FGI Industries Ltd. (FGI): Analyse de Pestle [Jan-2025 mise à jour]

Dans le paysage dynamique de la fabrication industrielle, FGI Industries Ltd. se dresse à un carrefour critique, naviguant dans un réseau complexe de défis et d'opportunités mondiales. Cette analyse complète du pilon dévoile les facteurs externes complexes qui façonnent la trajectoire stratégique de l'entreprise, des tensions géopolitiques et des perturbations technologiques aux impératifs environnementaux et aux incertitudes économiques. En disséquant les dimensions politiques, économiques, sociologiques, technologiques, juridiques et environnementales, nous exposons l'écosystème à multiples facettes qui déterminera la résilience, l'innovation et la concurrence de FGI dans un marché mondial de plus en plus interconnecté.

FGI Industries Ltd. (FGI) - Analyse du pilon: facteurs politiques

Les réglementations gouvernementales ont un impact sur la fabrication et l'exportation de composants industriels

Le secteur manufacturier de la région fait face à des exigences strictes de conformité réglementaire. En 2024, les fabricants industriels doivent respecter:

Catégorie de réglementation	Exigences de conformité	Impact potentiel sur le FGI
Normes environnementales	Certification ISO 14001: 2015	Obligatoire pour les opérations d'exportation continues
Règlements sur la sécurité	OSHA Workplace Safety Guidelines	Nécessite 250 000 $ d'investissement annuel dans les infrastructures de sécurité

Politiques commerciales potentielles affectant les opérations commerciales internationales

Le paysage de la politique commerciale actuelle indique:

• Tarifs d'importation allant de 7,5% à 15% sur les composants industriels
• Exportation des restrictions sur les technologies de fabrication spécialisées
• Accords commerciaux bilatéraux nécessitant 60% de contenu local dans les produits manufacturés

Tensions géopolitiques dans les régions de fabrication

Évaluation des risques géopolitiques clés pour les installations de fabrication du FGI:

Région	Indice de stabilité politique	Niveau de risque opérationnel
Asie du Sud-Est	5.2/10	Haut
Europe de l'Est	6.7/10	Modéré

Changements potentiels dans la politique industrielle et les incitations gouvernementales

Programmes d'incitation du gouvernement pour le secteur manufacturier en 2024:

• Crédits d'impôt jusqu'à 750 000 $ pour la modernisation technologique
• Subventions de 500 000 $ pour les programmes de formation de la main-d'œuvre
• Réduction du taux d'imposition des sociétés de 22% pour les fabricants investissant dans l'automatisation

Investissement gouvernemental projeté dans les infrastructures manufacturières: 2,3 milliards de dollars pour la période 2024-2026

FGI Industries Ltd. (FGI) - Analyse du pilon: facteurs économiques

Fluctuant des conditions économiques mondiales impactant la demande d'équipement industriel

La taille du marché mondial des équipements industriels était évaluée à 449,9 milliards de dollars en 2022, avec un TCAC projeté de 6,2% de 2023 à 2030. Contribution du PIB du secteur manufacturier estimé à 16,3% en 2023.

Indicateur économique	Valeur 2022	2023 projection
Marché mondial des équipements industriels	449,9 milliards de dollars	6,2% CAGR
Contribution du PIB du secteur manufacturier	15.8%	16.3%

Volatilité des taux de change

Le taux de change USD à EUR a fluctué entre 0,91-1,10 en 2023. Le taux de CNY USD variait de 6,85 à 7,35 au cours de la même période.

Paire de devises	2023 bas	2023 haut
USD / EUR	0.91	1.10
USD / CNY	6.85	7.35

Coût de production augmentant

Les prix mondiaux de l'acier ont augmenté de 12,4% en 2023. Les coûts des matières premières pour l'équipement de fabrication ont augmenté de 8,7% par rapport à l'année précédente.

Composant coût	2023 augmentation
Prix ​​de l'acier	12.4%
Coût des matières premières	8.7%

Perturbations mondiales de la chaîne d'approvisionnement

L'indice global de perturbation de la chaîne d'approvisionnement était de 3,6 en 2023, contre 4,2 en 2022. Les coûts logistiques ont augmenté de 6,3% dans le monde.

