JAKKS Pacific Inc (JAKK) 2024 Q2 法說會逐字稿

Good afternoon, everyone. Welcome to the JAKKS Pacific second-quarter 2024 earnings conference call with management, who will review the financial results for the first quarter ended June 30, 2024. 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 2024 年第二季度收益電話會議，管理層將審查截至 2024 年 6 月 30 日的第一季的財務業績。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. Stephen will first provide an overview of the quarter, along with highlights of product lines 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 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 protections under the federal securities laws. 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 the 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 年及以後的相關交易均受到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的預測有重大差異。

For details concerning these and other such risks and uncertainties, you should consult JAKKS's 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'd like to turn the call over to Mr. Stephen Berman.

說到這裡，我想把電話轉給史蒂芬‧伯曼先生。

Good afternoon and thank you for joining our call today. We are happy to share our current results after another constructive quarter. We continue to proactively engage retailers and licensors about new ideas to grow our mutual businesses and we continue to work internally, revisiting and refining the way we do business to ensure we are maximizing margins and sales as the increasing complexity of our global business mix.

下午好，感謝您今天加入我們的電話會議。在又一個建設性的季度之後，我們很高興分享我們目前的業績。我們繼續積極與零售商和授權商交流新想法，以發展我們共同的業務，我們繼續在內部工作，重新審視和完善我們的業務方式，以確保隨著我們的全球業務組合日益複雜，我們能夠實現利潤和銷售額的最大化。

I feel confident that we are doing all the correct things today and looking toward the future that will both help us achieve our plans for this year as well as we generate long-term value as we look ahead to 2025 and even 2026. Our business performed in line with our expectations for the quarter. And although consumer outlook remains a bit unpredictable, we are increasingly confident we will achieve our objectives for the year.

我相信，我們今天正在做的所有事情都是正確的，並展望未來，這將有助於我們實現今年的計劃，並在展望 2025 年甚至 2026 年時創造長期價值。我們的業務表現符合我們對本季的預期。儘管消費者前景仍然有點難以預測，但我們越來越有信心實現今年的目標。

As I touch upon later in the call, we have a number of exciting initiatives launching this fall. As we look at the second half of 2024, this gives us confidence that 2025 has a lot of potentially positive narratives in its earliest stages. As such, we are diligently planning for that and seeding new opportunities.

正如我稍後在電話會議中提到的，我們今年秋天推出了許多令人興奮的舉措。當我們展望 2024 年下半年時，這讓我們相信 2025 年在其最初階段就有很多潛在的正面因素。因此，我們正在為此努力規劃並播種新的機會。

Our total business generated $148.6 million in the second quarter, down 11% from this time last year. That sales level is significantly higher than the $112.4 million we shipped in second quarter of 2021, which is the last year we had a similar content-light first half. So although our sales are down, we are not concerned that it's somehow a negative reflection on the health of our core and evergreen businesses.

第二季我們的總業務收入為 1.486 億美元，比去年同期下降 11%。這一銷售額水準顯著高於我們 2021 年第二季的 1.124 億美元出貨量，去年我們上半年的內容較少。因此，儘管我們的銷售額下降了，但我們並不擔心這會對我們核心業務和常青業務的健康狀況產生負面影響。

The doll and role play division delivered $63.6 million in net sales, up 6.6% from $59.7 million, despite comparing against the Disney Little Mermaid release timing last year. The action play and collectible business generated $36.6 billion, down 30.5% from $52.6 million last year, which was a very difficult comparison with the Super Mario Brothers movie.

儘管與去年迪士尼小美人魚的發行時間相比，玩偶和角色扮演部門的淨銷售額為 6,360 萬美元，比 5,970 萬美元增長了 6.6%。動作遊戲和收藏品業務創造了 366 億美元，比去年的 5,260 萬美元下降了 30.5%，這與《超級瑪利歐兄弟》電影相比非常困難。

Our outdoor and seasonal business continued light, delivering $4.4 million versus $5.7 million last year, but we are starting to see some bright spots with new listings and solid sell-throughs at relevant account. Our disguise costume business generated $44 million in net sales, down from $49 million last year. As you said on the last call, we expect this business to be slightly softer than last year globally.

我們的戶外和季節性業務持續清淡，銷售額為 440 萬美元，而去年為 570 萬美元，但我們開始看到一些亮點，包括新上市的產品和相關客戶的穩定銷售。我們的偽裝服裝業務淨銷售額為 4,400 萬美元，低於去年的 4,900 萬美元。正如您在上次電話會議中所說，我們預計全球業務將比去年略有疲軟。

Retailers are still trying to calibrate their order levels on a full-year basis, post COVID. With $51.2 million sold year to date, we are still tracking significantly higher than 2021 when our year to date number was $34.8 million.

新冠疫情過後，零售商仍在努力調整全年訂單水準。年初至今的銷售額為 5,120 萬美元，我們的銷售額仍顯著高於 2021 年的銷售額，當時我們的銷售額為 3,480 萬美元。

Reviewing the business from a market perspective, our North American business has led the way shipping $132.1 million in the quarter, a decline of 7.6%. International has been more of a drag. Although also impacted by content comp, some logistic issues in Asia resulted in some sales slipping out of the quarter. As a result, we saw international drop to $16.5 million in the quarter, down 31.1% versus prior year.

