Unifi Inc (UFI) 2025 Q4 法說會逐字稿

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

早安，感謝您參加 Unifi 第四季和 2025 財年財年財報電話會議。今天的會議正在錄製中。（操作員指示）

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

今天電話會議的發言人包括執行主席 Al Carey、執行長 Eddie Ingle 和財務長 A.J. Eaker。在本次電話會議中，管理層將參考unifi.com網站投資者關係板塊中的網路直播簡報。請仔細閱讀該投影片第2頁，以了解警示性聲明和非公認會計準則指標。

I will now turn the call over to Al Carey.

現在我將把電話轉給艾爾凱裡 (Al Carey)。

Thank you. Good morning, and thank you for joining our call today. There's been a lot going on at Unifi throughout quarter four. In fact, some of those activities that I'll mention are spilling into the early part of Q1. So it may be difficult to see the impact of those activities in our Q4 metrics.

謝謝。早安，感謝您今天參加我們的電話會議。第四季度，Unifi 發生了很多事情。事實上，我提到的一些活動已經延續到了第一季初期。因此，可能很難在我們的第四季指標中看到這些活動的影響。

So what I'd like to do right now is just give you a list of four key developments that took place in Q4, which will explain more clearly why we are confident about the improvement in our business for the fiscal 2026.

因此，我現在想做的就是列出第四季度發生的四個關鍵發展，這將更清楚地解釋為什麼我們對 2026 財年業務的改善充滿信心。

So here's the first one. We have ceased operations in our Madison, North Carolina facility. It's been sold and it has been the big cause of profit misses in our past performance. So we were happy to get that behind us. The real estate was sold for a premium and the proceeds have helped us pay down a significant portion of our debt.

這是第一個。我們已經停止位於北卡羅來納州麥迪遜的工廠的運作。它已被出售，這是我們過去業績中利潤損失的主要原因。所以我們很高興解決了這個問題。該房地產以高價出售，所得收益幫助我們償還了很大一部分債務。

A large part of the volume that was in Madison has now moved to Yadkinville, North Carolina facility and some to our El Salvador plant where we expect future growth from the demand in Central America.

麥迪遜的大部分產量現已轉移到北卡羅來納州亞德金維爾的工廠，還有一部分轉移到薩爾瓦多工廠，我們預計中美洲的需求未來將帶來成長。

Number two, our Yadkinville, North Carolina plant is our largest and as new volumes from Madison that equates to 40% increase in the Atkinville production capability. This is beneficial for our capacity utilization for the company in North America, and it helps with the economics for our North America business.

第二，我們位於北卡羅來納州亞德金維爾的工廠是我們最大的工廠，隨著麥迪遜新產量的增加，阿特金維爾的生產能力將提高 40%。這有利於我們公司在北美的產能利用率，也有助於我們北美業務的經濟效益。

The transition has required us hiring 100 new employees in Yadkinville, addition of new additional equipment and procedures. So that has caused the transition with some inefficiencies in that plant, but we're managing through all of that right now, and it will be mostly complete by the end of quarter one. Progress is happening each week. It's not a technical issue. It's labor training, which is the biggest factor in this transition, which we feel confident in accomplishing.

轉型要求我們在亞德金維爾僱用 100 名新員工，並增加新的設備和程序。因此，這導致了工廠效率低下的轉變，但我們目前正在努力解決所有問題，並將在第一季末基本完成。每週都有進展。這不是一個技術問題。勞動力培訓是這項轉變中最重要的因素，我們有信心完成它。

Number three, we've seen headwind in revenues for both North America and for Asia beginning in May and continuing as consumers work through the complexity of tariffs. Understandably, many of our customers are making decisions about how much they order and what location to minimize their tariffs.

第三，從五月開始，我們看到北美和亞洲的收入都面臨阻力，隨著消費者逐漸適應複雜的關稅政策，這種阻力還會持續下去。可以理解的是，我們的許多客戶正在決定訂購多少以及在哪個地點訂購以盡量減少關稅。

That has had a significant negative impact on revenues since late April and it continues to -- but we believe it's likely to work itself out over the first quarter. And we believe when it's all completed, the net impact to our business on tariffs will be neutral to slightly positive.

自 4 月底以來，這對收入產生了重大的負面影響，而且這種影響還在持續——但我們相信，這種影響可能會在第一季解決。我們相信，當一切完成後，關稅對我們業務的淨影響將是中性到略微正面的。

And then fourth, we have received very positive feedback from our customers on the circularity innovations that we call REPREVE Takeback and also thermal insulation. These products have a significant specifically the new REPREVE Takeback stable fiber reduces greenhouse gas emissions by 77% versus virgin polyester. So this feature is very interesting to our retailers but more importantly, it's very appealing to our consumers, especially the young consumers. These products have been slow to build. We launched them last year about this time. But several large customers will most likely be activated in, I would say, in the second half of our fiscal year.

第四，我們收到了客戶對我們稱為 REPREVE Takeback 的循環創新和隔熱技術的非常積極的回饋。這些產品具有顯著的優勢，特別是新型 REPREVE Takeback 穩定纖維與原生聚酯纖維相比，可減少 77% 的溫室氣體排放。因此，這項功能對我們的零售商來說非常有趣，但更重要的是，它對我們的消費者，尤其是年輕消費者非常有吸引力。這些產品的生產進展緩慢。我們去年大約這個時候推出了它們。但我想說，在我們財政年度的下半年，幾個大客戶很可能會開始行動。

So if you look at the innovation and you look at the Americas leaner operations, we expect significant improvement in our profit potential and our positive cash flow for our company. And you should expect to see improved performance in Unifi in fiscal '26. Some of those benefits will show up in Q1, but they will increase sequentially throughout Q4.

