Byrna Technologies Inc (BYRN) 2024 Q3 法說會逐字稿

Good morning, and welcome to Byrna's fiscal third-quarter 2024 earnings conference call.

早上好，歡迎參加 Byrna 2024 年第三季財報電話會議。

My name is Kevin, and I'll be your operator for today's call.

我叫凱文，我將擔任今天電話的接線生。

Joining us for today's presentation are the company's CEO, Bryan Ganz; and CFO, Lauri Kearnes.

加入我們今天的演講的是該公司的執行長 Bryan Ganz；財務長勞瑞‧卡恩斯 (Lauri Kearnes)。

Following the remarks, we'll open the call to questions.

發言結束後，我們將開始提問。

Earlier today, Byrna released results for its fiscal third quarter ended August 31, 2024.

今天早些時候，Byrna 發布了截至 2024 年 8 月 31 日的第三財季業績。

A copy of the press release is available on the company's website.

該新聞稿的副本可在該公司網站上取得。

Before I turn the call over to Bryan Ganz, Byrna Technologies Chief Executive Officer, I'll read the Safe Harbor Statement.

在我將電話轉給 Byrna Technologies 執行長 Bryan Ganz 之前，我將閱讀安全港聲明。

Some discussions held today include forward-looking statements.

今天舉行的一些討論包括前瞻性陳述。

Actual results could differ materially from the statements made today.

實際結果可能與今天的聲明有重大差異。

Please refer to Byrna's most recent 10-K and 10-Q filings for more complete description of risk factors that could affect these projections and assumptions.

請參閱 Byrna 最近的 10-K 和 10-Q 文件，以了解可能影響這些預測和假設的風險因素的更完整描述。

The company assumes no obligations to update forward-looking statements as a result of new information, future events or otherwise.

本公司不承擔因新資訊、未來事件或其他原因而更新前瞻性陳述的義務。

As this call will include references to non-GAAP results, please see the press release in the Investors section of our website, ir.byrna.com. For further information regarding forward-looking statements and reconciliations of non-GAAP results to GAAP results.

由於本次電話會議將引用非 GAAP 業績，請參閱我們網站 ir.byrna.com 投資者部分的新聞稿。有關前瞻性陳述以及非公認會計原則結果與公認會計原則結果的調節的更多資訊。

Now I'd like to turn the call over to Byrna's CEO, Bryan Ganz.

現在我想將電話轉給 Byrna 的執行長 Bryan Ganz。

Sir, please proceed.

先生，請繼續。

Thank you, Kevin, and thank you, everyone, for joining us today.

謝謝你，凱文，也謝謝大家今天加入我們。

This morning, we issued a press release providing our financial results for the fiscal third quarter ended August 31, 2024, as well as highlighting key business accomplishments for the quarter.

今天上午，我們發布了一份新聞稿，提供了截至 2024 年 8 月 31 日的第三財季的財務業績，並強調了該季度的主要業務成就。

We'll be filing our 10-Q with the SEC on Friday of this week.

我們將於本週五向 SEC 提交 10-Q 報告。

I'll start by passing the call to Lauri Kearnes, our CFO, who will discuss our financial results for the third quarter.

首先，我將把電話轉給我們的財務長勞瑞‧卡恩斯 (Lauri Kearnes)，他將討論我們第三季的財務表現。

Following her remarks, I'll review the operational highlights for the third quarter, which resulted in a record $20.9 million of revenue and our continued GAAP and non-GAAP EBITDA profitability.

在她的演講之後，我將回顧第三季度的營運亮點，該季度實現了創紀錄的 2090 萬美元收入以及我們持續的 GAAP 和非 GAAP EBITDA 盈利能力。

I will then offer insights into our go-forward strategy.

然後我將提供有關我們前進策略的見解。

Lastly, I'll open the call to questions from our covering research analysts.

最後，我將開始接受我們的研究分析師的提問。

Lauri?

勞裡？

Thank you, Bryan, and good morning, everyone.

謝謝布萊恩，大家早安。

Let's review our financial results for the fiscal Q3 ended August 31, 2024.

讓我們回顧一下截至 2024 年 8 月 31 日的第三財季的財務表現。

Net revenue for Q3 2024 was $20.9 million, a 194% jump from the $7.1 million reported in the fiscal third quarter of 2023.

2024 年第三季的淨收入為 2,090 萬美元，比 2023 年第三財季的 710 萬美元成長 194%。

This $13.8 million increase is primarily due to the transformational shift in our advertising strategy, which began in September 2023.

這一 1380 萬美元的成長主要是由於我們在 2023 年 9 月開始的廣告策略的轉型。

The ongoing success of our celebrity endorsement strategy helps drive the $10.5 million increase in direct-to-consumer revenues through our website in Amazon compared to the prior year period.

我們的名人代言策略持續取得成功，幫助我們透過亞馬遜網站直接面向消費者的收入比去年同期增加了 1,050 萬美元。

For the first nine months of 2024, net revenue totaled $57.8 million, which is up 114% from $27 million in the first nine months of 2023.

2024 年前 9 個月，淨收入總計 5,780 萬美元，比 2023 年前 9 個月的 2,700 萬美元增長 114%。

Gross profit for Q3 2024 was $13 million or 62.4% of net revenue. compared to $3.2 million or 44.6% of net revenue for Q3 2023.

2024 年第三季的毛利為 1,300 萬美元，佔淨收入的 62.4%。相比之下，2023 年第三季淨收入為 320 萬美元，佔淨收入的 44.6%。

The improvement in gross profit margin is largely attributable to additional sales through our higher-margin DTC channels and intensive cost component reduction effort, which was spearheaded by Byrna's engineering team, and the economies of scale resulted -- resulting from increased production volumes.

毛利率的增加很大程度上歸功於我們透過利潤率較高的 DTC 管道實現的額外銷售，以及由 Byrna 工程團隊帶頭的密集成本削減工作，以及產量增加帶來的規模經濟。

For the first nine months of 2024, gross profit was $35.2 million or 60.9% of net revenue. compared to $14.6 million or 54.1% of net revenue for the same period in 2023.

2024 年前 9 個月，毛利為 3,520 萬美元，佔淨收入的 60.9%。相較之下，2023 年同期為 1,460 萬美元，佔淨收入的 54.1%。

Operating expenses for Q3 2024 were $12.2 million compared to $7.3 million for Q3 2023.

2024 年第三季的營運費用為 1,220 萬美元，而 2023 年第三季的營運費用為 730 萬美元。

The increase in operating expenses was driven by an increase in variable selling costs such as freight and sales transaction processing fees.

營運費用的增加是由於運費和銷售交易處理費等變動銷售成本的增加所致。

An increase in marketing spends related to the company's new advertising strategy and an increase in payroll primarily in marketing and engineering as the company made focused improvements in these areas.

行銷支出的增加與公司新的廣告策略有關，並且隨著公司在這些領域的重點改進，主要在行銷和工程方面的工資增加。

For the first nine months of 2024, operating expenses were $32.6 million compared to $21.5 million for the same period in 2023, reflecting a 52% year-over-year increase.

2024 年前 9 個月，營運費用為 3,260 萬美元，而 2023 年同期為 2,150 萬美元，年增 52%。

Net income for Q3 2024 was $1 million, a $5.1 million improvement from a net loss of $4.1 million for Q3 2023.

2024 年第三季的淨利潤為 100 萬美元，比 2023 年第三季的淨虧損 410 萬美元增加了 510 萬美元。

For the first nine months of 2024, net income was $3.1 million compared to a net loss of $7.4 million in the first nine months of 2023, which was a $10.5 million improvement.

