JAKKS Pacific Inc (JAKK) 2023 Q4 法說會逐字稿

Good afternoon, everyone. Welcome to the JAKKS Pacific fourth-quarter and full-year 2023 earnings conference call with management, who will review financial results for the quarter and year ended December 31, 2023. JAKKS issued its earnings press release earlier today. The earnings release and presentation slides for today's call are available in 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 年第四季度和全年收益電話會議，管理層將審查截至 2023 年 12 月 31 日的季度和年度的財務業績。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 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度的概述，以及近期業績和當前業務趨勢的亮點，然後約翰將提供有關 JAKKS Pacific 財務和營運業績的一些補充社論。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 2024, as well as any other forward-looking statements concerning 2024 and beyond, are subject to Safe Harbor protection under Federal Securities laws. These statements reflect the company's best judgment based on current market trends and conditions today and is 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 2024 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陳述2024 年及以後，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 10-Q 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 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 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. As a reminder, this conference is being recorded.

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。提醒一下，本次會議正在錄製中。

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

現在，我想將電話轉給史蒂芬·伯曼。

Good afternoon, and thank you for joining us. It's been four months since our last earnings call and update at the end of Q3, and I'm happy to say that we are very pleased with our performance since then. Perhaps more importantly, we continue to make solid progress in building a better future for our stakeholders, despite the persistent uncertainty around the economy and consumer strength. Here are some high-level headlines of what's new since we last spoke.

下午好，感謝您加入我們。距離我們上次第三季末的財報電話會議和更新已經過去了四個月，我很高興地說，我們對自那時以來的表現感到非常滿意。也許更重要的是，儘管經濟和消費者實力持續存在不確定性，但我們在為利害關係人建立更美好未來方面繼續取得紮實進展。以下是我們上次談話以來的一些重要新聞頭條。

As we expected, Halloween in the US was down versus prior year according to syndicated data. Although our shipping was also down, it was better than the industry and solidified our position of strength as the US market leader. It's with that voice that we continue to engage customers and licensors about opportunities for 2025, while also lining up and delivering orders for this coming season. More on costumes in the second half of today's materials.

正如我們預期的那樣，根據聯合數據，美國的萬聖節假期比去年有所下降。儘管我們的運輸量也有所下降，但優於行業，並鞏固了我們作為美國市場領導者的實力地位。正是憑藉著這種聲音，我們繼續與客戶和授權人互動，了解 2025 年的機遇，同時也為即將到來的季節安排和交付訂單。更多關於服裝的內容請參見今天材料的後半部分。

Christmas did arrive on December 25 as scheduled, but with a return to pre-COVID last-minute shopping patterns. As a FOB-first business, we are less reliant on pushing additional product to customers post-Thanksgiving, and to that end, for this year, roughly in line with our expectations and maybe even a little better.

聖誕節確實如期於 12 月 25 日到來，但又回到了新冠疫情之前的最後一刻購物模式。作為FOB優先的企業，我們不太依賴感恩節後向客戶推送額外的產品，為此，今年的產品大致符合我們的預期，甚至可能更好一些。

Q4 POS at top three US toy consumer product accounts was positive at two of the three despite having difficult revenue comparisons with the prior year. In addition, year-end retail inventories at those same accounts were down high single-digit percentages versus prior year.

儘管收入與上年相比困難重重，但美國前三大玩具消費產品帳戶中的第四季度 POS 在這三個帳戶中的兩個帳戶中表現良好。此外，這些帳戶的年終零售庫存比上年下降了高個位數百分比。

As the press has noted, the Thanksgiving 2023 film release we supported underperformed from a box office perspective and similarly was a challenge at retail. We still think it's a great product line, and we are looking forward to a streaming launch in a few weeks to introduce the film to a broader audience. But realistically, it's unlikely to provide a lot of chase opportunity for us in 2024.

正如媒體所指出的，我們支持的 2023 年感恩節電影從票房角度來看表現不佳，同樣對零售業也是一個挑戰。我們仍然認為這是一個很棒的產品線，我們期待在幾週內推出串流媒體，以將這部電影介紹給更廣泛的觀眾。但實際上，2024年不太可能為我們提供大量追逐機會。

We have deployed our former COO into his new role as President of European Operations as of January, as scheduled. As part of our reenergized focus on our European expansion, we set our largest contingent efforts in the Nuremburg Toy Fair earlier this month, having great meetings with customers from both Europe and around the world. Our balanced evergreen portfolio continues to resonate, and, more importantly, attracts attention.

我們已按計劃從 1 月起將前首席營運長調任為歐洲營運總裁。作為我們重新專注於歐洲擴張的一部分，我們在本月早些時候的紐倫堡玩具展上做出了最大的臨時努力，與來自歐洲和世界各地的客戶進行了精彩的會面。我們平衡的常青產品組合繼續引起共鳴，更重要的是，吸引了人們的注意。

As we increase the size and strength of our European team and footprint, the momentum for growth is building. There's a lot of work to be done and a lot of opportunity to be had. But JAKK and the team are locked in on identifying various opportunities to strengthen our retail expansion that can be acted upon to have immediate benefit to our company.

隨著我們歐洲團隊的規模和實力以及足跡的擴大，成長勢頭正在增強。有很多工作要做，也有很多機會。但 JAKK 和團隊專注於尋找各種機會來加強我們的零售擴張，並採取行動為我們公司帶來直接利益。

To hit some of the financial highlights for the quarter and year, Q4 net sales of $127.4 million were down 3% versus prior year, bringing our full-year total net sales to $711.6 million. The full-year number was down 11% versus prior year, primarily attributable to the massive amount of volume we did in 2022 from a Thanksgiving 2021 film release that was on fire all of last year.

為了體現本季和年度的一些財務亮點，第四季的淨銷售額為 1.274 億美元，比去年同期下降 3%，使我們的全年淨銷售額總額達到 7.116 億美元。全年數字比前一年下降了 11%，這主要是由於去年一整年都火爆的 2021 年感恩節電影上映，我們在 2022 年的票房量龐大。

Although the Super Mario Brothers movie released in Q2 2023 generated a lot of business in 2023, as well as promotional support of our evergreen Nintendo line, it wasn't enough to close that gap, especially given we also benefited from a strong Sonic 2 film in 2022 as well.

