WD-40 Co (WDFC) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們、先生們，感謝你們的支持。

Good day, and welcome to the WD-40 Company first quarter fiscal year 2025 earnings conference call.

您好，歡迎參加 WD-40 公司 2025 財年第一季財報電話會議。

Today's call is being recorded.

今天的通話正在錄音。

(Operator Instructions)

（操作員指令）

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

現在，我想將演講交給今天電話會議的主持人、利益相關者和投資者參與副總裁溫蒂凱利 (Wendy Kelley)。

Please proceed.

請繼續。

Thank you.

謝謝。

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

下午好，感謝大家今天的參加。

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有 WD-40 公司總裁兼執行長 Steve Brass；以及副總裁兼財務長 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-Q for the period ending November 30, 2024.

除了今天的電話會議上提供的財務資訊外，我們還鼓勵投資者查看截至 2024 年 11 月 30 日的收益報告、收益新聞稿和 10-Q 表。

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 上發布。今天的通話重播和記錄也將在本次通話結束後不久提供。

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指標。

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

這些非公認會計準則指標的描述和對帳可在我們的美國證券交易委員會文件以及發佈在投資者關係網站上的收益文件中找到。

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

提醒一下，今天的電話會議包括我們對公司未來業績的預期的前瞻性陳述。

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.

本公司的期望、信念和預測均真誠表達，但不能保證一定會實現或完成。

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

請參閱我們的 SEC 文件中詳細列出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, January 10, 2025.

最後，對於任何收聽網路直播重播或查看本次通話書面記錄的人，請注意，所提供的所有資訊僅截至今天（2025 年 1 月 10 日）的最新資訊。

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.

說完這些，我現在想把電話轉給史蒂夫。

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

謝謝，溫迪，也謝謝大家今天下午加入我們。

Today, I'll begin by discussing our sales results for the first fiscal quarter of 2025.

今天，我先討論我們 2025 財年第一季的銷售業績。

I will also provide you with an update on our must-win battles and one of our strategic enablers.

我還將向你們通報我們必須打贏的戰鬥以及我們的一項戰略推動因素的最新進展。

Following that, Sara will share additional details on our first-quarter results, provide updates on the anticipated divestiture of our homecare and cleaning business and our 55/30/25 business model, and review our outlook for fiscal year 2025.

隨後，Sara 將分享我們第一季業績的更多細節，提供有關我們預期剝離家庭護理和清潔業務以及我們的 55/30/25 業務模式的最新情況，並回顧我們對 2025 財年的展望。

We'll then take your questions.

然後我們會回答您的問題。

I'm happy to share with you that today, we reported net sales of $153.5 million for the first quarter, which was an increase of 9% from the first quarter of last fiscal year.

我很高興與大家分享，今天我們報告第一季的淨銷售額為 1.535 億美元，比上一財年第一季成長了 9%。

Furthermore, we reported net sales of maintenance products, a core strategic focus, of $145.5 million for the first quarter, which was an increase of 10% from the first quarter of last fiscal year, marking the third consecutive quarter of double-digit growth in this category.

此外，我們報告稱，第一季我們核心策略重點的維護產品的淨銷售額為 1.455 億美元，較上年財年第一季度增長 10%，這是該類別連續第三個季度實現兩位數增長。

Gross margin continues to improve and is moving closer to our target of 55%.

毛利率持續提高，正接近我們的55%的目標。

In the first quarter, we reported gross margin of 54.8%, which is an improvement of 70 basis points sequentially from the fourth quarter and 100 basis points compared to the first quarter of last fiscal year.

第一季度，我們的毛利率為54.8%，比第四季提高了70個基點，比去年同期提高了100個基點。

Gross margin, excluding the impacts of the assets we currently have held for sale, was 55.4%.

除去我們目前持有待售資產的影響，毛利率為 55.4%。

This improvement of our gross margin is driving increased profitability at the bottom line.

我們毛利率的提高正在推動獲利能力的提高。

Net income for the first quarter was $18.9 million, an increase of 8% over prior year.

第一季淨利18.9億美元，較上年同期成長8%。

We are pleased with the strong volume performance the business is currently experiencing.

我們對該業務目前強勁的銷售表現感到滿意。

In the first quarter, excluding the impact of currency, nearly 90% of our growth was driven by increased sales volume.

第一季度，除去匯率的影響，我們近90%的成長是由銷售量的成長所推動的。

Global sales volumes showed strong progress in two of our larger trading blocks driving 10% sales growth over prior year within the Americas and 13% within EIMEA.

我們兩個較大的貿易區的全球銷售量呈現強勁成長，美洲地區的銷售額較上年增長 10%，歐洲、中東和非洲 (EIMEA) 地區的銷售額增長 13%。

Asia Pacific is lapping a strong prior year quarter and was down 8% in the first quarter.

亞太地區去年第一季經濟表現強勁，但第一季下滑了 8%。

Now let's talk about first-quarter sales results in dollars by segment, starting with the Americas.

現在我們來談談第一季各部門的銷售業績（以美元計算），首先是美洲地區。

Sales in the Americas, which include the United States, Latin America, and Canada, increased 8% in the first quarter to $69.4 million compared to the same period last year.

美洲地區（包括美國、拉丁美洲和加拿大）第一季的銷售額與去年同期相比成長了 8%，達到 6,940 萬美元。

Sales of maintenance products increased 9% in the first quarter to $65.4 million compared to the same period last year.

第一季保養產品銷售額與去年同期相比成長 9%，達到 6,540 萬美元。

The bulk of this growth was driven by higher sales of the WD-40 Multi-Use Product, which increased 9% compared to the prior year quarter.

這一成長主要得益於 WD-40 多用途產品銷量的成長，與去年同期相比成長了 9%。

A significant portion of this growth resulted from sales in the US and Latin America, which increased $2.4 million and $2.3 million, respectively.

這一成長很大一部分歸功於美國和拉丁美洲的銷售額，分別成長了 240 萬美元和 230 萬美元。

In the United States, the increase was due to higher sales volume linked to successful promotional activities.

在美國，銷售成長是由於成功的促銷活動帶來的銷售量增加。

Sales of WD-40 Multi-Use Product in Latin America were favorably impacted by our transition to a direct market model in Brazil.

由於我們在巴西轉向直接市場模式，WD-40 多用途產品在拉丁美洲的銷售受到了積極影響。

This distribution model shift favorably impacted net sales in Brazil by approximately $3.1 million in the first quarter.

這種分銷模式的轉變對第一季巴西的淨銷售額產生了約 310 萬美元的正面影響。

These increases were partially offset by lower sales volumes in Mexico due to the timing of customer orders as well as the unfavorable impacts of foreign currency exchange rates.

由於客戶訂單時間以及外匯匯率的不利影響，墨西哥的銷售量下降部分抵消了這些成長。

Higher sales in the US and Latin America were partially offset by lower sales of WD-40 Multi-Use Product in Canada, which decreased slightly by $200,000 compared to the prior year quarter due to the timing of customer orders.

美國和拉丁美洲銷售額的成長被加拿大 WD-40 多用途產品銷售額的下降部分抵消，由於客戶訂單的時間安排，加拿大 WD-40 多用途產品銷售額與去年同期相比略有下降 20 萬美元。

In the Americas, sales of WD-40 Specialist increased by $1.1 million or 16% compared to the prior year period, primarily due to new distribution and successful promotional programs in the United States.

在美洲，WD-40 Specialist 的銷售額比去年同期增加了 110 萬美元，增幅為 16%，這主要得益於美國新的分銷管道和成功的促銷計劃。

Growth in maintenance products was partially offset by a 7% decline in homecare and cleaning products.

