Interparfums Inc (IPAR) 2024 Q2 法說會逐字稿

Greetings. Welcome to Inter Parfums 2024 second quarter earnings call and webcast. (Operator Instructions) As a reminder, this conference is being recorded. At this time, I would like to turn the call over to Karin Daly, Vice President at The Equity Group and Inter Parfums Investor Relations Representative. Thank you. You may begin.

問候。歡迎參加 Inter Parfums 2024 年第二季財報電話會議和網路廣播。（操作員指示）謹此提醒，本次會議正在錄製中。現在，我想將電話轉給 The Equity Group 副總裁兼 Inter Parfums 投資者關係代表 Karin Daly。謝謝。你可以開始了。

Thank you, Sherri, and good morning, everyone. Joining us on the call today will be Chairman and Chief Executive Officer, Jean Madar; and Chief Financial Officer, Michel Atwood.

謝謝你，雪莉，大家早安。今天加入我們電話會議的還有董事長兼執行長 Jean Madar；和首席財務長米歇爾·阿特伍德。

On behalf of the company, I would like to note that this conference call may contain forward-looking statements, which involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from projected results.

我謹代表本公司指出，本次電話會議可能包含前瞻性陳述，其中涉及已知和未知的風險、不確定性以及其他可能導致實際結果與預測結果有重大差異的因素。

These factors may be found in the company's filings with the Securities and Exchange Commission under the heading Forward-Looking Statements and Risk Factors in its most recent Annual Report on Form 10-K. Forward-looking statements speak only as of the date on which they are made, and Inter Parfums undertakes no obligation to update the information discussed.

這些因素可以在該公司向美國證券交易委員會提交的文件中找到，該文件位於其最新 10-K 表格年度報告的「前瞻性陳述和風險因素」標題下。前瞻性陳述僅代表發布當日的情況，Inter Parfums 不承擔更新所討論資訊的義務。

As a reminder, consolidated results reflect the company's two business segments. European-based operations through their 72% owned French subsidiary, headquartered in Paris, Inter Parfums SA and United States-based operations through their wholly-owned subsidiaries headquartered in New York. It's now my pleasure to turn the call over to Jean Madar. Jean, you may begin.

提醒一下，合併業績反映了公司的兩個業務部門。透過總部位於巴黎、Inter Parfums SA 持股 72% 的法國子公司開展歐洲業務，透過總部位於紐約的全資子公司開展美國業務。現在我很高興將電話轉給讓·馬達爾。吉恩，你可以開始了。

Thank you, Karin. Good morning, everyone, and thank you for joining today's call. The fragrance market continues to grow, but at a more modest pace than the rapid acceleration that followed the peak of the pandemic.

謝謝你，卡琳。大家早安，感謝您參加今天的電話會議。香水市場持續成長，但成長速度比疫情高峰期後的快速成長慢。

We achieved record second quarter sales of $342 million, which comes as no surprise, as we are spacing our launches to minimize potential cannibalization within our portfolio and investing more time and money back into our industry and brands through our advertising and promotion structure.

我們第二季的銷售額達到創紀錄的3.42 億美元，這並不奇怪，因為我們正在間隔推出產品，以盡量減少產品組合中潛在的蠶食，並透過廣告和促銷結構將更多時間和資金投入到我們的行業和品牌。

Our method is well-balanced as we are working with top-tier brand ambassadors and influencers in addition to traditional media, including print, targeted ads, and product reviewers. Luxury fragrances are highly valued and sought after by younger generations, often influenced by celebrities in entertainment and sport with greater attention to superior ingredients.

我們的方法非常平衡，因為除了傳統媒體之外，我們還與頂級品牌大使和影響者合作，包括印刷品、定向廣告和產品評論家。奢華香水受到年輕一代的高度重視和追捧，他們往往受到娛樂和體育界名人的影響，更加註重優質成分。

On the subject of celebrity ambassadors, we have engaged award-winning singer and songwriter John Legend as the face of the Montblanc Legend fragrance line, couldn't find a better ambassador. John Legend will front all five fragrances in the Hero collection and will remain on Board for at least the next extension in January 2026. John Legend representing the Legend franchise, it doesn't get better than that.

在名人大使的話題上，我們聘請了屢獲殊榮的歌手兼作曲家約翰傳奇（John Legend）作為萬寶龍傳奇香水系列的代言人，找不到比這更好的大使了。John Legend 將負責 Hero 系列的所有五款香水，並將至少在 2026 年 1 月的下一次延期中繼續留在董事會。約翰傳奇代表傳奇系列，沒有比這更好的了。

Jimmy Choo named Chinese actress and singer, Victoria Song as its global brand ambassador and the face of the brand, I Want You fragrance line. Victoria has been the face of the Jimmy Choo brand since 2018. And now, as the brand's fragrance line model will benefit from a significant following an impressive presence on global social commerce platforms.

Jimmy Choo 任命中國女演員兼歌手宋茜為其全球品牌大使和 I Want You 香水系列的代言人。自 2018 年以來，維多利亞一直是 Jimmy Choo 品牌的代言人。現在，該品牌的香水系列模型將受益於全球社交商務平台上令人印象深刻的大量追隨者。

And finally, Coach has expanded its partnership with Boston Celtics for Jayson Tatum, as we will now be the newest face of the Coach for Men's Fragrance line, following the Celtics Championship win; Tatum also joined team USA in the 2024 Olympics. Tatum automatically and inspirationally embodies the brand image and empowers the courage to be a real story in celebration of self-expression.

最後，蔻馳(Coach) 擴大了與波士頓凱爾特人隊(Boston Celtics) 的傑森·塔圖姆(Jayson Tatum) 合作夥伴關係，在凱爾特人隊贏得冠軍後，我們現在將成為Coach男士香水系列最新的代言人；塔圖姆也隨美國隊參加了 2024 年奧運。塔圖姆自動地、鼓舞人心地體現了品牌形象，並賦予勇氣成為一個真實的故事，慶祝自我表達。

Moving on, first half sales in our largest market, North America rose by 5% with strong momentum across all channels. Retail sellout is performing exceptionally well and online channel growth is continuing. Western Europe and Asia-Pacific followed where comparable half year sales increased 11% for Western Europe and 6% for Asia.

