Hamilton Beach Brands Holding Co (HBB) 2024 Q3 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

My name is Ian and I will be your conference operator today.

我叫伊恩，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Hamilton Beach Brands Holding company Q3 2024 earnings conference call.

現在，我歡迎大家參加漢密爾頓海灘品牌控股公司 2024 年第三季財報電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音，以防止任何背景噪音。

After the speaker's remarks, there will be a question and answer session.

演講者發言後，將進行問答環節。

If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad.

如果您想在此期間提出問題，只需按電話鍵盤上的星號，然後再按數字 1 即可。

If you would like to withdraw your question again.

如果您想再次撤回您的問題。

Press star one.

按星號一。

Thank you.

謝謝。

I will now hand things over to Lou Anne J. Nabhan head of investor relations when you may begin your conference.

當您開始會議時，我現在將把事情交給投資者關係主管 Lou Anne J. Nabhan。

Thank you and good morning, everyone and welcome to the third quarter, 2024 earnings conference call and webcast for Hamilton Beach Brands holding company.

謝謝大家，大家早安，歡迎參加 Hamilton Beach Brands 控股公司 2024 年第三季收益電話會議和網路直播。

Yesterday.

昨天。

After the stock market closed, we filed with the SEC our form 10-Q for the quarter ending September 30th 2024 and we issued our third quarter, 2024 earnings release.

股市收盤後，我們向 SEC 提交了截至 2024 年 9 月 30 日的季度的 10-Q 表格，並發布了 2024 年第三季財報。

Both documents are available on our corporate website.

這兩份文件均可在我們的公司網站上取得。

Our speakers today are R. Scott Tidey President and CEO and Sally Cunningham, senior Vice President, Chief Financial Officer and treasurer.

今天我們的演講者是總裁兼執行長 R. Scott Tidey 和高級副總裁、財務長兼財務主管 Sally Cunningham。

Our presentation today includes forward-looking statements.

我們今天的演示包括前瞻性陳述。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in either our prepared remarks or during the Q&A additional information regarding these risks and uncertainties is available in our 10-Q our earnings release and our annual report on form 10-K for the year ended December 31 2023.

這些陳述存在風險和不確定性，可能導致實際結果與我們準備好的評論或問答期間表達的結果存在重大差異，有關這些風險和不確定性的其他信息可在我們的10-Q 收益發布和我們的年度報告中找到。

The company disclaims any obligation to update these forward-looking statements, which may not be updated until our quarterly conference call.

該公司不承擔更新這些前瞻性聲明的義務，這些聲明可能要等到我們的季度電話會議才會更新。

Our next quarterly conference call, if at all, the company will also discuss certain non-GAAP measures reconciliation for regulation G purposes can be found in our earnings release.

我們的下一個季度電話會議（如果有的話）還將討論某些出於監管目的的非公認會計準則措施的協調，您可以在我們的收益報告中找到。

And now I will turn the call over to Scott.

現在我將把電話轉給史考特。

Thank you, Lou Anne Good morning, everyone and thank you for joining us.

謝謝盧安妮，大家早安，謝謝您加入我們。

We are pleased with our third quarter results and I look forward to discussing our strong performance before we get to that.

我們對第三季的業績感到滿意，我期待在此之前討論我們的強勁表現。

I would like to address our recent leadership changes.

我想談談我們最近的領導層變動。

I'm excited and deeply honored to be here for my first call as President and CEO of our company, a role to which I was appointed by our board of directors.

我很高興也非常榮幸能夠作為我們公司的總裁兼執行長第一次參加電話會議，這一職位是由我們的董事會任命的。

October 1st.

10 月 1 日。

This leadership change is the result of a thoughtful long term succession plan.

此次領導層變動是深思熟慮的長期繼任計畫的結果。

Last month, our former CEO Gregory Trepp who is with us today, announced his retirement effective yearend to ensure a smooth transition.

上個月，我們的前執行長格雷戈里·特雷普（Gregory Trepp）今天與我們在一起，宣布他將於年底退休，以確保平穩過渡。

Greg stepped down as CEO and board member on September 30th and will continue to support us in an advisory role for the rest of his time with the company.

Greg 於 9 月 30 日辭去執行長和董事會成員的職務，並將在他在公司的剩餘時間裡繼續以顧問的身份支持我們。

It is my pleasure to recognize and thank Greg for his outstanding leadership over his 28 years with our company, especially the past 15 years as CEO under his leadership, he built a fantastic global team and cultivated our good thinking culture which champions innovation.

我很高興認識並感謝格雷格在我們公司28 年來的傑出領導，特別是在過去15 年擔任執行長期間，在他的領導下，他建立了一支出色的全球團隊，並培養了我們倡導創新的良好思維文化。

Together, we have achieved notable successes including growth in sales and market share for Hamilton Beach and Proctor Solis, a strong presence in the premium and commercial markets.

我們共同取得了顯著的成功，包括漢密爾頓海灘 (Hamilton Beach) 和 Proctor Solis 的銷售額和市場份額的成長，在高端和商業市場上擁有強大的影響力。

Advances in e-commerce, the creation of a global home health care solutions business and important advances with our strategy to leverage partnerships and acquisitions.

電子商務的進步、全球家庭醫療保健解決方案業務的創建以及我們利用合作夥伴關係和收購的策略的重要進展。

Greg's leadership has positioned us strongly for the future and we're incredibly grateful for his contributions.

格雷格的領導為我們的未來奠定了堅實的基礎，我們非常感謝他的貢獻。

And now I'd like to ask Greg to say a few words.

現在我想請格雷格說幾句話。

Thank you, Scott.

謝謝你，斯科特。

It's truly been a privilege to spend most of my career with remarkable company, especially in the role of President and CEO.

我真的很榮幸能在一家傑出的公司度過我職業生涯的大部分時間，特別是擔任總裁兼執行長。

This transition is part of a well planned leadership succession.

這次過渡是精心策劃的領導層繼任計畫的一部分。

Scott was appointed President in February and took on the CEO role in October.

斯科特於 2 月被任命為總裁，並於 10 月擔任執行長。

Over the past few months, we worked closely to ensure a seamless transition.

在過去的幾個月裡，我們密切合作確保無縫過渡。

Scott brings 31 years of expertise with our company, the strategic focus and deep knowledge of our business people and values, make him the ideal successor.

Scott 為我們公司帶來了 31 年的專業知識、策略重點以及對我們業務人員和價值觀的深入了解，使他成為理想的繼任者。

I have full confidence in Scott our senior management and our global team to carry forward our mission and build upon what we've accomplished together.

