Unifi Inc (UFI) 2025 Q3 法說會逐字稿

Good morning, and thank you for attending Unifi's third-quarter fiscal 2025 earnings conference call. Today's conference is being recorded. (Operator Instructions)

早安，感謝您參加 Unifi 2025 財年第三季財報電話會議。今天的會議正在錄製中。（操作員指示）

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

今天電話會議的發言人包括執行主席 Al Carey；執行長 Eddie Ingle； A.J.伊克（Eaker），財務長。

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 that slide deck for cautionary statements and non-GAAP measures.

在本次電話會議中，管理層將參考 unifi.com 投資者關係部分中的網路廣播簡報。請熟悉該投影片第 2 頁的警告聲明和非 GAAP 指標。

I will now turn the call over to Al Carey. Please go ahead.

現在我將電話轉給艾爾凱裡 (Al Carey)。請繼續。

Thank you. Well, good morning, everyone, and thank you for listening in on our call today. I'd start it off by telling you about over the last few months, we've been working on several initiatives to rationalize our assets and improve our profitability for our North American business. And the work is in flight right now as we speak. It will be completed by the end of our fiscal year, which is the end of June.

謝謝。大家早安，感謝大家收聽我們今天的電話會議。首先我想告訴大家，在過去的幾個月裡，我們一直在努力實施多項舉措，以合理化我們的資產並提高我們北美業務的獲利能力。正如我們所說，這項工作正在進行中。它將在我們的財政年度結束前完成，也就是六月底。

So we're coming down the home stretch for another eight weeks. The work includes -- let me list five things to tell you about. One is we're closing our Madison, North Carolina facility in mid-June. And we've been moving the assets out of Madison into our other North Carolina facility in Yadkinville and in our facility in El Salvador, Central America, and they will pick up all of the volume that Madison has been doing. So we're going to see a much improved capacity utilization in these plants very quickly.

因此，我們即將進入最後衝刺階段，還有八週的時間。這項工作包括——讓我列出五件事來告訴你們。一是我們將於六月中旬關閉位於北卡羅來納州麥迪遜的工廠。我們一直在將資產從麥迪遜轉移到我們位於北卡羅來納州亞德金維爾的另一個工廠以及位於中美洲薩爾瓦多的工廠，他們將承擔麥迪遜的所有業務量。因此，我們很快就會看到這些工廠的產能利用率大幅提高。

The second item I wanted to mention is we are removing all the costs from the Madison facility. It's quite a big facility at 950,000 square feet. And we're making additional cost savings in the rest of our North American operation business. And those projects are completed by the end of June and will show up in the new fiscal year as savings. Our third activity is the sale of the Madison facility, and that's expected to close soon.

我想提到的第二件事是，我們將取消麥迪遜工廠的所有成本。這是一個相當大的設施，佔地 950,000 平方英尺。我們正在北美其他業務中進一步節省成本。這些項目將於六月底完成，並將在新的財政年度以儲蓄的形式反映出來。我們的第三項活動是出售麥迪遜工廠，預計很快就會完成。

And that will provide us with proceeds that are going to allow us to make a significant improvement in our balance sheet and to retire some debt. The fourth item I wanted to mention was we're seeing an improvement in demand in North America in general, but especially in the Central American region. And there are several large brands and retailers that have begun to move production into Central America even before all these tariff discussions began.

這將為我們提供收益，使我們能夠顯著改善資產負債表並償還部分債務。我想提到的第四件事是，我們看到北美整體需求有所改善，尤其是中美洲地區。甚至在所有這些關稅談判開始之前，一些大品牌和零售商就已經開始將生產轉移到中美洲。

It seems like a good place to offshore and also to have a closer supply chain to the US. So now with the tariff situation that's going on, it's an even more compelling decision, and it provides some geographic facility for these brands and retailers and a little data point that's worth looking at. I wouldn't make any promises on this, but more than 50% of our business in Central America recently has been REPREVE.

這似乎是一個進行離岸外包的好地方，而且與美國之間的供應鏈也更加緊密。因此，考慮到現在的關稅狀況​​，這是一個更令人信服的決定，它為這些品牌和零售商提供了一些地理便利，以及一些值得關注的數據點。我不會對此做出任何承諾，但最近我們在中美洲 50% 以上的業務都來自 REPREVE。

So this bodes well for the future. I would say we can expect something in that range or possibly better as we move forward. This is dependent on the new customer orders that come in from that geography. And then the final one I'll mention is we continue to work on innovation. Innovation that is very profitable for our business.

這對未來來說是個好兆頭。我想說，隨著我們不斷前進，我們可以期待出現這樣的結果，甚至可能更好。這取決於來自該地區的新客戶訂單。最後我要提到的一點是，我們將繼續致力於創新。創新對我們的業務非常有利。

And we have traction in both of the areas that we've been spending time on, and you should see that revenue start to pick up into the new fiscal year. In North America, we've mentioned before, the products in outside of apparel categories. And most notably, we've really got traction on military wear and also on carpet.

我們在這兩個領域都投入了時間，您應該會看到收入在新的財政年度開始回升。在北美，我們之前提到過，服裝類別以外的產品。最值得注意的是，我們在軍裝和地毯方面確實取得了進展。

So these orders are coming in now. They're going to build momentum, and it's very positive for us as the margins are quite better than they are in our base business. And then in Asia, we have these REPREVE innovations that have been gaining traction, small right now, but going to be bigger into the new fiscal year and beyond.

這些訂單現在已經到了。他們將會積聚力量，這對我們來說非常有利，因為利潤率比我們的基礎業務要高得多。在亞洲，我們的 REPREVE 創新產品已獲得越來越多的關注，雖然目前關注度不大，但在新財年及以後，關注度將會越來越大。

And that's especially for these products that fall into the circularity segment, such as textile takeback and thermal loop insulation. The circularity is a concept that is very, very interesting to young consumers and therefore, to our customers. And we're going to speak about this more in the upcoming quarters.

這尤其適用於那些屬於循環領域的產品，例如紡織品回收和熱環絕緣材料。循環性這個概念對於年輕消費者來說非常非常有趣，因此對我們的客戶來說也是如此。我們將在接下來的幾個季度中進一步討論這個問題。

So both the REPREVE innovation and the outside of apparel business are starting to pick up, but they have favorable margins, and there'll also be a great opportunity to grow our business in Unifi down the road. So that's a summary. We're optimistic. The work we've been doing shows some real light at the end of the tunnel. And I believe that it's going to give us the opportunity to return to growth and also to have solid economics beginning in the new fiscal year.

因此，REPREVE 創新和服裝以外的業務都開始回暖，但它們擁有良好的利潤率，未來在 Unifi 也有很大的發展機會。這就是總結。我們很樂觀。我們所做的工作讓我們看到了隧道盡頭的真正曙光。我相信這將為我們帶來恢復成長的機會，並在新的財政年度開始時實現穩健的經濟。

So with that, let me turn it over to Eddie and A.J. They'll now be taking you through the real meat of our Q3 presentation, and then there'll be further discussion about our overall business. So A.J.?