從市場角度審視業務，我們的北美業務本季出貨量領先，出貨量為 1.321 億美元，下降了 7.6%。國際化的拖累更大。儘管也受到內容競爭的影響，但亞洲的一些物流問題導致本季的部分銷售下滑。因此，本季國際業務下降至 1,650 萬美元，比去年同期下降 31.1%。

Our toy and consumer products POS comparisons are ever-changing given the impact of content-driven product last year and this year. Putting those titles aside, some our product lines outperformed last year and some are a bit softer.

考慮到去年和今年內容驅動型產品的影響，我們的玩具和消費品 POS 比較不斷變化。拋開這些頭銜不談，我們的一些產品線表現優於去年，而另一些則稍微疲軟。

Overall, we would say our business was tracking down a low-single-digit percentage at retail. Consistent with what you've heard from other sources, we agree that there hasn't been a tremendous amount of excitement in this space for the first half of the year and in-store results have tracked similarly. We are not seeing any trends in this area, however, that give us any reason for any concern as we move into the second half and the majority of the new product introductions queue up for the launch during the second half of this year.

總的來說，我們可以說我們的零售業務正在追蹤低個位數的百分比。與您從其他來源聽到的情況一致，我們同意今年上半年這個領域並沒有出現太多令人興奮的情況，而且店內業績也有類似的情況。然而，我們沒有看到這一領域的任何趨勢，這讓我們有任何理由擔心，因為我們進入了下半年，而且大多數新產品的推出都在排隊等候在今年下半年推出。

On a final note before I pass it over to John, we were excited to learn this month that we were named the 2023 Hard Goods Vendor of the Year by Target. As you know, we have a great long-standing relationship with Target who supported broad and deep assortment of product lines. We are extremely proud to receive this recognition that stretches beyond the toy aisle the entire hard goods sector at Target. Congratulations to our team and particularly the people we have based in Minneapolis who partnered with Target daily to maximize our business together.

最後一點，在我將其傳遞給 John 之前，我們很高興本月得知我們被 Target 評為 2023 年度耐用品供應商。如您所知，我們與塔吉特 (Target) 有著良好的長期合作關係，塔吉特 (Target) 支援廣泛而深入的產品線分類。我們非常自豪能夠獲得這種認可，這種認可不僅限於玩具領域，還延伸到塔吉特的整個耐用品領域。恭喜我們的團隊，特別是明尼阿波利斯的員工，他們每天與 Target 合作，共同實現業務最大化。

Now over to John for some comments and after I will come back and talk more about where we are focusing in the second half and beyond. John?

現在請約翰發表一些評論，之後我將回來更多地討論我們下半年及以後的重點。約翰？

Thank you, Stephen, and hi, everybody.

謝謝你，史蒂芬，大家好。

Q2 was a pleasantly uneventful quarter, when it comes to talking about results, even if there's been a lot of activity happening behind the scenes. Stephen said top- and bottom-line results were in line with our expectations, and we seem to be on track for another very productive year. We have a wide range of new product introductions coming to market over the next six months, and we're excited for consumers to engage with them.

就業成績而言，第二季度是一個平安無事的季度，儘管幕後發生了許多活動。史蒂芬表示，頂線和底線結果符合我們的預期，我們似乎有望迎來另一個富有成效的一年。我們將在接下來的六個月內推出一系列新產品，我們很高興消費者能夠參與其中。

As we've covered sales extensively, our move into margin gross margin was up 130 basis points in the quarter, primarily due to lower royalty expense. The reduction is essentially driven by the mix of products sold in the quarter, the contributions of the various IP and then also some impact of selling method.

由於我們廣泛涵蓋了銷售情況，本季我們的毛利率提高了 130 個基點，這主要是由於特許權使用費降低。減少的主要原因是本季銷售的產品組合、各種智慧財產權的貢獻以及銷售方法的一些影響。

With gross margin at 32.0%, that's as good of a Q2 we've posted since 2012. It's challenging to improve margins when sales are down. So we're happy with that result.

毛利率為 32.0%，與 2012 年以來第二季的毛利率持平。當銷售額下降時，提高利潤率具有挑戰性。所以我們對這個結果很滿意。

Moving down the P&L, there's not a lot of updated news from last quarter. Lower sales do not help scale fixed costs and we are investing against the back half of the year and 2025 a bit more than we were at this time last year. We would like to see our first half level of margin erosion decrease in the latter half of the year. But we will also not try to optimize against this specific metric if we think an expenditure is the right thing to do.

從損益表來看，上季沒有太多更新的消息。較低的銷售額無助於擴大固定成本，我們對今年下半年和 2025 年的投資比去年同期要多一些。我們希望看到上半年的利潤侵蝕水準在下半年有所下降。但如果我們認為支出是正確的做法，我們也不會嘗試針對這個特定指標進行最佳化。

As we have said before, we plan the business considering full-year revenues and related full-year expenditures as opposed to trying to optimize for a quarterly outcome while also managing the current year's transactions and deploying resources to enable business in the two subsequent calendar years. Seasonality is a fact for us, which is why we value resilience and predictability of results and avoid trying to over obsess about the short term.

正如我們之前所說，我們在規劃業務時會考慮全年收入和相關全年支出，而不是試圖優化季度業績，同時管理當年的交易並部署資源以支持隨後兩個日曆年的業務。季節性對我們來說是一個事實，這就是為什麼我們重視結果的彈性和可預測性，並避免過度關注短期。

With all those protestations aside, Q2 operating margin of 5.1% and adjusted EBITDA margin of 8.3% are still strong results for us. We continue to increase our internal communications around sales expectations and inventory management to improve productivity in that area. Our Q2 total inventory level of $51 million is the lowest it has been at this time of the year since 2010.