家庭護理和清潔產品銷售額下降 7%，部分抵消了維護產品銷售額的成長。

This drop was due to reduced advertising and promotional efforts for these brands as we shift our focus to boosting maintenance product sales in line with our four-by-four strategic framework.

下降的原因在於我們減少了對這些品牌的廣告和促銷力度，因為我們將重點轉向以四乘四策略框架提高維護產品的銷售。

In total, our Americas segment made up 45% of our global business in the first quarter.

總體而言，我們美洲分部在第一季佔全球業務的 45%。

Now let's take a look at ourselves in EIMEA, which includes Europe, India, the Middle East, and Africa.

現在我們來看看 EIMEA，其中包括歐洲、印度、中東和非洲。

Net sales in EIMEA increased 18% in the first quarter to $57.5 million compared to the same period last year.

第一季度，EIMEA 地區的淨銷售額與去年同期相比成長了 18%，達到 5,750 萬美元。

Sales and maintenance products increased 19% in EIMEA in the first quarter.

第一季度，EIMEA 地區的銷售和維護產品成長了 19%。

The strong growth in EIMEA was driven primarily by higher sales of WD-40 Multi-Use Product, which increased 21% due to higher sales volume across almost all regions compared to the prior year quarter.

EIMEA 的強勁成長主要得益於 WD-40 多用途產品的銷售成長，與去年同期相比，由於幾乎所有地區的銷量都有所增加，該產品銷量成長了 21%。

Sales increased most significantly in India, France, Benelux, and Iberia, which were up $1.9 million, $1 million, $900,000, and $900,000, respectively.

印度、法國、比荷盧三國和伊比利半島的銷售額增幅最為顯著，分別成長了 190 萬美元、100 萬美元、90 萬美元和 90 萬美元。

In addition to the strong performance of our Multi-Use Product, EIMEA also saw strong growth of $1.2 million or 17% for WD-40 Specialist during the quarter, primarily due to higher sales volume because of increased distribution and higher levels of demand, most significantly in Italy, the UK, and Iberia.

除了我們多用途產品的強勁表現外，EIMEA 地區的 WD-40 Specialist 產品在本季度也實現了 120 萬美元或 17% 的強勁增長，這主要歸因於分銷增加和需求水平提高導致的銷售量增加，尤其是在意大利、英國和伊比利亞地區。

The growth in maintenance products was partly offset by a decline of 19% in homecare and cleaning product brands sold in the UK.

英國家庭護理和清潔產品品牌銷售下降 19%，部分抵消了保養產品銷售的成長。

In total, our EIMEA segment made up 38% of our global business in the first quarter.

總體而言，我們的 EIMEA 部門在第一季占我們全球業務的 38%。

Now on to Asia-Pacific.

現在談談亞太地區。

Sales in Asia-Pacific, which includes Australia, China, and other countries in the Asian region, decreased 4% in the first quarter to $26.6 million compared to the same period last year.

亞太地區（包括澳洲、中國和亞洲其他國家）的銷售額第一季與去年同期相比下降了 4% 至 2,660 萬美元。

Despite a year-over-year decline in sales, the first quarter of fiscal year 2025 marked the second highest sales quarter in the segment's history.

儘管銷售額年減，但 2025 財年第一季仍是該部門史上銷售額第二高的季度。

The year-over-year decline was driven by lower sales of WD-40 Multi-Use Product in our Asia distributor markets, whose sales decreased $2.6 million compared to the prior year quarter.

年比下降是由於亞洲分銷商市場 WD-40 多用途產品銷量下降，與去年同期相比，其銷售額下降了 260 萬美元。

In the first quarter, our Asia distributor markets experienced a decrease in sales volume due to timing of customer orders.

第一季度，由於客戶訂單時間原因，我們的亞洲經銷商市場銷售量有所下降。

You may recall, our Asia distributor markets had a very strong fourth quarter, and sales of WD-40 Multi-Use Product in Q4 were up 51%.

您可能還記得，我們​​的亞洲經銷商市場在第四季度表現非常強勁，WD-40 多用途產品的銷量在第四季度增長了 51%。

Marketing distributor customers, particularly in Indonesia, South Korea, and Philippines, who placed large orders in the fourth quarter, did not repeat those orders in the first quarter.

行銷經銷商客戶，尤其是印尼、韓國和菲律賓的客戶，在第四季下了大筆訂單，但第一季並沒有重複這些訂單。

This is timing related, and we expect activity will pick up in the second half of the year.

這與時間有關，我們預計今年下半年活動將會回升。

In China, sales of our WD-40 Multi-Use Product were up 13% or $1 million in the first quarter, primarily due to successful promotional programs and marketing activities that led to increased sales volume.

在中國，我們的 WD-40 多用途產品的銷售額在第一季度增長了 13%，即 100 萬美元，這主要歸功於成功的促銷計劃和營銷活動，從而帶來了銷售量的增長。

In Asia-Pacific, sales of WD-40 Specialist were up 2% in the first quarter.

在亞太地區，WD-40 Specialist 的銷量第一季成長了 2%。

In China, sales of WD-40 Specialist increased 24% compared to the prior year due primarily to new distribution.

在中國，WD-40 Specialist 的銷量比上年增長了 24%，這主要得益於新的分銷管道。

The decline in maintenance products was partly offset by an increase of $400,000 in sales of homecare and cleaning product brands sold in Australia.

澳洲家庭護理和清潔產品品牌的銷售額增加了 40 萬澳元，部分抵消了保養產品銷售額的下滑。

In Australia, our homecare portfolio posted a robust brand presence, a solid competitive edge, and significant growth opportunities and (inaudible) sale.

在澳大利亞，我們的居家護理產品組合擁有強大的品牌影響力、堅實的競爭優勢以及巨大的成長機會和（聽不清楚）銷售。

In total, our Asia-Pacific segment made up 17% of our global business in the first quarter.

整體而言，第一季亞太地區業務占我們全球業務的 17%。

Now let's talk about our must-win battles.

現在讓我們來談談我們必須打贏的戰鬥。

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

我們必須打贏的戰役集中在如何提高銷售額和獲利能力。

Starting with must-win battle number one, lead geographic expansion.

從必須贏的第一場戰鬥開始，引領地理擴張。

In the first quarter of 2025, global sales of WD-40 Multi-Use Product were approximately $119 million, representing growth of 10% compared to the same period last year.

2025年第一季度，WD-40多用途產品全球銷售額約1.19億美元，較去年同期成長10%。

We experienced 21% growth of our signature brand in EIMEA and 9% growth in the Americas.

我們的標誌性品牌在 EIMEA 地區成長了 21%，在美洲地區成長了 9%。

This growth was partially offset by lower sales in Asia-Pacific.

亞太地區銷售額的下降部分抵消了這一增長。

It's amazing to me that even after 71 years, the growth opportunity for WD-40 Multi-Use Product remains so significant.

令我驚訝的是，即使過了 71 年，WD-40 多用途產品的成長機會仍然如此巨大。

Using a proprietary algorithm, we've identified the global benchmark sales opportunity for WD-40 Multi-Use Product to be approximately $1.6 billion.

使用專有演算法，我們發現 WD-40 多用途產品的全球基準銷售機會約為 16 億美元。

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

因此，全球仍有價值約 12 億美元的土地和擴大的成長機會。

This is where my management team and I primarily focus our efforts.

這是我和我的管理團隊主要努力的領域。

Our job is to unlock opportunities to drive substantial value to stockholders.

