Unifi Inc (UFI) 2025 Q2 法說會逐字稿

Good morning and thank you for attending Unifi second quarter, fiscal 2025 earnings conference call. (Operator Instructions)

早安，感謝各位參加 Unifi 2025 財年第二季財報電話會議。（操作說明）

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

今天的電話會議發言人包括：執行董事長艾爾·凱裡；首席執行官埃迪·英格爾；首席財務官A·J·伊克。

During this call management will be referencing a webcast presentation that can be found in the Investor relations section of unifi.com. Please familiarize yourself with page 2 of the slide deck for cautionary statements and non-GAAP measure. I will now turn the call over to Al Carey. Please go ahead.

在本次電話會議中，管理層將提及一份網路直播演示文稿，該演示文稿可在unifi.com網站的投資者關係版塊找到。請仔細閱讀投影片第二頁，以了解注意事項和非GAAP財務指標。現在我將把通話轉給艾爾·凱裡。請繼續。

Thank you very much. Thanks for joining everyone for our call today on the second quarter of fiscal 2025.

非常感謝。感謝各位今天參加我們關於2025財年第二季的電話會議。

I'm going to provide a few of the key headlines regarding our quarter and our second half of fiscal year outlook. And then as usual, Eddie Ingle and A.J. Eaker will provide the actual performance in more detail and talk about the actions that we're taking at Unifi.

我將提供一些關於我們本季業績和下半年財年展望的關鍵資訊。然後，像往常一樣，Eddie Ingle 和 A.J. Eaker 將更詳細地介紹實際的演出情況，並討論我們在 Unifi 正在採取的行動。

So let me start by telling you that the Q2 revenues were very similar to the previous few quarters and a little less than we had projected. And this continuation of sluggish sales has been with us and the entire textile industry for some time in both North America and in Asia.

首先我要告訴大家的是，第二季的營收與前幾季非常相似，略低於我們的預期。這種銷售低迷的局面已經持續了一段時間，北美和亞洲的紡織業都面臨著同樣的問題。

But I will tell you that we are finally seeing some green shoots. Beginning in January I'd say for the last six weeks, we have seen an improvement in our revenue trends and our customers are more optimistic about demand and improved inventories coming out of the holiday season I think they would describe the holiday season as solid.

但我可以告訴你，我們終於看到了一些好轉的跡象。從一月開始，過去六週以來，我們的收入趨勢有所改善，客戶對假期季節後的需求和庫存改善也更加樂觀，我認為他們會把假期季節描述為穩健的。

This should allow us to show up with a stronger half two performance in our overall numbers as what versus half one, which is what we had talked about a while back during this quarter, we made a decision, a very important decision to close one of our three plants in the US.

這應該能讓我們在第二季的整體業績中展現出比上半年更強的水平，正如我們之前在本季度討論過的那樣，我們做出了一個非常重要的決定，關閉我們在美國三家工廠中的一家。

However, we will lose no sales. The production will transition to other facilities that we have that have capacity in North America.

但是，我們不會損失任何銷售額。生產將轉移到我們在北美擁有產能的其他工廠。

Now this move is going to improve our fixed cost utilization which has been a challenge and it's also going to improve our profitability for North America. We will then sell the plant and allow us to reduce our debt.

此舉將提高我們固定成本的利用率，這曾經是一個挑戰，同時也將提高我們在北美的獲利能力。然後我們將出售這家工廠，從而減少我們的債務。

Now, we're encouraged with the momentum on two top line revenue ideas. One we've talked about for quite some time which is the beyond apparel efforts that we've been after for about a year.

現在，我們對兩項提升營收的計畫進展順利感到鼓舞。我們已經討論過一段時間了，那就是我們追求了大約一年的超越服裝領域的努力。

They're beginning to, those efforts are beginning to pay off as we're starting to enter two new areas for Unifi with sales of carpet and the military segment. And both of these sales are being made possible by I call it out in quotes made in America approach.

他們的努力開始奏效了，我們開始進入 Unifi 的兩個新領域，分別是地毯銷售和軍工市場。而這兩筆銷售之所以能夠實現，正是得益於我特意強調的「美國製造」策略。

These sales are beginning right now in this month. And another positive is our addition, our circularity, and our textile takeback innovation that we talked about on the last two calls are now beginning to gain some traction with our customers. We are likely to see some sales in Q4 of this fiscal and more of a trust in 2026 fiscal.

這些促銷活動從本月開始，現在就開始了。另一個積極的方面是，我們在前兩次電話會議中提到的循環經濟和紡織品回收創新，現在開始受到客戶的歡迎。我們預計本財年第四季將出現一些銷售額成長，而對 2026 財年則更有信心。

We're going to be very busy over the next 5 to 6 months with closing a plant moving equipment, getting our whole organization focused and these activities will show up as a stronger performance in half two and then into the next fiscal year. So, with that overview, let me now turn it over to Eddie Ingle our CEO to give you the big details of what's going on in the quarter and in the future, Eddie.

