Acushnet Holdings Corp (GOLF) 2025 Q3 法說會逐字稿

Good morning, everyone. Thank you for joining us today for Acushnet Holding Corp.'s third quarter 2025 earnings conference call. Joining me this morning are David Maher, our President and Chief Executive Officer, and Sean Sullivan, our Chief Financial Officer. Before I turn the call over to David, I would like to remind everyone that we will make forward-looking statements on the call today.

各位早安。感謝您今天參加 Acushnet Holding Corp. 2025 年第三季財報電話會議。今天早上和我一起接受採訪的有我們的總裁兼執行長大衛·馬赫，以及我們的財務長肖恩·沙利文。在將電話交給大衛之前，我想提醒大家，我們今天將在電話會議上發表一些前瞻性聲明。

These forward-looking statements are based on Acushnet's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations. For a list of factors that could cause actual results to differ, please see today's press release, the slides that accompany our presentation and our filings with the US Securities and Exchange Commission.

這些前瞻性聲明是基於 Acushnet 目前的預期，但會受到不確定性和情況變化的影響。實際結果可能與預期有重大差異。有關可能導致實際結果出現差異的因素列表，請參閱今天的新聞稿、簡報以及我們向美國證券交易委員會提交的文件。

Throughout this discussion, we will make reference to non-GAAP financial measures, including items such as net sales on a constant currency basis and adjusted EBITDA. Explanations of how and why we use these measures and reconciliations of these items to the most directly comparable GAAP measures can be found in the schedules in today's press release, the slides that accompany this presentation and in our filings with the US Securities and Exchange Commission.

在整個討論過程中，我們將提及非GAAP財務指標，包括以固定匯率計算的淨銷售額和調整後的EBITDA等項目。有關我們如何以及為什麼使用這些指標的解釋，以及這些項目與最直接可比較的 GAAP 指標的調節表，可以在今天的新聞稿中的附表、本次演示的幻燈片以及我們向美國證券交易委員會提交的文件中找到。

Please also note that references throughout this presentation to year-on-year net sales increases and decreases are on a constant currency basis, unless otherwise stated, as we feel this measurement best provides context as to the performance and trends of our business. And when referring to year-to-date results or comparisons, we are referring to the nine-month period ended September 30, 2025, and the comparable nine-month period in 2024.

另請注意，除非另有說明，本簡報中提及的年比淨銷售額成長和下降均以固定匯率為基礎，因為我們認為這種衡量方法最能反映我們業務的業績和趨勢。當提及年初至今的表現或比較時，我們指的是截至 2025 年 9 月 30 日的九個月期間，以及 2024 年同期的九個月期間。

With that, I'll turn the call over to David.

接下來，我將把電話交給大衛。

Good morning, everyone, and thanks to Sondra, who last month started her 28th year with our company. As always, we appreciate your interest in Acushnet Holdings. As the golf world exits peak season in many regions and begins prime time across the Sunbelt, the sport and business of golf continue to be vibrant with an increased number of golfers playing an increased number of rounds globally.

各位早安，感謝Sondra，她上個月在我們公司開始了她的第28年。一如既往，感謝您對Acushnet Holdings的關注。隨著高爾夫球運動在許多地區結束旺季，並在陽光地帶進入黃金時期，高爾夫運動和相關產業依然蓬勃發展，全球越來越多的高爾夫球手打球，輪次也越來越多。

After a weather-induced slow start to the year in the US, rounds of play accelerated in the third quarter, which is the largest participation period of the year, and we now expect worldwide rounds in 2025 to match or exceed what was a record 2024. Acushnet's trade partners are, by and large, healthy and investing to enhance their facilities and ultimately, their value propositions to best meet the evolving preferences of tomorrow's golfers.

由於天氣原因，美國今年的比賽開局緩慢，但第三季度比賽節奏加快，這是一年中參與人數最多的時期，我們現在預計 2025 年全球比賽場次將與 2024 年創紀錄的比賽場次持平或超過。總的來說，Acushnet 的貿易夥伴經營狀況良好，並且正在投資改善他們的設施，最終改善他們的價值主張，以更好地滿足未來高爾夫球手不斷變化的偏好。

The global golf market is structurally sound with momentum in the US and EMEA offsetting softness, mainly from footwear and apparel across Japan and Korea. And within Acushnet, our team is relentlessly focused on exceeding dedicated golfer expectations, developing great products, earning the trust and endorsement of the pyramid of influence and our partners and executing a wide range of fitting and golfer connection initiatives.

全球高爾夫市場結構穩健，美國和歐洲、中東及非洲地區的強勁勢頭抵消了日本和韓國鞋類和服裝市場的疲軟。在 Acushnet 內部，我們的團隊始終致力於超越高爾夫球手的期望，開發優秀的產品，贏得有影響力人士和合作夥伴的信任和認可，並執行各種球桿適配和高爾夫球手聯繫計劃。

Tying this together is the company's unwavering commitment to product quality, best exemplified by every Pro V1 golf ball, which passes more than 100 quality checks throughout the production process. As a result of this commitment, our return rate is one golf ball out of every 16 million Pro V1s produced. This operating model, Acushnet's blueprint for success is continually refined and improved upon by our team as we strive to provide great products and services to golfers, execute our capital allocation strategy and create shareholder value for our investors.

將這一切聯繫起來的是該公司對產品品質的堅定承諾，最好的例證就是每一顆 Pro V1 高爾夫球，它在整個生產過程中都要經過 100 多項品質檢查。由於我們秉持這項承諾，我們的退貨率是每生產 1600 萬個 Pro V1 高爾夫球中只有 1 個。Acushnet 的成功藍圖——這個營運模式，正由我們的團隊不斷完善和改進，我們努力為高爾夫球手提供優質的產品和服務，執行我們的資本配置策略，並為我們的投資者創造股東價值。

With this as background, I now point to slide 4 and our third quarter and year-to-date results. First, for the quarter, Acushnet delivered worldwide net sales of $658 million, a 5% constant currency increase over last year, with gains across all segments. Adjusted EBITDA of $119 million grew by 10%. Year-to-date, sales of $2.08 billion were up 4% and adjusted EBITDA of $401 million was up 2% compared to last year.