我們的工作是發掘機會，為股東創造巨大價值。

A WD-40 company will do that by accelerating our global expansion.

WD-40 公司將透過加速全球擴張來實現這一目標。

Today, I'd like to spotlight a few of our priority markets, beginning with markets that are driving our growth in the Americas segment.

今天，我想重點介紹我們的幾個重點市場，首先是推動我們美洲地區成長的市場。

In 2020, we took the Mexico market direct.

2020年，我們直接進軍墨西哥市場。

And since doing so, we've virtually quadrupled our Mexico business from $6.8 million to nearly $26 million in FY24, and we're not done as we see Mexico as a $30 million to $40 million market over the longer term.

自此以後，我們在墨西哥的業務幾乎增長了四倍，從 680 萬美元增至 24 財年的近 2600 萬美元，而且我們還沒有完成，因為我們認為墨西哥在長期內將是一個 3000 萬至 4000 萬美元的市場。

Despite short-term fluctuations, our long-term success in Mexico have us confidence to convert Brazil to a direct market in March of 2024.

儘管有短期波動，但我們在墨西哥的長期成功使我們有信心在 2024 年 3 月將巴西轉變為直接市場。

So far, we're extremely pleased with the progress we've made in Brazil.

到目前為止，我們對在巴西的進展感到非常滿意。

In FY24, we grew Brazil by $7 million and expect a further $7 million to $9 million of growth in FY25.

在 24 財年，我們在巴西的成長額為 700 萬美元，預計在 25 財年將進一步成長 700 萬至 900 萬美元。

We expect Brazil to be a $20 million-plus market within three to five years and ultimately to grow to be as large as Mexico over the coming 10 years or so.

我們預計巴西將在三到五年內成為一個價值 2000 多萬美元的市場，並最終在未來 10 年左右發展到與墨西哥一樣大。

Moving over to Asia-Pacific.

轉向亞太地區。

We've identified several high potential markets in Asia-Pacific, including China, Japan, and Indonesia.

我們已經確定了亞太地區幾個具有巨大潛力的市場，包括中國、日本和印尼。

Indonesia is a fast-growing market for us with a compound annual growth rate of over 7% over the past five years.

印尼是我們快速成長的市場，過去五年的複合年增長率超過 7%。

Indonesia is now also one of our largest marketing distributor markets in the world.

印尼現在也是我們在全球最大的行銷分銷市場之一。

It's also unique because it's one of our first hybrid markets.

它的獨特之處還在於它是我們的首批混合市場之一。

This means we have both an outstanding local marketing distributor partner, but also a small team of WD-40 company personnel in market, a formula that's proven to be highly effective for us.

這意味著我們不僅擁有出色的本地行銷經銷商合作夥伴，而且在市場上還擁有一支由 WD-40 公司人員組成的小團隊，事實證明這種方法對我們非常有效。

Also in Asia-Pacific, China has consistently delivered strong growth in recent years.

同樣在亞太地區，中國近年來持續保持強勁成長。

We've been direct in China since 2006 and have a highly capable team of approximately 60 employees there.

我們自 2006 年起就直接進入中國市場，並在中國擁有一支由約 60 名員工組成的高素質團隊。

We use a simple but effective strategy in China.

我們在中國採用簡單但有效的策略。

We expand distribution, targeting double-digit growth in points of distribution while sampling 20,000-plus factories each and every year.

我們擴大分銷，目標是分銷點實現兩位數成長，同時每年對超過 20,000 家工廠進行抽樣調查。

This strategy continues to deliver strong results for us.

這項策略持續為我們帶來強勁的業績。

And finally, in EIMEA, we've identified several high potential markets in the region, including India.

最後，在 EIMEA，我們已經確定了該地區的幾個高潛力市場，包括印度。

India is one of, if not the most attractive growth markets in the world right now.

印度是目前世界上最具吸引力的成長市場之一，甚至是最具吸引力的成長市場之一。

Since entering our strategic partnership with our local partner six or so years ago, we've more than doubled our sales in India, making it our second largest market in terms of unit sales, and we see huge potential for further growth ahead.

自從六年前與當地合作夥伴建立戰略夥伴關係以來，我們在印度的銷售額增長了一倍多，使其成為我們第二大單位銷售市場，並且我們看到未來巨大的成長潛力。

This increased focus on our key growth markets around the world continues to yield success.

我們對全球主要成長市場的日益關注不斷帶來成功。

In fiscal year 2025, we'll continue to invest in building our flagship brand with end users around the world.

2025財年，我們將持續投入資金，與全球終端用戶共同打造我們的旗艦品牌。

Next is must-win battle number two, accelerating premiumization.

接下來是必須打贏的第二場戰役，加速高階化。

Our second must-win battle is to accelerate sales of premium formats of WD-40 Multi-Use Product.

我們的第二場必須打贏的戰役是加速 WD-40 多用途產品高階版的銷售。

For us, premiumization is a major contributor to our revenue growth as well as gross margin expansion, and our premiumized products are loved by end users around the world.

對我們來說，高端化是我們營收成長和毛利率擴大的主要貢獻者，我們的高端化產品受到全球終端用戶的喜愛。

In the first quarter, sales of WD-40 Smart Straw and EZ-REACH, when combined, were up 17% compared to the prior year period.

第一季度，WD-40 Smart Straw 和 EZ-REACH 的銷量比去年同期成長了 17%。

With premium formats representing only approximately 40% of global unit sales of WD-40 Multi-Use Product, there is significant upside for growth.

高階產品僅佔 WD-40 多用途產品全球銷售量的約 40%，因此還有很大的成長空間。

On a go-forward basis, we'll be targeting a compound annual growth rate for net sales of premiumized products 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%。

Our third must-win battle is to drive WD-40 Specialist growth.

我們的第三場必須贏的戰鬥是推動 WD-40 Specialist 的成長。

In the first quarter, sales of WD-40 Specialist products were $19 million, up 14% compared to the same period last year.

第一季度，WD-40 Specialist產品銷售額為1,900萬美元，較去年同期成長14%。

We saw growth of WD-40 Specialist products across all three trade blocks with particularly strong growth in the Americas and EIMEA where sales grew 16% and 17%, respectively.

我們看到 WD-40 Specialist 產品在三大貿易區均實現了成長，其中美洲和 EIMEA 地區的成長尤為強勁，銷售額分別成長了 16% 和 17%。

We use a similar algorithm for WD-40 Specialist to the one we use for WD-40 Multi-Use Product.

我們對 WD-40 Specialist 使用的演算法與對 WD-40 Multi-Use Product 使用的演算法類似。

We've identified the global benchmark sales opportunity for WD-40 Specialist to be approximately $605 million.

我們發現 WD-40 Specialist 的全球基準銷售機會約為 6.05 億美元。

Therefore, there remains approximately $530 million of land and expand growth opportunity across the globe for WD-40 Specialist.

因此，WD-40 Specialist 在全球仍剩下約 5.3 億美元的土地和擴大成長機會。

On a go-forward basis, we'll be targeting a compound annual growth rate for net sales of WD-40 Specialist of greater than 15% in reported currency.

展望未來，我們的目標是 WD-40 Specialist 淨銷售額的複合年增長率達到 15% 以上（以報告貨幣計算）。

Our final must-win battle is to turbo-charge digital commerce.

我們最後必須打贏的一場戰役是推動數位商務的發展。

We view digital commerce as an accelerator for all our other must-win battles.

我們將數位商務視為所有其他必須打贏的戰鬥的加速器。

In the first quarter, e-commerce sales were up 22%, primarily due to strong growth in EIMEA.

