Live Ventures Inc (LIVE) 2025 Q3 法說會逐字稿

Good day everyone, and welcome to the live ventures fiscal year Q3 2025 conference call. (Operator Instructions) Now I'd like to turn the call over to Greg Powell, Director of investor relations. Please go ahead, Greg.

大家好，歡迎參加 Live Ventures 2025 財年第三季電話會議。（操作員指示）現在我將把電話交給投資者關係總監格雷格·鮑威爾。請繼續，格雷格。

Thank you, [Alvis]. Good afternoon and welcome to the Live Ventures, third quarter fiscal year 2025 conference call. Joining us this afternoon are Jon Isaac, our Chief Executive Officer and President, and David Verret, our Chief Financial Officer. Some of the statements we are making today are forward-looking and are based on our best view of our businesses as we see them today.

謝謝你，[阿爾維斯]下午好，歡迎參加 Live Ventures 2025 財年第三季電話會議。今天下午與我們一同出席的有我們的執行長兼總裁喬恩·艾薩克，以及我們的財務長大衛·維雷特。我們今天發表的一些聲明具有前瞻性，並且是基於我們對目前業務的最佳看法。

The actual results could differ materially due to a number of factors including those outlined in our latest forms. Form 10-K and Form 10-Q as filed with the Securities Exchange Commission. We have no obligation to publicly update any forward-looking statements after this call, whether as a result of new information, future events, changes in assumptions, or otherwise.

實際結果可能因多種因素而與預期有重大差異，其中包括我們最新表格中列出的因素。向美國證券交易委員會提交的 10-K 表格和 10-Q 表格。本次電話會議後，無論是由於新資訊、未來事件、假設變更或其他原因，我們沒有義務公開更新任何前瞻性聲明。

You can find a copy of our press release that was referenced on today's call in the investor relations section of the live Ventures website. I direct you to our website, liveventures.com or sec.gov for historical SEC filings. I will now turn the call over to David to walk through our financial performance.

您可以在 Live Ventures 網站的投資者關係部分找到我們在今天電話會議上提到的新聞稿副本。請您造訪我們的網站 liveventures.com 或 sec.gov 檢視歷史 SEC 文件。現在我將把電話交給大衛，讓他來介紹一下我們的財務表現。

Thank you, Greg. Good afternoon, everyone. Before discussing our financial results, I'd like to touch on a few key highlights from the quarter. We are pleased to report that all four of our operating segments delivered improved performance in the third quarter, with each achieving higher operating income and operating margin compared to the prior year period.

謝謝你，格雷格。大家下午好。在討論我們的財務表現之前，我想先談談本季的一些關鍵亮點。我們很高興地報告，我們所有四個營運部門在第三季度都取得了更好的業績，與去年同期相比，每個部門的營業收入和營業利潤率都有所提高。

These results were delivered despite continued softness in the new home construction and home refurbishment markets which remain a headwind for our retail flooring and flooring manufacturing segments. As noted last quarter, in response to the challenges in our retail flooring segment, we appointed a new executive leadership team.

儘管新建住宅和房屋翻新市場持續疲軟，對我們的零售地板和地板製造業務仍構成不利影響，但我們仍然取得了這些業績。正如上個季度所指出的，為了應對零售地板業務面臨的挑戰，我們任命了一支新的高階主管領導團隊。

The new team is actively implementing operational cost saving initiatives focused on top line growth and improving efficiency. During the quarter, our targeted cost saving initiatives are having a significant impact in generating considerable savings in the retail flooring segment. In addition, our other segments are also benefiting from the cost saving measures implemented during the quarter.

新團隊正積極推行以提升營收和提高效率為重點的營運成本節約計畫。本季度，我們有針對性的成本節約措施正在對零售地板領域產生重大影響，並帶來可觀的成本節約。此外，我們其他業務部門也受惠於本季實施的成本節約措施。

Now let's discuss the financial results for the third quarter ended June 30, 2025. To revenue for the quarter decreased $11.2 million, or 9.2% to approximately $112.5 million. The decrease is primarily attributable to the retail flooring and steel manufacturing segments, which collectively decreased by approximately $12 million.

現在讓我們來討論截至 2025 年 6 月 30 日的第三季財務表現。本季營收減少 1,120 萬美元，或 9.2%，至約 1.125 億美元。下降主要歸因於零售地板和鋼鐵製造業，這兩個行業合計下降了約 1200 萬美元。

The retail entertainment segment revenue increased $2.5 million or 15.2% to approximately $19 million as compared to the prior year period. The increase in segment revenue is primarily due to increased consumer demand for new products which typically have higher selling prices.