儘管2023 年第二季上映的《超級瑪利歐兄弟》電影在2023 年創造了大量業務，並為我們常青的任天堂產品線提供了促銷支持，但這還不足以縮小這一差距，特別是考慮到我們也受惠於強勁的《索尼克2》電影2022 年也是如此。

Better landed product cost and reduced ocean freight helped to contribute to an expansion of full-year gross margin percentage. Q4 in particular increased 480 basis points year over year. This improvement generated a 6% increase in gross-margin dollars in 2023 compared to prior year, despite the sales decline. It's a remarkable achievement. This gross-margin dollar level, $223 million, is the highest the company has achieved since 2015.

更好的到岸產品成本和減少的海運費有助於擴大全年毛利率百分比。尤其是第四季度，年增了 480 個基點。儘管銷售額有所下降，但這一改善使得 2023 年的毛利率比上年增長了 6%。這是一項了不起的成就。2.23 億美元的毛利率水準是該公司自 2015 年以來取得的最高水準。

As much as we all enjoy talking about market share gains when they happen, we enjoy margin dollar gains even more. That strength flowed through SG&A to generate a full-year operating margin of 8.3%, an improvement of 60 basis points over prior year, despite losing top-line scale. Our Q4 adjusted EBITDA was slightly better than prior year, leading to a full-year adjusted EBITDA of $75.7 million, slightly below 2022's $76.4 million, but still a tremendous outcome for us at a performance level we did not anticipate at the beginning of the year.

儘管我們都喜歡談論市場份額的成長，但我們更喜歡利潤率的成長。儘管營收規模有所下降，但這一優勢透過銷售、管理及行政費用（SG&A）產生了 8.3% 的全年營業利潤率，比上年提高了 60 個基點。我們第四季的調整後EBITDA 略好於去年，全年調整後EBITDA 為7,570 萬美元，略低於2022 年的7,640 萬美元，但對我們來說仍然是一個巨大的成果，達到了我們年初沒有預期的業績水準。

Our action play and collectible business was down 9% in the quarter and up 27% on the year, led by Super Mario Brothers movie, Sonic Prime, and our core Nintendo and Sonic product ranges. Our doll, role-play, and dress-up segment finally started to lap the exceptional 2022 and was up 6% in the quarter, but down 25% for the full year. Our outdoor seasonal business also stabilized delivery growth of 4% in the quarter, and slowing to full year, declined to 18%.

我們的動作遊戲和收藏品業務本季下降 9%，年增 27%，其中以《超級瑪利歐兄弟》電影、《索尼克 Prime》以及我們的核心任天堂和索尼克產品系列為主導。我們的玩偶、角色扮演和裝扮細分市場終於開始迎接 2022 年的輝煌，本季成長 6%，但全年下降 25%。我們的戶外季節性業務在本季也穩定了 4% 的交貨成長，而全年則放緩至 18%。

From a geography view, our international business, inclusive of costumes, grew 1% for the full year. It was led by 75% growth in Latin America, which at $32 million full year, up from $13 million in 2021. It's now larger than our business in Canada, which we also had a great year at $27 million, up 2% versus prior year. North America was down 13% with both the toy and consumer product and costume business being down, as I've discussed.

從地理來看，我們的國際業務（包括服裝）全年成長了 1%。其中拉丁美洲成長 75%，全年成長 3,200 萬美元，高於 2021 年的 1,300 萬美元。現在它比我們在加拿大的業務還要大，我們在加拿大的業務也取得了不錯的成績，達到 2700 萬美元，比上一年增長了 2%。正如我所討論的，由於玩具、消費品和服裝業務的下滑，北美市場下降了 13%。

Before handing it off to John, as we wrap up on 2023, I wanted to point out that when COVID struck in 2020, we made some difficult decisions and retrenched the business to ensure our stability, given a precarious financial position at the significance of the unknowns. We made it through 2020 successfully, and from there, we have steadily delivered over the subsequent years, improving our financial health annually.

在2023 年即將結束之際，在將其交給約翰之前，我想指出，當2020 年新冠疫情爆發時，考慮到財務狀況不穩定，我們做出了一些艱難的決定，並縮減了業務以確保我們的穩定。未知數。我們成功度過了 2020 年，並在接下來的幾年裡穩步實現目標，財務狀況逐年改善。

Over the past three years, we averaged $710 million in net sales, $67 million in EBITDA, and $49 million in cash flow from operation, leading us to a place where I can honestly say, our overall business, the quality of our product portfolio, and the caliber of our global team have never been stronger.

在過去的三年裡，我們的平均淨銷售額為 7.1 億美元，EBITDA 為 6,700 萬美元，營運現金流為 4,900 萬美元，我可以誠實地說，我們的整體業務、產品組合的品質、我們的全球團隊的能力也變得前所未有的強大。

I will now pass it over to John for some comments, after which I'll come back and talk more about how we are thinking about 2024. John?

我現在將其轉交給約翰徵求一些意見，之後我會回來更多地討論我們如何看待 2024 年。約翰？

Thank you, Stephen, and happy leap day, everybody. Happy to talk a bit more about another solid quarter and wrapping up another great year.

謝謝你，史蒂芬，祝大家閏日快樂。很高興能更多地談論另一個堅實的季度並結束另一個偉大的一年。

We already talked a lot about sales. So jumping into margins and specifically into our landed product costs, we had 110-basis-point improvement in this area in the quarter, driven by lower landed product costs for the product we import compared to last year and ultimately better ex-factory margins in a more favorable product mix. That brought our full-year cost of goods down to 50.9% of net sales. On a full-year basis, that's 200 to 400 basis points better than these results over the past five years and an unsung accomplishment within our financial results.

我們已經討論了很多關於銷售的問題。因此，在利潤率方面，特別是在我們的到岸產品成本方面，我們在本季度在這一領域取得了110 個基點的改善，這得益於我們進口產品的到岸產品成本與去年相比較低，以及最終在更有利的產品組合。這使我們全年的商品成本下降至淨銷售額的 50.9%。從全年來看，這比過去五年的結果好 200 到 400 個基點，是我們財務表現中的一項默默無聞的成就。

That level of improvement is driven by a combination of initiatives, generating positive returns, designing for margin, working collaboratively with our factory base, and carefully managing own inventory, which ranges from how much do we bring in, when, and at what cost per container. It remains a constant narrative in our organization to try to ensure we can maintain this level of cost of goods efficiency as it's clearly a key driver of our strong results.

這種水準的改進是由一系列舉措推動的，包括產生正回報、設計利潤、與我們的工廠基地合作以及仔細管理自己的庫存，包括我們引進多少、何時以及以多少成本引進。容器。在我們的組織中，努力確保我們能夠維持這種商品效率成本水準仍然是一個不變的說法，因為這顯然是我們強勁業績的關鍵驅動力。

We gave back 60 basis points on the royalty line for the full year. Most of that difference was driven by our running into minimum royalty guarantee issues in some of our international markets. These guarantees are a fact of life in most royalty agreements we will always look to optimize rate versus guarantee level where we can, or sometimes means the effective rate ends up being a bit higher than originally planned.