因此，如果你看一下創新並看一下美洲的精益運營，我們預計公司的盈利潛力和正現金流將顯著改善。您應該會看到 Unifi 在 26 財年的表現有所改善。其中一些好處將在第一季顯現，但它們將在第四季度逐步增加。

Now I'd like to turn over the presentation to our CEO, Eddie Ingle.

現在我想將演講交給我們的執行長 Eddie Ingle。

Thanks, Al. I'll start with an overview of the fourth quarter. Please turn to slide 4. As Al noted, our results for the fourth quarter came in below our expectations due to softer ordering patterns driven by the recent tariffs and trade uncertainties. Although we are certainly disappointed with this outcome and the impact caused by these trade uncertainty headwinds, we want to emphasize that we do not believe that we lost any future sales because of these challenges.

謝謝，艾爾。我先概述一下第四季的情況。請翻到幻燈片 4。正如 Al 所指出的，由於近期關稅和貿易不確定性導致訂購模式疲軟，我們第四季的業績低於預期。儘管我們對這一結果以及貿易不確定性逆風造成的影響感到失望，但我們想強調的是，我們並不認為這些挑戰會讓我們損失任何未來的銷售。

Many of our global customers chose to pause their ordering patterns until they are able to better understand the tariff landscape, which has continued to change on an almost daily basis. So to provide some context here, I'll highlight some larger customer trends during the period. Six of our larger American customers that consistently order over $1 million of product per quarter all chose with holder orders as they wait for a global trade clarity.

我們的許多全球客戶選擇暫停他們的訂購模式，直到他們能夠更好地了解幾乎每天都在變化的關稅情況。因此，為了提供一些背景信息，我將重點介紹該時期的一些更大的客戶趨勢。我們的六家較大的美國客戶每季持續訂購超過 100 萬美元的產品，他們都選擇持有訂單，等待全球貿易明朗化。

And as we sit here today in mid-August, we see these order patterns improving, and thus, we believe that these impacts on our business, especially in the Americas are transitory. Based on the recent US apparel retail sales trends and reduction in apparel inventories, we believe there continues to be solid pent-up demand, which we expect to benefit from in the near future as the current trade policies become clearer.

今天是八月中旬，我們看到這些訂單模式正在改善，因此，我們相信這些對我們的業務，特別是在美洲的業務的影響是暫時的。根據近期美國服裝零售趨勢和服裝庫存減少的情況，我們認為仍有強勁的被壓抑需求，隨著當前貿易政策變得更加清晰，我們預計在不久的將來這種需求將從中受益。

So I think it's important to provide some clarity are the impacts of the tariffs in the key regions that we operate in. During Q4, we sold the following in the Americas. Many brands temporarily pause their intended production growth in Central America.

因此，我認為有必要明確關稅對我們經營的關鍵地區的影響。第四季度，我們在美洲銷售了以下產品。許多品牌暫時停止了在中美洲的產量成長計畫。

Until there was more certainty where the tariff percentages would fall. The reason is ideally suited to produce basic wear and activewear and our future expectations for growth in demand remain and these demand expectations are underpinned by our conversations with the brands around capacity and also capabilities in the region.

直到關稅百分比下降到何種程度才更確定。原因是非常適合生產基本服裝和運動服，我們對未來需求成長的預期依然存在，這些需求預期以我們與品牌就該地區的產能和能力進行的對話為基礎。

In Asia, brands are reassessing where they need to move the final assembly step of their supply chains. These decisions are expected to be made in the near future as the final tariff percentages for the two largest countries in the region, India and China are negotiated.

在亞洲，各大品牌正在重新評估其供應鏈的最終組裝步驟需要轉移到哪裡。隨著該地區兩個最大國家印度和中國的最終關稅百分比談判正在進行，預計這些決定將在不久的將來做出。

Over the long term, we continue to see immense opportunity in the region because the majority the world's polyester production still stands from China-based assets. In Brazil, the majority of our sales occur within that country, which insulates the business segment from the recent tariffs from a demand perspective.

從長遠來看，我們將繼續看到該地區的巨大機會，因為全球大部分聚酯生產仍然來自中國。在巴西，我們的大部分銷售都發生在該國境內，從需求角度來看，這使該業務部門免受近期關稅的影響。

However, the dumping activity from Asian companies continues, along with some foreign exchange volatility. Our volume levels have remained strong, but we've seen pricing pressure that we expect to be reduced as commodity prices settle and our on-hand raw material costs better reflect the selling prices.

然而，亞洲公司的傾銷活動仍在持續，同時也伴隨著一些外匯波動。我們的銷售量一直保持強勁，但我們已經看到了定價壓力，我們預計隨著商品價格穩定以及我們現有原材料成本更好地反映銷售價格，定價壓力將會降低。

The Brazilian government is also considering the impact of dumping on the industry and several antidumping cases are currently being adjudicated by the government, which should be completed by mid next year.

巴西政府也考慮傾銷對該行業的影響，目前政府正在裁決幾起反傾銷案件，預計明年年中完成。

With all that said, I would now like to provide a brief update on the progress we have made to optimize our operations and drive greater efficiency across the business. Over the last two years, we proactively reduced costs, prioritize efficiencies and streamlined our business. And the last step in that process was recently completed to the sale of our manufacturing facility in Madison, North Carolina, just recently in May.

