Playboy Inc (PLBY) 2025 Q3 法說會逐字稿

Greetings. Welcome to Playboy Incorporated third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. (Operator Instructions).

問候。歡迎參加花花公子公司2025年第三季財報電話會議。目前，所有參與者均處於唯讀模式。（操作說明）

I will now turn the conference over to Matt Chesler, Investor Relations. Thank you. May begin.

現在我將把會議交給投資者關係部的馬特·切斯勒。謝謝。可能開始。

Thank you, operator, and good afternoon, everyone. I'd like to remind you that the information discussed today is qualified in its entirety by the Form 8k and Form 10K filed today by Playboy Inc. Which may be accessed on the SEC's website and on Playboy's website. Today's call is also being webcast, and a replay will also be posted to the company's investor relations website.

謝謝接線員，大家下午好。我想提醒各位，今天討論的資訊完全以花花公子公司今天提交的 8-K 表格和 10-K 表格為準。這些表格可以在 SEC 網站和花花公子公司網站上查閱。今天的電話會議也將進行網路直播，回放內容也將發佈在公司投資者關係網站上。

Please note that statements made during this call, including financial projections and other statements that are not historical in nature, may constitute forward-looking statements. Such statements are made on the basis of Playboy's views and assumptions regarding future events and business performance at the time they are made, and we do not undertake any obligation to update them.

請注意，本次電話會議中所作的陳述，包括財務預測和其他非歷史性質的陳述，可能構成前瞻性陳述。此類聲明均基於《花花公子》在發佈時對未來事件和業務表現的看法和假設，我們不承擔更新這些聲明的任何義務。

Forward-looking statements are subject to risks and which could cause the company's actual results to differ from its historical results and forecasts, including those risks set forth in the SEC filings, and you should refer to and carefully consider those for more information. This cautionary statement applies to all forward-looking statements made during this call.

前瞻性陳述存在風險，可能導致本公司的實際業績與歷史績效和預測存在差異，包括美國證券交易委員會文件中列出的風險，您應參考並仔細考慮這些文件以獲取更多資訊。這項警示性聲明適用於本次電話會議中所作出的所有前瞻性陳述。

Do not place undue reliance on any forward-looking statements during this call. Management may refer to non-GAAP financial measures. Such non-GAAP measures are not prepared in accordance with generally accepted accounting principles. A reconciliation to the most directly comparable GAAP measure is available in the earnings release filed with our Form 10k today and in our Form 10Q filed today as well.

請勿過度依賴本次電話會議中的任何前瞻性陳述。管理階層可能會參考非公認會計準則財務指標。此類非GAAP指標並非依照公認會計原則編製。與最直接可比較的 GAAP 指標的調整表已在今天隨 10-K 表格和 10-Q 表格一起提交的收益報告中提供。

I'd now like to turn the call over to Ben.

現在我想把電話交給本。

Thanks, Matt. Good afternoon, everyone, and thank you for joining us today for our Q3 earnings call. This past year or so has been all about transforming Playboy into a high margin asset-like business, and I'm pleased to say that the results of that hard work are now becoming clearer.

謝謝你，馬特。各位下午好，感謝各位今天參加我們的第三季財報電話會議。在過去一年左右的時間裡，我們一直致力於將《花花公子》轉型為一家高利潤的資產型企業，我很高興地說，這項辛勤工作的成果現在變得越來越明顯。

This quarter marks our third consecutive quarter of positive adjusted EBITDA, and importantly, our first quarter of positive net income since going public. These results validate the strategy we've been executing to stabilize the business around our licensing foundation and now position us to focus on growth moving forward.

本季是我們連續第三個季度實現調整後 EBITDA 為正，更重要的是，這是我們上市以來第一個實現淨利潤為正的季度。這些結果驗證了我們一直以來為穩定業務而圍繞授權基礎所採取的策略，並使我們能夠專注於未來的成長。

Let me start with a quick review of the quarter. Revenue for the third quarter was $29 million. Net income came in at $500,000. An adjusted EBITDA was $4.1 million. It's important to note that adjusted EBITDA was inclusive of $2.5 million of litigation expenses. Excluding those expenses, adjusted EBITDA, it would have been $6.6 million.

首先，讓我快速回顧一下本季的情況。第三季營收為2900萬美元。淨收入為50萬美元。調整後的 EBITDA 為 410 萬美元。值得注意的是，調整後的 EBITDA 包含了 250 萬美元的訴訟費用。剔除這些費用後，調整後的 EBITDA 為 660 萬美元。

Our revenue trend is particularly encouraging when you normalize for one-time items. In last year's quarter, so Q3 2024, adjusting for the 2024 revenue related to the e-commerce outsourcing and Honey Birdette store closures, revenue would have been up just over 4% year over year with basically no investment. So the underlying numbers are even better than what we reported.

如果剔除一次性項目的影響，我們的收入趨勢尤其令人鼓舞。去年同期（即 2024 年第三季），如果扣除與電子商務外包和 Honey Birdette 門市關閉相關的 2024 年收入，在基本沒有投資的情況下，收入將同比增長略高於 4%。所以實際數據比我們報道的還要好。

Licensing continues to be a bright spot for us. With revenue up 61% year over year. We signed six new licensing deals during the quarter, bringing our total for the year so far to 14. We also restructured our China partnership with a subsidiary of Li & Fung, moving them to a revenue-based structure that better aligns our interests moving forward.

授權業務仍然是我們的一大亮點。營收年增 61%。本季我們簽署了六項新的授權協議，使我們今年迄今的授權協議總數達到 14 項。我們也重組了與利豐集團旗下子公司在中國的合作關係，將其轉變為以收入為基礎的合作模式，以便更好地使我們未來的利益保持一致。

As previously disclosed, we were awarded $81 million in damages to a Hong Kong arbitration against a former Chinese licensee. We are taking all appropriate steps to enforce that award in China, and while it may make, while it may make time to work through that process, we remain committed to pursuing recovery in full.

正如先前披露的那樣，我們在香港仲裁中獲得了針對前中國被許可方的 8,100 萬美元賠償金。我們正在採取一切適當措施在中國執行該裁決，雖然這可能需要一些時間來完成這項程序，但我們仍然致力於全面追回損失。

We are just as confident about prevailing in our other litigation with a former licensee domestically. Although legal expenses have been high, we feel very good about our case and will pursue this to completion. Honey Birdette continues to perform well, reflecting the hard work we have done to improve the brand and the performance of the business.

我們對在國內與前被授權人進行的另一場訴訟也同樣充滿信心，相信我們能夠勝訴。雖然訴訟費用很高，但我們對自己的案子非常有信心，並將堅持到底。Honey Birdette 的業績持續良好，這反映了我們為提升品牌和業務表現所付出的辛勤努力。

Comparable store sales grew 22% year over year, and gross margins expand by 700 basis points from 54% to 61%. We've intentionally reduced the number and depth of promotional events, and that's strengthened the brand while also seeing full price items increase by 15%.

同店銷售額年增 22%，毛利率從 54% 成長 700 個基點至 61%。我們有意減少了促銷活動的數量和力度，這增強了品牌影響力，同時正價商品的銷售量也增加了 15%。

Now I'd like to turn to our go forward strategy, which is all about growth. As we detailed in the stockholder letter, which you can find on our investor website, we believe the next phase of Playboy's growth will be substantial and importantly, it will be achieved in a measured way without requiring significant investment.

現在我想談談我們的未來策略，那就是成長。正如我們在致股東信中詳細闡述的那樣（您可以在我們的投資者網站上找到該信），我們相信《花花公子》的下一階段增長將是巨大的，而且重要的是，它將以穩健的方式實現，而無需大量投資。

The first step in this is clearly defining how we want to leverage the Playboy brand. Over the past four months, we've been working with a third-party agency on comprehensive brand positioning work, and it fully supports our strategy centered around content. Playboy is returning to its roots as an aspirational men's lifestyle brand with beautiful women and compelling storytelling at its core.

第一步是明確我們希望如何利用花花公子品牌。在過去的四個月裡，我們一直與第三方機構合作進行全面的品牌定位工作，這完全支持我們以內容為中心的策略。《花花公子》正在回歸其作為以美女和引人入勝的故事為核心的、充滿抱負的男性生活方式品牌的初心。

For more than 70 years, content has been the heartbeat of Playboy. It's what fuels our cultural relevance and drives every aspect of our business. Looking ahead, our model will be focused around three verticals licensing, media experiences, and hospitality. First, a recurring high margin licensing business remains the cornerstone of our profitability and visibility.

70多年來，內容一直是《花花公子》的命脈。它賦予我們文化影響力，並驅動著我們業務的各個層面。展望未來，我們的模式將圍繞著授權、媒體體驗和飯店服務這三個垂直領域。首先，持續的高利潤授權業務仍然是我們獲利能力和知名度的基石。

The new content we're creating will open new doors for licensing opportunities and strengthen our brand across categories and geographies. The last time we invested meaningfully in content, we saw major collaborations and revenue emerge from PacSun to Saint Laurent to Amiri, and we expect to replicate that success moving forward.

我們正在創作的新內容將為授權機會打開新的大門，並加強我們在各個類別和地區的品牌影響力。上一次我們對內容進行大量投資時，我們看到了從 PacSun 到 Saint Laurent 再到 Amiri 等品牌的重大合作和收入，我們希望未來能夠複製這種成功。

Second, our media and experiential business will be driven by new content and monetized through subscriptions. Paid voting, community engagement, and brand sponsorships. We've already begun testing new offerings with encouraging results.

其次，我們的媒體和體驗業務將以新內容為驅動，並透過訂閱實現獲利。付費投票、社群參與和品牌贊助。我們已經開始測試新產品，並且取得了令人鼓舞的結果。

The relaunch of the Playboy magazine has generated meaningful demand, and our trial of the great Playmate search exceeded expectations, with around 16,000 contestants entering, representing a combined social media following of more than 200. We've had over a million votes cast to date.

