Unifi Inc (UFI) 2025 Q1 法說會逐字稿

Good morning and thank you for attending Unifi's first quarter, fiscal 2025 earnings conference call. Today's conference is being recorded and all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session.

早安，感謝各位參加 Unifi 2025 財年第一季財報電話會議。今天的會議正在錄音，所有線路都已靜音，以防止任何背景噪音。演講結束後，將進行問答環節。

Speakers for today's call include Al Carey, Executive Chairman; Eddie Ingle, Chief Executive Officer and A.J. Eaker, Chief Financial Officer.

今天電話會議的發言人包括執行董事長艾爾·凱裡、首席執行官埃迪·英格爾和首席財務官A·J·伊克。

During this call, management will be referencing a webcast presentation that can be found in your Investor Relations section of unifi.com.

在本次電話會議中，管理層將提及一份網路直播演示文稿，該簡報可在unifi.com網站的投資者關係部分找到。

Please familiarize yourself with page 2 of that slide deck precautionary statements and non-GAAP measures.

請仔細閱讀該投影片第 2 頁的預防性聲明和非公認會計準則指標。

I will now turn the call over to Al Carey.

現在我將把通話轉給艾爾·凱裡。

Thank you and thank you everyone for joining our call today. And those of you who have followed our quarterly earnings over the last two years know that the macroeconomic headwinds have been stubborn, not just for us but for our entire industry. And until recently, high levels of apparel inventory have been quite a problem and then slow consumer sales have had held down our revenues and our profits.

謝謝大家，也謝謝各位今天參加我們的電話會議。過去兩年一直關注我們季度財報的各位都知道，宏觀經濟逆風一直持續不斷，不僅對我們公司，對整個產業也是如此。直到最近，服裝庫存過高一直是個相當大的問題，而消費者銷售緩慢也抑制了我們的收入和利潤。

Now that is continued in Q1 and even very recently, but we believe that trend is now improving, when we begin our new calendar year of 2025. We're finally seeing some green shoots in the form of customer orders and in interest for our new innovation. And while it's not all the way back to what we want to see yet, we are going to see substantial improvements for half two of our fiscal year or the first half of the calendar year.

這種情況在第一季甚至最近都還在持續，但我們相信，隨著我們進入新的 2025 年，這種趨勢正在改善。我們終於看到了一些好轉的跡象，客戶訂單有所增加，大家對我們的新創新也表現出了興趣。雖然還沒有完全恢復到我們希望看到的水平，但我們將在財政年度的上半年或日曆年的上半年看到實質的改善。

So Q1 revenues that you'll hear more about the next few minutes were about as expected. They were up 6% over a year ago. And our EBITDA was also about as expected at $3.3 million, and it's significantly over last year, as last year was a very depressed level. So you can expect half two will step up in both revenues and in EBITDA well above the first half of this fiscal year.

所以，接下來幾分鐘您將會聽到更多關於第一季營收的信息，該季度營收基本上符合預期。與一年前相比，它們上漲了6%。我們的 EBITDA 也基本上符合預期，為 330 萬美元，比去年同期大幅成長，因為去年的 EBITDA 水準非常低迷。因此，您可以預期本財年下半年的營收和 EBITDA 都將遠高於上半年。

Now, the improved outlook is coming from four areas. The first one is the REPREVE innovation is being enthusiastically received by customers around the world, especially Textile Takeback on our product called ThermaLoop. These products will begin to show up in our sales initially in Q4.

現在，前景的改善主要來自四個方面。首先，REPREVE 的創新受到了世界各地客戶的熱烈歡迎，尤其是紡織品回收公司對我們的產品 ThermaLoop 讚賞。這些產品將於第四季開始陸續出現在我們的銷售中。

The second area that's given us some reason for optimism is we've got traction in our beyond apparel business segment, especially in home and carpet segment and military and packaging. This has taken a little longer than expected, because the approval processes for new businesses like this are quite extreme, but we now have traction and we're seeing orders come in.

第二個讓我們感到樂觀的領域是，我們在服裝以外的業務領域取得了進展，尤其是在家居和地毯領域以及軍事和包裝領域。這比預期花費的時間要長一些，因為像這樣的新企業的審批流程相當嚴格，但我們現在已經取得了進展，並且開始收到訂單。

The third area is our Brazil business has momentum, and we made an investment in Brazil some time ago on EvoCooler's, and it's given us the capacity that was needed so that we could gain market share. So that continues.

第三個方面是我們在巴西的業務發展勢頭良好，我們之前在巴西投資了 EvoCooler 公司，這為我們提供了所需的產能，使我們能夠獲得市場份額。這種情況還在繼續。

And the fourth and the final area I'd say we're optimistic about is cost reductions for North America. And we believe there's more to do in this area. So we'll see an improvement in the profitability of North America as we move into the second half of the calendar year or the fiscal year. I'm sorry.

