Build-A-Bear Workshop Inc (BBW) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Build-A-Bear Workshop first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Gary Schnierow, Investor Relations. Thank you, sir. You may begin.

大家好，歡迎參加 Build-A-Bear Workshop 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹你們的主持人，投資者關係部 Gary Schnierow。謝謝您，先生。你可以開始了。

Thank you. Good morning, everyone, and welcome to Build-A-Bear's first-quarter 2025 earnings conference Call. With us today are Sharon John, Build-A-Bear's Chief Executive Officer; Chris Hurt, Chief Operating Officer; and Voin Todorovic, Chief Financial Officer. During this call, we'll refer to forward-looking statements that are subject to risks and uncertainties. Actual results could differ materially.

謝謝。大家早安，歡迎參加 Build-A-Bear 2025 年第一季財報電話會議。今天與我們一起出席的有 Build-A-Bear 執行長 Sharon John、營運長 Chris Hurt 和財務長 Voin Todorovic。在本次電話會議中，我們將提及具有風險和不確定性的前瞻性陳述。實際結果可能存在重大差異。

Please refer to our Form 10-K and 10-Q, including the Risk Factors section. We undertake no obligation to update any forward-looking statements. During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website. And now, I'll turn the call over to Sharon.

請參閱我們的 10-K 和 10-Q 表格，包括風險因素部分。我們不承擔更新任何前瞻性陳述的義務。在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。今天的收益新聞稿中包含了非 GAAP 與 GAAP 指標的對賬，該新聞稿已透過我們的投資者關係網站發布並向公眾開放。現在，我將把電話轉給莎倫。

Thank you, Gary. Good morning, and thanks for joining us for Build-A-Bear's first quarter fiscal 2025 earnings call. Today, we are pleased to share that we have reported the best first-quarter results in Build-A-Bear's history. Double-digit topline growth drove record revenue, margin expansion, and strong performance across all segments. This represents impressive earnings per share growth of nearly 43%.

謝謝你，加里。早安，感謝您參加 Build-A-Bear 2025 財年第一季財報電話會議。今天，我們很高興地告訴大家，我們報告了 Build-A-Bear 歷史上最好的第一季業績。兩位數的營收成長推動了創紀錄的收入、利潤率的擴大以及所有部門的強勁表現。這意味著每股盈餘成長了近43%，令人印象深刻。

The record-setting start to the year is largely due to the ongoing execution of our long-term strategy. Part of this strategy is centered on leveraging the high awareness and affinity of the Build-A-Bear brand to successfully expand by, first, introducing new product categories with, for example, the continued success of the Mini Beans Collectibles Plush line.

今年創紀錄的開局很大程度上歸功於我們長期策略的持續實施。該策略的一部分是利用 Build-A-Bear 品牌的高知名度和親和力來成功擴張，首先是透過推出新的產品類別，例如 Mini Beans Collectibles Plush 系列的持續成功。

Second, extending consumer reach, such as the ongoing drive to appeal to the growing over 18 adult segment, and third, introducing our valued workshop experience, the building block of the Build-A-Bear brand to new markets, particularly outside the United States, which has now driven the company's international presence into 30 countries. Let's review the quarter's highlights, all of which were Q1 records. Revenue increased 11.9% to more than $128 million. Pretax income grew 30.6% to nearly $20 million, and EPS increased 42.7% to $1.17.

第二，擴大消費者覆蓋範圍，例如持續努力吸引日益增長的 18 歲以上成年人群體；第三，將我們寶貴的工作室體驗（Build-A-Bear 品牌的基石）推向新市場，特別是美國以外的市場，這已推動公司的國際影響力拓展到 30 個國家。讓我們回顧一下本季的亮點，它們都創下了第一季的記錄。營收成長 11.9%，達到 1.28 億美元以上。稅前收入成長 30.6% 至近 2,000 萬美元，每股收益成長 42.7% 至 1.17 美元。

Additionally, we returned over $7 million in capital to shareholders. As a comparison point, reflecting our focus on continuous improvement over the years, the company's first-quarter pretax margin rate of 15% compares to 3% for the first quarter of 2019, the last pre-COVID year.

此外，我們也向股東返還了超過 700 萬美元的資本。作為比較點，反映了我們多年來對持續改進的關注，該公司第一季的稅前利潤率為 15%，而 2019 年第一季（即新冠疫情之前的最後一年）的稅前利潤率為 3%。

Without a doubt, the company's last four years of record-setting results, including a 25% store contribution margin with virtually all of the company stores being profitable and mid-teens pretax margin followed by this best first quarter in the company's history, bolsters our overall confidence in the company, our team, our overarching strategy and the strength of the Build-A-Bear brand. This is especially true considering those four years of positive results were achieved amid various economic and geopolitical headwinds. With this in mind, we are reiterating our 2025 revenue guidance.

毫無疑問，公司過去四年創下的業績記錄，包括 25% 的門市貢獻利潤率（幾乎所有公司門市都實現盈利）和十五六成的稅前利潤率，以及公司歷史上最好的第一季度，增強了我們對公司、我們的團隊、我們的整體策略和 Build-A-Bear 品牌實力的整體信心。考慮到這四年的正面成果是在各種經濟和地緣政治逆風中取得的，這一點尤其正確。考慮到這一點，我們重申 2025 年的收入指引。

However, we are updating the company's pretax guidance inclusive of the current tariff rates. Voin will provide more detail in his remarks. We believe the company's strong performance over the past four years is substantially due to our historic ability to successfully perform in volatile environments and is linked to a clean balance sheet, strong cash flow, a vertical flexible retail model and a relentless focus on controlling the controllables.

不過，我們正在更新公司的稅前指導，其中包括目前的關稅稅率。Voin 將在他的演講中提供更多細節。我們相信，公司過去四年的強勁表現很大程度上歸功於我們在動盪環境中成功運作的歷史能力，並且與清晰的資產負債表、強勁的現金流、垂直靈活的零售模式以及對控制可控因素的不懈關注有關。

This success validates the continued commitment to our three key strategic initiatives aimed at delivering long-term profitable growth. Specifically, one, the evolution and expansion of the company's experiential retail footprint, two, the advancement of our comprehensive digital transformation, and three, the continued incremental investments to leverage Build-A-Bear's brand strength across multiple fronts while returning capital to shareholders.

