WD-40 Co (WDFC) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Good day, and welcome to the WD-40 Company fourth quarter and full fiscal year 2024 earnings conference call.

美好的一天，歡迎參加 WD-40 公司第四季和 2024 財年全年收益電話會議。

Today's call is being recorded.

今天的通話正在錄音。

(Operator Instructions)

（操作員說明）

I would now like to turn the presentation over to the host for today's call, Wendy Kelly, Vice President, Stakeholder and Investor Engagement.

我現在想將簡報交給今天電話會議的主持人、利害關係人和投資者參與副總裁溫蒂凱利 (Wendy Kelly)。

Please proceed.

請繼續。

Good afternoon, and thanks to everyone for joining us today.

下午好，感謝大家今天加入我們。

On our call today are WD-40 Company's President and Chief Executive Officer, Steve Brass; and Vice President and Chief Financial Officer, Sara Hyzer.

今天參加我們電話會議的是 WD-40 公司總裁兼執行長 Steve Brass；副總裁兼財務長 Sara Hyzer。

In addition to the financial information presented on today's call, we encourage investors to review our earnings presentation, earnings press release and Form 10-K for the period ending August 31, 2024.

除了今天電話會議上提供的財務資訊外，我們鼓勵投資者查看截至 2024 年 8 月 31 日期間的收益演示、收益新聞稿和 10-K 表格。

These documents will be made available on our investor relations website at investor.wd40company.com. A replay and transcript of today's call will also be made available shortly after this call.

這些文件將在我們的投資者關係網站 Investor.wd40company.com 上提供。今天電話會議的重播和文字記錄也將在電話會議結束後不久提供。

On today's call, we will discuss certain non-GAAP measures.

在今天的電話會議上，我們將討論某些非公認會計準則措施。

The descriptions and reconciliations of these non-GAAP measures are available in our SEC filings as well as the earnings documents posted on our investor relations website.

這些非公認會計原則措施的描述和調節可在我們向 SEC 提交的文件以及我們投資者關係網站上發布的收益文件中找到。

As a reminder, today's call includes forward-looking statements about our expectations for the company's future performance.

提醒一下，今天的電話會議包含有關我們對公司未來業績預期的前瞻性陳述。

Actual results could differ materially.

實際結果可能存在重大差異。

The company's expectations, beliefs and projections are expressed in good faith, but there can be no assurance that they will be achieved or accomplished.

公司的期望、信念和預測是真誠表達的，但不能保證它們一定會實現或完成。

Please refer to the risk factors detailed in our SEC filings for further discussion.

請參閱我們向 SEC 提交的文件中詳細說明的風險因素以進行進一步討論。

Finally, for anyone listening to a webcast replay or reviewing a written transcript of this call, please note that all information presented is current only as of today's date, October 17, 2024.

最後，對於收聽網路廣播重播或查看本次電話會議書面記錄的任何人，請注意，所提供的所有資訊僅截至今天（2024 年 10 月 17 日）。

The company disclaims any duty or obligation to update any forward-looking information as a result of new information, future events or otherwise.

本公司不承擔因新資訊、未來事件或其他原因而更新任何前瞻性資訊的責任或義務。

With that, I'd now like to turn the call over to Steve.

有了這個，我現在想把電話轉給史蒂夫。

Thank you, Wendy and thanks to all of you for joining us this afternoon.

謝謝你，溫迪，也謝謝大家今天下午加入我們。

Fiscal year '24 has been a year of exceptional strength, resilience and strategic progress.

24 財年是具有非凡實力、韌性和策略進展的一年。

We've navigated challenges capitalized opportunities and continue to build on the strong foundation that has made WD-40 company a success for over seven decades.

我們克服了挑戰，抓住了機遇，並繼續在使 WD-40 公司七十多年來取得成功的堅實基礎上繼續發展。

Today, I'll provide you an overview of our sales results for the fourth fiscal quarter of 2024 and the progress we've made against our four-by-four strategic framework.

今天，我將向您概述 2024 年第四財季的銷售業績以及我們在 4×4 策略框架方面取得的進展。

After that, Sara will provide you a brief update on the divestiture of our homecare and cleaning business, an update on our business model and outlook for fiscal year 2025.

之後，Sara 將向您簡要介紹我們剝離家庭護理和清潔業務的最新情況、我們業務模式的最新情況以及 2025 財年的展望。

We will then take your questions.

然後我們將回答您的問題。

I'm pleased to announce that our fourth quarter was our second consecutive record breaking sales quarter.

我很高興地宣布，我們的第四季是我們連續第二個破紀錄的銷售季度。

Today we reported fourth quarter net sales of $156 million representing an increase of over 11% with sales and maintenance products experiencing double-digit growth during both the fourth quarter and the full fiscal year.

今天，我們報告第四季度淨銷售額為 1.56 億美元，成長超過 11%，銷售和維護產品在第四季度和整個財年均實現兩位數成長。

By the close of fiscal year '24, sales of our signature product, WD-40 multi-use product reached $453 million an 11% increase over prior year and a new annual record for our core brand.

截至 24 財年結束，我們的標誌性產品 WD-40 多用途產品的銷售額達到 4.53 億美元，比上年增長 11%，創下了我們核心品牌的新年度記錄。

In addition, I'm very happy to report that gross margin continues to improve and is moving closer to our target of 55%.

此外，我很高興地向大家報告，毛利率持續改善，並且正在接近我們 55% 的目標。

In the fourth quarter, we reported gross margin of 54.1% which is an improvement of 100 basis points sequentially from the third quarter and 270 basis points compared to the fourth quarter of last fiscal year.

第四季度，我們的毛利率為 54.1%，比第三季提高了 100 個基點，比上一財年第四季提高了 270 個基點。

Now let me discuss fourth quarter sales results by segment.

現在讓我按部門討論第四季的銷售業績。

Unless otherwise noted, I will discuss sales on a reported basis compared to the fourth quarter of last fiscal year.

除非另有說明，我將討論與上一財年第四季相比的報告銷售額。

This quarter sales in the Americas which includes the United States, Latin America and Canada grew approximately 6% over the prior year to $79 million.

本季美洲地區（包括美國、拉丁美洲和加拿大）的銷售額比上年增長約 6%，達到 7,900 萬美元。

The bulk of this growth was driven by higher sales volumes of WD-40 multi-use product, which increased 7% compared to the prior year.

這一增長的主要原因是 WD-40 多用途產品銷量增加，與前一年相比增長了 7%。

Much of this growth came from strong sales in Latin America which increased by 63% over the prior period.

這一增長大部分來自拉丁美洲的強勁銷售，較上一時期增長了 63%。

These increased sales were partially offset by lower sales in the United States and Canada.

這些增加的銷售額被美國和加拿大銷售額的下降部分抵消。

Our Latin America market is comprised of our direct markets in Mexico and Brazil and all remaining Latin American countries, most of which are served by our marketing distributor partners in the region.

我們的拉丁美洲市場由我們在墨西哥和巴西以及所有其餘拉丁美洲國家的直接市場組成，其中大部分由我們在該地區的行銷經銷商合作夥伴提供服務。

Sales of WD-40 multi-use product in Latin America were favorably impacted by our transition to a direct market model in Brazil.

我們在巴西轉向直接市場模式，對拉丁美洲 WD-40 多用途產品的銷售產生了有利影響。

In the third quarter of fiscal year '24, we acquired our Brazilian distributor and shifted from an indirect distribution model to one where we sell directly to retail customers.

在 24 財年第三季度，我們收購了巴西經銷商，並從間接分銷模式轉變為直接向零售客戶銷售的模式。

This distribution model shift favorably impacted net sales in Brazil by nearly $7 million for the full fiscal year.

這種分銷模式的轉變對巴西整個財年的淨銷售額產生了近 700 萬美元的正面影響。

We also continue to experience positive momentum in our direct market in Mexico from the shift we made in 2020 from a distributor model.

由於 2020 年我們從經銷商模式轉變，我們在墨西哥的直接市場也持續經歷積極的勢頭。

Sales in Mexico and other Latin American markets increased 24% and 9%, respectively, due to the timing of customer orders, successful brand building programs, increased distribution and expanded availability of WD-40 Smart Straw.

由於客戶訂單時機、成功的品牌建設計劃、WD-40 智慧吸管的分銷增加和供應範圍擴大，墨西哥和其他拉丁美洲市場的銷售額分別增長了 24% 和 9%。

As I shared with you last quarter, our plan for fiscal year '24 in the Americas was always driven primarily by strong Latin American growth and that has played out.

正如我上個季度與大家分享的那樣，我們在美洲的 24 財年計劃始終主要受到拉丁美洲強勁增長的推動，而且這一點已經得到了體現。

In the United States, sales of the WD-40 multi-use product decreased by 4% compared to the prior period.

在美國，WD-40多用途產品的銷售量較上一時期下降了4%。

The United States experienced solid point of sale demand in the fourth quarter.

美國第四季的銷售點需求強勁。

However, compared to the same period, last year, sales were down.

但與去年同期相比，銷量有所下降。

We are comparing against an exceptionally strong performance in the fourth quarter of last year, when we saw double-digit increases in both volume and sales in the United States.

我們正在與去年第四季異常強勁的業績進行比較，當時我們在美國的銷售和銷售額均實現了兩位數的成長。

In Canada, sales of WD-40 multi-use product decreased 3% compared to the prior period.

