Sturm Ruger & Company Inc (RGR) 2024 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q4 2024 Sturm Ruger Earnings Conference Call. (Operator Instructions)

大家好，感謝您的關注。歡迎參加2024年第四季Sturm Ruger收益電話會議。 （操作員指示）

I would now like to hand the conference over to your speaker today, Chris Koy, President and Chief Executive Officer.

現在，我想將會議交給今天的發言人、總裁兼執行長克里斯·科伊 (Chris Koy)。

Good morning and welcome to the Sturm Ruger and Company year-end 2024 conference call.

早安，歡迎參加 Sturm Ruger and Company 2024 年年終電話會議。

I'd like to ask Kevin Reid, our General Counsel, to read the caution on forward-looking statements. Tom Dineen, our Chief Financial Officer, will gain an over give an overview of the fourth quarter. And 2024 financial results and then I will discuss our operations in the market. And after that we'll get to your questions. Kevin,

我想請我們的總法律顧問凱文·里德（Kevin Reid）閱讀關於前瞻性陳述的警告。我們的財務長湯姆·迪寧（Tom Dineen）將簡要介紹第四季度和2024年的財務業績，然後我將討論我們在市場上的營運情況。之後，我們將回答您的問題。凱文，

Thanks Chris.

謝謝克里斯。

We want to remind everyone that statements made in the course of this meeting that state that companies or management's intentions, hopes, beliefs, expectations, or predictions of the future are forward-looking statements. It is important to note that the company's actual results could differ materially from those projected in such forward-looking statements.

我們謹提醒各位，本次會議中任何相關公司或管理階層的意圖、希望、信念、期望或對未來的預測均屬前瞻性陳述。需要注意的是，公司的實際表現可能與此類前瞻性陳述中的預測有重大差異。

Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the company's SEC filings, including but not limited to the company's report on Form 10K for the year end of December 30, 2024, which of course we filed last night, and on the Forms10 filed previously.

有關可能導致實際結果與前瞻性陳述中的結果大不相同的因素的其他資訊不時包含在公司提交給美國證券交易委員會的文件中，包括但不限於公司截至 2024 年 12 月 30 日的 10K 表報告（當然，我們昨晚提交了該報告）以及之前提交的 10 表報告。

Copy of these documents may be obtained by contacting the company or the SEC or on the company website at. Dotcom corporate or of course the SEC website at SEC.gov. We do reference non-GAAP EBITDA. Please note that the reconciliation of GAAP net income to non-GAAP EBITDA can be found in our Form 10K for the year ending December 30, 2024 and our previously filed Forms 10Q, which are also posted to our website. Furthermore, the company disclaims all responsibility to update forward-looking savings.

您可透過聯絡公司或美國證券交易委員會 (SEC) 取得這些文件的副本，或造訪本公司網站 .dotcom corporate 或美國證券交易委員會 (SEC.gov)。我們參考了非公認會計準則 (Non-GAAP) EBITDA。請注意，GAAP 淨收入與非公認會計準則 (Non-GAAP) EBITDA 的對帳表可在我們截至 2024 年 12 月 30 日的 10K 表格以及我們先前提交的 10Q 表格中找到，這些表格也已發佈在我們的網站上。此外，本公司不承擔更新前瞻性節餘的任何責任。

Chris.

克里斯。

Thank you, Kevin. Now Tom will discuss the company's 2024 results. Tom.

謝謝凱文。現在湯姆將討論公司2024年的表現。湯姆。

Thanks Chris.

謝謝克里斯。

For 2024, net sales were $536 million and diluted earnings were $1.77 per share. For 2023, net sales were $544 million and diluted earnings were $2.71 per share. Our profitability declined in 2024 from 2023 as our gross margin decreased from 25% to 21%.

2024年，淨銷售額為5.36億美元，稀釋後每股收益為1.77美元。 2023年，淨銷售額為5.44億美元，稀釋後每股收益為2.71美元。 2024年，我們的獲利能力較2023年下降，毛利率從25%降至21%。

The lower margin was driven by unfavorable deleveraging of fixed costs resulting from decreased production and sales, inflationary cost pressures, and a product mix shift to products, a product mix shift toward products with relatively lower margins that remain in stronger demand.