《花花公子》雜誌的重新發行產生了顯著的需求，我們舉辦的大型玩伴女郎選拔賽也超出了預期，約有 16,000 名參賽者參加，他們在社交媒體上的粉絲總數超過 200 人。截至目前，我們已經收到超過一百萬張選票。

By over 100,000 users. It's important to note that we have spent almost no money on this contest. The Playmate competition remains ongoing, and we plan to launch the next one in early 2026. Based on what we've learned, we expect paid voting to become a multi-million dollar annual business force moving forward.

超過 10 萬用戶。值得注意的是，我們幾乎沒有為這次比賽花費任何資金。《花花公子》玩伴女郎評選活動仍在進行中，我們計劃在 2026 年初推出下一屆。根據我們目前了解到的情況，我們預計付費投票將在未來成為一個價值數百萬美元的年度產業。

Yesterday, our winter 2025, 2026 issue of the Playboy magazine hit newsstands across the US and Europe. It's a beautiful 240-page issue featuring 12 Playmates of the month and archival images of Jane Birkin on the cover. I would encourage you to go to Playboy.com and buy your copy.

昨天，《花花公子》雜誌2025年冬季刊、2026年冬季刊在美國和歐洲各地的報攤上架。這是一本精美的 240 頁雜誌，收錄了 12 位月度玩伴女郎，封面是簡·伯金的檔案照片。我建議你去Playboy.com網站購買一份。

We're all, we've also been developing a bundled subscription offering that combines access to the quarterly magazine, exclusive new content, seven decades of archives. And unique interactive experiences like subscriber-only interviews and voting for the Playmate of the Year. This strategy is designed to deepen engagement and build loyalty within our community.

我們一直在開發一種捆綁式訂閱服務，該服務結合了季刊雜誌、獨家新內容和七十年的檔案資料。還有獨特的互動體驗，例如僅限訂閱用戶觀看的採訪和年度玩伴女郎投票。這項策略旨在加深社區成員的參與度，並建立社區成員的忠誠度。

Second, beyond subscriptions, we're expanding into a moderate entertainment and media strategy. We signed two new deals, one with Cooper Hefner for a feature film titled Dead After Dark, and another with Ben Silverman's Propagate Content to develop the Great Playmate Search into a reality television show. Both of these are structured as licensing style deals.

其次，除了訂閱服務之外，我們正在拓展適度的娛樂和媒體策略。我們簽署了兩項新協議，一項是與庫珀·赫夫納 (Cooper Hefner) 合作拍攝一部名為《Dead After Dark》的電影，另一項是與本·西爾弗曼 (Ben Silverman) 的 Propagate Content 合作，將“偉大的玩伴女郎選拔賽”開發成一檔真人秀節目。這兩項協議都採用許可授權的方式進行。

They provide for a licensing fee plus upside participation in related profits. Over time, we also plan to reintroduce experiential elements as part of our subscription or membership offering that capture the spirit of Playboy, like exclusive golf outings and poker tournaments hosted by our playmates.

它們包括收取許可費，以及分享相關利潤的額外收益。隨著時間的推移，我們還計劃重新引入體驗元素，作為我們訂閱或會員服務的一部分，以體現《花花公子》的精神，例如由我們的玩伴主持的專屬高爾夫球賽和撲克錦標賽。

Our third vertical, hospitality, will center around membership experiences. We are making great progress towards launching a Playboy Club in Miami Beach as part of our relocation to that city. We signed a non-binding term sheet with a group of Miami investors for a $25 million investment into Playboy Hospitality, and we're finalizing the selection of our operating partner.

我們的第三個垂直領域－飯店服務，將以會員體驗為中心。我們正在朝著在邁阿密海灘開設花花公子俱樂部的目標取得巨大進展，這是我們遷往該市計劃的一部分。我們與一群邁阿密投資者簽署了一份不具約束力的條款清單，他們將向花花公子酒店集團投資 2500 萬美元，我們正在最終確定營運合作夥伴。

Similar to licensing, Playboy will contribute the brand IP while partners contribute the capital. We see hospitality as a natural and powerful extension of the Playboy brand. At Honey Birdette, we're focused on maintaining its luxury positioning and expanding high margin full price sales through e-commerce in key flagship locations.

與授權模式類似，花花公子將提供品牌智慧財產權，而合作夥伴則提供資金。我們認為，熱情好客是花花公子品牌的自然而強大的延伸。Honey Birdette 致力於保持其奢侈品定位，並透過電子商務在重點旗艦店擴大高利潤的全價銷售。

We recently relaunched our website with enhancements aimed at increasing conversion, average order value, and engagement. Since we launched, AOV or average order value is up 9%, and we will be launching a loyalty program within the next 2 weeks.

我們最近重新推出了網站，並進行了多項改進，旨在提高轉換率、平均訂單價值和用戶參與。自我們推出以來，平均訂單價值 (AOV) 成長了 9%，我們將在未來 2 週內推出會員忠誠度計畫。

With e-commerce leading the way, we're preparing to expand into the Middle East and the Asia-Pacific markets. From a retail perspective, we'll continue to invest in our flagship in US stores, where sales growth is outpacing the rest of the portfolio with margins exceeding 30%.

在電子商務的引領下，我們正準備拓展中東和亞太市場。從零售角度來看，我們將繼續投資於我們在美國旗艦店的業務，這些門市的銷售成長速度超過了其他門市，利潤率超過 30%。

While evaluating in underperforming locations. We are also thinking hard about raising capital at the Honey Birdette debt level to accelerate the growth there while not diverting capital away from the Playboy growth.

在評估表現不佳的地區時。我們也認真考慮透過 Honey Birdette 的債務融資來加速其成長，同時又不將資金從 Playboy 的成長中轉移出去。

As we move into 2026, we're excited to roll out our new brand positioning across every touchpoint of the Playboy ecosystem. This includes enhanced website functionality. Subscription offerings and premium content behind the paywall, all leading to the launch of a redesigned Playboy.com.

展望 2026 年，我們很高興能在 Playboy 生態系統的每個接觸點推出全新的品牌定位。這包括增強的網站功能。訂閱服務和付費牆後的優質內容，這一切都促成了重新設計的 Playboy.com 的推出。

From a balance sheet perspective, we ended Q3 with over $32 million in cash, and we amended our debt facility, extending the maturity until May 2028 and reducing interest rates upon prepayments. With the progress we are making with our brand revitalization, a clear strategic vision, and a business model built to balance strong profitability with meaningful growth.

從資產負債表的角度來看，我們第三季末擁有超過 3,200 萬美元的現金，並且我們修改了債務融資安排，將到期日延長至 2028 年 5 月，並降低了提前還款的利率。憑藉我們在品牌復興方面取得的進展、清晰的策略願景以及旨在平衡強勁盈利能力和有意義增長的商業模式。

We're entering the next phase of Playboy's journey from a position of real strength. Thank you all for your continued support and belief in what we're building.

我們正以強大的實力進入《花花公子》發展的下一個階段。感謝大家一直以來對我們所做事業的支持與信任。

Operator, I now like to take questions.

接線員，我現在想回答問題。

(Operator Instructions). George Kelly with Roth Capital Partners.

（操作說明）喬治凱利與羅斯資本合夥公司合作。

Hey everybody, thanks for taking my questions. Maybe if we could start with Honey Birdette, there was a lot you just went through, a lot of, sort of initiatives and capital raising, etc. That you went through in the letter. I was curious just what is the goal there, and how should we think about that business growth margin, the store base, just any more context you can provide over sort of what you're shooting for over the next couple of years.

大家好，感謝各位回答我的問題。或許我們可以從 Honey Birdette 開始，你經歷了很多，很多，例如各種舉措和籌款等等，你在信中都提到了。我很好奇你們的目標是什麼，我們該如何看待業務成長空間、門市數量，以及你們在未來幾年內想要達成的目標，能否提供更多相關資訊？

Hey, George, it's Ben. Thanks for the question. And I'll let Marc pipe in as well. Look, I think as we've talked about for the past couple of years, we were all about fixing Honey Birdette and stabilizing the business, and I think we've done that, right? We've reduced our inventory substantially. We're seeing the same stores sales, even though we're down seven stores year over year, right?

嘿，喬治，我是本。謝謝你的提問。我也會讓馬克插幾句。你看，我認為正如我們過去幾年一直在討論的那樣，我們一直致力於整頓 Honey Birdette 並穩定業務，我認為我們已經做到了，對吧？我們已大幅減少了庫存。儘管我們比去年減少了七家門市，但我們看到的門市銷售額卻保持不變，對吧？

And we've talked about that as for level setting the revenue. The same store sales are up 22%. We're seeing full price items up 15%. We've seen 700 BPS of margin expansion. There is significant demand for the business. The issue we have moving forward is, our goal is to continue to deliver the company. We see a massive growth opportunity with Playboy.

我們已經討論過如何設定收入水準。同店銷售額成長了22%。我們看到正價商品價格上漲了 15%。我們已經看到利潤率提高了700個基點。該業務需求量大。我們接下來面臨的問題是，我們的目標是繼續為公司創造價值。我們看到了《花花公子》的巨大成長機會。

And so, any free cash we have, we want to invest in that because we, we're seeing the data behind it. And so the question is, what do you do with Honey Birdette, know, knowing that we fixed the business, it's on really stable footing, and we know there's growth there, and that leads to thinking about raising capital at the Honey Birdette level so that it doesn't divert resources away from Playboy, and allows that business to continue to grow.

因此，我們任何閒置的現金都想投資於此，因為我們看到了背後的數據。所以問題是，既然我們已經解決了 Honey Birdette 的業務問題，它現在處於非常穩定的地位，而且我們知道它還有成長空間，那麼我們該如何處理 Honey Birdette 呢？這就引出了在 Honey Birdette 層級籌集資金的想法，這樣就不會分散 Playboy 的資源，並讓 Playboy 的業務繼續成長。

I think, long-term, as we've talked about previously. Let's see where that, where the process goes and whether or not Honey Birdette, on the long-term, should be part of Playboy as 100% or something less than 100% moving forward.