撇開所有這些抗議，第二季 5.1% 的營業利潤率和 8.3% 的調整後 EBITDA 利潤率對我們來說仍然是強勁的業績。我們持續加強圍繞銷售預期和庫存管理的內部溝通，以提高該領域的生產力。我們第二季的總庫存水準為 5,100 萬美元，是自 2010 年以來的最低水準。

Customers continue to embrace the direct import FOB business model which among other positive attributes is working capital-friendly to us. Timing of sales and pace of collections leaves us exiting the quarter with a bit more accounts receivable and a bit less cash than usual, but this is in line with our internal planning.

客戶繼續接受直接進口離岸價業務模式，該模式的其他積極因素之一是對我們來說營運資金友善。銷售時間和收款速度使我們在本季結束時的應收帳款比平常多一點，現金少一點，但這符合我們的內部計劃。

We have drawn $5 million on our ABL as of quarter close, a number that we have increased to $26 million as of this week, but we anticipate that balance to be mostly, if not entirely repaid by the end of Q3 as collections accelerate.

截至季末，我們已從ABL 中提取了500 萬美元，截至本週，我們已將這一數字增加至2,600 萬美元，但我們預計，隨著收款加速，餘額將在第三季末償還大部分（如果不是全部）。

This seems like an ideal place to point out that year over year, our interest expense at the total company level is $399,000 year to date versus $4.3 million in the first half of 2023.

這似乎是一個理想的地方來指出，年初至今，我們整個公司的利息支出為 399,000 美元，而 2023 年上半年為 430 萬美元。

To wrap up, adjusted EBITDA for the quarter was $12.3 million or 8.3% of net sales, bringing our 12-month trailing number to $51.2 million or 7.6% of net sales. Adjusted EPS was $0.65 per diluted share, down from $1.26 last year.

總而言之，本季調整後 EBITDA 為 1,230 萬美元，佔淨銷售額的 8.3%，使我們 12 個月的追蹤數字達到 5,120 萬美元，佔淨銷售額的 7.6%。調整後每股攤薄每股收益為 0.65 美元，低於去年的 1.26 美元。

And now, back to Stephen.

現在，回到史蒂芬。

Thank you, John.

謝謝你，約翰。

As we highlighted last quarter, certainly the two biggest pieces of new news for us in the second half will be supporting the theatrical releases of Disney's Moana 2 in late November and Sega's Sonic the Hedgehog 3 in December. We have a broad retail support for both properties in the US and internationally and look forward to great audience reaction to both the films and our complementary product lines.

正如我們上季度強調的那樣，下半年對我們來說最大的兩條新消息肯定是支持 11 月底迪士尼的《莫阿娜 2》和 12 月世嘉的《刺猬索尼克 3》的院線上映。我們為美國和國際上的電影提供廣泛的零售支持，並期待觀眾對電影和我們的補充產品線產生巨大反響。

This will also bode extremely well going into 2025 as the movie should continue and then we should get a boost from the streaming launch based on our past experiences. As I mentioned earlier, we have several additional product launches this fall, almost all of which represent very specific initiatives that with success can layer into our brick-by-brick product assortment by extension and add a resilience to our evergreen business for the long term.

這對 2025 年來說也是一個非常好的兆頭，因為這部電影應該會繼續上映，然後根據我們過去的經驗，我們應該會從串流媒體的推出中得到推動。正如我之前提到的，我們今年秋天推出了幾款額外的產品，幾乎所有這些產品都代表了非常具體的舉措，如果成功，這些舉措可以透過擴展逐步融入到我們的產品分類中，並為我們的長期業務增加彈性。

Starting with The Simpsons, our product line will begin to appear on shelves this quarter at the largest US accounts as well as some internationally. Our core toy line includes plush, multiple scales of figures, and a diorama set of the iconic living room with notable features from the show. We also have a variety of collectibles, including premium figures, shelf talkers for Bart and Homer, a Moe's Prank phone, and a large-scale Talking Krusty Doll that received an incredible amount of presale interest.

從《辛普森家庭》開始，我們的產品線將於本季開始出現在美國最大的客戶以及一些國際客戶的貨架上。我們的核心玩具系列包括毛絨、多種比例的人物，以及具有劇中顯著特徵的標誌性客廳立體模型。我們還有各種收藏品，包括優質玩偶、巴特和霍默的架子上的說話者、莫伊的惡作劇手機，以及收到大量預售興趣的大型會說話的 Krusty 娃娃。

With a couple of exclusive figures coming to Walmart later this year, our Simpsons toys represent a wide range of offerings to please fans of all ages and is a great launch to this new business this year. We also continue to move more aggressively forward with our new authentic brands businesses.

今年晚些時候，沃爾瑪將推出一些獨家玩偶，我們的辛普森一家玩具代表了一系列廣泛的產品，可以滿足各個年齡段粉絲的需求，也是今年這項新業務的一個偉大啟動。我們也將繼續更積極地推進我們的新正宗品牌業務。

This quarter, you will be able to find our Element, Quiksilver, and Roxy skateboards at Academy Sports. We have a range of 15 different boards planned to be on shelf with what we hope will be just the start of the business as we expand our product and customer base footprint in 2025. The big initiative of the broad launch of the ABG line of products really comes into effect in spring 2025 with inflatables, skateboards, in-line skates, beach and park chairs, umbrellas and carriers, just to name a few of the items in a wide category range of products.