在加拿大，WD-40多用途產品的銷售量較上一期下降了3%。

Sales in Canada were negatively impacted period over period due to phasing associated with discontinuation of our classic can delivery system and the implementation and conversion of Smart Straw next generation in Canada.

由於我們的經典罐頭輸送系統的停產以及加拿大下一代智慧吸管的實施和轉換，加拿大的銷售受到了一段時期的負面影響。

The good news is that we're seeing positive trends at distribution points where we have fully converted our customers to Smart Straw next generation and expect this conversion to drive significant long term gains as we fully leverage our premium formats.

好消息是，我們在分銷點看到了積極的趨勢，我們已將客戶完全轉換為下一代智慧吸管，並預計隨著我們充分利用我們的優質格式，這種轉換將帶來顯著的長期收益。

In the Americas, sales of WD-40 specialist increased across most regions and were up 6% compared to the prior year period, primarily due to strong sales in Canada and Latin America.

在美洲，WD-40專家的銷售額在大多數地區都有所成長，與去年同期相比成長了6%，這主要是由於加拿大和拉丁美洲的強勁銷售。

In total, our maintenance products increased 7% in the Americas this quarter.

總的來說，本季我們的維護產品在美洲的銷售量成長了 7%。

The growth in maintenance products Is partly offset by a decline of 12% in homecare and cleaning product brands.

保養產品的成長被家庭護理和清潔產品品牌 12% 的下降部分抵消。

For the full fiscal year maintenance product sales in the Americas totaled $267 million reflecting a 7% increase compared to the prior year.

整個財年美洲地區的維護產品銷售額總計 2.67 億美元，比前一年成長 7%。

This growth aligns with our long term target for the region which projects annual growth between 5% and 8%.

這一增長符合我們對該地區的長期目標，即預計年增長率在 5% 至 8% 之間。

In total, our Americas segment made up 51% of our global business in the fourth quarter.

總的來說，第四季我們的美洲業務佔全球業務的 51%。

Now turning to ourselves in EIMEA.

現在轉向 EIMEA 我們自己。

This quarter sales in EIMEA, which includes Europe, India, the Middle East and Africa grew approximately 16% over the prior period to $59 million.

本季 EIMEA（包括歐洲、印度、中東和非洲）的銷售額較上一期成長約 16%，達到 5,900 萬美元。

Currency fluctuations had a minimal impact on our sales in EIMEA.

貨幣波動對我們在 EIMEA 的銷售影響很小。

And on a constant currency basis, sales would have increased 15%.

以固定匯率計算，銷售額將成長 15%。

The strong growth in EIMEA is driven by higher volume sales of WD-40 multi-use products which increased 16% compared to the prior period.

EIMEA 的強勁成長得益於 WD-40 多用途產品銷量的增加，與上一時期相比成長了 16%。

This growth is primarily attributable to increased sales in our EIMEA distributor markets, which are up 41% compared to the prior year.

這一增長主要歸功於 EIMEA 分銷商市場銷售額的增加，與前一年相比增長了 41%。

This quarter, we saw double-digit growth in many of our EIMEA distributor markets with particularly strong growth in Northern Europe and India, which increased 52% and 206%, respectively.

本季度，我們的許多 EIMEA 經銷商市場都實現了兩位數成長，其中北歐和印度成長尤為強勁，分別成長了 52% 和 206%。

In our EIMEA direct markets, sales of WD-40 multi-use product were also very strong in many markets, primarily due to improved volume, as many of our customers have adjusted to the impact of price increases implemented last fiscal year.

在我們的 EIMEA 直接市場中，WD-40 多用途產品在許多市場的銷售也非常強勁，這主要是由於銷量的增加，因為我們的許多客戶已經適應了上一財年實施的價格上漲的影響。

Sales increased 5% compared to the prior period most significantly in France and the DAC region where they were up 18% and 12%, respectively.

與上一季相比，法國和 DAC 地區的銷售額成長最為顯著，分別成長了 18% 和 12%。

The DAC region comprises Germany, Austria and Switzerland.

DAC 地區包括德國、奧地利和瑞士。

Sales of WD-40 specialist increased across most regions of EIMEA and were up 13% compared to the prior period due to the combined impact of higher sales volume due to increased distribution and stronger levels of demand after customers adjusted to price increases.

EIMEA 大部分地區的 WD-40 專用劑銷售額均有所增長，較上一期增長 13%，這是由於分銷增加導致銷量增加以及客戶適應價格上漲後需求水平增強的綜合影響。

In total, our maintenance products increased 15% in EIMEA in the fourth fiscal quarter.

總的來說，第四財季我們的維護產品在 EIMEA 地區成長了 15%。

In addition, sales of homecare and cleaning product brands sold in the UK increased 25% in the fourth quarter.

此外，第四季在英國銷售的家庭護理和清潔產品品牌的銷售額成長了25%。

For the full fiscal year, maintenance product sales in EIEMA totaled $212 million reflecting a 17% increase compared to the prior year.

整個財年，EIEMA 的維護產品銷售額總計 2.12 億美元，比上一年增長 17%。

This growth surpasses our long term growth target for the region, which projects annual growth between 8% and 11%.

這一增長超過了我們對該地區的長期成長目標，預計年增長率在 8% 至 11% 之間。

In total, our EIMEA segment made up 37% of our global business in the fourth quarter.

總的來說，我們第四季的 EIMEA 業務占我們全球業務的 37%。

Now turning to Asia Pacific, sales in Asia Pacific, which includes Australia, China and other countries in the Asia region were approximately 21% over the prior year to $18 million.

現在轉向亞太地區，亞太地區（包括澳洲、中國和亞洲地區其他國家）的銷售額比上年增長約 21%，達到 1,800 萬美元。

The growth is driven primarily by higher sales of WD-40 multi-use products which are up 26% compared to the prior period.

這一成長主要得益於 WD-40 多用途產品銷量的增加，與上一時期相比增長了 26%。

This growth is driven in large part by higher sales and maintenance products in our Asia Pacific distributor markets, which are up 51% compared to the prior period due to successful brand building programs in certain regions and the timing of customer orders.

這一增長在很大程度上是由於我們亞太分銷商市場的銷售和維護產品的增加所致，由於某些地區成功的品牌建設計劃和客戶訂單的及時安排，該市場的銷售和維護產品較上一時期成長了51%。

In China, sales of maintenance products were up 10% compared to the prior period due to successful brand building programs and the timing of customer orders.

在中國，由於成功的品牌建立計劃和客戶訂單的及時安排，維護產品的銷售額較上一期增長了 10%。

China continues to see strong growth in both WD-40 multi-use product and WD-40 specialists with full fiscal year sales and maintenance products up to 14% compared to the prior year.

中國的 WD-40 多用途產品和 WD-40 專家持續強勁成長，整個財年銷售額和維護產品與前一年相比高達 14%。

In Australia, sales were flat compared to the prior period.

在澳大利亞，銷售額與上一期持平。

Sales of no vac carpet cleaning product decreased 6% compared to the prior period due to timing of promotional activities.

由於促銷活動的時機，無真空地毯清潔產品的銷售額較上一期下降了 6%。

However, this sales decline was almost entirely offset by higher sales of WD-40 specialists, which increased 15% compared to the prior period, primarily due to successful brand building and promotional programs.

然而，這一銷售額下降幾乎完全被 WD-40 專家銷售額的成長所抵消，該銷售額較上一時期增長了 15%，這主要歸功於成功的品牌建設和促銷計劃。

For the full fiscal year, the maintenance product sales in Asia Pacific totaled $79 million reflecting a 10% increase compared to the prior year.

整個財年，亞太地區的維護產品銷售額總計 7,900 萬美元，較前一年成長 10%。

This growth aligns with our long term growth target for the region which projects annual growth between 10% and 13%.

這一增長符合我們對該地區的長期成長目標，預計年增長率在 10% 至 13% 之間。

In total, our Asia Pacific segment met up 12% of our global business in the fourth quarter.

總的來說，第四季我們的亞太業務占我們全球業務的 12%。

Now let me discuss the progress we've made against our four-by-four strategic framework, which as you'll recall is comprised of our four must win battles and our four strategic enablers.

現在讓我討論一下我們在四乘四戰略框架方面取得的進展，您可能還記得，該框架由我們的四項必勝之戰和我們的四項戰略推動因素組成。

Our must-win battles focus on what we do to increase sales and profitability.

我們必勝的戰鬥重點是如何提高銷售額和獲利能力。

We look at these as long term growth drivers and therefore we will focus our discussion on the full fiscal year results of those battles.

我們將這些視為長期成長動力，因此我們將重點討論這些戰鬥的整個財年結果。

Starting with multi-use battle number one, the geographic expansion.

從多用途戰鬥開始，第一，地域擴張。

Global sales of WD-40 multi-use products in fiscal year '24 were $453 million representing growth of 11% over prior year.

2024 財年 WD-40 多用途產品的全球銷售額為 4.53 億美元，比上一年增長 11%。

We experienced strong sales of our signature multi-use product brand in all three trade blocks with 18% growth in EIMEA, 7% growth in the Americas, and 9% growth in Asia Pacific.

我們的標誌性多用途產品品牌在所有三個貿易區均實現強勁銷售，其中 EIMEA 增長 18%，美洲增長 7%，亞太地區增長 9%。

People often ask Sara and I what we believe investors misunderstand about WD-40 Company as an investment.