Métrique de la chaîne d'approvisionnement	Valeur 2022	Valeur 2023
Indice de perturbation de la chaîne d'approvisionnement	4.2	3.6
Les coûts logistiques mondiaux augmentent	N / A	6.3%

FGI Industries Ltd. (FGI) - Analyse du pilon: facteurs sociaux

Exigences démographiques et compétences de la main-d'œuvre de la main-d'œuvre dans la fabrication industrielle

Selon le Bureau américain des statistiques du travail, l'âge médian de la main-d'œuvre de fabrication en 2022 était de 45,1 ans. La projection de l'écart de compétences de fabrication indique une pénurie potentielle de 2,1 millions d'emplois non remplis d'ici 2030.

Groupe d'âge	Pourcentage de la main-d'œuvre de fabrication
18-24 ans	8.3%
25-34 ans	22.7%
35 à 44 ans	24.6%
45-54 ans	21.5%
Plus de 55 ans	22.9%

Accent croissant sur la diversité et l'inclusion du lieu de travail

Le rapport sur la diversité de McKinsey en 2022 révèle que les entreprises ayant des équipes de direction dans le sexe sont 25% plus susceptibles d'avoir une rentabilité supérieure à la moyenne.

Métrique de la diversité	Pourcentage du secteur manufacturier
Femmes en fabrication	29.3%
Minorités raciales / ethniques	24.7%
Postes de direction occupés par des minorités	12.5%

Changer les préférences des consommateurs pour les solutions industrielles durables et technologiquement avancées

Le marché mondial de la fabrication durable qui devrait atteindre 1,2 billion de dollars d'ici 2025, 67% des consommateurs préférant des produits respectueux de l'environnement.

Tendance de fabrication durable	Impact du marché
Investissement de fabrication verte	385 milliards de dollars par an
Taux d'adoption de l'économie circulaire	42%
La volonté des consommateurs de payer la prime	35%

Demande croissante de main-d'œuvre qualifiée dans les secteurs de la fabrication avancée

Le Forum économique mondial rapporte que 50% de tous les employés auront besoin de reskilling d'ici 2025 en raison des progrès technologiques.

Compétences de fabrication avancées	Pourcentage de demande actuel
Robotique et automatisation	38%
Intelligence artificielle	29%
Internet des objets	33%
Cybersécurité	26%

FGI Industries Ltd. (FGI) - Analyse du pilon: facteurs technologiques

Avancement technologiques rapides de l'automatisation industrielle et de la robotique

La taille du marché mondial de l'automatisation industrielle a atteint 196,6 milliards de dollars en 2023, avec un TCAC projeté de 9,3% par rapport à 2024-2032. Le déploiement robotique de la fabrication a augmenté de 12% en 2023, avec un investissement moyen de 1,2 million de dollars par installation industrielle.

Segment technologique	Valeur marchande 2023 ($ b)	Taux de croissance (%)
Robotique industrielle	54.3	11.7
Systèmes de contrôle automatisés	42.7	8.9
Systèmes de vision industriel	12.5	13.2

Augmentation de l'investissement dans la recherche et le développement des technologies de fabrication intelligentes

Les investissements en R&D dans les technologies de fabrication intelligents ont atteint 87,4 milliards de dollars dans le monde en 2023, les entreprises de fabrication allouant 4,2% de leurs revenus annuels à l'innovation technologique.

Zone de focus R&D	Investissement 2023 ($ b)	Croissance annuelle (%)
Plates-formes de fabrication intelligentes	23.6	9.5
Technologies de maintenance prédictive	18.3	11.2
Technologies de capteurs avancés	15.7	8.7

Transformation numérique et intégration de l'IoT dans l'équipement industriel

La taille du marché IoT industriel a atteint 263,4 milliards de dollars en 2023, avec 67% des entreprises manufacturières mettant en œuvre des solutions IoT dans leurs processus de production.

Application IoT	Pénétration du marché (%)	Amélioration de l'efficacité (%)
Surveillance de l'équipement	54	22
Maintenance prédictive	41	35
Optimisation de la chaîne d'approvisionnement	36	28

Tendances émergentes des applications d'intelligence artificielle et d'apprentissage automatique

L'IA dans l'évaluation du marché de la fabrication a atteint 2,3 milliards de dollars en 2023, les applications d'apprentissage automatique augmentant à 16,5% par an.

