Alliance Entertainment Holding Corp (AENT) 2026 Q1 法說會逐字稿

Greetings and welcome to the Alliance Entertainment first quarter fiscal year 2026 earnings conference call.

各位來賓，歡迎參加 Alliance Entertainment 2026 財年第一季財報電話會議。

(Operator Instructions)

（操作說明）

It is now my pleasure to introduce your host, Paul Kuntz. Thank you, sir. You may begin.

現在我很榮幸地向大家介紹主持人保羅昆茨。謝謝您，先生。你可以開始了。

Thank you. Before we begin the formal presentation, I would like to remind everyone that statements made on the call and webcast may include predictions, estimates, or other information that might be considered forward-looking.

謝謝。在正式開始演講之前，我想提醒大家，電話會議和網路直播中發表的聲明可能包含預測、估計或其他可能被視為前瞻性的資訊。

While these forward-looking statements represent the company's current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. We are cautious not to place undue reliance on these forward-looking statements, which reflect the company's opinions only as the date of this presentation.

雖然這些前瞻性陳述代表了公司目前對未來發展趨勢的判斷，但它們受到風險和不確定性的影響，可能導致實際結果與預期有重大差異。我們謹慎地表示，不應過度依賴這些前瞻性陳述，這些陳述僅反映本公司截至本次演示之日的觀點。

Please keep in mind that the company is not obligating itself to revise or publicly release the results of any revisions to these forward-looking statements in light of new information or future events. Throughout today's discussion, management will attempt to present some important factors relating to the business that may affect predictions.

請注意，本公司沒有義務根據新的資訊或未來事件修改或公開披露對這些前瞻性聲明的任何修改結果。在今天的討論中，管理階層將嘗試介紹一些可能影響預測的重要業務因素。

You should also review the company's Form 10-K filed September 10, 2025, for a more complete discussion of these factors and other risks, particularly under the heading Risk factors. During the conference call, management will discuss non-GAAP financial measures, including a discussion of adjusted EBITDA.

您還應該查看該公司於 2025 年 9 月 10 日提交的 10-K 表格，以更全面地了解這些因素和其他風險，尤其是在「風險因素」標題下。在電話會議期間，管理階層將討論非GAAP財務指標，包括對調整後EBITDA的討論。

Management believes non-GAAP disclosures enable investors to better understand Alliance Entertainment's core operating performance. Please refer to the investor presentation for reconciliation of each non-GAAP measure to the most directly comparable GAAP financial measure. A press release detailing these results crossed the wire this afternoon at 4:01 p.m. Eastern time and is available in the investor relations section of Alliance Entertainment's website at aent.com.

管理階層認為，非GAAP揭露能夠讓投資人更了解Alliance Entertainment的核心經營績效。請參考投資人簡報，了解各項非GAAP指標與最直接可比較的GAAP財務指標的調節情況。一份詳細介紹這些結果的新聞稿於今天下午 4:01（美國東部時間）發布，可在 Alliance Entertainment 網站 aent.com 的投資者關係部分查閱。

Your host today, Jeff Walker, Chief Executive Officer, and Amanda Gnecco, Chief Financial Officer, will present the results of operations for the first quarter of fiscal year 2026 end in September 30, 2025. Bruce Ogilvie, executive Chairman, is also on the line and will be participating during the Q&A session. At this time, I will turn the call over to Alliance Entertainment CEO, Jeff Walker.

今天，我們的主持人，執行長傑夫沃克和財務長阿曼達格內科，將介紹截至 2025 年 9 月 30 日的 2026 財年第一季的經營業績。執行主席布魯斯·奧格爾維也將在線，並參與問答環節。此時，我將把電話轉交給 Alliance Entertainment 的執行長 Jeff Walker。

Thank you, Paul, and good afternoon, everyone. I'm pleased to welcome you to today's call. We opened fiscal 2026 with strong momentum, delivering both topline expansion and improved profitability. Revenue grew 11% year over year to $254 million, reflecting solid demand across physical media, collectibles, and direct to consumer channels.

謝謝你，保羅，大家下午好。歡迎各位參加今天的電話會議。我們在 2026 財年伊始便取得了強勁的成長勢頭，實現了營收成長和獲利能力提升。營收年增 11% 至 2.54 億美元，反映出實體媒體、收藏品和直接面向消費者管道的強勁需求。

Adjusted EBITDA increased to $12.2 million from $3.4 million a year ago, a 259% improvement. While gross margin expanded 340 basis points to 14.6%. These results highlight the strength of our content portfolio, disciplined expense management, and the efficiency gains we're achieving through automation and the early benefits of our AI initiatives.

調整後 EBITDA 從一年前的 340 萬美元增至 1,220 萬美元，成長了 259%。毛利率成長340個基點至14.6%。這些結果突顯了我們內容組合的實力、嚴格的費用管理，以及我們透過自動化和人工智慧計畫所取得的效率提升和早期效益。

At the same time, our handmade by robot's brand continues to scale rapidly. New collectible launches this quarter drove exceptional sell-through and expanded retail placement, and we're seeing growing fan engagement across both our own sites and partner channels. This business has quickly become a pillar of our collectible strategy, and we expect continued strength through the holiday season.

同時，我們機器人手工製作的品牌也在快速發展壯大。本季新推出的收藏品銷售異常出色，零售通路也得到了拓展，我們看到粉絲在我們自己的網站和合作夥伴通路上的參與度都在不斷提高。這項業務已迅速成為我們收藏品策略的支柱，我們預計在假期季節期間將繼續保持強勁勢頭。

We also strengthen our corporate governance, welcoming two new highly accomplished independent directors, Dmitri Kosko and Sheila Bangalore. Each bring deep expertise in finance, AI technology, and governance. Their experience complements our leadership team and supports the company's next phase of growth and innovation.

我們也加強了公司治理，歡迎兩位成就卓越的獨立董事 Dmitri Kosko 和 Sheila Bangore 加入。他們都具備金融、人工智慧技術和公司治理方面的深厚專業知識。他們的經驗對我們的領導團隊大有裨益，並支持公司進入下一個發展和創新階段。

Operationally, we're advancing our AI powered sales transformation. The rollout of HubSpot, sales, hub, and Microsoft Co-Pilot is already improving lead prioritization, automating content creation, and enabling our teams to work faster and smarter. These tools are helping us convert opportunities more efficiently as we capitalize on our busiest quarter of the year.

在營運方面，我們正在推動人工智慧驅動的銷售轉型。HubSpot、銷售中心和 Microsoft Co-Pilot 的推出已經改善了銷售線索優先排序、自動化了內容創建，並使我們的團隊能夠更快、更聰明地工作。這些工具幫助我們更有效率地掌握機遇，充分利用一年中最繁忙的季度。

Finally, our exclusive content portfolio continues to expand. Through AI, we signed a new distribution agreement with Virgin Music Group, which adds another premium catalog to our growing roster of label partners. Combined with our ongoing success in film, gaming, and collectibles, these partnerships reinforce Alliance's position at the center of physical media and pop culture ecosystem.

最後，我們的獨家內容組合仍在不斷擴大。透過人工智慧，我們與維珍音樂集團簽署了一項新的發行協議，這為我們不斷成長的唱片公司合作夥伴陣容增加了一個優質曲庫。結合我們在電影、遊戲和收藏品領域持續取得的成功，這些合作關係鞏固了 Alliance 在實體媒體和流行文化生態系統中心的地位。

Taken together, fiscal 2026 is off to a strong start. We're executing on our strategy, driving profitable growth, advancing technology adoption, and deepening our relationships across entertainment categories. As we move through the balance of the year, our focus remains on delivering consistent results, expanding our exclusive content base, and creating long-term value for our shareholders.

整體而言，2026財年開局強勁。我們正在執行我們的策略，推動獲利成長，推進技術應用，並深化我們在各個娛樂領域的合作關係。在今年餘下的時間裡，我們將繼續專注於持續的業績，擴大我們的獨家內容庫，並為我們的股東創造長期價值。

This slide offers a quick snapshot of our performance over the past several fiscal years and on a trailing 12-month basis through September 30, 2025. Over the trailing 12 months, revenue totaled nearly $1.1 billion, reflecting stable demand across our core categories and the return to year over year top-line growth we saw this quarter.

