JAKKS Pacific Inc (JAKK) 2021 Q3 法說會逐字稿

Good afternoon, everyone. Welcome to the JAKKS Pacific Third Quarter 2021 Earnings Conference Call with Management, who will review financial results for the quarter ended September 30, 2021. JAKKS issued its earnings press release earlier today. The earnings release and presentation slides for today's call are available on the company's website in the Investors section.

大家下午好。歡迎參加 JAKKS Pacific 與管理層舉行的 2021 年第三季度收益電話會議，管理層將審查截至 2021 年 9 月 30 日的季度的財務業績。JAKKS 今天稍早發布了收益新聞稿。今天電話會議的收益發布和演示幻燈片可在該公司網站的投資者部分查看。

On the call this afternoon are Stephen Berman, Chairman and Chief Executive Officer; and John Kimble, Chief Financial Officer. Mr. Berman will first provide an overview of the quarter, along with the highlights of product lines and current business trends. Then Mr. Kimble will provide detailed comments regarding JAKKS Pacific's financial and operational results. Mr. Berman will then return with additional comments and some closing remarks prior to opening the call for questions. (Operator Instructions)

今天下午的電話會議由董事長兼執行長史蒂芬伯曼 (Stephen Berman) 主持。和財務長約翰·金布爾。Berman 先生將首先介紹本季的概況，以及產品線的亮點和當前的業務趨勢。然後 Kimble 先生將提供有關 JAKKS Pacific 財務和營運業績的詳細評論。然後，伯曼先生將在開始提問之前返回補充評論和一些結束語。（操作員說明）

Before we begin, the company would like to point out that any comments made about JAKKS Pacific's future performance, events and circumstances including the estimates of sales and our adjusted EBITDA in 2021 as well as any other forward-looking statements concerning 2021 and beyond are subject to safe harbor protection under federal security laws.

在我們開始之前，本公司想指出，有關JAKKS Pacific 未來業績、事件和情況的任何評論，包括2021 年銷售額和調整後EBITDA 的估計，以及有關2021 年及以後的任何其他前瞻性陳述，均受約束。根據聯邦安全法提供安全港保護。

These statements reflect the company's best judgment based on current market trends and conditions today and are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected in forward-looking statements. For details concerning these and other such risks and uncertainties, you should consult JAKKS most recent 10-K and 10-Q filings with the SEC as well as the company's other reports subsequently filed with the SEC from time to time.

這些陳述反映了公司根據當前市場趨勢和狀況做出的最佳判斷，並受到某些風險和不確定性的影響，可能導致實際結果與前瞻性陳述中預測的結果有重大差異。有關這些以及其他此類風險和不確定性的詳細信息，您應查閱 JAKKS 最近向 SEC 提交的 10-K 和 10-Q 文件以及該公司隨後不時向 SEC 提交的其他報告。

In addition, today's comments by management will refer to non-GAAP financial measures such as adjusted EBITDA, unless stated otherwise, the most directly comparable GAAP financial metric has been reconciled to the associated non-GAAP financial measures within the company's earnings press release issued today or previously. As a reminder, this conference is being recorded.

此外，管理層今天的評論將涉及調整後 EBITDA 等非 GAAP 財務指標，除非另有說明，否則最直接可比較的 GAAP 財務指標已與公司今天發布的收益新聞稿中相關的非 GAAP 財務指標進行了調整或之前。提醒一下，本次會議正在錄製中。

And with that, I would like to turn the call over to Stephen Berman. You may begin.

說到這裡，我想把電話轉給史蒂芬‧伯曼。你可以開始了。

Thank you, and good afternoon, everyone, and thank you for joining us today. Before we start, I'd like to take a moment to express how sad we were to learn of Brian Goldner's passing. Those in the investment world might not realize what a close community in the toy industry is. We may work in different cities at different companies, but there's a continuity over the decades built on passing through the same airports, headed to the same trade shows, leading to conversations that are low, perhaps infrequent are nonetheless very personal and cherish given the shared experience and journey.

謝謝大家，大家下午好，謝謝你們今天加入我們。在我們開始之前，我想花點時間表達一下得知布萊恩·戈德納去世的消息後我們是多麼悲傷。投資界的人可能沒有意識到玩具業是一個多麼緊密的社區。我們可能在不同的城市、不同的公司工作，但幾十年來，我們的連續性建立在經過相同的機場、前往相同的貿易展覽的基礎上，導致對話的頻率較低，也許不頻繁，但鑑於共同的共同點，對話仍然非常個人化和珍惜。經歷和旅程。

I first met Brian many years ago, and at JAKKS, we have always had a strong relationship with Hasbro since our founding. Although we know Brian has been fighting for his health for some time, his loss still comes as a shock, and I just want to make a point that we do mourn in his passing and our thinking of his personal and professional family during this difficult time. Thank you.

多年前第一次見到布萊恩，在 JAKKS，自成立以來我們一直與孩之寶保持著牢固的關係。儘管我們知道布萊恩已經為他的健康奮鬥了一段時間，但他的去世仍然令人震驚，我只想指出，在這個困難時期，我們確實對他的去世表示哀悼，並對他的個人和職業家庭表示哀悼。 。謝謝。

As many of you know, JAKKS was started as an FOB business, where we sell the product to our customers in larger quantities usually at the port in Asia. And from there, they bring their product to their home markets, leveraging their own supply chain infrastructure. We continue to do over 50% of our sales that way today.

正如你們許多人所知，JAKKS 最初是一家 FOB 業務，我們通常在亞洲港口向客戶大量銷售產品。然後，他們利用自己的供應鏈基礎設施將產品帶到國內市場。如今，我們 50% 以上的銷售額仍然採用這種方式。

This way of doing business has benefited us all year, inclusive of Q3, leveraging the supply chain strength and scale of the major global retailers to pull our products through to the retail shelf. In addition, we have accelerated our importation of domestic inventory to support sales in the U.S. and internationally for the holiday season as we get ready for 2022.

這種經營方式使我們全年受益，包括第三季度，利用全球主要零售商的供應鏈實力和規模，將我們的產品推向零售貨架。此外，我們還加快了國內庫存的進口，以支持美國和國際節日期間的銷售，為 2022 年做好準備。

The teams around the world have been working literally around the clock to help customers secure products they've ordered as efficiently as possible, and we'll continue to do so as we get deeper into the holiday season. We appreciate the attention being paid to the challenges at the various larger ports around the world and are hopeful that the backlog can start clearing in the weeks and months ahead. We have been working hand-in-hand with all product to smaller, less congested ports and more aggressively picking up product at the plants to minimize bottlenecks while customers work through the lack of ocean transit capacity.