我對史考特、我們的高階管理層和我們的全球團隊充滿信心，相信我們能夠繼續推進我們的使命，並在我們共同取得的成就的基礎上再接再厲。

Hamilton Beach Strengths come from our commitment, our committed team and good thinking culture that is focused on innovation and customer satisfaction.

漢密爾頓海灘的優勢來自於我們的承諾、忠誠的團隊以及專注於創新和客戶滿意度的良好思維文化。

These qualities make me very optimistic about our company's future.

這些特質讓我對我們公司的未來非常樂觀。

I want to thank our team, the board of directors, our customers, suppliers and business partners for their trust and support.

我要感謝我們的團隊、董事會、客戶、供應商和業務夥伴的信任和支持。

It's also been rewarding to engage with our institutional shareholders since we became a public company in 2017.

自 2017 年成為上市公司以來，與機構股東的合作也讓我們受益良多。

Over the past several years, Scott has participated in our quarterly earnings calls and many of the investor conferences that we have attended.

在過去的幾年中，史考特參加了我們的季度財報電話會議以及我們參加的許多投資者會議。

I know Scott Sally and Leanne will continue building those relationships in closing.

我知道史考特莎莉和莉安最終會繼續建立這些關係。

I congratulate Scott on his well deserved promotion and wish everyone continued success.

我祝賀斯科特當之無愧的晉升，並祝福每個人繼續取得成功。

Now, back to you, Scott.

現在，回到你身邊，史考特。

Thank you, Greg, for your kind words and your unwavering support.

謝謝格雷格的客氣話和堅定不移的支持。

We all wish you a wonderful retirement.

我們都祝福您退休生活愉快。

Now, I'll turn to our financial and operating performance.

現在，我將談談我們的財務和營運表現。

I'll provide a high-level overview, and Sally will cover the details before we open it up for questions.

我將提供一個高層次的概述，莎莉將在我們開始提問之前介紹詳細資訊。

We are pleased with the financial results we have delivered this year for the first nine months.

我們對今年前九個月的財務表現感到滿意。

Our revenue grew 5.3% compared to the same period last year.

與去年同期相比，我們的營收成長了 5.3%。

Our gross profit margin expanded by 480 basis points to 25.9% compared to 21.1% last year.

我們的毛利率較去年的 21.1% 成長了 480 個基點，達到 25.9%。

Operating profit almost doubled and net income increased 19.2%.

營業利潤幾乎翻倍，淨利潤成長 19.2%。

Let me now discuss the third quarter this year compared to the same period last year.

現在讓我討論今年第三季與去年同期的比較。

For context.

為了上下文。

Let me remind you that in last year's third quarter, we saw a post pandemic normalization of business conditions and trends for that turnaround.

讓我提醒您，在去年第三季度，我們看到了疫情後業務狀況的正常化和扭虧為盈的趨勢。

Our strong team had managed through an extraordinary operating environment that spanned several quarters.

我們強大的團隊成功度過了幾個季度的非凡營運環境。

Pandemic driven challenges included a historic surge in demand disruptions across the supply chain and spiking then falling product and container cost.

疫情帶來的挑戰包括整個供應鏈的需求出現歷史性激增、中斷以及產品和貨櫃成本先飆升後下降。

Early last year, we were still working through the remnants of that environment by the third quarter.

去年年初，到第三季我們仍在解決該環境的殘餘問題。

However, most suppliers have returned to normal lead times, shipping transit times have returned to normal and other parts of our business have normalized.

然而，大多數供應商已恢復正常交貨時間，運輸時間已恢復正常，我們業務的其他部分也已恢復正常。

As we said previously, compared to the first half of this year, we are now cycling more challenging comparisons.

正如我們之前所說，與今年上半年相比，我們現在正在進行更具挑戰性的比較。

At the same time.

同時。

In the third quarter, we delivered revenue growth of 2% and our gross profit margin expanded by 190 basis points compared to the same period last year.

第三季度，我們營收成長2%，毛利率較去年同期擴大190個基點。

In fact, our gross profit margin has expanded year over year for five consecutive quarters.

事實上，我們的毛利率連續五個季度年增。

In the current quarter, operating profit and net income were impacted by two noncash items, higher incentive compensation expense due to stock price appreciation and onetime termination charge.

本季度，營業利潤和淨利潤受到兩個非現金項目、股價上漲導致的激勵補償費用增加和一次性終止費用的影響。

Both items are favorable for the long term.

從長遠來看，這兩項都是有利的。

Our stock price increased 77% for shareholders while resulting in increased equity incentive comp and SG and A this quarter, the termination of our overfunded us pension plan resulted in a reclassification of historical losses in the net income.

我們的股東股價上漲了 77%，同時導致本季股權激勵補償以及 SG 和 A 的增加，我們資金過剩的美國退休金計畫的終止導致對淨利潤中的歷史損失進行了重新分類。

While it also realized 13 million of surplus assets that will increase our free cash flow in 2025 and 2026 overall.

同時也實現了1,300萬剩餘資產，這將增加我們2025年和2026年的自由現金流。

We are very pleased with our third quarter results.

我們對第三季的業績非常滿意。

Despite these events, we have good momentum and we finished the year as we head into 2025 and we are reaffirming our outlook for the full year 2024.

儘管發生了這些事件，我們仍保持著良好的勢頭，在邁入 2025 年之際結束了這一年，我們重申了對 2024 年全年的展望。

Our revenue growth in the third quarter and year-to-date reflects the success of our strategic initiatives.

我們第三季和年初至今的營收成長反映了我們策略舉措的成功。

We're focused on expanding our sales of innovative value products that can command premium prices and improve our margins.

我們專注於擴大創新價值產品的銷售，這些產品可以提供高價並提高我們的利潤。

Innovation is at the core of our success with our industry leading research and development.

創新是我們領先業界的研發成功的核心。

We've introduced numerous products that address consumer needs from refreshes of existing products to entirely new product solutions as we work to delight our consumers.

我們推出了許多滿足消費者需求的產品，從現有產品的更新到全新的產品解決方案，我們努力取悅消費者。

This year, we are launching more than 40 new platforms across a wide variety of high demand categories spanning coffee, blending ovens, grills, slow cookers, kettles, mixers, garment care, and many more.