因此，讓我將其交給 Eddie 和 A.J.他們現在將帶您了解我們第三季度演示的真正內容，然後將進一步討論我們的整體業務。那麼 A.J. 呢？

Thanks, Al. This is Eddie. Before I begin my prepared remarks, I'd like to recognize Tom Caudle, who died last Friday after a protracted illness. He was a true Unifi champion who built a 40-year-plus career at Unifi, rising to become the President and COO before his retirement in June 2021. He was a loved and respected leader of Unifi in the textile industry and will be missed by all.

謝謝，艾爾。這是埃迪。在我開始我的準備好的演講之前，我想先感謝湯姆·考德爾，他因長期患病於上週五去世。他是一位真正的 Unifi 擁護者，在 Unifi 擁有 40 多年的職業生涯，並在 2021 年 6 月退休前升任總裁兼營運長。他是 Unifi 紡織業受人愛戴和尊敬的領導者，所有人都會懷念他。

So on behalf of all those at Unifi and many other industry leaders, I'd like to take the time to pass on our deepest condolences to his wife, Anne, and his family. Now turning back to the call. As Al just mentioned, our results for the quarter were in line with our expectations driven primarily by improved performance in our Americas segment due to the positive traction we have experienced with our Beyond Apparel and REPREVE Fiber initiatives and the ongoing recovery, as Al mentioned, of our business in Central America.

因此，我謹代表 Unifi 全體員工和許多其他行業領袖，向他的妻子安妮和他的家人表示最深切的哀悼。現在回到通話。正如 Al 剛才提到的，我們本季的業績符合預期，這主要得益於美洲分部的業績改善，這得益於我們在 Beyond Apparel 和 REPREVE Fiber 計劃中取得的積極進展，以及 Al 提到的中美洲業務的持續復甦。

And before I dive deeper into the drivers of our results, I'd like to start by providing an update on both our US manufacturing transition that we announced back in February and the ongoing situation with tariffs. We recently announced that we have entered into a real estate purchase and sale agreement to sell our Madison, North Carolina manufacturing facility for $53.2 million, which will help reduce our outstanding debt and enhance our financial position once finalized.

在深入探討我們績效的驅動因素之前，我想先介紹一下我們二月宣布的美國製造業轉型以及當前關稅狀況的最新情況。我們最近宣布，我們已達成一項房地產買賣協議，以 5320 萬美元的價格出售我們位於北卡羅來納州麥迪遜的製造工廠，這將有助於減少我們的未償債務，並在最終確定後改善我們的財務狀況。

AJ will provide greater details on the sale and the cost of this transition shortly, but we are very pleased with this outcome, particularly with how quickly we were able to reach an agreement. This sale marks a significant step in our efforts to optimize our business and improve our balance sheet. The Madison facility has been operating below capacity for an extended period of time now. And with the planned ceasing of operations set for mid-June, our remaining yarn facilities in North and Central America will begin operating at much higher levels of capacity.

AJ 很快就會提供有關銷售和此次過渡成本的更多細節，但我們對這一結果感到非常滿意，特別是我們能夠如此迅速地達成協議。此次出售標誌著我們優化業務和改善資產負債表的努力邁出了重要一步。麥迪遜工廠的產能已經長期低於正常水準。隨著計劃於六月中旬停止運營，我們在北美和中美的剩餘紗線工廠將開始以更高的產能運作。

This improvement in utilization is anticipated to meaningfully enhance our liquidity and margin performance without having to sacrifice any sales volume or ability to grow over the next few years. As we have previously noted, we will continue to 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 in the near future.

預計利用率的提高將顯著提高我們的流動性和利潤率表現，而無需犧牲未來幾年的任何銷售量或成長能力。正如我們之前所指出的，我們將繼續考慮採取其他措施來改善我們的資產負債表實力和財務業績，以確保我們在不久的將來能夠繼續實現成長。

Turning now to what the recent tariff announcements will mean for our business. While there continues to be a fair amount of uncertainty regarding how this tariff situation will play out, there are several areas of our business that could benefit and others that could be negatively impacted.

現在來談談最近的關稅公告對我們的業務意味著什麼。儘管對於這一關稅情況將如何發展仍然存在相當大的不確定性，但我們業務的幾個領域可能會受益，而其他領域則可能受到負面影響。

For instance, in our Americas segment, we do believe that if the tariffs on China and some other nations stay in place, our business in the US will be poised to benefit from the improved competitive environment given the increased cost of importing garments and textile-related goods. Furthermore, our recent efforts to adjust our footprint and maximize the value of our remaining facilities in the Americas put Unifi in a great position to capitalize on a potential increase in demand.

例如，在我們的美洲分部，我們確實相信，如果對中國和其他一些國家的關稅保持不變，考慮到進口服裝和紡織相關產品的成本增加，我們在美國的業務將受益於改善的競爭環境。此外，我們最近努力調整我們的業務範圍並最大限度地提高我們在美洲剩餘設施的價值，這使 Unifi 處於有利地位，可以利用潛在的需求成長。

In Brazil, in the medium term, we do not anticipate that we'll see any meaningful volume impact from the tariffs given that our commercial activities take place within the country of Brazil. While there is a possibility that near-term dumping in the region could increase as a result of the heightened tariffs on Asia-related countries, we do believe that our strength and value-added positioning in Brazil should help mitigate the large majority of that risk.

在巴西，從中期來看，考慮到我們的商業活動是在巴西境內進行的，我們預計關稅不會對銷售產生任何重大影響。雖然由於對亞洲相關國家的關稅提高，該地區近期的傾銷可能會增加，但我們相信，我們在巴西的實力和增值定位應該有助於減輕大部分風險。

As for our Asia business, the impact of the recent tariffs continues to remain uncertain. If the current tariff levels remain in place, we do anticipate that our results in the region could be negatively impacted. That said, as many of you know, we operate an asset-light model in the region and in multiple countries in Asia.

至於我們的亞洲業務，近期關稅的影響仍不確定。如果目前的關稅水準保持不變，我們預期我們在該地區的業績可能會受到負面影響。話雖如此，正如你們許多人所知，我們在該地區以及亞洲多個國家實行輕資產模式。

We are working on several options to mitigate risk as we gain more certainty on the path forward and determine which levers to pull. To sum up, while the global tariff situation remains very fluid, we are monitoring the situation closely and believe that we'll see some pushes and pulls, which we hope would end up being net neutral to positive for us over the next few years.

隨著我們對前進的道路更加確定，並確定要採取哪些措施，我們正在研究幾種降低風險的方案。總而言之，雖然全球關稅狀況仍然非常不穩定，但我們正在密切關注形勢，並相信我們會看到一些推拉因素，我們希望這些因素在未來幾年內最終對我們產生淨中性或正向影響。

Transitioning now to an overview of the quarter on slide 4. During the third quarter of fiscal 2025, we reported $146.6 million in consolidated net sales, which was slightly down compared to the prior year period primarily due to the less favorable sales mix and lower sales volumes in the Asia segment and foreign currency impacts.