此投影片簡要概述了我們過去幾個財政年度以及截至 2025 年 9 月 30 日的過去 12 個月的業績。過去 12 個月，營收總計近 11 億美元，反映出我們核心類別的穩定需求，以及本季我們實現的年比營收成長。

Adjusted EBITDA reached $45.3 million, up from $36.5 million in fiscal 2025 and $24.3 million in fiscal 2024. That continued expansion demonstrates the structural improvements we've made in product mix and cost efficiency. Our adjusted EBITDA margin on a trailing basis now stands at roughly 4.2%, and in the first quarter alone, we achieved 4.8%, a level we view as the new baseline for fiscal 2026 and beyond.

調整後 EBITDA 達到 4,530 萬美元，高於 2025 財年的 3,650 萬美元和 2024 財年的 2,430 萬美元。這項持續擴張顯示我們在產品組合和成本效益方面取得了結構性改進。我們過去12個月的調整後EBITDA利潤率約為4.2%，僅在第一季就達到了4.8%，我們認為這是2026財年及以後的新基準水準。

That margin durability reflects higher value content, automation benefits, and early productivity gains from our AI initiatives. Earnings per share rose to $0.38 on a trailing 12-month basis, building on a $0.30 last year and $0.09 the year before.

這種利潤率的持續性反映了更高的價值內容、自動化的好處以及我們人工智慧計畫帶來的早期生產力提升。過去 12 個月的每股收益增至 0.38 美元，高於去年的 0.30 美元和前年的 0.09 美元。

The steady earnings progression highlights the efficiency and strength of our model even in a balanced revenue environment. On the balance sheet, we ended the quarter with $3.2 million in cash, inventory of $121.7 million, and debt of $66 million, essentially flat versus June 30, 2025, but well below our year ago levels.

即使在收入均衡的環境下，穩定的獲利成長也凸顯了我們模式的效率和優勢。從資產負債表來看，本季末我們擁有現金 320 萬美元，庫存 1.217 億美元，債務 6,600 萬美元，與 2025 年 6 月 30 日基本持平，但遠低於去年同期水準。

Our equity position grew to $108 million, reflecting stronger retained earnings and disciplined working capital management. Subsequent to quarter end, we further strengthen our financial flexibility by closing a new 5-year, $120 million senior secured revolving credit facility with Bank of America. This agreement replaces our prior asset-based facility and reduces borrowing costs by up to 250 basis points, with $61 million of undrawn availability at closing.

我們的權益資產成長至 1.08 億美元，反映出更強的留存收益和嚴格的營運資本管理。季度末之後，我們透過與美國銀行達成一項新的 5 年期 1.2 億美元的優先擔保循環信貸協議，進一步增強了我們的財務靈活性。該協議取代了我們先前的資產抵押融資，並將借貸成本降低了高達 250 個基點，並且在交易完成時有 6,100 萬美元的未提取可用資金。

The new structure provides lower interest expense, longer duration, and greater liquidity to support both seasonal inventory needs and future growth initiatives. Together, these metrics show a company that's expanding margins, generating consistent earnings, and operating from a stronger financial foundation.

新結構可降低利息支出，延長期限，並提高流動性，以支援季節性庫存需求和未來的成長計劃。這些指標綜合起來表明，該公司正在擴大利潤率，持續獲利，並擁有更強大的財務基礎。

We're entering the remainder of fiscal 2026 with the balance sheet, liquidity, and operating discipline to sustain that momentum. Before I hand it over to Amanda, I want to take a moment to revisit what makes Alliance such a unique platform, the engine that powers the collectibles value chain.

我們帶著良好的資產負債表、流動性和營運紀律進入了 2026 財年的剩餘時間，以保持這一發展勢頭。在將內容交給阿曼達之前，我想花點時間回顧一下是什麼讓 Alliance 成為一個如此獨特的平台，它是收藏品價值鏈的引擎。

At its core, Alliance Entertainment connects fans to music, movies, games, and collectibles they love. We sit at the intersection of content and commerce, curating, sourcing, and delivering products that celebrate pop culture across every format.

Alliance Entertainment 的核心業務是將粉絲與他們喜愛的音樂、電影、遊戲和收藏品聯繫起來。我們位於內容和商業的交會點，策劃、採購和交付各種形式的流行文化產品。

Our model is built on fully integrated ecosystem from exclusive product development to omni-channel fulfillment. On the front end, we partner with more than 150 studios, labels, and manufacturers to source and create the most sought-after titles and licensed collectibles.

我們的模式建立在從獨家產品開發到全通路交付的完全整合的生態系統之上。在前端，我們與 150 多家工作室、唱片公司和製造商合作，尋找並創造最受歡迎的作品和授權收藏品。

Additionally, through our own brands like Handmade by Robots, we design and distribute exclusive products that collectors can't find anywhere else. Those products move through a centralized distribution and logistics network that reaches 35,000 retail locations and 175 online platforms worldwide.

此外，我們還透過我們自己的品牌，例如 Handmade by Robots，設計和分銷收藏家在其他任何地方都找不到的獨家產品。這些產品透過集中式分銷和物流網絡進行流通，涵蓋全球 35,000 個零售點和 175 個線上平台。

Whether it's a major retailer, a specialty store, or a direct-to-consumer order, or our automation and fulfillment systems, ensure accuracy, speed, and cost efficiency at scale. From there, our omni-channel delivery model brings those products to life, serving both B2B partners and consumers directly through our own retail group, which operates sites such as DeepDiscount.com, Import CDs.com, and Movies Unlimited.

無論是大型零售商、專賣店、直接面向消費者的訂單，或是我們的自動化和履行系統，都能確保大規模的準確性、速度和成本效益。從那裡開始，我們的全通路交付模式將這些產品變為現實，透過我們自己的零售集團直接服務於 B2B 合作夥伴和消費者，該零售集團經營 DeepDiscount.com、Import CDs.com 和 Movies Unlimited 等網站。

This structure gives us complete visibility across the supply chain and allows us to respond quickly to demand shifts. Each business unit, and Entertainment and Music, Alliance Home Entertainment and Film and Television, and our growing collectible segment, plays a specific role in that ecosystem.

這種結構使我們能夠全面了解整個供應鏈，並能夠快速應對需求變化。每個業務部門，包括娛樂和音樂部門、家庭娛樂和電影電視部門，以及我們不斷成長的收藏品部門，都在這個生態系統中扮演著特定的角色。

Together, they create a diversified portfolio that blends reoccurring distribution revenue with higher margin proprietary content and collectibles. It's this combination of deep relationships, efficient infrastructure, and a focus on fan-driven categories that gives alliance its competitive edge and supports the margin profile we delivered in the 1st quarter.

他們共同打造了一個多元化的投資組合，將經常性分銷收入與利潤率更高的專有內容和收藏品相結合。正是這種深厚的合作關係、高效的基礎設施以及對粉絲驅動型品類的關注，賦予了聯盟競爭優勢，並支撐了我們在第一季實現的利潤率。

With that, I'll now turn it over to Amanda to walk through the financial results for the first quarter of fiscal 2026 in more detail.

接下來，我將把麥克風交給阿曼達，讓她更詳細地介紹一下 2026 財年第一季的財務表現。

Thanks, Jeff.

謝謝你，傑夫。

For the quarter ended September 30, 2025, we generated net revenue of $254 million, an increase of 11% from $229 million reported in the first quarter of fiscal year 2025. Cost of revenue as a percentage of revenue improved from 88.6% to 85.4%, a 320 basis points improvement year over year.