今年，我們將推出 40 多個新平台，涵蓋各種高需求類別，涵蓋咖啡、混合烤箱、烤架、慢燉鍋、水壺、攪拌機、服裝護理等。

Each new product aims to maximize innovation by offering unique consumer benefits.

每款新產品都旨在透過提供獨特的消費者利益來最大化創新。

Our innovation pipeline is robust and supports all the markets in which we participate.

我們的創新管道非常強大，支持我們參與的所有市場。

Our team has done an outstanding job securing placements and promotions for our new products across a broad range of customers and channels.

我們的團隊在確保我們的新產品在廣泛的客戶和管道中的展示位置和促銷方面做得非常出色。

This success has enabled us to gain market share across North America overall.

這一成功使我們能夠獲得整個北美市場的份額。

I'll now provide some brief insights into our key markets and how our strategic initiatives are driving growth.

現在，我將簡要介紹我們的主要市場以及我們的策略舉措如何推動成長。

First, our focus on driving our core brands Hamilton Beach and Proctor Solix in North America.

首先，我們專注於在北美推動我們的核心品牌 Hamilton Beach 和 Proctor Solix。

Our strong portfolio is anchored by these well-known brands.

我們強大的產品組合以這些知名品牌為基礎。

In the third quarter, we introduced numerous innovative products that want placements with key customers in the industry's largest category Coffee.

在第三季度，我們推出了許多創新產品，希望在業界最大的咖啡類別中向主要客戶展示。

We launched the FlexBrew five and one coffee maker and new espresso makers catering to the demand for high quality experiences at home.

我們推出了 FlexBrew 5 合 1 咖啡機和新型濃縮咖啡機，以滿足高品質家庭體驗的需求。

In blending, we offer new models like the versatile Hamilton Beach three and one electronic kitchen system does a work of three separate appliances, traditional kitchen blender, a food process and a personal smoothie blender.

在攪拌方面，我們提供新型號，例如多功能 Hamilton Beach 三合一電子廚房系統，可完成三個獨立電器、傳統廚房攪拌機、食品加工和個人冰沙攪拌機的工作。

We are, we also released the Hamilton Beach defrost and go programmable slow cooker that makes life easier for safely defrosting frozen meat and cooking it to perfection for consumers who want to cook multiple ways but don't want a cluttered countertop.

我們還發布了 Hamilton Beach 除霜和可編程慢燉鍋，對於想要多種烹飪方式但又不希望檯面雜亂的消費者來說，安全解凍冷凍肉並完美烹飪變得更加輕鬆。

We offer the Hamilton Beach nine in one Searing slow cooker which combines nine cooking options, and one versatile appliance conceal brown saute roast steam, keep food warm, slow cook or use like a rice cooker to prepare rice and whole grains.

我們提供漢密爾頓海灘九合一灼熱慢燉鍋，它結合了九種烹飪選項，以及一種多功能電器，可隱藏棕色炒烤蒸汽、保溫、慢煮或像電飯鍋一樣使用來準備米飯和全穀物。

These new slow cookers are well received by both retailers and consumers.

這些新型慢燉鍋受到零售商和消費者的好評。

Countertop ovens with air frying continue to be a fast growing segment.

帶有氣炸鍋功能的檯面烤箱仍然是一個快速成長的領域。

The new Versatile Hamilton Beach digital air fry toaster oven is designed to be powerful for faster cook.

新款多功能漢密爾頓海灘數位空氣炸烤箱的設計功能強大，烹飪速度更快。

You can choose from six cooking functions, bake broil toast, air fry, dehydrate and convection.

您可以選擇六種烹飪功能：烤麵包、氣炸、脫水和對流。

Our new products are selling well and we received favorable responses from retailers and consumers.

我們的新產品銷售良好，並得到了零售商和消費者的好評。

Next, I will discuss our initiative to gain share in the premium market which represents about 40% of the total industry and is growing faster than the overall market.

接下來，我將討論我們在高端市場獲得份額的舉措，該市場約佔整個行業的 40%，並且成長速度快於整體市場。

Hamilton Beach is increasing its participation in this key market through owned brands like Westin and Multiyear agreements with licensed brands.

漢密爾頓海灘正在透過威斯汀等自有品牌以及與授權品牌的多年協議來增加其在這一關鍵市場的參與。

We're expanding into new premium categories and gaining share.

我們正在擴展到新的高端類別並獲得份額。

Our key premium garment care products continue to enjoy strong sales and growth.

我們的主要優質服裝護理產品持續保持強勁的銷售和成長。

New products include irons and garment steamers.

新產品包括熨斗和蒸氣掛燙機。

In the fast growing garment steamer category, we have introduced the Chi Vibes garment steamer which is the perfect companion for maintaining wrinkle free clothes at home or on the go.

在快速增長的蒸氣掛燙機類別中，我們推出了 Chi Vibes 蒸氣掛燙機，它是在家中或外出時保持衣服不起皺的完美伴侶。

This compact and lightweight steamer is designed for easy travel and with powerful steam capabilities.

這款小巧輕巧的蒸籠專為輕鬆旅行而設計，並具有強大的蒸汽功能。

It quickly removes wrinkles and heats up in just thirty five seconds.

它可以快速去除皺紋並在短短三十五秒內加熱。

We are pleased with our partnerships for Clorox True HEPA air purifiers and Brita Countertop electric water filtration systems.

我們很高興與 Clorox True HEPA 空氣清淨機和 Brita Countertop 電動水過濾系統建立合作夥伴關係。

This year we introduced a new Clorox Ultra air purifier which can treat very large spaces and features an ultraviolet light.

今年，我們推出了一款新型 Clorox Ultra 空氣清淨器，它可以處理非常大的空間，並具有紫外線功能。

We have also introduced a Clorox countertop steam sanitizer and a Clorox humidifier.

我們也推出了高樂氏檯面蒸汽消毒器和高樂氏加濕器。

Our newest premium brand is new milk.

我們最新的優質品牌是新牛奶。

Our new milk plant based milk makers enable consumers to create a variety of fresh milks on demand.

我們的新型乳廠製奶機使消費者能夠根據需要生產各種新鮮牛奶。

This new product aligns with current consumer trends towards healthier sustainable options and positions us to meet the growing demand in this category.

這款新產品符合當前消費者追求更健康永續選擇的趨勢，並使我們能夠滿足該類別不斷增長的需求。

By expanding our presence in the premium market through brand partnerships and innovative product offerings.

透過品牌合作夥伴關係和創新產品供應擴大我們在高端市場的影響力。

We are well positioned to significantly grow our market share and increase our revenue in this high potential market.