我認為，從長遠來看，正如我們之前討論過的那樣。讓我們看看事情會如何發展，以及從長遠來看，Honey Birdette 是否應該成為《花花公子》的百分之百成員，或者以低於百分之百的身份繼續發展下去。

And the reason you're considering capital, is it just opening more stores or is there some other investment you're contemplating?

您考慮資金的原因，只是開設更多門市，還是另有其他投資計畫？

I would say again, it would be some flagship stores that we're seeing 30% for while even the margins on. And then obviously continuing to grow our e-commerce business. If you look at what we've done since we've taken over the business, e-commerce, a percentage of total revenue, has basically flipped from when we took it on the brick and mortar, and I think we want to continue to expand into new territories.

我再次強調，我們看到一些旗艦店的折扣高達 30%，甚至連利潤率都下降了。然後，顯然還要繼續發展我們的電子商務業務。如果你看看我們接手這家企業以來所做的工作，電子商務佔總收入的比例基本上與我們接手實體店時的情況完全相反，我認為我們希望繼續拓展到新的領域。

The demand and growth is there. We just need the capital to do it, and, again, growth doesn't come for free. You have to make an investment.

需求和成長都存在。我們只需要資金來實現這一點，而且，成長並非免費。你必須進行投資。

Again, we're not talking about big dollars, but right now, given that we still have a desire to continue to deliver this business, and invest in Playboy, I think based on where Honey Birdette is now, I think there's a good chance we could raise money from, third parties to continue to grow that business. Marc, anything you want to add on that.

再說一遍，我們不是在談論巨額資金，但鑑於我們仍然希望繼續開展這項業務並投資《花花公子》，我認為根據 Honey Birdette 目前的狀況，我們很有可能從第三方籌集資金，以繼續發展這項業務。馬克，你還有什麼要補充的嗎？

No. I think you pretty much touched on every bit of it.

不。我覺得你已經基本上涵蓋了所有方面。

Okay, that's helpful. Thank you. And then next question is on your license business outside of Fyborg. It's stepped up in 3Q sequentially, and I know you've signed all these new license deals. I think you said 14 year-to-date.

好的，這很有幫助。謝謝。下一個問題是關於您在費堡以外的許可證業務。第三季業績逐年提升，我知道你們已經簽署了所有這些新的授權協議。我想你之前說的是至今已經14年了。

It is are the deals you've signed contributing now? Is that what explained the step up and how significant are the 14? I'm just kind of thinking about, what kind of growth those new deals should drive in the coming quarters.

你簽署的協議現在是否發揮了作用？這就是提升幅度的原因嗎？這14個數字有多重要？我正在思考，這些新交易將在未來幾季帶來怎樣的成長。

Yeah, so go ahead. No, you go. I would say look, the, again, remember there's always a lag for when you sign a new deal because we as a business, have to use 606 accounting, so you straight line it, so there's always a lag between signing deals and revenue recognition.

好的，那就開始吧。不，你去。我想說的是，再次強調，簽訂新合約總會有滯後，因為我們作為一家企業必須使用 606 會計準則，所以必須採用直線法，因此簽訂合約和確認收入之間總會有滯後。

Look, we, the pipeline is strong. I expect, should the year finish strong, we should be able to sign more deals in the fourth quarter than we signed in the third quarter based on our pipeline today.

你看，我們的管道很穩固。我預計，如果今年收官順利，根據我們目前的專案儲備，我們在第四季應該能夠簽署比第三季更多的合約。

And so, I think we remain op optimistic, we've put things out there in the past showing sort of the revenue, by geography, and we've also put something out there in the past in our previous investor decks and hope to have a new one out shortly, but that show by category.

因此，我認為我們仍然保持樂觀，我們過去曾公佈過一些按地域劃分的收入數據，我們也曾在之前的投資者演示文稿中公佈過一些數據，希望很快能發布一份新的演示文稿，按類別進行展示。

There's a lot of white space. The thing I would tell you, George, and we did this before, we did this back in 2018, 2019 when we invested in content and that led to, the PacSun and the Amiris and these other deals.

留白很多。喬治，我想告訴你的是，我們以前也這樣做過，早在 2018 年、2019 年我們就投資了內容，這促成了 PacSun、Amiris 以及其他這些交易。

Investing in content actually really drives growth in licensing. It gives us new IP actually to somewhat to license, and it leads to brand relevancy. And so that's why content is the center of our strategy moving forward. We'll drive all three facets or all three verticals of our business moving forward. And so I would expect moving forward that will continue to accelerate as we move into 2026 and 2027.

投資內容確實能真正推動授權業務的成長。它實際上為我們提供了可以授權的新智慧財產權，並有助於提升品牌相關性。所以，內容是我們未來策略的核心。未來，我們將全面推進業務的三個面向或三個垂直領域。因此，我預計隨著我們進入 2026 年和 2027 年，這種情況將繼續加速發展。

Okay, helpful. And just one last question for me, sort of a multi-part one. There's a lot of different initiatives that you talked about in the letter and in your prepared remarks, media and hospitality, all the different stuff. As we think about 2026. What opportunities do you think have the most [op] potential to drive revenue growth? And will any of these initiatives require kind of front loaded OpEx investments that could pressure EBITDA growth end of next year.

好的，很有幫助。最後一個問題，這個問題其實包含好幾個部分。你在信中和準備好的演講稿中談到了很多不同的舉措，包括媒體和接待工作等等。當我們展望2026年。您認為哪些機會最有潛力推動營收成長？這些措施是否需要前期投入大量營運支出，可能會對明年年底的 EBITDA 成長造成壓力？

Yeah, so I know there's a lot in the letter and it's a good question. I want to say that the biggest investment we're making, and we're doing this in a very measured way, okay? And we already started this this year with the magazine.

是的，我知道信裡有很多內容，這是一個很好的問題。我想說，我們正在進行的最大一筆投資，而且我們正在以非常謹慎的方式進行，好嗎？今年我們已經從雜誌開始著手這項工作了。

That is our marketing for the brand, right? We're not a brand, I've said this before, that spends millions of dollars, taking out billboards and doing everything else, right? Our brand relevancy in the marketing for the brand comes to the content. We're just going to monetize that content moving forward.

這就是我們的品牌行銷策略，對吧？我之前說過，我們不是那種會花費數百萬美元投放廣告看板、做各種其他事情的品牌，對吧？品牌行銷中的品牌相關性體現在內容上。接下來，我們將把這些內容變現。

And so it might sound like a lot, and I understand that it's actually not a lot from an operational perspective because we've already started some of that this year. The tweaks that we're talking about, we're selling the magazine on an a la carte individual basis. We're selling the archives today on an individual basis. It's just not easy to find it. It's not done in a bundled offering.

所以這聽起來可能很多，但我明白從營運角度來看，這實際上並不算多，因為我們今年已經開始做一些事情了。我們正在討論的這些調整，我們將以單項付費的方式出售雜誌。今天，我們將逐一出售這些檔案資料。只是不容易找到它。它不是捆綁銷售的。

And so moving forward, as we return Playboy to its roots as an aspirational men's lifestyle brand, I think there's a massive opportunity when you look at the data, really around relationships and sex and what, what's happening to men in society today, where people are having less sex than ever before, relationships are harder to come by. That's core to the Playboy brand in our brand work and what we got from consumer surveys.

因此，展望未來，當我們讓《花花公子》回歸其作為男性嚮往生活方式品牌的根基時，我認為，當你審視相關數據時，你會發現一個巨大的機遇，尤其是在人際關係、性以及當今社會男性所面臨的困境上——人們的性生活比以往任何時候都少，建立親密關係也變得更加困難。這是花花公子品牌的核心，也是我們在品牌建立工作中以及從消費者調查中得出的結論。

That is stuff that consumers will pay for, giving people relationship advice, giving people dating advice, giving people sex advice. That's the type of content that can sit behind a paywall, and then you surround that with four issues of the magazine, the Playmate calendar that is also for sale today on Playboy.com because we did 12 Playmates in this issue.

這些都是消費者願意付費的內容，例如提供戀愛建議、約會建議和性愛建議。這種類型的內容可以放在付費牆後面，然後你再搭配四期雜誌，以及今天也在 Playboy.com 上出售的玩伴女郎日曆，因為我們在這一期中刊登了 12 位玩伴女郎的照片。

A great example of this moving forward, and we're already doing this, is we have 12 playmates, but instead of launching Miss January, February, and March in the March issue, we can launch Miss January.

一個很好的例子，說明這種做法正在向前發展，而且我們已經在這樣做了，那就是我們有 12 位玩伴女郎，但我們不會在 3 月份的雜誌上推出 1 月小姐、2 月小姐和 3 月小姐，而是可以只推出 1 月小姐。

Digitally, on a safer work environment, leveraging her social media as well as our social media, YouTube, get to know her, Instagram, TikTok Lives, all of that. But then to see her photo spreads early, and behind the scenes content from that photo spread, you would have to be a subscriber on an annual basis to see that. And so that, those are the low lists that we're talking about.

在數位時代，在一個更安全的工作環境中，利用她的社群媒體以及我們的社群媒體，例如 YouTube、Instagram、TikTok 直播等等，來了解她。但是，要提前看到她的寫真照片以及寫真照片背後的幕後花絮，你就必須按年訂閱才能看到。所以，這些就是我們所說的低排名榜單。

And again, as I said, we're going to be very disciplined in how much money we invest. We're going to do this in small increments. But yeah, there could be substantial growth, based on the data if it works, and we're seeing that with paid voting, right? Paid voting on an annualized basis is already multiple millions of dollars, right? Obviously, not this year because the contest has only been running for a short period of time.

正如我之前所說，我們會非常謹慎地控制投資金額。我們將分小步進行。但是，根據數據來看，如果這種模式有效，可能會有顯著的成長，而我們在付費投票中也看到了這一點，對吧？每年的付費投票費用已經高達數百萬美元，對吧？顯然，今年不會，因為這項比賽舉辦的時間還很短。

But as we move into next year, I see us not only having one contest, I see us having multiple contests during the course of the year. And what we've been able to do with paid voting, when you look at the data, we've acquired over 100,000 users, okay? And we've had some real technical challenges on this first one that we have now fixed, engaging those creators. So, we got 16,000 creators to sign up, but we acquired over 100,000 users with zero ca.

