Escalade Inc (ESCA) 2025 Q3 法說會逐字稿

Good day, and welcome to the Escalade, Incorporated third-quarter 2025 results conference call. (Operator Instructions) Please note that this conference is being recorded.

大家好，歡迎參加凱迪拉克凱雷德公司2025年第三季業績電話會議。（操作員說明）請注意，本次會議正在錄音。

I would now like to turn the conference over to Wes 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 Wawrin, our Chief Financial Officer.

謝謝接線生。我謹代表凱迪拉克Escalade全體員工，歡迎各位參加我們2025年第三季業績電話會議。今天與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·瓦林。

Today's discussion contains forward-looking statements about future business and financial expectations. Actual results may differ significantly from those projected in today's forward-looking statements due to various risks and uncertainties, including the risks described in our periodic reports filed with the SEC.

今天的討論包含有關未來業務和財務預期的前瞻性陳述。由於各種風險和不確定性，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，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。

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.

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。

With that, I would like to turn the call over to Patrick.

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.

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。

Effective October 29, I was appointed Interim President and CEO by the Board and replaced Armin Boehm, who departed the company on that same date. On behalf of the company, I want to thank Armin for his contributions over the last several months. We wish him the best in his future endeavors.

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 Armin Boehm。我謹代表公司感謝 Armin 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 aligned and committed to executing our long-term vision.

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。董事會和領導團隊始終保持高度一致，並致力於實現我們的長期願景。

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 five decades as a public company, and they continue to guide us today.

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準。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 you know, I've had the privilege of working at Escalade for the past 23 years and have 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 the stakeholders. Finally, the Board and executive leadership team are confident in our path forward. And we remain sharply focused on creating value for our shareholders.

正如你們許多人所知，我有幸在過去的 23 年裡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。最後，董事會和執行領導團隊對我們未來的道路充滿信心。我們將繼續全力以赴，為股東創造價值。

Turning now to our third-quarter results, we experienced improved results driven by solid demand across most of our portfolio of 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強勁需求，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 (technical difficulty) of net sales. Margin improvement was driven by lower manufacturing and logistics costs, benefits from our ongoing footprint rationalization and tariff mitigation initiatives. Importantly, we believe our third-quarter margins represent a sustainable level of performance absent any unforeseen cost or tariff pressures.

淨銷售額（技術難度）的淨銷售額。利潤率的提高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效益。重要的是，我們認為，在沒有任何不可預見的成本或關稅壓力的情況下，我們第三季的利潤率代表著可持續的業績水平。

Top-line growth was led by (technical difficulty) continued investment in innovative, high-quality products positions us well in an environment where consumers are increasingly focused on both value and quality. These efforts have enabled us to gain market share in this dynamic market environment.

營收成長主要得益於（技術難題）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。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 assortment. Beginning in July, we implemented a series of targeted price increases across our portfolio.

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。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。

Our approach was surgical, grounded in careful analysis of price elasticity and market dynamics. These price increases reflect a balanced approach to share the impact of tariffs across the supply chain while preserving competitiveness and protecting margins. Our teams continue to closely monitor trade policy developments and will recalibrate as needed.

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。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。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 fourth 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-priced products is softening.

展望第四季度，我們預期消費者支出將保持謹慎，與更廣泛的零售趨勢一致，這可能會導致假期銷售額與往年相比有所下降。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, highlighting products that resonate most with consumers, and aligning pricing and inventory with demand trends.

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，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 six months ensured that we are well prepared for the holiday season. We are ahead of schedule from an inventory delivery perspective and are fully prepared to capitalize on the entire holiday shopping 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。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. Through our investments, we are positioning Escalade for above-market growth and long-term value creation, anchored by leading brands defined by quality, innovation, and durability.

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。透過我們的投資，我們正在將凱迪拉克Escalade定位為高於市場水平的成長和長期價值創造，並以品質、創新和耐用性為特徵的領先品牌為支撐。

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 Pickleball 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，隨著我們將這項策略推廣到我們旗下所有品牌，將會達到類似的成果。

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.

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。

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 Biscuit arrow rest, continues to reinforce our market leadership in the archery category.

