JAKKS Pacific Inc (JAKK) 2024 Q3 法說會逐字稿

Good day. And thank you for standing by. Welcome to the Q3 2024 Jack Pacific earnings conference call at this time, all participants are in a listen-only mode.

再會。感謝您的支持。歡迎參加 Jack Pacific 2024 年第三季財報電話會議，此時所有與會者均處於僅聽模式。

After the speaker's presentation, there will be a question-and-answer session to ask a question during the session. You will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised to withdraw your question. Please press star 11 again.

演講者演講結束後，將進行問答環節，在會議期間提出問題。您需要按電話上的星號 11。然後，您將聽到一條自動訊息，建議您舉手撤回問題。請再按星號 11。

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Steven Berman, Chairman and CEO.

現在，我想將會議交給今天的發言人、董事長兼執行長史蒂文·伯曼 (Steven Berman)。

Good afternoon and thank you for joining us today.

下午好，感謝您今天加入我們。

It's an exciting time of the year here as Q3 is always the highest sales quarter and by extension generates a lot of activity.

這是一年中令人興奮的時刻，因為第三季度始終是銷售最高的季度，因此會產生大量活動。

The end of the year is in sight with less than 60 shifty days remaining. And our goals for the full year are starting to feel like they're more within reach.

眼看著年底就要過去了，剩下的輪班天數已經不足60天了。我們的全年目標開始變得更加觸手可及。

Our teams around the world were collaborating across offices extensively last quarter to ensure we were fulfilling orders and not taking no for any answer. When obstacles appeared, whether driven by east coast port issues or otherwise, we always try to deliver as much of our second half volume in Q3 to mitigate full year risk and to ensure customers and shelves are set for the holidays. In Q4, we pivot a lot of our attention to execution of preplanned retail programs and consumer marketing to generate strong sell through. We are executing against the game plan this year with some great programs in place across a wide range of accounts in all of our major markets.

上個季度，我們世界各地的團隊在各個辦事處進行了廣泛的合作，以確保我們能夠履行訂單，並且不會接受任何拒絕。當出現障礙時，無論是由於東海岸港口問題還是其他原因，我們總是盡力在第三季度交付盡可能多的下半年銷量，以減輕全年風險並確保客戶和貨架為假期做好準備。在第四季度，我們將大量注意力轉向執行預先規劃的零售計劃和消費者行銷，以產生強勁的銷售。我們正在按照今年的計劃執行，在我們所有主要市場的廣泛客戶中實施了一些出色的計劃。

As highlighted in our press release, all three of our toy consumer product divisions delivered year over year sales increases in third quarter. That includes our outdoor seasonal business, which adamantly has been challenged in recent years.

正如我們在新聞稿中所強調的那樣，我們所有三個玩具消費品部門在第三季的銷售額均實現同比增長。這包括我們的季節性戶外業務，近年來這項業務受到了嚴峻的挑戰。

Improved listings in some of our core businesses and the timing of the shipments are leading to the improvements. It's still early days, but it's great to see some of the positive trends emerging there.

我們一些核心業務的清單和發貨時間的改進導致了這些改進。現在還處於早期階段，但很高興看到一些積極的趨勢正在出現。

Although we are selective about what we discussed during any given quarter. As a reminder, portfolio management is essential part of our operation. We are actively managing over 30 different businesses with theoria consumer products alone in this year, whether it's a property driven businesses like various IPs from the Walt Disney Company IP from Nintendo, Daniel, the Tiger neighborhood or Black and Decker or many others or category driven. One like play tents or ride ons each product line has its own dynamics. There are differences in customer base, retail placement, competitive set manufacturing issues, costing and pricing, product innovation and brand relevance. I could go on and on and every country is a distinct market in regard to most of those points, those drivers are then independent of whatever broader trends might be impacting our customers and consumers, which tend to get most of the attention and discussion. But the success of any of these businesses is really driven bottoms up starting with the unique product line and the consumer and customer value proposition.

儘管我們對任何特定季度討論的內容都有選擇性。提醒一下，投資組合管理是我們營運的重要組成部分。今年，光是Theoria 消費產品，我們就積極管理30 多個不同的業務，無論是房地產驅動型業務，例如來自任天堂、丹尼爾、老虎鄰里或Black and Decker 或許多其他公司的華特迪士尼公司IP 的各種IP，還是類別驅動型業務。例如遊戲帳篷或遊樂設施，每個產品線都有自己的動態。在客戶群、零售佈局、競爭性設備製造問題、成本和定價、產品創新和品牌相關性方面存在差異。我可以繼續說下去，就這些要點而言，每個國家都是一個獨特的市場，因此這些驅動因素獨立於可能影響我們的客戶和消費者的任何更廣泛的趨勢，而這些趨勢往往會引起最多的關注與討論。但任何這些企業的成功實際上都是由下而上驅動的，從獨特的產品線以及消費者和客戶的價值主張開始。

The portfolio approach is essential to maintaining and growing a healthy business over time, especially given that our end, consumers will naturally age out of our offerings. In most instances. This reality forces us to constantly change ourselves when it comes to product freshness and innovation while maintaining sensitivity to retail margins, requirements and consumer price considerations.

隨著時間的推移，投資組合方法對於維持和發展健康的業務至關重要，特別是考慮到我們的最終目標，消費者自然不再使用我們的產品。在大多數情況下。這個現實迫使我們在產品新鮮度和創新方面不斷改變自己，同時保持對零售利潤、要求和消費者價格考慮的敏感度。

Our dolls role play, dress up business was up 6% in the quarter and is up 2% year-to-date and our action play and collectible business was up 5% in the quarter, but down 9% year-to-date as the timing of the Sonic three film in December this year doesn't compare well with the Super Mario Brothers movie film which was released in April 2023 independent of other aspects of that business.

我們的玩偶角色扮演、裝扮業務本季成長 6%，年初至今成長 2%，動作遊戲和收藏業務本季成長 5%，但年初至今下降 9%，今年12 月上映的《索尼克三部曲》的上映時間與2023 年4 月發行的《超級瑪利歐兄弟》電影不太相稱，獨立於該業務的其他方面。

But great quarters for both divisions, regardless really exciting things happening in each one. But now looking forward, we are also continuing to fight for business internationally and keep up with customer demand. Latin America continues to be our biggest assets story. We shipped 22.6 million in the quarter, up 48% compared to the prior year and currently up 23% year-to-date in the region.

但這兩個部門的季度表現都很棒，儘管每個部門都發生了令人興奮的事情。但現在展望未來，我們也將繼續爭取國際業務並跟上客戶需求。拉丁美洲仍然是我們最大的資產故事。本季我們的出貨量為 2,260 萬台，比去年同期成長 48%，目前該地區的出貨量年增 23%。

Our European region continues to open up new accounts and build out its infrastructure. But it's a battle that's taking place customer by customer and market by market as we knew it would be as a region. It benefited significantly with the strength of Super Mario Brothers movie last year. Nonetheless, down 3.8% in a big quarter is a good sign. An improvement over Q2 Asian Pacific is relatively small for us and is also down 3.4% in the quarter. Canada is down over 4 million in the quarter due to a combination of timing and some challenging trade dynamics there.

