WD-40 Co (WDFC) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Good day, and welcome to the WD-40 Company third-quarter fiscal year 2025 earnings conference call. Today's call is being recorded. (Operator Instructions)

女士們、先生們，感謝你們的支持。大家好，歡迎參加 WD-40 公司 2025 財年第三季財報電話會議。今天的通話正在錄音。（操作員指示）

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

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迪凱利 (Wendy Kelley)。請繼續。

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

謝謝。下午好，感謝大家今天的參加。今天參加我們電話會議的有 WD-40 公司總裁兼首席執行官史蒂夫·布拉斯 (Steve Brass) 和副總裁兼首席財務官薩拉·海澤 (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 May 31, 2025. 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.

除了今天電話會議上提供的財務資訊外，我們還鼓勵投資者查閱我們截至2025年5月31日的收益報告、收益新聞稿和10-Q表。這些文件將在我們的投資者關係網站investor.wd40company.com上發布。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. 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.

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。這些非公認會計準則指標的描述和對帳可以在我們提交給美國證券交易委員會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. Actual results could differ materially. 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. Please refer to the risk factors detailed in our SEC filings for further discussion.

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。實際結果可能存在重大差異。公司的期望、信念和預測均真誠表達，但不能保證它們能夠實現或完成。請參閱我們提交給美國證券交易委員會的文件中詳述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, July 10, 2025. The company disclaims any duty or obligation to update any forward-looking information as a result of new information, future events or otherwise.

最後，對於收聽網路直播重播或查看本次通話書面記錄的任何人，請注意，所提供的所有資訊僅截至今天（2025 年 7 月 10 日）的最新資訊。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 thank you all for joining us today. Today, I'll start with an overview of our sales results for the third fiscal quarter of 2025, along with updates on Must-Win Battles and key strategic enablers. Then Sara will dive deeper into our third quarter performance, review our 55/30/25 business model, give a brief update on the expected divestiture of our homecare and cleaning business and share our updated outlook for fiscal year '25 after that, we'll open the floor for your questions.

謝謝，溫迪，也謝謝大家今天加入我們。今天，我將首先概述我們 2025 財年第三季的銷售業績，以及必勝之戰和關鍵策略推動因素的最新情況。然後，Sara 將深入探討我們第三季的業績，回顧我們的 55/30/25 商業模式，簡要介紹我們預期剝離的家庭護理和清潔業務，並分享我們對 25 財年的最新展望，之後，我們將回答您的問題。

Today, we reported third quarter net sales of $156.9 million, a 1% increase compared to the same period last year. This marks a record sales quarter for the company, reflecting continued progress and momentum. Changes in foreign currency exchange rates have continued to be a bit of a headwind for us. Adjusting for estimated translation impact of foreign currency, net sales would have been $158.6 million, reflecting an increase of 2% compared to the same period last year.

今天，我們報告第三季淨銷售額為 1.569 億美元，比去年同期成長 1%。這是該公司創紀錄的季度銷售業績，反映出持續的進步和發展勢頭。外匯匯率的變動對我們而言一直是個阻力。經估計外幣折算影響後，淨銷售額將達到 1.586 億美元，較去年同期成長 2%。

We reported third quarter net sales of $150.4 million in maintenance products our core strategic focus, reflecting a 2% year-over-year increase. While the quarter came in below our long-term growth targets for maintenance products, we remain confident in our growth trajectory. Year to date, net sales and maintenance products reached $435.2 million, representing a 6% increase and aligns with our mid-to-high single-digit long-term growth target.

我們報告稱，第三季我們的核心策略重點維護產品的淨銷售額為 1.504 億美元，年增 2%。儘管本季的業績低於我們維護產品的長期成長目標，但我們仍然對我們的成長軌跡充滿信心。年初至今，淨銷售額和維護產品達到 4.352 億美元，成長 6%，符合我們中高個位數的長期成長目標。

We are also pleased to report a strong start to the fourth quarter, with June delivering robust performance across all three trade blocks. This positive momentum reinforces our confidence in concluding the fiscal year with solid growth. Now let's talk about third quarter sales results in dollars by segment, starting with the Americas.

我們也很高興地報告第四季開局強勁，六月三大貿易板塊均表現強勁。這一積極勢頭增強了我們在本財年結束時實現穩健增長的信心。現在讓我們來談談各部門第三季的銷售業績（以美元計算），首先從美洲開始。

Sales in the Americas, which includes the United States, Latin America, and Canada increased 4% in the third quarter to $78.2 million compared to the same period last year. Adjusting for estimated translation impact of foreign currency, net sales in the Americas would have increased by 7% compared to the prior year fiscal quarter. Sales of maintenance products increased 4% in the third quarter to $75 million compared to the same period last year.

美洲地區（包括美國、拉丁美洲和加拿大）第三季的銷售額與去年同期相比成長了 4%，達到 7,820 萬美元。經估計的外幣折算影響調整後，美洲地區的淨銷售額將比去年同期成長 7%。第三季保養產品銷售額與去年同期相比成長 4%，達到 7,500 萬美元。

The bulk of this growth was driven by higher sales of WD-40 multi-use product in the United States which increased 7%, driven by increased promotional activity and the timing of customer orders. Sales in Latin America remained constant. While distributor markets in the region experienced a decline in volume, primarily due to reduced promotional activity and the timing of customer orders, this was largely offset by solid growth in Brazil, which continues to demonstrate strong market momentum.

這一增長主要得益於美國 WD-40 多用途產品銷量的增長，由於促銷活動的增加和客戶訂單時間的安排，該產品銷量增長了 7%。拉丁美洲的銷售額維持穩定。雖然該地區分銷商市場銷量有所下降，主要原因是促銷活動減少和客戶訂單時間減少，但這在很大程度上被巴西的穩健成長所抵消，巴西繼續表現出強勁的市場勢頭。

Higher sales in the United States were partially offset by lower sales in Canada, which decreased 6% compared to the prior year quarter due to changes in distribution and reduced promotional activity. In the Americas, sales of WD-40 Specialist increased 4% compared to the prior year fiscal quarter, primarily due to expanded distribution in the United States.

美國銷售額的成長被加拿大銷售額的下降部分抵消，由於分銷變化和促銷活動減少，加拿大銷售額與去年同期相比下降了 6%。在美洲，WD-40 Specialist 的銷售額與去年同期相比成長了 4%，這主要歸功於美國分銷範圍的擴大。

Homecare and cleaning product sales remained steady across periods, reflecting our strategic shift toward higher-margin maintenance products and align with our Four-by-Four Strategic Framework. In total, our Americas segment set up 50% of our global business in the third quarter.

家庭護理和清潔產品銷售額在各個時期保持穩定，這反映了我們向利潤率更高的維護產品的策略轉變，並符合我們的「四乘四」策略框架。總體而言，美洲業務在第三季佔據了我們全球業務的50%。

Now let's take a look at our sales in EIMEA, which includes Europe, India, the Middle East, and Africa. Total sales in EIMEA declined 5% in the third quarter to $56.7 million compared to the same period last year. Foreign currency translation had no material impact on our third quarter results. Sales of maintenance products decreased 3% in the third quarter to $55.6 million compared to the same period last year.