與去年同期相比，零售娛樂部門的收入增加了 250 萬美元，增幅達 15.2%，達到約 1,900 萬美元。此業務板塊收入的成長主要是由於消費者對新產品的需求增加，而新產品的售價通常較高。

Retail flooring segment revenue decreased $6.6 million or 17.9% to approximately $30.4 million as compared to the prior year period. The decrease is primarily attributable to the disposition of certain Johnson floor and home carpet one stores in May 2024 and reduce consumer demand due to the weakness in the housing market.

與去年同期相比，零售地板業務收入減少了 660 萬美元，降幅達 17.9%，約 3,040 萬美元。下降的主要原因是 2024 年 5 月 Johnson 地板和家居地毯商店的某些資產處置，以及房地產市場疲軟導致消費者需求下降。

Flooring manufacturing segment revenue decreased $1.8 million or 5.7% to approximately $31.3 million as compared to the prior year period. The decrease is primarily due to reduced consumer demand as a result of the ongoing weakness in the housing market. Steel manufacturing segment revenue decreased $5.4 million or 13.8% to approximately $33.6 million as compared to the per-year period.

與去年同期相比，地板製造部門的收入減少了 180 萬美元，降幅為 5.7%，約 3,130 萬美元。下降的主要原因是房地產市場持續疲軟，導致消費者需求減少。與去年同期相比，鋼鐵製造部門的收入減少了 540 萬美元，降幅達 13.8%，約 3,360 萬美元。

The decrease was primarily driven by lower sales volumes of certain business units, partially offset by incremental revenue of $5 million at Central Steel, which was acquired in May 2024. Gross profit for the quarter increased $1.2 million or 3.4% to $38.3 million. Gross margin increased by 410 basis points to 34% from 29.9% in the prior year period.

此次下降主要是由於某些業務部門的銷售量下降，但被 2024 年 5 月收購的 Central Steel 帶來的 500 萬美元增量收入部分抵銷。本季毛利成長120萬美元，增幅3.4%，達3,830萬美元。毛利率較上年同期成長 410 個基點，從 29.9% 增至 34%。

The increase was primarily driven by higher margins in our steel manufacturing and flooring manufacturing segments. The increase in gross margin in the steel manufacturing segment is primarily due to improved efficiencies and the May 2024 acquisition of central steel, which has historically generated higher margins.

成長主要得益於鋼鐵製造和地板製造業務利潤率的提高。鋼鐵製造部門毛利率的成長主要歸功於效率的提高以及 2024 年 5 月對中央鋼鐵公司的收購，該公司歷來毛利率較高。

The increase in the gross margin in the flowing manufacturing segment is primarily due to improved efficiencies and more favorable product mix. General and administrative expense decreased approximately $3.8 million or 12.6% to $26.3 million.

流動製造業部門毛利率的成長主要歸功於效率的提高和更有利的產品組合。一般及行政費用減少了約 380 萬美元，降幅達 12.6%，至 2,630 萬美元。

The decrease was primarily due to lower compensation and other operating expenses resulting from targeted cost reduction initiatives in the retail flooring and flooring manufacturing segments. Sales and marketing expense decreased approximately $1.8 million or 31.5% to $4 million.

下降的主要原因是零售地板和地板製造領域採取有針對性的成本削減措施，導致薪資和其他營運費用降低。銷售和行銷費用減少了約 180 萬美元，降幅達 31.5%，至 400 萬美元。

The decrease was primarily due to lower compensation and marketing expenses resulting from targeted cost reduction initiatives in the retail flooring and flooring manufacturing segments. Interest expense decreased 9% to $3.9 million. The decrease was due to lower average debt balances as compared to the prior year period.

下降的主要原因是零售地板和地板製造領域採取了有針對性的成本削減措施，從而降低了薪資和行銷費用。利息支出減少 9%，至 390 萬美元。與去年同期相比，平均債務餘額下降是由於此下降趨勢所致。

Net income was approximately $5.4 million for the quarter, and diluted EPS was $1.24 compared with a net loss of approximately $2.9 million and a loss per share of $0.91 in the prior year period. Net income for the third quarter includes a $1.5 million gain on employee retention credits and a $1.3 million gain on the settlement of a holdback liability related to the precision marshal acquisition.