但展望明年，我認為我們不僅會舉辦一場比賽，而是在一年中舉辦多場比賽。從數據來看，我們透過付費投票已經獲得了超過 10 萬用戶，懂嗎？我們在第一個專案中遇到了一些真正的技術難題，現在我們已經解決了這些問題，並與相關創作者進行了溝通。因此，我們吸引了 16,000 名創作者註冊，但我們在零成本的情況下獲得了超過 100,000 名用戶。

Right? And so last night, we actually started emailing a small group of those users to buy the magazine and the calendar, and that would then lead to emailing those users to actually become a Playboy subscriber or member, however you want to call it. And maybe as we move into next year, the voting packages that people are buying today are integrated into different levels of membership.

正確的？所以昨晚，我們開始向一小部分用戶發送電子郵件，邀請他們購買雜誌和日曆，然後我們會進一步向這些用戶發送電子郵件，邀請他們成為《花花公子》的訂閱者或會員，不管你怎麼稱呼它。或許到了明年，人們今天購買的投票套餐將會整合到不同等級的會員資格。

The hospitality, let me be clear, very excited by the response we've received. We signed a term sheet with a group of investors to fund, Playboy Hospitality. Again, it's going to be a licensing deal. We will take fees out for contributing to the brand. We're not putting capital up. That is a longer lead time to get that Playboy Club in Miami open.

我必須明確表示，我對收到的熱情款待感到非常興奮。我們與一群投資者簽署了一份投資意向書，為花花公子酒店集團提供資金。這又是一項授權協議。我們將收取品牌貢獻費。我們不投入資金。這意味著邁阿密的這家花花公子俱樂部需要更長的準備時間才能開幕。

When we start selling memberships, I don't want to comment on at this point, but it will be a membership club. But the first thing is getting the capital and getting the operating partner and then you can start to begin to sell memberships.

關於何時開始銷售會員資格，我現在不方便置評，但它將會是一個會員俱樂部。但首先要籌集資金，找到營運合夥人，然後才能開始銷售會員資格。

I don't think 2026 you'll see meaningful revenue from that. I think what, I think the media and the subscription side of the business, you could start to see real revenue there, next year. I think 2027 will be about getting that club going, and you'll start to see membership sales come in then.

我認為到2026年你不會從中獲得任何實質的收入。我認為，明年媒體和訂閱業務方面可能會開始出現真正的收入成長。我認為2027年將是俱樂部成立的關鍵一年，屆時你將開始看到會員銷售收入。

Okay, that's helpful, thank you.

好的，這很有幫助，謝謝。

Thanks, George.

謝謝你，喬治。

Alex Fuhrman with Lucid Capital Markets.

Alex Fuhrman，來自 Lucid Capital Markets。

Hey guys, thanks very much for taking my question. Nice to see a really nice free cash flow here in the third quarter. It looks like you're getting a lot of traction with some of these high margin initiatives, one in particular I wanted to ask. Ask you about then you mentioned, paid voting.

各位好，非常感謝你們回答我的問題。很高興看到第三季自由現金流表現非常出色。看來你們的一些高利潤舉措取得了很大的進展，其中有一個我特別想問一下。問問你，你剛才提到了付費投票。

Sounds like you have a lot of confidence that that's going to be a multi-million-dollar business. Can you tell us a little bit about what you've seen so far that gives you that confidence in terms of, numbers of users and spend and things like that?

聽起來你對這將會是一項價值數百萬美元的生意非常有信心。您能否簡單介紹一下您目前所看到的，讓您對使用者數量、消費額等方面充滿信心的因素？

Sure, so let's just talk about the way we set this up, Alex, and go from there. So we set this up as a licensing deal, so there was really zero capital outlay on our part.

好的，那我們就先來談談如何安排這件事，Alex，然後再從那裡開始。所以我們將其設定為許可協議，因此我們實際上無需任何資本投入。

There were some technical challenges we had when we first launched this, that we have now fixed, and there's also, the partner that we have on this is a good partner, and there are some flow issues that we had to fix in the beginning. The biggest issue we had was actually our SMS provider we lost in the beginning and so. We had 16,000 people register.

我們在最初推出這項服務時遇到了一些技術難題，現在這些問題已經解決。此外，我們的合作夥伴也非常好，而且在初期我們也遇到了一些流程問題需要解決。我們遇到的最大問題實際上是我們一開始就失去的簡訊服務提供者。我們有16000人註冊。

We unfortunately couldn't actually take advantage of our partnership with Byborg on this one, who has a large amount of international craters. We lost the ability to actually message the international craters right when this started.

很遺憾，我們這次沒能真正利用與 Byborg 的合作關係，他們擁有大量的國際隕石坑。這一切剛開始，我們就失去了向國際隕石坑發送訊息的能力。

The second big thing was because this was our first one, instead of having like a rolling boat where someone signs up and you're immediately in a bracket and they can share a link, we had a period of two months where we basically went dark with the creator where they would sign up, call it August first, but they didn't get their link to share in their bio on social until October 1, okay.

第二件大事是，因為這是我們的第一個活動，我們沒有像以往那樣，讓參與者註冊後立即進入分組並分享鏈接，而是採取了兩個月的“斷聯”模式，參與者註冊後（比如 8 月 1 日）要到 10 月 1 日才能收到鏈接，然後才能在社交媒體的個人簡介中分享。

So there are some challenges and then re-engaging them because you lose a little momentum. All of those will fix for the next one. But if you look at it. The, we had 16,000 creators. The actual number of engaged creators was much smaller than that because we lost the international creators and we spent no money on marketing on this.

所以會遇到一些挑戰，然後需要重新投入，因為你可能會失去一些動力。這些問題都會在下次出現時解決。但如果你仔細看看。當時我們有 16,000 位創作者。實際參與的創作者數量遠少於此，因為我們失去了國際創作者，而且我們沒有在這方面投入任何行銷資金。

So we actually think it would warrant small investments moving forward, to build the momentum here. But we've generated over a million votes. We've generated over 130,000 unique users signing up for this, okay? On what was, 16,000 creators, obviously, it's smaller than that because some of them weren't able to participate in the contest because we couldn't engage with the international creators.

所以我們認為，未來有必要進行小額投資，以積蓄發展動能。但我們已經獲得了超過一百萬張選票。我們已經吸引了超過 13 萬名獨立用戶註冊，好嗎？原本有 16,000 名創作者，但顯然現在人數更少了，因為其中一些無法參加比賽，因為我們無法與國際創作者溝通。

So I think the momentum will build on that. On top of that, we've signed a deal with Ben Silverman's Propagate to take the great playmate search and actually develop this into a reality television show. So, the way we're thinking about this long-term, and again, we're working on that as a licensing deal too, but the awareness like a television show could bring to this overall.

所以我認為這種勢頭會在此基礎上繼續增強。除此之外，我們還與本·西爾弗曼的 Propagate 公司簽署了一項協議，將這場盛大的玩伴女郎選拔活動真正發展成一檔真人秀節目。所以，我們從長遠角度考慮這個問題，而且我們也在努力透過授權協議來實現這一點，但像電視節目這樣的形式可以提高人們對這一領域的整體認知度。

The way that you would do the casting is through the digital paid voting side, which then leads to basically the casting for who would be on the television show. And so, this is all part of this like 360-degree media strategy. Again, we have to execute. It's going to take some time to do this, but I will tell you that, the data alone on the revenue that we're generating, if you look at our days on an annualized basis.

選角方式是透過付費的數位投票系統，最後決定誰能參加電視節目。所以，這一切都是全方位媒體策略的一部分。我們必須再次執行。這需要一些時間，但我可以告訴你，僅從我們產生的收入數據來看，如果你按年計算我們的天數。

And we still have what, almost 1 month to go in this contest. There is no revenue in the third quarter from it because voting didn't start till October 1. But when you look at this moving forward, yeah, this is already on track if you annualize sort of where we are through the first month of voting, where it's already annualized out at a multi-million dollar business, and this is on one contest, and I would say next year, we're thinking about, four to 10 different contests that you run during the course of the year.

距離比賽結束還有將近一個月的時間。第三季沒有相關收入，因為投票直到 10 月 1 日才開始。但展望未來，是的，如果將我們第一個月的投票成果按年計算，這已經是一個價值數百萬美元的業務了，而這僅僅是一場比賽。我認為明年，我們計劃舉辦四到十場不同的比賽。

You want, yeah, I mean, I'll give you an example also. We're working on a collaboration where Honey Birdette is going to do a Playboy, lingerie line. We're thinking about running a voting contest to find the next phase of the Playboy Honey Birdette collaboration line, right?

你想，嗯，我的意思是，我也舉個例子給你聽。我們正在籌劃一項合作，Honey Birdette 將為《花花公子》雜誌推出內衣系列。我們正在考慮舉辦投票比賽，以選出 Playboy Honey Birdette 合作系列的下一階段產品，對吧？

And so, not just appear in the magazine, but how could you extend this to other parts of the business. Again, think about the top of the funnel 130,000 people, we have verified emails for zero cache against that. Now the question is, can we start to market them other products and services as well.

所以，不僅僅是在雜誌上露面，還要如何將這種做法擴展到業務的其他方面。再想想漏斗頂端的 13 萬人，我們已經驗證了他們的電子郵件地址，確保零快取。現在的問題是，我們能否開始向他們推銷其他產品和服務。

That's great. A lot of reasons to be excited there. If I could also ask, some more questions on Honey Birdette following up on some of George's, that's nice to see, really big comp to sales growth and gross margin growth. Can you just remind us the seven stores that were closed since last year, how are those stores underperforming? Are there any other stores, that need to be closed before you can really get this brand back to very significant growth?