2024 年前 9 個月的淨利潤為 310 萬美元，而 2023 年前 9 個月的淨虧損為 740 萬美元，減少了 1,050 萬美元。

Adjusted EBITDA, a non-GAAP metric, for Q3 2024 totaled $1.9 million compared to a negative $2.4 million for Q3 2023.

2024 年第三季調整後 EBITDA（非 GAAP 指標）總計 190 萬美元，而 2023 年第三季為負 240 萬美元。

This brings adjusted EBITDA for the first nine months to $6.3 million, an $8.1 million (sic – see press release, "$8.5 million") improvement from the prior year.

這使得前 9 個月的調整後 EBITDA 達到 630 萬美元，比上年增加 810 萬美元（原文如此 — 參見新聞稿，「850 萬美元」）。

Cash and cash equivalents at August 31, 2024, and totaled $20.1 million compared to $20.5 million at November 30, 2023.

截至 2024 年 8 月 31 日，現金及現金等價物總額為 2,010 萬美元，而 2023 年 11 月 30 日為 2,050 萬美元。

Inventory at August 31, 2024, totaled $19.8 million compared to $13.9 million at November 30, 2023.

截至 2024 年 8 月 31 日的庫存總額為 1,980 萬美元，而 2023 年 11 月 30 日的庫存總額為 1,390 萬美元。

The company has no current or long-term debt.

該公司沒有當前或長期債務。

I'll now turn the call back over to Bryan.

我現在將把電話轉回給布萊恩。

Thanks, Lauri.

謝謝，勞裡。

As you can see from the financial results, we are continuing to see significant growth even during what is traditionally, a seasonally slow quarter for us with the dog days of summer.

正如您從財務表現中看到的那樣，即使在傳統上三伏天的季節性淡季，我們仍繼續看到顯著增長。

For the quarter, revenues were up 194% compared to the same period last year.

該季度營收較去年同期成長 194%。

For the full year, revenues are expected to be up by almost 100%.

全年收入預計將成長近 100%。

What we didn't initially expect sequential growth from Q2 to Q3, which was now our fourth consecutive quarter of sequential growth, the seasonal -- the slow seasonal effect of Q3 was overwhelmed by the strong growth for Byrna.

我們最初沒有預料到從第二季到第三季的連續成長，現在是我們連續第四個季度的連續成長，季節性——第三季的緩慢季節性效應被 Byrna 的強勁成長所淹沒。

The four quarters of sequential growth highlights the continued impact our celebrity endorsement advertising strategy.

四個季度的連續成長凸顯了我們的名人代言廣告策略的持續影響。

And I think also the ongoing normalization of both less-lethal product category and Byrna's growing brand awareness.

我還認為，低致命性產品類別的持續正常化和 Byrna 不斷增長的品牌知名度。

Since launching the celebrity endorsement advertising program in Q4 of last year, we've consistently maintained a minimum ROE or return on advertising spend of at least 5x, which is highly accretive to Byrna's bottom line.

自去年第四季推出名人代言廣告計畫以來，我們一直保持至少 5 倍的最低 ROE 或廣告支出回報率，這對 Byrna 的利潤有很大的增加。

This has resulted in driving Byrna to profitability.

這使得 Byrna 實現了盈利。

As a result of this, Byrna is now a stable, profitable enterprise with positive cash flow and as Lauri mentioned, approximately $20 million of cash in the bank.

因此，Byrna 現在是一家穩定、盈利的企業，擁有正現金流，正如 Lauri 所提到的，銀行裡有大約 2000 萬美元的現金。

Today, we are working with more than 10 celebrity influencers who are actively evangelizing Byrna's less-lethal mission and helping to normalize less-lethal weapons as a legitimate alternative to lethal force.

今天，我們正在與 10 多位有影響力的名人合作，他們積極宣傳拜納的低致命使命，並幫助使低致命武器正常化，作為致命武力的合法替代品。

Most importantly, we are continuing to see success with a number of influencers that have been on board for many months, including Glenn Beck, Bill O'Reilly, Judge Jeanine Puro, Dan Bongino, and Jesse Kelly.

最重要的是，我們繼續看到一些已經加入幾個月的影響者的成功，包括 Glenn Beck、Bill O'Reilly、Jeanine Puro 法官、Dan Bongino 和 Jesse Kelly。

In fact, Sean Hannity, our original celebrity endorser has been promoting Byrna for well over a year now and is still generating more than $1 million a month in sales.

事實上，我們最初的名人代言人 Sean Hannity 已經宣傳 Byrna 一年多了，每月的銷售額仍然超過 100 萬美元。

Our high-margin DTC or direct-to-consumer business continues to be the dominant factor in our sales growth.

我們的高利潤 DTC 或直接面向消費者的業務仍然是我們銷售成長的主導因素。

Of the $20.9 million in revenue in Q3, DTC sales on byrna.com and amazon.com accounted for $15.5 million or 74% of total sales compared to just $5 million or 70% of total revenue in the same period last year.

在第三季2,090 萬美元的營收中，byrna.com 和amazon.com 上的DTC 銷售額佔1,550 萬美元，佔總銷售額的74%，而去年同期僅為500 萬美元，佔總營收的70 %。

Keep in mind that the DTC sales channel is our highest margin sales channel with a gross profit percentage of 68.7% in this past quarter.

請記住，DTC 銷售通路是我們利潤率最高的銷售管道，上個季度的毛利率為 68.7%。

While we were initially focused solely on terrestrial radio, when we pivoted away from social media advertising, we have since expanded to additional advertising mediums, including podcast and TV.

雖然我們最初只專注於地面廣播，但當我們遠離社群媒體廣告時，我們已擴展到其他廣告媒體，包括播客和電視。

Keep in mind that the reason our advertising program is generating such strong results, however, is not the medium.

但請記住，我們的廣告計劃產生如此強勁成果的原因不是媒介。

It's the endorser.

這是代言人。

As I've said before, we took a page out of Phil Knight's playbook at Nike by using celebrity endorsers.

正如我之前所說，我們借鑒了菲爾奈特 (Phil Knight) 在耐吉的做法，並利用了名人代言人。

That said, we are now beginning to run traditional 30-second ads on Newsmax.

也就是說，我們現在開始在 Newsmax 上投放傳統的 30 秒廣告。

These ads do not feature an endorser and they're doing extremely well, generating a 6.3x ROAS since the inception and a 5.6x ROAS over the past 13 weeks.

這些廣告沒有代言人，但效果非常好，自推出以來產生了 6.3 倍的 ROAS，在過去 13 週內產生了 5.6 倍的 ROAS。

Based on our success with Newsmax we started advertising on TBN and NewsNation and we have been approached by OEN and the CW.

基於 Newsmax 的成功，我們開始在 TBN 和 NewsNation 上做廣告，OEN 和 CW 也與我們聯繫。

As Byrna gains greater brand awareness and the less-lethal industry gains greater public acceptance we expect that additional broadcast and cable networks will start to allow us to advertise.

隨著 Byrna 獲得更高的品牌知名度，以及殺傷力較低的行業獲得更多公眾認可，我們預計更多的廣播和有線電視網絡將開始允許我們做廣告。

In fact, personally, I suspect that it's only a matter of time before we're able to run our ads on Fox, CNN, and MSNBC.