有了以上背景，我現在請看第 4 張投影片，了解我們第三季和年初至今的業績。首先，本季 Acushnet 的全球淨銷售額為 6.58 億美元，以固定匯率計算比去年成長 5%，所有業務部門均實現成長。調整後 EBITDA 為 1.19 億美元，成長 10%。今年迄今為止，銷售額為 20.8 億美元，年增 4%；調整後 EBITDA 為 4.01 億美元，年增 2%。

Getting to our segment results, you see the continued global momentum within Titleist Golf Equipment, which has grown 5% in both the quarter and year-to-date. Key drivers have been the year-to-date growth of our Pro V1 franchise in all regions and the very successful launch of new Titleist T-Series irons and limited edition Vokey SM10 wedges in Q3.

從我們的業務部門業績來看，Titleist 高爾夫裝備業務在全球範圍內持續保持成長勢頭，本季和年初至今均成長了 5%。關鍵驅動因素是今年迄今為止我們 Pro V1 系列產品在所有地區的成長，以及第三季成功推出新的 Titleist T 系列鐵桿和限量版 Vokey SM10 挖起桿。

We have spoken in recent years about the investments we have made to strengthen our golf equipment product development and enhance manufacturing capabilities. Our growth and momentum today are byproducts of these investments. Acushnet's Golf Gear segment also had a strong quarter, posting a 13% gain and is up 8% year-to-date as our team brings a steady flow of compelling products to market and leverages our expanding custom capabilities and strengthening supply chain.

近年來，我們多次談到我們為加強高爾夫球具產品研發和提升製造能力所做的投資。我們今天的成長和發展動能都是這些投資的副產品。Acushnet 的高爾夫裝備部門本季也表現強勁，成長了 13%，今年迄今成長了 8%，這得益於我們的團隊不斷推出引人注目的產品，並利用我們不斷擴大的客製化能力和不斷加強的供應鏈。

Within gear, the company's travel brands have increased 20% year-to-date with especially strong growth from our Links & Kings and Club Glove brands. And our FootJoy business continues to build momentum and delivered another positive quarter with revenues up 3%. FootJoy is benefiting from the success of our Premiere and HyperFlex footwear models, fewer footwear closeouts and steady glove growth.

在裝備方面，該公司旗下的旅遊品牌今年迄今成長了 20%，其中 Links & Kings 和 Club Glove 品牌的成長尤為強勁。我們的 FootJoy 業務繼續保持成長勢頭，又一個季度實現了積極的業績，收入增長了 3%。FootJoy 受益於 Premiere 和 HyperFlex 鞋款的成功、鞋類清倉減少以及手套業務的穩定成長。

FJ's apparel business adds to the brand story, showing resilience with quarterly and year-to-date gains. As we have discussed throughout the year, these trends are positively affecting FJ's market momentum and financial performance in 2025. And finally, net sales of products not allocated to a reportable segment were up nicely in the quarter with continued momentum and double-digit growth from shoes led by outsized gains across their golf business.

FJ 的服裝業務為品牌故事錦上添花，展現出強大的韌性，季度和年初至今均實現成長。正如我們今年一直在討論的那樣，這些趨勢對FJ在2025年的市場勢頭和財務業績產生了積極影響。最後，本季未分配至可報告分部的產品淨銷售額也實現了良好增長，鞋類產品繼續保持增長勢頭，並實現了兩位數的增長，這主要得益於高爾夫業務的大幅增長。

Now looking at our business by region on slide 5, you see the US market continues to be strong, up 6% with growth across all segments, led by Titleist Golf Equipment. EMEA posted a 14% gain in the quarter and is now up 8% year-to-date. Rounds of play are up high single digits as the region benefits from favorable weather comps versus last year.

現在來看看第 5 張幻燈片中按地區劃分的業務，可以看到美國市場繼續保持強勁勢頭，增長了 6%，所有細分市場均實現增長，其中 Titleist 高爾夫設備公司表現突出。歐洲、中東和非洲地區本季成長了 14%，今年迄今成長了 8%。由於該地區今年的天氣條件比去年好，比賽輪次增加了不少。

Korea was up 3% in the quarter with strength in Titleist Golf Equipment led by golf balls, while Japan was off 13% in the quarter and 7% year-to-date. And as you see, our revenues in Rest of World were up 5% in the quarter and 3% year-to-date. In summary, we are pleased with Acushnet's performance in the quarter and the overall health of our consumer. The company's product lines are in great shape. Inventory positions, both owned and at retail are in line for this time of the year, and we are confident in our team's ability to execute against our strategies.

韓國本季成長 3%，其中 Titleist 高爾夫裝備（尤其是高爾夫球）表現強勁；而日本本季下跌 13%，年初至今下跌 7%。正如您所看到的，我們在世界其他地區的營收本季成長了 5%，年初至今成長了 3%。總而言之，我們對 Acushnet 本季的表現以及我們消費者的整體健康狀況感到滿意。本公司的產品線狀況良好。無論是自有庫存還是零售庫存，都符合往年同期水平，我們對團隊執行策略的能力充滿信心。

Thanks for your attention this morning. I will now pass the call over to Sean.

謝謝大家今天早上的關注。現在我將把電話轉給肖恩。

Thank you, David. Good morning, everyone. As highlighted, we had a great third quarter and solid year-to-date performance. Third quarter net sales were up 5%, while adjusted EBITDA was $119 million, up $11 million from last year's third quarter. For the first nine-months of 2025, net sales increased 4% and adjusted EBITDA increased 2% as compared to the same period last year.

謝謝你，大衛。各位早安。如同先前所提到的，我們第三季業績出色，年初至今表現穩健。第三季淨銷售額成長 5%，調整後 EBITDA 為 1.19 億美元，比去年第三季成長 1,100 萬美元。2025 年頭九個月，淨銷售額成長 4%，調整後 EBITDA 成長 2%，與去年同期相比。

Moving to our income statement highlights on slide 8. Gross profit in the third quarter of $319 million was up $15 million compared to 2024, driven by increases across all three reportable segments, primarily related to higher average selling prices, higher sales volumes and a favorable mix shift in FootJoy. We also had approximately $10 million in incremental tariff costs in the quarter and year-to-date have recognized $15 million.

接下來，我們先來看看第 8 頁的損益表要點。第三季毛利為 3.19 億美元，比 2024 年成長了 1500 萬美元，這主要得益於所有三個可報告部門的成長，其中主要與平均售價上漲、銷售量增加以及 FootJoy 的有利組合轉變有關。本季我們也產生了約 1,000 萬美元的額外關稅成本，今年迄今已確認 1,500 萬美元。

Third quarter gross margin of 48.5% was down 50 basis points versus prior year, primarily related to the headwind from higher tariff costs. Year-to-date gross margin of 48.6% was consistent with last year. SG&A expense of $205 million in the quarter, increased $5 million from the third quarter of 2024 as we continue to invest in A&P to support new product launches and future growth initiatives, including our fitting network and IT systems.