第四個也是最後一個我們感到樂觀的領域是北美地區的成本降低。我們相信，在這個領域還有更多工作要做。因此，隨著我們進入日曆年或財政年度的下半年，我們將看到北美地區的獲利能力有所改善。對不起。

So I'm proud of the team, mostly because we didn't blow up our efforts during this difficult time on innovation and on beyond apparel and on cost management. So if there's ever been a case where you don't let a prices go to waste, this is the situation we have here at Unifi. I think we're now set up to be a better company beginning soon. Calendar year 2025, continue into the future, and I think that sets us up for being able to produce shareholder value.

所以我很自豪，主要是因為我們在這個艱難時期沒有在創新、服裝以外的領域以及成本管理方面功虧一簣。所以，如果說有什麼情況是不能讓價格白白浪費的，那就是我們在Unifi遇到的情況。我認為我們現在已經做好準備，很快就能成為一家更好的公司。從2025年到未來，我認為這將使我們能夠為股東創造價值。

So with that quick summary, let me turn the presentation over now, right, Eddie Ingle.

簡單總結完畢，現在讓我把演講交給艾迪英格爾吧。

Thanks Al. And as Al just mentioned, our results for the first quarter were in line with our expectations, exhibiting our continued progress towards repositioning our business for future growth.

謝謝艾爾。正如艾爾剛才所提到的，我們第一季的業績符合預期，顯示我們在重新定位業務以實現未來成長方面持續取得進展。

However, some of our customers were recently impacted by Hurricane Helene in late September, which resulted in their operations being curtailed for a short period of time.

然而，我們的一些客戶在 9 月下旬受到了颶風海倫的影響，導致他們的營運在短時間內受到限制。

While Unifi US operations were fortunate enough to not experience any material impact from the hurricane. This curtailment in operations from some of our customers did result, unfortunately, in a portion of sales being pushed out into the second quarter. The devastation from the hurricane is heartbreaking, and we are all hoping for a fast recovery for all those who were impacted in our local communities here in North Carolina and elsewhere.

雖然 Unifi 美國業務很幸運地沒有受到颶風的任何實質影響。不幸的是，由於部分客戶縮減了營運規模，導致部分銷售額延後到第二季。颶風造成的破壞令人心碎，我們都希望北卡羅來納州及其他地區受災民眾能盡快恢復正常生活。

With that said, I will now provide an overview of the quarter and some other operational highlights on slide 4. During the first quarter of fiscal 2025, we reported $147.4 million in consolidated net sales, which is up 6% year over year and down 6% sequentially compared to the fourth quarter as a result of typical seasonality. Our improvement in net sales on a year-over-year basis was largely driven by our Brazil segment, which continue to deliver strong results.

接下來，我將在第 4 張投影片上概述本季狀況和其他一些營運亮點。2025 財年第一季度，我們公佈的合併淨銷售額為 1.474 億美元，年增 6%，環比下降 6%，這是由於典型的季節性因素造成的。我們淨銷售額年增主要得益於巴西業務板塊的強勁表現，該板塊持續取得優異業績。

Our America's cost reset efforts, as Al mentioned, are continuing to progress as planned, which is helping us offset some inflationary impacts. Some of those savings are already evidenced in our year-over-year SG&A spend. We are also continuing to see the benefits of our sales transformation, which is demonstrated by the significant year-over-year improvement in gross profit during the quarter.

正如艾爾所提到的，美國的成本重置工作正在按計劃繼續推進，這有助於我們抵消一些通貨膨脹的影響。部分節省已體現在我們同比銷售、管理及行政費用。我們也持續看到銷售轉型帶來的益處，這體現在本季毛利較去年同期顯著成長。

We recently took a few steps to strengthen the balance sheet, which A.J. will provide more details on shortly. These efforts will allow us to continue to strategically invest into exciting new product initiatives that will not only help us grow our business globally, but also enhance our financial performance.

我們最近採取了一些措施來加強資產負債表，A.J.稍後會提供更多細節。這些努力將使我們能夠繼續對令人興奮的新產品計劃進行策略性投資，這不僅有助於我們在全球範圍內發展業務，而且還將提高我們的財務表現。

I'll now provide a brief update on each of our business segments. In the Americas segment, our performance was relatively in line with our expectations. However, we did experience a modest slowdown in the region due to a combination of seasonality and as we mentioned earlier, the recent impacts from the weather event. With that said, we do believe our America segment is poised to benefit from some upcoming beyond apparel initiatives that I will touch on in greater detail shortly.

接下來我將簡要介紹我們各個業務部門的最新情況。在美洲地區，我們的業績基本上符合預期。然而，由於季節性因素以及我們之前提到的近期天氣事件的影響，該地區的經濟成長確實出現了輕微放緩。儘管如此，我們相信我們的美國業務部門將受益於一些即將推出的服裝以外的舉措，我稍後會更詳細地談到這些舉措。

Our Brazil segment was the strongest performing segment for the third quarter in a row. This continued strength is a result of both our ability to take price in the region and benefit from the market share that we have been able to capture in the past few quarters, which has resulted in stronger sales volumes.

