JAKKS Pacific Inc (JAKK) 2023 Q3 法說會逐字稿

Good afternoon, everyone. Welcome to the JAKKS Pacific third-quarter 2023 earnings conference call with management, who will review financial results for the quarter ended September 30, 2023. JAKKS issued its earnings press release earlier today. Their earnings release and presentation slides for today's call are available on the company's recently remodeled website in the Investors section.

大家下午好。歡迎參加 JAKKS Pacific 與管理層舉行的 2023 年第三季度收益電話會議，管理層將審查截至 2023 年 9 月 30 日的季度的財務業績。JAKKS 今天早些時候發布了收益新聞稿。他們今天電話會議的收益發布和演示幻燈片可在該公司最近改版的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. Stephen will first provide an overview of the quarter, along with highlights of recent performance and current business trends. Then John will provide some additional editorial around JAKKS Pacific's financial and operational results. Mr. Berman will then return with additional comments and some closing remarks prior to opening up the call for your 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。史蒂芬將首先提供本季的概述，以及近期業績和當前業務趨勢的亮點。然後約翰將針對 JAKKS Pacific 的財務和營運業績提供一些額外的社論。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, or circumstances, including the estimates of sales, margins, and/or adjusted EBITDA in 2023, as well as any other forward-looking statements concerning 2023 and beyond are subject to Safe Harbor protection under federal securities laws. These statements reflect the company's best judgment based on the 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.

在我們開始之前，公司想指出，有關 JAKKS Pacific 未來業績、事件或情況的任何評論，包括 2023 年銷售額、利潤率和/或調整後 EBITDA 的估計，以及任何其他前瞻性的評論有關2023 年及以後的聲明受聯邦證券法的安全港保護。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。

For details concerning these and other such risks and uncertainties, you should consult JAKKS' most recent 10-K and 10Q filings with the SEC as well as the company's other reports subsequently filed with the SEC from time to time.

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 10Q 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 and adjusted earnings per share. Unless stated otherwise, the most directly comparable GAAP financial metric has been reconciled to the associated non-GAAP financial measure within the company's earnings press release issued today or previously.

此外，管理層今天的評論將涉及非公認會計準則財務指標，例如調整後的 EBITDA 和調整後的每股盈餘。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或之前發布的收益新聞稿中的相關非 GAAP 財務指標進行了調整。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

With that, I would now like to turn the call over Stephen Berman.

現在我想把電話轉給史蒂芬·伯曼。

Good afternoon, and thank you for joining us today. It's been a very busy quarter for JAKKS as Q3 often is with new product segments launching and plans for 2024 firming up. As you know, Q3 is always the highest shipping quarter for JAKKS. I'm proud to say we feel very confident in how we're lined up to finish the year, as well as some of the initiatives the teams are working on for 2024 and beyond. We do at the beginning of the year that repeating 2022 revenue levels would be impossible feat without a totally unexpected breakout hit as we had last year.

下午好，感謝您今天加入我們。對於 JAKKS 來說，這是一個非常繁忙的季度，因為第三季度通常會推出新產品領域，並確定 2024 年的計劃。如您所知，第三季始終是 JAKKS 出貨量最高的季度。我很自豪地說，我們對今年的工作安排以及團隊在 2024 年及以後開展的一些舉措非常有信心。我們在今年年初就認為，如果沒有像去年那樣完全出乎意料的突破，那麼想要重複 2022 年的收入水準是不可能的。

With that sales outlook, we made gross margin improvement a major focus as it is extremely important to our blueprint for enhancing overall margin. We have seen in our results, it's imperative in building and maintain a strong balance sheet. Our teams in Asia have worked methodically with our manufacturing partners to ensure that we are getting the sharpest, possible pricing on legacy items, entering their second or third years in the market.

考慮到這一銷售前景，我們將毛利率改善作為主要關注點，因為這對我們提高整體利潤率的藍圖極為重要。我們從結果中看到，建立和維持強勁的資產負債表勢在必行。我們在亞洲的團隊與我們的製造合作夥伴進行了有條不紊的合作，以確保我們能夠為進入市場第二年或第三年的遺留產品獲得最優惠的價格。

Separately, new product development continues to be regularly challenged to ensure we are stretching the team's creativity to generate value for the consumer and for our customers, while also ensuring cost mindful product designs. With Q3's results, we can see the dividends of those efforts paying off. Year to date, our gross margin of 32.5% is our strongest performance in this metric since 2011.

另外，新產品開發持續定期面臨挑戰，以確保我們充分發揮團隊的創造力，為消費者和我們的客戶創造價值，同時確保產品設計注重成本。從第三季的結果來看，我們可以看到這些努力得到了回報。今年迄今為止，我們的毛利率為 32.5%，是自 2011 年以來我們在該指標上表現最強勁的表現。

Our year-to-date gross profit of $186.9 million is $6.9 million or 4% higher than our comparable period in 2022. That improvement has helped us to compensate for increases in SG&A expenses such that our year-to-date operating margin of 12.7% represents an improvement of 11.5% operating margin we had in the first nine months of '22.

我們年初至今的毛利為 1.869 億美元，比 2022 年同期高出 690 萬美元，即 4%。這一改善幫助我們彌補了 SG&A 費用的增加，使我們年初至今的營業利潤率為 12.7%這意味著我們在2022 年前9 個月的營業利益率提高了11.5%。

The net results from an adjusted EBITDA view is $67.1 million in adjusted EBITDA in the quarter, up from $59.4 million in the same quarter last year. Our action play and collectible business was up 43% in the quarter and 37% year to date, accelerate its performance versus last quarter. Our doll role-play and dress-up segment is lapping that exceptional 2022 and was down approximately 27% in the quarter and 30% year to date off a larger base.

本季調整後 EBITDA 的淨結果為 6,710 萬美元，高於去年同期的 5,940 萬美元。我們的動作遊戲和收藏品業務本季成長了 43%，年初至今成長了 37%，與上季相比，業績有所提升。我們的玩偶角色扮演和裝扮細分市場在 2022 年迎來了非凡的一年，本季同比下降了約 27%，今年迄今同比下降了 30%。

As we pointed out last quarter, we still think it's worth noting that the doll segment is up significantly versus 2021, $247 million year to date this year versus $207 million year to date in 2021. This team is often a victim of its own and many successes.