綜上所述，我現在想簡要介紹一下我們在優化營運和提高整個業務效率方面所取得的進展。在過去的兩年裡，我們積極降低成本，優先提高效率並精簡業務。該流程的最後一步是最近在五月完成的位於北卡羅來納州麥迪遜的製造工廠的出售。

This transaction allowed Unifi to reduce outstanding debt and is expected to generate over $20 million in annual operating cost savings once we complete all transition and restructuring efforts. As we talked about last quarter, this move results in a dramatic increase in our utilization rate across our remaining facilities.

這項交易使 Unifi 減少了未償債務，預計一旦我們完成所有過渡和重組工作，每年將節省超過 2,000 萬美元的營運成本。正如我們上個季度所討論的，這項舉措將使我們剩餘設施的利用率大幅提高。

In terms of our specific performance during the fourth quarter of fiscal 2025, we reported $138.5 million in consolidated net sales, which was down 12%. In the Americas segment, we experienced a year-over-year decline primarily due to reduced sales volumes stemming from trade uncertainty and some productivity shortfalls caused by the consolidation of our US yarn manufacturing operations.

就我們2025財年第四季的具體業績而言，我們報告的合併淨銷售額為1.385億美元，下降了12%。在美洲地區，我們的銷售額年減，主要原因是貿易不確定性導致的銷售量下降，以及美國紗線製造業務整合造成的生產力不足。

Our Brazil segment witnessed stable demand and strong volumes, but experienced margin headwinds during the quarter, primarily due to unfavorable pricing dynamics and foreign currency translation impacts. Long term, our confidence in the Brazilian textured polyester market remains high, and we expect to see profitability levels improve throughout fiscal 2026. In our Asia segment, we have continued to face impacts from macro market-driven pressures, which have turned out to be more significant than we had initially expected.

我們的巴西分部需求穩定、銷售強勁，但本季利潤率遭遇阻力，主要原因是不利的定價動態和外幣折算的影響。從長遠來看，我們對巴西紋理聚酯市場的信心依然很高，我們預計整個 2026 財年的獲利水準將會提高。在亞洲地區，我們繼續面臨宏觀市場壓力的影響，其影響比我們最初預期的更為嚴重。

The general economic slowdown in China has been exacerbated by the lower demand in Asia, driven by the US tariff uncertainty. However, we do believe that these impacts will begin to moderate as trade negotiations are finalized.

受美國關稅不確定性影響，亞洲需求下降加劇了中國整體經濟放緩。然而，我們確實相信，隨著貿易談判的完成，這些影響將開始緩和。

As I mentioned earlier, our fixed cost profile in the region remains low and our asset-like model can be applied in many other countries. And thus, we will continue to adapt to the short term and will be ready as global trade conditions shift and or normalize.

正如我之前提到的，我們在該地區的固定成本狀況仍然很低，我們的資產模型可以應用於許多其他國家。因此，我們將繼續適應短期形勢，並在全球貿易條件轉變或正常化時做好準備。

Turning now to slide 5 for an update on REPREVE. During the fourth quarter, REPREVE Fiber represented 30% of sales, down 4 percentage points from the previous year due to trade policy uncertainty impacting order in patents.

現在翻到投影片 5 來了解 REPREVE 的最新動態。第四季度，REPREVE Fiber 的銷售額佔比為 30%，由於貿易政策不確定性影響專利訂單，比前一年下降了 4 個百分點。

However, we continue to believe that we'll see an improvement in our REPREVE fiber business during fiscal 2026. As our previously announced REPREVE Takeback filament yarn and ThermaLoop products begin to gain more traction with our customers.

然而，我們仍然相信，在 2026 財年，我們的 REPREVE 纖維業務將會有所改善。隨著我們先前發布的 REPREVE Takeback 長絲紗線和 ThermaLoop 產品開始受到更多客戶的關注。

To highlight some of this early traction, I want to be clear that the push towards sustainability and circularity has not waned with our large global customers, particularly those in the apparel space. In fact, we've been engaged in consistent and highly constructive conversations around these new products. Many of these customers are leading brands and actively advancing efforts to make use of textile waste and incorporate more circular materials into their products as they work towards ambitious sustainability goals.

為了強調早期取得的一些進展，我想明確指出，我們的大型全球客戶，特別是服裝領域的客戶，對永續性和循環性的推動並沒有減弱。事實上，我們一直圍繞著這些新產品進行持續且高度建設性的對話。這些客戶中的許多都是領先品牌，他們積極推動利用紡織廢料的努力，並在其產品中加入更多循環材料，以實現雄心勃勃的永續發展目標。

As these brands continue to make progress on the commitments, we anticipate that we will see a growing demand for our free fiber sustainable solutions that will position us as a key partner for these brands to support their long-term sustainability objectives.

隨著這些品牌繼續履行承諾，我們預計對我們的免費纖維永續解決方案的需求將持續增長，這將使我們成為這些品牌支持其長期永續發展目標的關鍵合作夥伴。

Moving now to slide 6 to highlight some of our recent innovation and marketing efforts. In May, we announced the launch of Fortisyn, an abrasion-resistant nonloan engineered for ultimate durability in tactical applications. Fortisyn enhances fabric performance with superior care and tensile strength, making it an ideal solution for military uniforms, first responder apparel and other high-performance tactical wear.