第一季度，電子商務銷售額成長 22%，主要得益於 EIMEA 的強勁成長。

We believe the greatest benefit of this must-win battle is to increase brand awareness and engagement online, which will lead to an improved shopping experience and higher sales across all channels, both in store and online.

我們相信，這場必須贏的戰鬥的最大好處是提高品牌知名度和線上參與度，從而改善購物體驗並提高實體店和線上所有管道的銷售額。

And now, turning to the second element of our four-by-four strategic framework, our strategic enablers, which focus on operational excellence and collectively underpin our must-win battles.

現在，我們來談談四乘四戰略框架的第二個要素，即我們的戰略推動因素，它專注於卓越運營，並共同支撐我們必須打贏的戰役。

I will not review all our strategic enablers today because we just shared a robust update with investors at our year-end.

今天我不會回顧我們所有的策略推動因素，因為我們剛剛在年底與投資者分享了一個強勁的最新消息。

However, we just published our 2024 ESG report at the end of November, so I want to provide an update on strategic enabler number two, which is to build an enduring business for the future.

然而，我們剛剛在 11 月底發布了 2024 年 ESG 報告，因此我想就第二個戰略推動因素提供最新信息，即為未來打造持久的業務。

WD-40 company has long been committed to purpose-driven growth.

WD-40 公司長期以來一直致力於目標驅動型成長。

We're committed to operating our business in a manner which ensures a balance between economic growth, environmental impact, and social well-being, which will help create and protect long-term stakeholder value.

我們致力於以確保經濟成長、環境影響和社會福祉之間的平衡的方式來運作我們的業務，這將有助於創造和保護長期利害關係人的價值。

I'm very proud that we've now gone public with our sustainability targets after a very in-depth process, putting together our science-based road map for achieving carbon reduction.

經過非常深入的過程，我們現在已經公開了我們的永續發展目標，並制定了實現碳減排的科學路線圖，我感到非常自豪。

In our November ESG report, we pledged to achieve a 50% absolute reduction in Scope 1 and Scope 2 emissions, along with a 10% to 20% absolute reduction in Scope 3 emissions by 2030.

在我們 11 月的 ESG 報告中，我們承諾到 2030 年實現範圍 1 和範圍 2 排放量絕對減少 50%，範圍 3 排放量絕對減少 10% 至 20%。

We've also disclosed details about the science-based environmental impact road map we will use to meet these targets.

我們也揭露了我們將用來實現這些目標的基於科學的環境影響路線圖的細節。

Many of our employees are passionate about pivoting our organization to a more sustainable future.

我們的許多員工都熱衷於推動我們的組織走向更永續的未來。

And I strongly believe that setting external targets will galvanize the organization to make significant progress in future-proofing the organization.

我堅信，設定外在目標將激勵組織在未來的保障上取得重大進展。

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

說完這些，我現在將電話轉給 Sara。

Thanks, Steve.

謝謝，史蒂夫。

Today, I will share an update on the anticipated divestiture of our homecare and cleaning business in the Americas and the UK, provide insights into our business model, and review some highlights from our first quarter results.

今天，我將分享我們在美洲和英國的家庭護理和清潔業務預期剝離的最新情況，提供我們商業模式的見解，並回顧我們第一季業績的一些亮點。

While our full-year 2025 guidance remains unchanged, I will provide some additional color on our outlook.

雖然我們對 2025 年全年的預期保持不變，但我將對我們的前景提供一些額外的說明。

But first, I want to talk about a new mantra that you are hearing in the halls here at WD-40 Company.

但首先，我想談談大家在 WD-40 公司大廳裡聽到的一個新口號。

Few things, many places, bigger impact.

少量事物，大量地點，巨大影響。

This mantra has been borne out of the company's long-standing strength, focus.

這一口號源自於公司長期以來的優勢——專注。

Few things, many places to drive a bigger impact has historically been an approach central to our product strategy.

從歷史上看，透過少數幾個方面在多個地方產生更大影響一直是我們產品策略的核心方法。

In fiscal year 2024, almost 90% of our revenue and growth came from sales of WD-40 Multi-Use Product and WD-40 Specialist.

在 2024 財年，我們近 90% 的營收和成長來自 WD-40 多用途產品和 WD-40 專家的銷售。

We see significant growth opportunities for those product lines.

我們看到這些產品線具有巨大的成長機會。

With approximately 650 employees, we want each one to wake up every morning thinking about how to grow the blue and yellow brand with a little red top.

我們擁有大約 650 名員工，我們希望每個人每天早上醒來時都能思考如何發展這個藍色和黃色、頂部有小紅點的品牌。

That kind of focus is hard to find and incredibly valuable and was the driving factor for us when we made the decision to pursue divesting our homecare and cleaning brands in the Americas and the UK.

這種專注很難找到，但又極為寶貴，也是我們決定剝離美洲和英國家庭護理和清潔品牌的驅動因素。

This quarter, we met all the criteria to classify the assets we intend to sell as held for sale on our balance sheet, indicating progress on this journey.

本季度，我們滿足了將我們打算出售的資產歸類為資產負債表上的持有待售資產的所有標準，表明這一進程取得了進展。

While I do not have a detailed update for you today on the anticipated divestiture, I can share with you that we continue to make progress on the transaction.

雖然我今天沒有關於預期資產剝離的詳細更新資訊向您提供，但我可以告訴您我們在交易方面繼續取得進展。

The investment bank we have engaged continue to have discussions with potential suitors on our behalf.

我們聘請的投資銀行繼續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 over the upcoming months.

雖然在進入市場時無法確定是否能找到買家，但我們預計很可能在未來幾個月內完成這些品牌的剝離。

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

我們將在適當的時候提供有關剝離過程的進一步更新。

Few things, many places to drive a bigger impact is now being applied beyond our product strategy and is driving operational efficiencies throughout our business.

現在，除了產品策略之外，許多地方也都在應用一些能夠產生更大影響的方法，並推動整個業務的營運效率。

We lean into this mantra by streamlining our systems and processes and fostering greater global collaboration.

我們透過簡化系統和流程並促進更廣泛的全球合作來實現這一目標。

Later this year, we will be working towards bringing two more locations onto our new ERP system.

今年晚些時候，我們將致力於將另外兩個地點納入我們的新 ERP 系統。

We are focused on standardization and processes like project and portfolio management, along with streamlined approaches to solution-driven decision-making.

我們專注於專案和投資組合管理等標準化和流程，以及解決方案驅動的決策的精簡方法。

Lastly, we've established the foundation to move with more intent toward productivity improvements by establishing global centers of excellence along key areas of IT.

最後，我們透過在 IT 關鍵領域建立全球卓越中心，為更致力於提高生產力奠定了基礎。

We are working on bringing once disparate teams together to harness their collective skills and capacity to focus on our long-term growth objectives.

我們正在致力於將曾經分散的團隊聚集在一起，利用他們的集體技能和能力專注於我們的長期成長目標。

Few things, many places, bigger impact can also have a tangible impact on our business model, and we continue to make significant strides in our gross margin recovery.

少數因素、多數地方、較大影響也會對我們的商業模式產生實際影響，我們在毛利率恢復方面持續取得重大進展。

Our 55/30/25 business model continues to be a long-term beacon that we will move toward and align with over time.

我們的 55/30/25 商業模式將繼續成為我們長期的燈塔，我們將隨著時間的推移不斷朝著這個方向努力並與之保持一致。

In the short to midterm, we continue to think about each critical component of the model in a range.

在短期到中期，我們將繼續在一定範圍內思考模型的每個關鍵組成部分。

To begin, let's look at first quarter gross margin performance.