第三季毛利率為 48.5%，較上年同期下降 50 個基點，主要原因是關稅成本上升帶來的不利影響。今年迄今的毛利率為 48.6%，與去年持平。本季銷售、一般及行政費用為 2.05 億美元，比 2024 年第三季增加了 500 萬美元，因為我們繼續投資於廣告和促銷，以支援新產品發布和未來的成長計劃，包括我們的安裝網路和 IT 系統。

SG&A also included $2 million of restructuring costs related to the voluntary retirement program the company initiated earlier this year. As a reminder, we expect a further charge in Q4 related to this program of approximately $5 million. Interest expense of $14.5 million in the quarter was up $1 million due to an increase in borrowings. Year-to-date, our effective tax rate is 23.6%, 200 basis points more than last year's rate through nine-months.

銷售、一般及行政費用還包括與公司今年稍早啟動的自願退休計畫相關的 200 萬美元重組成本。再次提醒，我們預計第四季度與該項目相關的費用約為 500 萬美元。本季利息支出為 1,450 萬美元，比上一季增加了 100 萬美元，原因是藉款增加。今年迄今為止，我們的實際稅率為 23.6%，比去年同期高出 200 個基點。

Our effective tax rate in Q3 was 37.3%, up from 19.3% last year, primarily driven by a shift in our jurisdictional mix of earnings and a reduced income tax benefit related to the US deduction of foreign-derived intangible income resulting from the enactment of the One Big Beautiful Bill Act. Moving to our balance sheet and cash flow highlights on slide 9.

第三季我們的實際稅率為 37.3%，高於去年的 19.3%，這主要是由於我們盈利的司法管轄區組合發生了變化，以及由於《一項偉大的美麗法案》的頒布，美國對外國衍生無形收入的扣除導致所得稅優惠減少。接下來，請看第 9 頁的資產負債表和現金流量表要點。

Our strong balance sheet and consistent cash flow generation continue to support the disciplined execution of our capital allocation strategy. We remain focused on investing in the business to drive long-term growth while also returning capital to shareholders through dividends and share repurchases. Our net leverage ratio at the end of Q3 using average trailing net debt was two times.

我們穩健的資產負債表和持續的現金流量產生能力繼續為我們嚴格執行資本配置策略提供支援。我們將繼續專注於投資業務，以推動長期成長，同時透過股利和股票回購向股東返還資本。根據平均滾動淨債務計算，我們第三季末的淨槓桿率為兩倍。

Inventories were up 3% when compared to last year's third quarter, reflecting some advancement of inventory ahead of tariff deadlines and the impact of our iron launch. Overall, we remain comfortable with our current inventory position and quality. Year-to-date cash flow from operations decreased from 2024, primarily due to increased investments in strategic initiatives, including our IT systems and increased working capital requirements.

與去年第三季相比，庫存成長了 3%，這反映出在關稅截止日期前庫存提前，以及我們鐵礦產品發布的影響。總體而言，我們對目前的庫存狀況和品質感到滿意。今年迄今的經營活動現金流較 2024 年下降，主要原因是增加了對策略性舉措的投資，包括我們的 IT 系統和增加的營運資金需求。

Capital expenditures were $51 million in the first nine-months of 2025, and we now expect full year CapEx spend to be approximately $75 million. Through September, we returned approximately $230 million to shareholders with $188 million in share repurchases and $42 million in cash dividends. Today, our Board of Directors declared a quarterly cash dividend of $0.235 per share payable on December 19 to shareholders of record on December 5, 2025.

2025 年前九個月的資本支出為 5,100 萬美元，我們現在預計全年資本支出約為 7,500 萬美元。截至9月份，我們透過股票回購1.88億美元和現金分紅4,200萬美元，向股東返還了約2.3億美元。今天，我們的董事會宣布派發每股 0.235 美元的季度現金股息，將於 2025 年 12 月 19 日支付給 2025 年 12 月 5 日登記在冊的股東。

Looking ahead to the remainder of the year, I would like to provide an update on our full year revenue and adjusted EBITDA outlook shown on slide 10. We expect full year 2025 revenue to be in the range of $2.52 billion and $2.54 billion on a reported basis. As discussed on our second quarter call, we are still forecasting low single-digit growth in the second half, driven by contributions across all reportable segments.

展望今年剩餘時間，我想就第 10 頁所示的全年收入和調整後 EBITDA 展望提供最新資訊。我們預計 2025 年全年營收（按報告數據計算）將在 25.2 億美元至 25.4 億美元之間。正如我們在第二季電話會議上所討論的，我們仍然預測下半年將實現個位數低成長，這主要得益於所有可報告業務板塊的貢獻。

We now anticipate the full year FX impact to be negligible compared to last year, resulting in aligned reported and constant currency growth ranges. Both are projected to be between 2.6% and 3.4% for the full year, representing a midpoint growth of 3%. This midpoint implies fourth quarter revenue of approximately $448 million, representing high single-digit growth over Q4 2023, a period consistent with the cadence of our product launch cycle.

我們現在預計全年匯率波動的影響與去年相比微乎其微，因此報告匯率和固定匯率的成長範圍將保持一致。預計全年兩者的成長率將在 2.6% 至 3.4% 之間，中位數為 3%。這一中點意味著第四季度營收約為 4.48 億美元，與 2023 年第四季相比實現了高個位數成長，這段時期與我們的產品發布週期節奏一致。

Moving to adjusted EBITDA. We are projecting full year 2025 to be in the range of $405 million to $415 million. Incremental full year gross tariff costs are expected to be $30 million, about $5 million lower than our previous estimate, driven by timing shifts in tariff-related variables. This reflects a $15 million gross tariff headwind in the fourth quarter.

改為調整後 EBITDA。我們預計 2025 年全年營收將在 4.05 億美元至 4.15 億美元之間。預計全年新增關稅總成本為 3000 萬美元，比我們先前的估計低約 500 萬美元，這是由於與關稅相關的變數的時間變化所致。這反映出第四季關稅帶來的1500萬美元的不利影響。

Through the strategic mitigation efforts we've discussed, we still anticipate offsetting a meaningful portion of the full year gross tariff headwind. Overall, we are very pleased with our year-to-date performance and full year outlook. The team remains focused on finishing the year strong and continuing to execute on our long-term strategic priorities.