利潤率下降的原因是生產和銷售下降導致固定成本去槓桿化不利、通膨成本壓力以及產品結構向利潤率相對較低但需求仍然較強的產品轉變。

In the Fourth quarter of 2024, net sales were $146 million and diluted earnings were $0.62 per share. For the corresponding period in 2023, net sales were $131 million and diluted earnings were $0.58 per share.

2024年第四季，淨銷售額為1.46億美元，稀釋每股收益為0.62美元。 2023年同期，淨銷售額為1.31億美元，稀釋每股收益為0.58美元。

Our Fourth quarter results improved significantly from the third quarter as our production increased 10%, sales increased 19%, and our profitability more than doubled. At December 30, 2024, our cash and short-term investments totaled $105 million.

我們的第四季業績較第三季顯著改善，產量成長10%，銷售額成長19%，獲利能力成長一倍以上。截至2024年12月30日，我們的現金和短期投資總額達1.05億美元。

Our short-term investments are invested in the United States Treasury bills and in a money market fund that invests exclusively in the United States Treasury instruments which mature within one year. Our current cash and short-term investments total $120 million.

我們的短期投資包括美國國債和專門投資於一年內到期的美國國債的貨幣市場基金。我們目前的現金和短期投資總額為1.2億美元。

At December 30, 2024, our current ratio was 4.2 to 1, and we had no debt. Stockholders' equity was $320 million which equates to a book value of $19.03 per share, of which $6.28 with cash and short-term investments.

截至2024年12月30日，我們的流動比率為4.2:1，且沒有負債。股東權益為3.2億美元，相當於每股帳面價值19.03美元，其中6.28美元為現金及短期投資。

In 2024 we generated $56 million of cash from operations and invested $21 million in capital expenditures. We expect our 2025 capital expenditures will total $20 million. In 2024 we returned $46 million to our shareholders through the payment of $12 million of quarterly dividends.

2024年，我們營運現金流出5,600萬美元，資本支出2,100萬美元。我們預計2025年的資本支出總額將達到2,000萬美元。 2024年，我們透過支付1,200萬美元的季度股息，向股東返還了4,600萬美元。

And the repurchase of 835,000 shares of our common stock at an average price of $41.19 per share for a total of $34 million. Our board of directors declared a $0.24 per share quarterly dividend for shareholders of record as of March 14, 2025, payable on March 28, 2025.

並以平均每股41.19美元的價格回購83.5萬股普通股，總計3,400萬美元。董事會宣布，向截至2025年3月14日登記在冊的股東派發每股0.24美元的季度股息，股息將於2025年3月28日支付。

As a reminder, our quarterly dividend is approximately 40% of net income and therefore varies quarter to quarter. Our variable dividend strategy, coupled with our strong debt-free balance sheet allows us to continually and consistently provide returns to our shareholders without sacrificing our ability to capitalize on opportunities that emerge.

提醒一下，我們的季度股利約佔淨收入的40%，因此每季都會有所不同。我們的浮動股利策略，加上我們強勁的無負債資產負債表，使我們能夠持續穩定地為股東帶來回報，同時又不犧牲我們把握機會的能力。

That's the financial update for 2024, Chris.

這是 2024 年的財務更新，克里斯。

Thanks, Tom.

謝謝，湯姆。

Ruger celebrated its 75th anniversary in 2024 as a tribute to our founder Bill Ruger and the thousands of hardworking men and women who have left their mark on Ruger since its humble beginnings in 1949. There were many events throughout the year that brought people together to honor our past and celebrate our future.

魯格公司於 2024 年慶祝成立 75 週年，以此向我們的創始人比爾·魯格以及自 1949 年成立以來在魯格公司留下印記的數千名辛勤工作的男男女女致敬。全年舉辦了許多活動，讓人們歡聚一堂，緬懷過去，慶祝未來。

We kicked off the festivities in January 2024 with the 75th anniversary gala at the shot show. We were honored to co-host the event with our friends at Hornady ammunition who were also founded in 1949. Two American manufacturing companies that stood the test of time and are thriving after 75 years.