事實上，就我個人而言，我懷疑我們能夠在福斯、CNN 和 MSNBC 上投放廣告只是時間問題。

Even without the ability currently to advertise on these mainstream broadcast and cable networks, we believe that there is still significant upside growth to be had simply by expanding our roster of celebrity endorsers on terrestrial radio, podcast, and the smaller cable networks.

即使目前沒有能力在這些主流廣播和有線電視網絡上做廣告，我們相信，只需擴大我們在地面廣播、播客和小型有線電視網絡上的名人代言人名單，仍然可以實現顯著的增長。

Currently, we are working with celebrity endorsers across several platforms including iHeart, Westwood One, Salem Media, and Radio America, among others.

目前，我們正在與 iHeart、Westwood One、Salem Media 和 Radio America 等多個平台的名人代言人合作。

Not only does each of these networks have many additional celebrity endorsers that we can work with, but there are also a number of other networks that we have not even begun to tap into.

這些網路不僅擁有許多我們可以合作的額外名人代言人，而且還有許多我們尚未開始利用的其他網路。

Looking ahead, we plan to continue growing our celebrity influencer program by adding two to three additional personalities each quarter.

展望未來，我們計劃每季增加兩到三位名人，並繼續發展我們的名人影響者計畫。

We recently signed Governor Mike Huckabee on TBN, and we have agreements in place with Nephew Tommy of the Steve Harvey Show and Dave Ramsey, two extremely well-known celebrities.

我們最近在 TBN 上簽下了州長 Mike Huckabee，我們還與 Steve Harvey Show 的侄子 Tommy 和戴夫·拉姆齊（Dave Ramsey）這兩位非常知名的名人簽署了協議。

These celebrities are set to kick off in the next few months.

這些名人將在未來幾個月內開始。

In addition to our paid advertising, we have been pursuing the earned media route with the help of a public relations firm.

除了付費廣告之外，我們還在公關公司的幫助下走上了免費媒體路線。

Our goal is to both drive brand awareness for Byrna and continue to normalize the less-lethal industry.

我們的目標是提高 Byrna 的品牌知名度，並繼續使低致命產業正常化。

To date, Byrna has been featured on more than two dozen news programs on channels such as ABC, Fox, Newsmax, NewsNation, and numerous local radio and television shows.

迄今為止，Byrna 已出現在 ABC、Fox、Newsmax、NewsNation 等頻道的兩打新聞節目以及許多當地廣播和電視節目中。

Interestingly, not every interview is about the benefits of less lethal.

有趣的是，並不是每次訪談都是關於低致命性的好處。

Many of these interviews are simply about business like the port strike or inflation or law enforcement topics such as school shootings or the trouble at the border.

其中許多訪談只是關於港口罷工或通貨膨脹等商業問題，或諸如學校槍擊或邊境問題等執法話題。

Nevertheless, these interviews help legitimize Byrna and establish me, Luan Pham, our Sales and Marketing Officer; and Josh Schirard, Head of Law Enforcement as credible spokespeople.

儘管如此，這些訪談有助於讓 Byrna 合法化，並讓我 Lu​​an Pham 成為我們的銷售和行銷長；執法部門負責人喬希·施拉德 (Josh Schirard) 作為可信的發言人。

While the goal is not necessarily to drive immediate sales, when I was on Fox News with Dana Perino last week, web sessions jumped from 200 people to more than 1,900 people while I was on air and drove record revenues for a day in which we are not running a sale which proves that when people learn about Byrna and the nonlethal industry sales go up.

雖然目標不一定是立即推動銷售，但當我上週與 Dana Perino 一起在福克斯新聞節目中時，網絡會話人數從 200 人躍升至 1,900 多人，並創下了我們當天的收入記錄。這證明當人們了解Byrna 和非致命行業時，銷售就會上升。

The added benefit is that it drives people to look for Byrna, not just online but also at brick-and-mortar stores.

額外的好處是，它促使人們不僅在網路上而且在實體店面尋找 Byrna。

Over the last few weeks, Bass Pro Shop and Cabela has upgraded our status from a regional pilot program to international account.

在過去的幾周里，Bass Pro Shop 和 Cabela 將我們的地位從區域試點計劃升級為國際帳戶。

This increased our store count from 42 stores to 137 stores and allowed us to bring on a significant number of additional new products.

這使我們的商店數量從 42 家增加到 137 家，並使我們能夠推出大量額外的新產品。

At the same time, both Sportsman's Warehouse and Buymart substantially increased their purchases in anticipation of the upcoming holiday season due to strong customer interest and a growing acceptance of less lethal as a legitimate alternative to lethal force.

同時，由於消費者興趣濃厚，且越來越多地接受非致命武器作為致命武力的合法替代品，Sportsman's Warehouse 和 Buymart 都大幅增加了對即將到來的假期的購買量。

As these outlets increased their efforts to move to Byrna, we are hopeful that we can convince them to open stores within a store.

隨著這些商店加大力度遷往拜納，我們希望能夠說服他們在店內開店。

This model has proven quite successful at a number of FFL gun stores, and I think can be successfully adopted by these big box retailers.

事實證明，這種模式在許多 FFL 槍支商店中非常成功，我認為這些大型零售商也可以成功採用。

With the new partnerships kicking off at the end of the fourth quarter, we expect our discretionary marketing spend to tick up by $200,000 a month this quarter.

隨著新的合作夥伴關係於第四季末啟動，我們預計本季我們的可自由支配行銷支出每月將增加 20 萬美元。

As I look to 2025, we expect to further increase our budget for celebrity influencers by approximately 50% for the year as compared to our 2024 spend.

展望 2025 年，我們預計今年針對名人影響者的預算將比 2024 年的支出進一步增加約 50%。

We are holding our growth in advertising spend to 50% for 2025, as you need to keep in mind are a manufacturer and we cannot outpace our ability to produce launchers.

我們將 2025 年廣告支出的成長保持在 50%，因為您需要記住，我們是製造商，我們無法超越我們生產發射器的能力。

We are not selling insurance or software that can be easily downloaded.

我們不銷售保險或可以輕鬆下載的軟體。

We are selling complicated products built from over 100 parts most of which are unique custom-made components.

我們銷售由 100 多個零件製成的複雜產品，其中大部分是獨特的客製化組件。

Moreover, Byrna launchers must be airtight, holding air at over 800 psi.

此外，Byrna 發射器必須是氣密的，並且能夠保持空氣壓力超過 800 psi。

And of course, most importantly, they must be able to reliably stop an assailant.

當然，最重要的是，他們必須能夠可靠地阻止攻擊者。

Beyond our advertising efforts, we are actively expanding our retail store footprint as we see a strong opportunity to reach customers through dedicated Byrna retail stores.

除了我們的廣告努力之外，我們還積極擴大我們的零售店足跡，因為我們看到了透過專門的 Byrna 零售店接觸客戶的絕佳機會。

As of today, we have signed lease agreements for new stores in Nashville, Tennessee; Scottsdale, Arizona; and Salem, New Hampshire with plans to finalize a lease in Pasadena in the next few weeks.

截至今天，我們已經簽署了田納西州納許維爾新店的租賃協議；亞利桑那州斯科茨代爾；和新罕布夏州塞勒姆，計劃在未來幾週內敲定帕薩迪納的租約。

We also intend to open a retail location at our new Byrna ammo manufacturing facility in Fort Wayne.

我們還打算在韋恩堡的新 Byrna 彈藥製造工廠開設零售店。

These new stores are based on the successful proof of concept store that we opened in Las Vegas two years ago.