接下來的 5 到 6 個月，我們將非常忙碌，包括關閉一家工廠、搬遷設備、使整個組織集中精力等等。這些工作將在下半年以及下一個財政年度帶來更強勁的業績。好了，有了以上概述，現在讓我把麥克風交給我們的執行長艾迪·英格爾，讓他為大家詳細介紹一下本季以及未來將要發生的事情。埃迪。

Thanks Al. And as Al just mentioned, our results for the quarter were slightly below our outlook due to a lower-than-expected sales that impacted our business in both the Americas and Asia.

謝謝艾爾。正如艾爾剛才所提到的，由於銷售額低於預期，影響了我們在美洲和亞洲的業務，我們本季的業績略低於預期。

Despite this short-term setback, we continue to remain optimistic about the remainder of calendar year 2025 and beyond as we already are beginning to see an increase in customer orders and interest for some of our recently announced beyond the power initiatives and REPREVE Fiber products, which I'm going to touch on in greater detail shortly.

儘管遭遇了這一短期挫折，但我們對 2025 年剩餘時間及以後的前景依然保持樂觀，因為我們已經開始看到客戶訂單增加，並且對我們最近宣布的一些超越電力計劃和 REPREVE Fiber 產品也越來越感興趣，我稍後會更詳細地談到這些產品。

Before I go into the details of our results for the quarter. I would first like to discuss our recent efforts to optimize our America's business.

在詳細介紹本季業績之前，首先，我想談談我們最近為優化美國業務所做的努力。

As many of you are aware, we announced earlier this week that we have taken steps to consolidate our manufacturing operations with the closing and future sale of our Madison North Carolina manufacturing facility.

正如你們許多人所知，我們本週早些時候宣布，我們已採取措施整合我們的製造業務，包括關閉和未來出售我們在北卡羅來納州麥迪遜的製造工廠。

The closing of the Madison facility is an important strategic decision that will allow Unifi to become stronger and a more efficient company. As we exit the current calendar year by consolidating this facility, we will be able to improve our cost structure and operational performance without any customer disruption or loss of current production capacity.

關閉麥迪遜工廠是一項重要的策略決策，這將使 Unifi 成為更強大、更有效率的公司。隨著我們在本年度結束前完成對該工廠的整合，我們將能夠在不影響客戶或造成當前產能損失的情況下，改善成本結構和營運績效。

AJ will provide greater details on the financial implications of the sale of the facility later on in the call. But this proactive step will optimize our business and make Unifi a leaner and more profitable organization that will ultimately enable us to better serve our customers.

AJ將在稍後的電話會議中提供關於出售該設施的財務影響的更多細節。但這項積極主動的舉措將優化我們的業務，使 Unifi 成為一個更精簡、更盈利的組織，最終使我們能夠更好地服務我們的客戶。

This decision to close Madison was a particularly difficult decision for me personally as it was a place where I gained a lot of valuable experience as a general manager early on in my career. And I'd like to acknowledge the work that the employees put into making this facility a valuable contributor to the profitability of Unifi business over the years and I thank them for their contribution.

關閉麥迪遜的決定對我個人來說是一個特別艱難的決定，因為在我職業生涯早期擔任總經理期間，我在那裡積累了很多寶貴的經驗。我還要感謝員工們多年來為使該設施成為 Unifi 業務盈利的重要貢獻者所付出的努力，並感謝他們的貢獻。

Before I go over the results of the business segments, I'd like to briefly discuss the recent tariff announcements that were put in place last weekend on Canada, Mexico and China. Given that the situation is still very fluid, and that Mexico and Canada have already delayed the tariffs by 30 days and opened a dialogue with the US government.

在介紹各業務部門的業績之前，我想先簡單討論一下上週末對加拿大、墨西哥和中國實施的最新關稅措施。鑑於目前情況仍非常不穩定，墨西哥和加拿大已經將關稅推遲了 30 天，並與美國政府展開了對話。

The impact of these tariffs on our business remains uncertain as our customers are still assessing how it may affect their businesses. We'll continue to keep you updated in the coming quarters on the situation as the potential impact of the tariffs becomes more clear.

這些關稅對我們業務的影響仍然不確定，因為我們的客戶仍在評估這些關稅可能對其業務產生的影響。接下來幾季，隨著關稅潛在影響的逐漸明朗，我們將繼續向您通報最新情況。

Transitioning now to an overview of the quarter on slide four, during the second quarter of fiscal 2025 we reported $138.9 million in consolidated net sales which was slightly up compared to the prior year due to an improvement in the America's business and the consistently robust sales volumes in Brazil.

現在過渡到第四張投影片，概述本季的情況。在 2025 財年第二季度，我們報告的合併淨銷售額為 1.389 億美元，與上年同期相比略有增長，這得益於美洲業務的改善以及巴西持續強勁的銷售量。

Now to dive a little bit deeper into each of the business segments in the America segment. We did a slight did see a slight increase in net sales during the quarter compared to the previous year due to the increased activity in Central America.

現在讓我們更深入地了解美洲業務板塊的各個業務部分。由於中美洲地區的業務活動增加，本季淨銷售額與去年同期相比略有成長。

However, our financial results were impacted by the September 2 hurricanes in the Southeast US which dampened some demand and continued inflationary pressures.