我們處於有利地位，可以在這個高潛力市場中顯著增加我們的市場份額並增加我們的收入。

Next, our strategic initiative to lead in the global commercial market.

接下來，我們的策略舉措是引領全球商業市場。

The global commercial market is a multibillion dollar opportunity with significant growth potential.

全球商業市場是一個價值數十億美元的機會，具有巨大的成長潛力。

This market represents a key area where we see substantial upside, especially as we expand our footprint internationally.

這個市場是我們看到巨大成長空間的關鍵領域，特別是當我們在國際上拓展業務時。

We are investing in higher margin products designed for use in commercial food service and beverage operations as well as for hotel amenities, commercial markets offer strong profit potential.

我們正在投資設計用於商業食品服務和飲料運營以及酒店設施的更高利潤的產品，商業市場提供了強大的利潤潛力。

And our initiative aligns with increasing demand for durable high performance equipment.

我們的措施符合對耐用高性能設備日益增長的需求。

Our growth strategy includes several key components.

我們的成長策略包括幾個關鍵組成部分。

First, we are driving product innovation that meet the unique needs of our commercial customers.

首先，我們正在推動產品創新，以滿足商業客戶的獨特需求。

Second, we are partnering with medium and large restaurant chains across the world to develop customized products that accommodate their current and new menu offerings.

其次，我們正在與世界各地的中型和大型連鎖餐廳合作，開發適應其當前和新菜單產品的客製化產品。

Third, we are increasing sales with our existing customers and by adding new ones including in the hospitality space and with cruise ship operators.

第三，我們正在增加與現有客戶的銷售，並增加新客戶，包括飯店領域和遊輪營運商。

And fourth, we are leveraging our partnerships with companies like Bartesian and new Milk to expand our reach and influence in the global commercial market.

第四，我們正在利用與 Bartesian 和 New Milk 等公司的合作夥伴關係來擴大我們在全球商業市場的影響力和影響力。

Our co our company is particularly strong and heritage categories such as blenders and drink mixers.

我們公司特別強大且傳統的類別，例如攪拌機和飲料攪拌機。

We are investing in advanced technologies in these categories.

我們正在投資這些類別的先進技術。

Our Hamilton Beach Summit Edge blender offers best in class performance.

我們的 Hamilton Beach Summit Edge 攪拌機提供一流的性能。

While our Shaver blenders offer large batch blending solutions, we're expanding into the back of the house or food prep for food preparation categories with new equipment like our big rig immersion blenders to streamline the food prep processes, reduce prep time and minimize waste internationally.

雖然我們的Shaver 攪拌機提供大批量攪拌解決方案，但我們正在透過大型設備浸入式攪拌機等新設備擴展到食品製備類別的後廚或食品製備領域，以簡化食品製備流程、減少製備時間並最大限度地減少國際浪費。

We see Europe, Asia, Africa and India as presenting significant growth opportunities.

我們認為歐洲、亞洲、非洲和印度提供了巨大的成長機會。

We are focusing on increasing our market share and expanding our footprint in these diverse and dynamic geographic markets.

我們專注於增加我們的市場份額並擴大我們在這些多樣化且充滿活力的地理市場中的足跡。

We are optimistic about our potential for the global commercial market to provide significant opportunities for revenue growth and margin expansion in future years.

我們對全球商業市場的潛力感到樂觀，這將為未來幾年的收入成長和利潤擴張提供重大機會。

Next is our newest initiative which is to accelerate the growth of Hamilton Beach Health.

接下來是我們的最新舉措，即加速 Hamilton Beach Health 的發展。

More recently, we have become a provider of connected devices and software aimed at home health care management, reflecting our commitment to innovation and improving lives.

最近，我們已成為家庭醫療保健管理連網設備和軟體的供應商，體現了我們對創新和改善生活的承諾。

We began to explore this market about five years ago and created our Hamilton Beach Health brand in 2021.

我們大約五年前開始探索這個市場，並於 2021 年創建了 Hamilton Beach Health 品牌。

The home health market opportunity is being driven by demographics, in particular, an aging population in need of at home services as well as increased chronic medical conditions for people of all ages.

家庭健康市場機會是由人口統計數據推動的，特別是需要家庭服務的人口老化以及各年齡層慢性病的增加。

Technology is making it possible to develop home health care management tools including remote therapeutic monitoring systems.

科技使開發家庭醫療保健管理工具（包括遠距治療監測系統）成為可能。

Excuse me, in February, we acquired health pieing bringing us the smart sharp spin which is designed to increase adherence to medication regimens and support safe sharp disposals.

打擾一下，二月份，我們獲得了健康派，為我們帶來了智能銳旋轉，旨在提高對藥物治療方案的依從性並支持安全的銳處置。

Our revenue model here is subscription based offering reoccurring income at higher margins.

我們的收入模式是基於訂閱的，以更高的利潤率提供經常性收入。

We are making investments in health beacon as part of their startup phase.

作為啟動階段的一部分，我們正在對健康信標進行投資。

The integration is going well.

整合進展順利。

Revenue is increasing quarterly and we expect health beacon to contribute to operating profit in 2025.

營收每季都在成長，我們預計 Health Beacon 將在 2025 年為營業利潤做出貢獻。

Growth plans include adding new patients with existing specialty pharmacy customers, attracting new specialty pharmacies and increasing the number of conditions that are treated using the system.

增長計劃包括增加現有專科藥房客戶的新患者、吸引新的專科藥房以及增加使用該系統治療的疾病數量。

We are adding a new specialty pharmacy on January 1st and we are in promising discussions with several others.

我們將於 1 月 1 日增加新的專業藥房，並且正在與其他幾家進行有希望的討論。

Hamilton Beach Health is also exploring additional collaborations to further expand our focus on providing home health care management solutions.

Hamilton Beach Health 也正在探索其他合作，以進一步擴大我們對提供居家醫療保健管理解決方案的關注。

In closing our accomplishments over the first nine months of this year are rewarding to see and we're we're positioned well to carry this momentum forward.

總而言之，我們今年前九個月的成就是值得一看的，我們已經做好了充分準備，將這一勢頭向前推進。

We believe our incremental placements, planned holiday promotions, new products increased market share position us well for holiday versus solid season.

我們相信，我們的增量投放、計劃中的假期促銷、新產品增加的市場份額使我們在假期季節與淡季中處於有利地位。

While consumer spending remains restrained due to the challenges in the economy, we offer a broad line of products with value to luxury price points and we anticipate solid sales for the holiday.