現在轉到投影片 6，重點介紹我們最近的一些創新和行銷努力。五月，我們宣布推出 Fortisyn，這是一款耐磨的非貸款產品，專為戰術應用中的極致耐用性而設計。Fortisyn 透過卓越的護理和抗拉強度提高了織物性能，使其成為軍事服裝、急救人員服裝和其他高性能戰術服裝的理想解決方案。

We also just launched AMD Peppermint, which is an odor control solution, offering a botanical alternative through traditional antimicrobial treatments that contain metal-based compounds such as zinc and silver. This technology is offered as part of our pre portfolio of fibers allowing the brands to maintain their desire to build more sustainable textile platforms, while at the same time, offer better performance.

我們也剛推出了 AMD Peppermint，這是一種氣味控制解決方案，透過含有鋅和銀等金屬化合物的傳統抗菌處理提供植物替代品。該技術是我們預先提供的纖維產品組合的一部分，使品牌能夠保持構建更永續的紡織平台的願望，同時提供更好的性能。

Additionally, over the past quarter, we've sustained strong momentum following the global launch of two other breakthrough technologies, Integrate and REPREVE with Seco. We've amplified all of our launches through our presence at key industry trade shows.

此外，在過去的一個季度，隨著我們與 Seco 合作在全球推出另外兩項突破性技術 Integrate 和 REPREVE，我們保持了強勁的發展勢頭。我們透過參加主要行業貿易展覽會擴大了所有產品的發布。

We continue to get co-branding support from several key partners, including Hurley, West Elm, Dockers, Walmart, Lovesac and Headsets. These brands showcased their uses of REPREVE, REPREVE Takeback and REPREVE Our Ocean across a diverse number of product lines. Notably, headsets, outfitted athletes, referees, champions and their event merchandise and apparel made with REPREVE that prominently featured our bottle hang tag at the US.

我們繼續獲得幾個主要合作夥伴的聯合品牌支持，包括 Hurley、West Elm、Dockers、沃爾瑪、Lovesac 和 Headsets。這些品牌在多個產品線中展示了 REPREVE、REPREVE Takeback 和 REPREVE Our Ocean 的使用。值得注意的是，在美國，耳機、裝備齊全的運動員、裁判、冠軍以及他們的賽事商品和服裝均採用 REPREVE 製成，並顯著地展示了我們的瓶子吊牌。

Open Pickleball Championship. Our collaborations with Walmart continue to scale and highlight circularity in action. This past quarter, Walmart showcased its use of REPREVE Takeback made from recycled textile waste in its top-selling Joyson stock, demonstrating how circular design can deliver affordability, quality and style at mass scale.

公開匹克球錦標賽。我們與沃爾瑪的合作不斷擴大，並強調循環利用的有效性。上個季度，沃爾瑪在其最暢銷的均勝系列產品中展示了由回收紡織廢料製成的 REPREVE Takeback，展示了循環設計如何能夠大規模地提供經濟實惠、優質和時尚的產品。

Finally, our Champions of Sustainability events during Earth month hosted attendees from top global brands, press and influencers. The event featured a keynote addressed by no Kinder former Chief Sustainability Officer at Nike and included a tour of our Jankov, North Carolina facility, where guests witnessed firsthand, our textile take-back process, transforming fabric race into REPREVE Takeback products.

最後，我們在地球月期間舉辦的永續發展冠軍活動接待了來自全球頂級品牌、媒體和有影響力的人士。這項活動以 Nike 前首席永續發展長 No Kinder 的主題演講為特色，並包括參觀我們位於北卡羅來納州揚科夫的工廠，在那裡，來賓們親眼目睹了我們的紡織品回收流程，將織物轉化為 REPREVE 回收產品。

We were very pleased with the publicity of event garnered with coverage coming from outlet ages vogue business, Forbes and sourcing dermal. Now before I call -- turn the call over to A.J. I want to quickly mention that we are continuing to see positive momentum in our beyond apparel initiatives in carpet, military and of course, packaging applications.

我們對活動的宣傳感到非常高興，得到了來自《outlet ages vogue business》、《福布斯》和《sourcing dermal》的報道。現在，在我打電話之前 - 將電話轉給 A.J.，我想快速提一下，我們在服裝以外的領域，包括地毯、軍事，當然還有包裝應用，繼續看到積極的勢頭。

We believe the investment we have made to develop and commercialize the previously mentioned Forecon product offering will allow us to expand our presence in the military and tactical gear market and currently anticipate the sales from this technology will be a meaningful contributor to our financial and revenue growth in the second half of fiscal 2026.

我們相信，我們對開發和商業化前面提到的 Forecon 產品所做的投資將使我們能夠擴大在軍事和戰術裝備市場的影響力，目前預計這項技術的銷售將對我們 2026 財年下半年的財務和收入成長做出有意義的貢獻。

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

說完這些，我現在想把電話轉給 A.J.，討論一下我們本季的財務表現。

Thank you, Eddie. As both Eddie and Al noted, the recent sale of our Madison manufacturing facility highlights the significant progress we have made to reposition our business for long-term growth and improved profitability.

謝謝你，艾迪。正如 Eddie 和 Al 所指出的，我們最近出售麥迪遜製造工廠凸顯了我們在重新定位業務以實現長期成長和提高獲利能力方面取得的重大進展。

We remain focused on keeping our variable expenses across both production and administration functions low, which will help create both cost savings and increased profits. That will allow us to continue to reinvest into critical growth areas, particularly in our beyond apparel and REPREVE Fiber initiatives, which will strengthen our revenue performance and support sustained margin expansion.