這項成功證明了我們持續致力於實現長期獲利成長的三項關鍵策略舉措。具體來說，一是公司體驗式零售足跡的演變和擴張，二是全面推進數位轉型，三是持續增加投資，以在多個方面發揮 Build-A-Bear 的品牌實力，同時向股東返還資本。

For our first strategic initiative, in the past few years, with the benefit of the company's three retail business models, we have accelerated our location expansion across the globe, ending the first quarter with over 600 locations, 30% of which are outside the United States. To provide some more information relating to the company's store expansion and evolution initiatives, I would like to turn the call over to Chris Hurt, Build-A-Bear's Chief Operations Officer. Chris?

對於我們的第一個策略舉措，在過去幾年中，借助公司三種零售業務模式的優勢，我們加快了在全球範圍內的門市擴張，截至第一季度，我們的門市數量已超過 600 個，其中 30％ 位於美國境外。為了提供更多有關公司門市擴張和發展計劃的信息，我想將電話轉給 Build-A-Bear 首席營運長 Chris Hurt。克里斯？

Thanks, Sharon. We are committed to expanding our brand reach through our key strategic initiatives of the evolution and expansion of our global footprint. We opened 15 net new experience locations in the first quarter, highlighted by the opening of our corporately operated Dublin, Ireland location on Grafton Street, a highly popular tourist destination.

謝謝，莎倫。我們致力於透過發展和擴大全球影響力的關鍵策略舉措來擴大我們的品牌影響力。我們在第一季淨開設了 15 家新體驗店，其中最引人注目的是位於熱門旅遊目的地格拉夫頓街的公司經營的愛爾蘭都柏林體驗店。

This stand-alone store features exclusive merchandise curated for tourists of all ages. As we continue to grow the brand in more places, we've added two more countries, bringing our total count to 30, as Sharon noted.

這家獨立商店專門為各個年齡層的遊客提供獨家商品。正如 Sharon 所說，隨著我們繼續在更多地方拓展品牌，我們又增加了兩個國家，使我們的品牌總數達到 30 個。

As a testament to the enthusiasm for the brand around the globe, current international partners and franchisees continue to add experienced locations, including the expansion into two new countries, Helsinki, Finland and Tallinn Estonia, where lines for their openings stretched around the mall, a stand-alone Denmark location in the Copenhagen Airport, one of the busiest in Europe, the addition of two new locations in Italy, one in Milan and one in Venice, a stand-alone workshop in the historic district of Piazza San Marco.

作為全球對該品牌熱情的證明，目前的國際合作夥伴和特許經營商繼續增加經驗豐富的地點，包括擴展到兩個新的國家，芬蘭赫爾辛基和愛沙尼亞塔林，在這些國家，開業隊伍延伸到了購物中心周圍，在歐洲最繁忙的機場之一哥本哈根機場開設了獨立的丹麥地點，在義大利增加了兩個新地點，一個在米蘭，一個在威尼斯

Three new franchise stores in the UAE and one opening in Australia, one of our oldest and largest franchise countries, bringing our experienced location count to 17 down under. Separately, our partnership with Carnival Cruise Line continued as we opened on their two newest ships. We added three more Girls Scouts locations, bringing our total to 28.

在阿聯酋新開了三家特許經營店，並在我們歷史最悠久、規模最大的特許經營國家之一澳大利亞新開了一家特許經營店，使我們在澳大利亞的特許經營店數量增至 17 家。另外，我們與嘉年華郵輪公司的合作仍在繼續，我們在其兩艘最新的郵輪上開展業務。我們增加了 3 個女童軍駐地，總數達到 28 個。

Although these are designed on a smaller footprint, they serve an important role in our broader Girls Scouts multiyear license relationship. As these new experienced locations come to fruition, there is no question that we are adding a little more heart to life in more places and for more people around the world.

儘管這些設計佔地面積較小，但它們在我們更廣泛的女童子軍多年許可關係中發揮著重要作用。隨著這些新體驗地點陸續落成，毫無疑問，我們將為世界各地更多地方、更多人的生活增添更多樂趣。

This is important as we continue to diversify our revenue streams. As a reminder, we announced on our year-end call that we also have plans to launch a multilevel, one-of-a-kind Build-A-Bear Workshop in ICON Park located in Orlando, Florida.

這對於我們繼續實現收入來源多元化至關重要。提醒一下，我們在年終電話會議上宣布，我們還計劃在佛羅裡達州奧蘭多的 ICON 公園推出一個多層次、獨一無二的 Build-A-Bear 工作室。

This is scheduled to open in the summer of 2026 with a groundbreaking planned for this July. Our expansion plans remain on track for 2025 with at least 50 net new locations expected this year, the majority of those being operated by our international partners. We are excited about our continued growth, which will bring the Build-A-Bear brand to more people in more places.

該建築預計將於 2026 年夏季開放，並計劃於今年 7 月破土動工。我們的擴張計畫將在 2025 年繼續順利推進，預計今年將新增至少 50 家店，其中大部分由我們的國際合作夥伴營運。我們對我們的持續成長感到非常興奮，這將使 Build-A-Bear 品牌在更多地方被更多人所了解。

With that, I'll turn the call back over to Sharon.

說完這些，我就把電話轉回給莎倫。

Thank you, Chris. You and the team have been doing a fabulous job bringing the beloved Build-A-Bear experience to kids and kids at heart around the world. Regarding our second initiative of digital transformation across the company, as we enter the final phase of decommissioning our legacy inventory management system and implementing a new, more strategic system with advanced capabilities, the impact on the company's digital transformation will be far reaching.

謝謝你，克里斯。您和您的團隊一直致力於將深受喜愛的 Build-A-Bear 體驗帶給世界各地的孩子和童心未泯的人們。關於我們在全公司範圍內實施的第二項數位轉型舉措，隨著我們進入淘汰傳統庫存管理系統的最後階段，並實施具有先進功能、更具戰略性的新系統，這將對公司數位轉型產生深遠的影響。

While we have been making incremental changes over the past few years, the latest tools will enable better real-time inventory visibility and improved data-driven decision-making, which are designed to further drive sales and enhance operational efficiencies. Finally, the third initiative is to leverage the power of the brand by making strategic investments across a number of fronts to drive profitable growth while continuing to return value to shareholders.

