Escalade Inc (ESCA) 2025 Q3 法說會逐字稿

Good day and welcome to the Escalate incorporated 3rd quarter 2025 results conference call.

各位朋友，大家好，歡迎參加 Escalate 公司 2025 年第三季業績電話會議。

All partisans would be in the listen-only mode. Should you assisting during the conference call, please signal a conference specialist by pressing the star key followed by 0.

所有黨派人士都將處於只聽模式。如果您在電話會議期間需要協助，請按星號鍵，然後按 0，向會議專家發出信號。

After this presentation, there'll be an opportunity to ask questions.

演講結束後，將有機會提問。

To ask a question you press star and then one on your telephone keypad.

若要提問，請按星號鍵，然後再按電話鍵盤上的數字鍵 1。

To withdraw your question you press star and then to.

若要撤回您的問題，請按星號，然後按。

Please note that this conference is being recorded.

請注意，本次會議正在錄影。

I would now like to turn the conference over to West Smith, Vice President of Financial Reporting and Investor relations. Please go ahead.

現在我將把會議交給財務報告和投資者關係副總裁韋斯特史密斯。請繼續。

Thank you, operator. On behalf of the entire team at Escalade, I'd like to welcome you to our third quarter 2025 results conference call. Leading the call with me today is interim President and CEO Patrick Griffin, and Stephen Warren, our Chief Financial Officer.

謝謝接線生。我謹代表凱迪拉克凱雷德全體團隊，歡迎各位參加我們2025年第三季業績電話會議。今天和我一起主持電話會議的是臨時總裁兼執行長帕特里克·格里芬，以及我們的財務長史蒂芬·沃倫。

Today's discussion contains forward-looking statements about future business and financial expectations.

今天的討論包含有關未來業務和財務預期的前瞻性陳述。

Actual results may differ significantly from those projected in today's forward-looking statements due to various risks and uncertainties.

由於各種風險和不確定性，實際結果可能與今天前瞻性聲明中預測的結果有重大差異。

Including the risks described in our periodic reports filed with the SEC.

包括我們在向美國證券交易委員會提交的定期報告中所述的風險。

Except as required by law, we undertake no obligation to update our forward-looking statements. At the conclusion of our prepared remarks, we will open the lines for questions. With that, I would like to turn the call over to Patrick.

除法律要求外，我們不承擔更新前瞻性聲明的義務。在我們結束事先準備好的發言後，我們將開放提問環節。接下來，我想把電話交給派崔克。

Thank you, Wes, and welcome to everyone joining us on today's call. Before I discuss our third quarter results, I'd like to address the leadership transition that we announced this morning. Effective October 29th, I was appointed interim President and CEO by the board and replaced Armand Boom, who departed the company on that same date. On behalf of the company, I want to thank Arman for his contributions over the last several months. We wish him the best in his future endeavors.

謝謝韋斯，也歡迎各位參加今天的電話會議。在討論我們第三季業績之前，我想先談談我們今天早上宣布的領導層更迭。自 10 月 29 日起，我被董事會任命為臨時總裁兼首席執行官，接替了於同一天離開公司的 Armand Boom。我謹代表公司感謝 Arman 在過去幾個月所做的貢獻。我們祝福他未來一切順利。

I want to assure our investors, employees, and customers that this transition does not reflect any disruption to our strategic direction or our operations. The board and leadership team remain fully lined and committed to executing our long-term vision, and we remain focused on delivering exceptional consumer experiences, building enduring brand loyalty, and maintaining operational excellence. These principles have defined who we have been for more than 5 decades as a public company, and they continue to guide us today.

我想向我們的投資者、員工和客戶保證，此次轉型不會對我們的策略方向或營運造成任何干擾。董事會和領導團隊依然團結一致，致力於執行我們的長期願景，我們將繼續專注於提供卓越的消費者體驗，建立持久的品牌忠誠度，並維持卓越的營運水平。過去五十多年來，這些原則定義了我們作為一家上市公司的本質，而且它們至今仍在指導著我們。

As many of I've had the privilege of working at Escalade for the past 23 years and has served as a member of the board of directors since 2009. As a result, I will work to ensure that this leadership transition will be as seamless as possible for all stakeholders.

過去 23 年，我有幸在凱迪拉克凱雷德公司工作，並且自 2009 年以來一直擔任董事會成員。因此，我將努力確保此次領導層過渡對所有利害關係人而言盡可能順利。

Finally, The board and executive leadership team are confident in our path forward, and we remain sharply focused on creating value for our shareholders.