現在讓我們來看看我們在 EIMEA 的銷售情況，其中包括歐洲、印度、中東和非洲。EIMEA 地區第三季總銷售額與去年同期相比下降 5% 至 5,670 萬美元。外幣折算對我們第三季的業績沒有重大影響。第三季維護產品銷售額與去年同期相比下降 3% 至 5,560 萬美元。

The decline was largely attributed to a 6% decrease in sales of WD-40 Multi-Use Product, which came at a strong performance during the same period last year. The decline in sales of WD-40 Multi-Use Product was primarily driven by lower sales volumes to our marketing distributor customers, particularly in Turkey and the Middle East, resulting in a $3.9 million impact.

下降的主要原因是 WD-40 多用途產品銷量下降了 6%，而該產品在去年同期表現強勁。WD-40 多用途產品銷售額的下降主要是由於我們的行銷經銷商客戶（特別是在土耳其和中東）的銷售量下降，造成了 390 萬美元的影響。

Sales in Turkey were impacted by the timing of customer orders, reflecting the inherent variability we often experience in our distributor markets. Sales in the Middle East were impacted by operational changes aligned with our long-term strategic objectives.

土耳其的銷售受到客戶訂單時間的影響，反映了我們在經銷商市場中經常遇到的固有變化。中東地區的銷售受到與我們的長期策略目標一致的營運變化的影響。

As part of our commitment to manufacturing closer to end users, delivering both economic and environmental benefits, we recently onboarded a new manufacturing partner in the region. While this transition supports our long-term goals, it has resulted in short-term disruption as customers adapt to the new supply chain.

作為我們致力於更貼近最終用戶的製造、帶來經濟和環境效益的承諾的一部分，我們最近在該地區加入了一個新的製造合作夥伴。雖然這種轉變支持了我們的長期目標，但由於客戶需要適應新的供應鏈，它導致了短期混亂。

However, we continue to see strong sales trends in most of our direct markets, but sales volumes of maintenance products remained strong. Notably, sales of these products increased by 9% in France, 14% in DACH, 13% in Iberia, and 7% in the United Kingdom.

然而，我們繼續看到大多數直接市場的銷售趨勢強勁，但維護產品的銷售量仍然強勁。值得注意的是，這些產品的銷售額在法國成長了 9%，在德國、奧地利、瑞士、西班牙和英國成長了 14%，在西班牙和西班牙以及英國成長了 7%。

In EIMEA, sales of WD-40 Specialist increased 15% compared to the prior year fiscal quarter, driven primarily by higher volumes resulting from strong demand across many of our direct markets as well as increased promotional activity for our WD-40 Specialist pipeline in the DACH region.

在 EIMEA 地區，WD-40 Specialist 的銷售額與去年同期相比增長了 15%，這主要得益於我們許多直接市場需求強勁導致的銷量增加，以及我們在 DACH 地區加強了 WD-40 Specialist 產品線的促銷活動。

Homecare and cleaning product sales declined $1.2 million, primarily due to reduced demand in the UK, where the lower levels of advertising and promotional activity impacted performance. This shift reflects our continued focus on driving growth in maintenance products in alignment with our Four-by-Four Strategic Framework. In total, our EIMEA segment made up 36% of our global business in the third quarter.

家庭護理和清潔產品銷售額下降了 120 萬美元，主要原因是英國的需求減少，英國的廣告和促銷活動減少影響了業績。這一轉變體現了我們持續專注於推動維護產品的成長，這與我們的「四乘四」策略框架一致。整體而言，我們的EIMEA（歐洲、中東和非洲）業務在第三季占我們全球業務的36%。

Now on to Asia Pacific. Sales in Asia Pacific, which includes Australia, China, and other countries in the Asia region increased 7% in the third quarter to $22 million compared to the same period last year. Adjusting for estimated translation impact of foreign currency, sales in Asia Pacific would have increased by 8% compared to the prior year fiscal quarter.

現在談談亞太地區。亞太地區（包括澳洲、中國及亞洲其他國家）第三季銷售額年增7%，達2,200萬美元。經預估外匯折算影響調整後，亞太地區銷售額較上一財季成長8%。

Sales and maintenance products increased 9% in the third quarter to $19.8 million compared to the same period last year. This growth was driven by higher sales of WD-40 Multi-Use Product in China and our Asia distributor markets, where sales increased 19% and 8%, respectively.

第三季銷售及維護產品銷售額較去年同期成長 9%，達到 1,980 萬美元。這一增長得益於 WD-40 多用途產品在中國和亞洲分銷商市場的銷量增長，這兩個市場的銷量分別增長了 19% 和 8%。

In China, the increase is fueled by successful promotional programs, expanded marketing activities and broader distribution. In our Asia distributor markets, growth was supported by strong promotional execution and increased demand, particularly in Indonesia and Taiwan.

在中國，成功的促銷計劃、擴大的營銷活動和更廣泛的分銷推動了這一成長。在我們的亞洲經銷商市場中，強勁的促銷執行和不斷增長的需求推動了成長，尤其是在印尼和台灣。

In Australia, sales of maintenance products remained relatively constant. Homecare and cleaning product sales declined 9%, primarily due to reduced promotional activity and the timing of customer orders. In Asia Pacific, sales of WD-40 Specialist were up 6% in the third quarter due to higher sales volume from successful promotions and marketing efforts in our Asia distributor markets in China. In total, our Asia Pacific segment made up 14% of our global business in the third quarter.

在澳大利亞，保養產品的銷售量保持相對穩定。居家護理和清潔產品銷售額下降了 9%，主要是由於促銷活動減少和客戶訂單時間縮短。在亞太地區，WD-40 Specialist 的銷售額在第三季成長了 6%，這得益於我們在中國的亞洲經銷商市場成功的推廣和行銷活動帶來的銷售成長。總體而言，亞太地區在第三季占我們全球業務的 14%。

Now let's talk about our Must-Win Battles. Our Must-Win Battles are centered on driving revenue growth in maintenance products enhancing overall profitability. Execution across these priorities remain strong, with performance generally tracking in line with expectations and supporting our long-term value creation objectives.

現在讓我們來談談我們必須贏的戰鬥。我們必須贏得的戰鬥集中在推動維護產品的收入成長，提高整體獲利能力。這些優先事項的執行仍然強勁，績效整體符合預期並支持我們的長期價值創造目標。

Starting with Must-Win Battle number one, lead geographic expansion. Year to date, global sales of WD-40 Multi-Use Product reached $353 million, reflecting a 6% increase compared to the same period last year. This performance aligns with our long-term growth objective driven by solid execution across key markets. In EIMEA, our flagship brand delivered 8% growth, while the Americas posted a 6% increase. Although sales in Asia Pacific were flat year to date, the region showed encouraging momentum with double-digit growth in the third quarter.

從第一場「必勝之戰」開始，引領地理擴張。今年迄今為止，WD-40 多用途產品的全球銷售額已達到 3.53 億美元，比去年同期成長 6%。這項業績符合我們在主要市場穩健執行所推動的長期成長目標。在 EIMEA，我們的旗艦品牌實現了 8% 的成長，而美洲則實現了 6% 的成長。儘管今年迄今亞太地區的銷售額持平，但該地區第三季表現出令人鼓舞的勢頭，實現了兩位數的成長。

We've made excellent progress year to date in many key markets with strong sales growth of 19% in Latin America, 12% in France, 40% in India, 12% in China, 15% in Iberia, and 21% in Benelux. We estimate the global addressable market for WD-40 Multi-Use Product to be approximately $1.6 billion based on benchmark sales potential. Our strategy to capture this opportunity remains focused and effective, expand product availability across channels and geographies and increased penetration by placing more cans directly in the hands of our core end users worldwide.