正如我們上季度指出的那樣，我們仍然認為值得注意的是，娃娃細分市場與2021 年相比大幅增長，今年迄今為2.47 億美元，而2021 年迄今為2.07 億美元。這個團隊經常是自己和許多人的受害者。成功。

Our outdoor seasonal business showed some trend improvement down only 2% in the quarter and slowing the year-to-date decline to 23%. We have some quality placement of new items this fall, and as mentioned, producing some new initiatives in the works, which we think can energize this business next year and beyond.

我們的戶外季節性業務顯示出一些趨勢改善，本季僅下降 2%，並將年初至今的下降速度放緩至 ​​23%。今年秋天，我們放置了一些高品質的新產品，正如前面所提到的，我們正在製定一些新的舉措，我們認為這可以為明年及以後的業務注入活力。

Q3 is, of course, almost the most interesting time of year to discuss our Halloween costume business. The headline of the year has worked out in line with our expectations, which is great outcome given how big the business has become. Last quarter, we discussed how the seasonality has moved around this year. So we saw it catching up this quarter with a 19% year-over-year growth in Q3.

當然，第三季幾乎是一年中討論我們萬聖節服裝業務最有趣的時間。今年的標題符合我們的預期，考慮到業務的規模，這是一個很好的結果。上個季度，我們討論了今年的季節性變化。因此，我們看到它在本季迎頭趕上，第三季年增 19%。

Year to date, we shipped $122 million through Q3, which is 9% lower than last year. As we mentioned before, some larger US customers recalibrated their buying levels this year after an aggressive 2022. That drove most of the downside as our international business has been roughly flat year to date. We have been aggressively working on our distribution outside of North America and remain focused and committed to building that business to leverage our strength in North America.

今年迄今為止，我們第三季的出貨量為 1.22 億美元，比去年下降了 9%。正如我們之前提到的，一些較大的美國客戶在經歷了激進的 2022 年之後，今年重新調整了他們的購買水平。這導致了大部分下行趨勢，因為我們的國際業務今年迄今大致持平。我們一直在積極致力於北美以外的分銷，並繼續專注並致力於建立該業務，以利用我們在北美的優勢。

Again, to provide a 2021 reference point, that $122 million shipped number is significantly higher than the $99 million we shipped in the first three quarters of 2021. So overall, another great year for the team at disguise.

再次強調，作為2021 年的參考點，1.22 億美元的出貨量明顯高於2021 年前三個季度9,900 萬美元的出貨量。總體而言，對於偽裝團隊來說，又是一個偉大的一年。

Moving on to a market view, the past quarter was also noteworthy and continuing our efforts to expand our overall business outside the United States. In Latin America, we are up and shipping 50%-plus year to date. Although we've had an office in Mexico for several years, this year we started offering selective domestic replenishment for key items to be a local third-party warehouse. This investment helps to emulate our year-round on-shelf presence, further proving the viability of our product line to local retailers.

從市場角度來看，過去的季度也值得注意，我們繼續努力擴大美國以外的整體業務。在拉丁美洲，今年迄今我們的出貨量成長了 50% 以上。儘管我們在墨西哥設立辦事處已有幾年，但今年我們開始透過當地第三方倉庫為關鍵商品提供選擇性的國內補貨服務。這項投資有助於模仿我們全年的貨架狀況，進一步向當地零售商證明我們產品線的可行性。

With this success, they can then confidently place the larger orders with us FOB in Asia, consistent with our go-to-market approach. Over time, we also see as a potential platform for additional shipments into Latin America. And we're quickly seeing a positive reaction at retail with syndicated data, suggesting we're up over 50% in Mexico year over year.

憑藉這一成功，他們可以自信地向我們在亞洲離岸價下達更大的訂單，這與我們的市場進入方式一致。隨著時間的推移，我們也將其視為向拉丁美洲額外發貨的潛在平台。我們很快就看到零售業的正面反應，聯合數據顯示我們在墨西哥的銷售額年增了 50% 以上。

Also in the quarter, we officially opened our dual-purpose office and warehouse facility in Northern Italy. We plan to start shipping from there in the new year, which will generate a number of new benefits, specifically being able to serve a wider range of smaller customers more quickly and with improved economics than shipping smaller orders as individual deliveries from Northern Europe.

同樣在本季度，我們在義大利北部正式開設了兩用辦公室和倉庫設施。我們計劃在新的一年開始從那裡發貨，這將帶來許多新的好處，特別是與從北歐單獨發貨的小訂單相比，能夠更快地為更廣泛的小客戶提供服務，並提高經濟效益。

In addition, we onboarded a new team with deep industry experience in JAKKS France and market where we know we've been underperforming during COVID. Although our COO, Jack McGrath, is officially not in his new role as President of European Operations until the new year, he has been spending a considerable amount of time and focus on addressing challenges in the region to accelerate our performance in 2024 and beyond. I couldn't be more excited about the opportunity presented, but he has taken his years of experience with JAKKS and focusing them on taking a fresh look on how we're doing business in the European markets.

此外，我們還組建了一支在 JAKKS 法國和市場擁有豐富行業經驗的新團隊，我們知道在新冠疫情期間我們在該市場表現不佳。儘管我們的營運長 Jack McGrath 直到新年才正式擔任歐洲營運總裁的新職務，但他花費了大量時間並專注於解決該地區的挑戰，以加快我們在 2024 年及以後的業績。我對所提供的機會感到非常興奮，但他利用了自己在 JAKKS 的多年經驗，並讓他們專注於重新審視我們在歐洲市場開展業務的方式。

Switching now to talking about what we're seeing at retail. On the toy side, it's been the case all year and continued this past quarter when we look at our own data and syndicated data. We see that the toy portion of our business continues to perform better than the overall industry in the US. The same has been true with some of our European markets where we also see syndicated data.

現在轉向談論我們在零售業看到的情況。在玩具方面，當我們查看自己的數據和聯合數據時，全年都是這種情況，並且在上個季度繼續如此。我們看到我們業務的玩具部分的表現繼續好於美國整個行業。我們的一些歐洲市場也是如此，我們也看到了聯合數據。

Certainly, some of the great content from our studio partners is helping to drive people to the register this year, much as it did last year. But broadly, we've been pleased with how the total portfolio is performing this year as we said last quarter.