我們的歐洲地區繼續開設新帳戶並建造基礎設施。但這是一場逐個客戶、逐個市場進行的戰鬥，正如我們所知，這將是一個地區的情況。由於去年《超級瑪利歐兄弟》電影的強勢，它受益匪淺。儘管如此，一個大季度下跌 3.8% 是一個好兆頭。對我們來說，亞太地區相對第二季的改善相對較小，本季也下降了 3.4%。由於時機和一些具有挑戰性的貿易動態，加拿大本季的人口減少了超過 400 萬人。

Turning to what we see at retail, I'd say the consumer is constantly showing up and acting when novelty and newness appears on the shelf, but they're not filling the cart with everything they see a lot of our aggregate year over year P OS trends are dominated by retailers actively destocking last year and by extension, pushing through the channel content led properties from recent years. But seller of our new fall introductions have received great consumer reactions and have left retailers scrambling to pull products from their warehouses and back rooms into the front of the store with our strong sell in this quarter, the meaningful cash register ring is starting to happen now and particularly in November, December as our media and promotional campaigns kick in.

談到我們在零售業看到的情況，我想說，當貨架上出現新穎和新穎的商品時，消費者會不斷出現並採取行動，但他們並沒有將我們每年看到的所有東西都裝滿購物車。但是，我們秋季新品的賣家收到了消費者的熱烈反響，隨著我們本季度的強勁銷售，零售商們爭先恐後地將產品從倉庫和後室拉到商店前面，有意義的收銀環現在開始發生尤其是在11 月和12 月，隨著我們的媒體和促銷活動的啟動。

Obviously Halloween shopping is continuing as we speak as we have communicated all year. Retail is still feeling out where the consumer is. And we've known we were looking at a down shipping year. This is a holiday that fantasy shows up extremely late even more so than Christmas tends. So despite today's date, it's hard for us to say with any definitive how the year will end up early reads on P OS from syndicated data suggest that sell through is soft across the industry. The good news is that we are doing better than most everyone else and potentially picking up a bit more of the market share in the process. But again, that's really just an early read from earlier this month, our 2025 lineup is largely developed and the team will soon be pivoting to closing the books on 2024 and refocusing towards what will hopefully be a stronger 2025.

顯然，正如我們全年所溝通的那樣，萬聖節購物仍在繼續。零售業仍在摸索消費者的位置。我們知道今年的運輸量將會下降。這是一個幻想出現得非常晚的節日，甚至比聖誕節還要晚。因此，儘管是今天的日期，但我們很難確切地說今年將如何結束，從聯合數據中對 P OS 的早期解讀表明，整個行業的銷售疲軟。好消息是，我們比大多數其他公司做得更好，並有可能在過程中獲得更多的市場份額。但同樣，這實際上只是本月早些時候的初步解讀，我們的 2025 年陣容已基本開發完畢，團隊很快將轉向關閉 2024 年的賬簿，並重新關注有望變得更強大的 2025 年。

It is worth noting that outside the US, our costume business was up in the quarter which is a 7% increase versus prior year.

值得注意的是，在美國以外，我們的服裝業務在本季有所成長，比去年同期成長了 7%。

The UK in particular has seen some costume companies reorganized and there remains a lot of disruption happening there. But our company wide efforts in Europe are designed to support our toy consumer products and costume businesses in more than an integrated manner than how we go to market in the US. So we remain both hopeful and confident. We continue to build the quality of volume there.

特別是在英國，一些服裝公司進行了重組，但那裡仍然存在著許多混亂。但我們公司在歐洲的廣泛努力旨在以比我們進入美國市場的方式更全面的方式支持我們的玩具消費品和服裝業務。因此，我們仍然充滿希望和信心。我們繼續在那裡提高銷量的品質。

Moving over to the balance sheet, we are remaining extremely disciplined with 63.5 million in net inventory at the end of the quarter inclusive of in transit product compared to 68.8 million at this time last year, we are lower despite our continuing to build out an eu hub and spoke warehouse system to be more responsive to customers with faster replenishment times. We're also taking advantage of our financial strength and resilience to scrutinize our trading terms to maximize margins and ultimately cash.

轉向資產負債表，我們仍然保持嚴格的紀律，截至本季末，淨庫存為 6,350 萬，包括在途產品，而去年同期為 6,880 萬，儘管我們繼續建立歐盟，但我們的庫存仍然較低。式倉庫系統能夠以更快的補貨時間更快回應客戶。我們也利用我們的財務實力和彈性來審查我們的交易條款，以最大限度地提高利潤和最終現金。

This approach is prompting our receivables to grow meaningfully versus the prior year as we had anticipated, our approach is working and our ar has been turning back into c such that we had no drawdown on our credit line by the end of the quarter.

正如我們預期的那樣，這種方法促使我們的應收帳款比上一年大幅增長，我們的方法正在發揮作用，我們的應收帳款已轉回c，因此到本季度末我們的信貸額度沒有被提款。

By extension, I'm extremely happy to reiterate that we remain debt free as a company in a world of uncertainties and volatility around interest rates. It's just great to be operating from this position of strength as we prepare for the next year and evaluate new business opportunities for 2026 and beyond.

順便說一句，我非常高興地重申，在利率充滿不確定性和波動性的世界中，我們作為一家公司仍然沒有債務。當我們為明年做準備並評估 2026 年及以後的新商機時，能夠以這樣的優勢開展業務真是太好了。

Another noteworthy element of our business is the extensive number of exclusive products we bring to a broad array of retailers globally. We have also had a heavy focus over the past few years to secure additional space at retail. Beyond traditional in aisle planograms, you can find us with out of aisle placement, standalone displays, pallet programs end caps and at the check lane.

我們業務的另一個值得注意的要素是我們為全球眾多零售商提供大量獨家產品。過去幾年我們也非常注重確保額外的零售空間。除了傳統的過道貨架圖之外，您還可以在走道外放置、獨立顯示器、托盤程式端蓋和檢查通道上找到我們。

This additional real estate at various retailers globally opens new consistent selling opportunities both in season and year round as our price value and strong consumer propositions drive solid results for the customers. By extension of our licensors, we know that the question of capital allocation is on many investors' minds and it's on ours too. We do not have any new news on that front to announce today. I do feel we are getting closer to the point that we can be more specific about our plans in this area.

由於我們的價格價值和強大的消費者主張為客戶帶來了堅實的成果，全球各地零售商的額外不動產為季節和全年提供了新的持續銷售機會。透過我們的授權人的延伸，我們知道資本配置問題是許多投資者的心聲，也是我們的心聲。今天我們沒有這方面的任何新消息要宣布。我確實覺得我們已經越來越接近可以更具體地制定我們在這一領域的計劃了。

As a company, we are in a much, much stronger place than we were during the turmoil of 2018 and 19. We are still mindful however, that our success is not a reason to squander all that hard work. We are soliciting a wide range of opinions and taking a very thoughtful look at all of our options and possibilities for the years ahead and by extension, what our capital goals and needs should be.

作為一家公司，與 2018 年和 19 年的動盪時期相比，我們現在的處境要強大得多。然而，我們仍然牢記，我們的成功並不是浪費所有努力的理由。我們正在徵求廣泛的意見，並對未來幾年的所有選擇和可能性進行深思熟慮，並進一步考慮我們的資本目標和需求應該是什麼。

I will now pass it over to John for some further comments after which I will come back to discuss Q4 and a bit more. John.