截至 2025 年 9 月 30 日的季度，我們實現了 2.54 億美元的淨收入，比 2025 財年第一季報告的 2.29 億美元增長了 11%。收入成本佔收入的百分比從 88.6% 改善至 85.4%，較去年同期改善 320 個基點。

Gross profit increased 46% year over year to $37.2 million with gross margin improving to 14.6%, up from 11.2% in the prior year period. Operating income increased nearly fivefold to $10.5 million up from $2.1 million last year.

毛利年增 46% 至 3,720 萬美元，毛利率從去年同期的 11.2% 提高至 14.6%。營業收入成長近五倍，從去年的210萬美元增至1,050萬美元。

Net income rose to $4.9 million or $0.10 per diluted share compared to $0.4 million or $0.01 per share in the prior year period. On an adjusted basis, EBITDA rose $12.2 million up 259% from $3.4 million a year ago, representing an adjusted EBITDA margin of 4.8%. That's nearly triple the prior year rate of 1.5% and aligns with the baseline we expect to maintain through fiscal 2026 and beyond.

淨利潤增至 490 萬美元，即每股攤薄收益 0.10 美元，而去年同期為 40 萬美元，即每股收益 0.01 美元。經調整後，EBITDA 成長 1,220 萬美元，較上年同期的 340 萬美元成長 259%，調整後的 EBITDA 利潤率為 4.8%。這幾乎是上年增長率 1.5% 的三倍，與我們預計在 2026 財年及以後維持的基準線一致。

Overall, the first quarter delivered solid revenue growth, expanding margins, and continued financial discipline, a clear reflection of the progress we've made across both operations and product mix. Our financial improvement is grounded in a strong operational foundation. Alliance operates one of the most advanced entertainment distribution networks in North America, processing more than 50 million units each year and capable of scaling to over 260,000 daily units during peak demand.

總體而言，第一季實現了穩健的收入成長、利潤率的擴大以及持續的財務紀律，這清楚地反映了我們在營運和產品組合方面的進展。我們的財務狀況改善是建立在強大的營運基礎上的。Alliance 經營北美最先進的娛樂發行網路之一，每年處理超過 5,000 萬份，在高峰需求時每天可處理超過 26 萬份。

This scale allows us to manage both major new releases and seasonal surges efficiently without compromising speed or accuracy. Our investment in state of the art automation, including auto store and sure [Sot X] systems, has materially increased throughout and lowered per unit handling costs. Those systems combined with data-driven inventory management enable us to move hundreds of thousands of SKUs across 76 countries while maintaining quality and consistency.

這種規模使我們能夠有效地管理重大新版本發布和季節性需求激增，而不會影響速度或準確性。我們對最先進的自動化技術（包括自動儲存和 Sure [Sot X] 系統）的投資，顯著提高了整體效率，並降低了單位處理成本。這些系統與數據驅動的庫存管理相結合，使我們能夠在 76 個國家/地區運輸數十萬個 SKU，同時保持品質和一致性。

We're also realizing significant cost efficiencies from these initiatives. Energy efficient systems, reduced manual touches, and a flexible labor model are helping us control expenses even as volume rise. That efficiency directly supports the 340 basis points improvements we've achieved this quarter.

我們也透過這些措施實現了顯著的成本效益。節能係統、減少人工操作和靈活的勞動力模式幫助我們在業務量成長的同時控製成本。這項效率提升直接支撐了我們本季取得的 340 個基點的改善。

Just as important, these technologies protect product integrity and improve sustainability, minimizing waste and ensuring that every item reaches the customer in pristine condition. It's an advantage that builds trust with both retailers and consumers.

同樣重要的是，這些技術能夠保護產品完整性並提高永續性，最大限度地減少浪費，並確保每件產品都以完好無損的狀態送達客戶手中。這有助於建立零售商和消費者之間的信任。

While our operations are large, they're nimble and adaptable. Whether we're fulfilling a mass merchant order, shipping direct to consumer, or managing a limited collector release, the same infrastructure powers each channel. That versatility is what allows us to capture high margin opportunities while maintaining discipline on cost.

雖然我們的業務規模龐大，但卻靈活敏捷，適應性強。無論我們是處理大宗商家訂單、直接向消費者發貨，還是管理限量收藏品的發行，每個管道都由相同的基礎設施提供支援。這種靈活性使我們能夠在保持成本控制的同時，抓住高利潤的機會。

In short, the operational investments we've made over the past 2 years are delivering exactly what we intended greater efficiency, better scalability, and sustainable margin performance. They give us the confidence that the profitability profile we achieved in the 1st quarter is not a peak, but a new baseline we can build upon.

簡而言之，過去兩年我們所做的營運投資正在實現我們預期的目標：更高的效率、更好的可擴展性和可持續的利潤率。這讓我們相信，我們在第一季取得的獲利水準並不是一個峰值，而是一個我們可以以此為基礎繼續發展的新基準。

One of the key strengths of our business model is our omni-channel distribution network that powers both B2B and direct to consumer growth. Alliance serves approximately 175 online retailers and more than 35,000 physical stores, giving us unmatched reach across entertainment and collectibles.

我們商業模式的關鍵優勢之一是我們的全通路分銷網絡，該網絡能夠同時推動 B2B 和直接面向消費者的成長。Alliance 為大約 175 家線上零售商和超過 35,000 家實體店提供服務，使我們在娛樂和收藏品領域擁有無與倫比的影響力。

Through this network, we connect fans and retailers with the products they love, whether it is vinyl, film, gaming, or licensed collectibles. Our direct to consumer has become a major revenue driver, now contributing 37% of total net revenue.

透過這個網絡，我們將粉絲和零售商與他們喜愛的產品聯繫起來，無論是黑膠唱片、電影、遊戲還是授權收藏品。我們的直接面向消費者業務已成為主要的收入來源，目前貢獻了總淨收入的 37%。

We deliver this through both our own e-commerce platforms and drop ship partnerships, which allow customers to access the industry's deepest catalog without retailers carrying physical inventory. This capital lite model expands our retail partners' online assortment while keeping working capital requirements low for everyone involved.

我們透過我們自己的電子商務平台和代發貨合作夥伴關係來提供這項服務，這使得客戶無需零售商持有實體庫存即可存取業內最全面的產品目錄。這種輕資本模式擴大了我們零售合作夥伴的線上產品種類，同時維持了所有參與者較低的營運資金需求。

On the B2B side, our relationships with leading national chains, independent stores, and specialty retailers remain a cornerstone of our business. We provide these partners with high-quality in-demand products supported by robust fulfillment, automated replenishments, and seamless system integration. The result is stronger in stock performance, faster delivery, and improved profitability for our retail customers.

在 B2B 方面，我們與領先的全國連鎖店、獨立商店和專業零售商的關係仍然是我們業務的基石。我們為這些合作夥伴提供高品質的市場需求產品，並輔以強大的物流配送、自動補貨和無縫的系統整合。結果是，我們的零售客戶庫存表現更佳、交貨速度更快、獲利能力更高。

Our omnichannel platform is what makes Alliance so versatile. We can support a major studio release, fulfill thousands of individual collector orders, and manage retailer-specific campaigns all through the same infrastructure. This flexibility gives us a competitive advantage in a market where consumers expect instant access, variety, and reliability.

我們的全通路平台使 Alliance 如此靈活多變。我們可以透過同一基礎設施支援大型工作室的發行、滿足數千份個人收藏家的訂單，並管理零售商的特定行銷活動。這種靈活性使我們在消費者期望即時存取、多樣化和可靠性的市場中具有競爭優勢。

As retail continues to blend physical and digital experiences, our role as trusted, technology enabled fulfillment partner becomes even more essential. It's a model that scales efficiently, serves our partners well, and continues to drive meaningful margin contributions across the business. With that, I'll turn it back to Jeff for closing remarks.

隨著零售業不斷融合實體和數位體驗，我們作為值得信賴、技術賦能的物流合作夥伴的角色變得更加重要。這種模式能夠高效擴展，很好地服務於我們的合作夥伴，並持續為整個業務帶來有意義的利潤貢獻。接下來，我將把發言權交還給傑夫，請他作總結發言。

Thanks, Amanda.