當然，我們工作室合作夥伴提供的一些精彩內容正在幫助推動人們今年註冊，就像去年一樣。但總的來說，正如我們上季所說，我們對今年整體投資組合的表現感到滿意。

That being said, in Q3, we did see retail slowing. Retail sales at our top three US accounts were down low-single digits year to date and down high-single digits in the quarter. Separately at the end of the quarter, retail inventory at the same accounts were down over 20% versus prior year, delivering on their goals to finish the calendar year at lower-owned inventory levels. As we work through this transitional year at retail, we've managed to stay in-stock across all of our key product segments and are set up well to fulfill demand in Q4.

話雖如此，在第三季度，我們確實看到零售業放緩。年初至今，美國三大客戶的零售額均出現低個位數下降，本季則出現高個位數下降。另外，截至本季末，同一客戶的零售庫存比去年同期下降了 20% 以上，實現了以較低的自有庫存水準結束日曆年的目標。在我們度過零售業轉型的一年時，我們成功地在所有關鍵產品領域保持了庫存，並做好了充分準備以滿足第四季度的需求。

I will now pass it over to John for some further comments. After which, I'll come back to discuss Q4 and a bit about next year. John?

我現在將其轉交給約翰以徵求進一步的意見。之後，我將回來討論第四季以及明年的一些情況。約翰？

Thank you, Stephen, and hi, everybody. It's always great to report results after a $300 million sales quarter. We knew the first half of the year would have the most difficult comparisons as we were chasing business on a holiday 2021 film.

謝謝你，史蒂芬，大家好。在銷售額達到 3 億美元的季度後報告業績總是令人高興的。我們知道，今年上半年將是最困難的比較階段，因為我們正在爭取 2021 年假期電影的業務。

And the second half of the year would also be challenging, but hopefully less so. That view is playing out in our results. Although down 20% as a total company in the first half of the year, we were down only 4% in Q3, shipping $310 million in the quarter.

今年下半年也將充滿挑戰，但希望不會那麼困難。這種觀點正在我們的結果中反映出來。儘管上半年整個公司的銷售額下降了 20%，但第三季我們的銷售額僅下降了 4%，該季度的出貨量為 3.1 億美元。

As Stephen pointed out, broadly speaking, the year is going about as well as we could have hoped. 2020 unleashed COVID, 2021 had expensive freight, 2022 had warehouses overflowing. And so far, 2023 from the perspective of our business, has had more positives than negatives.

正如史蒂芬所指出的那樣，總的來說，這一年的進展正如我們所希望的那樣。 2020 年爆發了新冠疫情，2021 年運費昂貴，2022 年倉庫爆滿。到目前為止，從我們業務的角度來看，2023 年的正面因素多於負面因素。

What that means from a year-over-year perspective is twofold. Bad things that happened in 2022 haven't reappeared and some additional good things have been additive. From a net sales perspective, both the toy CP segment and costumes are tracking year to date at higher levels than anything in the 2019 to 2021 time period. And gross profit dollars for both segments are higher than any time in the past five years as well.

從同比的角度來看，這意味著雙重意義。 2022年發生的壞事並沒有再次出現，一些額外的好事已經疊加。從淨銷售額的角度來看，今年迄今為止，玩具 CP 細分市場和服裝的銷售水平都高於 2019 年至 2021 年期間的任何水平。這兩個部門的毛利也高於過去五年中的任何時候。

There are a number of things happening with gross margin. In the quarter, it was 600 basis points improvement. So let me try to break that down. As Stephen referenced, the landed product cost improvement amounted to around 350 basis points. I'd say that was a mix of some of the good stuff that Stephen talked about earlier.

毛利率發生了很多變化。本季度，改善了 600 個基點。那麼讓我試著分解一下。正如 Stephen 所提到的，到岸產品成本改善約 350 個基點。我想說這是史蒂芬之前談到的一些好東西的混合。

But also last year on both the toy and costume businesses, we blew out some inventory margins that weren't anything to brag about for a couple of different reasons that made sense at the time. We also managed to avoid bleeding money by way of above-average freight cost. That was a pickup of another 150 points. There are a number of other puts-and-takes, but I'll throw in for good measure that our read of retail last year was more markdown exposure than what we're seeing at this point this year. So that's also net-net favorable.

但去年在玩具和服裝業務上，我們也大幅削減了一些庫存利潤，但由於當時有幾個不同的原因，這些利潤並不值得吹噓。我們也設法避免因運費高於平均而造成資金損失。這又增加了 150 點。還有許多其他的看跌期權，但我要指出的是，我們去年對零售業的了解比我們今年此時看到的降價敞口更多。所以這也是淨淨有利的。

And finally, this quarter, we began capitalizing a small portion of our tooling to our own inventory valuation. This has been an outstanding topic for some time, but we've got around to figuring out how to get it done without the accounting being too cumbersome. So that was a one-time pickup of $1.8 million in the quarter. We've adjusted that depreciation dollar amount out of our adjusted EPS results.

最後，本季度，我們開始將一小部分工具用於我們自己的庫存估值。一段時間以來，這一直是一個突出的話題，但我們已經開始思考如何在不讓會計變得太麻煩的情況下完成它。因此，本季一次性增加了 180 萬美元。我們已經從調整後的每股盈餘結果中調整了折舊金額。

So to answer your question, we think we have line of sight to continue to hang out in this low-30 neighborhood on a full-year basis. But that's, of course, subject to minimizing stuff going wrong, nor does it contemplate any dramatic changes in our product mix, which we don't anticipate in the near term.

因此，為了回答你的問題，我們認為我們有能力全年繼續在這個 30 低的社區閒逛。但這當然是為了最大限度地減少問題的發生，也沒有考慮到我們的產品組合會發生任何巨大的變化，而我們預計短期內不會發生這種變化。

We're losing a bit of scale with SG&A being up. But fortunately, the gross margin level has been enough to generate operating margin improvement, which is great. That has allowed us to selectively invest in staff and infrastructure where appropriate, with the goal of being in a better place next year, organizationally, despite revenue being down this year.

隨著SG&A 的增加，我們的規模正在縮小。但幸運的是，毛利率水準已經足以帶來營業利潤率的改善，這非常棒。這使我們能夠在適當的情況下有選擇地投資於員工和基礎設施，目標是明年在組織上取得更好的成績，儘管今年的收入有所下降。

We've also made some decisions like skipping the New York Toy Fair this past quarter, which may not have generated massive financial savings, but certainly removed a layer of organizational distraction if nothing else.

