Funko Inc (FNKO) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to Funko's 2024 fourth-quarter financial results conference call. (Operator Instructions) Please be advised that reproduction of this call in whole or in part, is not permitted without written authorization from the company. As a reminder, this call is being recorded.

下午好，歡迎參加 Funko 2024 年第四季財務業績電話會議。（操作員指示）請注意，未經本公司書面授權，不得全部或部分複製此通話。提醒一下，本次通話正在錄音。

I will now turn the call over to Funko's Director of Investor Relations, Rob Jaffe. Please proceed.

現在我將把電話轉給 Funko 的投資人關係總監 Rob Jaffe。請繼續。

Hello, everyone, and thank you for joining us today to discuss Funko's 2024 fourth-quarter financial results. On the call are Cynthia Williams, our Chief Executive Officer; and Yves Le Pendeven, the company's Chief Financial Officer.

大家好，感謝您今天加入我們討論 Funko 2024 年第四季財務表現。參加電話會議的有我們的執行長辛西婭威廉斯 (Cynthia Williams)；以及該公司財務長 Yves Le Pendeven。

This call is being broadcast live at investor.funko.com. A playback will be available for at least one year on the company's website. I want to remind everyone that during the course of this call, management's discussion will include forward-looking information.

本次電話會議正在 investor.funko.com 上直播。回放將在公司網站上提供至少一年。我想提醒大家，在本次電話會議過程中，管理階層的討論將包括前瞻性資訊。

These statements represent our best judgment as of today about the company's future results and performance. Our actual results are subject to many risks and uncertainties that may differ materially from those stated or implied including those discussed in our earnings release. Additional information concerning factors that could cause actual results to differ materially is contained in our most recently filed SEC reports.

這些聲明代表了我們截至今天對公司未來業績和表現的最佳判斷。我們的實際結果受許多風險和不確定因素的影響，可能與明示或暗示的結果（包括我們的收益報告中討論的結果）有重大差異。有關可能導致實際結果大不相同的因素的更多信息，請參閱我們最近提交給美國證券交易委員會的報告。

In addition, during this call, we refer to non-GAAP financial measures that are not prepared in accordance with US generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies.

此外，在本次電話會議中，我們引用的非 GAAP 財務指標並非依照美國公認會計原則編制，可能與其他公司使用的非 GAAP 財務指標有所不同。

Investors are encouraged to review Funko's press release announcing its 2024 fourth-quarter financial results for the company's reasons for presenting non-GAAP financial measures. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures is also attached to the company's earnings press release issued earlier today.

鼓勵投資者查看 Funko 宣布其 2024 年第四季財務業績的新聞稿，以了解該公司呈現非 GAAP 財務指標的原因。本公司今天稍早發布的收益新聞稿中還附上了非公認會計準則財務指標與最直接可比較的公認會計準則財務指標的對帳表。

One item to note, as disclosed in our Q4 press release, following correspondence with the SEC, we no longer adjust our non-GAAP financial measures for onetime costs related to inventory. This change in presentation increases adjusted net loss by $29.3 million and lowers adjusted EBITDA by $39.0 million for the year ended December 31, 2023.

需要注意的一點是，正如我們在第四季度新聞稿中所揭露的，在與美國證券交易委員會 (SEC) 通信後，我們不再根據與庫存相關的一次性成本調整非公認會計準則財務指標。這項列報方式的改變導致截至 2023 年 12 月 31 日止年度的調整後淨虧損增加 2,930 萬美元，調整後 EBITDA 減少 3,900 萬美元。

I will now turn the call over to Cynthia Williams. Cynthia?

現在我將電話轉給辛西亞威廉斯。辛西亞？

Thanks, Rob. Good afternoon, everyone, and welcome to Funko's 2024 fourth-quarter financial results conference call. In 2024, we began laying the foundation for Funko's future. We stabilized net sales at over $1 billion and drove gross profit and adjusted EBITDA growth by more than $100 million. We gained momentum in Q4, delivering $294 million of net sales, which was at the top end of our guidance range and up over 1% year over year, thanks in part to direct-to-consumer growing to 29% of our overall sales.

謝謝，羅布。大家下午好，歡迎參加Funko 2024年第四季財務業績電話會議。2024年，我們開始為Funko的未來奠定基礎。我們將淨銷售額穩定在 10 億美元以上，並推動毛利和調整後 EBITDA 成長超過 1 億美元。我們在第四季度取得了發展勢頭，實現了 2.94 億美元的淨銷售額，處於我們預期範圍的最高端，同比增長超過 1%，部分原因是直接面向消費者的銷售額增長到我們整體銷售額的 29%。

Gross margin reached 42% and adjusted EBITDA of $26 million exceeded expectations. Yves will provide a deeper look at our financial results shortly. I continue to be proud of our team's ability to exceed expectations and bring fandom to live and, Q4 exemplified this. We saw major wins across our key growth areas, particularly in sports, Pop! Yourself and Bitty Pop!, where we continue to build momentum.

毛利率達42%，調整後EBITDA達2,600萬美元，超乎預期。Yves 很快就會對我們的財務表現進行更深入的介紹。我繼續為我們團隊超越預期並讓粉絲們興奮不已的能力感到自豪，第四季度就證明了這一點。我們在主要成長領域取得了重大勝利，特別是在運動、流行音樂！您和 Bitty Pop!，我們將繼續累積力量。

In just the last quarter of 2024, we grew our core Collectibles business over 10% and sales outside of the US grew by 23%. This excitement was echoed by our retail and distribution partners who we recently met with at three major global toy fairs in London, Nuremberg, and New York. Their overwhelming enthusiasm for our innovative products reaffirms the strength of our strategy and the opportunities ahead.

光是 2024 年最後一個季度，我們的核心收藏品業務就成長了 10% 以上，美國以外的銷售額成長了 23%。我們最近在倫敦、紐倫堡和紐約三大全球玩具博覽會上遇到的零售和分銷合作夥伴也表達了同樣的興奮之情。他們對我們創新產品的極大熱情再次證明了我們策略的實力和未來的機會。

One strong example was the feedback we received from retailers and media for Bitty City!, a Bitty Pop! expansion where fans can build the miniature world of their dreams, which we revealed at the New York Toy Fair this past weekend. We're going to highlight wins in Q4 and couple them with examples of how we're driving results further in Q1. Sports product launches and new licensing agreements in the back half of 2024, opened exciting avenues to engage fans across multiple leagues and teams.

