惠而浦 (WHR) 2025 Q3 法說會逐字稿

Good morning, and welcome to Whirlpool Corporation's third quarter 2025 earnings Call. Today's call is being recorded. Joining me today are Marc Bitzer, our Chairman and Chief Executive Officer; and Jim Peters, our Chief Financial and Administrative Officer. Our remarks today track with a presentation available on the Investors section of our website at whirlpoolcorp.com.

早安，歡迎參加惠而浦公司2025年第三季財報電話會議。今天的通話將會被錄音。今天與我一同出席的有我們的董事長兼執行長馬克·比澤爾，以及我們的財務長兼行政官吉姆·彼得斯。我們今天的演講內容與我們網站 whirlpoolcorp.com 投資者關係欄位中的簡報一致。

Before we begin, I want to remind you that as we conduct this call, we will be making forward-looking statements to assist you in better understanding Whirlpool Corporation's future expectations. Our actual results could differ materially from these statements due to many factors discussed in our latest 10-K, 10-Q, and other periodic reports.

在開始之前，我想提醒各位，在本次電話會議中，我們將發表一些前瞻性聲明，以幫助您更好地了解惠而浦公司未來的預期。由於我們在最新的 10-K、10-Q 和其他定期報告中討論的許多因素，我們的實際結果可能與這些聲明有重大差異。

We also want to remind you that today's presentation includes the non-GAAP measures outlined in further detail at the beginning of our earnings presentation. We believe these measures are important indicators of our operations as they exclude items that may not be indicative of results from ongoing business operations. We think the adjusted measures will provide you with a better baseline for analyzing trends in our ongoing business operations. Listeners are directed to the supplemental information package posted on the Investor Relations section of our website for reconciliations of non-GAAP items to the most directly comparable GAAP measures.

我們也要提醒各位，今天的簡報包含了我們在獲利簡報開頭詳細列出的非GAAP指標。我們認為這些措施是衡量我們營運狀況的重要指標，因為它們排除了可能無法反映持續業務營運結果的項目。我們認為調整後的指標將為您提供更好的基準，以便分析我們持續業務營運的趨勢。聽眾可參閱我們網站投資者關係部分發布的補充資訊包，以了解非GAAP專案與最直接可比較的GAAP指標的調節情況。

(Operator Instructions) With that, I'll turn the call over to Marc.

（操作員指示）那麼，我將把電話轉給馬克。

Good morning, everyone. Over the next hour, we will discuss our Q3 results, and we will provide you with plenty of data in detail. However, if you ask me to summarize the Q3 message in just one sentence, it is: our Q3 results demonstrate organic growth while our margins are still impacted by tariff preloading in the industry.

各位早安。接下來的一個小時，我們將討論第三季業績，並向您提供大量詳細數據。但是，如果讓我用一句話來概括第三季度的信息，那就是：我們的第三季度業績顯示出內生增長，但我們的利潤率仍然受到行業關稅預付的影響。

Let me first talk about our organic growth. We had two sources of growth in our business: one, our KitchenAid small domestic appliance business, which achieved a double-digit revenue growth; two, market share gains in our North American major appliance business on the back of our new product launches despite an intense promotional environment. As discussed in prior earnings calls, we have the largest number of new product launches in North America in over a decade. These new products have already secured strong flooring gains, and we are beginning to see very encouraging sell-out performance.

首先讓我談談我們的自然成長。我們的業務成長有兩個來源：一是 KitchenAid 小型家用電器業務，實現了兩位數的收入成長；二是儘管促銷環境激烈，但我們憑藉新產品的推出，在北美大型家電業務中獲得了市場份額。如同先前財報電話會議所討論的，我們在北美推出了十多年來數量最多的新產品。這些新產品已經取得了強勁的地板銷售成長，我們開始看到非常令人鼓舞的銷售業績。

Now let me address our operating margins. Our North American operating margins are point below our expectations, which is not where we want to have then. So why is that? During our last earnings call, we presented three catalysts for value creation and margin improvement in North America.

現在讓我來談談我們的營業利益率。我們在北美的營業利潤率比預期低了一個百分點，這不是我們希望看到的局面。這是為什麼呢？在上次財報電話會議上，我們提出了北美地區創造價值、提高利潤率的三大催化劑。

One, our new product launches, they are fully on track. Two, the housing cycle, which will undoubtedly benefit us, but not in 2025, which leaves the tariffs as a third catalyst for margin improvement. Tariffs come in various forms and have been slowly ramping up during Q3. In fact, the full burden of reciprocal tariffs which were announced in August and only became effective as of October 5 and are now finally fully in place. This ramp-up brought extensive preloading of inventories ahead of tariffs, and while this is not a surprise, it lasted longer than we anticipated.

第一，我們的新產品發布計畫一切進展順利。第二，住房週期無疑會讓我們受益，但不會在 2025 年，因此關稅成為利潤率提高的第三個催化劑。關稅有多種形式，並且在第三季度一直在緩慢上漲。事實上，8 月宣布的互惠關稅的全部負擔，直到 10 月 5 日才生效，現在終於完全落實到位。此次增產導致大量庫存提前積壓，以應對關稅，雖然這並不令人意外，但持續時間比我們預期的要長。

Regardless of these temporary impacts, the fundamental perspective on tariff remains the same. We are the domestic producer with more than 80% of our US sales produced in the US, while our competitors are largely importers. Tariffs by definition, support the domestic producer. The question is not if, but when.

儘管存在這些暫時性的影響，但關稅的基本觀點仍然不變。我們是國內生產商，超過 80% 的美國銷售額來自美國本土生產，而我們的競爭對手大多是進口商。關稅的本質就是支持國內生產商。問題不在於是否會發生，而在於何時發生。

And we do believe we are close to a turning point. Container import volumes suggest a deceleration of imports in August and September following the peak in July. This is also supported by 17 consecutive weeks of container rate declines from mid-June. We do strongly believe in our value creation upside, in particular in our North American business. not only because of our promising new products, but also because of our US-based manufacturing footprint, which will, without any question, emerge as a competitive advantage.

我們相信我們正接近一個轉折點。貨櫃進口量表明，繼7月份達到高峰後，8月和9月的進口量有所放緩。這也得到了自6月中旬以來連續17週貨櫃運價下跌的支持。我們堅信自身價值創造潛力巨大，尤其是在北美業務方面。這不僅是因為我們前景廣闊的新產品，也因為我們在美國的生產佈局，這無疑將成為我們的競爭優勢。

And our recent announcement of a $300 million investment in our US laundry facilities is evidence of our confidence in our North American business. With this, let me hand it over to Jim who will discuss the Q3 results as well as our full-year guidance.

我們最近宣布向美國洗衣設施投資 3 億美元，證明了我們對北美業務的信心。接下來，我將把發言權交給吉姆，他將討論第三季業績以及我們全年的業績預期。

Thanks, Marc. Good morning, everyone. Turning to slide 6, I will provide an overview of our third quarter results. We delivered 100 basis points of revenue growth year over year, driven by our new product launches in MDA North America and a strong double-digit growth of our SDA Global business. Global ongoing EBIT margins of 4.5% were unfavorably impacted by the ramp-up effects of tariffs and foreign competitors preloading of Asian produced inventory.

謝謝你，馬克。各位早安。接下來請看第 6 張投影片，我將概述我們第三季的業績。在 MDA 北美推出新產品以及 SDA 全球業務強勁的兩位數成長的推動下，我們實現了同比增長 100 個基點的營收成長。全球持續經營息稅前利潤率為 4.5%，受到關稅上調和外國競爭對手提前囤積亞洲生產庫存的不利影響。

This resulted in a continued highly promotional environment through the third quarter of 2025.

這導致 2025 年第三季持續保持高度促銷的環境。

Ultimately, we delivered ongoing earnings per share of $2.09, which was also supported by an updated adjusted effective tax rate of 8%, resulting in approximately $1 of favorability. Our free cash flow was unfavorable versus prior year by approximately $320 million, driven by the timing impact of tariff payments and the inventory build to support both new product launches and the incremental cost of tariffs.

最終，我們實現了每股持續收益 2.09 美元，同時，更新後的調整後有效稅率為 8%，帶來了約 1 美元的有利影響。由於關稅支付的時間影響以及為支持新產品上市和應對關稅增量成本而進行的庫存建設，我們的自由現金流與去年相比減少了約 3.2 億美元。

Turning to slide 7. I will provide an overview of our third quarter ongoing EBIT margin drivers. Price-mix favorably impacted margin by 50 basis points. We are seeing positive momentum from the cumulative effect of our new product launches and benefits of previously announced pricing actions. At the same time, these benefits have been dampened by the effects of inventory preloading resulting in continued promotional intensity.

翻到第7張投影片。我將概述我們第三季持續影響息稅前利潤率的驅動因素。價格組合的調整使利潤率提高了 50 個基點。我們看到，新產品上市的累積效應以及先前宣布的價格調整措施所帶來的效益，正在形成正面的發展動能。同時，庫存預載導致促銷力度持續加大，從而削弱了這些益處。

Our cost takeout actions delivered as expected, resulting in margin expansion of 100 basis points year over year, led by our manufacturing and supply chain efficiencies. Raw materials were essentially flat as expected. In the third quarter, we experienced incremental cost of tariffs of approximately 250 basis points.

我們的成本削減措施達到了預期效果，在製造和供應鏈效率提升的帶動下，利潤率年增了 100 個基點。正如預期的那樣，原材料基本上持平。第三季度，我們經歷了約 250 個基點的關稅增量成本。

While marketing and technology was flat versus prior year, we have continued to invest in our products and brands. Lastly, currency depreciation associated with the Argentinian peso and Indian rupee resulted in an unfavorable margin impact of 25 basis points.

雖然行銷和技術方面與前一年持平，但我們持續投資於我們的產品和品牌。最後，阿根廷比索和印度盧比的貨幣貶值導致利潤率受到不利影響，下降了 25 個基點。

Turning to slide 8. I'll review the third quarter results for our MDA North America business. The segment achieved revenue growth both sequentially and year over year as new product introductions gained momentum and supported share gains. The tariff policy implementation delays and on-the-water exemptions led to continued preloading of Asian produced products in the third quarter. While our tariff costs are near steady state, some of our competitors are operating with largely pre-tariff inventory, which has resulted in a continued promotional environment, which negatively affected price mix. Despite these challenges, we are seeing positive signs that import volumes by foreign competitors are likely decelerating, giving us confidence that we will operate in a more level playing field as we enter 2026.

翻到第8張幻燈片。我將回顧我們MDA北美業務的第三季業績。隨著新產品上市勢頭強勁，市場份額不斷提升，該業務板塊實現了環比和同比雙增長。關稅政策實施延遲和海上豁免導致第三季亞洲生產的產品繼續提前裝船。雖然我們的關稅成本接近穩定狀態，但我們的一些競爭對手主要依靠關稅實施前的庫存運營，這導致了持續的促銷環境，對價格組合產生了負面影響。儘管面臨這些挑戰，我們看到積極的跡象表明，外國競爭對手的進口量可能會放緩，這讓我們有信心，進入 2026 年後，我們將在一個更公平的競爭環境中運作。

Turning to slide 9. Let me review our new products supporting our growth in our MDA North America business. As previously mentioned, we have had a very strong lineup of product launches this year, with MDA North America transitioning over 30% of its products. A few highlights of our new product lineup include the Whirlpool and KitchenAid French door refrigerators. The true counter depth size seamlessly fits into your kitchen, allowing you to maximize your kitchen space, while the full depth size offers increased capacity and elevated aesthetic appeal to meet modern consumer expectations. The new KitchenAid dishwasher will allow you to discover next-level dishwashing with the automatic door open dry system, versatile third rack, and filtration system that cleans itself.