今年迄今為止，我們在許多主要市場都取得了優異的進展，其中拉丁美洲的銷售額增長了 19%，法國增長了 12%，印度增長了 40%，中國增長了 12%，西班牙國家航空公司增長了 15%，比荷盧三國增長了 21%。根據基準銷售潛力，我們估計 WD-40 多用途產品的全球潛在市場約為 16 億美元。我們抓住這一機會的策略仍然是專注而有效的，擴大跨渠道和跨地區的產品供應，並通過將更多的罐頭直接送到我們全球核心終端用戶手中來提高滲透率。

Next is Must-Win Battle number two accelerating premiumization. Our second Must-Win Battle is to accelerate the growth of premium formats of WD-40 Multi-Use Product. Premiumization is a key driver of our strategy to enhance profitability and our premium offerings consistently deliver superior user experiences that foster strong brand loyalty and create positive lasting memories. Year to date, sales of WD-40 Smart Straw and EZ Reach when combined were up 7% compared to the prior year period.

接下來是第二場必勝之戰－加速高端化。我們的第二場必勝之戰是加速 WD-40 多用途產品高端規格的成長。高端化是我們提升獲利能力策略的關鍵驅動力，我們的高端產品始終如一地提供卓越的用戶體驗，培養強大的品牌忠誠度並創造積極持久的記憶。今年迄今為止，WD-40 Smart Straw 和 EZ Reach 的合併銷售量比去年同期成長了 7%。

On a go-forward basis, we'll be targeting a compound annual growth rate for net sales of premiumized products of greater than 10%. Our third Must-Win Battle is to drive WD-40 Specialist growth. Through our WD-40 Specialist product line, we're focusing on achieving category leadership and expanding market share by leveraging the strength and trust of our core brand. This approach allows us to extend our brand equity into adjacent categories for meeting the evolving needs of professional and industrial users.

展望未來，我們的目標是高端產品淨銷售額的複合年增長率達到 10% 以上。我們的第三場必勝之戰是推動 WD-40 Specialist 的成長。透過我們的 WD-40 Specialist 產品線，我們致力於利用核心品牌的實力和信任來實現品類領先地位並擴大市場份額。這種方法使我們能夠將品牌資產擴展到相鄰類別，以滿足專業和工業用戶不斷變化的需求。

Year-to-date, sales of WD-40 Specialist were $59.8 million, up 11% compared to the same period last year. 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%. Our fourth Must-Win Battle is to turbo-charge digital commerce. Our digital commerce strategy is not solely focused on driving online sales. It plays a pivotal role in accelerating progress across all our Must-Win Battle.

今年迄今為止，WD-40 Specialist 的銷售額為 5,980 萬美元，比去年同期成長 11%。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。我們的第四場必勝之戰是大力推動數位商務。我們的數位商務策略不僅僅注重推動線上銷售。它在加速我們所有必勝之戰的進展中發揮關鍵作用。

E-commerce sales were up 11% year-to-date. The digital channel serves as far more than a transactional platform. It's a tool for building brand awareness and educating end users about the unique value of our products. By leveraging digital touch points, we deepen engagement, enhance product understanding and strengthen brand affinity across our global customer base.

今年迄今，電子商務銷售額成長了 11%。數位管道的作用遠不止於一個交易平台。它是建立品牌知名度並向終端用戶介紹我們產品獨特價值的工具。透過利用數位觸點，我們能夠加深全球客戶群的互動，增強產品理解，並增強品牌親和力。

Now let's move to the second element of our Four-by-Four Strategic Framework, our strategic enablers to emphasize operational excellence. Today, I'll provide an update on strategic enablers one, two. Our first strategic enabler is to ensure a people-first mindset. Today, I want to highlight one important outcome of that commitment, employee tenure. Longer employee tenure creates meaningful economic value by reducing turnover costs, preserving institutional knowledge, enhancing productivity and strengthening stakeholder relationships, all of which contribute to sustained profitable growth.

現在，我們來談談「四乘四」策略架構的第二個要素，即強調卓越營運的策略賦能因素。今天，我將介紹策略賦能因素一和二的最新情況。我們的第一個策略推動因素是確保以人為本的思維模式。今天，我想強調這項承諾的一個重要成果，即員工任期。更長的員工任期可以創造有意義的經濟價值，因為它可以降低員工流動成本、保存機構知識、提高生產力並加強利害關係人關係，所有這些都有助於持續的獲利成長。

While the median employee tenure at US companies is approximately four years, the average tenure at WD-40 Company is double that, eight years. We take great pride in this distinction. I want to take a moment to extend my deepest thanks to all our employees for your dedication, hard work and passion. It's because of your unwavering commitment to WD-40 company continues to achieve great things. Your contributions are the foundation of our success, and we are truly grateful.

美國公司員工的平均任期約為四年，而 WD-40 公司員工的平均任期卻是美國公司的兩倍，達到八年。我們為這項殊榮感到非常自豪。我想藉此機會向我們所有員工的奉獻、辛勤工作和熱情表示最深切的感謝。正是因為您們的不懈努力，WD-40公司才得以持續取得輝煌成就。您的貢獻是我們成功的基石，我們對此深表感激。

Moving on to our second strategic enabler, which is to build an enduring business for the future. WD-40 Company has long been committed to purpose-driven growth, operating in a way that balances economic performance environmental stewardship and social responsibility to create and protect long-term stakeholder value.

接下來談談我們的第二個策略推動因素，即打造一個面向未來的持久業務。WD-40 公司長期以來致力於目標驅動的成長，以平衡經濟績效、環境管理和社會責任的方式運營，以創造和保護長期利益相關者的價值。

Today, I want to highlight our commitment to social responsibility and share an update on our broader citizenship efforts. For over 40 years, WD-40 Company has supported communities by contributing to a wide range of non-profit organizations and initiatives. Recently, we completed a reevaluation of our social mission to ensure it reflects who we are today and where we're headed.

今天，我想強調我們對社會責任的承諾，並分享我們更廣泛的公民努力的最新進展。40 多年來，WD-40 公司一直透過向各種非營利組織和倡議做出貢獻來支持社區。最近，我們對我們的社會使命進行了重新評估，以確保它能夠反映出我們今天的身份和我們的發展方向。

Rooted in our people first culture, values and brand mission, the purpose of our new citizenship framework is to empower doers around the world to build a better future. A new citizenship framework is anchored in three strategic pillars: training, preparation, and restoration. These pillars align with our 2030 strategy, reinforce our company's purpose and support the United Nations sustainable development goals in meaningful ways.

我們的新公民框架植根於以人為本的文化、價值和品牌使命，旨在賦能世界各地的實幹家，創造更美好的未來。新的公民框架以三大戰略支柱為基礎：訓練、準備和復原。這些支柱與我們的 2030 年策略一致，強化了我們公司的宗旨，並以有意義的方式支持聯合國的永續發展目標。

One way we're bringing the training pillar to live is through programs like training the trades. This program supports aspiring technicians and trades people around the world with the goal of developing the next generation of skilled professionals. By doing so, we help strengthen communities and address critical talent gaps in many of the regions where we operate.