我們也做出了一些決定，例如上個季度跳過紐約玩具展，這可能不會節省大量資金，但如果不出意外的話，肯定會消除一層組織幹擾。

In addition to the P&L, we're feeling good about the balance sheet. Our Q3 ending cash balance of $96.4 million is high for this time of the year. There are a couple of drivers. One is that we're trying to keep a tighter leash on inventory and turning it back into cash in a timely manner and other as we've accepted the federal government's offer to California-based businesses for payroll and tax payments into October, which helped quite a bit.

除了損益表之外，我們對資產負債表也感覺良好。我們第三季末的現金餘額為 9,640 萬美元，在今年這個時候是很高的。有幾個司機。一是我們正在努力對庫存保持更嚴格的控制，並及時將其變回現金，二是因為我們已經接受了聯邦政府向加州企業提供的到十月份支付工資和稅款的提議，這有助於相當多。

You'll notice in aggregate that our AP and taxes payable are up over $20 million versus this time last year. We remain debt-free as of the end of the quarter and as of today. The majority of the interest expense you'll see in the P&L is associated with some early payment discounts that we sporadically take advantage of to maximize liquidity. We'll likely be doing less of that in the near term, given our current cash situation.

您會注意到，與去年同期相比，我們的 AP 和應付稅款總計增加了 2,000 萬美元以上。截至本季末和今天，我們仍然沒有債務。您在損益表中看到的大部分利息費用與一些提前付款折扣相關，我們偶爾會利用這些折扣來最大化流動性。鑑於我們目前的現金狀況，短期內我們可能會減少這樣做。

Reduction in our cost of capital from our improved financial position increased preferred share liability valuation to $28.6 million, generating a non-cash loss of $800,000 in the quarter. As is customary, we adjust that amount out of our non-GAAP results.

財務狀況改善導致資本成本降低，優先股負債估值增至 2,860 萬美元，本季非現金虧損達 80 萬美元。依照慣例，我們會從非公認會計準則績效中調整該金額。

Adjusted EPS for the quarter was $4.75 and $5.66 for the first nine months. Those numbers are up from $3.80 and down from $5.68 respectively, from 2022, a trailing 12-month adjusted EBITDA of $74.5 million. And now back to Stephen for some additional remarks.

本季調整後每股收益為 4.75 美元，前 9 個月調整後每股收益為 5.66 美元。自 2022 年以來，這些數字分別高於 3.80 美元和 5.68 美元，過去 12 個月調整後 EBITDA 為 7,450 萬美元。現在回到史蒂芬，請他補充一些意見。

Thank you, John. Although we reviewed a lot of the key product initiatives last quarter, I wanted to provide a couple of quick updates and then share some new exciting news about 2024 and beyond. Last year, we mentioned it's been two years since we first introduced the Disney ily brand with Target in the US. That business has built steadily with them during that time and is currently putting up some very nice numbers in reaction to our fall 2023 lineup.

謝謝你，約翰。儘管我們上季度回顧了許多關鍵產品計劃，但我想提供一些快速更新，然後分享一些有關 2024 年及以後的令人興奮的新消息。去年，我們提到自從我們首次與 Target 在美國推出 Disney ily 品牌以來已經有兩年了。在此期間，該業務與他們一起穩步發展，目前正在為我們 2023 年秋季產品陣容提供一些非常好的數據。

They're inspired by Stitch dolls, both in the original 18-inch scale as well as our new introduction of fashion doll scale have both been top sellers out of the gate. Overall, the fashion doll scale has been well received when first hitting the shelves, and we are expected for more fans of these characters to find them this holiday season. Last year, we are extremely excited to work with Target to bring their Target Toy Store Shopping Cart to life. And it, once again on their bull's eye top toy list for 2023, reflected its great performance this year.

它們的靈感來自於 Stitch 娃娃，無論是最初的 18 吋尺寸還是我們新推出的時尚娃娃尺寸，都一推出就成為最暢銷的產品。總體而言，時尚娃娃秤在首次上架時就受到了好評，我們預計會有更多這些角色的粉絲在這個假期找到它們。去年，我們非常高興與 Target 合作，將 Target 玩具店購物車變為現實。它再次躋身 2023 年最受關注的玩具榜單，反映了它今年的出色表現。

But the new news is the recent launch of the Target cash register and accessory items as an extension of our Perfectly Cute line. It debuted during the quarter and is doing extremely well so far as we all thought it might. It's a great value and great fun for the consumer. Be sure to check out the photos in our presentation.

但新消息是最近推出了 Target 收銀機和配件，作為我們 Perfectly Cute 系列的延伸。它在本季度首次亮相，正如我們所有人想像的那樣，表現非常好。對於消費者來說，這是一個巨大的價值和巨大的樂趣。請務必查看我們簡報中的照片。

Also, be on the look for some new introductions in our outdoor seasonal space this holiday season. The team has fought to regain shelf space at key accounts across ball pits, activity tables, and ride-ons. We have some great new Paw Patrol ride-ons inspired by this summer's movie, which brings a lot of play to the classic play patterns.

此外，請留意我們這個假期的戶外季節性空間中的一些新產品。團隊努力在球坑、活動桌和騎乘設施等主要客戶處爭取貨架空間。我們推出了一些很棒的狗狗巡邏隊新騎乘遊戲，靈感來自於今年夏天的電影，為經典的遊戲模式帶來了許多樂趣。

During Q3, our product lineup and in support of the Walt Disney Animation Studios Thanksgiving film release, Wish, began to hit the shelves. This story focuses on a 17-year-old, grown name Asha, a sharp, witted idealist who makes a wish so powerful that it's answered by a cosmic force, a little ball of boundless energy called Star. We're super excited about the film and are playing a role as Disney continues to celebrate the 100th anniversary of its founding this year.

第三季度，我們的產品陣容和支持華特迪士尼動畫工作室感恩節電影《心願》的產品開始上架。這個故事聚焦於一個17 歲的成年女孩阿莎，她是一個敏銳、機智的理想主義者，她許下一個如此強大的願望，以至於得到了宇宙力量的回應，這個願望是一個名為“星星」的無限能量小球。我們對這部電影感到非常興奮，並在迪士尼今年繼續慶祝其成立 100 週年之際發揮了作用。

Now for a couple of additional comments about 2024, we recently announced a new agreement with Sega to support the Sonic Hedgehog 3 Paramount Pictures feature film set to release on December 20, 2024. As many of you know, we have worked with Sega for many years on Sonic and other Sega properties, inclusive of the first film in 2020. We are looking forward to bringing to market a new innovative range coming to a wide range of products that Sonic fans have come to expect from us, ranging from figures to plush to playsets to costumes and more.