這些新店是基於我們兩年前在拉斯維加斯開設的成功概念店。

The Las Vegas store currently has a run rate of more than $1 million a year at a 65% gross profit margin with relatively modest operating cost when you compare it to other retail stores.

目前，拉斯維加斯店的年營業額超過 100 萬美元，毛利率為 65%，與其他零售店相比，營運成本相對較低。

At this level of sales, the Byrna store is generating contribution margins of approximately 35%.

在此銷售水準上，Byrna 商店的邊際貢獻率約為 35%。

Moreover, customers who demoed our products in-store convert at around 80% rate.

此外，在店內展示我們產品的顧客轉換率約為 80%。

That means 8 out of 10 people that shoot the products, buy a launcher.

這意味著十分之八的拍攝產品的人會購買發射器。

This compares to our online conversion rate of 1.2%.

相比之下，我們的線上轉換率為 1.2%。

We intend to open these new stores in the coming months with most of them opened by the end of this calendar year.

我們打算在未來幾個月內開設這些新店，其中大部分將於今年年底開幕。

Our goal is to use these stores to further validate and refine our store model as we prepare for a much broader rollout.

我們的目標是利用這些商店進一步驗證和完善我們的商店模型，為更廣泛的推廣做好準備。

Specifically, we plan to use these stores to perfect the look and feel of the physical premises develop the store operating manuals, build out the employee training programs, develop and debug the ERP and point-of-sale computer systems, work out the advertising strategies, and finalize the products and services to be offered at these stores.

具體來說，我們計劃利用這些商店來完善實體店面的外觀和感覺，制定商店操作手冊，制定員工培訓計劃，開發和調試 ERP 和銷售點計算機系統，制定廣告策略，並最終確定這些商店提供的產品和服務。

If the stores perform as expected, we will begin rolling out additional retail stores later next year.

如果這些商店的表現符合預期，我們將在明年晚些時候開始開設更多零售店。

We believe that the market could easily support 100 or more of these stores across the US.

我們相信市場可以輕鬆支持全美 100 家或更多此類商店。

The precise split between company-owned or franchise stores will be determined based on how quickly we feel that we could support the rollout of new stores from a product availability perspective.

公司自營店或特許經營店之間的精確劃分將根據我們認為從產品可用性角度支持新店推出的速度來確定。

In other words, how quickly can we manufacture the product to support these stores.

換句話說，我們能夠多快生產產品來支持這些商店。

If we believe we could roll out 100 stores in short order, we will need to rely more heavily on franchisees to be able to roll out such a large number of stores quickly.

如果我們相信可以在短時間內開設 100 家商店，我們將需要更多地依賴特許經營商才能快速開設如此大量的商店。

On the other hand, if we determined that we could only support 20 new stores a year, we will likely keep these as company-owned store operations because the margins, of course, are much, much higher.

另一方面，如果我們確定每年只能支持 20 家新店，我們可能會將這些商店保留為公司自營商店，因為利潤率當然要高得多。

We will update you in the near future as we open these locations.

當我們開設這些地點時，我們會在不久的將來向您通報最新情況。

On the international front, as our store model comes online, we're making strong progress overseas.

在國際方面，隨著我們的商店模式上線，我們在海外取得了強勁的進展。

As you may have seen, we made several announcements throughout the quarter that demonstrate our traction in Latin America and highlight the region's significant growth potential with deployments in Uruguay and the expanding programs in Argentina such as the airport security agency.

正如您可能已經看到的，我們在整個季度發布了幾項公告，展示了我們在拉丁美洲的吸引力，並突顯了該地區在烏拉圭的部署以及在阿根廷的機場安全機構等擴展項目的巨大增長潛力。

So we are now carried by every airport guard all through Argentina.

所以現在阿根廷各地的每個機場警衛都帶著我們。

We continue to be the leading solution as these large law enforcement agencies shift towards less legal alternatives.

隨著這些大型執法機構轉向不那麼合法的替代方案，我們仍然是領先的解決方案。

Because of this success in South America, we made the strategic decision in Q3 to transfer our 51% stake in Byrna LATAM to our joint venture partner, Fusady.

由於在南美取得的成功，我們在第三季做出了策略決策，將 Byrna LATAM 51% 的股權轉讓給我們的合資夥伴 Fusady。

We felt that the accounting and reporting requirements of a US public company limited the ability of our start-up company in Argentina to rapidly grow.

我們認為美國上市公司的會計和報告要求限制了我們在阿根廷的新創公司快速發展的能力。

This agreement enables Byrna to fully recognize the revenue from future sales to Byrna LatAm and also to earn royalties on every launcher produced in Argentina.

該協議使 Byrna 能夠充分確認未來向 Byrna LatAm 銷售的收入，並獲得阿根廷生產的每個發射器的特許權使用費。

The royalty starts at $45 per launcher and grows to $55 and $65, years two and three, respectively.

每個啟動器的特許權使用費起價為 45 美元，第二年和第三年分別增加到 55 美元和 65 美元。

Based on current projections, this should add more than $1 million in royalty income next year.

根據目前的預測，明年的特許權使用費收入將增加超過 100 萬美元。

By restructuring our relationship, we have optimized our ability to allocate resources more effectively while Byrna LatAm can now operate more nimbly on developing opportunities, particularly with major law enforcement agencies in the region.

透過重組我們的關係，我們優化了更有效地分配資源的能力，而 Byrna LatAm 現在可以更靈活地開發機會，特別是與該地區的主要執法機構合作。

We will provide dedicated support to Byrna LatAm as it pushes to gain access in key markets, particularly Brazil.

我們將為 Byrna LatAm 爭取進入關鍵市場（特別是巴西）的機會提供專門支援。

Importantly, this sale means that Byrna no longer needs to report for LatAm's losses as it's in its early years of operation in our financial statements. which will improve our reported net income and will allow us to focus on our core markets.

重要的是，此次出售意味著 Byrna 不再需要報告 LatAm 的損失，因為它在我們的財務報表中仍處於營運的早期階段。這將提高我們報告的淨利潤，並使我們能夠專注於我們的核心市場。

We have structured the deal so that we have the right to reacquire our stake in three years should Byrna LatAm reach critical scale and should it be able to implement the accounting and internal controls necessary to be part of a US public company.

我們設計了這筆交易，以便在 Byrna LatAm 達到臨界規模並且能夠實施成為美國上市公司一部分所需的會計和內部控制時，我們有權在三年內重新收購我們的股份。

In the meantime, Byrna will continue to manufacture Byrna products, maintain local inventory offer customer service in the local language, manage invoicing and collections in the local currency.

同時，Byrna 將繼續生產 Byrna 產品、維護本地庫存、以當地語言提供客戶服務、以當地貨幣管理發票和收款。

Ultimately, this move is expected to optimize operations and increase efficiencies across both North and South America.

最終，此舉預計將優化北美和南美的營運並提高效率。

This quarter, we also expanded our sales reach into Mexico.

本季度，我們也將銷售範圍擴大到墨西哥。

After working with our distributor in the country to partner with one of the country's government offices, we were able to create a federally certified training program for our products.

在與我們在該國的經銷商合作，並與該國的一個政府辦公室合作後，我們能夠為我們的產品創建一項聯邦認證的培訓計劃。

So this means that once a Mexican citizen completes the training program, they are able to legally use our launchers throughout the country.