翻到第9張投影片。讓我來介紹一下我們為支持MDA北美業務成長而推出的新產品。如前所述，我們今年推出了一系列非常強大的產品，MDA 北美公司完成了超過 30% 的產品轉型。我們新產品系列中的一些亮點包括惠而浦和KitchenAid法式對開門冰箱。真正的檯面深度尺寸可以完美地融入您的廚房，讓您最大限度地利用廚房空間，而全深度尺寸則提供了更大的容量和更高的美觀性，以滿足現代消費者的期望。全新 KitchenAid 洗碗機配備自動開門烘乾系統、多功能第三層架和自清潔過濾系統，將帶您體驗更高層次的洗碗體驗。

Finally, we have our new Whirlpool top-load laundry, which combines refreshed aesthetics with performance, allowing you to choose how to wash with the two-in-one removable agitator. These products are just a few examples of how we continue to position our business for growth in MDA North America by bringing new innovation into consumers' homes.

最後，我們推出了全新的惠而浦頂裝式洗衣機，它將煥然一新的美學設計與卓越的性能完美結合，其二合一可拆卸攪拌器讓您可以自由選擇洗滌方式。這些產品只是我們透過將創新帶入消費者家中，不斷推動我們在MDA北美地區業務成長的幾個例子。

Turning to slide 10. I'll review the results for our MDA Latin America business. In the third quarter, MDA Latin America experienced a net sales decline of 6% year over year, excluding currency due to volume decline. The challenging business environment in Argentina has negatively impacted the segment performance by approximately 100 basis points, resulting in an EBIT margin of 5.7%.

翻到第10張投影片。我將審核我們MDA拉丁美洲業務的業績。第三季度，由於銷量下降，MDA 拉丁美洲的淨銷售額年減 6%（不計匯率影響）。阿根廷充滿挑戰的商業環境對該業務部門的表現產生了約 100 個基點的負面影響，導致息稅前利潤率為 5.7%。

Turning to slide 11. I'll review the results of our MDA Asia business. In the third quarter, MDA Asia saw a net sales decline of 4% year over year, excluding currency, driven by volume decline. Continued cost takeout was offset by industry volume declines, resulting in approximately 2% EBIT margin for the segment.

翻到第11張幻燈片。我將回顧我們MDA亞洲業務的業績。第三季度，MDA Asia 的淨銷售額年減 4%（不計匯率因素），主要原因是銷售量下降。持續的成本削減被行業銷售下降所抵消，導致該業務板塊的息稅前利潤率約為 2%。

Turning to slide 12. I'll review the results of our SDA Global business. The segment achieved double-digit net sales growth of 10% year over year, driven by the success of its new product launches. The segment continued to deliver a very strong EBIT margin of 16.5% as favorable price-mix and strong direct-to-consumer business continued to deliver margin expansion.

翻到第12張投影片。我將審查我們SDA Global業務的業績。該業務類股實現了兩位數的淨銷售額年增 10%，這主要得益於新產品上市的成功。由於有利的價格組合和強勁的直接面向消費者業務持續推動利潤率擴張，該業務板塊繼續保持了 16.5% 的強勁 EBIT 利潤率。

Turning to slide 13. I will highlight how our SDA Global business continues to create consumer loyalty and excitement while bringing relevant new products to market. First, I want to highlight the highly sought after walnut wood accents now available in the espresso kit, beautifully crafted with the warmth and natural texture of real walnut wood. Our 3-in-1 pasta stand mixer attachment is designed to simplify the pasta-making process, allowing the maker to roll and cut their pasta, enhancing overall kitchen experience with one easy-to-use attachment. We also recently held an exciting stand mixer sweepstakes, where our limited edition tangerine twinkle color sparked interest across generations, earning approximately 2.5 billion media impressions in the first five days.

翻到第13張幻燈片。我將重點介紹我們的 SDA Global 業務如何持續創造消費者忠誠度和興奮感，同時將相關的新產品推向市場。首先，我想重點介紹一下現在濃縮咖啡套裝中備受追捧的胡桃木裝飾，它們採用真正的胡桃木精心製作而成，散發著溫暖的氣息和天然的紋理。我們的三合一義大利麵攪拌機配件旨在簡化意麵製作過程，讓製作者能夠擀麵、切面，只需一個易於使用的配件即可提升整體廚房體驗。我們最近也舉辦了一場令人興奮的立式攪拌機抽獎活動，我們限量版的橘色閃光款引起了各年齡層人群的興趣，在前五天內獲得了約 25 億次的媒體曝光。

These initiatives are just a few examples showcasing the success of our SDA Global business and the strength of this iconic brand.

這些舉措只是我們 SDA Global 業務成功和這一標誌性品牌實力的幾個例子。

Turning to slide 15, I will review our guidance for 2025. As Marc highlighted, the near record levels of preloaded Asian imports have unfavorably impacted our 2025 financial results. As a result, we are narrowing our full year EPS guidance and revising other components of guidance to reflect the timing at which we expect some of these headwinds to subside. Our net sales guidance of $15.8 billion is unchanged.

接下來請看第 15 張投影片，我將回顧我們 2025 年的指導方針。正如馬克所強調的，接近歷史最高水準的亞洲預裝進口貨物對我們 2025 年的財務表現產生了不利影響。因此，我們將縮小全年每股收益預期範圍，並修訂預期的其他組成部分，以反映我們預計其中一些不利因素將會消退的時間。我們維持158億美元的淨銷售額預期不變。

As we continue to experience promotional intensity due to foreign competitor inventory preloading, we now expect to deliver a full-year ongoing EBIT margin of approximately 5%. As mentioned, we are narrowing our full-year ongoing earnings per share to approximately $7, supported by an improved adjusted effective tax rate.

由於國外競爭對手的庫存預先增加，我們持續面臨促銷壓力，因此我們預計全年持續息稅前利潤率約為 5%。如前所述，在調整後的有效稅率提高的支持下，我們將全年持續經營每股收益預期收窄至約 7 美元。

The One Big Beautiful Bill Act enacted in July 2025 includes the permanent extension of certain tax provisions and modifications to the international tax framework. As a result, we now expect an adjusted full year tax rate of approximately 8%. Without the benefit of our updated tax rate, we would be at the low end of the previous ongoing EPS guidance.

2025 年 7 月頒布的《一項偉大的美麗法案》包括永久延長某些稅收條款以及對國際稅收框架的修改。因此，我們現在預計調整後的全年稅率約為 8%。如果沒有更新後的稅率帶來的益處，我們的每股盈餘將處於先前持續獲利預期範圍的下限。

Lastly, we have updated our free cash flow guidance to approximately $200 million. This reflects the updated expected EBIT margin and the impact of cash payments related to tariffs.

最後，我們將自由現金流預期更新至約 2 億美元。這反映了更新後的預期息稅前利潤率以及與關稅相關的現金支付的影響。

Turning to slide 16. We show the drivers of our updated full-year ongoing EBIT margin guidance. We have updated our expectation of price-mix to 75 basis points to reflect the intense promotional environment continuing through Q4 of 2025. Net cost takeout is unchanged and reflects the expectation to deliver approximately $200 million. The expected impact of incremental tariffs is still projected to be 150 basis points.

翻到第16張幻燈片。我們展示了我們更新後的全年持續營業息稅前利潤率預期的驅動因素。我們已將價格組合預期更新為 75 個基點，以反映持續到 2025 年第四季的激烈促銷環境。淨成本調整金額維持不變，預計可實現約 2 億美元的收入。預計增量關稅的影響仍將達到 150 個基點。

It is important to reiterate that these impacts represent currently announced tariffs and do not factor in any future or potential changes in trade policy. Marketing and technology investments reflect our continued efforts to invest in our products and brands, and the improvement of 25 basis points demonstrates our ability to deliver more efficient marketing assets. Currency and transaction impacts are unchanged.

需要重申的是，這些影響僅代表目前已公佈的關稅，並未考慮未來或潛在的貿易政策變化。行銷和科技的投資體現了我們對產品和品牌持續投入的努力，而 25 個基點的提升則證明了我們有能力提供更有效率的行銷資源。貨幣和交易影響不變。

Turning to slide 17. I will review our revised segment expectations. We have adjusted EBIT margin in North America to reflect the lower-than-expected price-mix due to competitor preloading. We expect a full-year MDA North America margin of 5% to 5.5%. With unfavorable currency impacts and continued macro volatility in Argentina, we now expect an EBIT margin of approximately 6% in MDA Latin America. We expect MDA Asia and SDA global EBIT margins of approximately 5% and 15.5%, respectively, unchanged from our prior guidance.

翻到第17張幻燈片。我將重新檢視我們修訂後的細分市場預期。由於競爭對手的預售策略導致價格組合低於預期，我們調整了北美地區的 EBIT 利潤率。我們預期MDA北美全年利潤率為5%至5.5%。由於不利的匯率影響和阿根廷持續的宏觀經濟波動，我們現在預計 MDA 拉丁美洲的息稅前利潤率約為 6%。我們預期 MDA 亞洲和 SDA 全球的 EBIT 利潤率分別約為 5% 和 15.5%，與我們先前預期的相同。

Turning to slide 18. I will review our free cash flow guidance. We've updated our cash earnings and other operating items consistent with full-year EBIT guidance to reflect the impact of tariff costs. We now expect capital expenditures of approximately $400 million as we continue to prioritize and optimize our capital investments. We expect to build approximately $100 million of working capital, primarily driven by incremental tariff costs in our inventory.

翻到第18張幻燈片。我將重新檢視我們的自由現金流預期。我們已根據全年 EBIT 指引更新了現金收益和其他經營項目，以反映關稅成本的影響。我們將繼續優先考慮和優化資本投資，目前預計資本支出約為 4 億美元。我們預計將增加約 1 億美元的營運資金，主要原因是庫存中增加的關稅成本。

Additionally, the timing of tariff payments is negatively impacting our working capital as tariff payment terms to the government are much shorter than our existing supplier payment terms. The full effect of tariffs is now reflected in our free cash flow expectations.

此外，關稅支付時間對我們的營運資金產生了負面影響，因為向政府支付關稅的期限比我們現有的供應商付款期限短得多。關稅的全面影響現已反映在我們的自由現金流預期中。

Our restructuring costs due to previously announced organizational actions are unchanged at approximately $50 million. Overall, we expect free cash flow of approximately $200 million for the year.

由於先前宣布的組織調整措施，我們的重組成本保持不變，約 5,000 萬美元。總體而言，我們預計全年自由現金流約為 2 億美元。

Turning to slide 19. I will review our capital allocation priorities. As demonstrated through our 100-plus new products launching this year, investing in innovation that meets our consumer needs is a critical priority to drive our organic growth. Secondly, we are committed to reducing debt levels. We continue to expect to pay down $700 million of debt, taking a significant step toward our long-term target of 2 times net debt leverage. As the ramp-up effects of tariffs impact our 2025 financial results, our debt paydown will be delayed into 2026.

翻到第19張幻燈片。我將重新審視我們的資本配置優先事項。從我們今年推出的 100 多款新產品可以看出，投資於滿足消費者需求的創新是推動我們有機成長的關鍵優先事項。其次，我們致力於降低債務水準。我們仍預計將償還 7 億美元的債務，朝著實現淨債務槓桿率為 2 倍的長期目標邁出重要一步。由於關稅逐步生效將影響我們 2025 年的財務業績，我們的債務償還將推遲到 2026 年。

Lastly, we have declared a fourth-quarter dividend of $0.90 per share, continuing to return cash to shareholders through funding a healthy dividend.

