Financial Data and Key Metrics Changes - Organic net sales decreased by 1.5% in Q2 2025, with international markets growing by 3% while North America declined by 4% [21][33] - Adjusted gross margin rate increased by 100 basis points, with productivity savings of approximately 380 basis points [34][28] - Adjusted operating income was $77 million, down from $81 million in the previous year, with adjusted earnings per share at $0.87 compared to $0.88 [35][36] Business Line Data and Key Metrics Changes - Wet Shave organic net sales were down about 1%, while international Wet Shave grew by 3% [22] - Grooming organic net sales increased by 9%, led by a 20% growth for the Cremo brand [26] - Fem Care organic net sales decreased by approximately 9%, primarily due to declines in tampons and pads [27] Market Data and Key Metrics Changes - Consumption in the U.S. Sun Care category decreased by 1% in the quarter, with total market share down by 60 basis points [25] - Double-digit organic growth was observed in Greater China and mid-single-digit growth in Japan and Europe [21] - The U.S. razors and blades category saw a consumption decline of 30 basis points, with market share decreasing by 90 basis points [23] Company Strategy and Development Direction - The company is focused on restoring momentum in North America, with significant investments in sun care and women's shave categories [30][12] - A strategic review is underway to assess and address business performance, with new leadership enhancing brand building capabilities [11][12] - The company aims to leverage international success to drive similar improvements in North America [13] Management's Comments on Operating Environment and Future Outlook - Management noted increasing pressure on consumers and a decline in consumer confidence, impacting spending behaviors [16][14] - The outlook for the second half of the fiscal year has been adjusted to reflect more modest expectations for consumption across categories, particularly in Sun Care [15][39] - Management expressed confidence in sequential improvement in North America, supported by recent market share gains [14][69] Other Important Information - The estimated impact of tariffs on cost of goods sold for fiscal 2025 is approximately $3 million to $4 million [41][18] - The company plans to invest incrementally in brand campaigns and product launches to support growth [30][31] - Free cash flow for the full year is now expected to be approximately $130 million to $140 million, reflecting lower earnings and higher inventory levels [43][85] Q&A Session Summary Question: Can you provide more details on the tariff impact? - Management estimated the in-year impact of tariffs to be $3 million to $4 million, primarily affecting the fourth quarter [49][50] Question: What is the confidence level for organic sales growth in the second half? - Management expects a 2% organic growth in the second half, driven by international growth and seasonal factors [62][67] Question: How does the company view the Sun Care category outlook? - Management remains bullish on the Sun Care category, expecting growth despite some concerns about travel spending impacting consumption [98][99]

鞋业公司Steven Madden：关税导致订单取消、价格上涨。 ...

Core Viewpoint - The Federal Reserve is expected to maintain interest rates between 4.25% and 4.50% during the upcoming meeting, with a low probability of a rate cut in the near term, reflecting a cautious stance amid economic uncertainties [2][3][6]. Interest Rate Decision - The market anticipates a 2% chance of a 25 basis point rate cut in the upcoming meeting, with an overall expectation of 72 basis points of cuts throughout the year [2]. - Following a strong employment report, major banks like Goldman Sachs and Barclays have pushed back their rate cut predictions from June to July [2]. Economic Assessment - Morgan Stanley suggests that the Fed may downgrade its economic activity assessment from "sustained robust expansion" to "slowing growth" [3]. - The divergence between "soft data" (surveys) and "hard data" (actual economic indicators) is notable, with soft data showing deterioration while hard data remains resilient [6][10]. Inflation and Policy Stance - Many officials describe the current policy stance as "moderately tight," with some considering it "significantly tight" [9]. - The Fed is closely monitoring long-term inflation expectations, which remain stable, providing some reassurance [8]. Internal Disagreements and External Pressures - There is a mix of opinions within the Fed, with some officials advocating for a wait-and-see approach while others, like Waller, lean towards a more dovish stance [7]. - President Trump continues to exert pressure on the Fed to lower rates, emphasizing that the Fed's actions have been too slow [7]. Market Reactions - In the foreign exchange market, tactical buying of the dollar is suggested, although the impact of the Fed on currency markets is expected to be limited [12]. - In the stock market, there is a belief that the market has fully priced in the baseline predictions, but risks of recession remain significant, with a 45% probability assessed by the U.S. team [13].