現在，關於2024 年的一些額外評論，我們最近宣布與世嘉達成一項新協議，支持派拉蒙影業定於2024 年12 月20 日發行的《刺猬索尼克3》故事片。正如你們很多人所知，我們與世嘉合作了許多年索尼克和世嘉的其他作品，包括2020 年的第一部電影。我們期待著向市場推出全新的創新系列產品，涵蓋索尼克粉絲們對我們的期望，從玩偶到毛絨玩具玩具組、服裝等等。

Now moving on to our outdoor seasonal division. I'm extremely excited and happy to be able to talk about a multiyear worldwide relationship we're starting with Authentic Brands Group, ABG. As you may know, ABG is a brand powerhouse with a wide portfolio of IP, which has mass appeal to millennials, Gen Z, and Gen Y.

現在前往我們的戶外季節性部門。我非常興奮和高興能夠談論我們與 Authentic Brands Group (ABG) 建立的多年全球合作關係。如您所知，ABG 是一家擁有廣泛智慧財產權組合的品牌巨頭，對千禧世代、Z 世代和 Y 世代具有巨大吸引力。

JAKKS and ABG have been collaborating on a wide range of products that will slot into this division, as well as expand the scope of our offerings. We have been working on an iconic assortment of their properties, names like Roxy, Quiksilver, Element, Forever 21, Juicy Couture, Sports Illustrated, Prince, just to name a few.

JAKKS 和 ABG 一直在合作開發廣泛的產品，這些產品將歸入該部門，並擴大了我們的產品範圍。我們一直在研究他們的標誌性品牌，例如 Roxy、Quiksilver、Element、Forever 21、Juicy Couture、Sports Illustrated、Prince，僅舉幾例。

With designs and process already underway, customers can expect initial fall 2024 rollout of skateboards with amazing new designs for Element and Quiksilver at specialty and mass retailers in-store and online. JAKKS will launch branded roller skates; in-line skates; volleyballs; outdoor furniture, including chairs, umbrellas, and canopies; beach accessories; inflatable pools floats; sand and splash mat; buildable wagons; and an extensive line of dolls and accessories infused with fashion elements from Forever 21, Juicy Couture, Prince, Sports Illustrated, and Roxy.

隨著設計和流程已經開始，客戶預計將於 2024 年秋季在專賣店和大眾零售商的店內和網上推出帶有令人驚嘆的 Element 和 Quiksilver 新設計的滑板。 JAKKS將推出品牌輪滑鞋；直排輪滑鞋；排球；戶外家具，包括椅子、雨傘和簷篷；海灘配件；充氣水池浮體；沙墊和防濺墊；可拼搭的貨車；以及注入 Forever 21、Juicy Couture、Prince、Sports Illustrated 和 Roxy 等時尚元素的一系列娃娃和配件。

The strength of the Authentic platform and family of IP will grow JAKKS' specific product lines in outdoor categories while making the way for new collaborations with Authentic on existing categories. The addition of more spring- and summer-focused business also further leverages JAKKS' infrastructure to counterbalance the traditional Halloween/holiday seasonality. So this relationship is really great match for both of us.

Authentic 平台和 IP 系列的優勢將擴大 JAKKS 在戶外類別的特定產品線，同時為與 Authentic 在現有類別上的新合作鋪平道路。更多以春季和夏季為重點的業務的增加也進一步利用 JAKKS 的基礎設施來平衡傳統的萬聖節/假日季節性。所以這種關係對我們兩個來說都是非常配的。

Reactions from various customers worldwide and the previews we've shown over the past couple of months of early product directions and initiatives were extremely very favorable. So although there's still a lot of heavy work and lifting to be done, we are so excited about the potential here. I've personally been working on development of this business for over the past year and can't wait for you to see some of the new products and price executions that we are currently working on today and in the future.

全球各地客戶的反應以及我們在過去幾個月中展示的早期產品方向和計劃的預覽都非常非常有利。因此，儘管仍有大量繁重的工作和提升工作要做，但我們對這裡的潛力感到非常興奮。在過去的一年裡，我個人一直致力於這項業務的發展，迫不及待地想讓您看到我們目前和未來正在開發的一些新產品和價格執行情況。

But wait, there's more. We are quick to tell everyone that this business is built brick-by-brick, a series of evergreen brands and categories centered around classic play patterns that we feel persists and stand the test of time even in the increasingly digital world. And we've talked about how our successes in recent years have started new conversations and have created new ideas about business opportunities that marry up our unique role in the marketplace with different brand owners.

但等等，還有更多。我們很快告訴大家，這項業務是一磚一瓦建立起來的，一系列以經典遊戲模式為中心的常青品牌和類別，我們認為這些模式即使在日益數字化的世界中也能持續存在並經得起時間的考驗。我們還討論了我們近年來的成功如何開啟了新的對話，並創造了有關商業機會的新想法，將我們在市場中的獨特角色與不同的品牌所有者結合起來。

And you've also heard us mention that when those businesses have an underlying content presence, it only adds to our ability to stay on top of mind with consumers and participate in the energy and excitement around top-tier content, quality, and success.

您也聽到我們提到，當這些企業擁有基礎內容時，它只會增強我們與消費者保持聯繫的能力，並參與圍繞頂級內容、品質和成功的活力和興奮。

So with that foundation, I couldn't be happy to share new news that in fall 2024, JAKKS will be launching an extensive product line dedicated to The Simpsons. As The Simpsons is well into its record-breaking 35th season this fall, it continues to be one the most popular series on both Fox and Disney Plus.

因此，有了這個基礎，我很高興與大家分享新消息：JAKKS 將在 2024 年秋季推出專門針對《辛普森家庭》的廣泛產品線。今年秋天，《辛普森家庭》已破紀錄地播出了第 35 季，它仍然是 Fox 和 Disney Plus 最受歡迎的劇集之一。

The upcoming toy line is poised to inject even more excitement and joy into this cherished franchise, catering to fans of all ages with this diverse and engaging offerings. The toy line will feature a wide range of beloved caricatures from the show available in various forms such as basic, deluxe, and premium collector figures, playsets, and plush toys, along with items like advent calendars and other fun and creative toys inspired by the show's rich history.

