Compass Diversified Holdings (CODI) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to Compass Diversified second-quarter 2024 conference call. Today's call is being recorded. All lines have been placed on mute. (Operator Instructions)

下午好，歡迎參加 Compass Diversified 2024 年第二季電話會議。今天的通話正在錄音。所有線路均已置於靜音狀態。（操作員說明）

At this time, I would like to turn the conference over to Cody Slach of Gateway Group for introductions and the reading of the safe harbor statement. Please go ahead, sir.

此時，我想將會議交給 Gateway Group 的 Cody Slach 介紹並宣讀安全港聲明。請繼續，先生。

Thank you, and welcome to Compass Diversified second quarter 2024 conference call. Representing the company today are Elias Sabo, CODI's CEO; Ryan Faulkingham, CODI's CFO; and Pat Maciariello, COO of Compass Group Management.

謝謝，歡迎參加 Compass Diversified 2024 年第二季電話會議。今天代表公司的是 CODI 執行長 Elias Sabo； Ryan Faulkingham，CODI 財務長；和康帕斯集團管理公司營運長 Pat Maciariello。

Before we begin, I'd like to point out that the Q2 2024 press release, including the financial tables and non-GAAP financial measure reconciliations for subsidiary adjusted EBITDA, adjusted earnings and pro-forma net sales are available at the Investor Relations section on the company's website at compassdiversifi.com.

在我們開始之前，我想指出，2024 年第二季新聞稿，包括子公司調整後EBITDA、調整後收益和預計淨銷售額的財務表格和非GAAP 財務衡量指標調節表，請訪問投資者關係部分：該公司的網站為 compassdiversifi.com。

The company also filed its Form 10-Q with the SEC today after the market closed, which includes reconciliations of certain non-GAAP financial measures discussed on this call and is also available at the Investor Relations section of the company's website.

該公司還在今天收盤後向 SEC 提交了 10-Q 表格，其中包括本次電話會議中討論的某些非 GAAP 財務指標的調節表，也可在該公司網站的投資者關係部分獲取。

Please note that references to EBITDA in the following discussions refer to adjusted EBITDA as reconciled to net income or loss from continuing operations in the company's financial filings. The company does not provide a reconciliation of its full year expected 2024 adjusted earnings, adjusted EBITDA or subsidiary adjusted EBITDA because certain significant reconciling information is not available without unreasonable efforts.

請注意，以下討論中提及的 EBITDA 是指與公司財務文件中持續經營的淨收入或虧損進行調節後的調整後 EBITDA。該公司沒有提供其全年預期 2024 年調整後收益、調整後 EBITDA 或子公司調整後 EBITDA 的調節表，因為如果沒有不合理的努力，就無法獲得某些重要的調節資訊。

Throughout this call, we will refer to Compass Diversified as CODI or the company. Now allow me to read the following safe harbor statement.

在整個電話會議中，我們將 Compass Diversified 稱為 CODI 或公司。現在請允許我閱讀以下安全港聲明。

During this conference call, we may make certain forward-looking statements, including statements with regard to the expectations related to the future performance of CODI and its subsidiaries, the impact and expected timing of acquisitions and divestitures and future operational plans such as ESG initiatives.

在本次電話會議期間，我們可能會做出某些前瞻性陳述，包括有關 CODI 及其子公司未來業績的預期、收購和剝離的影響和預期時間以及 ESG 舉措等未來營運計劃的陳述。

Words such as believes, expects, anticipates, plans, projects, should, and future or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions.

相信、期望、預期、計劃、項目、應該和未來或類似表達等詞語旨在識別前瞻性陳述。這些前瞻性陳述受到預測未來結果和條件的固有不確定性的影響。

Certain factors could cause actual results to differ on a material basis from those projected in these forward-looking statements and some of these factors are enumerated in the risk factor discussion in the Form 10-K as filed with the SEC for the year ended December 31, 2023, as well as in other SEC filings. In particular, the domestic and global economic environment, supply chain, labor disruptions, inflation and changing interest rates all may have a significant impact on CODI and our subsidiary companies. Except as required by law, CODI undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.

某些因素可能導致實際結果與這些前瞻性陳述中預測的結果存在重大差異，其中一些因素已在向 SEC 提交的截至 12 月 31 日的年度的 10-K 表格中的風險因素討論中列舉。 2023 年，以及其他SEC 文件中。特別是，國內和全球經濟環境、供應鏈、勞動力中斷、通貨膨脹和利率變化都可能對 CODI 和我們的子公司產生重大影響。除法律要求外，CODI 不承擔公開更新或修改任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。

At this time, I would like to turn the call over to Elias Sabo.

此時，我想將電話轉給 Elias Sabo。

Good afternoon, everyone, and thanks for joining us today. I am pleased to report yet another strong quarter of results, continuing to execute our strategy of owning a growing number of innovative, disruptive and high-growth businesses meant we performed exceptionally well in the second quarter, even against the backdrop of a slowing economy.

大家下午好，感謝您今天加入我們。我很高興地報告又一個強勁的季度業績，繼續執行我們擁有越來越多創新、顛覆性和高成長業務的策略，這意味著即使在經濟放緩的背景下，我們在第二季度的表現也異常出色。

While the current business environment has had a negative impact on our industrial businesses, our branded consumer vertical performed extremely well this quarter, led by BOA, PrimaLoft and Lugano the strong performance of our consumer vertical more than offset any weakness we saw in our industrial businesses.

雖然目前的商業環境對我們的工業業務產生了負面影響，但在BOA、PrimaLoft 和Lugano 的帶領下，我們的品牌消費垂直領域本季表現非常出色，我們消費者垂直領域的強勁表現足以抵消我們在工業業務中看到的任何弱點。

As we predicted in Q1, inventory destocking headwinds subsided this past quarter, and because of which BOA had another great quarter and PrimaLoft returned to double-digit growth. We believe both businesses are positioned for a strong back half of the year.

正如我們在第一季預測的那樣，庫存去庫存的逆風在上個季度消退，因此 BOA 又迎來了一個出色的季度，PrimaLoft 恢復了兩位數的增長。我們相信這兩家公司都將在今年下半年表現強勁。

In addition, Lugano continued its trend of remarkable growth. Last quarter, we opened our first international salon in London. And in just a few short months, like many of our Lugano salons, it has vastly exceeded our expectations.

此外，盧加諾繼續保持顯著增長的趨勢。上個季度，我們在倫敦開設了第一家國際沙龍。在短短幾個月內，就像我們的許多盧加諾沙龍一樣，它遠遠超出了我們的預期。

Combined Lugano, BOA and PrimaLoft represent approximately half of our EBITDA. With all three of these businesses performing so well this past quarter and with them positioned so strongly for the rest of the year, we are feeling bullish about the second half of 2024 and beyond.

Lugano、BOA 和 PrimaLoft 合計約占我們 EBITDA 的一半。由於這三項業務在上個季度都表現出色，並且在今年剩餘時間表現強勁，因此我們對 2024 年下半年及以後的前景感到樂觀。

As I mentioned earlier, despite our overall outperformance this quarter, a weakening global macro economy made for a challenging quarter for our industrial businesses. Our industrial vertical saw a decline in both revenues and adjusted EBITDA in Q2.

正如我之前提到的，儘管我們本季整體表現出色，但全球宏觀經濟疲軟為我們的工業業務帶來了充滿挑戰的季度。我們的工業垂直領域第二季的營收和調整後 EBITDA 均出現下降。

We believe this somewhat muted performance will continue through the rest of the year. However, we remain confident in the overall positioning of this vertical, and we believe it is well positioned for a strong 2025.

我們相信這種略顯低迷的表現將持續到今年剩餘時間。然而，我們對這一垂直領域的整體定位仍然充滿信心，我們相信它已做好準備，將在 2025 年實現強勁成長。

All in all, it was another great quarter for CODI, in one that further demonstrated the power of our long-term strategy. By owning a group of non-correlated, high growth innovative businesses, we not only smooth CODI's overall performance period to period, but in any given period, are more likely to benefit from one or more of our businesses experiencing a true step change in growth. This is a story of diversified growth engines as evidenced this quarter when we grew by almost 20% year over year.

總而言之，這對 CODI 來說又是一個偉大的季度，進一步證明了我們長期策略的力量。透過擁有一組不相關、高成長的創新業務，我們不僅可以平滑 CODI 的整體業績，而且在任何特定時期，更有可能從我們的一個或多個業務經歷真正的成長轉變中受益。這是一個多元化成長引擎的故事，本季就證明了這一點，我們的年成長近 20%。

Ryan will go into detail on our financial outlook shortly. But I'd like to briefly discuss our decision to leave our outlook unchanged. We still anticipate we will hit the high end of our consolidated guidance ranges. However, we are not raising our guidance range at this point out of an abundance of caution regarding the weakening economy and a concern for the short-term performance of our three industrial businesses. But overall we remain really positive about the rest of the year.

瑞安將很快詳細介紹我們的財務前景。但我想簡要討論一下我們保持前景不變的決定。我們仍然預計我們將達到綜合指導範圍的高端。然而，出於對經濟疲軟以及對三大工業企業短期表現的擔憂，我們目前不會提高指導範圍。但總體而言，我們對今年剩餘時間仍然非常樂觀。

As Ryan will detail shortly, within our overall outlook, we are shifting some of our adjusted EBITDA expectations from our industrial vertical to our consumer vertical. Even though our overall guidance is staying holistically the same, we believe this mix shift that favors our faster growing, more protected and highest value businesses creates an accelerated level of intrinsic value creation for our stakeholders now and positions us to drive significant growth into 2025 and beyond.

