WD-40 Co (WDFC) 2026 Q1 法說會逐字稿

Good day, and welcome to the WD-40 Company's first fiscal year 2026 earnings conference call. Today's call is being recorded. (Operator Instructions)

大家好，歡迎參加 WD-40 公司 2026 財年首次收益電話會議。今天的通話將會被錄音。（操作說明）

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，我謹將演講交給今天電話會議的主持人，利害關係人和投資者關係副總裁溫蒂凱利。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; Vice President and Chief Financial Officer, Sara Hyzer.

謝謝。下午好，感謝各位今天蒞臨。今天參加我們電話會議的有 WD-40 公司總裁兼執行長 Steve Brass；副總裁兼財務長 Sara Hyzer。

In addition to the financial information presented on today's call, we encourage investors to review our earnings presentation, earnings press release, and Form 10-Q for the period ending November 30, 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 11 月 30 日的收益簡報、收益新聞稿和 10-Q 表格。這些文件將在我們投資者關係網站 investor.wd40company.com 上提供。今天電話會議的錄音和文字記錄也將在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，我們將討論一些非GAAP指標。這些非GAAP指標的描述和調整說明可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.

再次提醒大家，今天的電話會議包含一些關於我們對公司未來業績預期的前瞻性陳述。實際結果可能與此有重大差異。本公司所表達的期望、信念和預測均出於善意，但不能保證這些期望、信念和預測能夠實現。有關風險因素的更多討論，請參閱我們向美國證券交易委員會提交的文件中詳細列出的風險因素。

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 8, 2026. 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，對於任何收聽網路直播回放或查看本次通話文字記錄的人，請注意，所提供的所有資訊僅截至 2026 年 1 月 8 日。本公司聲明，由於新資訊、未來事件或其他原因，本公司沒有義務更新任何前瞻性資訊。

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

那麼，我現在想把電話交給史蒂夫。

Thanks, Wendy, and thank you all for joining us today. Today, I'll start with an overview of our sales results for the first fiscal quarter of 2026, and then provide an update on the progress we've made against certain elements of our Four-by-Four strategic framework. Then Sara will dive deeper into our first-quarter performance, review our business model, give a brief update on the divestiture of our homecare and cleaning business and review our outlook for fiscal year '26. After that, we'll open the floor for your questions.

謝謝溫蒂，也謝謝大家今天能來參加我們的節目。今天，我將首先概述我們 2026 財年第一季的銷售業績，然後介紹我們在「四乘四」策略框架的某些要素方面取得的進展。然後，Sara 將深入探討我們第一季的業績，回顧我們的商業模式，簡要介紹我們剝離家庭護理和清潔業務的最新情況，並回顧我們對 2026 財年的展望。之後，我們將開放提問環節。

Today, we reported consolidated net sales of $154.4 million, representing a 1% increase compared to last year. Let's take a closer look at these results and unpack what's driving our performance.

今天，我們公佈了合併淨銷售額為 1.544 億美元，比去年增長 1%。讓我們仔細看看這些結果，並分析一下是什麼因素推動了我們的表現。

Maintenance products remain our primary strategic focus, representing approximately 96% of total net sales for the quarter. Net sales for these products reached $148.9 million, a 2% year-over-year increase. While this performance came in below our long-term growth targets, we remain highly confident in the strength of our growth trajectory for both the fiscal year and longer term.

維護產品仍是我們的主要策略重點，約佔本季淨銷售額的 96%。這些產品的淨銷售額達到 1.489 億美元，年增 2%。雖然這項業績低於我們的長期成長目標，但我們對本財年和長期的成長前景仍然充滿信心。

As you know, we go to market through a combination of direct operations and marketing distributors. Our direct markets accounted for 83% of our global sales during the first quarter and maintenance products grew by 8% in those markets, in line with our long-term growth targets.

如您所知，我們透過直接經營和行銷經銷商結合的方式進入市場。第一季度，我們的直接市場佔全球銷售額的 83%，維護產品在這些市場成長了 8%，符合我們的長期成長目標。

The softness we saw in the first quarter was primarily due to timing relating factors within our marketing distributor network, not a decline in end-user demand. Marketing distributors represent about 17% of our global sales and typically exhibit greater quarter-to-quarter variability. These markets offer significant long-term growth potential but can be more volatile period to period.

第一季業績疲軟主要是由於行銷分銷網路中的時間相關因素造成的，而不是終端用戶需求的下降。行銷經銷商約占我們全球銷售額的 17%，並且通常表現出較大的季度間波動性。這些市場具有巨大的長期成長潛力，但周期性波動可能較大。

As I shared last quarter, we anticipated a Q1 pullback, particularly in Asia Pacific as distributors managed inventory levels. I'll provide more detail on Asia Pacific performance shortly.

正如我在上個季度所分享的那樣，我們預計第一季會出現回調，尤其是在亞太地區，因為經銷商需要控制庫存水準。我稍後會提供更多關於亞太地區業績的詳細資訊。

We remain confident in a strong rebound later this fiscal year. The second quarter is already off to an excellent start with solid growth across all three trade blocks. We have visibility into a number of upcoming initiatives, giving us confidence in delivering the solid fiscal year results.

我們仍然對本財年晚些時候的強勁反彈充滿信心。第二季開局良好，三大貿易部門均穩健成長。我們對即將推出的多項措施有了清晰的了解，這使我們有信心實現穩健的財年業績。

I'm also pleased to report that our gross margin continues to strengthen. In the first quarter, we reported gross margin of 56.2%, which is an improvement of 150 basis points sequentially from the fourth quarter and 140 basis points compared to the first quarter of last fiscal year. Gross margin, excluding the impact of the assets we currently have held for sale, was 56.7%. Sara will share more detail about our gross margin in just a few minutes.

我很高興地報告，我們的毛利率持續走強。第一季度，我們的毛利率為 56.2%，比第四季環比提高了 150 個基點，比上一財年第一季提高了 140 個基點。不計目前持有待售資產的影響，毛利率為 56.7%。Sara 將在幾分鐘後詳細介紹我們的毛利率。

Now let's talk about first quarter sales results by segment, starting with the Americas. Unless otherwise noted, I'll discuss net sales on a reported basis compared to the first quarter of last fiscal year.

現在我們來談談第一季各細分市場的銷售業績，先從美洲地區開始。除非另有說明，否則我將按報告數據與上個財政年度第一季進行比較，討論淨銷售額。

Sales in the Americas, which includes the United States, Latin America, and Canada, were $71.9 million in the first quarter, an increase of 4% compared to last year. Sales of maintenance products were $68.6 million, an increase of 5% or $3.2 million compared to last year. The bulk of this growth was driven by higher sales and maintenance products in the United States and Latin America, which increased 3% and 12%, respectively.