因此，這意味著一旦墨西哥公民完成培訓計劃，他們就可以在全國範圍內合法使用我們的發射器。

In conclusion, as our international presence grows, particularly with our recent expansions in Latin America and Mexico, Byrna is experiencing very strong demand both -- across both consumer and institutional channels.

總而言之，隨著我們國際業務的成長，特別是我們最近在拉丁美洲和墨西哥的擴張，Byrna 在消費者和機構管道上都經歷了非常強勁的需求。

This has continued into the start of the fourth quarter.

這種情況一直持續到第四季初。

In September, our first month of the first quarter.

九月，我們第一季的第一個月。

And traditionally, our weakest month of the seasonally strong fourth quarter, sales were $8.3 million or $275,000 a day.

傳統上，這是季節性強勁的第四季度中最弱的一個月，銷售額為 830 萬美元或每天 275,000 美元。

This is up from $220,000 a day in the quarter we just finished.

這比我們剛結束的季度每天 22 萬美元有所增加。

The math is quite easy.

數學很簡單。

If we continue this run rate, and we have every reason to believe we will, sales for the quarter should be $25 million compared to analyst consensus of $21.65 million for the quarter.

如果我們繼續保持這種運行速度，並且我們有充分的理由相信我們會這樣做，那麼該季度的銷售額應該為 2500 萬美元，而分析師的預期為該季度的 2165 萬美元。

What makes us all the more remarkable is that in 2018, the year before we introduced the Byrna Launcher, our sales for the entire year was $252,000.

更讓我們印象深刻的是，2018 年，也就是我們推出 Byrna Launcher 的前一年，我們全年的銷售額為 252,000 美元。

We now do more than that every single day, Saturdays and Sundays included.

現在，我們每天（包括週六和週日）所做的事情不止於此。

As we continue to post record sales, our focus has shifted to scaling up production to meet the increasing demand.

隨著我們繼續創造創紀錄的銷售額，我們的重點已轉向擴大生產以滿足不斷增長的需求。

In Q3, we produced over 55,000 units, allowing us to build sufficient inventory to support the anticipated strong holiday selling season and the election surge and to prepare for the upcoming launch of our compact launcher in summer of 2025.

第三季度，我們生產了超過 55,000 個單位，使我們能夠建立足夠的庫存來支持預期的強勁假日銷售季和選舉激增，並為即將在 2025 年夏季推出的緊湊型發射器做好準備。

To further boost our production capacity, we are implementing a partial second shift this quarter with plans to operate a full second shift by the end of Q1 of 2025.

為了進一步提高我們的產能，我們將在本季實施部分二班制，並計劃在 2025 年第一季末實現完整的二班制。

Additionally, we're adding a third production line, which can be used for new products, engineering builds, and rework.

此外，我們還增加了第三條生產線，可用於新產品、工程建置和返工。

We are also scaling up domestic ammunition production in Q4 by building a new facility, 4 miles from our existing launcher facility in Fort Wayne, Indiana.

我們還在第四季度透過建造一座新工廠來擴大國內彈藥生產，該工廠距離我們位於印第安納州韋恩堡的現有發射器工廠 4 英里。

The new ammunition facility expected to be operational by year-end will help us increase our overall capacity for ammunition, it reduces the risk of a supply chain disruption by having ammo produced here in the US.

新的彈藥設施預計將於年底投入運營，這將有助於我們提高彈藥的整體產能，並透過在美國本土生產彈藥來降低供應鏈中斷的風險。

It shortens our lead time, and it ensures that we can offer the full range of ammunition that is made in America.

它縮短了我們的交貨時間，並確保我們能夠提供美國製造的全系列彈藥。

Even before the recent port strike discussions, we had already begun dual sourcing key components as part of our long-term strategy to mitigate supply chain risks.

甚至在最近的港口罷工討論之前，我們就已經開始雙重採購關鍵零件，作為我們減輕供應鏈風險的長期策略的一部分。

These efforts continue to help us maintain supply continuity if an issue arises, like this port strike or a worldwide pandemic in the future.

如果出現問題，例如這次港口罷工或未來的全球大流行，這些努力將繼續幫助我們保持供應連續性。

Last week, I was at the factory, and I announced that we were raising the starting wage for our production line workers by $2 an hour or roughly 10%.

上週，我在工廠，宣布我們將生產線工人的起薪提高 2 美元/小時，大約 10%。

We've also raised wages for all factory employees by 10% effective this week.

我們還將所有工廠員工的薪資從本週起提高了 10%。

In addition, we're offering bonuses for perfect attendance records that can add up to $2,500 a year and we are giving our employees a third week of vacation after two years of service.

此外，我們還為完美出勤記錄提供獎金，每年總計可達 2,500 美元，並且在服務兩年後為員工提供第三週的假期。

We decided to make these changes to attract and retain the very best talent.

我們決定做出這些改變是為了吸引和留住最優秀的人才。

With this increase, we are now one of the best paying companies in Fort Wayne.

隨著這一增長，我們現在成為韋恩堡薪水最高的公司之一。

And this is not just about remaining competitive in the labor market.

這不僅僅是為了維持勞動市場的競爭力。

It's about ensuring that we have the very best workers to meet the growing demand and to maintain high levels of productivity and quality.

這是為了確保我們擁有最優秀的員工來滿足不斷增長的需求並保持高水準的生產力和品質。

This investment in our workforce is part of a broader strategy to sustain operational efficiencies as we continue to grow.

對我們員工隊伍的投資是我們在不斷發展的過程中保持營運效率的更廣泛策略的一部分。

These investments are critical to maintaining our growth momentum without interruption.

這些投資對於保持我們不間斷的成長勢頭至關重要。

At the same time, our initiatives like dual sourcing and scaling domestic production are designed to drive long-term efficiencies and support growth.

同時，我們的雙重採購和擴大國內生產等措施旨在提高長期效率並支持成長。

By scaling our launcher and ammunition production capabilities, we are positioning Byrna to meet the continued expected growth in demand, while we prepare for the launch of our compact launcher and future product lines later next year.

透過擴大我們的發射器和彈藥生產能力，我們使 Byrna 能夠滿足預期的持續需求成長，同時我們為明年稍後推出緊湊型發射器和未來產品線做好準備。

In conclusion, we believe that we are now just scratching the surface of our total addressable market, and we have a significant runway for future growth.

總而言之，我們相信我們現在只是觸及整個潛在市場的表面，並且我們擁有未來成長的重要跑道。

While we don't expect to maintain the same 100% annual growth rate that we're experiencing this year.

雖然我們預計不會維持今年 100% 的年增長率。

And while we do not expect Q1 2025 to be higher sales revenue than Q4 of '24.

雖然我們預計 2025 年第一季的銷售收入不會高於 24 年第四季。

We are confident that this momentum will carry us to record growth in profits in 2025, driven by the continued momentum of our advertising program and the free earned publicity generated by our public relations firm.

我們相信，在廣告計劃持續成長勢頭和公關公司免費宣傳的推動下，這一勢頭將使我們在 2025 年實現創紀錄的利潤增長。

Also, as we continue to expand the roster celebrity endorsers and maintain a 5x ROAS, we will see sales growth simply from the additional celebrity endorsers.

此外，隨著我們繼續擴大名人代言人名冊並保持 5 倍的 ROAS，我們將看到銷售額的增長僅來自於更多的名人代言人。

We also expect this exposure to drive incremental sales, not only through the advertising itself, but through the add-on effect of friends and family recommendations.

我們也預期這種曝光不僅可以透過廣告本身，還可以透過朋友和家人推薦的附加效應來推動增量銷售。

Friends and family is still one of our most significant drivers of sales.