那太棒了。那裡有很多令人興奮的地方。如果可以的話，我還想問一些關於 Honey Birdette 的問題，跟進一下 George 的一些情況，很高興看到銷售額和毛利率都大幅增長。能否請您簡單介紹一下去年以來關閉的七家門市，這些門市的業績表現如何？還有其他門市需要關閉，才能真正讓這個品牌恢復到顯著成長水準嗎？

Yeah, so, Alex, it's Mark. In terms of our store base, what we really look at when we talk about the flagships, it's about our TOP20 stores, and we have 51 stores right now. So those stores are running close to 40% for wall margin. And so we're really looking at, the bottom 20%.

是的，Alex，我是Mark。就我們的門市數量而言，當我們談到旗艦店時，我們真正關注的是前 20 名的門市，而我們目前共有 51 家門市。所以這些門市的牆面利潤率接近 40%。所以我們真正關注的是最後 20% 的人。

I'm not saying it's 20 stores that we would close, but we're really focusing on those stores is, all right, we're the ones that we think are underperforming, and don't. We don't see that path forward for those stores, but again, that's a multi-year process and it is definitely not 20 stores, but I do think the base needs to be rationalized a little bit.

我不是說我們要關閉 20 家門市，但我們真正關注的是那些我們認為業績不佳的門市。我們認為這些門市不會走這條路，但話說回來，這是一個多年的過程，而且肯定不會是20家門店，但我確實認為需要對現有門市進行一些合理化調整。

How many of those bigger flagships could there be? I imagine those are mostly in big markets.

那些更大的旗艦機型究竟會有多少款？我想這些大多位於大型市場。

Yeah, it mainly be one in the US and there are plenty of big cities that we have not hit. We've basically hit the Southeast, in the Southwest. And so, there's, we've gotten the entire US to to tackle. We only have 10 stores in the US, and then there are a lot of other places around the world.

是的，主要集中在美國，還有很多大城市我們還沒去過。我們基本上已經抵達了東南部和西南部地區。所以，現在整個美國都面臨這個問題。我們在美國祇有 10 家門市，但在世界各地還有很多其他門市。

You can see, Dubai, Vietnam, there are a lot of different places where you would go in Korea and have just one big flagship store in that country. And then, one of the examples we can do is if we want to be in the Middle East, we want to be in APAC, because we have a distribution center in Australia, we can ship out of Australia, and we don't have to deal with the duties that we're seeing coming into the US. So, it's You have the entire world that you can start opening these flagship stores in.

你可以看到，在杜拜、越南，還有很多其他地方，像是韓國，可能每個國家都只有一家大型旗艦店。舉個例子，如果我們想進入中東市場，或者想進入亞太地區，因為我們在澳洲有配送中心，我們可以從澳洲出貨，這樣我們就不用像進入美國那樣支付關稅了。所以，你可以在全世界開設這些旗艦店。

Yeah, I mean, Alex, I'd also tell you that like, you look at a market like Miami just because we've been spending a lot of time down there, that's a great performing store for us, but the Miami market is huge and growing, right? Especially after what happened in the elections this past week. So you look at South Florida in general, Miami could easily take, two stores to four more stores.

是的，我的意思是，Alex，我還想告訴你，像邁阿密這樣的市場，因為我們在那裡花了很多時間，那裡的門市業績非常好，而且邁阿密市場規模龐大，還在不斷增長，對吧？尤其是在過去一週的選舉結果公佈之後。所以，縱觀整個南佛羅裡達地區，邁阿密很容易就能再容納兩到四家新店。

Down there, it's a question of having the right capital to invest in it and it's why we're thinking about, now that the business is on stable financial footing, there'll still be growth there, but how do we actually accelerate that growth moving forward?

在那裡，關鍵在於是否有足夠的資金進行投資。正因如此，我們現在才思考，既然公司財務狀況穩定，未來仍會有成長，但我們該如何真正加速成長？

Yeah, no, that's great, really appreciate the the answers thank you both.

好的，太好了，非常感謝你們的解答，謝謝你們兩位。

Thanks, Alex. Appreciate it.

謝謝你，亞歷克斯。謝謝。

Yeah, Ben, let's ask one more, analyst question before we move on to the retail investor portion of the Q&A session. This one is from, James Heaney and team from Jefferies. It's actually a two-parter, and the first one is licensing, with licensing revenue up 51% in the quarter and signing 14, deals a year-to-date. What are the categories of geographies where you see as the next frontiers for growth?

是的，本，在我們進入散戶投資者問答環節之前，讓我們再問一個分析師問題。這篇報導來自 Jefferies 的 James Heaney 和他的團隊。實際上，這分為兩部分，第一部分是授權，本季授權收入成長了 51%，今年迄今簽署了 14 項協議。您認為哪些地理區域是下一個成長前沿？

So, Matt, I would answer this very similar to, comments I've already made on the call, which is when you look at the geographical dispersion of our licensing deals in the categories. There's a lot of room to grow. Now, the question is making sure that we do the right deals. And so I think there's growth across geographies and I think there's growth across categories as well.

所以，馬特，我的回答與我在電話會議上已經發表的評論非常相似，那就是當你觀察我們授權交易在各個類別中的地域分佈時。還有很大的發展空間。現在的問題是，如何確保我們達成正確的交易。所以我認為各個地區都有成長，各個類別也都有成長。

It's just a question of making sure that we continue to focus on bigger and fewer deals, versus, smaller deals that add more complication from an operations perspective to the business. And so, the pipeline is strong, and I think our investment in content moving forward will continue to enhance that pipeline. What's the second portion of the question?

關鍵在於確保我們繼續專注於規模更大、數量更少的交易，而不是規模較小的交易，因為小交易會從營運角度為業務帶來更多複雜性。因此，我們的內容儲備充足，我認為我們未來對內容的投入將繼續增強這項儲備。問題的第二部分是什麼？

The second portion of the question is, can you give any more details or metrics on, engagement or monetization from some of the efforts that you highlighted such as the magazine relaunch, although I guess it just launched yesterday, the great playmate search and then the studio production deals that you talked about.

問題的第二部分是，您能否提供更多關於您重點提到的一些舉措的參與度或盈利情況的細節或指標，例如雜誌的重新推出（雖然我猜它昨天才推出）、盛大的玩伴女郎選拔活動以及您談到的工作室製作協議。

Sure, so I think we've commented on the metrics around the great playmate search, the magazine just launched yesterday. Pre-sales were strong, it went on sale at Barnes and Noble and Books a Million yesterday, and then the studio deals are quasi-licensing deals, right? They are, they call for a licensing fee plus a percentage of the profits.

當然，我想我們已經評論了圍繞著尋找玩伴女郎的各項指標，這本雜誌昨天才剛創刊。預售情況良好，昨天在巴諾書店和Books a Million書店開售，然後，這些電影公司的協議算是準授權協議，對吧？沒錯，它們要求收取許可費，外加一定比例的利潤分成。

Yeah, and I'd also want to add that. The calendar had the same level of distribution that we had with the magazine itself in All doors, Books a Million, All doors, Barnes and Noble.

是的，我也想補充一點。日曆的發行量與雜誌本身在 All doors、Books a Million、All doors、Barnes and Noble 等書店的發行量相同。

Okay, thank you for those questions. Let's now move on to the retail questions. I'd like to say we really appreciate all the thoughtful questions submitted ahead of today's call. What we've done is taken the time to carefully review and group them, and we've summarized them into some common themes so that we could address as many as possible during today's session.

好的，謝謝你們的提問。現在我們來討論零售方面的問題。我想說，我們非常感謝大家在今天電話會議之前提交的所有深思熟慮的問題。我們花時間仔細審查並歸納了這些問題，並將它們總結成一些共同的主題，以便在今天的會議上盡可能多地討論這些問題。

The first question is also a licensing question. Can you, talk about any of the new deals, particularly the land-based entertainment deals, and whether the new China licenses are showing any signs of growth.

第一個問題也是一個關於執照的問題。您能否談談一些新的交易，特別是陸上娛樂交易，以及新的中國牌照是否顯示出任何增長跡象？

Sure, so I think there's sort of two parts to this question. I think, just to reiterate, we signed 14 new licensing deals, including six in the last quarter. We are targeting to sign more in the fourth quarter than we did in the third quarter. As far as China, that's its own animal, we obviously won the lawsuit there.

當然，我認為這個問題可以分成兩個部分。我想再次重申一下，我們簽署了 14 項新的授權協議，其中 6 項是在上個季度簽署的。我們的目標是第四季簽約人數超過第三季。至於中國，那是另一回事，我們顯然在那裡贏了官司。

That was a huge overhang on the business because of what our ex-licensing partner was sort of threatening new partners for us that they were going to win and therefore if they signed with Playboy, they would be throwing their money away, now that that is behind us, and we'll do everything possible to enforce that award.

那對公司業務造成了巨大的負面影響，因為我們之前的授權合作夥伴威脅我們的新合作夥伴，說他們肯定會贏，所以如果他們和《花花公子》簽約，就等於白白浪費錢。現在這件事已經過去了，我們將盡一切可能執行這項裁決。

That, we expect China to return to a more normal market still with issues in the market with high unemployment and obviously home values within China have, been decimated. I think, again, our investment in content, is really going to drive licensing growth moving forward and accelerate that growth.

我們預期中國市場將回歸正常，但市場仍存在一些問題，例如高失業率，而且顯然中國國內的房價已經大幅下跌。我認為，我們對內容的投入，將真正推動授權業務的未來成長，並加速這一成長。

As far as [LBE] the, I think it really speaks to the partnership we're starting with in Miami, we're setting it up as a licensing deal, but we've put together, a term sheet with a group of investors. That have come to us that want to invest in it, that see the opportunity. Let's get Miami off the ground and then we'll look at how to expand that to other cities around the world.