首先，讓我們來看看第一季的毛利率表現。

We target a range of 50% to 55% for gross margin, and we have made significant progress to perform at the top end of this range.

我們的目標是將毛利率控制在 50% 至 55% 之間，並且我們已經取得了顯著的進步，達到了這一範圍的最高水平。

In the first quarter, our gross margin was 54.8% compared to 53.8% last year.

第一季度，我們的毛利率為54.8%，去年同期為53.8%。

This represents an improvement of 100 basis points, driven primarily by the impact of favorable sales mix and other miscellaneous mix impacts, which positively impacted our gross margin by 140 basis points year over year.

這意味著提高了 100 個基點，主要由於有利的銷售組合和其他雜項組合的影響，這使我們的毛利率比去年同期增加了 140 個基點。

Lower costs associated with specialty chemicals also positively impacted gross margin by 60 basis points.

與特種化學品相關的成本降低也對毛利率產生了 60 個基點的正面影響。

These positive impacts to margin were partially offset by higher costs associated with warehousing, distribution, and freight costs, primarily in the Americas, which negatively impacted our margin by 100 basis points.

這些對利潤率的正面影響被倉儲、配送和運費相關的較高成本（主要是在美洲）部分抵消，這對我們的利潤率產生了 100 個基點的負面影響。

We're also happy to share with you that this quarter gross margin continued to improve in both EIMEA and Asia-Pacific trading blocks.

我們也很高興地與您分享，本季EIMEA和亞太貿易區的毛利率持續提高。

Within EIMEA, gross margin improved 290 basis points compared to the same period last year to 57.8%.

在 EIMEA 地區，毛利率較去年同期提高了 290 個基點，達到 57.8%。

Asia-Pacific also improved gross margin 130 basis points over the same period last year to 57.6%.

亞太地區的毛利率也比去年同期提高了130個基點，達到57.6%。

In the Americas, gross margin declined slightly by 30 basis points to 50.4%.

在美洲，毛利率小幅下降30個基點至50.4%。

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，我們繼續以最遲在 2026 財年末實現 55% 的毛利率為目標。

However, depending on the cost landscape, timing of execution of supply chain cost initiatives, and if we are successful in divesting of those homecare and cleaning brands, we may achieve this goal even sooner, potentially by the end of fiscal year 2025, following the divestiture.

但是，根據成本狀況、供應鏈成本計劃的執行時間，以及我們是否成功剝離這些家庭護理和清潔品牌，我們可能會更快實現這一目標，可能在剝離後的 2025 財年末實現。

New this fiscal year, gross margin recovery is a central focus for senior leadership who will be incentivized to recover gross margin to 55% and beyond, excluding the impact of the assets held for sale.

本財年的新內容是，毛利率恢復是高層領導關注的重點，他們將受到激勵將毛利率恢復到 55％ 甚至更高（不包括持有待售資產的影響）。

Now turning to our cost of doing business, which we define as total operating expenses less adjustments for certain non-cash expenses.

現在談談我們的營運成本，我們將其定義為總營運費用減去某些非現金費用的調整。

Cost of doing business is how we measure how efficient we are at operating our business.

經營成本是我們衡量業務營運效率的標準。

It is primarily comprised of three areas: investments in our employees, investments in building our brand, and freight expense to get our products to our customers.

它主要包括三個方面：對員工的投資、對品牌建設的投資以及將我們的產品運送給客戶的運費。

We target a range of 30% to 35% as a percentage of revenue for cost of doing business.

我們的目標是將經營成本佔收入的比例設定為30%到35%。

This quarter, our cost of doing business was 37% compared to 36% in the same period last year.

本季度，我們的經營成本為37%，而去年同期為36%。

On an absolute dollar basis, our cost of doing business increased by $7.5 million or 15% due to higher employee-related expenses, increased professional service costs, higher credit losses due to a customer bankruptcy, and increased freight costs.

以絕對美元計算，由於員工相關費用增加、專業服務成本增加、客戶破產導致的信貸損失增加以及運費增加，我們的營運成本增加了 750 萬美元或 15%。

In addition, the investments we make in brand-building activities increased period over period.

此外，我們在品牌建立活動上的投資也逐年增加。

As a percentage of sales, our A&P investment was 5.5% compared to 5% in the first quarter of the prior year, but is well in line with our fiscal year guidance.

作為銷售額的百分比，我們的廣告宣傳投資為 5.5%，而去年第一季為 5%，但與我們的財年指引一致。

We expect to see improvements in the cost of doing business over time as sales grow, which is the most important factor in managing our cost of business towards our long-term target of 30% to 35%.

我們預計，隨著銷售額的成長，業務成本將逐漸改善，這是管理業務成本以實現 30% 至 35% 的長期目標的最重要因素。

Turning now to adjusted EBITDA.

現在來談談調整後的 EBITDA。

In the first quarter, our adjusted EBITDA margin was 18% compared to 19% in the same period of last year.

第一季度，我們的調整後 EBITDA 利潤率為 18%，去年同期為 19%。

However, EBITDA grew by nearly 4% over the prior year, even after absorbing increased costs.

然而，即使吸收了增加的成本，EBITDA 仍比去年增加了近 4%。

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

正如我們之前提到的，如果我們成功剝離正在積極行銷的家庭護理和清潔品牌，我們知道我們將需要一些時間來消化影響。

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

然而，我們仍然相信，我們可以在中期內將調整後的 EBITDA 利潤率恢復到我們的中期目標範圍 20％至 22％。

Now let us discuss operating income and EPS as well as a subsequent event that will impact our reported results beginning next quarter.

現在讓我們討論一下營業收入和每股盈餘以及將影響我們下個季度開始的報告結果的後續事件。

Operating income improved to $25.1 million in the first quarter, which was an increase of 4% over the previous year's first quarter.

第一季營業收入增至 2,510 萬美元，較去年同期成長 4%。

Excluding the impacts of the assets currently held for sale, operating income would have been reduced by $1.5 million.

除去目前持有待售資產的影響，營業收入將減少 150 萬美元。

Diluted earnings per common share for the quarter were $1.39 compared to $1.28 for the first quarter last year, which was an increase of 9% over the previous year's first quarter.

本季每股普通股攤薄收益為 1.39 美元，去年第一季為 1.28 美元，較去年第一季成長 9%。

Excluding the impacts of the assets held for sale, diluted EPS would have been reduced by $0.08 per share.

除去持有待售資產的影響，稀釋每股收益將減少 0.08 美元。

Our diluted EPS reflects 13.6 million weighted average shares outstanding.

我們的稀釋每股盈餘反映的是1,360萬股加權平均流通股。

Now I'd like to update you on a non-cash subsequent event that will materially impact both our second quarter and fiscal year 2025 net income and EPS.

現在，我想向您介紹一項非現金後續事件，將對我們的第二季和 2025 財年的淨收入和每股盈餘產生重大影響。

In fiscal year 2019, we took an uncertain tax position related to the Tax Cuts and Jobs Act, specifically for calculating the onetime toll tax on unremitted foreign earnings.

在2019財年，我們對《減稅與就業法案》採取了不確定的稅務立場，特別是對於計算未匯出國外收入的一次性通行稅。

This resulted in a reduction in earnings in 2019.

這導致2019年收益減少。

With the recent expiration of federal statutes in December, subsequent to our first quarter, the company released the unrecognized tax benefit associated with this mandatory one-time toll tax.