接下來，我們最大的市場北美地區上半年銷售額成長了 5%，各通路動能強勁。零售銷售表現異常出色，線上通路持續成長。西歐和亞太地區緊隨其後，西歐的半年銷售額成長了 11%，亞洲成長了 6%。

Central and South America sales growth was exceptional at 26%, thanks in great part to Lacoste fragrance sales, while our sales in the Middle East and Africa rose by 8%. Additionally, the travel retail business continued to surge after seeing an increase in both leisure and business travel earlier this year. To date, travel retail increased 20% from the prior year period, representing 8% of net sales. Longer-term, we target approximately 10% of net sales to be from travel retail on an annual basis.

中美洲和南美洲的銷售額成長了 26%，這在很大程度上要歸功於 Lacoste 香水的銷售，而我們在中東和非洲的銷售額則成長了 8%。此外，繼今年稍早休閒和商務旅行增加後，旅遊零售業務持續激增。迄今為止，旅遊零售較去年同期成長了 20%，佔淨銷售額的 8%。長期來看，我們的目標是每年約 10% 的淨銷售額來自旅遊零售。

While our business is down in Eastern Europe in the first half due to sourcing constraints from the first quarter, there have been recent signs of improvement and the second quarter was broadly in line with the prior year period.

雖然由於第一季的採購限制，我們上半年在東歐的業務有所下降，但最近出現了改善的跡象，第二季度與去年同期基本一致。

Furthermore, our business is purposely and gradually shifting towards retailers particularly in France, Italy, and the US, where we can achieve higher levels of gross margin. We are simultaneously performing heavy investments in our vast team of distributors as they are key contributors to our business.

此外，我們的業務有目的地逐步轉向零售商，特別是在法國、義大利和美國，我們可以在這些地方實現更高的毛利率。我們同時對龐大的經銷商團隊進行大量投資，因為他們是我們業務的關鍵貢獻者。

As part of our strategy, we plan to continue to make investments behind growing markets and channels to increase our market share, including specialty store Sephora and Ulta, retailers like Macy's, Saks Fifth Avenue and Nordstrom and of course, e-commerce through Amazon.

作為我們策略的一部分，我們計劃繼續對不斷增長的市場和通路進行投資，以增加我們的市場份額，包括專賣店絲芙蘭和Ulta，梅西百貨、薩克斯第五大道和諾德斯特龍等零售商，當然還有亞馬遜的電子商務。

Our Italian affiliate is performing favorably serving as a distribution hub for all of the brands in our portfolio, particularly with the addition of direct European distribution through Amazon. Online sales had a competing start, not only in Italy but also in France, in Germany, and in Spain. We are leveraging our successful US-based e-commerce experience to rollout winning Amazon strategy to capture sales across the rest of Europe.

我們的義大利子公司作為我們產品組合中所有品牌的分銷中心，表現良好，特別是透過亞馬遜增加了直接歐洲分銷。在線銷售不僅在義大利，而且在法國、德國和西班牙都有一個競爭性的開端。我們正在利用我們在美國的成功電子商務經驗來推出亞馬遜制勝策略，以獲取歐洲其他地區的銷售。

Our newest brand, Roberto Cavalli and Lacoste are doing well and exceeding the pace of growth we targeted. While the first half of 2024 was primarily related to supplying our fragrance products to the market, we expect the brand to scale even further in the second half and into 2025.

我們最新的品牌 Roberto Cavalli 和 Lacoste 表現良好，超出了我們設定的成長速度。雖然 2024 年上半年主要與向市場供應香水產品有關，但我們預計該品牌將在下半年和 2025 年進一步擴大規模。

While we are, and will remain primarily licensed fragrance business, we are also in the advanced stages of the development of our own luxury fragrance collection through our French subsidiary, Inter Parfums SA named Solférino Paris. This fragrance assortment will honor and celebrate Paris in the French Art de vivre with a planned launch in 2025, the collection of 10 fragrances is being created by master perfumers and will be supported by upscale merchandising and a highly selective exclusive distribution.

雖然我們現在並將繼續主要從事授權香水業務，但我們也處於透過我們的法國子公司 Inter Parfums SA（名為 Solférino Paris）開發我們自己的奢華香水系列的高級階段。該香水系列計劃於 2025 年推出，旨在向法國生活藝術中的巴黎致敬和慶祝，該系列共有 10 款香水，由調香大師打造，並將得到高檔商品銷售和精心挑選的獨家經銷的支持。

Looking at the balance of the year, we have a number of brand expansions planned, including a new fragrance duo from Karl Lagerfeld, an extension of Moncler and two new fragrance within the Van Cleef & Arpels Collection Extraordinaire.

展望今年的剩餘時間，我們計劃進行多項品牌擴張，包括 Karl Lagerfeld 推出的一款新香水組合、Moncler 的延伸以及 Van Cleef & Arpels 梵克雅寶 Collection Extraordinaire 中的兩款新香水。

For Lacoste, we soft launched a men's blockbuster fragrance called Original in Paris in June and since, we expanded internationally. This fragrance is a tribute to the 1984 fragrance of the same name marking the first collaboration between Lacoste and Inter Parfums.

對於 Lacoste，我們於 6 月在巴黎推出了一款名為 Original 的暢銷男士香水，從那時起我們開始向國際擴張。這款香水是對 1984 年 Lacoste 與 Inter Parfums 首次合作的同名香水的致敬。

Additionally, we will introduce (inaudible) wild wonder collection. We will also induce a new collection for MCM and also new extensions for Hollister and new line of fragrance for them and also Roberto Cavalli signature. We recently unveiled the new DKNY blockbuster fragrance called DKNY 24/7 that launched in select markets at the end of the second quarter and will undergo full scale distribution next month.

此外，我們也將介紹（聽不清楚）野生奇蹟收藏。我們還將推出 MCM 的新系列、Hollister 的新擴充、新的香水系列以及 Roberto Cavalli 的簽名香水。我們最近推出了名為 DKNY 24/7 的全新 DKNY 重磅香水，該香水於第二季末在部分市場推出，並將於下個月進行全面分銷。

As we announced, discussions have been underway in 2023, with a view to renewing the license agreement with Van Cleef & Arpels. We have been managing the fragrance brand since 2006, and appreciate the vote of confidence the brand owner Richemont has placed in us through the nine-year extension of our partnership. The new agreement will tighten the selective distribution of Van Cleef & Arpels worldwide and with special and limited edition extension play into the ultra-luxury category.