雖然我們在過去幾年中一直在進行漸進式變革，但最新的工具將實現更好的即時庫存可視性和改進的數據驅動決策，旨在進一步推動銷售並提高營運效率。最後，第三項舉措是透過在多個方面進行策略性投資來利用品牌的力量，以推動獲利成長，同時繼續為股東帶來價值回報。

It's important to note that our ability to invest in longer-range projects that impact the global -- the company's global footprint expansion, digital infrastructure, marketing programs, content and organizational structure has largely been enabled by Build-A-Bear's improved and more consistent revenue and cash flow.

值得注意的是，我們投資影響全球的長期專案的能力——公司的全球足跡擴張、數位基礎設施、行銷計劃、內容和組織結構很大程度上得益於 Build-A-Bear 改善的、更穩定的收入和現金流。

An example of this from a product and marketing perspective, as I previously noted, is the successful Mini Beans collection, which was launched in February of 2024. Mini Beans were strategically designed to expand beyond Make-Your-Own plush as well as serving as an accessible grab-and-go entry-level price point offering to increase conversion and create a basket builder, all of which have proven to be the case.

正如我之前提到的，從產品和行銷角度來看的一個例子是 2024 年 2 月推出的成功的 Mini Beans 系列。Mini Beans 的策略設計不僅擴展到自製毛絨玩具，還提供了一種方便攜帶的入門級價格點，可以提高轉換率並創建購物籃建造者，所有這些都已被證明是事實。

In addition, Mini Beans have already been introduced in retailers outside of our workshops, which we believe represents a growth opportunity. The line continued its momentum in the first quarter of 2025, expanding 30% year over year, bringing the company's total sales to nearly 2 million units to date.

此外，Mini Beans 已在我們車間外的零售商處推出，我們相信這代表著一個成長機會。該系列在 2025 年第一季延續了強勁勢頭，年增 30%，使該公司迄今為止的總銷量已接近 200 萬台。

To invigorate the collectible nature of the business model, 50 new styles were released in the inaugural year, some of which were miniature replicas of Build-A-Bear's best-selling classic offering. Plus, we've released 15 new Mini Beans already this year, including limited edition items.

為了激發商業模式的收藏性，成立第一年就推出了 50 種新款式，其中一些是 Build-A-Bear 最暢銷經典產品的微型複製品。此外，我們今年已經發布了 15 款新的 Mini Beans，其中包括限量版商品。

Some additional first quarter product focal points included Build-A-Bear's traditional Make-Your-Own versions of a new Strawberry Highland Cow, the popular Pokemon character Flopper and a limited edition April Fool drop of Emo Axolotl, all of which appealed to the teen and adult collector representing 40% of our business.

第一季的其他一些產品焦點包括 Build-A-Bear 的傳統自製版新草莓高地牛、流行的口袋妖怪角色 Flopper 和限量版愚人節 Emo Axolotl，所有這些都吸引了占我們業務 40% 的青少年和成人收藏家。

Regarding our core kids consumer, we posted a strong Easter season, highlighted by the popularity of Build-A-Bear's classic plush and accessories as well as the fourth edition of our Golden Surprise Eggs, which contain one of a variety of small plush animals, tripling last year's sales of the assortment. Over the past several years, we have successfully navigated significant external challenges, including the retail apocalypse Brexit and the COVID pandemic.

就我們的核心兒童消費者而言，我們迎來了強勁的復活節銷售季，其中最引人注目的是 Build-A-Bear 經典毛絨玩具和配飾以及第四版金色驚喜蛋的流行，其中包含各種小毛絨動物，銷量是去年同類產品的三倍。在過去幾年裡，我們成功應對了重大的外部挑戰，包括零售業災難、英國脫歐和新冠疫情。

We attribute the company's success to disciplined expense management, a strong balance sheet, the toy industry's historical resilience and Build-A-Bear's position as a one-of-a-kind destination for special occasions.

我們將該公司的成功歸功於嚴格的費用管理、強勁的資產負債表、玩具行業的歷史韌性以及 Build-A-Bear 作為特殊場合獨一無二的目的地的地位。

As we've noted many times, not only is a Teddy Bear hug understood in every language, but it is also a universal source of comfort and joy. As a result, we believe we are well positioned to manage an environment where uncertainty has become the norm rather than the exception, and we remain committed to navigating this current landscape as well.

正如我們多次指出的那樣，泰迪熊擁抱不僅在每種語言中都能被理解，而且它還是一種普遍的安慰和快樂的來源。因此，我們相信，我們完全有能力應對不確定性已成為常態而非例外的環境，我們仍致力於應對當前的情況。

Overall, we have seen the company's first-quarter momentum continue into second quarter, and we have robust plans in place for the remainder of 2025. Given Build-A-Bear's solid business fundamentals and assuming tariffs remain at current levels, we expect to report record revenue for the year and maintain strong profitability with double-digit pretax margins.

總體而言，我們看到公司第一季的勢頭延續到了第二季度，並且我們對 2025 年剩餘時間制定了穩健的計劃。鑑於 Build-A-Bear 穩固的業務基礎，並假設關稅保持在當前水平，我們預計今年的收入將創歷史新高，並保持強勁的盈利能力和兩位數的稅前利潤率。

With that, I would like to thank the entire Build-A-Bear family, our hundreds of partners and millions of amazing guests for helping us achieve our record first quarter as we strive to continue to deliver on our corporate mission of adding a little more heart to life. Voin?

在此，我要感謝整個 Build-A-Bear 大家庭、數百名合作夥伴和數百萬位出色的賓客，感謝他們幫助我們實現了創紀錄的第一季業績，我們將繼續努力履行我們的企業使命，為生活增添一絲溫暖。沃因？

Thank you, Sharon, and good morning, everyone. I will discuss the quarterly results and then share more about our updated full year outlook. This was the most profitable first quarter in the company's history. We grew across all segments, expanded the gross profit margin and increased pretax income to a new record. This reflects the work from our strategic initiatives over the past several years and the business operating at a higher level of profitability.

謝謝你，莎倫，大家早安。我將討論季度業績，然後分享更多有關我們更新的全年展望的資訊。這是該公司歷史上利潤最高的第一季。我們的各個部門都實現了成長，毛利率有所提高，稅前收入也創下了新高。這體現了我們過去幾年策略性舉措的成效以及業務獲利水準的提高。

We also continue to return capital to shareholders. We returned $7.1 million for the quarter through dividends and share repurchases and have $85 million remaining on the Board-approved authorization. Moving to a more detailed review of our first-quarter results. Total revenues were $128.4 million, an increase of 11.9%. Net retail sales were $119.6 million, an increase of 10.9%.