本季淨利潤約 540 萬美元，稀釋後每股收益為 1.24 美元，而去年同期淨虧損約 290 萬美元，每股虧損 0.91 美元。第三季淨收入包括員工留任獎金 150 萬美元和與 Precision Marshal 收購相關的預留負債結算收益 130 萬美元。

Adjusted EBITDA for the quarter was approximately $13.2 million, an increase of approximately $7.1 million compared to the prior year period. The increase in adjusted EBITDA does is primarily due to the improved operating performance during the third quarter of 2025, reflecting the targeted cost reduction initiatives in the retail flooring and other segments.

本季調整後 EBITDA 約 1,320 萬美元，較上年同期增加約 710 萬美元。調整後 EBITDA 的成長主要歸功於 2025 年第三季營運績效的改善，反映了零售地板和其他部門有針對性的成本削減措施。

Turning to liquidity. We ended the quarter with total cash availability of $37.1 million, consisting of cash on hand of $7.6 million and availability under various lines of credit totaling $29.5 million. Our working capital was approximately $65.9 million as of June 30, 2025, compared to $52.3 million as of September 30, 2024.

轉向流動性。本季末，我們共有 3,710 萬美元可用現金，其中包括 760 萬美元的現金和總計 2,950 萬美元的各種信貸額度。截至 2025 年 6 月 30 日，我們的營運資金約為 6,590 萬美元，而截至 2024 年 9 月 30 日，營運資金為 5,230 萬美元。

As at the end of the quarter, total assets were $387.5 million and total stockholders' equity was $94.3 million. As part of our capital acquisition allocation strategy, we may make share repurchases from time to time. We believe our stock repurchases represent long-term value for our stockholders. During the quarter, we repurchase 12,695 shares of the company's common stock at an average price of $8.83 per share.

截至季末，總資產為 3.875 億美元，股東權益總額為 9,430 萬美元。作為我們資本獲取配置策略的一部分，我們可能會不時進行股票回購。我們相信，股票回購將為股東帶來長期價值。本季度，我們以每股 8.83 美元的平均價格回購了該公司 12,695 股普通股。

In conclusion, we are pleased that all four of our operating segments delivered improved performance in the third quarter of fiscal 2025, with each reporting higher operating income and operating margin compared to the prior year period.

總而言之，我們很高興地看到，在 2025 財年第三季度，我們所有四個營運部門的業績均有所改善，與去年同期相比，每個部門的營業收入和營業利潤率均有所提高。

Our third quarter results reflect the impact of our strategic pricing actions and continued focus on operational excellence. These outcomes underscore the success of our disciplined cost management and efficiency initiatives across our diversified portfolio.

第三季業績反映了我們策略定價措施的影響以及我們對卓越營運的持續關注。這些成果凸顯了我們在多元化業務組合中實施的嚴格的成本管理和效率提升措施的成功。

We believe these results affirm our ability to enhance profitability and generate strong cash flow even in challenging market environments. We will now take questions from those of you on the call. Operator, please open the line for questions.

我們相信，這些結果證實了即使在充滿挑戰的市場環境下，我們也有能力提高獲利能力並產生強勁的現金流。現在我們將回答各位與會者的問題。接線員，請開通提問線。

(Operator Instructions)

（操作說明）

Joseph Kowalsky, Citi

約瑟夫‧科瓦爾斯基，花旗集團

Gentlemen, very nice. I like what I read and what I heard. Sounds generally very good. I appreciate it.

先生們，非常好。我喜歡我讀到的和​​聽到的。聽起來整體來說很不錯。謝謝。

Thank you. We're excited.

謝謝。我們很興奮。

Couple questions and I'll throw them all out there and then you can do with them as you wish. Generally, my understanding is that your goal was to acquire companies and leave the management to those companies while you take care of, other headaches and whatever overhead there is.

幾個問題，我一一提出來，然後你們可以隨意處置。一般來說，我的理解是，你的目標是收購公司，然後把管理工作留給這些公司，而你自己則負責處理其他麻煩事和各種開銷。

In this particular case where you've, I think it was you said with flooring where you've taken a more active role, is that indicative of something that you intend to do in general with your companies? Is that particular to that area? That's my first. I'll wait for the answer, yeah, and then I'll give you the other questions afterwards because they're all related.