正如我們所宣布的，我們已於 2023 年就續簽與 Van Cleef & Arpels 梵克雅寶的許可協議進行了討論。我們自 2006 年以來一直管理該香水品牌，並感謝品牌所有者歷峰集團 (Richemont) 通過將我們的合作夥伴關係延長九年而對我們投下信任票。新協議將加強梵克雅寶 (Van Cleef & Arpels) 在全球範圍內的選擇性分銷，並將特別版和限量版延伸至超奢華類別。

The fragrance market is continuing on the path of mid-single-digit growth and here at Inter Parfums, we are well prepared and aiming to surpass the pace of the market. We are committed to our retailers, distributors, brands, and consumers, and we will continue to serve their fragrance appetite with a well-balanced pipeline of new product launches across our prestige portfolio. I will now turn the call over to Michel for a more detailed financial review.

香水市場持續保持中個位數成長，在 Inter Parfums，我們已做好充分準備，旨在超越市場步伐。我們致力於為我們的零售商、分銷​​商、品牌和消費者提供服務，我們將繼續透過我們的高端產品組合推出均衡的新產品來滿足他們的香水需求。我現在將把電話轉給米歇爾，以進行更詳細的財務審查。

Thank you, Jean, and good morning, everyone. Since we reported a record second quarter sales last month, I will focus on profitability, which was a second quarter record as well with net income of $37 million and $1.14 per share diluted share.

謝謝你，吉恩，大家早安。由於我們上個月報告了創紀錄的第二季度銷售額，因此我將重點關注盈利能力，這也是第二季度的創紀錄的淨利潤，淨利潤為3700 萬美元，攤薄後每股收益為1.14美元。

On a consolidated basis, gross margin expanded by 360 basis points for the current quarter and 50 basis points for the first half. The gross margin expansion in the second quarter was driven by our European-based operations where gross margin improved by 570 basis points due in part by favorable segment geographic and channel mix as well as the one-time inventory reserve made in the prior year.

綜合來看，本季毛利率成長了 360 個基點，上半年毛利率成長了 50 個基點。第二季毛利率的成長是由我們的歐洲業務推動的，毛利率提高了 570 個基點，部分原因是有利的細分市場地理和通路組合以及去年的一次性庫存儲備。

Excluding the inventory reserve in the base, gross margin expanded by 250 basis points in the second quarter, partially offsetting the unfavorable mix we saw in the first quarter. On a consolidated basis, we expect 2024 gross margins to be broadly in line with 2023, which, if you recall was just under 64%.

剔除基地庫存儲備後，第二季毛利率擴大了250個基點，部分抵銷了第一季的不利組合。綜合來看，我們預計 2024 年的毛利率將與 2023 年大致持平，如果你還記得的話，2023 年的毛利率略低於 64%。

Our teams have been working on executing our A&P strategy to support our established brands and maintain the momentum of our two new brands. Our A&P spending aggregated 19.4% and 17.2% of net sales in the second quarter and the first half of 2024 compared to 17.6% and 14.5% for the corresponding period in the prior year.

我們的團隊一直致力於執行我們的 A&P 策略，以支持我們的老牌品牌並保持我們兩個新品牌的勢頭。2024 年第二季和上半年，我們的 A&P 支出合計佔淨銷售額的 19.4% 和 17.2%，而去年同期為 17.6% 和 14.5%。

Now that we are balancing our A&P expense throughout the year, we will continue to work towards our target A&P spend of 21% of net sales. We fell short of 21% in the past few years because of higher-than-expected sales.

現在我們正在平衡全年的廣告及促銷費用，我們將繼續努力實現廣告及促銷支出佔淨銷售額 21% 的目標。由於銷售額高於預期，過去幾年我們的業績低於 21%。

We are building brand awareness to support sustainable future growth, and we are already seeing the benefits of our A&P strategy on our results. Also included in SG&A expenses Royalty expense represented just under 8% of net sales in the quarter and the amortization of the cost of the Lacoste license, which amounted to $3.2 million during the first half of 2024 will continue over the 15-year life of the contract.

我們正在建立品牌知名度以支持未來的永續成長，我們已經看到了 A&P 策略對我們業績的好處。Also included in SG&A expenses Royalty expense represented just under 8% of net sales in the quarter and the amortization of the cost of the Lacoste license, which amounted to $3.2 million during the first half of 2024 will continue over the 15-year life of the合約.

These items together amounted to higher levels of SG&A expense as expected for both the second quarter and the first half of 2024, representing 45.6% and 43.6% of net sales, compared to 43.1% and 39.6% of net sales in the prior year periods, respectively. For these reasons, our second quarter operating margin was 18.9%, both in line with our expectations and a continuation of a return to a more normalized level compared to post-pandemic-related surges.

這些項目合計相當於 2024 年第二季和上半年的 SG&A 費用水準較高，分別佔淨銷售額的 45.6% 和 43.6%，而去年同期分別佔淨銷售額的 43.1% 和 39.6%，分別。基於這些原因，我們第二季的營業利潤率為 18.9%，既符合我們的預期，又與疫情後相關的激增相比，繼續恢復到更正常的水平。

As we reported yesterday, below the operating line, first half net income was depressed by $1.5 million in other expenses versus a $2.8 million gain in other income in last year's first half. The main driver of this swing stems from the one-time realized gain of $3.1 million recognized in 2023 related to the sale of marketable securities compared to an unrealized loss of $600,000 in 2024.

正如我們昨天報道的，在營業線以下，上半年淨利潤因其他支出而減少了 150 萬美元，而去年上半年其他收入則增加了 280 萬美元。這一波動的主要驅動力源於 2023 年與有價證券銷售相關的一次性實現收益 310 萬美元，而 2024 年未實現損失為 60 萬美元。

From a cash flow perspective, accounts receivable is up 24% from year-end 2023. The balance is reasonable based on the record second quarter sales levels and the seasonality of the business. Days sales outstanding was 72 days, slightly down from 73 days at the end of 2024 first quarter.

從現金流角度來看，應收帳款較2023年底成長24%。根據第二季創紀錄的銷售水平和業務的季節性，這種平衡是合理的。應收帳款天數為 72 天，略低於 2024 年第一季末的 73 天。

Our inventory levels at mid-year increased 19% from year-end 2023 in support of our overall sales growth, seasonality, as well as the inventory buildup required by the inclusion Lacoste and Roberto Cavalli licenses to support the launches of these brands.

我們年中的庫存水準較 2023 年底增加了 19%，以支持我們的整體銷售成長、季節性以及納入 Lacoste 和 Roberto Cavalli 許可所需的庫存積累，以支持這些品牌的推出。

We continue to actively work on programs to deliver more inventory efficiency without compromising on business growth and service levels and are targeting to maintain inventory dollars in line with prior year by December 2024. We closed the quarter with a healthy balance sheet with working capital of $525 million, including $77 million in cash and cash equivalents and short-term investments.