我們也繼續向股東返還資本。本季我們透過股利和股票回購返還了 710 萬美元，董事會批准的授權金額還剩餘 8,500 萬美元。對我們的第一季業績進行更詳細的回顧。總收入為1.284億美元，成長11.9%。淨零售額為1.196億美元，成長10.9%。

Stores delivered strong performance. All four levers were positive. Traffic, conversion, average unit retail and units per transaction. Our domestic store traffic was up 3%, significantly outpacing U.S. national traffic, which declined by 3%. E-commerce demand increased 0.5%.

各門市業績表現強勁。所有四個槓桿都是正面的。流量、轉換率、平均單位零售額和每筆交易的單位數。我們國內門市客流量增加了 3%，遠超過了美國全國客流量的下降 3%。電子商務需求成長0.5%。

Commercial revenue, which primarily represents wholesale sales to our partner operators and continues to be the fastest-growing segment of our business. And when including international franchise revenue rose a combined 28.3%.

商業收入主要代表對合作夥伴營運商的批發銷售，並且仍然是我們業務中成長最快的部分。若計入國際特許經營權，收入則總計成長了 28.3%。

Gross margin was 56.8%, an improvement of 260 basis points compared to last year, benefiting from both retail and commercial segments. The leverage from improved merchandise margin, primarily driven by lower discounts as well as occupancy costs drove retail gross margin expansion. SG&A expenses were $53.7 million or 41.7% of total revenues compared to 41.5% last year.

毛利率為56.8%，較去年同期提高260個基點，零售及商業部門均有成長。主要由於折扣和占用成本降低而導致的商品利潤率提高的槓桿作用推動了零售毛利率的擴大。銷售、一般及行政費用為 5,370 萬美元，佔總收入的 41.7%，而去年同期為 41.5%。

Higher store level wage rates, health care costs and general inflationary pressures contributed to the 20 basis point increase. Our pretax income for the first-quarter record of $19.6 million, representing growth of 30.6% year-over-year and 15.3% of total revenues.

商店水平工資率、醫療保健成本和整體通膨壓力的提高導致了 20 個基點的增長。我們第一季的稅前收入創歷史新高，達到 1,960 萬美元，年增 30.6%，佔總收入的 15.3%。

EPS was $1.17, also a first quarter record and an increase of 42.7%, reflecting higher pretax income, a reduced share count and lower tax rate. Turning to the balance sheet. At the first-quarter end, our cash balance was $44.3 million, representing a $6.1 million or 16% increase year-over-year.

每股收益為 1.17 美元，也創下第一季紀錄，增幅達 42.7%，反映出稅前收入增加、股票數量減少和稅率降低。轉向資產負債表。截至第一季末，我們的現金餘額為 4,430 萬美元，年增 610 萬美元，增幅為 16%。

This was after returning $37 million to shareholders over the past 12 months. Inventory at quarter-end was $72.3 million, an increase of $8.3 million, much of which is related to an accelerated purchase of core products and in line with our expectations as well as nearly $2 million of tariff costs.

此前，該公司在過去 12 個月內已向股東返還 3,700 萬美元。季度末庫存為 7,230 萬美元，增加了 830 萬美元，其中大部分與加速購買核心產品有關，符合我們的預期，以及近 200 萬美元的關稅成本。

The company remains comfortable with the level and composition of its inventory. Turning to the outlook. Following a strong first quarter and solid start to the second quarter, we have maintained our revenue guidance, and we continue to expect the addition of at least 50 net new experienced locations, most of which will be operated by our international partners.

該公司對其庫存水準和組成仍然感到滿意。轉向展望。繼第一季強勁表現和第二季穩健開局之後，我們維持了收入預期，並繼續預計將新增至少 50 家淨新體驗店，其中大部分將由我們的國際合作夥伴經營。

We continue to expect our Commercial segment revenue to grow at least 20% for the year. Also, we are updating our pretax income guidance to a range of $61 million to $67 million, inclusive of the current tariff rates. Let me add some more commentary on tariffs as they relate to Build-A-Bear.

我們仍然預計今年商業部門的收入將成長至少 20%。此外，我們將稅前收入預期更新為 6,100 萬美元至 6,700 萬美元，其中包括目前的關稅稅率。讓我對與 Build-A-Bear 相關的關稅再補充一些評論。

First, our global footprint has created an organic hedge as tariffs will not directly affect most of our international stores, whether corporate, partner-operated or franchise. Second, please note that our retail cost of goods sold not only includes merchandise costs, but also rent, warehousing, and distribution expenses.

首先，我們的全球足跡創造了一種有機對沖，因為關稅不會直接影響我們大多數的國際商店，無論是公司商店、合作夥伴經營的商店還是特許經營的商店。其次，請注意，我們的零售銷售成本不僅包括商品成本，還包括租金、倉儲和配送費用。

However, the merchandise portion is the only cost directly impacted. Third, over the past several years, Build-A-Bear has significantly reduced its reliance on China as a primary source of goods, with most products now being sourced from Vietnam.

然而，商品部分是唯一受到直接影響的成本。第三，在過去幾年裡，Build-A-Bear 已大幅減少對中國作為主要貨源的依賴，目前大部分產品都來自越南。

Additionally, while not all products are dual-sourced, many are, and we have already exercised our ability to redirect China-sourced products to our international locations. Fourth, Build-A-Bear is a meaningful vertical retailer with a unique business model. The company's core product offerings are less seasonally dependent with these choices representing over half of our sales.

此外，雖然並非所有產品都是雙重來源的，但許多產品都是，而且我們已經行使了將中國採購的產品重新定向到我們的國際工廠的能力。第四，Build-A-Bear 是一家有意義的垂直零售商，擁有獨特的商業模式。該公司的核心產品較不依賴季節性，這些產品占我們銷售額的一半以上。

This enables more direct latitude over diversifying sourcing, inventory timing and flow, setting retail values, and managing promotional strategy compared to traditional importers. Considering those factors, we now expect the tariffs and associated cost impact on our fiscal 2025 P&L, net of mitigation to be less than $10 million.