本季度，您將能夠在 Academy Sports 找到我們的 Element、Quiksilver 和 Roxy 滑板。我們計劃上架一系列 15 種不同的主機板，我們希望這只是業務的開始，因為我們將在 2025 年擴大我們的產品和客戶群覆蓋範圍。廣泛推出 ABG 系列產品的重大舉措將於 2025 年春季真正生效，其中包括充氣產品、滑板、直排輪、沙灘椅和公園椅、雨傘和背帶，僅舉幾例。

Another new and noteworthy initiative is the launch of JAKKS's newest owned IP, Wild Manes. We are launching with toys, content, and gaming, looking to reach girls of all ages on every platform. The toy line debuts an extensive range of horses, playsets, and vehicles. We have received great reaction from both customers and consumer testing for this concept since we started showing it last year and have support all across the major customers in the US with some international support as well.

另一個值得注意的新措施是 JAKKS 最新擁有的 IP《Wild Manes》的推出。我們正在推出玩具、內容和遊戲，希望在每個平台上吸引所有年齡層的女孩。該玩具系列首次推出了各種馬匹、玩具套裝和車輛。自去年開始展示這個概念以來，我們收到了客戶和消費者測試的熱烈反響，並得到了美國所有主要客戶的支持以及一些國際支持。

We have partnered with Epic Story Media to create over 300 minutes of animated content with over a dozen original songs. Those animated shorts are starting to become available now on the Wild Manes YouTube channel. In addition, our Roblox game launched in June and is steadily building an audience. We're super excited of potential here as it's a concept within our global appeal and relevant and relatable themes that we think can sustain for years to come. And we are well underway and planning for that accordingly.

我們與 Epic Story Media 合作，創作了超過 300 分鐘的動畫內容，其中包含十幾首原創歌曲。這些動畫短片現已開始在 Wild Manes YouTube 頻道上播放。此外，我們的 Roblox 遊戲於 6 月推出，正在穩步吸引受眾。我們對這裡的潛力感到非常興奮，因為這是我們全球吸引力的一個概念，也是我們認為未來幾年可以維持的相關主題。我們正在順利進行並為此進行規劃。

In our Disney role-play business, we are building a new royalty segment for Frozen, similar to what we did with Style Collection for Disney Princess. The launching in August is the new Frozen role-play line, the Icy Magic collection, which will hit shelves exclusively at Target. This line invites girls to experience the magic about Elsa via a feature rich line of core role-play items.

在我們的迪士尼角色扮演業務中，我們正在為《冰雪奇緣》打造一個新的版稅細分市場，類似於我們為迪士尼公主打造的風格系列。8 月推出的全新《冰雪奇緣》角色扮演系列－Icy Magic 系列將在 Target 獨家上架。該系列邀請女孩們透過功能豐富的核心角色扮演項目體驗艾莎的魔力。

Additionally, as mentioned, we are all anticipating the launch of Disney's Moana 2. JAKKS is participating in a much-anticipated sequel with a full line of dolls, dress-up, and role-play toys, which will be supported with inline and out-of-aisle displays at all major global retailers. Building on the success of the Disney Tsum Tsum D100 program, JAKKS is extending our product line with Disney on Tsum Tsum with a brand-new collection this fall.

此外，正如前面提到的，我們都在期待迪士尼的《莫阿娜 2》的推出。JAKKS 正在參與備受期待的續集，其中包含全系列玩偶、裝扮和角色扮演玩具，並將在全球所有主要零售商的店內和過道外展示中得到支持。在 Disney Tsum Tsum D100 計畫的成功基礎上，JAKKS 將在今年秋季與 Disney on Tsum Tsum 合作，推出全新系列，擴展我們的產品線。

In August, the first collection launch is offering collectibles across our core Disney franchises. Then in October, we will release Marvel Tsum Tsum -- in December and Target will premiere the first collectible line of Star Wars Tsum Tsum launching wide in spring 2025. In fourth quarter, we'll also benefit from the initial shipments of two new lines within the Disney portfolio, Disney's Musical Minis and ily tote ily teenies, both new and exciting collectible lines offer a new way to engage with your favorite Disney stories and caricatured. Look for these on shelf in spring 2025.

八月份，我們推出了第一個系列，提供我們核心迪士尼特許經營系列的收藏品。然後在 10 月，我們將發布 Marvel Tsum Tsum，12 月，Target 將首次推出 Star Wars Tsum Tsum 的首個收藏系列，並於 2025 年春季廣泛推出。在第四季度，我們還將受益於迪士尼產品組合中兩個新系列的首批發貨，即迪士尼音樂迷你係列和ily tote ily 青少年系列，這兩個新的和令人興奮的收藏品系列提供了一種新的方式來參與您最喜歡的迪士尼故事和漫畫。2025 年春季，請在貨架上尋找這些產品。

Moving more to dress-up and role-play opportunities, I'm excited to share that we will be supporting NBC Universal's highly anticipated tentpole film, Wicked, coming to the theaters in November. Leveraging our market leadership in this space, we have an extensive line of role-play, dresses, and accessories inspired by Glinda, Elphaba, and the entire cast of this cultural phenomenon. We have a broad retail support for this line and expansion plans for 2025 as a second film is planned for fall 2025.