透過我們討論過的戰略緩解措施，我們仍然預計能夠抵消全年關稅總不利影響的相當一部分。總體而言，我們對今年迄今的業績和全年展望都非常滿意。團隊仍專注於以強勁的勢頭結束今年，並繼續執行我們的長期戰略重點。

With that, I'll now turn the call over to Sondra for Q&A.

接下來，我會把電話交給桑德拉，由她來回答問題。

Thanks, Sean. Operator, could we please open the lines for questions?

謝謝你，肖恩。接線員，請問可以開放提問通道嗎？

(Operator Instructions) Joe Altobello, Raymond James.

（操作說明）喬·阿爾托貝洛，雷蒙德·詹姆斯。

I guess my first question is on US sales. If I look at it year-to-date, you're up almost 5%. I was wondering if you could kind of parse that out between volume and price and maybe what that looks like relative to the category.

我想問的第一個問題是關於美國銷售情況的。如果以年初至今來看，你的漲幅接近 5%。我想知道您能否分析一下銷售量和價格之間的關係，以及這在同類產品中的表現。

Yes, Joe, this is Sean. I'll take it. And obviously, David can supplement as necessary. When we look at US sales, again, very pleased. I think it's also important to keep in mind the product cadence, right, of each of our categories in each of the segments. So the ball business has done incredibly well in the US. We've had a good year in clubs as well in terms of both volume and price. We didn't take price in balls in 2025.

是的，喬，我是肖恩。我要買它。當然，大衛可以根據需要進行補充。當我們查看美國銷售數據時，同樣非常滿意。我認為同樣重要的是要記住我們每個細分市場中每個類別的產品節奏，對吧。所以，球類產業在美國發展得非常成功。今年我們在俱樂部業務方面也取得了不錯的成績，銷量和價格都達到了預期。我們沒有考慮2025年球的價格。

So you can see that a lot of the ball growth is coming from volume gains in that category. On the club side, we're comping against last year's metals launch, which is generally higher ASP, so a more difficult comp. But given the momentum we have with the irons launch and the other special edition categories of Vokey wedges, as David highlighted, we've seen good gains there as well.

因此，可以看出，球類產品銷售的成長很大程度上來自於該類別的銷售成長。在俱樂部方面，我們要與去年的金屬產品發布會進行比較，而去年金屬產品的平均售價通常更高，因此比較難度更大。但正如大衛所強調的，鑑於我們推出的鐵桿和 Vokey 挖起桿的其他特別版系列的勢頭，我們也看到了不錯的增長。

So as I look at clubs versus two-years ago, we're seeing volume gains independent of price, which I think is the right comp for that category. On the FootJoy side in the US, obviously, we are focused on profitability, winnowing the portfolio and really going more premium, particularly in the footwear category. And gear in the US has seen really great performance across all categories, gloves, bags and headwear.

因此，當我將俱樂部與兩年前的情況進行比較時，我們發現銷售成長與價格無關，我認為這才是該類別的正確比較標準。就美國 FootJoy 而言，顯然，我們專注於盈利能力，精簡產品組合，並真正走向高端化，尤其是在鞋類領域。在美國，各類裝備，包括手套、背包和帽子，都展現了非常好的成績。

Obviously, the golf -- even FootJoy has done great with gloves. Obviously, rounds of play with that consumable product is a good comp, too. So all in all, sorry I didn't answer your question directly, I think we're pleased with both price and volume. I think the product cadence matters a lot. We did take some selective pricing in both FootJoy and gear midpoint of the year. So that's having some effect on those segments. So --

顯然，高爾夫球——就連 FootJoy 在手套方面也做得非常出色。顯然，用這種消耗品進行幾輪遊戲也是一種很好的競技方式。總而言之，很抱歉我沒有直接回答您的問題，我認為我們對價格和銷售都很滿意。我認為產品發布節奏非常重要。年中時，我們對 FootJoy 和裝備都進行了一些選擇性的降價促銷。所以這對這些群體產生了一定的影響。所以--

Yes. Joe, I just -- I'd echo what Sean said, really two parts, equipment, really not a pricing story this year. And again, you really need to look at our two-year cadence. But we're very pleased with the growth and momentum within equipment. And then as Sean said, the wearables gear market, a little more tariff impact there, and we took some selective price moves across footwear and gear, not across the line, but in key models earlier in the year.

是的。喬，我只是想──我同意肖恩的說法，其實主要有兩個方面，設備，今年真的不是價格方面的問題。再次強調，你們真的需要專注在我們兩年一次的節奏。但我們對設備領域的成長和勢頭非常滿意。正如肖恩所說，穿戴式裝置市場受到的關稅影響更大，因此我們在今年稍早對鞋類和裝備進行了一些有選擇的價格調整，不是所有產品線都調整，而是對一些關鍵型號進行了調整。

So I think the best way to think about it is to look at equipment one way and the rest of the portfolio a little bit differently.

所以我認為最好的思考方式是，用一種方式看待設備，而用一種略微不同的方式看待產品組合的其他部分。

Got it. Very helpful. And maybe just to kind of pivot to tariffs. I think you mentioned earlier, $30 million for this year, but you expect to mitigate a good portion of that. How does that look for '26 in terms of what you're thinking about maybe an incremental impact for next year?

知道了。很有幫助。或許可以把話題轉向關稅。我想你之前提到過，今年需要 3000 萬美元，但你預計可以緩解其中很大一部分問題。對於 2026 年，您認為會有哪些改變？例如明年可能會產生哪些漸進式的影響？

Yes, Joe. So again, to highlight certainly, this year at $30 million was slightly lower than what we had anticipated on our last call. So I just want to make sure everybody has that and what the impact is in Q4. As we fast forward to 2026, our number today, if nothing changes, is probably just north of $70 million. We've done good work in terms of our strategic initiatives around vendor sharing, around certain changes within the supply chain.

是的，喬。所以再次強調一下，今年的收入為3000萬美元，略低於我們上次電話會議的預期。所以我只是想確保每個人都了解這一點，以及這對第四季會產生什麼影響。如果我們快轉到 2026 年，如果一切照舊，我們今天的數字可能略高於 7000 萬美元。我們在供應商共享和供應鏈某些變革方面的策略性舉措方面做得很好。

Again, I'm not going to give you a percentage today given where we sit in the year. But the expectation as we go on our '26 planning cycle, we're going to mitigate, again, a meaningful portion of that $70-plus million in '26.