現在轉到幻燈片 4 上的本季概覽。在 2025 財年第三季度，我們報告的綜合淨銷售額為 1.466 億美元，與去年同期相比略有下降，主要原因是亞洲分部的銷售組合不太有利、銷售量下降以及外匯影響。

In the Americas segment, we saw an increase in net sales during the quarter compared to the previous year, driven by our Beyond Apparel initiatives and the continued positive momentum in Central America. Our Brazil segment has continued to perform well due to an overall stable to strong market for textured polyester despite some pricing pressures from inbound Chinese goods and foreign currency impacts. We expect that this trend will continue in the fourth quarter.

在美洲地區，受「超越服飾」計畫和中美洲持續的積極勢頭推動，本季淨銷售額較上年同期有所增長。儘管受到中國進口商品和外匯影響而帶來一些價格壓力，但由於紋理聚酯市場整體穩定且強勁，我們的巴西分部繼續表現良好。我們預計這一趨勢將在第四季度持續下去。

As anticipated, our Asia segment results experienced a seasonal impact from the Chinese New Year in February and continued macroeconomic pressures. As I noted earlier on the call, we're monitoring the tariff environment on a daily basis, and we'll make adjustments to maximize our results once we have more clarity.

正如預期的那樣，我們的亞洲分部業績受到了 2 月份中國新年和持續的宏觀經濟壓力的季節性影響。正如我之前在電話會議上提到的，我們每天都在監控關稅環境，一旦情況更加明朗，我們就會做出調整，以最大限度地提高我們的業績。

Turning now to slide 5 for an update on REPREVE. During the third quarter, REPREVE represented 31% of sales, and they were in line with the previous year as we continue to experience the impact of macroeconomic pressures in China. However, we continue to believe that we'll see an improvement in our REPREVE fiber business during fiscal 2026 as our recently announced REPREVE Takeback filament yarn and ThermaLoop products begin to gain traction with our customers.

現在翻到投影片 5，看看 REPREVE 的最新動態。第三季度，REPREVE 佔銷售額的 31%，與去年持平，因為我們繼續受到中國宏觀經濟壓力的影響。然而，我們仍然相信，隨著我們最近發布的 REPREVE Takeback 長絲紗線和 ThermaLoop 產品開始受到客戶的青睞，我們的 REPREVE 纖維業務將在 2026 財年有所改善。

Moving now to slide 6 to highlight some of our recent marketing efforts. A standout of these efforts was the global launch of Integrate, the industry's most comprehensive multifunctional sustainable yarn that we unveiled at the Premiere Vision Paris Trade Show, where it drew strong industry interest.

現在轉到投影片 6，重點介紹我們最近的一些行銷工作。這些努力中最突出的是在全球推出的 Integrate，這是業界最全面的多功能永續紗線，我們在巴黎 Premiere Vision 貿易展上亮相，引起了業界的強烈興趣。

We also broadened the impact of REPREVE Takeback, our circular recycling solution. This quarter, it was featured in Walmart's Joyspun Socks and Faherty's all day shorts and was promoted through their online and social media campaigns. In April we launched REPREVE with CiCLO, a technology that helps to reduce microplastic fiber pollution by enabling synthetic yarns to break down more like a natural fiber.

我們也擴大了循環回收解決方案 REPREVE Takeback 的影響。本季度，它出現在沃爾瑪的 Joyspun 襪子和 Faherty 的全天短褲中，並透過他們的線上和社交媒體活動進行推廣。今年 4 月，我們推出了採用 CiCLO 技術的 REPREVE，該技術可使合成紗線像天然纖維一樣分解，有助於減少微塑膠纖維污染。

Also, our co-branding strategy has continued to strengthen with key partners, including H&M, Bass Pro Shops, Marmot and Poodle & Blond highlighted REPREVE products across their channels. As an example, Bass Pro Shops is highlighting REPREVE signage in all 163 of their stores and is also promoting the line digitally.

此外，我們與主要合作夥伴的聯合品牌策略不斷加強，包括 H&M、Bass Pro Shops、Marmot 和 Poodle & Blond 在其頻道上重點推廣 REPREVE 產品。例如，Bass Pro Shops 在其所有 163 家商店中突出顯示 REPREVE 標誌，並且還在數位領域推廣該系列產品。

During Earth Month, we honored brand partners through our long-running REPREVE Champions of Sustainability initiative. Winners included Nike, Target, Walmart, Polartech and Texhong with special recognition to New Balance, Swannies, Marmot, Malibu C and many others.

在地球月期間，我們透過長期開展的 REPREVE 永續發展冠軍計畫向品牌合作夥伴致敬。獲獎者包括 Nike、Target、沃爾瑪、Polartech 和 Texhong，其中特別表彰了 New Balance、Swannies、Marmot、Malibu C 等眾多品牌。

One of this year's winners, Marmot, plans to debut a ThermaLoop insulated product in the fall and winter of 2025, which we're obviously very excited about. As we moved through the quarter, our media presence grew with broad coverage in high-profile outlets, including CNN Underscored, Harper's Bazaar and Sports Illustrated Swimsuit generating strong brand visibility.

今年的獲獎者之一 Marmot 計劃在 2025 年秋冬季推出 ThermaLoop 隔熱產品，我們對此感到非常興奮。隨著本季的推進，我們的媒體影響力不斷增強，在 CNN Underscored、Harper's Bazaar 和 Sports Illustrated Swimsuit 等知名媒體上得到廣泛報道，從而提升了品牌知名度。

Finally, over the past few months, we also received several significant accolades such as REPREVE being recognized by Fast Company for its textile to textile recycling efforts. Our ThermaLoop product won multiple awards for circular innovation, including Just Style Excellence Award and the SEAL Sustainable Product Award.

最後，在過去的幾個月裡，我們也獲得了一些重要的讚譽，例如 REPREVE 因其紡織品到紡織品回收工作而獲得 Fast Company 的認可。我們的 ThermaLoop 產品因循環創新而贏得了多個獎項，包括 Just Style 卓越獎和 SEAL 永續產品獎。

Unifi was named one of Newsweek's most responsible companies and recognized by USA TODAY as one of America's Climate Leaders for 2025. Furthermore, the Association of Plastic Recyclers honored Unifi with the Recycling Technology Leadership Award. These milestones and awards underscore the recognition our commitment to innovation, circularity and sustainability leadership is getting in the marketplace.

Unifi 被《新聞週刊》評為最具責任感的公司之一，並被《今日美國》評為 2025 年美國氣候領袖之一。此外，塑膠回收協會也授予 Unifi 回收技術領導獎。這些里程碑和獎項凸顯了我們對創新、循環性和永續性領導力的承諾在市場上獲得的認可。

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

說完這些，我想把電話轉給 A.J.討論本季的財務表現。

Thank you, Eddie. As Al and Eddie mentioned earlier in the call, our third quarter results met our expectations as we continue to make significant progress in positioning our business for future growth and profitability following our recently announced transition. We remain committed to carefully managing variable expenses in both production and administrative functions.