我們讓培訓支柱真正發揮作用的一種方法是透過諸如行業培訓之類的計畫。該計劃為世界各地有抱負的技術人員和商人提供支持，目標是培養下一代技術熟練的專業人員。透過這樣做，我們幫助加強社區並解決我們運營的許多地區的關鍵人才缺口。

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

說完這些，我現在將電話轉給薩拉。

Thanks, Steve. Today, I'll offer insights into our business model, highlight key takeaways from our third quarter performance and provide a brief update on the planned divestiture of our homecare and cleaning business in the Americas and the UK. I'll also share our updated outlook for fiscal year 2025. Let's start with a look at our business model.

謝謝，史蒂夫。今天，我將深入介紹我們的商業模式，強調我們第三季業績的關鍵要點，並簡要介紹我們在美洲和英國的家庭護理和清潔業務的計劃剝離情況。我也會分享我們對 2025 財年的最新展望。讓我們先來看看我們的商業模式。

Our 55/30/25 business model remains a long-term strategic guidepost. In the near to midterm, we continue to evaluate each component of the model within a range, allowing us to adapt while staying aligned with our long-term objectives. I'll kick off with an overview of our third quarter gross margin performance. We target a range of 50% to 55% for gross margin, and we have made excellent progress on gross margin recovery.

我們的 55/30/25 商業模式仍然是長期策略指南。在近期到中期，我們將繼續在一定範圍內評估模型的每個組成部分，以便我們在與長期目標一致的同時進行調整。我將首先概述我們第三季的毛利率表現。我們的目標是毛利率達到50%至55%，而且我們在毛利率恢復方面已經取得了顯著進展。

In the third quarter, our gross margin was 56.2%, up from 53.1% last year, representing an improvement of 310 basis points. Gross margin improved due to several favorable factors, 110 basis points from higher average selling prices, including the impact of premiumization. 80 basis points from lower specialty chemical costs and 60 basis points from reduced can costs.

第三季度，我們的毛利率為56.2%，高於去年的53.1%，提高了310個基點。毛利率因多種有利因素而提高，其中平均銷售價格上漲 110 個基點，包括高端化的影響，特種化學品成本降低 80 個基點，罐體成本降低 60 個基點。

There were no material unfavorable impacts to gross margin this quarter. We're also pleased to report that gross margin improved across all three trade blocks this quarter compared to the same period last year. Gross margin in the Americas rose 360 basis points from 50.6% to 54.2%, driven by lower specialty chemical costs and higher average selling prices.

本季毛利率未受到重大不利影響。我們也很高興地報告，與去年同期相比，本季三個貿易板塊的毛利率都有所提高。受特種化學品成本下降和平均銷售價格上漲的推動，美洲地區的毛利率上升了 360 個基點，從 50.6% 增加到 54.2%。

Gross margin in EIMEA increased 290 basis points from 54.8% to 57.7% driven by higher average selling prices, favorable shifts in sales and market mix and lower input costs. Gross margin in Asia Pacific rose 140 basis points from 57.6% to 59%, primarily due to higher average selling prices.

受平均銷售價格上漲、銷售和市場組合有利轉變以及投入成本降低的推動，EIMEA 的毛利率從 54.8% 增加 290 個基點至 57.7%。亞太地區的毛利率上升了 140 個基點，從 57.6% 上升至 59%，主要歸因於平均售價上漲。

As a reminder, gross margin recovery has been a central focus for senior leadership who are incentivized to recover gross margin to 55% and beyond. Year-to-date, our gross margin was 55.2%, up from 53.1% last year. It is great to see our supply chain initiatives having an impact on our overall gross margin results. For the full fiscal year, we currently project gross margin will be between 55% and 56%. And one year ahead of our original time line.

提醒一下，毛利率的恢復一直是高層領導的重點，他們致力於將毛利率恢復到 55% 甚至更高。年初至今，我們的毛利率為 55.2%，高於去年的 53.1%。我們很高興看到我們的供應鏈舉措對我們的整體毛利率結果產生了影響。對於整個財年，我們目前預計毛利率將在 55% 至 56% 之間。比我們原定的時間表提早了一年。

While risks remain, including cost volatility, tariffs, the timing of supply chain cost initiatives and progress on our asset divestitures, we're closely monitoring these factors. Gross margin has strengthened steadily in recent quarters, giving us confidence in exceeding our 55% long-term objectives this fiscal year.

儘管風險依然存在，包括成本波動、關稅、供應鏈成本計劃的時間以及資產剝離的進展，但我們正在密切關注這些因素。最近幾季毛利率穩定上升，讓我們有信心在本財年超越 55% 的長期目標。

Now turning to our cost of doing business, which we define as total operating expenses less adjustments for certain noncash expenses. Our cost of doing business is primarily driven by three key areas: strategic investments in our people, global brand-building efforts, and freight expenses associated with delivering products to our customers.

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。我們的經營成本主要由三個關鍵領域決定：對員工的策略性投資、全球品牌建立工作、向客戶交付產品相關的運費。

While our long-term goal is to manage cost of doing business within the 30% to 35% range, we continue to make thoughtful, strategic investments to support long-term growth. These include initiatives in brand building, technology, ESG, innovation, and regulatory compliance.

雖然我們的長期目標是將經營成本控制在 30% 至 35% 的範圍內，但我們會繼續進行深思熟慮的策略性投資，以支持長期成長。這些舉措包括品牌建立、技術、ESG、創新和監管合規方面的舉措。

This quarter, our cost of doing business was 38% of net sales, up from 34% in the same period last year. In dollar terms, our cost of doing business increased $5.9 million or 11%, of which $2.9 million was driven by timing differences for our incentive compensation accrual this quarter as compared to the prior year.

本季，我們的經營成本佔淨銷售額的38%，高於去年同期的34%。以美元計算，我們的營運成本增加了 590 萬美元，即 11%，其中 290 萬美元是由於本季與去年同期相比激勵薪酬應計的時間差異造成的。

Increases were also driven by higher employee-related expenses, including additional head count to support our sales growth initiatives outlined in our strategic framework as well as staffing to enhance our information systems. Advertising and promotional expenses remained relatively constant year over year. As a percentage of net sales, A&P spend was 5.8% this quarter compared to 6% in the same period last year.

員工相關費用的增加也推動了成長，包括為支持我們策略框架中概述的銷售成長計劃而增加的員工人數，以及為增強我們的資訊系統而配備的人員。廣告和促銷費用較去年同期保持相對穩定。本季廣告與宣傳支出佔淨銷售額的百分比為 5.8%，去年同期為 6%。

While we are currently tracking below our full year guidance of 6% of net sales, we have several brand building initiatives planned for the remainder of the fiscal year, which we expect will bring A&P investment in line with our guidance. We expect to see improvements in our cost of doing business metric over time as sales growth, which is the most important factor in managing our cost of doing business towards our long-term target of 30% to 35%.