一個有力的例子是我們從零售商和媒體收到的有關 Bitty City!、Bitty Pop! 的回饋。在擴充包中，粉絲們可以建造他們夢想中的微型世界，我們在上週末的紐約玩具展上展示了這個擴充包。我們將重點放在第四季度取得的勝利，並結合我們如何在第一季進一步推動業績的例子。2024 年下半年推出的體育產品和新的許可協議為吸引多個聯賽和球隊的球迷開闢了令人興奮的途徑。

Our recent collaboration with the NFL and NBA have already redefined how fans express their fandom, and we are just beginning to tap into the $35 billion sports memorabilia market. Currently, sports represent only 4% of our total revenue, and we see tremendous potential for growth in this category.

我們最近與 NFL 和 NBA 的合作已經重新定義了球迷表達喜愛的方式，我們才剛開始進入價值 350 億美元的運動紀念品市場。目前，體育收入僅占我們總收入的 4%，但我們認為這一類別具有巨大的成長潛力。

In Q4, Pop! Yourself took center stage with our expanded NFL partnership, allowing fans to customize figures with their favorite team's logos. The energy around this launch was undeniable as we saw a sharp spike in sales for the NFL products throughout the season. Building on this momentum, in Q1 of this year, we launched NBA themed Pop! Yourself customization, leveraging the NBA All-Star game in February to introduce this experience to a massive audience of basketball fans.

在 Q4 中，Pop！隨著我們擴大與 NFL 的合作關係，Yourself 成為了焦點，球迷們可以用自己喜歡的球隊的標誌來定制人物。這次發布會所激發出的熱情是不可否認的，因為我們看到整個賽季 NFL 產品的銷售量急劇上升。在此勢頭下，我們在今年第一季推出了 NBA 主題的 Pop！自己定制，利用二月份的 NBA 全明星賽向廣大籃球迷介紹這種體驗。

This partnership and expansion marked a significant step in bringing millions of new sports enthusiasts into the Funko ecosystem. Capitalizing on fan excitement, we launched items tied to major sporting events in November following the Los Angeles Dodgers World Series victory, our commemorative release drove strong year-over-year revenue growth.

此次合作與擴張標誌著 Funko 生態系統向吸引數百萬新運動愛好者邁出了重要一步。利用球迷的興奮情緒，我們在洛杉磯道奇隊世界大賽勝利後的 11 月推出了與重大體育賽事相關的商品，我們的紀念產品推動了同比強勁的收入增長。

Similarly, right after the Super Bowl, we released the Philadelphia Eagles 2025 and Super Bowl Champions, five-pack in partnership with Fanatics, which flew off the virtual shelves. Expanding into collegiate athletics, we launched our first ever name image lightness pop in November, featuring USC Basketball Finame JuJu Watkins. The presale, which included an exclusive chase variant, limited to just 25 signed figures, generated immediate demand and positioned us as an emerging player in the NCAA merchandise space.

同樣，在超級盃結束後不久，我們與 Fanatics 合作推出了費城老鷹隊 2025 和超級盃冠軍五件套，這些產品在虛擬貨架上銷售一空。隨著運動範圍擴大到大學體育，我們於 11 月推出了首款姓名圖像輕量流行廣告，主角是南加州大學籃球隊球星 JuJu Watkins。預售包括獨家追逐版本，僅限 25 個簽名人物，立即產生了需求，並使我們成為 NCAA 商品領域的新興參與者。

Looking ahead, we will continue refining our sports fan engagement strategy by selling where the fan is through regional retail capsules. Expanding Pop! Yourself into new geographies and strengthening partnerships, particularly in the NFL and NBA to drive deeper fan engagement across our product lines. Music remains a critical category for Funko.

展望未來，我們將繼續完善我們的運動迷參與策略，透過區域零售膠囊在運動迷所在地進行銷售。擴大流行！進入新的地區並加強合作夥伴關係，特別是在 NFL 和 NBA，以推動球迷更深入地參與我們的產品線。音樂對 Funko 來說仍然是一個重要類別。

In 2024, the Doja Cat Pop! was a top-selling figure in our direct-to-consumer channel, bringing in a new wave of customers and reinforcing the power of artists collaborations. Doja's team approached us with the idea of creating a special edition pop to commemorate her headline performance at Coachella. Similarly, this year, within minutes of her Grammy wins, we launched the Sabrina Carpenter, pop rocks figure, tapping into the massive enthusiasm surrounding her record-breaking success.

2024 年，Doja Cat Pop！是我們直接面向消費者通路中最暢銷的產品，它帶來了新一波客戶，並增強了藝術家合作的力量。Doja 的團隊向我們提出了創作特別版流行歌曲以紀念她在科切拉音樂節上的領銜表演的想法。同樣，今年，在她獲得格萊美獎的幾分鐘內，我們就推出了薩布麗娜·卡彭特 (Sabrina Carpenter) 流行搖滾人物模型，以激發人們對她破紀錄成功的巨大熱情。

Our partnerships with artists continue to grow, reflecting that music icons across genres and generations want to work with us as much as their fans want to express their passion for the artist. In the area of gaming, in November, Mondo launched a presale for Blizzard's World of Warcraft 20th anniversary Soundtrack, time in conjunction with their celebratory live stream.

我們與藝術家的合作關係不斷發展，反映出不同流派和不同世代的音樂偶像都希望與我們合作，就像他們的粉絲希望表達對藝術家的熱情一樣。在遊戲領域，11 月，Mondo 啟動了暴雪《魔獸世界》20 週年紀念原聲帶的預售，並與慶祝直播同時進行。

This $90 collector album was our first blizzard collaboration and one of Mondo's highest revenue albums of the year. We continue to be excited about the potential of Mondo and its ability to serve the growing community of high-end collectors, gamers and music enthusiasts alike.

這張售價 90 美元的收藏專輯是我們與暴雪合作的首張專輯，也是 Mondo 年度收入最高的專輯之一。我們繼續對 Mondo 的潛力及其為不斷增長的高端收藏家、遊戲玩家和音樂愛好者群體提供服務的能力感到興奮。

Turning to our core fans. We continue to delight them across best-selling pop culture genres.

轉向我們的核心粉絲。我們繼續透過暢銷的流行文化類型為他們帶來歡樂。

In Q4, Anime product sales grew 7% year over year. In fact, one piece, the world's most popular anime franchise, was the top-selling property at our own IP for the full year. Within the entertainment fandom, Wicked excitement reached fever pitch with movie release in (technical difficulty) November.

第四季度，動漫產品銷售額較去年同期成長7%。事實上，世界上最受歡迎的動畫系列《海賊王》是我們全年最暢銷的自有 IP 作品。在娛樂迷中，隨著電影《魔法壞女巫》於 11 月（技術難度）上映，興奮之情達到了高潮。

Funko and Loungefly both played a key role in bringing the Magic of Oz to our fans. Excitement was further amplified by the social media buzz around Ariana Grande, wearing the Loungefly Glinda bag while arriving in London for the Premier. Even without a tentpole movie release, beloved evergreen properties like Harry Potter, Star Wars and Batman continue to delight core fans.