人們經常問 Sara 和我，我們認為投資者對 WD-40 公司作為投資有哪些誤解。

I tell them that investors sometimes overlook the significant global expansion opportunities still available even after 71 years for the blue and yellow can with a little red top.

我告訴他們，投資者有時會忽略即使在 71 年後仍然存在的重要的全球擴張機會，藍色和黃色的罐頭帶有一個小紅色的頂部。

We've made excellent progress this fiscal year in many key markets with strong sales growth of 40% in Latin America, 13% in our Asia distributor markets, 25% in France, and 21% in India.

本財年，我們在許多關鍵市場取得了出色的進展，拉丁美洲的銷售額增長了 40%，亞洲分銷商市場增長了 13%，法國增長了 25%，印度增長了 21%。

But what I want to emphasize today is that we have so much further to go.

但我今天想強調的是，我們還有很長的路要走。

As I look around the world, all I see is opportunity.

當我環顧世界時，我看到的都是機會。

We estimate the global benchmark sales opportunity for WD-40 multi-use product to be approximately $1.6 billion.

我們估計 WD-40 多用途產品的全球基準銷售機會約為 16 億美元。

We calculate that benchmark sales opportunity by using macroeconomic data from World Bank market data and combining that data with an internally developed algorithm.

我們透過使用世界銀行市場數據中的宏觀經濟數據並將該數據與內部開發的演算法相結合來計算基準銷售機會。

We've used these data sources combined with our algorithm for close to 30 years and they've proven to be remarkably accurate.

我們將這些資料來源與我們的演算法結合使用已近 30 年，事實證明它們非常準確。

The data show that after 71 years, we've achieved only approximately 28% of the benchmark sales opportunity for WD-40 multi- use product.

數據顯示，71 年後，我們僅實現了 WD-40 多用途產品基準銷售機會的約 28%。

Therefore, there remains approximately $1.2 billion of land and expand growth opportunity across the globe.

因此，全球仍有約 12 億美元的土地和擴大的成長機會。

Our strategy remains simple yet effective to reach this goal, make our product available to buy in more places and put more cans in the hands of our target end users around the world.

我們的策略仍然簡單而有效，以實現這一目標，使我們的產品可以在更多地方購買，並將更多罐頭送到我們世界各地的目標最終用戶手中。

The success of our geographic expansion strategy is perhaps best exemplified by our progress in Brazil.

我們在巴西的進展也許是我們地理擴張策略成功的最佳例證。

Following our acquisition of our Brazilian distributor, we achieved sales growth of nearly $7 million in the first six months of direct operations, exceeding our initial expectations.

在收購巴西經銷商後，我們在直接營運的前六個月實現了近 700 萬美元的銷售額成長，超出了我們最初的預期。

This success coupled with our experience in growing markets all around the world, gives us confidence in our ability to unlock further game changing opportunities in emerging markets and move the needle ever closer to the significant growth opportunity in front of us.

這項成功加上我們在全球不斷成長的市場中的經驗，使我們相信自己有能力在新興市場中釋放進一步改變遊戲規則的機會，並使我們更接近擺在我們面前的重大成長機會。

Next is multi-use battle number two accelerating premiumization.

接下來是多用途的第二場戰鬥，加速高端化。

Global sales of WD-40 Smart Straw and EZ-Reach in fiscal year 2024, when combined grew 11% or approximately $20 million over the prior year.

2024 財年，WD-40 智慧吸管和 EZ-Reach 的全球銷售額合計比上一年成長 11%，約 2,000 萬美元。

Our premiumization strategy was developed with our end users in mind, our premiumized products delight our end users and leave them with positive lasting memories.

我們的高端化策略是在考慮到最終用戶的情況下制定的，我們的高端產品讓我們的最終用戶感到滿意，並給他們留下積極而持久的記憶。

In addition, premiumization continues to be a major contributor to our revenue growth and gross margin expansion.

此外，高端化仍然是我們收入成長和毛利率擴張的主要貢獻者。

Over the last five years, we've achieved a compound annual growth rate for net sales of premium products of 10.7%.

過去五年，我們優質產品淨銷售額的複合年增長率為 10.7%。

On a go forward basis, we'll be targeting a compound annual growth rate for net sales of premium product formats of greater than 10%.

展望未來，我們的目標是優質產品淨銷售額的複合年增長率超過 10%。

A third must-win battle is to drive WD-40 specialist growth.

第三場必勝之戰是推動 WD-40 專業發展。

Global sales of WD-40 specialist products in fiscal year '24 were nearly $74 million up 11% or $7 million over the prior year.

2024 財年 WD-40 專業產品的全球銷售額接近 7,400 萬美元，比上一年增長 11%，即 700 萬美元。

Through our WD-40 specialist product line, we aspire to achieve category leadership and increase our market share by leveraging our core brand equity.

透過我們的 WD-40 專業產品線，我們渴望利用我們的核心品牌資產實現類別領導地位並增加我們的市場份額。

Once again, we saw growth of WD-40 specialist products across all three trade blocks with growth of 6% in the Americas, 14% in EIMEA and 17% in Asia Pacific.

我們再次看到 WD-40 專業產品在所有三個貿易區的成長，其中美洲成長 6%，EIMEA 成長 14%，亞太地區成長 17%。

In China, we continue to experience spectacular growth of WD-40 specialists best sales grew over $1.4 million or 45% due to expanded distribution, new WD-40 specialist product introduction to the region as well as successful brand building programs.

在中國，由於分銷範圍擴大、新的 WD-40 專業產品引入該地區以及成功的品牌建設計劃，我們繼續經歷 WD-40 專業產品的驚人增長，最佳銷售額增長超過 140 萬美元或 45%。

We estimate the benchmark sales opportunity for WD-40 specialists globally to be approximately $605 million.

我們估計全球 WD-40 專家的基準銷售機會約為 6.05 億美元。

And to date, we've achieved only 12% of our benchmark growth opportunity.

迄今為止，我們僅實現了基準成長機會的 12%。

Over the last five years, we've achieved a compound annual growth rate for net sales and WD-40 specialists of 14%.

在過去五年中，我們的淨銷售額和 WD-40 專家的複合年增長率為 14%。

On a go forward basis, we'll be targeting a compound annual growth rate for net sales and WD-40 specialists at greater than 15%.

展望未來，我們的目標是淨銷售額和 WD-40 專家的複合年增長率超過 15%。

Our fourth and final must-win battle is to accelerate digital commerce.

我們的第四場也是最後一場必勝之戰是加速數位商務。

Global sales within the pure-play e-commerce channel in fiscal year '24 were up 12% compared to the prior year.

2024 財年純電子商務通路的全球銷售額比前一年成長了 12%。

The strategy associated with this battle is not just about driving online sales, it's about accelerating all our other must-win battles.

與這場戰鬥相關的策略不僅僅是推動線上銷售，還在於加速我們所有其他必勝的戰鬥。

Digital commerce intersects with all our must-win battles much like the central overlap in a Venn diagram.

數位商務與我們所有必勝的戰鬥都有交叉，就像維恩圖中的中心重疊一樣。

As part of our digital commerce strategy in 2024, we continued our global online marketing campaign, the repair challenge.

作為 2024 年數位商務策略的一部分，我們持續進行全球線上行銷活動「維修挑戰」。

We are now in the third year of this promotional effort which motivates millions of doers, makers, fixers and builders across more than 40 countries to extend the lifespan of their tools and equipment.

這項促銷活動現已進入第三年，該活動激勵 40 多個國家的數百萬實幹者、製造者、修理者和建造者延長工具和設備的使用壽命。

In FY24 our repair challenge websites attracted over 2 million visitors with more than 10,000 projects submitted.

2024 財年，我們的維修挑戰網站吸引了超過 200 萬訪客，提交了超過 10,000 個項目。

These projects aim to prolong the life of tools, worn-down equipment, bicycles, cars and just about anything else helping to keep them in circulation longer.

這些項目旨在延長工具、磨損設備、自行車、汽車以及其他任何有助於延長其流通時間的物品的使用壽命。

Turning to the second element of our four-by-four strategic framework, our strategic enablers.

轉向我們的四乘四策略框架的第二個要素，即我們的策略推動因素。

Our strategic enablers focus on operational excellence and they collectively underpin and drive the success of our must-win battles.

我們的策略推動者專注於卓越運營，它們共同支撐和推動我們必勝之戰的成功。

Strategic enable number one is ensuring a people first mindset.

第一個戰略支持是確保以人為本的心態。

At WD-40 Company, our most powerful competitive advantage is a commitment of our 644 employees spread across 16 countries to our purpose, values and strategy.

在 WD-40 公司，我們最強大的競爭優勢是分佈在 16 個國家的 644 名員工對我們的宗旨、價值觀和策略的承諾。

We strive to be an employer of choice where all employees can bring their best selves to work.

我們努力成為所有員工都能在工作中展現最佳自我的首選雇主。

Our people first mindset is intended to create programs that inspire motivate and reward employees a contribution that are aligned with our four-by-four strategic framework while maintaining a strong focus on growth and profitability.