這些新產品包括 Redeem 和 Alaskan Pro 弓箭，以無與倫比的價格提供先進的技術和性能。在 Trophy Ridge 品牌下，我們更新的配件系列包括銷售第一的 Whisker Biscuit 箭托，繼續鞏固我們在射箭領域的市場領導地位。

During the third quarter, we also completed the acquisition of Gold Tip from Revelyst. 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 Revelyst 旗下 Gold Tip 的收購案。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 Tip's 20-year heritage in carbon arrows, along with Bee Stinger's premium stabilizers, enhances our category leadership and broadens our product offering to archery and bowhunting customers. We are actively integrating this business into our operations and expect this acquisition will be accretive to earnings in 2026.

Gold Tip 在碳箭領域擁有 20 年的經驗，加上 Bee Stinger 的優質穩定器，鞏固了我們在業界的領先地位，並擴大了我們面向射箭和弓獵客戶的產品供應。我們正在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 年增加收益。

Looking ahead, we will continue to pursue additional tuck-in acquisitions that are both financially accretive 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，我們將繼續尋求更多既能帶來財務收益又符合策略目標的補充性收購。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 third 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 Stephen for a review of our third-quarter financial results.

接下來，我將把電話交給史蒂芬，讓他回顧我們第三季的財務表現。

Thank you, Patrick. For the three months ended September 30, 2025, Escalade reported net income of $5.6 million or $0.40 per diluted share on net sales of $67.8 million. For the third quarter, the company reported gross margins of 28.1% compared to 24.8% in the prior-year period.

謝謝你，派崔克。截至 2025 年 9 月 30 日的三個月，凱迪拉克凱雷德 (Escalade) 報告淨收入為 560 萬美元，即每股攤薄收益 0.40 美元，淨銷售額為 6780 萬美元。該公司第三季毛利率為 28.1%，去年同期為 24.8%。

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. The reduction in storage and handling costs partially offset by $4.3 million in tariff-related costs.

毛利率成長 344 個基點，主要原因是營運成本降低，而營運成本降低又得益於我們的設施整合和成本合理化計畫。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. 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.

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。2025 年第三季度，息稅折舊攤提前利潤減少 130 萬美元，至 860 萬美元，去年同期為 990 萬美元。

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

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。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。

The year-over-year decline in operating cash flow primarily reflects increased working capital usage, driven by the timing of quarter-end accounts receivable collections and our strategic inventory investments in preparation for the ramp-up to the holiday season.

營運現金流量年減主要反映了營運資金使用量的增加，這是由於季度末應收帳款回收的時間安排以及我們為迎接假日季而進行的策略性庫存投資所致。

As of September 30, 2025, the company had total cash and equivalents of $3.5 million. At the end of the third quarter of 2025, net leverage was 0.7 times. As of September 30, 2025, we had $20.2 million of total debt outstanding.

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

操作員，接下來我們將開始接受提問。

(Operator instruction) Rommel D., Aegis Capital.

（操作員指令）Rommel D.，Aegis Capital。

Good morning. Thanks for taking my question. I wonder if you could just provide a little more granularity on these really strong market gains you guys are obviously displaying here with such solid top-line performance despite a somewhat sluggish overall environment.

早安.謝謝您回答我的問題。我想請您更詳細地說明一下，在整體市場環境略顯低迷的情況下，貴公司為何能取得如此強勁的市場成長，以及如此穩健的營收表現。

You talked about archery, some 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. Thank you.

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類別，儘管7月漲價，但您的市佔率卻有所成長。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.

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，就我們的安全產品類別而言，我們正在搶佔市場份額。我們是國內製造商。我們抓住了新的機遇，透過引進新產品來對抗競爭對手。

So we continue to see opportunities there. And then some of our other categories and 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 fourth quarter.

因此，我們繼續看到那裡的機會。此外，我們的其他一些類別和遊戲也表現良好。所以我認為，我們已經做好了成功的準備，新產品將在第一季和第四季繼續推出。

Okay. Great. And maybe just a follow-up on that. You highlight some of the stronger categories, archery, table tennis, billiards, and safety. I just happen to notice pickleball wasn't in that list despite the growth in that market.

好的。偉大的。或許可以就此做個後續說明。你重點介紹了幾個較強的類別：射箭、乒乓球、桌球和安全。我碰巧注意到，儘管匹克球市場發展迅速，但它並不在名單之列。

Can you just maybe talk about that? Was just maybe an off-quarter or timing of new product launches? I wonder if you could just touch base on that category in particular. Thanks.