然而，9 月 2 日美國東南部的颶風影響了我們的財務業績，颶風抑制了一些需求，並加劇了通膨壓力。

With that said we do anticipate that we will see an improvement in our Americas segment during the second half of the fiscal year as a result of the traction we are seeing for our beyond apparel initiatives in the carbon market and military applications.

儘管如此，我們預計，由於我們在碳市場和軍事應用領域，超越服裝領域的舉措取得了進展，我們美洲業務部門在本財年下半年將會有所改善。

In addition, we are continuing to see growth in our business in Central America, which is very encouraging even with the normal slowdown from the Christmas holiday, our Brazil segment continued to perform well. Thanks to the increased demand for textured polyester and favourable pricing dynamics.

此外，我們在中美洲的業務持續成長，這非常令人鼓舞，即使受到聖誕節假期正常放緩的影響，我們的巴西業務也繼續表現良好。由於市場對紋理聚酯的需求增加以及有利的價格趨勢。

Brazil has been our best performing segment for the past year now and we expect that this trend will continue for the remainder of the fiscal year. In earlier segment we continued to experience headwinds due to the unfavourable economic conditions and pricing pressures in China.

過去一年來，巴西一直是我們表現最好的市場，我們預計這一趨勢將在本財年剩餘時間內繼續保持。在前期階段，由於中國不利的經濟環境和價格壓力，我們繼續面臨不利因素。

Given the seasonal impact from the Chinese New Year, we do anticipate that we'll see similar results in our third quarter for the region. But these should improve as we move into the fourth quarter of fiscal 2025.

考慮到春節的季節性影響，我們預計該地區第三季的業績將與此類似。但隨著我們進入 2025 財年第四季度，這些情況應該會有所改善。

Turning now to slide five for an update on REPREVE during the second quarter REPREVE represented 31% of sales, a slight decrease when compared to the previous year. This decrease in REPREVE. Sales was largely driven by the macroeconomic pressures in China.

現在就來看看第五張投影片，了解一下 REPREVE 在第二季的最新情況。 REPREVE 佔銷售額的 31%，與前一年相比略有下降。REPREVE 的減少。銷售額主要受中國宏觀經濟壓力驅動。

But with that said, we do anticipate that we will begin to see an improvement in our pre fiber business during the second half of the year and in fiscal 2026 as our recently announced free take back filament yarn and thermal products begin to gain traction with our customers.

但即便如此，我們預計，隨著我們最近宣布的免費回收長絲紗線和熱熔產品開始受到客戶的歡迎，我們將在今年下半年和 2026 財年開始看到我們的預纖維業務有所改善。

Moving at slide 6 to highlight some of our recent marketing efforts, we witnessed the versatility of REPREVE through excited cobranding initiatives this quarter. For example, Malibu C a hair care brand using the pre regime in its eco blue bottle received the prestigious 2024 Global Green Beauty award.

在第 6 張投影片中，我們將重點介紹我們最近的一些行銷工作，在本季度，我們透過令人興奮的聯合品牌推廣活動見證了 REPREVE 的多功能性。例如，採用環保藍瓶裝的護髮品牌 Malibu C 獲得了著名的 2024 年全球綠色美容獎。

[Satan Mattresses and Teva] which is footwear also continued to promote their use of REPREVE on product pages and Costco highlighted REPREVE branding in store across several brands including Puma and Kenneth Cole in both the US and Canada. Additionally, during the quarter, we forged key partnerships with Guess Europe the North Face and New Balance.

[Satan Mattresses 和 Teva]（一家鞋類公司）也繼續在產品頁面上推廣 REPREVE 的使用，而 Costco 在美國和加拿大的商店中重點展示了包括 Puma 和 Kenneth Cole 在內的多個品牌的 REPREVE 品牌。此外，本季我們也與 Guess Europe、The North Face 和 New Balance 建立了重要的合作夥伴關係。

Guess Europe featured our marketing and communications director in their guest eco video series showcasing their long-standing commitment to using REPREVE. The North Face launched their A68a collection with an event in London emphasizing its end of life, recyclability through unified textile takeback process.

Guess Europe 在其環保影片系列中邀請了我們的行銷和傳播總監作為嘉賓，展示了他們對使用 REPREVE 的長期承諾。The North Face 在倫敦舉辦活動，推出其 A68a 系列產品，強調其生命週期結束時的可回收性，並透過統一的紡織品回收流程來實現。

And finally, New Balance partnered with us to recycle unused race shirts to REPREVE, recycled polyester which was used to produce this year's New Year's [CTCS Marathon] T shirts could say that was circularity in motion.

最後，New Balance 與我們合作，將未使用的比賽 T 卹回收利用，製成 REPREVE（再生聚酯纖維），用於生產今年的新年 [CTCS 馬拉松] T 卹，可以說這就是循環經濟的體現。

And on slide 7 as a highlight of our leadership in product innovation Unifi was recently announced the winner of the 2024 Just Style Excellence Award for product launches in the area of circularity Unifi received this award in recognition for the successful launch of thermal loop. One of our latest innovative for pre products that provides customers with an insulation material made from textile waste using our proprietary textile takeback process.