再次聲明，鑑於目前所處的時間點，我今天不會給出具體的百分比。但隨著我們進入 2026 年的規劃週期，我們預計，我們將再次減輕 2026 年 7,000 多萬美元中的相當一部分。

I'm sorry, Sean, is the $70 million total? Or is that incremental?

抱歉，肖恩，7000萬美元是總額嗎？或者說，這是漸進式的？

That is the full impact for 2026. It's obviously $40-some-odd million incremental to 2025.

這就是2026年的全部影響。顯然，到 2025 年將增加 4,000 多萬美元。

Amanda Douglas, JPMorgan.

阿曼達道格拉斯，摩根大通。

It's Amanda Douglas on for Matt. So David, just to start, could you speak to the health of the overall golf participation that you're seeing across regions and elaborate on reception you've seen in the marketplace to your T-Series irons and the Pro V1 franchise.

替馬特上場的是阿曼達·道格拉斯。大衛，首先，你能談談你所看到的各地區高爾夫運動的整體參與狀況，並詳細說明你在市場上看到的T系列鐵桿和Pro V1系列產品的反響嗎？

Yes. Amanda, so maybe high level, right, we like where industry fundamentals are. They're in very good shape. Rounds of play, obviously, very strong. I made the point earlier, our consumer is engaged and healthy. But to your question, if I dig into rounds of play around the world, up slightly in the US, terrific after a strong third quarter. UK, EMEA, up high single digits, great.

是的。Amanda，所以從宏觀層面來說，我們喜歡產業的基本面。它們狀態非常好。比賽輪次顯然非常激烈。我之前已經說過，我們的消費者積極參與且身體健康。但回到你的問題，如果我深入研究世界各地的比賽情況，美國隊略有上升，在第三節表現出色後，表現非常棒。英國、歐洲、中東和非洲地區，都達到個位數高位，非常好。

Even Japan and Korea, where we've called out some softness in wearables and in footwear. We've got Japan through nine-months flat versus a year ago, up double digits versus four, five-years ago. And we've got Korea down 1% through the first nine-months, but up 20-some-odd percent versus four, five-years ago. So structurally, we like where the industry sits.

即使是日本和韓國，我們也指出了它們在服裝和鞋類方面的一些軟弱之處。日本過去九個月的經濟與去年同期持平，與四、五年前相比成長了兩位數。韓國經濟在前九個月下降了 1%，但與四、五年前相比成長了 20% 左右。所以從結構上看，我們對該行業目前的發展狀況感到滿意。

Participation is the engine and driver to a lot of what we do, which is why we pay very close attention to it. So that's really part one. But I will lean into just, hey, fundamentals, rounds of play, consumer all in good shape, certainly for this time of year. To your questions about Pro V1, this was our 25th anniversary of the Pro V1 golf ball.

參與是我們很多工作的引擎和驅動力，所以我們非常重視它。所以，這才是真正的第一部分。但我會更關注基本面，比賽輪次，消費者狀況良好，尤其是在每年的這個時候。關於您提出的 Pro V1 高爾夫球的問題，今年是 Pro V1 高爾夫球問世 25 週年。

We leaned into that a bit early in the season. And as we've said, very pleased with our golf ball performance this year, both in terms of sell-in and sell-through and growth in all regions. And behind that is the great work by our production team, right? We produce some 70% of our golf balls in Massachusetts, the rest in our plant in Thailand. And our team has done a great job keeping pace with strong demand.

我們在賽季初期就有點過於注重這一點了。正如我們所說，我們對今年高爾夫球的表現非常滿意，無論是進貨量、銷售量或所有地區的成長情況。而這一切的背後，離不開我們製作團隊的辛苦付出，對吧？我們約 70% 的高爾夫球產自馬薩諸塞州，其餘的則產自我們在泰國的工廠。我們的團隊出色地滿足了強勁的需求。

So really pleased with where Pro V1 is through this time of year and as we start gearing up for next year. Similar to that, across the pyramid of influence, our accounts, our wins are really strong, and that just -- that for us, provides validation and endorsement of our performance and quality story. So particularly strong year for Pro V1. And then your question about T-Series iron launches, again, we're really pleased.

我對 Pro V1 目前的狀況非常滿意，也開始為明年做準備了。與此類似，在影響力金字塔的各個層面，我們的帳戶和所取得的成就都非常強大，這對我們來說，就是對我們的業績和品質故事的驗證和認可。所以今年是Pro V1表現特別強勁的一年。至於您問到的 T 系列鐵桿發布情況，我們再次表示非常高興。

We had high expectations. We made some meaningful changes to the product, which I think the golf audience, our target consumer has responded very well to. And I will make the point that any time we talk about golf clubs, particularly irons, which are so custom fitting centric, for us, it's great work by the product development team on the products.

我們曾經抱持著很高的期望。我們對產品進行了一些有意義的改變，我認為我們的目標消費者——高爾夫球愛好者——對此反應非常好。我還要強調一點，每當我們談論高爾夫球桿，特別是鐵桿（它們非常注重客製化），對我們來說，這都是產品開發團隊在產品方面做出的傑出貢獻。

And part two of that is great work by our fitting teams around the world to tell the story to golfers and make sure golfers are getting fit with the right products. And the final point I'd make is we're seeing a whole lot of blended sets, which we like, which shows the strength and capabilities of our fitting network and also our supply chain. But to your questions, Pro V1, T-Series, really strong out of the gates on both fronts, and we like our position.

第二部分要歸功於我們遍布全球的適配團隊的出色工作，他們向高爾夫球手講述產品故事，並確保高爾夫球手使用合適的產品進行適配。最後我想說的是，我們看到了很多混合套裝，我們很喜歡這種做法，這表明我們的試穿網絡和供應鏈實力雄厚、能力強大。但對於你的問題，Pro V1 和 T 系列在各方面都表現出色，我們對自己目前的處境感到滿意。

That's helpful. And Sean, just as a follow-up, as we look ahead to 2026 in a flat or modest growth rounds played backdrop for the industry, how best to think about gross margin drivers or multiyear SG&A investments just as we're shaping the initial P&L?