朋友和家人仍然是我們最重要的銷售推動力之一。

And as we find more and more new customers, each of them bring their own cadre of friends and family with them.

隨著我們發現越來越多的新客戶，他們每個人都帶來了自己的朋友和家人。

On top of this advertising-driven growth, the launch of our retail -- of our new retail stores and mobile trailers will provide additional sales channels and brand visibility.

除了廣告驅動的成長之外，我們的零售店和行動拖車的推出將提供額外的銷售管道和品牌知名度。

The introduction of new products, including the compact launcher in the summer 2025 is also expected to drive incremental growth, as we expand our target audience to include women and those seeking smaller, easier to carry and easier to conceal alternatives.

預計 2025 年夏季推出的緊湊型發射器等新產品也將推動增量成長，因為我們將目標受眾擴大到女性以及尋求更小、更易於攜帶和更易於隱藏替代品的用戶。

We are also strategically investing in initiatives designed to enhance shareholder value.

我們也對旨在提高股東價值的措施進行策略性投資。

In the third quarter, we authorized a $10 million share buyback, and we have already repurchased $3 million in shares at an average price of $10.25, demonstrating our confidence in Byrna's long-term potential growth.

第三季度，我們授權回購1000萬美元的股票，目前我們已經以平均價格10.25美元回購了300萬美元的股票，這顯示了我們對Byrna長期潛在成長的信心。

This brings the total number of shares repurchased to date to 2,458,634 shares at an average price of $8.31 and it represents 85% of the approximately 2.88 million shares sold in 2021.

這使得迄今為止回購的股票總數達到 2,458,634 股，平均價格為 8.31 美元，佔 2021 年售出約 288 萬股的 85%。

Even after buying the $3 million of Byrna's stock, we still have an additional $7 million of dry powder that we can buy additional stock if we determine we need to do this.

即使在購買了 300 萬美元的 Byrna 股票之後，我們仍然還有另外 700 萬美元的乾粉，如果我們確定需要這樣做，我們可以購買額外的股票。

At the same time, our expansion of production capacity and improvements in manufacturing efficiency are expected to continue and will result in improvement in both gross and net margins.

同時，我們預計將繼續擴大產能並提高製造效率，並將導致毛利率和淨利潤率的改善。

As we scale, Byrna has become a self-sustaining profitable cash flowing enterprise that is well positioned for sustained growth in 2025 and 2026.

隨著我們規模的擴大，Byrna 已成為一家能夠自我維持、盈利的現金流企業，並為 2025 年和 2026 年的持續成長做好了充分準備。

In short, we are building on our successes in setting the stage for further top and bottom line growth, ensuring that burner remains at the forefront of our industry.

簡而言之，我們正在以我們的成功為基礎，為收入和利潤的進一步成長奠定基礎，確保燃燒器保持在我們行業的前沿。

And this concludes my prepared remarks.

我準備好的發言到此結束。

Operator, if there are questions from any of our analysts, I'd be happy to take them at this time.

接線員，如果我們的分析師有任何問題，我很樂意在此時回答。

(Operator Instructions) Jeff Van Sinderen, B. Riley Securities.

（操作員指示）Jeff Van Sinderen，B. Riley 證券。

Hello.

你好。

Good morning, everyone and let me say, congratulations on the considerable progress that you guys are making and the strong metrics that reflect that.

大家早安，讓我說，祝賀你們取得的巨大進步以及反映這一點的強有力的指標。

Can you speak a little bit more about adding the other shift as we get into Q1, where that will bring you in terms of production capacity.

您能否多談談在我們進入第一季時增加另一個班次的情況，這將為您帶來產能方面的影響。

And then I guess how you're further evolving the supply chain for that ramp?

然後我猜你們將如何進一步發展該坡道的供應鏈？

I know you touched a little bit on that.

我知道你對此有所了解。

And then also kind of where inventory stands today versus the current sales trend that seems to be really strong and just kind of expected sales during the peak holiday period.

然後，還有今天的庫存狀況與當前銷售趨勢的比較，當前銷售趨勢似乎非常強勁，並且只是假期高峰期間的預期銷售。

Yeah.

是的。

As you saw, we can produce approximately $18,000 -- 18,000 launchers in one shift at our facility.

正如您所看到的，我們工廠的一個班次可以生產約 18,000 美元——18,000 個發射器。

We are -- this coming month and next month, probably selling somewhere 18,000 launchers or more a month.

我們在下個月和下個月可能每月銷售 18,000 個發射器或更多。

So we clearly need to be expanding our production capacity.

因此，我們顯然需要擴大生產能力。

The good thing is, we've got a second and third shift open to us as a guy who's been in the manufacturing business, most of my life, you hate to see a factory run at just one shift.

好處是，作為一個從事製造業的人，我們有第二班和第三班的機會，在我一生的大部分時間裡，你討厭看到工廠只運作一個班次。

So we're excited about utilizing the factory more fully.

因此，我們很高興能夠更充分地利用工廠。

So we think that next year we'll probably be pushing production up to 24,000 launchers a month, maybe 28,000 launchers a month.

因此，我們認為明年我們可能會將每月產量提高到 24,000 個發射器，甚至每月 28,000 個發射器。

And we clearly have the capability of doing that.

我們顯然有能力做到這一點。

What we need to do is to hire more people and Jeff, that was one of the reasons that I wanted to raise the wages.

我們需要做的是僱用更多的人和傑夫，這也是我想提高工資的原因之一。

It has a very, very modest impact on the cost of the launcher and, in fact, is more than offset by the increased volume.

它對發射器成本的影響非常非常小，事實上，它被增加的體積所抵消。

So even with the increased wages, the cost of the launch will go down as we expand our production.

因此，即使薪資增加，隨著我們擴大生產，啟動成本也會下降。

In terms of the supply chain, we have been adding suppliers continuously.

在供應鏈方面，我們一直在增加供應商。

I've spoken for a long time about the all-truck strategy.

我已經談論了很長時間關於全卡車戰略。

And we are very close to being there.

我們已經非常接近實現這一目標了。

When this port strike came about, we only had one product that would have been affected by the port strike out of the 115 components that go into producing a launcher.

當這次港口罷工發生時，在生產發射器的 115 個組件中，我們只有一種產品會受到港口罷工的影響。

So we're really in very, very good shape from a supply chain standpoint.

因此，從供應鏈的角度來看，我們的狀況確實非常非常好。

Almost every single product now has a dual source.

現在幾乎每個產品都有雙重來源。

Some of the products that are not quite there yet are accessories and not critical to the production of launchers.

一些尚未成熟的產品只是配件，對於發射器的生產並不重要。

So we're excited to expand the capacity, and we're in a good position to do so.

因此，我們很高興能夠擴大產能，並且我們處於有利的位置。

Okay.

好的。

Great.

偉大的。

And then your gross margins came in well above what we were looking for.

然後你們的毛利率就遠高於我們的預期。

And considering the production ramp, what do you expect, or I guess any thoughts on gross margin for Q4?

考慮到產量的增長，您的預期是什麼，或者我猜對第四季度的毛利率有什麼想法嗎？

And then, any change in promotional plans -- sorry, any change in

然後，促銷計劃的任何變化——抱歉，任何變化

(multiple speakers).

（多個發言者）。

I'll let Lauri take the gross margin question, if you don't mind, Lauri.

如果你不介意的話，勞裡，我會讓勞裡回答毛利率問題。

Sure.