Funko 和 Loungefly 在將「綠野仙蹤」的魔力帶給我們的粉絲的過程中發揮了關鍵作用。愛莉安娜·格蘭德 (Ariana Grande) 攜帶 Loungefly Glinda 包抵達倫敦參加首映禮，社交媒體上的熱議進一步激發了人們的興奮之情。即使沒有大製作電影上映，《哈利波特》、《星際大戰》和《蝙蝠俠》等深受喜愛的經典作品仍能繼續讓核心粉絲們感到高興。

We've seen these evergreen characters work particularly well in our Bitty Pop! line, building on the growing miniature Collectibles trend. In fact, our Bitty line grew an impressive 83% year over year in Q4. And as noted before, there's real excitement about the world building extension with Bitty City!. At Funko, we believe everyone is a fan of something, and we continue to delight core fans and celebration of blockbuster entertainment releases and beloved evergreen characters, while also expanding into large fandoms like sports, music, and gaming.

我們已經看到這些常青角色在我們的 Bitty Pop 中表現得特別好！系列，建立在日益增長的微型收藏趨勢之上。事實上，我們的 Bitty 系列在第四季度同比增長了 83%。如同先前所提到的，Bitty City! 的世界建構擴充確實令人興奮。在 Funko，我們相信每個人都是某個事物的粉絲，我們繼續為核心粉絲帶來歡樂，慶祝轟動一時的娛樂大片和深受喜愛的常青角色，同時也擴展到體育、音樂和遊戲等大型粉絲群。

We are well positioned to serve these fandoms through our industry-leading portfolio of licensed IP and partnerships. Our direct-to-consumer channel enables us to learn more about our fans, and how to better serve them. We saw D2C increased to 29% of gross sales, up from 25% in Q4 2023. This channel continues to deliver higher margins and critical consumer insights helping us refine product offerings and enhance personalization.

我們擁有業界領先的授權知識產權和合作夥伴關係，能夠為這些粉絲群提供優質服務。我們的直接面向消費者的管道使我們能夠更多地了解我們的粉絲，以及如何更好地為他們服務。我們發現 D2C 佔總銷售額的比例從 2023 年第四季的 25% 上升至 29%。該管道繼續提供更高的利潤和關鍵的消費者洞察，幫助我們改善產品供應並增強個人化。

Pop! Yourself, which is currently available through our direct-to-consumer channel has been our fastest-growing product line with year-over-year growth of 110% in Q4 and 185% in all of 2024. This has also been a terrific customer acquisition channel bringing nearly 800,000 new fans into the Funko ecosystem in 2024 alone, proving personalization is a powerful way to connect with new fans.

流行音樂！Yourself 目前可透過我們的直接面向消費者的管道購買，是我們成長最快的產品線，第四季年增 110%，2024 年全年年增 185%。這也是一個極好的客戶獲取管道，僅在 2024 年就為 Funko 生態系統帶來了近 80 萬名新粉絲，證明了個人化是與新粉絲建立聯繫的有效方式。

Our fan loyalty program, Fan Rewards, added 120,000 new members in 2024, bringing total membership to over 280,000. These fun addicts, our most valuable customers, account for 26% of US website sales and spend nearly twice as much as non-members. With over 40% of loyalty members joining in the last year, we see a huge opportunity to continue growing membership and improving their experience through further enhanced personalization and exclusive offerings.

我們的粉絲忠誠度計畫 Fan Rewards 在 2024 年增加了 12 萬名新會員，使會員總數超過 28 萬名。這些娛樂愛好者是我們最有價值的客戶，他們貢獻了美國網站銷售額的 26%，消費金額幾乎是非會員的兩倍。去年有超過 40% 的忠誠會員加入，我們看到了透過進一步增強個人化和獨家服務來繼續增加會員數量和改善會員體驗的巨大機會。

Additionally, I want to share some updates on how we've strengthened our leadership team with key additions. Jason Hanstein, CFO of Collector Holdings joined our Board in December, bringing deep expertise and collector trends and behaviors across sports memorabilia grading, trading cards and gaming. His insights further enhance an already engaged and innovative board. We up-leveled two key positions and added one new position.

此外，我想分享一些關於我們如何透過關鍵補充來加強我們的領導團隊的最新消息。Collector Holdings 財務長 Jason Hanstein 於 12 月加入我們的董事會，為體育紀念品評級、交易卡和遊戲領域帶來了深厚的專業知識以及收藏家趨勢和行為。他的見解進一步增強了董事會的參與度和創新精神。我們提升了兩個關鍵職位，並增加了一個新職位。

Jen Reeves, our new SVP of Brand previously helped drive Stanley 1913's viral success and skyrocketing sales of the Quencher. We are excited to see her elevate Funko's brand positioning and drive deeper engagement with our fans. Glenn Abell, SVP of North America Sales brings extensive experience from Mattel, Moose Toys, and LEGO, positioning Funko for global distribution expansion and transformative sales operations.

我們新任品牌資深副總裁 Jen Reeves 之前曾幫助推動 Stanley 1913 的病毒式成功和 Quencher 銷售的飆升。我們很高興看到她提升了 Funko 的品牌定位並與我們的粉絲進行了更深入的互動。北美銷售資深副總裁 Glenn Abell 擁有美泰、Moose Toys 和樂高的豐富經驗，為 Funko 的全球分銷擴張和轉型銷售營運奠定了基礎。

Zvee Geffen has joined as VP and Head of Business Development, bringing extensive sports licensing expertise from his senior roles at the Major League Baseball Players Association and tops trading company. His leadership will be instrumental in expanding our presence in sports fandoms.

Zvee Geffen 加入該公司擔任副總裁兼業務發展主管，他在美國職棒大聯盟球員協會和頂級貿易公司擔任高級職務，擁有豐富的體育授權專業知識。他的領導將有助於擴大我們在體育迷中的影響力。

As we move into 2025, we anticipate modest top line growth with momentum accelerating in the back half of the year as our strategic initiatives began taking effect. Similar to others in our industry, we're experiencing softening consumer behavior in the US market, and we're navigating the uncertainty of tariffs and inflation. However, we remain optimistic in our ability to navigate these external challenges, thanks to our proactive mitigation plans, a high-performing leadership team and continued disciplined execution.