Core Viewpoint - The article discusses the impact of the recent "reciprocal tariffs" announced by Trump on the global market, particularly focusing on the Chinese market and its recovery trends following the initial shock [1][3]. Market Performance Summary - Following the announcement of tariffs on April 2, the Hong Kong stock market experienced significant volatility, with a notable drop on April 7 that erased all gains for the year. However, by May 2, the Hang Seng Tech Index rebounded by 19.1%, while MSCI China, Hang Seng Index, and Hang Seng China Enterprises Index saw rebounds of 13.6%, 13.5%, and 13.3% respectively. The Shanghai Composite Index and CSI 300 had smaller rebounds of 5.9% and 5.0% [1]. - Sector performance from April 8 to May 2 showed that Information Technology (+29.0%), Healthcare (+19.2%), and Consumer Discretionary (+14.3%) led the gains, while sectors like Banking (+4.9%), Utilities (+5.6%), and Energy (+5.9%) lagged behind [1]. Industry Analysis Framework - The article proposes an industry analysis framework based on demand sources, categorizing industries into three main types: 1. Industries primarily dependent on the U.S. market, which face significant challenges in finding alternative demand. 2. Industries with demand from markets outside the U.S., which are less directly affected by U.S. tariffs. 3. Industries with domestic demand, which are influenced by domestic policy support [4][6]. Impact of Tariffs on Different Industries - Industries with primary demand from the U.S. are categorized based on their ability to find alternative markets and their bargaining power. Sectors like Media, Software Services, and Textiles have shown resilience due to higher profit margins and U.S. import dependency, while smaller firms in shipping and medical supplies face greater challenges [6][10]. - Industries with demand from other markets, particularly those with established market shares and competitive advantages, are expected to perform better. Sectors such as Technology Hardware and Home Appliances have shown potential for growth in non-U.S. markets [11][14]. - Domestic demand-driven industries, particularly in consumption and infrastructure, are closely tied to government policy support. The article highlights the importance of fiscal measures to mitigate external shocks [18][20]. Historical Context and Future Outlook - The article draws parallels with the 2018-2019 trade tensions, noting that the current market dynamics reflect similar patterns of initial decline followed by recovery phases. The sectors that are less dependent on U.S. demand have shown more resilience, while those heavily reliant on U.S. markets have faced significant declines [21][25]. - The potential impact of tariffs on GDP and corporate profits is discussed, with estimates suggesting that a significant drop in exports to the U.S. could lead to a decline in GDP growth and a downward adjustment in profit forecasts for Hong Kong stocks [34][35]. - The article concludes with a projection of market indices under different scenarios, emphasizing the need for policy support to counterbalance the negative effects of tariffs and the importance of sector-specific strategies for investors [37].

Financial Data and Key Metrics Changes - Revenue grew 15.2% to $103.8 million in Q1 2025, with a notable performance across different regions [5][21] - EBITDA increased 23.2% to $14.4 million, reflecting a 14% EBITDA margin [23] - Net income rose 28.8%, resulting in an 8.3% net income margin and EPS of $0.31 per share [23] Business Line Data and Key Metrics Changes - Total window film product line revenue grew 28.1%, with automotive window tint increasing by 16.2% and architectural window film by 9.6% [22] - U.S. region revenue increased 11.6% to $58.1 million, while Canada region revenue declined 14.9% to $9.4 million [6][7] Market Data and Key Metrics Changes - China revenue was $8.1 million, aligning with expectations, and the company is working on a more direct business model in the region [9][30] - Europe achieved its second-highest revenue quarter, and the Middle East saw record revenue [10] Company Strategy and Development Direction - The company is focused on maintaining a strong capital allocation strategy, prioritizing investments in the business and potential M&A opportunities [17][18] - A $50 million share repurchase plan was approved, indicating confidence in the company's valuation [17] Management's Comments on Operating Environment and Future Outlook - Management noted uncertainty in the market due to tariffs and their potential impact on new car sales, but expressed optimism about current momentum in the U.S. [7][14] - The company is closely monitoring the evolving tariff situation and believes it can mitigate potential impacts [14][32] Other Important Information - The effective tax rate for the quarter was higher than normal at 23.9%, primarily due to foreign taxes [24] - Cash flow from operations was $3.2 million, and the company continues to build cash on its balance sheet [24] Q&A Session Summary Question: Insights on U.S. dealer network and demand velocity - Management