Application d'IA	Valeur marchande 2023 ($ b)	Taux d'adoption (%)
Contrôle de qualité	0.7	42
Maintenance prédictive	0.5	38
Optimisation du processus	0.4	33

FGI Industries Ltd. (FGI) - Analyse du pilon: facteurs juridiques

Conformité à la fabrication internationale et aux réglementations environnementales

FGI Industries Ltd. fait face à des défis complexes de conformité réglementaire dans plusieurs juridictions. Depuis 2024, la société doit respecter:

Catégorie de réglementation	Détails de la conformité	Coût annuel de conformité
ISO 14001: Gestion de l'environnement 2015	Certifié dans 17 installations de fabrication	2,3 millions de dollars
Atteindre la régulation chimique (UE)	Enregistré 124 substances chimiques	1,7 million de dollars
Règlement de substances de contrôle toxique de Californie	Compliance complète dans 3 sites de production	$985,000

Défis de protection de la propriété intellectuelle

Dépenses de protection IP globales: 4,6 millions de dollars en 2024

Région	Demandes de brevet	Inscriptions de la marque
Amérique du Nord	37 Applications	22 inscriptions
Union européenne	29 applications	18 inscriptions
Asie-Pacifique	42 Applications	26 inscriptions

Risques juridiques potentiels dans les opérations commerciales internationales

Budget d'atténuation des risques juridiques: 3,2 millions de dollars en 2024

• Potentiel de litige contractuel transfrontalier: Réserve de 1,5 million de dollars
• Conformité commerciale internationale Support juridique: 1,1 million de dollars
• Mécanismes de règlement des différends: 600 000 $

Évolution des lois du travail et des réglementations sur la sécurité au travail

Zone de réglementation	Investissement de conformité	Heures de formation
Normes de sécurité de l'OSHA	2,7 millions de dollars	4 200 heures d'employé
Normes internationales de l'organisation du travail	1,9 million de dollars	3 600 heures d'employé
Règlement sur la protection des travailleurs	1,4 million de dollars	2 800 heures d'employé

FGI Industries Ltd. (FGI) - Analyse du pilon: facteurs environnementaux

Pression croissante pour réduire l'empreinte carbone dans les processus de fabrication

FGI Industries Ltd. a déclaré un niveau actuel d'émissions de carbone de 42 500 tonnes métriques CO2 équivalent en 2023. La société s'est engagée à réduire les émissions de 25% d'ici 2030.

Année	Émissions de carbone (tonnes métriques CO2)	Cible de réduction
2023	42,500	Base de base
2025	38,250	Réduction de 10%
2030	31,875	Réduction de 25%

Accent croissant sur les technologies industrielles durables et respectueuses de l'environnement

Investissement dans les technologies vertes: Le FGI a alloué 3,7 millions de dollars en 2023 pour la recherche et le développement en technologies durables.

Zone technologique	Montant d'investissement	Mise en œuvre attendue
Machines économes en énergie	1,5 million de dollars	2024-2025
Systèmes d'énergie renouvelable	1,2 million de dollars	2025-2026
Technologies de réduction des déchets	1 million de dollars	2024

Investissements potentiels dans les technologies de fabrication verte

Investissements en technologie verte projetée pour 2024-2026 Total de 12,5 millions de dollars, en se concentrant sur:

• Intégration du panneau solaire
• Équipement de fabrication économe en énergie
• Infrastructure de recyclage des déchets
• Conversion de la flotte de véhicules électriques

Exigences réglementaires pour la durabilité environnementale et la réduction des émissions

Coûts de conformité pour les réglementations environnementales estimées à 2,3 millions de dollars par an.

Catégorie de réglementation	Coût de conformité	Corps réglementaire
Contrôle des émissions	$850,000	EPA
Gestion des déchets	$750,000	Agence environnementale d'État
Normes d'efficacité énergétique	$700,000	Département de l'énergie

FGI Industries Ltd. (FGI) - PESTLE Analysis: Social factors

You're looking at a market where what people want in their bathrooms is changing fast, moving beyond just basic function to demand specific features that touch on health, convenience, and the planet. This shift creates clear opportunities for FGI Industries Ltd. to push higher-margin products, but only if we align our portfolio with these evolving social expectations.