謝謝你，阿曼達。

As we think about the strength of our retail partnerships, one of the best examples is our role as category advisor for Walmart's video category. This designation reflects the depth of our expertise in physical media and the trust we've built with the largest retailer in the world.

當我們思考零售合作關係的優勢時，最好的例子之一就是我們擔任沃爾瑪視訊品類的品類顧問。這個頭銜反映了我們在實體媒體領域的深厚專業知識，以及我們與全球最大零售商建立的信任。

In this capacity, Alliance provides Walmart with data-driven analysis, consumer insights, and operational support that inform how the video category is planned, merchandise, and executed across both in-store and online channels. Our team delivers strategic guidance on assortment, facings, and promotional planning, helping Walmart align inventory and shelf space with real-time shopper demand.

在此方面，Alliance 為沃爾瑪提供數據驅動的分析、消費者洞察和營運支持，從而指導沃爾瑪如何規劃、銷售和執行店內和線上通路的視訊品類。我們的團隊為沃爾瑪提供商品種類、陳列和促銷計畫的策略指導，幫助沃爾瑪根據即時購物者需求調整庫存和貨架空間。

We also provide forecasting and analytics that highlight emerging trends, guiding their buying decisions and release timing. For Alliance, this partnership is more than a recognition of capability, it's a validation of the strategic value we bring to our retail partners.

我們也提供預測和分析，突顯新興趨勢，指導他們的購買決策和發佈時間。對 Alliance 而言，此次合作不僅是對我們能力的認可，更是對我們為零售合作夥伴帶來的策略價值的肯定。

It demonstrates how our scale, data, and category knowledge go beyond distribution to help drive category growth across the industry. By pairing our operational excellence with deep consumer insight. We're not only supporting Walmart's success, we're strengthening the overall ecosystem for physical media and collectibles. Our exclusive distribution and licensing agreements provide a strong competitive edge.

它表明，我們的規模、數據和品類知識超越了分銷，幫助推動整個行業的品類成長。透過將我們卓越的營運能力與深刻的消費者洞察相結合。我們不僅支持沃爾瑪的成功，而且還在加強實體媒體和收藏品的整體生態系統。我們獨家經銷和授權協議為我們提供了強大的競爭優勢。

These partnerships secure alliance, unmatched access to premium and exclusive content pipelines, reinforcing our leadership position and ensuring we remain indispensable to both studios and retailers. Today, our exclusive distribution and licensing agreements collectively drive more than $365 million in annual sales and continue to expand across music, film, and collectibles.

這些合作關係確保了聯盟，使我們能夠無可比擬地獲取優質獨家內容，鞏固了我們的領導地位，並確保我們對工作室和零售商仍然不可或缺。如今，我們的獨家分銷和授權協議每年累計銷售額超過 3.65 億美元，並持續擴展到音樂、電影和收藏品領域。

Within Alliance Home Entertainment, our exclusive licensing agreement with Paramount Pictures has become a major revenue contributor. Under that agreement, we now handle the full life cycle creation, manufacturing, marketing, and retail distribution for Paramount's Blue-ray, 4K, and DVD catalog.

在 Alliance Home Entertainment 內部，我們與派拉蒙影業的獨家授權協議已成為主要的收入來源。根據該協議，我們現在負責派拉蒙藍光、4K 和 DVD 目錄的整個生命週期的創建、製造、行銷和零售分銷。

The relationship has been a key driver of the 59% year over year increase in physical movie sales in the first quarter and continues to strengthen our position as the leading distributor of premium film and TV content in North America. Across music, our am Entertainment division represents more than 110 label partners, giving us the industry's most diverse catalog of independent and specialty music content.

這項合作關係是第一季實體電影銷量年增 59% 的關鍵驅動因素，並繼續鞏固我們作為北美領先的優質電影和電視內容發行商的地位。在音樂領域，我們的 am Entertainment 部門擁有超過 110 家唱片公司合作夥伴，為我們提供了業界最多樣化的獨立和特色音樂內容庫。

In collectibles, we're expanding our own and licensed offerings, handmade by robots, which we acquired in December 2024, has quickly grown into a cornerstone of our collectible strategy. We've expanded its retail footprint and licensing pipeline with upcoming releases featuring characters from Sanrio, Jurassic World, Peanuts, Sonic the Hedgehog, SpongeBob SquarePants, Toho, and others, all of which will begin rolling out through fiscal 2026.

在收藏品方面，我們正在擴大我們自己的和授權的產品，這些產品由機器人手工製作，我們於 2024 年 12 月收購了這項業務，它迅速發展成為我們收藏品策略的基石。我們擴大了零售版圖和授權管道，即將推出的產品包括來自 Sanrio、侏羅紀世界、花生漫畫、刺猬索尼克、海綿寶寶、東寶等品牌的角色，所有這些產品都將在 2026 財年開始陸續推出。

Our long-standing collaboration with Weta Workshop also continues to deliver high-quality collectibles and prop replicas from iconic franchises, while our new master replicas partnership adds another layer of premium fan-focused products.

我們與維塔工作室的長期合作也持續提供來自標誌性IP的高品質收藏品和道具複製品，而我們新的大師級複製品合作關係則為高端粉絲產品增添了另一層保障。

Together, these exclusive and owned brands form a powerful portfolio that drives high margin revenue, deepens our relationships with studios and licensors, and reinforces Alliance's position at the center of entertainment and collectibles ecosystem.

這些獨家和自有品牌共同構成了一個強大的產品組合，能夠帶來高利潤收入，加深我們與工作室和授權商的關係，並鞏固 Alliance 在娛樂和收藏品生態系統中心的地位。

Before we move to Q&A, I want to touch on our ongoing strategic. M&A priorities. M&A has always been a core part of how Alliance builds scale and capability. Over the years we've completed 15 successful acquisitions, each expanding our reach across content, collectibles, and fulfillment.

在進入問答環節之前，我想先談談我們正在進行的策略。併購優先事項。併購一直是Alliance建構規模和能力的核心組成部分。多年來，我們成功完成了 15 次收購，每一次收購都擴大了我們在內容、收藏品和物流配送方面的覆蓋範圍。

Every deal has been grounded in the same principles strategic fit, operational synergy, and accretion. Today, our pipeline remains active, but our approach is as disciplined as ever. We're focused on opportunities that extend our licensing relationships, deepen our collectibles portfolio, and enhance our e-commerce and fulfillment capabilities.

每筆交易都基於相同的原則：策略契合、營運協同和增值。今天，我們的產品線依然活躍，但我們的方法仍然一如既往地嚴謹。我們專注於拓展授權合作關係、深化收藏品組合以及提升電子商務和物流配送能力的各種機會。

That includes specialty brands, niche distributors, and complimentary entertainment businesses that align with our capital li model. Our recent success with Handmade by robots is a great example of that strategy in action, an acquisition that's delivering strong performance, expanding into new retail channels, and opening the door to high-value licensing opportunities.

這包括符合我們資本流動性模式的專業品牌、利基分銷商和配套娛樂企業。我們最近在 Handmade by robots 專案上取得的成功，正是這項策略的絕佳例證。這項收購帶來了強勁的業績，拓展了新的零售通路，並為高價值的授權機會打開了大門。

We're now applying that same playbook to evaluate the next set of opportunities that can strengthen our position in the collectibles and physical media ecosystem. With the new Bank of America credit facility in place, we have both the financial flexibility and operational infrastructure to pursue these opportunities thoughtfully.

我們現在正運用同樣的策略來評估下一批能夠加強我們在收藏品和實體媒體生態系統中地位的機會。有了美國銀行新的信貸安排，我們既擁有了財務彈性，也擁有了營運基礎設施，可以深思熟慮地掌握這些機會。

And as we do, our focus will remain squarely on driving sustainable, profitable growth and building long-term value for our shareholders. We're entering the rest of fiscal 2026 from a position of strength, supported by exclusive content, advanced operations, and proven ability to execute. The progress we made this quarter reinforces our confidence in that strategy, and we're excited about what comes next.