世界各地的團隊一直在全天候工作，以幫助客戶盡可能有效地確保他們訂購的產品，隨著假期的深入，我們將繼續這樣做。我們感謝大家對世界各地較大港口所面臨的挑戰的關注，並希望積壓的貨物能夠在未來幾週和幾個月內開始清理。我們一直與所有產品攜手合作，將所有產品運往規模較小、擁堵程度較低的港口，並更積極地在工廠提貨，以最大程度地減少瓶頸，同時為客戶解決海上運輸能力不足的問題。

In the middle of Q3, while our customers' goods were stuck at our factories awaiting vessel space, our logistics teams began working with our trusted supply chain partners to root our domestic inventory up to Shanghai and store goods at bonded warehouses. This release pressure on our factories of the backlog of goods overwhelming in their floor space, and in turn, allowed them to continue to produce goods.

第三季中期，當我們客戶的貨物滯留在我們的工廠等待船位時，我們的物流團隊開始與我們值得信賴的供應鏈合作夥伴合作，將我們的國內庫存紮根到上海，並將貨物存放在保稅倉庫。這釋放了我們工廠積壓的貨物所帶來的壓力，使他們能夠繼續生產貨物。

At the same time, moving the goods away from the port of Yantian, we were able to secure vessel capacity for domestic goods through lower volume ports in Shanghai. The extra transportation and short-term storage costs did not materially affect our domestic supply chain cost, and more importantly, it reduced the potential of transit time delays due to the challenges in Yantian.

同時，透過將貨物從鹽田港移走，我們能夠確保透過上海吞吐量較低的港口運送國內貨物的運力。額外的運輸和短期倉儲成本並沒有對我們的國內供應鏈成本產生重大影響，更重要的是，它減少了由於鹽田的挑戰而導致運輸時間延誤的可能性。

Although we ultimately saw sales decline 2% in the quarter versus the year ago quarter, we remain pleased that on a year-to-date basis, toying consumer product sales are up 9% plus and our costume business is up 21% plus, leaving us at 12% plus year-to-date for global company.

儘管我們最終看到本季銷售額與去年同期相比下降了2%，但我們仍然感到高興的是，從年初至今來看，玩具消費品銷售額增長了9% 以上，我們的服裝業務增長了21 % 以上，年初至今，全球公司的成長率已超過 12%。

Getting into more of the details. Our year-to-date operating income is over $35 million, its highest level since 2015. Our adjusted year-to-date EBITDA of $44.2 million is up over 80% compared to the first 3 quarters of last year. Our adjusted EBITDA for the quarter was $41.7 million or $1.1 million less than the prior year. Our gross margins remained strong in part supported by the amount of inventory we managed to bring in early in the year. Our retail POS at the top customers is up 9% year-to-date with cleaner sell-through further benefiting gross margins.

深入了解更多細節。我們今年迄今的營業收入超過 3,500 萬美元，是自 2015 年以來的最高水準。年初至今，我們調整後的 EBITDA 為 4,420 萬美元，與去年前 3 季相比成長了 80% 以上。本季調整後的 EBITDA 為 4,170 萬美元，比上年減少 110 萬美元。我們的毛利率保持強勁，部分原因是我們年初設法引進的庫存量。今年迄今為止，我們在頂級客戶中的零售 POS 增長了 9%，銷售情況更加清潔，進一步有利於毛利率。

And not to be overlooked, during the quarter, we retired the remainder of our senior convertible notes leaving us with an improved balance sheet and reduced interest expense going forward. Our worldwide teams continue to execute extremely well, doing the things we do best and doing both the business at hand today while building new and exciting initiatives and products for the coming years.

不可忽視的是，在本季度，我們註銷了剩餘的高級可轉換票據，從而改善了我們的資產負債表並減少了未來的利息支出。我們的全球團隊繼續表現出色，做我們最擅長的事情，做好當前手頭上的業務，同時為未來幾年打造新的、令人興奮的計劃和產品。

Our net sales declined in the quarter as our orders outpaced our customers' ability to secure ocean passage or inbound product delays kept us from fulfilling orders before the end of the quarter. In our Toys segment, our sales were down approximately 8%. This decline was mostly due to logistic challenges rather than less demand for any particular line of product.

我們的淨銷售額在本季度有所下降，因為我們的訂單超出了客戶確保海運的能力，或者入境產品延誤使我們無法在本季度末之前履行訂單。在我們的玩具部門，我們的銷售額下降了約 8%。這種下降主要是由於物流挑戰，而不是對任何特定產品線的需求減少。

As we hoped, we have seen strong POS in our costume business as the days to Halloween tick down. We have shipped $64 million worth of costumes in the quarter, representing a 16% increase on the prior year. Many of our online-only customers increased their annual buys by 30% plus this year, but some of our larger customers who make their commitments back in Q1 were more conservative.

正如我們所希望的那樣，隨著距離萬聖節的日子越來越近，我們的服裝業務中出現了強勁的 POS。本季我們售出了價值 6,400 萬美元的服裝，比前一年增長了 16%。今年，我們的許多純線上客戶的年度購買量增加了 30% 以上，但一些在第一季做出承諾的大客戶則更為保守。

Supply chains impacted this business less than toys as the team worked to accelerate shipments as customers would take them earlier to avoid log jams that are now impacting the holiday sell-in. Given the strong sell-through performance, along with new licenses coming online in 2022, Halloween 2021 is turning out great, which bodes extremely well for next year.

供應鏈對這項業務的影響小於玩具，因為團隊努力加快出貨速度，因為客戶會提前取貨，以避免目前影響假日銷售的原木堵塞。鑑於強勁的銷售業績，以及 2022 年新許可證的上線，2021 年萬聖節的表現非常出色，這對明年來說是一個非常好的兆頭。

On the toy side of the business, strong performers from the first half of the year continued to do well in the quarter, but we're also seeing some new things happening that we're excited to share today. This past quarter, we launched a new doll program in the U.S. at Target, branded Disney ILY 4EVER. It's a fashion forward line of 18 inches dolls and related accessories inspired by classic Disney stories and caricatures, including mini mouse, Tinker Bell, Stitch, Ariel, Elsa, Rapunzel and more. Initial contraction has been tremendous, and we are really proud of how the program has come together in collaboration with Disney and Target.

在玩具業務方面，上半年表現強勁的企業在本季持續表現出色，但我們也看到了一些新的事情發生，我們今天很高興與大家分享。上個季度，我們在美國 Target 推出了一項新的娃娃計劃，品牌為 Disney ILY 4EVER。這是一個時尚前衛的 18 吋娃娃及相關配件系列，靈感源自經典迪士尼故事和漫畫，包括迷你老鼠、小叮噹、史迪奇、愛麗兒、艾莎、長髮公主等。最初的收縮是巨大的，我們對該計劃與迪士尼和塔吉特的合作感到非常自豪。

Some of the things that we're excited about as we recap Q3, our core businesses around Disney Princess, Nintendo and Sonic continue to sell in and sell-through well. Nintendo inventory at retail remains down despite our broader product line as the demand continues to pull product through.

