潛在的銷售組織，但目前仍處於早期階段。

So we see that as more upside as we go. But the product is product is a good product. It does what it needs to do. consumers who have it love it. And I think we just got to make sure we continue to drive the awareness.

因此我們認為隨著推進，還會有更多上行空間。但這個產品——這個產品本身就是個好產品。它能完成它需要完成的事；擁有它的消費者都很喜歡。我認為我們只需要確保持續推動市場認知。

And I don't see that trend changing.

而我不認為這個趨勢會改變。

Got it. Okay. That's helpful, Sean. And then switching gear, I appreciate all the color so far on the call on input costs and inflation. But should we see more favorable dynamics coming through from a cost perspective?

了解。好。這很有幫助，Sean。接著換個話題，我很感謝到目前為止在電話會議中對投入成本與通膨的各種說明。但從成本角度來看，我們是否會看到更有利的動態出現？

Can you talk about the opportunities to further lean on your lean manufacturing and value engineering initiatives to further protect your margins?

你能談談是否有機會進一步倚重精實製造與價值工程（value engineering）計畫，以進一步保護你們的利潤率嗎？

So I think lean and value engineering continues to be a key contributor to our P&L. Like you've heard me on prior calls, the contribution is about $2 million, $2.5 million per quarter. In Q1, it was $2 million, and that's just because Q1 is a light quarter and lean and value engineering programs go up and down with volume.

我認為精實與價值工程仍然是我們損益表（P&L）的關鍵貢獻來源。就像你在之前的電話會議聽我提過的，貢獻大約是每季200萬到250萬美元。第一季是200萬美元，主要是因為第一季是淡季，而精實與價值工程計畫會隨著產量上下波動。

I think as some of those programs mature and you'll see the tailwind that's really now get into our DNA. This is how we lead our plants and factories, and it's part of the everyday cadence. So you'll see a lot more programs, maybe not of the same magnitude because the low-hanging fruits are being cleared here.

我認為隨著其中一些計畫成熟，你會看到那股順風，現在真的已經融入我們的DNA。這就是我們管理工廠與製造基地的方式，也是日常節奏的一部分。所以你會看到更多計畫，但規模可能不會一樣大，因為較容易取得的成果（low-hanging fruit）已經被我們清掉了。

And that's more common for new manufacturing, whereas value engineering, we're really in the beginning of the journey. I think there are still some low-hanging fruits out there that our team of PhD level scientists is pursuing. So again, both initiatives under full steam and certainly in Q1, delivering what we expected them to deliver, and there's no change in our thoughts for the rest of the year.

這在新的製造導入上更常見；而價值工程方面，我們其實才剛開始這段旅程。我認為外面仍有一些低垂果實，我們由具博士等級科學家組成的團隊正在追求。所以再次強調，兩項倡議都在全速推進，且第一季的交付符合我們預期；對於今年剩餘時間，我們的看法沒有改變。

Got it. Thank you for the color, guys, and good luck with the quarter.

了解。謝謝各位的補充說明，祝本季順利。

Shaun Calnan, Bank of America.

美國銀行（Bank of America）的 Shaun Calnan。

Hi, guys. Thank you for taking my questions. Just first, the double-digit growth in Florida was quite impressive. What do you think has led to the success in Florida versus the other sand states? And can you talk about what lessons you can take from Florida to apply to the other sand states?

嗨，各位。謝謝你們回答我的問題。首先，佛羅里達的兩位數成長相當令人印象深刻。你認為相較於其他「沙州」（sand states），佛州成功的原因是什麼？以及你能談談可以從佛州學到哪些經驗，應用到其他沙州嗎？

Yeah, I'll start with obviously our largest focus on all the sand states. We are set up quite well from a sales number perspective. We're working on dealers now over the last 18 months. So we've got a set of dealers that are really the right dealers for us to help fulfill the demand that we're creating.

是的，我先從我們在所有沙州的最大重點談起。就銷售人力配置而言，我們的布局相當到位。過去18個月我們一直在經營經銷商。因此我們已建立一批真正適合我們的經銷商，來協助滿足我們所創造的需求。

We've been running our marketing in general campaign for now 18 months, and we're seeing the flow of that. And then we have got -- I mean, we've got a really good strong proposition -- value proposition relative to concrete. And we're getting deeper and deeper into the market and getting -- being able to communicate it.