最後，我們宣布派發第四季每股 0.90 美元的股息，繼續透過支付豐厚的股息向股東返還現金。

Turning to slide 20. I will give an update on the anticipated Whirlpool of India transaction. As you may have seen announced earlier this month, we have now entered into strategic agreements between Whirlpool Corporation and Whirlpool of India, which include brand and technology licensing. These agreements, along with the transition services agreement, pave the way for how Whirlpool Corporation and Whirlpool of India will operate together over the next several years. This is a critical and prerequisite milestone to support the advancement of our expected transaction.

翻到第20張投影片。我將就預期中的印度惠而浦交易提供最新進展。正如您可能在本月初看到的公告，惠而浦公司和惠而浦印度公司之間已經達成了戰略協議，其中包括品牌和技術許可。這些協議，連同過渡服務協議，為惠而浦公司和惠而浦印度公司在未來幾年如何共同運作鋪平了道路。這是推進我們預期交易的關鍵且必要的里程碑。

With this structure in place, we continue to work toward an ownership reduction to approximately 20%. Ultimately, the proceeds from this ownership reduction will be used to pay down debt. We expect to announce a share sale transaction by December of 2025 and are targeting transaction completion in the first half of 2026.

在此架構下，我們將繼續努力將持股比例降低到約 20%。最終，此次股權減持所得收益將用於償還債務。我們預計將於 2025 年 12 月宣布股份出售交易，並計劃於 2026 年上半年完成交易。

Now I will turn the call over to Marc.

現在我將把電話交給馬克。

Thanks, Jim. And turning to slide 22. Let me revisit why North America is well positioned to create significant value in the mid- and long term. As mentioned earlier, there are three fundamental components that serve as catalysts for growth for our North America MDA business. First, we are strengthening our product portfolio, with over 30% of our North American products transitioning to new products in 2025. This compares to less than 10% product renewal in a normal year.

謝謝你，吉姆。翻到第22張投影片。讓我再回顧為什麼北美在中長期具有創造巨大價值的優勢。如前所述，有三個基本要素可以促進我們北美MDA業務的成長。首先，我們正在加強產品組合，到 2025 年，我們北美超過 30% 的產品將過渡到新產品。相較之下，正常年份的產品續訂率不到 10%。

Secondly, our strong US-based manufacturing footprint positions us as the net win of new tariff and trade policies. Thirdly, turning to the US housing market, we continue to see strong underlying fundamentals that point to a likely multiyear recovery. It is a well-established fact that the US housing market is significantly undersupplied by approximately 3 million to 4 million homes, which is compounded by an aging housing stock with a median age of 40 years. Additionally, the elevated mortgage rates have created a pent-up demand that we expect to unlock once interest rates start to ease.

其次，我們強大的美國本土製造業佈局使我們成為新關稅和貿易政策的最終受益者。第三，就美國房地產市場而言，我們繼續看到強勁的基本面，這表明該市場可能會出現多年復甦。美國住房市場嚴重缺口約 300 萬至 400 萬套住房，這是一個公認的事實，而住房存量老化（平均房齡為 40 年）更加劇了這個問題。此外，高企的抵押貸款利率造成了被壓抑的需求，我們預期一旦利率開始下降，這種需求就會被釋放。

Turning to slide 23. I'm pleased to showcase the new KitchenAid suite, which we began shipping to our trade customers in September. To put this in perspective, this is the first full KitchenAid redesign in a decade. And this line of products represent over $1 billion of annual business with strong margins. We've seen both strong flooring gains as well as very promising sell-out trends over the past weeks, and our KitchenAid market share is now trending towards its highest level in over a decade.

翻到第23張幻燈片。我很高興向大家展示全新的 KitchenAid 系列產品，我們從 9 月開始向我們的貿易客戶發貨。換個角度來看，這是 KitchenAid 十年來首次進行全面重新設計。該系列產品年營業額超過10億美元，利潤率很高。在過去的幾周里，我們看到地板銷售強勁增長，而且銷售情況也呈現非常可喜的態勢，KitchenAid 的市場份額目前正朝著十多年來的最高水平邁進。

Beyond the exciting new colors, the modern design is aesthetic, this line is unique in its personalization opportunities. The personalization comes from a combination of interchangeable collars of handles and knobs, which can be easily changed at the consumer's home.

除了令人興奮的新色彩和現代美觀的設計外，該系列產品在個人化客製化方面獨樹一幟。個人化體現在可互換的把手和旋鈕套環的組合上，消費者可以在家中輕鬆更換這些套環。

Turning to slide 24. I will reinforce how Whirlpool will be the net winner of trade tariffs. So far, in 2025, tariffs have been a headwind to our business. As they ramped up, our margins were impacted by approximately $100 million of incremental costs in the third quarter. These costs are largely related to imported components and, to a lesser extent, to imported finished goods.

翻到第24張投影片。我將進一步闡述惠而浦公司將如何成為貿易關稅的最終受益者。到目前為止，2025 年關稅一直是我們業務發展的阻礙因素。隨著產能提升，第三季我們的利潤率受到約 1 億美元增量成本的影響。這些成本主要與進口零件有關，其次是進口成品。

Our competitors, on the other hand, took advantage of implementation delays and on-the-water exemptions to accelerate imports from Asia and flood the market with lower cost inventory. In fact, during the first half of 2025, we experienced nearly the highest level of appliance imports from Asia on record. As a result, and not surprisingly, the promotional environment has remained elevated, preventing us from realizing our competitive advantage as the largest US-based producer of appliances.

另一方面，我們的競爭對手利用實施延遲和海上豁免，加快了從亞洲的進口，並用低成本庫存充斥市場。事實上，在 2025 年上半年，我們從亞洲進口的家電數量幾乎達到了有史以來的最高水準。因此，不出所料，促銷環境一直居高不下，阻礙了我們發揮作為美國最大的家電生產商的競爭優勢。

Since reaching peak levels in June and July, we have seen signs that point towards a deceleration of imports. While we do not have import data for August and September available, the ocean container costs have been dropping at a rapid pace, a clear indication of lower demand for ocean containers. Also, as of October 5, we are operating in an environment where all imported appliances will be subject to the full reciprocal tariffs as well as the Section 232 tariffs. With this, the tariffs will finally begin to turn a tide in our favor given our unmatched domestic footprint.

自六月和七月達到高峰以來，我們已經看到進口成長放緩的跡象。雖然我們沒有 8 月和 9 月的進口數據，但海運貨櫃成本一直在快速下降，這清楚地表明對海運貨櫃的需求下降。此外，自 10 月 5 日起，所有進口電器都將受到全部互惠關稅以及第 232 條關稅的約束。這樣一來，鑑於我們無可比擬的國內市場規模，關稅最終將開始對我們有利。

As a domestic producer with more than 80% local production, we will have a clear relative advantage over our competitors. To put this relative advantage in numbers, as Whirlpool, we expect to face approximately 3% cost increase on an analyst base. Our foreign competitors, on the other hand, are estimated to experience approximately 5% to 15% cost increase depending on their production footprint as they are largely importers in the US. We are confident that these headwinds are temporary, and ultimately, Whirlpool is uniquely positioned to benefit from these policies mid- and long term.

作為一家本土化率超過 80% 的生產商，我們相對於競爭對手有明顯的相對優勢。為了以數字來體現這種相對優勢，作為惠而浦公司，我們預期分析師將面臨約 3% 的成本成長。另一方面，我們的外國競爭對手預計將面臨約 5% 到 15% 的成本成長，具體取決於他們的生產規模，因為他們在美國主要從事進口業務。我們相信這些不利因素是暫時的，最終，惠而浦憑藉其獨特的優勢，將在中長期內受益於這些政策。

Turning to slide 25. Let me summarize our progress against these catalysts for growth. One, we are pleased by the early success of our new products launched this year. We've seen a positive reaction from our trade customers, gaining 30% increase in flooring compared to prior year. Two, with our domestic manufacturing becoming a competitive advantage, we're investing even more capital in our US footprint. We just announced a $300 million investment in our laundry factories, which will add capacity and further fuel our innovation pipeline. And three, even though the housing market will need further mortgage rate reductions to finally gain momentum, we're exceptionally well positioned to win in the eventual housing recovery.

翻到第25張投影片。讓我總結一下我們在利用這些成長催化劑方面的進展。第一，我們對今年推出的新產品的初步成功感到高興。我們從貿易客戶那裡得到了積極的回饋，地板銷量比上一年增長了 30%。第二，隨著國內製造業成為我們的競爭優勢，我們正在增加對美國市場的投資。我們剛剛宣布將投資 3 億美元用於洗衣廠建設，這將增加產能並進一步推動我們的創新發展。第三，儘管房屋市場需要進一步降低抵押貸款利率才能最終獲得成長動力，但我們已做好充分準備，將在最終的房屋市場復甦中獲勝。

We continue to see strength in our builder channel position and have just recently renewed a multiyear contract with one of the top three builders. As a reminder, we have contracted 8 out of the top 10 US builders supported by our product and brand portfolio as well as our final mile delivery capabilities.

我們繼續看到我們在建築商渠道的地位強勁，並且最近剛剛與排名前三的建築商之一續簽了一份多年合約。再次提醒大家，我們已與美國排名前 10 的建築商中的 8 家簽訂了合同，並得到了我們的產品和品牌組合以及最後一公里配送能力的支持。

Turning to slide 26. Let me just summarize what you heard today. We are pleased to have achieved organic revenue growth in the third quarter. Our SDA Global business continues to be a bright spot. New products and a successful D2C strategy delivered sustained growth and margin expansion throughout 2025 and will continue to drive value creation.

翻到第26張幻燈片。讓我來總結一下你今天聽到的內容。我們很高興在第三季實現了有機收入成長。我們的SDA Global業務依然是一大亮點。新產品和成功的 D2C 策略在 2025 年實現了持續成長和利潤率擴張，並將繼續推動價值創造。

Our market share gains in North American major appliances are just the beginning, and we're encouraged by the success of our new products. Beyond the success of these new products, there is no doubt that the two big macro cycles, US tariffs and US housing, will ultimately turn in our favor. Even with these macro cycles turn into our favor, we remain very focused on cost takeout initiatives and see more cost takeout opportunities as we head into 2026.

我們在北美大型家電市場佔有率的成長只是個開始，我們新產品的成功也讓我們倍感鼓舞。除了這些新產品的成功之外，毫無疑問，兩大宏觀週期——美國關稅和美國房地產市場——最終都將對我們有利。即使這些宏觀週期對我們有利，我們仍然非常關注降低成本的舉措，隨著我們邁入 2026 年，我們看到了更多降低成本的機會。

And now we will end our formal remarks and open it up for questions.

現在我們的正式發言到此結束，接下來將開放提問環節。

(Operator Instructions) Susan Maklari, Goldman Sachs.

（操作說明）蘇珊·馬克拉里，高盛。

My first question is around the share gains that you have seen this quarter. Can you talk a bit about how much of that is driven by the new product launch and the momentum that you're seeing there relative to promotions? And any changes that you saw company specific in that during the quarter?

我的第一個問題是關於您本季看到的股價上漲情況。您能否談談其中有多少是由新產品發布以及您看到的促銷勢頭所驅動的？在這個季度中，您觀察到公司方面有哪些具體變化嗎？

Yes. Susan, so obviously, your share gains refer to our major business in North America, where we had a 2.8% revenue growth, which is obviously very encouraging, promising sign, and it's the first growth which we had in quite a while so. The share gains, which we had in Q3 essentially completely offset anything which we lost in the first half. So we're right now, we feel good about the share position to your question about where it's coming from. In very simple terms, the share gains came from new products, and promotion side of the business, we pretty much held our line.

