Alliance Entertainment Holding Corp (AENT) 2026 Q3 法說會逐字稿

Greetings, and welcome to Alliance Entertainment’s third quarter fiscal year 2026 financial results conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded.

各位好，歡迎參加 Alliance Entertainment 2026 會計年度第三季財務業績電話會議。此時所有與會者皆為僅收聽模式。正式簡報結束後將進行問答環節。提醒各位，本次會議將被錄音。

I will now pass the call over to Paul Kuntz, a member of Alliance Entertainment’s IR team at RedChip. Paul, please go ahead.

現在我將把電話交給 RedChip 的 Alliance Entertainment 投資人關係團隊成員 Paul Kuntz。Paul，請開始。

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

謝謝。在我們開始正式簡報之前，我想提醒各位，本次電話會議或網路直播中的陳述可能包含預測、估計或其他可能被視為前瞻性陳述的資訊。雖然這些前瞻性陳述代表公司對未來的目前判斷，但仍受風險與不確定性影響，可能導致實際結果與預期出現重大差異。

You are cautioned not to place undue reliance on these forward-looking statements, which reflect the company’s opinions only as of the date of this presentation. Please keep in mind that the company is not obligating itself to revise or publicly release the results of any revision 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.

敬請各位勿過度依賴這些前瞻性陳述；其僅反映截至本簡報日期公司之看法。亦請注意，公司不承擔因新資訊或未來事件而修訂這些前瞻性陳述，或公開發布任何修訂結果之義務。在今天的討論中，管理團隊將嘗試說明若干與業務相關、可能影響預測的重要因素。

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 this conference call, management will discuss non-GAAP financial measures, including a discussion of adjusted EBITDA. Management believes non-GAAP disclosures enable investors to better understand Alliance Entertainment’s core operating performance.

您也應查閱公司於 2025 年 9 月 10 日提交的 Form 10-K，以更完整了解這些因素及其他風險，特別是「風險因素」章節。在本次電話會議中，管理團隊將討論非 GAAP 財務衡量指標，包括調整後 EBITDA 的相關說明。管理團隊認為，非 GAAP 揭露可使投資人更好地理解 Alliance Entertainment 的核心營運表現。

Please refer to the investor presentation or today’s earnings press release for reconciliation of each non-GAAP measure to the most directly comparable GAAP financial measure. Your host today, Jeff Walker, Chief Executive Officer, and Amanda Gnecco, Chief Financial Officer, will present the results of operations for the third quarter and nine months ended March 31, 2026. Bruce Ogilvie, Executive Chairman, is also on the line and will participate during the Q&A session.

請參閱投資人簡報或今日的財報新聞稿，以取得各項非 GAAP 指標與最直接可比之 GAAP 財務指標的調節表。今天的主持人為執行長 Jeff Walker 與財務長 Amanda Gnecco，將報告截至 2026 年 3 月 31 日止第三季及前九個月的營運結果。執行董事長 Bruce Ogilvie 也在線上，並將於問答環節參與。

At this time, I will turn the call over to Alliance Entertainment CEO, Jeff Walker.

現在我將把電話交給 Alliance Entertainment 執行長 Jeff Walker。

Thank you, Paul. Good afternoon, everyone. We appreciate you joining us today. I want to begin by framing the third quarter in very clear terms because the most important takeaway this quarter is that we are now seeing both sides of our model working together, sustained revenue growth and continued earnings expansion driven by the structural shift in our business. During the third quarter,

謝謝你，Paul。各位下午好。感謝各位今天加入我們。我想先用非常清楚的方式為第三季定調，因為本季最重要的重點是：我們現在看到商業模式的兩個面向正在共同發揮作用——在業務結構性轉變的帶動下，營收持續成長、獲利也持續擴張。在第三季期間，

Alliance delivered strong top-line growth with net revenue increasing 21% year-over-year alongside continued profitability, with net income increasing 25% and adjusted EBITDA reaching $5.1 million. For the year-to-date period, net income is up 78% and adjusted EBITDA has increased 47%. These results are important not just because of the growth, but because of how that growth is being generated.

Alliance 交出強勁的營收成長，淨營收年增 21%，同時維持獲利能力，淨利年增 25%，調整後 EBITDA 達到 510 萬美元。年初至今，淨利成長 78%，調整後 EBITDA 增加 47%。這些結果的重要性不僅在於成長本身，更在於這些成長是如何被創造出來的。

What we’re seeing is the continued execution of a strategy we’ve been building over the last several years. A shift toward higher value products, stronger mix, and a more scalable operating model. The revenue growth this quarter was broad-based across our core categories, including music, video, gaming, and collectibles, and it reflects both underlying demand and our ability to align inventory, content, and distribution with where the collectors are going.

我們所看到的是過去幾年持續打造之策略的延續性執行。也就是轉向更高價值的產品、更佳的產品組合，以及更具可擴展性的營運模式。本季的營收成長在我們的核心品類中呈現廣泛分布，包括音樂、影像、遊戲與收藏品；這反映了基礎需求，以及我們將庫存、內容與通路配置到收藏者趨勢所在的能力。

At the same time, we continue to operate with discipline. Even as we scale the business, we’re maintaining a cost structure that allows us to generate operating leverage and sustain profitability. That balance, growth with discipline, is what defines the earnings profile we’re building. Stepping back, what’s important is that the performance is not being driven by short-term factors. It reflects a structural shift in how collectors engage with physical products today.

同時，我們持續以紀律化方式營運。即使業務規模擴大，我們仍維持能夠產生營運槓桿並維持獲利的成本結構。這種平衡——在紀律下成長——正是我們正在打造的獲利輪廓。從更宏觀的角度來看，重要的是，這些表現並非由短期因素所驅動。它反映了當今收藏者與實體產品互動方式的結構性轉變。

We’ve been very clear in how we think about this. We are not in a declining physical media business. We are in the collectible business. What we’re seeing in the market continues to validate that. Collectors are buying vinyl, CDs, and premium video formats not because they need access to content, but because they want to own something tied to the artist, franchises, and brands they care about.

我們對此的看法一直非常明確。我們並非處於一個衰退的實體媒體產業。我們身處的是收藏品產業。我們在市場上看到的情況持續驗證這一點。收藏者購買黑膠、CD 與高端影像格式，並不是因為他們需要取得內容的存取權，而是因為他們想擁有與其在意的藝人、IP 作品與品牌相關聯的實體物件。

That shift towards ownership, scarcity, and premium formats is driving stronger demand, better pricing, and more consistent sell-through across our portfolio. It is also reinforcing our position as a key partner to studios, labels, and licensors who are increasingly looking to Alliance to manage the full lifecycle of these products. At the same time, we are extending our model beyond traditional distribution.

這種朝向擁有權、稀缺性與高端格式的轉變，正帶動更強勁的需求、更好的定價，以及我們產品組合中更一致的銷售消化（sell-through）。這也鞏固了我們作為影業公司、唱片公司與授權方關鍵合作夥伴的地位；這些夥伴正日益希望由 Alliance 來管理此類產品的完整生命週期。同時，我們也正將我們的模式延伸至傳統經銷之外。

During the quarter, we advanced the next phase of our strategy with the launch of Alliance Authentic and the continued integration of Endstate. These initiatives begin to layer authentication, provenance, and lifecycle engagement into the products we already distribute at scale, moving us towards a platform that supports collectibles from initial sale through resale.

本季我們透過推出 Alliance Authentic，以及持續整合 Endstate，推進了策略的下一階段。這些計畫開始在我們已能以規模化方式經銷的產品之上，疊加驗證（authentication）、來源可追溯性（provenance）與生命週期互動，推動我們朝向一個可支援收藏品從首次銷售到二級轉售的平台邁進。

Taken together, the third quarter reinforces that Alliance is evolving into a more scalable, high-quality business, one that combines growth, profitability, and increasing participation across the full lifecycle of collectible products. With that context, I’d like to walk through the key drivers behind this performance, starting with how our content strategy and category focus are shaping results across the portfolio. During the third quarter, we saw strong growth in music and video. Vinyl revenue increased 15% year-over-year to $99 million.