隨著我們進入 2025 年，我們預計收入將溫和成長，並且隨著我們的策略性舉措開始生效，下半年成長動能將加速。與我們行業的其他公司類似，我們正在經歷美國市場消費者行為的疲軟，我們正在應對關稅和通貨膨脹的不確定性。然而，由於我們積極主動的緩解計畫、高效的領導團隊和持續嚴格的執行，我們仍然對應對這些外部挑戰的能力持樂觀態度。

With that, I will hand it over to Yves to share more about our financials and our outlook for the year ahead. Yves?

接下來，我將把時間交給 Yves，讓他分享更多關於我們的財務狀況和未來一年的展望。伊夫？

Thanks, Cynthia. Hey, everyone. Thanks for joining us today. For the fourth quarter, total net sales were $293.7 million, up 1% over the same quarter in 2023 and at the top end of our guidance range. Direct-to-consumer sales increased 20% year over year and comprised 29% of our gross sales compared with 25% in last year's Q4.

謝謝，辛西亞。嘿，大家好。感謝您今天加入我們。第四季度，總淨銷售額為 2.937 億美元，比 2023 年同期成長 1%，達到我們指引範圍的最高端。直接面向消費者的銷售額年增 20%，占我們總銷售額的 29%，而去年第四季為 25%。

Sales in Europe were up more than 20%, driven by strong seasonal performance at our key retail partners across our G5 markets. This helped offset softness in the US where some mass retailers limited purchases to end the year with leaner inventory positions. Gross profit was $124.4 million, and gross margin was 42.4%. Last year's Q4 gross profit was $109.4 million equal to 37.6%, meaning we delivered a 480-basis-point improvement.

由於我們 G5 市場主要零售合作夥伴的強勁季節性表現，歐洲的銷售額成長了 20% 以上。這有助於抵消美國市場的疲軟影響，美國一些大型零售商限制採購，以在年底減少庫存。毛利為1.244億美元，毛利率為42.4%。去年第四季的毛利為 1.094 億美元，相當於 37.6%，這意味著我們實現了 480 個基點的成長。

This was driven by a more favorable sales mix, lower product costs and reduced freight and inventory reserve charges. SG&A expenses were $102.8 million, slightly above our guidance range, largely due to higher-than-anticipated marketing expenses to help fuel DTC sales. SG&A expenses included $1.6 million of nonrecurring charges compared with $8 million in Q4 2023.

這是由於更有利的銷售組合、更低的產品成本以及減少的運費和庫存儲備費用所致。銷售、一般及行政費用為 1.028 億美元，略高於我們的指導範圍，這主要是由於高於預期的營銷費用有助於推動 DTC 銷售。銷售、一般及行政費用包括 160 萬美元的非經常性費用，而 2023 年第四季為 800 萬美元。

Adjusted net income was $4.4 million, or $0.08 per diluted share, well above our guidance range for the quarter. This marks a $4.3 million improvement over $0.1 million in Q4 of 2023.

調整後淨收入為 440 萬美元，即每股攤薄收益 0.08 美元，遠高於我們對本季的預期範圍。這比 2023 年第四季的 10 萬美元增加了 430 萬美元。

And finally, adjusted EBITDA was $26.3 million, which also was well above our guidance range. For the full year, net sales were $1.05 billion compared to $1.1 billion for 2023. Adjusted EBITDA significantly improved to $94.7 million compared to negative adjusted EBITDA of $11.8 million for 2023.

最後，調整後的 EBITDA 為 2,630 萬美元，也遠高於我們的指導範圍。全年淨銷售額為 10.5 億美元，而 2023 年為 11 億美元。調整後 EBITDA 大幅改善至 9,470 萬美元，而 2023 年的調整後 EBITDA 為負 1,180 萬美元。

Turning to our balance sheet. At December 31, we had cash and cash equivalents of $34.7 million, which is after paying down $40.6 million of debt in the fourth quarter. Our total debt was approximately $182.8 million, down considerably from $273.6 million at the end of last year and down from $223.4 million at the end of the third quarter.

轉向我們的資產負債表。截至 12 月 31 日，我們的現金和現金等價物為 3,470 萬美元，這是在第四季度償還 4,060 萬美元債務之後的。我們的總債務約為 1.828 億美元，較去年年底的 2.736 億美元和第三季末的 2.234 億美元大幅下降。

Net inventory was $92.6 million, down more than 20% from the end of 2023 and down more than 60% from the end of 2022. And total company liquidity increased to $124.7 million from $83.5 million at the end of last quarter and $57 million at the end of 2023.

淨庫存為 9,260 萬美元，較 2023 年底下降超過 20%，較 2022 年底下降超過 60%。公司總流動資金從上一季末的 8,350 萬美元增至 1.247 億美元，到 2023 年底則為 5,700 萬美元。

Turning now to our outlook. We expect 2025 full year net sales to be up modestly over 2024 and adjusted EBITDA to be slightly lower than 2024 at the midpoint of the range.

現在談談我們的展望。我們預計 2025 年全年淨銷售額將比 2024 年略有成長，調整後的 EBITDA 將略低於 2024 年的中點。

Before I get into the specifics, I would like to provide context. Our outlook includes the anticipated impact of 20% tariffs on imports from China that have been announced through February 27, 2025. It does not, however, account for any further tariffs as the impacts of such actions remain uncertain. It's worth noting that after the initial 10% tariffs on China imports, we plan to give stronger guidance for both net sales and adjusted EBITDA. But we've now incorporated both the incremental 10% tariffs and weakening consumer behaviors in the US market.

在介紹具體細節之前，我想先提供一下背景資訊。我們的展望包括截至 2025 年 2 月 27 日宣布的對中國進口產品徵收 20% 關稅的預期影響。然而，它並沒有考慮任何進一步的關稅，因為此類行動的影響仍不確定。值得注意的是，在對中國進口產品徵收 10% 的初始關稅後，我們計劃對淨銷售額和調整後的 EBITDA 提供更有力的指導。但現在我們已經將增量 10% 的關稅和美國市場消費者行為的減弱納入考量。

With our current guidance, we now expect both net sales and adjusted EBITDA to be down year over year in the first half of 2025 and then up in the second half of the year. Our confidence in the second-half growth is based on things we can control, which include: first, mitigating the impact of tariffs through all available strategies, including renegotiating factory costs, accelerating our shift in production to other sourcing countries and implementing pricing adjustments.

根據我們目前的指導，我們預計 2025 年上半年淨銷售額和調整後 EBITDA 都將年減，下半年則將上升。我們對下半年成長的信心是基於我們能夠控制的事情，其中​​包括：首先，透過所有可用的策略來減輕關稅的影響，包括重新談判工廠成本、加快將生產轉移到其他採購國家以及實施價格調整。

Second, driving direct-to-consumer sales, our most profitable channel by expanding Pop! Yourself into new international territories in late 2025 and enhancing our customer acquisition practices through funko.com experiences.