就您剛才提到的地板業務而言，您扮演了更積極的角色，這是否預示著您打算在您的公司中普遍採取這種做法？這種情況只發生在那個地區嗎？那是我的第一個。我會等你回答，之後再問你其他問題，因為它們都相關。

Yeah, I would say our strategy remains the same. Our intention is always to keep the management teams in place, as long as they're delivering the operating performance, that we expect. And if we're, if we see that there's a GAAP, we, we'll step in and make sure that we put the right people, the right resources in order to generate the return for our shareholders.

是的，我認為我們的策略保持不變。我們的目標始終是保留現有的管理團隊，只要他們能夠達到我們期望的營運績效。如果我們發現存在 GAAP（公認會計準則），我們將介入並確保投入合適的人員和資源，從而為股東創造回報。

We prefer not to intervene, but we will when we have to, and in this case here, if you look at our historical financials we have to intervene and make changes. So this is what you see today and we're very pleased now with the changes.

我們寧願不干預，但必要時我們會幹預，就目前的情況而言，如果你看看我們歷史的財務狀況，你會發現我們必須介入並做出改變。這就是你們今天看到的景象，我們對這些改變非常滿意。

I appreciate that and I think that that's a great way to act. I was just curious to know if it indicated a change what you're telling me it doesn't. So that I appreciate very much, all of that. Okay, these couple questions all kind of related.

我很欣賞這一點，我認為這是一個很好的做法。我只是好奇，這是否意味著發生了你所說的變化。所以我非常感激這一切。好的，這幾個問題其實都有些關聯。

When you're looking now for companies to acquire, are you looking largely in the same general areas that you have companies already, or are you looking to expand the footprint into different areas and build that is, do you think you have a solid core of the companies you have within those areas and it's time to look outside of that, or do you think it's better to look for more to fill out those core areas, or are you doing both?

現在您在尋找收購目標時，您主要關注的是與現有公司相同的領域，還是希望拓展業務範圍到其他領域並建立新的業務？也就是說，您認為您在這些領域已經擁有穩固的核心業務，現在是時候考慮其他領域了嗎？還是您認為最好尋找更多公司來完善這些核心領域？還是您兩者都在做？

The second question is, do you have a committee that looks for these things, or is it just one or two individuals? And then the third question is, do you wait to have a certain amount of cash on hand to determine whether it's time to buy another company?

第二個問題是，你們是否有一個委員會負責找出這些事項，還是只有一、兩個人負責？第三個問題是，您是否要等到手邊有一定數量的現金後，才決定是否應該收購另一家公司？

And then finally, what do you think about the marijuana space? I know it's kind of oversaturated and there's questions of government regulation, but I was just curious to know if that's something that's on your radar screen.

最後，您對大麻領域有何看法？我知道這個行業有點飽和了，而且也存在政府監管的問題，但我只是好奇這是否在你的關注範圍內。

The short answer, Joseph, is we will look at anything and everything. Obviously if it's something that could be perceived as a bolt on acquisition, and we feel that we have a management team that knows the space very well, then we will likely focus on that more, but we will look at and everything and the team is the C-suite team.

約瑟夫，簡而言之，我們會考慮所有事情。顯然，如果收購可以被視為一種附加收購，而且我們認為我們的管理團隊非常了解這個領域，那麼我們可能會更專注於此，但我們會考慮所有情況，而這個團隊就是高階主管團隊。

We look at all acquisitions together and we discuss them as they mature. And regarding the marijuana space, as we don't have anything marijuana space. I think it's federally not legal yet, so there are many other entities out there and many other opportunities out there for us, that low hanging fruit and other potential acquisitions. We don't have to go that far yet. So yeah, we, we'll look at anything and everything though is your answer.

我們會把所有收購案放在一起考慮，在專案成熟後再討論。至於大麻領域，因為我們沒有任何與大麻相關的領域。我認為這在聯邦層級還不合法，所以還有很多其他實體和機會等著我們去爭取，例如唾手可得的收購目標和其他潛在的收購。我們還不必走到那一步。所以，是的，我們會考慮所有事情，這就是你的答案。

So will there come a point, do you think, where you have enough in a particular business area and you say what we're full on this we're good and we'll just, we'll look elsewhere or do you think it'll just be whatever you think, fits at that moment and you don't know that there will ever be a time where you'll have enough in a particular sphere or particular area?