正如瑞安很快將詳細介紹的那樣，在我們的總體前景中，我們正在將一些調整後的 EBITDA 預期從工業垂直領域轉向消費者垂直領域。儘管我們的整體指導方針總體上保持不變，但我們相信，這種有利於我們增長更快、受到更多保護和價值最高的業務的混合轉變，為我們的利益相關者創造了更快的內在價值創造水平，並使我們能夠在2025 年推動顯著成長，超過。

With that, I will now turn the call over to Pat.

這樣，我現在將把電話轉給帕特。

Thanks, Elias. As a reminder, throughout this presentation, when we discuss pro-forma results, it will be as if we owned the HoneyPot company as of January 1, 2023. I am pleased to report on another successful quarter. On a combined basis, pro-forma revenue and adjusted EBITDA grew by 6% and 18%, respectively.

謝謝，埃利亞斯。提醒一下，在整個簡報中，當我們討論預期結果時，就好像我們自 2023 年 1 月 1 日起擁有 HoneyPot 公司一樣。我很高興地報告又一個成功的季度。綜合來看，預估營收和調整後 EBITDA 分別成長 6% 和 18%。

On a year-to-date basis, pro-forma revenue and adjusted EBITDA increased by 4.9% and 16.6%, respectively, versus year-to-date June 2023. The Lugano continues to be the largest driver of growth we saw a broadening of strength with very good performance at both BOA and PrimaLoft this quarter.

與 2023 年 6 月迄今相比，今年迄今的預估營收和調整後 EBITDA 分別成長了 4.9% 和 16.6%。盧加諾仍然是成長的最大推動力，本季我們看到 BOA 和 PrimaLoft 的實力不斷擴大，表現非常好。

As Elias touched on, we believe all three of these businesses are well positioned for growth in the remainder of the year and beyond. Within our industrial segment, for the year-to-date period, revenues decreased by 6.7% and adjusted EBITDA decreased by 8% versus year-to-date June 2023.

正如埃利亞斯所說，我們相信這三項業務都已做好準備，在今年剩餘時間及以後實現成長。在我們的工業部門，與 2023 年 6 月迄今相比，今年迄今的營收下降了 6.7%，調整後的 EBITDA 下降了 8%。

This decline was primarily driven by weak performance at Altor, which declined meaningfully in Q2. The decline was driven by a combination of reduced customer demand in some accounts and churn at a couple of our cold chain distribution partners.

這一下降主要是由於 Altor 業績疲弱所致，該公司在第二季大幅下降。下降的原因是某些客戶的客戶需求減少以及我們的幾個冷鏈分銷合作夥伴的流失。

Though disappointing, the sales funnel at outdoor remains robust and has almost tripled in size since this time last year. New contracts typically take some time to design and test, however, leading to a potentially muted second half of 2024.

儘管令人失望，但戶外產品的銷售管道仍然強勁，自去年同期以來，規模幾乎增加了兩倍。然而，新合約通常需要一些時間來設計和測試，這可能導致 2024 年下半年市場表現平淡。

As a reminder, the company now has what we believe to be a world-class management team in place. And as a result, we are confident the company will rebound in 2025. Arnold continued to grow revenue in the quarter to once again experienced higher SG&A, as we began to modify our manufacturing footprint in an effort to improve efficiencies and grow technological capabilities.

提醒一下，該公司現在擁有我們認為是世界一流的管理團隊。因此，我們有信心該公司將在 2025 年實現反彈。隨著我們開始調整我們的製造足跡，以提高效率和增強技術能力，Arnold 在本季的營收持續成長，再次實現了更高的銷售管理費用 (SG&A)。

As part of this strategic relocation, we anticipate several million dollars in one-time expenses will be incurred over the next few quarters. In addition, we expect $10 million to $15 million in one-time capital expenditures as part of this project as we make our way through this transition. Sterno once again grew EBITDA modestly in the quarter as slightly softer sales in the company's food service division were more than offset by strong execution throughout the business.

作為這項策略搬遷的一部分，我們預計未來幾季將產生數百萬美元的一次性費用。此外，在我們完成這項過渡過程中，作為該專案的一部分，我們預計一次性資本支出將達到 1,000 萬至 1,500 萬美元。Sterno 在本季的 EBITDA 再次小幅成長，因為該公司食品服務部門的銷售略有疲軟，但整個業務的強勁執行力足以抵消這一影響。

Turning to our consumer segment. For the year-to-date June 2024 period, pro-forma revenues increased by 10.9% and pro-forma adjusted EBITDA increased by almost 27% versus year-to-date June 2023. Lugano remained the strongest performer, both in the quarter and on a year-to-date basis.

轉向我們的消費群。與 2023 年 6 月年初至今相比，截至 2024 年 6 月期間，預計營收成長了 10.9%，預計調整後 EBITDA 成長了近 27%。無論是本季或年初至今，盧加諾仍是表現最強勁的城市。

Our London salon significantly exceeded expectations during its first quarter of operation, and we continue to see strong performance in Aspen, Palm Beach and Newport Beach. We're in the process of finalizing the location of our ninth salon and look forward to sharing its location with you likely on our next quarterly call. We expect Lugano's extraordinary growth to continue throughout the rest of this year and into 2025.

我們的倫敦沙龍在第一季的營運中大大超出了預期，我們繼續看到阿斯彭、棕櫚灘和紐波特海灘的強勁表現。我們正在最終確定第九家沙龍的位置，並期待在下一個季度的電話會議上與您分享其位置。我們預計盧加諾的非凡成長將在今年餘下時間持續到 2025 年。

I'm also very pleased to report on the acceleration of BOA in the quarter and PrimaLoft returned to growth in the period. For the second quarter, BOA grew revenue by 42.1% and adjusted EBITDA grew by almost 60% and versus Q2 2023.

我也很高興地報告 BOA 在本季度的加速成長以及 PrimaLoft 在此期間恢復成長的情況。與 2023 年第二季相比，BOA 第二季營收成長了 42.1%，調整後 EBITDA 成長了近 60%。

The BOA brands saw growth in each of its industry verticals. Similarly, PrimaLoft grew revenue and EBITDA by 14.1% and 11.1%, respectively, as inventory headwinds in many of its apparel categories continue to abate as expected. We are encouraged by the performance of both PrimaLoft and BOA this quarter and by their prospects for the rest of the year.

BOA 品牌在各個垂直行業都實現了成長。同樣，PrimaLoft 的收入和 EBITDA 分別增長了 14.1% 和 11.1%，因為其許多服裝類別的庫存阻力如預期繼續減弱。我們對 PrimaLoft 和 BOA 本季的表現以及他們今年剩餘時間的前景感到鼓舞。

Turning to the HoneyPot company. Both for the quarter and for the year-to-date period, HoneyPot declined slightly in both revenue and EBITDA versus the same period in 2023. We purchased a company with a knowledge that HoneyPot was losing a small number of non-core SKUs at one of its large national retailers.

轉向蜜罐公司。無論是本季或年初至今，HoneyPot 的營收和 EBITDA 均較 2023 年同期略有下降。我們收購了一家公司，因為我們知道 HoneyPot 在其一家大型全國零售商中失去了少量非核心 SKU。

The short-term impact was slightly greater than our expectations. And as a result, HoneyPot's financial performance has been slightly below our expectations for the year-to-date period. The company continues to add new retail and online accounts, however, and we remain confident in the long-term mission driven trajectory of the business.

短期影響略大於我們的預期。因此，HoneyPot 年初至今的財務表現略低於我們的預期。然而，該公司繼續增加新的零售和線上帳戶，我們對長期使命驅動的業務軌跡仍然充滿信心。

Lastly, on 5.11. 2024 represents somewhat of a transition year for the business given the previously announced leadership changes lingering inventory-related issues in DTC and the challenging PFAS transition.

最後，5.11。鑑於先前宣布的領導層變動、DTC 中揮之不去的庫存相關問題以及充滿挑戰的 PFAS 過渡，2024 年在某種程度上是該業務的過渡年。

As a result, financial performance was somewhat muted in both the quarter and year-to-date period. However, demand for the brand this year, particularly in the professional side, remains robust. While we see financial performance in the remainder of 2024, looking similar to performance in the year ago period, we continue to expect strong growth in 2025 and beyond, following resolution of these exogenous issues facing the business. As a whole, we are very pleased with the first half and remain confident in our outlook for the full year.

因此，本季和年初至今的財務表現都有些疲軟。然而，今年對該品牌的需求，特別是在專業領域，仍然強勁。雖然我們預期 2024 年剩餘時間的財務業績與去年同期的業績相似，但在解決企業面臨的這些外生問題後，我們仍預計 2025 年及以後將出現強勁增長。總體而言，我們對上半年感到非常滿意，並對全年前景充滿信心。

I will now turn the call over to Ryan for additional comments on our financial results.

我現在將把電話轉給瑞安，徵求對我們財務表現的更多評論。

Thank you, Pat. Moving to our consolidated financial results for the quarter ended June 30, 2024, and I will limit my comments largely to the overall results for CODI since the individual subsidiary results are detailed in our Form 10-Q that was filed with the SEC earlier today.