當然。

Yeah.

是的。

I mean I think we expect gross margin to stay pretty close to that for Q4, could be a slight uptick.

我的意思是，我認為我們預計毛利率將與第四季度的毛利率非常接近，可能會略有上升。

But because of the sales and the promotional sales that we will be running in Q4, I don't expect much of an uptick.

但由於我們將在第四季度進行銷售和促銷銷售，我預計不會有太大上升。

We're looking for more of an uptick on gross margin going into 2025.

我們預計 2025 年毛利率將進一步上升。

And the second half of your question, Jeff, was about promotions.

傑夫，你問題的後半部是關於晉升的。

Yeah.

是的。

So the interesting thing is we were running at a $25 million clip for September.

有趣的是，我們 9 月的營收為 2,500 萬美元。

There were no sales in September.

9月沒有銷售。

We will have a sale in October.

我們將在十月進行促銷。

In fact, today is the second day of Prime days.

事實上，今天是 Prime 日的第二天。

Just to give you a little heads up here, we sold more yesterday on Amazon than we normally do in five days on Amazon, and we expect to do the same.

在此提醒您一下，昨天我們在亞馬遜上的銷售量比平常五天內的銷售量還要多，我們預計也能做到這一點。

So we would expect sales for Prime days and also for Black Friday to have some impact on revenues.

因此，我們預計黃金日和黑色星期五的銷售會對收入產生一些影響。

Although it may have a somewhat negative impact on margins, but I wouldn't imagine that to be more than maybe 1 percentage point.

雖然這可能會對利潤率產生一定的負面影響，但我認為不會超過 1 個百分點。

Okay.

好的。

Great.

偉大的。

Thanks so much for taking my questions.

非常感謝您回答我的問題。

I'll take the rest offline.

我會把剩下的部分離線。

Thank you.

謝謝。

(Operator Instructions) Matt Koranda, ROTH Capital Partners.

（操作員說明）Matt Koranda，ROTH Capital Partners。

Hey, everybody.

嘿，大家。

Congrats on the great results.

祝賀取得的優異成績。

So maybe just wanted to cover the commentary that it sounded like you were making there, Bryan, during the prepared remarks.

所以，布萊恩，也許只是想涵蓋你在準備好的演講中所做的評論。

I guess you don't give official guidance, but it sounded like you did say that revenue could be up by as much as 100% for the full year.

我猜你沒有給出官方指導，但聽起來你確實說過全年收入可能成長 100%。

And I think you also mentioned there was a run rate in September if we pull that forward that could result in about $25 million in revenue for the fourth quarter.

我想你也提到過 9 月份的運行率如果我們提前的話可能會為第四季度帶來約 2500 萬美元的收入。

So just wanted to hear about the sort of the range of outcomes that you expect for the fourth quarter and some of the swing factors that might drive you sort of above that range or below.

因此，我只是想了解您對第四季度的預期結果範圍，以及可能導致您高於或低於該範圍的一些波動因素。

Yeah.

是的。

We're -- I mean, we're now 10.5 months into the year.

我的意思是，現在已經進入今年 10.5 個月了。

So it's not too much of a stretch to give where we think we're going to be for the year.

因此，給出我們今年的預期目標並不算太誇張。

As I said, we're running at a $25 million clip.

正如我所說，我們的運行速度為 2500 萬美元。

I don't see any reason we would be less than that.

我看不出有什麼理由我們會比這個少。

There is the possibility that we're more, but I don't know.

我們有可能更多，但我不知道。

September is generally a weaker month in the fourth quarter.

九月通常是第四季表現較弱的月份。

But this is, honestly, Matt, above where we had anticipated being.

但老實說，馬特，這超出了我們的預期。

We didn't expect to be up at $25 million.

我們沒想到會漲到 2500 萬美元。

If we're at $25 million, that clearly is going to put us over $80 million.

如果我們的預算為 2500 萬美元，那麼顯然我們的收入將超過 8000 萬美元。

Last year, we were $42 million, and that was the reason I gave that will be up by 100%.

去年，我們的收入為 4,200 萬美元，這就是我給出的將成長 100% 的原因。

We are not giving guidance because we don't see any real benefit from it.

我們不提供指導，因為我們沒有看到任何真正的好處。

But we know that there's been very strong momentum.

但我們知道勢頭非常強勁。

We don't expect the momentum to stop.

我們預計這種勢頭不會停止。

We're seeing the ability to attract more and more celebrity endorsers.

我們看到了吸引越來越多名人代言人的能力。

We're seeing a continued normalization of the product.

我們看到該產品持續正常化。

We're seeing our retail investors increasing their purchases.

我們看到散戶增加了購買量。

And this is before we bring on the new retail stores and before we bring on the new products.

這是在我們推出新零售店和推出新產品之前。

So we think that there'll be pretty good growth for next year.

所以我們認為明年會有相當好的成長。

But we're loath to put a number to it.

但我們不願意給一個數字。

Okay.

好的。

Fair enough.

很公平。

And then I wanted to see if you could maybe just dig a layer deeper around the promotions that you ran in the third quarter.

然後我想看看你們是否可以深入研究第三季的促銷活動。

Maybe just any learnings in terms of what induces consumer demand.

也許只是關於激發消費者需求的任何知識。

I noticed there were some 10% of sort of promotions that were run in August.

我注意到 8 月有大約 10% 的促銷活動。

I assume there's probably more in plan for the fourth quarter.

我認為第四季可能會有更多計劃。

How should we think about that heading into sort of that critical Black Friday period?

進入關鍵的黑色星期五時期，我們該如何看待這一點？

And maybe just since Black Friday and Cyber Monday are kind of happening pretty late in your quarter, maybe any commentary around how that impacts the fourth quarter versus the first?

也許正是因為黑色星期五和網路星期一發生在您所在季度的較晚時間，也許有關於這對第四季度與第一季有何影響的評論？

Yeah.

是的。

So first on the last part of that, Matt.

首先是最後一部分，馬特。

So Black Friday this year, right, is November 29, I think it's 29.

那麼今年的黑色星期五，對吧，是11月29日，我想是29號。

Anyway, our fiscal year-end is November 30.

無論如何，我們的財政年度結束日期是 11 月 30 日。

So as you can imagine, a lot of the sales from Black Friday, Cyber Monday, those are actually going to fall into our first quarter because we're not going to have a lot of those delivered other than maybe some Amazon ones, but it's really late for us on the fiscal year.

因此，正如您可以想像的那樣，黑色星期五和網路星期一的大量銷售實際上將落入我們的第一季度，因為除了一些亞馬遜產品之外，我們不會交付很多產品，但它是對我們來說，本財年確實太晚了。

I think some of the learnings that we had, I think, 10% -- when we do 10% off-site wide, and we also did 10% off the LE for the first time in that August sale, that certainly drove some traffic.

我認為我們學到的一些經驗，我想，10%——當我們在場外範圍內進行10% 的促銷時，我們還在8 月份的銷售中首次對LE 進行了10% 的折扣，這確實帶來了一些流量。

We know that these Prime days on Amazon, we've got the best products like -- some of the products we've got the best product badge for the air guns in the category for Amazon now.

我們知道，在亞馬遜的這些 Prime 日子裡，我們擁有最好的產品，例如，我們現在在亞馬遜類別中獲得了氣槍的最佳產品徽章。

So that is certainly helping to drive that additional sales.

因此，這肯定有助於推動額外銷售。

And as Bryan said, it was -- yesterday, it was more than 5 times what we would normally do on a day in Amazon.