在第 7 張投影片中，我們重點介紹了我們在產品創新方面的領導地位。 Unifi 最近被宣佈為 2024 年 Just Style 卓越獎的獲獎者，該獎項旨在表彰在循環經濟領域推出的優秀產品。 Unifi 因成功推出熱循環系統而獲得此獎項。我們最新的創新產品之一是利用我們專有的紡織品回收工藝，以紡織廢料為原料，為客戶提供絕緣材料的預製產品。

And before I wrap up, I'd like to provide some additional updates on the beyond apparel initiatives, both carpet market and military and predictive apparel applications that we discussed during our first quarter call.

最後，我想就我們在第一季電話會議上討論的服裝以外的計劃，包括地毯市場、軍事和預測性服裝應用，提供一些額外的最新資訊。

Both initiatives have been performing well and we have already begun to see the initial sales revenue from these two programs and we will see additional revenue benefits from these two initiatives beyond apparel. During the second half of this fiscal year.

這兩項措施都取得了良好的效果，我們已經開始看到這兩項計劃帶來的初步銷售收入，而且除了服裝之外，我們還將從這兩項舉措中獲得額外的收入收益。在本財政年度的下半年。

We look forward to providing additional updates on these growing segments of our business over the coming quarters. With that, I'd like to pass the call over to AJ to discuss our financial results for the quarter.

我們期待在接下來的幾個季度裡，就我們業務中這些不斷增長的領域提供更多最新資訊。接下來，我想把電話交給 AJ，讓他來討論一下我們本季的財務表現。

Thank you, Eddie. Despite a difficult environment during the quarter, we continue to make great progress towards positioning our business for future growth and profitability to ensure we track to our goals.

謝謝你，艾迪。儘管本季環境艱難，但我們仍在為未來的業務成長和獲利能力做好準備，以確保我們實現目標，並繼續取得巨大進展。

Our focus remains on keeping our variable expenses across both production and administrative functions low, which will help create both cost savings and increase profits that we will reinvest in the key areas of our business that will enhance our revenue performance and drive margin expansion, including the Beyond apparel initiatives and innovation.

我們將繼續專注於降低生產和行政職能方面的可變費用，這將有助於節省成本並增加利潤，我們將把利潤再投資於業務的關鍵領域，以提高收入業績並推動利潤率增長，包括 Beyond 服裝計劃和創新。

Transitioning to our financial results on slide 8, you'll see our consolidated financial highlights for the quarter. Consolidated net sales for the quarter were $138.9 million up 1.4% year over year. The increase in net sales on a year over year basis was primarily driven by continued improvement efforts in the Americas and growth in Brazil but was offset by lower sales in Asia.

接下來，請看第 8 頁的財務業績，您將看到本季的綜合財務亮點。本季合併淨銷售額為 1.389 億美元，較去年同期成長 1.4%。淨銷售額年增率主要得益於美洲地區的持續改善和巴西市場的成長，但被亞洲地區的銷售額下降所抵消。

Turning to slide nine in the America segment. Net sales were up 3% compared to the prior year due to the traction from our recent sales growth initiatives. Despite the unfavourable weather impacts to the Southeast US causing a miss of a couple million sales dollars.

接下來請看美國部分的第九張投影片。由於近期銷售成長措施的成效，淨銷售額比上年增長了 3%。儘管美國東南部地區惡劣的天氣造成了數百萬美元的銷售損失。

Slide 10 displays our Brazil segment highlights which demonstrates our continued strength in that region with robust sales levels. Brazil's margin rate reflects both the positivity of improved value-added mix but the normalization of raw material costs and pricing dynamics.

第 10 張幻燈片展示了我們在巴西的業務亮點，證明了我們在該地區的持續強勁實力和穩健的銷售水平。巴西的利潤率既反映了增值結構改善的正面影響，也反映了原材料成本和定價動態的正常化。

On slide 11, our Asia segment saw net sales declined by approximately 7% year over year as the sales mix and pricing dynamics in the region remain difficult, particularly in China.

第 11 頁顯示，由於該地區的銷售組合和定價動態仍然困難，特別是中國市場，我們亞洲業務的淨銷售額比去年同期下降了約 7%。

I'll now briefly discuss our balance sheet on slide 12. We're pleased to have reduced cash burn in the second quarter with improvement on both a year over year and sequential basis. This is aided by our strict cost control measures and limited CapEx spending.

接下來我將在第12頁簡單討論一下我們的資產負債表。我們很高興第二季現金消耗減少，年比和季比均有所改善。這得歸功於我們嚴格的成本控制措施和有限的資本支出。

Finally, I'll discuss our efforts to consolidate our US manufacturing footprint. As Eddie mentioned, the Madison facility provided decades of profit generation and cash flow. And we're grateful to all of the Madison community and employees who have been a part of its historical success.

最後，我將討論我們為鞏固在美國的生產佈局所做的努力。正如艾迪所提到的那樣，麥迪遜工廠幾十年來一直帶來利潤和現金流。我們感謝所有為麥迪遜市歷史性成功做出貢獻的社區成員和員工。

The facility remains in excellent condition, and we be operational for the next several months as we screen for an appropriate buyer of the real estate. The proceeds that we receive from the sale of the medicine facility will be prioritized against existing debt and we will improve our financial position.