雖然我們目前的業績低於全年淨銷售額6%的預期，但我們計劃在本財年剩餘時間內開展多項品牌建設計劃，預計這些計劃將使廣告和宣傳費用投入達到我們的預期。我們預計，隨著銷售額的成長，我們的營運成本指標將隨著時間的推移而改善，而銷售額的成長是我們管理營運成本、實現30%至35%的長期目標的最重要因素。

Turning now to adjusted EBITDA. We believe adjusted EBITDA as a percentage of sales is a valuable metric for assessing both profitability and operational efficiency. Our long-term target is a range of 20% to 25%, and we have made solid progress towards achieving this aspiration. In the third quarter, our adjusted EBITDA margin was 20% compared to 19% in the same period last year. We believe looking at adjusted EBITDA in dollar terms can also be useful for assessing absolute performance.

現在來談談調整後的 EBITDA。我們認為，調整後EBITDA佔銷售額的百分比是評估獲利能力和營運效率的重要指標。我們的長期目標是達到20%至25%，並且我們已在實現這一目標方面取得了紮實的進展。第三季度，我們的調整後 EBITDA 利潤率為 20%，而去年同期為 19%。我們認為，以美元計算的調整後 EBITDA 也有助於評估絕對業績。

In the third quarter, our adjusted EBITDA was $30.7 million, up 3% from prior quarter. Adjusted EBITDA is a critical component of our business model. With our low debt, capital-light structure, much of it converts to free cash flow, enabling consistent stockholder returns and long-term value creation.

第三季度，我們的調整後 EBITDA 為 3,070 萬美元，較上一季成長 3%。調整後的 EBITDA 是我們商業模式的關鍵組成部分。由於我們的低負債、輕資本結構，大部分資金都轉化為自由現金流，從而實現持續的股東回報和長期價值創造。

Let's turn to other key measures of our financial performance, operating income and earnings per share. Operating income improved to $27.4 million in the third quarter, an increase of 1% over the prior period. Diluted earnings per common share were $1.54 in the third quarter compared to $1.46 last year, reflecting an increase of 5%. Our diluted EPS reflects 13.6 million weighted average shares outstanding.

讓我們來看看我們財務表現的其他關鍵指標：營業收入和每股盈餘。第三季營業收入增至2,740萬美元，較上一季成長1%。第三季每股普通股攤薄收益為 1.54 美元，去年同期為 1.46 美元，成長 5%。我們的稀釋每股盈餘反映了 1,360 萬股加權平均流通股。

Next, let's review our balance sheet and capital allocation strategy. Our financial position and liquidity remains strong, supporting a balanced capital allocation strategy that invest in long-term growth while delivering meaningful returns to stockholders, maintaining a disciplined and balanced capital allocation approach remains a priority for us. For the foreseeable future, we expect maintenance CapEx of between 1% and 2% of sales per fiscal year, which is in line with our asset-light strategy.

接下來，讓我們回顧一下我們的資產負債表和資本配置策略。我們的財務狀況和流動性仍然強勁，支持我們實施均衡的資本配置策略，即投資於長期成長，同時為股東帶來可觀的回報。維持嚴謹、均衡的資本配置策略仍是我們的首要任務。在可預見的未來，我們預期維護資本支出將佔每個財年的銷售額的 1% 至 2%，符合我們的輕資產策略。

Our cash flows from operations this quarter was $35 million, and we elected to use approximately $20 million of that cash to pay down a portion of our short-term higher interest rate borrowings. Our intent is to continue to pay down higher interest borrowings under the current interest rate environment. We continue to return capital to our stockholders through regular dividends and buybacks.

我們本季的經營現金流為 3,500 萬美元，我們選擇使用其中約 2,000 萬美元的現金來償還部分短期高利率借款。我們的目的是在當前利率環境下繼續償還更高利息的借款。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 June 17, our Board of Directors approved a quarterly cash dividend of $0.94 per share. During the third quarter, we repurchased approximately 12,750 shares of our stock at a total cost of approximately $3 million under our current share repurchase plan.

年度股利將繼續是我們的重點，目標是達到收益的 50% 以上。6 月 17 日，我們的董事會批准每股 0.94 美元的季度現金股利。第三季度，根據現行股票回購計劃，我們回購了約 12,750 股股票，總成本約為 300 萬美元。

On June 16, our Board of Directors approved an amendment to extend the current share repurchase plan for an additional year, resulting in a new expiration date of August 31, 2026. We plan to remain active in the market and expect to repurchase at least enough shares to offset shares issued. Our goal is to return capital to stockholders in the most accretive way possible.

6 月 16 日，我們的董事會批准了一項修正案，將目前的股票回購計畫延長一年，新的到期日為 2026 年 8 月 31 日。我們計劃繼續活躍於市場，並預計回購至少足以抵消已發行股份的股票數量。我們的目標是以最具增值性的方式向股東返還資本。

Finally, before I move to guidance, I would like to provide a brief update on the household divestiture. Our investment bank continues active discussions with multiple potential buyers, both in the United States and in the United Kingdom. Although there is no certainty of a deal, we remain optimistic, and I will provide further updates as appropriate.

最後，在提供指導之前，我想先簡單介紹一下家庭資產剝離的最新情況。我們的投資銀行繼續與美國和英國的多個潛在買家進行積極討論。儘管尚未確定是否能達成協議，但我們仍保持樂觀，我將在適當的時候提供進一步的更新資訊。

So let's turn to FY25 guidance, which we have made revisions to reflect our current view of the business. As a reminder, we issued this year's guidance on a proforma basis, excluding the financial impact of the home care and cleaning brands we have classified as assets held for sale. Given that the timing of the transaction remains uncertain, we continue to believe this approach provides investors with clarity on the direction of the core business and helps minimize the noise surrounding the transaction.

因此，讓我們轉向 FY25 指導，我們對其進行了修改以反映我們對業務的當前看法。提醒一下，我們以備考方式發布了今年的指引，其中不包括我們歸類為持有待售資產的家庭護理和清潔品牌的財務影響。鑑於交易時機仍不確定，我們仍然相信這種方法可以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。

In addition, this guidance excludes the release of a noncash onetime uncertain tax position that generated a favorable income tax adjustment, which we disclosed in the second quarter of fiscal year 2025. I encourage investors to review our third quarter fiscal year 2025 earnings presentation, which includes a pro forma view.

此外，本指引不包括產生有利所得稅調整的非現金一次性不確定稅務狀況的釋放，我們在 2025 財年第二季揭露了該狀況。我鼓勵投資人查看我們 2025 財年第三季的財報，其中包括一份備考觀點。

With only one quarter to go, we are pleased with the outlook for the full year. And as Steve indicated, we are seeing a strong start to our fourth quarter. With that, our updated guidance for fiscal year 2025 is projected as follows: net sales growth from the pro forma 2024 results have been narrowed to be between 6% and 9%, with net sales between $600 million and $620 million after adjusting for translation impacts of foreign currency. We continue to expect full year gross margin to be in the range of 55% to 56%. Advertising and promotion investment continues to be around 6% of net sales.