我們的巴西業務部門連續第三個季度表現最強勁。這種持續的強勁勢頭源於我們在該地區的價格優勢以及我們在過去幾季所取得的市場份額，從而帶來了更強勁的銷售量。

In our Asia segment, we saw a slowdown in performance in the region due to the struggling economy in China and some pricing pressure that is impacting sales volume. However, we are hopeful that the recent Chinese government stimulus policies will help revive the economy and drive a stronger performance in the region in the long run.

在亞洲市場，由於中國經濟不景氣以及價格壓力影響了銷量，該地區的業績有所放緩。然而，我們希望中國政府近期的刺激政策能幫助重振經濟，並在長期內推動該地區經濟表現更加強勁。

Turning [at] slide 5 for an update on REPREVE. During the first quarter, REPREVE represented 30% of sales, a slight decrease when compared to the previous quarter. This decrease in REPREVE sales was largely driven by the slowdown in our Asia business that I just noted.

請翻到第 5 張投影片，了解 REPREVE 的最新進展。第一季度，REPREVE 的銷售額佔總銷售額的 30%，與上一季相比略有下降。REPREVE 銷售額的下降主要是由於我剛才提到的亞洲業務放緩所致。

However, we do expect to see stability in our REPREVE fiber business as we progress through fiscal 2025, especially in the second half of the year as we begin to recognize some revenue and volume benefits from our new products.

然而，我們預計隨著我們進入 2025 財年，REPREVE 纖維業務將保持穩定，尤其是在下半年，因為我們將開始從新產品中獲得一些收入和銷售收益。

Turning now to slide 6. In terms of new products, we recently announced the launch of two innovative offerings, our REPREVE Takeback white filament yarn and ThermaLoop, the world's first insulation powered by our Textile Takeback process.

現在請看第6張投影片。在新產品方面，我們最近宣布推出兩款創新產品，分別是 REPREVE Takeback 白色長絲紗線和 ThermaLoop，這是世界上第一款採用我們紡織品回收製程製造的隔熱材料。

The response that we have seen from our customers and brands and the media has been overwhelmingly positive, validating the market's strong demand for scalable global textile-to-textile recycling solutions that are ready today.

我們從客戶、品牌和媒體那裡得到的回饋都非常積極，這證實了市場對可擴展的全球紡織品回收解決方案的強勁需求，而這些解決方案現在就可以投入使用。

These new products were prominently featured at the Intertextile Shanghai Trade Show in late August, which resulted in numerous productive meetings with direct customers brands and retailers.

這些新產品在八月下旬的上海國際紡織品及紡織品展覽會上得到了重點展示，並與直接客戶、品牌商和零售商進行了多次富有成效的會面。

To further highlight the future opportunity for these two new innovative products, We plan to share several exciting product placements for both products in the near future. We are pleased with the early success we've seen so far with these new launches and the market reaction to the circular offerings. It has reaffirmed that our focus on product innovation and the circular storytelling to the market is the right place to put our resources.

為了進一步凸顯這兩款創新產品的未來機遇，我們計劃在不久的將來分享幾個令人興奮的產品推廣活動。我們對目前為止這些新產品的早期成功以及市場對循環經濟產品的反應感到滿意。這再次印證了我們專注於產品創新和循環行銷是正確的，我們應該把資源投入這些方面。

As I've said many times over in the past few years, and it bears repeating, our job is to help direct customers brands and retailers meet their sustainability goals, which in general are centered around the reduction of greenhouse gas emissions and the reduced consumption of fossil fuels.

正如我在過去幾年中多次說過的那樣，而且值得重申，我們的工作是幫助直接客戶、品牌和零售商實現其永續發展目標，這些目標通常圍繞著減少溫室氣體排放和減少化石燃料消耗。

By adopting these new products, which are built on a platform of textile-to-textile recycling, it would help them reach their goals faster.

透過採用這些基於紡織品回收再利用平台的新產品，將有助於他們更快地實現目標。

In terms of media impact, the launch has generated significant coverage with 23 media pieces, reaching over 80 million impressions, and we secured interviews with key publications, which allowed us to offer deeper insight into the uniqueness of these products. This level of exposure further strengthens our position as a leader in sustainable innovation.

就媒體影響力而言，此次發布會獲得了大量媒體報道，共有 23 篇媒體文章，曝光量超過 8000 萬次，我們還獲得了重要出版物的採訪機會，這使我們能夠更深入地了解這些產品的獨特性。這種程度的曝光進一步鞏固了我們在永續創新領域的領導地位。

Over and above these product launches throughout the quarter, REPREVE has secured additional media coverage reaching over 1 billion impressions.

除了本季推出的這些產品外，REPREVE 還獲得了額外的媒體報道，曝光量超過 10 億次。

Another highlight from the quarter was the strong performance of our cobranded product basement which shows the growing market recognition of REPREVE.