同時，我們將始終專注於推動可持續的獲利成長，並為股東創造長期價值。我們憑藉獨家內容、先進營運和成熟的執行能力，以強勁的勢頭進入 2026 財年剩餘時間。本季的進展增強了我們對該策略的信心，我們對接下來的發展感到興奮。

Before we turn to questions, I want to take a moment to thank our employees across every division. Their hard work, creativity, and execution are what drive our success. I'd also like to thank our customers, partners, and shareholders for their continued support and trust in Alliance Entertainment. We're proud of the momentum we've built and committed to delivering on the opportunities ahead.

在進入問答環節之前，我想藉此機會感謝我們各部門的員工。他們的辛勤工作、創造力和執行力是我們成功的關鍵。我還要感謝我們的客戶、合作夥伴和股東們對Alliance Entertainment的持續支持和信任。我們為所取得的成就感到自豪，並致力於抓住未來的機會。

Operator, we're ready to open the line for questions.

接線員，我們已準備好開通提問熱線。

(Operator Instructions)

（操作說明）

Thomas Forte, Maxim Group.

Thomas Forte，Maxim集團。

Great. Bruce, Jeff, Amanda, congratulations on the quarter. I have 3 questions. I'll ask them one at a time. The first question is, could physical media outperform this holiday versus prior ones due to the relative favorability when it comes to tariff status versus other categories including apparel and toys?

偉大的。Bruce、Jeff、Amanda，恭喜你們本季取得佳績。我有三個問題。我會一個一個問他們。第一個問題是，由於關稅待遇相對於服裝和玩具等其他類別較為有利，實體媒體能否在今年的假期中比以往的假期表現更好？

Good afternoon, this is Jeff Walker, CEO. We are definitely seeing strong sales in all the entertainment categories right now. I think it's, I don't know if it's related to the tariffs, in other categories and the minimal amount of tariffs in music and video, or actually no tariffs in music and video, but I think it's, collectors are excited about their collections and. Movies, music, gaming, and collectibles are all, a huge thing of gift items, and I think we're going to see a lot of people being gifted, items, especially vinyl in particular this year.

下午好，我是執行長傑夫沃克。目前所有娛樂類產品的銷售情況都非常強勁。我覺得，我不知道這是否與關稅有關，與其他類別的關稅有關，以及音樂和視頻的最低關稅額，或者音樂和視頻根本沒有關稅，但我認為這是因為收藏家們對他們的收藏感到興奮。電影、音樂、遊戲和收藏品都是非常受歡迎的禮品，我認為今年我們會看到很多人收到禮物，尤其是黑膠唱片。

Thanks, Jeff. And if anyone's listening, I look forward to vinyl on my holiday list. So, if someone wants to give me something, vinyl would be greatly appreciated. So sticking with vinyl then, can you talk about the performance of Taylor Swift's Life of a Showgirl, versus her last album, the tortured Poets Department as a proxy for the current state of consumer demand for vinyl?

謝謝你，傑夫。如果有人在聽的話，我期待在我的節日願望清單上看到黑膠唱片。所以，如果有人想送我東西，我會非常感激黑膠唱片。那麼，就黑膠唱片而言，您能否談談泰勒·斯威夫特的《Life of a Showgirl》與她上一張專輯《The Tragically Poets Department》的銷量對比，以此來反映當前消費者對黑膠唱片的需求狀況？

Well, I think, a lot in the news there on Taylor, you saw some of the records that she broke with that. Interestingly enough for us, the Taylor Swift album, we did a lot of fulfillment for that album. None of it, was booked into the quarter that we just reported that street date was October 3. We weren't allowed to ship anything out until October 1, so we didn't book anything in the previous quarter there or in the current quarter we just reported. I think one thing also to keep in mind with all of the sales that she did on vinyl and CD, the CD sales for Taylor were extremely strong as well.

嗯，我覺得，關於泰勒的新聞很多，你也看到了她打破的一些紀錄。有趣的是，我們為泰勒絲的專輯做了很多工作。所有這些都沒有計入我們剛剛宣布的那個季度，而該季度的發售日期是 10 月 3 日。直到 10 月 1 日我們才被允許發貨，所以我們在上個季度和我們剛剛報告的當前季度都沒有預訂任何貨物。我認為還有一點要記住，儘管她的黑膠唱片和 CD 銷量都很高，但泰勒的 CD 銷量也非常強勁。

And I, one of the things I've been saying about it is nobody had to buy a vinyl record or a CD of Taylor Swift. They can listen to her music on all the different digital and online platforms, so they're purely buying it because they want to collect something of their favorite artists and they, and they're huge fans of her.

我一直強調的一點是，沒有人必須去買泰勒絲的黑膠唱片或CD。他們可以透過各種數位和線上平台收聽她的音樂，所以他們購買她的唱片純粹是因為想要收藏自己喜歡的藝術家的作品，而且他們是她的鐵桿粉絲。

And that really goes to the conversation about all of our media products are for fans and they're for collectors and that's what we're feeding right into that, and I don't see that slowing down. People have collected music and video and gaming and other collectible items for centuries in a sense so. That's right smack where we're at. The ability to listen to the music digitally doesn't derail people's desire to have something in their house that they can look at and that they can show off to their friends and so forth there.

這其實引出了一個話題：我們所有的媒體產品都是面向粉絲和收藏家的，而這正是我們努力的方向，而且我認為這種趨勢不會放緩。從某種意義上說，幾個世紀以來，人們一直在收集音樂、影片、遊戲和其他收藏品。沒錯，我們現在就處在這個地方。能夠以數位方式收聽音樂並不會削弱人們在家中擁有可以欣賞、可以向朋友炫耀的物品的願望。

Tom, one thing I could just add to Jeff, there is a, there is a, the consumer is wanting to own their content instead of rent their content, and that also starting to happen. There's a small little push in that area there which is helping our business.

湯姆，我只想補充傑夫一點，消費者想要擁有自己的內容而不是租用內容，這種情況也開始出現了。該地區出現了一小波推動力，這對我們的業務有所幫助。

Excellent. And then, all right, so last one and thanks for taking all my questions. So, it sounds like your exclusive physical media deal with Paramount's doing incredibly well. What are your thoughts on forging exclusive deals with other studios?

出色的。好了，最後一個問題，謝謝你們回答我所有的問題。聽起來你和派拉蒙的獨家實體媒體合作協議非常成功。您對與其他工作室簽訂獨家協議有何看法？

Well, we're always, working on, new opportunities in the company. I do think that there's a good path there for studios to transition, to alliance to really run that aspect of the physical media for them. And we're in different levels of conversations with studios on that, big and small.

我們公司一直在努力尋找新的發展機會。我認為工作室可以透過聯盟轉型，真正為他們經營實體媒體的這一方面，這是一個很好的途徑。我們正在與各大工作室就此進行不同層次的對話，包括大型工作室和小型工作室。

There's a lot of studios out there that have fantastic content, and we're just continuing to show and prove that we're a great solution for those studios to maximize the sales of physical media for them and the more that we continue to prove that quarter in and quarter out, the more that those opportunities will come our way.

有許多工作室擁有非常棒的內容，而我們正在不斷展示和證明，我們是這些工作室最大化實體媒體銷售的絕佳解決方案，而且我們每個季度都在不斷證明這一點，這樣的機會就會越來越多。

Yeah, Tom, one thing to add to that, Jeff says one thing to add that, Tom is that we do because we do our own physical distribution ourselves is not outsourced to a third-party that creates a tremendous advantage we have over anybody even thinking about trying to do what we're doing.

是的，湯姆，還有一點要補充，傑夫也說了，湯姆，因為我們自己進行實體分銷，而不是外包給第三方，這使我們比任何想做我們正在做的事情的人都擁有巨大的優勢。

Wonderful. All right, so thank you for taking all my questions and congrats again on the quarter.

精彩的。好的，非常感謝您回答我的所有問題，再次恭喜您本季取得佳績。

Thank you.

謝謝。

Michael Kopinski, Noble Capital Partners.