當我們回顧第三季時，我們感到興奮的一些事情是，我們圍繞迪士尼公主、任天堂和索尼克的核心業務繼續保持良好的銷售和銷售。儘管我們的產品線更廣泛，但隨著需求繼續拉動產品，任天堂的零售庫存仍然下降。

We're particularly pleased with the Super Mayo Deluxe Bowser Airship place at this fall and are seeing great early POS results. The Sonic Giant Eggman Robot Battle set is the largest Sonic figure JAKKS has brought to market and early fan reaction also appears really strong. Our Disney Encanto line represents one of the broadest product ranges we have ever brought to market for a Disney Thanksgiving theatrical release. We love the product and can't wait for Disney fans to meet the characters and enjoy the magic of this film.

我們對今年秋天的 Super Mayo Deluxe Bowser Airship 位置感到特別滿意，並且看到了早期 POS 的出色成果。索尼克巨型蛋頭人機器人戰鬥套裝是 JAKKS 推出的最大的索尼克人偶，早期粉絲的反應也非常強烈。我們的迪士尼 Encanto 系列代表了我們為迪士尼感恩節戲劇上映而推向市場的最廣泛的產品系列之一。我們喜歡這個產品，迫不及待地想讓迪士尼粉絲見到角色並享受這部電影的魔力。

Our private label business continues to grow double digits, and we hope to have more to say about that segment of business in the quarters to come. Our timely holiday item, the Black & Decker Workbench is represented well with retail exclusives at all the major U.S. accounts. In this fall, we're launching our indoor trampoline line with Paw Patrol and Disney's Mini Mouse SKUs. We are pleased with how well some of these new products are being received and the momentum they take into the fourth quarter.

我們的自有品牌業務繼續以兩位數成長，我們希望在未來幾季對該業務領域有更多的發言權。Black & Decker Workbench 是我們適時推出的節日產品，在美國所有主要客戶的零售專賣店中均有出色表現。今年秋天，我們將推出室內彈跳床系列，包括狗狗巡邏隊和迪士尼迷你滑鼠 SKU。我們對其中一些新產品的反響及其進入第四季度的勢頭感到高興。

We also saw the acceleration of retail POS in the quarter. Top 3 U.S. accounts, toy POS were up over 10% and while our ending inventory was down nearly 5%. That increases our related year-to-date toy POS numbered over to 9%, in line with overall shipments for the year.

我們也看到本季零售 POS 的加速成長。美國前 3 大客戶的玩具 POS 成長了 10% 以上，而我們的期末庫存下降了近 5%。這使得我們今年迄今的相關玩具 POS 數量增加至 9%，與今年的整體出貨量一致。

John will now review financials. And I will return with some thoughts around how we're thinking as we head into 2022. John?

約翰現在將審查財務狀況。我將帶著一些關於我們在進入 2022 年時的想法的想法回來。約翰？

Thank you, Stephen, and good afternoon, everyone. Net sales for the 2021 third quarter were $237 million, down 2% compared to $242.3 million last year. Third quarter sales in our Toys Consumer Products segment were down 8% to $173 million globally, compared to $187.3 million in the third quarter of last year. North America was down 8%, while international was down 7%, primarily attributable to the supply chain issues already discussed, as both domestic and FOB sales were impacted. Through the first 3 quarters of the year, sales were $334.4 million, up over 9% from $306.1 million versus the prior year. Also on a year-to-date basis, North America Toy CP is plus 10% and International Toy CP is plus 8%.

謝謝你，史蒂芬，大家下午好。2021 年第三季淨銷售額為 2.37 億美元，比去年的 2.423 億美元下降 2%。我們的玩具消費品部門第三季全球銷售額下降 8%，至 1.73 億美元，而去年第三季的銷售額為 1.873 億美元。北美下降 8%，國際下降 7%，主要歸因於已經討論過的供應鏈問題，國內和離岸銷售均受到影響。今年前 3 季度，銷售額為 3.344 億美元，比上年同期的 3.061 億美元成長超過 9%。同樣從年初至今來看，北美玩具 CP 上漲了 10%，國際玩具 CP 上漲了 8%。

In our Doll dress-up nurturing play division, net sales were $112 million in Q3, down 13% and compared to $122.3 million in the prior year. Disney Princess and Style Collection performed well in the third quarter, offset by lower sales from Frozen 2 as it approaches the 2-year anniversary of the theatrical release. Perfectly Cute also continues to perform very well at retail.

在我們的玩偶裝扮培育遊戲部門，第三季的淨銷售額為 1.12 億美元，比去年同期的 1.223 億美元下降了 13%。《迪士尼公主》和《Style Collection》在第三季表現良好，但被《冰雪奇緣 2》上映兩週年紀念日之際銷售下降所抵消。Perfectly Cute 在零售方面也持續表現出色。

In the first 3 quarters of 2021, the total business is up 2% to $206.5 million versus $202.2 million. In our Action Figures and Collectibles division, net sales were $37.6 million, up 12% compared to $33.6 million last year. Sales for our video game-related toys Nintendo and Sonic delivered the majority of the growth, while we still see our Black & Decker Role Play line strongly contributing. Our holiday advent calendars also generated positive growth versus prior year. Year-to-date, this business with net sales of $73.6 million is up 36% compared to $54 million in the first 9 months of 2020.

2021 年前 3 季度，總業務成長 2%，從 2.022 億美元增至 2.065 億美元。我們的人偶和收藏品部門的淨銷售額為 3,760 萬美元，比去年的 3,360 萬美元成長了 12%。我們的電玩相關玩具任天堂和索尼克的銷售貢獻了大部分成長，同時我們仍然看到我們的百得角色扮演系列做出了巨大貢獻。與去年相比，我們的假期日曆也實現了正增長。今年迄今為止，該業務的淨銷售額為 7,360 萬美元，比 2020 年前 9 個月的 5,400 萬美元增長了 36%。

In our Outdoor Seasonal division, the ball pits, play structures, activity tables fit the floor right on skateboards and other spring/summer inspired toys. Net sales were $23.4 million in the quarter down 4% from $24.4 million in the third quarter of 2020. In the first 9 months, Outdoor Seasonal net sales were $54.3 million versus $50 million, up 9% year-to-date.