是的。蘇珊，很顯然，你的股份增長指的是我們在北美的主要業務，我們在那裡的收入增長了 2.8%，這顯然是一個非常令人鼓舞、充滿希望的跡象，也是我們一段時間以來的首次增長。第三季的股價上漲基本上完全抵消了上半年的損失。所以，對於您提出的關於股票來源的問題，我們目前對股票的持有感到滿意。簡單來說，市佔率的成長來自新產品和促銷業務，我們在促銷方面基本上保持了原有水準。

So it's a combination of both factors. So we held our line in promotions despite the pressure, but the share gains came with all the new products.

所以這是兩種因素共同作用的結果。儘管面臨壓力，我們還是堅持了促銷策略，但市佔率的成長主要來自所有新產品。

I think you heard me previous remarks that we're particularly good about the KitchenAid business. KitchenAid pretty much an all-time record market share in majors. And obviously, that is not a promotional part of the business. That is really new product launches. But we feel also very good about we launched a new French door (inaudible). We have an entire mid-layer of top-load laundry, which came out. So we feel very, very good about where we are with these new products, not only the flooring, but you now with a couple of weeks in the market, we have also some pretty good sell-out data, which is lining up very well for what's about to come.

我想你之前已經聽我說過，我們特別擅長KitchenAid的業務。KitchenAid 在主要零售商中幾乎創下了歷史最高市場份額紀錄。顯然，這並非業務的推廣部分。那可是真正的新產品發表啊。但我們也為我們推出的新款法式門感到非常滿意。（聽不清楚）我們有一大堆頂置式洗衣機裡的衣服，都拿出來了。所以我們對這些新產品的現狀感到非常非常滿意，不僅是地板產品，而且在上市幾週後，我們也獲得了一些相當不錯的銷售數據，這與即將到來的情況非常吻合。

Okay. That's helpful. And then it's nice to see the continued strength in the SDA business. Can you talk about what is driving that? And especially, it seems to be coming despite the weakness that we're seeing in housing and even with the consumer volatility out there. So can you just talk about the momentum there and how you're thinking about that business going forward?

好的。那很有幫助。很高興看到 SDA 業務持續保持強勁勢頭。您能談談是什麼原因導致這種情況嗎？尤其值得注意的是，儘管我們看到房地產市場疲軟，甚至消費者市場波動劇烈，但這種情況似乎仍將發生。那麼，您能否談談目前的發展勢頭，以及您對未來業務發展的看法？

Yeah, Susan. In short, we feel very good about where we are from an FDA perspective and the momentum which we have, which we also think bodes very well also for next year. I think there's a couple of factors here at play. First of all, because you mentioned the housing, the small domestic appliance market is less driven by the housing than the majors. It's just a fundamental difference. So it's much more of a discretionary sale, less a replacement market than discretionary sale.

是的，蘇珊。總之，從 FDA 的角度來看，我們對目前的狀況和發展勢頭感到非常滿意，我們也認為這對明年來說是一個非常好的兆頭。我認為這裡有兩個因素在起作用。首先，因為你提到了住房，小型家用電器市場受房屋市場的影響不如大型家用電器市場那麼大。這僅僅是根本性的區別。所以這更像是一次非必需消費品的銷售，而不是一次替代消費品的銷售。

What helped us? I would say, is essentially three factors coming together. two internally one macro. The first one, we have a lot of new products already launched in the last year. We have a lot of new products in the pipeline.

什麼對我們有幫助？我認為，這本質上是三個因素共同作用的結果。其中兩個是內部因素，一個是宏觀因素。首先，我們去年已經推出了許多新產品。我們有許多新產品正在研發中。

And I think we also -- we've demonstrated and you've seen that on our advertising investments, we supported these new product launches with significant investments. So all these new products help us building the business, particularly outside the stand mixer also, but also inside the stand mixer, that's one.

而且我認為我們也已經證明——你們也看到了，我們在廣告投入方面投入了大量資金來支持這些新產品的發布。所以所有這些新產品都有助於我們發展業務，尤其是在立式攪拌機之外，當然在立式攪拌機內部也是如此，這是一方面。

Two, we continue to see great growth and strength in our D2C business, which, as you know, this is the kind of business, the more volume we get from the D2C business, the more profitable becomes just because of the search and traffic costs are spread over in a much more favorable way. So we feel very good about the D2C progress.

第二，我們的 D2C 業務持續保持強勁成長勢頭，正如您所知，這種業務模式的特點是，D2C 業務的銷量越大，利潤就越高，因為搜尋和流量成本可以更有效地分攤。所以我們對D2C業務的進展感到非常滿意。

And thirdly, and this is -- and it may feel like SDA is not so much of a tariff story. It's a different one because almost the entire production of SDA, call it, outside our Ohio Greenville, Ohio factory is largely China-based production. So you had an earlier impact of tariffs in the SDA market because the China tariffs came into effect a little bit earlier than the rest of Asia. So that drove already a lot of industry changes and behaviors in the SDA segment. So I would say, in some ways, you could say the tariffs have found their way in the marketplace earlier in the SDA than we have seen it in the major business.

第三，這一點——而且可能感覺 SDA 與其說是一個關稅故事，不如說是一個關稅故事。情況有所不同，因為除了我們位於俄亥俄州格林維爾的工廠之外，SDA 的幾乎所有產品都是在中國生產的。因此，由於中國的關稅生效時間比亞洲其他國家稍早，SDA市場更早受到了關稅的影響。因此，這已經推動了SDA領域許多產業變革和行為的發生。所以我覺得，在某種程度上，可以說關稅在小規模貿易中比在大型企業中更早進入了市場。

David MacGregor, Longbow Research.

David MacGregor，Longbow Research。

Marc, you talked about the gains in retail flooring. And I'm just wondering, I realize each of these listings would have a different velocity. But in total, under current demand conditions, what would those incremental listings represent in terms of 2026 unit growth?

馬克，你談到了零售地板市場的成長。我只是在想，我知道每個房源的成交速度都會不一樣。但整體而言，在當前需求條件下，這些新增房源將代表 2026 年的單位成長量為何？

David, that's a very specific question. And I'm obviously shying a little bit away from giving the '26 unit growth perspective. But again, first of all, there's two parameters, which we already referred to. We replaced about 30% of the SKUs in North America in '25. Now that's not all completed, but now with the KitchenAid VBL that, I would say, 90% of our products which we want to launch in 2025 have been launched.

大衛，你問的這個問題很具體。顯然，我不太願意談論 2026 年的單位成長情況。但首先，我們前面已經提到兩個參數。2025 年，我們在北美地區更換了約 30% 的 SKU。雖然還沒有全部完成，但隨著 KitchenAid VBL 的推出，我認為我們計劃在 2025 年推出的產品中，90% 已經上市了。

As a little reminder, and I know it's only footnote, the launching product comes with a cost because we typically pay for display costs, et cetera, which, of course, you see reflected in the margins. So we don't immediately give you value accretion because you pay for the floor.

順便提一下，我知道這只是個腳註，推出新產品是要付出成本的，因為我們通常要支付展示費用等等，當然，這些成本都會反映在利潤率上。所以，我們不會因為你支付了地板的費用就立即給你增值。

Now typically, when you launch with new products, you have, first of all, the flooring discussions, where we feel exceptionally good about where we are. With 30% of our new products, which again compares to typically slightly less than 10% in a normal year, we gained about 29% more floors than we had in a pre-succession SKU. So that's very encouraging. Now everybody in the retail industry knows getting flooring is one thing, then you need to get the sellout.

通常情況下，推出新產品時，首先會涉及地板的討論，而我們對目前的地板市場狀況感到非常滿意。新產品佔 30%，而正常年份通常略低於 10%，因此，我們的產品銷售量比之前的 SKU 增加了約 29%。這真是令人鼓舞。現在零售業的每個人都知道，拿到地板是一回事，接下來你還需要實現銷售。

The sellout data is, of course, in some elements already a little bit more mature and some elements less mature. But I would say across the board, in particular the KitchenAid launch, but also on the top load launch, which I mentioned before in the French door, we feel very, very good. So put this all together, David, I would say we feel very good about the organic growth opportunities heading into '26 in North America, irrespective of what the market does. We feel really good about the momentum which we have. Then the flooring cost will be behind us.

當然，售罄數據在某些方面已經比較成熟，而在其他方面則不太成熟。但我想說，總體而言，特別是 KitchenAid 的產品發布，以及我之前在法式對開門冰箱中提到的上翻式冰箱的產品發布，我們都感覺非常好。綜上所述，David，我認為無論市場如何變化，我們對2026年北美地區的有機成長機會感到非常樂觀。我們對目前的發展動能感到非常滿意。這樣一來，地板鋪設的費用就解決了。

So we feel -- and I know it may not fully reflect in Q3 margins, but trust me, we feel we have a good tailwind in our back coming from these new product launches.

因此我們感覺——我知道這可能不會完全反映在第三季的利潤率中，但相信我，我們感覺這些新產品的推出給我們帶來了良好的順風。

Great. And just to be clear on this, and I have a follow-up question. But just to be clear, you're expecting the flooring costs, the upfront flooring costs to be fully realized by the end of the calendar year?

偉大的。為了確認一下，我還有一個後續問題。但我想確認一下，您是指地板鋪設成本，也就是前期地板鋪設成本，預計在年底前全部收回嗎？

Yeah, there will be by the end of Q4, we will have pretty much fully absorbed it. Now you also -- next year, we will also have some product launches, but it will be just, of course, a lot less than this year. This year has been the peak of all the product launches.

是的，到第四季末，我們將基本上完全消化掉它。現在你們也知道──明年我們也會推出一些新產品，但當然，數量會比今年少很多。今年是所有產品發表會的高峰年。

Right, right. Okay. And second question is regarding the tariffs and the $225 million of expected unrecovered 2025 tariff expense. How much of this do you expect to recover in 2026, presumably once you have the benefit of tariff protection?

對，對。好的。第二個問題是關於關稅以及預計 2025 年無法收回的 2.25 億美元關稅支出。您預計到 2026 年，在享受關稅保護之後，其中有多少能夠恢復？

Well, again, David, the tariff is -- there's a gross on the net component. On the gross side, we pay tariffs. So right now, the $225 million, which we pay this year, assuming the tariffs are now stable. That is, of course, a big assumption because as we all experience, there's a lot of moving pieces. you basically -- the same amount next year probably will be in the ballpark of $300 million to $350 million.

嗯，大衛，關稅是－－有總額和淨額之分。總而言之，我們需要支付關稅。所以目前，假設關稅保持穩定，我們今年需要支付 2.25 億美元。當然，這只是一個很大的假設，因為我們都明白，其中有許多變數。基本上，明年同樣的金額可能在3億到3.5億美元之間。

And just this is an early number. So of course, when you need to look at the delta of the gross tariffs. But the year-over-year comparison basically happen the Q1 and apart from Q2, which you basically have to kind of transition into. Now the real benefit comes to us is, as we mentioned before, for us, this represents about 3% of our North America sales. If you calibrate the country of production of our competitors with respective tariff rate, you would come to the conclusion that their respective headwind is about 5% to 15%.

而這僅僅是早期數據。所以，當然，當你需要查看毛關稅的差額時。但年比比較基本上只發生在第一季度，第二季度除外，因為第二季度基本上需要過渡到下一個季度。現在，真正的好處在於，正如我們之前提到的，這相當於我們北美銷售額的約 3%。如果將競爭對手的生產國與其各自的關稅稅率進行校準，就會得出這樣的結論：他們各自的不利因素約為 5% 至 15%。

So of course, it puts us on a relative competitive advantage, which we ultimately should see in volume growth and overall margin appreciation in North America.