最後，董事會和執行領導團隊對我們未來的道路充滿信心，我們將繼續高度專注於為股東創造價值。

Turning now to our 3rd quarter results, we experienced improved results driven by solid demand across most of our portfolio leading brands, as well as cost discipline and operational efficiency. We achieved these results despite heightened consumer uncertainty and ongoing tariff related costs.

現在來看看我們第三季的業績，由於我們旗下大多數領先品牌的需求強勁，以及成本控制和營運效率的提高，我們的業績有所改善。儘管消費者的不確定性增加，且關稅相關成本持續上升，我們仍取得了這些成果。

Net sales.

淨銷售額。

Of net sales margin improvement was driven by lower manufacturing and logistics costs, benefits from our ongoing footprint rationalization and tariff mitigation initiatives.

淨銷售利潤率的提高主要得益於製造成本和物流成本的降低、持續的業務佈局合理化以及關稅緩解措施帶來的收益。

Importantly, we believe our 3rd quarter margins represent a sustainable level of performance absent any unforeseen cost or tariffs.

重要的是，我們認為，在沒有任何不可預見的成本或關稅的情況下，我們第三季的利潤率代表著可持續的業績水準。

Topline growth was led by Continued investment in innovative high-quality products positions us well in an environment where consumers are increasingly focused on both value and quality.

營收成長主要得益於對創新高品質產品的持續投資，這使我們在消費者越來越注重價值和品質的環境中佔據了有利地位。

These efforts have enabled us to gain market share in this dynamic market environment.

這些努力使我們能夠在瞬息萬變的市場環境中獲得市場份額。

As discussed on our prior calls, we have executed a proactive tariff mitigation and supply chain readiness strategy. This playbook not only supported margin expansion this quarter, but has also positioned us well for the holiday shopping season as we strategically manage our inventory levels and assortments.

正如我們先前電話會議中所討論的，我們已經實施了積極主動的關稅緩解和供應鏈準備策略。該策略不僅支持了本季利潤率的提升，而且透過策略性地管理庫存水準和產品種類，也為我們迎接假日購物季做好了充分準備。

Beginning in July, we implemented a series of targeted price increases across our portfolio. Our approach was surgical, grounded in careful analysis of price elasticity and market dynamics.

從7月開始，我們對旗下所有產品實施了一系列針對性的漲價措施。我們採取了精準的策略，以對價格彈性和市場動態的仔細分析為基礎。

These price increases reflect a balanced approach to share the impact of tariffs across the supply chain while preserving competitiveness and protecting margins.

這些價格上漲體現了一種平衡的方法，即在整個供應鏈中分擔關稅的影響，同時保持競爭力並保護利潤率。

Our teams continue to closely monitor trade policy developments and will recalibrate as needed.

我們的團隊將繼續密切關注貿易政策的發展動態，並根據需要進行調整。

Looking ahead to the 4th quarter, we anticipate consumer spending to remain cautious, consistent with broader retail trends which are likely to result in softer holiday sales compared to recent years. Notably, we have observed a shift in consumer spending patterns across our portfolio with strong demand for premium products while demand for lower price products is softening.

展望第四季度，我們預期消費者支出將保持謹慎，這與更廣泛的零售趨勢一致，可能導致假期銷售額較往年下降。值得注意的是，我們觀察到消費者在我們產品組合中的支出模式發生了變化，對高端產品的需求強勁，而對低價產品的需求正在減弱。

Persistent economic and geopolitical volatility has weighed on consumer confidence and sentiment, particularly with middle and lower income consumers. With price sensitivity elevated, many of these consumers are delaying higher ticket purchases, trading down, or waiting for promotional opportunities.

持續的經濟和地緣政治波動對消費者信心和情緒造成了影響，尤其是對中低收入消費者而言。由於價格敏感度提高，許多消費者正在推遲購買高價商品，選擇購買價格較低的商品，或等待促銷機會。

In response, we are collaborating closely with our retail partners to drive value oriented marketing and promotional strategies for certain segments of the market.

為此，我們正與零售合作夥伴緊密合作，針對特定細分市場推行以價值為導向的行銷和促銷策略。

Highlighting products that resonate most with consumers and aligning pricing and inventory with demand trends.

重點推廣最能引起消費者共鳴的產品，並使定價和庫存與需求趨勢保持一致。

Our proactive supply chain management over the past 6 months ensured that we are well prepared for the holiday season.