那麼，你認為是否會有那麼一個時刻，你在某個特定的業務領域已經足夠，你會說我們已經全力投入，一切都很好，我們會去尋找其他機會？還是你認為一切都取決於你當時的想法，你也不知道是否真的會有那麼一天，你在某個特定的領域或產業會達到足夠的規模？

We will look at opportunities as they arise, and what our opportunity costs are and what our, what we're looking at the moment if we find, that something delivers a return of X, why, vis a vis another acquisition that will give us a return of 2X, then. We will look at both and evaluate what’s best for shareholders, what delivers the most return with the lowest amount of risk. I mean, everything, this is what we do at the Live level is evaluate and allocate capital as possible.

我們會關注出現的機會，以及我們的機會成本，以及我們目前正在關注的事情。如果我們發現某件事能帶來 X 的回報，那麼，與另一項能帶來 2X 回報的收購相比，為什麼還要選擇它？我們將對兩者進行考察，評估哪種方案最有利於股東，哪種方案能以最低的風險帶來最大的回報。我的意思是，所有的一切，這就是我們在現場營運層面所做的，就是評估和盡可能地分配資金。

And then and the last question was, do you wait for a particular amount of cash on hand before you start thinking about doing something else or is it just if you find something, you'll borrow as needed to do it and the cash on hand is not as relevant?

最後一個問題是，你會等到手頭上有一定數額的現金才會開始考慮做其他事情，還是說只要找到了合適的項目，就會根據需要藉錢去做，手頭的現金多少就沒那麼重要了？

We're always looking at deals and looking at opportunities, as deals take and the market is, it's a slow process. So we, we're always looking at opportunities. We're not looking at, we need to have $10 in the bank to be able to make it out. We're always looking at deals and we always have come up with creative ways to finance, whether it'd be bank financing, seller financing, any other type of financing, so.

我們一直在尋找交易和機會，但交易和市場狀況決定了交易能否達成，這是一個緩慢的過程。所以我們一直在尋找機會。我們現在沒辦法考慮這個問題，我們需要銀行帳戶裡有 10 美元才能出門。我們一直在尋找交易機會，也一直在想辦法進行融資，無論是銀行融資、賣方融資或其他任何類型的融資。

Thank you very much. Basically keeping everything open, which is I guess the best way to be, and I really appreciate you taking the time to address my questions.

非常感謝。基本上一切都保持公開透明，我想這應該是最好的做法，非常感謝您抽出時間回答我的問題。

Todd, Saint Mary.

托德，聖瑪麗。

Well gentlemen, I am, I wasn't going to comment on this, but listening to the last set of questions, I feel compelled to do so. I'm actually a retired executive from a company called US Filter, and we grew by acquisition in the 1990s. We actually did 150 deals in two years.

各位先生，我本來不想對此發表評論，但是聽了最後幾個問題之後，我覺得有必要說幾句。我其實是 US Filter 公司的一位退休主管，我們在 20 世紀 90 年代透過收購發展壯大。我們兩年內實際完成了150筆交易。

So I know something about this, and I would have two suggestions. The first one is I would recommend you continue to focus on running your business and improving it the way you have this last quarter because I think if you do that, there's a good chance that you can get your earnings on a consistent basis to $2 or $3 or maybe even more per share.

我對這方面有所了解，我有兩點建議。首先，我建議你繼續專注於經營和改進你的業務，就像你上個季度所做的那樣，因為我認為如果你這樣做，你的每股收益很有可能持續達到 2 美元或 3 美元，甚至更高。

That would drive your share price up to $30 or $40 or $50 again. And then what you can do from there is use your stock as currency for deals. So that's a far more efficient way to grow by acquisition than cash or debt in general. If you can run, get your share price up, and that was kind of the magic of what we did back in the 90s. So I'm just throwing that out there.

那將使你的股價再次上漲到 30 美元、40 美元或 50 美元。然後，你就可以把你的股票當成交易的貨幣了。因此，與一般的現金或債務融資相比，透過收購實現成長要高效得多。如果你能跑起來，就能推高股價，這就是我們在 90 年代所取得的成就的魔力所在。我只是隨便說說。

I did have a series of questions on the quarter. And the first question I have is in regard to the improvements you made with margins and with your cost cutting. Do you see any additional improvements coming, or do you, have you done everything that you've targeted?

我確實對本季度有一系列問題。我的第一個問題是關於你們在提高利潤率和削減成本方面所做的改進。您認為未來還會有其他改進措施嗎？還是說您已經完成所有既定目標了？

No. We're not done yet and still I think when we look at the retail flooring segment, we feel like there's still more work to do. We're doing, much better than what we were a year ago, but I think we still have room for improvement and there are still initiatives like lease negotiations and things like that that we're working on in that segment that are yet to yield the, haven't flow through the numbers yet.