美洲地區（包括美國、拉丁美洲和加拿大）第一季的銷售額為 7,190 萬美元，比去年同期成長 4%。維護產品的銷售額為 6,860 萬美元，比去年增長 5%，即 320 萬美元。這一增長主要得益於美國和拉丁美洲的銷售和維護產品需求增加，分別增加了 3% 和 12%。

In the United States, sales of WD-40 Multi-Use Product increased following a modest price adjustment in the first quarter of fiscal year '26, but this was partially offset by lower volumes due to the timing of customer orders. In Latin America, higher sales of WD-40 Multi-Use Product were primarily driven by expanded distribution and successful promotional activities in Mexico.

在美國，WD-40 多用途產品的銷量在 2026 財年第一季進行小幅價格調整後有所增長，但由於客戶訂單時間安排的原因，銷量有所下降，部分抵消了這一增長。在拉丁美洲，WD-40 多用途產品的銷售成長主要得益於墨西哥分銷管道的擴大和促銷活動的成功。

Maintenance product sales were also positively impacted by higher sales of WD-40 Specialist, which increased 14%, primarily due to increased online retail sales, new distribution, and increased demand primarily in the United States. Homecare and cleaning product sales declined 18%, reflecting our strategic shift toward higher-margin maintenance products in alignment with our Four-by-Four Strategic Framework. In total, our Americas segment made up 47% of our global business in the first quarter.

維護產品的銷售也受到 WD-40 Specialist 銷售成長的正面影響，其銷售量成長了 14%，這主要是由於線上零售額的成長、新的分銷管道以及主要在美國的需求成長。家居護理和清潔產品銷售額下降了 18%，這反映了我們根據「四乘四」策略框架，向利潤更高的維護產品進行策略性轉變。第一季度，美洲業務占我們全球業務的 47%。

Now let's take a look at our sales in EIMEA, which includes Europe, India, the Middle East and Africa. Excluding the impact of the homecare and cleaning brands we divested in the fourth quarter of FY25, net sales were $58.7 million, an increase of 5% or $2.8 million compared to last year. This growth was driven primarily by a 27% increase in WD-40 Specialist sales, fueled by heightened promotional activity and successful new product launches in key direct markets. Sales of WD-40 Multi-Use Product in EIMEA remained relatively constant.

現在讓我們來看看我們在 EIMEA 地區的銷售情況，EIMEA 包括歐洲、印度、中東和非洲。不計入我們在 2025 財年第四季剝離的家居護理和清潔品牌的影響，淨銷售額為 5,870 萬美元，比上年增長 5%，即 280 萬美元。這一成長主要得益於 WD-40 Specialist 銷量成長 27%，而這又得益於在主要直銷市場加大促銷力度和成功推出新產品。WD-40 多用途產品在歐洲、印度、中東和非洲地區的銷售量保持相對穩定。

We continue to see strong trends in many of our direct markets. However, the increased sales in our direct markets were fully offset by softer performance in our EIMEA distributor markets, primarily due to the timing of customer orders, reflecting the inherent variability we often experience in our distributor markets. While distributor sales declined in aggregate, India was a standout, delivering a $1.4 million increase. In total, our EIMEA segment made up 38% of our global business in the first quarter.

我們在許多直銷市場持續保持強勁的成長動能。然而，直銷市場銷售額的成長被歐洲、印度、中東和非洲地區（EIMEA）經銷商市場業績疲軟所完全抵消，這主要是由於客戶訂單的時間安排所致，也反映了經銷商市場固有的波動性。雖然分銷商銷售額總體下降，但印度市場表現突出，實現了 140 萬美元的成長。第一季度，我們的 EIMEA 業務部門佔全球業務的 38%。

Now on to Asia Pacific, sales in Asia Pacific, which includes Australia, China, and other countries in the Asia region were $23.9 million, a decrease of 10% or $2.7 million compared to last year. Sales of WD-40 Multi-Use Product were $18.3 million in the first quarter, a decrease of 12% compared to last year.

接下來是亞太地區，包括澳洲、中國和亞洲其他國家在內的亞太地區的銷售額為 2,390 萬美元，比去年減少了 10%，即 270 萬美元。第一季 WD-40 多用途產品的銷售額為 1830 萬美元，比去年同期下降了 12%。

Although segment sales declined in the first quarter, we achieved strong growth in China, where sales increased 8% over prior year. This performance was driven by expanding distribution and effective promotional initiatives. These gains were fully offset by lower sales of WD-40 Multi-Use Product in our Asia distributor markets, where sales decreased by $3.3 million or 33%.

儘管第一季各業務部門銷售額有所下降，但我們在中國市場實現了強勁成長，銷售額比去年同期成長了 8%。這一業績的取得得益於分銷管道的擴大和有效的促銷活動。這些收益完全被我們在亞洲經銷商市場 WD-40 多用途產品的銷售下降所抵消，這些產品的銷量下降了 330 萬美元，降幅達 33%。

As noted earlier, this was primarily driven by the timing of customer orders as distributors that heavily participate in promotional activities during the fourth quarter of fiscal year '25 adjusted to more typical inventory levels. This performance was anticipated and factored into our fiscal year '26 guidance. Importantly, we continue to expect a strong rebound later in the fiscal year.

如前所述，這主要是由於客戶訂單的時間安排所致，因為在 2025 財年第四季度積極參與促銷活動的經銷商已調整庫存水平，使其恢復到更正常的水平。這項業績在我們預期之內，並已納入我們2026財年的業績指引中。重要的是，我們仍然預期本財年晚些時候會出現強勁反彈。

In Australia, sales of maintenance products remain constant on care and cleaning product sales, which remain a strategic focus for us in Australia, declined by 5% compared to last year, primarily due to the timing of customer orders.

在澳大利亞，維護產品的銷售額保持穩定，而護理和清潔產品的銷售額（這仍然是我們在澳大利亞的戰略重點）與去年相比下降了 5%，這主要是由於客戶訂單的時間表。

In Asia Pacific, sales of WD-40 Specialist were up 2% in the first quarter due to higher sales volume from successful promotions and marketing efforts in Australia and China. In total, our Asia Pacific segment made up 15% of our global business in the first quarter.

由於在澳洲和中國成功開展促銷和行銷活動，WD-40 Specialist 在亞太地區的銷量在第一季成長了 2%。第一季度，亞太地區業務占我們全球業務的15%。

Now let's talk about our must-win battles. Our must-win battles focused on accelerating revenue growth in maintenance products. Starting with must-win battle number one, lead geographic expansion. In the first quarter, sales of WD-40 Multi-Use Product reached $118 million, decreasing 1% compared to last year.