隨著我們第一季之後 12 月聯邦法規的到期，公司解除了與此項強制性一次性通行稅相關的未確認稅收優惠。

The release of this tax benefit will result in a favorable income tax adjustment of $11.9 million, net of the federal benefit for fiscal year 2025.

這項稅收優惠的發布將帶來 1,190 萬美元的有利所得稅調整，扣除 2025 財年的聯邦福利。

We will back this out as a non-GAAP adjustment in the second quarter.

我們將在第二季將其撤銷為非 GAAP 調整。

Now, a brief reminder on changes we've made that will affect foreign currency impacts this year.

現在，我們來簡要回顧一下我們所做的將對今年的外匯產生影響的改變。

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

我們英國子公司的功能貨幣（合併 EIMEA 貿易集團的表現）長期以來一直是英鎊。

We reassess this on an annual basis.

我們每年都會重新評估這一點。

As we look out this year and beyond, the shift in the operating landscape within our EIMEA region along with certain strategic actions we are taking required a change in our functional currency.

展望今年及以後，我們 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要求我們改變功能貨幣。

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，包括我們的供應鏈對以歐元計價的庫存的依賴性越來越強，以及與歐元掛鉤的銷售和營運費用的增加。

As a result, beginning this year, we changed the functional currency of our UK subsidiary from pound sterling to euro, with the change being applied prospectively.

因此，從今年開始，我們將英國子公司的功能貨幣從英鎊更改為歐元，並將在未來應用此變更。

As a result of this change, we are utilizing a methodology that is distinct from constant currency during fiscal year 2025 to estimate the translation impact of foreign currency exchange rates on current period US dollar net sales, specifically for our EIMEA segment.

由於這項變化，我們在 2025 財年採用了不同於固定匯率的方法來估計外幣匯率對當期美元淨銷售額的折算影響，特別是對我們的 EIMEA 部門的影響。

The Americas and Asia-Pac segments were not impacted by this.

美洲和亞太地區分部未受此影響。

Beginning fiscal year 2026, we expect to revert to our customary estimation methodology using constant currency figures.

從 2026 財政年度開始，我們預計將恢復使用固定匯率數字的慣常估算方法。

Now let's look at our capital allocation strategy.

現在讓我們來看看我們的資本配置策略。

Our resilient and asset-light business model, coupled with actions we have taken to grow our top line while improving gross margin, are all contributors to maintaining a strong balance sheet and liquidity position.

我們富有彈性且輕資產的業務模式，加上我們為提高毛利率和增加營收而採取的行動，均有助於我們維持強勁的資產負債表和流動性狀況。

Maintaining a disciplined and balanced capital allocation approach remains a priority for us.

保持嚴謹、均衡的資本配置方式仍是我們的首要任務。

For the foreseeable future, we expect maintenance CapEx between 1% and 2% of sales per fiscal year which is in line with our asset-light strategy.

在可預見的未來，我們預計維護資本支出將佔每個財年的銷售額的 1％ 至 2％，這符合我們的輕資產策略。

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.

年度股利將繼續是我們的重點，目標是達到收益的50％以上。

On December 11, our Board of Directors approved a quarterly cash dividend of $0.94 per share, reflecting an increase of 7% over the previous quarter's dividend of $0.88 per share.

12 月 11 日，我們的董事會批准了每股 0.94 美元的季度現金股息，比上一季每股 0.88 美元的股息增加 7%。

During the first quarter, we repurchased approximately 13,750 shares of our stock at a total cost of approximately $3.6 million under our current share repurchase plan.

第一季度，我們根據現行的股票回購計畫回購了約 13,750 股股票，總成本約為 360 萬美元。

In total, we returned approximately $16 million to our stockholders in the first quarter of fiscal 2025 through share repurchases and dividends.

總體而言，我們在 2025 財年第一季透過股票回購和股利向股東返還了約 1,600 萬美元。

Now let's turn to FY25 guidance.

現在讓我們來看看 FY25 指引。

As a reminder, we issued this year's guidance on a pro forma basis, excluding the financial impact of the homecare and cleaning brands currently classified as assets held for sale.

提醒一下，我們以備考基礎發布了今年的指引，不包括目前歸類為持有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 transaction 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.

雖然交易的具體時間仍不確定，但我們相信這種方式將讓投資者明確核心業務的方向，並有助於最大限度地減少圍繞交易的噪音。

I encourage investors to review our first quarter fiscal year 2025 earnings presentation, which concludes a pro forma view.

我鼓勵投資人回顧我們 2025 財年第一季的收益報告，其中總結了一個備考觀點。

Therefore, our guidance for fiscal year 2025 is unchanged, and we are estimating net sales growth for the pro forma 2024 results is projected to be between 6% and 11%, with net sales between $600 million and $630 million after adjusting for translation impacts of foreign currency.

因此，我們對 2025 財年的指引保持不變，我們預計 2024 年業績的淨銷售額成長將在 6% 至 11% 之間，調整外幣折算影響後的淨銷售額將在 6 億至 6.3 億美元之間。

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

預計毛利率在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.

預計營業收入在 9,500 萬美元至 1 億美元之間，比 2024 年的預測結果增加 6% 至 12%。

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

預計所得稅撥備約24%。

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.

預計每股攤薄收益將在 5.20 美元至 5.45 美元之間，這是基於預計的 1,350 萬股加權平均流通股。

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

這一範圍代表 2024 年預計業績將成長 9% 至 14%。

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

本指南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 divesting the assets currently held for sale, 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.

如果我們未能成功剝離目前持有待售的資產，我們的預期將受到全年約 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.

謝謝你，薩拉。

In closing, we're proud of the progress we've made this quarter, which is a great start to our fiscal year and aligns with our longer-term goals.

最後，我們對本季的進展感到自豪，這是我們財年的一個良好開端，並且與我們的長期目標一致。

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

總而言之，您在這次通話中聽到了我們的什麼訊息？

You heard that sales of maintenance products were up 10% in the first quarter, marking the third consecutive quarter of double-digit growth in this category.

您聽說了第一季保養品銷售額成長 10%，這是該品類連續第三個季度實現兩位數成長。

You heard that sales of WD-40 Multi-Use Product were up 10% in the first quarter.

您聽說 WD-40 多用途產品的銷量在第一季成長了 10%。

You heard that sales of WD-40 Specialist were up 14% in the first quarter.

您聽說 WD-40 Specialist 的銷量在第一季成長了 14%。

You heard that we are pleased with the strong volume performance the business is experiencing and that in the first quarter, nearly 90% of our growth was driven by increased volume.

您聽說我們對業務強勁的銷售表現感到滿意，並且在第一季度，我們近 90% 的成長是由銷售成長推動的。

You heard that management's job is to unlock opportunities to drive substantial value to stockholders, and that includes increased focus on our key growth markets around the globe.

您聽說過，管理層的工作是釋放機會，為股東創造巨大價值，其中包括更加關注我們全球的關鍵成長市場。

You heard that we've now gone public with our sustainability targets after a very in-depth process, putting together our science-based road map for achieving carbon reduction.

你們聽說了，經過非常深入的過程，我們現在已經公開了我們的永續發展目標，並制定了實現碳減排的科學路線圖。

You heard about our company's new mantra, a few things, many places, bigger impact, which is intended to result in operational efficiencies as we grow.

您已經聽說了我們公司的新口號：“幾件事、很多地方、更大的影響”，其目的是在我們發展的同時提高營運效率。

You heard that we're incredibly pleased with the improvements we've made to gross margin, but it continues to move closer to our target of 55%.