說到裝扮和角色扮演機會，我很高興地告訴大家，我們將支持 NBC 環球公司備受期待的熱門電影《魔法壞女巫》，該電影將於 11 月在影院上映。憑藉我們在這一領域的市場領先地位，我們擁有豐富的角色扮演、服裝和配件系列，其靈感源自 Glinda、Elphaba 以及這一文化現象的整個演員陣容。我們對該系列產品提供了廣泛的零售支持，並計劃在 2025 年進行擴張，因為第二部影片計劃於 2025 年秋季推出。

Although sometimes flies under the radar checks as a long history of working with customers to create a unique private label offerings to meet their needs while surprising and delighting their consumers. With that in mind, I'm delighted to share that starting this fall, we are starting several new initiatives with CBS across all their doors in the US. We have partnered with them in developing a line of 14 and 18 installs, sold under the Be My Baby and Be My Bestie's brands. These are great looking dolls and with a great value as well.

儘管有時會受到人們的關注，但我們與客戶合作創建獨特的自有品牌產品以滿足他們的需求，同時讓消費者感到驚訝和高興的悠久歷史。考慮到這一點，我很高興地告訴大家，從今年秋天開始，我們將與哥倫比亞廣播公司在美國各地啟動多項新舉措。我們與他們合作開發了一系列可安裝 14 次和 18 次的產品，以 Be My Baby 和 Be My Bestie 品牌進行銷售。這些娃娃看起來很漂亮，而且也很有價值。

In addition, we will be launching a child-size version of the CBS 2-in-1 roller shopping basket, which comes with 12 owned brand accessories. This fun and functional item is bound to be a hit. Make sure to review our presentation deck on the Investor page of our website for the images of these items and some other items that I'll be mentioning throughout today.

此外，我們還將推出兒童版的CBS二合一滾輪購物籃，並附有12種自有品牌配件。這款有趣又實用的產品一定會大受歡迎。請務必在我們網站的投資者頁面上查看我們的演示文稿，以獲取這些項目以及我今天將提到的其他一些項目的圖像。

Back in our action figure and play collectible businesses, we have been pleased and surprised by the very strong reaction to our Bendy figure and Bendy plush line earlier this year. Launching exclusively at Walmart in both US and Canada, these items were almost immediately on our top-selling items list every week. With new ways of figures and plush starting to hit shelves now along with some additional collector items for specialty accounts, we anticipate these sales trends to continue through the rest of the year and to 2025.

回到我們的人偶和玩具收藏業務，我們對今年早些時候的 Bendy 人偶和 Bendy 毛絨系列的強烈反應感到高興和驚訝。這些商品在美國和加拿大的沃爾瑪獨家推出，幾乎立即成為我們每週最暢銷的商品清單。隨著新的玩偶和毛絨玩具以及一些專門針對特殊客戶的額外收藏品開始上架，我們預計這些銷售趨勢將持續到今年剩餘時間直至 2025 年。

And suffice to say that we have a lot of exciting things happening in support of the Sonic 3 movie. But given our embargo issues around the rollout of some of the information, we are going to have to save that for the next quarter. What we can tell you about the Tornado Biplane in our core line. This is an iconic vehicle from the Sonic video game lore.

我只想說，為了支持《索尼克 3》電影，我們發生了很多令人興奮的事情。但考慮到我們在推出某些資訊時遇到的禁運問題，我們將不得不將其留到下個季度。我們可以告訴您有關我們核心系列中的龍捲風雙翼飛機的資訊。這是索尼克電玩傳說中的標誌性車輛。

We are also introducing a new GoGo racing segment that highlights that Sonic is all about speed. We were excited to share both of these new releases at the San Diego Comic-Con last weekend and to tell you about them today. And Nintendo continues to be a top brand in this division. We have added new figures, a diorama set, and a new feature play set for this fall that's backed by a media campaign. We also have the new King Boo's figures set that's set exclusive to Target this fall and is available in store now. We are also quite excited to be supporting January 2025 film from DreamWorks Animation, Dog Man, based on the best-selling children's book series.

我們還推出了一個新的 GoGo 賽車部分，強調索尼克就是速度。我們很高興在上週末的聖地牙哥動漫展上分享這兩個新版本，並在今天向您介紹它們。任天堂仍然是該領域的頂級品牌。我們在今年秋天添加了新的人物、立體模型和新的功能遊戲集，並得到了媒體宣傳的支持。我們還推出了今年秋天 Target 獨家推出的全新 King Boo 人偶套裝，現已在店內發售。我們也很高興能夠支持夢工廠動畫 2025 年 1 月根據暢銷兒童系列書籍改編的電影《狗人》。

I wish I could somehow share the steady and consistent reactions we saw during customer preview as people turn to corner in our showroom and exclaimed Dog Man upon seeing this display in the product line. This series really has been a rite of passage for many parents and their children over the past several years. And the team have developed a very endearing line to support it.

我希望我能以某種方式分享我們在客戶預覽期間看到的穩定和一致的反應，當人們在我們的陳列室的角落裡看到產品線中的這個展示時驚呼“狗人”。在過去的幾年裡，這個系列確實已經成為許多父母和他們的孩子的成年禮。團隊開發了一條非常可愛的產品線來支持它。

I also wanted to highlight that we have a nice placement of our advent calendars available at Costco this year, anchored by the classic holiday movies that fans will be watching on TV and streaming this holiday season. The assortment includes Elf, A Christmas Story, and National Lampoon's Christmas Vacation.