該設施狀況良好，在接下來的幾個月裡，我們將繼續運營，同時篩選合適的房地產買家。出售製藥廠所得款項將優先用於償還現有債務，從而改善我們的財務狀況。

During calendar 2025 we will incur expenses related to wind down relocation and separation. Our expectations around these transitional restructuring charges range from $5 million to $7.5 million.

在 2025 年，我們將產生與公司搬遷和解散相關的費用。我們預計這些過渡性重組費用將在 500 萬美元到 750 萬美元之間。

As a result of this transition, we expect to achieve overall organizational savings by increasing the utilization of our yak and bill facility and leveraging a more efficient operating footprint that would require fewer man hours per square foot and yarn pounds produce. We will provide additional details on the progress of this transition and the savings benefits as we move through this process.

透過這項轉變，我們期望透過提高犛牛和牛鼻牛設施的利用率，以及利用更有效率的營運佈局，實現整體組織成本的節約，這將減少每平方英尺所需的人工時數和每磅紗線產量。我們將隨著這一過程的推進，提供有關此過渡進展和節省成本效益的更多細節。

Looking ahead, we'll consider additional steps to improve both the strength of our balance sheet and our financial performance to ensure that we remain well positioned to pivot to growth with that, I'll pass the call back to Eddie to take us through the last few slides of the presentation and make final comments.

展望未來，我們將考慮採取更多措施來增強資產負債表的實力和財務業績，以確保我們能夠繼續保持良好的發展勢頭，實現成長。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作總結發言。

Thank you, AJ. Hit that turn to slide 13 to discuss our forecast for the third quarter of fiscal 2025 for the third quarter we are expecting net sales and adjusted EBITDA to increase sequentially as we see a more robust order book and sales levels for the America segment.

謝謝你，AJ。轉到第 13 張投影片，討論我們對 2025 財年第三季的預測。我們預計，隨著美洲業務訂單和銷售水準的增強，第三季淨銷售額和調整後 EBITDA 將較上季成長。

And we expect capital expenditures to be around $5 million to $6 million due to the transition of the production out of the Madison facility. Transition to slide 14 we will discuss our guidance for fiscal 2025. We're updating our outlook for fiscal 2025 which now includes net sales to be in line with fiscal 2024. As we expect our second half, fiscal 2025 to improve over the corresponding first half.

由於生產從麥迪遜工廠轉移出去，我們預計資本支出將在 500 萬至 600 萬美元左右。接下來我們將轉到第 14 張投影片，討論我們對 2025 財年的指導意見。我們正在更新 2025 財年的展望，現在包括淨銷售額，以與 2024 財年保持一致。我們預計 2025 財年下半年業績將比上半年有所改善。

Profitability metrics are expected to improve year over year while second half fiscal 2025 underlying profit generation will be partially offset by us manufacturing transition costs and we expect capital expenditures to range between $14 million and $16 million which includes the costs related to the transition activities.

預計獲利指標將逐年改善，但 2025 財年下半年基本利潤成長將部分被我們的製造轉型成本所抵消，我們預計資本支出將在 1,400 萬美元至 1,600 萬美元之間，其中包括與轉型活動相關的成本。

Moving on to slide 15, you will see our updated key strategic priorities that we're focused on for the remainder of fiscal 2025.

接下來請看第 15 張投影片，您將看到我們更新的關鍵策略重點，這些重點將貫穿 2025 財年剩餘時間。

We are all exploring opportunities to optimize our business which is highlighted by the proactive manufacturing consolidation measures we discussed today that will enhance our operating efficiency, lower fixed costs, improve profitability and further strengthen our balance sheet.

我們都在探索優化業務的機會，今天我們討論的積極主動的生產整合措施就充分體現了這一點，這些措施將提高我們的營運效率，降低固定成本，提高盈利能力，並進一步加強我們的資產負債表。

As we look ahead to the second half of fiscal 2025 our focus will continue to remain on investing in innovation products in both our pre fiber platform and beyond the power products that will help improve our product mix and grow our customer base.

展望 2025 財年下半年，我們將繼續專注於投資創新產品，包括光纖平台以外的電力產品，這將有助於改善我們的產品組合併擴大我們的客戶群。

We believe that our commitment to implementing cost saving initiatives and making strategic investments in innovation and high growth opportunities has positioned us well to drive value for all of our stakeholders. With that, we would now like to open the line for questions. Thank you.

我們相信，我們致力於實施成本節約措施，並對創新和高成長機會進行策略性投資，這使我們能夠為所有利害關係人創造價值。接下來，我們將開放提問環節。謝謝。

(Operator Instructions)

（操作說明）

Your next question comes from the line of Anthony Lebiedzinski from Sidoti & Company. Please go ahead.

你的下一個問題來自 Sidoti & Company 的 Anthony Lebiedzinski。請繼續。

Good morning, everyone and thank you for taking the questions. I guess, first for the quarter, certainly nice to see the sales and gross margin improvements in the Americas and Brazil segments. I know you guys talked about higher sales volumes in both of these and have good pricing in Brazil.