我現在將其傳遞給約翰以徵求進一步的意見，然後我將回來討論第四季度以及更多內容。約翰.

Thank you Steven and hello everyone. It's always a bit more pleasant to talk about the business. After Q3, another 300 plus million dollar sales quarter behind us. Slightly more than last year. A super outcome, Steven talked a lot about sales, but I'll layer in one more observation earlier this year, we added to our earnings presentation deck, an attempt to more clearly break out the core evergreen business that we view as foundational to the company. This analysis looks to isolate the more volatile content driven figure and doll product lines. We understand that for those who don't live in our aisles at retail every day, the dynamics of the 30 plus businesses in our portfolio are near impossible to visualize and keep track of. And as we've also pointed out, there are limits to what we can share for both confidentiality and competitive reasons.

謝謝史蒂文，大家好。談生意總是更愉快。第三季之後，又一個 300 多萬美元的銷售季度過去了。比去年稍微多一點。這是一個超級成果，史蒂文談論了很多關於銷售的問題，但我將在今年早些時候再添加一個觀察結果，我們在收益演示文稿中添加了這一點，試圖更清晰地分解我們認為是基礎的核心常青業務。該分析旨在隔離更不穩定的內容驅動的人物和娃娃產品線。我們知道，對於那些不是每天都在我們的零售店裡生活的人來說，我們投資組合中 30 多家企業的動態幾乎不可能被視覺化和追蹤。正如我們也指出的那樣，出於保密和競爭原因，我們可以分享的內容是有限的。

But in any case, I wanted to highlight that among the positive attributes of our Q3 results, you can see, I think it's page 18. Our content business lifting nicely year over year, given the strength of that portion of the portfolio as we enter the back half of the year. But more importantly, the core Evergreen businesses collectively have put up solid numbers this year inclusive of Q3. That is not to suggest we intend to fall into the trap of scrutinizing the quarterly box score when we are managing to a full year result. This view of our business is more of an analysis of the outcome of our collective efforts, more than an organizational design or a specific destination we're trying to navigate towards. But overall, we continue to feel it's helpful. So we hope externally, you find it at least somewhat insightful, moving on down the P&L gross margins held up. Well in the quarter, cost of product was a bit higher than prior year as we've been seeing and anticipating similarly, royalty expense has been a little bit lower in aggregate to help compensate.

但無論如何，我想強調的是，在我們第三季結果的正面屬性中，你可以看到，我認為這是第 18 頁。進入今年下半年，考慮到該部分投資組合的實力，我們的內容業務同比增長良好。但更重要的是，核心長青業務今年（包括第三季）集體取得了堅實的業績。這並不是說我們打算在努力實現全年業績時陷入仔細審查季度數據的陷阱。這種對我們業務的看法更多的是對我們集體努力結果的分析，而不是組織設計或我們試圖走向的特定目的地。但總的來說，我們仍然認為它很有幫助。因此，我們希望從外部來看，您會發現它至少有一定的洞察力，可以繼續降低損益毛利率。在本季度，產品成本略高於去年，正如我們所看到和預期的那樣，特許權使用費總體上略低一些，以幫助補償。

We're very happy with a 33 plus percent gross margin in any quarter. But in particular, during our largest quarter, gross profit dollar growth of 2% in the corner, $1.8 million in total is modest but much better than the unfavorable $14 million gross profit swing we saw in the first half of the year, we continue to feel that we are running a business that should deliver a minimum of 30% gross margins on a full year basis.

我們對每季 33% 以上的毛利率感到非常滿意。但特別是，在我們最大的季度，毛利潤增長了 2%，總計 180 萬美元，雖然不大，但比我們上半年看到的不利的 1400 萬美元毛利潤波動要好得多，我們繼續認為我們經營的業務全年毛利率至少應達30%。

That projection assumes that not everything executes perfectly, but that the number of things that don't work as planned remain a somewhat tolerable quantity and don't miss the intended mark two dramatically selling expense in the quarter was $7.6 million down from $10.7 million in the prior year.

該預測假設並非所有事情都能完美執行，但未按計劃運行的事物數量仍處於可容忍的範圍內，並且不會錯過預期目標。 2017 年的1,070 萬美元。

There are at least a couple of different things happening in this area. We're lapping some expensive quarters in the selling warehousing and outbound freight areas last year, which in total generated about $1.5 million in one time favorability. This quarter, we also have a bit of a timing save as we have been pushing more of our planned media spend into Q4 than what we have done. Historically, I would say year-to-date, that's about $2 million that will find its way into Q4 compared to last year. So a lot of moving pieces here. But as we get closer to the end of the year, the cumulative variant starts to smooth out a bit.

該領域至少發生了一些不同的事情。去年，我們在銷售倉儲和出境貨運領域經歷了一些昂貴的季度，一次性總共產生了約 150 萬美元的優惠。本季度，我們還節省了一些時間，因為我們將更多的計劃媒體支出推遲到了第四季度，而不是我們所做的。從歷史上看，我想說，今年迄今為止，與去年相比，第四季將有大約 200 萬美元。這裡有很多動人的部分。但隨著接近年底，累積變數開始變得有些平滑。

Our G&A spending similarly was decent in the quarter at $33.1 million down 2% from $33.8 million and meaningfully improved from the garbage plus 16% increase we posted in the first half of the year.

本季我們的 G&A 支出同樣不錯，為 3,310 萬美元，比 3,380 萬美元下降了 2%，並且比我們上半年公佈的垃圾支出加上 16% 的成長有了顯著改善。

We are starting to lapse some staffing related cost increases that took place in 2023. We also continue to work down some short term spending which I've talked about before related to Sarbanes Oxley cybersecurity and other process related deferred maintenance type areas we've been catching up on.

我們開始取消 2023 年發生的一些與員工相關的成本增加。我們也繼續減少一些短期支出，我之前談到過這些支出與《薩班斯·奧克斯利法案》網路安全以及我們一直在追趕的其他流程相關的延期維護類型領域有關。

And it's also worth noting that the teams have taken to heart the message that we were very clear about at the start of the year about the revenue comparison being tough this year. So we needed some new thinking and ideas about where we could reallocate spend to more beneficial areas.

還值得注意的是，團隊已經牢記了我們在年初就非常明確的訊息，即今年的收入比較很艱難。因此，我們需要一些新的思考和想法，將支出重新分配到更有利的領域。

As a result, we saw some benefits here and there starting to dribble through in the quarter. This is a persistent bailing water exercise as broadly, our fixed costs tend to creep up consistently such that without scale leverage, it is very challenging to maintain or expand margins in reviewing the year over year detail. It's worth noting that the credit worthiness of some retailers remains a concern for us. I would estimate that we're up to about 1% of year over year sales decline attributable to a deteriorating credit situation in some of our customers. This reflects a combination of customers who have filed for bankruptcy as well as those we consider very high risk.

因此，我們看到一些好處在本季開始逐漸顯現。從廣義上講，這是一項持續的撈水活動，我們的固定成本往往會持續上升，因此如果沒有規模槓桿，在審查逐年細節時維持或擴大利潤率非常具有挑戰性。值得注意的是，有些零售商的信用狀況仍然是我們關注的問題。我估計，由於一些客戶的信用狀況惡化，我們的銷售額比去年同期下降了約 1%。這反映了已申請破產的客戶以及我們認為風險極高的客戶的組合。

We are frequently in discussions internally for both our toy CP and costume businesses around this issue. Our crystal ball isn't perfect. We have one noteworthy account in North America who remains significantly past due but has yet to file.