我還想強調的是，今年 Costco 上的降臨節日曆安排得很好，以粉絲們在這個假期期間在電視和串流媒體上觀看的經典節日電影為基礎。系列包括《精靈》、《聖誕故事》和《國家諷刺的聖誕假期》。

As is always the case, our Disguise costume business features an assortment of new trendy products to maintain our market leadership position. We have products related to Pixar's Inside Out 2, Disney Descendants: The Rise of Red, and Transformers One, the new animated film from that franchise. And of course, Disney's Moana 2 and Sega's Sonic the Hedgehog 3. This centers as a perennial strong costume line for us as well.

一如既往，我們的偽裝服裝業務以各種新時尚產品為特色，以保持我們的市場領導地位。我們擁有與皮克斯的《腦筋急轉彎 2》、《迪士尼後裔：紅色崛起》以及該系列的新動畫電影《變形金剛一號》相關的產品。當然，還有迪士尼的《莫阿娜 2》和世嘉的《刺蝟索尼克 3》。這也是我們常年強大的服裝系列的中心。

We're also supporting Dog Man as that segment builds for January film release. We're also thrilled to announce that we've recently expanded our Pokémon customer rights into Europe. It's all a great franchise and a great part of our US range, and we are excited to start shipping that product into the UK and EU next year. Hopefully, that recap of several things we're excited about this fall and gives you a sense of how strongly we feel about our business today and why we are so enthused to be moving into the second half of this year and into 2025.

我們也支持《狗人》，因為該片段是為一月份的電影上映而製作的。我們也很高興地宣布，我們最近將神奇寶貝客戶權利擴展到了歐洲。這是一個偉大的特許經營權，也是我們美國產品系列的重要組成部分，我們很高興明年開始將該產品運送到英國和歐盟。希望這對我們今年秋天令人興奮的幾件事進行了回顧，讓您了解我們對今天的業務有多麼強烈的感受，以及為什麼我們如此熱衷於進入今年下半年和 2025 年。

Thanks again for your support and interest. Operator?

再次感謝您的支持與興趣。操作員？

(Operator Instructions) Eric Beder, Small Cap Consumer Research.

（操作員指令）Eric Beder，小型盤股消費者研究部。

Good afternoon. Congrats on managing through here and getting to a much stronger other side, it seems like. Few questions here, Authentic -- I know you mentioned Academy and the expansion possibilities beyond Academy. How do you look at that brand's ability going forward to kind of offset some of the -- I guess, you guys have previously called it extreme seasonality that you see in the business? And what has been the continued response to it as you're moving forward and starting to offer some of those products?

午安.看起來，恭喜你成功度過了這裡，並到達了更強大的另一邊。這裡有幾個問題，真實的——我知道你提到了學院以及學院以外的擴展可能性。您如何看待該品牌未來抵消某些影響的能力——我猜，您之前稱之為業務中的極端季節性？當您繼續前進並開始提供其中一些產品時，對此的持續反應是什麼？

Well, thank you, Eric. Actually, the ABG initiative that we're undertaking, we're extremely excited about because we undertook this deal in February, and we wanted extremely expeditious pace in achieving the development and manufacturing of these goods, and Academy would really strong in early and they were very strong within this area of business.

嗯，謝謝你，艾瑞克。事實上，我們正​​在進行的 ABG 計劃讓我們感到非常興奮，因為我們在 2 月份進行了這筆交易，我們希望以極其迅速的速度實現這些產品的開發和製造，而且學院在早期就非常強大，他們在該業務領域非常強大。

So we're launching with them immediately and we have done our previews and we are extremely excited now to get into the spring 2025 because seasonality, we are focused on leveling out our revenue base and the authentic brand business with the Element skateboards, Roxy, Quiksilver, in addition to the Juicy and Roxy inline skates and inflatables and the umbrellas really puts us in a really strong area of business that's countercyclical to the normal traditional toy business.

因此，我們立即與他們一起推出，我們已經完成了預覽，我們現在非常高興能夠進入 2025 年春季，因為季節性，我們專注於平衡我們的收入基礎和與 Element 滑板、Roxy、 Quiksilver，除了Juicy 和Roxy直排輪、充氣產品和雨傘之外，確實使我們處於一個非常強大的業務領域，與正常的傳統玩具業務反週期。

So that on top of our enhanced other seasonal business of our foot-to-floor ride-ons, our outdoor play environment, it really sets us apart building a really strong, evergreen segment of business that's not hit-driven at all. It's really focused on solid brand names and solid recognition of brands and the retail is from more North America, and call it, Western Europe are really excited about these brands because they're long term, very well-known brands, from kids, tweens, teens, adults, and others. These brands have been around, some of them 20, 30, 40 years.

因此，除了我們增強的其他季節性業務（例如腳踏式騎行、戶外遊樂環境）之外，它確實使我們與眾不同，建立了一個非常強大、常青的業務領域，而這個業務根本不是由熱門驅動的。它真正專注於可靠的品牌名稱和對品牌的可靠認知，零售來自更多的北美，可以說，西歐對這些品牌非常興奮，因為它們是長期的、非常知名的品牌，來自兒童、青少年、青少年、成人和其他人。這些品牌已經存在，有些已有 20、30、40 年的歷史。

So we're really excited about it, and we just need to be able to manufacture more and get ready for spring to get these launched. And once we get them launched, we are looking to expand it broadly.