只剩一個季度了，我們對全年的前景感到滿意。正如史蒂夫所說，我們在第四季度開局強勁。據此，我們對 2025 財年的最新預測如下：淨銷售額較 2024 年預測結果的成長幅度已縮小至 6% 至 9% 之間，調整外幣折算影響後的淨銷售額將在 6 億美元至 6.2 億美元之間。我們繼續預計全年毛利率將在 55% 至 56% 之間。廣告和促銷投資繼續佔淨銷售額的6%左右。

Operating income has been increased to be between $96 million and $101 million, now representing growth of between 7% and 12% over the pro forma 2024 results. The provision for income tax is expected to continue to be around 22.5%. And we are increasing our diluted earnings per share guidance primarily due to the impact of foreign currency exchange rate fluctuations and changes in nonoperating items.

營業收入已增至 9,600 萬美元至 1.01 億美元之間，比 2024 年預測結果成長 7% 至 12%。預計所得稅撥備將持續維持在22.5%左右。我們上調每股攤薄收益預期，主要原因是外匯匯率波動和非營業項目變化的影響。

It is now expected to be between $5.30 and $5.60 which is based on an estimated 13.5 million weighted average shares outstanding. This range now represents growth of between 12% and 18% over the pro forma 2024 results. This guidance assumes no major changes to the current economic environment, unanticipated inflationary headwinds, foreign currency exchange fluctuations, changes in trade tariffs, and other unforeseen events may further affect the company's financial results.

目前預計該價格在 5.30 美元至 5.60 美元之間，這是基於估計的 1,350 萬股加權平均流通股數。目前，這一範圍代表 2024 年預測結果的成長幅度在 12% 至 18% 之間。本指引假設當前經濟環境沒有重大變化，意外的通膨逆風、外匯波動、貿易關稅變化和其他不可預見的事件可能會進一步影響公司的財務表現。

In the event, we are unsuccessful in divesting the assets currently held for sale, our guidance would be positively impacted by approximately $20 million in net sales, $6 million in operating income, and $0.33 in diluted EPS on a full year basis. That completes the financial overview.

如果我們未能成功剝離目前持有待售的資產，我們的指導將受到全年約 2,000 萬美元淨銷售額、600 萬美元營業收入和 0.33 美元稀釋每股收益的正面影響。財務概覽到此結束。

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. In summary, what did you hear from us on this call? You heard that the third quarter was a record sales quarter for the company, reflecting continued progress and momentum. You heard that sales of our maintenance products were up 6% year-to-date and that this performance aligns with our long-term growth targets.

謝謝你，薩拉。總而言之，您在這次通話中聽到了我們的什麼訊息？您聽說第三季度是該公司創紀錄的銷售季度，反映出持續的進步和發展勢頭。您聽說了，今年迄今為止，我們的維護產品銷售額成長了 6%，這一業績符合我們的長期成長目標。

You heard that we're pleased to report a strong start to the fourth quarter, with June delivering robust performance across all three trade blocks. You heard that sales of WD-40 Multi-Use Product were up 6% year-to-date.

您聽說了，我們很高興地報告第四季度開局強勁，六月三大貿易板塊均表現強勁。您聽說 WD-40 多用途產品的銷售量今年迄今已成長了 6%。

You heard that sales of WD-40 Specialist were up 11% year-to-date. You heard that sales in the e-commerce channel are up 11% year-to-date. You heard while the US median employee tenure is four years, WD-40 Company averages eight, twice as long.

您聽說 WD-40 Specialist 的銷量今年迄今已成長了 11%。您聽說今年迄今為止電子商務通路的銷售額成長了 11%。您聽說過，美國員工的平均任期為 4 年，而 WD-40 公司的平均任期為 8 年，是後者的兩倍。

You heard that we're launching a renewed citizenship platform, designed to empower doers around the world to build a better future. You heard that in the third quarter, our gross margin was 56.2%, and we believe we will end fiscal year 2025 within our guidance range of 55% to 56%.

你們聽說了，我們正在推出一個新的公民平台，旨在幫助世界各地的實干家創造更美好的未來。您聽說在第三季度，我們的毛利率為 56.2%，我們相信我們將在 2025 財年結束時達到 55% 至 56% 的預期範圍。

You heard that we narrowed our net sales guidance and now expect net sales growth of between 6% and 9% in fiscal year '25, which aligns with our mid-to-high single-digit long-term growth target. And you heard that we made an upward revision to our full fiscal year '25 operating income and EPS guidance.

您聽說我們縮小了淨銷售額預期，現在預計 25 財年的淨銷售額成長率將在 6% 至 9% 之間，這與我們中高個位數的長期成長目標一致。您已經聽說了，我們對 25 財年全年營業收入和每股收益預測進行了上調。

Thank you for joining our call today. We'd now be pleased to answer your questions.

感謝您今天參加我們的電話會議。我們現在很高興回答您的問題。

(Operator Instructions)

（操作員指示）

Daniel Rizzo, Jefferies.

傑富瑞的丹尼爾·里佐 (Daniel Rizzo)。

Hey, everyone, thanks for taking my questions. It looks like you said it was a strong June, and it was a really solid Q3. But maybe I'm wrong, but it seems like the Q4 guidance is kind of wide. I was wondering, if there's things there that could go wrong to maybe go towards the low end or frankly, overall, why it's kind of wide given what's happening?

嘿，大家好，感謝你們回答我的問題。看起來您說的是 6 月表現強勁，第三季表現也非常穩健。但也許我錯了，但第四季的指導似乎有點廣泛。我想知道，如果那裡有些事情可能會出錯，可能會走向低端，或者坦率地說，總的來說，考慮到正在發生的事情，為什麼它會這麼寬泛？

I'll kick off with that, Daniel, and Sara, you feel free to chime in. And so yeah, our guidance -- I mean, obviously, we were now only 8 to 10 weeks out to the year-end, and so we have a much clearer view of where we're headed. So we did narrow the guidance slightly, just to reflect our latest estimate, which is fully within our historical kind of targets of 6% to 9% for maintenance products.

我先從這個開始，丹尼爾，還有薩拉，你們可以隨意加入。是的，我們的指導——我的意思是，顯然，我們現在距離年底只有 8 到 10 週的時間了，所以我們對我們的發展方向有了更清晰的認識。因此，我們確實略微縮小了指導範圍，只是為了反映我們的最新估計，這完全符合我們維護產品 6% 至 9% 的歷史目標。

And so we feel that, obviously, the third quarter, we were a little lighter in terms of revenue growth, albeit delivering a record sales quarter, up against a tough comparable. And the fourth quarter is also quite a tough comparable compared to prior year. And so we feel good about where we're targeting, the revenue numbers. Sara, do you have anything to add?

因此，我們認為，儘管第三季的銷售額創下了歷史新高，但與競爭對手相比，營收成長顯然略有放緩。與去年同期相比，第四季也相當艱難。因此，我們對我們的目標收入數字感到滿意。薩拉，您還有什麼要補充的嗎？

Hi Daniel, a lot of times, the promotional activity as we get to the end of a quarter, at the end of the year can swing it from one direction, if something gets pulled forward or something gets pushed out. And so sometimes that is out of our control, along with the timing of when, especially in our marketing distributor markets, if an order or two slips even just a couple of days, that actually can have a decent impact because those orders tend to be fairly sizable. So it's one of the reasons why we kept a decent range but also felt that it was appropriate to narrow it just where we think the year is going to land.