現在我們來談談那些我們必須贏的戰役。我們必須贏得的戰役集中在加速維護產品收入成長。從必須贏得的第一場戰役開始，引領地域擴張。第一季度，WD-40 多用途產品的銷售額達到 1.18 億美元，比去年同期下降 1%。

While this performance does not align with our long-term growth objectives, we've made excellent progress this quarter in many key markets, with strong sales growth of $1.4 million in India, $1.2 million in Mexico, $0.9 million in Iberia, and $0.8 million in China. At 72 years young, we captured only about 25% of our global growth potential for our flagship product. We estimate the attainable market for WD-40 Multi-Use Product to be approximately $1.9 billion compared to fiscal year '25 sales of $478 million, leaving an opportunity of roughly $1.4 billion to nearly quadruple current sales.

雖然這項業績與我們的長期成長目標不符，但我們在本季在許多關鍵市場取得了優異的進展，其中印度銷售額強勁增長 140 萬美元，墨西哥 120 萬美元，伊比利亞半島 90 萬美元，中國 80 萬美元。雖然公司成立已有 72 年，但我們的旗艦產品僅實現了全球成長潛力的 25% 左右。我們估計 WD-40 多用途產品的潛在市場規模約為 19 億美元，而 2025 財年的銷售額為 4.78 億美元，這意味著有約 14 億美元的成長空間，可以使目前的銷售額翻近四倍。

Capturing net growth simply means continuing what works, expanding brand awareness and distribution across 176 countries and territories. While occasional soft quarters are part of the journey, they don't change our strategy, our long-term opportunity or our positive outlook.

實現淨成長意味著繼續做好有效的事情，在 176 個國家和地區擴大品牌知名度和分銷管道。雖然偶爾的業績下滑是發展歷程的一部分，但這並不會改變我們的策略、長期機會或正面前景。

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. Innovation drives this strategy. We design products like Smart Straw and EZ-Reach with end users at the heart of every decision. This end user-focused approach strengthens brand loyalty, supports gross margin growth, and deepens our competitive advantage.

接下來是必須贏得的第二場戰役，加速高端化。我們第二場必須贏得的戰役是加速 WD-40 多用途產品的優質規格的成長。創新是這項策略的核心驅動力。我們在設計智慧吸管和 EZ-Reach 等產品時，始終將最終用戶放在每個決策的核心位置。這種以最終用戶為中心的策略增強了品牌忠誠度，支持了毛利率成長，並加深了我們的競爭優勢。

In the first quarter, sales of WD-40 Smart Straw and EZ-Reach when combined, were up 4% over the prior year. Premiumized products currently account for approximately 49% of WD-40 Multi-Use Product sales, leaving considerable room for continued growth. We target a compound annual growth rate for net sales of premiumized products of greater than 10%.

第一季度，WD-40 智慧吸管和 EZ-Reach 的銷售額合計比去年同期成長了 4%。目前，高階產品約佔 WD-40 多用途產品銷售額的 49%，仍有很大的成長空間。我們的目標是高端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. When we introduced WD-40 Specialist alongside the WD-40 Multi-Use Product, we're not just adding variety. We're strengthening our brand, capturing new segments and offering end users more choice without diluting what makes our core brand iconic.

我們第三場必須贏得的戰役是推動 WD-40 專業版產品的成長。我們推出WD-40 Specialist和WD-40 Multi-Use Product的同時，也增加了產品種類。我們這樣做不僅是為了豐富產品線，更是為了強化品牌形象，開拓新的細分市場，為終端用戶提供更多選擇，同時又不削弱我們品牌的核心價值。

In the first quarter, sales of WD-40 Specialist products was $22.5 million, up 18% compared to last year. We estimate the global attainable market for WD-40 Specialist to be about $665 million, with only 12% of that potential realized to date with roughly $583 million in growth opportunity ahead. We target a compound annual growth rate for net sales of WD-40 Specialist at greater than 10%.

第一季度，WD-40 Specialist 產品的銷售額為 2,250 萬美元，比去年同期成長 18%。我們估計 WD-40 Specialist 的全球潛在市場規模約為 6.65 億美元，迄今僅實現了 12% 的潛力，未來還有約 5.83 億美元的成長機會。我們的目標是使 WD-40 Specialist 淨銷售額的複合年增長率超過 10%。

Our fourth must-win battle is to turbocharge digital commerce. Our digital commerce strategy is a catalyst for growth across the business, not merely a channel for online sales. It plays a vital role in advancing each of our must-win battles by increasing brand visibility, improving accessibility, and driving deeper engagement with end users across global markets. In the first quarter, e-commerce sales increased 22%, primarily driven by strong sales of WD-40 Specialist in the United States.

我們第四場必須贏得的戰役是加速數位商務的發展。我們的數位商務策略是推動整個業務成長的催化劑，而不僅僅是線上銷售的管道。它透過提高品牌知名度、改善可近性以及推動與全球市場終端用戶的更深入互動，在推進我們每一場必須贏得的戰役中發揮著至關重要的作用。第一季度，電子商務銷售額成長了 22%，主要得益於 WD-40 Specialist 在美國的強勁銷售。

Now let's move to the second element of our Four-by-Four Strategic Framework, our strategic enablers, which emphasize operational excellence. Today, I'll provide an update on strategic enablers one and three.

現在讓我們來看「四乘四策略框架」的第二個要素——策略推動因素，它強調卓越營運。今天，我將介紹策略推動因素一和三的最新情況。

Our first strategic enabler is to ensure a people-first mindset. At WD-40 company, we've long held the belief that first, you build the people and the people build the business. We strive to be an employer of choice, where all employees bring their best selves to work.

我們首要的策略推動因素是確保以人為本的理念。在 WD-40 公司，我們一直堅信，首先要培養人才，然後人才才能成就事業。我們力求成為員工首選的雇主，讓所有員工都能在工作上展現最好的自己。

In November '25, we completed our latest employee engagement survey and I'm proud to share that we've been able to increase our employee engagement index score to 95%, a new record high for our organization. Additionally, 97% said they actively collaborate to share knowledge and ideas that drive better results. These results underscore how global collaboration accelerates our success and reflects our bold ambition to become a world-class global learning organization.