在我們的戶外季節性部門，球坑、遊樂設施、活動桌正好適合滑板和其他春夏靈感玩具的地板。本季淨銷售額為 2,340 萬美元，比 2020 年第三季的 2,440 萬美元下降 4%。前 9 個月，Outdoor Seasonal 淨銷售額為 5,430 萬美元，而年初至今為 5,000 萬美元，成長 9%。

Net sales in our costume segment, Disguise, were up 16% at $64 million in the third quarter. Some of the big performance for us this year in this segment were Harry Potter, Pokemon, Minecraft, Toy Story and the Nightmare before Christmas. Stephen pointed out, we remain excited about a bigger and better Halloween season this year with Disguise. On a year-to-date basis, our costume segment is up 21% to $98.8 million compared to $81.5 million in the first 9 months of 2020.

第三季度，我們的服裝部門 Disguise 的淨銷售額成長了 16%，達到 6,400 萬美元。今年我們在這一環節中的一些精彩表演包括《哈利波特》、《神奇寶貝》、《我的世界》、《玩具總動員》和《聖誕節前的噩夢》。史蒂芬指出，我們仍然對今年《偽裝者》更大更好的萬聖節季節感到興奮。今年迄今，我們的服裝業務成長了 21%，達到 9,880 萬美元，而 2020 年前 9 個月的營收為 8,150 萬美元。

Moving down the P&L. Gross margin in the 2021 third quarter was $74.9 million at 31.6% of net sales, an 82 basis point improvement over the 30.8% of Q3 last year. Product COGS for the third quarter were 53.2% of net sales, an increase of 262 basis points from 50.6% in the third quarter of 2020.

損益表向下移動。2021 年第三季的毛利率為 7,490 萬美元，佔淨銷售額的 31.6%，比去年第三季的 30.8% 提高了 82 個基點。第三季產品銷貨成本佔淨銷售額的53.2%，比2020年第三季的50.6%增加了262個基點。

This increase was due to increased ocean freight costs and some unfavorable product mix. The overall improvement in gross margin for the third quarter was the result of a 338 basis point improvement in the royalty line, which was $32.3 million versus $41.2 million in the third quarter of 2020. The lower royalty rate for the quarter was driven partly by a reduction in expected royalty guarantee shortfalls due to higher shipping levels from the relevant licenses.

這一增長是由於海運成本增加和一些不利的產品組合所造成的。第三季毛利率的整體改善是由於特許權使用費提高了 338 個基點，特許權使用費為 3,230 萬美元，而 2020 年第三季為 4,120 萬美元。本季度特許權使用費率較低的部分原因是相關許可證的運輸水平較高，預期特許權使用費保證缺口減少。

Despite higher ocean freight costs, we were pleased to see further improvement in gross margin rate. As a technical matter, it is worth noting that higher freight costs incurred to import our domestic product are capitalized into inventory and only expense when the product is sold to customers. As a result, we anticipate seeing some lag effect in terms of higher freight costs working their way through the P&L even as we work past peak shipping season and ideally see a reduction in these charges in the quarters to follow.

儘管海運成本較高，但我們很高興看到毛利率進一步改善。作為技術問題，值得注意的是，進口我們國內產品所產生的較高運費被資本化計入庫存，並且僅在產品出售給客戶時產生費用。因此，我們預計，即使我們已經過了運輸旺季，並且理想情況下這些費用在接下來的幾個季度中會有所下降，但我們預計，運費上漲會在損益表中產生一些滯後效應。

Anticipated increases in our media and marketing spend were offset by a reduction in co-op advertising and timing of other selling-related expenses in the quarter. Overall direct selling costs were $10.7 million or 4.5% of net sales compared to $13.5 million or 5.6% of net sales in the third quarter of 2020.

我們媒體和行銷支出的預期成長被本季合作廣告和其他銷售相關支出的減少所抵消。整體直銷成本為 1,070 萬美元，佔淨銷售額的 4.5%，而 2020 年第三季為 1,350 萬美元，佔淨銷售額的 5.6%。

Our 2021 third quarter G&A, including product development and testing, but excluding depreciation and amortization expense, was $26.8 million or 11.3% of net sales, up from $23 million or 9.5% of net sales in the third quarter of 2020 when austerity-related spending reductions were in place. These results combined to generate a third quarter operating profit of $36.7 million, slightly lower than the operating profit of $37.5 million achieved in the third quarter of 2020.

我們2021 年第三季的一般管理費用（包括產品開發和測試，但不包括折舊和攤銷費用）為2,680 萬美元，佔淨銷售額的11.3%，高於2020 年第三季的2,300 萬美元，佔淨銷售額的9.5%，當時與緊縮相關的支出削減措施已經到位。這些結果合計產生了 3,670 萬美元的第三季營業利潤，略低於 2020 年第三季實現的 3,750 萬美元的營業利潤。

As anticipated during the quarter, the balance of our senior convertible notes converted into common stock. In addition, during the quarter, the company received confirmation from the SBA that our application for PPP debt forgiveness had been approved.

正如本季預期的那樣，我們的高級可轉換票據的餘額轉換為普通股。此外，在本季度，公司收到了 SBA 的確認，我們的 PPP 債務減免申請已獲得批准。

Also during the quarter, the company made its first scheduled payments against term loans secured in June. With all these activities taken into account as of September 30, 2021, the company's debt at face value was $98.8 million all owed under the term loan due June 2027.

同樣在本季度，該公司還根據 6 月擔保的定期貸款支付了第一筆預定付款。考慮到截至 2021 年 9 月 30 日的所有這些活動，該公司的債務以面額計算為 9,880 萬美元，全部為 2027 年 6 月到期的定期貸款所欠。

As of quarter close, we had no draw on our credit line. We did have $9.7 million in letters of credit. As of September 30, our availability under the line was $43.1 million. Our year-to-date interest expense is $11.9 million compared to $16.7 million in the first 9 months of 2020. With greater certainty around our refinance balance sheet, we can share that we're currently projecting full year 2022 interest expense of $9.1 million, a meaningful improvement over 2020 and 2021, with full year interest expense was $21.6 million and a projected $14.1 million in '21.

截至季末，我們沒有動用信用額度。我們確實有 970 萬美元的信用證。截至 9 月 30 日，我們的可用資金為 4,310 萬美元。我們年初至今的利息支出為 1,190 萬美元，而 2020 年前 9 個月的利息支出為 1,670 萬美元。隨著我們的再融資資產負債表更加確定，我們可以分享的是，我們目前預計2022 年全年利息支出為910 萬美元，比2020 年和2021 年有顯著改善，全年利息支出為2,160 萬美元，預計 2022 年全年利息支出為1,410 萬美元。21.

As a reminder, the derivative liability attributed to our preferred stock is marked to market quarterly with noncash gains or losses dependent upon the valuation exercise. In the third quarter of 2021, that valuation resulted in a loss of less than $100,000. Capital expenditures during the third quarter of 2021 were $2.7 million compared to $1.8 million in the third quarter of 2020. Depreciation and amortization for the third quarter of '21 was $4.3 million compared to $4.5 million in the third quarter of 2020.