我們繼續積極開展計劃，在不影響業務成長和服務水準的情況下提高庫存效率，並目標是到 2024 年 12 月保持庫存金額與上一年持平。本季結束時，我們的資產負債表狀況良好，營運資金為 5.25 億美元，其中包括 7,700 萬美元的現金和現金等價物以及短期投資。

Our long-term debt, including current maturities was $137 million at the end of the second quarter. Once again, we are reaffirming our 2024 guidance of net sales of $1.45 billion implying mid-teen growth in the second half of this year. This results in earnings per diluted share of $5.15, which sets a new record for our company.

截至第二季末，我們的長期債務（包括當前到期債務）為 1.37 億美元。我們再次重申 2024 年淨銷售額指引為 14.5 億美元，這意味著今年下半年將實現中位數成長。這使得稀釋後每股收益達到 5.15 美元，創下了我們公司的新紀錄。

It took four years for Inter Parfums to hit $1 billion in sales. And in just two years, we are nearly halfway to our second billion. While we are observing some slowdown in the global fragrance market remains healthy, and we believe that the tailwinds continue to outweigh the headwinds in our business and across the industry.

Inter Parfums 花了四年時間才達到 10 億美元的銷售額。在短短兩年內，我們的第二個 10 億目標已接近一半。雖然我們觀察到全球香水市場的一些放緩仍然是健康的，但我們相信我們的業務和整個行業的順風繼續超過逆風。

However, some of the trade destocking we have observed in the first half, coupled with the ongoing conflict in Eastern Europe, encourage us to remain prudent with our full year outlook. With that, operator, please open the line for questions.

然而，我們在上半年觀察到的一些貿易去庫存，加上東歐持續的衝突，鼓勵我們對全年前景保持謹慎。那麼，接線員，請開通提問線路。

(Operator Instructions) Oliver Chen, TD Cowen.

（操作員說明）Oliver Chen，TD Cowen。

Hi, Jean Madar and Michel, thanks for your time, and congrats on great results. Jean Madar, on the own brand opportunity, what do you see ahead for that? It sounds pretty exciting, and you have a lot of capabilities. What may happen longer-term?

嗨，Jean Madar 和 Michel，感謝您抽出時間接受採訪，並祝賀取得了優異的成績。Jean Madar，關於自有品牌機會，您對未來有何看法？聽起來很令人興奮，而且你有很多能力。長期來看可能會發生什麼事？

Also, as we look at Asia-Pacific, it's been a tougher macro environment in China, and there are a lot of concerns, which are outside of your control with the economic situation. Just would love your thoughts on what you're seeing with that customer and your travel retail momentum continues to be really strong. And Michel, one for you. You called out trade destocking and some slowdown. What channels or geographies are you most concerned about as you highlighted that? Thank you.

另外，從亞太地區來看，中國的宏觀環境更加嚴峻，存在著許多擔憂，這些擔憂是你無法控制的經濟狀況。只是希望您能了解您在該客戶身上看到的情況，並且您的旅遊零售勢頭仍然非常強勁。還有米歇爾，一個適合你的。您提到貿易去庫存和經濟放緩。當您強調這一點時，您最關心哪些管道或地區？謝謝。

So regarding our own brand, we have been preparing this line for over a year-and-a-half, and we'll be launching it next year. It's cost very low. It's really to go after the niche market. We saw that definitely there was a premiumization in the fragrance business. So we wanted to have more product over $100 or even $150, so this is a line of 10 products, not under license.

那麼對於我們自己的品牌來說，這個系列我們已經準備了一年半多了，明年我們就會推出。它的成本非常低。確實是為了追求利基市場。我們看到香水產業確實存在著高端化。所以我們希望有更多超過 100 美元甚至 150 美元的產品，所以這是一個由 10 種產品組成的產品線，沒有獲得許可。

We created from scratch, it's called Solférino. I think we'll launch in a very limited amount of stores. We select some anchor stores in Europe, in the US, and of course, in Asia. We did some testing on the juices. We are quite confident. So it will be small to begin with because the distribution will be small, but we have to be present in this niche expensive product.

我們從頭開始創建，它被稱為 Solférino。我認為我們將在非常有限的商店中推出。我們在歐洲、美國，當然還有亞洲選擇了一些主力店。我們對果汁做了一些測試。我們非常有信心。所以一開始它會很小，因為分佈很小，但我們必須出現在這個利基昂貴的產品中。

As you know, we have some experience on the expensive fragrance because we have been doing very well with Van Cleef. Also the license was recently renewed. So we have a lot of knowledge and experience, and we want to apply it on this new line. Regarding what we see in -- I think your second part of the question is about Asia and travel retail, right?

如你所知，我們在昂貴的香水方面有一些經驗，因為我們與梵克雅寶的合作一直都很好。最近也更新了許可證。因此，我們擁有大量的知識和經驗，我們希望將其應用到這條新生產線上。關於我們所看到的——我認為你問題的第二部分是關於亞洲和旅遊零售，對吧？

Yeah, in China as well. Thank you.

是的，在中國也一樣。謝謝。

Okay. So our sales in China for the first three months or six months are not bad. I think we're up. Michel, correct me if I'm wrong, I think we're up 20%. But again, it's a misleading number because it was an easy comparison, the sales were down last year. So we continue to see some lack of activity in China, either in the platform where we sell our fragrance because, as you know, 70% of the business is on the e-commerce platform. But even at Sephora where we are present with a lot of our brands, it is slow.

好的。所以我們在中國前三個月、前六個月的銷售量還不錯。我想我們已經起來了。米歇爾，如果我錯了請糾正我，我認為我們上漲了 20%。但同樣，這是一個誤導性的數字，因為這是一個簡單的比較，去年的銷售額有所下降。因此，我們繼續看到中國市場缺乏活動，無論是在我們銷售香水的平台上，因為如您所知，70% 的業務都在電子商務平台上。但即使在絲芙蘭，我們擁有很多品牌，但進展卻很緩慢。

Regarding Henan, we have not seen yet improvement. But we know that China can change quickly. So we are prepared for next year for under the MCM line a full collection that will be given for Asian customer and, of course, Chinese customer.

至於河南，我們還沒有看到任何改善。但我們知道中國可以迅速改變。因此，我們準備明年在 MCM 系列下為亞洲客戶，當然還有中國客戶提供完整的系列。

In general, travel retail is bright. Our business is increasing. I think it increased the last quarter by 20%. We have some brands that have good exposure, brands that could have a better exposure. But our team are working towards this 10% goal, we would like to have 10% of our sales done in travel retail. We are not here yet. I think we're in the 7% or 8% mostly 7%, yeah. So we still have room to grow. That's on my side. Michel?