本季另一個亮點是我們聯名產品系列的強勁表現，這表明 REPREVE 的市場認可度不斷提高。

Burt's Bees Baby launched the REPREVE-powered Polarbee fleece products across their website, their social media and on product packaging. Callaway Golf, [Burberry] and Saucony also featured cobranded mentions with Burberry highlighting our REPREVE TruTemp365 and Saucony Socks spotlighted our Spolktech moisture management technology.

Burt's Bees Baby 在其網站、社交媒體和產品包裝上推出了採用 REPREVE 技術的 Polarbee 抓絨產品。Callaway Golf、[Burberry] 和 Saucony 也進行了聯名宣傳，其中 Burberry 重點介紹了我們的 REPREVE TruTemp365，而 Saucony Socks 則重點介紹了我們的 Spolktech 吸濕排汗技術。

Additionally, People Magazine, the New York Post and Women's Wear daily coverage REPREVE used in the leading fashion brands like Dagne Dover and REPREVE Our Ocean in Tiffany & Co. This breadth of coverage underscores our role as a trusted brand and technology partner for many of the world's top brands and retailers who rely on us for both performance and sustainability solutions.

此外，《人物》雜誌、《紐約郵報》和《女裝日報》也報導了 REPREVE 在 Dagne Dover 等領先時尚品牌以及 Tiffany & Co. 的 REPREVE Our Ocean 計畫中的應用。如此廣泛的報導凸顯了我們作為值得信賴的品牌和技術合作夥伴的地位，許多世界頂級品牌和零售商都依賴我們提供性能和永續性解決方案。

Before I wrap up this section of the call, I'd like to discuss some of the exciting initiatives and developments we have underway for our beyond apparel business. The first initiative is relative to flooring, specifically carpet, where we are beginning to see an increase in business opportunities.

在結束本次電話會議的這一部分之前，我想討論一下我們正在進行的一些令人興奮的舉措和發展，這些舉措和發展將超越我們的服裝業務。第一項舉措與地板有關，特別是地毯，我們開始看到這方面的商機不斷增加。

The second initiative is related to the military market, where our offerings will support a variety of different military applications that will be margin accreted. We plan to provide additional information on both of these programs in the near future once we are able to officially announce the full details.

第二項舉措與軍事市場有關，我們的產品將支援各種不同的軍事應用，進而增加利潤。我們計劃在不久的將來，一旦能夠正式公佈全部細節，就提供有關這兩個項目的更多資訊。

Lastly, our flake and chip offering, our Resin business in our Beyond apparel business also grew nicely during the first quarter. We are excited about the improvements we have been able to make in our beyond apparel business, and these recent initiatives will help offset some of the weaknesses we are seeing in our traditional apparel business.

最後，我們的薄片和碎屑產品，以及我們在 Beyond 服裝業務中的樹脂業務，在第一季也取得了不錯的成長。我們對在服裝以外的業務領域取得的進步感到興奮，這些最近的舉措將有助於彌補我們在傳統服裝業務中看到的一些弱點。

With that, I would now like to pass the call over to A.J. to discuss our financial results for the quarter.

接下來，我想把電話交給 A.J.，讓他來討論一下我們本季的財務表現。

Thank you, Eddie. I would first like to express my sympathy for all families impacted by the recent weather event, and I sincerely hope everyone receives necessary help and relief as soon as possible.

謝謝你，艾迪。首先，我謹向所有受近期天氣事件影響的家庭表示慰問，並衷心希望大家能盡快得到必要的幫助和救濟。

Our first quarter was another step in the right direction for Unifi as we were able to successfully meet our financial expectations for the quarter and continue to actively take steps to position our business for growth and stronger profitability in fiscal 2025 and beyond.

對於 Unifi 而言，第一季又是朝著正確方向邁出的一步，我們成功實現了本季度的財務預期，並繼續積極採取措施，使我們的業務在 2025 財年及以後實現增長和更高的盈利能力。

To help sustain this momentum, we're remaining focused on our plan to keep our variable expenses across both production and administrative functions low, which will help create both cost savings and increased profit that we will reinvest in the key areas of our business that will enhance our revenue performance and drive margin expansion, including the REPREVE and beyond apparel product initiatives that Eddie just touched on.

為了保持這一勢頭，我們將繼續專注於降低生產和行政職能的可變費用，這將有助於節省成本並增加利潤，我們將把這些利潤再投資於業務的關鍵領域，以提高收入表現並推動利潤率擴張，包括Eddie剛才提到的REPREVE及其他服裝產品計劃。

Transitioning now to the financial results. On slide 7, you'll see our consolidated financial highlights for the quarter. Consolidated net sales for the quarter were $147.4 million. Up 6% year over year but seasonally down 6% sequentially versus the fourth quarter. The improvement in net sales on a year-over-year basis was primarily due to higher sales volumes in all segments, certain favorable pricing and material cost dynamics and the continued benefits from the previously announced initiatives.