您已經聽說了，我們對毛利率的提高感到非常滿意，但它仍在繼續向我們的 55% 的目標靠攏。

You heard that we continue to make progress on the sale of our homecare and cleaning business, currently held for sale and expect to complete the divestiture in the coming months.

您聽說了，我們在出售目前待售的家庭護理和清潔業務方面繼續取得進展，預計將在未來幾個月內完成剝離。

You heard that we raised our dividend last month and have returned approximately $16 million to our stockholders in the first quarter.

您聽說了，我們上個月提高了股息，並在第一季向股東返還了約 1,600 萬美元。

And you heard that we reiterated our full fiscal year 2025 guidance.

大家也聽到了，我們重申了 2025 財年全年業績指引。

Thank you for joining our call today.

感謝您今天參加我們的電話會議。

We'd now be pleased to answer your questions.

我們現在很高興回答您的問題。

(Operator Instructions) Daniel Rizzo, Jefferies.

（操作員指示） Daniel Rizzo，傑富瑞。

I was just looking at -- through the [Q] and stuff like that.

我只是在看——透過[Q]和類似的東西。

I was looking at operating income and noticed that the Americas was down 11% year over year and is partially due, I guess, to EBITDA margin contraction.

我查看了營業收入，發現美洲地區的營業收入年減了 11%，我猜部分原因是 EBITDA 利潤率下降。

I was wondering what that's attributed to, if there was something special there, or just any color you can provide.

我想知道這是什麼原因造成的，是否有什麼特殊之處，或者您能提供任何顏色。

Hi, Daniel.

你好，丹尼爾。

This is Sara.

這是薩拉。

So yes, there's a couple of things that are impacting that.

是的，有幾件事正在影響這一點。

First is the timing.

首先是時機。

If you look at the timing of the A&P spend in Q1 this year compared to last year, we are ahead of our pace in the Americas for Q1.

如果將今年第一季的廣告宣傳支出時間與去年同期進行比較，就會發現我們第一季在美洲地區的廣告宣傳支出速度是領先的。

In addition, I mentioned on my -- on the call that there was a bankruptcy with one of our customers, and 100% of that which was about $800,000 hit the Americas trading bloc.

此外，我在電話中提到，我們的一個客戶破產了，其中約 80 萬美元全部流入了美洲貿易區。

So those two are the bigger items, and then we also have a timing of our growth reward program accruing at a higher rate in Q1 compared to the prior year.

因此，這兩個是較大的項目，我們在第一季的成長獎勵計劃的累積速度也比去年同期更高。

Okay.

好的。

That's helpful.

這很有幫助。

And then -- so you mentioned, I think, if I got that right, 55% gross margin by 2026, but you're already at 54.8%.

然後 - 所以您提到，我想，如果我沒記錯的話，到 2026 年毛利率將達到 55%，但現在您的毛利率已經達到 54.8%。

And I understand we said it could come faster, but I was wondering if your base case is suggesting that there will be some giveback maybe because of higher logistical costs or warehousing costs?

我知道我們說過它可能會更快，但我想知道您的基本情況是否表明可能會因為更高的物流成本或倉儲成本而出現一些損失？

Or how should we think about it?

或者說我們該如何去思考這個問題？

Because I mean, it still seems that the end of '26 is still far away.

因為我的意思是，26 年的結束似乎仍然很遙遠。

Yeah.

是的。

If we -- even just going back a year, our margin can fluctuate pretty dramatically quarter to quarter depending on our sales mix and our product mix.

即使僅回顧一年前，我們的利潤率也會根據我們的銷售組合和產品組合而在每個季度發生相當大的波動。

So even if going back to Q1 of last year, we had a really strong quarter -- margin coming out of Q1, drop down a little bit, and then ticked our way back up.

因此，即使回顧去年第一季度，我們的利潤率也非常強勁，第一季的利潤率略有下降，然後又回升。

So it is a very good start.

這是一個非常好的開始。

We are obviously seeing a little bit of higher cost on the freight and logistics side in the US, but we're cautiously optimistic on holding margin through the rest of this year.

我們顯然看到美國的貨運和物流成本略有上漲，但我們對今年剩餘時間內保持利潤率持謹慎樂觀的態度。

So that's why we're saying definitely by the end of next year, we're feeling confident on that.

所以這就是為什麼我們肯定會在明年年底之前實現這一目標，我們對此充滿信心。

But we think we have a chance to get there before the end of this year.

但我們認為我們有機會在今年年底前實現這一目標。

Linda Bolton-Weiser, WD-40 (sic - D.A.

Linda Bolton-Weiser，WD-40（原文如此 - D.A.

Davidson).

戴維森）。

So I was wondering -- you gave some of the details about your year-over-year increase in SG&A expense.

所以我想知道——您能否提供一些有關銷售、一般和行政費用同比增長的詳細信息。

I'm not sure I caught all the details, but it did seem like a big increase of 14% year over year.

我不確定我是否掌握了所有細節，但看起來確實比去年同期大幅成長了 14%。

So I'm curious, is that the run rate to expect for the whole year?

所以我很好奇，這是全年預期的運行率嗎？

Or was there something in the quarter that's going to change and go away or something remaining quarters of the year?

或者本季或今年剩餘幾季中某些事情將會改變並消失？

Hi, Linda.

你好，琳達。

So there was the bankruptcy that we had with one of our customers in the Americas.

我們在美洲的一位客戶破產了。

So that is a one-time that's hitting the Q1.

所以這是一次性事件，會影響到第一季。

We are also accruing at a higher growth reward program going into this year than we were going into last year.

我們今年的成長獎勵計劃也比去年更高。

So there is expected increased expenses in that, but that is built into our guidance for this year.

因此，預計這方面的支出會增加，但這已經包含在我們今年的指導中。

Can you quantify the one-time effect in millions of dollars that that bankruptcy had on the quarter?

您能否量化該破產對該季度造成的一次性影響（以百萬美元計）？

The bankruptcy for the quarter was approximately $800,000.

本季的破產金額約為 80 萬美元。

Okay.

好的。

And then I believe you said that FX had a little bit of a positive effect on top line in the quarter.

然後我相信您說過外匯對本季的營業收入產生了一些正面影響。

Can you update what your thoughts are for that?

能否更新一下您的想法？

I guess, how does it work out in the remaining part of the year?

我想，今年剩餘的時間狀況會如何呢？

Does it become negative?

會變成負面嗎？

Like, how has it changed in terms of your projection for that aspect of the sales line?

例如，就您對銷售線這方面的預測而言，它發生了怎樣的變化？

Yeah.

是的。

When we look at the Q1 rates right now compared to the Q1 rates last year, globally, it was trending positively for us.

當我們將目前第一季的利率與去年全球第一季的利率進行比較時，我們發現這對我們來說是正面的趨勢。

Although if you look at the individual trade blocs, specifically in the Americas with the Mexican peso and the Brazil real, it is negatively impacting us.

但如果你看看單一貿易集團，特別是美洲的墨西哥比索和巴西雷亞爾，它正在對我們產生負面影響。

So that was offset by a positive impact on the currencies elsewhere.

因此，這被對其他地區貨幣的正面影響所抵消。

If you were to look at the rates today and take a dramatic look at the rates today and forecast that out for the rest of the year, we do anticipate that it would take a turn globally, that it would then have a negative impact if we forecast it out for the remainder of the year at today's rates when you compare them to the full year rates from prior year

如果你看看今天的利率，並對今天的利率進行戲劇性的觀察，並預測今年剩餘時間的利率，我們確實預計全球利率將出現轉變，如果我們以今天的利率預測今年剩餘時間的利率與去年全年利率進行比較，就會產生負面影響

And then I think there was some mention in your 10-Q of US promotion in the quarter.