我們以人為本的理念旨在製定計劃，激勵和獎勵員工做出與我們的四乘四戰略框架相一致的貢獻，同時保持對增長和盈利能力的強烈關注。

I'm very proud of our 93% employee engagement rate in FY24, a testament to our strong culture and the opportunities we provide for our people to learn, grow and succeed.

我對 2024 財年 93% 的員工敬業度感到非常自豪，這證明了我們強大的文化以及我們為員工提供學習、成長和成功的機會。

This year, we made significant strides and beginning to transform WD-40 Company into a world class global learning organization.

今年，我們取得了重大進展，開始將 WD-40 公司轉變為世界一流的全球學習型組織。

To gain insight into our progress, we conducted a voluntary learning survey which received an impressive 82% response rate.

為了深入了解我們的進展，我們進行了自願學習調查，並收到了令人印象深刻的 82% 的回覆率。

The results show that 90% of our employees believe that continuous learning is key to driving the company's success among other valuable findings.

結果顯示，我們 90% 的員工認為，持續學習是推動公司成功的關鍵以及其他有價值的發現。

This brings us to strategic enable number two, build a sustainable business for the future.

這為我們帶來了第二個策略性支持，即為未來建立永續發展的業務。

We define sustainability as the ability of a business to exist indefinitely.

我們將永續性定義為企業無限期存在的能力。

We are committed to operating our business in a manner that will have positive environmental and societal impacts which will create value for all our stakeholders.

我們致力於以對環境和社會產生正面影響的方式經營我們的業務，從而為所有利害關係人創造價值。

For the last 12 to 18 months, we've taken significant steps to embed sustainability into our business strategy, steps we believe will provide us with a competitive advantage in the global marketplace.

在過去的 12 到 18 個月中，我們採取了重大措施，將永續發展納入我們的業務策略，我們相信這些措施將為我們在全球市場上提供競爭優勢。

Our efforts have been considerable.

我們的努力是巨大的。

Some of the highlights include adding three dedicated ESG positions, completing an environmental assessment of our Tier 1 suppliers, implementing a carbon accounting system, refining our sustainability lens for future innovation and developing a science-based environmental impact road map with a priority to reduce GHG emissions.

其中一些亮點包括增加三個專門的ESG 職位、完成對一級供應商的環境評估、實施碳核算系統、完善我們未來創新的可持續發展視角，以及製定以減少溫室氣體為優先事項的基於科學的環境影響路線圖排放。

We will be publishing our 2024 ESG report next month.

我們將於下個月發布 2024 年 ESG 報告。

In this report, we detail our ESG related objectives, targets, and progress made during the last two year period, and we establish objectives and targets for the future.

在本報告中，我們詳細介紹了過去兩年與 ESG 相關的目標、指標和進展，並制定了未來的目標和目標。

Strategic enabler number three is achieving operational excellence in supply chain.

第三個策略推動因素是實現供應鏈的卓越營運。

Through this strategic enabler, we continue to pursue operational excellence.

透過這項策略推動因素，我們持續追求卓越營運。

This year, we adopted a truly global approach to our supply chain strategy for the first time recognizing its pivotal role in driving economic value and advancing sustainability.

今年，我們首次在供應鏈策略中採用了真正的全球性方法，並認識到其在推動經濟價值和促進永續發展方面的關鍵作用。

We've undertaken several key initiatives that support this approach.

我們已經採取了幾項支持這種方法的關鍵措施。

In depth analyses revealed significant opportunities for cost reduction and efficiency gains.

深入分析揭示了降低成本和提高效率的重大機會。

By strengthening global partnerships with key suppliers, we've driven efficiencies that translate into cost savings.

透過加強與主要供應商的全球合作夥伴關係，我們提高了效率，從而節省了成本。

Additionally, we completed an environmental audit of our top suppliers and published an updated supplier code of conduct.

此外，我們也完成了頂級供應商的環境審核，並發布了更新的供應商行為準則。

In fiscal year 2025, we will publish a new responsible sourcing policy to more clearly communicate how the supply chain can positively impact environmental and social responsibility.

在 2025 財年，我們將發布新的負責任採購政策，以更清楚地傳達供應鏈如何對環境和社會責任產生正面影響。

Notably, we reduced our inventory by approximately $7 million and maintained an average on time in full delivery rate of 95% for fiscal year 2024.

值得注意的是，我們的庫存減少了約 700 萬美元，並在 2024 財年保持了 95% 的平均準時全額交付率。

Our employees achieved all of this while simultaneously rolling out the first phase of our new ERP implementation across a substantial portion of our business.

我們的員工實現了這一切，同時在我們大部分業務中推出了新 ERP 實施的第一階段。

And finally strategic enablement number four is to drive productivity via enhanced systems.

最後，第四項策略支援是透過增強的系統來提高生產力。

We've been laser focused on identifying and implementing systems that streamline operations, deliver actionable insights, and drive value.

我們一直專注於識別和實施能夠簡化營運、提供可操作的見解和推動價值的系統。

By leveraging automation and AI, we aim to optimize our processes, reduce manual labor, and ultimately enhance our bottom line.

透過利用自動化和人工智慧，我們的目標是優化流程、減少體力勞動，並最終提高我們的利潤。

A key milestone this year was a successful rollout of our new ERP system across 50% of our business.

今年的一個重要里程碑是在我們 50% 的業務中成功部署了新的 ERP 系統。

While we encountered some initial challenges, we've swiftly adapted and learned from the experience which we expect will result in smoother implementations going forward.

雖然我們遇到了一些最初的挑戰，但我們很快就適應並從中吸收了經驗，我們預計這將使未來的實施更加順利。

But the milestones this past fiscal year include standardization and processes like project and portfolio management along with streamlined approaches to solution driven decision making.

但上一財年的里程碑包括專案和投資組合管理等標準化和流程，以及解決方案驅動決策的簡化方法。

Lastly, we've established the foundation to move with more intent toward productivity improvement by establishing global centers of excellence along key areas of IT to bring one's disparate teams together to harness their collective skills and capacity to focus on our long term growth objectives.

最後，我們透過在 IT 關鍵領域建立全球卓越中心，將不同的團隊聚集在一起，利用他們的集體技能和能力來專注於我們的長期成長目標，從而為更加致力於提高生產力奠定了基礎。

With that, I'll now turn the call over to Sara.

這樣，我現在就把電話轉給薩拉。

Thanks, Steve, for that overview of our sales results and strategic framework.

感謝史蒂夫對我們的銷售業績和策略框架的概述。

I'm pleased to announce that we delivered a strong performance in the fourth quarter, leading to a solid fiscal year 2024.

我很高興地宣布，我們在第四季度取得了強勁的業績，為 2024 財年帶來了穩健的業績。

Let's start with a discussion about how we perform our most recently issued fiscal year 2024 guidance.

讓我們先討論一下我們如何執行最近發布的 2024 財年指導。

We expected net sales growth to be between 6% and 12% with net sales of between $570 million and $600 million on a non-GAAP constant currency basis.

我們預計淨銷售額成長將在 6% 至 12% 之間，以非 GAAP 固定匯率計算淨銷售額將在 5.7 億美元至 6 億美元之間。

Today, we reported fiscal year revenue of $583 million up 8% compared to last fiscal year on a non-GAAP constant currency basis and in line with our expectations.

今天，我們公佈的財年收入為 5.83 億美元，以非 GAAP 固定貨幣計算，與上一財年相比成長 8%，符合我們的預期。

We expected gross margin to be between 51.5% to 53%.

我們預計毛利率在51.5%至53%之間。

Today, we reported a gross margin of 53.4%, slightly above our guidance expectations.

今天，我們公佈的毛利率為 53.4%，略高於我們的指導預期。

We expected our global advertising and promotion investment to be between 5% and 6% of net sales.

我們預計全球廣告和促銷投資將佔淨銷售額的 5% 至 6%。

Today, we reported an A&P investment of 5.7%.

今天，我們公佈的 A&P 投資為 5.7%。

We expected net income to be between $67.7 million and $71.8 million and a diluted EPS of between $5 and

我們預計淨利潤將在 6,770 萬美元至 7,180 萬美元之間，稀釋後每股收益將在 5 至 5 美元之間

[$5.30].

[5.30 美元]。

Today, we reported net income of $69.6 million and diluted EPS of $5.11 in line with our expectations.

今天，我們報告淨利潤為 6960 萬美元，稀釋後每股收益為 5.11 美元，符合我們的預期。

To better understand what is driving these results.

為了更好地理解是什麼推動了這些結果。

Let's begin with a review of our fourth quarter results against our 55-30-25 business model.

讓我們先根據 55-30-25 業務模式回顧我們第四季的業績。

I will then provide an update on our financial results, an update on the divestiture of the homecare and cleaning brands in the Americas and the UK and finish with providing a view towards fiscal year 2025.

然後，我將提供我們財務業績的最新資訊、美洲和英國家庭護理和清潔品牌剝離的最新信息，並最後提供對 2025 財年的展望。

Our asset light and dynamic business model has helped the company maintain a healthy financial position and generate strong returns for our stockholders for many years.

我們的輕資產和充滿活力的商業模式幫助公司多年來保持健康的財務狀況並為股東帶來豐厚的回報。

And it continues to be our guiding light.

它仍然是我們的指路明燈。

Our 55-30-25 business model has been a long term beacon for us that we aspire to over time.

我們的 55-30-25 業務模式一直是我們長期追求的燈塔。

Recently, we have been thinking about each critical component of the model in a range.