各位早安，感謝大家回答問題。首先，就本季而言，很高興看到美洲和巴西地區的銷售額和毛利率均有所改善。我知道你們討論過在巴西這兩個市場銷售都會更高，而且定價也很優惠。

So, you know, just wondering is the higher sales coming mostly from existing clients or did you, were you already able to pick up some, some new clients? Or maybe it was just a combination of both that just, just wanted to get a better sense as to the sales volume drivers in those two key segments.

所以，你知道，我只是想知道更高的銷售額主要來自現有客戶，還是你們已經獲得了一些新客戶？或許正是這兩個因素的結合，只是想更了解這兩個關鍵細分市場的銷售量驅動因素。

Yeah, thanks for the question, Anthony. The Brazil segment, we are seeing it across the board with existing clients. The market for textured polyester continues to grow over the quarter, outside the normal holiday period, we ran our plants pretty full, and we saw an increase in demand across all segments.

是的，謝謝你的提問，安東尼。在巴西市場，我們看到這種情況普遍發生在現有客戶身上。本季度，在正常的假日之外，紋理聚酯纖維市場持續成長，我們的工廠幾乎滿載運轉，所有細分市場的需求都有所成長。

I would say maybe in particular, there was the apparel segment did, perform exceptionally strong including the denim section sector, which is very, very big part of our business down there as it relates to the US I think the way I would describe that is Central America really was the star performance as far as growth as we went through the year and through the quarter.

我想說，服裝板塊的表現尤其強勁，包括牛仔佈板塊，牛仔佈板塊在我們那裡的業務中佔比非常非常大。就美國市場而言，我認為中美洲市場在全年和本季的成長方面表現最為突出。

And you know, we started at calendar 2024. It was very challenging, but we ended it on a high spot. And again, we're seeing some activity with brands continuing to support Central America and I think perhaps maybe it was in light of the pending tariffs that were taking place. We're, we're not exactly sure yet how the brands are reacting, but that seems to be the indicator for us in that area.

你知道，我們是從2024年開始的。雖然很有挑戰性，但我們最終取得了不錯的成績。我們再次看到一些品牌繼續支持中美洲市場，我認為這或許是因為即將實施的關稅政策。我們還不完全確定各個品牌對此作何反應，但這似乎是該領域的指標。

But one other comment, Anthony, this is Al some of these beyond apparel items like military and the carpet they're just hitting now, but those are problems.

但還有一點要補充，安東尼，這其中有些東西已經超越了服裝的範疇，例如軍用品和他們現在正在推廣的地毯，但這些都是問題。

That's great to hear. Yeah, so it does sound like you guys are seeing some green shoots, which is definitely, reassuring. So, as far as, the opportunity for carpet and the military and I'm sure you guys are working on others as well.

聽到這個消息真是太好了。是的，聽起來你們的情況確實出現了一些好轉的跡象，這無疑令人欣慰。所以，就地毯和軍方的市場機會而言，我相信你們也在研究其他領域。

But, you know, as far as, maybe talk to us, maybe about like what you see as that, potential from those markets and as far as timing, it sounds like you should pick up some business in the second half of this fiscal year. But maybe just, if you could provide some additional colour as far as how you see that, maybe in fiscal '26.

但是，你知道，或許可以和我們談談，談談你認為這些市場的潛力，以及時機，聽起來你應該在本財年下半年獲得一些業務。但或許，如果您能就您如何看待2026財年提供一些補充說明就更好了。

Yeah. So, I'd really, I'd like to sort of turn it to calendar 25. You know, we did see at the tail end of our of calendar 24 in our Q2 fiscal '25 we saw some activity as we go through this next 12 months. We are expecting to see growth in both of these market segments on a sequential basis. We're actually installing some capacity, additional capacity in our fiscal Q4 to meet the growth that goes beyond the existing capacity of this, some of the technologies that we have.

是的。所以，我真的，我想把它轉到日曆25號。你知道，在2025財年第二季末，也就是2024年日曆年末，我們看到了一些活動，並將持續到接下來的12個月。我們預計這兩個細分市場將逐週成長。實際上，我們正​​在第四財季增加一些產能，以滿足超出我們現有產能的成長需求，以及我們一些技術的現有產能。

So, as we go through this calendar 2025 you can expect us to get more details around revenues from these two, these two businesses. But more importantly, it's the excitement we're seeing in these two product lines comes from the fact we're able to make products that are performing better than the incumbents.

因此，隨著我們進入 2025 年，您可以期待我們獲得有關這兩家公司收入的更多詳細資訊。但更重要的是，我們在這兩條產品線中看到的興奮之處在於，我們能夠生產出性能優於現有產品的產品。

And that gives us comfort that the investments we're making both sometime and capital are going to pay out. We're quite confident that we're very confident about that as we move through this calendar year.

這讓我們感到安心，相信我們投入的時間和資金都會得到回報。隨著時間的推移，我們對此充滿信心。

Thanks for that. And just switching to Asia. So, I know you said that you expect a similar performance in Q3 versus what you've seen here recently. But the, historically, that that business has performed better, both sales and gross margin. So, when would be, when do you think it's reasonable to assume that that piece of your business gets back to more or less, historical trends.