我們於2024年1月在Shot Show上舉辦了75週年慶典，拉開了慶祝活動的序幕。我們很榮幸能與同樣成立於1949年的Hornady彈藥公司共同舉辦這場活動。這兩家美國製造公司經受住了時間的考驗，並在75年後蓬勃發展。

Maybe there will be a co-hosted Centennial anniversary gala at the 2049 shott show. I wouldn't bet against it.

也許2049年的Shott Show會聯合舉辦一場百年慶典。我敢打賭，肯定不會。

Last year's National Ruger Day, which of course is October 22 or 10 '22, was another highlight. It was our biggest Ruger day yet with hundreds of events at ranges, shooting clubs, and retailers where Ruger fans came together to shoot and spend time with friends and neighbors. They share their passion for Ruger and our products.

去年的全國魯格日（當然是2022年10月22日或10月10日）是另一個亮點。這是我們迄今為止規模最大的魯格日，在射擊場、射擊俱樂部和零售店舉辦了數百場活動，魯格愛好者們齊聚一堂，與朋友和鄰居們一起射擊、共度美好時光。他們分享了對魯格和我們產品的熱情。

The most satisfying and fitting way that we celebrate our 75th anniversary was with a flurry of new product introductions culminating with the December launch of the new RXM, a 9 millimeter pistol that was imagined, designed and developed in collaboration with Madpole Industries.

我們慶祝 75 週年的最令人滿意和最合適的方式是推出一系列新產品，最終在 12 月推出了新款 RXM，這是一款與 Madpole Industries 合作構思、設計和開發的 9 毫米手槍。

This partnership resulted in a truly innovative product that offers maximum flexibility and customization with a removable stainless steel fire control insert set inside an interchangeable Magpul enhanced handgun grip. Demand for the RXM has been tremendous.

此次合作催生了一款真正創新的產品，它配備了可拆卸的不銹鋼火控插件，內建於可更換的Magpul增強型手槍握把內，提供最大的靈活性和客製化。 RXM的需求量一直都非常龐大。

Our roster of new product introductions in 2024 also includes the American Rifle Generation two family of rifles in standard ranch and Predator configurations.

我們在 2024 年推出的新產品名單還包括美國步槍第二代系列標準牧場和捕食者配置的步槍。

Marlin models 1894, 1895, and 336 lever action rifles, including the dark series models available in 45/70 government and 30/30 Winchester with other calibers to follow. The LC car being chambered in 45 auto and 10 millimeter auto to go along with our original offerings in the 5.7 by 28 caliber.

馬林1894、1895和336型槓桿式步槍，包括暗黑系列，提供45/70口徑政府彈和30/30口徑溫徹斯特彈，其他口徑也將陸續推出。 LC系列步槍配備45毫米自動和10毫米自動彈，與我們原有的5.7 x 28口徑產品相得益彰。

The Mini 14 with side folding stock. And 75th anniversary commemorative models of some of our most popular classic firearms, including the Mark 4 target pistol, the 10/22 riffle, and the LCP Max pistol.

配有側邊折疊槍託的 Mini 14。以及我們一些最受歡迎的經典槍械的 75 週年紀念型號，包括 Mark 4 靶槍、10/22 步槍和 LCP Max 手槍。

New product sales totaled $159 million or 32% of firearm sales in 2024. New product sales include only major new products that were introduced in the last 2 years.

2024 年新產品銷售總額達 1.59 億美元，佔槍枝銷售額的 32%。新產品銷售額僅包括過去 2 年推出的主要新產品。

On the strength of these offerings, particularly the American set of Fire rifle Gen 2 and the Marlin lever action rifles, the estimated sell-through of our products from distributors to retailers increased for both the fourth quarter and the full year, despite the decrease in adjusted NICS background checks during the same periods.