與傳統進口商相比，這使得他們在多樣化採購、庫存時間和流動、設定零售價值和管理促銷策略方面擁有更直接的自由。考慮到這些因素，我們現在預計關稅和相關成本對我們 2025 財年損益表的影響（扣除緩解措施後）將不到 1000 萬美元。

Also, our pretax guidance continues to reflect approximately $5 million of additional medical and labor costs, which we mentioned on our last call. Given our previous inventory pull forward and current mix, we anticipate tariffs will have a relatively modest impact on our second quarter results with an expectation of a greater effect starting in the third quarter. In closing, we are pleased with our strong first quarter performance.

此外，我們的稅前指導繼續反映約 500 萬美元的額外醫療和勞動力成本，我們在上次電話會議上提到這一點。鑑於我們先前的庫存提前和目前的組合，我們預計關稅將對我們第二季的業績產生相對溫和的影響，預計從第三季開始將產生更大的影響。最後，我們對第一季的強勁表現感到滿意。

Looking forward, our objective is to stay focused on our strategy to grow the number of global locations, continue our digital transformation and invest in our company to drive another year of record revenues and deliver solid pretax income margins while returning capital to shareholders.

展望未來，我們的目標是繼續專注於我們的策略，增加全球分支機構的數量，繼續我們的數位轉型，並投資於我們的公司，以推動又一年創紀錄的收入並實現穩健的稅前利潤率，同時向股東返還資本。

I want to thank all our store and warehouse associates, corporate team members and partners for contributing to record first-quarter results. Finally, we look forward to sharing our progress as we move through the year and speaking with many of you at upcoming investor conferences, as mentioned in our press release this morning, including the New York Stock Exchange Virtual Investor Access Day on June 5. This concludes our prepared remarks. We will now turn the call back over to the operator for questions. Operator?

我要感謝我們所有的商店和倉庫員工、公司團隊成員和合作夥伴為創紀錄的第一季業績做出的貢獻。最後，我們期待分享我們在這一年中取得的進展，並在即將舉行的投資者會議上與你們中的許多人交談，正如我們今天上午的新聞稿中提到的那樣，包括 6 月 5 日的紐約證券交易所虛擬投資者訪問日。我們的準備好的演講到此結束。我們現在將把電話轉回給接線員以回答問題。操作員？

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Eric Beder, SCC Research.

Eric Beder，SCC 研究部。

Good morning. Congratulations on the quarter.

早安.恭喜本季。

(multiple speakers)

（多位發言者）

When we look at the -- okay, we have this continuing evolution that we've been seeing with movies. Obviously, Stitch this weekend was a significant positive. I know that you are no longer as dependent on this kind of genre to get this through. But how should we be thinking about the ability for you to capitalize on those types of events going forward throughout the year?

當我們觀察——好的，我們看到電影不斷演變。顯然，史迪奇這個週末的表現非常出色。我知道你不再依賴這種類型來實現這一點。但是，我們應該如何考慮您在全年中如何利用這些類型的活動？

We still have best-in-class relationships with most of the -- well, all of the largest creators of significant family films. And Stitch is a great example of that with our long-term relationship with Disney. Stitch has also been not just focused on children.

我們仍然與大多數——好吧，所有重要的家庭電影的最大創作者保持著一流的關係。史迪奇就是我們與迪士尼長期合作的一個很好的例子。史迪奇的關注點不僅限於兒童。

It has actually evolved as a brand and character in recent years as more of a collectible teen, tween adult product. And we've broadened that line to be seasonal and have all sorts of different, I guess, iterations of Stitch.

近年來，它實際上已經演變成一個品牌和角色，更像是一種可收藏的青少年、成人產品。而且我們已經將該系列擴展到季節性，並且有各種不同的 Stitch 版本。

And that's been an interesting driver for us that's beyond this concept that you're talking about films. I think certainly, I can't speak to the strategy of Disney. But I believe that, that sort of organic popularity that emerged from Stitch is the reason why there was a film versus the other way around.

這對我們來說是一個有趣的驅動力，它超越了你談論的電影的概念。我想當然地，我無法談論迪士尼的策略。但我相信，《史迪奇》自然而然引發的人氣正是它被拍成電影的原因，而不是相反。

But we're glad to participate in that and happy to have those relationships. Yes, as your point is, we -- for years, that was a bit of a go-to place for us from a summer -- we'd expect one -- at least one big summer film and one big holiday film.

但我們很高興參與其中並很高興建立這些關係。是的，正如你所說，多年來，那裡一直是我們夏天必去的地方——我們期待至少一部夏季大片和一部假日大片。

And in post -- the COVID world -- post-COVID world, (inaudible), that's been a little more sketchy. But when that and if that returns, we're perfectly prepared because that cross-section of cultural moments and our colocation in places where there are theaters and malls, it's a perfect storm for us to participate in.

而在後疫情時代（聽不清楚），情況就變得更加不確定了。但是，當這種情況再次發生時，我們已經做好了充分的準備，因為這種文化時刻的橫截面以及我們在有劇院和購物中心的地方的共同定位，對於我們來說，這是一場完美的風暴。

We look at it now, though, not as something that we're reliant on, but something that would ideally be gravy on top of the way we plan our own business. And taking control of our future has been a big part of this overarching strategy.

然而，我們現在並不認為它是我們所依賴的東西，而認為它是我們規劃自身業務的額外附加物。掌控我們的未來一直是這項整體策略的重要組成部分。

Yeah. I actually, I want to talk a little bit about that. So you have increasingly been able to respond to TikTok trends, like you mentioned the Highland Cow, with Frog. How is the inventory management system going to enable you to be even better at doing that? And how do you want to even sharpen that ability to respond when an item that I don't know, maybe was initially expected to be X now comes in and because it was on TikTok is now demand is 4 or 5 times X.

是的。事實上，我想稍微談一下這個。因此，您越來越能夠對 TikTok 趨勢做出反應，就像您提到的 Highland Cow 和 Frog 一樣。庫存管理系統如何幫助您更好地完成這項工作？當我不知道某件商品，最初可能預計是 X，現在進來了，因為它在 TikTok 上，現在的需求是 X 的 4 到 5 倍時，你怎麼能提高這種反應能力呢？

Yeah. Well, we've already seen some results of our ability to manage that much better. And that -- even that would happen back in the situations that you were expressing earlier on hot films, like we would not always get that inventory right, the exact unit count perfect for, say, a Frozen movie and be in a chase mode. We're much more flexible now.