儘管由於經濟挑戰，消費者支出仍然受到限制，但我們提供了一系列具有奢侈品價位的產品，並且我們預計假期銷售將保持穩定。

We expect to deliver a very good performance for the year 2020 24 and now we'll turn our discussion over to Sally.

我們預計 2020 年將取得非常好的業績 24 現在我們將把討論交給 Sally。

Great.

偉大的。

Thank you, Scott.

謝謝你，斯科特。

Good morning, everyone.

大家早安。

I will start with our third quarter, 2024 results compared to the third quarter of 2023.

我將從 2024 年第三季的業績與 2023 年第三季的比較開始。

As you've heard, we are pleased with our third quarter results.

正如您所聽說的，我們對第三季的業績感到滿意。

We experienced revenue growth and gross profit expansion even as we are starting to cycle over the more difficult comparisons that started in the third quarter of 2023.

儘管我們開始循環進行 2023 年第三季開始的更困難的比較，但我們仍然經歷了收入成長和毛利擴張。

However, operating profit and net income faced headwinds from noncash expenses including increased equity incentive expense due to stock appreciation and the onetime pension plan termination expense that was reclassified from accumulated other comprehensive income.

然而，營業利潤和淨利潤面臨非現金費用的不利影響，包括因股票升值而增加的股權激勵費用以及從累計其他綜合收益中重新分類的一次性退休金計劃終止費用。

Starting with revenue total revenue in the third quarter was 156.7 million.

從營收開始，第三季總營收為1.567億美元。

A 2% increase.

增加2%。

Over last year's third quarter, the increase was driven primarily by a favorable product mix as well as higher volume, partially offset by expected average price decreases.

去年第三季度，成長主要是由有利的產品組合和銷售增加所推動的，但部分被預期的平均價格下降所抵消。

Most of the growth was in the US consumer market which bene benefited from the incremental and new placements that's got discussed revenue also increased in our Mexican consumer market.

大部分成長來自美國消費市場，該市場受益於墨西哥消費市場的增量和新安置，我們討論的收入也有所增加。

While revenue decreased in our Latin American and Canadian consumer markets.

同時，我們的拉丁美洲和加拿大消費市場的收入有所下降。

Our global commercial market experienced a decrease in revenue due to soft international markets, especially China also included in the third quarter was $1.2 million of new revenue from our health beacon acquisition.

由於國際市場疲軟，我們的全球商業市場收入有所下降，尤其是中國，第三季我們收購健康信標帶來了 120 萬美元的新收入。

While the contribution to total revenue is small at this point, it has grown every quarter this year and is expected to grow in 2025.

雖然目前對總收入的貢獻很小，但今年每季都在成長，預計 2025 年還會成長。

Gross profit totaled $43.9 million compared to $40.1 million.

毛利總計 4,390 萬美元，去年同期為 4,010 萬美元。

Gross profit margin expanded to 28% compared to 26.1%.

毛利率從 26.1% 擴大至 28%。

In last year's third quarter, the 190 basis points expansion in gross profit margin in the current quarter was due to favorable product mix and lower product costs.

去年第三季度，本季毛利率擴大190個基點，得益於有利的產品結構和較低的產品成本。

And every quarter this year, we have delivered above prior year quarter and above our historical range.

今年每個季度，我們的交付量都高於去年同期和歷史範圍。

Our team has done an effective job keeping our gross profit margin strong while remaining competitive in the marketplace, selling general and administrative expenses increased to $33.1 million compared to $25.6 million.

我們的團隊卓有成效地維持了強勁的毛利率，同時保持了市場競爭力，銷售一般和管理費用從 2,560 萬美元增加到 3,310 萬美元。

In the third quarter of 2023 the increase was primarily driven by higher employee related expenses including $2.9 million of increased noncash equity incentive compensation due to the significant appreciation of our stock price.

2023 年第三季度，這一增長主要是由於員工相關費用增加，包括由於我們的股價大幅升值而增加的 290 萬美元非現金股權激勵薪酬。

In the third quarter of 2024 the addition of 1.8 million of health beacons SGN A and the absence of a $900,000 non-recurring insurance recovery.

2024 年第三季度，增加了 180 萬個健康信標 SGN A，並且沒有 90 萬美元的非經常性保險追償。

In the prior year, our team has done a good job managing, managing the expenses that are within our control.

在過去的一年裡，我們的團隊在管理方面做得很好，把費用控制在我們的控制範圍內。

Creating profit was $10.6 million compared to $14.4 million a year ago.

創造利潤為 1,060 萬美元，而一年前為 1,440 萬美元。

The decrease reflected the higher SG&A expenses partially offset by our expansion of gross profit margin.

這一下降反映了銷售費用、一般行政費用的增加，部分被我們毛利率的擴大所抵銷。

I want to reiterate Scott's comments that health Beacon is still in startup mode and the integration is progressing as planned and we expect it to contribute to operating profit.

我想重申 Scott 的評論，即 health Beacon 仍處於啟動模式，整合正在按計劃進行，我們預計它將為營業利潤做出貢獻。

In 2025 net interest expense was $59,000 excuse me, $59,000 compared to 592,000 a year ago due to both lower debt levels and lower interest expense pension termination expense.

抱歉，2025 年淨利息支出為 59,000 美元，與一年前的 592,000 美元相比，為 59,000 美元，原因是債務水平較低，利息支出退休金終止費用也較低。

In 2024 was a one time non cash charge of $7.6 million related to the reclassification of historical unrecognized losses from other accumulated other comprehensive income.

2024 年，一次性非現金費用為 760 萬美元，與其他累計其他綜合收益中歷史未確認損失的重新分類有關。

Our board approved the termination of our overfunded us to fund benefit pension plan in 2022.

我們的董事會批准在 2022 年終止我們過度資助的福利退休金計畫。

And as expected, we finalized the termination in the third quarter, the resulting surplus assets estimated at $3.3 million.

正如預期的那樣，我們在第三季完成了終止，由此產生的剩餘資產估計為 330 萬美元。

We will be deployed over the next few years to fund other existing employee retirement benefits.

我們將在未來幾年內部署，為其他現有員工退休福利提供資金。

This is a big win for us as we expect to use the, as we expect this planned use of surplus assets will free cash that would otherwise have been used for this purpose.