至於 [LBE]，我認為這真正體現了我們在邁阿密開始的合作關係，我們將其設定為許可協議，但我們已經與一群投資者制定了條款清單。已經有一些人來找我們，他們想投資這個項目，看到了其中的機會。讓我們先把邁阿密的計畫啟動起來，然後再考慮如何推廣到世界其他城市。

Okay, Ben, I'm going to move to a question on digital, if that's okay, right, so, let me summarize this one, it's related to Byborg, a lot of interest in, getting an update on, how that partnership is evolving, including potential opportunities to collaborate with some of their platforms such as, by Jasmine or new digital initiatives such as Centerfold and Playboy TV. And if you, while you're answering that, if you could also address the questions around whether when do we expect the revenue to exceed the $20 million base.

好的，Ben，我想問一個關於數位領域的問題，可以嗎？好的，讓我總結一下這個問題，它與Byborg有關，許多人都想了解雙方合作關係的最新進展，包括與他們的某些平台（例如Jasmine）或新的數位專案（例如Centerfold和Playboy TV）合作的潛在機會。如果您在回答這個問題的同時，也能回答一下關於我們預計何時收入會超過 2000 萬美元基準的問題，那就太好了。

Sure, so I think it's just level set that this partnership is, even though we signed the deal actually a year ago next month. The transition of the sites and the channels to Byborg wasn't really completed until the summer, right?

當然，所以我認為這種合作關係是平等的，儘管我們實際上是在下個月就簽署了協議，已經滿一年了。這些站點和管道向比堡的過渡直到夏天才真正完成，對吧？

So it went in different phases. So we're very new in that partnership. I think we've also previously commented that, we are not counting on overages in the first couple of years of that business. We're not counting on overages the way we've built our organization in the restructuring of Playboy at all.

所以它經歷了不同的階段。所以，我們在這個合作關係中還很新。我想我們之前也說過，我們並不指望這項業務在前幾年能獲得超支。在《花花公子》的重整過程中，我們完全沒有依賴超支來維持組織架構的正常運作。

That's all gravy. To our earnings moving forward, but they're investing in those businesses, and when you invest in the business, you're doing it because there will be future growth that just takes time and I think we have to be, patient.

那都是錦上添花。展望未來，我們的收益將會成長，但他們正在投資這些業務，而投資業務是因為未來會有成長，但這需要時間，我認為我們必須保持耐心。

As far as collaboration, we've already started it. So, as I mentioned a few minutes ago, we had some issues in the beginning on the international creators, we lost the ability to message them. But regardless of that, we did some various tests with Byborg, all with good results. So we had Byborg, sign up creators, send out an email to their universe. We got creators to sign up. Unfortunately, in this contest, we couldn't monetize them.

至於合作方面，我們已經開始了。正如我幾分鐘前提到的，我們一開始在國際創作者方面遇到了一些問題，我們失去了向他們發送訊息的能力。但即便如此，我們對 Byborg 進行了一些不同的測試，結果都很好。所以我們讓 Byborg 註冊創作者，然後向他們的用戶群發送電子郵件。我們邀請了一些創作者來註冊。遺憾的是，在這次比賽中，我們無法透過這些項目獲利。

We had Byborg send out an email to their users, to vote for the next playmate. Again, these were good results. And then lastly, we had Byborg, send out an email, to a select group of their users to buy the Playboy magazine. All, again, we're testing everything right now. And again, we're pleased with the results. So we're beginning that testing and how to work together outside. Of just the licensing deal that we have in place.

我們讓 Byborg 向其用戶發送電子郵件，投票選出下一位玩伴女郎。這些結果都很好。最後，我們讓 Byborg 向其部分用戶發送電子郵件，鼓勵他們購買《花花公子》雜誌。再次強調，我們現在正在測試所有東西。我們再次對結果感到滿意。所以我們現在開始進行測試，以及如何在戶外協同工作。僅指我們現有的授權協議。

So now building on the Byborg topic and where that could go over time, given their significant financial commitment and the shared synergies that exist between the two companies, has Playboy considered a potential merger or some sort of deeper strategic integration to unlock additional scale and value?

那麼，現在以 Byborg 的話題以及隨著時間的推移可能會發生什麼，考慮到兩家公司之間巨大的財務投入和共同的協同效應，Playboy 是否考慮過潛在的合併或某種更深層次的戰略整合，以釋放更大的規模和價值？

Sure, so, we can't comment on any corporate transactions. What I could say, and this is all publicly disclosed, is that we have a standstill with Byborg, including an ownership cap of 29.9%. And any other transaction would have to be done through, the proper channels.

當然，我們不能對任何公司交易發表評論。我可以透露的是，而且這一切都已公開披露，我們與拜博格公司達成了僵局，其中包括 29.9% 的持股上限。任何其他交易都必須透過正規管道進行。

Understood. So now let's talk about other avenues of growth. Beyond these current initiatives, are there other green shoots that you see emerging that could drive momentum in Playboy's business, such as fan voting and licensing? I think you've talked about both of those a bit, or the revival of the Playboy Club concept perhaps.

明白了。現在我們來談談其他成長途徑。除了這些目前的舉措之外，您是否看到其他正在湧現的、能夠推動《花花公子》業務發展的積極因素，例如粉絲投票和授權許可？我想你已經稍微談到這兩點，或者說是花花公子俱樂部概念的復興。

Sure, so again, I think this is a question George had as well, but we're staying very focused, right? We're making very small bets moving forward, making sure that before we commit real dollars to anything that we've tested it and we know the data supports a further investment. But to the extent we can set things up like a licensing deal, all the better.

當然，我想喬治也問過這個問題，但我們會保持專注，對吧？我們今後只會進行小額投資，確保在投入真金白銀之前，我們已經進行過測試，並且知道數據支持進一步投資。但如果能透過許可協議之類的方式達成合作，那就更好了。

The place we really we'll be investing small amounts of money is in content. We've already started that this year with the magazine. Now we're going to roll out the second phase of that, which is sort of the subscription side of it, we think the magazine, we think the media and experiential business, could be larger than the licensing business over time if we execute it properly. I think on the Playboy Club, we're well on the way to.

我們真正會投入少量資金的地方是內容創作。今年我們已經開始透過雜誌來實現這一點了。現在我們將推出第二階段，也就是訂閱方面。我們認為，如果我們執行得當，雜誌、媒體和體驗業務的規模最終可能會超過授權業務。我認為在花花公子俱樂部，我們已經走在正確的道路上了。

Getting that one off the ground in Miami, there's still a lot of work to be done, but we're working on that and outside of that and growing, investing in content to continue to grow licensing, we are not distracting ourselves with anything else. We have a small team we have to stay super focused, and we're in the process of making sure that we can bring in the right people, with the right skill sets to help us execute properly in these areas.

在邁阿密啟動這個計畫還有很多工作要做，但我們正在努力，除此之外，我們還在不斷發展壯大，投資內容以繼續擴大授權業務，我們不會因為其他任何事情而分心。我們團隊規模很小，必須保持高度專注。我們正在努力引進合適的人才，具備合適的技能，以幫助我們在這些領域正確執行各項工作。

Okay, there is an additional question about Honey Birdette that I'll ask if there's anything incrementalist to offer here. How is Honey Birdette positioned competitively as the premium lingerie market strengthens and what are the brand's priorities to sustain growth in '26?

好的，關於 Honey Birdette，我還有一個問題，想問大家有沒有什麼漸進的解決方案。隨著高端內衣市場的增強，Honey Birdette 的競爭定位是什麼？該品牌在 2026 年保持成長的優先事項是什麼？

So look, the brand's positioned really well, that's what we did, two years ago I guess we started really cutting down the number of days on sale, focusing on brand health, we've seen the results. So again, I, we could drive a lot more revenue if we wanted to, okay? There's the growth is there, but that means I got to take more inventory, right? We've reduced our inventory to approximately nine and change down from like 13.

所以你看，這個品牌定位得非常好，這就是我們所做的，我想兩年前我們開始大幅減少促銷天數，專注於品牌健康，我們已經看到了結果。所以再說一遍，如果我們想的話，我們可以創造更多收入，好嗎？成長是存在的，但這也意味著我需要進行更多的盤點，對吧？我們的庫存已經從大約 13 件減少到大約 9 件多一點。

So we've, we substantially reduced inventory because that's cash tied up in the balance sheet, right? That limits what you can do from a business perspective with the business. The growth is there, but you have to then say, I want to invest the capital to do it.

所以，我們大幅減少了庫存，因為庫存會佔用資產負債表上的現金，對吧？這限制了你從商業角度對企業所能做的事情。成長機會是有的，但你接下來就得說，我想投入資金來實現它。

So we focused on brand health because coming out of COVID, you can remember, we bought the business in August 21, if I remember properly. It's been a long time. And the week after we bought the business, I think Australia went on like a three-month lockdown, okay? And on top of that, we had a lot of inventory.

因此，我們專注於品牌健康，因為在新冠疫情之後，你可能還記得，如果我沒記錯的話，我們是在 2021 年 8 月收購了這家公司。已經過了很久了。在我們收購這家公司後的一周，我想澳洲就開始了長達三個月的封鎖，好嗎？除此之外，我們還有很多庫存。

That the previous owner had bought and so we ended up having to sell that at discounts coming out of COVID lockdowns because on top of that, you already had your inventory plan for, October, November, December, in addition to all the stuff you got stuck with. So we, revitalized the brand. I think the brand is doing really well. We've improved the margins. There's still growth to be had even with our inventory levels.

那是前業主買的，所以我們最終不得不在新冠疫情封鎖結束後打折出售，因為除此之外，你們還有十月、十一月、十二月的庫存計劃，再加上你們積壓的所有東西。於是，我們重振了這個品牌。我認為這個品牌發展得非常好。我們提高了利潤率。即使目前的庫存水平，我們仍然有成長空間。

But to really accelerate that growth, I think we need to raise some third-party capital or if we had extra capital, we could do it, but we don't because we want to invest in the content and we still need to continue to deliver the business. I don't mind selling a piece of that business today if I know that my remaining stake is going to be worth a lot more because the growth is there. And so that's how we're thinking about it.