然後我認為你們在 10-Q 報告中提到了本季在美國促銷的情況。

It sounded like maybe that benefited the Multi-Use Product sales in the quarter.

這聽起來可能有利於本季的多用途產品銷售。

Can you give more color on that?

您能對此進行更詳細的說明嗎？

And would you regard that as a shifting of some sales from the second quarter into the first quarter?

您是否認為這是將部分銷售從第二季轉移到第一季？

Hey.

嘿。

Linda.

琳達。

It's Steve.

是史蒂夫。

So no, I don't think there's anything particular in terms of large volume promotions that have really boosted sales.

所以，我不認為大規模促銷活動能夠真正促進銷售。

It's really generally, I think -- particularly the home center channel in the US has gone very, very strong.

我認為，總體而言——尤其是美國的家庭中心管道已經變得非常非常強大。

Our retail sales generally have picked up.

我們的零售額整體有所回升。

Our unit sales at POS level were up around 4%, 5% in the first quarter.

第一季度，我們的 POS 層單位銷售額成長了約 4% 至 5%。

And so yeah, we're very encouraged by the switch in retail foot traffic, and DIY activity looks to be improving.

是的，我們對零售客流量的轉變感到非常鼓舞，而且 DIY 活動似乎也在改善。

And so we see that as a positive beyond the first quarter.

因此，我們認為這對第一季之後的發展具有積極意義。

Okay.

好的。

And then, just in terms of the cadence -- I know you don't want to get into quarterly type guidance at all, but the cadence -- I mean, you actually have an easy seeming -- easier comparison prior year comparison in the second quarter.

然後，就節奏而言——我知道您根本不想進入季度類型的指導，但節奏——我的意思是，您實際上有一個看似簡單——更容易與第二季度的去年同期進行比較。

And I can't quite remember what that was because of -- was that when you have the little bubble related to SAP implementation?

我記不清那是因為什麼了──那是在 SAP 實施相關的小氣泡出現的時候嗎？

I can't quite remember, but it does seem like there's an easier kind of comparison, both on sales and a little bit on profit growth.

我記不太清楚，但似乎有更簡單的比較，既有銷售額，也有利潤成長。

Can you just remind us what that was?

你能提醒我們那是什麼嗎？

Yeah, Linda, very good memory.

是的，琳達，記憶力很好。

So yes, it was the quarter that we went live with our ERP.

是的，這是我們開始使用 ERP 的季度。

And we disclosed about a $2.5 million impact that we experienced in that quarter alone for -- with disruption at the top line.

我們披露，僅在該季度，我們就遭受了約 250 萬美元的影響——營業收入受到了乾擾。

So that's the majority of it.

這就是大部分內容。

So then theoretically, you would have a higher -- so if you're your US growth rate or, I don't know, your overall sales growth was -- what was in the quarter -- 9%.

那麼從理論上講，你會有一個更高的——如果你的美國成長率，或者，我不知道，你的整體銷售成長率——本季是多少——9%。

So theoretically, it would be higher even in the second quarter because you have that easy comparison, all else being equal.

因此從理論上講，即使在第二季度，這個數字也會更高，因為在其他所有條件相同的情況下，你可以輕鬆地進行比較。

Is that the way to think about it?

是這樣思考嗎？

I think you have a couple of caveats.

我認為你有幾個警告。

One is that we disclosed last quarter, the Asia distributor markets are off to a slow start.

一是我們上個季度披露過，亞洲經銷商市場起步緩慢。

That was expected.

這是意料之中的事。

And so we expect that to pick up in the back half of the year.

因此我們預計這一情況將在今年下半年回升。

Europe is, out of the gate, very strong.

歐洲一開始就非常強大。

We expect that to continue, although we do get up in the last half of the year in some quite tough comparables versus prior year.

我們預計這種情況將持續下去，儘管與去年相比，今年下半年我們的業績確實有些艱難。

And then obviously, the Brazil impact.

然後顯然還有巴西的影響。

And so we have -- we just had a very strong start in Brazil with over $3 million of growth in Q1.

所以，我們在巴西取得了一個非常強勁的開局，第一季的成長超過 300 萬美元。

We should get that versus prior year, again, something similar or better in Q2.

與去年同期相比，我們在第二季度應該能取得類似或更好的成績。

And then obviously, that begins to taper off then in Q3 and Q4 as we lap our taking Brazil directly in Q3 and Q4.

然後顯然，隨著我們在 Q3 和 Q4 中直接超越巴西，這種情況在 Q3 和 Q4 開始逐漸減弱。

That's very helpful.

這非常有幫助。

And then just to clarify, if you do not sell the cleaning business by the end of the second quarter, will it be removed because you're restating to have it discontinued ops?

然後需要澄清的是，如果您在第二季末之前沒有出售清潔業務，那麼由於您重申將停止其運營，因此該業務是否會被刪除？

Or is it going to be in there if you don't sell it?

或者如果你不賣它，它還會在那裡嗎？

No.

不。

It will still be in there if we don't sell it.

如果我們不賣它，它仍然會在那裡。

So it's not a big enough of a strategic shift for us to qualify for discontinued ops.

因此，對我們來說，這個策略轉變還不夠大，不足以讓我們滿足停止營運的條件。

So if it's still not sold by the end of the second quarter, it will still be in our reported results.

因此，如果到第二季末仍未售出，它仍會出現在我們的報告結果中。

And we'll have -- we would have a similar reporting mechanism, and we'll try to be very transparent with so you can do it with and without DO.

我們將擁有類似的報告機制，並且我們將盡量做到透明，以便您可以在有或沒有 DO 的情況下完成報告。

And then I think, yeah, you did say strong demand in UK, Italy.

然後我想，是的，你確實說過英國和義大利的需求強勁。

You named a few regions there.

您列舉了幾個地區。

Is that -- is there anything in particular driving that market in Europe in terms of the strength that you're seeing there?

就您所看到的歐洲市場強勁成長而言，有什麼特別的因素推動歐洲市場的發展嗎？

So Europe -- just about everywhere was strong in performance all across Europe.

因此歐洲—幾乎整個歐洲各地的表現都很強勁。

I can't really think of anything that didn't really perform.

我真的想不出有什麼東西沒有真正發揮作用。

The UK was a little flat compared to some of the other markets, but -- yeah, excellent performance and all of our must-win battles being executed very strongly.

與其他一些市場相比，英國的表現略顯平淡，但是——是的，我們的表現非常出色，而且所有必須贏的戰鬥都執行得非常有力。

There is, in the first part of the year, just a little bit of distribution where we had distribution losses that are still coming back in the first half of the year, one client in perhaps, which may be positively impacted the first quarter by just under $1 million maybe.

今年上半年，我們的分銷業務只有一點點損失，但這些損失在上半年仍在增加，也許有一位客戶，這可能會對第一季帶來近 100 萬美元的正面影響。

And we'll continue to add that kind of small impact in terms of a boost in the first half of the year.

我們將在上半年繼續增加這種小的影響以促進成長。

But beyond that, EIMEA is back in growth mode just as it was -- back to where it was before the loss of the Russian business and the inflation.

但除此之外，EIMEA 已恢復成長模式，與失去俄羅斯業務和通貨膨脹之前的水平相同。

So we see very, very strong growth out of Europe.

因此我們看到歐洲的成長非常非常強勁。

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

女士們、先生們，我們的提問時間到此結束。

We thank you for participating on today's conference call and ask that you please disconnect your lines.

感謝您參加今天的電話會議，並請您斷開線路。