這對我們來說是一個巨大的勝利，因為我們預計對剩餘資產的計劃使用將釋放原本用於此目的的現金。

Thereby increasing free cash flow in 2025 and 2026. income tax expense was $700,000 compared to $2.8 million a year ago due to the tax benefit of the pension plan termination expense of $1.9 million net income.

從而增加 2025 年和 2026 年的自由現金流。

Inclusive of the pension plan termination impact was $1.9 million or 14¢ per diluted share compared to net income of $10.3 million or 74¢ per diluted share a year ago, the impact of the pension plan termination expense to the current period was $5.7 million or 41¢ per diluted share.

包括退休金計畫終止的影響為190 萬美元或每股攤薄收益14 美分，而一年前淨利為1,030 萬美元或每股攤薄收益74 美分，退休金計畫終止費用對本期的影響為570 萬美元或41 美分每股攤薄後股份 ￠。

Now, turning to our balance sheet and cash flows for the nine months ended September 30th 2024 net cash provided by offering activities was 35.2 million which is reflective of normalized post pandemic working capital.

現在，轉向我們截至 2024 年 9 月 30 日的九個月的資產負債表和現金流量，發行活動提供的淨現金為 3520 萬美元，這反映了大流行後正常化的營運資金。

This amount compared to $68.7 million in the same period last year, which was higher than normal due to the benefit of a significant reduction in post pandemic driven excess inventory.

這筆金額去年同期為 6,870 萬美元，高於正常水平，原因是疫情後導致的過剩庫存大幅減少。

Networking capital in the current period provided $20.3 million compared to $64.3 million.

本期網路資本提供了 2,030 萬美元，而去年同期為 6,430 萬美元。

The 2024 period benefited from our continued focus on working capital management which led to improvements in days sales, outstanding and days payable outstanding.

2024 年期間受惠於我們對營運資金管理的持續關注，從而改善了銷售天數、應付帳款週轉天數和應付帳款週轉天數。

The change in net cash provided by operating activities reflects the networking capital changes partially offset by adjustments to net income for the non-cash stock compensation and pension termination expenses.

經營活動提供的淨現金變化反映了網路資本變化，部分被非現金股票補償和退休金終止費用的淨收入調整所抵消。

Capital expenditures were $2.3 million in both the current and prior year period.

本年度及去年同期的資本支出均為 230 萬美元。

During the nine months ending September 30th 2024 we allocated cash flow to fund the acquisition of Health Beacon for $7.4 million and to return value to shareholders to the quarterly dividend and share repurchases year-to-date.

在截至 2024 年 9 月 30 日的九個月中，我們分配現金流為以 740 萬美元收購 Health Beacon 提供資金，並透過季度股息和年初至今的股票回購向股東返還價值。

We have paid $4.7 million in dividends and repurchased shares totaling $9.3 million at prevailing market prices on September 30th 2024 net debt or total debt minus cash and cash equivalents and highly liquid short term investments was $22.5 million compared to $49.7 million at the end of the prior year period.

截至2024 年9 月30 日，我們已支付470 萬美元的股息併回購了總計930 萬美元的股票，按現行市場價格計算，淨債務或總債務減去現金和現金等價物以及高流動性短期投資為2,250 萬美元，而上一財政年度結束時的淨債務或總債務為4,970 萬美元。

Our revolving credit facility expires on June 30th 2025.

我們的循環信貸額度將於 2025 年 6 月 30 日到期。

We have not yet completed our refinancing of the facility and accordingly, all amounts outstanding have been classified as current liabilities on the balance sheet based on the status of the refinancing and our history of successfully refinancing our debt.

我們尚未完成該融資的再融資，因此，根據再融資的狀況和我們成功為債務再融資的歷史，所有未償還金額已被歸類為資產負債表上的流動負債。

We believe that it is probable that the facility will be refinanced before its maturity.

我們認為，該貸款很可能會在到期前進行再融資。

We believe funds available from cash on hand, the facility and operating cash flows will provide sufficient liquidity to meet our operating needs and commitments.

我們相信，手頭現金、貸款和經營現金流中的可用資金將提供足夠的流動性來滿足我們的營運需求和承諾。

Now let me turn to our outlook.

現在讓我談談我們的前景。

We just said we are reaffirming.

我們剛才說過我們正在重申。

We continue to expect full year 2024 revenue to increase modestly and operating profit increased significantly as compared to the full year 2023.

我們繼續預計 2024 年全年營收將小幅成長，營業利潤較 2023 年全年大幅成長。

I'd like to add a little more color to our outlook as Scott discussed starting in the third quarter of 2023 and each quarter since we have reported revenue growth and gross profit margin expansion as demand price and cost and normalized.

正如 Scott 所討論的，從 2023 年第三季度開始以及自我們報告收入增長和毛利率擴張隨需求價格和成本標準化以來的每個季度，我想為我們的前景增添更多色彩。

And because of the favorable impact of our focus on cost management and continued progress with our strategic initiatives.

由於我們對成本管理的關注以及我們的策略措施的持續進展所產生的有利影響。

As we move into the back half of 2024 our growth comparisons are cycling.

進入 2024 年下半年，我們的成長比較正在循環。

The normalized results that begin in the third quarter of 2023 for the full year 2024.

從 2023 年第三季開始，2024 年全年的標準化結果。

The retail marketplace for small kitchen appliances is expected to be modestly below 2023.

小型廚房電器的零售市場預計將略低於 2023 年。

We expect to outpace the industry as a result of our continued progress with our strategic initiatives.

由於我們的策略性舉措不斷取得進展，我們預計將超越產業。

As we discussed in our last call, the revenue growth we achieved for the first half of the year was stronger than our expected revenue growth in the second half.

正如我們在上次電話會議中討論的那樣，我們上半年實現的收入成長強於我們預期的下半年收入成長。

Due to the year over year comparisons, moving to operating profit growth in the first half of this year was stronger than the growth we have estimated for the second half again as we cycle over the expanded growth that started in the third quarter of 2023 in the fourth quarter, we expect operating profit will continue to be impacted by higher SGN A.

由於年比比較，今年上半年的營業利潤成長再次強於我們對下半年的成長預測，因為我們回顧了 2023 年第三季度開始的擴大成長第四季度，我們預計營業利潤將繼續受到SGN A 較高的影響。

Despite this impact, we continue to expect that operating profit to increase significantly in 2024 compared to the full year 2023.

儘管有這種影響，我們仍然預計 2024 年營業利潤將較 2023 年全年大幅成長。

Based on on expanding gross profit margin.

立足於擴大毛利率。

We expect that gross profit margin in the second half of 2024 will be comparable to the second half of 2023.