整體而言，旅遊零售前景光明。我們的業務正在增加。我認為上個季度增長了 20%。我們有一些品牌擁有良好的曝光度，也有一些品牌可以有更好的曝光度。但我們的團隊正在朝著這個 10% 的目標努力，我們希望 10% 的銷售額來自旅遊零售。我們還沒到這裡。我認為我們屬於 7% 或 8%，大部分是 7%，是的。所以我們還有成長的空間。那是在我這邊。米歇爾？

Yeah. So Oliver, I mean if you look at the first quarter, really, we're seeing a significant destocking. The situation has improved in the second quarter, and we are starting to see sales kind of catch-up. But if you look at the US, for example, NPD sales are growing, our NPD sales are growing around 6% to 7%, whereas our sell-in was more around 5%. So we do see a small gap there.

是的。奧利弗，我的意思是，如果你看看第一季度，我們真的會看到庫存大幅減少。第二季情況有所改善，我們開始看到銷售回升。但如果你看看美國，例如，NPD 銷售額正在成長，我們的 NPD 銷售額成長了 6% 到 7% 左右，而我們的銷售量則在 5% 左右。所以我們確實看到了一個小差距。

And there are a few markets also in Europe, I'd say, particularly like the UK, where the market is doing very well. Market is up about 10%. But our distributor probably bought a little bit more inventory last year, expecting that market to pick up and so they're seeing some destocking as well there from the trade.

我想說，歐洲也有一些市場，特別是像英國，那裡的市場表現非常好。市場上漲約10%。但我們的經銷商去年可能購買了更多的庫存，預計市場會回暖，因此他們也看到了貿易中的一些庫存減少。

So those are some of the markets where we're seeing this. I'd say a few European markets as well as the US. But it is definitely getting better. And what we're seeing is in July, the orders have really, really picked up, and we had a very, very strong month of July as we start to sell-in our gift sets for holiday season.

這些是我們看到的一些市場。我想說的是一些歐洲市場以及美國。但它肯定正在變得更好。我們看到的是，七月份的訂單確實非常多，而且我們在七月的表現非常非常強勁，因為我們開始銷售節日禮品套裝。

I think we had, correct me if I'm wrong, I think we had a record July, right?

我認為我們有，如果我錯了請糾正我，我認為我們七月創下了紀錄，對吧？

Yeah, I think so. Yeah, I mean yeah, we're still closing the books for July, but yeah, we should be very close to record, not higher.

是的，我想是的。是的，我的意思是，我們仍在關閉 7 月的帳簿，但是，是的，我們應該非常接近記錄，而不是更高。

Yeah. So we see some strength in the market. A lot of stores are reordering, so we are optimistic for the second half.

是的。所以我們看到市場有一些實力。很多商店都在重新訂購，所以我們對下半年持樂觀態度。

One quick follow-up, very helpful. The gross margins were also impressive. Michel, how has the relative contribution between segment geographic and channel mix. Any details you can provide as we model that going forward? Thank you. Thanks very much.

快速跟進，非常有幫助。毛利率也令人印象深刻。米歇爾，細分地域和通路組合之間的相對貢獻如何。當我們繼續建模時，您可以提供任何細節嗎？謝謝。非常感謝。

Yeah, thank you. So really, the big driver of this quarter improvement is really the excess and obsolescence reserve we booked last year in the second quarter related to Moncler. As you know that the first initial launch wasn't a success and because it was planned during COVID, we probably bought more inventory than we ultimately ended up needing.

是的，謝謝。事實上，本季改善的主要推動力實際上是我們去年第二季預訂的與 Moncler 相關的超額和過時儲備。如您所知，第一次首次發布並不成功，而且由於它是在新冠疫情期間計劃的，因此我們購買的庫存可能比最終需要的要多。

So there was a $6.2 million excess and obsolescence reserve in the second quarter. So that is obviously distorting the base. If you exclude that, we're essentially the margins have expanded by about 1.5 points. And that is really the channel mix that -- a piece of that is the channel mix that we saw in the first quarter that was driving margins -- gross margins down, we've seen the offsetting impact.

因此，第二季有 620 萬美元的超額準備金和過時準備金。所以這顯然扭曲了基礎。如果排除這一點，我們的利潤率基本上擴大了約 1.5 個百分點。這實際上是通路組合——其中一部分是我們在第一季看到的推動利潤率的通路組合——毛利率下降，我們已經看到了抵銷影響。

Our business is actually really a combination of two businesses. We have the direct to retail, which we do in France, Italy, and the US. And we have the rest of the world where we sell to distributors, and there can be a pretty sizable gross margin difference between the two. And so what we're seeing really is the growth is happening outside of those core markets, largely driven by Lacoste because Lacoste is not present in the US for the time being. So hopefully, that addresses the point.

我們的業務實際上是兩項業務的結合。我們在法國、義大利和美國都有直接零售服務。我們在世界其他地方向經銷商銷售產品，兩者之間的毛利率差異可能相當大。因此，我們真正看到的是，成長正在這些核心市場之外發生，這主要是由 Lacoste 推動的，因為 Lacoste 目前尚未進入美國市場。希望這能解決這個問題。

Linda Bolton-Weiser, D.A. Davidson.

琳達·博爾頓·韋瑟，D.A.戴維森。

Yeah. Hello. Hi. So I was just wondering if you could comment a little more on the relationship with Richemont and the Van Cleef renewal. I thought you said tighter distribution would be for the future. Did you mean tighter less or broader distribution? And also can you explain just -- can you also explain why Richemont is doing? I think its Cartier internally, but they're allowing you to do the Van Cleef, if you could just explain that. Thank you.

是的。你好。你好。所以我想知道您是否可以多評論一下與歷峰集團的關係以及梵克雅寶的續約。我以為你說過更嚴格的分配是為了未來。您的意思是更嚴格的分佈還是更廣泛的分佈？您能否解釋一下歷峰集團這樣做的原因？我認為內部是卡地亞，但他們允許你做梵克雅寶，如果你能解釋一下的話。謝謝。

I don't have all the answers, but let me try. So for Van Cleef, we will be looking at a tighter distribution, a smaller distribution, so we will continue to sell to a very, very selective -- to very selective accounts. The goal to grow the business will be to sell more in these stores. So we're going to build more fixtures. We're going to take more space at department stores. And this is how we're going to grow the business. It's a strategy that is working.