謝謝你，帕特。轉向我們截至2024 年6 月30 日的季度的綜合財務業績，我的評論主要限於CODI 的整體業績，因為各個子公司的業績已在今天早些時候向SEC 提交的10-Q 表格中詳細列出。

On a consolidated basis, revenue for the quarter ended June 30, 2024, was $542.6 million, up 11% compared to $486.9 million for the prior year period. This increase was primarily a result of the acquisition of the HoneyPot company and strong growth at Lugano, BOA and PrimaLoft, which was partially offset by lower revenue at Altor, 5.11 and at Velocity as a result of the sale of its Crosman division.

合併後，截至 2024 年 6 月 30 日的季度營收為 5.426 億美元，比上年同期的 4.869 億美元成長 11%。這一增長主要是由於收購了 HoneyPot 公司以及 Lugano、BOA 和 PrimaLoft 的強勁增長，但由於出售 Crosman 部門而導致 Altor、5.11 和 Velocity 的收入下降，部分抵消了這一增長。

Consolidated net loss for the second quarter of 2024 was $13.7 million compared to net income of $17.1 million in the prior year. The second quarter of 2024 included a loss on the sale of Crosman of $24.6 million as well as a $7.3 million tax expense recorded at Velocity related to a valuation allowance on its deferred tax assets.

2024 年第二季的合併淨虧損為 1,370 萬美元，而前一年的淨利為 1,710 萬美元。2024 年第二季度，包括出售 Crosman 造成的 2,460 萬美元虧損，以及 Velocity 記錄的與遞延稅項資產估值備抵相關的 730 萬美元稅務費用。

Adjusted EBITDA in the second quarter was $105.4 million, up 27% compared to $82.9 million in the prior year. The increase was due to the acquisition of the HoneyPot company and strong growth at Lugano, BOA and PrimaLoft. Included in adjusted EBITDA in the second quarter of 2024 and 2023 were management fees and corporate costs of $21 million and $19.3 million, respectively.

第二季調整後 EBITDA 為 1.054 億美元，較上年同期的 8,290 萬美元成長 27%。這一成長是由於收購了 HoneyPot 公司以及 Lugano、BOA 和 PrimaLoft 的強勁成長。2024 年和 2023 年第二季調整後 EBITDA 中的管理費和企業成本分別為 2,100 萬美元和 1,930 萬美元。

Adjusted earnings for the second quarter were above our expectations, coming in at $39.8 million. This was up significantly from $29.2 million in the prior year quarter due to strong performances at Lugano and BOA.

第二季調整後收益為 3,980 萬美元，高於我們的預期。由於盧加諾和 BOA 的強勁表​​現，這一數字比去年同期的 2,920 萬美元大幅增長。

Now moving to our 2024 guidance. As a result of our financial performance in the second quarter, our expectations for the remainder of 2024 and our current view of the economy, we are maintaining our 2024 outlook.

現在轉向我們的 2024 年指導。根據我們第二季的財務表現、對 2024 年剩餘時間的預期以及我們目前對經濟的看法，我們維持 2024 年的展望。

Thus, our full year 2024 subsidiary adjusted EBITDA is consistent with what we provided on our last earnings call of between $480 million to $520 million. Given the outperformance of our branded consumer companies, we are increasing the subsidiary adjusted EBITDA range for our branded consumer vertical by $10 million to $365 million to $395 million.

因此，我們子公司 2024 年全年調整後 EBITDA 與我們在上次財報電話會議上提供的 4.8 億至 5.2 億美元之間的數據一致。鑑於我們品牌消費品公司的優異表現，我們將把我們品牌消費品垂直領域的子公司調整後 EBITDA 範圍增加 1000 萬美元至 3.65 億美元至 3.95 億美元。

However, we are reducing the subsidiary adjusted EBITDA range for our industrial vertical also by $10 million to $115 million to $125 million. We expect full year 2024 adjusted EBITDA to be between $390 million and $430 million, consistent with what we provided on our last earnings call. This range factors in an expected $86 million in corporate level overhead and management fees in 2024. This compares to $341 million in adjusted EBITDA in 2023.

然而，我們也將工業垂直領域的子公司調整後 EBITDA 範圍減少了 1,000 萬美元至 1.15 億美元至 1.25 億美元。我們預計 2024 年全年調整後 EBITDA 將在 3.9 億美元至 4.3 億美元之間，與我們在上次財報電話會議上提供的數據一致。這一範圍預計到 2024 年公司層級的管理費用和管理費將達到 8,600 萬美元。相較之下，2023 年調整後 EBITDA 為 3.41 億美元。

Finally, we are maintaining our full year 2024 adjusted earnings guidance range of between $148 million and $163 million, and we expect the remaining six months of adjusted earnings to be slightly more skewed toward the fourth quarter.

最後，我們將 2024 年全年調整後獲利指引範圍維持在 1.48 億美元至 1.63 億美元之間，我們預計剩餘六個月的調整後獲利將稍微偏向第四季。

Turning to our balance sheet. As of June 30, 2024, we had approximately $68.4 million in cash, approximately $544 million available on our revolver and our total leverage ratio was 3.2 times. Our leverage ratio at the end of the quarter declined as anticipated as a result of our strong operating performance.

轉向我們的資產負債表。截至 2024 年 6 月 30 日，我們擁有約 6,840 萬美元現金，左輪手槍可用資金約 5.44 億美元，總槓桿率 3.2 倍。由於我們強勁的經營業績，我們季度末的槓桿率如預期下降。

Absent any significant acquisitions for the remainder of 2024 and we expect our total leverage ratio to continue to decline. We have substantial liquidity. And as previously communicated, we have the ability to upsize our revolver capacity by an additional $250 million.

如果 2024 年剩餘時間內沒有任何重大收購，我們預計我們的總槓桿率將繼續下降。我們有大量的流動資金。正如之前所傳達的，我們有能力將左輪手槍產能額外增加 2.5 億美元。

With our liquidity and capital, we stand ready and able to provide our subsidiaries with the financial support they need, invest in subsidiary growth opportunities and act on compelling acquisition opportunities as they present themselves.

憑藉我們的流動性和資本，我們隨時準備好並能夠為我們的子公司提供所需的財務支持，投資於子公司的成長機會，並在它們出現時抓住引人注目的收購機會。

Turning now to cash flow provided by operations. During the second quarter of 2024, we used $35 million of consolidated cash flow from operations. Lugano used $71 million in cash flow from operations to support its continued extraordinary growth. Outside of Lugano, the other nine subsidiaries combined produced $36 million in cash flow from operations in the second quarter allowing us to reduce our leverage as stated earlier.

現在轉向營運提供的現金流。2024 年第二季度，我們使用了 3,500 萬美元的合併營運現金流。盧加諾使用了 7,100 萬美元的營運現金流來支持其持續的超常成長。除盧加諾之外，其他九家子公司第二季的營運現金流總計為 3,600 萬美元，使我們能夠如前所述降低槓桿率。

And finally, turning to capital expenditures. During the second quarter of 2024, we incurred $11.2 million of CapEx at our existing subsidiaries, compared to $13.7 million in the prior year period. The decrease was primarily a result of a decline in 5.11 store rollouts in 2024.

最後，轉向資本支出。2024 年第二季度，我們現有子公司的資本支出為 1,120 萬美元，而去年同期為 1,370 萬美元。下降的主要原因是 2024 年 5.11 商店開張量減少。

For the full year of 2024 we anticipate total capital expenditures of between $55 million and $65 million. We continue to see strong returns on invested capital at several of our growth subsidiaries and believe they will have short payback periods. Capital expenditures for the remainder of 2024 will primarily be at Lugano for new retail salons and at Arnold as previously discussed by Pat.

我們預計 2024 年全年的資本支出總額將在 5,500 萬美元至 6,500 萬美元之間。我們繼續看到我們的幾家成長型子公司的投資資本回報強勁，並相信它們的投資回收期很短。2024 年剩餘時間的資本支出將主要用於盧加諾的新零售沙龍和阿諾德，正如帕特之前所討論的。

With that, I will now turn the call back over to Elias.

現在，我將把電話轉回埃利亞斯。

Thank you, Ryan. Before moving to the Q&A portion of the call, I'd like to briefly discuss both our ESG strategy and the current M&A market. As we have told you before, our business model is designed to foster the long-term development and growth of our subsidiaries.

謝謝你，瑞安。在進入電話問答部分之前，我想先簡單討論我們的 ESG 策略和當前的併購市場。正如我們之前告訴過您的，我們的業務模式旨在促進子公司的長期發展和成長。

We are not constrained by short investment horizons and our permanent capital base allows us to take a long-term view. This approach is vital because meaningful innovation and industry disruption both require time and they also require an exceptional talent pool.

我們不受短期投資期限的限制，永久的資本基礎使我們能夠放眼長遠。這種方法至關重要，因為有意義的創新和產業顛覆都需要時間，也需要卓越的人才庫。

The future thinking for people and planet pillar of our ESG strategy prioritizes attracting the best people and focusing on their professional development and holistic well-being. Additionally, our commitment to diversity and inclusion enriches our teams with a variety of perspectives and experiences.

我們 ESG 策略的未來對人類和地球的思考支柱是優先吸引最優秀的人才並關注他們的專業發展和整體福祉。此外，我們對多元化和包容性的承諾使我們的團隊擁有多種觀點和經驗。

We have integrated these principles into our business model so that we can attract and keep people who are not only really good at what they do, but who will also join us in taking bold steps, pushing boundaries and creating lasting value for our stakeholders.