2025 年 11 月，我們完成了最新的員工敬業度調查，我很自豪地宣布，我們的員工敬業度指數得分已提高到 95%，創下我們組織的新紀錄。此外，97% 的受訪者表示他們積極合作，分享知識和想法，以獲得更好的結果。這些成果凸顯了全球合作如何加速我們的成功，也體現了我們成為世界一流全球學習型組織的宏偉目標。

Our third strategic enabler is achieving operational excellence in supply chain. Profitable growth depends on the supply chain that's optimized, high-performing, and resilient. This enabler has been key to expanding gross margins through cost reduction initiatives such as packaging improvements, logistics efficiencies, and strategic sourcing.

我們的第三個策略推動因素是實現供應鏈的卓越營運。獲利成長取決於優化、高效且具韌性的供應鏈。這項推動因素對於透過降低成本的措施（例如改進包裝、提高物流效率和策略採購）來擴大毛利率至關重要。

In the first quarter, we delivered global on-time performance of 97.6%, even while we continue to increase production capacity to support our must-win battles. Our global supply chain team also made strong progress in engaging with key suppliers and advancing our responsible sourcing policy.

第一季度，我們實現了全球準時交貨率 97.6%，同時我們也持續提高產能以支持我們必須贏得的戰役。我們的全球供應鏈團隊在與主要供應商接洽和推進我們的負責任採購政策方面也取得了顯著進展。

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

接下來，我將把電話交給薩拉。

Thanks, Steve. Today, I'll offer insights into our business model. highlight key takeaways from our first-quarter performance, and provide a brief update on the planned divestiture of our homecare and cleaning business in the Americas. Today, we are reaffirming our full-year 2026 guidance. While our guidance ranges remain unchanged, I will provide some additional color on our outlook.

謝謝你，史蒂夫。今天，我將深入探討我們的商業模式，重點介紹我們第一季的業績亮點，並簡要介紹我們計劃剝離美洲家庭護理和清潔業務的最新進展。今天，我們重申我們對2026年全年業績的預期。雖然我們的業績指引範圍保持不變，但我將對我們的前景做一些補充說明。

Let's start with the big picture. While our first-quarter results were below our long-term growth targets, we did expect to get off to a slower start this year, and we believe we are set up for a strong year. We have numerous activities scheduled in the back half of the year, giving us confidence that we will be at the mid to high end of our guidance ranges.

讓我們先從大局開始。雖然我們第一季的業績低於長期成長目標，但我們確實預料到今年的開局會比較緩慢，我們相信我們已經為強勁的一年做好了準備。今年下半年我們安排了許多活動，這讓我們有信心達到預期目標的中高端水準。

Our results can fluctuate quarter to quarter, driven by timing of promotional activity and customer order patterns. WD-40 Company is built for durable value creation, driven by brand strength, operational discipline, and a culture of continuous improvement. This foundation positions us for sustained growth and strong stockholder returns for decades to come.

我們的業績會因促銷活動的時機和客戶訂單模式而出現季度波動。WD-40 公司致力於創造持久價值，其驅動力來自強大的品牌、嚴謹的營運和持續改進的企業文化。這一基礎使我們能夠在未來幾十年內實現持續成長和股東獲得豐厚回報。

And with that, let's start with taking a closer look at our business model. Our business model is a strategic tool we use to guide our business. It is built around three core areas: gross margin, cost of doing business, and adjusted EBITDA. 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. Because our business model is based on revenue, quarter-to-quarter variability in sales can lead to fluctuations in its performance.

接下來，讓我們仔細看看我們的商業模式。我們的商業模式是我們用來指導業務發展的策略工具。它圍繞著三個核心領域構建：毛利率、營運成本和調整後 EBITDA。在中短期內，我們將繼續在一定範圍內評估模型的每個組成部分，以便我們能夠在保持與長期目標一致的同時進行調整。由於我們的商業模式是基於收入的，因此季度間銷售額的波動會導致其業績波動。

We will begin with gross margin performance, which continues to be strong, building off our solid recovery in fiscal year 2025. In the first quarter, our gross margin was 56.2%, up from 54.8% in the first quarter of last year, representing an improvement of 140 basis points and was most significantly impacted by the following favorable factors: 110 basis points from lower specialty chemical costs and lower can costs and 60 basis points from higher average selling prices, including the impact of premiumization. These positive impacts to gross margin were partially offset by higher filling fees primarily in EIMEA, which negatively impacted our gross margin by 50 basis points.

我們將先來看毛利率表現，其表現依然強勁，這得益於我們在 2025 財年的穩健復甦。第一季度，我們的毛利率為 56.2%，高於去年第一季的 54.8%，提高了 140 個基點，主要受以下有利因素的影響：特種化學品成本和罐體成本降低帶來了 110 個基點的改善，平均售價上漲帶來了 60 個基點的改善，其中包括高端化帶來的影響。這些對毛利率的正面影響被主要在 EIMEA 地區較高的填充費用部分抵消，這使我們的毛利率下降了 50 個基點。

Gross margin in the Americas rose 290 basis points from 50.4% to 53.3%, driven by higher average selling prices and by lower specialty chemical costs and lower can costs. Gross margin in EIMEA increased 90 basis points from 57.8% to 58.7%, which was mostly driven by the favorable impact of foreign currency exchange rates, partially offset by higher filling fees.

美洲地區的毛利率從 50.4% 上升了 290 個基點，達到 53.3%，這主要得益於平均售價上漲、特種化學品成本下降以及罐體成本降低。EIMEA 地區的毛利率從 57.8% 增加了 90 個基點至 58.7%，這主要得益於外匯匯率的有利影響，但部分被更高的申報費用所抵銷。

While still well above our 55% target, gross margin in Asia Pacific decreased slightly by 70 basis points from 59.6% to 58.9%, primarily due to decreases in average selling prices linked to changes in sales mix. We're very pleased with the trajectory of gross margin, but external risks like cost volatility, tariffs, and inflation remain part of the landscape.

儘管仍遠高於我們 55% 的目標，但亞太地區的毛利率略微下降了 70 個基點，從 59.6% 降至 58.9%，這主要是由於銷售組合變化導致平均售價下降。我們對毛利率的發展軌跡非常滿意，但成本波動、關稅和通貨膨脹等外部風險仍然存在。

To mitigate these and strengthen margins over time, we're driving initiatives such as supply chain cost reductions, premiumization, new product introductions, geographic expansion, and asset divestitures. These levers reinforce our confidence in our gross margin long-term potential.