過去六個月，我們積極主動的供應鏈管理確保我們為假期季節做好了充分準備。

We are ahead of schedule from an inventory delivery perspective and are fully prepared to capitalize on the entire holiday shopping season.

從庫存交付的角度來看，我們的進度已經提前，並且已經做好充分準備，充分利用整個假期購物季。

While navigating through near term headwinds, we remain firmly focused on our long-term strategy of investing in product innovation and brand development to strengthen our market leadership and to enhance the consumer experience.

儘管面臨短期不利因素，我們仍堅定地專注於長期策略，即投資產品創新和品牌發展，以鞏固我們的市場領導地位並提升消費者體驗。

Through our investments, we are positioning Escalate for above market growth and long-term value creation, anchored by leading brands defined by quality, innovation, and durability.

透過我們的投資，我們正在將 Escalate 定位為高於市場水平的成長和長期價值創造，其核心是品質、創新和耐用性所定義的領先品牌。

We are focused on strengthening our brands through strategic partnerships. Recent collaborations in archery, basketball, and billiards are helping elevate visibility and consumer engagement. We've seen this model succeed with our pickle ball and cornhole brands, and we expect similar results as we expand this strategy across our brand portfolio.

我們致力於透過策略合作來強化我們的品牌。最近在射箭、籃球和桌球等領域的合作正在幫助提升品牌知名度和消費者參與度。我們已經看到這種模式在我們的匹克球和玉米洞遊戲品牌中取得了成功，我們預計隨著我們將這種策略擴展到我們的品牌組合中，也會取得類似的結果。

During the quarter, we launched our 2026 archery assortment, which included over 30 products across our Bear Trophy Ridge and Cajun brands. Early response from consumers to these new products and cutting edge innovations has been good. These new products include the Redeem and Alaskan Pro Archery bows, offer advanced technology and performance at unparalleled price points. Within Trophy Ridge, our refreshed accessory lineup includes the number one selling whisker biscuitres.

本季度，我們推出了 2026 年射箭系列產品，其中包括 Bear Trophy Ridge 和 Cajun 品牌的 30 多種產品。消費者對這些新產品和尖端創新技術的早期反應良好。這些新產品包括 Redeem 和 Alaskan Pro Archery 弓，以無與倫比的價格提供先進的技術和性能。在 Trophy Ridge 系列中，我們更新後的配件系列包括銷量第一的鬍鬚餅乾。

Continues to reinforce our market leadership in the archery category.

繼續鞏固我們在射箭領域的市場領先地位。

During the 3rd quarter, we also completed the acquisition of Gold Tip for Revvelist. This acquisition aligns closely with our long-term strategic and financial criteria and will allow us to achieve greater scale and unlock additional synergies.

第三季度，我們也完成了對 Revvelist 旗下 Gold Tip 的收購。此次收購與我們的長期策略和財務標準高度契合，將使我們能夠實現更大的規模並釋放更多協同效應。

Gold tips 20 year heritage and carbon neros, along with bee Stinger's premium stabilizers, enhances our category leadership and broadens our product offering to archery and bow hunting customers.

Gold Tips 20 年傳承和 Carbon Neros，以及 Bee Stinger 的高級穩定器，增強了我們在同類產品中的領先地位，並擴大了我們面向射箭和弓獵客戶的產品供應。

We are actively integrating this business into our operations and expect this acquisition will be accredive to earnings in 2026.

我們正積極將這項業務整合到我們的營運中，預計此次收購將在 2026 年帶來收益。

Looking ahead, we will continue to pursue additional tech in acquisitions that are both financially creative and strategically aligned. At the same time, we will maintain a disciplined focus on balance sheet strength by prioritizing debt reduction, consistent dividends, and opportunistic share repurchases to support shareholder value creation.

展望未來，我們將繼續尋求在財務上具有創新性且符合策略目標的收購，以獲取更多技術。同時，我們將透過優先降低債務、持續派發股息和抓住機會回購股票，保持對資產負債表穩健性的嚴格關注，以支持股東價值的創造。

We also continue to emphasize community engagement as an organization and with our team members. We are particularly passionate about supporting initiatives that foster positive change, bring people together, and encourage healthy, active lifestyles.