Michael Kopinski，Noble Capital Partners。

Thank you and thanks for taking my questions and I want to offer my congratulations as well. It's a great quarter. Couple of questions. I understand that Handmade by Robots contributed in the quarter and. I was just wondering if you had very strong results in collectibles, and did Handmade by robots, did that have broad retail distribution in the quarter? I was just wondering if you can just give me a little color of what we could expect, especially as we kind of go into the second quarter.

謝謝，也謝謝您回答我的問題，我也要向您表示祝賀。這是一個很棒的季度。我有幾個問題。我了解到 Handmade by Robots 在本季度做出了貢獻。我只是想問一下，如果你們在收藏品方面取得了非常好的成績，並且推出了機器人手工製作的產品，那麼該產品在本季度是否獲得了廣泛的零售分銷？我只是想問您能否大致介紹一下我們可以期待些什麼，尤其是在我們即將進入第二季度的時候。

Could we start looking for more of a significant impact of that brand? As we go into the second quarter, maybe the third quarter, I just kinda wanted to kind of get your thoughts on the impact of that brand on that segment.

我們是否可以開始尋找該品牌所能產生的更大影響？進入第二季度，或許是第三季度，我想了解您對該品牌在該細分市場的影響有何看法。

Yeah, hey, Michael, good to hear from you, Handmade by robots, we acquired that almost a year ago, we've been really ramping up with licensing and, new designs, new IP coming out, we have significant releases, this month here in November, and we have some new licenses getting finalized with Disney and some of the other, big licensors right now. I would say that for fiscal we're doing well with the brand.

是的，嘿，邁克爾，很高興收到你的消息。 「機器人手工製作」是我們大約一年前收購的，我們一直在大力推進授權業務，推出新的設計和新的知識產權，我們在這個月（11月）會有重要的產品發布，而且我們目前正在與迪士尼和其他一些大型授權商敲定一些新的授權協議。我認為就財務方面而言，我們的品牌表現良好。

For fiscal '26 that we're in today, I don't think Handmade is going to make a huge impact on the overall financial aspect of Alliance, as everybody knows, Alliance is a big company and we're really ramping that up. I think we're going to start to see. Financial impact in fiscal '27 and 28 with respect to handmade as this continues to ramp up on the brand.

就我們目前所處的 2026 財年而言，我認為 Handmade 不會對 Alliance 的整體財務狀況產生巨大影響，眾所周知，Alliance 是一家大公司，我們正在大力發展壯大。我想我們很快就會看到了。2027 和 2028 財年，手工製品業務對品牌的影響持續增強。

And we continue to get more placement with retailers and so forth, we are, continuing to, add to the team, the handmade team to drive those sales and so forth going forward, so, most of the. The growth in alliances, revenue and profitability here in fiscal '26 is not going to be attributed to the Handmade even though it's on a significant growth pattern for that business. It just started small and, it's, growing quickly.

我們不斷獲得更多零售商的供貨機會，我們也在不斷擴充手工團隊，以推動未來的銷售等等，所以，大部分。2026 財年聯盟、營收和獲利能力的成長不會歸功於手工製品業務，儘管該業務正處於顯著成長階段。它起步規模很小，但發展迅速。

Thanks for that color. And so, I want to go back to the vinyl question. Vinyl sales seem to be a little stronger than what I was expecting. I was just wondering if you can maybe give us your thoughts on, what was the factor there. Certainly, you just mentioned that Taylor Swift wasn't a big factor in the quarter. So, can you kind of give us some thoughts on what were the driving factors in vinyl in the quarter?

謝謝你提供的顏色。所以，我想回到黑膠唱片的問題。黑膠唱片的銷售似乎比我預期的要好一些。我只是想問您能否談談您的看法，看看其中的因素是什麼。當然，你剛才也提到泰勒絲對本季業績的影響並不大。那麼，您能否談談本季黑膠唱片市場的主要驅動因素是什麼？

Well, we're seeing continuous consumer demand in vinyl across the board. I think also the artists in particular have really there's been a lot of new releases, and I think, top new releases are new, I mean, top artists are having pretty strong following and success right now, and music overall is a category that consumers are gravitating to, and the vinyl continues to expand.

我們看到，消費者對黑膠唱片的需求在各方面都持續成長。我認為，尤其是藝術家們，確實有很多新作品問世，而且我認為，頂尖的新作品確實很新，我的意思是，頂尖藝術家現在擁有相當強大的粉絲群和成功，音樂總體上是一個消費者正在趨之若鶇的類別，黑膠唱片市場也在不斷擴張。

And it's. It's pretty wide range, from all ages in the vinyl and then there are some other additional components with vinyl with reissues and some of the older catalog pieces of vinyl they are reissuing those on a different color vinyl or some other aspect there and that really helps build some more new demand to that particular vinyl piece.

確實如此。範圍相當廣泛，涵蓋了各個年齡段的黑膠唱片，此外還有一些其他附加組件，例如再版唱片和一些較早的黑膠唱片目錄，他們會以不同的顏色或其他方式重新發行這些唱片，這確實有助於為特定的黑膠唱片創造更多的新需求。

Got you. I think one last thing on that, I think, a couple of very big artists from the past are looking at, bringing out some of their vinyl in the near future in colored vinyl that has only been available in black vinyl and I think things like that can really help support the vinyl sales.

抓到你了。關於這一點，我想還有最後一點要說，我認為過去一些非常著名的藝術家正在考慮在不久的將來發行一些以前只有黑色版本的彩色黑膠唱片，我認為這樣的事情真的可以幫助促進黑膠唱片的銷售。

Got You. And then, the movie segment, seemed to obviously had an exceptional quarter certainly benefiting from Paramount, and I'm just wondering if I may be underestimated the Paramount, aspect of that or if there were others maybe other another significant lift that outside of the Paramount deal, and I was just wondering if you can just kind of frame for us, the significance of the Paramount. Licensing agreement to the movie segment, or if there were maybe other contributing factors that might have accounted for such strong results in the movie segment.

抓到你了。然後，電影板塊似乎明顯迎來了一個異常出色的季度，這當然得益於派拉蒙影業。我只是想知道，我是否低估了派拉蒙影業在其中的作用，或者除了派拉蒙的交易之外，是否還有其他重要的推動因素。我只是想請您為我們概述一下派拉蒙影業的重要性。電影部門的授權協議，或是否有其他因素促成了電影部門取得如此強勁的業績。

Yeah, I think overall our movie division is doing pretty well. We are seeing some really crazy strong numbers with, Steel Book, which is a collectible version of, a steel package, DVD, we're a big distributor on that for all the studios, and we're seeing really good sell through there. In addition, it's a collectible, SteelBook, it's a nice higher price point as well, and the numbers are pretty robust with SteelBook, with respect to Paramount, we've had solid, releases, and we really spent a lot of time making sure that we've got all the catalog product out.

是的，我認為我們電影部門整體表現相當不錯。我們看到鐵盒版DVD的銷售非常強勁，這是收藏版的鐵盒包裝DVD，我們是所有電影公司的鐵盒版DVD的主要分銷商，而且我們看到它的銷售情況非常好。此外，它也是收藏品，SteelBook 版本，價格也更高，而且 SteelBook 的銷量相當可觀。就派拉蒙而言，我們發行了不少好片，我們確實花了很多時間確保所有目錄產品都已發行。

And, We've got it all in stock and our in-stock percentages are good and I think one thing to think about in Paramount, there at the time that we picked up the Paramount business. The bulk of video DVD at this point is, Walmart stores, Amazon, and Alliance. The three of us do the majority, almost 90% of all the DVD sales.

而且，我們所有產品都有庫存，庫存百分比也很好。我認為有一點需要考慮的是派拉蒙，當時我們收購了派拉蒙的業務。目前，視訊 DVD 的主要銷售管道是沃爾瑪、亞馬遜和 Alliance。我們三個人完成了絕大部分的銷售，幾乎佔DVD總銷量的90%。

And Alliance supports a lot of other. Stores including Barnes and Noble, a lot of e-commerce for Walmart and Target, and a lot of independent stores and so forth. That's our niche in it. So, when we got the Paramount license business, we have our existing, business that improved the margins from there, but we picked up the Paramount Business to Walmart and Amazon, and that is, that's what's driving some of our Paramount sales growth.