為了緩解這些問題並隨著時間的推移提高利潤率，我們正在推動供應鏈成本降低、高端化、新產品推出、地理擴張和資產剝離等措施。這些措施增強了我們對毛利率長期潛力的信心。

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

現在來看我們的營運成本，我們將其定義為總營運費用加上某些非現金費用的調整。我們的營運成本主要受三個方面的影響：對人才的策略投資、全球品牌建立工作、向客戶交付產品相關的貨運費用。

Investing in our future remains a top priority. While our long-term goal is to keep the cost of doing business within a 30% to 35% range, we're making strategic investments to drive sales growth and enhance operational efficiencies. These investments strengthen our foundation and position us for sustained growth.

投資未來仍是我們的首要任務。雖然我們的長期目標是將營運成本控制在 30% 到 35% 的範圍內，但我們正在進行策略性投資，以推動銷售成長並提高營運效率。這些投資鞏固了我們的基礎，並為我們的持續成長奠定了基礎。

We also need time to absorb the loss of revenues associated with the homecare and cleaning divestitures. Revenue growth is a key driver of our cost of doing business ratio. With a slower start to the year and continued investments to fuel long-term growth, our cost of doing business temporarily moved above our target range.

我們也需要時間來消化因剝離家庭護理和清潔業務而造成的收入損失。營收成長是我們業務成本率的關鍵驅動因素。由於年初發展速度放緩，以及為推動長期成長而持續進行的投資，我們的營運成本暫時超過了目標範圍。

For the quarter, cost of doing business was 40% of net sales compared to 37% last year. Our first quarter typically carries higher expenses due to essential planning meetings that increased travel, which are critical for setting our strategic direction for the year.

本季度，營運成本佔淨銷售額的 40%，而去年同期為 37%。由於重要的規劃會議增加了差旅，我們第一季的支出通常較高，而這些會議對於制定我們全年的策略方向至關重要。

I view this quarter's cost of doing business as an anomaly. And as we execute our strategies to accelerate top-line performance, we expect this ratio to improve over the course of the year.

我認為本季的營運成本屬於異常情況。隨著我們執行加速提升營收的策略，我們預計這一比例將在年內得到改善。

In dollar terms, our cost of doing business increased $4.6 million or 8% compared to last year. Changes in foreign currency exchange rates had an unfavorable impact of $1.3 million this quarter. The majority of the remaining increase, $2.8 million, was driven by higher employee-related expenses, including additional head count to advance initiatives in our strategic framework and strengthen our information systems, in addition to higher travel and median expenses this quarter over the prior year.

以美元計算，我們的營運成本比去年增加了 460 萬美元，增幅為 8%。本季外匯匯率變動造成了130萬美元的不利影響。剩餘成長的大部分（280 萬美元）是由員工相關支出增加所致，包括為推進戰略框架中的各項舉措和加強信息系統而增加的人員編制，以及本季度差旅費和中位數支出較上年同期有所增加。

Advertising and promotional expenses decreased slightly year over year. As a percentage of net sales, A&P spend was 5.3% this quarter compared to 5.5% last year. While we are currently tracking below our full-year guidance of around 6% of net sales, we have brand-building initiatives planned for the remainder of the fiscal year, which we expect will bring A&P investment in line with our fiscal year guidance.

廣告和促銷費用較去年同期略有下降。本季廣告和促銷支出佔淨銷售額的 5.3%，去年同期為 5.5%。雖然我們目前的進展低於全年淨銷售額約 6% 的預期，但我們已計劃在本財年剩餘時間內開展品牌建立活動，預計這將使廣告和促銷投資達到我們財年的預期目標。

While we always seek cost efficiencies, scale, not cost cutting, is what will move us toward our long-term cost of doing business targets. As revenues grow, we expect the cost of doing business to trend towards 30% to 35%, with sales growth being the key driver of improvement.

雖然我們一直追求成本效益，但規模，而不是削減成本，才是讓我們實現長期業務成本目標的關鍵。隨著營收成長，我們預期營運成本將趨向於 30% 至 35%，而銷售成長將是改善的關鍵驅動力。

Turning now to adjusted EBITDA. Adjusted EBITDA as a percentage of sales is a key measure of profitability and operational efficiency. Our 20% to 25% target range for adjusted EBITDA margin is a long-term aspiration. However, we continue to believe we can move adjusted EBITDA margin back to our midterm target range of 20% to 22% once we have absorbed the loss of revenues associated with the homecare and cleaning divestitures.

接下來來看調整後的 EBITDA。調整後 EBITDA 佔銷售額的百分比是衡量獲利能力和營運效率的關鍵指標。我們調整後 EBITDA 利潤率 20% 至 25% 的目標範圍是一個長期目標。然而，我們仍然相信，一旦我們消化了與家庭護理和清潔業務剝離相關的收入損失，我們就可以把調整後的 EBITDA 利潤率恢復到 20% 至 22% 的中期目標範圍。

In the first quarter, our adjusted EBITDA margin was 17% compared to 18% last year. 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.

第一季度，我們調整後的EBITDA利潤率為17%，而去年同期為18%。調整後的EBITDA是我們商業模式的關鍵組成部分。憑藉我們低負債、輕資產的資本結構，大部分資金可以轉化為自由現金流，從而實現持續的股東回報和長期價值。

Now let's turn to other key measures of our financial performance: operating income, net income, and earnings per share in the first quarter. Operating income declined 7% to $23.3 million in the first quarter, while net income fell 8% to $17.5 million. On a pro forma basis, which excludes the impact of the homecare and cleaning products divested and those classified as held for sale, operating income and net income would have declined 4% and 5%, respectively. Declines in operating income and net income were primarily driven by softness in top-line sales, which we are expecting to bounce back over the course of the year.

現在讓我們來看看我們財務表現的其他關鍵指標：第一季的營業收入、淨收入和每股盈餘。第一季營業收入下降 7% 至 2,330 萬美元，淨收入下降 8% 至 1,750 萬美元。以備考基準計算（不包括剝離的家居護理和清潔產品以及歸類為持有待售的產品的影響），營業收入和淨收入將分別下降 4% 和 5%。營業收入和淨收入的下降主要是由於銷售疲軟，我們預期銷售額將在年內反彈。

Decreases were also driven by higher SG&A expenses compared to the prior year. Diluted earnings per common share were $1.28 in the first quarter compared to $1.39 last year, reflecting a decrease of 8%. Our diluted EPS reflects 13.5 million weighted average shares outstanding. On a pro forma basis, EPS would have decreased 5%.

與前一年相比，銷售、一般及行政費用增加也是導致下降的原因之一。第一季稀釋後每股普通股收益為 1.28 美元，去年同期為 1.39 美元，下降了 8%。我們的稀釋後每股盈餘反映了 1,350 萬股加權平均流通股數。以備考基準計算，每股收益將下降 5%。

Now let's review our balance sheet and capital allocation strategy. We maintain a strong financial position and healthy liquidity, supporting a disciplined capital allocation strategy that drives long-term growth and delivers consistent cash flow and returns to our stockholders. Annual dividends will continue to be our priority and are targeted at greater than 50% of earnings.