綜合而言，第三季再次印證 Alliance 正在演進為一個更具可擴展性、品質更高的企業，能同時結合成長、獲利，並在收藏品完整生命週期中提升參與度。在此背景下，我想進一步說明推動本次表現的關鍵動能，首先從我們的內容策略與品類聚焦如何塑造整體產品組合的成果談起。第三季期間，我們在音樂與影像方面看到強勁成長。黑膠營收年增 15% 至 9,900 萬美元。

CD revenue increased a staggering 90% to $39 million, and physical movie revenue grew 5% to $61 million. What’s notable here is not just the growth itself, but the breadth of that performance. We’re seeing strength across multiple formats, price points, and release types. In music, demand continues to be driven by both new releases and ongoing catalog engagement, with particularly strong performance in collectible-oriented segments such as limited editions and international titles, including K-pop.

CD營收大幅成長 90% 至 3,900 萬美元，實體電影營收成長 5% 至 6,100 萬美元。值得注意的不僅是成長本身，更在於這種表現的廣度。我們看到多種格式、不同價位帶與各類發行型態皆展現強勢。在音樂方面，需求持續由新發行作品與長尾曲庫的持續互動所驅動；其中以收藏導向的細分市場表現尤為突出，例如限量版與國際作品（包含 K-pop）。

At an industry level, this trend continues to build, with U.S. vinyl sales surpassing $1 billion last year, marking nearly two decades of consistent growth. What’s important is how consumers are engaging with that product. When you look at major releases, whether it’s Taylor Swift or other top artists, millions of vinyl records and CDs are being sold alongside streaming access that is readily available.

就產業層面而言，這股趨勢仍在持續累積；美國黑膠銷售去年突破 10 億美元，標誌著近二十年來的持續成長。重要的是消費者如何與該產品互動。當你觀察重大發行作品時，無論是 Taylor Swift 或其他頂尖藝人，在串流存取已相當普及的情況下，仍有數以百萬計的黑膠唱片與 CD 被售出。

Those purchases are not about access, they’re about ownership. People want something tangible connected to the artist, and that’s what continues to drive demand in the category. We also saw incremental demand tied to event-driven moments like Record Store Day, which continues to expand in both scale and participation.

這些購買並非為了取得使用權，而是為了擁有權。人們想要一些與藝人相關、可觸摸的實體物件，而這正是持續推動該品類需求的因素。我們也看到與活動驅動時點相關的增量需求，例如唱片行日（Record Store Day）；該活動在規模與參與度上持續擴大。

This year was the largest Record Store Day ever, and we shipped over 700,000 units to independent retailers, reflecting both the strength of the event and our role in enabling it at scale. In video, while the category has gone through a long period of decline, what we’re seeing now is a more stable demand environment supported by a steady cadence of new releases and continuous interest in premium formats such as 4K Ultra HD, and collectible editions such as Steelbooks.

今年是史上規模最大的唱片行日，我們向獨立零售商出貨超過70萬件，反映出該活動的強勁動能，以及我們在大規模促成其落地方面所扮演的角色。在影音方面，儘管該品類經歷了長期下滑，我們目前看到的是在穩定的新片發行節奏支撐下、更為穩定的需求環境，同時市場對4K Ultra HD等高階格式，以及Steelbook等收藏版的持續興趣也提供支撐。

Industry data shows that 4K Ultra HD formats grew approximately 12% in 2025, reinforcing the shift towards higher quality collector-focused home entertainment. Over the past year, we’ve significantly expanded our access to high-quality content through our license agreements with Paramount, which became effective at the beginning of calendar 2025, and MGM Studios, which we added at the start of calendar 2026.

產業數據顯示，4K Ultra HD格式在2025年約成長12%，進一步印證市場正轉向更高品質、以收藏者為導向的家庭娛樂。過去一年，我們透過與派拉蒙（Paramount）的授權協議（於2025曆年初生效）以及米高梅影業（MGM Studios，於2026曆年初新增）的授權協議，大幅擴展了我們取得高品質內容的管道。

Together, these partnerships give us distribution rights to some of the most valuable franchises in the industry, strengthening our position with both retailers and collectors. Just as importantly, they allow us to consistently bring premium, high-demand releases to the market, which supports stronger sell-through, better pricing, and improved visibility across key retail channels. What we’re also seeing is that scale matters more in this environment.

這些合作夥伴關係合計使我們取得業界部分最具價值系列作品的發行權，強化我們在零售商與收藏者兩端的地位。同樣重要的是，它們讓我們能夠持續將高端、需求旺盛的發行作品帶入市場，進而支持更強的終端銷售、更佳的定價，以及在關鍵零售通路上的能見度提升。我們也看到，在這樣的環境中，規模的重要性更為凸顯。

As the market shifts towards premium and collectible formats, retailers and licensors increasingly rely on partners who can manage complexity, whether that’s broader SKU assortments, shorter production runs, or more targeted release strategy. That plays directly into our strengths in distribution, fulfillment, and inventory management.

隨著市場轉向高端與收藏型格式，零售商與授權方愈來愈依賴能夠管理複雜度的合作夥伴，無論是更廣的SKU組合、更短的生產批次，或更精準的發行策略。這正好直接契合我們在分銷、履約與庫存管理方面的優勢。

When you look at the physical media category today, the takeaway is that it’s becoming more focused, more premium, and more execution-driven. Within that environment, our role continues to expand, not just as a distributor, but as a partner that helps bring these products to market in a way that maximize value across the entire ecosystem. Turning to collectibles, this continues to be one of the most important areas of our growth and value creation in the business. During the third quarter, collectibles revenue increased 48% year-over-year.

觀察當前的實體媒體品類，重點在於它正變得更聚焦、更高端，也更依賴執行力。在這樣的環境下，我們的角色持續擴大，不僅是分銷商，更是協助以能夠在整個生態系中最大化價值的方式將這些產品推向市場的合作夥伴。接著談到收藏品，這仍是我們業務成長與價值創造最重要的領域之一。第三季收藏品營收年增48%。

That growth was driven by a combination of higher average selling prices, expanded sourcing activity, and continued improvement in product mix towards more premium and differentiated offerings. What we’re focused on in this category is very deliberate. We’re not trying to scale collectibles through volume alone. We’re focused on building a portfolio that emphasize licensed higher-value products that resonate with collectors and carry stronger margin characteristics.

該成長由多項因素共同驅動，包括平均售價提高、採購活動擴大，以及產品組合持續改善、朝向更高端且差異化的供給。我們在此品類的聚焦非常明確。我們並非試圖僅靠出貨量來擴大收藏品規模。我們著重打造一個以授權的高價值產品為核心、能引起收藏者共鳴且具備更強毛利特性的產品組合。

This aligns with what we’re seeing more broadly across the industry. Large retailers like Target are increasing investment in pop culture and collectibles categories, while specialty players such as GameStop are seeing collectibles becoming a growing share of their overall business. What that tells us is that this is not isolated demand. It’s a broader structural shift towards higher-value, fan-driven products. That reinforces our focus on building a more differentiated premium collectibles portfolio. That approach starts with sourcing, but it extends well beyond that.

這與我們在整體產業中更廣泛觀察到的趨勢一致。Target等大型零售商正加大對流行文化與收藏品品類的投資，而GameStop等專業玩家也看到收藏品在其整體業務中的占比持續提升。這告訴我們，這並非孤立的需求。而是一種更廣泛的結構性轉變，朝向更高價值、由粉絲驅動的產品。這也強化了我們打造更具差異化的高端收藏品組合的聚焦。這種做法從採購開始，但遠不止於此。

Over the past year, we’ve expanded our vendor base and added new relationships that are bringing incremental high-quality product into the portfolio. At the same time, we’ve been refining the mix within existing brands, moving away from more commoditized items and towards products with stronger fan engagement, better pricing power, and more consistent sell-through.

過去一年，我們擴大了供應商基礎並新增合作關係，為產品組合帶來額外的高品質商品。同時，我們也在既有品牌內部精煉產品組合，從較為商品化的品項轉向具有更強粉絲互動、更佳定價能力與更穩定銷售表現的產品。

The result is a collectible business that is not only growing but improving in quality, with higher average selling prices, stronger margins, and better inventory efficiency. That positions us to scale the category in a way that drives both revenue and profitability over time. A key contributor to that progress is Handmade by Robots. Since transitioning to an own brand, Handmade by Robots has given us a much greater control over product design, licensing, and go-to-market strategy. We’ve expanded the licensing pipeline, increased retail distribution, and are continuing to invest in new product development.