憑藉這些產品，特別是美國 Fire 步槍 Gen 2 和馬林槓桿式步槍，儘管同期調整後的 NICS 背景調查有所減少，但第四季度和全年我們產品從分銷商到零售商的預計銷售量都有所增加。

As a reminder, we use adjusted NICS as a proxy for overall consumer purchase activity at retail, and adjusted NICS does not distinguish between used gun sales and new gun sales. Some data suggests that used gun sales in 2024 represented a larger percentage of overall retail firearm sales in 2023, which would not be surprising given higher interest rates and rising consumer debt.

提醒一下，我們使用調整後的NICS指標來衡量零售業的整體消費者購買活動，而調整後的NICS指標並未區分二手槍銷售和新槍銷售。一些數據顯示，2024年的二手槍銷售佔2023年整體槍支零售銷售的比例更高，考慮到更高的利率和不斷上升的消費者債務，這並不令人意外。

This would suggest that our market share gains are perhaps even greater than the adjusted NICS data would indicate. We enter 2025 with a strong debt-free balance sheet, reduced inventories are our independent distributors, and a full pipeline of recently launched new products, and many others still under development.

這表明，我們的市佔率成長可能比調整後的NICS數據所顯示的還要大。邁入2025年，我們將擁有強勁的無債務資產負債表，獨立分銷商的庫存減少，以及一系列近期推出的新產品和仍在開發中的其他產品。

We remain focused on the long term goal of creating shareholder value. Our discipline pricing and market strategy promote consistency throughout the distribution channel. This allows both distributors and retailers to confidently invest in our inventory regardless of market fluctuations and volatility is and is essential to Ruger's long-term success and leadership in the firearms market.

我們始終專注於創造股東價值的長期目標。我們嚴謹的定價和市場策略確保了整個分銷管道的一致性。這使得經銷商和零售商無論市場如何波動，都能放心地投資我們的庫存，而市場波動性對於魯格在槍械市場的長期成功和領導地位至關重要。

In January we announced that Todd Sieffert will become President and Chief Executive Officer on March 1, allowing for a smooth transition before my planned retirement in May.

今年 1 月，我們宣布 Todd Sieffert 將於 3 月 1 日出任總裁兼首席執行官，以便在我計劃於 5 月退休之前實現平穩過渡。

I want to take this opportunity to publicly welcome Todd to Ruger.

我想藉此機會公開歡迎托德加入魯格。

Todd attended the shot show last month and spent time with many of our employees and customers and a host of industry folks, many of whom he already knew from his past experience in the industry.

托德參加了上個月的 shot show，與我們的許多員工、客戶和眾多業內人士進行了交流，其中許多人是托德透過過去在該行業的工作經驗認識的。

I've been very impressed with Todd and know he and the rest of the team will continue to deliver innovative and exciting new products to our consumers, profitability to our independent distributors and retailers, and long-term value to our shareholders.

托德給我留下了深刻的印象，我知道他和團隊的其他成員將繼續為我們的消費者提供創新和令人興奮的新產品，為我們的獨立分銷商和零售商帶來盈利，並為我們的股東帶來長期價值。

Those are the highlights of 2024. Operator, may we please have the first question.

這些是 2024 年的亮點。接線員，請問我們第一個問題。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Our first question comes from Mark Smith with Lake Street. He may proceed.

我們的第一個問題來自Lake Street的Mark Smith。他可以繼續提問了。

Hi guys, first question for me, I wanted to dig in a little bit more into new products. Chris, I don't know if you can quantify or talk at all about maybe the impact that just RXM had during the quarter.

大家好，我的第一個問題想深入探討一下新產品。 Chris，您能否量化一下，或簡單談談RXM在本季帶來的影響？

Yeah, thank you, Mark. Yeah, RXM was a big impact in December. We had preplanned the launch of the RXM for a while. We had conducted a series of retailer summits is what we call meeting with key retailers throughout the US over the course of 2024. And at those summits under the under an NDA, we introduced and unveiled the RXM to those key retailers and solicited pre-orders so that when as we got closer to our actual launch date.