因此，我們對此感到非常興奮，我們只需要能夠生產更多產品並為春季推出這些產品做好準備。一旦我們推出它們，我們就會尋求廣泛擴展。

Okay. And turning to The Simpsons, I know you guys were at the San Diego Comic-Con showing the product again to the people. What has been the response here? We haven't seen a Simpson's products in like decade plus.

好的。說到《辛普森家庭》，我知道你們在聖地牙哥動漫展上再次向人們展示了這個產品。這裡的反應是什麼？我們已經有十多年沒有見過辛普森的產品了。

Correct.

正確的。

What's the excitement level here? And how do you look upon this as ability? I think, you've kind of mentioned a little bit kind of on, A, to make something like a $20 diorama, and B, the potential to do more for maybe like the adult collector, who will spend a lot more for a collectible or for an action figure.

這裡的興奮程度如何？你如何看待這是一種能力？我想，你已經提到了一點，A，製作像 20 美元的西洋鏡之類的東西，B，為成人收藏家做更多的事情的潛力，他們會花更多的錢來購買收藏品或用於動作人物。

First, Simpsons is -- you're right, it hasn't been in the market in totality with a breadth of product for over 15 years. So there is a need and want for it. It's been around, I think, 35 years as animated series. And the excitement is in -- it's in the top levels of all views on this programming. The excitement is really there. We're just trying to curtail the excitement internally because Comic-Con was terrific.

首先，辛普森一家——你是對的，它在市場上的產品種類已經超過 15 年了。所以有必要並且想要它。我想，這部動畫影集已經有 35 年歷史了。令人興奮的是——它是關於這個節目的所有觀點的最高層。興奮是真的存在。我們只是想抑制內心的興奮，因為動漫展太棒了。

The retail sell through that we currently have to date, which just recently launched in the last week or two is extremely strong. That being said, we just don't want to overexcite something because there is a collectible market in the Simpsons, and we have collectible items specifically for that market. And then there is a kid market for it. So there's a blend of both, and we're managing both aspects of it.

迄今為止，我們最近一兩週剛推出的零售銷售非常強勁。話雖這麼說，我們只是不想過度興奮，因為辛普森一家有一個收藏市場，而且我們有專門針對該市場的收藏物品。然後還有一個兒童市場。所以兩者是混合的，我們正在管理它的兩個方面。

Early-on reads are extremely strong. We're really happy. Retailers need it. We look at this that will build into an evergreen brand like we've done with the Sonic, like what we've done with Nintendo, and we're looking at very strong -- it has such a wide array appeal again to collector and kids. So the initial excitement is really strong. We're just looking at internally without trying to get overly excited to manage this brand, both collectible and to kid. And so far, the receptiveness from retailers and consumers is extremely strong.

早期的閱讀能力非常強。我們真的很高興。零售商需要它。我們認為這將成為一個常青品牌，就像我們對索尼克所做的那樣，就像我們對任天堂所做的那樣，我們正在尋找非常強大的東西——它再次對收藏家和玩家產生廣泛的吸引力。所以最初的興奮感真的很強烈。我們只是專注於內部，並沒有試圖對管理這個品牌感到過度興奮，無論是收藏品還是兒童品牌。到目前為止，零售商和消費者的接受度非常高。

I know you do most of your product FOB, but how have some of the discontinuities in supply chain affected some of your international sales? I know, historically, that's been a big focus for you. Are you still kind of on the track that you want to be with international eBay after kind of like a quarter like this? How should we think about that?

我知道你們大部分產品都是離岸價，但是供應鏈中的一些不連續性如何影響你們的一些國際銷售？我知道，從歷史上看，這一直是您關注的重點。在經歷了這樣的一個季度之後，您是否仍然想加入國際 eBay？我們該如何思考這個問題？

Primarily, when we founded JAKKS's, myself and my business partner, who passed away about 15 years ago, we founded it as an FOB company. And during the big shipping crisis, that happened in like '21, '22, we actually became more of an FOB company, about 70% plus. And we're going to continue that way. It's something that the retailers like and we like it as well as a business. The capital expenditures of bringing inventory in is less than by doing it on FOB basis.

首先，當我們創立 JAKKS's 時，我和我的商業夥伴（大約 15 年前去世），我們將其創建為 FOB 公司。在 21 年、22 年發生的重大航運危機期間，我們實際上變得更像是 FOB 公司，大約 70% 以上。我們將繼續這樣做。這是零售商喜歡的東西，我們也喜歡它以及企業。引入庫存的資本支出比以 FOB 方式進行少。

What occurred internationally, more so in Europe, was our new logistics centers that we opened up in Italy and we're opening one in Spain. We just had a difficult time of getting these containers in during -- there's some lack of containers that we're able to get it during the quarter. Those have all been resolved. So it just was more of a trying to do something on an expeditious process and platform, and we just get it done as quick as we thought.