我們仍然致力於將生產和管理職能的變動費用保持在較低水平，這將有助於節省成本並增加利潤。這將使我們能夠繼續對關鍵成長領域進行再投資，特別是超越服裝和 REPREVE Fiber 計劃，這將增強我們的收入表現並支持持續的利潤率擴張。

Moving on to financial results on slide 7. You'll see our consolidated financial highlights for the quarter. Consolidated net sales for the quarter were $138.5 million, down 12% year-over-year due to the reasons Eddie outlined a few minutes ago.

繼續討論幻燈片 7 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 1.385 億美元，年減 12%，原因如 Eddie 幾分鐘前所述。

Gross profit was also lower as it was unfavorably impacted by softer sales and profitability in the Asia segment and transition costs in the Americas segment. Those transition costs during the period totaled approximately $10.6 million.

毛利也有所下降，因為受到亞洲地區銷售和獲利能力下降以及美洲地區轉型成本的不利影響。該期間的過渡成本總計約為 1060 萬美元。

Turning to slide 8. In the Americas segment, net sales were down 6.6% compared to the prior year due to lower sales volumes from trade uncertainty and productivity shortfalls during the consolidation of US yarn manufacturing.

翻到幻燈片 8。在美洲地區，由於貿易不確定性導致的銷售量下降以及美國紗線製造業整合期間生產力不足，淨銷售額與上年相比下降了 6.6%。

Gross profit was lower due to inflationary pressures and the manufacturing footprint reduction costs. slide 9 displays our Brazil segment, which saw net sales and gross profit decrease versus the prior year. As Eddie noted, this was primarily due to unfavorable foreign currency translation effects, cost dynamics and import price pressures. That said, demand and volume levels remain stable, and our competitive position and growth opportunity remains strong.

由於通膨壓力和製造足跡減少成本，毛利較低。投影片 9 顯示了我們的巴西分部，該分部的淨銷售額和毛利潤與前一年相比有所下降。正如 Eddie 所指出的，這主要是由於不利的外幣兌換效應、成本動態和進口價格壓力所造成的。也就是說，需求和數量水準保持穩定，我們的競爭地位和成長機會依然強勁。

Finally, on slide 10, our Asia segment saw net sales and gross margin declined by 28% and 340 basis points on a year-over-year basis, respectively, due to the continued challenges in the region for both sales volumes and less favorable sales mix in China. With that said, our ability to adjust and flex our asset-light model helped us still deliver double-digit gross margin in Asia.

最後，在第 10 張投影片中，由於亞洲地區在銷售量和中國銷售組合方面持續面臨挑戰，我們的亞洲分部淨銷售額和毛利率分別較去年同期下降 28% 和 340 個基點。話雖如此，我們調整和靈活輕資產模式的能力幫助我們在亞洲仍然實現了兩位數的毛利率。

Slide 11 outlines our capital structure. In May, we closed on the sale of our manufacturing facility in Madison, North Carolina for $45 million of proceeds. With $25 million of net proceeds used to reduce the existing term loan balance and $18.3 million of net proceeds used to reduce outstanding revolving loans.

投影片 11 概述了我們的資本結構。五月，我們以 4500 萬美元的收益出售了位於北卡羅來納州麥迪遜的製造工廠。其中 2,500 萬美元淨收益用於減少現有定期貸款餘額，1,830 萬美元淨收益用於減少未償還循環貸款。

As a result, our term loan balance was reduced to $67 million at the time and revolving loan balance was reduced to $5.6 million, thereby reducing our debt principal by approximately $43.3 million. This principal reduction should save us $3 million in annual interest expense going forward.

結果，我們的定期貸款餘額當時減少到 6,700 萬美元，循環貸款餘額減少到 560 萬美元，從而減少了我們的債務本金約 4,330 萬美元。此次本金減少將為我們節省未來每年 300 萬美元的利息支出。

From a CapEx perspective, we prioritize critical investments in 2025 and are forecasting under $12 million in fiscal 2026. We've also done a great job managing our working capital over the last few years and expect to continue that work in fiscal 2026 from a leaner manufacturing base in the US.

從資本支出的角度來看，我們優先考慮 2025 年的關鍵投資，並預測 2026 財年的資本支出將低於 1,200 萬美元。過去幾年，我們在營運資金管理方面也做得非常出色，預計在 2026 財年，我們將在美國更精簡的製造基地繼續進行這項工作。

Looking forward, we will see some nominal manufacturing transition charges through the first quarter of fiscal 2026 as we finalize the machinery footprint. We expect those costs to range between $1 million and $2 million.

展望未來，隨著我們最終確定機械佈局，我們將在 2026 財年第一季看到一些名義上的製造轉型費用。我們預計這些成本將在 100 萬美元至 200 萬美元之間。

At that point, these costs should be materially behind us. Importantly, we do not anticipate any reduction in production capacity or impact to customer service during or following the transition. Once the transition is complete, we expect to realize over $20 million in estimated annualized operating cost savings. We will continue to provide additional updates on the progress of this transition and the associated cost savings benefits as the process advances.

到那時，這些成本基本上應該被拋在後面了。重要的是，我們預計在過渡期間或過渡之後不會出現生產能力下降或客戶服務受到影響的情況。一旦過渡完成，我們預計每年可節省超過 2000 萬美元的營運成本。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的成本節約效益的更多更新。

With that, I'll now pass the call back to Eddie.