我們的玩具CP和服裝業務內部經常圍繞著這個問題進行討論。我們的水晶球並不完美。我們在北美有一個值得注意的客戶，該客戶仍然嚴重逾期，但尚未提交文件。

But overall, we think we've done a good job to date turning off shipping at the right time.

但總的來說，我們認為迄今為止我們在正確的時間關閉運輸方面做得很好。

We do suspect there is more bad news to come on this front in the world of retail. Unfortunately, on a lighter note, let's talk about interest expense. As Steven pointed out as we move through our seasonal curve, we have paid down our short term borrowings as of quarter close and we remain undrawn as of today. Our year-to-date interest expense is $938,000. A reduction of $4.8 million versus the first nine months of 2023 for fans of EPS, that's over 40¢ per share in annual pickup with one quarter left to go and for fans of cash, it's clearly a meaningful year over year pickup in pretax net income. Even if it doesn't appear in our adjusted EBITDA metric adjusted EPS for the quarter was $4.79 and $4.50 for the first nine months.

我們確實懷疑零售業在這方面還會有更多壞消息。不幸的是，我們來談談利息支出。正如史蒂文所指出的那樣，當我們穿過季節性曲線時，我們已經在季度結束時償還了短期借款，並且截至今天仍未提取。我們今年迄今的利息支出為 938,000 美元。對於EPS 愛好者來說，與2023 年前9 個月相比，減少了480 萬美元，這相當於每股40 美分以上的年度回升，還剩四分之一的時間；對於現金愛好者來說，這顯然是稅前淨利的年比大幅回升。即使它沒有出現在我們調整後的 EBITDA 指標中，該季度調整後的 EPS 為 4.79 美元，前 9 個月為 4.50 美元。

Those numbers are up from $4.75 and down from $5.66 respectively. From 2023.

這些數字分別高於 4.75 美元和低於 5.66 美元。從 2023 年開始。

Our trailing 12 month adjusted EBITA is $58.5 million reflecting an 8.5% ebita margin and now back to Steven for some additional remarks.

我們過去 12 個月調整後的 EBITA 為 5,850 萬美元，反映出 8.5% 的 EBITA 利潤率，現在請史蒂文進行一些補充說明。

Thank you, John. We talked a lot last quarter about a lot of our new product initiatives for this fall. But I wanted to highlight a few more areas as we look to finish up the year.

謝謝你，約翰。上個季度我們多次討論了今年秋季的許多新產品計劃。但在我們期待今年結束之際，我想強調更多幾個領域。

A little over two years ago, we highlighted an internal analysis where we assess the role of low and opening price point retails to our overall business. We recently revisited that analysis and we're happy to see consistent results.

兩年多前，我們強調了一項內部分析，以評估低價和開盤價零售對我們整體業務的影響。我們最近重新審視了該分析，我們很高興看到一致的結果。

It continues to be the case that over half of our total company toy and consumer product sales volume is driven by retail price levels of $30 or less.

我們公司玩具和消費品總銷售量的一半以上仍然是由 30 美元或以下的零售價格水準所推動的。

When you raise that threshold to $50 you're getting too close to 90% of our sales volume.

當您將該門檻提高到 50 美元時，您就太接近我們銷售額的 90% 了。

We remain committed to running a business that is built around the idea of accessible price points. And by extension, addressing the widest possible consumer market, both in the US and internationally.

我們仍然致力於經營以平易近人的價格理念為基礎的業務。進而延伸到美國和國際上盡可能廣泛的消費市場。

This philosophy by extension helps to minimize our risk inventory in any one of our product lines as well as reduce the amount of cash. We are tied up in working capital. And although price points does not directly relate to size, you can also consider the supply chain efficiencies associated with smaller cue products, whether you're considering ocean freight, warehousing or a new appropriate direct to consumer shipping and walk in our showroom. You will see that commitment to opening price points across nearly every single one of our businesses and I should also highlight it's always a key criteria that you contemplate entering new categories of businesses either organically or via acquisition with all that said. However, we do selectively and thoughtfully bring to the trade higher price right? Propositions from time to time, we understand the excitement and energy around gift giving, delivering the big box and we don't want to stay shut out of that portion of the market. Our Disney Princess style collection, fresh prep gourmet kitchen is a great item and is a consistent presence in our line since being introduced last year.

這項理念的延伸有助於最大限度地降低我們任何一條產品線的風險庫存，並減少現金數量。我們的營運資金很緊張。儘管價格點與尺寸沒有直接關係，但您也可以考慮與較小的球桿產品相關的供應鏈效率，無論您是考慮海運、倉儲還是新的適當的直接面向消費者的運輸並走進我們的陳列室。您會看到我們幾乎每項業務都致力於開放價格點，我還應該強調，這始終是您考慮有機或透過收購進入新業務類別的關鍵標準。但是，我們確實有選擇性地、深思熟慮地為交易帶來了更高的價格，對嗎？時不時地提出建議，我們了解送禮、運送大盒子的興奮和活力，我們不想被排除在這部分市場之外。我們的迪士尼公主風格系列、新鮮的準備美食廚房是一款很棒的產品，自去年推出以來一直存在於我們的產品系列中。

Our Black and Decker tabletop workbench is a great evergreen item available at most major accounts.

我們的 Black and Decker 桌面工作台是一款常青產品，大多數主要客戶都可以使用。

Our climbing jungle gym comes in Fisher price paw patrol and Minnie mouse versions. It encourages Children to engage in physical activity, enhancing their motor skills and overall health. The safe and easy assemble play structure allows Children ages 2 to 6 to express their activity and their creativity and imagination complete with an attachable slide squeaking stairs. A toss game panel. This durable climbing gym is one of the most popular sought out preschool toys. This holiday season. This fall, everyone is really excited about our latest offering in this price range.

我們的攀爬叢林健身房有費雪爪巡邏隊和米妮老鼠版本。它鼓勵兒童參與體育活動，提高他們的運動技能和整體健康。安全且易於組裝的遊戲結構讓 2 至 6 歲的兒童可以透過可連接的滑梯吱吱作響的樓梯來表達他們的活動、創造力和想像力。投擲遊戲面板。這款耐用的攀爬架是最受歡迎的學前玩具之一。這個假期。今年秋天，每個人都對我們這個價格範圍內的最新產品感到非常興奮。

Building on the tremendous success of our target shopping cart and Target cash register late last quarter. Target introduced the new Target toy Check Lane. This toy delivers on all the pretend shopping needs. It comes with a target pretend shopping bag, various target essentials, groceries and pretend money. It features a hand crank conveyor belt, beeping, scanner, bagging area, credit card, swipe machine and working cash register with microphone, cash drawer and working buttons. The team really did a fabulous job with this item and it looks amazing and plays amazing. I've personally enjoyed showing nearly everyone who has come to our offices over the past several months. What a great example it is of our bringing something new and fresh to retail while also being very fast to market. Given how quickly we went from concept to customer approval to shipping another area we didn't cover on our last earnings call was some of our key focus items. This fall from Nintendo the recently launched Super Mario course complete playset is a must have for any Super Mario fan. You can experience the fun of conquering a course just like the iconic video games helping Mario climb the famous stairs using the spinning lever. The set comes with a 2.5 inch Mario figure interactive stairs, flagpole Castle and a base platform offering multiple ways to play and display.