我們在全年特許權使用費上回饋了 60 個基點。造成這種差異的主要原因是我們在一些國際市場遇到了最低特許權使用費保證問題。這些保證是大多數特許權使用費協議中的事實，我們始終會盡可能優化費率與保證水平，或者有時意味著有效費率最終會比最初計劃的要高一些。

That has been the case with a couple of agreements recently, and it's not anything we are overly concerned about going forward. We would expect this area to be relatively stable as we head into the new year, if not an area where we can scrape back some basis points ideally.

最近達成的幾項協議就是這種情況，我們對此並沒有過度擔心。我們預計，在進入新的一年時，該區域將相對穩定，即使不是我們可以理想地收回一些基點的區域。

Our direct selling costs were up in the quarter and on the full year. Lower volume and inventory levels mean some loss of scale as it relates to our warehousing expense. Increased international sales generate higher outbound freight costs as we're responsible for delivering product directly to customers.

我們的直銷成本在本季和全年均有所上升。較低的銷售量和庫存水準意味著一些規模損失，因為這與我們的倉儲費用有關。國際銷售額的增加會產生更高的出境運費，因為我們負責將產品直接交付給客戶。

In the area of G&A expenses, there are a couple of different dynamics taking place. We are not immune from the broad narrative that most cost areas are increasing more than not over the past couple of years, inclusive of labor. Although that is motivating a persistent review of how and where we're spending, it is nonetheless challenging to keep the cost base flat given how labor-driven it tends to be.

在一般管理費用領域，發生了一些不同的動態。我們不能倖免於這樣一種廣泛的說法，即大多數成本領域在過去幾年中都在增加，其中包括勞動力。儘管這促使我們對支出方式和地點進行持續審查，但考慮到勞動力驅動的程度，保持成本基礎持平仍然具有挑戰性。

But in addition, we are also taking the opportunity to make improvements in areas like technology, cybersecurity, and selectively upgrading the organization for the medium term. These various initiatives, although not revolutionary, are necessary, and in some cases, arguably overdue to sustain the performance levels we've achieved in recent years and ideally unlock new abilities to achieve greater efficiency in the near term. And to be clear, that commentary is independent of how we've talked about building out our European and Latin American footprint to accelerate growth in those markets.

但除此之外，我們也藉此機會在技術、網路安全等領域進行改進，並選擇性地在中期升級組織。這些各種舉措雖然不是革命性的，但卻是必要的，而且在某些情況下，可以說是早該採取的，以維持我們近年來取得的績效水平，並在理想情況下釋放新的能力，以在短期內實現更高的效率。需要明確的是，這一評論與我們如何談論擴大我們在歐洲和拉丁美洲的足跡以加速這些市場的成長無關。

Nonetheless, with dollar cost up across SG&A, we still finished the year with an operating margin of 8.3%, the highest level we've achieved in 15 years. We were down less than $2 million in operating income on over $80 million in fewer sales. We're going to score that as a good outcome as far as we're concerned. From there, we'll highlight that our interest expense dropped to $6.5 million from $11.2 million for the prior year, despite the rising rate environment, thanks to our debt retirement in the first half of the year. We are planning for that expense to reduce further to a nominal amount in 2024.

儘管如此，由於 SG&A 的美元成本上升，我們今年的營業利潤率仍達到 8.3%，這是我們 15 年來取得的最高水準。由於銷售額減少超過 8,000 萬美元，我們的營業收入減少了不到 200 萬美元。就我們而言，我們將認為這是一個好的結果。從那時起，我們將強調，儘管利率環境不斷上升，但由於我們上半年的債務清償，我們的利息支出從上一年的 1,120 萬美元降至 650 萬美元。我們計劃在 2024 年將該費用進一步減少到名目金額。

Moving on to taxes, last year at this time, we had a significant valuation allowance release against deferred tax assets, which required a lot of analysis of our 2019 through 2022 returns. Over the past several months, we've decided to conduct a more rigorous assessment of that analysis, which we are finalizing as part of our Q4 close this year. That further review has identified an increase in net operating losses, or NOLs, that the company will be able to utilize going forward.

轉向稅收，去年這個時候，我們針對遞延稅資產釋放了大量估值備抵，這需要對我們 2019 年至 2022 年的回報進行大量分析。在過去的幾個月裡，我們決定對該分析進行更嚴格的評估，我們將在今年第四季結束時最終確定該評估。進一步的審查發現，公司未來將能夠利用的淨經營虧損（NOL）增加。

Although the change in annual cash tax exposure is somewhat limited, it does generate a $2.6 million pickup on the P&L and lowers our effective tax rate for the year to 15.2% versus the low-20s number that we usually plan to. We have adjusted that one-time pickup out of our adjusted EPS results.

儘管年度現金稅風險的變化有些有限，但它確實使損益表增加了 260 萬美元，並將我們當年的有效稅率降低至 15.2%，而我們通常計劃的稅率為 20% 以下。我們已經從調整後的每股盈餘結果中調整了一次性回升。

Other housekeeping, the change in fair value of our preferred stock liability was an increase of $1.4 million in the quarter. We back that non-cash charge out of our adjusted non-GAAP results. Those are the significant drivers of our EPS and adjusted EPS results. Quoting the adjusted numbers only, our Q4 result was a loss of $1.04 per diluted share compared to a loss of $1.42 per diluted share last year. On a full-year basis, our earnings of $4.62 per diluted share represents an increase over the $4.29 per share we recorded in 2022.

其他管理工作，本季我們優先股負債的公允價值變化增加了 140 萬美元。我們從調整後的非公認會計準則績效中支持這項非現金費用。這些是我們每股盈餘和調整後每股盈餘結果的重要驅動因素。僅引用調整後的數據，我們第四季的業績是稀釋後每股虧損 1.04 美元，而去年稀釋後每股虧損 1.42 美元。全年稀釋後每股收益為 4.62 美元，較 2022 年每股 4.29 美元有所成長。

For adjusted EBITDA, we finished at $75.7 million, a bit below last year's $76.4 million, but nonetheless, a result we're extremely happy with. The last time we had back-to-back years at this level of EBITDA was well over a dozen years ago in the pre-Frozen era.