我們將這些原則融入我們的商業模式中，這樣我們就可以吸引和留住那些不僅真正擅長自己所做的事情的人才，而且他們也會與我們一起採取大膽的步驟，突破界限，為我們的利害關係人創造持久的價值。

Turning to the M&A market. While there has been an uptick in deals recently compared to what we've seen in years past, we have not returned to historic activity levels and recent deal quality hasn't met our standards. We remain steadfast in our efforts to identify, own and actively manage innovative, high-growth companies. We also believe our competitive edge will shine in today's high interest rate landscape. When debt markets are weak for single asset buyouts, our permanent capital competitive advantage only grows.

轉向併購市場。儘管與過去幾年相比，最近的交易有所增加，但我們尚未恢復到歷史活動水平，而且最近的交易品質也未達到我們的標準。我們堅定不移地努力尋找、擁有並積極管理創新、高成長的公司。我們也相信，我們的競爭優勢將在當今的高利率環境中脫穎而出。當債務市場對單一資產收購疲軟時，我們的永久資本競爭優勢只會增強。

As Ryan mentioned, our strong liquidity position also enables us to act on acquisition opportunities and to invest in our subsidiaries to build upon our track record of delivering growth into 2025 and beyond.

正如 Ryan 所提到的，我們強大的流動性狀況也使我們能夠抓住收購機會並投資於我們的子公司，以鞏固我們在 2025 年及以後實現成長的記錄。

With that, operator, please open the lines for Q&A.

那麼，接線員，請打開問答線。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Larry Solow, CJS Securities.

拉里·索洛，CJS 證券。

Great. Thanks and good afternoon. I guess two questions. One, operating and one just on the M&A environment. Just it sounds like BOA had a really nice quarter, really good to see. Can you maybe give us a little more color on the strength? Is it just the subsiding of the inventory destocking? Is BOA the primary driver of the $10 million increase on the branded side?

偉大的。謝謝，下午好。我猜有兩個問題。一是營運環境，一是併購環境。聽起來 BOA 這個季度非常好，非常值得一看。您能給我們更多關於強度的資訊嗎？只是去庫存的消退嗎？BOA 是品牌方面 1000 萬美元成長的主要動力嗎？

I would say certainly one of them, Larry, this is Pat. It was really broad breadth, as I mentioned, across each of the BOA verticals. I would say the company is developing a great business in workwear, and it's becoming a more material part of their business, and that was certainly a driver of growth here as well, both domestically and internationally.

我肯定會說其中之一，拉里，這是帕特。正如我所提到的，它涵蓋了 BOA 的每個垂直領域。我想說的是，該公司正在開發一項偉大的工作服業務，並且它正在成為他們業務中更重要的一部分，這無疑也是這裡的成長動力，無論是國內還是國際。

Yes. With respect to the $10 million driver of growth, Larry, I would say, is sort of a combination PrimaLoft bounced back and exceeded our expectations as did BOA, the numbers both put up a really extraordinarily -- extraordinary. And as you know, this has been one of the better performing businesses that we've owned prior to the inventory destocking. So it's really good to see that behind them and get back on kind of a normal growth trajectory.

是的。就 1000 萬美元的成長驅動力而言，我想說的是，Larry 是 PrimaLoft 反彈並超越我們預期的組合，BOA 也是如此，這兩個數字都表現得非常出色。如您所知，這是我們在去庫存之前擁有的業績較好的業務之一。因此，很高興看到它們已經過去並回到正常的增長軌道。

And then, of course, Lugano continues just to grow at a remarkable level. And so those three together, and as I said, they roughly represent half of our EBITDA having them be growing like they are right now, that kind of enables us to up our expectations in the back half of the year -- or for the full year by $10 million on the consumer side.

當然，盧加諾繼續以驚人的水平增長。因此，正如我所說，這三者加在一起，大致相當於我們 EBITDA 的一半，讓它們像現在一樣增長，這使我們能夠提高下半年的預期，或者整個季度的預期。 1000 萬美元。

And just on the HoneyPot, a little bit below expectation, as you called out, some of the -- it sounds like your thoughts on you were going to lose some of these SKUs. Is it also some traffic at these bigger box retail stores one in particular? And is that still the big box still the majority of your revenue?

就在 HoneyPot 上，正如您所指出的，有點低於預期，聽起來您對自己的想法將失去其中一些 SKU。尤其是這些較大的零售商店是否也有一些客流量？那這個大盒子還是你收入的大部分嗎？

Yes. Those -- a couple of the bigger box stores are close to half of our revenue or slightly more than that probably a good chunk of our revenue. I would say there is some well-publicized traffic reductions at least one of those that would come into account.

是的。這些——一些較大的賣場接近我們收入的一半，或者略多一點，可能占我們收入的很大一部分。我想說的是，有一些廣為人知的交通流量減少，至少其中之一會被考慮。

Just last on the acquisition environment. Just curious, obviously, multiples haven't really come down. And I know in the health care, in particular, I'm just curious your thoughts no timetable, and I'm sure you've Kurt’s a good man, so I'm sure you've repurposed him and doing a lot of good stuff behind the scenes there. But curious, are you expanding your horizons a little bit about health care. Again, any thoughts on potential investments in that vertical specifically.

最後談談採集環境。只是好奇，顯然，市盈率並沒有真正下降。我知道，特別是在醫療保健方面，我只是好奇你的想法沒有時間表，而且我確信你庫爾特是一個好人，所以我確信你已經重新調整了他的用途並做了很多事情幕後有很多好東西。但好奇的是，您是否擴大了對醫療保健的視野？再次，關於該垂直領域潛在投資的任何想法。

Yes, Larry, I would say just in general, in the M&A market, there is increased deal volume, as I mentioned, but we're really kind of focused on making sure that companies are very innovative in what they do today and the products and the margins they can enjoy from that, but then have a source of continuing innovation to be able to continue to enjoy that.

是的，拉里，我想說的是，總的來說，在併購市場中，交易量有所增加，正如我所提到的，但我們確實專注於確保公司在今天的業務和產品方面具有強大的創新性以及他們可以從中享受到的利潤，但隨後擁有持續創新的源泉，能夠繼續享受這一利潤。

And I would say that really narrows down the target opportunities pretty significantly out of what we will go after. Unfortunately, broadly, the market -- in the market, we haven't seen those really premium companies coming to market yet. But I think that's probably -- there's some green shoots in that the market is recovering.

我想說，這確實大大縮小了我們所追求的目標機會的範圍。不幸的是，從廣義上講，在市場上，我們還沒有看到那些真正優質的公司進入市場。但我認為市場正在復甦，可能會出現一些新芽。

In terms of health care, in particular -- and by the way, this goes across great consumer and great industrial. When you see an A or an A+ business, which are the kind of businesses that we look for, these things are -- they always trade at premium multiples because they don't trade in compromise times typically. And so our expectation is when these businesses come, we're going to have to pay a clearing multiple. It kind of gets circular back to the fact that we're just not seeing a lot of them out there.

特別是在醫療保健方面——順便說一句，這涉及大消費者和大工業。當你看到我們尋找的 A 或 A+ 企業時，它們總是以溢價倍數進行交易，因為它們通常不會在妥協時期進行交易。因此，我們的預期是，當這些業務到來時，我們將不得不支付清算倍數。這有點循環回到我們只是沒有看到很多這樣的事實。

With respect to health care, we are opening the parameters a little bit. I would say kind of we would consider something maybe a little bit smaller than kind of the historical deal sizes that we've done, maybe down in the $15 million EBITDA range, so dipping a little bit lower with a more of a build strategy. But other than that, we're remaining very disciplined in what our criteria are.

在醫療保健方面，我們正在稍微開放一些參數。我想說的是，我們會考慮一些比我們已經完成的歷史交易規模小一點的東西，也許會在 1500 萬美元的 EBITDA 範圍內，所以透過更多的構建策略來降低一點。但除此之外，我們對我們的標準仍然非常嚴格。

I appreciate the color, and thanks a lot.

我很欣賞這個顏色，非常感謝。

Matt Koranda, Roth Capital.

馬特·科蘭達，羅斯資本。

Thanks for taking the questions. Maybe just sticking on the deal front for a second. I'm just curious, it sounds like a little bit of a tone shift from you guys in terms of just little bit more awareness on a slowing or softening economy, especially on the industrial side of things. Does that change your posture toward our appetite for larger acquisitions going forward here?

感謝您提出問題。也許只是在交易方面停留片刻。我只是很好奇，這聽起來像是你們對經濟放緩或疲軟的認識有點轉變，尤其是在工業方面。這是否會改變您對我們未來進行更大規模收購的興趣的態度？

And maybe Elias, if you just unpack your commentary around deals not meeting your standards. It sounds like it may be more quality of deal flow, but maybe just curious if you could talk a little bit about pricing expectations and sort of if you could unpack that theme as well, that would be helpful.

也許還有埃利亞斯，如果你只是圍繞著不符合你標準的交易展開你的評論。聽起來這可能是更高品質的交易流，但也許只是好奇你是否可以談談定價預期，或者如果你也可以解開這個主題，那會很有幫助。

Yes. Sure. I mean Matt, we've -- it feels like the economy is weakening and we clearly factored that into our expectations in the back half and that's why we didn't raise notwithstanding having a really good quarter and feeling really good about the business.

是的。當然。我的意思是馬特，我們感覺經濟正在疲軟，我們在下半年的預期中明確考慮了這一點，這就是為什麼我們沒有提高，儘管我們有一個非常好的季度並且對業務感覺非常好。

But that obviously factors into how we're looking at companies right now, too, in that there's probably going to be some reduced expectation of growth at a minimum or maybe even they don't grow at all as the economy feels like it's raining in a little bit.