其結果是，我們的收藏品業務不僅在成長，品質也在提升，體現在更高的平均售價、更強的毛利率，以及更佳的庫存效率。這使我們能以隨時間推進、同時帶動營收與獲利的方式擴大該品類。推動這項進展的關鍵貢獻者之一是Handmade by Robots。自轉為自有品牌後，Handmade by Robots讓我們在產品設計、授權與上市策略上擁有更高的掌控度。我們擴大了授權產品管線、提升零售通路覆蓋，並持續投資新產品開發。

What’s important here is that this is not just a revenue contributor, it’s a margin driver, and it represents a scalable model that we can apply across additional own and control brands over time. More broadly, what we are seeing in collectibles is very consistent with what we are seeing across the rest of the business. Demand is being driven by fans who are looking for products that are unique, limited, and connected to the content they care about.

重要的是，這不僅是營收貢獻來源，更是毛利推動因素，並代表一個可擴展的模式，未來可逐步套用到更多自有與可控品牌上。更廣泛而言，我們在收藏品上看到的情況，與我們在其他業務板塊看到的趨勢高度一致。需求主要由粉絲驅動，他們尋找的是獨特、限量，且與其重視的內容相連結的產品。

That creates an opportunity to introduce high-quality products, manage supply more intentionally, and ultimately improve both margins and inventory efficiency. As we continue to build out this category, we see collectibles both complementary to our core distribution business and increasingly important to our overall earnings profile.

這帶來了導入高品質產品、以更有計畫的方式管理供給，並最終同時改善毛利與庫存效率的機會。隨著我們持續擴建此品類，我們認為收藏品不僅能與核心分銷業務形成互補，也將在我們整體獲利結構中變得愈來愈重要。

It deepens our relationship with licensors, expands our presence with retailers, and allows us to participate more directly in the value creation of the products we sell. Building on that foundation, the next phase of our strategy is extending beyond the product itself and into the full life cycle of collectibles. During the quarter, we advanced that effort with the launch of Alliance Authentic and the integration of Endstate Authentic.

它加深我們與授權方的關係、擴大我們在零售商端的存在感，並使我們能更直接參與我們所銷售產品的價值創造。在此基礎上，我們策略的下一階段是從產品本身延伸到收藏品的完整生命週期。本季，我們透過推出Alliance Authentic並整合Endstate Authentic，推進了這項工作。

Alliance Authentic represents the first commercial application of this strategy within our portfolio. We began with premium vinyl collectibles, encapsulated individually numbered releases that are authenticated at the point of origin and designed specifically for collectors. These products are not just sold, but curated with scarcity, provenance, and long-term value in mind. What Endstate Authentic enables is the infrastructure behind that.

Alliance Authentic代表此策略在我們產品組合中的首次商業化應用。我們從高端黑膠收藏品開始，推出單件封裝、具獨立編號的版本，並在源頭即完成真偽認證，且專為收藏者設計。這些產品不只是被販售，而是以稀缺性、來源可追溯性（provenance）與長期價值為核心進行策展。而Endstate Authentic所提供的是其背後的基礎設施。

Through NFC-enabled authentication and digital product identity, we can verify each item, track it over time, and connect it to a digital record that supports ownership, authenticity, and resale. That allows us to extend our role beyond initial distribution into supporting the product throughout its entire life cycle. This matters because as collectibles become more valuable, the importance of trust, verification, and transparency increases.

透過支援NFC的認證與數位產品身分識別，我們可以驗證每一件商品、隨時間追蹤其狀態，並將其連結至支援所有權、真偽與轉售的數位紀錄。這使我們的角色得以從初次分銷延伸，進一步在產品的整個生命週期中提供支援。這之所以重要，是因為隨著收藏品價值提高，信任、驗證與透明度的重要性也隨之提升。

Collectors want to know what they own, where it came from, and that it’s authentic. Licensors want to protect their brands, and marketplaces require a reliable way to validate transactions. What we’re building addresses all three. Over time, this creates additional opportunities that did not previously exist in physical products, including authenticated resale, direct engagement with collectors, and participation in secondary market activity. Importantly, this is more than near-term revenue contribution.

收藏者想知道自己擁有的是什麼、它從何而來，以及它是真品。授權方希望保護其品牌，而交易市場需要可靠的方法來驗證交易。我們正在打造的方案同時回應這三方需求。隨著時間推進，這將創造過去在實體產品中不存在的額外機會，包括經認證的轉售、與收藏者的直接互動，以及參與二級市場活動。重要的是，這不僅僅是短期的營收貢獻。

It’s about establishing the infrastructure and ecosystem that can support long-term value creation across a growing base of collectible products. We are already moving forward to expand this model beyond vinyl into other categories. We’re continuing to explore partnerships both within and outside of our existing portfolio. This is a natural extension of the business we built.

這關乎建立能夠支撐在不斷擴大的收藏品產品基礎上進行長期價值創造的基礎設施與生態系統。我們已經在推進，將此模式從黑膠擴展到其他品類。我們也持續探索既有投資組合內外的合作夥伴關係。這是我們所打造業務的自然延伸。

We already source, distribute, and fulfill these products at scale. What we’re now adding is the ability to track, authenticate, and engage with those products over time. That evolution moves us from a transactional model towards a platform that participates more fully in the value of products we bring to market.

我們已經能以規模化方式採購、分銷並履約這些產品。我們現在新增的是：能夠隨時間推移追蹤、驗證真偽，並與這些產品互動的能力。這項演進使我們從交易型模式，走向一個能更全面參與我們推向市場之產品價值的平台。

With that, I’ll turn it over to Amanda to walk through the financial results in more detail.

接下來，我把時間交給 Amanda，請她更詳細地說明財務結果。

Thanks, Jeff. I’ll start with our financial performance for the third quarter. Net revenue for the quarter was $258 million, an increase of 21% compared to $213 million in the prior year period. This growth reflects broad-based strength across our core categories, as Jeff discussed, and continued alignment of our product mix with areas of higher consumer demand. Cost of revenue increased 22% year-over-year to $225 million, generally in line with the revenue growth, reflecting the higher volume of products flowing through the business. Gross profit for the quarter was $33 million, compared to $29.1 million in the prior year period. Gross margin was 12.8% compared to 13.6% last year.

謝謝，Jeff。我先從我們第三季的財務表現談起。本季淨營收為 2.58 億美元，較去年同期的 2.13 億美元成長 21%。如 Jeff 所述，這項成長反映我們核心品類的全面性強勁表現，以及我們的產品組合持續與消費者較高需求的領域保持一致。營收成本年增 22% 至 2.25 億美元，整體與營收成長大致一致，反映流經業務的產品量增加。本季毛利為 3,300 萬美元，去年同期為 2,910 萬美元。毛利率為 12.8%，去年為 13.6%。

The year-over-year change primarily reflects category and product mix within the quarter, including the relative contribution of certain lower margin categories as we scaled revenue. Importantly, we continue to see the benefits of mix improvement and pricing discipline across higher value categories, which support the overall earnings profile of the business over time.

年對年變動主要反映本季的品類與產品組合，包括在我們擴大營收規模時，部分較低毛利品類的相對貢獻提高。重要的是，我們持續看到在較高價值品類上，組合改善與定價紀律所帶來的效益，這些因素將隨時間推進支撐公司整體獲利結構。

Net income for the quarter increased 25% to $2.3 million or $0.05 per diluted share, compared to $1.9 million or $0.04 per share in the prior year period. Adjusted EBITDA was approximately $5.1 million, up from $4.9 million last year, representing a 4% increase. While EBITDA growth was more modest than revenue growth in the quarter, it reflects the continued scaling of the business alongside targeted investments in growth initiatives, including technology and platform capabilities.

本季淨利年增 25% 至 230 萬美元，或稀釋後每股 0.05 美元；去年同期為 190 萬美元，或每股 0.04 美元。調整後 EBITDA 約為 510 萬美元，高於去年的 490 萬美元，成長 4%。雖然本季 EBITDA 成長幅度較營收成長溫和，但反映我們在擴大業務規模的同時，仍針對成長計畫進行投資，包括技術與平台能力。

Overall, the third quarter reflects a business that is growing, generating consistent profitability and continuing to operate with discipline as we invest in areas that support long-term expansion. Turning now to our year-to-date results, which provides a broader view of the underlying momentum in the business.