對於調整後的 EBITDA，我們的最終成績為 7,570 萬美元，略低於去年的 7,640 萬美元，但儘管如此，我們對此結果非常滿意。上一次我們連續幾年達到這樣的 EBITDA 水準還是十多年前的《冰雪奇緣》之前的時代。

Some quick balance sheet highlights. Our cash, cash equivalents, and restricted cash totaled $72.6 million as of 12/31, down from $85.5 million in the prior year. But one needs to consider that we eliminated $67.2 million in long-term debt with cash on hand during the calendar year. As of February 16, the same cash metric totaled $47.5 million as a more current reference point, as we have completed paying Q4 royalties owed and have begun investing in 2024 product.

一些快速的資產負債表亮點。截至 12 月 31 日，我們的現金、現金等價物和限制性現金總計 7,260 萬美元，低於上一年的 8,550 萬美元。但要考慮的是，我們在這一年裡用手頭現金消除了 6,720 萬美元的長期債務。截至 2 月 16 日，同一現金指標總計 4,750 萬美元，作為更當前的參考點，因為我們已經支付了第四季度所欠的特許權使用費，並開始投資 2024 年的產品。

Similar to other players in the space, we deliberately have been working down owned inventory to better align with customer demand and proactively manage working capital. It's also worth noting that we continue to encourage the FOB model as being most beneficial to our customers and ourselves in delivering the right price value for retailers and end consumers. Our FOB sales mix exceeded 70% on a total company basis in 2023, another great result of the team's efforts. Our finished goods inventory finished at $52.6 million, a 35% reduction from last year's $80.6 million.

與該領域的其他參與者類似，我們刻意減少自有庫存，以便更好地滿足客戶需求並主動管理營運資金。另外值得注意的是，我們繼續鼓勵 FOB 模式，因為它在為零售商和最終消費者提供合適的價格價值方面對我們的客戶和我們自己最有利。到 2023 年，我們的 FOB 銷售組合超過了公司整體的 70%，這是團隊努力的另一個偉大成果。我們的成品庫存最終達到 5,260 萬美元，比去年的 8,060 萬美元減少了 35%。

And now, back to Stephen for some more comments about the year end.

現在，回到史蒂芬，請他對年終發表更多評論。

Thank you, John. We're already two months into yet another interesting year in our industry. For the fifth consecutive Q1, we find ourselves wondering about the outlook for the economy and, more specifically, the implications for the average consumer. A new overlay this year is a bit of a new film and TV desert, resulting from the various entertainment industry work stoppages of 2023, along with streaming providers taking a more thrifty view of their investment levels.

謝謝你，約翰。兩個月後，我們這個行業又迎來了另一個有趣的一年。連續第五個季度，我們發現自己想知道經濟前景，更具體地說，想知道對一般消費者的影響。今年的新覆蓋範圍有點像新的電影和電視沙漠，這是由於 2023 年各種娛樂行業停工，以及串流媒體提供商對其投資水平採取更加節儉的態度造成的。

Although that backdrop doesn't make doing solid business easier for anyone this year, we do feel we are better set up for success more than most. Our focus on tried-and-true evergreen play patterns, brands, and category serves us well in times like these. These are the businesses that often flow to the top of the markets' priority list when there's nothing being crowded out by some of the large one-off promotional events or activities.

儘管這種背景並不能讓今年任何人都更容易開展紮實的業務，但我們確實覺得我們比大多數人更有能力取得成功。在這樣的時代，我們對久經考驗的常青遊戲模式、品牌和品類的關注對我們很有幫助。當沒有任何事物被一些大型一次性促銷活動或活動排擠時，這些企業通常會成為市場優先考慮的對象。

The pre-schoolers of today are not studying an entertainment calendar or bemoaning the lack of the July 4 Temple. They're still going to birthday parties or long for shopping trips out to brick-and-mortar retail. And it's on shelf at retail that we continue to offer a strong and wide array of sub $30 price point toys that deliver fun and innovation for the recipient and happiness and satisfaction for the gift giver. With that view, we are once again set up for a solid year.

今天的學齡前兒童不再研究娛樂日曆，也不再哀嘆 7 月 4 日聖殿的缺失。他們仍然會去參加生日聚會，或是渴望去實體零售店購物。在零售貨架上，我們繼續提供各種價格低於 30 美元的強大而廣泛的玩具，為收禮者帶來樂趣和創新，為送禮者帶來幸福和滿足。有了這個觀點，我們再次為堅實的一年做好了準備。

That's not to suggest that we are immune to a larger dynamics. Over the past two springs, we have greatly benefited from high product lines driven by blockbuster April film releases, driving sales tied to the movie, as well as supporting and expanding our year-round business for those brands. Those are difficult numbers to replace. And a business like our costume business is often led by the latest blockbuster films, and the relatively light volume this year tends to lead to a somewhat softer overall business.

這並不是說我們可以免受更大的動態影響。在過去的兩個春天，我們極大地受益於四月份大片上映所推動的高產品線，推動了與電影相關的銷售，並支持和擴大了我們對這些品牌的全年業務。這些都是難以取代的數字。而像我們的服裝業務這樣的業務往往是由最新的大片帶動的，今年成交量相對較少，往往會導致整體業務有些疲軟。

But as I'm often reminding our internal teams, that's just how the world of business works. You must adapt and do the hard work to compensate if your underlining goal is to deliver consistent, predictable results, which is our primary financial objective here at JAKKS. With that foundation, there are a large number of things we're excited about as we head into the new year, although admittedly, many of them are anchored a bit more towards the second half.

但正如我經常提醒我們的內部團隊的那樣，這就是商業世界的運作方式。如果您的主要目標是提供一致、可預測的結果（這是我們 JAKKS 的主要財務目標），那麼您必須適應並付出艱苦的努力來彌補。有了這個基礎，當我們進入新的一年時，有很多事情讓我們感到興奮，儘管不可否認，其中許多事情都更集中在下半年。

From a content perspective, we are delighted to hear the news that Disney plans to release Moana 2 in theaters this holiday season. The film tells us the next chapter in the world of Moana, a successful 2016 film. We chased demand when the original Moana film exceeded commercial expectations, and it has been a consistent seller for us ever since. We will have a new focused line of products inspired by the film on-shelf in Q4.