現在讓我們來回顧一下我們的資產負債表和資本配置策略。我們保持著穩健的財務狀況和健康的流動性，支持嚴格的資本配置策略，從而推動長期成長，並為股東帶來持續的現金流和回報。年度分紅仍將是我們的首要任務，目標是達到獲利的 50% 以上。

On December 10, our Board of Directors approved a quarterly cash dividend of $1.02 per share, an increase of more than 8% over the prior quarter. This reflects the Board's confidence in future cash flows and underscores our commitment to returning capital to stockholders through consistent dividends.

12月10日，董事會批准了每股1.02美元的季度現金股息，比上一季成長超過8%。這體現了董事會對未來現金流的信心，並強調了我們透過持續派發股利向股東返還資本的承諾。

During the first quarter, we repurchased approximately 39,500 shares of stock at a total cost of $7.8 million under our share repurchase plan. We have approximately $22 million remaining under our current repurchase plan, which expires at the end of this fiscal year. We have accelerated buybacks and plan to fully utilize the remaining authorization, reinforcing our strong conviction in the company's long-term fundamentals. Our focus remains on accretive capital returns that reflect confidence in the enduring value of our stock.

第一季度，我們根據股票回購計劃，以780萬美元的總成本回購了約39,500股股票。根據我們目前的回購計劃，我們還有大約 2,200 萬美元的資金剩餘，該計劃將於本財政年度結束時到期。我們加快了股票回購速度，並計劃充分利用剩餘的授權，這進一步增強了我們對公司長期基本面的堅定信心。我們依然專注於增值資本回報，這反映了我們對股票持久價值的信心。

Finally, before I move to guidance, I would like to provide a brief update on the household divestiture. We continue to make progress on the sale of our Americas homecare and cleaning product brands. Our investment bank continues after discussions with multiple potential buyers. Although there is no certainty of a deal, we remain optimistic, and I will provide further updates as appropriate.

最後，在給予指導意見之前，我想先簡單介紹一下家庭資產剝離的最新情況。我們在美洲家居護理和清潔產品品牌的銷售方面持續取得進展。在與多家潛在買家進行洽談後，我們的投資銀行業務持續推進。雖然目前尚無定論，但我們仍然保持樂觀，我將在適當的時候提供進一步的最新消息。

So let's turn to FY26 guidance. 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. 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. While first-quarter sales results were below our long-term growth targets, as we mentioned, we anticipated a slower start to fiscal 2026. The softness was driven by timing factors within our marketing distributor network, not by a decline in end-user demand.

那麼就讓我們來看看2026財年的業績指引。再次提醒，我們今年發布的業績指引是基於備考數據，不包括目前被歸類為待售資產的家居護理和清潔品牌的財務影響。雖然交易的具體時間仍不確定，但我們相信這種做法將使投資者清楚了解核心業務的發展方向，並有助於最大限度地減少圍繞交易的各種幹擾因素。雖然第一季的銷售業績低於我們的長期成長目標，但正如我們之前提到的，我們預計 2026 財年的開局會比較緩慢。疲軟的原因是行銷分銷網路中的時間因素，而不是終端用戶需求的下降。

All indicators point to a strong rebound later in the fiscal year. Accordingly, we are reaffirming our guidance today. With the visibility we have into numerous activities already scheduled for the back half of fiscal year 2026, we are highly confident in delivering results at the mid to high end of our guidance ranges. For fiscal year 2026, we expect net sales to be between $630 million and $655 million after adjusting for foreign currency impacts, a growth of between 5% and 9% from the pro forma 2025 results.

所有指標都表明，本財年晚些時候將出現強勁反彈。因此，我們今天重申我們的指導意見。鑑於我們對 2026 財年下半年已安排的眾多活動的了解，我們非常有信心實現預期目標的中高端業績。2026 財年，經調整外匯影響後，我們預期淨銷售額將在 6.3 億美元至 6.55 億美元之間，比 2025 年的備考業績成長 5% 至 9%。

Gross margin is expected to be between 55.5% and 56.5%. Advertising and promotion investment is projected to be around 6% of net sales. Operating income is expected to be between $103 million and $110 million, representing growth of between 5% and 12% from the pro forma 2025 results.

預計毛利率將在 55.5% 至 56.5% 之間。預計廣告和促銷投入將佔淨銷售額的 6% 左右。預計營業收入將在 1.03 億美元至 1.1 億美元之間，比 2025 年的預期業績成長 5% 至 12%。

The provision for income tax is expected to be between 22.5% and 23.5%. And diluted earnings per share is expected to be between $5.75 and $6.15, which is based on an estimated 13.4 million weighted average shares outstanding. This range represents growth of between 5% and 12% over the pro forma 2025 results.

預計所得稅準備金將在 22.5% 至 23.5% 之間。稀釋後每股盈餘預計在 5.75 美元至 6.15 美元之間，這是基於估計的 1,340 萬股加權平均流通股計算得出的。這一範圍代表著比 2025 年的預期業績成長 5% 至 12%。

This guidance assumes no major changes to the current economic environment. Unanticipated inflationary headwinds and other unforeseen events may affect our view of fiscal year 2026. In the event we are unsuccessful in the divestiture of the Americas homecare and cleaning brands, our guidance would be positively impacted by approximately $12.5 million in net sales, $3.6 million in operating income and $0.20 in diluted EPS on a full-year basis.

本指南假設當前的經濟環境不會發生重大變化。意料之外的通膨逆風和其他不可預見的事件可能會影響我們對 2026 財年的看法。如果我們未能成功剝離美洲家庭護理和清潔品牌，我們的業績預期將受到正面影響，全年淨銷售額將增加約 1,250 萬美元，營業收入將增加約 360 萬美元，稀釋後每股收益將增加約 0.20 美元。

That completes the financial overview. Now I would like to turn the call back to Steve.

財務概覽到此結束。現在我想把電話轉回給史蒂夫。

Thank you, Sara. In summary, what did you hear from us today on this call? You heard that sales in our direct markets grew 8% in the first quarter, in line with our long-term growth targets. You heard there is increase in sales was partially offset by softer sales in our marketing distributor network relating to timing-related factors, not a decline in end-user demand.