整體而言，第三季反映出公司持續成長、穩定創造獲利，並在投資支持長期擴張的領域時，持續以紀律化方式營運。接著我們看年初至今的結果，以更廣的角度觀察業務的內在動能。

For the nine months ended March 31, 2026, net revenue was $881 million, an increase of 5% compared to $836 million in the prior year period. While overall revenue growth was more modest on a year-to-date basis, it reflects continued strength in higher value categories and the impact of mix improvements across the portfolio. That mix shift is clearly reflected in profitability.

截至 2026 年 3 月 31 日止九個月，淨營收為 8.81 億美元，較去年同期的 8.36 億美元成長 5%。雖然以年初至今來看整體營收成長較為溫和，但反映較高價值品類的持續強勁，以及投資組合整體組合改善的影響。這項組合轉變也清楚反映在獲利能力上。

Gross profit for the 9-month period increased to $117.3 million compared to $96.9 million in the prior year, and gross margin expanded by 170 basis points to 13.3%. This improvement was driven by increased contribution from premium physical media, collectibles and exclusive content, as well as continued discipline in pricing and inventory management.

九個月期間毛利增至 1.173 億美元，去年同期為 9,690 萬美元；毛利率擴張 170 個基點至 13.3%。此改善主要由高端實體媒體、收藏品與獨家內容的貢獻提升所帶動，同時也反映我們在定價與庫存管理上的持續紀律。

Net income for the nine-month period increased 78% to $16.6 million or $0.32 per diluted share, compared to $9.3 million or $0.18 per share in the prior year period. Adjusted EBITDA increased 47% to $35.7 million, up from $24.4 million last year. What these results demonstrate is the operating leverage inherent in our model.

九個月期間淨利年增 78% 至 1,660 萬美元，或稀釋後每股 0.32 美元；去年同期為 930 萬美元，或每股 0.18 美元。調整後 EBITDA 年增 47% 至 3,570 萬美元，高於去年的 2,440 萬美元。這些結果顯示我們模式中固有的營運槓桿。

As we continue to shift the business towards higher value products and more efficient execution, we are seeing a disproportionate improvement in earnings relative to revenue. Importantly, this performance reflects consistency across multiple quarters. The margin expansion and earnings growth we are delivering are not isolated to a single period, but the result of deliberate changes in mix, cost structure and operating discipline that are compounding over time.

隨著我們持續將業務轉向更高價值產品並提升執行效率，我們看到相較於營收，獲利出現更不成比例的改善。重要的是，這項表現反映多個季度的一致性。我們所實現的毛利率擴張與獲利成長並非單一期間的偶發結果，而是產品組合、成本結構與營運紀律等刻意調整在時間推移下持續累積的成果。

Overall, our year-to-date results reinforce that we are building a structurally stronger business with improving profitability and increasing scalability as we continue to grow. Before I turn it back to Jeff, I’ll touch on our balance sheet and liquidity position. We ended the quarter with approximately $60 million in working capital, reflecting continued discipline in managing both inventory and payables as we support growth across the business. Inventory increased during the quarter, consistent with higher revenue and the timing of inbound product.

整體而言，年初至今的結果再次印證：在持續成長的同時，我們正在打造一個結構性更強、獲利能力改善且可擴展性提升的企業。在把時間交回 Jeff 之前，我先簡要說明資產負債表與流動性狀況。本季末我們的營運資金約為 6,000 萬美元，反映在支持全公司成長的同時，我們持續以紀律管理庫存與應付帳款。本季庫存增加，與較高營收規模及進貨時點一致。

Importantly, our inventory levels remain aligned with current demand and reflect our focus on higher value, faster moving categories where we have strong visibility into sell-through. From a liquidity standpoint, we ended the quarter with approximately $56 million of availability under our revolving credit facility. This provides us with ample flexibility to support working capital needs, invest in inventory tied to exclusive partnerships, and fund strategic initiatives across the business.

重要的是，我們的庫存水位仍與當前需求相符，並反映我們聚焦於高價值、周轉更快且對銷售出清（sell-through）具高度能見度的品類。就流動性而言，本季末我們在循環信用額度下可動用額度約為 5,600 萬美元。這使我們具備充足彈性，以支應營運資金需求、投資與獨家合作相關的庫存，並為全公司各項策略性計畫提供資金。

More broadly, our balance sheet remains well-positioned to support both near-term operating requirements and longer-term growth. We continue to take a measured approach to capital management with a focus on maintaining liquidity, managing risk and preserving flexibility as we scale the business.

更廣泛而言，我們的資產負債表仍處於良好位置，可同時支撐短期營運需求與長期成長。在擴大業務規模的同時，我們持續以審慎方式進行資本管理，重點在於維持流動性、管理風險並保留彈性。

I’ll close with a brief comment on our approach to capital allocation. Our framework remains consistent and disciplined. We prioritize investments that directly support the strategy Jeff outlined and that enhance the quality and durability of our earnings.

最後我簡要談談我們的資本配置方法。我們的框架一如既往，保持一致且具紀律。我們優先投資於能直接支持 Jeff 所概述策略、並提升我們獲利品質與持久性的項目。

First, we continue to allocate capital towards inventory and exclusive content partnerships where we have strong demand visibility and attractive returns. These investments support higher value products, improve overall mix, and reinforce our relationships with key licensors and retail partners. Second, we invest selectively in technology and infrastructure that improve scalability and efficiency. This includes automation, systems that support our exclusive partnerships, and capabilities tied to initiatives like Alliance Authentic and Endstate Authentic.

第一，我們持續將資本配置於庫存與獨家內容合作夥伴關係，在這些領域我們對需求具高度能見度且回報具吸引力。這些投資支持更高價值產品、改善整體產品組合，並強化我們與關鍵授權方及零售合作夥伴的關係。第二，我們選擇性投資於能提升可擴展性與效率的技術與基礎設施。這包括自動化、支援我們獨家合作的系統，以及與 Alliance Authentic 與 Endstate Authentic 等計畫相關的能力建置。

These investments are targeted and are evaluated based on clear operational and financial returns. Throughout all of this, maintaining flexibility remains a priority. We are not pursuing growth for growth’s sake, and we remain focused on deploying capital in a way that balances near-term performance with long-term value creation. That discipline has been an important contributor to the earnings growth and operating leverage we’ve delivered, and it will continue to guide our decision-making going forward.

這些投資具有明確目標，並會依據清楚的營運與財務回報進行評估。在所有這些作為中，維持彈性仍是優先事項。我們不會為了成長而成長，並持續專注於以兼顧短期表現與長期價值創造的方式部署資本。這份紀律一直是我們所實現的獲利成長與營運槓桿的重要貢獻因素，未來也將持續引導我們的決策。

With that, I’ll turn it back to Jeff.

那麼，我把時間交還給 Jeff。

Thanks, Amanda. Before we open the call for questions, I want to spend a few minutes on how we’re thinking about the business from here. As we look at the third quarter and year-to-date performance, what’s most important is the consistency we’re seeing across the model. We’ve now demonstrated the ability to grow revenue, expand earnings, and maintain discipline all at the same time. That’s a meaningful shift from where the business was even a few years ago.

謝謝你，Amanda。在我們開放提問之前，我想花幾分鐘談談我們接下來如何看待這項業務。當我們回顧第三季以及年初至今的表現時，最重要的是我們在整個商業模式中看到的一致性。我們現在已經證明能夠同時做到營收成長、獲利擴張，並維持紀律。相較於即使在幾年前的狀況，這是一個重大的轉變。

Looking ahead, we remain confident in the trajectory we’re building. From an execution standpoint, our priorities are clear. We’re focused on continuing to scale our core categories, particularly in areas where we’re seeing strong demand and favorable mix, including premium physical media and higher value collectibles. The pipeline of new releases, exclusive content, and licensed products remains strong, and we believe that supports continued growth and earnings quality as we move forward.

展望未來，我們對正在建立的發展軌跡仍然充滿信心。從執行面來看，我們的優先事項很明確。我們專注於持續擴大核心品類的規模，特別是在我們看到需求強勁且產品組合有利的領域，包括高端實體媒體與更高價值的收藏品。新發行內容、獨家內容與授權產品的供給管線依然強勁，我們相信這將支持我們在未來持續成長並提升獲利品質。

We are also continuing to expand our owned and controlled brands. Handmade by Robots is a good example of how we can create additional value by controlling design, licensing, and distribution, and we see opportunities to extend that model across new categories and partnerships over time. We are also expanding the platform side of the business, which is becoming an increasingly important part of how we create value across the ecosystem.