我沒有所有的答案，但讓我嘗試一下。因此，對於梵克雅寶來說，我們將尋求更緊密的分銷、更小的分銷，因此我們將繼續向非常非常有選擇性的客戶出售產品。發展業務的目標是在這些商店中銷售更多產品。所以我們將建造更多的固定裝置。我們將在百貨公司佔用更多空間。這就是我們發展業務的方式。這是一個行之有效的策略。

As you know, we are not talking about just perfume, we're talking about old perfumery, high perfumery, high price points. People do not want to see these products in too many points of sales. That's why we are keeping it exclusive.

如你所知，我們談論的不僅僅是香水，我們談論的是古老的香水、高級香水、高價位的香水。人們不希望在太多的銷售點看到這些產品。這就是為什麼我們保持它的排他性。

Our relationship with Richemont is excellent. As you know, with Richemont, we have Montblanc, which is one of our largest brands in our portfolio, and we have Van Cleef. I think it's a good sign that they resigned this license that was up for renewal at the end of the year.

我們與歷峰集團的關係非常好。如你所知，歷峰 (Richemont) 旗下擁有萬寶龍 (Montblanc)，這是我們產品組合中最大的品牌之一，我們也擁有梵克雅寶 (Van Cleef)。我認為他們放棄了年底續簽的許可證是一個好跡象。

Richemont has licenses and also handled directly the fragrance of Cartier, but they own Chloé and Chloé is under license with Coty. They own Montblanc and Van Cleef and the license with Inter Parfums. They have also Cartier and they are doing it themselves. I think that they are comfortable with this multi-type of relationship. But again, I repeat, our relationship with Richemont is excellent. Michel, you want to add something?

歷峰集團 (Richemont) 擁有卡地亞 (Cartier) 香水的授權並直接經營香水，但他們擁有 Chloé，而 Chloé 則獲得了科蒂 (Coty) 的授權。他們擁有萬寶龍 (Montblanc) 和梵克雅寶 (Van Cleef) 以及 Inter Parfums 的許可。他們還有卡地亞，而且是自己做的。我認為他們對這種多種類型的關係感到滿意。但我再說一遍，我們與歷峰集團的關係非常好。米歇爾，你想補充點什麼嗎？

No, I think you said it.

不，我想你已經說過了。

Great. Can I also ask, it seems like this year is a little bit more a year of like extensions of brands and things like that. Do you have more major launches like new pillars and self-plan for 2025?

偉大的。我還可以問一下，今年似乎是品牌延伸之類的一年。2025 年您是否有更多重大發布，例如新支柱和自我計劃？

Yeah. In 2025, we'll have more launches than this year for sure. But this year, we have been able to introduce a blockbuster for Lacoste, which was not easy just after one year of signing the contract, we will have a major launch for Jimmy Choo, but that's true that 2025 will have more blockbusters than this year.

是的。到 2025 年，我們肯定會推出比今年更多的產品。但今年，我們能夠為Lacoste推出重磅產品，這在簽約一年後並不容易，我們將推出Jimmy Choo的重磅產品，但確實2025年將會比今年有更多的重磅產品。

Ashley Helgans, Jefferies.

阿什利·赫爾根斯，杰弗里斯。

Thank you for taking our question, and congrats guys on the nice quarter. So just to start, fragrance has remained very strong, like in the US, up 12% year to date. Maybe you can just talk about some of the underlying drivers and then just how sales trends tracked throughout the quarter by month?

感謝您提出我們的問題，並祝賀大家度過了美好的季度。首先，香水的銷量仍然非常強勁，就像在美國一樣，今年迄今成長了 12%。也許您可以只談談一些潛在的驅動因素，然後談談整個季度的銷售趨勢如何追蹤？

And then I just have one more, too. We continue to see many travel size products to kind of outpace the traditional fragrance market. In your view, is this that a sign of a trade down? Or is this just more of a signal that consumers are looking to engage with prestige fragrance? Thanks.

然後我還有一個。我們繼續看到許多旅行裝產品在某種程度上超過了傳統香水市場。在您看來，這是交易下跌的跡象嗎？或者這更表明消費者正在尋求與高檔香水互動？謝謝。

Michel, you want to start?

米歇爾，你想開始嗎？

Yeah. Hi Ashley, yes, the market got off to a very, very strong start in the US and was growing very, very high double-digits in the first half -- the first quarter. We've seen some slowdown. The market, I think, was only up, if I recall correctly, around up about 7% to 8% in June.

是的。你好，阿什利，是的，美國市場有一個非常非常強勁的開局，並且在上半年（第一季）成長了非常非常高的兩位數。我們看到了一些放緩。我認為，如果我沒記錯的話，6 月市場只上漲了 7% 到 8% 左右。

So we are starting to see a little bit of a slowdown in that growth. It's been a little erratic. There have been months where it goes up higher and then months where it's a little bit slower. But clearly, we are hearing as we are hearing a bit of a slowdown.

因此，我們開始看到成長略有放緩。有點飄忽不定。有幾個月它會上漲，然後幾個月會有點慢。但顯然，我們聽到的是放緩的聲音。

This being said, a lot of the retailers have been very bullish going into the holiday season. And as I was saying before, the orders that are coming in have been very, very strong. So overall, we're feeling comfortable. We are selling in. We have sold in a little bit less than our sell-outs. And I think that's primarily driven by the fact that a lot of the retailers are really focusing on newness they're restricted in terms of open-to-buy dollars.

話雖這麼說，許多零售商對假期季節的到來都非常樂觀。正如我之前所說，收到的訂單非常非常強勁。所以總的來說，我們感覺很舒服。我們正在銷售。我們的銷售量比售出量少了一點。我認為這主要是由於許多零售商真正專注於新穎性，他們在開放購買美元方面受到限制。

And given our pace of innovation has wasn't as strong this year as last year. We've had a tendency to probably order a little bit less. But we know that once the consumer starts to buy, the retailers will also start to buy. So we're not really concerned. And again, I think our strong month of July is a good sign of that.

鑑於我們今年的創新步伐不如去年那麼強勁。我們傾向於少一點。但我們知道，一旦消費者開始購買，零售商也會開始購買。所以我們並不真正擔心。再說一次，我認為我們強勁的七月就是一個好兆頭。

Regarding the small sizes, we're not really seeing, I think, any trade down. I think small -- what we're seeing is certainly a lot more people interested in the category with penetration rising. And I think when people want to try a fragrance; they'll maybe start with a small size before moving up to a larger size. So I don't think this is a trade-down strategy. This just might be more of a sampling strategy. So we're not really, really concerned. And again, the market continues to be very, very healthy. Jean?