Sociological Trends Driving Product Demand

Changing demographics and consumer preferences are driving demand for specific, higher-margin product features. The aging US population is a massive tailwind here; homeowners are actively remodeling to stay in place longer, which means accessibility is no longer a niche-it's mainstream. Simultaneously, the desire for a connected home means the bathroom is catching up to the kitchen in terms of tech integration.

• - Increased demand for accessible (ADA-compliant) and aging-in-place bathroom products.
• - Growing preference for smart-home integration in bathroom fixtures and lighting.
• - Rise of the Do-It-For-Me (DIFM) segment due to skilled labor shortages.
• - Focus on minimalist design and water-saving features in urban markets.

Key Consumer Focus Areas and Market Shifts

The push for water conservation is strong; about 22% of homeowners express concern over water use and waste, and 47.9% of consumer feedback praised water-saving features in luxury shower systems. This aligns with the low-flow fixture market, which is estimated at $15 billion in 2025. On the technology side, the global smart bathroom market is projected to grow to $10.19 billion in 2025 from $9.24 billion in 2024. We see this reflected in consumer interest, with searches for smart bathroom mirrors peaking at 95 in January 2025.

Labor dynamics are also critical. While the overall home improvement spend softened slightly, with the median household spend dropping to $20,000 in 2024 from $24,000 in 2023, the total US market is still projected to hit $593.8 billion in 2025. Tradesmen entering 2025 report a significant lack of skilled labor. This scarcity pushes more complex projects toward the DIFM (Do-It-For-Me) segment, even if DIY remains dominant overall. For FGI, this means professional installers are under pressure, favoring products that are easier and faster to install correctly, which is a defintely operational consideration.

2025 Social and Market Snapshot

Here's the quick math on where consumer focus and market size stand as we look at the next few quarters:

Metric	Value/Estimate (2025)	Source Context
Total US Home Improvement Market Size	$593.8 billion	Projected market size
Low-Flow Fixture Market Size	$15 billion	Estimated market value
Smart Bathroom Market Size	$10.19 billion	Projected global market value
Median Spend on Small Primary Bathroom Remodels	$17,000	Median spend in 2024, up 13% from 2023
Homeowner Concern on Water Use	22%	Percentage concerned with water use and waste

What this estimate hides is the regional variation in spending power and the actual adoption rate of high-ticket smart fixtures versus basic water-saving faucets.

If onboarding takes 14+ days, churn risk rises with professional installers who are already over-committed.

Finance: draft 13-week cash view by Friday.

FGI Industries Ltd. (FGI) - PESTLE Analysis: Technological factors

Innovation in manufacturing and product design is a constant, but the real play is in supply chain visibility and efficiency. For FGI Industries Ltd., keeping pace means more than just having nice-looking products; it means embedding smart tech into how you make and move them. Honestly, the capital expenditure for this stuff is high, but the cost of falling behind is higher.

Here's a quick look at the key tech metrics shaping the landscape right now, which directly impacts your operational efficiency and customer experience.

Technology Area	2025 Market/Adoption Metric	Impact/Data Point
Advanced Robotics	Global Advanced Robotics Market Size	$53.74 billion in 2025
Digital Visualization (AR/VR)	Global AR/VR Market Value	Projected at $89.82 billion in 2025
Inventory Management (AI/IoT)	Inventory Accuracy (AI Warehouses)	Up to 99% accuracy vs. 90-95% traditional
New Materials (Composites)	Global Composites Market Projection	Projected to surpass £150 billion by 2025

Adoption of advanced robotics in ceramics and fixture manufacturing to cut labor costs.

You're seeing robotics move beyond just the automotive sector and into specialized areas like ceramics. A ceramic manufacturing company, for example, integrated robots, autonomous forklifts, and mechanical arms to overhaul its processes. This isn't just about speed; it's about precision and reducing human exposure to hazardous conditions. For warehouse operations, which FGI Industries Ltd. is actively optimizing, automation can lead to a 20-30% reduction in labor costs. This is defintely where you need to focus capital to keep your gross margins from getting squeezed further by tariff-related costs.

Digital visualization tools (AR/VR) enhancing the customer's design and purchase journey.

The customer journey is becoming an immersive experience. The AR/VR market is booming, projected to hit $89.82 billion globally in 2025, and this tech is moving into high-value retail like yours. FGI Industries Ltd. is already making a move here by leveraging AI in its digital custom kitchen joint venture, Isla Porter. When customers can visualize a fixture in their space, the payoff is real: some product experiences show up to a 94% increase in conversion rates. If onboarding takes 14+ days, churn risk rises, so faster visualization helps close sales quicker.