提醒一下，我們優先股的衍生性商品負債每季以市場價格計算，非現金收益或損失取決於估值工作。2021 年第三季度，該估值導致虧損不到 10 萬美元。2021 年第三季的資本支出為 270 萬美元，而 2020 年第三季的資本支出為 180 萬美元。21 年第三季的折舊和攤提為 430 萬美元，而 2020 年第三季為 450 萬美元。

In summary, Q3 net income attributable to common stockholders in the quarter was $36 million or $3.97 per diluted share compared to a net income attributable to common stockholders of $32.1 million or $3.19 per diluted share in Q3 of 2020.

總而言之，第三季歸屬於普通股股東的淨利為3,600 萬美元，即稀釋後每股收益3.97 美元，而2020 年第三季歸屬於普通股股東的淨利為3,210 萬美元，即稀釋後每股收益3.19 美元。

Excluding the impact of the noncash valuation adjustments, stock compensation expense and the onetime gain associated with our PPP loan forgiveness, our adjusted net income attributable to common stockholders in the third quarter of 2021 was $34.2 million or $3.76 per diluted share compared to our adjusted net income attributable to common stockholders of $32.6 million or $3.56 per diluted share reported in the third quarter of 2020.

排除非現金估值調整、股票補償費用以及與我們的PPP 貸款減免相關的一次性收益的影響，我們2021 年第三季度調整後歸屬於普通股股東的淨利潤為3,420 萬美元，與調整後淨收益相比，稀釋後每股收益為3.76 美元2020 年第三季報告的歸屬於普通股股東的收入為 3,260 萬美元，或稀釋後每股收益 3.56 美元。

Accounts receivable as of September 30, 2021, were $209.2 million up from $166.8 million as of September 30, 2020. DSOs for the 2021 third quarter increased to 81 days from 63 days reported in the 2020 third quarter, primarily due to a change in approach in working capital management. Inventory as of September 30, 2021, was $89.8 million versus $54.6 million at September 30, 2020. The significant increase is a result of over $40 million worth of product that has left the plants in Asia, but are taking a very long time on the journey to our warehouses in Southern California and Western Europe.

截至2021年9月30日的應收帳款為2.092億美元，而截至2020年9月30日的應收帳款為1.668億美元。2021 年第三季的 DSO 從 2020 年第三季報告的 63 天增加到 81 天，這主要是由於營運資金管理方法的變化。截至 2021 年 9 月 30 日的庫存為 8,980 萬美元，而 2020 年 9 月 30 日的庫存為 5,460 萬美元。大幅成長的原因是價值超過 4000 萬美元的產品已離開亞洲工廠，但需要很長時間才能到達我們位於南加州和西歐的倉庫。

DSIs in the 2021 third quarter were 51 days compared to 30 days in the 2020 third quarter. Our adjusted EBITDA for the quarter was $41.7 million compared to adjusted EBITDA of $42.7 million in 2020. That brings our trailing 12-month adjusted EBITDA to $48.1 million, representing 8.6% of our trailing 12-month net sales. The diluted income per share calculation for the third quarter of 2021 was based on a weighted average of 9.07 million common shares outstanding down from 9.31 million in the third quarter of 2020. This reflects the impact of our reverse stock split in July 2020 as well as the aforementioned convertible senior note conversions.

2021 年第三季的 DSI 為 51 天，而 2020 年第三季為 30 天。本季調整後 EBITDA 為 4,170 萬美元，而 2020 年調整後 EBITDA 為 4,270 萬美元。這使得我們過去 12 個月的調整後 EBITDA 達到 4,810 萬美元，占我們過去 12 個月淨銷售額的 8.6%。2021年第三季的稀釋每股盈餘計算是基於加權平均907萬股已發行普通股，低於2020年第三季的931萬股。這反映了我們 2020 年 7 月反向股票分割以及上述可轉換優先票據轉換的影響。

And with that, I will pass the microphone back to Stephen.

然後，我會將麥克風傳回給史蒂芬。

Thank you, John. As we head into 2022 at our 27th year since inception of JAKKs Pacific, a lot of things may have changed in our industry but I believe we remain true to many of the core themes Jack Friedman and I had when we founded JAKKS all those years ago. We've built this company around the idea of working with the best partners we could find, retailers, factories and brand owners and bringing them together to deliver great toys for kids and their families centered around timeless toy categories and play patterns.

謝謝你，約翰。2022 年是 JAKKs Pacific 成立以來的第 27 個年頭，我們的行業可能發生了很多變化，但我相信我們仍然忠於傑克·弗里德曼 (Jack Friedman) 和我多年前創立 JAKKS 時的許多核心主題。我們建立這家公司的理念是與我們能找到的最好的合作夥伴、零售商、工廠和品牌所有者合作，將他們聚集在一起，為孩子及其家人提供以永恆的玩具類別和遊戲模式為中心的優質玩具。

As the supply chain is a dominant topic today, I remind people that this business always has challenges, and you work through them, and that's just part of how things are when you're in the world of business. It's always something whether it's product cost or foreign exchange or a chip shortage.

由於供應鏈是當今的主導話題，我提醒人們，這個行業總是面臨挑戰，而你要克服這些挑戰，而這只是你身處商業世界時事情的一部分。無論是產品成本、外匯或晶片短缺，總​​是有問題的。

As we navigate forward, if we think about our business, there are 4 key elements that define who we are and maybe more importantly, who we are not. These elements are: one, innovation within categories to maintain freshness and relevance; two, addition of relevant brands, new and existing IP and license or relationships; three, geographic expansion to reach a rapidly expanding global toy market; and four, migration into adjacent categories to fulfill the needs of consumers and our retail buyers.

當我們前進時，如果我們考慮我們的業務，有 4 個關鍵要素定義了我們是誰，或許更重要的是，定義了我們不是誰。這些要素是：一、品類內創新，保持新鮮度和相關性；二、增加相關品牌、新的和現有的智慧財產權以及授權或關係；三、地理擴張，以達到快速擴張的全球玩具市場；第四，遷移到相鄰類別以滿足消費者和零售買家的需求。

All of these growth opportunities are layered on the foundation of evergreen product categories, brands and properties that we have steadily built over what is now nearly 27 years. Quarter-after-quarter, we update you with results about our performance. But ultimately, it's a recap of how we're progressing on the mission outlined above.

所有這些成長機會都建立在我們歷經近 27 年穩步打造的常青產品類別、品牌和資產的基礎上。我們每季都會向您更新有關我們績效的結果。但最終，這是對我們在上述任務上的進展的回顧。

During the pandemic, we expanded into new product categories like skateboards, related accessories, scooters and trampolines. We've reimagined our Disney Princess business with Style Collection, bringing together Disney's classic Princess characters and stories with contemporary play and innovative approach to product design.