indicated mixed responses from dealerships regarding pull-forward demand, suggesting some dealers experienced it while others did not [26][27] Question: Expectations for China business - Management highlighted improved supply chain efficiency and a desire to pursue a more direct business model in China [29][30] Question: Tariff impact on China business - Management stated that tariffs are a non-factor for the company due to diversified manufacturing locations [31][32] Question: Changes in take rate for films in the U.S. - Management believes that pull-forward customers are not their core buyers, and metrics indicate stability in take rates [38][39] Question: Headwinds from dealership inventory and logistics - Management acknowledged potential risks from inventory contraction but deemed it too early to identify it as a significant risk [41][42]

Financial Data and Key Metrics Changes - Revenue grew 41.1% to $148.1 million from $105 million year-over-year [17] - Operating income increased 45% [6] - EPS grew 35% to $2.21 [6] - Adjusted operating income rose 49.5% to $25.8 million [18] - Adjusted EBITDA increased 45.9% to $30.2 million [20] - Gross margin slightly decreased to 28.5% from 28.6% [17] Business Line Data and Key Metrics Changes - Medical business revenue increased 50.4% to $135.4 million [17] - Interventional and Surgical, Infection Prevention, Orthopedics, and Advanced Wound Care segments all grew by more than 25% [6] - Advanced Components saw a decline of 16.3% [8] - Robotic Surgery declined 6% in Q1, with modest growth anticipated for 2025 [8] Market Data and Key Metrics Changes - Sales to the medical market increased significantly while sales to all other markets decreased by 15% [17] - Organic growth was reported at 2.3% [7] Company Strategy and Development Direction - The company is focused on expanding in high-growth markets and pursuing strategic acquisitions [12] - New programs in robotic surgery are set to launch later this year, with expectations for meaningful revenue starting in 2026 [49] - Expansion plans in the Dominican Republic are underway, including a new facility to support growth in the safe patient handling business [10][11] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about future growth despite challenges in the robotic surgery segment [11] - The company does not anticipate a material impact from tariffs, with confidence in passing on most tariff costs [14][15] - Management is actively discussing multiple acquisition opportunities to enhance capabilities [12][58] Other Important Information - The company has made significant progress in integrating recent acquisitions, which have contributed positively to growth [7] - The effective tax rate for Q1 was 15.3%, with a normalized rate suggested at 21% to 23% for 2025 [19] Q&A Session Summary Question: Clarification on robotic surgery business growth - The modest growth forecast for 2025 applies to both the business as a whole and the largest customer, with expectations for low single-digit growth [22][23] Question: Commentary on market share with the largest customer - The company currently holds about two-thirds of the market share with the largest customer, which is beneficial for maintaining a strong supply chain [24][25][27] Question: Excess inventory at customers - There are no signs of excess inventory; destocking issues appear to be resolved, and demand is returning to normal [29] Question: Growth in segments outside robotics - Positive growth in segments like infection prevention and interventional surgical is attributed to new product development and overcoming previous destocking challenges [34][35] Question: Impact of price reductions on revenue growth - Price reductions during transfers are expected to be around 15% to 20%, but market growth may offset this impact [64][66] Question: Inefficiencies at AJR and their impact on P&L - Inefficiencies are expected to continue through Q2 as new staff are onboarded, affecting direct labor costs [69] Question: Long-term footprint and expansion plans - The company remains committed to expansion in the Dominican Republic and is considering opportunities in Asia Pacific to better serve customer needs [72][74]

Financial Data and Key Metrics Changes - Sales in the first quarter were up 0.7% year-over-year on an organic basis, or 2.3% on a daily organic basis, with strength in residential HVAC, aerospace, and energy markets [11][12] - Adjusted gross margin was 37.9%, up 50 basis points year-over-year, while adjusted EBITDA margin was 21.8%, up 30 basis points [13][14] - Adjusted earnings per share in the quarter was $2.15, up 7.5% year-over-year, or approximately 10% adjusted for the impact of the Industrial Systems divestiture [14] - Free cash flow generated in the quarter was nearly $86 million, up 32% year-over-year, contributing to a debt reduction of $164 million [14][32] Business Line Data and Key Metrics Changes - Automation and Motion Control (AMC) net sales were up 40 basis points year-over-year on an organic basis, driven by strength in aerospace and defense, and a return to growth in discrete automation [22] - Industrial