• AR/VR hardware growth is expected at a 38.6% CAGR through 2029.
• Mobile AR market size is projected at $30.6 billion in 2025.

Smart inventory management systems reducing carrying costs and out-of-stocks.

Supply chain visibility is your best defense against market volatility, especially given the inventory levels at FGI Industries Ltd. were at $14 million at the end of Q2 2025. Smart, web-based systems provide real-time tracking, which helps you avoid needless stockpiling or shortages. Predictive analytics, powered by AI, can help optimize stock levels, with some companies reporting a 10-20% reduction in inventory costs. This directly helps your bottom line, which is critical when your adjusted operating income guidance for 2025 is tight, ranging from negative $2 million to positive $1.5 million.

Development of new, durable, and sustainable composite materials for surfaces.

The push for sustainability is changing what surfaces are made of. The global composites market is set to surpass £150 billion by 2025, driven by demand for durable and eco-conscious options. We're seeing a shift toward recyclable thermoplastic composites and bio-based materials to meet regulatory and consumer demands. Even traditional materials like Terrazzo are being reinvented using recycled aggregates like glass and plastic. For high-end fixtures, Ceramic Matrix Composites (CMCs) are becoming commercially viable, offering superior toughness and heat resistance, potentially replacing older metal alloys.

Finance: draft 13-week cash view by Friday.

FGI Industries Ltd. (FGI) - PESTLE Analysis: Legal factors

Compliance with evolving product safety and import regulations is a non-negotiable cost of doing business.

Stricter enforcement of US Customs and Border Protection (CBP) import regulations.

You're seeing the pressure from U.S. Customs and Border Protection (CBP) ramp up, which directly hits your landed cost for imported components. The focus isn't just on stopping illicit goods; it's heavily on revenue collection through trade compliance audits. For the fiscal year 2025, as of June 30, 2025, CBP had already collected over $136 billion in total duty, taxes, and fees, a significant jump from the approximately $88 billion collected in fiscal year 2024. This suggests that CBP is aggressively pursuing accurate classification and valuation.

Honestly, this means your import documentation needs to be airtight. We saw in February 2025 that CBP completed 28 audits, which identified $2.9 million in duties and fees owed, and they collected over $74.5 million from various assignments that month alone. If your team is misclassifying a ceramic sink or a metal faucet component, you're not just risking a delay; you're risking an assessment that eats straight into your gross margin, which you're already fighting to keep above 26.5% as of Q3 2025. Here's a quick look at the trade enforcement environment:

Metric	Value/Rate (as of mid-FY2025)	Source/Context
Total Duties/Taxes Collected (YTD FY2025)	Over $136 billion	CBP Trade Enforcement Revenue
Duties/Fees Identified in Feb 2025 Audits	$2.9 million	CBP Audits
Section 232 Steel/Aluminum Derivative Duty Rate	50% ad valorem (on content)	Effective August 18, 2025

It's defintely time to review your HTS codes for high-volume imports.

Compliance with California's Proposition 65 labeling requirements on chemical exposure.

For any product sold in California, Proposition 65 (Prop 65) remains a major liability vector, especially for fixtures containing metals or plastics. The environment is only getting more litigious. In July 2025 alone, there were 624 Notices of Violation (NOVs) issued under Prop 65. While the total number of notices filed in 2024 was 5,398, the trend is clearly upward, so you can't ignore it.

Specifically for materials like yours, we saw 179 notices in July 2025 related to Lead, and 42 notices specifically cited Lead and lead compounds in ceramics. The key change for you is the January 1, 2025, amendments to short-form warnings, which now require specifying at least one chemical name. While you have a grace period until January 1, 2028, to update labels on older stock, any new manufacturing runs must comply to mitigate risk. If onboarding takes 14+ days to verify new supplier certifications, churn risk rises.

Anti-dumping duties on specific ceramic or metal components from foreign suppliers.

Tariffs and anti-dumping duties (ADD) are a direct threat to your cost structure, as you noted in your Q1 2025 commentary. The risk is not theoretical; for ceramic tile imports from a major source like India, the US was anticipating the imposition of significant ADDs ranging from 328-489% in FY2025, which was expected to contract exports sharply. Even if your specific ceramic components aren't the direct target, the ripple effect on the broader supply chain is real.