謝謝你，艾迪。正如 Al 和 Eddie 在電話會議中早些時候提到的那樣，我們的第三季度業績符合預期，因為我們在最近宣布轉型之後繼續在為未來增長和盈利做好業務定位方面取得重大進展。我們始終致力於謹慎管理生產和行政職能中的變動費用。

This disciplined approach aims to achieve meaningful cost efficiencies and enhance profitability, which will be reinvested in the critical growth areas, particularly in our Beyond Apparel and REPREVE fiber initiatives. which will strengthen our revenue performance and support sustained margin expansion.

這種嚴謹的方法旨在實現有意義的成本效率並提高獲利能力，這些資金將重新投資於關鍵成長領域，特別是我們的 Beyond Apparel 和 REPREVE 纖維計畫。這將增強我們的收入表現並支持利潤率持續擴大。

Moving on to the financial results on slide 8. You will see our consolidated financial highlights for the quarter. Consolidated net sales for the quarter were $146.6 million, down 2% year-over-year. The decrease was primarily driven by lower volumes on a weaker sales mix in Asia and unfavorable foreign currency effects in Brazil, but was partially offset by improved volumes in the Americas, as Eddie mentioned.

繼續看投影片 8 上的財務結果。您將看到我們本季的綜合財務亮點。本季綜合淨銷售額為 1.466 億美元，年減 2%。正如 Eddie 所提到的，銷量下降主要是由於亞洲銷售組合較弱導致的銷量下降以及巴西的不利外匯影響，但美洲銷量的增加部分抵消了這一下降。

Turning to slide 9. In the Americas segment, net sales were up by 3% compared to the prior year due to the benefits of our recent sales growth initiatives and an improved environment. Gross margin in the Americas segment experienced a decline of 350 basis points during the quarter, driven primarily by inflationary pressures and transition costs related to the manufacturing footprint reduction.

翻到第 9 張投影片。在美洲地區，由於我們近期的銷售成長計​​畫和環境改善，淨銷售額較上年同期成長了 3%。本季美洲分部的毛利率下降了 350 個基點，主要原因是通膨壓力和製造足跡減少相關的轉型成本。

Slide 10 displays our Brazil segment highlights, with the segment seeing continued strength due to our strategic position in the region with full capacity utilization. While costs and pricing are dynamic in this region, the Brazil operation continues to perform well. Finally, on slide 11, Asia saw net sales and gross margin decline by 12% and 150 basis points, respectively, due to the continued challenges in the region for both sales mix and pricing dynamics stemming from macroeconomic pressures there.

幻燈片 10 展示了我們巴西分部的亮點，由於我們在該地區的戰略地位和充分的產能利用率，該分部繼續保持強勁勢頭。雖然該地區的成本和定價是動態的，但巴西的業務仍然表現良好。最後，在第 11 張投影片中，亞洲的淨銷售額和毛利率分別下降了 12％ 和 150 個基點，這是由於該地區宏觀經濟壓力導致的銷售組合和定價動態持續面臨挑戰。

I'll now briefly discuss our US manufacturing transition and the expectation of improved cash flow and leverage position. We are pleased to have reached an agreement to sell the Madison facility for $53.2 million. At this time, we anticipate that the sale will close on May 15. And once the sale is finalized, the net proceeds from the transaction will be used to repay roughly one-third of our outstanding debt which will result in a $3 million annual interest savings.

我現在將簡要討論我們的美國製造業轉型以及對現金流和槓桿率改善的預期。我們很高興達成協議，以 5320 萬美元的價格出售麥迪遜工廠。目前，我們預計銷售將於 5 月 15 日結束。一旦出售完成，交易的淨收益將用於償還我們未償債務的約三分之一，這將導致每年 300 萬美元的利息節省。

Going forward, we expect significant savings from the consolidation of manufacturing activities across North and Central America, providing a $20 million reduction to cost of sales. This reduction is comprised of approximately 60% labor, 15% utilities and the remaining 25% to overheads associated with oversight and uptake relating to the facility that will inherently cease.

展望未來，我們預計透過整合北美和中美洲的製造活動可以節省大量成本，從而減少 2000 萬美元的銷售成本。此次削減包括約 60% 的勞動力成本、15% 的公用事業成本，以及剩餘 25% 與設施監督和使用相關的管理費用，這些費用將自然停止。

From a run rate perspective, we expect these savings to fully materialize in calendar 2026 after the transition of activities has fully settled into our business lines and labor productivity has stabilized. As we have noted several times, we expect to complete this transition with no loss in revenues or disruptions in customer service.

從運行率的角度來看，我們預計，在活動轉型完全融入我們的業務線並且勞動生產率穩定之後，這些節省將在 2026 年完全實現。正如我們多次指出的那樣，我們預計完成這項轉變不會造成收入損失或客戶服務中斷。

As a result of this transition out of the Madison facility, we have already incurred a total of $1.3 million in restructuring costs. Throughout the remainder of calendar year 2025, we will incur additional restructuring expenses from this manufacturing transition, primarily as a result of the relocation of equipment, abandoning equipment, a total of which we expect to range between $6 million and $8 million. We will continue to provide additional updates on the progress of this transition and the associated cost savings benefits as the process advances.

由於此次從麥迪遜工廠轉移，我們已經產生了總計 130 萬美元的重組成本。在 2025 年剩餘的時間裡，我們將因此次製造轉型而產生額外的重組費用，主要是由於設備搬遷、設備廢棄，我們預計總額將在 600 萬美元至 800 萬美元之間。隨著進程的推進，我們將繼續提供有關此轉變的進展以及相關成本節約效益的更多更新資訊。

With that, I'll now pass the call back to Eddie to make some final comments.

說完這些，我現在將電話轉回給 Eddie，讓他發表一些最後的評論。

Thank you, A.J. Now let's turn to slide 13 to discuss our forecast for the fourth quarter of fiscal 2025. For the fourth quarter, we are expecting net sales and adjusted EBITDA improving sequentially from the third quarter of fiscal 2025, primarily driven by the further recovery for the Americas segment and then, of course, moving beyond the Chinese New Year period.

謝謝你，A.J.現在讓我們翻到第 13 張投影片來討論我們對 2025 財年第四季的預測。對於第四季度，我們預計淨銷售額和調整後 EBITDA 將從 2025 財年第三季開始環比改善，這主要得益於美洲分部的進一步復甦，當然還有農曆新年過後的復甦。

Continued restructuring and transition expenses, primarily equipment relocation and abandonment costs, as A.J. said, of between $6 million and $8 million. As we have highlighted today, the sale of our Madison manufacturing facility marks a significant step for our business. And I want to once again point out the key takeaways of this transaction and the elimination of the arm production at this site.