你好，丹尼爾，很多時候，當我們到達一個季度末或年底時，促銷活動可能會從一個方向轉變，有的東西被提前了，有的東西被推遲了。因此，有時這是我們無法控制的，尤其是在我們的行銷經銷商市場中，如果一兩個訂單只是延遲幾天，實際上就會產生相當大的影響，因為這些訂單往往相當大。因此，這是我們保持合理範圍的原因之一，但同時也認為將其縮小到我們認為今年將會結束的範圍是合適的。

Thanks. That's helpful. And then so we're doing great with gross margin. You're at 55% to 56%. But the long-term target is 55%. So does that suggest maybe some give back next year or at the very least slower growth? Or how should we think about it? I'm not asking for, I guess, for guidance per se, but just how we should think about it after this fourth quarter here?

謝謝。這很有幫助。因此我們的毛利率表現非常好。您的比例為 55% 至 56%。但長期目標是55%。那麼這是否意味著明年可能會出現一些回落或至少成長放緩？或者說我們該如何去思考這個問題？我想，我並不是尋求指導本身，而是在尋求第四季之後我們該如何看待它？

Yeah, I mean I think, obviously, we're very pleased with where margin has held throughout the course of the year and believe we'll be in line with that 55% to 56%. I think we've indicated, right, we necessarily won't be stopping at 55%. We do have a number of supply chain initiatives in the pipeline that we think could potentially be accretive if we don't encounter additional inflationary headwinds.

是的，我的意思是，顯然，我們對全年的利潤率保持情況感到非常滿意，並相信我們將保持 55% 至 56% 的水平。我認為我們已經表明了，我們一定不會停留在 55%。我們確實正在籌備一些供應鏈計劃，我們認為，如果不遭遇額外的通膨阻力，這些計劃可能會帶來增值。

And so we're pleased with where margin is. Obviously, the stability of the input cost has been in our favor this year. And if we do encounter any inflationary headwinds going into next year, I think we're pretty confident that we have enough supply chain initiatives in the pipeline to offset those. But if the cost stays stable, then those supply chain initiatives would likely be accretive to us.

因此，我們對利潤率感到滿意。顯然，今年投入成本的穩定對我們有利。如果我們明年確實遇到任何通膨阻力，我認為我們非常有信心，我們有足夠的供應鏈舉措來抵銷這些阻力。但如果成本保持穩定，那麼這些供應鏈措施可能會為我們帶來增值。

Okay. And then just kind of going down. So then it seems the last few years that as I looked at my model, that G&A cost generally rise by double digits. I know you don't really guide to that, but is that how we should think about that too as you go into '26 and just over the long term that given the promotional activity and some -- well, some of the things you're doing with the different activities you have that we should think about that growing, I don't know, like low double digits?

好的。然後就開始下降了。因此，根據我的模型，過去幾年，G&A 成本似乎普遍以兩位數的速度成長。我知道您並沒有真正指導這一點，但是當您進入 26 年並且從長遠來看考慮到促銷活動和一些 - 嗯，您正在進行的一些不同活動，我們應該考慮增長，例如低兩位數？

From an SG&A perspective, Daniel?

從銷售、一般及行政費用 (SG&A) 的角度來看，丹尼爾？

That's correct.

沒錯。

Yeah, so obviously, we've been making -- we've talked about the investments that we've been making over the past couple of years, specifically around IT, ESG, in particular, and then some of the org design work that we've implemented a few years ago. We are focused on the cost side of things. And so I don't think double digits is necessarily what I would be guiding to for next year. We're obviously just in the early stages of our plan for next year, but we're very much focused on coming out next year with costs not at the same rate that you've seen in the last couple of years.

是的，很明顯，我們一直在進行——我們談論了過去幾年我們所做的投資，特別是在 IT、ESG 方面的投資，以及我們幾年前實施的一些組織設計工作。我們關注的是成本方面。因此，我認為我對明年的預期不一定是兩位數。顯然，我們明年的計劃才剛開始，但我們非常注重明年的成本，而不是像過去幾年那樣。

Okay. And then for FX, it was kind of -- it was a little bit of a mixed bag with more of a headwind in Q3. But as we sit here now with the eight weeks left, should we think about it as maybe a small benefit in the fourth quarter or how should we think about that?

好的。對於 FX 來說，情況有點複雜，第三季面臨的阻力更大。但是現在只剩下八週的時間了，我們是否應該將其視為第四季度的一個小小收益，或者我們應該如何看待它？

Yeah, I think we'll continue. If you look at on a global basis, right, the biggest headwind we had for FX was in the second quarter. That pulled back a little bit in the third quarter, actually, was finally thought flip positive for us in Europe, in particular, which is where we have the biggest impact of currency.

是的，我想我們會繼續。如果從全球角度來看，外匯面臨的最大阻力是在第二季。實際上，第三季這一數字略有回落，但最終被認為對我們在歐洲來說是有利的，特別是在受貨幣影響最大的歐洲。

If we sit here with the rates sitting here today compared to Q4 of last year, I would expect that to be a positive for us, albeit the Mexican and the Brazilian currencies have been our biggest headwinds for the full year, and that could will likely continue into the fourth quarter.

如果我們將今天的利率與去年第四季的利率進行比較，我預計這對我們來說是有利的，儘管墨西哥和巴西貨幣一直是我們全年最大的阻力，而且這種情況可能會持續到第四季度。

Okay. And then one final question. I know tariffs are not really having a major impact on you guys, but I was wondering, if it's having, I don't know, just with all the announcements, a couple of different things, if it's having an effect on customer order trends or even distributor order trends, whether there was some pull forward before Liberation Day or after or I don't know if it's just causing lumpiness, frankly.

好的。最後一個問題。我知道關稅實際上並沒有對你們產生重大影響，但我想知道，如果它有，我不知道，只是所有的公告，一些不同的事情，如果它對客戶訂單趨勢甚至分銷商訂單趨勢產生影響，是否有在解放日之前或之後的一些拉動，或者我不知道它是否只是造成了不平衡，坦率地說。

Not really, Dan. I mean we've kind of made the statement last quarter that we are relatively -- we're not immune from tariffs, and particularly in our Americas business, we do have some exposure. But no, there's no kind of real lumpiness around ordering patterns, I wouldn't say. And we do have substantial supply chain initiatives which are largely offsetting the impact of tariffs.

不是的，丹。我的意思是，我們上個季度已經聲明過，我們相對而言並不能免受關稅的影響，特別是在美洲業務中，我們確實受到一定的影響。但不，我不會說排序模式周圍不存在任何真正的不平衡。我們確實有大量的供應鏈舉措，在很大程度上抵消了關稅的影響。

And so where there is particularly within our Americas region, some tariff exposure, particularly around steel cans with the tariffs, we are managing to offset that globally in terms of countermeasures from supply chain initiatives, making it virtually a wash globally for us.

因此，特別是在我們美洲地區，存在一些關稅風險，特別是鋼罐關稅，我們正在透過供應鏈舉措等應對措施來抵消全球範圍內的關稅影響，這實際上對我們在全球範圍內來說是一筆划算的。

Thank you very much guys.

非常感謝你們。

Thank you.

謝謝。

Mike Baker, D.A. Davidson.