接下來來看財務業績。在第 7 張投影片上，您將看到我們本季的綜合財務亮點。本季合併淨銷售額為 1.474 億美元。年比成長 6%，但季減 6%（受季節性因素影響），與第四季相比下降 6%。淨銷售額年增主要歸功於所有細分市場的銷售成長、某些有利的定價和材料成本動態以及先前宣布的各項措施帶來的持續效益。

Turn to slide 8. In the Americas segment, net sales were down 5% sequentially and up 6% year over year. On a sequential basis, sales were down due to a mix of both seasonality and the recent weather impacts.

翻到第8張幻燈片。在美洲地區，淨銷售額較上季下降 5%，較去年同期成長 6%。由於季節性因素和近期天氣的影響，銷售額環比下降。

On a year-over-year basis, our results were largely in line with our expectations. We're pleased to see the year-over-year gross profit improvement from our cost containment efforts and higher production activity.

與上年相比，我們的業績基本上符合預期。我們很高興看到，由於成本控制措施和生產活動的增加，毛利較去年同期有所提高。

Slide 9 displays our Brazil segment highlights, which experienced net sales growth of 6% during the quarter on a sequential basis and 15% year over year. This was led by our ability to take price in the region and benefit from our growing market share, as Eddie mentioned earlier.

第 9 頁展示了我們巴西業務板塊的亮點，該板塊本季淨銷售額環比增長 6%，同比增長 15%。正如埃迪之前提到的，這得益於我們在該地區的定價能力以及我們從不斷增長的市場份額中獲益的能力。

On slide 10, our Asia segment saw net sales decline 2% year over year driven by difficult economic conditions and pricing dynamics in that region.

第 10 頁顯示，受亞洲地區嚴峻的經濟情勢和價格動態影響，我們的亞洲業務淨銷售額年減 2%。

I'll now briefly discuss our balance sheet on slide 11. CapEx spend continues to be focused on maintenance levels, and we expect to keep those levels around $12 million for fiscal 2025. Thanks to the diligence of our various teams in operations.

接下來我將在第11頁簡單討論一下我們的資產負債表。資本支出將繼續集中在維護水準上，我們預計 2025 財年將維持在 1,200 萬美元左右。感謝我們各個營運團隊的辛勤付出。

Finally, I'd like to highlight the strength of our liquidity, following the balance sheet date. We entered into an additional $25 million facility. We received favorable terms into 2027 for the facility, and we're able to avoid a lengthy third-party financing effort that would have come with burdensome interest rate. Thanks to the lending support we received from one of our Board members and largest partners, Ken Langon.

最後，我想強調一下資產負債表日後我們強大的流動性。我們又簽訂了一份價值 2500 萬美元的融資協議。我們獲得了該設施到 2027 年的優惠條款，並且能夠避免漫長的第三方融資過程，否則將面臨沉重的利率負擔。感謝我們的一位董事會成員兼最大合作夥伴 Ken Langon 提供的貸款支援。

Ken has been a longtime supporter of Unifi and understands the cyclicality that our business has been facing over the last several quarters. Collectively, we anticipate that this lending support will help provide Unifi with the liquidity it needs to ensure that we are both not constraining our growth, but also taking the appropriate and careful time to evaluate where we should be investing.

Ken 一直是 Unifi 的長期支持者，他了解我們業務在過去幾季所面臨的周期性波動。總而言之，我們預計這項貸款支援將有助於為 Unifi 提供所需的流動性，以確保我們既不會限制自身發展，也能花適當和謹慎的時間來評估我們應該投資的方向。

Our steps to strengthen the balance sheet coupled with our continued improvement in financial performance, give us confidence that the business is well positioned to pivot to growth in fiscal 2025 and beyond.

我們加強資產負債表的措施，加上財務績效的持續改善，使我們有信心公司已做好充分準備，在 2025 財年及以後實現成長。

With that, I'll now pass the call back to Eddie to take us through the last few slides of the presentation and make some final comments.

接下來，我將把電話轉回給艾迪，讓他帶我們瀏覽簡報的最後幾張投影片並做一些總結性評論。

Thank you, A.J. Let's now turn to slide 12, please, to discuss our forecast for the second quarter of fiscal 2025.

謝謝A.J.。現在請翻到第12張投影片，討論我們對2025財年第二季的預測。

More specifically for the second quarter, we are expecting net sales between $140 million and $145 million. Adjusted EBITDA to range between negative $4 million and negative $2 million, as a result of the current economic environment in China and the typical seasonality of the holiday period in Americas and Brazil.

具體來說，我們預計第二季淨銷售額將在 1.4 億美元至 1.45 億美元之間。受中國當前經濟環境以及美洲和巴西假期期間的典型季節性影響，調整後 EBITDA 預計在負 400 萬美元至負 200 萬美元之間。

And lastly, we are continuing to keep a disciplined eye on capital expenditures and believe CapEx for the quarter will come in between $4 million and $5 million.