那很有幫助。肖恩，作為後續問題，展望 2026 年，在產業成長停滯或溫和的背景下，我們在製定初始損益表時，如何最好地考慮毛利率驅動因素或多年銷售、一般及行政費用投資？

Yes. When we look at gross margin, again, we're in the midst of obviously mitigating the tariff impacts that I just highlighted. So I think that we continue to see a growth story that outpaces the market even in a flat rounds of play environment. We believe that where our club business is positioned, particularly helps us drive better than market growth.

是的。當我們再次審視毛利率時，我們顯然正處於緩解我剛才提到的關稅影響的過程中。所以我認為，即使在遊戲市場整體穩定的情況下，我們仍然會看到一個成長速度超過市場平均的故事。我們相信，我們俱樂部業務的定位，尤其有助於我們實現優於市場水平的成長。

As I look at the puts and takes on gross margin, again, I think tariff will be the headwind. We'll mitigate a meaningful portion of that as we move forward. So I'm hopeful that we don't have a material impact to our gross margin portfolio. And as we've talked about on past calls, we've made a lot of investments in '24 and '25 in OpEx. We've obviously invested in our fitting networks, as David talked about, both on balls and clubs.

當我再次審視毛利率的買賣情況時，我認為關稅將是一個不利因素。隨著工作的推進，我們將有效緩解其中很大一部分問題。所以我希望這不會對我們的毛利率組合產生重大影響。正如我們在之前的電話會議中討論的那樣，我們在 2024 年和 2025 年的營運支出方面進行了大量投資。正如大衛所說，我們顯然已經對我們的適配網絡進行了投資，包括球和球桿。

And the expectation is we're going to see operating leverage. And hopefully, we'll see the opportunity to continue to drive better than revenue growth, EBITDA growth for the company. But still early days as we go through our '26 planning cycle, but we feel very good about where we are positioned going into '26.

預計我們將看到經營槓桿效應。希望我們有機會繼續推動公司實現比營收成長和 EBITDA 成長更好的業績。但我們仍處於 2026 年規劃週期的早期階段，不過我們對進入 2026 年的情況感到非常滿意。

Pedro Gil Garcia Alejo, Morgan Stanley.

佩德羅·吉爾·加西亞·阿萊霍，摩根士丹利。

This is Pedro on for Simeon. Congratulations on a strong quarter. As my first question, could you give us a bit of color on the sell-through trends at retail and the channel inventory levels, both for the Pro V1 ball and for the club launches?

這是佩德羅替補西蒙上場。恭喜你們本季業績出色。我的第一個問題是，您能否為我們介紹 Pro V1 高爾夫球和球桿新品上市的零售銷售趨勢和通路庫存水準？

Yes. I'll link -- and this is as much a global commentary. I'll link our couple of comments made. One, we like our growth in our golf ball growth year-to-date. We like our in-market inventory positions and what obviously connects those is sell-through. So it's been a good sell-through year for Titleist golf balls and especially Pro V1. Again, growth in all regions is no small feat, but our team managed to achieve that.

是的。我會附上連結——這在很大程度上也是一種全球性的評論。我會附上我們之前發表的幾條評論的連結。第一，我們對今年迄今為止高爾夫球銷量的成長感到滿意。我們對自己在市場上的庫存狀況感到滿意，而將這些狀況連結起來的關鍵顯然是銷售狀況。所以今年對於 Titleist 高爾夫球來說是個銷售不錯的年份，尤其是 Pro V1。再次強調，在所有地區實現成長絕非易事，但我們的團隊成功做到了這一點。

And I would say, aided by some interesting new follow-ons, whether it's Pro V1x Left Dash, some new enhanced alignment products. So we're really pleased with the product itself, but the franchise continues to get, I think, more compelling and value-added to our target audience. So yes, we don't -- as you may know, Pedro, we don't really zero in on market share by region for a lot of different reasons.

而且我認為，一些有趣的後續產品也起到了推動作用，例如 Pro V1x 左側儀表板，以及一些新的增強型校準產品。所以我們對產品本身非常滿意，但我認為，這個系列產品對我們的目標受眾來說越來越有吸引力，也越來越有價值。所以，是的，我們不會——正如你可能知道的，佩德羅，我們出於很多不同的原因，並不會真正關注各個地區的市場份額。

But again, I would say, if you look at our top line growth and you look at inventory levels around the world, which are in great shape, that implies where we're in really good shape and implies a very favorable positive sell-through story for the year.

但是，我再次強調，如果你看看我們的營收成長，再看看我們全球的庫存水準（目前狀況良好），那就意味著我們目前的狀況非常好，也意味著今年的銷售情況將非常樂觀。

Okay. Great. That's helpful. And as a follow-up, the full year guidance implies a bit of a deceleration in sales growth relative to where you've been running the past couple of quarters on a year-on-year basis. Is there something that you're seeing specifically kind of going into the holidays? Or is it just the tougher comparisons versus last year?

好的。偉大的。那很有幫助。此外，全年業績指引意味著，與過去幾季年增率相比，銷售成長速度將有所放緩。你有沒有註意到一些與假期相關的特殊現象？還是說只是因為與去年相比，今年的成績更難比較？

Yes. I don't -- Pedro, I don't think it's a tougher comparison. I think the implied midpoint of the guide is about, what, $448 million of revenue. It's certainly better than last year. But if you look back to Q4 of 2023, where I think we did about $413 million, that's a high almost double-digit growth rate over '23. So given the product cadence, given the two-year product life cycle, I think we're very pleased with the Q4.

是的。我不這麼認為——佩德羅，我不認為這是一個更難的比較。我認為該指南隱含的中點大約是，4.48億美元的收入。肯定比去年好。但如果你回顧一下 2023 年第四季度，我認為我們當時的營收約為 4.13 億美元，這比 2023 年實現了接近兩位數的高速成長。考慮到產品節奏和兩年的產品生命週期，我認為我們對第四季的業績非常滿意。

And again, I'll reiterate what I said in my comments that we had a second half where we expected low single-digit revenue growth and growth across all segments. And I think this guide at the midpoint delivers that. So we feel very good about the Q4, and I don't think there's anything unusual about demand, about product or otherwise that would indicate otherwise.

我再次重申我在評論中說過的話，我們預計下半年收入將實現個位數低成長，並且所有業務部門都將實現成長。我認為本指南在中期部分做到了這一點。因此，我們對第四季度充滿信心，我認為在需求、產品或其他方面都沒有任何異常情況表明情況會相反。

Yes. I'll just affirm Sean's point as it relates to the two-year product cadence really in equipment, right? The best way to see like-for-like comparison Q4 '25 in equipment, balls and clubs is to look back two-years because that's when the product line was comparable. Again, gear footwear, less of a two-year story. But yes, just to reiterate Sean's point, we feel really good about our business.