持續重組和過渡費用，主要是設備搬遷和廢棄費用，正如 A.J.據稱，金額在 600 萬至 800 萬美元之間。正如我們今天所強調的，出售麥迪遜製造工廠標誌著我們業務邁出了重要一步。我想再次指出這筆交易的關鍵點以及取消該地點的武器生產。

First, upon closing of this transaction, we will immediately repay $50 million of debt, reducing our leverage and providing the business with significantly more flexibility to invest in future growth and innovation. We will increase the utilization of our remaining manufacturing facilities in North and Central America substantially, which will allow for significantly improved fixed cost leverage.

首先，在此次交易完成後，我們將立即償還 5,000 萬美元的債務，從而降低我們的槓桿率，並為企業提供更大的靈活性，以投資於未來的成長和創新。我們將大幅提高北美和中美洲剩餘製造設施的利用率，這將顯著提高固定成本槓桿率。

With higher utilization and more efficient operations in the Americas segment, we'll remove over $20 million in costs once the facility sale is finalized and all restructuring expenses are completed. Further, we'll save an additional $3 million in annual interest expense. All of these savings will fall to the bottom line by late calendar year 2025, which should get us back to consistent EBITDA profitability, assuming we don't see a protracted global recession.

隨著美洲分部的利用率提高和營運效率提高，一旦設施出售完成且所有重組費用完成，我們將節省超過 2000 萬美元的成本。此外，我們每年還可節省 300 萬美元的利息支出。假設我們不會看到長期的全球經濟衰退，所有這些節省將在 2025 年底降至底線，這將使我們恢復穩定的 EBITDA 獲利能力。

With stronger margins and profitability, we should also return to generating positive free cash flow, which again, will allow for improved investment in opportunities that will drive long-term shareholder value. Most importantly, we'll still have plenty of capacity to support the exciting new innovation products we've outlined earlier, and we will continue to leverage the asset-light model in the Eastern Hemisphere that has contributed well to global growth and expansion.

憑藉更高的利潤率和獲利能力，我們還應該重新產生正的自由現金流，這將再次使我們能夠更好地投資於能夠推動長期股東價值的機會。最重要的是，我們仍然有足夠的能力來支持我們之前概述的令人興奮的新創新產品，並且我們將繼續利用東半球的輕資產模式，這對全球成長和擴張做出了良好的貢獻。

Over the next few months, as noted on slide 14, our focus will be on exiting our Madison facility and increasing the operating capacity at our remaining facilities to support our customers needs with sustainable and innovative products that will help to create a more circular economy and position Unifi for future profitable growth.

在接下來的幾個月裡，正如第 14 張幻燈片所述，我們的重點將是退出麥迪遜工廠並提高剩餘工廠的營運能力，以可持續和創新的產品滿足客戶的需求，這將有助於創造更循環的經濟，並為 Unifi 未來的盈利增長做好準備。

This is a pivotal moment in time for Unifi, and the management team is energized by the opportunities that lie ahead.

這是 Unifi 的關鍵時刻，管理團隊對未來的機會充滿信心。

With that, we would like -- I would like to now open the line for questions. Thank you.

有了這些，我們現在可以開始回答問題了。謝謝。

(Operator Instructions)

（操作員指示）

Anthony Lebiedzinski, Sidoti & Company.

安東尼·萊比津斯基（Anthony Lebiedzinski），Sidoti & Company。

Good morning, everyone and thank you for taking the questions and, it's certainly nice to see continued progress, and it sounds like there's a lot of opportunity here with the closing of the Madison facility here to optimize the business.

大家早安，感謝大家回答問題，看到持續的進展確實令人高興，而且聽起來麥迪遜工廠的關閉為優化業務帶來了許多機會。

So first, I guess, just a quick housekeeping question, probably for A.J. As far as the FX impact in Brazil, maybe I missed that, but is there a way to kind of think about how much the foreign exchange headwind was for the Brazil segment?

所以首先，我想問一個簡單的基本問題，可能是問 A.J. 的。至於外匯對巴西的影響，我可能沒有註意到，但是有沒有辦法可以了解外匯逆風對巴西市場的影響有多大？

Yeah, Anthony, if you'll give me second just to reference that, I'll provide that for you in just a moment. You can go with your next question, and I'll come back to you.

是的，安東尼，如果你能給我一點時間來參考一下，我馬上就會提供給你。你可以繼續問下一個問題，我再回答你的。

Sure. Okay, thanks, A.J. Al, you mentioned the carpet and military markets as an opportunity for Beyond Apparel, which you guys have talked about previously as well. But just thinking about what you said as far as margins being better for that versus the other categories.

當然。好的，謝謝，A.J. Al，您提到地毯和軍事市場是 Beyond Apparel 的機遇，你們之前也討論過這個市場。但只是想想您所說的，與其他類別相比，該類別的利潤率更高。

Is there a way to put a number on that as far as how to think about that and what the market opportunity is for that?

有沒有辦法對此進行量化，如何看待這個問題以及這個問題的市場機會是什麼？

We don't have a -- we don't want to put out a forecast yet because we deal with some customer confidentiality. But I would say the margins are at least twice as good as what we sell on our base business.

我們還沒有——我們還不想發布預測，因為我們要處理一些客戶保密問題。但我想說，利潤率至少是我們基礎業務銷售額的兩倍。

Okay. That's great to hear.

好的。聽到這個消息真是太好了。

And then the same thing on carpet.

然後地毯上也發生了同樣的事情。

Okay. That sounds very promising. Okay. Got you. And then Eddie, I know you gave a tariff overview. It sounds like it could be a net positive. I know there's a lot of moving parts. It's still a fluid situation. But just wondering, so with the -- just to kind of, I guess, maybe kind of related to this, but with the administration also ending the de minimis rule exemption, how should we think about the impact on your business from that?

好的。這聽起來很有希望。好的。明白了。然後艾迪，我知道你給了關稅概述。這聽起來可能是個淨收益。我知道有很多活動部件。情況仍不穩定。但只是想知道，所以 - 只是有點，我想，可能有點與此相關，但由於政府也結束了最低限度規則豁免，我們應該如何看待這對您的業務的影響？

I think you put both the de minimis exemption for China and Hong Kong, which happened today and the tariff -- the extreme tariff of 145% that's in play with China today sort of altogether, you can see companies like Temu and SHEIN increasing prices by 300%.

我認為，如果你把今天對中國和香港的最低限度豁免和今天對中國實施的 145% 的極端關稅放在一起，你可以看到像 Temu 和 SHEIN 這樣的公司將價格提高了 300%。

For us, we've looked at our business overall. We've looked at what's -- where we sell into in China. And much of our product that we sell in China actually ends up in fabric form and that fabric gets exported to the different regions. So most of the other countries that we sell to are experiencing a 10% tariff, which is quite manageable on top of the normal duties that exist for synthetic materials, synthetic farmers coming into the country.