最後，我們將繼續嚴格控制資本支出，並預計本季資本支出將在 400 萬美元至 500 萬美元之間。

Let's now transition to slide 13 to discuss our outlook for fiscal 2025. We are reiterating our outlook for fiscal 2025. And as a reminder, this includes our belief that we'll see a return to more normal conditions, which will support top line growth of 10% year over year.

現在讓我們轉到第 13 張投影片，討論我們對 2025 財年的展望。我們重申2025財年的展望。再次提醒大家，我們相信情況會恢復正常，這將支持營收年增 10%。

We also continue to believe that the proactive decisions we have made to control our costs and streamline our business will continue to show up in stronger profitability results in fiscal 2025. Additionally, these -- despite the softness across global markets, we continue to expect a significant year-over-year increase in gross profit, gross margin and adjusted EBITDA.

我們也繼續相信，我們為控製成本和精簡業務所採取的積極措施，將在 2025 財年繼續帶來更強勁的獲利能力。此外，儘管全球市場疲軟，我們仍預期毛利、毛利率和調整後 EBITDA 將比去年同期大幅成長。

Finally, we are budgeted to keep capital expenditures contained and we remain on track to see capital expenditures of around $12 million for fiscal 2025.

最後，我們的預算旨在控制資本支出，我們仍有望在 2025 財年實現約 1,200 萬美元的資本支出。

Moving on to slide 14, you will see the key areas of focus, which support our pivot to growth. As we have touched on today, we have continued to take proactive steps to sustain the momentum that we have experienced over the past few quarters by strengthening our balance sheet to provide us with the liquidity we need to reinvest into our product portfolio to help support both innovation and growth.

接下來請看第 14 張投影片，您將看到支持我們轉向成長的關鍵重點領域。正如我們今天所提到的，我們繼續採取積極措施，透過加強資產負債表來保持過去幾季以來的發展勢頭，從而為我們提供所需的流動性，以便將資金再投資於我們的產品組合，從而支持創新和成長。

We are excited about the opportunities that lie ahead of us, not only for our REPREVE fiber business, but also for our growing beyond apparel initiatives such as those highlighted earlier. This gives us confidence that we are well positioned to support our customers' needs with an innovative product portfolio of sustainable solutions while also creating value for our stakeholders with improved financial results.

我們對未來的機會感到興奮，不僅對我們的 REPREVE 纖維業務而言如此，而且對我們不斷拓展的服裝以外的業務（如前面提到的那些）也感到興奮。這讓我們有信心，我們擁有創新且可持續的解決方案產品組合，能夠很好地滿足客戶的需求，同時透過改善財務表現為我們的利害關係人創造價值。

Lastly, I would like to once again say thanks to the dedicated unified employees worldwide for their hard work that they do each and every day. Thank you.

最後，我要再次感謝全球所有敬業的員工，感謝他們每天的辛勤工作。謝謝。

With that, we would now like to turn the call open for questions. Operator?

接下來，我們歡迎大家提問。操作員？

Anthony Lebiedzinski, Sidoti & Company.

Anthony Lebiedzinski，Sidoti & Company。

Good morning and thank you for taking the questions. So I have a few questions. I guess, first, we'll go through the different segments. So as far as the Americas segment, obviously, you called out the impact of the severe weather and the storms. And I'd like to also share my sympathy for those impacted as well.

早上好，感謝您回答問題。我有幾個問題。我想，首先，我們會逐一了解各個部分。就美洲地區而言，顯然，您提到了惡劣天氣和風暴的影響。我也想對那些受到影響的人們表示慰問。

But is there a way for you guys to maybe put a dollar amount as far as what you think as far as what the sales impact was because of the storms late in the quarter?

但是，你們能否用具體的金額來估算一下，你們認為本季末的暴風雨對銷售額造成了多大的影響？

Sure, Anthony, it's A.J. Thanks for the question and thanks for the care for North Carolina and the others impacted.

當然，安東尼，我是A.J.。謝謝你的提問，也謝謝你對北卡羅來納州和其他受影響地區的關心。

We do see that the impact to Q1, the September quarter was approximately 1% on a consolidated basis and therefore, around 2% specific to the Americas segment. Unfortunately, some of those impacts did linger into the second quarter.

我們看到，第一季（即 9 月季度）的影響在合併基礎上約為 1%，因此，對美洲地區的影響約為 2%。不幸的是，其中一些影響一直持續到第二季​​。

So, at this point, we're seeing a similar impact in the second quarter as we still have some direct and indirect customers for which the damage and the impact has lingered into this quarter, and they're still trying to ramp-up sales and operations to get the supply chain back to where it needs to be.

因此，目前我們看到第二季度也出現了類似的影響，因為我們仍然有一些直接和間接客戶，損失和影響持續到本季度，他們仍在努力提高銷售和運營，以使供應鏈恢復到應有的狀態。

Understood. Okay. So hopefully, that gets better sooner than later. So -- and then moving on to the Brazil segment. Obviously, very impressive performance there, especially with the gross margin, 23%. How should we think about your ability to sustain those strong margins going forward?