是的。我同意肖恩的觀點，關於設備領域兩年一次的產品更新周期，確實如此，對吧？要查看 2025 年第四季設備、球和球桿的同類比較，最好的方法是回顧兩年前，因為那時產品線是可比的。再說，裝備鞋類，這不算是兩年的故事。是的，我再次重申肖恩的觀點，我們對我們的業務感到非常滿意。

We feel really good about the half, how we're organizing our stories and our product lines for next year. So we don't really think about it or see the fourth quarter as being a period of deceleration. We see it as a period of continued momentum generation, but it is noteworthy to call out within equipment of how we look at things over a two-year product life cycle.

我們對上半年的計畫、明年的故事線和產品線的安排都感到非常滿意。所以我們並不會真正考慮或認為第四季是減速期。我們認為這是一個持續發展勢頭的時期，但值得注意的是，在設備方面，我們是如何看待兩年產品生命週期的。

Noah Zatzkin, KeyBanc Capital.

Noah Zatzkin，KeyBanc Capital。

I guess, first, if you could just kind of comment on how you're feeling about inventory in the channel, both in terms of your inventory and from an industry perspective? And then just any comments on potential changes or not in retail partner ordering habits?

首先，您能否談談您對通路庫存的看法，包括您自身的庫存狀況以及從產業角度來看？那麼，對於零售合作夥伴的訂購習慣可能發生的變化或不會發生的變化，您有什麼看法？

Yes. So I would just first say, Noah, that inventories in the golf industry at this time of year should be relatively low as you move as -- the snow belt, if you will, in northern markets and mid-belt markets sort of move out of season. And they should be relatively low. They are. So we like what we see there. And in the Sunbelt, they should be high, and they're filling up the stores for the start of their season.

是的。所以，諾亞，我首先要說的是，在這個季節，高爾夫行業的庫存應該相對較低，因為——如果你願意的話，可以稱之為雪帶，北部市場和中部市場都逐漸進入淡季。而且它們應該相對較低。沒錯。我們很喜歡那裡看到的東西。在陽光地帶，它們的銷售應該很高，而且商店裡已經擺滿了商品，迎接它們的旺季到來。

So that's the expectation as we look at channel inventories around the world, and that's what we're seeing. So no unusual call-outs. Sure, there are pockets here and there, but nothing that bubbles up to caution or concern. We really look at our channel inventories on a months of inventory basis and all very much in line with where they should be.

所以，當我們審視世界各地的通路庫存時，這就是我們的預期，而我們也看到了這一點。所以沒有出現任何異常呼叫。當然，偶爾會有一些小問題，但沒有什麼值得警惕或擔憂的。我們以月為單位來審視各個渠道的庫存，所有庫存都與預期水準非常吻合。

And then the next step will be our retail partners who are open for the holidays in the north and mid-belt will fill up their shops here in the fourth quarter. But it's as much commentary on the ebb and flow of inventories in golf throughout the year. So again, channel inventories at a seasonally low level and very much in line with what we expect. And to our own inventories, yes, really good shape. Sean mentioned it.

接下來，我們的零售合作夥伴（他們在北部和中部地區已開始假日營業）將在第四季度把他們的店重新擺滿商品。但這也反映了高爾夫球庫存全年波動的情況。所以，通路庫存再次處於季節性低位，與我們的預期非常吻合。就我們自己的庫存而言，是的，狀況非常好。肖恩提到了這件事。

We like what we have. We like the quality of it. We did some pull forward along the way to stay in front of ever-evolving tariffs, but we like where things sit from an overall channel inventory perspective.

我們喜歡我們現在擁有的一切。我們很喜歡它的品質。為了應對不斷變化的關稅，我們在過程中進行了一些提前佈局，但從整體通路庫存的角度來看，我們對目前的狀況感到滿意。

Great. Very helpful. And maybe just looking outside of the US, obviously, maybe some puts and takes when you're looking across regions. EMEA has been strong this year. Japan has been a bit softer as has Korea been. So just any thoughts on both your business and the sport outside of the US looking ahead?

偉大的。很有幫助。當然，也可以看看美國以外的地區，在跨區域考察時，可能會有一些買賣交易。歐洲、中東和非洲地區今年表現強勁。日本和韓國的政策相對溫和一些。那麼，對於貴公司在美國以外的業務和這項運動的未來發展，您有什麼想法嗎？

Yes. I think I've leaned into enough the US business, right? Real strong rounds of play, consumer. I think our numbers bear that out. Especially strong in EMEA this year and UK I think that speaks to pretty good fundamentals. But clearly, they're getting a bump because of some very favorable weather against some less than favorable weather a year ago, and that attributes or contributes to some of the high growth rates we're seeing in rounds the play.

是的。我覺得我已經夠深入地涉足美國業務了，對吧？玩家們，這幾輪遊戲真是精彩。我認為我們的數據也證實了這一點。今年在歐洲、中東和非洲地區以及英國市場表現尤為強勁，我認為這說明其基本面相當不錯。但顯然，由於今年天氣非常有利，而去年同期天氣則不太有利，因此他們的股價有所上漲，這也促成了我們在一些比賽中看到的較高增長率。

And obviously, that's good for balls and gloves and consumables. So those two markets, particularly strong. Maybe a minute on Japan. So I made the comment earlier, Japan rounds are flat. They're certainly up versus four or five-years ago. So structurally, Japan is in decent shape. I would say to our business, we feel pretty good about equipment, right?

顯然，這對球類、手套和消耗品來說都是好事。所以這兩個市場表現特別強勁。或許可以花一分鐘聊聊日本。所以我之前說過，日本的圓形是平的。與四、五年前相比，它們肯定有所增長。所以從結構來看，日本的情況還不錯。我想說，就我們公司而言，我們對設備相當滿意，對吧？

We like our equipment positioning. Ball growth this year, year-to-date is obviously strong. So again, part one of the story is equipment in Japan is healthy and trending in the right direction. A couple of behind-the-scenes stories in Japan would be, we're going through a pretty meaningful repositioning with our FootJoy business. We're exiting some price points, introducing some more premium products in the market.