我們也持續擴展自有與可控品牌。Handmade by Robots 是一個很好的例子，說明我們如何透過掌控設計、授權與通路來創造額外價值；我們也看到機會，隨時間將這個模式延伸到新的品類與合作夥伴。我們同時也在擴大平台端的業務，而這正逐漸成為我們在整個生態系中創造價值方式中愈來愈重要的一部分。

That includes Alliance Authentic, where we are bringing premium authenticated collectibles directly to market through curated limited releases designed specifically for collectors. This allows us to participate more directly in product design, scarcity, and pricing and deliver higher value offerings to our consumer base. Alongside that, Endstate Authentic provides the underlying infrastructure that enables authentication, provenance, and lifestyle tracking through NFC-enabled technology.

其中包括 Alliance Authentic，我們透過為收藏家量身打造、精選的限量發售，將高端、經認證的收藏品直接推向市場。這讓我們能更直接參與產品設計、稀缺性與定價，並為消費者提供更高價值的產品。與此同時，Endstate Authentic 提供底層基礎設施，透過具備 NFC 功能的技術，實現真偽鑑定、來源追溯與生活型態追蹤。

Our focus there is on building out that foundation, deepening integrations, and expanding use cases across additional products and partners. Most recently, we relaunched Movies Unlimited website as a curated destination for collectors, supporting high-value purchasing behaviors like preorders and limited editions, and strengthening the collector lifetime value. Taken together, these platforms extend our role beyond traditional distribution.

我們在那方面的重點是建構這個基礎、深化整合，並將使用情境擴展到更多產品與合作夥伴。最近，我們重新推出 Movies Unlimited 網站，作為收藏家的精選目的地，支援預購與限量版等高價值購買行為，並強化收藏家終身價值。綜合來看，這些平台讓我們的角色延伸到傳統通路之外。

We will continue to manage the business with a focus on profitability, operating leverage, and return on capital while investing selectively in areas that support long-term growth. Stepping back, what we’re building is a more scalable and more differentiated business. We’re moving beyond a traditional distribution model and towards a platform that connects content owners, retailers, and collectors across the full life cycle of the products we bring to market.

我們將持續以獲利能力、營運槓桿與資本報酬為核心來管理業務，同時在支持長期成長的領域進行選擇性投資。從更宏觀的角度來看，我們正在打造的是一個更具規模化、也更具差異化的企業。我們正從傳統的通路模式，走向一個平台，連結內容擁有者、零售商與收藏家，涵蓋我們推向市場之產品的完整生命週期。

That evolution is already reflected in the quality of our earnings and the strength of our performance, and we believe it positions Alliance to create durable, long-term value for our shareholders. Before we turn to questions, I want to thank our employees across the organization for their continued execution and commitment.

這樣的演進已反映在我們獲利品質與績效表現的強勁上，我們相信這使 Alliance 能為股東創造可持續的長期價值。在進入提問之前，我想感謝全體員工持續的執行力與投入。

I’d also like to thank our partners, customers, and shareholders for their ongoing support. Operator, we’re ready to open the line for questions.

我也要感謝我們的合作夥伴、客戶與股東一直以來的支持。接線員，我們準備好開放提問了。

(Operator Instructions)

(接線員指示)

Thomas Forte, Maxim Group.

Thomas Forte，Maxim Group。

Great. First off, Bruce, Jeff, and Amanda, thank you for taking my questions. I apologize in advance if you touched on these in your prepared remarks. I’m juggling multiple calls right now. Then I’m going to ask both questions at once, and thank you in advance for your answers. The first question is, this past Record Store Day, you offered Handmade by Robots, a limited release of Ozzy Osbourne, and a Hello Kitty SKU.

很好。首先，Bruce、Jeff 和 Amanda，謝謝你們回答我的問題。如果你們在事先準備的發言中已經提到這些，我先致歉。我現在同時在處理多通電話。我會一次把兩個問題都問完，也先謝謝你們的回答。第一個問題是，在這次 Record Store Day，你們推出了 Handmade by Robots、Ozzy Osbourne 的限量發售，以及一個 Hello Kitty 的 SKU。

How would you characterize the success of the initiative, including to drive brand awareness for Handmade by Robots? My second question is, you added Amazon MGM Studios just ahead of its breakout box office hit, Project Hail Mary, which was an amazing movie. Can one title be a needle mover for your DVD business?

你會如何評估這項計畫的成功程度，包括是否有助於提升 Handmade by Robots 的品牌知名度？第二個問題是，你們在 Amazon MGM Studios 的票房爆款《Project Hail Mary》上映前不久就新增了合作，這是一部很棒的電影。單一片名是否可能成為推動你們 DVD 業務的關鍵動能？

Thank you, Tom. This is Jeff. Well, I’ll start with the Handmade and the Record Store Day there. It’s really the first time that Record Store Day had approved a collectible. You know, they’re focused on vinyl records there and, you know, we have a huge business with the record stores and Record Store Day.

謝謝你，Tom。我是 Jeff。我先從 Handmade 和 Record Store Day 談起。這其實是 Record Store Day 第一次核准一款收藏品。你知道，他們主要聚焦在黑膠唱片；而我們與唱片行以及 Record Store Day 的合作業務規模很大。

On those two titles, one of the things that’s important for Record Store Day is to make sure that there’s not an oversupply of the product. We made 2,000 units of each of those. We actually had orders come in for just over 6,000 units on each of them. The stores were allocated down on their orders. On top of that, we added another little wrinkle.

就那兩個品項而言，Record Store Day 很重視的一點是確保產品不會供過於求。我們每個品項各生產了 2,000 件。實際上，我們收到的訂單每個品項都略高於 6,000 件。因此門市端的訂單都被分配下調。除此之外，我們還加入了一個小巧思。

They all did sell out in the stores. The stores were extremely happy with them. They were a hit. We actually started a new Record Store Day series on them. You will see on the outside of the packaging, it says, Record Store Day exclusive, and it’s a 001 and a 002. As we move forward, there will be additional ones. We do have titles presented to them for November Record Store Day and next April that we’re working on with licensors right now. The other part that was a huge home run in that with those Handmade was that we encapsulated 30 units of each of the characters. In the encapsulation through Alliance Authentic, we added an NFC chip to those, and those were the hot tickets.

它們在門市全數售罄。門市對它們非常滿意。反應非常熱烈。我們也因此為它們啟動了一個新的 Record Store Day 系列。你會在包裝外側看到寫著 Record Store Day 獨家，並標示 001 與 002。隨著我們往前推進，還會有更多款。我們目前也正與授權方合作，為 11 月的 Record Store Day 以及明年 4 月準備要提交給他們的品項。另外一個在這次 Handmade 上非常成功的亮點是：我們把每個角色各 30 件做了封裝（encapsulation）。透過 Alliance Authentic 的封裝，我們在那些產品中加入了 NFC 晶片，而那些就是最搶手的票券。

You know, a store got some of the, you know, the top stores got one of those. You know what you see a lot after Record Store Day is, you know, there’s some resellers that sell them on eBay and things. We were seeing the Ozzy and the Hello Kitty in that $75 range on eBay. The encapsulated ones, we saw ones in the $400-$500 range. When you look at it, you know, people really wanted those characters.

你知道，有些門市拿到了一些；頂尖的門市各拿到其中一件。你知道，Record Store Day 之後常見的情況是，有些轉售者會在 eBay 等平台上轉賣。我們看到 Ozzy 和 Hello Kitty 在 eBay 上大約落在 75 美元左右的價位。而封裝版的，我們看到有些落在 400 到 500 美元的區間。你看得出來，大家真的很想要那些角色。

There’s 2,000 of them, but there’s only 30 of them that are encapsulated, uncirculated with an NFC chip. The people that have those 30 are gonna have a fantastic investment over time, ’cause you can imagine we continue to drive this over the next, you know, 10-20 years.

總量有 2,000 件，但只有 30 件是封裝、未流通且帶有 NFC 晶片的。擁有那 30 件的人，隨著時間推移會是一筆非常棒的投資，因為你可以想像，未來 10 到 20 年我們會持續推動這件事。

That’s gonna be a very famous two pieces that we created with Handmade. On Project Hail Mary, yes, that’s gonna be a home-run title for us. Its street date is in August. Yeah, it’s one of the, I think it’s the biggest theatrical release we’ve had, last, you know, in calendar 2025 and here into 2026. We’re doing a lot of different planning and preparation for that right now. We expect that to be a very good release and high volume on DVD in all formats.