這樣，我現在就將電話轉回給 Eddie。

Thank you, A.J. Now let's turn to slide 12 to discuss our forecast for the first quarter of fiscal 2026. For the first quarter, we are expecting net sales and adjusted EBITDA to improve sequentially from the fourth quarter of fiscal 2025, primarily driven by cost savings in the Americas segment and demand normalization. As A.J. mentioned, we'll see the last of the Americas restructuring and transition expenses, primarily equipment relocation and fine-tuning of costs somewhere between $1 million and $2 million.

謝謝，A.J。現在讓我們翻到第 12 張投影片來討論我們對 2026 財年第一季的預測。對於第一季度，我們預計淨銷售額和調整後的 EBITDA 將從 2025 財年第四季度開始環比改善，主要得益於美洲分部的成本節約和需求正常化。正如 A.J. 所提到的，我們將看到美洲最後的重組和過渡費用，主要是設備搬遷和 100 萬至 200 萬美元之間的成本微調。

As we move through fiscal 2026, we expect to see the benefits of our efforts to improve efficiencies and reduce costs, while at the same time, increase utilization rates at our remaining facilities. While we can't predict the exact timing of this, we also expect the global trade situation will gain greater clarity as we work through the rest of the calendar year.

隨著我們進入 2026 財年，我們期望看到我們提高效率和降低成本的努力所帶來的好處，同時提高剩餘設施的利用率。雖然我們無法預測這段具體時間，但我們也預計，隨著今年剩餘時間的推進，全球貿易狀況將變得更加明朗。

This should help us see incremental improvement of the top line throughout fiscal 2026. That improvement and the full impact of lower manufacturing and interest costs should support a more profitable business and positive cash flow in fiscal 2026.

這應該有助於我們看到 2026 財年營收的逐步改善。這種改善以及較低的製造和利息成本的全面影響應該會支持 2026 財年更有利可圖的業務和正現金流。

To wrap up on slide 13 with our strategic priorities. As we look forward to fiscal 2026, we recognize that our business is not yet where we wanted to be. We have made the necessary changes to strengthen our business and we believe we are in a great position to capitalize on the investments we have made in new innovations and circular textile solutions. Achieving our goals will require continued patience and persistence. But I think it's important to summarize why we believe we can make this pivot as the trade and tariff situation settles down.

在第 13 張投影片上總結我們的策略重點。展望 2026 財年，我們意識到我們的業務尚未達到我們想要的水平。我們已經做出了必要的改變來加強我們的業務，我們相信我們處於有利地位，可以利用我們在新的創新和循環紡織解決方案方面所做的投資。實現我們的目標需要持續的耐心和毅力。但我認為，總結為什麼我們相信隨著貿易和關稅情況的穩定，我們能夠實現這一轉變是很重要的。

First, we have enhanced our competitive position, improved our cash generation capabilities and strengthened our profitability, all of which will contribute to better performance for Unify in the future. We've continued to actively invest in our business to help better serve our customers' needs, which is evident by our recently announced innovative pre fiber products and advancements in beyond apparel. Currently, we hear from our customers that there is a pent-up demand from their customers, the brands and retailers, and they are slow to release orders because of tariff uncertainty.

首先，我們增強了競爭地位，提高了現金創造能力，增強了獲利能力，所有這些都將有助於 Unify 未來取得更好的業績。我們繼續積極投資於我們的業務，以更好地滿足客戶的需求，這從我們最近宣布的創新預纖維產品和服裝以外的進步中可見一斑。目前，我們從客戶那裡聽說，他們的客戶、品牌和零售商存在被壓抑的需求，而且由於關稅的不確定性，他們發布訂單的速度很慢。

As we mentioned earlier on in the call, we believe that the impact of the tariffs is temporary and many of our customers will need to open up their order books if they are to fulfill the need of the upcoming spring and summer seasons.

正如我們之前在電話會議中提到的那樣，我們認為關稅的影響是暫時的，我們的許多客戶如果要滿足即將到來的春季和夏季的需求，就需要開放他們的訂單。

Additionally, we are engaging in productive discussions with some of our largest customers regarding circularity. Many of these major brands are advancing their efforts to reduce their consumption of virgin fossil fuels and incorporate more sustainable and circular materials into their products to meet sustainability goals.

此外，我們正在與一些最大的客戶就循環性進行富有成效的討論。許多主要品牌正在努力減少原生化石燃料的消耗，並在其產品中添加更多永續和循環材料，以實現永續發展目標。

We believe that these customers progress towards achieving these targets, there will increase -- there will be an increase in demand for our sustainable solutions. In Asia, we have also taken steps to help mitigate the impacts of the headwinds we are currently facing in China and have an operating model that has allowed us to stay profitable and can flex as conditions normalize.

我們相信，這些客戶在實現這些目標的道路上不斷前進，對我們永續解決方案的需求也會增加。在亞洲，我們也採取了一些措施來減輕我們目前在中國面臨的不利因素的影響，並建立了一種營運模式，使我們能夠保持盈利，並能夠在情況正常化時靈活調整。

And finally, our competitive position has improved in the key markets that we operate in, and we believe that this has positioned us well to capitalize on customer demand as market conditions stabilize. All of these factors, combined give us a strong confidence that we are in a better position than ever to achieve improved results. Moving forward, our focus will continue to remain on optimizing our operations, strengthening our financial performance and creating long-term value for our shareholders.

最後，我們在主要經營市場的競爭地位提高，我們相信，隨著市場條件穩定，這使我們能夠充分利用客戶需求。所有這些因素結合起來，讓我們堅信自己比以往任何時候都更有能力取得更好的結果。展望未來，我們將繼續致力於優化營運、加強財務表現並為股東創造長期價值。

With that, we would now like to open the call for questions. Thank you.