我們對我們的設備擺放位置感到滿意。今年迄今為止，球類運動的成長勢頭十分強勁。所以，故事的第一部分是，日本的設備產業發展良好，並且正朝著正確的方向發展。在日本，有幾個幕後故事：我們正在對 FootJoy 業務進行一次意義重大的重新定位。我們將退出部分價位市場，並在市場上推出一些更高端的產品。

So we had expectations to be down in 2025, and we're meeting those expectations. And then I would add to it, our gear business in Japan has been down. I think that's a little bit timing and a little bit overall market softness. But again, Japan, equipment in pretty good shape and repositioning happening within FootJoy and gear. And then I'll move to Korea, really a similar story.

所以我們預期到 2025 年會出現下降趨勢，而我們正在實現這些預期。我還要補充一點，我們在日本的裝備業務也下滑了。我認為這既有時機因素，也有整體市場疲軟的影響。但話說回來，日本的設備狀況相當不錯，FootJoy 和裝備公司內部正在進行重新調整。然後我會搬到韓國，情況也差不多。

Their equipment business -- our equipment business in good shape, balls and clubs in good shape. I've talked over the years about the ascension and growth of the premium apparel business in that market. It rode up high, and it's been through a bit of a correction this year. And we're seeing that have a negative effect on our business.

他們的器材業務——我們的器材業務狀況良好，球和球桿狀況良好。多年來，我一直在談論該市場中高端服裝業務的崛起和發展。它曾經一度飆升，但今年經歷了一些回調。我們發現這對我們的業務產生了負面影響。

But overall, structurally, in decent shape from an equipment standpoint, footwear and apparel softer. And I would just add the consumer not as healthy in Japan and Korea as we're seeing certainly in the US But again, you add it up, we're still -- we're pleased with how the game is holding up. Again, rounds of play roughly flat in both markets. We're comfortable with.

但整體而言，從裝備角度來看，結構狀況良好，鞋子和衣服也比較柔軟。我還要補充一點，日本和韓國的消費者健康狀況不如美國好。但是，總的來說，我們仍然對遊戲的發展狀況感到滿意。再次，兩個市場的比賽輪次基本持平。我們對此感到滿意。

And again, as we look at the comp versus a handful of years ago, there's been a bump in the golf marketplace in those markets. But I think they're just dealing with some different macroeconomic forces that are shaping consumer spending, and we're certainly seeing that in our business.

再看看與幾年前相比的情況，這些市場的高爾夫市場都出現了成長。但我認為他們只是面臨一些不同的宏觀經濟因素，這些因素正在影響消費者的支出，而我們在自己的業務中也確實看到了這一點。

Doug Lane, Water Tower Research.

道格·萊恩，水塔研究公司。

I just wanted to press a little bit on Europe because you've just seen a noticeable acceleration in growth in Europe, including double-digit local currency growth in two of the last four quarters after really most of 2024 and 2023 being flattish, maybe down a little bit. So is there something more going on there than weather? Are we seeing a change in the competitive dynamic in Europe?

我只是想稍微強調一下歐洲的情況，因為你們已經看到歐洲經濟成長明顯加速，包括在過去四個季度中有兩個季度實現了兩位數的本幣增長，而2024年和2023年的大部分時間裡，歐洲經濟增長都比較平穩，甚至可能略有下降。所以那裡除了天氣還有其他原因嗎？歐洲的競爭格局是否正在改變？

Yes. I think it's -- I don't want to give all the credit to weather, but certainly rounds of play and the golf industry has been very healthy. UK up low double digits in rounds of play. That just drives the golf economy. So I think the golf economy is outpacing other sectors. Yes, we like our positioning and our share positions across all our categories. So we're certainly growing in all categories.

是的。我認為——我不想把所有功勞都歸功於天氣，但比賽場次和高爾夫行業的發展確實非常健康。英國隊在比賽輪次中領先兩位數。這只會帶動高爾夫經濟的發展。所以我認為高爾夫經濟的發展速度超過了其他產業。是的，我們對目前在所有品類中的市場定位和市佔率感到滿意。所以，我們在各方面都確實在成長。

It's just -- it's a whole lot healthier environment this year than we've seen in the last couple of years. And again, just a healthy rounds of play environment, nice execution by our team. We got our product lines right in those markets. And the final piece would be just our continued build-out and activation of fitting across balls and clubs and now footwear.

今年的環境比過去幾年都要健康得多。再次強調，比賽環境健康，我們團隊執行得很好。我們在這些市場上的產品線定位非常準確。最後一部分就是我們繼續完善和推廣球桿、球類以及現在的鞋類的適配方案。

We're doing more fitting in EMEA than we ever have, and that's certainly having a favorable impact on -- again, on balls, on clubs and across footwear, which is the latest entrant into our fitting realm with FitLab. So yes, really happy with the team, happy with the market. Weather deserves some of the credit, but not all the credit.

我們在 EMEA 地區進行的適配工作比以往任何時候都多，這無疑對球、球桿和鞋類產生了積極的影響——FitLab 是我們適配領域最新的參與者。是的，我對球隊非常滿意，對市場也很滿意。天氣固然功不可沒，但並非全部功勞。

Okay. That's good color. And just one last thing on working capital, the use of working capital is more than twice what it was last year. Is there something going on there specifically that is using up more cash than last year?

好的。顏色真好看。關於營運資金，還有最後一點需要說明，營運資金的使用量是去年的兩倍多。那裡是不是有什麼特殊情況導致資金消耗比去年更多？

I mean, again, we talked about the inventory. We talked about some of the investments we're making in IT and some of the systems. So I think that, Doug, is having some impact of it. But overall, I feel good about the free cash flow outlook conversion as well. So I don't -- I feel very comfortable about our working capital position.

我的意思是，我們又談到了庫存問題。我們討論了一些我們在IT領域的投資以及一些系統。所以我覺得，道格，這確實產生了一些影響。但整體而言，我對自由現金流前景的轉變也感到樂觀。所以，我對我們的營運資金狀況感到非常放心。

Well, thanks, everybody. As always, we appreciate your time on these calls, and I look forward to connecting in a few months as we wrap up the fourth quarter in 2025 and start talking more in earnest about 2026. Thanks again.

謝謝大家。和以往一樣，我們感謝您抽出時間參加這些電話會議，我期待在幾個月後與您再次聯繫，屆時我們將結束 2025 年第四季度的工作，並開始認真討論 2026 年的計劃。再次感謝。

This concludes today's conference call. Thank you all very much for joining, and you may now disconnect.

今天的電話會議到此結束。非常感謝各位的參與，現在可以斷開連接了。