那將會是我們與 Handmade 一起打造的兩款非常知名的作品。至於《Project Hail Mary》，是的，那將會是我們的一個「全壘打」片名。它的上市日期在八月。是的，我認為這是我們在 2025 年曆年以及延伸到 2026 年期間，最大規模的院線發行之一。我們目前正在為此進行大量不同的規劃與準備。我們預期這會是一個非常好的發行，且在所有格式的 DVD 上都會有很高的出貨量。

Thank you, Jeff. I really appreciate that.

謝謝你，Jeff。我非常感謝。

Michael Kupinski, Noble.

Michael Kupinski，Noble。

Thank you for taking my question. It’s Jacob Mutchler on for Michael today. My first question is also regarding Alliance Authentic. I was just curious if you could talk about some of the products that might hit Alliance Authentic next. I understand that it could be, you know, multiple different kinds of collectibles could be put onto the platform. Just curious if there’s some additional collectible categories that seem most likely to reach the platform next.

謝謝讓我提問。今天由 Jacob Mutchler 代替 Michael 發言。我的第一個問題也與 Alliance Authentic 有關。我想請教你是否能談談接下來可能會在 Alliance Authentic 上架的一些產品。我理解它可能是，你知道，多種不同類型的收藏品都可以放到這個平台上。只是好奇是否有一些看起來最有可能下一步進入平台的其他收藏品類別。

Yeah. You know, we have vinyl in there right now. Those are numbered collectibles. Then, we have launched Funko Pops encapsulated, as well as our Handmade by Robots. In the future, we do have cases right now for DVD SteelBook, and we have cases for video games, PlayStation, Xbox, Nintendo Switch. There is the aspect within all of this that we’re really looking at preserving uncirculated copies of all these types of products and put an NFC digital chip with it, encapsulate it, and those become a piece of history.

是的。你知道，我們目前平台上有黑膠。那些是有編號的收藏品。接著，我們也推出了封裝（encapsulated）的 Funko Pops，以及我們的 Handmade by Robots。未來，我們目前已經有 DVD SteelBook 的保護盒，也有電玩遊戲的保護盒，包含 PlayStation、Xbox、Nintendo Switch。在這一切之中，有一個面向是我們真正關注的：保存這些類型產品的未流通（uncirculated）副本，並加入 NFC 數位晶片、進行封裝，讓它們成為一段歷史。

When you think about going backwards and think about, you know, products that came out years ago, you know, the idea here is that these get encapsulated at the beginning and over time, 5, 10, 20 years down the road, even 50 years down the road, it’s really a substantial piece of history. We know it’s authentic, and we know it’s encapsulated. That’s the intention with this product. I think we’re onto something really big in this category here.

當你回頭去想，像是多年前推出的產品，你知道，這裡的概念是：一開始就把它們封裝起來，隨著時間推移，5 年、10 年、20 年後，甚至 50 年後，它就會成為非常重要的一段歷史。我們知道它是真品，也知道它已被封裝。這就是這個產品的用意。我認為我們在這個類別上正在做一件非常大的事。

Gotcha. Thank you for the color. Would you be able to talk about some of the favorable undercurrents in the music industry this year and also the video game industry? It looks like there’s a number of high-profile album releases and then also Grand Theft Auto VI in the back half of the year. Just curious what your expectations are this year with a big release schedule.

了解。謝謝你補充說明。你能否談談今年音樂產業以及電玩產業的一些有利趨勢？看起來今年有不少高知名度的專輯發行，另外下半年還有《俠盜獵車手 VI》。我想了解在這麼多重磅發行的排程下，你們對今年的預期是什麼。

Yeah. We’re all pretty excited on the release schedule. On the music side, we just keep getting significant great artist releases. This last quarter that we, you know, we’re reporting here, we had a big Bruno Mars release, big release from Harry Styles, and then we topped it off with the BTS release. Those were huge titles for us. They’re continuing to come hot and heavy. Then with that, we’re also seeing, you know, some crazy numbers on vinyl sales and CD sales were off the chart. There’s a lot of social media conversation about, you know, building your own collection in music, having your own collection of CDs and vinyl. That conversation is bleeding over into video and DVDs right now.

是的。我們對發行排程都相當興奮。在音樂方面，我們持續拿到重量級、很棒的藝人發行。在我們這次所報告的上一季，我們有 Bruno Mars 的大型發行、Harry Styles 的大型發行，最後又以 BTS 的發行作結。那些對我們來說都是非常大的作品。而且接下來還會密集地持續推出。同時，我們也看到黑膠銷售出現一些驚人的數字，CD 的銷售也高得離譜。社群媒體上有很多討論，像是建立自己的音樂收藏、擁有自己的 CD 與黑膠收藏。這股討論現在也延伸到影音與 DVD。

People wanna own stuff and collect it and have their collections. It’s a big push on social media right now we’re seeing. With respect to Grand Theft Auto, it’s gonna be a home run for Q4. There’s huge numbers being projected in the industry for it. We will be selling the game.

人們想要擁有實體、想要收藏，並建立自己的收藏。我們現在在社群媒體上看到這是一股很大的推力。至於《俠盜獵車手》，它在第四季會是「全壘打」。業界對它的預估數字非常龐大。我們會販售這款遊戲。

We do buy direct from Take-Two. It’ll be a huge release for us. On top of that, we just came back from Music Biz this week, and we got like a home run coming out of Music Biz because there’s a Grand Theft Auto soundtrack that is coming same thing in November, and it’s got, I think, 20-plus songs on it. All the A-list artists each have a song on it. It’s a compilation of artists.

我們確實是直接向 Take-Two 採購。這對我們來說會是一個非常大的發行。除此之外，我們這週剛從 Music Biz 回來，而我們在 Music Biz 也像是打出了一支全壘打，因為有一張《俠盜獵車手》的原聲帶會在同樣的時間、也就是 11 月推出，裡面我想有 20 首以上的歌曲。所有一線藝人各自都有一首歌收錄其中。這是一張合輯。

Some of the songs are in the game. Some of the songs are additional songs. It’s gonna be a home run vinyl release for us also revolving around that Grand Theft Auto. We’re pretty excited about that one coming in fourth quarter.

其中有些歌曲會出現在遊戲裡。有些歌曲則是額外新增的。這也會是一個「全壘打」等級的黑膠發行，並且同樣圍繞著《俠盜獵車手》。我們對第四季推出的這個項目相當興奮。

Gotcha. Thank you for taking my questions, and congratulations on a solid quarter.

了解。謝謝你回答我的問題，也恭喜你們本季表現穩健。

Thank you.

謝謝。

Linda Bolton Weiser, Water Tower Research

Linda Bolton Weiser，Water Tower Research

Yes. Hi. With regard to your adding Handmade by Robots to your portfolio, do you envision looking for more similar acquisitions? Do you think you’ll stick mostly in the collectible figure category, or do you see opportunity in some other product categories as well? Thanks.

是的。嗨。關於你們將 Handmade by Robots 納入產品組合，你們是否也會考慮尋找更多類似的併購？你認為你們會主要維持在收藏公仔類別，還是也看到其他產品類別的機會？謝謝。

Thank you, Linda. From an acquisition standpoint, we’re heavily engaged in lots of potential acquisition opportunities. We’ve got several NDAs out right now in conversations that we’re in. We do like licensed products, there could be other collectible stuff. It could be in a lot of other categories. With the wide range of products that we carry, that aspect, it does widen the net for what we can look at for acquisitions that become accretive to Alliance. That’s a good thing. If we’re only in one really tight category, it makes it hard for acquisitions. For us, we’re pretty diversified in a lot of different areas.

謝謝你，Linda。從併購角度來看，我們正積極投入許多潛在的併購機會。我們目前已經簽出好幾份 NDA，並在進行相關對話。我們確實喜歡授權產品，也可能是其他收藏品。也可能在許多其他類別。由於我們經營的產品範圍很廣，這一點也擴大了我們在併購上可評估的範圍，讓我們能尋找對 Alliance 具增益（accretive）的併購標的。這是好事。如果我們只在一個非常狹窄的類別裡，併購就會變得困難。對我們而言，我們在許多不同領域都相當多元化。

If we have an opportunity to pick up, you know, a company that really can be accretive to Alliance, and create new sales opportunities for us, maybe new vendor opportunities, that’s a home run. We’re actively looking at those right now.