因此，這當然使我們擁有了相對的競爭優勢，我們最終應該會在北美地區的銷售成長和整體利潤率提升中看到這一點。

Michael Rehaut, JPMorgan.

Michael Rehaut，摩根大通。

First, I just wanted to kind of take a step back and look at -- obviously, the continued promotional environment is the culprit here, and you expect it to continue through the end of the year. Just wanted to understand how this promotional environment compares to pre-COVID norms.

首先，我想退後一步，看看——顯然，持續的促銷環境是罪魁禍首，而且預計這種情況會持續到年底。我只是想了解目前的促銷環境與新冠疫情前的常態相比有何不同。

And if there are certain metrics that you could kind of point to that would say this is 5% more intense from a net pricing standpoint than prior periods or certain metrics that can -- we can kind of grab on to, to understand maybe if things normalize and inventory -- excess inventory or excess promotions come out of the channel or so forth, we can kind of get a better yardstick of what to expect as things kind of calm down, let's say?

如果有一些指標可以指出，從淨定價的角度來看，這比之前的時期更加激烈 5%；或者有一些指標可以讓我們抓住，了解如果情況正常化，庫存過剩或促銷活動從渠道中消失等等，我們就可以更好地衡量情況平靜下來後的預期情況。

Yeah, Michael, it's Marc. Obviously, that's a big question, and there's no precise answer to it, to be very transparent. So first of all, on a multiyear perspective, as you all remember, we had, I would say, pre-COVID more or less a normal promotional environment. And it's just a consumer market, which everyone in a while needs to be stimulated with some promotion around the holidays. That's nothing new, nothing anormal.

是的，邁克爾，我是馬克。顯然，這是一個大問題，坦白說，這個問題沒有確切的答案。首先，從多年的角度來看，正如大家所記得的，在新冠疫情爆發之前，我們擁有一個相對正常的推廣環境。這只是消費市場，每個人都需要時不時地在假日期間透過一些促銷活動來刺激消費。這沒什麼新鮮的，也沒什麼不正常的。

Now post-COVID, in particular in the context of supply chain crisis, there was essentially a no promotional environment. And then these promotions quickly ramped back up again into the market in late '23, but in particular in '24. So these were the big cycles.

如今，在新冠疫情之後，尤其是在供應鏈危機的背景下，基本上不存在促銷環境。然後，這些促銷活動在 2023 年末，尤其是在 2024 年迅速再次進入市場。這些就是幾個主要周期。

Now this year, on top of this massive swing, you have a very rapid change and volatile environment because, of course, when everybody started the year, we didn't anticipate tariffs to that extent. We didn't anticipate the preloading. So you have right now a lot of industry volumes shifting in the market, which is just not comparable to any normal year.

今年，除了這種巨大的波動之外，環境也變得非常迅速且動盪，因為，當然，年初的時候，我們都沒有預料到關稅會達到如此程度。我們沒有預料到預載的情況。所以目前市場上的產業交易量正在發生很大變化，這與往年任何正常年份都無法相提並論。

So your question around normal or not normal, I would more refer to the volumes which were shipped into the country, which is just outside a normal pattern. The consumer will always need some stimulation around some holidays, but that is nothing new. So the real normalization effect comes from just industry shipments balancing and reflecting both the normal trends, but even more important, reflecting real underlying costs.

所以，關於正常與否的問題，我更傾向於指的是運往該國的數量，這已經超出了正常範圍。消費者在某些節日期間總是需要一些刺激，但這並不是什麼新鮮事。因此，真正的正常化效應來自於產業出貨量的平衡和反映，既反映了正常趨勢，但更重要的是，反映了實際的潛在成本。

The volumes which were shipped into the country and to give you a little bit more expansion is we have a July import data, but we do not have the August and September data because of the government shutdown. So the July shipment data still showed elevated shipments into the country despite the flat market, which we all know.

為了讓您更清楚地了解情況，我們有7月的進口數據，但由於政府停擺，我們沒有8月和9月的數據。因此，儘管市場低迷（我們都知道這一點），但7月的​​出貨量數據顯示，儘管市場低迷，但對該國的出貨量仍然居高不下。

And as Jim showed earlier or mentioned earlier, the first half of '25 pretty much was close to an all-time record on applying shipments from Asia. So it's very, very high and certainly above the market demand. So we know there's quite a bit of inventory overhang. Inventory, which was at pre-tariff cost, that's an important one.

正如吉姆之前所展示或提到的那樣，2025 年上半年亞洲的進口量幾乎達到了歷史最高紀錄。所以價格非常非常高，一定會高於市場需求。所以我們知道目前有相當多的庫存過剩。庫存是按關稅前的成本計算的，這一點很重要。

Of course, by definition, as you go through Q3 and Q4, with the anticipation that import volumes come down, that excess inventory at one point will flush through the system. We would expect that to be happening kind of towards the end of Q4. We assume Black Friday volumes are pretty much set and prices are being determined already. So I would strongly believe that by Q4, any pre-tariff inventory is more or less gone out of the system. So with that in mind, I would expect in '26 to see industry behavior, which is more reflective of the normal shipment patterns and particularly more important, the underlying cost base.

當然，根據定義，隨著第三季和第四季的到來，預計進口量會下降，過剩庫存會在某個時候透過系統排出。我們預計這種情況會在第四季末發生。我們認為黑色星期五的銷量基本上已經確定，價格也已經確定。所以我堅信，到第四季度，任何關稅實施前的庫存都將基本上從系統中消失。因此，考慮到這一點，我預計 2026 年的產業行為將更能反映正常的出貨模式，尤其更重要的是，反映出潛在的成本基礎。

I mean, Michael, just to highlight, as Marc kind of discussed earlier in some of his remarks, I mean, next year in the industry, the tariffs will create an unprecedented level of cost increases for many of the participants. And so it's very hard to predict, but obviously, that should have an impact.

我的意思是，邁克爾，我想強調的是，正如馬克之前在他的一些演講中提到的那樣，明年關稅將為業內許多參與者帶來前所未有的成本增長。因此很難預測，但顯然，這應該會產生影響。

Right. No, I appreciate that. I know it's obviously a very fluid environment to say the least. Secondly, I wanted to shift focus a little bit to the balance sheet. And you've kind of outlined that you've delayed the $700 million debt paydown into, I guess, the first half of next year.

正確的。不，我很感激。我知道，這顯然是一個非常不穩定的環境。其次，我想稍微把重點轉移到資產負債表上。您已經大致表示，將7億美元的債務償還期限延後到明年上半年。

I was wondering if you could also just kind of address with -- over the next couple of years, how you're going to manage the revolver and financing needs as certain elements of the revolver come due over the next two years. And if the remainder of those financing needs are going to be simply refinanced and pushed out or if there's going to be additional debt paydown? Any other kind of details around that front would be helpful.

我想問的是，您能否也談談——在接下來的幾年裡，您將如何管理循環信貸和融資需求，因為循環信貸的某些部分將在未來兩年內到期。如果剩餘的融資需求只是透過再融資和延期償還，還是會額外償還債務？任何其他相關細節都將有所幫助。

Yeah. And Michael, this is Jim. And I'd probably start with that our long-term goals haven't changed. And our long-term goals to get to a 2 times net debt to EBITDA have not changed. As you highlighted, I think the timing of some of that has changed. And maybe we start with the beginning of the year where we were able to refinance $1.2 billion of the term loan that we had, and we feel very good about that, setting us up very well.

是的。邁克爾，這位是吉姆。我首先要說的是，我們的長期目標並沒有改變。我們實現淨債務與 EBITDA 比率為 2 倍的長期目標並沒有改變。正如你所指出的，我認為其中一些事情的時機已經改變了。或許我們可以從年初說起，當時我們成功地為我們之前的 12 億美元定期貸款進行了再融資，我們對此感到非常滿意，這為我們奠定了良好的基礎。

As you mentioned, the India transaction, which we feel we're progressing very well with, and we've just announced that we've got all the major agreements in place that we need to, to get that transaction done now. That's delayed into 2026, at least from a closing perspective, but we still feel good about getting the proceeds of that and using that to pay down debt. And so as you look at that, again, from an overall liquidity perspective, we feel good.

正如您所提到的，我們感覺在印度的交易進展非常順利，我們剛剛宣布，我們已經達成了完成該交易所需的所有主要協議。從交割的角度來看，這至少要推遲到 2026 年，但我們仍然對獲得收益並用它來償還債務充滿信心。所以，從整體流動性的角度來看，我們感覺良好。

Obviously, with the revolver that we utilize right now, that's always a cycle, and we've gone through that years -- for many, many years that we go out, we renew it, we continue it forward. So we believe we're in a good position there right now. So as I said, really from an overall capital allocation and debt perspective, nothing has changed other than pushing the timing out. From a liquidity perspective, we feel good about where we are and what we have access to.

顯然，就我們目前使用的左輪手槍而言，這是一個持續的循環，多年來我們一直經歷著這個過程——多年來，我們不斷更換、更新，並繼續向前發展。所以我們認為我們目前處於有利地位。正如我所說，從整體資本配置和債務的角度來看，除了延遲時間之外，沒有任何變化。從流動性角度來看，我們對目前的狀況和可獲得的資金感到滿意。

And then in terms of the actions that we're taking to reduce our debt levels, we also feel good about how we've positioned ourselves to complete those in the not-so-distant future. So again, as we go forward, we never talk about what our intentions are in terms of different things and all that, but the overarching strategy has not changed, and our intention to continue to pay down debt has not changed.

至於我們為降低債務水準所採取的行動，我們也對我們已經做好充分準備，能夠在不久的將來完成這些目標感到滿意。所以，我們再次重申，在前進的過程中，我們從不談論我們在不同事情上的意圖等等，但總體戰略沒有改變，我們繼續償還債務的意圖也沒有改變。

Mike Dahl, RBC Capital Markets.

Mike Dahl，加拿大皇家銀行資本市場。

I wanted to follow up on effectively a balance sheet and cash flow dynamic. The free cash flow guide, while reduced still implies a pretty meaningful ramp in the fourth quarter, and that's kind of despite what you've articulated in terms of the higher product costs. So can you help us understand the moving pieces on free cash that you can drive that?

我想深入了解資產負債表和現金流量的動態變化。儘管自由現金流預期有所下調，但仍表明第四季度將出現相當可觀的增長，這與你之前提到的產品成本上升的情況有些矛盾。那麼，您能否幫助我們理解您可以利用的自由現金流的各個組成部分？

And then if tariff payments, the second part of this are step up again in next year, obviously, there's going to be moving pieces on other lines. But your free cash at $200 million is roughly in line with your reduced dividend. So it doesn't exactly drive incremental deleveraging. So how are you thinking about -- how are you thinking about the dividend? And any other color you can provide on kind of maybe the path of free cash beyond '25?

然後，如果關稅支付（即第二部分）在明年再次增加，顯然，其他方面也會受到影響。但你2億美元的自由現金流與你減少後的股利大致相當。所以它並不能真正推動逐步去槓桿化。那麼，您對股息有什麼看法？還有其他顏色嗎？或許可以考慮在 25 年後透過某種方式獲得免費現金？

Yeah, Mike, this is Jim, and I'll kind of take this here. What I would say is, first off, the path to get to our free cash flow at the end of the year, right now, we are sitting on a higher level of working capital than even we typically are at this point in time. And if you really look at it, one, we've -- with all the new product launches that we've done and everything, the amount of inventory that we've built ahead of time to position ourselves well through that as well as the cost of the tariffs that goes into inventory. And so you've got an elevated level of inventory there.