關於小尺寸，我認為我們並沒有真正看到任何下降。我認為很小——我們看到肯定有更多的人對該類別感興趣，並且滲透率不斷上升。我認為當人們想嘗試一款香水時；他們可能會先從小尺寸開始，然後再升級到更大尺寸。所以我不認為這是一種折價策略。這可能更像是一種抽樣策略。所以我們並不是真的非常擔心。再說一次，市場仍然非常非常健康。讓？

Yes, I totally agree. Yeah, will not call this a slowdown. I will call it more of landing or soft landing, we still see a lot, a lot of interest from consumer. And I think that if we are able to attract and to keep this customer with interesting products, interesting smell, they will respond very well.

是的，我完全同意。是的，不會稱之為放緩。我將其更多地稱為著陸或軟著陸，我們仍然看到消費者有很多興趣。我認為，如果我們能夠用有趣的產品、有趣的氣味來吸引並留住這些客戶，他們將會做出很好的反應。

So of course, we saw some extraordinary numbers after COVID things that the industry has not seen for years and years. But I see the interest. I see the momentum still here. So maybe the numbers will be a high-single or mid-single whatever. But we think that there is still a huge opportunity because the customer is here and willing to try.

當然，在新冠疫情之後，我們看到了一些行業多年來從未見過的非凡數字。但我看到了興趣。我看到勢頭依然存在。所以也許這些數字將是高單曲或中單曲。但我們認為仍然存在巨大的機會，因為客戶就在這裡並且願意嘗試。

Talking about try, I think that the small size are great sampling. We participate in a lot of programs of small size and it works. It works well. People come back, they like it, and they have a big size.

說到嘗試，我認為小尺寸是很好的採樣。我們參加了很多小規模的項目，而且效果很好。效果很好。人們回來了，他們喜歡它，而且尺寸很大。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

Hey good morning, team. Thanks for taking the question and congrats on the quarter. I'd like to touch on your expectations for the back half in terms of the top-line cadence. It sounds like a lot of the growth has been and will be driven by innovation and new product launches.

嘿，早上好，團隊。感謝您提出問題並祝賀本季。我想談談您對後半段頂線節奏的期望。聽起來大部分成長已經並將由創新和新產品發布推動。

And historically, I think a lot of us have been misaligned with our modeling in terms of those new launches. So could you walk us through how we should be thinking about the cadence over the back half? And then, also as you look toward 2025, what kind of comp dynamics should we be aware of given the launch timeline? Thank you.

從歷史上看，我認為我們許多人在這些新產品的發布方面都與我們的模型不一致。那麼你能告訴我們我們應該如何考慮後半段的節奏嗎？然後，當您展望 2025 年時，考慮到發佈時間表，我們應該注意什麼樣的競爭動態？謝謝。

Yeah. Thanks, Korinne for your question. I mean, at this point in time, we're looking for, I would say, a pretty balanced growth between quarter three and quarter four, maybe a little bit more in quarter three than quarter four. But broadly, we're looking for mid-single-digits for the second half and it should be pretty equally balanced.

是的。謝謝科琳提出的問題。我的意思是，在這個時間點上，我想說，我們正在尋找第三季和第四季之間相當平衡的成長，也許第三季比第四季多一點。但總的來說，我們正在尋找下半年的中個位數，並且應該相當平衡。

For next year, I mean, if you look at our growth this year, I mean you can pretty clearly see that a big chunk of our growth has come from the new brands, Lacoste and Cavalli, not to say that the other brands haven't performed well, but they have slowed down a little bit relative to the others, as we focus more attention on Lacoste and Cavalli. But at this point in time, we are expecting mid-single-digit probably for next year on our core brands. Jean?

對於明年，我的意思是，如果你看看我們今年的成長，你可以很清楚地看到我們成長的很大一部分來自新品牌 Lacoste 和 Cavalli，更不用說其他品牌了表現不錯，但相對於其他品牌來說，他們的速度有所放緩，因為我們將更多注意力集中在Lacoste 和Cavalli 上。但目前，我們預計明年我們的核心品牌可能會實現中個位數的成長。讓？

Very helpful. Thank you. And then could you --

非常有幫助。謝謝。然後你可以嗎--

Yeah, mid-single-digits for the core business. Of course, Lacoste and Cavalli will grow much faster because we are only at the beginning. This is what we think we can expect going forward.

是的，核心業務處於中個位數。當然，Lacoste 和 Cavalli 的成長速度會更快，因為我​​們才剛起步。這是我們認為我們可以期待的未來。

Great. That's very helpful. Thank you. And then on the A&P spend and the SG&A for the remainder of the year, any color you can provide on Q3 versus Q4? And then how you're thinking about that spend shaking out over the longer-term, if there's any change in your spending intentions in going forward? Thank you.

偉大的。這非常有幫助。謝謝。然後，關於今年剩餘時間的 A&P 支出和 SG&A，您可以提供第三季與第四季的任何顏色嗎？那麼，如果您未來的支出意圖有任何變化，您如何看待長期支出的變化？謝謝。

So I mean I think as we've clearly called out in the past, we have been spending significantly more in the fourth quarter and spending less. We are planning to spend -- continue to spend more than prior year in the fourth -- in the third quarter. Similar to what you've seen in the first half, I think we're up about 28% on a year-to-date basis, and we'll probably continue at that pace in the third quarter. And then fourth quarter will probably be flat with versus prior year in dollars.

所以我的意思是，我認為正如我們過去明確指出的那樣，我們在第四季度的支出大幅增加，但支出卻減少了。我們計劃在第三季進行支出—第四季的支出持續高於去年同期。與您在上半年看到的情況類似，我認為我們今年迄今增長了約 28%，並且我們可能會在第三季度繼續保持這一速度。然後第四季的美元金額可能會與去年同期持平。

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

Yeah, hi. First question I had was on the ad spending, what's a good timeline to recognize that this new structure spending equally or almost equally per quarter is working versus your historical ad spending?

是的，嗨。我的第一個問題是關於廣告支出，要認識到這種每季度同等或幾乎同等支出的新結構與您的歷史廣告支出相比是否有效，什麼是合適的時間表？

I think it's quite faster. We see it already. We are spending more evenly than before. So this helps the sell-through. And that's why, like Michel said, our sell-out was stronger than our sales team for the first six months of the year. Michel?