現在，我們想開始提問。謝謝。

(Operator Instructions)

（操作員指示）

Anthony Levizinski from Zode and Company.

Zode and Company 的 Anthony Levizinski。

Good morning and thank you for taking the questions and certainly, definitely good to see the balance sheet improvement even with continued challenges in the dynamic and certainly a volatile operating environment. So first, this may be a little bit difficult to answer. But just thinking about the transitory demand disruptions that occurred in the fourth quarter because of trade policy uncertainties. Can you try to put a number on that in terms of the impact on sales and how much of that could still spill over into 1Q?

早安，感謝您回答問題，即使在動態且動盪的經營環境中持續面臨挑戰，我們也非常高興看到資產負債表的改善。首先，這個問題可能有點難回答。但僅僅考慮一下由於貿易政策不確定性而在第四季度發生的暫時性需求中斷。您能否嘗試就其對銷售的影響給出一個數字，以及其中有多少會影響到第一季？

Yeah, thank you, Anthony, for joining us on the call. Yes, it's been primarily the impact has been in -- the largest impacts have been in Asia, obviously, because that's where 80% of the apparel that's sold in this country is sourced from -- and we had -- we did see a higher-than-expected disruption of around 20%. But we do expect, as we -- and we're seeing this already as we move into Q1 and Q2, once everybody figures out what the final tariff numbers are going to be for each country, they can move their demand around accordingly.

是的，謝謝你，安東尼，參加我們的電話會議。是的，主要的影響是——最大的影響顯然是在亞洲，因為這個國家 80% 的服裝都來自亞洲——而且我們確實看到了比預期更高的約 20% 的中斷。但我們確實預計，正如我們——而且我們在進入第一季和第二季時已經看到的那樣，一旦每個人都弄清楚了每個國家的最終關稅數字，他們就可以相應地調整他們的需求。

So we are expecting, as we move through Q1, we're already seeing it and into Q2 into Q3, demand actually grow from our Q4 levels in Asia. In the Americas, we're expecting uptick in our Central America business because we are having conversations with brands about moving some programs -- large programs back into that region.

因此，我們預計，隨著第一季的到來，我們已經看到這一點，而進入第二季和第三季度，亞洲的需求實際上將從第四季度的水平增長。在美洲，我們預計中美洲業務將會成長，因為我們正在與品牌商洽談將一些專案——大型專案轉移回該地區。

It does have a 10% tariff, whereas most of the Asian countries have a 20%, 19% tariffs. So that's actually going to help us as we move forward through this calendar year and into our second half of our fiscal year. And in Brazil, we're not really seeing any demand volatility because of the tariffs, which is nice. But we have had short term some margin headwinds.

它確實有 10% 的關稅，而大多數亞洲國家的關稅為 20%、19%。因此，這實際上將有助於我們度過今年並進入財政年度的下半年。在巴西，我們並沒有看到關稅導致的需求波動，這是好事。但我們在短期內遇到了一些利潤阻力。

Understood. Okay. Just a follow-up about your comments about the pent-up demand. So in terms of thinking about the timing of these orders, so could we see some of these actually already in Q1? Or do you think it's going to be mostly a Q2 benefit? Just going back to your earlier comments about the pent-up demand for the holiday season.

明白了。好的。我只是想跟進一下您對被壓抑的需求的評論。因此，從考慮這些訂單的時間來看，我們是否實際上已經在第一季看到了其中一些訂單？或者您認為這主要會是第二季的收益？回到您之前關於假日季節被壓抑的需求的評論。

Yeah, I would say that July was still acting and behaving like our sort of May, June period. But as we're into August and see the demand for September we are seeing already increased orders coming through both from the Asia region and also from Central America.

是的，我想說 7 月的行情和表現仍然很像 5 月和 6 月。但隨著我們進入八月並看到九月份的需求，我們發現來自亞洲地區和中美洲的訂單已經增加。

That's definitely reassuring. Okay. And then in terms of the new product launches, I know you spoke about a few of those, but just wanted to get your thoughts as to which ones are you most excited about? And also just wondering as far as like when do you think these new initiatives will start to have a meaningful impact on your sales?

這確實令人放心。好的。關於新產品的發布，我知道您談到了其中的一些，但我只是想了解您對哪些產品最感興趣？另外，您也想知道，您認為這些新措施何時會開始對您的銷售產生有意義的影響？

Yeah, Here in the Americas, we're especially excited about Fortisyn, which is that nylon durable, very strong yarn that we've developed, and it's being launched in both natural and in solution die colors. Going into the military is a -- has a long runway. It takes a lot of time and effort to get qualified. So we're moving through that process.

是的，在美洲，我們對 Fortisyn 特別感興趣，它是我們開發的一種耐用、非常結實的尼龍紗線，有自然色和溶液染色兩種顏色可供選擇。參軍是一條漫長的道路。要獲得資格需要花費大量的時間和精力。所以我們正在經歷這個過程。

But we're very excited about the ultimate demand we're going to see in the second half of this fiscal year and also on the profitability that will bring it -- because of the very value-added nature of that product, it's with higher margins.