最近，我們一直在思考模型在一定範圍內的每個關鍵組成部分。

As we've mentioned previously, if we successfully divest the homecare and cleaning brands in the Americas and the UK, we expect that progress on certain aspects of our business model will be temporarily impacted as we digest the impacts.

正如我們之前提到的，如果我們成功剝離美洲和英國的家庭護理和清潔品牌，我們預計在我們消化影響時，我們業務模式某些方面的進展將暫時受到影響。

However, in the longer term, we anticipate significant benefits as we shift our focus and investment towards our higher growth, higher margin maintenance products.

然而，從長遠來看，當我們將重點和投資轉向更高成長、更高利潤的維護產品時，我們預計會帶來顯著的效益。

I'll share more details on our outlook when we provide guidance for fiscal year 2025.

當我們提供 2025 財年指導時，我將分享更多有關我們前景的詳細資訊。

Let's look at our fourth quarter gross margin performance.

讓我們看看我們第四季的毛利率表現。

We target a range of 50% to 55% for gross margin.

我們的毛利率目標為 50% 至 55%。

And we have made significant progress this fiscal year to perform well within this range.

本財年我們取得了重大進展，在這個範圍內表現良好。

In the fourth quarter, our gross margin was 54.1% compared to 51.4% last year.

第四季度，我們的毛利率為 54.1%，去年為 51.4%。

This represents an improvement of 270 basis points and was most significantly impacted by the following factors.

這意味著提高了 270 個基點，並且受到以下因素的影響最為顯著。

Gross margin benefited 100 basis points from lower cost of our can, 70 basis points from favorable sales mix and other miscellaneous mix, and 60 basis points from lower warehousing, distribution, and freight costs.

毛利率因罐頭成本降低而提高了 100 個基點，因有利的銷售組合和其他雜項組合而提高了 70 個基點，因倉儲、分銷和貨運成本降低而提高了 60 個基點。

We are pleased to see that the inflationary environment has stabilized for now and our growth margin has steadily improved throughout the fiscal year.

我們很高興看到通膨環境目前已經穩定，整個財年的成長幅度穩定提高。

This marks the third consecutive quarter of sequential growth margin growth.

這標誌著利潤率連續第三個季度實現環比增長。

We are also happy to share with you that this quarter gross margin improved across all three trade blocks.

我們也很高興與您分享，本季所有三個貿易區塊的毛利率均有所改善。

Within the Americas gross margin improved 350 basis points over prior period to 52.5%.

美洲地區的毛利率比上期提高了 350 個基點，達到 52.5%。

EIMEA continues to expand gross margin improving 190 basis points over the prior period to 55.5%.

EIMEA 毛利率持續擴大，較上一期提高 190 個基點，達到 55.5%。

In Asia Pacific improved gross margin, 70 basis points over the prior period to 56.4%.

亞太地區的毛利率有所改善，較上一期提高 70 個基點，達到 56.4%。

I am delighted to report that two of our trading blocks are already above our 55% gross margin target for the fourth quarter.

我很高興地向大家報告，我們的兩個交易板塊已經超出了第四季 55% 的毛利率目標。

Despite some of the headwinds we anticipate to the business model from divesting of the homecare and cleaning brands in the Americas and the UK.

儘管存在一些阻力，我們預計剝離美洲和英國的家庭護理和清潔品牌的商業模式會有所改善。

The divestiture will have an immediate positive impact on our growth margin.

此次剝離將對我們的成長率產生直接的正面影響。

We forecast an annual boost to gross margin of approximately 60 basis points post divesture.

我們預計剝離後毛利率將每年提高約 60 個基點。

This strengthens our confidence in reaching our target of 55% gross margin.

這增強了我們實現 55% 毛利率目標的信心。

Considering our current trajectory, the current cost environment and macroeconomic factors, we continue to target achieving a gross margin of 55% by the end of fiscal year 2026 at the latest.

考慮到我們目前的發展軌跡、當前的成本環境和宏觀經濟因素，我們繼續目標是最遲在 2026 財年末實現 55% 的毛利率。

However, depending on the cost landscape, we may achieve this goal even sooner.

然而，根據成本情勢，我們可能會更快實現這一目標。

Potentially by the end of fiscal year 2025, following a mid by investiture.

可能在 2025 財年中期完成投資後於年底前完成。

In fiscal year 2025, gross margin recovery is a central focus for senior leadership who will be incentivized to recover gross margins of 55% and beyond.

2025 財年，毛利率恢復是高層領導的焦點，他們將受到激勵，將毛利率恢復到 55% 及以上。

Now, turning to our cost of doing business, which we define as total operating expenses, less adjustments for certain non-cash expenses and is primarily comprised of investments in our employees, investments in our brand, freight expense to get our products to our customers, and investments in information technologies.

現在，轉向我們的業務成本，我們將其定義為總營運費用減去某些非現金費用的調整，主要包括對員工的投資、對我們品牌的投資以及將我們的產品交付給客戶的運費，以及資訊科技投資。

As we continue to grow our top line, we remain committed to operating efficiently and maintaining the company's financial health, while also investing in areas to drive both future growth and future operating efficiencies.

隨著我們收入的不斷增長，我們仍然致力於高效營運並維持公司的財務健康，同時也投資於推動未來成長和未來營運效率的領域。

With increased operational leverage after we have time to digest the anticipated impact of the divestiture.

隨著營運槓桿的增加，我們有時間消化剝離的預期影響。

We expect that our cost of doing business will align with our targeted range of 30% to 35% over time.

我們預計，隨著時間的推移，我們的業務成本將與我們 30% 至 35% 的目標範圍保持一致。

This quarter, our cost of doing business is 38% compared to 34% in the prior year.

本季度，我們的業務成本為 38%，而上一年為 34%。

For the full fiscal year, our cost of doing business is 36% compared to 33% in the prior year.

在整個財年，我們的業務成本為 36%，而上一年為 33%。

Both increases were primarily driven by higher employee related costs including the impact of accruing higher earned incentive compensation.

這兩項成長主要是由於員工相關成本上升，包括累積更高激勵薪酬的影響。

In fiscal year '22 and '23 we had to navigate a dynamic macro-economic landscape marked by supply chain disruptions and higher than normal inflation levels.

在 22 和 23 財年，我們必須應對充滿活力的宏觀經濟格局，其特點是供應鏈中斷和高於正常通膨水準。

Our earned incentive program was developed to protect our bottom line during difficult financial times and reward our employees during better financial times.

我們制定獎勵計劃的目的是為了在經濟困難時期保護我們的利潤，並在經濟較好時期獎勵我們的員工。

Therefore, as the business has recovered, so has our incentive compensation program.

因此，隨著業務的復甦，我們的激勵薪酬計畫也隨之復甦。

Fiscal year 2022, when the business was challenged with high inflation, our incentive program paid out approximately $3 million and we were able to rebuild that to about $8 million by fiscal year 2023 and now $16.5 million for this fiscal year.

2022 財年，當業務面臨高通膨的挑戰時，我們的激勵計畫支付了約 300 萬美元，到 2023 財年我們能夠將其重建至約 800 萬美元，現在本財年為 1650 萬美元。

This is an improvement of over $13 million over the course of two years.

兩年時間裡，這一數字提高了超過 1,300 萬美元。

Our incentive plan applies to every employee at every level of the organization and we couldn't be more pleased to reward their outstanding individual and collective effort this fiscal year.

我們的激勵計劃適用於組織各個層級的每位員工，我們非常高興在本財年獎勵他們傑出的個人和集體努力。

For the full year, the increase in our accrued incentive compensation program was $8.8 million.

全年，我們的應計激勵薪酬計畫增加了 880 萬美元。

And in the fourth quarter, the increase was $4.6 million.

第四季增加了 460 萬美元。

We exceeded our fourth quarter forecast and therefore the timing of our accrued incentive compensation was larger in the fourth quarter than the previous three quarters this year.

我們超越了第四季度的預測，因此第四季度應計激勵薪酬的時間比今年前三個季度要長。

In addition to higher employee related costs, we have also been making strategic investments in the areas of information technologies, ESG and innovation and supply chain which have led to some elevated SG&A expenses and therefore higher cost of doing business.

除了較高的員工相關成本外，我們也一直在資訊科技、ESG、創新和供應鏈領域進行策略性投資，這導致 SG&A 費用增加，從而導致業務成本上升。

Turning now to adjusted EBITA margin.

現在轉向調整後的 EBITA 利潤率。

All these investments have put some pressure on our adjusted EBITA margin.

所有這些投資都給我們調整後的 EBITA 利潤率帶來了一些壓力。

For both the full fiscal year and fourth quarter, our adjusted EBITA margin was 17% and remained relatively constant compared to the prior period.

在整個財年和第四季度，我們調整後的 EBITA 利潤率為 17%，與上一時期相比保持相對穩定。

However, on a dollar basis, we grew EBITA for the full fiscal year by 8% over the prior year even after absorbing these increased costs.

然而，以美元計算，即使在吸收了這些增加的成本之後，我們整個財年的 EBITA 仍比前一年增長了 8%。

As we've mentioned previously, if we successfully divest the homecare and cleaning brands, we are actively selling, we know that we will need some time to digest the impacts.