疫情期間，我們拓展了滑板、相關配件、滑板車和彈跳床等新產品類別。我們透過 Style Collection 重新構想了迪士尼公主業務，將迪士尼的經典公主角色和故事與現代遊戲和創新的產品設計方法結合在一起。

We have steadily expanded and extended our Nintendo Super Mario business and separately, our Sonic business, which has received a boost with the February 2020 release of the Sonic the Hedgehog film and is poised to benefit from its secret release in April 2022. We've prudently but steadily expanded our sales capabilities in France, Spain, Italy and Mexico, opening direct sales channels of distribution to flow through our ever-expanding product line while leveraging our existing staff and fulfillment infrastructure.

我們穩步擴大並擴展了任天堂超級馬裡奧業務以及索尼克業務，該業務因 2020 年 2 月上映的《刺猬索尼克》電影而得到提振，並有望從 2022 年 4 月的秘密上映中受益。我們審慎且穩定地擴大了我們在法國、西班牙、義大利和墨西哥的銷售能力，開闢了直接銷售管道，以流經我們不斷擴大的產品線，同時利用我們現有的員工和履行基礎設施。

Despite the pandemic's lasting presence, our European toy business up over 10% year-to-date and our Latin America business is up over 20% during the same period. And I'm incredibly excited to talk about the expansion of our Disney Disguise costume business into Europe in 2022. Although we often shorthand this business as Halloween, the reality is that it's a year-round costume dress-up business and the addition of the Disney properties will accelerate our Disguise international expansion.

儘管疫情持續存在，我們的歐洲玩具業務今年迄今仍成長了 10% 以上，同期拉丁美洲業務成長了 20% 以上。我非常高興能夠談論 2022 年將我們的 Disney Disguise 服裝業務擴展到歐洲。儘管我們經常將這項業務簡稱為萬聖節，但現實是，這是一項全年的服裝裝扮業務，迪士尼資產的加入將加速我們《偽裝》的國際擴張。

For the past 12 months, only 5% of our Disguise business was done outside of North America. And although we previously had a number of international licenses, we could be more excited to add Disney as an iconic characters to the mix, which has allowed us to invest further and dedicated international staff to support this growth.

在過去 12 個月中，我們的偽裝業務中只有 5% 是在北美以外地區完成的。儘管我們之前擁有許多國際許可，但我們可能會更興奮地將迪士尼作為標誌性角色添加到組合中，這使我們能夠進一步投資和專門的國際員工來支持這一增長。

From a North American point of view, we have been communicating over the past several weeks and months a significant number of additional relationships we have been adding to the Disguise business. Universal brand development with franchises like Jurassic World, Minions, Childsplay, Sony with the Timeless IPs like Ghostbusters and Cobra Kai and last but not least, Netflix where Stranger Things, Ada Twist, Money Heist and more were added to our lineup for 2021.

從北美的角度來看，在過去的幾週和幾個月裡，我們一直在溝通我們在偽裝業務中增加的大量額外關係。通用品牌發展包括《侏羅紀世界》、《小小兵》、《Childsplay》等特許經營權，索尼的《捉鬼敢死隊》和《Cobra Kai》等永恆IP，最後但並非最不重要的一點是Netflix，其中《怪奇物語》、《艾達扭曲》、《金錢搶劫》等都已添加到我們2021 年的陣容中。

We have more in store for 2022 and beyond for Disguise, taking advantage of the excitement around what has proven to be a record-setting U.S. Halloween market this year for the National Retail Federation.

我們為 Disguise 準備了更多 2022 年及以後的產品，充分利用今年美國零售聯合會創下的美國萬聖節市場紀錄帶來的興奮感。

If nothing else, the pandemic has repeatedly reminded us that a lot can change in a short period of time and growing too comfortable and confident in what lies ahead as a recipe for disappointment. As we sit here in late October, we have excellent consumer and customer demand for our product and the challenge before us is to fulfill that demand in time for the holiday season.

如果不出意外的話，這場大流行病一再提醒我們，短時間內可能會發生很多事情，而對未來過於安逸和自信卻會導致失望。當我們十月底坐在這裡時，消費者和客戶對我們的產品有著巨大的需求，我們面臨的挑戰是在假期期間及時滿足這種需求。

We are looking forward to a brighter 2022 and reaping the benefits of the hard work that the teams have invested over the past 18 to 24 months and adjusting to a leaner organization and expanding upon the commercial successes in our core businesses.

我們期待著更光明的 2022 年，並從團隊在過去 18 至 24 個月中投入的辛勤工作中獲益，調整為更精簡的組織，並擴大我們核心業務的商業成功。

As always, I want to thank our people around the world for the relentless support of the business as we work towards the end of the year. We remain excited about what lies ahead, and it's our staff that makes JAKKS a unique entrepreneurial hands-on toy and senior products company that we are. Thank you.

一如既往，我要感謝世界各地的員工在年底前對我們業務的不懈支持。我們對未來仍然感到興奮，正是我們的員工使 JAKKS 成為一家獨特的創業型動手玩具和高級產品公司。謝謝。

(Operator Instructions)

（操作員說明）

Our first question comes from the of Matthew Catton with Jefferies.

我們的第一個問題來自馬修·卡頓（Matthew Catton）和傑弗里斯（Jefferies）的對話。

It's Matt here filling in for Steph today. So supply chain, obviously, is a concern on the mind of many investors right now. Would it be possible to provide some further insights into how you're navigating it? And do you see -- foresee any margin pressure in the fourth quarter?

今天是馬特代替史蒂芬來的。因此，供應鏈顯然是目前許多投資者關心的問題。是否可以提供一些有關您如何導航的進一步見解？您是否預見第四季的利潤率壓力？

Thank you, Matthew. So far, we're extremely excited for the last quarter of this year. We've mitigated a lot of the constraints with, as I mentioned in my prerecorded statements. But for us, we are almost -- at the month of October, we'll have shipped over half of our fourth quarter internal projections. That's been what we've been focusing on.

謝謝你，馬修。到目前為止，我們對今年最後一個季度感到非常興奮。正如我在預先錄製的發言中提到的那樣，我們已經減輕了許多限制。但對我們來說，到 10 月份，我們幾乎將實現第四季度內部預測的一半以上。這就是我們一直關注的問題。

The lap of what occurred in third quarter was just due to the majority of the FOB customers not getting the containers out at the time that was needed to achieve it in the quarter.

第三季出現的下滑只是因為大多數離岸客戶沒有在本季實現這一目標所需的時間取出貨櫃。

That being said, if you see, we have almost doubled the amount of inventory on our books that we have brought in that is primarily majority of them are at the port getting through for our domestic part of our backup of inventory wide. So we're extremely comfortable with this year of achieving our internal forecast with growth.