我們預計2024年下半年的毛利率將與2023年下半年相當。

I'll also comment on cash flow for the year ended December 31st, 2023, cash provided by operating activities.

我也會評論截至 2023 年 12 月 31 日止年度的現金流量，即經營活動提供的現金。

Less cash used for investing activities was an outsized $83.5 million which included the significant impact of our focus on networking capital improvement, particularly the reduction of pandemic driven excess inventory.

用於投資活動的現金減少了 8,350 萬美元，其中包括我們專注於網路資本改善的重大影響，特別是減少疫情導致的過剩庫存。

Our normalized cash from operating activities, less cash used for investing activities is in the $25 million to $35 million range.

我們來自經營活動的正常現金減去用於投資活動的現金在 2500 萬至 3500 萬美元範圍內。

We expect to end 2024 in the upper end of that range that concludes our prepared remarks.

我們預計 2024 年結束時將達到我們準備好的評論範圍的上限。

We will now turn the line back to the operator for Q&A.

我們現在將把線路轉回接線生進行問答。

Thank you as a reminder to ask a question.

謝謝你提醒我問一個問題。

Please press star followed by the number one on your telephone keypad.

請按星號，然後按下電話鍵盤上的數字 1。

Once again, that is star followed by the number one.

再次，這是明星，其次是第一名。

We'll pause for just a moment to compile the Q&A roster.

我們將暫停片刻來整理問答名單。

Our first question comes from the line of Adam Bradley with AGB capital.

我們的第一個問題來自AGB資本的Adam Bradley家族。

Your line is open.

您的線路已開通。

Hi.

你好。

Sally and Scott Congrats on another great quarter.

莎莉和斯科特祝賀又一個偉大的季度。

I've been a shareholder for about for, for several years and I've just been, you know, really pleased with the profitability expansion especially recently.

我擔任股東已經有幾年了，你知道，我對獲利能力的擴張感到非常滿意，尤其是最近。

So I wanted to ask, yeah, yeah, I mean, good job guys.

所以我想問，是的，是的，我的意思是，幹得好，夥計們。

And Scott, welcome.

斯科特，歡迎。

Thank you, looking forward-looking forward to your leadership as a as a shareholder.

謝謝您，期待您作為股東的領導。

So I want I have some like detailed questions about the P&L to help understand and inform the forward-looking.

所以我希望我有一些關於損益表的詳細問題，以幫助理解和告知前瞻性。

If I start at the gross margin level, there has been significant expansion as you all highlight and that has been great.

如果我從毛利率水準開始，正如大家所強調的那樣，毛利率已經顯著擴張，這非常棒。

The SG&A line especially the last few quarters has expanded as well.

SG&A 線（尤其是最近幾季）也有所擴大。

You identified 4.7 million here in your remarks of the equity compensation and health beacon that explains a good amount of it.

您在關於股權薪酬和健康信標的評論中指出了 470 萬，這解釋了其中的很大一部分。

If I take that out, we're still seeing, you know, like this quarter, for example, about 12% year over year SG&A growth.

如果剔除這一點，我們仍然會看到，例如本季度，SG&A 年比成長約 12%。

So that, that is not my question.

所以，這不是我的問題。

My question though is how correlated is the SG&A expense change to that of gross margin rather than sales?

但我的問題是，SG&A 費用變動與毛利率而非銷售額的相關性如何？

Because specifically sales are growing at a, you know, low to mid single digit rate.

因為具體來說，銷售額正在以低到中個位數的速度成長。

But operating, I'm sorry, gross profit is expanding at a very high rate as is SG&A.

但抱歉，營運方面的毛利正在以非常高的速度成長，SG&A 也是如此。

And what I'm really trying to get to is if we're, if gross margins were to begin to normalize back to historic levels, would SGA would portions of SG&A also come down trying to understand the relationship between your SG&A costs and your gross profit line?

我真正想知道的是，如果我們的毛利率開始正常化回歷史水平，那麼 SGA 是否也會降低 SG&A 成本和毛利率之間的關係？

You know, I I think that's a good question.

你知道，我認為這是一個很好的問題。

I mean, I think, I mean, I I think inherently within SGN A, you have the ability to constrict, right, as needed and, and expand as you as you make investments, right?

我的意思是，我認為，我的意思是，我認為在 SGN A 內部，您有能力在投資時根據需要進行收縮和擴展，對吧？

So, so certainly if we started to see construction in our gross profit margin, then we would of course, you know, take a look at our controllable expenses and, and right size those as well.

因此，如果我們開始看到毛利率的提高，那麼我們當然會考慮我們的可控費用，並調整其規模。

I, I do think you're seeing in our SG&A right now, you know, a couple of things that are beyond our control with the stock stock price, appreciation.

我確實認為你現在在我們的銷售管理費用中看到了一些我們無法控制的事情，例如股票價格和升值。

I think you're seeing some known investments that we're making, particularly in the health beacon, right?

我認為您看到了我們正在進行的一些已知投資，特別是在健康信標方面，對嗎？

Like we knew that, you know, this 1st year was going to be, you know, a little bit of a drain on operating profit but kind of permanent increase to SG&A because that's the nature of buying another business.

就像我們知道的那樣，第一年的營業利潤將會下降，但 SG&A 將永久增加，因為這就是購買另一家企業的本質。

But we but we feel like that business will be you know, contributing to operating profit in 2025.

但我們認為該業務將會為 2025 年的營業利潤做出貢獻。

And then I think the rest of what of what you're seeing in there is just continued investments from the business as we're trying to continue to grow and, and pursue our strategic initiatives.

然後，我認為您所看到的其餘內容只是業務的持續投資，因為我們正在努力繼續發展並追求我們的策略舉措。

Okay, great, thanks.

好的，太好了，謝謝。

Yeah, on the stock price, let's let, let's hope that let's hope that continues.

是的，就股價而言，讓我們希望這種情況能持續下去。

We'll, we'll accept that.

我們會，我們會接受這一點。

That's a good thing.

這是一件好事。

Bad thing.

壞事。

Yeah.

是的。

Well, I think your compensation, you know that, that you can control ultimately in the number of shares that you do issue.

嗯，我認為你的薪酬，你知道，你最終可以控制你發行的股票數量。

But I think, I think that answers my question.

但我認為，我認為這回答了我的問題。

So to summarize some of it, some of the expansion that we're seeing in SG&A is the result of expanded profitability and investment in new areas as well as some.