國際上發生的事情，尤其是在歐洲，我們在義大利開設了新的物流中心，並將在西班牙開設一個。在此期間，我們在獲取這些貨櫃方面遇到了困難——本季度我們能夠取得的貨櫃有所缺乏。這些都已經解決了。因此，這更多的是嘗試在快速的流程和平台上做一些事情，我們只是像我們想像的那樣快地完成它。

All those things have been resolved. They weren't material. But there were enough that we had to call it out. But overall, our business FOB bookings are extremely strong where we stand this year versus last year and we're going to continue on that FOB platform, but we also will be bringing a domestic on areas of businesses such as Simpsons or whether it's Authentic brands or Moana 2 or Sonic or Nintendo, we bring in inventory where needed. But we will never chase something and bring in too much inventory, in case something doesn't work. We'll always be leaner on inventory than the norm in our industry.

所有這些事情都已經解決了。它們不是物質的。但我們不得不大聲疾呼。但總體而言，與去年相比，今年我們的業務離岸預訂量非常強勁，我們將繼續使用離岸平台，但我們也將在辛普森一家等業務領域或無論是正宗品牌上引入國內業務或Moana 2 或Sonic 或Nintendo，我們會在需要時引入庫存。但我們永遠不會去追逐某樣東西，並帶來太多的庫存，以防萬一某樣東西不起作用。我們的庫存將始終比業界的標準更為精簡。

Okay. And final question. Last quarter, you paid off the preferred. I know you did it -- it was so close the end of the quarter, you really didn't want to talk about capital allocation and potential now maybe to return some capital to shareholders. It's been about three months. What's kind of the thought process? How is that evolving now that you are basically debt-free for the first time in a very long time?

好的。最後一個問題。上個季度，您還清了優先股。我知道你做到了——當時已經接近季度末了，你真的不想談論資本配置和現在可能向股東返還一些資本的潛力。已經過去三個月左右了。什麼樣的思考過程？現在你在很長一段時間以來第一次基本上沒有債務了，現在情況如何發展？

First, Erik, very proud of the overall company, its employees of been diligent and been able to pay off from the recap that we did around 2018. We paid off all of our debt and our preferred and couldn't be more happy, especially going into an unknown environment and going into a presidential race to be clean of debt and know that we can run our business based off our free cash flow.

首先，Erik 對整個公司感到非常自豪，員工非常勤奮，並且能夠從我們 2018 年左右所做的回顧中得到回報。我們還清了所有債務和我們的首選債務，我們感到非常高興，尤其是進入一個未知的環境並參加總統競選以清除債務，並知道我們可以根據我們的自由現金流來經營我們的業務。

That being said, we are being prudent. There's a lot of other opportunities that we need to look at for capital allocation. We've been having internal meetings with our Board and we are looking for the future. There's many different ways of capital allocations, you know, from dividends to buybacks to acquisitions. And we are now looking at certain opportunities. We see there's been several different bankruptcies in our industry that allows us to have other opportunities, whether buying assets from these unfortunate events or getting licenses that licensors don't want to work with companies that they're worried about financially.

話雖如此，我們仍保持謹慎態度。我們還需要尋找許多其他的資本配置機會。我們一直在與董事會舉行內部會議，並正在展望未來。你知道，資本配置有很多不同的方式，從股利到回購再到收購。我們現在正在尋找某些機會。我們看到我們行業中發生了幾次不同的破產事件，這使我們有其他機會，無論是從這些不幸的事件中購買資產，還是獲得許可人不想與他們在財務上擔心的公司合作的許可。

So we're looking at the various opportunities that are in front of us today and kind of looking at what the future holds. You're going into 2025 and '26. So it's something on our priority list, but we don't have any confirmation of the direction that we're going to go. But it's something that we've been looking in internally. We just paid down the debt again. It hasn't been that long. So we can't do things just on an immediate basis without looking at liquidity analysis, future benefits to the company, retailer expansions, international expansions.

因此，我們正在專注於今天擺在我們面前的各種機會，並展望未來。你即將進入 2025 年和 26 年。所以這是我們的優先事項清單上的事情，但我們沒有任何關於我們要走的方向的確認。但這是我們內在一直在研究的事情。我們剛剛還清了債務。時間並沒有那麼長。因此，我們不能在不考慮流動性分析、公司未來效益、零售商擴張、國際擴張的情況下立即採取行動。

A lot of different avenues that we're looking at. But again, it's something that's a priority to us and we will be reviewing through this year.

我們正在考慮很多不同的途徑。但同樣，這是我們的優先事項，我們將在今年進行審查。

(Operator Instructions) I'm not showing any further questions this time. I'd like to turn the call back to Stephen for any closing remarks.

（操作員說明）這次我不會再提出任何進一步的問題。我想將電話轉回給史蒂芬，請其作結束語。

Great. Thank you, operator. And you've done a terrific job on the call, I will say.

偉大的。謝謝你，接線生。我想說，你在通話中做得非常出色。

We are looking forward to a bunch of our follow-up calls today with investor and analysts today and tomorrow. And thank you, everyone, for the call and excited to get into our third quarter and start our call again right after we're excited for the second half of this year and really excited for 2025.

我們期待今天和明天與投資者和分析師進行一系列後續電話會議。感謝大家的來電，很高興能進入第三季度，並在我們對今年下半年感到興奮、對 2025 年感到非常興奮之後再次開始我們的電話會議。

Thank you, all.

謝謝大家。

Ladies and gentlemen, that conclude today's presentation. You may now disconnect and have a wonderful day.

女士們、先生們，今天的演講到此結束。您現在可以斷開連接並度過美好的一天。