是的。嗯，我們已經看到了我們更好地管理這一點所取得的一些成果。而且 — — 甚至在您之前對熱門電影表達的那種情況下也會發生這種情況，例如我們不能總是得到正確的庫存，確切的單位數量對於一部《冰雪奇緣》電影來說是完美的，並且處於追逐模式。我們現在更加靈活了。

And I think that the comment that I added in the remarks about this final decommissioning of a legacy inventory system, we certainly have plans and beliefs, and this entire intention of this multiyear approach to more visibility of inventory across our warehouse, our stores, our ability to move E-com inventory to store inventory in a more like fluid way, which has been more manual, painfully manual sometimes will increase our confidence in even going longer on some of these things that we think are going to be hot.

我認為，我在關於最終停用遺留庫存系統的評論中添加了評論，我們當然有計劃和信念，而且這種多年期方法的整個意圖是提高我們倉庫、商店的庫存可見性，我們能夠以更流暢的方式將電子商務庫存轉移到商店庫存，這更加依賴於手動，有時甚至是痛苦的手動，這將增加我們的信心，甚至讓我們在一些事情上堅持更熱門的一些事情。

And I just want to point out, we're not always just responding to TikTok trends. We're often creating TikTok trends.

我只想指出，我們並不總是只是對 TikTok 趨勢做出反應。我們經常創造 TikTok 潮流。

Perfect. Thank you and good luck for the rest of the year.

完美的。謝謝您，祝您今年餘下的時間一切順利。

Thank you, Eric.

謝謝你，埃里克。

Keegan Cox, D.A. Davidson.

基根‧考克斯 (Keegan Cox)、地方檢察官戴維森 (D.A. Davidson)。

Good morning and congrats on the quarter.

早安，恭喜本季取得佳績。

Appreciate it.

非常感謝。

Thank you.

謝謝。

Yeah. So my question is on -- you guys had strong growth in all three of your segments, but the one that stood out to me was the retail results were very strong. I was kind of just wondering if you could provide some color on how the company-operated stores performed versus your expectations?

是的。所以我的問題是——你們的三個部門都實現了強勁成長，但對我來說最突出的是零售業績非常強勁。我只是想知道您是否可以提供一些關於公司經營的商店的表現與您的預期如何的資訊？

I'll take that one. So thanks for the question, Keegan. Definitely, we are very pleased with how our stores have performed during the quarter. As I mentioned in our remarks, all 4 levers were positive. Traffic was up about 3%, national traffic or domestic traffic in US, at least the data that we get was down 3%.

我要那個。謝謝你的提問，基岡。毫無疑問，我們對本季商店的表現非常滿意。正如我在我們的評論中提到的，所有 4 個槓桿都是正面的。流量上漲了約 3%，無論是全國流量或美國國內流量，至少我們得到的數據都下降了 3%。

So that's a big delta. And on top of that, with higher traffic, we were able to increase our conversion and we were also able to drive units per transaction as well as with lower discounts, our average unit retail has gone up. So again, all these levers were moving in the right direction. Very pleased how our teams were able to execute.

所以這是一個很大的差異。除此之外，隨著客流量的增加，我們能夠提高轉換率，也能夠提高每筆交易的單位數，而且由於折扣較低，我們的平均零售單位數也上升了。所以，所有這些槓桿都朝著正確的方向發展。非常高興我們的團隊能夠順利完成任務。

And this is the combination of some of the things that Sharon talked about, having the right product, having the right service model in our stores and really capitalizing on the traffic that our marketing and our teams are delivering. So overall, a very successful quarter.

這就是 Sharon 談到的一些事情的結合，在我們的商店中擁有正確的產品、正確的服務模式，並真正利用我們的行銷和團隊所帶來的流量。總體而言，這是一個非常成功的季度。

I'd also just note that, that traffic delta is a strong support point on the fact that Build-A-Bear is a destination. People plan their trip to Build-A-Bear. We -- the best we can do from a research perspective is asking guests and making some assumptions.

我還想指出的是，流量增量是 Build-A-Bear 成為目的地的有力支持點。人們計劃前往 Build-A-Bear 的旅行。從研究角度來看，我們能做的最好的事情就是詢問客人並做出一些假設。

But our assumptions is that between 60% and 80% of trips that are made to Build-A-Bear are planned in advance. And a lot of that has to do with the fact that we are associated with celebrations with moments in time, with families coming together, whether it's birthdays or graduations. And so they're making special trips to come to Build-A-Bear. So that bodes well in this type of environment.

但我們假設，前往 Build-A-Bear 的 60% 到 80% 的行程都是提前規劃好的。這在很大程度上是因為我們喜歡慶祝某個時刻，喜歡家人團聚，無論是生日還是畢業典禮。因此他們特意來到 Build-A-Bear。所以這在這種環境下是一個好兆頭。

Great. And then just one follow-up. Just an update on your partner-operated store line. I was just wondering who are these partners? Are they kind of larger firms opening multiple stores? And are you seeking any leads for partner-operated stores?

偉大的。然後只需進行一次跟進。這只是有關您的合作夥伴經營的商店系列的最新消息。我只是想知道這些合作夥伴是誰？他們是那種開設多家商店的大型公司嗎？您是否正在尋找合作夥伴經營的商店的線索？

They are -- in their markets and sometimes beyond well-known partners, Giochi Preziosi as well as we have big players in South America, Nordics. I hand it over to Chris, if you want to add any more color.

他們在他們的市場上，有時超越知名的合作夥伴，Giochi Preziosi，以及我們在南美洲、北歐的大公司。如果您想添加更多顏色，我會將其交給克里斯。

Yeah. Domestically, long relationship with Great Wolf Lodge, Kalahari, Carnival Cruise Line, as I mentioned. Internationally, as Sharon mentioned, Giochi Preziosi, who have multiple toy store locations and a big presence in Italy. That's our partner, [Intersource Anvil]. These are distributors of toys that actually also own toy stores as well that we partner with in these locations.

是的。在國內，如我所提到的，與 Great Wolf Lodge、Kalahari、嘉年華郵輪公司有著長期的合作關係。在國際上，正如 Sharon 所提到的，Giochi Preziosi 擁有多家玩具店，在義大利佔有很大的市場份額。那是我們的合作夥伴，[Intersource Anvil]。這些玩具經銷商實際上也擁有玩具店，我們在這些地方與他們合作。

We're very, very careful to make sure that they can deliver the Build-A-Bear brand experience in these areas. And lots of times, most of the time, they are shop-in-shop in toy stores located in these countries.