對我們來說，我們已經全面審視了我們的業務。我們已經研究過我們的產品在中國的銷售情況。我們在中國銷售的大部分產品實際上都以布料的形式出現，然後這些布料出口到不同的地區。因此，我們向大多數其他國家銷售產品時都徵收 10% 的關稅，這在對合成材料和進入該國的合成農民徵收的正常關稅之外，是相當容易承受的。

So I would say the overall impact of de minimis and tariffs are lumped together. And I would say, as we move through the next few months and we get more clarity of what the administration is going to do, we'll have much more visibility. But right now, we expect there could be a downturn in our business in Asia, maybe by 10% or 15%, but it's really hard to know until we get all of the tariffs finalized.

所以我想說，最低限度和關稅的整體影響是混在一起的。我想說，隨著接下來幾個月的到來，我們對政府將採取的行動會更加清楚，我們將有更大的透明度。但目前，我們預計我們在亞洲的業務可能會下滑 10% 或 15%，但在所有關稅最終確定之前很難知道。

Got you. Yeah, yes. So I know it's still a moving target with respect to that. So we'll stay tuned, okay. And then -- so just to piggyback off of that as far as just on the Asia segment, obviously, that's predominantly China. If the tariffs kind of stay in place like this for an extended period of time, is that kind of what you're seeing -- you think 10% to 15% decline or is there any way to put some additional color on that as far as --

明白了。是的，是的。所以我知道這仍然是一個不斷變化的目標。所以我們會繼續關注，好的。然後 — — 因此，就亞洲市場而言，顯然主要是中國。如果關稅在較長時間內保持不變，您認為會下降 10% 到 15%，或者有其他方法可以解釋這一點嗎？--

Yeah, it is hard to specifically -- we've done the analysis. But just to remind you, Anthony, we do have this asset-light model that is distributed across Asia. And many of our customers actually buy yarn from us in Turkey, in India directly in Vietnam, Indonesia. So which all those countries have a 10% tariff right now.

是的，具體來說很難——我們已經做了分析。但需要提醒你的是，安東尼，我們確實有這種分佈在亞洲的輕資產模式。實際上，我們的許多客戶都是直接從土耳其、印度、越南和印尼購買紗線。所以所有這些國家現在都有 10% 的關稅。

So the reciprocal tariff is being negotiated with each of these countries as far as our understanding. And we expect right now it is time for the administration to take a more measured approach as they move forward and negotiate country by country.

據我們了解，我們正在與這些國家就互惠關稅進行談判。我們預計，現在是時候讓政府在推進與各國的談判時採取更謹慎的態度了。

So as long as the tariffs stay at -- the reciprocal tariffs stay at the current levels, yeah, we are confident that we -- the downturn in our revenues in the Asia model because of our asset-light business we built should be in that 10% to 15% range. But we'll have more visibility on that in the coming months.

因此，只要關稅保持在當前水平——互惠關稅保持在當前水平，是的，我們有信心——由於我們建立的輕資產業務，我們在亞洲模式下的收入下滑幅度應該在 10% 到 15% 的範圍內。但在接下來的幾個月裡，我們將對此有更清晰的了解。

Absolutely. Okay. And then thinking about the cost savings from the facility consolidation, will we see some of that already in the first quarter of fiscal '26? Or you think it will take longer for that to materialize?

絕對地。好的。然後考慮設施整合帶來的成本節約，我們是否會在 26 財年第一季就看到其中的一些效果？或者您認為實現這一目標還需要更長時間？

Yeah, thanks, Anthony. It's A.J. I'll start with a follow-up from your earlier question for the FX impact primarily in Brazil. That's about $4 million in the quarter and about $11 million in the nine months. So a few -- just a few percentage points on total sales for each period. And moving into the cost savings, we certainly expect some of those cost savings to hit in the first quarter of fiscal '26.

是的，謝謝，安東尼。是 A.J.我首先來回答您之前關於外匯影響（主要在巴西）的問題。本季約 400 萬美元，前九個月約 1,100 萬美元。因此，每個時期的總銷售額僅佔幾個百分點。談到成本節約，我們當然預計部分成本節約將在 26 財年第一季實現。

We do not see the full run rate being realized yet until later in the calendar year, just as we stabilize all of the transition activities get labor in the position that it needs to be in Yadkinville and have everything fully transitioned. So do expect to see some of that in this calendar year, but not fully realized on a run rate basis until late.

我們預計，直到今年晚些時候，全面運行率才會實現，屆時，我們將穩定所有過渡活動，讓勞動力到達亞德金維爾所需的位置，並讓一切完全過渡。因此，我們確實希望在今年看到一些這樣的結果，但要到年底才能完全實現。

Anthony, the one biggest item -- this is AI. When we close down the facility, we're moving new people into Yadkinville to handle the new volumes that they have. And the hiring is going well. We're training people, but it takes a little while for them to get up to speed, and we see improvements every single week, but they're not operating at full out great performance until they've probably had three or four months under their belt. So that's the one item that we're working on the most.

安東尼，最重要的一點是人工智慧。當我們關閉該工廠時，我們會將新員工調往亞德金維爾來處理新的業務量。招聘工作進展順利。我們正在培訓員工，但他們需要一段時間才能適應，我們每週都能看到他們的進步，但他們可能要花三、四個月的時間才能發揮最佳表現。這是我們最努力的一個項目。

Understood. Okay. And lastly for me, so, I know we talked about Beyond Apparel, you referenced carpet and military. Previously, you guys had also talked about some other vertical markets like automotive and home furnishings.

明白了。好的。最後，我知道我們討論了 Beyond Apparel，您提到了地毯和軍隊。之前你們也談到了一些其他垂直市場，像是汽車和家居。

And obviously, there's a lot of macroeconomic concerns and tariff concerns. But after we get past some of this noise here, do you still see that as an opportunity to move beyond apparel?

顯然，存在著許多宏觀經濟問題和關稅問題。但是，在我們消除一些噪音之後，您是否仍然認為這是一個超越服裝的機會？

Yeah. Thanks for the question, Anthony. Certainly, the areas that we talked about, you're right, automotive, home furnishing, but I also add the packaging market in there, too, where we sell a lot of REPREVE resin into that market. We are excited about the carpet and military opportunities. And military also the area that we're selling into is also the tactical street where the people use at a more frequent rate.

是的。謝謝你的提問，安東尼。當然，您說得對，我們討論的領域是汽車、家居，但我也把包裝市場也加進去了，我們向該市場銷售了大量 REPREVE 樹脂。我們對地毯和軍事機會感到非常興奮。軍事也是我們銷售的領域，也是人們更頻繁使用的戰術街道。

So we're excited about these things, these markets beyond those two. I think packaging for me is the most exciting one that I think we have a lot of opportunity. You've heard a lot of the brands pushing out some of their sustainability targets out to the 2025 targets are now being updated to the 2030 targets. And some of these brands are getting some flag for extending it out.

因此，我們對這些事情、對這兩個市場以外的市場感到興奮。我認為包裝對我來說是最令人興奮的，我認為我們有很多機會。您已經聽說許多品牌將部分永續發展目標推遲到 2025 年，現在又更新為 2030 年目標。其中一些品牌因延長該期限而獲得了一些關注。

But what we're seeing is they're not dropping their sustainability targets. They're just trying to move them out because -- primarily because it's just hard to move to become more sustainable. And I think there's a more a greater realization of that.