正如我們之前提到的，如果我們成功剝離家庭護理和清潔品牌，我們正在積極出售，我們知道我們需要一些時間來消化影響。

However, we continue to believe we can move adjusted even to margin back to our target range of 20% to 22% over the medium term.

然而，我們仍然相信，我們可以在中期調整利潤率至 20% 至 22% 的目標範圍。

Now let's discuss net income and EPS for the fourth quarter, net income of $16.8 million this quarter improved slightly by about 1% compared to the prior period.

現在讓我們來討論第四季的淨利潤和每股收益，本季淨利為 1,680 萬美元，較上一季略有改善約 1%。

For the full year which adjusts for the lumpiness of our incentive compensation program approval this year, our net income grew by $3.6 million or about 6% over the prior year.

考慮到今年激勵薪酬計劃批准的波動性，我們的全年淨利潤比上一年增長了 360 萬美元，約 6%。

On a constant currency basis, net income for the full year would have increased 3% compared to the prior year.

以固定匯率計算，全年淨利潤將比上年增長 3%。

Diluted earnings per common share for the fourth quarter were a $1.23 compared to a $1.21 in the prior period.

第四季稀釋後每股普通股收益為 1.23 美元，上一季為 1.21 美元。

For the full year, diluted EPS grew $0.28 per share or 6% over the prior year.

全年稀釋後每股收益比上年增長 0.28 美元，即 6%。

Diluted EPS reflects 13.6 million weighted average shares outstanding this quarter which was essentially flat compared to the prior year.

稀釋每股盈餘反映本季已發行加權平均股數為 1,360 萬股，與去年同期基本持平。

Next, we'll discuss a word about our balance sheet and capital allocation strategy.

接下來，我們將討論我們的資產負債表和資本配置策略。

The company maintains a solid financial position and strong liquidity.

本公司財務狀況穩健，流動性強勁。

Our capital allocation strategy takes a balanced approach, prioritizing long term organic growth investments while delivering robust returns to our stockholders.

我們的資本配置策略採取平衡的方法，優先考慮長期有機成長投資，同時為股東帶來強勁的回報。

We continue to return capital to our stockholders through regular dividends and buybacks.

我們繼續透過定期股利和回購向股東返還資本。

Annual dividends will continue to be our priority and are targeted at greater than 50% of earnings on October 4, our board of directors approved a quarterly cash dividend of $0.88 per share.

年度股利將繼續是我們的首要任務，目標是超過獲利的 50%。

We have continued to manage our inventory levels which were impacted due to the investments we made to stabilize our US supply chain in prior years.

我們繼續管理我們的庫存水平，該水平由於我們前幾年為穩定美國供應鏈而進行的投資而受到影響。

Our inventory levels peaked in the first quarter of fiscal year 2023, and since then, we have reduced inventory by nearly $40 million or 34%.

我們的庫存水準在 2023 財年第一季達到頂峰，此後，我們的庫存減少了近 4,000 萬美元，即 34%。

At this point in time, our inventory levels are stable with what we believe is the right balance from a risk management perspective.

目前，我們的庫存水準穩定，從風險管理的角度來看，我們認為這是適當的平衡。

We continue to hold certain levels of componentry and cans, which have benefited us recently and will continue to do so into the foreseeable future.

我們繼續持有一定水平的零件和罐頭，這使我們最近受益，並且在可預見的未來將繼續如此。

Furthermore, divesting from our household brands would positively impact our working capital and inventory levels as these brands typically require us to maintain higher inventory levels.

此外，剝離我們的家居品牌將對我們的營運資本和庫存水準產生積極影響，因為這些品牌通常要求我們維持較高的庫存水準。

Our cash flow from operations for fiscal year 2024 was approximately $92 million and we elected to use approximately $25 million of that cash to pay down a portion of our short term higher interest rate borrowing.

我們 2024 財年的營運現金流量約為 9,200 萬美元，我們選擇使用其中約 2,500 萬美元的現金來償還部分短期高利率借款。

Our intent is to continue to pay down our higher interest rate borrowings under the current interest rate environment.

我們的目的是在當前利率環境下繼續償還較高利率的借款。

This activity will likely be wrapping up in the first half of 2025.

這項活動可能會在 2025 年上半年結束。

In fiscal year 2024 our return on invested capital was 25.5% improving from 23.7% last fiscal year and in line with our target of 25%.

2024 財年，我們的投資資本報酬率為 25.5%，較上一財年的 23.7% 有所提高，符合我們 25% 的目標。

Now, a brief update on changes we're making that will affect foreign currency impacts in fiscal year 2025.

現在，我們簡要介紹我們正在做出的變化，這些變化將影響 2025 財年的外匯影響。

The functional currency for our UK subsidiary which consolidates the results for the EIMEA trade block has long been the pound sterling.

長期以來，我們英國子公司的功能貨幣一直是英鎊，該子公司負責整合 EIMEA 貿易區塊的表現。

We reassess this on an annual basis.

我們每年都會重新評估這一點。

As we look out to fiscal year 2025 and beyond the shifts in the operating landscape within the EIMEA region along with certain strategic actions we are taking require a change in our functional currency.

展望 2025 財年以及 EIMEA 地區營運格局的變化以及我們正在採取的某些策略行動，我們需要改變我們的功能貨幣。

A few key factors influenced our decision including a growing dependence on euro denominated inventory within our supply chain and an increase in sales and operational expenses tied to the euro.

一些關鍵因素影響了我們的決定，包括我們的供應鏈中對歐元計價庫存的日益依賴以及與歐元相關的銷售和營運費用的增加。

As a result beginning September 1, 2024, we will change the functional currency of our UK subsidiary from Pound sterling to euro, with the change being applied prospectively.

因此，從 2024 年 9 月 1 日開始，我們將把英國子公司的功能貨幣從英鎊更改為歐元，並將前瞻性地應用這項變更。

Now, a quick update on HCCP.

現在，快速更新一下 HCCP。

We continue to make progress on the sale of our Americas and UK homecare and cleaning product brands.

我們在美洲和英國家庭護理和清潔產品品牌的銷售方面繼續取得進展。

Sales of homecare and cleaning products in the Americas and UK this fiscal year 2024 were approximately $24 million representing 4% of our global business.

2024 財年，美洲和英國的家庭護理和清潔產品銷售額約為 2,400 萬美元，占我們全球業務的 4%。

As I shared with you last quarter, we have engaged an investment bank and they are currently in discussions with potential suitors on our behalf.

正如我上個季度與您分享的那樣，我們已經聘請了一家投資銀行，他們目前正在代表我們與潛在的追求者進行討論。

While there are no certainties on identifying a buyer when going to the market, our expectation is that we will likely complete the divestiture of these brands during the first half of fiscal year 2025.

雖然進入市場時無法確定買家的確定，但我們預計我們可能會在 2025 財年上半年完成這些品牌的剝離。

We will provide further updates on the divestiture process as appropriate.

我們將酌情提供有關剝離流程的進一步更新。

Given the expectation that these brands will soon be divested, we are providing this year's guidance on a pro forma basis, excluding the financial impact of the homecare and cleaning brands in the Americas and the UK.

考慮到這些品牌將很快被剝離的預期，我們在預估的基礎上提供今年的指導，不包括美洲和英國家庭護理和清潔品牌的財務影響。

We're also offering a pro forma view of what fiscal year 2024 would have looked like without these brands to assist with modeling and comparing the business period over period.

我們也提供了 2024 財年的預期視圖，如果沒有這些品牌來協助建模和比較不同時期的業務週期，那麼 2024 財年將會是什麼樣子。

Fiscal year 2024 pro forma net sales would have been approximately $567 million.

2024 財年預計淨銷售額約 5.67 億美元。

Fiscal year 2024 pro forma growth margin would have been approximately 53.9%.

2024 財年預計成長率約為 53.9%。

Fiscal year 2024 pro forma operating income would have been approximately $89.3 million.

2024 財年預計營業收入約 8,930 萬美元。

And fiscal year 2024 pro forma EPS would have been approximately $4.76. Now with that backdrop, let's take a closer look at our guidance for fiscal year 2025.

2024 財年預計每股收益約為 4.76 美元。現在，在這樣的背景下，讓我們仔細看看我們對 2025 財年的指導。

We are excited for what is ahead for us in fiscal year 2025.

我們對 2025 財年的前景感到興奮。

We are committed to delivering long term value to all our stakeholders, which requires balancing short term results with strategic investments to drive long term growth and enhance business efficiency.

我們致力於為所有利害關係人提供長期價值，這需要平衡短期成果與策略性投資，以推動長期成長並提高業務效率。

As I have mentioned before, this year's guidance excludes the financial impact of the homecare and cleaning brands currently classified as assets held for sale as of September 1, 2024.

正如我之前提到的，今年的指引不包括截至 2024 年 9 月 1 日目前被歸類為待售資產的家庭護理和清潔品牌的財務影響。

While the exact timing of the transactions closing remains uncertain, we believe this approach will provide investors with clarity on the direction of the core business and help minimize the noise surrounding the transaction.

儘管交易完成的確切時間仍不確定，但我們相信這種方法將使投資者清楚地了解核心業務的方向，並有助於最大程度地減少圍繞交易的噪音。

This year, we've also made a change by removing net income from our guidance and replacing it with operating income.

今年，我們也做出了改變，從我們的指導中刪除了淨利潤，並用營業收入取而代之。

We believe this provides a better measure for offering more insight into the businesses operating performance.