是的，謝謝你，馬克。 RXM 在 12 月產生了巨大的影響。我們之前計劃過 RXM 的發布。在 2024 年期間，我們與全美各地的主要零售商舉行了一系列零售商高峰會，也就是我們所說的會議。在這些高峰會上，我們簽署了保密協議，向這些主要零售商介紹並發布了 RXM，並邀請了預訂，以便我們能夠隨著實際發布日期的臨近而提前預訂。

We shipped both to those key big independent retailers, some of the key national accounts, as well as our distributors, so product was in place at both wholesale and retail prior to our public unveiling in December. That made for I'll say smooth, a launch at all levels. We've got a lot of hype, our sales and marketing folks combined to do a great job getting the word out.

我們把這兩款產品都發給了那些重要的大型獨立零售商、一些重要的全國性客戶以及我們的分銷商，所以在12月正式發布之前，產品就已經在批發和零售渠道都到位了。可以說，這使得各個層面的發布都十分順利。我們獲得了大量的宣傳，我們的銷售和行銷人員齊心協力，並出色地完成了宣傳工作。

Social media really kind of blew up the internet with great reaction to the to this firearm. And as a result, we had quite a few of those products, those guns shipped in December. We don't disclose the exact amount, but it was a significant launch, the most we've ever had out in the marketplace at time of launch. And then because we had already ramped up the product.

社群媒體上對這把槍的反應非常熱烈，簡直炸開了鍋。結果，我們在12月就出貨了不少這樣的產品。我們不會透露具體數量，但這是一次意義重大的發布，也是我們上市時在市場上銷售量最高的一次。而且，因為我們當時已經加大了產品的產量。

We didn't see a dip at all. We just continued right through filling orders that came in from our distributors, over the next couple of weeks. So it was really a fun way to launch a really great product.

我們完全沒有看到銷量下滑。接下來的幾週，我們一直在繼續處理來自分銷商的訂單。所以，這真的是一個很有趣的方式來推出一款非常棒的產品。

And then correct me if I'm wrong, but it it seems like RXM really gives you a platform, for other frame sizes, other things that you can do with that fire control insert. I mean, is that how you view it and then you in this partnership with Magpul or are you guys able to move pretty quickly on new products?

如果我錯了，請指正。不過，RXM 似乎確實為你們提供了一個平台，可以支援其他尺寸的槍架，以及用火控插件實現的其他功能。你們是這樣看待這個問題的嗎？你們與 Magpul 的合作如何？或者說，你們在新產品上進展得很快嗎？

Yeah, Mark, as you as you let me know, we've had other projects with Magpul, like Stocks for 10/22 and some of our other rifle products, but this is the biggest and strongest collaboration we've ever had, and the folks at Magpul were a lot of fun to work with, really creative and. Good engineering, good marketing, and so we're going to continue to work with them on that.

是的，馬克，正如你之前告訴我的，我們和Magpul合作過其他項目，例如10/22口徑槍托和其他一些步槍產品，但這是我們迄今為止規模最大、合作最緊密的一次合作。和Magpul的人一起工作非常有趣，他們很有創意。他們的工程技術很好，行銷也很好，所以我們會繼續和他們合作。

In fact, we've got a meeting in the next couple of weeks to talk about some other new products that we can collaborate on. But to the point of the RXM. There's going to be continued rollout of new frame sizes, grip colors, things like that. So you'll see us flesh out that accessory pipeline for the different versions of the grip as well as different sizes.

事實上，我們接下來幾週會開會討論其他一些可以合作的新產品。不過，先說說RXM。我們將繼續推出新的車架尺寸、握把顏色等等。所以，你會看到我們不斷完善配件產品線，以適應不同版本和不同尺寸的握把。

So you'll see those different frame sizes coming out, and that's something that we have planned and are still working on. We're going to rule that out in a logical fashion and again our teams at both places, but Magpul and Ruger are very excited about it.