即將推出的玩具系列將為這個珍貴的系列注入更多的興奮和歡樂，透過多樣化且引人入勝的產品來滿足各個年齡層的粉絲的需求。玩具系列將以各種形式呈現展會上各種深受喜愛的漫畫，例如基本型、豪華型和高級收藏家人物、玩具套裝和毛絨玩具，以及降臨節日曆和其他受啟發的有趣和創意玩具。展示了豐富的歷史。

As you might imagine, our action play and collectibles team has been having a tremendous time brainstorming the plethora of product opportunities that this show represents. And we are honored as a company to be trusted with such an iconic franchise.

正如您可能想像的那樣，我們的動作遊戲和收藏品團隊花費了大量時間集思廣益，集思廣益，探討了該節目所代表的大量產品機會。作為一家擁有如此標誌性特許經營權的值得信賴的公司，我們深感榮幸。

As I said at the beginning, we had a very busy quarter. But with the end of the year in sight, it is also extremely gratifying to see us lined up for completing another really successful year here at JAKKS while still seeing great opportunities for sustained growth in the new year to come.

正如我一開始所說的，我們度過了一個非常忙碌的季度。但隨著歲末的臨近，我們非常高興地看到我們在 JAKKS 準備完成另一個真正成功的一年，同時仍然看到來年持續增長的巨大機會。

Thanks again for your support and interest. Operator?

再次感謝您的支持與興趣。操作員？

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Andrew Uerkwitz, Jefferies.

安德魯·烏克維茨，杰弗里斯。

Thank you. Thank you, gentlemen.

謝謝。謝謝你們，先生們。

Hi, Andrew.

嗨，安德魯。

Just a couple of questions. The first one is on action play and collectibles. It's grown -- I mean, it's almost -- it's more than doubled since 2021. Could you just talk about the puts-and-takes there? And then maybe at the end of your answer, what kind of impact The Simpsons could have on that?

只是幾個問題。第一個是動作遊戲和收藏品。自 2021 年以來，它已經增長了——我的意思是，幾乎增長了一倍多。你能談談那裡的看跌期權嗎？也許在你回答的最後，《辛普森家庭》可能會對此產生什麼樣的影響？

I mean, it sounds like a really great collaboration and a great get. So congratulations on that. But just kind of walk me through the puts-and-takes on that segment and how we should think about it going forward.

我的意思是，這聽起來是個非常棒的合作，也是個很棒的收穫。所以恭喜你。但請讓我了解一下該細分市場的投入和接受，以及我們應該如何思考未來的發展。

Great. Thank you, Andrew. This is Stephen. And so on the boys' action and play environment, we've had a really strong year. One of it was we had a great run with the Nintendo movie that came out on top of the actual classic Nintendo business that has grown with the movie strength.

偉大的。謝謝你，安德魯。這是史蒂芬.就男孩們的行動和玩耍環境而言，我們度過了非常強勁的一年。其中之一是我們在任天堂電影上取得了巨大的成功，它超越了隨著電影實力而增長的實際經典任天堂業務。

That being said, it goes on to streaming of Netflix and abroad streaming platforms December. I think it's the December 1. It's been on NBC Peacock. But now once it goes into a wide way of distribution for streaming, we think there will be strong tailwinds going into spring next year and beyond to keep that going.

話雖如此，該劇將於 12 月繼續在 Netflix 和國外串流平台上播出。我想是 12 月 1 日。NBC Peacock 正在播出。但現在，一旦它進入廣泛的串流媒體發行方式，我們認為明年春季及以後將會有強大的推動力來保持這種勢頭。

You also have the Sonic Netflix TV show that airs in July and a movie that's next December. So those are going to continue to be extremely strong and we'll look at what areas have growth. They have not eroded each other's sales, which is terrific. They are in the video game platform business with a lot of content on the video game platform, plus video content, which is terrific. At the same time, we have other content called Bendys, which is from another game, and Crash Bandit (sic - "Crash Bandicoot"). Those are actually just starting to take off and we'll see how they turn into.

您還可以觀看 7 月播出的 Netflix 電視節目《索尼克》和明年 12 月播出的電影。因此，這些將繼續非常強勁，我們將看看哪些領域有成長。他們沒有侵蝕彼此的銷售額，這非常棒。他們從事視頻遊戲平台業務，視頻遊戲平台上有很多內容，加上視頻內容，非常棒。同時，我們還有其他內容，稱為 Bendys（來自另一款遊戲）和 Crash Bandit（原文如此 - “Crash Bandicoot”）。這些實際上才剛開始起飛，我們將看看它們會變成什麼樣子。

But the real catalyst to build to this area -- as we keep saying, a very strong evergreen platform is by continue it. And you can't get stronger in addition to what we already have without having The Simpsons and that it is across the world. The content is so strong. (inaudible) its 35th year, and it hasn't been in the market the way we brought in, I think, for over a decade.

但建立這一領域的真正催化劑——正如我們一直說的，一個非常強大的常青平台是繼續下去。如果沒有《辛普森家庭》，你就無法在我們已有的基礎上變得更強大，而且它遍布全世界。內容太強大了（聽不清楚）已經是第 35 年了，而且我認為它已經有十多年沒有像我們引入市場的方式了。

So we've been working on this strongly with the Walt Disney Company. And we are -- and the retailers are extremely excited about it, a broad array of retailers, from mass to big box to specialty to the value chain. So we just look at this speed and add it brick-by-brick philosophical initiative for us to build that whole action play environment.

因此，我們一直在與華特迪士尼公司密切合作。我們——零售商對此感到非常興奮，範圍廣泛的零售商，從大眾到大賣場，從專業到價值鏈。因此，我們只需專注於這個速度，然後將其一磚一瓦地添加到我們構建整個動作遊戲環境的哲學倡議中。

And we look at many different IPs that are out there and we waited a long time until we are able to achieve getting The Simpsons, which took our group many years to do. And with that said, we are looking for a strong year next year in that action play environment.

我們考察了許多不同的 IP，並等待了很長時間才獲得《辛普森家庭》，這也是我們團隊花了很多年的時間才完成的。話雖如此，我們希望明年在動作遊戲環境中表現強勁。

Got it. That's really helpful. Thank you, Stephen. And then switching to outdoor. You obviously peaked during COVID; I think everybody peaked during COVID. But this latest relationship heading to 2024 and beyond, it sounds like this is pretty substantial. So how should we think about the impact it could have as we start to look out '24 and beyond? Could we get back to that kind of COVID peak that you guys hit?