是的，麥克，這位是吉姆，我來接手吧。我想說的是，首先，為了實現年底的自由現金流目標，目前我們的營運資本水準甚至比我們通常在這個時候的水準還要高。仔細想想，首先，我們推出了許多新產品，為此我們提前儲備了大量庫存，以便更好地應對這些變化，此外還有關稅成本也計入了庫存。所以你們那裡的庫存水準很高。

Also, our receivables are at a typical level that they are before year-end, which they come down as we ship a lot of product and then collect the cash before year-end. So just working capital alone is probably a $600 million-plus benefit to us as we head towards the back half of the year.

此外，我們的應收帳款處於年底前的正常水平，隨著我們出貨量增加，並在年底前收回款項，應收帳款就會下降。因此，僅營運資金一項，在我們進入下半年之際，就可能為我們帶來超過 6 億美元的收益。

Additionally, what you've got is with the promotional payments that we make. A lot of those happen early in the year for the prior year, and then we build up the accrual as it goes. So that's another thing that benefits us late in the year because we then don't pay a lot of that out until next year. So from a free cash flow perspective, at least for this year, there's a lot of big moving parts.

此外，你還可以獲得我們支付的促銷款項。許多這類事情都是在年初發生的，針對的是前一年，然後我們隨著時間的推移逐步累積應計款項。所以，這也是我們在年底時受益的另一個原因，因為我們不用在明年之前支付很多款項。因此，從自由現金流的角度來看，至少今年有許多重大變數。

But the piece that I alluded to earlier that is unusual for many other years that the tariffs are such a significant amount and that we had to pay those within 30 days, and that was a onetime effect right now that we've now fully absorbed into there. And so for next year, it's not a negative effect anymore. It's just an ongoing type of thing that occurs.

但我之前提到的那件事與往年不同尋常，關稅數額巨大，而且我們必須在 30 天內支付，這是一次性的影響，我們現在已經完全消化了。因此，對於明年來說，這已經不再是負面影響了。這只是一件經常發生的事情。

Now your point on the dividend there and then our free cash flow matches about at the dividend level, we do believe, obviously, our free cash flow will be higher next year. And like I said, to begin with, you don't have the one-off impact of the tariffs coming in, which automatically gives you a benefit going into next year. I would say as we look towards next year, and we're not giving guidance or anything right now, but I think we get back to a more normalized level and get some of these working capital effects out, especially the timing of some of them and kind of return to what is a more earnings-driven free cash flow type of profile.

現在，您提到了股息，而我們的自由現金流與股息水平大致相當，我們當然相信，明年的自由現金流會更高。正如我之前所說，首先，你不會面臨關稅帶來的一次性影響，這自然會讓你在明年獲得好處。展望明年，雖然我們現在不給出任何指引，但我認為我們會恢復到更正常的水平，消除一些營運資本方面的影響，特別是其中一些影響的時間安排，並回歸到以盈利為導向的自由現金流模式。

Okay. Yeah, that's helpful color, Jim. Thank you for that. The second question, I guess, is on the implied fourth quarter guidance and the margin dynamics seem pretty clear. It seems like the revenue guidance implies that there's a healthy step-up in year-on-year growth in the fourth quarter despite this competitive environment and soft macro? Can you just talk a little bit more about what's underlying that fourth quarter assumption to get to the 15% for the full year?

好的。是的，吉姆，這顏色還挺有用的。謝謝。第二個問題，我想，是關於第四季業績指引的隱含訊息，而利潤率動態似乎相當清晰。儘管面臨激烈的市場競爭和疲軟的宏觀經濟環境，但營收預期似乎表明，第四季年增速將出現穩健成長？您能否再詳細談談第四季實現全年 15% 成長目標的假設依據是什麼？

Yeah, Mike, it's Marc. So actually, ultimately, the Q4 revenue or implicit revenue guidance for the fourth quarter is largely driven by what I mentioned before, our Q3 itself from a growth perspective, the organic growth perspective was very good. And in particular, on the two components, SDA, which by definition, even Q4 is bigger than Q3. So you have this SDA component where you carry a lot of momentum into Q4, and we feel very good.

是的，麥克，我是馬克。所以實際上，最終，第四季度的營收或隱含收入預期很大程度上是由我之前提到的第三季成長所驅動的，從成長的角度來看，有機成長情況非常好。特別是對於這兩個組成部分，SDA，根據定義，即使是 Q4 也比 Q3 大。所以，SDA 板塊保持著強勁的發展勢頭進入第四季度，我們對此感覺非常好。

But the same is true for majors, North American majors. The new products are working and particularly the KitchenAid suite, which I presented earlier, that is only flowing now. So we start now seeing the full revenue benefit. So we feel really strengthened by these product launches in majors and with SDA, and that ultimately drives that. So we do not assume a higher-than-usual participation in promotional environment. We do what is right for our business and what creates value. So it's really coming from new products.

但對於北美的大專院校來說，情況也是如此。新產品運作良好，尤其是我之前介紹的 KitchenAid 系列產品，現在更是如魚得水。所以我們現在開始看到全部的收入效益了。因此，我們感到非常振奮，這得益於我們在各大平台和 SDA 的這些產品發布，而這也最終推動了我們的發展。因此，我們並不認為促銷環境的參與度會高於平常。我們做對公司有利、能創造價值的事。所以，這其實是來自於新產品。

Jeffrey Stevenson, Loop Capital.

Jeffrey Stevenson，Loop Capital。

How has demand historically trended the following year after elevated levels of new product introductions and incremental floor space wins like we've seen this year? And have you typically seen an acceleration in demand in the following year for new products benefiting from areas such as brand and marketing investments and then a full year of in-store floor displays?

從歷史數據來看，在像今年這樣新產品推出量激增、銷售面積不斷擴大之後，第二年的需求趨勢如何？通常情況下，您是否會看到，在品牌和行銷投資以及一整年的店內陳列等舉措的推動下，新產品的需求會在第二年加速增長？

Yeah. So I'm smiling. There's an old thing in the appliance industry that the best year for product launch is the year after. And there's some truth to it. And the truth comes -- when you have a phase in and phase out, it cost you quite a bit of money industrially because you have a factory ramp down with all spare parts, which might be obsolete and we have to ramp up, which typically is expensive.

是的。所以我面帶微笑。家電業有個老說法，產品上市的最佳年份是第二年。這話有一定的道理。事實是——當你進行分階段引入和逐步淘汰時，工業上會花費你相當多的錢，因為工廠需要逐步減少所有備件，而這些備件可能已經過時，我們不得不重新增加產能，這通常很昂貴。

And the same, of course, on trade floor. So you basically need to take care of the old products, the new products, there's physical flooring costs, there's margin expectations of retailers, et cetera. So a new product introduction as exciting as it is, it costs, okay? And the year after, you just have a benefit of a full year product available and you don't carry the cost. But there's also the dynamics on the retail side.

當然，交易大廳的情況也是如此。所以你基本上需要考慮舊產品、新產品、實體地板成本、零售商的利潤預期等等。所以，新產品的推出雖然令人興奮，但也是要付出代價的，懂嗎？第二年，您就可以享受一整年的產品權益，而無需承擔任何費用。但零售方面也存在一些動態因素。

Sales associates may also need to get accustomed to the new product. They need to know which features to sell, what sells. And I think with every month after launch passing by the sales associates to get more confident in selling the product and particularly if they see the right rotation. So very often, Jeffrey, to your point, the year after is actually a stronger year. We certainly assume it's true in our case as well, but that's historically been the norm.

銷售人員可能也需要熟悉新產品。他們需要知道該賣哪些功能，哪些功能暢銷。我認為，隨著產品上市後每個月的推移，銷售人員在銷售產品方面會越來越有信心，尤其是在看到正確的輪調方式之後。所以，傑弗裡，正如你所說，很多時候，第二年反而會更好。我們當然也認為這種情況在我們這裡同樣適用，但這在歷史上一直都是常態。

With the KitchenAid product, the KitchenAid major products that we've launched, there will be a multiplier effect as the housing market recovers eventually because this is the segment that's probably been hit the hardest, the discretionary segment in the premium segment. And so to Marc's point, you get the benefit of the launch into next year. But then as the housing market recovers, this is the segment that will benefit the most. And so we kind of see this as a multiyear opportunity.

隨著房地產市場的最終復甦，KitchenAid 產品，特別是我們推出的 KitchenAid 主要產品，將會產生倍增效應，因為房地產市場可能是受衝擊最大的領域，即高端領域的非必需消費品領域。所以正如馬克所說，你可以享受明年產品上市的好處。但隨著房地產市場的復甦，這部分人潮將從中受益最多。因此，我們將其視為一個多年期的機會。

Okay. Great. No, that's very helpful. And then I wanted to shift to the $300 million capital investment to add new capacity to your Ohio laundry manufacturing facilities. Can you just walk me through what went into that decision and why now was the right time to move forward with both projects?

好的。偉大的。不，這很有幫助。然後，我想把話題轉向3億美元的資本投資，以增加你們在俄亥俄州洗衣設備製造廠的新產能。您能否詳細解釋一下做出這個決定的原因，以及為什麼現在是推動這兩個專案的最佳時機？

Yeah. o basically, what you're referring to is a $300 million investment decision, which we did, in particular, focus on our Clyde and Marion laundry factories. First of all, our laundry business is doing very well. In some cases, in particular, in the top load the new products, we're almost running out of capacity. So it's going really well, not across the board, but there are some constraints here.

是的。基本上，你指的是一項 3 億美元的投資決策，我們特別將這筆資金用於克萊德和馬里恩的洗衣廠。首先，我們的洗衣業務經營得非常好。在某些情況下，特別是對於頂部裝載的新產品，我們的產能幾乎已經用完了。所以整體進展順利，雖然並非全面順利，但也存在一些限制因素。

Whenever you do a capital investment of that size, first of all, it's not an investment in one quarter. This is extended over one or two years. It's never an investment against the past. It's an investment against the future. And we are ultimately -- based on everything which we said before about the macro cycles, we are convinced right now that the investments, in particular US manufacturing US-made products drive very attractive returns. And frankly, I mean, in very simplistic ways, the tariffs make just the return on investment of the payback cycle just much more attractive. That's what it does. So yes, that is an investment done consciously against the perspective of a very promising future with US manufacturing.

當你進行如此大規模的資本投資時，首先，這不是只持續一個季度的投資。這個過程會持續一到兩年。這絕不是對過去的投資。這是對未來的投資。最終，基於我們先前對宏觀週期的論述，我們現在確信，投資，特別是對美國製造業和美國製造產品的投資，能夠帶來非常可觀的回報。坦白說，我的意思是，簡單來說，關稅使得投資回報週期的回報率更具吸引力。它就是這麼做的。所以，是的，這是一項有意識地進行的投資，其出發點是看好美國製造業非常光明的未來。

Sam Darkatsh, Raymond James.

Sam Darkatsh，Raymond James。

So a couple of just clarification questions. First obvious one would be, any view yet, Jim, on what a ballpark '26 tax rate might be?

所以，還有幾個需要澄清的問題。首先顯而易見的問題是，吉姆，你對2026年的稅率大概是多少有什麼看法嗎？

Yeah. Sam, obviously, we aren't giving guidance yet and all that. But I think if you go back to the beginning of this year, as we kind of said where we think our rate eventually normalizes could be in the 20% to 25%.

是的。山姆，很顯然，我們現在還不會給出任何指導意見。但我認為，如果回顧今年年初，正如我們之前所說，我們認為最終恢復正常的利率可能會在 20% 到 25% 之間。

But again, we've had numerous years here where we've been well below that. I think as we continue to evaluate what has happened with the environment and the different things that we've been able to take advantage of with recent changes, we'll obviously update that at year-end, but I think that's a good thought to at least continue to use as a long-term type of rate.