但要真正加速成長，我認為我們需要籌集一些第三方資金，或者如果我們有額外的資金，我們也可以這樣做，但我們沒有，因為我們想投資內容，而且我們仍然需要繼續開展業務。如果我知道公司有成長潛力，我剩餘的股份將來會更有價值，那麼我今天不介意出售一部分股份。所以，我們就是這麼考慮的。

A different topic here, what steps, yeah, what steps is the board taking to ensure strong accountability and alignment between management and shareholder interests given the stock's performance and investor concerns?

這裡要討論的是另一個問題，鑑於股票表現和投資者的擔憂，董事會正在採取哪些措施來確保管理階層與股東利益之間強有力的問責制和一致性？

Yeah, so look, let me comment first and foremost that I think the management is fully aligned with the board and we're fully aligned with investors. And I think, the turnaround in the company, we're showing that I understand the frustration more than anyone. I know people might not think I do.

是的，首先我要說的是，我認為管理階層與董事會完全一致，我們也與投資人完全一致。我認為，公司目前的轉變表明，我比任何人都更能理解大家的沮喪情緒。我知道人們可能不會這麼認為。

I hate losing money. It's, it drives me absolutely crazy and I understand how frustrating this journey has been, but we have done the right things and taken the necessary steps. I want to also comment that no one on the senior team has sold any shares for personal gain.

我討厭賠錢。這真的讓我非常抓狂，我理解這段旅程有多麼令人沮喪，但我們已經做了正確的事情，並採取了必要的步驟。我還要補充一點，公司高層團隊中沒有人為了個人利益而出售任何股份。

I'm actually one of the largest individual shareholders in the company, and I also want to clear up that I've actually invested my own money in this business in three different occasions. I've put almost $3 million of my own capital buying shares. One, the IPO. I bought shares at $10 a share.

事實上，我是公司最大的個人股東之一，我還想澄清一下，我曾經三次用自己的錢投資這家公司。我投入了近300萬美元的自有資金購買股票。第一，首次公開發行（IPO）。我以每股 10 美元的價格買入了股票。

Second, when the stock was in the [10s], I bought stock then, and then I participated in the rights offering as well. So I've invested approximately $3 million in my own capital into the business. Most of our compensation as management comes in the form of stock grants, right? So in addition to the stock grants, I've actually put real money out of my savings into the business, which is the right thing to do as the CEO of the company.

其次，當股價在 [10] 左右時，我買了股票，然後我也參與了配股。因此，我已向該企業投入了約 300 萬美元的自有資金。我們管理階層的薪酬大多是以股票獎勵的形式發放的，對吧？所以除了股票獎勵之外，我還從我的積蓄中拿出真金白銀投入到公司，作為公司的首席執行官，這是我應該做的。

So we are fully aligned. I also think it's important to level set. What's happened to us and why we got to this point, right? So when we went public, in 21, we had a business in China that was doing about $42 million of revenue, call it $32 million in change of net profits to us after agency fees and withholding taxes, okay? We definitely have screwed up things. I take full responsibility for the mistakes we've made as a business.

所以，我們完全一致。我認為設定基準線也很重要。我們究竟發生了什麼事？為什麼會走到今天這一步？所以，當我們在 2021 年上市時，我們在中國的業務收入約為 4,200 萬美元，扣除代理費和預扣稅後，我們的淨利潤約為 3,200 萬美元，好嗎？我們肯定把事情搞砸了。我願為我們公司所犯的錯誤負起全部責任。

There are also things like China that went against us that you just couldn't forecast. We had $32 million of cash flow that basically evaporated overnight. Forget about the accounting treatment of it. I'm talking about cash coming into the business.

還有一些事情，像是中國，其行動與我們作對，這是你根本無法預料的。我們原本有3200萬美元的現金流，結果一夜之間幾乎全部蒸發了。別管它的會計處理方式了。我指的是流入企業的現金。

At the same time, we had just bought companies and taken on a massive amount of fixed liabilities to actually integrate those businesses. And at the same time, our cost of debt because we were levered, being a levered retail play at the time wasn't the greatest thing.

同時，我們剛剛收購了一些公司，並承擔了大量的固定負債，以真正整合這些業務。同時，由於我們當時是槓桿零售企業，債務成本很高，這並不是一件好事。

Our cost of debt more than doubled. So you should think about like the cash flow swing in the business of like $45 million between the loss of China and the extra interest cost that we started to absorb because of the debt, right? And no question about it, we made mistakes, but those are things that we just couldn't forecast at the time.

我們的債務成本增加了一倍多。所以你應該考慮一下，由於失去中國市場以及我們因為債務而開始承擔的額外利息成本，公司現金流可能會出現 4500 萬美元的波動，對吧？毫無疑問，我們犯了錯誤，但這些錯誤是我們當時無法預料的。

You wouldn't have thought that based on the stability of the business beforehand. So we have two options, right? You either grind it out. Or you could give the company to the lenders with the debt. And I'm a fighter. I think everyone on this team is a fighter. There's not a person that has sold shares here.

根據公司之前的穩定性來看，你可能不會想到這一點。所以我們有兩個選擇，對吧？要么你咬牙堅持。或者你可以把公司連同債務交給債權人。我是一個鬥士。我認為我們隊上的每個人都是鬥士。這裡沒有人賣過股票。

And we did what we needed to do to survive, and it came at a huge personal cost, right? Seeing the comments, I understand people's frustration with the business, but there's a human side of this too, which is we had to part with a lot of really good colleagues along the way, but we did what we had to do to survive.

為了生存，我們做了我們必須做的事情，但這讓我們付出了巨大的個人代價，對吧？看到大家的評論，我理解大家對公司的不滿，但這其中也有人情味，那就是我們一路走來不得不和很多優秀的同事分道揚鑣，但為了生存，我們不得不這樣做。

And I think now you're seeing the flip side of that, right. I also had a really good personal relationship based on my private equity days with their lenders. I got them to [am me] the debt facility six times. With no amendment fees, right? Including a $40 million extinguishment of debt and then rolling another big chunk of debt into a convert.

我想現在你看到了事情的另一面，對吧。由於我之前從事私募股權投資，我和他們的貸款方也建立了非常好的私人關係。我讓他們幫我償還了六次債務。沒有修改費，對吧？其中包括償還 4,000 萬美元債務，然後將另一大筆債務轉為可轉換債券。

If you actually look at the convert that we converted, plus the $40 million of debt forgiveness they gave us. It's actually like over $4.50 a share if you combine the two of those for what the actual conversion price would be. That hard work that the team has put in, right, and it has not been fun.

如果你仔細看看我們轉換的金額，再加上他們給我們減免的 4,000 萬美元債務。如果將這兩者加起來，實際的轉換價格大約是每股 4.50 美元以上。團隊付出了巨大的努力，沒錯，而且這並不輕鬆。

But you're starting to get to the other side of it, right? Your first quarter since, I think, in the company's history that we now have net income, at least since we went public, you're seeing sequential even of growth every single quarter. The business is on a solid financial footing.

但你開始慢慢走出困境了，對吧？我認為，這是公司歷史上第一個實現淨利潤的季度，至少自從我們上市以來，每個季度都實現了連續成長。該公司財務狀況穩健。

We've reduced the cost infrastructure, but now it's actually becoming fun for the first time is we actually can focus on growth moving forward. So we've invested some money this year. On the brand, that was the first and foremost thing, obviously coming out of the Me-Too area, we went way too woke with the brand, etc. I've commented on that in the past.

我們已經降低了基礎設施成本，但現在，我們第一次真正開始享受工作帶來的樂趣，因為我們可以專注於未來的發展。所以我們今年投資了一些資金。關於品牌，這顯然是首要問題，因為受到「我也是」（#MeToo）運動的影響，我們的品牌走得太「覺醒」路線了等等。我過去也曾就此發表過評論。

We have a really clean mission statement moving forward. We have a really clean vision. We're going to roll that out to investors in 2026. But then you'll start to see us align the rest of the company's properties around that. And I see there's a real opportunity. We know the data on because of when we had the Playboy Plus and Playboy TV websites of what people will pay for.

我們有一個非常清楚明確的未來發展使命宣言。我們擁有非常清晰的願景。我們將在 2026 年向投資者推出這項服務。但之後你會看到我們圍繞著這一點調整公司其他資產的策略。我認為這是一個真正的機會。我們之所以掌握這些數據，是因為我們之前擁有 Playboy Plus 和 Playboy TV 網站時就了解了人們願意為哪些內容付費。

So we have a real path to actually monetize this moving forward and accelerate the growth with a really stable base of licensing revenue and a much lower cost infrastructure than we ever had before. So, are we aligned? I think we're 100% aligned. With investors both through our equity holdings, my personal investment in the company, and the path moving forward.

因此，我們有了一條切實可行的獲利途徑，可以藉助穩定的授權收入基礎和比以往低得多的基礎設施成本，加速發展。那麼，我們意見一致嗎？我認為我們完全一致。投資者透過我們的股權持有、我個人對公司的投資以及未來的發展道路來支持我們。

Next question. Can you provide an update on the efforts to enforce and collect the $81 million arbitration award related to the former China licensee and what impact could this have on cash flow and the balance sheet once received?

下一個問題。您能否提供關於執行和收取與前中國被授權人相關的 8,100 萬美元仲裁裁決的最新進展，以及收到該裁決後會對現金流和資產負債表產生什麼影響？

Sure. And I'm going to be slightly careful on how I answer this, but what I'd say is first and foremost, we are very happy with the result of the arbitration, and we believe justice has been served. You can't get into all the particulars. But I can say that we and our council in China are working with the appropriate local court to formally recognize the award in mainland China.

當然。我會謹慎地回答這個問題，但首先我想說的是，我們對仲裁結果非常滿意，我們認為正義得到了伸張。你不可能了解所有細節。但我可以肯定地說，我們和我們在中國的理事會正在與相關地方法院合作，以在中國大陸正式承認該裁決。

And seek enforcement we also have another litigation going on, and I understand it's more frustrating for us than anyone of what we're spending with litigation, but it's the right thing to do. We have a domestic case, that we're in the process of we feel strongly about our case in the other arbitration or the other litigation than we did in the China, and we are going to pursue that one to the end. And believe that we will be successful in that case as well.