明白了。好的。希望情況能盡快好轉。那麼——接下來進入巴西部分。顯然，他們的表現非常出色，尤其是毛利率達到了 23%。我們該如何看待貴公司未來維持如此高利潤率的能力？

Yeah, welcome, Anthony (inaudible) the call. Thanks for the question. I would say that it was -- Q1 was an exceptional quarter for us, and Q2 is generally our weakest quarter from both a revenue point of view and a margin point of view, due to the holiday at the end of the quarter. But we are confident that in the second half, we'll get back to what would be considered normal margins and gross profit levels.

是的，歡迎安東尼（聽不清楚）來電。謝謝你的提問。我認為第一季對我們來說是一個特殊的季度，而第二季度通常是我們收入和利潤率最低的季度，因為季度末有假期。但我們有信心，下半年我們將恢復到正常的利潤率和毛利水準。

The volume down there is still very strong. We're still running full. As I mentioned earlier, the capacity we put in place down there has been very helpful, especially since our largest competitor, as we mentioned on earlier calls, exited the market about a year ago.

下方的音量依然非常強勁。我們仍然滿載運轉。正如我之前提到的，我們在那裡建立的產能非常有幫助，尤其是我們最大的競爭對手（正如我們在之前的電話會議中提到的）大約一年前退出了市場。

Understood. Yes, thanks, Eddie. And then as far as the Asia segment, so the gross margin here was roughly 11%. Typically, that's been -- historically, it's been about a mid-teens gross margin business. I understand the challenges in China. But do you expect to get back to those types of margins at some point in the future?

明白了。是的，謝謝你，艾迪。至於亞洲市場，這裡的毛利率約為 11%。通常情況下——從歷史上看，這大概是一個毛利率在十幾個百分點左右的業務。我了解中國面臨的挑戰。但你認為未來某個時候利潤率會恢復到那個水準嗎？

Anthony, certainly, we did see the lower margin come through in the Asia segment this period. A couple of the stronger programs were pushed out into second quarter and beyond. Of course, the impacts there are certainly unfortunate to the overall industry and showed through in our results.

安東尼，的確，我們在此期間看到了亞洲市場的利潤率下降。一些實力較強的項目被推遲到第二季甚至更晚。當然，這些影響對整個產業來說肯定是不利的，這也反映在我們的結果中。

But from a mid-term long term perspective, we certainly see Asia as continuing to be the growth engine and continuing to contribute strongly to consolidated margin and be margin accretive to the entire business. So long term, we certainly do still expect them to return some of those recent levels.

但從中長期來看，我們當然認為亞洲將繼續是成長引擎，並繼續為合併利潤率做出重大貢獻，並為整個業務帶來利潤成長。所以從長遠來看，我們當然仍然預期它們會回到近期的某些水平。

Hey, Anthony, this is Al. There's one particular line of product, I can't mention which one it is, but very profitable, very profitable line that had to be pushed out. So that had a big impact.

嘿，安東尼，我是艾爾。有一條產品線，我不能透露是哪一條，但這條產品線利潤非常高，非常高，所以不得不停產。所以這件事影響很大。

All right. Yeah. Thanks, Al and A.J. for that. And then it's nice to hear the traction that you're gaining from beyond apparel. You talked about those lines being -- having better margins. Can you give us a sense as to how much better are the margins for the markets beyond the apparel segment?

好的。是的。謝謝Al和A.J.。很高興聽到你在服裝以外的領域也獲得了關注。你曾提到那些生產線——擁有更好的利潤空間。您能否大致說明一下，服飾業以外的其他市場的利潤率究竟高出多少？

Thanks. [Got the] question. Yes, I would say that they are significantly better, primarily for two reasons. We're providing an innovative product that's performs better at our customers, but also because of the of the fact that we are replacing in some case, a product that was very, very challenge from a performance perspective.

謝謝。我明白了。是的，我認為它們要好得多，主要有兩個原因。我們為客戶提供了一個性能更佳的創新產品，而且在某些情況下，我們還用這款產品取代了性能方面非常非常具有挑戰性的產品。

So I think we're able to offer value to the customer, which allows in terms to create value for our company. So we're seeing better margins on both of these. And I would say maybe 30% better than our normal product gross margins.

所以我認為我們能夠為客戶提供價值，這反過來也為我們公司創造價值。所以我們看到這兩款產品的利潤率都有提高。而且我認為，毛利率可能比我們正常產品的毛利率高出 30%。

That's good to hear. And then as far as the new product introductions that you talked about, the Textile Takeback and ThermaLoop. So it sounds like you've done some trade show appearances. Do you plan to do more of those? And as far as just the investment behind or marketing, do you plan to do more of that as well, whether it's back half of fiscal 2025 or maybe fiscal 2026? How should we think about just the brand management or marketing [perspective]?