我們非常非常小心地確保他們能夠在這些地區提供 Build-A-Bear 品牌體驗。很多時候，大多數時候，他們都在這些國家的玩具店裡進行店中店銷售。

To your second question, yes, for certain markets, now we are in negotiations with a number of regions and countries. But I'd note that we have a very high bar on our expectations from a partnership perspective, and it's absolutely crucial that we believe a partner-operated group can deliver the experience because that is the underlying power of the Build-A-Bear brand. And not everyone is capable of that kind of training and process and oversight.

對於您的第二個問題，是的，對於某些市場，現在我們正在與一些地區和國家進行談判。但我要指出的是，從合作的角度來看，我們對自己的期望非常高，而且我們相信合作夥伴經營的團體能夠提供這樣的體驗是絕對至關重要的，因為這是 Build-A-Bear 品牌的根本力量。並不是每個人都有能力接受這種訓練、流程和監督。

Thank you. Greg Gibas, Northland Securities.

謝謝。吉巴斯（Greg Gibas），北國證券公司。

Great. Good morning, Sharon and Boy. Congrats on the record results. I wanted to follow up. It's great to see the continued progress with Mini Beans. It sounds like some new introductions this year after the 50 new ones you had last year.

偉大的。早上好，莎倫和博伊。恭喜你取得創紀錄的成績。我想跟進一下。很高興看到 Mini Beans 不斷取得進展。聽起來，繼去年引進 50 個新產品之後，今年又引進了一些新產品。

You talked about the introduction in retailers outside of the Build-A-Bear workshop already. I wanted to see if you could provide some color on kind of where you're placing them and plans for continued expansion there.

您已經談到了在 Build-A-Bear 工作室之外的零售商中的介紹。我想看看您是否可以提供一些關於您將它們放置在哪裡以及在那裡繼續擴展的計劃的資訊。

We're placing them interestingly, some of the partners that we noted outside the United States in their own toy stores, but we've also recently started a smaller test approach in the United States. And Chris, again, if you want to add some color to that, feel free.

有趣的是，我們將它們放置在一些我們在美國境外注意到的合作夥伴自己的玩具商店中，但我們最近也在美國開始了小規模的測試方式。克里斯，如果你想添加一些色彩，請隨意。

Yeah. We've had a relationship with Hudson, which is inside of airports, where there is a wholesale model where we have already [stuffed furry friends] that you can do clothing and accessories in those locations. And we've added Mini Beans into several of those locations.

是的。我們與 Hudson 建立了合作關係，該公司在機場內採用批發模式，我們已經在其中 [填充毛茸茸的朋友] 可以在這些地方生產服裝和配件。我們已經在其中幾個地方添加了 Mini Beans。

Apple green is a travel type of location retail store, and we've added Mini Beans into 50 of those locations here domestically. And as Sharon mentioned, we've also added Mini Beans into locations with our partners in Italy and in the Nordics.

Apple green 是一家旅遊類型的定位零售店，我們已在國內 50 家此類門市中增加了 Mini Beans。正如 Sharon 所提到的，我們也在義大利和北歐的合作夥伴處增加了 Mini Beans。

Great. That's good to hear. And if I could follow up on the kind of commentary on the updated outlook. Could you maybe dive into a little bit more of the incremental impact you're expecting from tariffs, I guess, with the updated guidance relative to your previous? I think you previously said maybe a $5 million impact. Now it's kind of less than $10 million. Just, I guess, the assumptions that go into the updated pretax income outlook.

偉大的。聽到這個消息真好。我是否可以對更新後的展望發表後續評論。我想，您能否更深入地談談您預期關稅將帶來的增量影響，以及相對於先前更新後的指導方針？我想您之前說過可能影響 500 萬美元。現在差不多不到 1000 萬美元了。我猜，這只是更新後的稅前收入前景中的假設。

Yes. So what we mentioned on our call, like our new pretax range now $61 million to $67 million. This range reflects less than $10 million net of mitigation impact of tariffs and associated costs as well, as you know, we haven't changed our expectations about additional $5 million of related cost to medical and labor costs that we mentioned on our last call.

是的。因此，我們在電話會議上提到，我們的新稅前範圍現在是 6,100 萬美元到 6,700 萬美元。這一範圍反映出扣除關稅和相關成本的緩解影響後不到 1000 萬美元，正如您所知，我們並沒有改變上次電話會議上提到的有關醫療和勞動力成本額外 500 萬美元相關成本的預期。

We are still working through a lot of these mitigations. There is a lot of work that teams are doing to move production to look at ways to mitigate some of the things from the organizational perspective, supply chain perspective.

我們仍在努力採取許多此類緩解措施。團隊正在做大量工作來推動生產，從組織角度、供應鏈角度尋找緩解某些問題的方法。

So there's been a lot of work in that arena. And with successful momentum that we are seeing in our business with things that are within our control, the success of our product and our marketing activities, we were confident to reiterate our revenue guidance. But with some of these additional costs, we lowered our pretax expectations for the year.

因此，我們在該領域已經開展了大量工作。並且，隨著我們在業務中看到的成功勢頭以及我們控制範圍內的事情、我們產品和行銷活動的成功，我們有信心重申我們的收入預期。但由於這些額外成本，我們降低了今年的稅前預期。

Makes sense. And yes, great to hear about the kind of diversification of sourcing there. Thanks again.

有道理。是的，很高興聽到那裡採購的多樣化。再次感謝。

Thank you.

謝謝。

(Operator Instructions) Steve Silver, Argus Research.

（操作員指示）史蒂夫·西爾弗（Steve Silver），Argus Research。

Thanks operator, and I'd like to offer my congratulations as well. It sounds like the company is continuing to make significant progress in just the expansion of the country count outside the US, it's up to 30 already. I'm curious as to how the company is able to access information about how some of these launches are going in new countries and just really the decision-making that goes into really expanding within a current market versus entering new markets in these partnerships. Just trying to get a sense as to how responsive some of these partners can be in terms of adding new locations in current markets versus new ones?

謝謝接線員，我也想向您表示祝賀。聽起來該公司在美國以外的國家數量擴張方面繼續取得重大進展，目前已達到 30 個。我很好奇，該公司如何能夠獲取有關這些產品在新國家/地區發布情況的信息，以及如何做出在現有市場內進行真正擴張而不是通過這些合作夥伴關係進入新市場的決策。只是想了解這些合作夥伴對於在現有市場或新市場增加新地點的反應如何？

Thanks, Steve. I mean, one of the tenets of global expansion is often to work with experts in their own markets, where we expand -- we own and operate most of our stores in the United States with some partners that are associated with hospitality because that's a different kind of relationship.