總結一下，我們在銷售、管理和行政費用方面看到的一些擴張是盈利能力擴大和新領域投資的結果。

Okay, great.

好的，太好了。

I have a second question.

我還有第二個問題。

I can ask it now or I can get back into the queue.

我現在可以詢問，或者我可以回到隊列中。

Yeah, go ahead.

是的，繼續吧。

Yeah, go ahead and ask it.

是啊，去問問吧。

So this gross margin expansion has been really great to see for two reasons.

因此，毛利率的成長確實令人矚目，原因有二。

From my investor perspective.

從我投資者的角度來看。

One is that just on its face, it's great to see better profitability from what you're doing.

一是從表面上看，很高興看到你所做的事情帶來了更好的獲利能力。

Two over the last five or six quarters.

過去五、六個季度有兩次。

It's been actually the result of higher unit volumes and your price has actually been a price per unit has actually been coming down for, for the for six quarters.

這實際上是單位銷售增加的結果，而你的價格實際上是每單位價格在六個季度中實際上一直在下降。

So it it what you all highlight is that it's more mix and volume contributing to gross profit over price.

因此，大家都強調的是，更多的組合和數量對毛利的貢獻超過了價格。

Can you, can you how one question number one is how sustainable are the existing gross margins like you're hitting 28?

第一個問題是現有的毛利率（例如你們達到 28）的可持續性如何？

I mean every quarter now it's been higher than previous for a little while now on a rolling 12 months basis or so, how much of it is sustainable?

我的意思是，現在每個季度都會比之前的水平高一段時間，現在以 12 個月左右的滾動為基礎，其中有多少是可持續的？

And can you give a little more color on what is driving it a little more specifically?

您能否更具體地說明是什麼驅動了它？

Is it investment in new areas, new, new product lines or versus extensions of older product lines?

是對新領域、新產品線的投資還是對舊產品線的擴展的投資？

Just help us understand its sustainability and what's really driving it?

只是幫助我們了解其可持續性以及真正推動它的因素是什麼？

I think it's key to your profitability.

我認為這是您盈利能力的關鍵。

So I think we need to know.

所以我認為我們需要知道。

Okay, Adam, I mean this is Scott.

好吧，亞當，我的意思是這是斯科特。

So I think I think you brought up a couple of reasons why our gross profits have been improving.

所以我想你提出了我們毛利不斷改善的幾個原因。

It is because of mix.

正是因為混合。

And, and also just from the, you know, from the cost decreases that we've had as we've gotten back into a more normalized time period, but as we talked about, you know, we, we've got a couple of strategic initiatives that are favored at higher gross profits, as I indicated, you know, we're really working hard to improve our market share in the premium market in that space.

而且，也只是從，你知道，隨著我們回到一個更加正常化的時期，我們的成本下降了，但正如我們所說，你知道，我們有幾個正如我所指出的，我們正在努力提高我們在該領域高端市場的市佔率。

You're going to find, you know, higher margins than you are going to find in the mass markets.

你會發現，你知道，比大眾市場更高的利潤。

We've also improved our profits in the commercial space, and you know, as we bring on, well, it's still a small amount as we bring on the Hamilton Beach Health Business, we think that those gross margins will be very healthy for us.

我們也提高了商業領域的利潤，你知道，當我們開展漢密爾頓海灘健康業務時，這仍然是一個很小的數字，我們認為這些毛利率對我們來說將非常健康。

So, you know, overall, we're, we'll continue to work on our mix as we look at, you know, how do we want to be growing share in certain markets?

所以，你知道，總的來說，我們將繼續致力於我們的組合，我們希望如何在某些市場上增加份額？

and so between offering just overall generally higher priced goods to our retail partners and getting more market share in that, in that more premium segment, that's one of the drivers that's been driving our, our gross profit.

因此，在向我們的零售合作夥伴提供整體價格較高的商品和在更高端的細分市場中獲得更多市場份額之間，這是推動我們毛利的驅動因素之一。

Thanks, how and the sustainability of this?

謝謝，這個如何以及可持續性？

Yeah, I think, yeah, I think, yeah.

是的，我想，是的，我想，是的。

Adam, you know, I think we're, you know, we're very focused if you look at the 40 plus new products that we're bringing out, you know, our goal is to continue to keep pushing up our gross profits.

Adam，你知道，我認為我們非常專注，如果你看看我們推出的 40 多種新產品，你知道，我們的目標是繼續推高我們的毛利。

And so, we're, you know, our teams here are designing and developing products, you know, that meet those consumer solutions though.

因此，我們的團隊正在設計和開發滿足這些消費者解決方案的產品。

But at, at higher gross profits, I mean, we feel like that, that's a thing that we need to continue to do.

但我的意思是，在更高的毛利下，我們覺得這是我們需要繼續做的事情。

We feel like there's space there and we have a lot of ability to continue to grow and, drive more market share.

我們覺得那裡有空間，我們有很大的能力繼續成長並推動更多的市場份額。

All right, thank you.

好的，謝謝。

Well, great job.

嗯，幹得好。

Anyone who's looked at the history of the company, it's always been good and stable and is now, you know, hitting a new level of profitability.

任何研究過該公司歷史的人都會發現，它一直表現良好且穩定，而且現在，您知道，盈利能力達到了新的水平。

So, thanks for answering my questions and.

所以，感謝您回答我的問題。

Great job.

幹得好。

Yeah.

是的。

Thank you, Evan.

謝謝你，埃文。

Appreciate your questions.

感謝您的提問。

Are no further questions at this time.

目前沒有其他問題。

I would like to hand things back over to Scott Heidy for some closing remarks.

我想將事情交還給斯科特·海迪（Scott Heidy）做一些結束語。

Thank you.

謝謝。

As you've heard today, we are pursuing multiple avenues to continue to grow revenue, expand margins and deliver strong cash flow.

正如您今天所聽到的，我們正在尋求多種途徑來繼續增加收入、擴大利潤並提供強勁的現金流。

Our company is committed to increasing long term shareholder value for the year 2024.

我們公司致力於在 2024 年增加長期股東價值。

We expect to deliver a significant increase in operating profit, reflecting revenue growth and gross profit margin expansion.

我們預期營業利潤將大幅成長，反映出營收成長和毛利率擴張。

We look forward to finishing this year in a strong position that concludes our report for today.

我們期待以強勢的姿態結束今年，這就是我們今天的報告的結論。

Thank you again for joining our call.

再次感謝您加入我們的通話。