Powertrain Solutions (IPS) net sales were down 3.4% year-over-year on an organic basis, reflecting weakness in the machinery off-highway market [25] - Power Efficiency Solutions (PES) net sales were up 8% year-over-year on an organic basis, largely due to strong growth in residential HVAC, which was up nearly 30% [28][29] Market Data and Key Metrics Changes - IPS sales in North America were up low single digits, while sales in China, Europe, and the rest of the world experienced weakness [26] - Orders in IPS were up nearly 9% in the first quarter, reflecting further outgrowth in attractive markets [26] - Organic orders in April were down 1.8%, largely due to aerospace project timing in AMC and anticipated order rebalancing in PES [12] Company Strategy and Development Direction - The company is focused on executing growth, synergy, and cash flow acceleration plans, while implementing robust tariff mitigation strategies [10][14] - The humanoid robot market is identified as a significant growth opportunity, with expectations of strong double-digit CAGRs for the next decade [15][19] - The company aims to leverage its automation portfolio to gain market share in the humanoid space, with recent wins worth over $20 million in annual sales [20] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about improving growth prospects, noting three quarters of positive orders growth and a belief that most end markets are near trough levels of demand [7][9] - The company reaffirmed its earnings guidance for the year, despite macroeconomic uncertainties and tariff-related challenges [9][33] - Management emphasized confidence in achieving tariff-related cost and margin neutrality by mid-2026 [42][44] Other Important Information - The company ended the quarter with total debt of approximately $5.3 billion and net debt just below $5 billion [32] - The company plans to continue deploying the majority of its free cash flow to debt reduction in 2025 [32] Q&A Session Summary Question: Dynamics of long cycle versus short cycle orders - Management noted good momentum in winning longer cycle projects, especially in IPS, while short cycle orders remained stable [48][50] Question: Competitive positioning and share gains - Management highlighted a net advantageous position due to global manufacturing footprint and dual country sourcing strategies, expecting share opportunities to arise [53][54] Question: EBITDA margin outlook and drivers - Management expects a step-up in EBITDA margins in the second half, driven by mix, volume, and price synergies [58][59] Question: PES revenue outlook and conservatism in guidance - Management expressed caution regarding the second half outlook for PES due to macroeconomic factors, despite strong first quarter performance [63] Question: Mitigation of tariff impacts - Management outlined that supply chain realignments and production relocations are primary mitigation strategies, with pricing actions also contributing [69][70] Question: IPS margin guide and mix effects - Management confirmed that the margin guide for IPS is primarily affected by mix rather than tariff pressures [83] Question: Humanoid market opportunities - Management indicated that the $100 million opportunity funnel is global, with recent wins not primarily based in China [100]

Financial Data and Key Metrics Changes - Total sales for the first quarter declined 3.6% to $1,200,000,000, impacted by weakness in new residential construction, partially offset by growth in commercial and industrial sectors [8][17] - Adjusted EBITDA totaled $234,800,000, with an EBITDA margin of 19%, representing an 80 basis point decline compared to the previous year [19][20] - Volume declined 7.4%, with M&A contributing 2.6% and pricing contributing 1.2% to offset the decline [16][17] Business Line Data and Key Metrics Changes - The installation segment, comprising about 62% of total sales, reported a mid-single-digit sales decline, with sales down 6.7% to $745,500,000 [9][17] - Specialty Distribution segment, representing approximately 38% of total revenue, grew sales by 2.6% to $559,800,000, with volume declining 2.2% [9][17] - Recurring revenue in the Specialty Distribution segment accounts for about 25% of segment revenue, driven by certain industrial verticals [10] Market Data and Key Metrics Changes - New residential construction demand remained soft, with economic uncertainty eroding consumer confidence [5][6] - Commercial and industrial markets showed positive trends, particularly in data center construction and healthcare sectors [6][7] - Tariffs and trade restrictions are being monitored, with minimal direct impact anticipated on the company's business [7][22] Company Strategy and Development Direction - The company is focused on acquisitions as a top priority for capital allocation, recently closing the acquisition of SealRite [13][21] - Operational improvements include a footprint optimization project that consolidated 33 facilities, expected to drive ongoing efficiencies [12][18] - The company aims to leverage its core strengths and maintain a disciplined approach to drive shareholder returns [13][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of the business despite current macroeconomic challenges [5][6] - The company anticipates continued meaningful growth in commercial and industrial sectors, while residential sales are expected to decline [24] - Full-year sales guidance is maintained at $5,050,000,000 to $5,350,000, with expectations for residential sales to be down high single digits [23][24] Other Important Information - The company has returned $215,600,000 in capital to shareholders through share buybacks [21] - Total liquidity at the end of the quarter was $746,400,000, with net debt totaling $1,070,000,000 [20][21] - The company published its 2024 sustainability report, emphasizing its commitment to sustainability and energy efficiency [15] Q&A Session Summary Question: Insights on commercial and industrial project financing - Management noted that projects previously delayed are now moving forward as stakeholders have accepted the current financing environment, aided by effective execution of their vertical market strategy [28][30] Question: Pricing dynamics and competitive advantage - Management indicated that while they do not expect new pricing in 2025, they have successfully held onto pricing and leveraged their size for competitive advantage [32][34][36] Question: Guidance on residential market outlook - Management acknowledged a slight reduction in residential outlook due to anticipated slower single-family sales, offset by stronger commercial and industrial sales [40][42] Question: Impact of footprint optimization on guidance - Management confirmed that the consolidation of facilities is expected to yield about $30,000,000 or more in annual savings, which is included in their guidance [48][49] Question: Material pricing trends - Management indicated that material prices have remained flattish, with some fluctuations, but they expect pricing to moderate as the year progresses [52][53] Question: Regional performance differences in housing markets - Management provided insights into varying market conditions across regions, noting that while some areas like Florida and Texas are soft, others like Dallas and the Midwest are showing strength [98][100][103]

Financial Data and Key Metrics Changes - Sales in Q1 2025 increased by 0.7% year-over-year on an organic basis, or 2.3% on a daily organic basis, with notable strength in residential HVAC, aerospace, and energy markets [10][12] - Adjusted gross margin was 37.9%, up 50 basis points year-over-year, while adjusted EBITDA margin was 21.8%, up 30 basis points [12][13] - Adjusted earnings per share in the quarter was $2.15, reflecting a 7.5% increase year-over-year, or approximately 10% adjusted for the impact of the Industrial Systems divestiture [13] - Free cash flow generated in the quarter was nearly $86 million, up 32% year-over-year, contributing to a $164 million debt repayment [13][33] Business Line Data and Key Metrics Changes - Automation and Motion Control (AMC) net sales were up 40 basis points year-over-year on an organic basis, driven by strength in aerospace and defense, with discrete automation returning to growth [22][23] - Industrial Powertrain Solutions (IPS) net sales decreased by 3.4% year-over-year on an organic basis, reflecting weakness in the machinery off-highway market, but orders were up nearly 9% [25][27] - Power Efficiency Solutions (PES) net sales increased by 8% year-over-year on an organic basis, primarily due to strong growth in residential HVAC, which was up nearly 30% [29][30] Market Data and Key Metrics Changes - IPS sales in North America were up low single digits, while sales in China, Europe, and the rest of the world experienced declines [26] - Orders in IPS were up nearly 9% in Q1, indicating strong performance in metals and mining and marine markets [27] - Organic orders in April were down 1.8%, largely due to aerospace project timing in AMC and anticipated order rebalancing in PES [11] Company Strategy and Development Direction - The company is focused on executing growth, synergy, and cash flow acceleration plans while implementing robust tariff mitigation strategies [8][10] - Regal Rexnord is well-positioned in the humanoid robot market, with expectations for significant growth opportunities in the coming years [14][19] - The company aims to achieve EBITDA margin neutrality by mid-2026 through effective tariff mitigation actions [40][43] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about improving growth prospects, noting that most end markets are at or near trough levels of demand and starting to rebound [6][7] - The company reaffirmed its 2025 guidance, indicating confidence in its ability to manage through tariff-related uncertainties while maintaining a positive outlook on order momentum [34][45] - Management highlighted the potential for share gains due to tariff-related pricing and strategic opportunities [38][45] Other Important Information - The company ended the quarter with total debt of approximately $5.3 billion and net debt just below $5 billion, with plans to continue deploying free cash flow to debt reduction [33] - The company has a funnel of opportunities worth approximately $100 million in the humanoid robot market, with several recent wins worth over $20 million in annual sales [20][104] Q&A Session Summary Question: Dynamics of long cycle vs short cycle orders - Management noted good momentum in winning longer cycle projects, particularly in IPS, while short cycle orders remained stable [49][50] Question: Competitive positioning and share gains - Management emphasized a net advantageous position due to global manufacturing footprint and dual country sourcing strategies, expecting share opportunities to arise [53][54] Question: EBITDA margin outlook and tariff impacts - Management expects a step-up in EBITDA margins in the second half of the year, primarily driven by mix and volume improvements, with confidence in achieving EBITDA neutrality by year-end [59][60] Question: PES revenue outlook and conservatism in guidance - Management indicated that while pleased with Q1 performance, they remain cautious about the second half due to macroeconomic factors [63] Question: Mitigation of tariff impacts - Management outlined that supply chain realignments and production relocations are primary mitigation strategies, with pricing actions also contributing [70][71] Question: Humanoid market opportunities - Management clarified that the $100 million opportunity funnel is global, with recent wins primarily not based in China [102][104]

Financial Data and Key Metrics Changes - First quarter revenue was $777.9 million, a decline of 1.8% from the prior year quarter, but exceeded the midpoint of guidance by $13.1 million [19][4] - Adjusted EBITDA for the first quarter was $127.9 million, down 19.3% year-over-year, with an adjusted EBITDA margin of 16.4% [5][22] - Free cash flow was negative $100,000, an improvement from negative $38.9 million in the prior year quarter [5][23] Business Line Data and Key Metrics Changes - **Sleep Health Segment**: Revenue decreased by 2.8% to $316.4 million, with new setups at approximately 113,000, slightly below expectations [20] - **Respiratory Health Segment**: Revenue increased by 3.3% to $165.5 million, driven by stronger oxygen new setups [21] - **Diabetes Health Segment**: Revenue declined by 8% to $138.8 million, but showed signs of recovery with improved new starts and the lowest attrition rate in two years [21][12] - **Wellness at Home Segment**: Revenue increased by 0.7% to $157.2 million, offsetting revenue lost from disposed assets [22] Market Data and Key Metrics Changes - The addressable markets within the four segments are growing in aggregate by mid-single digits, driven by an aging U.S. population and increasing prevalence of chronic conditions [8][6] - The company serves 4.2 million patients across over 660 locations in all 50 states, indicating a strong geographic footprint [8] Company Strategy and Development Direction - The company aims to deliver consistent, sustainable organic growth by focusing on its four core segments and enhancing patient service excellence [6][10] - There is a commitment to improving operational workflows and patient experience, particularly in the Diabetes Health segment [10][12] - The company is reducing debt and exiting non-core product lines to sharpen strategic focus [14][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to manage potential tariff impacts, indicating that current exposure is contained and manageable [15][16] - The company remains optimistic about the growth potential in the Diabetes Health segment and overall business despite current challenges [12][30] Other Important Information - The company has reduced its debt balance by $25 million in the first quarter, totaling $195 million over the last five quarters [13][24] - Full-year revenue expectations have been reduced by $40 million due to the sale of certain incontinence assets [25] Q&A Session Summary Question: Can you provide additional color on the improvement in the diabetes business? - Management noted positive movement in the pump business and sequential growth in new starts for continuous glucose monitors (CGMs) [28][29] Question: What is the situation with new starts in the sleep segment? - Management acknowledged a slight decline in new starts but emphasized confidence in addressing the issue through detailed plans [32][33] Question: Can you clarify the guidance changes related to asset sales? - The guidance change is exclusively for the incontinence asset sale, with no comments on the infusion asset sale until it is closed [29] Question: Are there opportunities for acquisitions in troubled markets? - Management confirmed ongoing M&A discussions and the potential for modest tuck-in acquisitions [60][59] Question: What is the company's exposure to tariffs for fiscal 2026? - Management indicated that they are feeling better about tariff exposure based on recent clarifications regarding product classifications [46][47] Question: How is the company positioned in the sleep market? - Management stated that improvements are needed in certain states to regain market share, with plans in place to address these challenges [54][55]