話雖這麼說，如果你看到的話，我們的帳本庫存量幾乎增加了一倍，其中大部分都在港口，用於我們庫存備份的國內部分。因此，我們對今年實現內部成長預測感到非常滿意。

And we don't see any erosion in the gross margin from doing so. We've been mitigating that process, and we've achieved increased prices where necessary, where we had the cost increase. So overall, we're extremely confident and strong and bullish for the remainder part of this year and going into 2022.

我們認為這樣做不會導致毛利率受到任何侵蝕。我們一直在緩解這個過程，並且在必要時、在成本增加的地方提高了價格。因此，總體而言，我們對今年剩餘時間以及進入 2022 年充滿信心、強勁和樂觀。

Awesome. And then another question from us. So costume looks like it's off to a great start. Any early feedback on Halloween sales and what's selling really well?

驚人的。然後我們提出另一個問題。所以服裝看起來是一個很好的開始。關於萬聖節銷售的早期回饋以及哪些產品賣得很好？

Yes. Overall, I would say almost everything in Halloween, not just -- firstly, for our costume business, we are on track for 1 of the cleanest Halloween seasons we've ever had, which bodes extremely well for '22 as we have an abundance of new licenses that we have announced, and we brought up on this call as well as some new licenses to be announced.

是的。總的來說，我想說的是萬聖節的幾乎所有事情，而不僅僅是- 首先，對於我們的服裝業務來說，我們有望迎來有史以來最乾淨的萬聖節季節之一，這對22 來說是一個非常好的兆頭，因為我們有豐富的服裝我們已經宣布了一些新許可證，我們在這次電話會議上提出了一些即將宣布的新許可證。

And because of the sell-throughs that have been extremely strong, both with the major retailers and online retailers that just bodes extremely well for them being confident going into '22 with a stronger feeling of commitment into '22, thus, with expansion for JAKKS internationally on the costume, cosplay and Halloween Carnival business, that will help us increase our sales internationally for Halloween. And then in North America, we have abundance of current great licenses and new licenses that we believe we'll see stronger growth in '22, and '21 was a terrific year versus 2020.

由於主要零售商和線上零售商的銷售量都非常強勁，這對他們來說是一個非常好的兆頭，他們對進入'22 充滿信心，並對'22 有更強烈的承諾感，因此，JAKKS 的擴張國際上的服裝、角色扮演和萬聖節嘉年華業務，這將有助於我們增加萬聖節的國際銷售額。然後在北美，我們擁有大量現有的優質許可證和新許可證，我們相信我們將在 22 年看到更強勁的成長，而 21 年與 2020 年相比是非常棒的一年。

That's super. Last one from us. So looking forward into '22, how does your license portfolio look like right now? And are there any businesses you expect to see outsized growth?

太棒了。我們的最後一張。展望 22 年，您的許可證組合現在怎麼樣？您預計哪些企業會大幅成長？

Well, we definitely see growth where we sit here today, and we've discussed this internally for our next 3- to 5-year plan, and we see next year becoming very strong in the majority of our categories. Our private label business, we see growth in our core Disney businesses with the current licenses that we have within Encanto, the new categories in which we're developing with Disney, the Style collection.

嗯，我們今天坐在這裡肯定會看到增長，我們已經在內部討論了下一個 3 到 5 年的計劃，我們預計明年我們的大多數類別都會變得非常強勁。我們的自有品牌業務，我們看到迪士尼核心業務的成長，我們在 Encanto 中擁有當前的許可，這是我們與迪士尼合作開發的新類別，即 Style 系列。

As I mentioned, Halloween, we see that growth. And then in our seasonal business, as we have a plethora of new licenses that go into the ball pits, the tent environments, play environment, the outdoor furniture, the foot-to-floor ride-ons. And we have the new additions, as I mentioned, the indoor trampoline, licensed trampoline businesses with some top licenses, our ReDo skateboards, which are terrific that we're getting more deeper presence at retail, and we're launching licensed ReDo skateboards into 2022.

正如我所提到的，萬聖節，我們看到了這種增長。然後在我們的季節性業務中，我們擁有大量新許可證，涉及球坑、帳篷環境、遊樂環境、戶外家具、腳到地板的騎乘設施。正如我所提到的，我們有新的補充，室內彈跳床，擁有一些頂級許可證的授權彈翻床業務，我們的ReDo 滑板，這非常棒，我們在零售領域的影響力越來越大，我們正在將授權的ReDo 滑板推出到2022 年。

And there's a plethora of movies coming out from Sonic the Hedgehog, Fantastic Beasts, Jurassic World, Transformers, Minions, Avatar. There's a lot of new content coming out. And this year, there wasn't a major release of content until Encanto comes out in mid-November. So besides that, we see next year being a very solid growth year for us.

還有大量電影，如《刺蝟索尼克》、《神奇動物在哪裡》、《侏羅紀世界》、《變形金剛》、《小小兵》、《阿凡達》。有很多新內容出現。今年，直到 11 月中旬《Encanto》發布後才發布重大內容。除此之外，我們認為明年對我們來說是非常穩健的成長年。

(Operator Instructions)

（操作員說明）

Our next question comes from the line of Tristan Thomas with BMO Capital Markets.

我們的下一個問題來自蒙特利爾銀行資本市場部的特里斯坦·托馬斯 (Tristan Thomas)。

Tristan on for Gerrick. First question, kind of back on the supply chain. Could you maybe quantify how much longer things are taking to get over from China, I think Hasbro called out up to 50 days extra, so I'm curious in what you're seeing?

特里斯坦替補格里克。第一個問題，有點回到供應鏈。您能否量化一下從中國運過來需要多長時間，我想孩之寶要求額外多花 50 天，所以我很好奇您所看到的情況？

Well, it really depends on the ports and where the goods are coming, whether they're coming to North America and Europe, whether it's Rotterdam. So it really depends on that. And it depends on the port that it leaves, if you're leaving at Yantian, it's taking longer. But if you go to other ports in Shanghai, it started to become a little bit looser in the sense of the clog effect at the actual port in Asia.

嗯，這實際上取決於港口和貨物的目的地，是否運往北美和歐洲，是否是鹿特丹。所以這確實取決於此。而且要看從哪個港口出發，如果從鹽田出發的話，時間會長一點。但如果你去上海的其他港口，從亞洲實際港口的堵塞效應來看，它開始變得有點寬鬆。

So as earlier, we opened up a bonded warehouses in Shanghai, which now has allowed us to move the goods from our factories, which is allowing them to build for spring inventory, pre-Chinese New Year. And it's coming down Hasbro is accurate probably for them and somewhat for us, but it's coming down less and less. So it could be anywhere from 35 to 45 days.