但這顯然也影響了我們現在如何看待公司，因為經濟成長的預期可能會至少降低，甚至可能根本不成長，因為經濟感覺就像在下雨一樣。

So that impacts our view of forward earnings, which is going to impact our view on kind of valuation. And that may or may not allow for us to be competitive because we have maybe a slightly lower negative view of kind of how the economy is unfolding right now. I would say in terms of multiples, we expect to pay more elevated multiples.

因此，這會影響我們對預期收益的看法，進而影響我們對估值類型的看法。這可能會或可能不會讓我們具有競爭力，因為我們對目前經濟發展的負面看法可能略低一些。我想說，就倍數而言，我們預計會支付更高的倍數。

And if you think of the businesses that we've acquired recently, PrimaLoft and BOA as two examples. Those are companies that traded kind of in mid-double-digit range, kind of 15-ish times. And these are incredibly high-quality businesses with really deep economic moats. And those are the kind of businesses that we're looking for. I mean we want a source of real innovation. We want protected IP or some go-to-market strategy that we can feel really good about is being durable.

如果你想想我們最近收購的企業，PrimaLoft 和 BOA 就是兩個例子。這些公司的交易價格在兩位數左右，大約是 15 倍左右。這些都是令人難以置信的高品質企業，擁有真正深厚的經濟護城河。這些正是我們正在尋找的企業。我的意思是我們需要真正的創新來源。我們想要受保護的智慧財產權或一些我們真正感覺良好的進入市場策略，這些策略是持久的。

And ultimately, it needs to manifest in the company being able to significantly outgrowing its underlying industry. And so those are sort of the criteria that we're evaluating, and this has been part of our sort of strategic, sort of kind of not shift, but as our capital costs have come down, we've been talking to you about buying faster-growing businesses and more well protected, those two things have gone hand in hand.

最終，它需要體現在公司能夠顯著超越其基礎產業的發展。這些是我們正在評估的標準，這是我們策略的一部分，不會改變，但隨著我們的資本成本下降，我們一直在與您討論購買企業增長更快，保護更完善，這兩件事是齊頭並進的。

And so that is what we are looking for, and we're very strict about meeting that criteria. And I would just say whether you're today or a year ago or you're back in '21 when times were really robust or '19, those companies always trade for strong multiples because when you identify companies with those characteristics, it's typically about, you have to pay the clearing price for those, and those are really in-demand assets.

這就是我們正在尋找的，並且我們非常嚴格地滿足該標準。我只想說，無論你是在今天還是一年前，或者你回到了21 年，當時的情況非常強勁，還是回到了19 年，這些公司總是以強勁的市盈率進行交易，因為當你識別具有當這些特徵的公司時，它通常是關於，你必須為這些支付清算價格，而這些是真正的需求資產。

When we look back historically at our performance, notwithstanding they're our highest priced assets, they're also our best-performing assets on return on invested capital as well. So that's sort of where we see the deal market right now, and volume has come back. But as you said, quality is still lagging.

當我們回顧我們的歷史績效時，儘管它們是我們價格最高的資產，但它們也是我們投資資本報酬率表現最好的資產。這就是我們現在看到的交易市場，而且交易量已經回升。但正如你所說，品質仍然落後。

Okay. Very helpful. And then just curious, maybe on the balance sheet front, like if we're a little bit more reticent about the economy, why not focus on reducing that leverage? I know that you already are starting to do so. And you mentioned that without a deal, I guess, we just naturally sort of deliver over the next couple of quarters. But maybe if you could talk about the trajectory there, where we might expect to end the year on that leverage if we didn't see a deal and maybe would that be a priority of ours, like if we kind of see things softening a bit.

好的。非常有幫助。然後只是好奇，也許在資產負債表方面，如果我們對經濟更加沉默寡言，為什麼不專注於降低槓桿？我知道你已經開始這麼做了。你提到，如果沒有達成協議，我想，我們自然會在接下來的幾季內交付。但也許你可以談談那裡的軌跡，如果我們沒有看到達成協議，我們可能會期望在今年結束時利用這種槓桿作用，也許這會是我們的優先事項，就像我們看到事情有點軟化一樣。

Yes, Matt, this is Ryan. Thanks for the question. You're right in that our leverage is continuing to come down, and you heard us on the past few calls talk about that post the HoneyPot transaction, we're seeing some continued really strong performance at our consumer subsidiaries which is growing the denominator there.

是的，馬特，這是瑞安。謝謝你的提問。你是對的，我們的槓桿率正在持續下降，你在過去的幾次電話中聽到我們談論蜜罐交易後的情況，我們看到我們的消費者子公司的業績持續強勁，分母正在不斷增長。

So as we build our business, our leverage is coming down, came down from a little above 3.8% down to about 3.7% this quarter. I'd expect kind of similar declines over the next two quarters as we not only grow the EBITDA line, but we start to cash convert some of our other subsidiaries inventory and such. So still a focus of ours, I'd say it's more organic.

因此，隨著我們建立業務，我們的槓桿率正在下降，從本季略高於 3.8% 降至約 3.7%。我預計未來兩個季度也會出現類似的下降，因為我們不僅增加了 EBITDA 線，而且開始將其他一些子公司的庫存等進行現金轉換。所以這仍然是我們的一個焦點，我想說它更有機。

I think what you also saw during the quarter is we raised a little bit of preferred. So I think that's been a good source of some equity capital for us to deleverage. But I do think we feel confident in our growth prospects for this year. Clearly, we're guiding to north of 12% growth in EBITDA year over year. So I think that all feels good. So I think we're in good shape on the balance sheet as I think about closing out the year.

我認為您在本季度還看到我們提高了一些優先股。所以我認為這是我們去槓桿化的一些股權資本的良好來源。但我確實認為我們對今年的成長前景充滿信心。顯然，我們的目標是 EBITDA 年成長超過 12%。所以我認為一切都感覺很好。因此，當我考慮結束今年時，我認為我們的資產負債表狀況良好。

Okay, great. And if I could just do one more on one of the fundamental businesses. So on Lugano, I wanted to hear if you guys had any sort of preliminary learnings you can share from the London salon opening. Like if you have quantifiable metrics, that's great, but just any learnings around that and how that sort of informs the additional expansion plans you may have for the rest of Europe.

好的，太好了。如果我能在一項基本業務上再做一項就好了。因此，在盧加諾，我想聽聽你們是否有任何可以從倫敦沙龍開幕式上分享的初步經驗。就像如果你有可量化的指標，那很好，但只是圍繞這一點的任何學習，以及如何為你可能為歐洲其他地區製定的額外擴張計劃提供資訊。

And also, I guess I noticed that the incrementals there just continue to be really strong, and it's kind of hard to model this thing, given you're punching above 40% in terms of incrementals. How sustainable is that? Sort of how should we think about modeling that going forward? I would assume you're probably going to try to tamp us down on that front, but it was impressive. So I just wanted to hear a little bit more on that.

而且，我想我注意到那裡的增量仍然非常強勁，而且考慮到增量超過 40%，很難對這個東西進行建模。這有多可持續？我們應該如何考慮未來的建模？我猜你可能會試圖在這方面壓制我們，但這令人印象深刻。所以我只是想多聽一點。

Sure. I mean the company does a great job. You said some of the learnings that we take from London, the company does a great job of sort of seeding the market with a lot of deep relationships before they enter a market. And they did the same thing here in London. We had a smaller business working with European equestrian customers that we spent some time with and that helped us see this market when we went into London. So that would be point one.

當然。我的意思是公司做得很好。你提到了我們從倫敦學到的一些經驗，該公司在進入市場之前在市場上建立了許多深厚的關係，做得很好。他們在倫敦也做了同樣的事情。我們有一個較小的企業，與歐洲馬術客戶合作，我們花了一些時間與他們合作，這幫助我們在進入倫敦時看到了這個市場。這就是第一點。

Point number two, would be that our sort of the way we do business, which is sort of deep relationships and good value on really amazing product works over there as well. And so there was some sort of -- with a buyer who buys differently, work with customers who purchase differently. We're learning that it works there as well, and we are -- we're optimistic that there are several more at least European locations that it could work to.

第二點是，我們開展業務的方式，即深厚的關係和真正令人驚嘆的產品的良好價值，也在那裡發揮作用。因此，存在某種方式——與購買方式不同的買家一起，與購買方式不同的客戶合作。我們了解到它在那裡也適用，而且我們樂觀地認為，至少在歐洲還有幾個地方可以使用它。

So it only made us more bullish on sort of growth internationally and growth within Europe. As far as the growth, I'm not going to make your modeling exercise any easier, I'm sorry, Matt. I think we're going to continue to see really robust growth in 2024 and into 2025 and the robustness of that beyond that will somewhat be determined by the number of salons we open and somewhat just be driven by continued growth at the company and continued depth of relationships.

因此，這只會讓我們更加看好國際成長和歐洲內部的成長。就成長而言，我不會讓你的建模練習變得更容易，我很抱歉，馬特。我認為我們將在2024 年和2025 年繼續看到真正強勁的增長，而在此之後的強勁增長將在某種程度上取決於我們開設的沙龍數量，並且在某種程度上只是由公司的持續成長和持續的深度推動的關係。

Got it. Any rule of thumb around inventory investment translating to sort of sales? I know you guys have provided some metrics around that. Just curious if you have another crack at that one or if anything changed on that front.