但我們看到他們並沒有放棄永續發展目標。他們只是想把它們搬走，因為——主要是因為要變得更永續，搬遷起來很困難。我認為人們對此有更深的認識。

But the good news is they're not backing off on their targets. They're just trying to move them out. So we see a lot of opportunity, not just to move into these new brands in beyond apparel, these markets and beyond apparel, but also to move these markets into more sustainable footprint. We expect quite a bit of our military business, for example, to move into our REPREVE nylon business, and that's exciting to us.

但好消息是他們不會放棄自己的目標。他們只是想把他們趕出去。因此，我們看到了許多機會，不僅可以進入服裝以外的這些市場和服裝以外的新品牌，還可以將這些市場推向更永續的足跡。例如，我們預計相當一部分軍事業務將轉移到我們的 REPREVE 尼龍業務，這讓我們感到興奮。

And when we had that Champions of Sustainability event, we had a lot of brands there, like Hanes brands, Gildan, traditional textile companies, but we also had Malibu C, we're selling REPREVE Our Ocean into their packaging for their cosmetics. So a lot of exciting things happening in the Beyond Apparel, not just in the growth of that market, but into moving REPREVE into that area.

當我們舉辦永續發展冠軍活動時，有很多品牌參加，例如 Hanes 品牌、Gildan、傳統紡織公司，但我們也有 Malibu C，我們將 REPREVE Our Ocean 放入他們的化妝品包裝中。Beyond Apparel 發生了許多令人興奮的事情，不僅是該市場的成長，還包括將 REPREVE 引入該地區。

All right. Well, that sounds good. Well, yeah, thank you and best of luck.

好的。嗯，聽起來不錯。嗯，是的，謝謝你，祝你好運。

Thanks, Anthony. Take care.

謝謝，安東尼。小心。

Thanks.

謝謝。

[John Breaser], Pinnacle.

[約翰·布雷瑟]，Pinnacle。

Good morning. Thanks for taking my question and congratulations on the quick sale of the plant. I guess you mentioned that it was -- it's anticipated closing May 15. Are there any significant contingencies that have to be overcome by then? I assume they have buyer has financing in place, but are there -- what might any contingencies be between now and May 15?

早安.感謝您回答我的問題，並祝賀工廠迅速售出。我想您提到過——預計 5 月 15 日結束。到那時是否存在需要克服的重大突發事件？我認為他們已經為買方提供了融資，但是從現在到 5 月 15 日之間可能會出現什麼意外情況？

Good morning, John. Thanks for the question. The main contingency in the contract is just adequate power output. So we're working through that right now and have no hiccups expected there. So still expecting to close around May 15.

早安，約翰。謝謝你的提問。合約中的主要條件是足夠的電力輸出。所以我們現在正在努力解決這個問題，預計不會有任何問題。因此仍預計將於 5 月 15 日左右結束。

Okay. Good to hear. And in terms of the $6 million to $8 million of additional restructuring costs, that's in the fourth quarter or that's between now and calendar year-end?

好的。很高興聽到這個消息。至於 600 萬至 800 萬美元的額外重整成本，是在第四季還是從現在到年底之間？

Thanks, John. The majority of that will occur in the fourth quarter. Could some could certainly leak into the first quarter just depending on the timing and the overall workload that's required to move machines around. Again, that's primarily machines being moved around. But generally, we expect that to be wrapped up in the next few months.

謝謝，約翰。其中大部分將發生在第四季。其中一些肯定會洩漏到第一季度，這取決於時間和移動機器所需的整體工作量。再次強調，這主要是機器的移動。但總的來說，我們預計這將在未來幾個月內完成。

Okay. And is that cash or noncash? Or how does that break out?

好的。那是現金還是非現金？或者說這是如何爆發的？

Primarily cash.

主要是現金。

Okay, Got it. Kind of a broader question. I was just curious at what point do you start to disclose the profitability of REPREVE -- we hear lots about it, and you give us the sales number.

好的，知道了。這是一個比較廣泛的問題。我只是好奇您什麼時候開始透露 REPREVE 的盈利能力——我們聽到很多關於它的消息，您給了我們銷售數字。

But from the outside, we really have no idea of what the profitability is once you embed all the marketing costs and the trade shows and all of that. So I'm just curious how the Board thinks about additional disclosure on the REPREVE, which would certainly help outside investors with their decision-making.

但從外部來看，我們真的不知道一旦計入所有行銷成本、貿易展覽會等費用，獲利能力會是多少。所以我只是好奇董事會如何看待 REPREVE 的額外揭露，這肯定會幫助外部投資者做出決策。

Sure. Thanks for the feedback, John. We're certainly proud of what REPREVE accomplishes, especially over the last several years. You can note that REPREVE is a material component of the Asia segment. So in general, that gives you a pretty good idea of the margin basis there. But right now, the current reporting structure will stay for the foreseeable future.

當然。謝謝你的回饋，約翰。我們為 REPREVE 所取得的成就感到自豪，尤其是在過去幾年。您可以注意到，REPREVE 是亞洲部分的重要組成部分。總的來說，這可以讓您很好地了解那裡的保證金基礎。但目前，現行的報告結構在可預見的未來仍將保持不變。

Okay. When you say a material component of the Asia, what are you telling us there that -- could you elaborate on that?

好的。當您說亞洲的物質組成部分時，您想告訴我們什麼—您能詳細說明一下嗎？

Sure. We've disclosed in the past that REPREVE is 80% or more of overall Asia segment sales. So we would consider that the largest component of the overall Asia sales and margin profile.

當然。我們過去曾揭露，REPREVE 佔亞洲地區整體銷售額的 80% 或更多。因此，我們認為這是亞洲整體銷售和利潤率的最大組成部分。

Okay. So without REPREVE, the Asia margins would be higher?

好的。那麼，如果沒有 REPREVE，亞洲的利潤率會更高嗎？

Not necessarily. We have REPREVE along with value-added technologies. So there's a good strong mix in that segment. So certainly, a mix within there that we have not broken out, but we are proud of that Asia segment margin, whether it's on REPREVE or REPREVE Plus with value-added technologies.

未必。我們擁有 REPREVE 以及增值技術。因此，該部分存在著良好的強勁組合。因此，當然，我們還沒有突破其中的混合部分，但我們對亞洲市場的利潤率感到自豪，無論是 REPREVE 還是採用加值技術的 REPREVE Plus。

Okay. And John, this is Al. We could probably do a better job of telling you more about that. Over the last couple of, I'd say, 18 months, our business has been difficult, and there was no real discussion about margins. But as things come back here, in China or in Asia, we have REPREVE base. We have REPREVE Plus, I would call it Stage 1 and there is another level and there's another level.