我們作為一家企業以及我們的團隊成員，也一直非常重視社區參與。我們尤其熱衷於支持那些能促進正向改變、凝聚人心、鼓勵健康正向生活方式的措施。

As the latest example, we partnered with Project Blackboard and the Chicago Sky WNBA team to completely transform the basketball court at the Anna R. Langford Community Academy in Chicago. We look forward to continuing our community outreach efforts.

最新的例子是，我們與 Project Blackboard 和芝加哥天空女子NBA球隊合作，徹底改造了芝加哥安娜·R·蘭福德社區學院的籃球場。我們期待繼續進行社區服務工作。

In summary, I am proud of our team's continued discipline, execution, and strategic progress in the 3rd quarter. While the consumer environment remains challenging, we are well positioned to navigate near term uncertainty and deliver long-term value for our customers and shareholders.

總而言之，我對我們團隊在第三季所展現的持續紀律性、執行力和策略進展感到自豪。儘管消費環境依然充滿挑戰，但我們已做好充分準備應對近期的不確定性，並為我們的客戶和股東創造長期價值。

With that, I'll turn the call over to Steven for a review of our 3rd quarter financial results.

接下來，我將把電話交給史蒂文，讓他回顧我們第三季的財務表現。

Thank you, Patrick.

謝謝你，派崔克。

For the three months ended September 30, 2025. Escalator reported net income of $5.6 million or $0.40 per diluted share on net sales of $67.8 million.

截至 2025 年 9 月 30 日止的三個月。Escalator公司報告稱，淨收入為560萬美元，即每股稀釋收益0.40美元，淨銷售額為6,780萬美元。

For the third quarter, the company reported gross margins of 28.1% compared to 24.8% in the prior year period. The 344 basis point increase in gross margin was primarily the result of lower operational costs driven by our facility consolidation and cost rationalization program.

該公司第三季毛利率為 28.1%，去年同期為 24.8%。毛利率成長 344 個基點，主要是因為我們的設施整合和成本合理化計畫降低了營運成本。

A reduction in storage and handling costs partially offset by $4.3 million in tariff related cost.

倉儲和處理成本的降低被 430 萬美元的關稅相關成本部分抵銷。

Selling general and administrative expenses during the third quarter decreased by 4.1% or $0.5 million compared to the prior year period to $11.2 million.

第三季銷售一般及行政費用較上年同期減少 4.1% 或 50 萬美元，至 1,120 萬美元。

Earnings before interest, taxes, depreciation, and amortization decreased by $1.3 million to $8.6 million in the third quarter of 2025 versus $9.9 million in the prior year period.

2025 年第三季度，息稅折舊攤提前利潤為 860 萬美元，較去年同期的 990 萬美元減少了 130 萬美元。

This decline primarily reflects the absence of a one-time $3.9 million dollar gain on the sale of assets recognized in the third quarter of last year.

這一下降主要反映了去年第三季確認的一次性資產出售收益 390 萬美元的缺席。

Total cash used from operations for the third quarter of 2025 was $1 million compared to cash provided by operations of $10.5 million in the prior year period. The year over year decline in operating cash flow primarily reflects increased working capital usage driven by the timing of quarter and accounts receivable collections and our strategic inventory investments in preparation for the ramp up to the holiday season.

2025 年第三季經營活動產生的現金總額為 100 萬美元，而上年同期經營活動產生的現金為 1,050 萬美元。營運現金流量年減主要反映了營運資金使用量的增加，這主要是由於季度結算和應收帳款回收的時間安排，以及我們為迎接假期季節而進行的策略性庫存投資。

As of September 30th, 2025, the company had total cash and equivalent of $3.5 million. At the end of the third quarter of 2025, net leverage was 0.7 times.

截至 2025 年 9 月 30 日，該公司擁有現金及等價物總額為 350 萬美元。截至 2025 年第三季末，淨槓桿率為 0.7 倍。

As of September 30th, 2025, we had $20.2 million of total debt outstanding.

截至 2025 年 9 月 30 日，我們未償債務總額為 2,020 萬美元。

With that operator, we will open a call for questions.

我們將透過該客服人員開啟問答環節。

(Operator instruction)

（操作說明）

Rommel D from Agis Capital.

來自 Agis Capital 的 Rommel D。

Good morning. Thanks for taking my question. I wonder if you could just provide a little more granularity in these really strong market games you guys are obviously displaying here with such solid top-line performances by a, somewhat sluggish overall environment. You talked about archery, some new major new product launches there. I wonder if you could just maybe touch on a couple of the other categories where you're seeing market share gains, despite taking the price increase in July.