知道了。關於庫存投資轉換為銷售的經驗法則是什麼？我知道你們已經提供了一些相關指標。只是好奇你是否還有其他的突破或是這方面是否有了任何變化。

Yes, Matt, it's basically remained similar to where it's been. I would say we do have some additional investment we're making upfront. As our growth rate is actually accelerating, which is really remarkable given how fast this business has been growing. But as it's accelerating, it actually requires a little bit more upfront capital, especially as we're expanding our footprint. And for example, going to London, now being international, it creates some challenges about moving inventory that kind of required a little bit more investment.

是的，馬特，它基本上和以前一樣。我想說的是，我們確實有一些預先的額外投資。由於我們的成長速度實際上正在加快，考慮到這項業務的成長速度，這確實非常了不起。但隨著它的加速，它實際上需要更多的前期資本，特別是當我們正在擴大我們的足跡時。例如，去倫敦，現在已經是國際化的，它在轉移庫存方面帶來了一些挑戰，這需要更多的投資。

So in general, I would say the numbers are sticking exactly where they have been historically. And as we look at the business, I mean, part of the question that passed that on your answer, Pat, for your question on modeling. I mean, the level of inventory investment also is a kind of component to modeling out how large and fast this business will grow.

所以總的來說，我想說這些數字與歷史數據完全一致。當我們審視業務時，我的意思是，帕特，關於建模問題的部分問題已通過您的回答。我的意思是，庫存投資水準也是模擬該業務成長規模和速度的一個組成部分。

We've said this for three years, and I know it's hard for everybody. And for us, too, to accept a little bit that as we put in more inventory there is kind of demand within our network and as we're growing that network of buyers for there's additional demand that is there. And so we are creating more revenue opportunity with inventory investment.

我們已經這樣說了三年了，我知道這對每個人來說都很難。對我們來說，也要接受一點：當我們投入更多庫存時，我們的網絡內部就會出現某種需求，並且隨著我們不斷擴大買家網絡，就會出現額外的需求。因此，我們正在透過庫存投資創造更多收入機會。

I think that continues and that has not slowed down. And so as we look into 2025, other than a desire to be a little bit more conservative and not get out over our skis, I would say there's nothing present right now that says this business should have a material change in kind of its performance and growth outlook it's going to be the kind of same thing, getting the people onboarded, getting kind of the product and the inventory build, those are sort of some of the constraints right now that we have to grow, it feels like demand still is solidly more within our network than what we're currently satisfying.

我認為這種情況仍在繼續，而且並沒有放緩。因此，當我們展望 2025 年時，除了希望更加保守一點、不要超越我們的滑雪板之外，我想說，目前沒有任何跡象表明該業務應該在其業績方面發生重大變化，並且增長前景這將是同樣的事情，讓人們加入，獲得某種產品和庫存建設，這些是現在我們必須增長的一些限制，感覺需求仍然很強勁我們的網絡內比我們目前滿意的更多。

Okay. Fair enough. I appreciate all the detail there. So I'll jump back in queue.

好的。很公平。我很欣賞那裡的所有細節。所以我會插回隊列。

Derek Sommers, Jefferies.

德里克·薩默斯，傑弗里斯。

Good afternoon, everyone. A couple of quick questions on the subsidiaries. Just on HoneyPot and Lugano, could you remind us if there's any sort of seasonality we should be cognizant of in modeling those? And then additionally, any kind of commentary on the 5.11 business transition or transformation will be helpful as well.

大家下午好。關於子公司的幾個簡單問題。就 HoneyPot 和 Lugano 而言，您能否提醒我們在建模時是否應該認識到任何季節性？此外，任何有關 5.11 業務轉型或轉型的評論也會有所幫助。

Sorry, what was the second part?

抱歉，第二部分是什麼？

5.11.

5.11.

So seasonality at HoneyPot, I mean it's lessening. I think Q1 tends to be a pretty strong quarter for them. But other than that, there doesn't -- there's not too much seasonality. At Lugano, I think we've tended to see sort of Q4 and Q1 be bigger than Q2 and Q3, and it just depends on the year. As it relates to the 5.11 transition, we're spending a lot of time working on sort of opening up the aperture for 5.11. And how do we -- how do we bring in more customers to this product that just performs incredibly well and has an incredibly trusted and authentic brand.

所以蜜罐的季節性，我的意思是它正在減少。我認為第一季對他們來說往往是一個相當強勁的季度。但除此之外，沒有太多的季節性。在盧加諾，我認為我們傾向於看到第四季度和第一季比第二季和第三季更大，這只取決於年份。由於它與 5.11 過渡相關，因此我們花費了大量時間來為 5.11 打開光圈。我們如何——我們如何吸引更多客戶使用這款性能非常出色並且擁有令人難以置信的可信和真實品牌的產品。

And so we're spending a lot of time understanding just how we do that. And that's been a big part of our focus over the last sort of two to three months and will be for the next three to four months. What also is happening though, at the same time is inventory fluctuation still related to COVID, where you purchase too much or too little is impacting our retail sales somewhat in DTC.

因此，我們花了很多時間來了解我們是如何做到這一點的。這是我們過去兩到三個月的重點，也是未來三到四個月的重點。但同時，庫存波動仍與新冠疫情有關，購買過多或過少都會對我們的 DTC 零售額產生一定影響。

And then lastly, as I touched on with PFAS, we have a lot of different SKUs that we now need to bring in PFAS free product for and it's a relatively complex process, different agencies in different states and different consumer wholesale customers will demand different specs, some will latest products and will not.

最後，正如我談到的PFAS，我們有很多不同的SKU，我們現在需要引入不含PFAS 的產品，這是一個相對複雜的過程，不同州的不同機構和不同的消費者批發客戶會要求不同的規格，有些會最新產品，有些不會。

So you essentially have to keep double inventory on a lot of products. And that's presenting us with some operational challenges. I think we're going faster than most in the industry. And so I think it could potentially be a tailwind when we get through it in 2025, but it is a bit of a headwind right now.

因此，您基本上必須對許多產品保持雙重庫存。這給我們帶來了一些營運挑戰。我認為我們比業內大多數人都走得更快。因此，我認為當我們在 2025 年度過這段時期時，它可能會變成順風，但現在有點逆風。

Got it. Thank you. And then just on the interest rate cuts, it will flow through on your variable rate debt at the corporate level. But is there any kind of interest rate exposure we should be aware of at the subsidiary level?

知道了。謝謝。然後，只要降息，它就會流向企業層面的可變利率債務。但子公司層級是否存在我們應該注意的利率風險？

No, Derek. All that subsidiary debt is owed us. So there's no exogenous risk outstanding with respect to interest rate risk. Any cut would be a positive to the business.

不，德里克。所有這些附屬債務都是我們欠的。因此，利率風險方面不存在突出的外生風險。任何削減都會對業務產生正面影響。

Got it. Thank you for the color for me.

知道了。謝謝你給我的顏色。

Robert Dodd, Raymond James.

羅伯特·多德，雷蒙德·詹姆斯。

Hi, guys. Sorry about the background noise. It feels kind of like riding the dead horse after my question for the last few quarters, but Lugano. So a couple of quarters ago, I asked you if you thought it could hit a third of total EBITDA this year, and you said no. Well, it's a third this quarter. Obviously, that's not a guarantee that it's going to keep growing as a share.

嗨，大家好。抱歉，背景噪音。在我過去幾季的問題之後，感覺有點像騎著死馬，但盧加諾。幾個季度前，我問你是否認為今年它可以達到 EBITDA 總額的三分之一，你說不行。嗯，這是本季的三分之一。顯然，這並不能保證其股價會持續成長。

But does the discussion point is -- I mean, again, the concentration issue is a great business, but it is such a big driver of your growth and the big consumer of cash. I think it was $71 million in operating cash flow consumption in the first half. So to fund the accelerating growth, you talked about it last quarter, but can you give us update on what your thoughts are on how you can continue to maximize the performance and the returns at Lugano, while we're not having yet just dominated all the financial needs of the Lugano?

但討論的要點是——我的意思是，集中度問題是一項偉大的業務，但它是你的成長和大量現金消費者的重要推動力。我認為上半年的營運現金流消耗為 7,100 萬美元。因此，為了為加速成長提供資金，您在上個季度談到了這一點，但是您能否向我們介紹一下您對如何繼續最大限度地提高盧加諾的業績和回報的最新想法，而我們還沒有在所有方面都占主導地位盧加諾的財務需求？

Yes. I mean, Robert, we talked about this last time. It's kind of a high-class problem because the return on invested capital is so abnormally high here. From a capital allocation standpoint, it's really hard to ignore the request for additional capital because we can't direct it in an alternative matter and get a better return.

是的。我的意思是，羅伯特，我們上次討論過這個。這是一個高階問題，因為這裡的投資資本報酬率異常高。從資本配置的角度來看，確實很難忽視額外資本的要求，因為我們無法將其引導到其他問題並獲得更好的回報。

And so, I think that leads us to want to continue to fund this, notwithstanding the risk that you're highlighting, which is it's becoming more concentrated in the portfolio. And it is like any hyper growth business that has a capital need to it, it is a capital consumer while it's in the massive growth phase.

因此，我認為這導致我們想要繼續為此提供資金，儘管您強調了風險，即它變得更加集中在投資組合中。就像任何高速成長的企業都需要資本一樣，它在處於大規模成長階段時是資本消耗者。

I mean if this thing slowed down to a 20% growth business, it would be a really good growth cash flow producer. And if it grew at 3% or 4%, it would produce a ton of free cash flow. It's just happening to grow at 40%, 50% and that causes our capital -- the capital requirements to be quite substantial.