謝謝你，薩拉。總而言之，您今天在這次電話會議中聽到了我們哪些內容？您聽說我們第一季在直銷市場的銷售額成長了 8%，符合我們的長期成長目標。您聽到的銷售成長部分被我們行銷經銷商網路中與時間相關的因素導致的銷售疲軟所抵消，而不是最終用戶需求的下降。

You heard that sales of WD-40 Specialist were up 18% in the first quarter. You heard that sales in the e-commerce channel were up 22% in the first quarter. You heard that after 72 years, we've captured only about 25% of our global growth potential in our core Multi-Use Product, leaving roughly $1.4 billion in opportunity to nearly quadruple current sales.

你聽說WD-40 Specialist第一季的銷量成長了18%。你聽說電商通路的銷量第一季成長了22%。您聽說，經過 72 年的發展，我們在核心多用途產品領域僅實現了全球成長潛力的約 25%，這意味著還有大約 14 億美元的機會，使目前的銷售額幾乎翻兩番。

You heard that in the first quarter, our gross margin was 56.2%, up 150 basis points from the fourth quarter and 140 basis points from the same period last year. You heard that we've been able to increase our employee engagement index score to 95%, a new record high for our organization. You heard that we've accelerated buybacks and plan to fully utilize our remaining authorization, reinforcing our strong conviction in the company's long-term fundamentals.

您聽說了，第一季我們的毛利率為 56.2%，比第四季成長了 150 個基點，比去年同期成長了 140 個基點。您聽說我們的員工敬業度指數得分已提高到 95%，創下我們公司的新紀錄。您已經聽說我們加快了股票回購速度，並計劃充分利用剩餘的授權，這進一步增強了我們對公司長期基本面的堅定信心。

You heard that our Board approved a quarterly cash dividend of $1.02 per share, up more than 8% from last quarter, and this increase reflects strong confidence in our cash flow outlook and our ongoing commitment to stockholder returns. You heard that we're off to a strong start in the second quarter with solid growth across all three trade blocks.

你們都聽說了，我們的董事會批准了每股 1.02 美元的季度現金股息，比上一季增長超過 8%，這一增長反映了我們對現金流前景的強烈信心以及我們對股東回報的持續承諾。你聽說我們第二季開局強勁，三大貿易部門都穩健成長。

And you heard that we've reaffirmed our guidance ranges. With the visibility we have into numerous activities planned for the second half of fiscal 2026, we're highly confident in delivering results at the mid to high end of our guidance ranges.

你們也聽到了，我們重申了業績預期範圍。鑑於我們對2026財年下半年眾多計畫活動的清晰了解，我們非常有信心實現業績預期範圍中高端的目標。

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

感謝您今天參加我們的電話會議。現在我們很樂意回答您的問題。

(Operator Instructions) Mike Baker, D.A. Davidson.

（操作說明）Mike Baker，D.A. Davidson。

Okay, thanks. I'll have a few. Let me start with Sara. You said -- let me get the exact quote, all indicators point to strong results. So what -- if you could give us more detail on what these indicators are?

好的，謝謝。我要幾個。我先來說說薩拉。你說——讓我查一下確切的報價，所有跡像都表明結果會很理想。那麼，如果您能更詳細地解釋一下這些指標是什麼呢？

And then the guidance -- so mid- to high end of the full-year range, is that more bullish than when you originally gave the guidance? I could be wrong, but I don't remember -- I remember you giving a range on the fourth quarter, but not necessarily planning to mid to high end. So could you help me on that? Thanks.

那麼，您給予的績效指引——也就是全年業績區間的中高端——是否比您原先給出的指引更樂觀？我可能記錯了，但我記不清了——我記得你給出了第四季度的預期範圍，但並沒有說計劃達到中高端。你能幫我解決這個問題嗎？謝謝。

Yeah. Sure thing, Mike. Nice to hear from you. So yeah, as we sit here today and look forward into the back half of the year with the activities that we have locked in place, we do feel highly confident in being able to get to that mid to high end of the range and that really is just coming from the promotional activities that we have scheduled and that we've been able to lock in even since year-end.

是的。當然可以，麥克。很高興收到你的來信。所以，是的，今天我們坐在這裡展望下半年，考慮到我們已經落實的各項活動，我們非常有信心能夠達到預期目標的中高端水平，這主要得益於我們已經安排好的促銷活動，這些活動甚至從年底就開始落實了。

So we're feeling really good about where the Americas is going to be landing the year, and some of the variability will also be driven by Asia Pac's recovery in the back half of the year. So while they had a slower start, particularly in the marketing distributor markets, when we're starting to look at the recovery starting in Q2, but mostly, that recovery will come in the back half of the year.

因此，我們對美洲地區今年的發展前景感到非常樂觀，而亞太地區下半年的復甦也將在一定程度上影響其發展趨勢。因此，雖然他們的開局比較緩慢，尤其是在行銷分銷市場，但我們開始看到復甦從第二季開始，但總體而言，復甦將在今年下半年到來。

Okay, thanks. And to follow up on that -- are you -- it sounds like second quarter is off to a good start. Can we say are we specifically seeing a recovery in those Asia distributor markets? Or I guess you sort of just said it, it sounds like it's maybe starting a little bit, but it's more in the back half, but can we -- are we seeing a recovery yet in those Asia distributor markets?

好的，謝謝。接著剛才的話題——你覺得呢——聽起來第二季開局不錯。我們能否具體說，我們是否看到亞洲經銷商市場出現了復甦？或者，我想你剛才也這麼說了，聽起來好像已經開始復甦了，但更多的是在後半段，那麼我們——我們是否已經看到亞洲分銷商市場出現復甦跡象了？

Hey, Mike, it's Steve. So yes, we're already seeing that at the beginning of Q1, and that's our expectation. So here, we had a relatively softish Q1 overall. Q2, you're going to see stronger results, but then the real power comes in the back half of the year.

嘿，麥克，我是史蒂夫。是的，我們在第一季初就已經看到了這種情況，這也符合我們的預期。所以，第一季整體而言比較疲軟。第二季你會看到更強勁的業績，但真正的爆發期將在下半年到來。

And so as Sara is alluding to, we're going to have a US year like we haven't had in quite a while, a really strong year in the US, and that's the foundation. Our European direct markets are performing very, very well, and we expect that to continue. It's really about those Asia distributor markets and that kind of Q4, Q1 kind of impact with that beginning to recover beginning in Q2 and then into the back half, then also our European marketing distributor markets recovering also.

正如薩拉所暗示的那樣，我們將迎來美國經濟多年來從未有過的強勁一年，這就是基礎。我們的歐洲直銷市場表現非常非常好，我們預計這種情況會持續下去。這主要與亞洲分銷市場以及第四季和第一季受到的影響有關，這些市場從第二季開始復甦，然後持續到下半年，同時我們的歐洲行銷分銷市場也在復甦。

Got it. Let me sneak in one more. The buybacks. So last year, you bought back $12 million. I think at one point, you had said you expect it to double. That would be about $24 million. But now you're saying you expect to go through the entire another $22 million this year. That's more than double, I think, if my math is right?