但話說回來，我們這裡也有很多年遠低於這個水準。我認為，隨著我們不斷評估環境變化以及我們利用近期變化所取得的不同成果，我們顯然會在年底更新相關信息，但我認為至少可以繼續將其作為長期利率指標來使用。

Sam, it's Marc. Just as a reminder also, a big part of a favorable tax rate came on the back of a Big and Beautiful Bill, which we didn't know at the beginning of the year. So I'm not -- well, of course, we can always wish I don't think there will be a similar tax bill change next year. And with that in mind, I think we should expect a more normalized tax rate. But we will, of course, give more details in January.

山姆，我是馬克。另外提醒一下，優惠稅率很大程度上要歸功於一項規模龐大且內容豐富的法案，而我們在年初時對此並不知曉。所以，我並不是——當然，我們總是可以抱持希望的，但我認為明年不會有類似的稅收法案變更。考慮到這一點，我認為我們應該預期稅率會更加正常化。當然，我們會在1月公佈更多細節。

And my second question, and I respect that you're being hesitant to talk too much granularity about '26, but you do have a bit of an unusual situation with steel costs in that you've locked in a lot of your costs in '26, whereas your peers have not. What's your sense as to -- as it stands right now, what that relative cost advantage might be versus your -- for next year specific to steel? And then if there's typically this time of year around the third quarter, you do at least give us a sense of what raw materials might look like on a year-on-year basis for the following year? Any kind of color you can give on that would be helpful. Thanks.

我的第二個問題是，我知道您不願過多談論 2026 年的具體情況，但您在鋼材成本方面確實遇到了一些不尋常的情況，因為您在 2026 年鎖定了很多成本，而您的同行們卻沒有。您認為就目前情況而言，明年鋼鐵的相對成本優勢會有多大？那麼，如果每年的第三季左右是這個時候，您至少能讓我們大致了解一下來年原料的年比情況嗎？任何你能提供的顏色資訊都會很有幫助。謝謝。

Yeah. Sam, I appreciate your question. And as in every year, we've not yet giving the exact guidance on raw materials. But first of all, on steel, as you rightfully pointed out, pretty much one year ago, we went from typically one-year contracts to multiyear contracts. We're largely locked and they're not all the same, but they pretty much operate within certain parameters.

是的。山姆，感謝你的提問。和往年一樣，我們尚未就原料方面給予確切的指導意見。但首先，關於鋼鐵，正如您所指出的，大約一年前，我們從通常的一年合約轉變為多年合約。我們基本上被束縛住了，雖然它們並不完全相同，但它們基本上都在某些參數範圍內運作。

So in some ways, you couldn't consider our two- to three-year steel contracts pretty much as hedge kind of setup from a contract. So they give us a very predictable and stable steel cost base. Bearing all to mind, 96% of the steel which we purchased for our US products are US Steel made so in US made. So that gives us a very good predictive base.

因此，從某種意義上說，你不能把我們兩到三年的鋼鐵合約看成是一種對沖合約。因此，它們為我們提供了一個非常可預測和穩定的鋼鐵成本基礎。綜上所述，我們為美國產品採購的鋼材中有 96% 是美國製造的鋼材，也就是美國製造的鋼材。這為我們提供了一個非常好的預測基礎。

Typically, when we set up these contracts, we expect a certain discount versus the public available market data. And right now, we're well within that range. So we buy on average better than the market. Now sometimes you have spot rate fluctuations. But we're right now buying, I would say, slightly below market, and that's what we expect for next year. Keep also in mind, we still pay a lot more than for any China steel, hence, the whole discussion about the tariffs.

通常情況下，我們在簽訂這些合約時，會期望獲得相對於公開市場數據一定的折扣。而目前，我們正處於這個範圍內。所以，我們的平均採購價格優於市場平均。現在有時會出現即期匯率波動。但就目前而言，我認為我們的買入價格略低於市價，這也是我們對明年的預期。還要記住，我們支付的價格仍然比購買任何中國鋼鐵都要高得多，因此才有了關於關稅的討論。

So we're still about 2.5 times as much as China steel, never forget that. So it's still a very significant cost burden. But to put it in a positive context, we do not expect any surprise on the steel side. And I would also, at this point, do not expect major, major negative or positive surprises on the raw material side in next year. I would say on the raw material, there's a couple of pluses and minuses. We all see the copper trends, but then there's other offsetting elements. So by and large, I would expect a normalized raw material environment for '26.

所以，我們的鋼鐵產量仍然是中國的2.5倍左右，永遠不要忘記這一點。所以這仍然是一筆非常沉重的成本負擔。但從正面的角度來看，我們預期鋼鐵方面不會有任何意外。而且，就目前而言，我預計明年原材料方面不會出現重大的利好或利空消息。就原料而言，我認為有利有弊。我們都看到了銅價的上漲趨勢，但同時也有其他抵銷因素。因此，總的來說，我預計 2026 年原料環境將趨於正常化。

Andrew Carter, Stifel.

安德魯卡特，斯蒂費爾。

First question I wanted to ask, getting back to kind of the cash flow for the year. It went from a neutral to $100 million since the last quarter. I realize things changed, but the tariff has changed a little bit. So I'd ask why such a significant change? And also, what does that say kind of in terms of your visibility into all the tariffs and all the dynamics? And do you have complete visibility into what the actual cost should be, what your buy should be, et cetera?

我首先想問的是關於今年的現金流狀況。與上一季相比，該指標從持平躍升至 1 億美元。我知道情況有所變化，但關稅也略有變化。所以我想問，為什麼會有這麼重大的改變？另外，這又說明了你對所有關稅和所有動態的了解程度如何？您是否完全了解實際成本應該是多少，您應該購買多少等等？

Yeah. I'll start this off, and this is Jim, and then Marc can kind of comment if he wants. But I think to begin with on the tariff environment, obviously, it's been evolving throughout the year. And for everybody, it's been -- you've had to understand what the tariffs are, how they should be calculated. You're working with -- it's not just internal. You're working with third-party brokers and other folks and all that. So it's a more complex process than probably all of us anticipated at the very beginning.

是的。我先來，這位是吉姆，如果馬克想的話，他可以發表一下意見。但我認為首先要談的是關稅環境，顯然，它在過去一年中一直在不斷變化。對每個人來說，都必須了解關稅是什麼，以及關稅應該如何計算。你正在與——不僅僅是內部人員。你要和第三方經紀人以及其他人合作等等。所以，這比我們所有人最初預想的要複雜得多。

With that said, I feel that now we have a very good understanding of it, and that's why we've kind of updated our numbers to reflect what they show. Now from a cash flow perspective, again, the thing is that as you go through that and as we talked about earlier, the payment terms being relatively short was something that we obviously knew, but the dollar amount has continued to change. We feel we've got that revised right now. Then you look at how that just flows through your cash conversion cycle. And unfortunately, it doesn't change on the other side, your ability to collect the cash further.

綜上所述，我覺得我們現在已經對此有了非常深入的了解，所以我們也更新了數據以反映實際情況。從現金流的角度來看，正如我們之前討論的那樣，付款期限相對較短是我們顯然知道的，但金額一直在變化。我們覺得現在已經修改好了。然後你要觀察這筆資金是如何在你的現金轉換週期中流動的。但不幸的是，另一方面，你繼續收取現金的能力並不會改變。

And so that became very apparent throughout the process. And that's why when you look at -- I think you were referring to the $100 million change is really with working capital as that reflects, obviously, the cost of the tariffs, but also as we talked about in there, with all the new product launches and all the other things we've had going on, obviously, we've built to certain levels of inventory, which on a normal year, you can have some variability there.

因此，這一點在整個過程中變得非常明顯。所以，當你查看——我想你指的是1億美元的變化——實際上與營運資本有關，因為這顯然反映了關稅成本，但正如我們之前討論過的，隨著所有新產品的推出以及我們正在進行的所有其他事情，顯然，我們已經建立了一定的庫存水平，而在正常年份，庫存水平可能會有一些波動。

But on a year like this with this much product, new product introduction, you have a little bit more variability that comes into it. And we believe that that will normalize itself as we continue to stock up the retailers with this inventory because, as Marc also talked about earlier, the flooring has done very, very well. And so we want to make sure now that we have enough product to support the sell-through that goes with that flooring.

但是像今年這樣產品眾多、新產品層出不窮的年份，就會出現更多的變數。我們相信，隨著我們繼續向零售商供應這些庫存，這種情況將會自行恢復正常，因為正如馬克之前提到的那樣，地板的銷售情況非常好。因此，我們現在要確保有足夠的庫存來支援與該地板相關的銷售。

Maybe, Andrew, just adding a fundamental question on tariffs. First of all, we -- of course, we -- you read a lot and we are a very good and constructive dialogue with various parts of the administration, very transparent, very supportive. But of course, the appliance industry is not the only tariff element. So there's a lot going on right now. But again, I really want to emphasize a very good constructive way.

或許，安德魯，我只是想補充一個關於關稅的基本問題。首先，我們——當然，我們——你們閱讀了很多資料，我們與政府各部門保持著非常好的、建設性的對話，非常透明，非常支持。當然，家電業並不是唯一的關稅因素。所以現在發生了很多事。但我再次強調，這是一個非常好的建設性方法。

I would, right now -- there are certain parts of the tariff landscape, which I would consider absolutely stable and will stay. That's in particular about the 232 tariffs because we have been in place since 2016. So these parts are very stable. We also know there's other parts which are challenged. I still would ultimately believe, but that's purely my guesstimate that the Supreme Court will confirm in one way or another. But again, that's just me.

就目前而言，我認為關稅體系的某些部分是絕對穩定的，並且會保持不變。特別是關於 232 號關稅，因為這些關稅自 2016 年以來一直有效。所以這些部件非常穩定。我們也知道還有其他部分面臨挑戰。我最終還是會相信，但這純粹是我的猜測，最高法院遲早會以某種方式確認這一點。但這只是我個人的看法。

So from today's perspective, I would consider the tariff environment entering a more stable phase, but we should still be -- there could still be moving elements. Obviously, the biggest question mark is what happens about the China negotiation, but also here, I would assume there will be some form of a solution, a smaller one, which may have gone unnoticed, but it's a good thing for us. We were heavily impacted by the tariffs from US into Canada. That was about $20 million to $25 million every quarter, and there -- that has been pretty much gone now.

所以從今天的角度來看，我認為關稅環境正在進入一個更穩定的階段，但我們仍然應該注意——仍然可能存在一些變化因素。顯然，最大的疑問是與中國的談判結果如何，但即便如此，我也認為會有一些解決方案，一個較小的解決方案，可能沒有引起注意，但這對我們來說是件好事。我們受到了美國對加拿大徵收關稅的嚴重影響。那大約是每季 2000 萬到 2500 萬美元，而現在——這筆錢幾乎已經沒了。

So that is a good news, but that pretty much only impacted us in a negative way. So moves off a similar fashion, I still expect going forward, but compared to where we were two quarters ago, I think you have a much more stable and, to some extent, more predictable tariff environment.

所以這是個好消息，但對我們的影響幾乎全是負面影響。因此，我認為未來的發展趨勢仍將類似，但與兩個季度前相比，我認為現在的關稅環境更加穩定，在某種程度上也更加可預測。

And the second question I have on MDA North America, margin for the year, 5.5%. I believe the guidance from a couple of years ago for '26 was kind of 11% to 12%, correct me if I'm wrong, in the long term. I guess how much of that do you think you can recover? How much of that is tariff impacted?