從內容角度來看，我們很高興聽到迪士尼計劃在今年假期上映《莫阿娜 2》的消息。這部電影為我們講述了 2016 年成功電影《莫阿娜》世界的新篇章。當原版《莫阿娜》電影超出商業預期時，我們就追逐了需求，從那時起，它就一直是我們的暢銷書。我們將在第四季上架受這部電影啟發的新的重點產品系列。

And separately, we are also excited to be enjoying three new pieces of entertainment in the world of Sonic the Hedgehog. First up is Season 3 on Sonic Prime, which released in mid-January on Netflix. Second is the Knuckles Show, which was featured during the Super Bowl and is launching late April on the Paramount+ streaming platform. It is set after the second film, but prior to Sonic the Hedgehog 3, the third film in the Sonic the Hedgehog franchise, which is launching in theaters in December of this year. The team has developed custom product lines for Sonic Prime and the film in addition to refreshes and extensions of our successful core Sonic the Hedgehog toy and costume assortment.

另外，我們也很高興能夠在《刺蝟索尼克》的世界中享受三款新的娛樂內容。首先是 Sonic Prime 第 3 季，該劇於 1 月中旬在 Netflix 上發布。其次是《Knuckles Show》，該節目在超級盃期間播出，將於 4 月底在 Paramount+ 串流平台上推出。它的背景設定在第二部電影之後，但早於《刺猬索尼克 3》，《刺猬索尼克》系列的第三部電影，將於今年 12 月在影院上映。除了更新和擴展我們成功的核心刺猬索尼克玩具和服裝系列之外，該團隊還為 Sonic Prime 和電影開發了定制產品線。

Moving to Disney Princess, we will benefit from two Disney global marketing campaigns this year: Spark of Joy, celebrating the joy Disney brands and stories bring to families all over the world; and Create Your World, a three-year Disney Princess brand campaign launching this fall, celebrating the magical world you would create through the Disney Princess brand and the world of products. JAKKS' toys will be featured throughout that campaign.

說到迪士尼公主，我們將受益於今年迪士尼的兩項全球行銷活動：Spark of Joy，慶祝迪士尼品牌和故事為世界各地的家庭帶來的歡樂； 「創造你的世界」是一項為期三年的迪士尼公主品牌活動，將於今年秋季啟動，慶祝您透過迪士尼公主品牌和產品世界創造的神奇世界。JAKKS 的玩具將在整個活動中亮相。

Since last quarter, we also made great progress sharing our new Simpsons line with retailers around the world. New episodes of Season 35 began to air earlier this month, and Season 36 is projected to debut in September. The hours watched on this property are just incredible. We can't wait for fans to see our range, specifically the figures and dioramas, featuring characters and locations from the show. It's been over 15 years since a Simpsons toy range has been in the market, and we are thrilled to make them available.

自上個季度以來，我們在與世界各地的零售商分享我們的新辛普森一家系列方面也取得了巨大進展。第 35 季的新劇集已於本月初開始播出，第 36 季預計將於 9 月首播。在這處房產上觀看的時間真是令人難以置信。我們迫不及待地想讓粉絲們看到我們的系列產品，特別是人物和立體模型，其中包含劇中的角色和地點。辛普森一家玩具系列上市已有 15 年多了，我們很高興能夠推出這些玩具。

We announced and disclosed last quarter the starting of a worldwide relationship with Authentic Brands Group. ABG is a brand powerhouse with a wide portfolio of IP, which has mass appeal to millennials, Gen Zs, and Gen Y. We have been collaborating on a wide range of products that will slot into our division as well as expand the scope of our offerings.

我們上季宣布並揭露了與 Authentic Brands Group 建立全球合作關係的消息。ABG 是一家擁有廣泛 IP 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。我們一直在合作開發廣泛的產品，這些產品將納入我們的部門並擴大我們的產品範圍。

We've been working on iconic exertment of their properties, names like Element, Quiksilver, Roxy, Juicy Couture, Sports Illustrated, and Prince, just to name a few. We have completed the initial Fall 2024 retail presentations at both mass, such as Target, Walmart, and Amazon, and sporting good channels such as DICK's Sporting Goods, Academy, Dunham's, SCHEELS, as well as specialty international retailers. The brand's global reach was proven during the recent Nuremburg Toy Fair being met with excitement from our international customers.

我們一直在致力於將他們的品牌形象化，例如 Element、Quiksilver、Roxy、Juicy Couture、體育畫報和 Prince，僅舉幾例。我們已經在 Target、沃爾瑪和亞馬遜等大眾通路以及 DICK's Sporting Goods、Academy、Dunham's、SCHEELS 等體育用品通路以及專業國際零售商完成了 2024 年秋季初步零售展示。該品牌的全球影響力在最近的紐倫堡玩具展上得到了證明，並受到了我們國際客戶的興奮。

We are extremely excited to be rolling out our new line of skateboards and roller skates with amazing new designs for Element, Roxy, Quiksilver, and Juicy Couture at specialty and mass retailers, both in-store and online. In 2025, JAKKS will be launching a complete line of outdoor products, including chairs, umbrellas, canopies, beach accessories, inflatable pool floats, sand and splash mats, foldable wagons, and the extensive lines of dolls and doll accessories infused with fashion elements from Roxy, Quiksilver, Forever 21, Prince, and Sports Illustrated.

我們非常高興能夠在專賣店和大眾零售商的店內和網上推出我們的新滑板和溜冰鞋系列，其中包括 Element、Roxy、Quiksilver 和 Juicy Couture 的令人驚嘆的新設計。2025年，JAKKS將推出全系列戶外產品，包括椅子、雨傘、簷篷、沙灘配件、充氣泳池浮球、沙墊和防濺墊、可折疊手推車，以及注入時尚元素的豐富的娃娃和娃娃配件系列. Roxy、Quiksilver、Forever 21、Prince 和體育畫報。

And as we said separately, we think the US Halloween market is still trying to calibrate where consumer demand is post-COVID, with customers dialing their annual buys up and down as a jockey for market share. In addition, many other manufacturers in this space continue to struggle creating additional noise in the market. We do have the rights to several new films this year, inclusive of Sony's Ghostbusters, Frozen Empire, Illumination Entertainment's Despicable Me, NBCUniversal's Wicked, and Kung Fu Panda 4 in addition to our strong evergreen license IP portfolio from Disney Princesses to Lilo and Stitch, Nintendo, Sonic, Pokémon, Halo, Minecraft, just to name several.

正如我們單獨所說，我們認為美國萬聖節市場仍在努力調整新冠疫情後的消費者需求，客戶會上下調整每年的購買量，以爭奪市場份額。此外，該領域的許多其他製造商仍在努力在市場上製造額外的噪音。今年我們確實擁有幾部新電影的版權，包括索尼的《捉鬼敢死隊》、《冰雪奇緣》、照明娛樂公司的《卑鄙的我》、NBCUniversal 的《魔法壞女巫》和《功夫熊貓4》，另外還有我們強大的常青授權IP 組合，從迪士尼公主到星際寶貝，任天堂、索尼克、神奇寶貝、光環、我的世界等等。

We are also continuing to add additional rights where we have US rights as our capabilities outside the US steadily build and build. Nuremberg was a great show for Disguise as we continue to have separate booths to present the product lines. There are a couple of interesting new businesses queuing up for 2025 to which we look forward to telling you about in the quarters to come.