因此，和早些時候一樣，我們在上海開設了一個保稅倉庫，現在我們可以從工廠轉移貨物，從而可以在春節前為春季庫存建造。孩之寶的下降可能對他們來說是準確的，對我們來說也有些準確，但下降的情況越來越少。所以可能是 35 到 45 天。

We've seen it -- it's gotten worse in the third quarter, but it's becoming the lesser now going forward. We see it becoming that way. Even today, the goods that are coming through the port itself there has been -- we're obviously in Los Angeles and the container ships have been anchoring and sitting outside. But now they are flowing in a little bit better than they were 2 weeks ago because of the 24-hour shifts and things are getting a little bit less congested.

我們已經看到了——第三季情況變得更糟，但現在情況會變得更糟。我們看到事情正在變成那樣。即使在今天，透過港口本身運來的貨物仍然存在——我們顯然是在洛杉磯，貨櫃船一直在外面拋錨停泊。但現在，由於 24 小時輪班，他們的流量比兩週前好一些，而且擁擠程度也有所緩解。

The big thing that we've worked through is actually the labor of unloading the containers once they get to our warehouses because there's an abundance of labor that's needed, which our team, our distribution or logistics teams have done a wonderful job. But that's been a clog that has happened in the past that's starting to relieve itself. So it's definitely getting smoother, but it's just not there yet or not. It won't be back to the norms until second half of -- first half of next year.

我們所經歷的最重要的事情實際上是貨櫃到達我們倉庫後卸載貨櫃的勞動力，因為需要大量的勞動力，我們的團隊、我們的配送或物流團隊在這方面做得非常出色。但這是過去發生過的障礙，現在已經開始自行緩解。所以它肯定會變得更加平滑，但只是還沒有達到或還沒有。直到明年下半年或上半年才會恢復正常。

Okay. So just maybe another question on that. If something is produced in a factory in China tomorrow, how likely is it to get on retailer shelves before the holiday?

好的。那麼也許還有一個問題。如果明天在中國的工廠生產某種產品，它在假期前進入零售商貨架的可能性有多大？

So for -- I think right now as we're -- let's call it, November 1, things that are being produced now are more than likely are going to be for spring as for us. So the goods that we have already shipped FOB to our retailers are primarily for this season, holiday and the majority of all the other inventory that will be used worldwide will be on a domestic basis.

因此，我認為現在我們就這麼稱呼它，11 月 1 日，現在正在生產的東西很可能是為我們的春天生產的。因此，我們已經向零售商發貨的離岸價貨物主要用於本季、假期，而全球使用的所有其他庫存中的大部分將在國內使用。

So for anyone that doesn't have the majority of the goods shipped by now, from Asia, they more than likely won't get on the shelf just due to the timing it takes to get to the port, to get through the ports, to get through the distribution centers internally and then going to the actual retailer distribution centers, which are around the world, you're getting very late.

因此，對於目前尚未從亞洲運出大部分貨物的任何人來說，由於到達港口、通過港口所需的時間，它們很可能不會上架，要通過內部配送中心，然後前往世界各地的實際零售商配送中心，就已經很晚了。

So maybe you have 1 week to 2 at the most, if you're lucky. But I'd say, unless you've planned and have the goods on the boat now, those goods will be for spring. And which is what we had planned for spring versus Chinese New Year coming as well.

因此，如果幸運的話，您最多只有 1 到 2 週的時間。但我想說，除非你已經計劃好了，現在就把貨物裝到船上，否則這些貨物將是春季的。這也是我們為春季和農曆新年所規劃的。

Okay. That makes sense. Just one more question. How are retailers approaching this holiday season relative to last year and then relative to 2019?

好的。這就說得通了。還有一個問題。與去年和 2019 年相比，零售商如何應對這個假期季節？

Relative there, just -- I would say definitely more aggressive in getting goods. We have seen and we're able to achieve some white space available from other manufacturers in the toy industry that could not get product out to retail. So there's been opportunistic areas for companies that have inventory and the right inventory.

相對於此，我想說的是，在獲取商品方面肯定更加積極。我們已經看到並且能夠從玩具行業的其他製造商那裡獲得一些無法將產品推向零售的空白空間。因此，對於擁有庫存和適當庫存的公司來說，存在著機會主義領域。

I think everyone has been spooked because of the news and the commitments you've seen in the consumables that there's a lack of inventory, even things that are domestically manufactured. So the retailers know that one of the key drivers during the holiday season are obviously toys, which brings in the consumer, which buys other products besides toys.

我想每個人都嚇壞了，因為你在消耗品中看到的消息和承諾表明庫存不足，即使是國產的東西也是如此。因此零售商知道，節日期間的關鍵驅動力之一顯然是玩具，它吸引了消費者，購買玩具以外的其他產品。

So I think there's been a key focus on making sure that they had an abundance of toys to make sure this Christmas is an excitable one, and they're doing their best. And as I mentioned at the start of our call, when we founded JAKKS, we founded it as primarily an FOB business and over 50% of our business is still an FOB business, which has bode well with us to have these major retailers that have a lot of and have gotten ships and containers on their own to pick up the goods in Asia, which has benefited JAKKS materially.

所以我認為重點是確保他們有足夠的玩具，以確保這個聖誕節是一個令人興奮的聖誕節，而且他們正在盡力而為。正如我在電話會議開始時提到的，當我們創立JAKKS 時，我們主要將其作為FOB 業務創建，並且我們超過50% 的業務仍然是FOB 業務，這對我們來說是個好兆頭，因為這些主要零售商擁有並自備船舶和貨櫃在亞洲提貨，這讓JAKKS受益匪淺。

And at the same time, we've worked on bringing the domestic goods in earlier, as I mentioned, our inventory is up over double for that reason. So the ones that have planned well are doing well and the retailers are very aggressive, still looking for goods today that when manufacturers are promising goods and they're not coming in, they're looking to make sure that their shelves are not empty. And if it's not an item that was purchased by 1 manufacturer, they're actually willing to make space for other goods to make sure that their shelves are filled for the holiday season.

與此同時，我們一直在努力儘早引入國內商品，正如我所提到的，因此我們的庫存增加了一倍以上。因此，那些計劃良好的企業做得很好，零售商非常積極，今天仍在尋找商品，當製造商承諾商品但他們沒有進來時，他們希望確保他們的貨架不空。如果這不是由 1 個製造商購買的商品，他們實際上願意為其他商品騰出空間，以確保他們的貨架在節日期間填滿。

I'm showing no further questions in the queue.

我在隊列中沒有顯示任何其他問題。

Everybody, thank you for the call today. We have several many calls throughout today and tomorrow, and we appreciate the time and happy holidays to everybody. Thank you.

大家好，謝謝您今天的來電。今天和明天我們接到了很多電話，我們感謝大家的寶貴時間和節日快樂。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。