聯盟也支持許多其他組織。包括巴諾書店在內的實體店，沃爾瑪和塔吉特等大型電商平台，以及許多獨立商店等等。這就是我們的優勢。所以，當我們獲得派拉蒙的授權業務後，我們原本的業務就提高了利潤率，但我們又獲得了派拉蒙在沃爾瑪和亞馬遜的業務，這正是推動我們派拉蒙銷售成長的部分原因。

Well, congratulations and good luck on.

恭喜，祝你好運。

The rest of the year. Thank you, we're looking for a great fourth quarter.

今年的剩餘時間。謝謝，我們期待第四季能取得好成績。

Thank you. At this time, I would like to turn the call back to Paul Kuntz for web questions. Please proceed.

謝謝。現在，我想把電話轉回給保羅昆茨，讓他回答有關網路方面的問題。請繼續。

Thank you. Our first question we had is, you mentioned serving as category advisor for Walmart's video business. Could you elaborate on how that role translates into incremental revenue or share gains for Alliance and whether that model could expand into other product categories?

謝謝。我們的第一個問題是，您提到您曾擔任沃爾瑪視訊業務的品類顧問。您能否詳細說明一下，這一角色如何轉化為 Alliance 的收入成長或市場份額提升，以及這種模式是否可以擴展到其他產品類別？

Okay, so the category advisor role with Walmart. I think everybody needs to understand that this is a, an independent group of people that are alliance employees that are dedicated to be the category advisor team for Walmart on behalf of all the studios and so this is this team assists Walmart in their video direction with store planning, promotional aspects.

好的，那麼我在沃爾瑪的職位是品類顧問。我認為每個人都需要明白，這是一個獨立的團隊，成員都是聯盟員工，他們致力於代表所有工作室擔任沃爾瑪的品類顧問團隊，因此這個團隊協助沃爾瑪進行視頻方向的製定，包括門店規劃和促銷方面。

And future plans in the in the video category and so that team is there to represent all the studios and work with Walmart on strategic initiatives going forward and so with that they're not connected to our alliance sales team that is focused on selling. Not only Paramount product but all of our distributed video product to Walmart and in the sales aspect there, so the advisory role doesn't necessarily translate into extra revenue for Alliance, it what it does translate into is confidence in Alliance and the team from Walmart, which is a big aspect.

未來，沃爾瑪將在視訊領域制定計劃，該團隊將代表所有工作室，並與沃爾瑪合作開展未來的策略舉措，因此他們與我們專注於銷售的聯盟銷售團隊沒有聯繫。不僅是派拉蒙的產品，還有我們所有分銷給沃爾瑪的視頻產品以及那裡的銷售情況，所以顧問的角色不一定能為Alliance帶來額外的收入，但它確實能增強沃爾瑪對Alliance和團隊的信心，這才是最重要的。

Going forward in our long-term strategies with all the studios and so forth, as you gotta realize that we are at Alliance, we're also the 3rd largest, physical account behind Walmart and Amazon with all the studios, product on physical product there, and then. Whether it could expand into other product categories, we are, the, we're not, they don't have a specific category advisor for music, but the alliance, team sales team, we do manage and sell all the vinyl.

展望未來，在與所有工作室等的長期策略中，你必須意識到，我們Alliance也是僅次於沃爾瑪和亞馬遜的第三大實體客戶，與所有工作室都有合作，產品也涵蓋實體產品等等。至於它能否擴展到其他產品類別，我們是，我們沒有，他們沒有專門的音樂類別顧問，但是聯盟，團隊銷售團隊，我們確實管理和銷售所有黑膠唱片。

And CDs at Walmart currently, in that as well, one thing I want to mention that just for recall is. The advisor role also is focused on the combination of the store strategy and the e-commerce strategy, and that's something that we're right in the middle of as we do all the e-commerce fulfillment for Walmart on music and video. And so that that strategy there helps to coordinate all of that together so that it's really an omni-channel strategy for Walmart with respect to video and also for music.

還有，目前沃爾瑪的 CD 也存在這個問題，我想提一下，以備不時之需。顧問的角色也專注於將門市策略和電子商務策略結合起來，而這正是我們目前所處的領域，因為我們正在為沃爾瑪的音樂和視訊業務提供所有電子商務履行服務。因此，該策略有助於將所有這些環節協調起來，從而使沃爾瑪在視訊和音樂方面真正實現全通路策略。

Thank you. And our next question, you talked about early success from implementing AI tools. From a simple standpoint, how are these tools helping your teams?

謝謝。接下來，您談到了實施人工智慧工具的早期成功案例。從簡單的角度來看，這些工具對你的團隊有何幫助？

Oh, AI is great. We're hot on AI here right now, a couple things we're doing, we've definitely rolled out, copilot, as we're a Microsoft-based, company here with our software, and, we've got 280 people on Copilot license, actively working with that on a daily basis, helping them be more efficient and. In aspects of doing their roles.

哦，人工智慧太棒了。我們現在非常重視人工智慧，我們正在做一些事情，例如我們已經推出了 Copilot，因為我們是一家基於微軟的公司，我們的軟體也基於微軟，我們有 280 名員工擁有 Copilot 許可證，他們每天都在積極使用它，幫助他們提高效率。在履行職責的各個方面。

And our team's very excited about that we have internal training programs and so forth in place and even best practices calls that we're doing and we're really seeing a big impact on that. I think we rolled that out in July or August of this year and really look at it and say you know we've continue this role with that over.

我們的團隊對此感到非常興奮，我們已經制定了內部培訓計劃等等，甚至還進行了最佳實踐電話會議，我們確實看到了這些措施帶來的巨大影響。我認為我們在今年七月或八月推出了這項計劃，仔細審視之後，我們決定繼續推進這項計劃。

You know this year, this 12 months, how much better in advanced we will be next July, with respect to that on the AI side. And then the last part is we also are, rolling into a HubSpot implementation on our sales, management which also involves our AR team and our marketing team that's really going to streamline business there and that platform has a lot of robust, tools and things, leaning on AI, strategies and abilities there.

你知道今年，也就是過去 12 個月裡，到明年 7 月，我們在人工智慧方面將會取得多大的進展。最後一部分是，我們還在銷售和管理方面引入 HubSpot，這也包括我們的 AR 團隊和行銷團隊，這將真正簡化業務流程，該平台擁有許多強大的工具和功能，依靠人工智慧、策略和能力。

Great, thank you. And our next session, you've talked about momentum heading into the holiday season. What are you most excited about from a product or partnership standpoint in Q2 and how is the holiday demand shaping up so far?

太好了，謝謝。在接下來的會議中，您談到了進入假期季節的勢頭。從產品或合作的角度來看，您在第二季最期待的是什麼？目前假日季的需求情況如何？

Well, holidays shaping up pretty well, we're pretty excited about this quarter that we're in, we're seeing consumer demand pretty strong across the board, and. We're just seeing solid numbers right now. I know vinyl's continuing strong and, our handmade is on a roll right now as that's building and, on the video side we're doing a lot of new strong things too, so. We should have a strong quarter here.

嗯，假期銷售情況相當不錯，我們對本季的銷售情況感到非常興奮，我們看到消費者需求全面強勁。我們現在看到的都是一些非常亮眼的數據。我知道黑膠唱片市場依然強勁，而且我們的手工製品目前也發展勢頭良好，在影片方面，我們也做了很多新的、強有力的專案。我們本季應該會表現強勁。

Okay, thank you. And our next question, you highlighted a significant 17% reduction in interest expense year over year. With the new Bank of America facility. What's the expected annualized savings, and how does that impact free cash flow trajectory in fiscal 26?