好的。約翰，這是艾爾。我們或許可以更好地向您介紹更多有關此內容的資訊。在過去的兩年裡，我想說，18 個月裡，我們的業務一直很困難，而且沒有真正討論過利潤問題。但隨著事情的回歸，在中國或亞洲，我們有 REPREVE 基地。我們有 REPREVE Plus，我稱之為第 1 階段，還有另一個級別，還有另一個級別。

There's four levels and they increasingly get better margins. And let us think about a way to get that into the marketplace. But our constant effort is to move from REPREVE Plus, which gets a bit commoditized as time goes on. And then you move up to these other stages of REPREVE with the highest level being the textile takeback and the ThermaLoop stuff that we've just launched. But there's other things in between that are also more profitable than the base REPREVE.

共有四個級別，且利潤率越來越高。讓我們思考如何將其推向市場。但我們始終致力於擺脫 REPREVE Plus，因為隨著時間的推移，REPREVE Plus 會變得有點商品化。然後，您將進入 REPREVE 的其他階段，其中最高等級是紡織品回收和我們剛推出的 ThermaLoop 產品。但介於兩者之間的其他產品也比基礎 REPREVE 更有利可圖。

Okay. I would encourage you to have a deeper discussion at the Board level to provide some type of margin analysis on the REPREVE business, which would clearly help investors and perhaps clearly help the stock price.

好的。我鼓勵您在董事會層級進行更深入的討論，對 REPREVE 業務進行某種類型的利潤分析，這顯然會對投資者有所幫助，或許還會對股價有所幫助。

You got it.

你明白了。

Thanks for the feedback, John. Take care.

謝謝你的回饋，約翰。小心。

You too. Thanks. Bye.

你也是。謝謝。再見。

Randy Baron, Pinnacle.

蘭迪‧巴倫 (Randy Baron)，Pinnacle。

Hi guys, good morning. Can you hear me?

大家好，早安。你聽得到我嗎？

Good morning, Randy. We can hear you, fine.

早安，蘭迪。我們能聽到你的聲音，很好。

Great. A.J., this has been a super comprehensive Q&A. So most of my questions have been answered, but I just have a couple of administrative ones and maybe one or two high level. Just to follow up on that last question, kind of that focus more on the REPREVE breakdown in Asia. I'm really curious on that slide 11, roughly speaking, what percent of the Asia revenue is China today?

偉大的。A.J.，這是一個非常全面的問答。因此，我的大部分問題都得到了解答，但我只有幾個行政問題，也許還有一兩個高階問題。為了跟進最後一個問題，我們更專注於亞洲的 REPREVE 故障。我真的很好奇第 11 張投影片，粗略地說，目前亞洲收入中有多少百分比來自中國？

We don't disclose that because a lot of the -- like I said on the call, a lot of the product that we sell actually goes out of China, but we don't disclose that.

我們不會透露這一點，因為很多——就像我在電話中說的那樣，我們銷售的許多產品實際上都銷往了中國以外，但我們不會透露這一點。

Okay. You've said that the transition in Americas is going to be done by the end of the fiscal year. Is that also roughly -- it sounds like it is, but is that also -- I just want to make sure, is that roughly when all the cash costs are going to be complete?

好的。您曾說過美洲的過渡將在本財政年度結束前完成。這是否也大致如此——聽起來是這樣，但這也是——我只是想確認一下，這是否也大致意味著所有現金成本都會完成？

Yeah, I think we had a similar question earlier, Randy. Some of that cash cost would leak into Q1 just based on the overall workload and timing of the machine moves. We don't expect anything to leak past Q1. And again, we expect the majority of that cost, again, primarily cash to be incurred in this quarter, the fourth quarter.

是的，我想我們之前也遇到類似的問題，蘭迪。僅根據整體工作量和機器移動的時間，部分現金成本就會滲入第一季。我們預計第一季之後不會有任何事情洩漏。我們再次預計，大部分成本（主要是現金）將在本季度，即第四季度產生。

Okay. And then just two very high-level questions as I hop back in queue. One is you talked, the REPREVE kind of over 50% of the pie is super exciting. I'm curious if you could just rip a little bit and give some anecdotes about, is it coming from one customer in particular who's pushing? You mentioned some of the logos during the script, but like just give us some sense of the fastest categories, the vertical, the applications growing.

好的。然後當我回到隊列時，只問兩個非常高級的問題。一是正如你所說，REPREVE 佔據了超過 50% 的市場份額，非常令人興奮。我很好奇，您是否可以稍微講一下並講一些軼事，這是來自一位特別推崇的客戶嗎？您在腳本中提到了一些徽標，但只是讓我們了解一下成長最快的類別、垂直領域和應用程式。

And then just more broadly, at a high level, is there anything else that Unifi can sell? And congratulations on this recent successful completion. Thanks so much.

那麼從更廣泛的角度來看，Unifi 還有什麼可以銷售的嗎？並祝賀您最近成功完成。非常感謝。

Yeah, I'll, Central America is an interesting market because it generally feeds a lot of the performance athletic wear business. So you have the normal big brands like Nike or retailers like Target and Walmart getting a lot of their supply chain for near-term quick turn. And what we're seeing and what we described earlier is this idea of near-shoring. When right after the destocking phenomenon happened, business did move away back to China.

是的，中美洲是一個有趣的市場，因為它通常為運動服裝業務提供大量支援。因此，像耐吉這樣的大品牌或像塔吉特和沃爾瑪這樣的零售商都會利用其供應鏈來實現短期快速週轉。我們所看到的以及我們之前描述的就是近岸外包的想法。當去庫存現象發生後，業務確實回流到了中國。

But because of the tariffs and as Al pointed out, even before the tariffs the performance athletic companies have decided to move some of their supply chains back. And I guess they were fortunate because they were a little bit ahead of some of these announcements. So basically, it's a performance apparel market right now. Regarding the second question, I'm going to hand it over to A.J.

但由於關稅，正如 Al 指出的那樣，甚至在關稅之前，運動器材公司就決定將部分供應鏈遷回。我想他們很幸運，因為他們比一些公告提前了一步。所以基本上，現在這是一個性能服裝市場。關於第二個問題，我將把它交給 A.J.

Sure. In terms of other assets, we've done a great job with the warehouse that we sold last year, continuing to shore up assets that do have additional value, looking forward to closing on the Madison facility. At this time, we don't have other assets slated for sale. We're continuing to evaluate the balance sheet, of course, our footprint to look for additional opportunities. Nothing to announce at this time, but that will remain of consideration for all of us as we move forward.

當然。在其他資產方面，我們在去年出售倉庫方面做得很好，繼續鞏固具有附加價值的資產，並期待關閉麥迪遜工廠。目前，我們沒有其他計劃出售的資產。當然，我們正在繼續評估資產負債表，並尋找我們的足跡以尋找更多機會。目前還沒有什麼可以宣布的，但我們在前進的過程中仍會考慮這一點。

Thank you.

謝謝。

Thank you, Randy.

謝謝你，蘭迪。

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。感謝大家的加入。您現在可以斷開連線。