我的意思是，如果這件事放緩至 20% 的成長業務，那將是一個非常好的成長現金流生產者。如果成長 3% 或 4%，就會產生大量的自由現金流。它恰好以 40%、50% 的速度成長，這導致我們的資本——資本要求相當可觀。

I think it really is kind of strategically how we think about the asset. I think funding is needs as long as it is a kind of subsidiary of us is important, and it is important to the value creation of CODI and it's important to Lugano reaching its maximum value potential as well. So I think there isn't really an alternative to fund the capital that they can wisely put to work with these type of returns, clearly, if that breakdown and return on invested capital happens then everything gets reevaluated.

我認為這確實是我們從策略角度看待資產的方式。我認為資金是需要的，只要它是我們的子公司就很重要，這對 CODI 的價值創造很重要，對於盧加諾發揮最大價值潛力也很重要。因此，我認為實際上沒有其他選擇來為他們提供資金，他們可以明智地利用這些類型的回報，顯然，如果投資資本的崩潰和回報發生，那麼一切都會重新評估。

But if you say that, that's sort of a status quo, then we will continue to fund that. I think what it points to is given the differential in growth rate and it is growing so much faster than the rest of the portfolio, the third -- the 33% concentration it represented in the quarter is likely only going to grow if that differential continues, which we would expect it to.

但如果你這麼說，那就是現狀，那麼我們將繼續為其提供資金。我認為它所指出的是考慮到成長率的差異，而且它的成長速度比投資組合的其他部分快得多，第三個——它在本季度所代表的33% 的集中度很可能只會在這種差異持續下去的情況下成長。

And so in the next couple of years, it's going to become a bigger part of CODI unless we do something creatively with it. And I would say that could be anything from a divestiture, which clearly, that is part of our strategy and we've done that historically with our assets to kind of continuing to own it and financing it in a more creative way.

因此，在接下來的幾年裡，除非我們創造性地利用它，否則它將成為 CODI 的重要組成部分。我想說，這可以是任何資產剝離，這顯然是我們策略的一部分，我們歷史上已經用我們的資產做到了這一點，以繼續擁有它並以更有創意的方式為其融資。

And I can think of like facts as an example of how we own the business and creatively financed it through taking part of it public and then having the -- its own access to capital markets or debt markets wherever it could participate. And that was a win-win because it lowers their cost of capital. We still own the big piece. So as the majority owner in the beginning, kind of was an overall weight it was overall reduction in our WACC by continuing to own a majority of that business. So there's some options that we have.

我可以將類似的事實作為一個例子，說明我們如何擁有這家企業，並透過公開參與該企業並創造性地為其融資，然後在任何可以參與的地方擁有進入資本市場或債務市場的機會。這是雙贏的，因為它降低了他們的資本成本。我們仍然擁有這塊大塊。因此，作為一開始的大股東，某種意義上是一種整體權重，即透過繼續擁有該業務的多數股權，我們的 WACC 整體減少。所以我們有一些選擇。

And by the way, I just point to two things we've done in the past. We're thinking about a plethora of options of financing and ways in this business over the next couple of years to both manage risk and obviously get the best return for our shareholders. But suffice to say, it is top of mind for us as well and re-recognize the high-class problem that has come from a company that is growing this rapidly and now represents kind of a big cap -- or a big concentration with such a large capital need.

順便說一句，我只想指出我們過去做過的兩件事。我們正在考慮未來幾年該業務的多種融資選擇和方式，以管理風險並顯然為我們的股東獲得最佳回報。但可以說，這也是我們最關心的問題，並重新認識到一家公司所面臨的高級問題，該公司發展如此迅速，現在代表著一種大資本——或者說高度集中於這樣的公司。資金需求。

It is really a higher problem. So they kind of tie that, I mean, you talked about the health care that you might be considering doing a more build strategy, are you making a smaller acquisition. Obviously, if you had done something larger on health care or hypothetic [conversation] that one that would actually reduce the Lugano concentration. So if you aim at something smaller in health care, when if you enter that, does that actually accelerate the need to find a solution? I mean, Lugano is not a problem, right, but to find some kind of creative way to manage the diversification in health care is going to hyper value to be a small add-on than might have been the case you thought a year then.

這確實是一個更高的問題。所以他們有點聯繫，我的意思是，你談到了醫療保健，你可能正在考慮採取更多的建設策略，你是否進行了規模較小的收購。顯然，如果你在醫療保健或假設[對話]方面做了一些更大的事情，那麼實際上會降低盧加諾的濃度。因此，如果您的目標是醫療保健領域較小的目標，那麼當您進入該領域時，實際上是否會加速尋找解決方案的需要？我的意思是，盧加諾不是問題，對吧，但找到某種創造性的方法來管理醫療保健的多元化，將比你一年前想像的情況更有價值。

Sure. And that's sort of door number three that also exists, which is we do enough acquisitions, you've identified health care, but that's only one of the three verticals that we invest in. So it could be another consumer business. It could be another industrial tech business that we're looking at or just broadly, I mean, the teams are out day in and day out, Robert, looking aggressively for acquisition candidates.

當然。這也是存在的第三扇門，即我們進行了足夠的收購，您已經確定了醫療保健領域，但這只是我們投資的三個垂直領域之一。所以這可能是另一個消費業務。這可能是我們正在考慮的另一項工業技術業務，或者只是廣義的，我的意思是，羅伯特，團隊日復一日地積極尋找收購候選人。

And as we are starting to see some green shoots, I think there are opportunities that are going to come about to deploy capital. That clearly is a something that will diversify Lugano -- diversify CODI more and bring Lugano's concentration down. So that's the third way we can do it.

隨著我們開始看到一些萌芽，我認為將會出現部署資本的機會。這顯然會讓盧加諾更加多元化——讓CODI更加多元化，並降低盧加諾的集中度。這是我們可以做到的第三種方法。

Clearly, balancing there is the leverage. And so kind of access to capital markets becomes important, there's a lot of factors that are in it. But I wouldn't focus too much on the fact that we're maybe looking at some smaller health care deals. We're also looking at health care deals that are larger. It just so happens that in that vertical.

顯然，平衡就是槓桿。因此進入資本市場變得很重要，其中有許多因素。但我不會過多關注我們可能正在考慮一些較小的醫療保健交易。我們也正在考慮規模更大的醫療保健交易。恰好在那個垂直領域。

We would start slightly smaller than where we will in our industrial and our consumer verticals. But we would just be just as happy to do a $500 million deal in the health care market as we do in a consumer or an industrial, but if we're -- do a $200 million deal, we will start there as well. And that was sort of the only point I was making earlier. But yes, we are looking to acquire and do so prudently without overusing kind of leverage on our balance sheet. So we're walking that fine line.

我們的起步規模將比工業和消費垂直領域的規模略小。但我們會像在消費者或工業領域那樣樂意在醫療保健市場進行 5 億美元的交易，但如果我們要進行 2 億美元的交易，我們也會從那裡開始。這是我早些時候提出的唯一觀點。但是，是的，我們正在尋求收購並謹慎行事，而不是在我們的資產負債表上過度使用某種槓桿。所以我們正在走那條細線。

Got it. Thank you.

知道了。謝謝。

Matthew P. Howlett, B. Riley.

馬修·P·豪利特，B·萊利。

Hey, guys. Thanks for taking my question. Just to be clear, I think you said last call that you'd be comfortable taking leverage up half a turn three quarters between temporarily. We still feel the same that if you found something you really wanted.

嘿，夥計們。感謝您提出我的問題。需要澄清的是，我認為您在上次電話會議中表示，您願意在四分之三之間暫時將槓桿率提高半圈。如果你找到了你真正想要的東西，我們仍然有同樣的感覺。

And I would say, Matt, given BOA and PrimaLoft and their return to growth, I mean these are just really outstanding businesses. And we come up, I think all went through a traumatic period where inventory destocking was kind of a generational thing, nobody anticipated the events that COVID went unleash, including sometimes sell-in being half of what sell-through is and it really had to reset all of our expectations lower for a period of time. But these are great businesses that have good industries with growth, and they are taking share and they are really well protected.

我想說，馬特，鑑於 BOA 和 PrimaLoft 及其恢復成長，我的意思是這些都是非常出色的企業。我們得出的結論是，我認為所有人都經歷了一段痛苦的時期，庫存去庫存是一代人的事情，沒有人預料到新冠疫情引發的事件，包括有時銷量是銷量的一半，而且確實必須如此在一段時間內降低我們所有的期望。但這些都是偉大的企業，擁有良好的成長產業，它們正在佔據份額，而且它們確實受到了很好的保護。

And so even if the macro economy weakens a little bit here or there, those businesses can grow right on through it. And they've proven the ability to do that in normal times where inventory changes aren't so wild. And so we look at Lugano which is, frankly, totally disconnected to the macro economy unless there's another great financial event that occurs.

因此，即使宏觀經濟在這裡或那裡略有疲軟，這些企業也可以透過它繼續成長。他們已經證明了在庫存變化不那麼劇烈的正常時期做到這一點的能力。因此，我們看看盧加諾，坦白說，它與宏觀經濟完全脫節，除非發生另一場重大金融事件。

I mean, this is a company that deals with the clientele that is very unique. And it is a very disruptive business in a massive industry that they've got a tiny amount of share. So it's a really good formula to be able to grow outside of general macroeconomic conditions.