謝謝。然後就切換到亞洲了。我知道您說過您預計第三季的業績將與最近一段時間的業績類似。但從歷史數據來看，該業務的銷售額和毛利率都表現得更好。那麼，你認為什麼時候才能合理地假設你業務的這一部分會回歸到或多或少的歷史趨勢呢？

As you, as we said on the call, this is, this quarter is impacted by the Chinese New year, but as we go into Q4, we are expecting to see a meaningful improvement in the revenues out of that business. And the forecast deal for, for calendar 2025 is to see growth as we move throughout the year.

正如我們在電話會議上所說，本季受到中國新年的影響，但進入第四季後，我們預計該業務的收入將顯著改善。預計到 2025 年全年，我們將看到成長動能。

It's it again talking about tariffs in that, in that section. That that's still the US government and China have not really resolved their differences in that space, but the increased tariff of 10% is not as impactful as it would have been for Mexico and Canada. So, we're not expecting right now to see demand drop off. In fact, we're expecting demand to still increase. As we, as we get the benefit of our REPREVE, take back innovation and our thermal loop products.

那一部分又在談關稅了。也就是說，美國政府和中國在這一領域的分歧尚未真正解決，但提高 10% 的關稅對美國的影響不如對墨西哥和加拿大的影響那麼大。所以，我們目前預計需求不會下降。事實上，我們預期需求還會持續成長。當我們從 REPREVE 中受益時，我們將重新獲得創新和我們的熱迴路產品。

Got you. Okay. All right. So as release the tariffs certainly realize it still remains a dynamic situation. But assuming that Canada and Mexico get resolved and there is a sort of less long term pause or permanent pause.

抓到你了。好的。好的。因此，儘管關稅已經解除，但情況仍然瞬息萬變。但假設加拿大和墨西哥的問題得到解決，並且出現某種程度的短期或永久性的暫停。

And then China has a 10% tariff, with tariffs overall, given that you are largely US manufacturing company, it would tariffs be a net positive you think for the company or any sort of way to frame that, that really would be helpful.

然後中國對貴公司徵收 10% 的關稅，考慮到貴公司主要是美國製造企業，您認為關稅對貴公司來說是利大於弊還是弊大於利？或者您能否就此給出一些看法，這將非常有幫助。

Yeah. It's really uncertain because it depends on the level of tariffs and what products they're put on. There's a lot of dialogue around in and we hear this from our involved with the textile organization, but in Mexico, they are trying to defend their textile market.

是的。這真的很難說，因為這取決於關稅水平以及對哪些產品徵收關稅。周圍有很多討論，我們從參與紡織組織的人員那裡也聽到了這種說法，但在墨西哥，他們正試圖捍衛自己的紡織品市場。

And maybe textiles get would get carved out between Mexico and the US as being something to protect for both sides because a lot of fabrics are made here shipped to Mexico. I do think Central America is an area that will pick up because of this threat of the tariffs because it's, it hasn't, has yet been mentioned in the three countries in northern and Central America have been, described as being prone to getting tariffs at least for now.

或許紡織品會成為墨西哥和美國之間需要共同保護的領域，因為許多紡織品都是在這裡生產的，然後運往墨西哥。我認為中美洲地區會因為關稅威脅而有所增長，因為至少目前為止，在北美和中美洲的三個國家中，還沒有人提到過中美洲容易被徵收關稅。

So, I think that's going to help us and the other part of the tariffs was the de minimis, ruling, which was a loophole for that allows goods to come into the US that are worth less than $800. There, there's still a lot of energy around fixing that loophole by the governments and we'll see how that plays out. That could be a big positive for us.

所以，我認為這對我們有幫助，而關稅的另一部分是最低限度規定，這是一個漏洞，允許價值低於 800 美元的商品進入美國。目前各國政府仍在積極努力堵住這個漏洞，我們將拭​​目以待。這對我們來說可能是一個很大的利好。

Interesting Anthony is that we have a number from the government that approximately $1.5 billion in sales have come in through this minimis in the last calendar year. So, if that were to move in any direction, to be very positive for us.

安東尼，有趣的是，我們從政府那裡得到一個數字，在過去一年裡，透過這種最低限度的稅收方式，​​銷售額約為 15 億美元。所以，如果事情朝著任何方向發展，對我們來說都是非常正面的。

Understood. Okay. Yeah. So certainly, it does seem like there is some potential movement, I guess. So, I guess we'll see what happens there. Now, as far as the Madison North Carolina facility closure, I'm not sure if you're prepared yet to give a specific number, but maybe just ballpark estimate, once this transition is completed, how much could we talk about as far as annual cost savings? With now Unifi running fewer facilities in the US.

明白了。好的。是的。所以，看起來確實存在一些潛在的動向。所以，我想我們拭目以待吧。關於關閉北卡羅來納州麥迪遜工廠的問題，我不確定您是否準備好給出一個具體的數字，但或許可以粗略估計一下，一旦過渡完成，我們能討論一下每年可以節省多少成本嗎？現在Unifi在美國營運的設施減少了。

Thanks Anthony. It's AJ good, good question.