我們相信，這提供了更好的衡量標準，可以更深入地了解企業的營運績效。

For fiscal year 2025, we are estimating net sales growth from the pro forma 2024 results is projected to be between 6% and 11% with net sales between $600 million $630 million in constant currency.

對於 2025 財年，我們預計 2024 年預計淨銷售額成長率將在 6% 至 11% 之間，以固定匯率計算，淨銷售額將在 6 億美元至 6.3 億美元之間。

Gross margin is expected to be between 54% to 55%.

毛利率預計在54%至55%之間。

Advertising and promotion investment is projected to be around 6% of net sales.

廣告和促銷投資預計佔淨銷售額的 6% 左右。

Operating income is expected to be between $95 million and $100 million, representing growth of between 6% to 12% over the pro forma 2024 results.

營業收入預計在 9,500 萬美元至 1 億美元之間，較 2024 年預計業績成長 6% 至 12%。

The provision for income tax is expected to be around 24%.

所得稅撥備預計在24%左右。

And diluted earnings per share is expected to be between $5.20 and $5.45 which is based on an estimated 13.5 million weighted average shares outstanding.

每股攤薄收益預計在 5.20 美元至 5.45 美元之間，這是基於估計的 1,350 萬股加權平均流通股計算的。

This range represents growth of between 9% and 14% over the pro forma 2024 results.

這一範圍代表 2024 年預計業績成長 9% 至 14%。

This guidance assumes no major changes to the current economic environment.

本指引假設當前經濟環境不會發生重大變化。

Unanticipated inflationary headwinds and other unforeseen events may affect our view of fiscal year 2025.

意外的通膨逆風和其他不可預見的事件可能會影響我們對 2025 財年的看法。

In the event, we are unsuccessful in the divestiture of our homecare and cleaning brands in the Americas and the United Kingdom.

在這種情況下，我們未能成功剝離我們在美洲和英國的家庭護理和清潔品牌。

Our guidance would be positively impacted by approximately $23 million in net sales, $6 million in operating income, and $0.33 in diluted EPS on a full year basis.

我們的指導將受到全年約 2,300 萬美元的淨銷售額、600 萬美元的營業收入和 0.33 美元的稀釋每股收益的正面影響。

That completes the financial overview.

這樣就完成了財務概覽。

Now, I would like to turn the call back to Steve.

現在，我想把電話轉回給史蒂夫。

Thank you, Sara for that update.

謝謝薩拉的更新。

Our focus for fiscal year 2025 and beyond is clear.

我們 2025 財年及以後的重點是明確的。

Stay true to our four-by-four strategic framework.

忠於我們的四乘四戰略框架。

Continue to unlock value in high potential markets and take care of our people who drive our success.

繼續在高潛力市場釋放價值，並照顧推動我們成功的員工。

The key theme throughout this journey for the WD-40 Company will be few things, many places bigger impact, this approach will help us leverage global synergies and become more efficient as we expand.

WD-40 公司整個旅程的關鍵主題將是幾件事，在許多地方產生更大的影響，這種方法將幫助我們利用全球協同效應，並在我們的擴張過程中變得更加高效。

In summary, what did you hear from us on this call?

總而言之，您在這次電話會議中從我們那裡聽到了什麼？

You heard that for the fourth quarter reported consolidated net sales of $156 million, an increase of over 11% over the prior year and a second consecutive record quarter for the company.

您聽說第四季的綜合淨銷售額為 1.56 億美元，比上一年增長超過 11%，連續第二季創紀錄。

You heard that all three of our trade blocks reported revenue growth that aligns with or exceeds our long term growth targets for each region both in the fourth quarter and the full fiscal year.

您聽說我們所有三個貿易區塊報告的收入成長都符合或超過我們每個地區第四季和整個財年的長期成長目標。

You heard that our newest direct market in Brazil continues to do well and that we believe the acquisition of the Brazil market was a game changing opportunity for us.

您聽說我們在巴西最新的直接市場繼續表現良好，我們相信收購巴西市場對我們來說是一個改變遊戲規則的機會。

You heard that we estimate the benchmark sales opportunity for WD-40 multi-use product to be approximately $1.6 billion.

您聽說我們估計 WD-40 多用途產品的基準銷售機會約為 16 億美元。

And that would have achieved only 28% of that benchmarked opportunity.

這只能實現基準機會的 28%。

You heard that we estimate the benchmark sales opportunity for WD-40 specialists to be approximately $605 million and that we have achieved only 12% of that benchmark opportunity.

您聽說我們估計 WD-40 專家的基準銷售機會約為 6.05 億美元，而我們只實現了該基準機會的 12%。

You heard that we're making good progress on the sale of our America's, UK homecare and cleaning product brands.

您聽說我們在美國、英國的家庭護理和清潔產品品牌的銷售方面取得了良好進展。

You heard the gross margin continues to improve and is moving closer to our long term target of 55%.

您聽說毛利率持續改善，並且正在接近我們 55% 的長期目標。

And you heard that we're issuing guidance for fiscal year 2025 on a pro forma basis excluding the brands we expect to divest this year.

您聽說我們正在預估地發布 2025 財年指南，不包括我們預計今年剝離的品牌。

Thank you for joining our call today.

感謝您今天加入我們的電話會議。

We'd now be pleased to answer your questions.

我們現在很高興回答您的問題。

(Operator Instructions)

（操作員說明）

Daniel Rizzo, Jefferies.

丹尼爾·里佐，杰弗里斯。

Everyone, thanks for taking my question.

大家，謝謝您提出我的問題。

I was just going through the deck.

我剛剛穿過甲板。

And one thing I noticed is that I think in the second half of '24 there was some, I think pricing was a bit of a headwind, I think

我注意到的一件事是，我認為在 24 年下半年，我認為定價有點不利，我認為

[2% to 1%].

[2% 至 1%]。

I can't find it right now.

我現在找不到它。

I was just wondering what that was.

我只是想知道那是什麼。

That's just promotional activity or if it's something else.

這只是促銷活動或其他什麼。

Hi, Dan.

嗨，丹。

It's Sara.

是薩拉。

So, yes, there was a little bit of a swing in the back half of the year.

所以，是的，今年下半年出現了一些波動。

Most of that is going to be mixed.

其中大部分將是混合的。

It's hard right now for us to break out mix from that metric.

現在我們很難從這個指標中分離出來。

And so there's nothing significant on a pricing that went backwards, it's going to all be mix related.

因此，價格倒退並沒有什麼重要意義，一切都與混合有關。

Okay.

好的。

And then with, I mean, with the ongoing rollout of ERP with everything that's going on with the investor, I would imagine that SG&A expenses are going to remain relatively elevated for at least the next couple quarters and I'm just trying to modeling that, is that something we should probably expect?

然後，我的意思是，隨著 ERP 的不斷推出以及投資者所發生的一切，我認為 SG&A 費用至少在接下來的幾個季度內將保持相對較高的水平，我只是試圖對此進行建模，這是我們該期待的嗎？

Yeah, I think we're obviously continuing to invest in the ERP and we also are inheriting Brazil expenses in addition to that.

是的，我認為我們顯然會繼續投資 ERP，除此之外我們還繼承了巴西的費用。

So if you're looking at the upcoming year, we're not growing at the pace that we grew up last year, especially because we've rebuilt that ERP that I mentioned on the call.

因此，如果你展望即將到來的一年，我們的成長速度將不會像去年那樣，特別是因為我們已經重建了我在電話會議中提到的 ERP。

So it won't be as large of an increase as last year, but it will continue to be more elevated than it has been in the past.

因此，增幅不會像去年那麼大，但會繼續比過去更高。

Okay.

好的。

And then one final question, then you had good success with moving to a direct business model in Brazil, Mexico and elsewhere.

最後一個問題是，您在巴西、墨西哥和其他地方轉向直接商業模式取得了巨大成功。

I was wondering where the other opportunities to do that are?

我想知道這樣做的其他機會在哪裡？

And if we expect more announcements like that within, I don't know the next year or so, how should we think about it?

如果我們預計會有更多類似的公告，我不知道明年左右，我們該如何考慮？

Hey, Daniel, it's Steve.

嘿，丹尼爾，我是史蒂夫。

Thanks for the question.

謝謝你的提問。

So yeah, we're really delighted with the progress Mexico continued to grew by another 25% in last fiscal year.

所以，是的，我們對墨西哥上一財年繼續成長 25% 的進展感到非常高興。

Brazil actually beat our expectations in terms of delivering overall $8 million or $7 million of growth almost over prior year.

巴西實際上比去年實現了 800 萬美元或 700 萬美元的整體成長，超出了我們的預期。

And we expect for this next fiscal year for that to continue to grow and deliver a further $7 million to $9 million on top of that base of $8 million for the first year.

我們預計下一財年這一數字將繼續成長，並在第一年 800 萬美元的基礎上再交付 700 萬至 900 萬美元。

So yeah, these are game changing opportunities.

是的，這些都是改變遊戲規則的機會。

And so as we look around the world, we are absolutely laser focused on those top 20 growth opportunities that we have.

因此，當我們環顧世界時，我們絕對專注於我們擁有的前 20 個成長機會。

I mean, I look back at the last year, China local currency, 17% growth, India 21% growth, Indonesia 17% growth, Turkey 66% growth, on top of phenomenal growth across just about everywhere in Europe and Latin America.