隨著我們在美國以外的能力穩步增強，我們也將繼續在擁有美國權利的地方增加額外的權利。紐倫堡對於 Disguise 來說是一場精彩的展會，因為我們繼續擁有單獨的展位來展示產品線。有一些有趣的新業務正在等待 2025 年的發展，我們期待在未來幾季向您介紹這些業務。

As we always have a lot of different things going on, there is one more important thought I wanted to share. 2024 commences our 30th year in business as Jack Friedman and I founded JAKKS Pacific back in January 1995 29 years ago. Those who have known us over the years during our various ups and downs know that has truly been remarkable journey so far. It was great being back in Nuremberg this year for the first time in a long time and catch up with many long-standing customers and relationships I now consider friends for all the time we have shared in the decades since.

由於我們總是會發生很多不同的事情，因此我想分享一個更重要的想法。 2024 年是我們創業的第 30 個年頭，我和 Jack Friedman 於 29 年前的 1995 年 1 月創立了 JAKKS Pacific。多年來在我們的各種風風雨雨中認識我們的人都知道，到目前為止，這確實是一段非凡的旅程。今年很長一段時間以來第一次回到紐倫堡，並與許多長期客戶和關係保持聯繫，我現在認為我們幾十年來一直是朋友，這真是太棒了。

The past five years have created their own remarkable chapter as we worked through our 2019's restructuring, navigated through peak COVID in 2020, and subsequently, have put up three tremendous years of results across 2021, 2022, and 2023. We are extremely proud of our performance during this time, but are only looking forward towards another year that will inevitably prove challenging, but we feel is still filled with major opportunities.

過去的五年創造了自己的非凡篇章，我們完成了 2019 年的重組，度過了 2020 年的新冠疫情高峰，隨後在 2021 年、2022 年和 2023 年取得了三年的輝煌業績。我們對這段時間的表現感到非常自豪，但只期待新的一年，這將不可避免地充滿挑戰，但我們覺得仍然充滿重大機會。

Thanks again for your support and interest. And with that, we'll take a couple of questions. Operator?

再次感謝您的支持與興趣。接下來，我們將回答幾個問題。操作員？

(Operator Instructions) Andrew Uerkwitz, Jefferies.

（操作員說明）Andrew Uerkwitz，Jefferies。

Hey, thank you, guys, for taking my questions. Stephen, I have a question for you. I really appreciate the color on talking about the movie slate and the impact that could have. Are there specific -- could you talk generally about the impact it has on consumers? Is it lower sales because they're going to the store less? I mean, just kind of thinking through, there are still birthday parties to buy for, there are still holiday to buy for. So I'm just trying to think the impact that it might have directly on JAKKS or any color. Maybe it impacts Halloween. Just trying to get a sense on what the real driver here is, I guess, the consumer when you have a weaker movie slate.

嘿，謝謝你們回答我的問題。史蒂芬，我有一個問題想問你。我真的很欣賞談論電影片的色彩以及可能產生的影響。您能否概括性地談談它對消費者的影響？銷售額下降是因為他們去商店的次數減少了嗎？我的意思是，想一想，還有生日派對需要購買，還有假期需要購買。所以我只是想思考它可能對 JAKKS 或任何顏色產生的直接影響。也許它會影響萬聖節。我想，只是想了解真正的驅動因素是什麼，當你的電影片板較弱時，消費者。

Thank you, Andrew. So we've had this throughout the periods, as JAKKS had been in the industry. What it normally does when you don't have any real hot overall toyrific properties, there could be some great movies, but they may not be in a sense merchandisable as well. But in our world, like a Frozen or Moana or things like that, are toyrific.

謝謝你，安德魯。所以我們在整個時期都經歷過這種情況，就像 JAKKS 在業界所做的那樣。當你沒有任何真正熱門的整體玩具時，它通常會做什麼，可能會有一些很棒的電影，但它們在某種意義上可能也無法商品化。但在我們的世界裡，像是《冰雪奇緣》或《莫阿娜》之類的東西，都是玩具。

So what that does is it just -- the excitement of the consumer of driving them into the retail and going to buy something that's hot isn't there. And when they come in, they're buying something hot, they usually always acquire additional products on an impulse basis. So by not having such a real hot theatrical or even TV initiatives this year, it's really back to the basics, which is the positive for us. That's our core concept of JAKKS. It's evergreen, basic, brick-by-brick business. And if something hot comes along, we run and chase it, but we never bet on it to ensure our year.

所以這只是——消費者進入零售店併購買熱門商品的興奮感並不存在。當他們進來時，他們會買一些熱門的東西，他們通常總是衝動地購買額外的產品。因此，今年沒有如此熱門的戲劇甚至電視節目，這真的回到了基礎，這對我們來說是積極的。這就是我們 JAKKS 的核心理念。這是一項常青的、基本的、一磚一瓦的業務。如果有什麼熱門的事情出現，我們就會奔跑並追逐它，但我們從不賭它來確保我們的這一年。

So for example, we have -- today, we just finished up an amazing meeting with one of the large retailers in the sporting world with our new authentic initiatives that we're going to be launching in 2024 that we didn't expect until next year to launch some of these things. In addition, we have a movie that we're really excited about because we've had great track records with it in the past. It's the new Moana movie, which is coming out.

舉例來說，今天，我們剛結束了與體育界大型零售商之一的精彩會議，我們將在 2024 年推出新的正宗舉措，這是我們沒想到的，直到明年今年推出其中一些東西。此外，我們還有一部電影讓我們非常興奮，因為我們過去在這部電影方面取得了良好的記錄。這是即將上映的新莫阿娜電影。

So there are some excitements, as well as the Sonic excitement, but those things are happening later in the year. And there's really not any major, call it, consumer-selling product movies that are happening for the first half or even in the first three quarters of the year. So you got to think of core evergreen businesses that really do well. So our basic tents, ball pits, ride-ons, Nintendo, Sonic, the Simpson line, which is new.