其次，透過擴大 Pop！推動直接面向消費者的銷售，這是我們最賺錢的管道。您將於 2025 年底進入新的國際領域，並透過 funko.com 體驗增強我們的客戶獲取實踐。

And third, investing in trade marketing with our strategic retail partners and opening new points of distribution. Thanks to our focus on inventory management, we have all but eliminated sales of our Funko Pop! products into discount channels, which we anticipate will revitalize our brand value and shopping experience for our fans. Our confidence in these actions is bolstered by the strength of our brand as evidenced by the continued growth we have seen in EMEA, including the double-digit POS growth over the last four weeks.

第三，與我們的策略零售合作夥伴一起投資貿易行銷並開闢新的分銷點。由於我們注重庫存管理，我們幾乎停止了 Funko Pop 的銷售！產品進入折扣管道，我們預計這將重振我們的品牌價值和粉絲的購物體驗。我們對這些行動的信心得到了我們品牌實力的增強，這從我們在歐洲、中東和非洲地區看到的持續增長（包括過去四周 POS 的兩位數增長）就可以看出。

For the full-year 2025 outlook, we expect net sales between $1.05 billion and [$1.102 billion](sic - please see press release, "$1.182 billion"), and adjusted EBITDA between $80 million and $100 million.

對於 2025 年全年展望，我們預計淨銷售額在 10.5 億美元至 [11.02 億美元] 之間（原文如此 - 請參閱新聞稿“11.82 億美元”），調整後的 EBITDA 在 8000 萬美元至 1 億美元之間。

For the 2025 first quarter, our guidance is as follows: net sales between $188 million and $198 million, gross margin of approximately 39%. SG&A expense of approximately $91 million, adjusted net loss between $25 million or $0.48 per share and $22 million or $0.40 per share. Finally, we expect negative adjusted EBITDA between $14 million and $9 million. Cynthia, that's it for our financial results. Back over to you.

對於 2025 年第一季度，我們的預期如下：淨銷售額在 1.88 億美元至 1.98 億美元之間，毛利率約為 39%。銷售、一般及行政費用約為 9,100 萬美元，調整後淨虧損在 2,500 萬美元或每股 0.48 美元至 2,200 萬美元或每股 0.40 美元之間。最後，我們預期調整後的 EBITDA 為負 1,400 萬美元至 900 萬美元之間。辛西婭，這就是我們的財務結果。回到你身邊。

Thanks, Yves. In summary, we ended 2024 on a positive note with a better-than-expected overall financial performance for the quarter. I'm confident in our ability to navigate the current complexities and deliver our future growth, propelled by our strengthened team, our strategic road map and our dedicated fans. With that, we'll open the call for questions. Operator?

謝謝，伊夫。總而言之，我們以積極的態度結束了 2024 年，本季的整體財務表現優於預期。我相信，在我們強大的團隊、策略路線圖和忠實粉絲的推動下，我們有能力應對當前的複雜情況並實現未來的成長。接下來，我們將開始提問。操作員？

(Operator Instructions) Stephen Laszczyk, Goldman Sachs.

（操作員指示）高盛的 Stephen Laszczyk。

Maybe to start off here, maybe for both Cynthia and Yves, if you want to jump in as well. I'm curious if you could speak a little bit more about the assumptions your underwriting and your guidance for the year. I know you called out tariffs and consumer sentiment. It also seems like there's some green shoots elsewhere in the business, perhaps on the direct-to-consumer side and sports side. I was wondering if you could maybe isolate some of the headwinds and tailwinds you're expecting to see this year from those factors.

也許可以從這裡開始，也許對 Cynthia 和 Yves 來說都是如此，如果你也想加入的話。我很好奇您是否可以再多談談您承保的假設以及今年的指導。我知道您提到了關稅和消費者情緒。該業務的其他領域似乎也出現了一些復甦跡象，例如直接面向消費者的領域和體育領域。我想知道您是否可以從這些因素中分離出您預計今年會遇到的一些不利因素和有利因素。

And if there were upside or downside risk to the guide for the year, where you think this upside and downside risks might lie.

如果年度指南有上行或下行風險，您認為這種上行和下行風險可能在哪裡。

Stephen, it's Cynthia. Thanks for the question. You're right, there's a lot of green shoots that we're seeing right now that we are excited about. In particular, I'll start with the most recent of the reaction we got at New York Toy Fair this weekend to the Bitty City! that we revealed that weekend.

史蒂芬，我是辛西亞。謝謝你的提問。你說得對，我們現在看到了很多令人興奮的新跡象。具體來說，我將從本週末我們在紐約玩具展上對 Bitty City 的最新反應開始！我們在那個週末透露了這一點。

I'm sorry, I missed you when you came by the booth, I'd already left. But I hope you enjoyed seeing it as well. You can see that it's a mix of licensed IP and our own IP that allows you to build a miniature city of your dreams and really display your fandom the way you'd like to I have to say I had the opportunity to show it to several of our major retailers and got phenomenal feedback about it during the meeting. So that's certainly one green shoot. Europe's POS is probably the strongest.

對不起，你來攤位的時候我沒注意到你，我已經走了。但我希望你也喜歡看它。您可以看到，它是授權 IP 和我們自己的 IP 的混合體，可讓您建立夢想中的微型城市，並真正按照您想要的方式展示您的粉絲群。我必須說，我有機會向我們的幾家主要零售商展示它，並在會議期間獲得了關於它的非凡反饋。所以這無疑是一個復甦的跡象。歐洲的 POS 可能是最強的。

Seeing every single major retailer in Europe be up double digits and POS is reason to believe about the strength of our brand and our products. A lot of what you hear us talking about that we're going to be doing in the US retail is based off what we see working there. If you've ever had a chance to go into an HMV in London, you've certainly seen the strength of the fixtures and the display. It feels like you're in a Funko shop.

看到歐洲每個大型零售商的銷售額都達到兩位數，而 POS 機的銷售也都呈現成長，我們有理由相信我們的品牌和產品的實力。您聽到我們談論的我們將在美國零售業開展的許多工作都是基於我們在那裡看到的運作方式。如果您有機會去過倫敦的 HMV，您肯定已經見識過這裡的設備和展示的魅力。感覺就像身處 Funko 商店一樣。

It's just beautifully executed. And we've now hired a trade marketing person to help us do similar things in our meetings with the retailers I'd say right now, we have a list of requests longer than what we're probably able to do in a given year. So we'll be prioritizing some of those, but we're excited to elevate that. And I'd say the third one I'll talk about before I jump into sports, so more on retail execution is our inventory levels. We are to help a very healthy position and our inventory levels to the point that we really won't have inventory that we would be selling directly into closeout channels.