謝謝你，安東尼。是AJ，問得好。

Good morning. Like I said, a lot of good years out of the Madison facility and we saw the utilization there fall significantly recently. So, this decision was, was tough but important for the future for us.

早安.正如我所說，麥迪遜工廠過去有很多年都運作良好，但最近我們看到那裡的利用率大幅下降。所以，這個決定雖然艱難，但對我們的未來至關重要。

Bringing that facility offline will obviously improve a lot of the fixed cost base that we have as well as overall labour man hours will be able to move a lot of production into our [Yagin Bill facility] where we have more automation and really a better facility to handle the overall volume and some more efficiency there.

顯然，關閉該工廠將改善我們的許多固定成本基礎，同時，整體勞動力工時也將能夠將大量生產轉移到我們的 [Yagin Bill 工廠]，那裡我們擁有更高的自動化程度，並且擁有更好的設施來處理總體產量，效率也更高。

Not looking to disclose the actual number that we're targeting at this point. But we'll certainly provide that as we've gathered all the details and complete that consolidation. But we are expecting some material savings from reducing the operations in that facility.

目前我們不打算透露我們的目標具體數字。但一旦我們收集到所有細節並完成整合，我們一定會提供這些資訊。但我們預計透過減少該工廠的運營，可以節省一些資金。

A quick update on the overall facility itself as well. The tax value there right around $29 million or so. And the book value on that facility for us is right around $9 million. So, we do expect that to be a favourable, favourable move for us from a balance sheet perspective.

另外，也簡單報告一下設施的整體狀況。那裡的稅務估值大約在2900萬美元左右。該設施的帳面價值約為 900 萬美元。因此，從資產負債表的角度來看，我們預期這將對我們非常有利。

That’s very helpful. Okay. All right. Well, yes. And then as far as other facilities, as I know you guys also sold the warehouse, so as you look at your properties, do you think there could be some additional opportunities perhaps to, to optimize the overall structure or, or you think you're kind of more or less kind of tapped out as far as opportunities in terms of just, just as overall your facilities and properties.

那很有幫助。好的。好的。是的。至於其他設施，我知道你們也賣掉了倉庫，所以當你們審視自己的資產時，你們認為是否還有一些額外的機會來優化整體結構，或者你們認為就整體設施和資產而言，你們的機會已經基本用盡了？

Yeah, thanks Anthony. AJ again, this is certainly going to be a big move for us that will be very important over the next several months and take a lot of detailed time. So, we're focused very heavily on the, on this move right now, as I mentioned in the prepared remarks, we'll continue to look at opportunities.

謝謝你，安東尼。AJ，這對我們來說肯定是一個重大舉措，在接下來的幾個月裡將非常重要，需要花費大量時間進行細緻的規劃。所以，正如我在準備好的演講稿中提到的，我們現在非常重視這項舉措，我們將繼續尋找機會。

There's nothing to highlight at this point, but I'll remind the audience also that when we did sell that warehouse, that was about 250,000 square feet with a decent amount of land and achieve greater than $30 a square foot on that sale.

目前沒有什麼特別值得一提的，但我還要提醒各位，我們出售那座倉庫時，它佔地約 25 萬平方英尺，擁有相當可觀的土地，而且每平方英尺的售價超過了 30 美元。

So, we were quite pleased with that and hoping to have a very positive sell as well for the Madison facility. But specific to your question, we'll continue to looking at what makes sense, see how all of the consolidation efforts play out, look forward to those savings and then continue to find opportunities.

所以，我們對此相當滿意，希望麥迪遜工廠的銷售也能取得非常好的成績。但具體到您的問題，我們將繼續研究哪些做法是合理的，觀察所有整合工作的進展情況，期待節省成本，然後繼續尋找機會。

Got you. Okay. And my last question, I guess, so as far as just to follow up on the Madison facility, what's the square footage of that property?

抓到你了。好的。最後一個問題，我想跟進一下麥迪遜工廠的情況，該物業的面積是多少平方英尺？

Sure. The building itself is in excellent condition, high ceilings and right around 950,000 square feet. It also has a significant land buffer and the land and surrounding areas in great condition as well.

當然。建築本身狀況極佳，層高很高，面積約 95 萬平方英尺。它還擁有大片土地緩衝區，而且土地及週邊地區狀況良好。

Got it. All right. Well, that all sounds good. Well, thank you very much and best of luck.

知道了。好的。嗯，聽起來都不錯。非常感謝，祝你好運。

Great. Thanks so much Anthony.

偉大的。非常感謝你，安東尼。

Thank you, Anthony.

謝謝你，安東尼。

Again, if you would like to ask question, press star one on your telephone keypad that ends our Q&A session and we appreciate your participation. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You. May now disconnect.

再次提醒，如果您有任何疑問，請按電話鍵盤上的星號鍵 1，這將結束我們的問答環節，感謝您的參與。女士們、先生們，今天的電話會議到此結束。感謝各位的參與。你。現在可以斷開連線了。