我們的整體行銷活動已經運行了18個月，現在看到其帶來的流量。另外我們也擁有——我的意思是，我們相對於混凝土有非常強的主張——價值主張。而且我們正越來越深入市場，並且能夠把這個訊息傳達出去。

So we are seeing good growth, and we feel good that -- and I feel good that if a homeowner understands the benefit of fiberglass over concrete, there's a really high chance that we go with fiberglass. We're just very early still in the adoption curve. So our mission is to make sure our awareness goes continues to get driven up and that we have the connection between that awareness and our dealers positioning at the kitchen table. And then I'll just remind you, at the end of the day, while we are very pleased with the numbers, we will look to accelerate that. And in reality, we're still working on pretty small numbers when we think about Florida.

所以我們看到良好的成長；而且我們也很有信心——我也相信——只要屋主理解玻璃纖維相較於混凝土的好處，我們選擇玻璃纖維的機率就會非常高。我們在採用曲線上仍然非常早期。因此我們的任務是確保持續提升市場認知，並且讓這份認知與我們經銷商在「廚房餐桌」前的銷售定位連結起來。最後也提醒你，雖然我們對數字非常滿意，但我們會尋求加速。而實際上，當我們談到佛州時，這些仍然是相當小的數字。

Okay. Great. And then just one cleanup question on the surcharges. Are you aiming to offset the higher transportation costs on a dollar basis or a margin basis?

好的。很好。接著一個關於附加費（surcharges）的釐清問題。你們的目標是以金額（美元）基礎抵銷較高的運輸成本，還是以毛利率基礎？

On a dollar basis. So the headwind as we incurred is being passed on with the temporary surcharges.

以金額基礎。所以我們所承受的逆風成本，會透過臨時附加費轉嫁出去。

Okay, great. Thank you.

好的，很好。謝謝。

Thanks, Sean.

謝謝，Sean。

Andrew Carter, Stifel.

Stifel 的 Andrew Carter。

Hey, thanks. Just I wanted to double click and make sure on that incentive cost. You're not backing that out. So if you were to put that back in, the incremental here is still $28 million to $38 million in investment year. I just want to understand that double click. -- the earn-out around CooverSstar, my follow-up.

嘿，謝謝。我想再深入確認一下那個獎勵成本（incentive cost）。你們沒有把它剔除。所以如果把它加回來，今年的增量投資仍然是2,800萬到3,800萬美元。我只是想確認這點——另外我後續問題是關於 CooverSstar 的或有對價（earn-out）。

Right. So the -- so the earn-out is included in SG&A and will be sitting on top of the 22.5% of revenue, but as it is an expense tied to an acquisition for EBITDA purposes.

對。所以——所以該或有對價（earn-out）包含在銷售、一般及行政費用（SG&A）中，並且會疊加在營收的22.5%之上；但就EBITDA口徑而言，因為它是與併購相關的費用。

Okay. So it is just not excluded. It is within guidance that expense, just double checking.

好的。所以它並沒有被排除。我只是再確認一下，該費用已包含在你們的指引中，對嗎？

Sorry. It's an add to EBITDA and it is in SG&A.

抱歉。它是EBITDA的加回項（add-back），而且它在SG&A裡。

My fault. Sorry about that. Thank you.

是我的錯。抱歉。謝謝。

Thank you.

謝謝。

This concludes our question-and-answer session. I would like to turn the call back over to management for closing remarks.

問答環節到此結束。我想把電話會議交回管理層作結語。

Thank you very much. I just want to thank everybody for getting on the call. We felt like we had a strong quarter. Obviously, a little bit with weather, but the momentum is there. April looks strong, and we feel confident about our guide.

非常感謝。我只想感謝大家參與這通電話會議。我們覺得本季表現強勁。當然，天氣有一點影響，但動能仍在。4月看起來很強，我們對我們的指引很有信心。

With that, I want to conclude the call. I look forward to seeing all the folks on the call over the coming weeks and months at different types of events. And again, thank you for everyone for attending. Thank you.

那麼，我想結束本次電話會議。我期待在接下來幾週與幾個月，於不同類型的活動中見到各位與會者。再次感謝大家參與。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議已結束。感謝您參加今天的簡報。您現在可以掛線。