它的執行非常精美。現在我們已經聘請了一位貿易行銷人員來幫助我們在與零售商的會議中做類似的事情，我現在可以說，我們收到的請求清單比我們在一年內可能能夠完成的要長。因此，我們將優先考慮其中的一些，但我們很高興能夠提升這一點。在談體育之前，我想先談第三個問題，也就是零售執行中的庫存水準。我們要保持非常健康的狀態和庫存水平，這樣我們就不會有庫存直接賣到清倉通路。

Now that has a slight impact on our top line sales, but it will have a real benefit on not only our margin, but on our perception at retail. It doesn't do the brand any good if you -- a fan has bought the product, and then they go into a closeout channel and see that same product for, say, $4. It just dilutes the value of the brand. So I'm very excited that we're at a place that we don't see that happening or to a very minor degree this year. On the sports front, the NBA crossover event was -- I wasn't there, but my team has told me about how Jampacked the booth was and how long the lines were for Pop!

這對我們的銷售額有輕微的影響，但它不僅會對我們的利潤率產生真正的好處，而且會對我們的零售認知度產生真正的好處。如果粉絲購買了產品，然後他們進入清倉管道，看到同一款產品的價格為 4 美元，那麼這對品牌來說沒有任何好處。這只會削弱品牌的價值。因此，我很高興看到今年這種情況不會發生，或者發生的程度很小。在運動方面，NBA 跨界活動——我沒有去那裡，但我的團隊告訴我展位擠滿了人，Pop 的隊伍排了多長！

Yourself. So we're seeing that excitement for the personalization of Pop! Yourself in conjunction with sports. And I can't share any more today, but there are more leagues coming there, and we have a number of activations that we're excited about on that front. So stay tuned for more there.

你自己。所以我們看到了人們對 Pop 個性化的興奮！把自己與運動結合。我今天不能分享更多信息，但是將會有更多的聯賽到來，並且我們在這方面有很多讓我們興奮的激活活動。請繼續關注。

But I would tell you, I'm incredibly optimistic about our long-term future. Unfortunately, some of these things actually don't take effect until the second half of the year. And so I can sound very excited about it and know that you're going to see more of that impact in the back half. Yves, I'll let you talk a bit about the assumptions that are built into the guidance.

但我想告訴你，我對我們的長期未來非常樂觀。不幸的是，其中一些措施實際上要到今年下半年才會生效。因此我對此感到非常興奮，並且知道您將在後半部分看到更多影響。伊夫，我讓你談談指南中所包含的假設。

Sure. Hi, Stephen. Yes, so as I mentioned, we've incorporated the 20% tariffs from China, which would be the ones that would impact us as we've mentioned before, we have roughly 1/3 of our global product purchases coming from China. We've incorporated both the actual dollar amount from the tariffs as well as the impact that we're seeing on the -- really on the US consumer because as Cynthia mentioned, in EMEA, we're doing quite well.

當然。你好，史蒂芬。是的，正如我所提到的，我們已經將來自中國的 20% 關稅納入其中，這將對我們產生影響，正如我們之前提到的，我們全球大約 1/3 的產品採購來自中國。我們既考慮了關稅的實際金額，也考慮了關稅對美國消費者的實際影響，因為正如辛西亞所提到的，在歐洲、中東和非洲地區，我們做得相當不錯。

I would say that it's obviously a very fluid situation. We're seeing new headlines and announcements even as recently as a couple of hours ago about delays in the implementation of some of the tariffs. So to the best of our ability, we've kind of given the range, given what we know about the tariffs and what we see with the US consumer obviously, upside and downside, if there were exemptions, if there were delays, that would obviously help us if we see a rebounding of consumer sentiment as well to the downside, obviously, further kind of tariff escalation would be to the downside. But we're comfortable kind of navigating what we know of today.

我想說這顯然是一個非常不穩定的情況。就在幾個小時前，我們還看到了有關推遲實施部分關稅的新頭條新聞和公告。因此，根據我們所知的關稅情況以及我們看到的美國消費者的情況，我們盡最大努力給出了一個範圍，顯然有好處也有壞處，如果有豁免，如果有延遲，如果我們看到消費者情緒反彈，這顯然會對我們有幫助，當然，進一步的關稅升級也會對我們有幫助。但我們可以輕鬆地駕馭我們今天所知道的知識。

As I said, we have a number of mitigation strategies in place, and we've proven really over the last couple of years that we're able to navigate complex challenges and be resilient and that's really thanks to the power of our brand and the support of our fans.

正如我所說，我們已經制定了一系列緩解策略，並且在過去幾年中我們已經證明，我們能夠應對複雜的挑戰並具有韌性，這真的要歸功於我們品牌的力量和粉絲的支持。

That's great. And then maybe second, Cynthia, Toy Fair this year, one of the things that certainly stood out to us was the focus on sports I think we've seen some nice momentum over the last year from you guys on that. I think you mentioned in your prepared remarks that it's only about 4% of revenue today. Just curious where you see the sports strategy going over the next, say, three to five years. How big of a business could that be for you?

那太棒了。然後也許是第二個，辛西婭，今年的玩具展，其中一件讓我們印象深刻的事情就是對體育的關注，我認為我們在過去的一年裡看到了你們在這方面的一些良好勢頭。我想您在準備好的發言中提到過，這只佔今天收入的 4% 左右。我只是好奇您認為未來三到五年體育戰略將如何發展。對你來說這算是多大的生意？

And then maybe as a follow-up to that on the margin profile, the sports category. Is there any way you can maybe size the margin profile of sports items for you or maybe how that compared to the other licensed IP that you have in the marketplace today?

然後也許作為利潤概況的後續，體育類別。您是否可以估算出體育用品的利潤率，或者與您目前在市場上擁有的其他授權知識產權相比如何？

Yes. Thanks for that. I'm glad you enjoyed the booth. What I'd tell you is we're seeing a really positive reaction to the activations we're doing both in our mainline product as well as some products like the NFL Advent calendar was one of our top-selling products in Q4. So we're seeing sports work across the product lines.

是的。謝謝。我很高興您喜歡這個攤位。我想告訴你的是，我們在主線產品以及一些產品中所做的激活都得到了非常積極的反應，例如 NFL Advent 日曆是我們第四季度最暢銷的產品之一。因此，我們看到體育運動已滲透到各個產品線。

As you saw at the Toy Fair, we've got some fun ways in Bitty City! for you to create maybe your ideal soccer game or your ideal football game. And so I think that will be a lot of fun, and we're looking forward to that. I'm very excited about some of the other sports activations that are already planned that you'll hear us talking about later this year. And that regional capsules we mentioned, we've identified four cities.