我的意思是，回顧去年，中國以當地貨幣計算增長了17%，印度增長了21%，印度尼西亞增長了17%，土耳其增長了66%，此外歐洲和拉丁美洲幾乎所有地方都出現了驚人的增長。

So phenomenal focus I think is delivering these really exceptional results.

我認為非凡的專注正在帶來這些真正非凡的成果。

And yeah, you're going to see more of that.

是的，你會看到更多這樣的事。

We have no announcements that are imminent in terms of planned kind of the direct markets.

我們沒有即將發布的有關直接市場計劃的公告。

A lot of our growth internationally is achieved by excellent partnerships around the world with our marketing distributor partners as well.

我們在國際上的成長很大程度上是透過與我們的行銷經銷商合作夥伴在世界各地的良好合作夥伴關係實現的。

Thank you very much.

非常感謝。

Linda Bolton-Weiser, D.A. Davidson.

琳達·博爾頓·韋瑟，D.A.戴維森。

Yes, hello.

是的，你好。

Thank you.

謝謝。

Congratulations on a really strong quarter and year.

恭喜季度和年度的強勁表現。

So just to make sure I understand this, your guidance for the next fiscal, the dollar figure amount like operating profit of $95 million to $100 million.

因此，為了確保我理解這一點，你們對下一財年的指導，美元數字相當於營業利潤 9,500 萬美元到 1 億美元。

Does that assume that the household cleaning business is not in for any of the year?

這是否假設家庭清潔業務全年都不景氣？

Is that correct?

這是正確的嗎？

You have that.

你有那個。

Yeah, Linda, that's correct.

是的，琳達，沒錯。

We've excluded it for the full year just given the uncertainty of the timing and then provided you with some information of what it would, what the difference would be if it was included for the full year.

考慮到時間的不確定性，我們將其排除在全年之外，然後向您提供了一些信息，說明它會發生什麼，如果將其納入全年，會有什麼區別。

So you have it kind of both with and without.

所以你既有有也有沒有。

Yeah, thank you for giving all that.

是的，謝謝你付出的一切。

But in reality, it's not going to be sold like it could be toward the end of the first half.

但實際上，它不會像上半年末那樣被出售。

So in reality, the numbers will probably be a little toward the higher end of these ranges that you've given.

因此，實際上，這些數字可能會稍微接近您給出的這些範圍的高端。

Am I understanding that correctly?

我的理解正確嗎？

So on a GAAP basis, yes.

因此，根據公認會計原則（GAAP）計算，是的。

We will also be presenting the business on a non-GAAP basis starting in Q1 so that you can have apples or how we're measuring ourselves for the full year against that guidance that we provided.

我們還將從第一季開始以非公認會計準則為基礎介紹業務，以便您了解蘋果或我們如何根據我們提供的指導來衡量全年的情況。

Okay, great.

好的，太好了。

And then I guess then with that, I mean, your gross margin in 2024 was 53.4%.

然後我想，我的意思是，2024 年你們的毛利率是 53.4%。

So I guess I'm wondering about the guidance of 54% to 55%.

所以我想我想知道 54% 到 55% 的指導。

If you're getting a list of 60 basis points from the divestiture, why wouldn't that guidance be like higher?

如果您從剝離中獲得了 60 個基點的清單，為什麼該指引不更高一些呢？

I guess I'm trying to understand that.

我想我正在努力理解這一點。

Well, most of the move that we've had in the last couple of years has come from price with premiumization and supply chain initiatives being lesser of an impact.

嗯，過去幾年我們採取的大部分措施都來自於價格，高端化和供應鏈計畫的影響較小。

We are starting to now see the efforts of some of those supply chain initiatives that we've implemented both this year and then also plan to implement next year.

我們現在開始看到我們今年實施併計劃明年實施的一些供應鏈計劃的努力。

Those just have a smaller immediate impact to the margin.

這些對利潤的直接影響較小。

So we do intend to make improvement to the margin.

因此，我們確實打算改善利潤率。

It's just going to be at a lesser scale than it was for this year.

只是規模會比今年小。

Okay.

好的。

And then, so usually you have a like an oil price assumption that's baked in.

然後，通常你會有一個像油價這樣的假設。

Can you give what you're including in the guidance for oil price assumption?

您能否提供油價假設指南中包含的內容？

Sure.

當然。

The range right now we have is between $70 and $90.

目前我們的價格範圍在 70 美元到 90 美元之間。

Okay.

好的。

And then, I guess I was wondering about just the cadence of your pro forma of sales growth in the next fiscal, I mean, first quarter in particular has a pretty hard comparison in the first quarter '24.

然後，我想我想知道下一財年預計銷售成長的節奏，我的意思是，尤其是第一季度，與 24 年第一季的情況很難比較。

Is there anything we should be cognizant of in terms of growth rates and how that'll kind of go through the year on a pro forma basis for sales growth?

在成長率方面，我們應該了解什麼？

It's a good question, Linda, we obviously as you know, don't guide to the quarter, but I still comment that similar to last year, if you looked at the growth of the business, it was weighted towards the back half of the year.

這是一個很好的問題，琳達，顯然正如你所知，我們不會指導本季度，但我仍然評論說，與去年類似，如果你看看業務的增長，它會偏向下半年的增長年。

And as we're forecasting out this year, I would say it's going to be a similar balance between that Q1 to Q2 compared to Q3 to Q4, kind of that first half to second half balancing.

正如我們今年預測的那樣，我想說，第一季到第二季與第三季到第四季之間將出現類似的平衡，有點像上半年到下半年的平衡。

You can look at last year as a guide and maybe it might just be a little bit spread a little bit wider than that, but not by much.

你可以把去年當作一個參考，也許它的分佈範圍可能比去年更寬一些，但幅度也不會太大。

If I could just add to that Linda as well.

如果我也能補充琳達的話。

There's a little bit of phasing in Asia Pacific and the first quarter was so strong last year that's going to be a challenge to exceed that in Asia Pacific.

亞太地區有一些階段性的變化，去年第一季的表現非常強勁，要超越亞太地區將是一個挑戰。

So Asia Pacific in terms of growth, we'll probably have a slower start and build up in the air.

因此，就亞太地區的成長而言，我們的起步和發展可能會較慢。

And then Brazil obviously, the impact of Brazil will mainly be felt in the first six months of the year.

然後是巴西，顯然，巴西的影響將主要在今年前六個月感受到。

So that's $7 million to $9 million of growth a substantial part of that will be in the first half of the year.

因此，這意味著 700 萬至 900 萬美元的成長，其中很大一部分將發生在今年上半年。

You mean, in terms of the incremental growth versus prior year?

您的意思是，與去年相比增量成長？

Exactly, that's right.

沒錯，就是這樣。

Okay.

好的。

And just let me ask you a little bit about China.

讓我問你一些關於中國的情況。

I mean, I can't quite remember what you said it was in the quarter.

我的意思是，我不太記得你在這個季度說了什麼。

It seemed like it was pretty strong and I think you said 17% for the year.

看起來相當強勁，我想你說的今年是 17%。

So are you know, the economy there is just so weak and all that's all we hear about every day.

你知道嗎，那裡的經濟非常疲軟，這就是我們每天聽到的一切。

But it doesn't seem to be affecting your business.

但這似乎並沒有影響你的生意。

Is it just that you have so much growth opportunity that you're immune from the macro or maybe could you give a little more color?

難道只是因為你有如此多的成長機會，以至於你不受宏觀的影響，或者你可以提供更多的色彩嗎？

Yeah, we just continue to do our thing, right.

是的，我們只是繼續做我們的事情，對吧。

And so we talk often about our China sampling program which is very successful multiyear program where we're putting out, I believe last year, we sampled 33,000 factories and converted a substantial amount of those to WD-40 users.

因此，我們經常談論我們的中國抽樣計劃，這是一個非常成功的多年計劃，我相信去年我們對 33,000 家工廠進行了抽樣，並將其中大量轉化為 WD-40 用戶。

And so that happens year in year out.

這樣的情況年復一年地發生。

And so we're always bringing new users into the brand.

因此，我們總是為該品牌帶來新用戶。

Combined with that, we were very successful last year also in expanding our distribution and making our product more available to buy with several 100 new points of distribution opened across the country.

除此之外，我們去年還非常成功地擴大了分銷範圍，並在全國開設了 100 個新分銷點，使我們的產品更容易購買。

And so it's a very simple formula that just works, and the Chinese team are doing a great job of turning up the heat even further.

所以這是一個非常簡單的公式，而且很有效，而且中國隊在進一步提高熱度方面做得非常出色。

So 17% local currency growth last year, 13.5% in US dollars, with spectacular growth also on WD-40 specialists of around 45% in US dollars.

因此，去年本地貨幣成長了 17%，以美元計算成長了 13.5%，WD-40 專家的成長也非常驚人，以美元計算成長了 45% 左右。

Okay.

好的。

Well, I guess that's all I have then for now.

好吧，我想這就是我現在所擁有的一切。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Thank you, Linda.

謝謝你，琳達。

Ladies and gentlemen, that does conclude our allotted time for questions.

女士們、先生們，我們分配的提問時間到此結束。

We thank you for your participation in today's conference call and ask that you please disconnect your line.

我們感謝您參加今天的電話會議，並請您斷開線路。