您能談談這件事嗎？或許只是季度業績不理想，或是新產品上市時間安排不當？我想請您具體談談這個類別。謝謝。

Yeah, no, Rommel, thanks. Pickleball, we've been in pickleball a long time. It's a growing overall market, and you read about it in the news. And so when they're building courts, they're converting courts. And it's also a competitive category.

不，謝謝，隆美爾。我們玩匹克球已經很久了。這是一個不斷成長的整體市場，你可以在新聞中看到相關報導。所以，當他們建造球場時，他們實際上是在改造球場。而且這也是一個競爭非常激烈的領域。

So we're continuing to maintain the market share that we have at retail, if you go into a Dick's and Academy. And we're continuing to invest with new products with the hype we just launched, and that was well received.

所以，我們繼續保持我們在零售領域的市場份額，如果你去迪克體育用品店和學院體育用品店看看就知道了。我們將繼續投資新產品，延續我們剛推出的熱潮，而且這些產品也受到了很好的回應。

So over the long term, we're going to maintain our position in pickleball and 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.

因此，從長遠來看，我們將繼續保持在匹克球領域的地位，並繼續增加對該領域的投資。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 and this quarter's $4.3 million. A lot of moving parts there. It seems to change on a weekly basis.

偉大的。或許我可以最後再做一次關於成本的分析。我認為你在第一季重點提到了關稅造成的 160 萬美元影響，而本季則是 430 萬美元。那裡涉及很多環節。似乎每週都在變化。

But can you provide any insight on what the impact could be going into the fourth quarter? Is it roughly in that $4 million range? Or is that going to drop off with some of the recent negotiations delivering some benefits? Thanks.

但您能否就第四季度可能產生的影響提供一些見解？大概在400萬美元左右嗎？或者，隨著最近的一些談判取得一些成果，這種情況會有所改善嗎？謝謝。

Yeah, no, that's a great question. As you know, that's a dynamic situation right now as you read the news this morning with 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 will maybe take some time to get implemented. But directionally, we're expecting the impact to be lower in the fourth quarter relative to the third quarter.

是啊，這真是個好問題。正如您今天早上從新聞中了解到的，目前情況瞬息萬變，據說川普與通用電氣舉行了會晤並達成了協議。所以我們會密切關注，看看這會對我們的購買行為產生什麼影響。而這可能需要一些時間才能落實。但從趨勢上看，我們預計第四季受到的影響將低於第三季。

Great, that's very helpful. Thank you very much.

太好了，這很有幫助。非常感謝。

You're welcome, Rommel.

不客氣，隆美爾。

(Operator Instructions) David Cohen, Minerva.

（操作說明）David Cohen，Minerva。

Thank you. Hi, Patrick. Good morning. Hi, Stephen. 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?

謝謝。你好，派崔克。早安.你好，史蒂芬。兩個互不相關的問題。首先，您能否詳細介紹管理層過渡的情況，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 the question. So I think the main color is to refer to the press release that we announced and that 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.

是的。謝謝你的提問，大衛。所以我認為主要顏色指的是我們發布的新聞稿，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，它關注的是——這與我們公司的文化相符，具有成長型思維，並專注於業務。

Okay. The second question just relates to the comment about capital allocation and the continued focus on debt paydown. The debt level at this point is the lowest it's been in a long time. 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?

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。目前的債務水平是多年來的最低水平。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 個月自由現金流的使用優先順序？

That's a great 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 made it to be in a position we're building a cash position. We continue to look for acquisitions. We've got a nice pipeline of acquisitions.

這是一個很好的問題。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。因此，我們成功地建立了現金儲備。我們將繼續尋找收購目標。我們有一系列不錯的收購計劃。

We were pleased to get the Gold Tip acquisition done this past quarter. And we 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.

我們很高興在上個季度完成了對 Gold Tip 的收購。我們認為這將對我們的射箭產品組合產生重大影響，並將於 2026 年開始顯現成效。我們將繼續派發股息，我們認為這很重要。

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.

然後我們也會伺機進行股票回購。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，以及品牌建立、工具研發等等。因此，從資本配置的角度來看，我們正在竭盡全力。

Okay. All right. Thank you.

好的。好的。謝謝。

You're welcome, David.

不客氣，大衛。

Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Wes Smith for any closing remarks.

謝謝。我們的問答環節到此結束。我謹將會議交還給韋斯·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@escaladeinc.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@escaladeinc.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 has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。電話會議已結束。感謝各位參加今天的報告會。您現在可以斷開連線了。