正如布萊恩所說，昨天，這是我們通常在亞馬遜一天做的事情的 5 倍以上。

Yeah.

是的。

So we don't expect another Amazon sale this quarter.

因此，我們預計亞馬遜本季不會再有銷售活動。

We'll have the Prime sales, and then we'll have a Black Friday sale.

我們將進行 Prime 促銷，然後進行黑色星期五促銷。

Amazon will be the same as Byrna.

亞馬遜將與 Byrna 一樣。

We traditionally run a Byrna Black Friday at the end of October.

我們傳統上在十月底舉辦「Byrna 黑色星期五」活動。

So that will really be the sale that impacts Q3.

因此，這將真正影響第三季的銷售。

That will probably -- Q4, excuse me.

那可能會—— Q4，對不起。

And that will probably be a five-day sale again, in the 10% range.

這可能又是一次為期五天的促銷，幅度在 10% 左右。

There's a lot of people that wait for that sale.

有很多人在等待促銷。

We want to make sure everybody gets stuff in time for Christmas.

我們希望確保每個人都能及時收到聖誕禮物。

The other thing we're seeing is we're seeing incredible power in our email list.

我們看到的另一件事是，我們在電子郵件清單中看到了令人難以置信的力量。

So our email list has grown this year from -- we had 201,000 email subscribers that were active.

因此，今年我們的電子郵件清單有所增長——我們有 201,000 名活躍的電子郵件訂閱者。

In other words, if they had bought something or engaged with us over the last 90 days as of the end of last year.

換句話說，如果他們在截至去年底的過去 90 天內購買過某些東西或與我們互動。

At the end of September, that list had grown to 526,000 active email subscribers.

截至 9 月底，該名單已增至 526,000 名活躍電子郵件訂閱者。

Every time we send an email out, we see a jump in sales.

每次我們發送電子郵件時，我們都會看到銷售額的躍升。

We have traditionally run two emails a week because you have to have a balance between annoying people so much that they start to unsubscribe and getting the message out.

傳統上，我們每週發送兩封電子郵件，因為你必須在煩人以至於他們開始取消訂閱和將訊息發佈出去之間取得平衡。

We are now moving that to three emails a week for Q4 because of the holiday season.

由於假期原因，我們現在將第四季的電子郵件數量改為每週發送三封電子郵件。

And we keep very, very close analysis of our unsubscribed rate.

我們對退訂率進行非常非常密切的分析。

And I will tell you, the unsubscribe rate is now down to 0.12%.

我會告訴你，取消訂閱率現在已降至 0.12%。

So about 0.1%.

所以大約是0.1%。

At the end of last year, it was 0.47%.

去年年底為0.47%。

So we've seen our email unsubscribed list rate go down. even as the size of our email list has grown.

因此，我們發現我們的電子郵件取消訂閱率有所下降。即使我們的電子郵件清單的規模不斷擴大。

And not every email is about a call to action.

並非每封電子郵件都是號召性用語。

A lot of these are about people using the Byrna, stories of people as to why they bought the Byrna, they're about topical events.

其中許多都是關於人們使用 Byrna 的，人們關於為什麼購買 Byrna 的故事，它們都是關於話題事件的。

So they're interesting and they get people to open the email.

所以他們很有趣，他們讓人們打開電子郵件。

What we've discovered is that when they open the email, we have a click-through rate of over 50%.

我們發現，當他們打開電子郵件時，我們的點擊率超過 50%。

So it really doesn't matter what we're talking about on the email.

所以我們在電子郵件中談論什麼並不重要。

We just want them to open the email and to click through to our website, and then we see growth in sales.

我們只希望他們打開電子郵件並點擊進入我們的網站，然後我們就會看到銷售額的成長。

So we're doing two things.

所以我們正在做兩件事。

One, we're having a sale in October, the Byrna Black Friday sale, as Lauri said, the actual Black Friday sale that happens at the end of November, will have some effect, but a very modest effect in Q4.

一，我們將在 10 月進行促銷，Byrna 黑色星期五促銷，正如 Lauri 所說，實際的黑色星期五促銷發生在 11 月底，將會產生一些影響，但在第四季度的影響非常有限。

Most of that effect will be in Q1 of next year.

大部分影響將出現在明年第一季。

But we have gone from two to three emails a week and we think that, that will have some effect.

但我們每週發送兩到三封電子郵件，我們認為這會產生一些效果。

Okay.

好的。

Super helpful.

超有幫助。

Maybe just one more, if I could sneak one in.

如果我能偷偷溜進去的話，也許再多一個。

So on marketing, you mentioned that there may be some new advertising channels opening up, Bryan.

所以在行銷方面，你提到可能會開放一些新的廣告管道，布萊恩。

So it sounds like perhaps some mainstream sort of cable news channels, maybe an opportunity.

所以這聽起來可能是某種主流的有線新聞頻道，也許是個機會。

Just wondering, if you were willing to put a time frame on that, where you think it could happen, what that would open up for you in terms of marketing dollars to be spent.

只是想知道，如果您願意為此設定一個時間框架，您認為這可能會發生，那麼這將為您帶來哪些行銷費用。

Any color on that would be great.

任何顏色都會很棒。

Yeah.

是的。

So we expect -- we're bringing on three new endorsers this quarter, and we expect that rate to somewhat stay consistent for next year.

因此，我們預計 - 我們將在本季度引入三位新的代言人，並且我們預計明年的比例將保持一致。

And we're growing our marketing spend by about $200,000 a month.

我們的行銷支出每月增加約 20 萬美元。

So in Q2, we were at about $800,000 a month.

所以在第二季度，我們每個月的收入約為 80 萬美元。

In Q3, we're at about $1 million a month.

第三季度，我們每個月的收入約為 100 萬美元。

This quarter, we're at about $1.2 million a month.

本季度，我們每月的收入約為 120 萬美元。

And we expect it to continue to grow at that rate.

我們預計它將繼續以這個速度成長。

That's why I'm saying, I think over next year, we'll probably be at a 50% growth rate in terms of marketing spend.

這就是為什麼我說，我認為明年我們的行銷支出成長率可能會達到 50%。

And so long as our ROAS stays consistent at 5%.

只要我們的 ROAS 保持在 5% 不變。

And again, we see no reason that it wouldn't we'll see a commensurate increase in DTC sales.

再次強調，我們認為 DTC 銷量不會相應成長。

Okay.

好的。

Great.

偉大的。

Appreciate it.

欣賞它。

I'll jump back in queue.

我會插回隊列。

Thank you.

謝謝。

Thank you.

謝謝。

We've reached the end of our question-and-answer session.

我們的問答環節已經結束。

I'd like to turn the floor back over to management for any further closing comments.

我想將發言權交還給管理階層，以徵求進一步的結束意見。

Well, I just want to say to everybody, thank you very much.

嗯，我只想對大家說，非常感謝。

We appreciate your support.

我們感謝您的支持。

Obviously, we're very pleased with the continued growth in Byrna and our continuing acceptance by the media generally and by all of our customers.

顯然，我們對 Byrna 的持續成長以及媒體和所有客戶的持續認可感到非常高興。

So once again, thank you very much, and we'll talk to you shortly.

再次非常感謝您，我們很快就會與您交談。

Thank you.

謝謝。

That does conclude today's teleconference and webcast.

今天的電話會議和網路廣播到此結束。

You may disconnect your line at this time and have a wonderful day.

此時您可以斷開線路並度過美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。