上季末我們的 Target 購物車和 Target 收銀機取得了巨大成功。Target 推出了新的 Target 玩具 Check Lane。這款玩具滿足了所有假裝購物的需求。它配有一個目標假裝購物袋、各種目標必需品、雜貨和假裝錢。它配有手搖曲柄傳送帶、蜂鳴器、掃描器、裝袋區、信用卡、刷卡機和帶麥克風的工作收銀機、現金抽屜和工作按鈕。團隊在這個專案上做得非常出色，它看起來很棒，玩起來也很棒。我個人很高興向過去幾個月來過我們辦公室的幾乎所有人展示。這是一個很好的例子，我們為零售業帶來了新鮮的東西，同時又非常快速地推向市場。考慮到我們從概念到客戶批准再到發貨的速度有多快，我們在上次財報電話會議上沒有涵蓋的另一個領域是我們的一些關鍵焦點項目。今年秋天，任天堂最近推出的《超級瑪利歐》課程完整玩具組是所有《超級瑪利歐》粉絲的必備品。您可以體驗征服賽道的樂趣，就像標誌性的電子遊戲幫助馬裡奧使用旋轉桿爬上著名的樓梯一樣。該套裝配有 2.5 英寸馬裡奧人物互動樓梯、旗桿城堡和底座平台，提供多種遊戲和展示方式。

And we are also highlighting one of the most sought after and best selling toys. The Mario Kart mini anti gravity RC racer Mario can race in a standard mode or switch to anti gravity mode for drifts and thrilling tricks. The enhanced performance of this RC allows you to pop wheelies and perform 360 degree spins with an impressive range of up to 100 ft.

我們還重點介紹最受歡迎和最暢銷的玩具之一。瑪利歐賽車迷你反重力遙控賽車手馬裡奧可以在標準模式下比賽，也可以切換到反重力模式進行漂移和驚險特技。這款 RC 的增強性能讓您可以進行後輪離地和 360 度旋轉，令人印象深刻的範圍可達 100 英尺。

It's simply put a great toy and from another iconic Nintendo IP we're offering from the world of legend of Zelda, the link with power shield and sword action figure inspired by the legend of Zelda Breath of the Wild. Also in our last call, we avoided discussing Sonic three to the to the embargo issues. But since then, the product has begun to hit the shelf and has generated some great reactions. The five inch figures are the core segment within the line with a nice range of characters and styles. And our key driver is our ultimate talking Sonic. The 12 inch scale movie style figure has 15 points of articulation and features over 30 iconic and humorous phrases and sounds from the movies. These items are available across all major accounts leading up to the film's release. This December, I also wanted to point out we have an exciting new line of toys supporting the holiday launch of Moana Two. Our product line celebrates the new music, new caricatures and the new outfits consumers will experience when they see Moana in theaters. This holiday season.

它只是一個很棒的玩具，來自我們提供的薩爾達傳說世界的另一個標誌性任天堂 IP，與動力盾和劍動作人偶的連結受到薩爾達荒野之息傳說的啟發。同樣在上次通話中，我們避免討論索尼克三號的禁運問題。但從那時起，該產品開始上架並引起了一些巨大的反響。五英寸人物是該系列的核心部分，具有一系列不錯的角色和風格。我們的關鍵驅動力是終極會說話的索尼克。12 英寸比例的電影風格人偶有 15 個關節點，並具有 30 多個來自電影的標誌性幽默短語和聲音。這些物品在電影上映前可在所有主要帳戶中使用。今年 12 月，我還想指出的是，我們推出了一系列令人興奮的新玩具，支持《莫阿娜二號》的假期發布。我們的產品線慶祝消費者在劇院觀看《莫阿娜》時將體驗到的新音樂、新漫畫和新服裝。這個假期。

Moana sings one of her iconic songs in the New Jack's large doll to complement the story. Jack is also launching a large doll of Moana's new little sister Semia. Semia will capture your heart in the story. And at retail lastly, but not least as a reminder, the extensive line of products based on the Simpsons are continuing to be delivered to retail and we have seen extremely strong sell through performance to date.

莫阿娜在新傑克的大玩偶中演唱了她的一首標誌性歌曲來補充這個故事。傑克還推出了莫阿娜的新妹妹塞米亞的大玩偶。Semia將在故事中擄獲你的心。最後，在零售方面，但並非最不重要的是提醒一下，基於辛普森一家的廣泛產品線將繼續交付零售，迄今為止我們已經看到了極其強勁的銷售表現。

As mentioned earlier. Our November and December calendars are filled with great placement at retail for a broad portfolio of businesses. I strongly encourage you to get out to the retail this holiday season and look for Jack's products. And I hope you will agree that our retail execution can stand with the very best in the industry across a wide range of IP.

如前面所提到的。我們的 11 月和 12 月日曆充滿了廣泛的企業組合的零售業的絕佳位置。我強烈建議您在這個假期前往零售店尋找 Jack's 產品。我希望您會同意，我們的零售執行力可以在廣泛的智慧財產權領域與業界最優秀的企業相媲美。

As always, thank you for your support and interest and Happy Halloween operator.

一如既往，感謝您的支持和關注，並祝運營商萬聖節快樂。

(Operator Instructions)

（操作員說明）

Our first question today is from Eric Better from small cap consumer research. Your line is open.

我們今天的第一個問題來自小型股消費者研究中心的 Eric Better。您的線路已開通。

Good afternoon. Congratulations.

午安.恭喜。

Thank you. Good afternoon.

謝謝。午安.

Cool. Talk a little bit about the outdoor segment. And the opportunities there. I mean, obviously, you have the authentic brands, product beginning to flow out. I know it's only the skateboards right now. But you know how positive and confident there when you look at that potential to have that drive really kind of the outdoor business and kind of offset some of the seasonality that you have.

涼爽的。談談戶外部分。以及那裡的機會。我的意思是，顯然，你擁有正宗的品牌，產品開始流出。我知道現在只有滑板。但當你看到戶外業務的潛力並抵消一些季節性時，你就會知道那裡有多積極和自信。

Thank you, Eric. First off, we just recently launched the Element portion of our initiative with the Authentic Brands Group and we launched it with a retailer called Academy to get initial reads and the sell throughs that we launched have been nothing but tremendous. It's been in the numbers that were there in 2022 and they are now regrouping and looking at 2025 much more aggressively. So the initial start and initial launch has been very successful. That being said we have planned for this spring to launch a kind of a breadth of product from the Element Skateboard line to our new Roxy Floaties that will be done. At exclusives at one of our major retailers and our new distribution platform with all the new seasonal products we'll just be launching during first quarter. That being said, our current existing business, which is our seasonal ball pits, tents, outdoor play products. The outdoor furniture has had a difficult comparison over the last few years due to the container issues with bulk products that was so expensive and during the COVID period, but now we're seeing a better comparisons. We saw it in this 1st 3rd quarter and we will look to have growth for that segmentation in 2025. So it's really diverse. It's diverse with the authentic brands group from Quicksilver Roxy Elements and Juicy Couture amongst some of the names. And then with a lot of our friendly competitors that we do licenses with from Mattel to Haard to Spinmaster Paw Patrol Fisher price Transformer. So it's really a diverse product line and much stronger than it's been over the last three years going forward.