聽到這個消息真好。至於您提到的新產品推出，紡織品回收和 ThermaLoop。聽起來你參加過一些貿易展。你打算多做一些這樣的事情嗎？至於背後的投資或行銷方面，您是否也計劃加大投入，無論是在 2025 財年下半年還是 2026 財年？我們該如何看待品牌管理或行銷呢？[看法]？

Yeah, great question. We do know that we have to invest in the promotion of these products and the promotion landscape comes in many forms for social media is figure out that there has been. But we also see the importance of trade shows. We did show in Europe two weeks ago, which was very well received these two products. We're going to do another one in coming up in Portland, Oregon. So we do feel that need to get in front of the brands to show them the actual fabrics that we're making and installation that we're making so they can touch and feel it.

嗯，問得好。我們知道必須投資推廣這些產品，而推廣形式多種多樣，社群媒體的推廣方式就是要弄清楚這一點。但我們也看到了貿易展覽的重要性。兩週前我們在歐洲舉辦了產品展，這兩款產品都受到了非常熱烈的迴響。我們接下來將在俄勒岡州波特蘭市再舉辦一場。因此，我們確實覺得有必要走到品牌方面前，向他們展示我們正在製作的實際面料和我們正在製作的裝置，以便他們可以觸摸和感受。

I will say on top of that, we've got the road show where we're bringing technical people with marketing people and what we call our brand sales team going to these brands to really help educate them and see how they can utilize this new product offering to help them get their sustainability goals.

除此之外，我們還有巡迴推廣活動，我們會派出技術人員、行銷人員以及我們所謂的品牌銷售團隊，前往各個品牌，真正幫助他們了解產品，並了解他們如何利用這一新產品來實現其永續發展目標。

So it's a three-pronged approach, and we are investing some money to make this happen. We're not going crazy, but we do recognize part of this is an education, part of this is actually physically getting out there and spending time with the brands.

所以這是一個三管齊下的方法，我們正在投入一些資金來實現這一目標。我們並沒有瘋，但我們確實認識到，這其中一部分是學習，一部分是真正走出去，花時間與品牌方相處。

A lot of some of --

很多一些--

(multiple speakers) Some of these -- Yes, Anthony, some of these -- this is Al. Some of the companies that we're working with are the very big brands. And we will spend money to get this out into the public. But I'll tell you when they decide to put their shoulder against these products, their capability of marketing is extreme. They're very strong and we -- they will -- many of them will be doing that.

（多人發言）其中一些——是的，安東尼，其中一些——這是阿爾。我們合作的一些公司都是非常知名的大品牌。我們將投入資金，讓公眾了解這項資訊。但我可以告訴你，當他們決定全力推廣這些產品時，他們的行銷能力是驚人的。他們非常強大，我們——他們會——他們中的許多人都會這樣做。

That's great to hear. And then lastly for me, as far as the cost reduction efforts, can you talk about like, I guess, what inning are we in, in terms -- just to use kind of baseball terms maybe as far as what have you done so far? And what is yet to come here as far as just the profit improvement plan and how you think about efficiency savings?

聽到這個消息真是太好了。最後，就成本削減工作而言，您能否談談，例如，我想，我們現在處於第幾局？ ——就用棒球術語來說，就你們目前為止都做了些什麼？那麼，關於利潤提升計畫以及您如何看待提高效率和節省成本，接下來還有哪些內容呢？

Sure, Anthony, we were very pleased with the progress we've made so far on some of the cost savings initiatives and some of the sales transformation. Of course, as volume sales continue to increase with our expectations, as we've outlined throughout the call, that sales transformation will take further hold.

當然，安東尼，我們對目前在一些成本節約措施和銷售轉型方面取得的進展感到非常滿意。當然，正如我們在電話會議中所概述的那樣，隨著銷售量持續成長，銷售轉型將進一步鞏固，正如我們所預期的。

We do see ourselves a good halfway through many of those efforts, but we are not stopping with one single plan and one single initiative. We're continuing to reinvigorate and focus on those to make sure that all production and administrative functions, again, are where they need to be based on business levels and continuing to reduce those costs necessary and focus on the commercial efforts that Eddie just outlined.

我們認為我們在許多方面都已取得了不錯的進展，但我們不會止步於單一計劃或單一舉措。我們將繼續重振旗鼓，專注於這些方面，以確保所有生產和行政職能都能根據業務水平達到應有的水平，並繼續降低必要的成本，專注於艾迪剛才概述的商業努力。

A.J. and Anthony's baseball analogy. What would you say fourth inning?

A.J.和安東尼的棒球比喻。你覺得第四局會怎麼樣？

Yeah, somewhere around the fourth or fifth in probably makes sense right now.

是的，現在看來，大概第四或第五個數字比較合理。

Got you. Assuming it doesn't go to extra innings, But -- all right. Well, thank you very much guys. Definitely appreciate it and best of luck.

抓到你了。假設比賽不會進入加時賽，但——好吧。非常感謝各位。非常感謝，祝你好運。

Thank you, Anthony for your (inaudible) time.

謝謝你，安東尼，抽出時間（聽不清楚）。

Thank you, Anthony.

謝謝你，安東尼。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。