知道了。這真的很有幫助。謝謝你，史蒂芬。然後切換到室外。顯然，您在新冠疫情期間達到了頂峰；我認為每個人在新冠疫情期間都達到了頂峰。但這種最新的關係將持續到 2024 年及以後，聽起來這是相當重要的。那麼，當我們開始展望 24 世紀及以後時，我們應該如何考慮它可能產生的影響？我們能回到你們所經歷的那種新冠疫情高峰嗎？

Firstly, yes, that's our goal. We jumped into this for a long time. I've been friends with the Salter family, which are the Founders of the ABG Group. And we've been working for over a year on the right initiatives and platform and IP. They own a breadth and a plethora of different IP. And our relationship together with them is extremely strong.

首先，是的，這就是我們的目標。我們陷入這個問題很長一段時間。我和 Salter 家族是朋友，他們是 ABG 集團的創辦人。我們已經在正確的舉措、平台和智慧財產權方面努力了一年多。他們擁有廣泛且大量不同的知識產權。我們與他們的關係非常牢固。

And we've worked out a various array of different categories that actually will help diversify, call it, our revenue stream to put a little bit more into the first half of the year, especially as having third quarter and fourth quarter being strong because of Halloween and the actual holiday seasons.

我們已經制定了一系列不同的類別，這實際上將有助於我們的收入來源多樣化，稱之為我們的收入來源，以便在今年上半年投入更多資金，特別是因為第三季和第第四季表現強勁，因為萬聖節和實際的假期。

But that being said, the diversification to the buyers that we go to, to the distribution that we've gotten from our main distribution that we go, to the specialty distribution, we've been looking at this in great detail. And we believe we'll get much stronger and even bigger than we were with our original platform and seasonal in the next couple of years.

但話雖這麼說，我們所接觸的買家的多元化，我們從主要分銷中獲得的分銷，以及專業分銷，我們一直在詳細研究這一點。我們相信，在接下來的幾年裡，我們將比原來的平台和季節性變得更強大，甚至更大。

We have worked on this. We finished the deal over the last few days. We're both excited. We're on the road with retailers already. We're in complete development in Asia. Our team has been there. They're back there again this week.

我們已經在這方面開展了工作。我們在過去幾天完成了這筆交易。我們都很興奮。我們已經在與零售商合作。我們在亞洲正在全面發展。我們的團隊去過那裡。他們本週再次回到那裡。

So we just don't know how quick it will get to the market, but we do think it will be somewhat material to us in the segments in which we're in. And Elements is one of the largest brands worldwide for skateboards. And so we have that whole category of skateboards with Quiksilver. We have a beautiful line of roller blades or roller skates with the Juicy Couture brand.

所以我們只是不知道它會以多快的速度進入市場，但我們確實認為這對我們所處的細分市場來說有些重要。Elements 是全球最大的滑板品牌之一。因此，我們擁有 Quiksilver 的整個滑板類別。我們擁有 Juicy Couture 品牌的一系列漂亮的溜冰鞋或溜冰鞋。

We have a broad array of seasonal outdoor products for beach and parks for like football games, soccer games for family and children that aligns with our kids outdoor furniture that just parlays, bringing it from kids to teens, tweens, and adults. So we're really just more diversified into a kids consumer product company and a consumer product company for families. And we're extremely excited about it, ABG is excited about it, and the retailers are excited about it.

我們為海灘和公園提供廣泛的季節性戶外產品，例如適合家庭和兒童的足球比賽、足球比賽，與我們的兒童戶外家具相匹配，適合兒童、青少年和成人。因此，我們實際上只是更加多元化，成為一家兒童消費品公司和一家家庭消費品公司。我們對此感到非常興奮，ABG 對此感到興奮，零售商也對此感到興奮。

Got it. That's super helpful. And then kind of just last question, looking at the international opportunity, you've made real inroads, it looks like, this year and onto your stack in Latin America. You are down, I think, year over year, year to date in Europe.

知道了。這非常有幫助。然後是最後一個問題，著眼於國際機會，看起來今年你們已經在拉丁美洲取得了真正的進展。我認為，今年迄今為止，歐洲的情況逐年下滑。

How should we think about the impact of the efforts there? Is it to help with margins? Is it eventually -- will we see growth in international? What's the goal with the European expansion right now? Because it doesn't seem to be showing up in the income statement quite yet.

我們該如何看待那裡的努力的影響？是為了幫助提高利潤嗎？最終我們會看到國際業務的成長嗎？目前歐洲擴張的目標是什麼？因為它似乎還沒有出現在損益表中。

So this year, as you've seen in our industry, I'd say we've been -- I think we were flat and this year the toy companies have had down years overall. That being said, we would be moving Jack McGrath and a team of people from the US to the international territories, allowing the team to make immediate decisions and not having to come to the, call it, corporate office.

所以今年，正如你在我們行業看到的那樣，我認為我們一直表現平平，今年玩具公司的整體業績下滑了好幾年。話雖這麼說，我們將把傑克·麥格拉思和一個團隊從美國轉移到國際領土，讓團隊能夠立即做出決定，而不必來到公司辦公室。

Jack has worked with me for over 25 years. He's got my complete and the company's support and the Board's support. We just opened up -- I just got back a week ago from Piacenza, Italy, where our new distribution center and offices are at and our new office in France.

傑克與我共事超過 25 年。他得到了我和公司以及董事會的支持。我們剛開業——我一週前剛從義大利皮亞琴察回來，我們的新配送中心和辦事處就在那裡，還有我們在法國的新辦事處。

We will see growth on, I say, hands down just by having him there. But not just that, we also have a broad array of products that are new and that are consistent. We have a whole line of the Princess Style Collection. That's a mature line and growing in North America, but it's only been in Europe for about two years. It took us five years to get that growth.

我說，只要有他在場，我們就能輕鬆看到成長。不僅如此，我們還擁有一系列新穎且一致的產品。我們擁有全系列的公主風格系列。這是一條成熟的產品線，並且在北美不斷發展，但在歐洲只推出了兩年左右。我們花了五年時間才獲得這樣的成長。

We have The Simpsons; we have Authentic Brands. We have the new movie, Wish. We have a plethora of different areas of business from the boys' action. So we will see growth. I'm very confident, adamant about it, and we should see enhanced margins. Because the operational side of things, Jack is very involved with. So we will see growth and I think operational enhancement globally, starting probably the first half of next year, just the second half.