謝謝你，埃里克。首先，我們最近剛與 Authentic Brands Group 合作推出了我們計劃的 Element 部分，並與一家名為 Academy 的零售商合作推出了該計劃，以獲取初步閱讀量，並且我們推出的銷售量非常巨大。這是 2022 年的數字，他們現在正在重組，並更加積極地展望 2025 年。所以最初的啟動和最初的推出是非常成功的。話雖這麼說，我們計劃在今年春天推出一系列產品，從 Element Skateboard 系列到我們即將完成的新 Roxy Floaties。在我們的一家主要零售商和我們的新分銷平台上的獨家銷售中，我們將在第一季推出所有新的季節性產品。話雖這麼說，我們目前現有的業務，就是我們的季節性球坑、帳篷、戶外遊樂產品。在過去的幾年裡，由於在新冠疫情期間昂貴的散裝產品的容器問題，戶外家具很難進行比較，但現在我們看到了更好的比較。我們在第 1 個第三季看到了這一點，我們預計該細分市場將在 2025 年實現成長。所以它真的很多樣化。它多種多樣，其中包括 Quicksilver Roxy Elements 和 Juicy Couture 等正宗品牌。然後我們與許多友好的競爭對手取得了許可，從​​美泰到哈德，再到 Spinmaster Paw Patrol Fisher Price Transformer。所以它確實是一個多樣化的產品線，並且比過去三年要強大得多。

Right? And you know, I know it's obviously too early for the current movies, but I want to ask you about some of the things for 2025 like like Dog Man coming out in the beginning of the quarter, the beginning of the year. You know, that's usually, I think if I remember correctly, most of the other movies that the holiday movies work is first half, but for things like this. How do you look upon these pieces of some of the add ons to the potential here?

正確的？你知道，我知道這對當前的電影來說顯然還為時過早，但我想問你關於 2025 年的一些事情，比如《狗人》將在本季度初、年初上映。你知道，我想如果我沒記錯的話，大多數假日電影的其他電影都是上半場，但對於這樣的事情。您如何看待這些附加元件的潛力？

So, in fact, last night, it's a good question. I would like, I had a call with Asia this morning, a call with all of our group looking at the potential opportunities because Dogman, they've sold over 60 million books since 2016. It's its first movie. They've had seven as of last night, 17.2 million views of their trailer. Sonic Three has had 16.5. So it's a very strong telling will be having a very good background of what Sonic's been around, the success of Sonic and seen Dogman having that. So we are, we are cautiously optimistic with it. We won't be bringing in heavy inventory based off of not knowing, but the retail receptiveness is extremely strong and it, it, it will be nice. It depends how big it will be. We don't know. But if you just look at the stats and the receptivities, it's been great. There's going in, you know, Moana two launches, you know, during the November of this year. And really what happens when we look at Moana or a frozen or an in Cano. And so on, the first part is great. But usually if the movie does well and the music does well, the, the following year when streaming hits is where the legs come from. So we're looking excited for Moana Two and then the later part is the Sonic Three movie, which is coming out that's late in December, December 20th, which we have great sales. But if the movie is successful, we look at having some good tailwinds for that going into the, the 2025. In addition, there's some new movies coming out which we're looking at in disguise, which we have Minecraft, you have Snow White, you know how to train your dragon demon Slayer Paw Patrol Leo. So there's a lot you have Harry Potter and Pokemon that we now just got rights for an EE A. So there's a good plethora, an abundance of IP that's out there that will help carry along some of the IP DRIVEN lines at the same time. But I'd like to reiterate again and we've seen it in this quarter. We've seen it through the year. Our evergreen portions of our businesses are doing very well and we're very excited about the strength that we have. And if we continue to grow the portfolio management that we've been focusing on in addition to potential strong IP that just bodes well, extremely well for the company. And as I reiterated for the last two quarters being debt free, allows us to free up a lot of capital to be able to utilize for new initiatives, new licenses and building out our international structure.

所以，事實上，昨晚這是一個很好的問題。我想，今天早上我和 Asia 通了電話，我們團隊的所有成員都在通電話，尋找潛在的機會，因為 Dogman 自 2016 年以來已經售出了超過 6000 萬本書。這是它的第一部電影。截至昨晚，他們的預告片已有 7 次觀看，觀看次數達 1,720 萬次。《索尼克3》的評分為16.5。因此，這將是一個非常有力的故事，它對索尼克的歷史、索尼克的成功以及多格曼的成功有很好的背景。所以我們對此持謹慎樂觀的態度。我們不會因為不知道而引入大量庫存，但零售接受度非常強，這會很好。這取決於它有多大。我們不知道。但如果你只看統計數據和接受度，那就太棒了。今年 11 月期間，《莫阿娜》將進行兩次發射。當我們看到《莫阿娜》、《冰雪奇緣》或《卡諾》時，真的會發生什麼事。等等，第一部分很棒。但通常情況下，如果電影賣得好，音樂也賣得好，那麼第二年的串流媒體熱門是腿的來源。所以我們對《莫阿娜二號》感到興奮，然後是《索尼克三號》電影，該電影將於 12 月下旬、12 月 20 日上映，我們的銷量非常好。但如果這部電影取得成功，我們會期待在 2025 年取得一些良好的進展。此外，還有一些我們正在變相看的新電影，我們有《我的世界》，你有白雪公主，你知道如何訓練你的屠龍者狗狗巡邏隊利奧。因此，我們現在剛剛獲得了 EE A 的《哈利波特》和《神奇寶貝》的版權。但我想再次重申，我們在本季已經看到了這一點。這一年我們都看到了。我們業務的常青部分錶現非常好，我們對我們擁有的實力感到非常興奮。如果我們繼續發展我們一直關注的投資組合管理，除了潛在的強大智慧財產權之外，這對公司來說是個好兆頭，非常有利。正如我在過去兩個季度重申的那樣，無債務使我們能夠釋放大量資金，以便能夠用於新舉措、新許可證和建立我們的國際結構。

Okay. Let me for one quick other quick one. You've talked about this target, private label product. I've seen it, it looks great. Obviously there are other retailers that have check out counters and other pieces. Is that something you can leverage into other potential accounts as a part of the private label? Thank you.

好的。讓我來一個快速的另一個快速的。您已經談到了這個目標，自有品牌產品。我看過了，看起來很棒。顯然還有其他零售商設有收銀台和其他物品。您可以將其作為自有品牌的一部分用於其他潛在客戶嗎？謝謝。

So the target initiative has been terrific. The relationship that we have with Target is phenomenal. The success of the the the the cash register, our new check lane item. The the cart is doing very well. We we will build that portfolio with Target. At the same time, there's other opportunities especially international that we are launching various initiatives in that private label program. And we will announce during the probably first half of 2025 a lot of the new initiatives in that private label initiative program with other major retailers.

所以目標倡議非常棒。我們與 Target 的關係非常密切。收銀機的成功，我們的新支票通道專案。購物車的表現非常好。我們將與 Target 一起建立該投資組合。同時，還有其他機會，特別是國際機會，我們正在該自有品牌計劃中發起各種舉措。我們可能會在 2025 年上半年與其他主要零售商宣布自有品牌計劃中的許多新舉措。

Okay, great. Congratulations. Good luck on the holiday season.