我認為速度相當快。我們已經看到了。我們的支出比以前更均勻。所以這有助於銷售。這就是為什麼，正如米歇爾所說，今年前六個月我們的銷售量比我們的銷售團隊還要強勁。米歇爾？

Yeah. I mean at the end of the day, there's a lot of different pieces that come into play here to drive the ROI. There is also the pace of innovation. As you know, our pace of innovation has been a little slower in the first half. And I think that it is our A&P investments that have actually enabled us to continue to grow the business. So I think definitely, to Jean's point, the ROI is clearly there.

是的。我的意思是，歸根結底，有很多不同的部分可以發揮作用來提高投資回報率。還有創新的步伐。大家知道，上半年我們的創新步伐有點慢。我認為正是我們的 A&P 投資實際上使我們能夠繼續發展業務。所以我認為，就 Jean 的觀點而言，投資報酬率顯然是存在的。

And my other question is that you already own the Rochas brand and have been selling it and now you're in with your own different brand altogether. How are the two different? And what have you learned from there that you're applying differently to this new brand line that you think will work better?

我的另一個問題是，您已經擁有 Rochas 品牌並一直在出售它，現在您完全擁有自己的不同品牌。兩者有何不同？您從那裡學到了什麼，您以不同的方式應用到這個您認為效果更好的新品牌系列中？

You want me to take that, Jean?

你想讓我接受這個嗎，瓊？

Yes.

是的。

Michel Atwood

米歇爾·阿特伍德

Yes. And then you can chime in. I think it's a very different model. I mean if you look at Rochas, Rochas is a brand we acquired. It's primarily focused on -- focused in France and in Spain, that's where the bulk of the business is.

是的。然後你就可以插話了。我認為這是一個非常不同的模型。我的意思是，如果你看看 Rochas，你會發現 Rochas 是我們收購的一個品牌。它主要集中在法國和西班牙，這是大部分業務的所在地。

And it's more of a prestige brand. The Solférino brand will be more of a high-end luxury brand, and it's designed to actually compete against the niche fragrances in this category. Of course, we're going to be bringing all of our scale and knowledge of the fragrance category, the power of our distribution, which should enable us to build up distribution more rapidly than somebody that's entering this category on their own. But ultimately, it's really a very different business model.

它更像是一個聲望品牌。Solférino 品牌將更像是高端奢侈品牌，它的設計目的是與該類別的小眾香水進行真正的競爭。當然，我們將帶來香水類別的所有規模和知識以及分銷的力量，這將使我們能夠比自行進入該類別的人更快地建立分銷。但最終，這確實是一種非常不同的商業模式。

Yes. I would like to add that the thing that Rochas and Solférino in common is that we are not paying royalty. We are not paying royalty on sales. So we can reinvest more into A&P. Royalties typically are 8% to 9%. So we have an extra 8% to 9%. So this is another budget, an extra budget that we have to position this product in the store. And this is quite helpful.

是的。我想補充一點，Rochas 和 Solférino 的共同點是我們不付版稅。我們不支付銷售特許權使用費。因此我們可以對 A&P 進行更多再投資。特許權使用費通常為 8% 至 9%。所以我們還有額外的8%到9%。所以這是另一個預算，我們必須在商店中定位該產品的額外預算。這非常有幫助。

Great. And my last question was going to be, is there any risk here to future licensing deals not going your way because you have the Solférino brand?

偉大的。我的最後一個問題是，未來的授權交易是否會因為您擁有 Solférino 品牌而無法按您的意願進行？

I don't think so. Solférino is an initiative that the company took because we saw the need, especially in Asia for the brands that are less commercial, that has less name recognition where inside of the bottle, what we put in the bottle is more important than the name. It's in reaction to a demand of products that are not commercial.

我不這麼認為。Solférino 是該公司採取的一項舉措，因為我們看到了這種需求，特別是在亞洲，對於那些商業化程度較低、知名度較低的品牌來說，在瓶子內部，我們放入瓶子中的東西比名稱更重要。這是對非商業產品需求的反應。

So I don't think our licensors will be unhappy if we are successful. It's a different -- I don't want to say it's a different model, but we do not compete with Solférino, we do not compete with any of our designer or fashion houses.

因此，如果我們成功，我認為我們的授權人不會感到不高興。這是一個不同的——我不想說這是一個不同的模式，但我們不與 Solférino 競爭，我們不與我們的任何設計師或時裝公司競爭。

Yeah. And I would also add, I mean, all of our competitors have entered this segment. Coty has recently launched their own brand. And L'Oreal Pooch have made -- while Estée Lauder is primarily exclusively in the segment. But yes, I mean, all of our competitors have entered the segments and are playing in this segment and it's not really a concern.

是的。我還要補充一點，我的意思是，我們所有的競爭對手都已經進入這個領域了。科蒂最近推出了自己的品牌。歐萊雅 Pooch 已經做出了貢獻，而雅詩蘭黛則主要專注於這一領域。但是，是的，我的意思是，我們所有的競爭對手都已經進入了這個細分市場，並且正在這個細分市場中發揮作用，這並不是真正的問題。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to Michel Atwood for closing remarks.

我們的問答環節已經結束。我想將會議轉回由米歇爾·阿特伍德（Michel Atwood）發表閉幕詞。

All right. Well, thank you again all for joining our call today. Before I end the call, I'd like to just announce a few upcoming events. In September, I will be joining Piper Sandler in Nashville and Wells Fargo in Dana Point. If you're interested in attending these events, please reach out to their respective sales representatives.

好的。好的，再次感謝大家今天加入我們的電話會議。在結束通話之前，我想宣布一些即將舉行的活動。九月，我將加入納許維爾的 Piper Sandler 和達納角的富國銀行。如果您有興趣參加這些活動，請聯絡其各自的銷售代表。

We'll also be hosting our Annual Shareholder Meeting here in New York at our offices on September 17. If you have any additional questions or interest in joining us for our Annual Shareholder Meeting, please contact Karin Daly from the Equity Group, our Investor Relations Representative. Her telephone number and e-mail address can be found in our most recent earnings release. We look forward to the next conference call. Thank you, and have a good day and a great summer.

我們也將於 9 月 17 日在紐約的辦公室舉辦年度股東大會。如果您還有任何其他問題或有興趣參加我們的年度股東大會，請聯絡我們的投資者關係代表股權團隊的 Karin Daly。她的電話號碼和電子郵件地址可以在我們最新的財報中找到。我們期待下一次電話會議。謝謝你，祝你有美好的一天和美好的夏天。

Thank you. This will conclude today's conference. You may disconnect at this time and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開連接，感謝您的參與。