尋求強制執行，我們還有另一場訴訟正在進行中，我知道訴訟費用對我們來說比任何人都更令人沮喪，但這是正確的做法。我們正在處理一起國內案件，我們對另一起仲裁或訴訟案件的信心遠勝於我們在中國所做的，我們將堅持到底。我相信，即便在這種情況下，我們也一定會成功。

We're going to do everything in our power to collect as much of that $81 million as we possibly can. I want that money more than anyone. We deserve that money, and we're going to do everything we possibly can to, collect that money. And if we collect it, it's going to be all gravy to the business because we're in a good place overall with the company now.

我們將竭盡全力追回盡可能多的8,100萬美元。我比任何人都想要那筆錢。我們理應得到這筆錢，我們將竭盡所能去爭取這筆錢。如果我們能收回這筆款項，對公司來說絕對是錦上添花，因為我們現在和公司的整體關係很好。

We have two more questions. I promise we'll get through it. Stock buyback, okay, is the authorization still active and, under what conditions would management consider utilizing it given the share price levels?

我們還有兩個問題。我保證我們一定能渡過難關。股票回購，好的，授權仍然有效嗎？鑑於目前的股價水平，管理階層會在什麼情況下考慮使用該授權？

So let me just say the following, the authorization is not currently active. Our number one priority is to continue to, I'll double check it if I'm wrong, but I believe it's not active, it's not something that we're focused on right now. Our number one priority is to make sure that we continue to deliver the company, lenders were great again, we've extended our debt maturity, into, to May of 2028, so we don't have to worry about that right now.

所以我想說明一下，目前授權尚未生效。我們的首要任務是繼續…，如果我錯了我會再確認一下，但我相信它目前並不活躍，也不是我們現在關注的重點。我們首要任務是確保公司繼續正常運營，貸款方再次給予了我們很大的幫助，我們將債務到期日延長至 2028 年 5 月，所以我們現在不必為此擔心。

We also have the ability to actually reduce our interest costs by making certain prepayments to the lenders so we're very focused on that. And then our focus is on making sure that we make smart, small investments to fuel the growth of the company. So, first and foremost, I want to deliver this business because that takes away cash that we could otherwise invest in growth.

我們也可以透過向貸款方提前還款來降低利息成本，所以我們非常關注這一點。然後，我們的重點是確保我們進行明智的小額投資，以推動公司的發展。所以，首先，我希望完成這項業務，因為這會佔用我們原本可以投資成長的資金。

And so we need to solve that. Once we solve that issue, we invest in growth, then you can decide what to do with, the free cash flow afterwards. But right now, the priority is not to buy back shares. It's to continue to deliver the company.

所以我們需要解決這個問題。一旦我們解決了這個問題，我們就會投資於成長，然後您可以決定如何處理之後的自由現金流。但就目前而言，首要任務並非回購股票。這是為了繼續為公司創造價值。

Let's end on one final paid voting, question, and then I'll turn it over to you for final remarks, which is, what kind of revenue contribution, engagement, are you seeing, are you expecting, and I think most importantly, who's the winner?

最後，我們以一個付費投票問題作為結尾，然後我將把發言權交給你們，請你們做最後的總結。你們看到了什麼樣的收入貢獻和參與度，你們期望得到什麼樣的收入貢獻和參與度，我認為最重要的是，誰是贏家？

Well, here's what I encourage is one is all of our investors should go out and buy the magazine on our website. Please do that. I also, please go to the website and vote for, who should become the winner. The competition is still going. It will end, in the beginning of December, second week, or give or take, in December.

我鼓勵大家做的是，我們所有的投資人都應該到我們網站上購買這本雜誌。請這樣做。也請大家前往網站投票，選出你們心目中的得獎者。比賽仍在進行中。它將在12月初的第二週結束，或者前後可能會有些出入。

So there's still live voting. We'd love for everyone to buy a package of votes, help us on the revenue perspective, and then we can talk about that. In March, so I don't know who the winner is I can tell you that, we weren't sure about the quality of contestants that would enroll.

所以現在還有現場投票。我們希望每個人都能買一些選票，幫助我們增加收入，然後我們再來討論這個問題。那是三月的事了，所以我不知道誰是贏家。但我可以告訴你，我們當時並不確定參賽者的程度如何。

And I would tell you that both us and our partner are very happy with the quality of contestant, the contestants represented over 200 million social media followers. Now, obviously we couldn't activate with all of those contestants because I described the technical issues.

我可以告訴大家，我們和我們的合作夥伴都對參賽者的素質非常滿意，這些參賽者代表了超過 2 億的社群媒體粉絲。顯然，由於我之前提到的技術問題，我們無法讓所有參賽者都參與其中。

Those will be fixed for the next contest, and then we'll also take the contestants and make sure that we reach back out to them. We've also done other things like we've emailed all the contestants the opportunity to buy Honey Birdette at a discount. So there's a lot of great stuff coming out of this.

這些問題將在下次比賽中解決，之後我們也會聯繫參賽者，確保與他們聯繫。我們還做了其他事情，例如我們給所有參賽者發送電子郵件，讓他們有機會以折扣價購買 Honey Birdette。所以，這件事有很多很棒的成果。

That we're testing and we'll get smarter as we go and you know to generate what we've generated, it will be definitely profitable for us because we haven't spent any money and I think the real opportunity then is to understand how do we smartly start to spend a little bit of money to amplify this contest. If we do it the right way, this should be a multi-million-dollar business for us as we move into '26 and beyond.

我們正在進行測試，並且會隨著時間的推移而變得更加聰明。你知道，就我們目前的成果而言，這肯定會為我們帶來利潤，因為我們沒有花一分錢。我認為真正的機會在於，如何巧妙地開始花一點錢來擴大這場比賽的影響力。如果我們以正確的方式去做，到 2026 年及以後，這應該會成為我們的一項價值數百萬美元的業務。

And more importantly, it's community engagement, right? That to me is the most thing. The most important thing is, the question is, how do I take those 130,000 fans that have, actually registered and start to sell other things to them. So not going to answer the exact question outside of the numbers we've already given.

更重要的是，這是社區參與，對吧？對我來說，這是最重要的事。最重要的問題是，如何利用這 13 萬名已經註冊的粉絲，開始向他們銷售其他產品。所以，除了我們已經給出的數字之外，我不會回答這個問題的具體內容。

Okay, Ben, thank you for taking the time to go through those retail questions. I want to thank our retail investors for submitting them, and so with that I'd like to turn it back to you, Ben, for closing remarks.

好的，本，謝謝你抽出時間解答這些零售方面的問題。我要感謝散戶提交這些問卷，接下來我想把發言權交還給本，請你做總結發言。

No, I really, Matt, I just want to sort of echo what you just said. I think we should make this part of our earnings call, moving forward. I do. This is a retail stock at the end of this day. Again, I want to fully acknowledge the mistakes that we've made as a team. I always believe in making mistakes is okay. You just don't want to make the same mistake twice.

不，馬特，我真的只是想附和你剛才說的話。我認為我們應該把這部分內容納入未來的財報電話會議。我願意。這是今日收盤時的零售股票。我再次要坦誠地承認我們團隊所犯的錯誤。我始終認為犯錯並不可怕。你肯定不想犯同樣的錯誤兩次。

I think we've learned from those. We're a better, more nimble, more organized management team coming out of this. I think we're starting to finally hit a stride and get some breathing room to focus on growth. I want to thank the investors for staying with us. I know it's not been easy. I will say personally it's not easy, looking at my brokerage account either, but I finally feel like we're in a place where.

我認為我們已經從中吸取了教訓。經歷這一切之後，我們的管理團隊變得更優秀、更靈活、更有組織。我認為我們終於開始步入正軌，並有了一些喘息的空間來專注於發展。我要感謝各位投資人一直以來對我們的支持。我知道這並不容易。就我個人而言，查看我的證券帳戶並不容易，但我終於感覺我們已經到了一個可以有所作為的地步。

We're taking two steps forward and one step back versus taking one step forward and two steps back, so I feel like we've turned that corner and there's some good things happening here, and I just want to acknowledge, the frustration because I see it. I do sometimes look at social media comments.

我們現在是前進兩步後退一步，而不是前進一步後退兩步，所以我覺得我們已經扭轉了局面，這裡正在發生一些好事，我只是想承認，我看到了這種挫敗感。我有時會看社交媒體上的評論。

And so I acknowledge it and just want to thank people and hopefully we can continue to deliver good results moving forward and we look forward to talking to you guys, in the March time frame when we announced the annual year, we have a couple of investor conferences that we'll be announcing soon that we're participating in, and hopefully in the short-term, we'll get a new investor deck up on our website that really clearly outlines our strategy moving forward and then as we get into 2026, we'll start to roll out.

因此，我對此表示感謝，並希望我們能繼續取得好成績。我們期待在三月與大家交流，當時我們宣布了年度計劃。我們即將宣布將參加幾個投資者會議，希望短期內，我們能在網站上發布一份新的投資者資料，清楚地闡述我們未來的策略。然後，隨著我們進入2026年，我們將開始逐步推出。

You know this new brand positioning which is really taking the company back to its roots looking at that core DNA knowing that you know our core audience is a 18 years to 40-year-old male and making sure that we deliver the content experiences and products to satisfy that customer. So I appreciate everyone joining. I know it's been a much longer call, but I think it's important that we took the questions and thank you all for listening.

你知道，這種新的品牌定位實際上是將公司帶回其根源，審視其核心DNA，因為你知道我們的核心受眾是18歲至40歲的男性，並確保我們提供的內容體驗和產品能夠滿足該客戶的需求。感謝大家的參與。我知道這通通話時間很長，但我認為回答大家的問題很重要，感謝大家的聆聽。

Thank you.

謝謝。

I was going to say what you were this concludes the call. You may now disconnect your lines. Thank you.

我正要說你剛才說的是什麼，通話到此結束。現在您可以斷開線路了。謝謝。