所以有一些令人興奮的事情，以及索尼克的興奮，但這些事情將在今年晚些時候發生。事實上，今年上半年甚至前三個季度都沒有發生任何重大的、可以稱之為消費者銷售產品的電影。因此，你必須考慮真正表現出色的核心常青業務。所以我們的基本帳篷、球坑、騎乘玩具、任天堂、索尼克、辛普森系列都是新的。

Simpsons, has been around 30-something -- I forgot how many years, it's over 35 years. It's the first time there's product coming out in 15 years of The Simpsons. So even though it's not a new launch of a brand-new, call it, IP, it's a strong IP that's evergreen. So where we stand, we're very solid, but there's just nothing great that's coming out that is going to push the industry into these high levels of excitement.

辛普森一家，已經30多歲了──我忘了多少年了，已經35年多了。這是辛普森一家 15 年來首次推出產品。因此，儘管它不是全新推出的IP，但它是一個常青的強大IP。因此，我們的立場非常穩固，但沒有任何偉大的成果能夠推動產業進入如此高度的興奮狀態。

Got it. No, that's super helpful. That's really helpful. And speaking of the back half of the year, aside from the Sonic and Simpsons. So your outdoor initiatives, will we see some of that as well, or because it's outdoor that's more of a '25 initiative? Just trying to frame some of these new license deals.

知道了。不，這非常有幫助。這真的很有幫助。說到今年下半年，除了索尼克和辛普森一家之外。那麼你們的戶外活動，我們也會看到其中的一些嗎？或者因為它是戶外的，所以更像是「25 年」的活動？只是試圖制定一些新的許可協議。

So the ABG seasonal, I'll use that because we have other seasonal properties that are really kid-focused, the PAW Patrol, the ball pits, and tents, and ride-ons. But the ABG, as I just mentioned, we had -- our team has flown back from a major sporting goods retailer and they have full commitments, a broad array of commitments on the skateboard, roller skates, and the Element safety equipment. And we have been on the road since Nuremberg, and the team has been on the road of marketing retail roadshow. So we expect to have the skateboards and seasonal business that I just mentioned in fourth quarter or third quarter launching.

所以我會使用 ABG 季節性項目，因為我們還有其他真正以兒童為中心的季節性項目，例如狗狗巡邏隊、球坑、帳篷和騎乘設施。但是，正如我剛才提到的，我們的 ABG 團隊已經從一家大型體育用品零售商飛回來，他們對滑板、輪滑鞋和 Element 安全設備做出了全面的承諾。而我們從紐倫堡就一直在路上，團隊就一直走在行銷零售路演的路上。因此，我們期望在第四季或第三季推出我剛才提到的滑板和季節性業務。

And then spring, which launches in December, January, February, March, that's when we expect all the tents, the carriages, the chairs, the Quiksilver, and Roxy, all to come out, which will be for summer '25. But the skateboards or roller skates, they're getting some really good grasp at retail. We expect that to happen at fall this year.

然後是春季，在 12 月、1 月、2 月、3 月推出，那時我們預計所有帳篷、馬車、椅子、Quiksilver 和 Roxy 都會推出，這將是 25 年夏季的產品。但滑板或溜冰鞋，他們在零售方面確實掌握了一些。我們預計這將在今年秋季發生。

But on the other parts, we still have, like, Sonic Prime, Netflix, which came out in January; Knuckles, which comes out; Paramount+ at April; Sonic 3, the movie, in December; The Simpsons; Moana. We have a big global marketing campaign with Disney, with Spark of Joy and Create Your World, the Sky. There's Afro Unicorn. We have Nintendo and Kirby, Bendy and the Ink Machine, Dungeons and Dragon Tale. There's a lot of content and IP that we've launched, but there's just something that is a tentpole movie, excluding Sonic and the Moana 2.

但在其他方面，我們仍然有，例如 Sonic Prime、Netflix，一月就推出了；指關節，出來了；四月派拉蒙+；電影《索尼克 3》，12 月；辛普森一家；莫阿娜。我們與迪士尼合作了一場大型全球行銷活動，包括《歡樂火花》和《創造你的世界，天空》。有非洲獨角獸。我們有《任天堂》和《星之卡比》、《班迪與墨水機器》、《龍與地下城》。我們推出了許多內容和 IP，但只有一些是熱門電影，不包括《索尼克與莫阿娜 2》。

Got it. That's super helpful. I appreciate all that color, and good job getting some of those new initiatives out sooner or later.

知道了。這非常有幫助。我很欣賞這些顏色，也很高興遲早能推出一些新舉措。

Thank you. That was a big goal for us.

謝謝。這對我們來說是一個很大的目標。

Yeah. No, I think that's great. And then how should we frame the international opportunity? I know there's just overall global weakness, but I would think with some of the international initiatives, you guys might actually be up year over year on an international geography basis. One, is that right? Is that the right way to think about it? Or how should we kind of frame the international opportunity?

是的。不，我認為那太好了。那我們該如何把握國際機會呢？我知道全球總體疲軟，但我認為透過一些國際舉措，你們實際上可能在國際地理基礎上逐年上升。一、是嗎？這是正確的思考方式嗎？或者說我們應該如何建構國際機會？

Yeah. So we've been out there, and I'm going after again shortly next couple of weeks. The big initiative is we opened up our new distribution center in Piacenza, Italy and our new offices in France and a new distribution center in Belgium, which is going to help getting to all the ancillary territories that are hard to get to. But remember, we're primarily an FOB-basis business. That being said, if you saw how much our Latin America growth has increased, we were up for vendor of the year at Walmart, Mexico. I think Whirlpool won above us.

是的。所以我們已經在那裡了，我將在接下來的幾週內再次去那裡。我們最大的舉措是在義大利皮亞琴察開設了新的配送中心，在法國開設了新辦事處，在比利時開設了新的配送中心，這將有助於到達所有難以到達的輔助地區。但請記住，我們主要是一家基於離岸價的企業。話雖這麼說，如果您看到我們拉丁美洲的成長有多大，我們就有望成為墨西哥沃爾瑪的年度供應商。我認為惠而浦贏了我們。

So the big initiative is our expansion and the way that you articulated of seeing growth internationally. We do expect some tremendous growth in certain areas and some of moderate, but it's too early for us to say right now as we stand where that growth will be. But we do see strong momentum. We're coming from a lower base as well, which is easier for us to achieve growth.

因此，最大的舉措是我們的擴張以及您所闡述的國際成長方式。我們確實預期某些領域會出現巨大的成長，而有些領域則會出現溫和的成長，但現在判斷成長的具體情況還為時過早。但我們確實看到了強勁的勢頭。我們的基礎也較低，這對我們來說更容易成長。

There's a lot of new initiatives that we have that work worldwide, from the ABG releases that we have, to Simpson that's worldwide, Moana 2. So there's a lot of things that we didn't know November, December that we know today that should help us. And then our basic evergreen business and new licenses with the Sky should help us with the direct-to-retail approach. So we're looking forward to seeing it, but we'll know more once we get all these, call it, toy fairs and meetings completed.