早安.謝謝您回答我的問題。我想知道，在整體市場環境略顯低迷的情況下，你們能否更詳細地分析一下你們目前展現出的強勁市場表現和穩健的業績？你談到了射箭，以及那裡一些重要的新產品發布。我想請您談談其他幾個市佔率成長的類別，儘管7月漲價了。

Thank you.

謝謝。

Thank you, Rommel. We've had Pretty good success in Other categories Just an example Our safety category We're taking market share there We're a domestic manufacturer and we've, taken new opportunities against, competitors that we're bringing in products. So, we continue to see opportunities there and then some of our other categories in our games have done well as well. So we're, I think poised for success with new products are going to continue to come out looking into the first quarter as well in the 4th quarter.

謝謝你，隆美爾。我們在其他類別中也取得了相當不錯的成功。舉個例子，在我們的安全產品類別中，我們正在搶佔市場份額。我們是一家國內製造商，我們已經抓住了新的機遇，對抗競爭對手，並推出了新產品。所以，我們繼續看到這方面的機會，而且我們遊戲中的其他一些類別也表現良好。所以我認為我們已經做好了成功的準備，新產品將繼續在第一季和第四季推出。

Okay, great, and maybe just to follow-up on that, you highlight some the strong categories archery, table tennis, billius, and safety. I just happened to know pickle ball wasn't in that list, just like the growth in that market. You just maybe talk about that was just maybe an off quarter or, the timing of new product launches. I wonder if you could just touch base on that category in particular.

好的，太好了。為了進一步說明，您可以重點介紹射箭、乒乓球、比利烏斯和安全這幾個強項。我碰巧知道匹克球不在那份名單上，就像那個市場的成長一樣。你可以說那可能只是季度業績不佳，或是新產品上市的時機不對。我想請您具體談談這個類別。

Thanks.

謝謝。

Yeah, no Rael, thanks on.

是的，沒有 Rael，謝謝。

Pickleball. We've been at pickleball a long time. It's a growing overall market and you read about it in the in the news and so on they're building courts, they're converting quarts, and it's also a competitive category, so we're, you're continuing to maintain, the market share that we have at retail. If you go into a Dicks and academy, and we're continuing to invest with New products, at the hype we just launched and that was well received. So over the long-term, we're going to maintain our position and pick a ball and we'll continue to invest there. We think long-term it's going to be a sport that's going to be around for a long time. It's fun, it's easy to learn, and it's enjoyable.

匹克球。我們打匹克球已經很久了。這是一個不斷增長的整體市場，你可以在新聞中讀到相關報導等等，他們正在建造球場，他們正在改造誇脫，而且這也是一個競爭激烈的類別，所以我們，你，正在繼續保持我們在零售市場的份額。如果你去迪克斯體育用品店和學院，你會發現我們正在繼續投資新產品，就像我們剛推出的產品一樣，反應很好。所以從長遠來看，我們將保持目前的立場，選定一個方向，並繼續在那裡投資。我們認為從長遠來看，這項運動將會長期存在下去。它很有趣，容易上手，而且令人愉快。

Great, maybe I could just do one last one on costs. In the first quarter, I think you highlighted $1.6 million impact from tariff, in this quarters 4.3. A lot of moving parts there it seems to change on a weekly basis, but can you provide any insight on what the impact could be going into the fourth quarter, is it? Roughly in that $4 million dollar range, or is it is that going to drop off with some of the recent negotiations delivering some benefits?

太好了，或許我可以最後再做一次關於成本的分析。第一季度，您提到關稅影響了 160 萬美元，而本季是 430 萬美元。這其中有很多變數，似乎每週都在變化，您能否就第四季度可能受到的影響提供一些見解？大概在 400 萬美元左右，還是說隨著最近的一些談判取得進展，金額會下降？

Thanks.

謝謝。

Yeah, that's a great.

是的，那太好了。

Question, as that's a dynamic.

這個問題，因為它是一個動態變化的過程。

Situation right now as you read the news this morning with the, what's, supposedly been negotiated, with the meeting with Trump and GE. So we'll watch that and see how that impacts, what we're purchasing, and that'll maybe take some time to get implemented, but directionally we're expecting the impact to be lower in the 4th quarter relative to the 3rd quarter.