我的意思是，這是一家與非常獨特的客戶打交道的公司。在一個龐大的行業中，這是一項非常顛覆性的業務，但他們只擁有很少的份額。因此，這是一個能夠在一般宏觀經濟條件之外實現成長的非常好的公式。

And so, as we said before, you look at those three businesses and they are poised to grow not only now, but in '25 and beyond. It's just such a good stable base that you can get comfortable with to then take on a little bit more balance sheet leverage and be comfortable with that. So maybe a long-winded answer of saying, yes, we remain confident for the right asset that we could take leverage up half to three quarter of a term.

因此，正如我們之前所說，您看看這三個業務，它們不僅現在準備好成長，而且在 25 年及以後也將實現成長。這是一個如此良好的穩定基礎，您可以放心地使用更多的資產負債表槓桿並對此感到滿意。因此，也許一個冗長的答案是，是的，我們對正確的資產仍然充滿信心，我們可以在一個期限內將槓桿率提高一半到三個季度。

That's incredible that you have that loyalty, the consumer loyalty that gives you that much confidence. So it's really -- they really are a special company. So on that note, I mean, just you talked about new products at the HoneyPot. I'm looking at 2025, we talked about maybe new some new technology at Velocity, new products in HoneyPot, anything.

令人難以置信的是，您擁有這樣的忠誠度，消費者的忠誠度給了您如此大的信心。所以，他們真的是一家特別的公司。就這一點而言，我的意思是，剛才您談到了 HoneyPot 的新產品。我展望 2025 年，我們可能討論了 Velocity 的一些新技術、HoneyPot 的新產品等等。

Can you go into a little more detail on what could happen -- what could the impact could be on '25? And is there anything any new -- anything else in the other subsidiaries to flag in '25. Just when we think about '25, something stuff being rolled out in the subsidiary. So anything to highlight the going around details.

您能否更詳細地介紹可能發生的情況—這會對 25 年產生什麼影響？25 年其他子公司是否有任何新的東西需要標記。正當我們想到 25 年時，子公司正在推出一些東西。所以任何可以突出周圍細節的事情。

In general, all of our companies are working on -- I mean we work really closely with our businesses and everybody has product road maps. If it's a consumer business, they are very detailed product road maps and new product introductions that are coming out and how we're going to execute and be more profitable.

總的來說，我們所有的公司都在努力——我的意思是我們與我們的企業密切合作，每個人都有產品路線圖。如果是消費者業務，它們是非常詳細的產品路線圖和即將推出的新產品介紹，以及我們將如何執行並獲得更多利潤。

We give you a little bit of a preview quarterly, and we talk about some of the highlights in our businesses. But I could just tell you that across all of our consumer businesses, they are all working on innovative products to roll out in our industrial businesses, we're trying to figure out how to, again, continue to innovate.

我們每季都會為您提供一些預覽，並討論我們業務中的一些亮點。但我可以告訴你，在我們所有的消費業務中，他們都在致力於在我們的工業業務中推出創新產品，我們正在努力找出如何繼續創新。

Can we become more efficient? Can we lower our cost and deliver better value to our customer and capture some of that for ourselves? Can we create new solutions that are environmentally friendly and differentiated? It would be too much to go into detail in all of our companies.

我們能變得更有效率嗎？我們能否降低成本，為客戶提供更好的價值，並為自己贏得一些價值？我們能否創造出環保且差異化的新解決方案？如果要詳細介紹我們所有的公司，那就太多了。

What I can tell you are kind of driving daily mission in our company. And when we come in every day and what we talk to our companies about is what are you doing to maintain your source of innovation and competitive lead over our competition that's out there. And they focus on this on a daily basis. It's a tone that's set at the top. It starts with me. It goes through path and everybody at Compass and down through all of our portfolio companies.

我可以告訴你的是我們公司的日常使命。當我們每天進來時，我們與我們的公司談論的是你們正在做什麼來保持你們的創新來源和對我們現有競爭對手的競爭領先地位。他們每天都關注這一點。這是高層定下的基調。從我開始。它貫穿康帕斯的路徑和每個人，並貫穿我們所有的投資組合公司。

So I will tell you, the innovation engine is stronger within our organization today than it's ever been and that's why we feel that we're poised to not only meet, but potentially exceed here our core growth rates over the next few years, disconnected from the global economy because we just put up nearly 20% growth and one of our industrial businesses had a really difficult quarter.

所以我會告訴你，今天我們組織內的創新引擎比以往任何時候都更強大，這就是為什麼我們認為我們不僅準備好在未來幾年達到甚至可能超過我們的核心增長率，與全球經濟因為我們剛剛實現了近20% 的成長，而我們的一個工業企業經歷了一個非常困難的季度。

That's a tough thing to do. We have some great businesses that are driving that and that gives us a lot of really good hope and not only hope visibility into '25 and beyond that this company is set up to really have these kind of growth rates for an extended period of time.

這是一件很難做到的事。我們有一些偉大的企業正在推動這一點，這給了我們很多非常好的希望，不僅希望在 25 年及以後能看到這家公司在很長一段時間內真正保持這種成長率。

To tell you it's an incredibly strong statement. I really appreciate the confidence with the outlook. I guess I just to throw in, I mean, on the HoneyPot that was growing at -- when you bought at an incredible rate. I know you ran into a little bit of a speed bull, but you still feel that's I think that was going at like a 52% CAGR. I mean it was something incredible. Do you still feel like it's a double-digit grower long-term or mid double-digit growth?

告訴你，這是一個令人難以置信的強有力的聲明。我真的很欣賞對前景的信心。我想我只是想投入，我的意思是，當你以令人難以置信的速度購買時，蜜罐正在增長。我知道您遇到了一點速度牛市，但您仍然覺得複合年增長率約為 52%。我的意思是這是令人難以置信的事情。您仍然認為長期或中兩位數成長是兩位數成長嗎？

Yes. I feel like it's a double-digit grower long-term. And I think we'll get back on that trajectory. The brand is authentic and they're really trying to destigmatize any issues around feminine care, and there is a real mission-driven aspect to them that we respect and we think the market and customers will reward.

是的。我覺得從長遠來看，它的成長速度是兩位數。我認為我們會回到原來的軌道。這個品牌是真實的，他們真的在努力消除有關女性護理的任何問題，他們有一個真正的使命驅動的方面，我們尊重他們，我們認為市場和客戶會獎勵。

And it's not unusual in the first integration period when we buy a company, there's a lot that these guys have to go through to become part of the CODI family. And as we CODIYZE a company as we say internally, the first part of that is there's a lot of reporting and other obligations that inevitably consume a lot of resources, we have to make some investments there. And before you start to get the benefit of some of the productivity that results from that, you're starting to have the resource drain and the cost that go in.

當我們收購一家公司時，在第一個整合期這並不罕見，這些人必須經歷很多才能成為 CODI 家族的一員。正如我們在內部所說的那樣，我們對一家公司進行了 CODIYZE，首先是有大量的報告和其他義務，這些義務不可避免地消耗大量資源，我們必須在那裡進行一些投資。在您開始從由此產生的生產力中獲益之前，您就開始面臨資源流失和成本增加。

So it is not abnormal for us to have a period where growth is a little bit slower and then to see that start to accelerate, especially as we get more of an infrastructure build in a lot of the companies that we partner with for long-term growth, and that starts to manifest. And we would expect by putting more investment in that their growth rates can pick up from where they were.

因此，對我們來說，經歷一段時期增長稍慢，然後開始加速，這並不奇怪，特別是當我們在許多與我們長期合作的公司中建立更多的基礎設施時增長，並且這一點開始顯現。我們預計，透過投入更多投資，它們的成長率可以從原來的水平開始回升。

Now HoneyPot was such a small company, its growth rate, it's the large numbers or, I guess, the reverse here. So it was coming off such a small base. You're not going to get a 40%, 50% growth rate. But we're putting in a lot of infrastructure investment right now so that this company can be a double-digit grower consistently under our ownership. And given its innovative products, given the TAM that it has given its current market share and given the strength of the brand and perception from its consumer, there is nothing that suggests that it can't kind of be a double-digit grower for an extended period of time.

現在 HoneyPot 是一家小公司，它的成長率是巨大的數字，或者我想，這裡正好相反。所以它的基礎如此之小。你不會獲得 40%、50% 的成長率。但我們現在正在投入大量基礎設施投資，以便這家公司能夠在我們的控制下始終保持兩位數的成長。考慮到其創新產品，考慮到 TAM 給出的當前市場份額，考慮到品牌的實力和消費者的認知，沒有任何跡象表明它不能成為兩位數的種植者。

Thanks for clarifying everything. Thank you.

感謝您澄清一切。謝謝。

Thank you, Matthew.

謝謝你，馬修。

Thank you, and there are no more questions at this time. I would like to go ahead and turn the call back over to Mr. Elias. Please go ahead.

謝謝，目前沒有其他問題了。我想繼續將電話轉回給埃利亞斯先生。請繼續。

Thank you, operator. As always, , I'd like to thank everyone again for joining us on today's call and for your continued interest in CODI. Thank you for your support.

謝謝你，接線生。像往常一樣，我要再次感謝大家參加今天的電話會議以及對 CODI 的持續關注。感謝您的支持。

This does conclude today's conference call for today. Thank you so much for joining. You may disconnect.

今天的電話會議到此結束。非常感謝您的加入。您可以斷開連線。