不。我們還沒有完成，而且我認為，當我們審視零售地板領域時，我們仍然覺得有更多的工作要做。我們現在的狀況比一年前好得多，但我認為我們仍有改進的空間，而且我們仍在努力推進一些舉措，例如租賃談判等等，這些舉措尚未產生效果，也尚未體現在數據中。

So there's still more to come, and we're continuing to focus, and so right now just even in the retail flooring segment there's still room to go and but it's just a continuous process. We're always looking, and especially during the times when the market is down, I guess makes us stronger coming out of that out of the soft market.

所以未來還有更多發展空間，我們將繼續專注於此，目前即使在零售地板領域，也還有進步空間，但這只是一個持續的過程。我們一直在尋找機會，尤其是在市場低迷時期，我想這能讓我們更強大地走出疲軟的市場。

So, okay, so as I'm thinking about this going forward, then I can reasonably expect that the margin improvement we saw this quarter and the cost savings in SG&A will continue or even improve over time.

所以，好的，展望未來，我可以合理預期，本季我們看到的利潤率提升以及銷售、一般及行政費用的節約將會持續，甚至隨著時間的推移而進一步改善。

We will always be evaluating these things, Todd, whether we're in a good market and a bad market. In a good economy, bad economy, this is the jobs of the CEOs of our subsidiaries. We're always evaluating for more and more efficiencies.

托德，無論市場行情好壞，我們都會持續評估這些因素。無論經濟情勢好壞，這都是我們子公司執行長們的工作。我們一直在評估如何提高效率。

But yes, some of our operating subsidiaries have more opportunities than others within our portfolio. And so what David said was correct. We believe there's more room for improvement. And our heads of our subs are working very hard one bills and extracting bills for our shareholders.

但沒錯，在我們投資組合中，有些營運子公司比其他子公司擁有更多機會。所以大衛說的是對的。我們認為還有進步的空間。我們各子公司的負責人都在努力工作，處理帳單，為我們的股東爭取利益。

Okay thank you my next question is, are any of your business segments seeing material impacts from tariffs either good or bad?

好的，謝謝。我的下一個問題是，關稅是否對貴公司的任何業務部門產生了實質影響，無論是好是壞？

The answer, I guess the short answer is no. There's been a little bit, but it's all been very minor, not even really noticeable. We have been taking a lot of actions because you never know what's going to happen. This space has been pretty volatile. So, we have been diversifying our vendors in different countries as well as in the US, making sure we have those relationships, so that way we can act if it were to become an issue.

我想，簡而言之，答案是否定的。雖然有一點點，但都非常輕微，甚至不容易被注意到。我們採取了很多行動，因為你永遠不知道會發生什麼。這個領域一直相當動盪。因此，我們一直在不同國家以及美國境內拓展供應商，確保與這些供應商保持合作關係，以便在出現問題時及時應對。

The other thing I would just say is I think we are as well positioned as any of our peers such that if it ultimately had to turn out that we need to increase pricing, it would be more of a market thing, not a Live thing.

我還要補充一點，我認為我們和同業一樣處於有利地位，如果最終需要提高價格，那更多的是市場因素，而不是 Live 自身因素。

You think you might have an opportunity in the steel manufacturing business because of the steel tariffs or it could actually be a plus for you?

你認為鋼鐵關稅可能會為你帶來鋼鐵製造業的機會，或者實際上這對你來說反而是個優勢？

It is in the steel because if those prices go up, some of our subsidiaries carry a decent amount of steel on hand, so as those prices go up, we're sitting on inventory that's at a lower cost, which could provide for better margins and more profitability if the space goes that way.

原因在於鋼鐵，因為如果鋼鐵價格上漲，我們的一些子公司會儲備相當數量的鋼鐵，所以隨著鋼鐵價格上漲，我們手頭上的庫存成本會降低，如果市場朝著這個方向發展，這將帶來更高的利潤率和更高的盈利能力。

Okay. Thank you for that. My next question is on revenue. Obviously, revenue has been pressured here for the reasons you stated. I'm wondering if you could give us a feel on what you see going on in the next three to six months to 12 months, have we bottomed out or is it going to get worse?