知道了。讓我再偷偷加一個。回購。所以去年你回購了價值 1200 萬美元的股票。我想你曾經說過，你預計它會翻倍。那大約是2400萬美元。但現在你的意思是，你預計今年還要再花掉 2,200 萬美元。如果我沒算錯的話，那應該是兩倍以上吧？

More than double, yeah.

是的，超過兩倍。

So that's a more confident outlook, is that fair to say?

所以這是一種更有信心的展望，這麼說沒錯吧？

Yes, it's fair to say, Mike, that is good math. And yes, I think we -- as soon as the window opened up, we accelerated the buybacks and really just have it phased to utilize the entire, I think, just under $30 million availability up through the end of the fiscal year.

是的，麥克，可以說這數學計算得很好。是的，我認為我們——一旦機會出現，我們就加快了股票回購速度，並分階段利用全部可用資金，我認為，在財政年度結束前，這筆資金將接近 3000 萬美元。

Daniel Rizzo, Jefferies.

Daniel Rizzo，傑富瑞集團。

You guys mentioned taking -- reducing supply chain costs. I was just wondering if you could provide color on what specifically you guys are doing. I mean, are you, I don't know, sourcing -- multi-sourcing more or yes, just the steps you're taking?

你們提到要降低供應鏈成本。我只是想問您能否具體介紹一下你們在做什麼。我的意思是，你是否在進行多通路採購，或只是採取你正在採取的這些步驟？

Yeah, sure. So we -- a couple of years ago, we actually invested in not only head of global supply chain, but also head of global sourcing. And so there's been some new thinking around how we source supply, and we started with cans. So some of the can reductions or the can reductions that you're starting to see impact the business in the back half of last year and into this year is really the result of a different way of thinking about sourcing more globally.

當然可以。所以，幾年前，我們不僅投資了全球供應鏈負責人，還投資了全球採購負責人。因此，我們在採購供應方面進行了一些新的思考，我們從罐頭開始。因此，去年下半年到今年年初，一些罐頭減量或罐頭減量開始對業務產生影響，實際上是由於採購方式的改變，更加註重全球採購。

And the next phase of that is going to be moving into the specialty chemicals area. So there are concrete actions that we are taking to look at how and where we are sourcing our raw materials from.

而下一階段的目標是進軍特種化學品領域。因此，我們正在採取具體行動，審視我們原料的來源和採購方式。

In addition to that, we are -- there's a lot of activity happening on the supply chain side around how to take cost of the miles traveled for our cost -- miles traveled for our product costs out of the system, along with a fresh look at the distribution network, particularly in the United States and making sure that we are -- the distribution center, sorry, making sure that we're taking a look at how we're -- where our distribution centers are situated, again, with the idea of trying to reduce the mileage that our products is traveling.

除此之外，我們在供應鏈方面也做了很多工作，旨在降低產品運輸里程成本，同時重新審視分銷網絡，尤其是在美國，確保我們——抱歉，是分銷中心，確保我們正在審視分銷中心的選址，再次強調，目的是盡量減少產品的運輸里程。

So there are structural changes that are in the works. Some of that won't impact the business until FY27 and beyond, but we're really excited about the work that the supply chain team has really taken on in the last couple of years and starting to see that come to fruition.

所以，一些結構性變革正在醞釀中。其中一些影響要到 2027 財年及以後才會顯現，但我們對供應鏈團隊在過去幾年中所做的工作感到非常興奮，並且開始看到這些工作取得成果。

So with the increase in the distribution centers, would that suggest maybe that there's some CapEx spend or some sort of spend to kind of just improve your footprint in different -- in various regions? That's my first question. And two, given these moves, is -- I know your guidance is 55% gross margins, but it seems like where we are now and maybe even a little above is annually achievable or sustainable for over the long term?

所以隨著配送中心的增加，這是否意味著公司會進行一些資本支出或其他方面的支出，以改善其在不同地區的業務佈局？這是我的第一個問題。其次，鑑於這些舉措——我知道你們的指導目標是 55% 的毛利率，但看起來我們目前的水平，甚至略高於這個水平，是否能夠實現，或者能否長期持續下去？

So I'll address the CapEx piece. Since it's a completely outsourced model, a lot of the investments, if we do have to make investments are happening by our third-party providers. We may, at times, help supplement the cash investment that they have, but a lot of that doesn't qualify as CapEx from our perspective.

接下來我將談談資本支出部分。由於這是一個完全外包的模式，所以如果我們需要進行投資，許多投資都是由我們的第三方供應商進行的。我們有時可能會幫助他們補充現金投資，但從我們的角度來看，其中許多都不能算是資本支出。

So I think our guidance of 1% to 2% from a maintenance CapEx standpoint is still going to be a very good target that we'll be landing within. And then secondarily and of course, as I answer the CapEx question, I'm blanking on the second part of the question.

因此，我認為從維護性資本支出的角度來看，我們設定的 1% 到 2% 的指導目標仍然是一個非常好的目標，我們將能夠實現這個目標。其次，當然，在回答資本支出問題時，我完全想不起問題的第二部分了。

I was just wondering, given all the moves you're making with reducing costs --

我只是好奇，鑑於你們正在採取各種措施來降低成本。--

Okay. Yeah, the 55%. So I mean, we're sitting above 55% right now. I hate to commit to something over the long term as we are always subject to oil availability and just specialty chemical variability, but we are continuing to find opportunities for us to take costs out of the system. And so we believe -- you can see in the guidance this year, we believe that there's opportunities for us to get margin accretion even this fiscal year and some of those initiatives that we have in the pipeline are going to benefit us in next fiscal year. So we'll be able to obviously guide to next fiscal year as we get to the end of this year, but there is -- right now, we're fairly confident with a strong gross margin.

好的。是的，55%。我的意思是，我們現在佔超過 55%。我不想做出長期承諾，因為我們始終受制於石油供應和特種化學品價格的波動，但我們會繼續尋找機會來降低系統成本。因此我們相信——正如您在今年的業績指引中所看到的——我們相信，即使在本財年，我們也有機會實現利潤增長，而且我們正在籌備的一些舉措將在下一財年使我們受益。因此，我們顯然可以在今年年底對下一個財政年度進行預測，但目前，我們對強勁的毛利率相當有信心。

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

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，請您掛斷電話。