我們有《辛普森家庭》；我們有正宗品牌。我們有新電影《願望》。從男孩們的行動來看，我們有許多不同的業務領域。所以我們會看到成長。我對此非常有信心、堅定，我們應該會看到利潤率的提高。因為對於營運方面的事情，傑克非常投入。因此，我們將看到成長，我認為全球營運的增強可能從明年上半年開始，只是下半年。

Got it. That's very helpful. I think I do have one more question kind of on your on Q4. Listening to some of your competitors that have reported so far, both kind of mentioned that they view Q4 holiday spending returning back to quote, unquote, normal.

知道了。這非常有幫助。我想我在第四季還有一個問題想問你。聽聽一些競爭對手迄今為止的報告，兩人都提到他們認為第四季度的假期支出恢復到正常水平。

And I think that what they really mean is that the spending will mostly happen in November, December. Just curious what your thoughts are on where the consumer is at from a spending pattern perspective this particular holiday.

我認為他們真正的意思是支出大部分發生在 11 月、12 月。只是好奇您對這個特定假期的消費模式角度對消費者的看法有何看法。

I'll talk projection. I'll talk just kind of overall consumer. I think we're parlaying a little bit different of an approach to our larger competitors of -- where call it leaps and bounds of really on-the-ground enhancement of distribution and margin criteria. If you've seen our enhancement of our gross margins were up [400, 600] basis points for the quarter, that's something that we are leaning in to ensure for next year.

我來談談投影。我將談論總體消費者。我認為我們正在利用一種與我們更大的競爭對手略有不同的方法——所謂的真正實地提高分銷和利潤標準的跨越式發展。如果您看到我們本季的毛利率提高了 [400, 600] 個基點，那麼我們將在明年努力確保這一點。

We do see our level of inventory currently on hand. We've been managing it down as you've seen in our financials for the first nine months. And we'll expect even end the year lower than what we were in previous years. That's from us managing the retail inventory levels to ensure that they have just-in-time inventory from our FOB basis to our domestic basis.

我們確實看到了目前的庫存水準。正如您在前九個月的財務數據中看到的那樣，我們一直在進行管理。我們預計今年年底的產量將低於前幾年。這是我們管理零售庫存水準的結果，以確保他們擁有從離岸價到國內的及時庫存。

We are seeing customers coming in. And we are seeing sell-through is strong and we can only speak for ourselves that we think it will have a very nice, strong clean year for everyone else.

我們看到顧客進來。我們看到銷售量很強勁，我們只能為自己說話，我們認為對於其他所有人來說，這將是一個非常美好、強勁的清潔年。

We're not looking for being able to have something that's a home run, a grand slam, which we had again last year with Encanto and something may occur with Wish, Authentic Brands, or the Nintendo streaming. We don't bake those into our numbers, but they may happen.

我們並不希望能夠擁有全壘打、大滿貫，去年我們在 Encanto 上再次獲得了這樣的成績，Wish、Authentic Brands 或任天堂串流媒體也可能會出現這樣的情況。我們不會將這些納入我們的數據中，但它們可能會發生。

We run a very conservative brick-by-brick philosophy of business with ongoing excitement. And I think you could hear in my voice, I'm extremely excited for the things that we're working on. And our business, just with our general methodology, is strong and we believe will grow next year, growing profitability, and growth in revenue.

我們秉持著非常保守的經營理念，始終充滿熱情。我想你可以從我的聲音中聽出，我對我們正在做的事情感到非常興奮。就我們的整體方法而言，我們的業務很強勁，我們相信明年將會成長，獲利能力和收入都會成長。

That we said, we don't know where that will take it, but the consumer for us and our level of business is strong. Overall, the consumers at the medium to low income basis, you're seeing some weakness in their purchasing just general at retail.

我們說過，我們不知道這會帶來什麼結果，但我們的消費者和我們的業務水平都很強大。總體而言，對於中低收入的消費者來說，您會發現他們在零售方面的購買普遍存在一些弱點。

When you speak to the retailers that have groceries, that's their catalyst of getting the consumer in. From that point, the spontaneous purchases or ancillary purchases are becoming less and less. But a lot of our business, I think it's over 70%, is under $40 at retail and a good portion of it is under $20.

當您與擁有雜貨的零售商交談時，這是他們吸引消費者的催化劑。從那時起，自發性購買或輔助購買變得越來越少。但我們的許多業務（我認為超過 70%）的零售價低於 40 美元，其中很大一部分低於 20 美元。

So we're in the right category of business and we're right for the holidays. We have some high-end products. So overall, the mix of what we have is across an array of different, I'll call it, income stream. So we're really happy with how Halloween turned out for us and how retail is turning out for us.

因此，我們的業務類別是正確的，而且我們也適合度假。我們有一些高端產品。總的來說，我們擁有的組合涵蓋了一系列不同的，我稱之為收入流。因此，我們對萬聖節的結果以及零售業的結果感到非常滿意。

Got it. That's super helpful. Thank you, Stephen, and a very solid quarter. Appreciate it.

知道了。這非常有幫助。謝謝你，史蒂芬，還有一個非常充實的季度。欣賞它。

Thank you.

謝謝。

Thanks, Andrew.

謝謝，安德魯。

Thank you. I would now like to hand the call back over to Stephen Berman for closing remarks.

謝謝。我現在想將電話轉回給史蒂芬·伯曼（Stephen Berman）進行總結發言。

Everybody, thank you very much for attending the call today. Again, we are excited for this year, finishing up, and we're extremely excited for 2024 and beyond. With the new Simpsons line, with our ABG line, with the Wish going into streaming in spring, and Nintendo, there's a lot of things at JAKKS that we're excited on. And we look forward to having our call on fourth quarter and year end next year. All the best.

大家好，非常感謝您參加今天的電話會議。再次，我們對今年的結束感到興奮，對 2024 年及以後也感到非常興奮。隨著新的《辛普森家庭》系列、我們的 ABG 系列、《Wish》在春季推出串流媒體，以及任天堂，JAKKS 上有很多讓我們興奮的事情。我們期待在明年第四季和年底召開電話會議。一切順利。

This concludes today's conference call. Thank you for participating. You may now disconnect.

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。