謝謝，史蒂夫。我的意思是，全球擴張的原則之一往往是與各自市場的專家合作，我們在當地進行擴張——我們在美國擁有並經營著大部分商店，合作夥伴都是一些與酒店業相關的合作夥伴，因為這是一種不同的關係。

But looking into other countries, we're neither experts in the mall, the retail environment, we don't have those relationships. So we like to find these partners, as I mentioned, which have very high bar on how they would operate. And of course, there's criteria around the relationship as well as the contracts associated with the use of the brand, the growth of the brand.

但放眼其他國家，我們既不是商場的專家，也不是零售環境的專家，我們也沒有這些關係。因此，正如我所提到的，我們希望找到這些對營運方式有很高標準的合作夥伴。當然，還有與品牌使用、品牌發展相關的關係和合約的標準。

And we, as management, approve those plans and work with those teams to build out what we believe is the proper and robust market penetration in each one of those countries. I mean this is pretty typical stuff, whether it's franchising or partner-operated, which happens to be two different models.

作為管理層，我們批准這些計劃，並與這些團隊合作，在每個國家建立我們認為適當且強勁的市場滲透率。我的意思是，這是非常典型的事情，無論是特許經營還是合作經營，這恰好是兩種不同的模式。

But -- and that's one of the reasons why we wanted to note in Chris' comments, the enthusiasm that we're seeing is a reflection of the success that we're having across many of these markets. I mean, clearly, these are business people as well. They don't have any intention of continuing to drive new locations if already opened locations are not seeing success.

但是——這也是我們想在克里斯的評論中指出的原因之一，我們所看到的熱情反映了我們在許多市場所取得的成功。我的意思是，顯然這些人也是商人。如果已經開設的門市沒有成功​​，他們就沒有繼續開設新店的打算。

So we wanted to specifically call that out because it's the best evidence of the success that we're seeing. So we're excited about it. And some of these countries like Estonia, when we had the lines around the mall, we were more like do people know what Build-A-Bear is in Estonia -- well, we're in a whole new world now of TikTok, social media, kids seem to know what Build-A-Bear is in Estonia, just FYI for all on the call. And it comes back to that Teddy Bear hug. And so even if you don't know and you see this line and you get in it, it's still a delightful experience.

因此，我們想特別指出這一點，因為這是我們所看到的成功的最佳證據。所以我們對此感到很興奮。在一些國家，例如愛沙尼亞，當我們在購物中心周圍排隊時，我們更想知道人們是否知道愛沙尼亞的 Build-A-Bear 是什麼——好吧，我們現在處於一個全新的世界，有了 TikTok 和社交媒體，孩子們似乎知道愛沙尼亞的 Build-A-Bear 是什麼，僅供所有參加電話會議的人參考。這又回到了泰迪熊的擁抱。所以，即使你不知道，但看到這條線並進入其中，這仍然是一次愉快的經歷。

So I'm really heartened by what's going on in that area of our business. And on a business -- from beyond just that we're spreading Teddy Bear joy around the world, we'll put that over here in a box, that it is, as Voin mentioned in his remarks, the continued global expansion of Build-A-Bear has been on our radar for a long time, and we've had these disruptions that I mentioned painfully in my remarks. And I feel like, too, in this particular environment that global, as Voin used the word hedge is also extremely important to understand right now.

因此，我對我們業務領域所取得的進展感到非常振奮。就業務而言——我們不僅僅是在世界各地傳播泰迪熊的歡樂，我們還會把它放在一個盒子裡，正如沃因在講話中提到的那樣，Build-A-Bear 的持續全球擴張已經在我們的關注範圍內很長時間了，我們也遇到了一些中斷，我在講話中痛苦地提到了這些中斷。而且我覺得，在這種全球特定環境下，正如 Voin 所使用的，「對沖」這個詞現在也極為重要。

Great. And so one more, if I may. With the Q1 strong results in the retail channel, traffic seems to be holding steady in terms of the delta between the national trends but the positive read-through, I guess, the conversion and volume sales. Would you attribute a lot of that to just organic demand? Or do you think that there was any consumer action maybe just trying to get ahead of pricing in the broader economy?

偉大的。如果可以的話，我再說一次。由於第一季零售通路業績強勁，從全國趨勢的差異來看，流量似乎保持穩定，但從正面的解讀來看，我猜是轉換率和銷售量。您是否認為這很大程度只是由於有機需求？或者您認為消費者採取的任何行動可能只是為了領先整體經濟的定價？

Just trying to get a sense as to the in-store trends that you might have seen in Q1.

只是想了解您可能在第一季看到的店內趨勢。

That's an interesting question because I know there is a lot of discussion out there about pull forward. We are of the belief that people tend not to hoard Teddy Bears. We can have that discussion. But particularly where the majority of our sales are about the experience as much as the end result, the item, the bear.

這是一個有趣的問題，因為我知道關於向前拉有很多討論。我們相信人們往往不會囤積泰迪熊。我們可以進行這個討論。但特別是我們的大部分銷售都與體驗有關，與最終結果、產品和熊有關。

So you can't hoard an experience. And so when you think through it that way, even though there may be some of that on the collector side, which is a small portion of our business, it's probably not material.

所以你不能囤積經驗。所以當你這樣想的時候，儘管收集器方面可能存在一些問題，但這只是我們業務的一小部分，所以它可能並不重要。

Okay, great. Thanks for the additional color, and congratulations again.

好的，太好了。感謝您添加的顏色，再次恭喜。

Thank you.

謝謝。

We have no further questions at this time, Ms. John, I'd like to turn the floor back over to you for closing comments.

約翰女士，我們現在沒有其他問題，我想把發言權交還給您，請您發表最後評論。

Yeah. Thank you so much for joining us today, and we appreciate you being here to hear our record-breaking results for first quarter fiscal 2025, and look forward to getting back together on our second-quarter call, hope to see you at some of our investor conferences. Have a great day.

是的。非常感謝您今天加入我們，我們感謝您來這裡聽取我們 2025 財年第一季創紀錄的業績，並期待在第二季度電話會議上再次相聚，希望在我們的一些投資者會議上見到您。祝你有美好的一天。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與，祝您有美好的一天。