麥克貝克、D.A.戴維森。

Okay. Hi, thanks. I guess just kind of a follow-up on the guidance question, but I am a little curious what so you narrowed the range for the full year. What changed in the top line? Is it a function of what you saw in the third quarter? What you expect to see in the fourth quarter?

好的。你好，謝謝。我想這只是對指導問題的後續回答，但我有點好奇，為什麼您縮小了全年的範圍。頂線有什麼變化？這是您在第三季看到的情況嗎？您對第四季有何期待？

Is it FX? Just why is that midpoint down a little bit? And then the sort of opposite question on the profitability, you increase that. So what's the mindset there? Is that a function of what you've seen year-to-date or the confidence in what you're seeing in the fourth quarter?

是 FX 嗎？那麼，為什麼中點會稍微下降一點呢？然後，關於盈利能力的相反的問題，你就增加了這個問題。那麼那裡的心態是怎麼樣的呢？這是您今年迄今所見情況的結果，還是您對第四季所見的信心？

Yeah, hey, Mike. So I think it's as you get further into the year and you're 8, 10 weeks away from the year-end, you get a clearer picture on how things are tracking. And so yeah, 8, 10 weeks away, this kind of guidance of 6% to 9%, which is where we guide to long term is kind of where we see it from today's vantage point, and so we're narrowing the guidance.

是的，嘿，麥克。所以我認為，隨著時間的流逝，距離年底還有 8 到 10 週，你會對事情的進展有更清晰的了解。是的，再過 8 到 10 週，這種 6% 到 9% 的指導，就是我們對長期的指導，也是我們從今天的角度來看的，所以我們正在縮小指導範圍。

You see the sort of comparable numbers we're lapping now in Europe for the third and fourth quarter. That's a part of it. We did talk to some kind of slowdown within our Middle Eastern region. And so therefore, that's the structural reasons. We've implemented a new manufacturing partner in Dubai.

您可以看到我們現在在歐洲獲得的第三季和第四季的類似數字。這是其中的一部分。我們確實談到了中東地區某種程度的經濟放緩。因此，這就是結構性原因。我們在杜拜找到了新的製造合作夥伴。

And so what's happened there is that our local partners are reduced the inventory needs. And so whereas they were sourcing before by a C shipment, it was taking a month, they're now able to get product within five days or seven days. And so the need for inventory is considerably less.

因此發生的情況是，我們的當地合作夥伴減少了庫存需求。因此，他們以前透過C批次貨件採購，通常需要一個月的時間，現在他們能夠在五天或七天內拿到產品。因此，對庫存的需求大大減少。

And so there, we have a one-off kind of change that we weren't quite sure when in the year we're going to be implementing. So that had a material impact. We also spoke about Turkey, this is one of those emerging markets where one year, you can grow at 66% like we did last year. And this year, we're declining by almost 40%. So the long-term story is still extremely positive, but some of these emerging markets are more volatile, and that does lead to some predictability. .

因此，我們有一個一次性的改變，我們不太確定在今年什麼時候實施。所以這產生了實質的影響。我們也談到了土耳其，這是一個新興市場，一年的成長率可以達到 66%，就像我們去年所做的那樣。今年，我們的經濟下滑了近40%。因此，長期前景仍然非常樂觀，但一些新興市場波動較大，這確實帶來了一些可預測性。。

And then, Mike, maybe if I can just add on a little bit. So the sales guidance that we put out is on a constant currency basis. And so we try to take the currency out of that 6% to 9% growth. What you're seeing then on the change for the operating income and the EPS is that when we were sitting here at Q2, the euro, in particular, was at a much lower rate. It has since improved and held and we're using more current rates.

然後，麥克，也許我可以補充一點。因此，我們發布的銷售指導是基於固定匯率計算的。因此，我們試圖讓貨幣擺脫 6% 到 9% 的成長。那麼，您看到的營業收入和每股盈餘的變化是，當我們處於第二季時，歐元的匯率要低得多。此後，情況不斷改善並保持穩定，我們正在使用更現行的利率。

So we're seeing a positive impact actually to our operating income and EPS and then just one or two other nonoperating items that are positive in our favor. But all in all, I think when we put out guidance at the beginning of the year, kind of where we're landing at the end of the year, the business is actually pretty in line with where we expected it with some currency noise in the first half of the year then being coming back and giving us a little bit of tailwind in the back half of the year.

因此，我們看到它實際上對我們的營業收入和每股盈餘產生了積極影響，並且還有一兩個對我們有利的非營業項目。但總而言之，我認為當我們在年初發布指引時，以及我們在年底的預期中，業務實際上與我們的預期非常一致，上半年有一些貨幣噪音，然後又回來了，並在下半年給我們帶來了一點順風。

Got it. Makes sense. Thanks. If I could ask one other question. It's interesting. I think in some of the revenue we talked about some of the regions, you talked about promotions helping drive business as well as in some of the products. So if you could talk about the promotional activity that you're seeing and I guess, within the context of the idea that even though, you're talking about promotional activity driving businesses, your promotions as a percent of sales was actually down year-to-date a little bit. So just trying to square that circle.

知道了。有道理。謝謝。如果我可以再問一個問題。這很有趣。我認為，在我們討論某些地區的一些收入中，您談到了促銷有助於推動業務以及某些產品的發展。因此，如果您可以談談您所看到的促銷活動，我想，儘管您談論的是促銷活動推動業務發展，但從這個角度來看，促銷佔銷售額的百分比實際上今年迄今為止有所下降。所以只是試圖解決這個問題。

Yeah, I think you have to differentiate between promotions and brand building, right? And so most of our marketing investments are in terms of brand building and things, simple marketing programs like sampling. We've spoken about the sampling programs we put out across the world, particularly in places like China and India to bring in new end users. And so that's kind of part of that.

是的，我認為你必須區分促銷和品牌建設，對嗎？因此，我們的大部分行銷投資都用於品牌建立和其他簡單的行銷計劃，例如抽樣。我們談到了我們在世界各地推出的抽樣計劃，特別是在中國和印度等地，以吸引新的最終用戶。這就是其中的一部分。

The other aspect is then with our big kind of box retailers, particularly in the Americas, whether a promotion lands, so it isn't always a price promotion, it can be an off-shelf promotion or whatever, whether that lands in on particular quarter and the next can be down to a matter of days, and so they can be pretty substantial chunks of business.

另一方面，對於我們的大型倉儲式零售商，特別是在美洲，無論促銷是否有效，它並不總是價格促銷，可以是現貨促銷或其他什麼，無論它是否在特定季度有效，下一個季度的持續時間可能只有幾天，因此它們可以帶來相當大的業務量。

We have a very strong promotional program, particularly in our US business as we look at the Q4, and so we're very confident about the US business, which performed well in Q3 and going into Q4, we believe we're well set up for a strong year with modest single-digit growth within the US market.

我們有一個非常強大的促銷計劃，特別是在我們第四季度的美國業務中，因此我們對美國業務非常有信心，該業務在第三季度表現良好，進入第四季度，我們相信我們已為強勁的一年做好了準備，在美國市場實現適度的個位數增長。

Excellent. Makes sense. Thank you.

出色的。有道理。謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, that does conclude our allotted time for questions. We thank you for your participation in today's conference call and ask that you please disconnect your lines.

女士們、先生們，我們的提問時間到此結束。感謝您參加今天的電話會議，並請您斷開線路。