如果我們有機會收購一家能對 Alliance 產生增益，並為我們創造新的銷售機會、也許還有新的供應商機會的公司，那就是「全壘打」。我們目前正積極評估這些機會。

Okay, thank you very much.

好的，非常感謝。

Thank you. We have no questions at this point of time. Over to you, Paul.

謝謝。我們目前沒有問題。交給你了，Paul。

Thank you. We do have several webcast questions. We had a couple of rounds CDs, so I'm just going to combine these two. One was, can you provide a bit more color on the strong CD sales? And then a related question, was the growth in vinyl and CDs this quarter related primarily to Record Store Day, or was it more of a structural shift toward collecting?

謝謝。我們確實收到幾個網路直播的提問。有幾個問題都在問 CD，所以我就把這兩個合併回答。其中一個是：你能否就強勁的 CD 銷售提供更多說明？另一個相關問題是：本季黑膠與 CD 的成長主要是因為唱片行日（Record Store Day），還是更偏向於收藏風潮的結構性轉變？

Before I answer that one, I’m gonna go back to Linda’s question real quick. If anybody knows of any possible acquisitions that you think would be a good fit for Alliance, definitely reach out to me on that. I’m always looking for new leads and new opportunities there. That’s a request from the community out there. If there’s anything you think you have an insight to or anything you think would be a good fit for us, definitely reach out to me and I’d be definitely interested in looking at that. Paul, on the question with CDs, I mean, I’ve been selling CDs since I started in 1990 with a music store and, you know, it was hotter than hot in 1990 when everybody was buying CDs.

在我回答那個之前，我先快速回到 Linda 的問題。如果各位知道任何你認為很適合 Alliance 的潛在併購標的，請務必跟我聯繫。我一直在尋找新的線索與新的機會。這也是我向外部社群提出的請求。如果你覺得自己有任何洞見，或認為有任何標的很適合我們，請一定要聯繫我，我會很有興趣評估。Paul，關於 CD 的問題，我的意思是，我從 1990 年開始在一家音樂店工作就一直在賣 CD；你知道，1990 年大家都在買 CD，那時候 CD 熱到不行。

We’re honestly shocked right now is the growth we’re seeing on the CD side. It definitely is a trend, and we’ve, you know, we saw the trend on the vinyl side. You know, if you look back in our business seven or eight years ago, we were doing, you know, $5 million a year in vinyl, and we stayed in it. You know, we never were out of it. We’ve organically seen that business now.

老實說，我們現在對 CD 端看到的成長感到非常震驚。這絕對是一個趨勢，而我們也在黑膠端看過類似的趨勢。你知道，如果回頭看我們七、八年前的業務，我們黑膠一年大概做 500 萬美元，而我們一直留在這個市場。你知道，我們從來沒有退出過。我們也看到這個業務一路自然成長到現在。

You know, we just finished the quarter at $99 million in vinyl for a quarter. You know, with fourth quarter sales and stuff, I mean, that’s a more than $400 million run rate. On the CD, we, you know, that’s a significant growth over last year. I will go back 1 second to 2025.

你知道，我們這一季黑膠做到 9,900 萬美元。你知道，再加上第四季的銷售等等，這代表年化（run rate）超過 4 億美元。至於 CD，我們的成長相較去年非常顯著。我先回到 2025 年講 1 秒。

On the vinyl side, we sold 16.8 million units of vinyl. On the CD side, it was 13.5 million. It wasn’t a small number. Now we’re looking at this type of growth here on the CD side. We’re continuing to see it go here. I think the other piece on CD is kinda happened in the vinyl. As vinyl was coming back and seeing a resurgence, you’re starting to see the record labels, you know, refocusing on CD as far as marketing it and also making sure that they have stock on hand or stock available on CD. We had a little stretch a few years ago where, you know, people kinda had their eye off the ball on the CD, we were not getting, you know, our fill % and stuff from our vendors as good.

在黑膠方面，我們賣了 1,680 萬張。在 CD 方面是 1,350 萬張。這不是個小數字。而現在我們又在 CD 端看到這種成長。我們也持續看到它延續下去。我認為 CD 的另一個面向有點像黑膠曾經發生的情況。當黑膠回歸並出現復甦時，你開始看到唱片公司在 CD 的行銷上重新聚焦，同時也確保 CD 有現貨或可供貨的庫存。幾年前我們有一段時間，大家對 CD 有點分心，我們從供應商那邊拿到的供貨滿足率（fill %）等表現就沒那麼好。

People are improving that right now because of the demand. You know, when an artist is bringing out a new release, we’re seeing, you know, vinyl and CD, that music side is extremely strong right now. Last thing I wanna say is we, you know, we’ve seen a lot of DVD decline over the last 10 years. The rate of decline on DVD has been shrinking over the last two years. There’s definitely a real possibility that we’re gonna be at a bottom out on the DVD, and we could see DVDs start to move similar to what we’re seeing on the CD side right now.

現在因為需求上來了，大家正在改善這些。你知道，當藝人推出新作品時，我們看到黑膠和 CD——音樂這一塊目前非常強勁。最後我想說的是，過去 10 年我們看到 DVD 下滑很多。而 DVD 的下滑速度在過去兩年已經在縮小。很有可能 DVD 正在觸底，我們可能會看到 DVD 開始出現類似我們現在在 CD 端看到的走勢。

Cause as it bottoms out and these conversations continue with collectors and people want, you know, their fans, and they wanna have a DVD collection on their wall, that’s what’s driving this.

因為當它觸底後，隨著與收藏家持續交流、以及人們想要——你知道——粉絲們想在牆上擺一套 DVD 收藏，這就是推動力。

Thank you. Our next question. Can you comment on how you’re developing the direction of Endstate Authentic? Will they ultimately authenticate in all sports and music, for example?

謝謝。下一個問題。你能談談你們如何規劃 Endstate Authentic 的發展方向嗎？例如，他們最終會涵蓋所有運動與音樂領域的鑑定嗎？

We acquired Endstate Authentic. Bennett and Stephanie, who lead that division, I’ve been working super closely with them over the last four months here. We’re in a lot of very interesting conversations. They do work with accounts outside of Alliance Authentic, with companies that do watch authentication, and there are several other different categories that we’re in.

我們收購了 Endstate Authentic。負責該部門的 Bennett 和 Stephanie，過去四個月我一直和他們非常密切合作。我們正在進行許多非常有意思的洽談。他們也為 Alliance Authentic 以外的客戶提供服務，例如為做手錶鑑定的公司提供服務，另外我們也涉足好幾個不同的品類。

We are in very active conversations with new customers on that Endstate Authentic side. I think over this next fiscal year, you’re gonna see some pretty good inroads with the Endstate aspect there and what we can do. I really can’t disclose too much as to a lot of those conversations under NDAs right now.

在 Endstate Authentic 這一端，我們正與新客戶進行非常積極的洽談。我認為在接下來這個會計年度，你會看到 Endstate 這一塊以及我們能做的事情取得相當不錯的進展。由於目前許多對話都受 NDA（保密協議）約束，我真的無法透露太多。

Thank you, Jeff. Our next question. Are you seeing overlap between customers that are buying media and those that are buying collectibles or electronics, or are those all still fairly distinct customer groups?

謝謝你，Jeff。下一個問題。你們是否看到購買媒體的客戶，與購買收藏品或電子產品的客戶之間有重疊？還是這些仍然是相當不同的客群？

Well, Yeah, they’re definitely all intermixed, for sure. There’s a crossover between music and video and the collectibles. I will say, in a lot of cases, there’s a lot of ways to kinda divide up the fans and what they collect. There’s also collectors that are in different genres. You have collectors that are huge fans and followers of horror, you know. They like horror movies, they like horror collectibles. You have fans of anime, you know, and they like everything related around anime. You have your music fans that are all around everything music, not only the music itself, but anything they can collect of their favorite movie or music artists.

嗯，是的，他們確實是彼此交錯的，毫無疑問。音樂、影像與收藏品之間是有交叉的。我想說的是，在很多情況下，其實有很多方式可以把粉絲以及他們收藏的內容做分類。也有收藏家會跨不同類型。你會有一些收藏家是恐怖題材的超級粉絲與追隨者，你知道。他們喜歡恐怖電影，也喜歡恐怖相關收藏品。你也有動漫迷，你知道，他們喜歡所有跟動漫相關的一切。你也有音樂迷，他們圍繞著所有音樂相關的東西，不只是音樂本身，還包括任何他們喜愛的電影或音樂藝人相關、能收藏的物件。

Then you have fans that are revolving around movies, and they’re movie buffs and anything they can get their hands on with respect to, you know, all types of movies. You know, we work across all those different channels and really try to put all the pieces together. There’s a lot of synergies between our different departments. I just see even an example there on Grand Theft Auto, you know.