好的。謝謝。我的下一個問題是關於收入的。顯然，正如你所說，這裡的收入受到了壓力。我想知道您能否預測未來三到六個月甚至十二個月的發展趨勢，我們是否已經觸底反彈，還是情況會變得更糟？

We typically don't provide speculation on kind of our, these types of things, but I think what I'll say is what I think we all see. I think it's been pretty volatile. There's reasons why we get some hope and optimism. I mean some of those would be a lot of our subsidiaries are impacted by the interest rates, specifically in the housing market.

我們通常不會對這類事情進行猜測，但我認為我要說的，是我們所有人都能看到的。我認為市場波動相當劇烈。我們之所以會抱持希望和樂觀是有原因的。我的意思是，其中一些會對我們的許多子公司產生影響，尤其是在房地產市場。

That's the interest rates prices have just slowed down the housing market quite a bit that stifles renovations and things like that for new flooring, which impacts our flooring manufacturer and our retailer. Also, in our steel industry, some of our providers make parts that's used as raw materials in the manufacturing of other items like appliances and automobiles.

利率上漲已經大大減緩了房地產市場的發展，抑制了房屋翻新和新地板鋪設等活動，這對我們的地板製造商和零售商都造成了影響。此外，在我們鋼鐵業，一些供應商生產的零件被用作製造其他產品（如家電和汽車）的原材料。

So, interest, those are things that are typically financed. So that's another thing that the consumers look at and with them, being a big ticket items, not only is it just interest rates, but it's also, I think the disposable income of the consumers.

所以，利息，這些都是通常需要融資的東西。所以這是消費者關注的另一個方面，對他們來說，由於這是大宗商品，不僅利率會影響利率，我認為消費者的可支配收入也會影響利率。

So, I think there's reasons for optimism and that I, it seems like now the general senses that I'm hearing is that it sounds like rates may be going down here in September, but at the flip side of that also looks like the jobs and market is a little bit more softer. So how all that's going to play out, we'll see, but I think we've positioned ourselves as well as any of our peers.

所以，我認為有理由保持樂觀，而且我目前聽到的普遍消息是，利率可能會在9月份下降，但另一方面，就業和市場似乎也略顯疲軟。所以這一切最終會如何發展，我們拭目以待，但我認為我們已經把自己定位得和任何同行一樣好。

Okay.

好的。

There are a lot of unknown fact there's a lot of unknown factors, interest rates David mentioned, wars, what's happening in the world, but as you saw, I mean, we, we've been hyper focused on the bottom line in our earnings this quarter, as you can see from our numbers, revenues were down, but adjusted EBITDA doubled.

有很多未知的事實，有很多未知的因素，例如大衛提到的利率、戰爭、世界局勢等等，但正如你所看到的，我的意思是，我們本季度一直高度關注盈利底線，正如你從我們的數據中看到的，收入下降了，但調整後的 EBITDA 翻了一番。

So, we've been focused on efficiencies and we'll continue to focus on (technical difficulty) and we will see what happens with revenue, what happens with the economy, what happens with the fiscal policies of the stuff.

所以，我們一直專注於提高效率，並將繼續專注於（技術難題），我們將看看收入會發生什麼變化，經濟會發生什麼變化，以及相關財政政策會發生什麼變化。

Well, you did, you've done a great job this quarter with the improvement. There’s no question. I was really excited when I saw the reports. I compliment you guys on that, and I honestly feel if you can get any kind of revenue growth, your bottom line is going to surge. I mean, it'll be great.

沒錯，你這季做得非常出色，進步顯著。毫無疑問。看到報道後我非常激動。我非常讚賞你們的做法，而且我真心覺得，如果你們能夠實現任何形式的收入成長，你們的利潤一定會大幅提升。我的意思是，那肯定很棒。

Exactly.

確切地。

This this might be a stupid question because I, I'm not an expert at all in your business, but is there any opportunity for your flooring businesses to take advantage of what is happening with the manufacturing build out in this country to actually do it like an office buildings and things like that?

這可能是一個愚蠢的問題，因為我對你們行業完全不了解，但是你們的地板業務是否有可能利用目前國內製造業的擴張，像建造辦公大樓之類的項目一樣進行擴張呢？

No. I'm not sure I follow.

不。我不太明白。

Well, I mean, your flooring businesses are concentrated, if I understand it correctly, in the residential markets?

嗯，我的意思是，如果我理解正確的話，你們的地板業務主要集中在住宅市場？

We have residential and commercial. We also, yeah, we --

我們提供住宅和商業房地產。是的，我們也是。--

Do an opportunity on the commercial side. I mean, I'm assuming with all this money coming in to increase manufacturing in the US, that there's got to be a great opportunity there for flooring?