好的，謝謝。下一個問題，您特別提到利息支出比去年同期大幅下降了 17%。借助美國銀行的新設施。預計年度節省額是多少？這將如何影響 2026 財年的自由現金流軌跡？

Yeah, that was a big improvement for us going to Bank of America. We reduced our interest from so for 4 to a so for 1 and 5/8 and at. That type of difference if you run about a $60 million borrowing across 12 months, I believe that's about $1.5 million interest savings per year.

是的，對我們來說，轉到美國銀行是一個很大的進步。我們將利息從 4 元減少到 1 又 5/8 元。如果借款 6000 萬美元，期限為 12 個月，那麼這種差異我認為每年可以節省約 150 萬美元的利息。

And so, we're in a pretty good shape with that and. And then, we also will get the benefit or have been getting the benefit of the Fed rate reductions as that has been bringing down the sofa as well on top of that. So, we're, as we move into January and beginning of 26, we're going to be sitting with a pretty nice interest rate cost going forward for calendar 26, so we're pretty happy about.

所以，我們在這方面情況相當不錯。此外，我們也會享受到聯準會降息的好處，或者說已經享受到了降息帶來的好處，因為降息也導致了經濟衰退。所以，隨著我們進入 1 月和 26 年初，我們將迎來一個相當不錯的利率成本，我們對此感到非常高興。

Thank you. And our next question Handmade by robots seems to have strong traction. Are owned IP products now meaningfully lifting blended gross margin?

謝謝。而我們的下一個問題「機器人手工製作」似乎也引起了廣泛關注。自有智慧財產權產品目前是否顯著提升了綜合毛利率？

I think I got most of that answer there with Mike earlier it's overall margin we're seeing good margin and handmade by robots the overall sales volume is. Compared to our $1.1 billion in revenue, it is not at the level that it's going to make significant impact yet this year in fiscal 26, but I think you'll start to see impact in fiscal '27 and 28, from an earnings standpoint there.

我覺得我之前和 Mike 討論的時候已經得到了大部分答案，我們看到整體利潤率不錯，而且是機器人手工製作的，整體銷量也很好。與我們 11 億美元的收入相比，它還不足以在本財年（2026 財年）產生重大影響，但我認為從盈利的角度來看，你會在 2027 財年和 2028 財年開始看到影響。

Thank you. And then we have another question. If Paramount doesn't win the bid to acquire Warner Brothers Discovery, does that influence Alliance's chance of getting a licensing deal with Warner Brothers?

謝謝。接下來我們還有一個問題。如果派拉蒙未能成功收購華納兄弟探索頻道，這是否會影響聯盟與華納兄弟達成授權協議的機會？

I think those are totally separate, conversations there. The, all the studios at some point, we believe in the future will move towards the licensing model on physical media, and we are positioning ourselves to be the front runner as to the place that studios would move to. They all have different time frames and initiatives within their organizations, and so, but with respect to the Paramount, whatever happens with Warner, I don't know that that's.

我認為那是完全不同的兩件事。我們相信，所有工作室在未來某個時候都會轉向實體媒體的授權模式，而我們正在努力成為工作室未來發展方向的先驅。他們各自組織內部的時間框架和計劃都不同，所以，但就派拉蒙而言，無論華納兄弟那邊發生什麼，我都不知道那會怎樣。

That means one way or the other for us there. I will say that we just saw some more news today about David Ellison wanting to feature, some more, focus more on theatrical releases for Paramount. That is smack [dab] a home run for Alliance that they release a few more. Top temp pole, theatrical releases that those movies roll into our, DVD release after that. So, we are optimistic with Paramount itself, whether they acquire Warner or not, that they are investing in content and that investment in content will be a positive thing for Alliance.

這意味著對我們來說，那件事要嘛會成功，要嘛會失敗。我今天又看到一些新聞，說大衛艾里森希望派拉蒙影業能更專注於院線發行。對Alliance來說，這絕對是完美的勝利，他們應該再推出幾款遊戲。最高臨時排名，院線發行，這些電影隨後進入我們的DVD發行階段。所以，我們對派拉蒙本身持樂觀態度，無論他們是否收購華納，他們都在投資內容，而這種對內容的投資對聯盟來說將是一件好事。

Thank you. And our next question, as you look ahead to the rest of fiscal 26, what gives you the most confidence in alliance's ability to sustain the strong margin performance that you've established over the past two quarters?

謝謝。下一個問題是，展望 2026 財年剩餘時間，是什麼讓您對聯盟維持過去兩個季度以來取得的強勁利潤率表現最有信心？

Well, the results that we've been producing the last two quarters are not, they're not a fluke. They're are where our business is currently. We see a lot of strength in there. We have a lot of initiatives that we're working on for 2026 internal initiatives for organic growth and. And other opportunities to grow the business so we're pretty bullish as to what we've got I have, you have to realize that I have a an all-star team of people here at Alliance.

嗯，我們過去兩個季度取得的業績並非偶然。我們目前的業務就在那裡。我們看到了其中蘊藏的巨大潛力。我們正在製定許多計劃，以期在 2026 年實現內部有機成長。還有其他發展業務的機會，所以我們對我們所擁有的非常有信心。你必須意識到，我在 Alliance 擁有一支全明星團隊。

And it's not just me and Bruce. I mean we have a significant team of all stars in all these different areas, and each one of these areas that Alliance is participating in. Those leaders are running fast in those areas and that's why you're starting to see this performance and the growth that we're putting together is because we've got a big team of people that are all running fast in their in their areas.

而且不只是我和布魯斯。我的意思是，我們在所有這些不同領域都擁有一支強大的全明星團隊，而聯盟也參與了所有這些領域。這些領導者在這些領域發展迅速，這就是為什麼你們開始看到這樣的業績和我們正在取得的成長，因為我們擁有一支龐大的團隊，每個人都在各自的領域裡快速發展。

And working to add new customers, new sales, new product lines to their areas that's all that's driving us forward here and. And part of that too is we got to remember that my entire team here there's over 700 people that are also have shares in the company as we went public 2.5 years ago, everyone on the team.

我們努力為各自的區域增加新客戶、新銷售和新產品線，這就是我們前進的動力。還有一點要記住的是，我的整個團隊（超過 700 人）也持有公司股份，因為我們在 2.5 年前上市了，團隊裡的每個人都持有股份。

Was awarded shares and, new, newcomers onto the team or in investing program for their shares and so we have the entire organization focused on driving this business forward and growing the business and doing great work and so that's what you're seeing and I have no reason to doubt that our team's going to continue to do that, all, through 2026 and beyond.

公司向新加入團隊或投資計劃的成員授予了股份，因此我們整個組織都專注於推動業務發展、壯大業務並做出卓越的成績，這就是你們現在所看到的，我沒有任何理由懷疑我們的團隊將繼續這樣做，直到 2026 年及以後。

Thank you, and we're coming up on an hour here, that was looks like the last question that came in. Any final, comments that you would like to leave with the audience before we wrap up?

謝謝，現在快一個小時了，這好像是最後一個問題了。在節目結束之前，您還有什麼想對觀眾說的話嗎？

I'm just excited on what we're doing. We're on a roll, as I just said. We've got a great team, fun working with our team. Everybody's working hard and we got a lot of fun stuff coming up, so, I think that's where we're at. We're super excited to be able to put together good numbers and continue doing that and driving that forward. That's what we're working on right now we're working hard on it.

我為我們正在做的事情感到興奮。正如我剛才所說，我們勢頭正猛。我們有一個很棒的團隊，和團隊一起工作很愉快。每個人都在努力工作，而且我們有很多有趣的事情即將發生，所以，我想這就是我們目前的狀況。我們非常高興能夠取得好成績，並繼續保持這種勢頭，推動業務向前發展。這就是我們目前正在努力的方向，我們正在全力以赴地研究它。

And thank you everybody for joining our call today.

感謝各位今天參加我們的電話會議。

Thank you. This does concludes today's teleconference. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。

Thank you for your participation and have a great day.

感謝您的參與，祝您有美好的一天。