然後你也有圍繞電影的粉絲，他們是電影迷，任何他們能入手、與各種類型電影相關的東西都想要。你知道，我們橫跨所有這些不同通路運作，並且真的努力把所有拼圖拼在一起。我們不同部門之間有很多綜效。我甚至可以舉個《俠盜獵車手》（Grand Theft Auto）的例子，你知道。

We got a big video game, so our gaming team, and now we got a music vinyl record with it, you know. We’re probably gonna be seeing some other products that are relating to that franchise. Across all of our purchasing teams and sales teams, there’s a lot of cohesive work happening here at Alliance to cross-sell those.

我們拿到了一款大型電玩遊戲，所以我們的遊戲團隊，然後現在我們也搭配推出了一張音樂黑膠唱片，你知道的。我們可能還會看到一些與該系列IP相關的其他產品。在我們所有採購團隊與銷售團隊之間，Alliance 這裡正在進行大量一致且協同的工作，來交叉銷售這些產品。

You know, somebody who has a store that’s a gaming store and, you know, doesn’t really sell vinyl, they might come in and say, Hey, I can sell 60 units of that vinyl record ’cause I’m gonna have this huge amount of customers coming in to pick up the video game, and so forth there. That’s where we’re seeing a lot of this win that we talk about to everybody. We’re seeing that cross being very robust for us right now.

你知道，有些店家是遊戲店，然後，你知道，他們其實不太賣黑膠，但他們可能會來說：嘿，我可以賣出 60 張那張黑膠唱片，因為我會有大量顧客進店來取那款電玩遊戲，等等。這就是我們跟大家談到的那種「雙贏」在很多地方正在發生的原因。我們看到這種交叉銷售目前對我們來說非常強勁。

Thanks, Jeff. Our next question. With Alliance Authentic and Endstate Authentic, how should we think about the pacing of that opportunity? What are the key milestones that would signal it’s becoming a meaningful contributor?

謝謝你，Jeff。我們的下一個問題。關於 Alliance Authentic 和 Endstate Authentic，我們應該如何看待這個機會的推進節奏？有哪些關鍵里程碑能顯示它正在成為有意義的貢獻來源？

Well, both of those are in extreme startup phase. I call it, you know, concentration right now. We have a lot of resources on it. We got a lot of people on it. We got a lot of focus from me and other leaders to really develop both of those, the Alliance Authentic and the Endstate Authentic. I think here in fiscal 2027, we’re gonna start to see some aspects where on a Alliance Authentic, we start getting some more key titles encapsulated and seeing some, you know, solid demand on those. Stuff like the, you know, Ozzy and Hello Kitty start to make people think about it. You know, now all of a sudden, the music stores saw those. They saw what happened to it. You know, it’s a training.

嗯，這兩個都還處於非常早期的創業階段。我稱之為，你知道的，目前是「集中投入」的階段。我們在上面投入了很多資源。我們安排了很多人力。我和其他領導層也投入了大量心力，去真正把 Alliance Authentic 和 Endstate Authentic 這兩個業務發展起來。我認為在 2027 財年，我們會開始看到一些面向，例如在 Alliance Authentic 方面，我們會開始把更多關鍵作品做封裝（encapsulated），並看到一些，你知道的，穩健的需求。像是，你知道的，Ozzy 和 Hello Kitty 這類案例開始讓大家對它產生想法。你知道，突然之間，音樂店看到了那些。他們看到了它帶來的結果。你知道，這是一個培訓過程。

You know, we gotta educate people on what those products are, and so forth, and we’re making good progress with that. Record labels are starting to really understand what the product is and the importance of that product in the, in the history and life cycle of vinyl records. You know, we’re trying to encapsulate a limited quantity of those that become the ultimate vinyl collectible of that album.

你知道，我們必須教育大家這些產品是什麼，等等，而我們在這方面進展良好。唱片公司開始真正理解這個產品是什麼，以及這個產品在黑膠唱片的歷史與生命週期中的重要性。你知道，我們正嘗試把其中限量的一部分做封裝，讓它成為該專輯最終極的黑膠收藏品。

On the Endstate side, there’s a lot of different types of businesses that could really use NFC chip in what they’re doing. You know, we’re in a lot of conversations on that side. I think in this next fiscal year, you’re gonna see quite a few announcements of deals that we’ve been able to make for both of those areas.

在 Endstate 這邊，有很多不同類型的企業在他們所做的事情中，確實可以使用 NFC 晶片。你知道，我們在這一端有很多洽談。我認為在接下來這個財年，你會看到我們在這兩個領域都能達成的交易，會有相當多的公告。

You know, I can’t communicate any of the details until we have those deals in place, and we’ll have press releases and things revolving around those.

你知道，在那些交易正式到位之前，我無法對外溝通任何細節；等到時候我們會發布新聞稿以及相關訊息。

Thank you. It looks like we have one more question at this point. You called out strength across multiple categories this quarter. Are you seeing any meaningful differences in how demand is trending across those categories, or is it fairly broad-based right now?

謝謝。看起來我們目前還有最後一個問題。你提到本季在多個品類都有強勁表現。你是否看到各品類之間的需求趨勢有任何顯著差異，還是目前相當廣泛、全面性的成長？

I would say it’s fairly broad-based. I mean, even our gaming side has been pretty solid. We are cautiously optimistic even on gaming right now with the changeover there at Microsoft on the Xbox side with new leadership there. We’re, you know, as I said, cautiously optimistic about maybe a little more push towards consoles and physical product compared to where, you know, Microsoft was kind of leaning in the last couple of years. Our collectible business is super strong, and that side of it. And it’s a combination in collectibles of expanding sales and adding new stores and customers and adding even more collectibles in the music stores and things like that.

我會說目前相當廣泛、全面性。我的意思是，即使是我們的遊戲業務也相當穩健。就遊戲這塊而言，隨著微軟在 Xbox 端的交接與新領導團隊上任，我們抱持審慎樂觀。我們，你知道，正如我說的，審慎樂觀地認為，相較於微軟過去幾年某種程度的傾向，未來可能會更推動主機與實體產品。我們的收藏品業務非常強勁，就是那一塊。而在收藏品方面，這是擴大銷售、增加新門市與客戶，以及在音樂店等通路加入更多收藏品等多種因素的綜合結果。

It’s also, we brought on quite a few collectibles suppliers into our distribution side. I’ll give you a quick example. If we bring on a supplier and their product line through our sales channels, we can generate $3 million a year on that supplier’s product. That’s as valuable as bringing on a customer that can buy $3 million a year.

另外，我們在我們的經銷端也引進了相當多的收藏品供應商。我給你一個簡單例子。如果我們引進一個供應商，並透過我們的銷售通路推他們的產品線，我們一年可以在該供應商的產品上創造 300 萬美元的營收。這跟引進一個一年能買 300 萬美元的客戶一樣有價值。

So, you know, we’re working on both sides of those, right? When we’re at a toy fair or a convention like that, we have our whole sales team there working on selling to customers that are there. We have our whole purchasing team talking with our current vendors and working on, you know, opportunities to bring in product from vendors that we aren’t currently supplying.

所以，你知道，我們兩邊都在做，對吧？當我們在玩具展或那樣的展會時，我們整個銷售團隊都在現場，努力向到場的客戶銷售。我們整個採購團隊也在與現有供應商洽談，並在尋找機會把我們目前尚未供應的廠商產品引進來。

That’s why you’re seeing some really strong numbers on the collectible side right now because it’s not only adding new accounts and expanding the product that we have into more accounts, and so we’re adding significant amount of vendors on the collectible side. We’re getting that doubling of the growth in that space.

這就是為什麼你現在看到收藏品端的數字非常強勁，因為不只是新增新帳戶、把我們現有的產品擴展到更多帳戶中；同時我們也在收藏品端新增了大量供應商。我們在那個領域獲得了成長的加乘效果。

Thank you.

謝謝。

Great. That’s be that. That was the last question.

很好。就到這裡。那是最後一個問題。

Thank you. This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。