正如您在玩具展上看到的，我們在 Bitty City 有一些有趣的方式！為您創造理想的足球比賽或理想的橄欖球比賽。所以我認為這會很有趣，我們對此充滿期待。我對一些已經計劃好的其他體育活動感到非常興奮，今年晚些時候你們會聽到我們談論這些活動。我們提到的區域膠囊，我們已經確定了四個城市。

The first one will be Seattle, so that we can do a lot of testing and learning in our hometown. But you'll see that be a celebration of all the professional sports in a given city so that you can have the fans be able to celebrate the legends the current athletes, their love of the team. There'll be some unique experiences along the way. So we're really excited about that.

第一個城市是西雅圖，這樣我們就可以在家鄉進行大量的測試和學習。但你會發現這是對某個城市所有職業運動項目的慶祝活動，這樣你就可以讓球迷們慶祝傳奇人物、現役運動員以及他們對球隊的熱愛。一路上將會有一些獨特的體驗。所以我們對此感到非常興奮。

And I really am looking forward to us doing more with other international teams and leagues. So I'd say the runway there is long. The sports memorabilia market, I think I said in the prepared remarks, is like a $34 billion market segment, and we are just getting started. So I don't have a percentage to share with you today on how big I think that can be, but you'll see that really gaining momentum for us in the back half of the year and into 2026. In terms of the margin profile, it will really -- it's more or less the same as the rest of the business and Pop! Yourself when we're doing this, we're paying our licensing fee just on the accessory.

我真誠地期待我們能與其他國際球隊和聯盟有更多合作。所以我認為那裡的跑道很長。我想我在準備好的發言中說過，體育紀念品市場就像一個價值 340 億美元的細分市場，而我們才剛起步。因此，我今天無法與大家分享我認為的這個數字有多大的百分比，但你們會看到，在今年下半年和 2026 年，這個數字將真正為我們帶來成長動力。就利潤率而言，它確實——它與其他業務和 Pop 大致相同！當我們這樣做時，我們只需為配件支付許可費。

And so that still means that the Pop! Yourself is a much higher margin than our mainline top products. But you should expect the margin profile on these to be really similar to the rest of our business.

所以這仍然意味著 Pop！您的利潤比我們主線頂級產品的利潤高得多。但您應該預料到這些業務的利潤率與我們其他業務的利潤率非常相似。

Linda Weiser, DA Davidson.

琳達·韋瑟，DA 戴維森。

Yes. I was curious, you mentioned that US retailers, I guess maybe you said even mass retailers, just really didn't order very much, I guess, in the fourth quarter. Can you give us a sense for how your POS is math and then more broadly, like because you serve a lot of specialty type retailers. So is your POS declining, or is it flat, or is it growing?

是的。我很好奇，您提到美國零售商，我想也許您說的是即使是大眾零售商，在第四季度確實沒有訂購太多。您能否向我們介紹一下您的 POS 的數學原理，以及更廣泛地說，因為您為許多專業類型的零售商提供服務。那麼，您的 POS 是在下降、持平，還是在成長？

And then what kind of a gap then was there between your sell-in and your sell-through in the US retail channel in fourth quarter?

那麼，第四季你們在美國零售通路的銷售量和銷售率之間有什麼差距嗎？

Linda, thanks for the question. The good news is that our POS in the fourth quarter was growing. And I'm not going to split it by channel, but clearly, you know that our mass channels are sizable. None of them have more than 10% with Amazon being the largest at about 8%. But I'll give you a sense of how the POS is going.

Linda，謝謝你的提問。好消息是，我們第四季的 POS 正在成長。我不會按管道來劃分，但顯然，你知道我們的大眾管道規模很大。其中沒有一家的市佔率超過 10%，其中亞馬遜的市佔率最大，約 8%。但我會讓你了解一下 POS 的運作情況。

If we use our internal measures, which is the wholesale customers who report to us, plus our direct-to-consumer. Our POS in the fourth quarter was up 4% year over year. Now that's global. So I'm going to split it for you a little bit. In the US, it was 1%.

如果我們使用內部措施，即向我們報告的批發客戶，加上我們的直接面向消費者的客戶。我們第四季的 POS 年成長了 4%。現在這是全球性的。因此我將為你們稍微分解一下。在美國，這一比例為1%。

And it was double digit, I think the number 17% in Europe and the rest of the world. So we were seeing this strength in Europe even as we closed out the year. So our sell-in and sell-through in mass in the US. What I'd tell you is it wasn't that there was this massive gap so much as they went into the end of the season, they were really working towards ending up with very healthy inventory levels, which they really have. When you look at where they're at, we're not seeing the need for a lot of significant discounting from them either.

而且這個數字是兩位數，我認為歐洲和世界其他地區的比例是 17%。因此，即使在年底時，我們也看到了歐洲的這種實力。因此我們的銷售和售出量在美國都是很大的。我想告訴你的是，並不是因為進入季末時出現瞭如此巨大的差距，而是他們確實在努力實現非常健康的庫存水平，而他們確實做到了。當你觀察他們的現狀時，我們也不認為他們需要進行大幅折扣。

Now if you were looking at Walmart's numbers, you'd see it be a little bit up because of Bitty Pop!. They have to carry a higher inventory level to keep the impulse single bitty parts and stock across the chain. But it's -- it just is a matter of -- we're all ending with really healthy inventory. And now with the US consumer showing ability to tighten their wallet a little bit and having lower foot traffic in both Target and Walmart, we're seeing the softening of the US consumer sentiment.

現在，如果你看看沃爾瑪的數據，你會發現由於 Bitty Pop! 的影響，數據略有上升。他們必須保持較高的庫存水平，以確保整個鏈條上的突發單一零件和庫存。但問題是，我們最終都會擁有真正健康的庫存。現在，隨著美國消費者開始收緊錢包，塔吉特和沃爾瑪的客流量減少，我們看到美國消費者信心正在減弱。

Okay. That's very, very helpful. So then when I look at your guidance, the first quarter kind of a bigger decline year over year in sales. So I guess that would be what exactly? Why would that be?

好的。這非常非常有幫助。因此，當我查看您的指導時，我發現第一季的銷售額比去年同期下降幅度更大。那我猜那到底是什麼呢？為什麼會這樣呢？

If your POS is fairly healthy and retailers have pretty lean inventory like why is it getting so much bigger in the first quarter?