但我們對本財年下半年即將看到的最終需求以及由此帶來的盈利能力感到非常興奮——由於該產品的增值性質，它的利潤率更高。

In Asia, it really stems around our REPREVE Takeback and our Thermaloop innovations that we have alongside the Amy performance. That's where we'll see that those initiatives and those innovations take off. This week, we actually launched a new version of our take back -- REPREVE Takeback at 100% textile take back. Last year, when we launched it, we had a 50% bottle and 50% textile waste.

在亞洲，這實際上源於我們的 REPREVE Takeback 和 Thermaloop 創新以及 Amy 性能。我們將在那裡看到這些舉措和創新的起飛。本週，我們實際上推出了新版本的回收計劃——REPREVE 回收計劃，100% 回收紡織品。去年，當我們推出它時，我們有 50% 的瓶子廢料和 50% 的紡織廢料。

So that is going to also increase the demand. So those three products in Asia are what we're most excited about. And again, as Al had mentioned in his script, in his conversation, we do expect the second half of the fiscal year in Asia to see the benefit of those three innovations.

因此這也會增加需求。因此，我們對亞洲的這三種產品最為興奮。正如艾爾在演講稿和談話中提到的那樣，我們確實預計亞洲在本財年的下半年將看到這三項創新的好處。

Got you. Okay. And then just wanted to also to follow up about your comments, Eddie, about your improved competitive positioning. Is that mostly in the Americas? Or just maybe help us frame that and how impactful that could be?

明白了。好的。然後，我還想跟進一下你關於提高競爭定位的評論，埃迪。主要發生在美洲嗎？或者只是幫助我們建立它並說明它會產生多大的影響？

It's mostly in the Americas because of the plant consolidation that we had. But I'd also say that over the last 18 to 24 months as our Brazilian operation has grown in volumes, our costs in Brazil are also lower as we spread the fixed cost over a much larger base of sales.

由於我們進行了工廠整合，因此主要集中在美洲。但我還想說，在過去的 18 到 24 個月裡，隨著我們巴西業務的成長，我們在巴西的成本也降低了，因為我們將固定成本分攤到了更大的銷售基礎上。

So I think we're primarily the big benefit is in the US because of the plant consolidation. As A.J. said, $20 million, we can see it. We can feel it. It's being offset a little bit by the productivity challenges we've had in Aibel, but as we put in that new production capabilities and new products into that space. But yes, Americas is where most of the savings are going to be.

因此我認為我們主要在美國受益於工廠整合。正如 A.J. 所說，2000 萬美元，我們可以看到。我們能感覺到。我們在 Aibel 遇到的生產力挑戰在一定程度上抵消了這一影響，但隨著我們在該領域投入新的生產能力和新產品。但確實，大部分儲蓄都將流向美洲。

Got you. Okay. And then lastly for me, can you give us an update on your beyond apparel initiative? How much of your revenue in fiscal '25 came from markets other than apparel and footwear? And how should we think about that in fiscal '26?

明白了。好的。最後，您能否向我們介紹超越服裝計畫的最新進展？25 財年，您的收入有多少來自服裝和鞋類以外的市場？那麼在 26 財年我們該如何看待這個問題呢？

Primarily, the beyond apparel initiative has been focused here in the US. And as we said, it's military, it's packaging, it's some other areas that -- carpets that we haven't traditionally played in. We do -- we have beyond apparel efforts in automotive also, and we've seen the automotive demand pick up as we stand today.

超越服裝計劃主要集中在美國。正如我們所說，它是軍事，它是包裝，它是其他一些領域——我們傳統上沒有涉足的領域。我們確實在服裝領域做出了努力，同時也拓展了汽車領域，我們看到汽車需求正在回升。

The other initiatives, military and carpet are taking a little bit longer, but they are -- we are -- we do have revenue today, and we expect that revenue to increase substantially in the second half. Packaging, actually, you've seen a nice uptick and we consider that beyond apparel this quarter, and we expect that to continue as the dynamics in the packaging area for sustainable solutions is continuing.

其他計劃，軍事和地毯計劃需要更長的時間，但是我們今天確實有收入，而且我們預計下半年收入將大幅增加。實際上，包裝領域已經出現了良好的成長勢頭，我們認為本季這一趨勢已超越服裝領域，而且我們預計這一趨勢將持續下去，因為包裝領域可持續解決方案的動力仍在繼續。

Anthony, this is Al. I appreciate your question because we've been talking about beyond apparel for a long time. And I now understand the qualifications and the testing required to get the military business and the carpet business is way more than I had expected. You have to go through testing on durability, on color, on shipping, and it's taken quite a long time. But the good news is we're at the end of that and starting to see orders come in. So I think you'll see some of that business, a little bit of it first half, a lot in the second half.

安東尼，這是艾爾。我很感謝您的提問，因為我們已經討論服裝以外的話題很久了。現在我明白了，獲得軍事業務和地毯業務所需的資格和測試遠遠超出了我的預期。您必須進行耐用性、顏色和運輸方面的測試，這需要相當長的時間。但好消息是，我們已經走到了盡頭，開始看到訂單湧入。所以我認為你會看到一些這樣的業務，上半年會有一點，下半年會有很多。

Very good. Well, thank you very much, guys, and best of luck.

非常好。好吧，非常感謝你們，祝你們好運。

Thank you. Thank you, Anthony. Thank you for your support.

謝謝。謝謝你，安東尼。感謝您的支持。

Thank you. There are no further questions. That concludes our question-and-answer session, and that also concludes this call for today. Thank you all for joining. You may now disconnect.

謝謝。沒有其他問題了。我們的問答環節到此結束，今天的電話會議也到此結束。感謝大家的加入。您現在可以斷開連線。