你今天早上讀到的新聞提到的情況是，川普和通用電氣會面後，據稱已經達成了協議。所以我們會密切關注，看看這會對我們的採購產生什麼影響，這可能需要一些時間才能落實，但從趨勢上看，我們預計第四季的影響會比第三季小。

Great, that's very helpful.

太好了，這很有幫助。

Thank you very much.

非常感謝。

You're welcome, Ra.

不客氣，Ra。

David Cohen from Minerva.

來自 Minerva 的 David Cohen。

Thank you. Hi, Patrick. Good morning. Hi, Steven.

謝謝。你好，派崔克。早安.你好，史蒂文。

A couple of questions unrelated to one another. First of all, could you give us a little more color on the management transition, what the timeline is for hiring a permanent CEO, and what traits you're going to be looking for in the new CEO?

兩個互不相關的問題。首先，您能否詳細介紹管理層過渡情況，招募正式CEO的時間表，以及您希望新CEO具備哪些特質？

Yeah, thanks David for.

是的，謝謝你，大衛。

The question. So I think the main colors to refer to the press release that we announced and, the board will gather and look for the permanent CEO and the traits that they want to focus on, but I would say it's one where there's a focus on, that's aligned with our culture as a company that has a growth mindset and that, is focused on the business.

問題。所以我認為，主要顏色指的是我們發布的新聞稿中提到的那些，董事會將召開會議，尋找正式的首席執行官，以及他們希望重點關注的特質。但我認為，他們關注的重點是與我們公司文化相符的、具有成長型思維且專注於業務的執行長。

Okay, the second question just relates to the comment about capital allocation and the continued focus on debt pay down.

好的，第二個問題與資本配置和持續關注償還債務的評論有關。

The debt level at this point is the lowest it's been in a long time.

目前的債務水平是多年來的最低水平。

We're getting to a point where there's not going to be much more debt to pay down, which is obviously a happy problem. In your mind, does that change the priority list as to what we're going to be spending, free cash flow on over the next 12 months?

我們即將達到一個階段，屆時我們將無需償還太多債務，這顯然是一個令人欣慰的「問題」。您認為這是否會改變我們未來 12 個月自由現金流的支出優先事項清單？

That's a great.

那太好了。

Question. When we think about leverage, we feel like we're in a good spot, but we don't mind having cash on the balance sheet as well. So we may be in a position we're building a cash position. We continue to look for acquisitions. We've got a nice pipeline of acquisitions. We were pleased to get the gold tip acquisition done this past quarter. And I think that's going to be, a significant addition to our archery portfolio which will start to play out in 2026. We're continuing to pay a dividend and we think that's important and then we'll look for share buybacks opportunistically, as well. So that's another lever that we have. And then finally, we're investing in our businesses as well in terms of domestic, production here and warehousing and other things along with brand building and tooling and other things, so we're pushing all the levers, from a capital allocation point of view.

問題。當我們考慮槓桿率時，我們覺得我們處於一個不錯的境地，但我們也不介意資產負債表上同時持有現金。所以我們可能正在建立現金儲備。我們將繼續尋找收購目標。我們有一系列不錯的收購計劃。我們很高興上個季度完成了金礦收購。我認為這將是我們射箭產品組合的重要補充，並將於 2026 年開始發揮作用。我們將繼續派發股息，我們認為這很重要，同時我們也會伺機回購股票。所以這是我們擁有的另一個籌碼。最後，我們也在投資我們的業務，包括國內生產、倉儲以及其他方面，還有品牌建立、工具等等，所以從資本配置的角度來看，我們正在全力以赴。

Okay, alright, thank you.

好的，謝謝。

Welcome David.

歡迎大衛。

Thank you.

謝謝。

This concludes our question answer session. I would like to turn the conference back over to West Smith for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給韋斯特·史密斯，請他作總結發言。

Thank you, operator. Once again, thank you for your interest in Escalade and joining our call. Should you have any questions, please feel free to contact us at IR@ escalate inc.com, and a member of our team will follow-up with you.

謝謝接線生。再次感謝您對凱迪拉克凱雷德的關注並參與我們的電話會議。如有任何疑問，請隨時透過 IR@escalateinc.com 聯繫我們，我們團隊的成員將與您聯繫。

This concludes our call today. You may now disconnect.

今天的通話到此結束。您現在可以斷開連線了。

Thank you. The conference call is now concluded.

謝謝。電話會議到此結束。

Thank you for editing today's presentation. You may now disconnect.

感謝您對今天簡報的編輯。您現在可以斷開連線了。