抓住商業方面的機會。我的意思是，既然有這麼多資金流入美國用於增加製造業，那麼地板產業肯定蘊藏著巨大的機會吧？

Yeah. We haven't seen any of that trickle through yet. I mean, I think there's a couple of areas, right? I mean, another one of the areas that I was thinking about was Central Steel does all the racing and stuff like that for data centers and with the AI that's out there, they're actually doing pretty well, and that was an acquisition that we had last year.

是的。我們目前還沒有看到任何此類措施落實到位。我的意思是，我覺得有幾個方面，對吧？我的意思是，我考慮的另一個領域是 Central Steel，他們為數據中心提供各種賽車之類的服務，而且憑藉現有的 AI 技術，他們做得相當不錯，這是我們去年收購的一家公司。

So I think there's going to be different opportunities that come up just with the different things that we're seeing in the market, such as what you're talking about more manufacturing here. So we'll take advantage of them as we can, but yes, we do some commercial as well as residential.

所以我認為，隨著市場上各種變化，例如你剛才提到的製造業發展，將會出現不同的機會。所以我們會盡可能地利用這些資源，是的，我們既做商業項目也做住宅項目。

One more thought just off the top of my head and again, I wasn't planning on talking about this at all, but when the acquisition conversation came up, it really triggered for me. You might want to think about maybe trying to target a company that has access to the markets that you want to get into, maybe not a great manufacturer per se, but somebody that has access to those markets that you can buy basically is almost like a sales arm for your manufacturing. That might be a really good acquisition for you guys.

我突然想到一件事，而且我本來根本沒打算談論這件事，但是當談到收購時，這件事真的觸動了我。您可以考慮瞄準一家能夠進入您想要進入的市場的公司，也許不是一家偉大的製造商，但是一家能夠進入這些市場的公司，您可以收購該公司，該公司基本上就像是您製造企業的銷售部門。那對你們來說或許是一筆非常划算的收購案。

I guess that's it. You've covered all. Oh, I did have one more. Yeah, have you ever talked about if the business gets to, and I know this is probably a year or two out, but you guys are doing share buybacks right now, small ones. But if you get to where the business is consistently generating earnings at $2 or $3 or $4 or more, would you ever consider doing a dividend?

我想就是這樣了。你已經涵蓋了所有內容。哦，我還有一個。是的，你們有沒有討論過，如果公司發展到一定規模，我知道這可能還需要一兩年時間，但你們現在正在進行股票回購，雖然規模不大。但是，如果公司持續獲利，每股收益達到 2 美元、3 美元、4 美元甚至更高，你會考慮派發股息嗎？

I don't know that we've kind of gotten far enough along to consider that. I think at this point, one of the things that we're focused on is paying down our debt and driving shareholder value by decreasing our debt. But I mean, I think that's another avenue. Once we start seeing some of these, this improved consistent improved performance, and those are things we'll have to be thinking about.

我覺得我們還沒到可以考慮這個問題的地步。我認為目前我們關注的重點之一是償還債務，並透過降低債務來提升股東價值。但我覺得，這又是一條途徑。一旦我們開始看到這些改進，這種持續改進的表現，這些都是我們必須考慮的事情。

Well, If I, if --just the last comment and I will just repeat it, but I think it's important if you do have more acquisition targets and that's the direction you want to go, I strongly encourage you to keep doing what you're doing and take the actions needed to focus on your business. Now drive that share price up and really consider using your shares as currency. I think it could be great for you plus it adds a lot of liquidity to the stock.

嗯，如果我——就說最後一句，我再重複一遍，但我認為，如果你確實有更多收購目標，而且這是你想發展的方向，那麼我強烈建議你繼續做你正在做的事情，並採取必要的行動來專注於你的業務。現在，努力推高股價，並認真考慮將股票作為貨幣使用。我認為這對你來說可能很棒，而且還能大大增加股票的流動性。

I agree. We just got to get that stock price higher.

我同意。我們只需要把股價拉高就行了。

All right guys. Well, I appreciate your patience with me. Thank you, Tony.

好了，各位。非常感謝您的耐心。謝謝你，托尼。

Thank you for your questions. Thank you.

感謝您的提問。謝謝。

We have no further questions at this time. That concludes our meeting today. You may now disconnect.

目前我們沒有其他問題。今天的會議到此結束。您現在可以斷開連線了。

Thank you.

謝謝。