好的，太好了。恭喜。祝假期好運。

Thanks, Eric.

謝謝，埃里克。

(Operator Instructions) Tom Forte with the Maxim Group. Your line is open.

（操作員說明）Tom Forte 與 Maxim Group。您的線路已開通。

Great. Thanks. So first off Steven and John congrats on the quarter, I have one question and one follow up. So, Steven, when you consider the value of intellectual property that you license or are considering licensing, what are your current thoughts on the state of the box office? And is it less important for IP to be associated with or supported by hit films?

偉大的。謝謝。首先，史蒂文和約翰對本季表示祝賀，我有一個問題和一個後續行動。那麼，史蒂文，當您考慮您許可或正在考慮許可的知識產權的價值時，您目前對票房狀況有何看法？IP 與熱門電影的聯繫或支援是否變得不那麼重要了？

Great question. So IP theatrical as well as just IP, that's non theatrical is important. I'll give you examples to that. So we have a complete line of Princess product and a very successful line called Princess Style Collection, which we do with the Walt Disney Company that doesn't align itself with any theatrical company movies in Princess. And it does extremely well. Our current frozen line that we've extended into style collection as well doesn't necessarily need the i the theatrical IP behind it. They kind of do well without it. And sometimes theatrical initiatives are built up and then slightly go away in time. So the basic portfolio we have from the previous call it the Organic Princesses that everyone knows of the Rapunzel, the snow white and so on to the frozen. And then you get the Rias and you get the Moana that get added into the portfolio, those always enhance and bring in new consumers versus what was the past? If you think about it? Frozen, one was in 2013, November. We're now 11 years into it, you know, and it's still extremely strong with no new IP coming until 2000 27 I think is when the Walt Disney company mentioned they're doing it. So right now, our business in the Walt Disney platform is doing extremely well without having heavy IP behind it. But then again, you get the two that brings a lot of excitement to the retail trade and based off what we've seen based off what retailers see globally. It's extremely exciting and we're happy and we've a year, years before when we want one came out of it. So we kind of have an understanding. But if the portfolio managed mix is what we do, it's some of its general IP elements itself, Roxy Quicksilver are not theatrical IP, but they are well branded IP that's known worldwide. So you've got to take a portfolio platform management in the various categories which you're in. At the same time, we're looking at diverse distribution platforms, not just going necessarily in the normal call it toy trade, but from the DX Sporting Goods, the Academy Sporting goods, the value chains, there's so many new avenues that we're achieving distribution. So it's not necessarily just the new IP, it's distribution, new IP and building off the basic IP that we have.

很好的問題。因此，IP 戲劇以及非戲劇 IP 都很重要。我會給你舉一些例子。因此，我們擁有完整的公主產品系列和一個非常成功的系列，稱為“公主風格系列”，我們與華特迪士尼公司合作，但與任何戲劇公司的《公主》電影都不相符。而且效果非常好。我們目前的凍結系列也已擴展到風格系列，但不一定需要背後的戲劇IP。沒有它，他們也能做得很好。有時戲劇性的舉措會隨著時間的推移而逐漸消失。因此，我們之前的基本產品組合稱為有機公主，每個人都知道長髮公主、白雪公主等冷凍公主。然後你得到了 Rias 和 Moana，它們被添加到產品組合中，與過去相比，它們總是增強並帶來新的消費者？如果你想一想？《冰雪奇緣》，其中一件發生在2013年11月。你知道，我們現在已經進入這個領域 11 年了，而且它仍然非常強大，直到 2000 年 27 月才出現新的 IP，我想是華特迪士尼公司提到他們正在這樣做的時候。所以現在，我們在華特迪士尼平台的業務做得非常好，背後沒有大量的智慧財產權。但話又說回來，這兩者為零售業帶來了很多興奮，並且基於我們所看到的基於零售商在全球範圍內看到的情況。這是非常令人興奮的，我們很高興，我們已經一年，幾年前我們希望有一個可以出來。所以我們有點了解。但如果我們所做的是投資組合管理組合，那麼它本身就是一些通用 IP 元素，Roxy Quicksilver 不是戲劇 IP，但它們是全球知名的品牌 IP。因此，您必須對您所在的各個類別進行投資組合平台管理。同時，我們正在考慮多樣化的分銷平台，不僅限於正常的玩具貿易，還包括 DX 體育用品、學院體育用品、價值鏈，並且有許多新的途徑可供我們選擇。因此，這不一定只是新 IP，而是發行版、新 IP 以及在我們擁有的基本 IP 基礎上建立的內容。

Great. Thank you for.

偉大的。謝謝你。

That. Very helpful. Alright. So second, can you give your current thoughts on competition and your ability to to secure additional shelf space with your new product initiatives such as the Simpsons line?

那。非常有幫助。好吧。其次，您能否談談您目前對競爭的看法以及您透過辛普森系列等新產品計劃確保額外貨架空間的能力？

So it's very interesting. So the the toy world is changing. We've seen several different companies have issues over the years, some of which have turned into bankruptcies and so on. And for us we're looking at garnish more and more shelf space. So when a company has an issue and they can't ship, there's usually white space and a retailer knows that one thing Jack specific is known for is quick to market reaction and we can help the retailer when someone's not able to perform it or a property is not performing. So that's something that's very beneficial to us. The competition, it's, it's there, but we just focus on what we do best, which is focusing on making sure the retailers make great margin and the consumer gets great product at a great price. And by doing that, we are garnishing more and more shelf space. And then again, when there's not the shelf space available, we have extremely strong placement with exclusive products globally with retailers that allows the retailer to promote the products which then carries further products in our categories. And in addition to that, we do a complete line of out of aisle placements that allows you to not only have the in line initiatives that you see at retail but to be out of aisle to garnish more retail footprint and allowing the consumer to see products more just in the toy aisle. So for instance, the Check lane stands Walmart, we do a terrific job with our Mario, our Sonic and our print at Check Lane. So we just look at every avenue in every way of distribution and normally it's slightly different than our competitors just because of our nimbleness as a company.

所以這很有趣。所以玩具世界正在改變。多年來，我們已經看到幾家不同的公司出現了問題，其中一些已經變成了破產等。對我們來說，我們正在考慮裝飾越來越多的貨架空間。因此，當一家公司遇到問題而無法發貨時，通常會出現空白，零售商知道Jack 特有的一件事是快速對市場做出反應，當有人無法執行該操作或出現問題時，我們可以幫助零售商。所以這對我們非常有利。競爭是存在的，但我們只專注於我們最擅長的事情，即確保零售商獲得豐厚的利潤，並且消費者以優惠的價格獲得優質的產品。透過這樣做，我們正在裝飾越來越多的貨架空間。再說一遍，當沒有可用的貨架空間時，我們在全球範圍內向零售商提供非常強大的獨家產品定位，使零售商能夠推廣這些產品，然後在我們的類別中攜帶更多產品。除此之外，我們還提供一整套的過道外展示，使您不僅可以擁有在零售中看到的排隊主動性，而且可以在過道外展示更多的零售足跡，並讓消費者看到產品更多只是在玩具過道中。例如，Check Lane 代表沃爾瑪，我們在 Check Lane 上用我們的馬裡奧、索尼克和印刷品做得非常出色。因此，我們只是專注於每種分銷方式的每一種途徑，通常它與我們的競爭對手略有不同，只是因為我們作為一家公司的靈活性。

Great, thanks.