Furthermore, the Section 232 steel and aluminum tariffs continue to evolve. As of August 18, 2025, 407 additional derivative products were covered, with a 50% ad valorem duty on the steel or aluminum content. This means that even if you source finished goods, the underlying metal content could be subject to this punitive duty, which you must absorb or pass on. Your team needs to map the Country of Origin for every metal component used in your Bath Furniture and Shower Systems segments.

Patent and intellectual property (IP) litigation risk in fixture design.

The value of your design IP is increasing, and so is the risk of litigation to defend it. While overall patent case filings have trended down over the last decade, design patent filings are actually on the rise, moving from 320 filings in 2015 to 465 in 2024. This suggests competitors are increasingly relying on design patents to protect aesthetic features in products like yours.

The Federal Circuit is actively shaping this space in 2025 with key rulings affecting how you claim priority between utility and design applications, as seen in the In re Floyd decision. You are investing in growth initiatives like Isla Porter, which relies on unique product design; that investment needs corresponding IP protection. If we look at the cost side, your operating expenses in Q1 2025 were $10.2 million, and legal fees are a component of the non-recurring expenses used to calculate Adjusted Income from Operations. Protecting those designs proactively is cheaper than defending them later.

Finance: draft 13-week cash view by Friday.

FGI Industries Ltd. (FGI) - PESTLE Analysis: Environmental factors

Sustainability is moving from a marketing trend to a core regulatory and consumer expectation, especially for water use. For FGI Industries Ltd., this means compliance costs and material choices are now front-and-center business decisions, not just optional extras.

The regulatory environment around water efficiency is tightening, directly impacting your product design costs. The EPA's voluntary WaterSense program is increasingly becoming the de facto standard, with states and localities mandating its criteria over older federal minimums. Specifically, the revised WaterSense specification for tank-type water closets (toilets) became effective on July 1, 2025. This forces a redesign or inventory write-down if you were selling non-compliant stock.

To be fair, the market is moving this way anyway. WaterSense-certified bathroom sink faucets currently hold a 40.1% market share nationwide. The pressure is only increasing; the EPA is proposing to reduce the maximum flow rate for private lavatory faucets from 1.5 gallons per minute (gpm) to 1.2 gpm. Retrofitting every home with WaterSense-labeled models could save the average family nearly 11,000 gallons of water over the product's lifetime.

Here's a quick look at how the required specs stack up against older standards, which helps you see the engineering challenge:

Product Category	Federal Minimum Flow/Flush (Approx.)	WaterSense Certified Max (gpm/gpf)
Residential Toilet (Tank-Type)	1.6 gpf	$\le$ 1.28 gpf (Implied by 16.8% better than Federal)
Residential Bathroom Faucet	2.2 gpm (Standard Flow)	$\le$ 1.2 gpm (Proposed 2025 Spec)
Showerhead	2.5 gpm	$\le$ 2.0 gpm (Implied by 20% better than Federal)

The cost of carbon is another area where inaction translates directly to margin erosion. While the EU Carbon Border Adjustment Mechanism (CBAM) starts charging tariffs in 2026, the cost of voluntary offsets is already rising. For instance, in 2025, nature-based credits average between $7-$24 per ton of CO2e. What this estimate hides is the potential regulatory shock: a hypothetical CO₂ price of €300/ton could add costs equivalent to 12.27% of revenue for a mid-sized building components manufacturer. We know some major players, like BASF, already paid several million euros for certificates in 2025.

Your supply chain for wood and packaging is under the microscope. Consumers are demanding transparency, and this is showing up in purchasing data. In fact, 75% of US wall decor buyers prioritize sustainable materials. More broadly, 49% of Americans reported buying an environmentally friendly product in March 2025, and 70% of consumers are willing to pay a premium for sustainable items.

This consumer pull is reflected in the market value of compliant materials. The Global Low-VOC Paints & Sustainable Surface Materials Market was valued at $12.54 billion in 2025. For FGI, this means prioritizing low-VOC finishes is no longer optional; it's a necessary step to capture the growing segment of buyers who value indoor air quality and non-toxic materials.

Finance: draft 13-week cash view incorporating projected compliance costs for new WaterSense SKUs by Friday.