我們有許多在全球實施的新舉措，從我們發布的 ABG 到全球範圍內的《辛普森家庭》和《莫阿娜 2》。所以，有很多我們在 11 月、12 月不知道的事情，今天知道了，應該對我們有幫助。然後，我們基本的常青業務和天空的新許可證應該有助於我們採用直接零售方法。所以我們很期待看到它，但一旦我們完成所有這些，稱之為玩具展和會議，我們就會知道更多。

Got it. That's helpful. And then I guess one question for John on the cost side. Because you're FOB, should we worry at all about the rising cost of shipping at all? Or how should we think about the pushes and pulls there as we get through the year?

知道了。這很有幫助。然後我想問約翰一個關於成本的問題。因為你們是離岸價，我們該擔心運輸成本上漲嗎？或者說，當我們度過這一年時，我們該如何看待那裡的推力和拉力？

I think we're always going to be, like, mindful of things that could go a bit sideways. But to your point, given our heavy focus on FOB, it's not really a top-five concern for us, I would say, at the moment. The issues, as it relates to Europe, are more problematic. And the more shipping gets disrupted to Europe, if you think about it, that just means more time the ships are on the water, taking a longer time to get some place, and therefore, like, draining capacity out of the system, even if what we are focused mostly on is the Asia to LA route.

我認為我們總是會留意那些可能會出現偏差的事情。但就你的觀點而言，考慮到我們對離岸價的高度關注，我想說，目前這並不是我們最關心的五個問題。這些問題與歐洲相關，問題更為嚴重。如果你想一想，前往歐洲的航運中斷越多，這只意味著船隻在水面上停留的時間越長，需要更長的時間才能到達某個地方，因此，就像耗盡系統的容量一樣，即使我們主要關注的是亞洲至洛杉磯航線。

So we're continuing to keep an eye on it and monitor it. Obviously, we worked down our inventory a lot as lot of people did towards the end of the year, which means bringing in more product this year is something that we're going to have to do, at least in order to be able to deliver some of the sales that we want. But I don't think it's a -- like I said, it's probably not a top concern at the moment.

因此，我們將繼續關注並監控它。顯然，我們像許多人在年底時所做的那樣，大量減少了庫存，這意味著今年我們必須引入更多產品，至少是為了能夠交付我們想要的一些銷售。但我認為這不是——就像我說的那樣，這可能不是目前最關心的問題。

Got it. Okay. And then I guess last question then is that it looked like '23 was kind of a big discounting year for a lot of your competitors. How are you thinking about discounts in 2024? It feels like inventories are finally normalized, but even last fall, they were normalized and we still saw some discounting.

知道了。好的。我想最後一個問題是，對於許多競爭對手來說，23 年似乎是個大折扣年。您如何看待 2024 年的折扣？感覺庫存終於正常化了，但即使去年秋天，庫存也已經正常化了，我們仍然看到了一些折扣。

Just curious what you're thinking about discounts and where the right price points are going to be this year. I know you guys tend to be on that sweet spot of below $30, but just curious how you see '24 playing out on a price point basis.

只是好奇您對折扣的看法以及今年合適的價格點在哪裡。我知道你們往往會選擇低於 30 美元的最佳價格，但只是好奇你們如何看待 24 年在價格點上的表現。

So on the inventory level, I think everyone -- it seems that majority of the people in our industry have gotten cleaned up with inventory. But speaking specifically on JAKKS, we are pretty clean on inventory. We always have a little bit of obsolete throughout the years. And as John just mentioned, we've got pretty low on inventory. So we want to refresh it with all good product, which is a great place to stand.

因此，在庫存水平上，我認為每個人——似乎我們行業的大多數人都已經清理了庫存。但具體來說 JAKKS，我們的庫存非常乾淨。這些年來我們總是有一點過時的東西。正如約翰剛才提到的，我們的庫存非常低。所以我們想用所有好的產品來刷新它，這是一個很好的立足點。

But that being said, the majority, as you mentioned, our sweet spot is under $30, and even during the holidays, I think it's over 85% of our products are under $50. So that really is a sweet spot for it. The difference of the consumer being slightly getting weaker are very much unknown. We've had, for the last six years, a complete structure of doing three-part development, which is mass, specialty, and then value. So we are really ancillary in all the different distribution channels that we're heading into. So we hit the consumers where they stand financially.

但話雖這麼說，正如您所提到的，我們的最佳價格在 30 美元以下，即使在假期期間，我認為我們 85% 以上的產品價格都在 50 美元以下。所以這確實是一個最佳選擇。消費者稍微變弱的差異是非常未知的。在過去的六年裡，我們已經建立了一個由三個部分開發的完整結構，即大眾、專業和價值。因此，我們確實在我們即將進入的所有不同分銷管道中發揮著輔助作用。因此，我們針對消費者的經濟狀況進行了打擊。

In addition to that, the evergreen areas of our business are just very steady Eddie in what we do. So we're not concerned with the inventory in that part. But I do believe when you close that inventory, you do hit margins somewhat. So I think that is still part of everyone's business. But for us, it's a minimal part of our business.

除此之外，我們業務的常青領域在我們所做的事情上非常穩定。所以我們不關心那部分的庫存。但我確實相信，當你關閉該庫存時，你的利潤率確實會下降。所以我認為這仍然是每個人事務的一部分。但對我們來說，這只是我們業務的一小部分。

Got it. Very helpful, gentlemen, and appreciate you taking my questions.

知道了。先生們，非常有幫助，感謝您回答我的問題。

Thanks, Andrew.

謝謝，安德魯。

Thank you. I'd now like to hand the conference back over to Stephen Berman for closing remarks.

謝謝。現在我想將會議交還給史蒂芬‧伯曼（Stephen Berman）致閉幕詞。

Great to have the first call of the year now. And excited to talk about this year going into first quarter and above that we're excited for JAKKS. We're excited for this year. We're excited for '25, and looking forward to giving an update after first quarter. Thank you, everybody.

很高興現在接到今年的第一通電話。很高興談論今年第一季及以上，我們對 JAKKS 感到興奮。我們對今年感到興奮。我們對 25 年感到興奮，並期待在第一季後提供更新。謝謝大家。

This concludes today's conference call. Thank you for your participation. 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。