太好了，謝謝。

Thank you.

謝謝。

(Operator Instructions) Eric Wold with BRB Riley Securities. Your line is open.

（操作員指示）BRB Riley 證券公司的 Eric Wold。您的線路已開通。

Thanks. Thanks guys for taking my questions. I'm glad to join my, my first call. A quick follow up, kind of what kind of what you see on your, on your prior comments. Kind of around the new, the new, it, the new products coming out. I know it's difficult for you to discuss specific licenses or it, but as we move into, you know, stronger film slate, you know, starting with this quarter and then, you know, presumably you even more so next year, and kind of the content led piece becomes a bigger driver than it has been over the past, you know, 12 ish months. Yeah. What are you kind of seeing from retailers in terms of their desire to allocate shelf space and how they're, they're ordering patterns around content led. How confident are they kind of taking inventory up front versus something you may have to chase if that demand exceeds their expectations.

謝謝。謝謝你們回答我的問題。我很高興參加我的第一次通話。快速跟進，了解您在先前的評論中看到了什麼。有點像新的、新的、新的產品的問世。我知道你很難討論具體的許可或它，但隨著我們進入，你知道，更強大的電影板，你知道，從本季度開始，然後，你知道，明年可能會更是如此，有點與過去12 個月相比，以內容為主導的內容成為了更大的推動力。是的。您從零售商那裡看到了他們分配貨架空間的願望以及他們如何圍繞內容主導的訂購模式。如果需求超出他們的預期，他們對預先庫存的信心有多大，而不是你可能必須追逐的東西。

So let me give you an example and that it will go from Dog Man, which is in January that retailers and a lot of these retailers also have Children know the books extremely well. You know, they've sold over 60 million pieces, but it's still an unknown because there's never been real product out to the market. So as they are, as we and they are conservative in the approach that we're taking, we do have a plan once you see sell throughs to be quick to market in bringing in product to achieve the goals that are necessary to keep the shelf space.

讓我給你舉個例子，它來自《狗人》，那是在一月份，零售商和許多這樣的零售商也有孩子們非常熟悉這些書。你知道，他們已經售出了超過 6000 萬件，但這仍然是一個未知數，因為從未有真正的產品進入市場。因此，正如我們和他們所採取的方法一樣，我們確實有一個計劃，一旦你看到銷售情況，我們就會迅速將產品推向市場，以實現保持貨架所需的目標空間。

Retailers are doing now more than ever and I think it's the economy, it's elections and so on are buying things that are relatively comfortable to them that they know. And the retailers want to make sure that themselves are having products that are consistent that they can count on as well because the risk factor of going into IP that may not work, it takes up shelf space, it takes up profitability and you lose traction with your consumers. So we have such a real strong relationships with the retailers globally that we work very much hand in hand and we work very much hand in hand with our IP partners. So we manage it very well to where we can react if something takes off. But we will never as Jacks bring in a ton of inventory to bet on something in case it doesn't work.

零售商現在比以往任何時候都做得更多，我認為這是經濟、選舉等因素導致他們購買他們所知道的相對舒適的東西。零售商希望確保自己擁有值得信賴的一致產品，因為進入智慧財產權的風險因素可能不起作用，它會佔用貨架空間，會佔用獲利能力，並且會失去吸引力你的消費者。因此，我們與全球零售商有著非常牢固的關係，我們與我們的智慧財產權合作夥伴密切合作。因此，我們能夠很好地管理它，以便在事情發生時我們可以做出反應。但身為傑克，我們永遠不會帶大量庫存來押注某件事，以防萬一它不起作用。

If something could be a grand slam for Jack, it may be a home run because we won't take that risk. But in reverse, if something was planned to be a double and it goes into a home run, we could actually grab and jump onto it. So it's just a constant communication with our retailers. In fact, right now, we have majority of our sales people out at all of our major retailers right now shoring up the remaining part of this holiday season and truly right now, we're preparing for the first half and second half of 25 because we're very comfortable in our line. We see next year being a a irrelevant of the elections, a strong year for Jack's just we feel comfortable with where we're at with our portfolio of brands and categories. So we're really comfortable with everything.

如果某件事對傑克來說可能是大滿貫，那麼它也可能是全壘打，因為我們不會冒這個風險。但相反，如果某件事被計劃為雙打並且它進入了全壘打，我們實際上可以抓住並跳到它上面。所以這只是與我們的零售商的持續溝通。事實上，現在，我們所有主要零售商的大部分銷售人員都在為這個假期的剩餘部分提供支持，而且現在我們正在為 25 月的上半年和下半年做準備，因為我們在我們的隊伍中感到非常舒服。我們認為明年與選舉無關，對傑克來說是強勁的一年，只是我們對我們的品牌和品類組合的現狀感到滿意。所以我們對一切都很滿意。

Perfect and then follow up question John is, is you obviously talked about the Q3 margin and kind of the puts and takes versus last year for the quarter as you move into the holiday season. What should we think about the puts and takes for gross margin this year versus what you experienced last year?

完美的後續問題約翰是，你顯然談到了第三季度的利潤率以及當你進入假期時該季度的看跌期權和看跌期權與去年相比的情況。與去年相比，我們該如何看待今年毛利率的買權和賣權？

You know, I think, you know, I think, I think sort of trying to isolate the quarter year over year is probably a little bit a bit of a precision, to be H1st in, in Q4 ends up being a smaller one of our smaller quarters as you know, and therefore it doesn't take much to move the percentage. But, you know, I'd reiterate the comment we made on the call that we, we still feel pretty good about on a full year basis being at at least at 30 which is something that we've said for some time and, and I know some people had some doubts about earlier in the year with some of our kind of Q1 results, but, you know, we're still still heading towards that outcome. I hope.

你知道，我認為，你知道，我認為，我認為嘗試將季度與去年同期分開可能有點精確，在第四季度中排名第一，最終成為我們的較小的一個如您所知，季度較小，因此不需要太多調整百分比。但是，你知道，我想重申我們在電話會議上發表的評論，我們仍然對全年至少達到 30 歲感到非常滿意，這是我們已經說過一段時間的事情了，而且我知道有些人對今年早有些時候我們第一季的一些結果有一些疑問，但是，你知道，我們仍在朝著這個結果邁進。我希望。

Thanks you. Appreciate it.

感謝您。欣賞它。

All right, thanks, sir.

好的，謝謝，先生。

I am showing no more questions at this time. So, I would now like to turn it back to Steve Berman for closing your marks.

我目前沒有再提出任何問題。所以，我現在想把它轉回史蒂夫·伯曼來結束你的標記。

Ladies and gentlemen, thank you very much for the time on the call. I wish everybody a happy Halloween and look forward to speaking to you on our next call. Thank you very much.

女士們、先生們，非常感謝您抽出寶貴的時間接聽電話。我祝大家萬聖節快樂，並期待在下次電話會議上與您交談。非常感謝。

This does conclude the program you may now disconnect.

這確實結束了您現在可以斷開連接的程式。