如果您的 POS 系統相當健康，而且零售商的庫存相當少，那麼為什麼它在第一季會變得如此之大？

I'd say it's two things that I'll highlight for you. The first one, you probably heard some of our major retail partners make public comments about their foot traffic, and how it's lower and been negatively impacted and that we are seeing that impact, their replenishments, so that's item one. I'd say, and we are seeing the US consumer being more cautious about their spending in our direct-to-consumer channels. I think you put out a report about this yesterday.

我想向你們強調兩件事。第一個問題，您可能聽過我們的一些主要零售合作夥伴公開評論他們的客流量，以及客流量如何下降和受到負面影響，以及我們看到了這種影響，他們的補貨，所以這是第一點。我想說，我們看到美國消費者在我們的直接面向消費者的通路上消費時更加謹慎。我認為你昨天已經發布了一份有關此事的報告。

So you're seeing our credit card data you were spot on about it. What we're seeing is people are just being more cautious that we're seeing slightly lower average order values when they are purchasing. And we're just -- it's a bit softer. But then again, I look at Europe, and it's so strong with the double-digit POS sales in every major retailer. So it really makes me feel like we are dealing with the macroeconomic environment that we're going to have to navigate through, and so we'll be doing that.

所以您看到我們的信用卡數據，您對此非常了解。我們看到的是，人們在購買時變得更加謹慎，平均訂單價值略有下降。我們只是——它有點柔軟。但另一方面，我看歐洲，它的勢頭非常強勁，每個主要零售商的 POS 銷售額都達到了兩位數。所以這確實讓我感覺到我們正在處理我們必須應對的宏觀經濟環境，所以我們會這樣做。

I'll tell you the second piece I was going to highlight for you that is also impacting that POS credit card dating you spot it, as the tariffs have been announced we've seen some disruption in the border crossings from Mexico into the United States as the Mexican Government is trying to make sure that they are compliant with whatever the rules of the moment are about the tariffs.

我將告訴您我要重點介紹的第二部分，這也對您發現的 POS 信用卡約會產生了影響，因為關稅已經宣布，我們看到從墨西哥到美國的邊境口岸出現了一些中斷，因為墨西哥政府正在試圖確保他們遵守目前有關關稅的任何規則。

And our Pop! Yourself is built in Mexico. And so we've seen delays in the trucks getting across to the extent that we have started having to turn expedited shipping on and off to protect the consumer experience on that. And it's a short-term thing that is the right thing for the customer experience long term and a product that's new is as new as Pop! Yourself is, and so that's having a bit of an impact for us as well.

還有我們的 Pop！你自己是在墨西哥建造的。因此，我們發現卡車運輸出現延誤，以至於我們不得不開始開啟和關閉加急運輸，以保護消費者的體驗。這是短期的事情，但從長遠來看，這對客戶體驗來說是正確的，而且新產品就像 Pop 一樣新！你自己就是這樣，所以這對我們也有點影響。

Okay. So on that topic then of Mexico and the tariffs. So I mean, are you saying that you're not -- your Pop! Yourself, which only assembled in Mexico, your guidance doesn't include the tariff on the Mexican products brought in, or is it the de minimis rule, or what are you thinking there?

好的。那麼關於墨西哥和關稅的話題。所以我的意思是，你是說你不是－你的爸爸！您自己只在墨西哥組裝，您的指導不包括對進口的墨西哥產品的關稅，或者是最低限度規則，或者您在想什麼？

Well, actually, this is what we have in the guidance. And so I just want to be clear that this is about the disruption at the border, more than it's the tariffs. So we bring the components for Pop! Yourself over, which are made in China. And so we're paying -- we've got within our guidance the tariff from China on the Pop!

嗯，實際上，這就是我們的指導中所提到的。因此，我只想明確表示，這更多的是關於邊境混亂，而不是關稅。所以我們為 Pop 帶來了組件！你自己看看，這些都是中國製造的。因此，我們正在支付——我們已經在指導範圍內支付了中國對汽水徵收的關稅！

Yourself components. Now when the product is compiled, or made in Mexico, we don't have an additional tariff on that as it comes back across the border, but the disruption at the border with the trucks being backed up and then trying to assess what they should let through and shouldn't let through has impacted our delivery times to our customers, and therefore, how much we're spending on marketing and whether or not we are allowing -- well, when we pulse the marketing or not. And whether or not we have on the expedited shipping. And with a giftable product, it's a problem when the gift is light.

你自己組件。現在，當產品在墨西哥組裝或製造時，我們在產品過境時不會對其徵收額外關稅，但邊境的混亂和卡車的擁堵，以及我們試圖評估哪些貨物應該通過和哪些貨物不應該通過，影響了我們向客戶交付貨物的時間，因此，我們在營銷上花費了多少，以及我們是否允許——好吧，當我們進行營銷時。以及我們是否有加急運輸服務。對於可作為禮物贈送的產品，如果禮物太輕，就會出現問題。

Yes. Okay, okay. I got it, on the Mexico. So then again, with the tariffs and everything, does your guidance include any mitigating actions that you're taking, like any potential price increases what are you thinking along those lines in terms of taking some pricing to offset?

是的。好的，好的。我明白了，在墨西哥。那麼，再說一次，考慮到關稅和其他因素，您的指導是否包括您正在採取的任何緩解措施，例如任何潛在的價格上漲，您在採取一些定價來抵消這些影響方面有何想法？

It does, actually. We are looking at all levers and all possibilities for that. When I was at New York Toy Fair, I was meeting with some of our vendors, we were talking about some of the cost sharing. We were talking about some opportunities to shift more of our production. We've been working on the diversification of our supply chain for years, and we'll continue doing that.

事實上確實如此。我們正在研究實現這一目標的所有手段和可能性。當我在紐約玩具展時，我與一些供應商會面，討論了一些成本分攤問題。我們正在討論一些轉移更多生產的機會。多年來，我們一直致力於供應鏈的多樣化，並將繼續這樣做。

And pricing adjustments are a lever for us. And so we don't have anything to announce on that today, Linda, but it's certainly incorporated into our guidance.

價格調整對我們來說是一個槓桿。因此，琳達，我們今天沒有任何消息可以宣布，但它肯定已納入我們的指導中。

There are no further questions. I'll hand the call back over to the management team for concluding remarks.

沒有其他問題了。我會將電話交還給管理團隊，讓他們做最後發言。

Well, thank you, everyone, for joining us on the call today, and we look forward to sharing our progress with you on the next call. Thank you very much.

好吧，謝謝大家今天參加我們的電話會議，我們期待在下次電話會議上與大家分享我們的進展。非常感謝。

That concludes today's conference call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。