關於MDA北美，我的第二個問題是，今年的利潤率為5.5%。我記得幾年前對 2026 年的指導意見是，長期來看，增長率大概在 11% 到 12% 之間，如果我記錯了請糾正我。我想問你，你覺得你能恢復多少？其中有多少受到關稅的影響？

And I know you talked a lot about discretionary being below trend line, if you will, that would be the dishes and cooking. Any estimation of if those revert back to trend line, what margin tailwind would that be? Just any kind of helping blocks to get back to that long term?

我知道你多次提到非必需消費低於趨勢線，如果你願意這麼說的話，那就是餐具和烹飪。如果這些趨勢線恢復正常，預計會帶來多大的利多因素？有沒有辦法幫助我回到長期目標？

Yeah. So Andrew, so again, to repeat what I said before, we're very pleased with the growth which we have in North America, but our margins are not where we want to have them. I just don't want to mislead in any way. No, we do not like where the margins are.

是的。所以安德魯，我再重複一遍我之前說過的話，我們對在北美取得的成長非常滿意，但我們的利潤率還沒有達到我們想要的水平。我絕不想以任何方式誤導任何人。不，我們不喜歡現在的利潤空間。

The reason why we probably talk a little bit different today about the margin than usually is because we know there's such a big promotional impact coming from these inventories. And that's -- we consider that a temporary effect, which is unfortunately. But of course, we also know the fundamental drivers for the change. So that's why you hear us maybe talking with more optimism about it than you would usually expect on these margin levels.

今天我們談論利潤率的方式可能與往常略有不同，原因在於我們知道這些庫存會帶來巨大的促銷影響。而這——我們認為這只是暫時的影響，很遺憾。當然，我們也知道這種變化的根本驅動因素。所以，這就是為什麼你可能會聽到我們談論這件事時比你通常預期的要更加樂觀的原因，尤其是在這樣的利潤水平下。

Our expectation in North America remains crystal clear. North America is a business where you can and we should be able to deliver more than 10% EBIT margins. There are certain elements, call it, which is in our control, which we can do irrespective of the market environment, such as new products, which I think we've demonstrated we can do. But the other element, we will continue and will double down even more so on cost, and you will hear more in the earnings call in January. We do believe we still have ample of cost opportunities ahead of us.

我們在北美的期望依然非常明確。在北美，我們能夠也應該實現超過 10% 的息稅前利潤率。有些因素，姑且稱之為“可控因素”，我們可以不受市場環境的影響去做，例如新產品，我認為我們已經證明了我們能夠做到這一點。但另一方面，我們將繼續加大成本控制力度，您將在 1 月的財報電話會議上聽到更多相關資訊。我們相信，未來仍有許多降低成本的機會。

But then, of course, in addition, you have the two big macro cycles, the one, the tariff cycle and the housing cycle, which at one point will swing in our favor. I think the tariff cycle will clearly swing in our favor in '26. The housing cycle, I think, is more back half or more '27 related, but then will be a multiyear trend. So what I'm trying to say is we have ample opportunities in our own control to get much closer with double digits. But of course, ultimately, you will also need the housing cycle to be clearly on the double digits or above.

當然，除此之外，還有兩大宏觀週期，即關稅週期和房地產週期，它們在某個時候都會對我們有利。我認為關稅週期在 2026 年將明顯對我們有利。我認為，房地產週期與2027年下半年或更密切相關，但之後將是持續多年的趨勢。所以我想說的是，我們有很多機會可以自己掌控局面，從而更接近兩位數的差距。當然，最終你還需要房地產週期明顯達到兩位數或更高。

Eric Bosshard, Cleveland Research.

埃里克·博沙德，克利夫蘭研究公司。

Two things. First of all, I would love a little bit of color on what you're seeing regarding retail sell-through, you've given some sense of retail pricing. But just curious what you're seeing on retail sell-through or retail pricing in 3Q and then the trend in the 4Q?

兩件事。首先，我想請您詳細介紹一下您觀察到的零售銷售情況，您已經對零售定價做了一些說明。我很好奇您在第三季觀察到的零售銷售情況或零售定價狀況，以及第四季的趨勢？

Yeah. So Eric, and I think I mentioned this in the earlier earnings call, we have our sell-through data on about 65% of the retail landscape. There is unfortunately no data source which reports across the board for all retailers. But I would say 65% of our retailers, of course, excluding the builder space, gives you a pretty good perspective.

是的。所以艾瑞克，我想我在之前的財報電話會議上提到過，我們掌握了大約 65% 的零售市場的銷售數據。遺憾的是，目前還沒有一個資料來源能夠全面反映所有零售商的狀況。但我認為，我們零售商的佔比高達 65%（當然，不包括建築商領域），這足以說明問題。

And then you always calibrate against what we know is our respective balance of sale or, quote-unquote, market share with the respective retailers. You calibrate these numbers that gives you a reasonably good perspective about where industry is likely to be.

然後，你總是要根據我們各自與相應零售商的銷售平衡或所謂的市場份額進行校準。你對這些數字進行校準，就能對產業的發展方向有相當不錯的認知。

I would say, on a year-to-date basis, the overall industry sell-through in appliances is very close to what we communicated at the beginning of the overall market demand. So I would say it's somewhere between 0% and plus 1%, not a whole lot strong with a lot of ups and downs. So whatever you see is industry shipment data, which fluctuates, that's more driven by just imports, et cetera. The actual sell-through is, I would say, best in low single digits. We also see that continuing through Q3.

我認為，從今年迄今為止的情況來看，家電行業的整體銷售情況與我們年初所傳達的整體市場需求非常接近。所以我覺得大概在 0% 到 1% 之間，不算很強，波動也比較大。所以你看到的都是產業出貨量數據，這些數據會波動，而且會受到進口等因素的影響。我認為實際成交量最好控制在個位數以下。我們也看到這種情況延續到了第三季。

So it's not negative. But keep in mind that slightly maybe 1% or 2% plus sell-through is more driven still by the replacement market and less by the discretionary. That hasn't changed, but it's not a negative market.

所以這不是負面的。但請記住，略微超過 1% 或 2% 的銷售轉換率更多是由替換市場驅動，而不是由非必需消費驅動。情況沒有改變，但市場並不悲觀。

Now in all transparency, and obviously, we can't get into too much detail, it differs pretty strongly by retailer. There are some retailers more on the winning side and some retailers more on the losing side. But overall, across the market, it is I would say, a very low single-digit growth rate.

坦白說，我們當然不能透露太多細節，不同零售商之間的差異相當大。有些零售商獲利較多，有些零售商則處於虧損狀態。但整體而言，整個市場的成長率非常低，只有個位數。

Okay. And then secondly, just to clarify, the preloaded imports, obviously, you've talked a lot about this. Is this crowding out volume? Your revenue growth in North America was better-than-expected number. Is this just facilitating or delaying an increase in pricing a reduction in promotion?

好的。其次，為了澄清一下，關於預載導入，顯然，您已經多次談到這一點。這是否會影響成交量？您在北美的營收成長優於預期。這究竟是促進還是延緩了價格上漲和促銷力道減弱？

Or is it having a negative impact on your volumes? I'm just trying to square where this -- where you're implying that this is having an impact?

或者它是否對你的銷量產生了負面影響？我只是想弄清楚你的意思——你是在暗示這件事會產生影響嗎？

Yeah. So Eric, I would say, in simple terms, the volume growth for us, and that I referred to is on came largely back -- but real growth came on the back of a new product. And on the promotional side of business, we held the line, and that was a conscious decision. I don't want to scale our factors, we held our line. So going forward, of course, it's impossible to say what our competitors might do.

是的。所以艾瑞克，簡單來說，我們的銷售成長，也就是我之前提到的成長，已經基本恢復了——但真正的成長是靠新產品推動的。在業務推廣方面，我們堅持了自己的立場，這是我們深思熟慮後的決定。我不想調整我們的因素，我們堅持了我們的立場。所以展望未來，當然不可能預測我們的競爭對手會採取什麼行動。

I would say once the inventory overhang is reduced or diminished then you will see a more, what we would call, normalization promotion environment, i.e., promotions reflecting the true, including tariffs cost base.

我認為，一旦庫存積壓減少或緩解，你就會看到一個更正常化的促銷環境，即促銷活動反映出真實的成本基礎，包括關稅。

Rafe Jadrosich, Bank of America.

Rafe Jadrosich，美國銀行。

It looks like the unmitigated tariff impact is unchanged at like 150 basis points. Can you talk about the mitigated impact like what you're planning for this year and if some of that's going to carry into next year? And what's like changed on the assumptions there?

看起來未加任何緩解措施的關稅影響仍維持在 150 個基點左右。您能否談談緩解措施的影響，例如您今年的計劃，以及其中一些措施是否會延續到明年？那麼，這些假設發生了哪些變化呢？

Yeah. I think, Rafe, the biggest thing is -- and more if you go through -- and this is Jim. If you go through the margin walk, what you can see is that the tariff cost is in line with where we thought. But to Marc's point and what he was just talking about earlier, with the amount of preloaded inventory that's been in the marketplace, the level of intensity in the promotional environment has been higher than we really anticipated throughout the year-end.

是的。拉夫，我認為，最重要的是——如果你深入了解一下——這就是吉姆。如果仔細分析利潤率，就會發現關稅成本與我們預想的一致。但正如馬克剛才所說，由於市場上預售庫存量巨大，促銷環境的強度比我們預期的要高得多，尤其是在年底。

And so I think that's the biggest thing right now is that, as Marc said, we really held the line in terms of our promotional spend and all that, but we really thought that at some point, you would see it taper off later in the year. And right now, with the amount of just inventory that was preloaded, it's continued, but we do expect now that tapering off to probably come more next year.

所以我覺得目前最重要的一點是，正如馬克所說，我們在促銷支出等方面確實控制住了，但我們真的認為在今年晚些時候，這種情況會逐漸減少。目前，僅憑預裝庫存的數量，供應量就得以維持，但我們預計明年供應量可能會逐漸減少。

Okay, great. Thank you.

好的，太好了。謝謝。

I guess that brings us to the end of the questions. But first of all, we're already a little bit over time. Thank you all for joining us today. I don't want to recap everything we said, but I just want to come back to what I said at the very beginning. We feel really good about our growth, the underlying organic growth in particularly North America, new products and small domestic. We don't like where our margins are right now.

我想，問題就到此為止了。但首先，我們已經稍微超時了。感謝各位今天蒞臨。我不想把我們說過的話全部複述一遍，只想回到我一開始說的話。我們對我們的成長感到非常滿意，特別是北美、新產品和小型國內市場的潛在有機成長。我們不太滿意目前的利潤率。

At the same time, and I think you heard that, we strongly believe this is a temporary effect. And in the meantime, we do what is in our control, namely with new products and cost launches. And I think the two macro cycles, which we talk about, they will turn in our favor. It's not a question of if; it's entirely question about when. But again, we also have a lot of opportunities with our internal growth levers and cost levers, and we will remain focused on these ones.

同時，我想你們也聽到了，我們堅信這只是暫時的影響。同時，我們做著我們所能做的事情，也就是推出新產品和降低成本。我認為我們所說的這兩個宏觀週期，最終都會對我們有利。這不是會不會發生的問題，而是何時發生的問題。但是，我們仍然有很多機會可以利用內部成長槓桿和成本槓桿，我們將繼續專注於這些槓桿。

So again, thanks for joining us, and we will talk to each other again in late January. Thanks a lot.

再次感謝各位的參與，我們將在1月下旬再次見面。多謝。

Ladies and gentlemen, that concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線了。