所以你會看到不同尺寸的槍架陸續推出，這是我們一直在計劃並仍在努力的事情。我們會以合理的方式排除這種可能性，我們兩地的團隊也都同意這一點，但馬格普爾和魯格對此感到非常興奮。

Perfect. And then just one hit kind of balance sheet and cash flow as we look, out of this next year, are there any other, any new uses of cash that we should be looking at? It seems like, your plans, everything's in a good place, but any other uses of cash, and then, if you can give any insight into kind of your desire and appetite for continued share repurchases.

完美。接下來，我們來看看資產負債表和現金流，看看明年還有什麼其他新的現金用途值得我們關注嗎？看起來，您的計劃一切順利，但還有其他現金用途嗎？然後，您能否透露一下您對繼續回購股票的意願和意願？

Well, we've done both special dividends over time as well as share repurchases over time, and both of those, remain an option. Of course we're always open to if there was another strategic acquisition that came our way along the lines of Marlin for a few years back, that would make sense for us.

嗯，我們一直以來都實行特別股利和股票回購，這兩種方式現在都還在考慮中。當然，如果幾年前我們遇到類似Marlin那樣的策略性收購，我們也會考慮，這對我們來說也很合理。

But one of the reasons is I think you know we're pretty conservative on our cash balance, having been fired by both Bank of America and Wells Fargo over the last, five year or six years during my tenure, we remain pretty cautious about the banking situation in the US. There are steps being taken now to shore that up with the FI Act at the at the federal level, but again, we're going to keep that conservative approach and we'll we'll probably have both share.

但原因之一是，我認為我們對現金餘額相當保守。過去五、六年，在我任職期間，我們被美國銀行和富國銀行解僱，因此我們對美國的銀行業狀況仍然非常謹慎。目前，聯邦層級正在採取措施，透過《金融機構法案》來鞏固這項政策，但同樣，我們將繼續保持這種保守的做法，我們可能會同時持有這兩家銀行的股份。

Purses and certainly our quarterly dividends and of course if we get to a certain balance we'll look at special dividends as well. That's something we always take a hard look at Number one, we want to make sure we're funding the business, with our capital expenditures, investing in new products.

資金，當然還有季度股息，當然，如果達到一定餘額，我們也會考慮特別股息。這是我們一直認真考慮的事情。首先，我們要確保我們的資本支出和新產品投資能夠支持業務發展。

That's probably our highest and best use, watching for acquisitions, and if neither of those makes sense, of course we return it to shareholders in either special dividends or share buybacks.

這可能是我們最高和最好的用途，專注於收購，如果這兩種方式都沒有意義，我們當然會以特別股息或股票回購的方式將其返還給股東。

Excellent. Thank you guys.

太棒了！謝謝大家。

Thanks Mark.

謝謝馬克。

Thank you.

謝謝。

Our next question comes from Amel Gianniio with AIS Capital. You may proceed.

下一個問題來自AIS Capital的Amel Gianniio。您可以繼續提問。

Thank you, Goran. Good morning. Just a question on gross margins. I realized, you mentioned the adverse product mixture, but then again on the flip side, you've had some strong success with new products which I imagine are coming in higher margin. What if you just give us a little more granularity on that, on those trends. Thanks.

謝謝，Goran。早安.我只是想問一個關於毛利率的問題。我知道您提到了不利的產品組合，但另一方面，您的新產品取得了一些顯著的成功，我想這些新產品的利潤率會更高。您能否就此更詳細地介紹一下這些趨勢？謝謝。

Thanks Rommel.

謝謝隆美爾。

The biggest thing, we saw in, 2024 when we talk about our gross margin as it relates to product mix, was you'll recall that the 75th anniversary models, 10/22, Mark 4, and LCP in particular were really well done, well executed, but we priced them pretty competitively.

當我們談論與產品組合相關的毛利率時，我們在 2024 年看到的最大的事情是，您會記得，75 週年紀念款、10/22、Mark 4 和 LCP 確實做得非常出色，執行得很好，但我們的定價相當有競爭力。

We stayed away from promotional programs and discounting. But we were pretty aggressive in pricing those 75th anniversary models, and that from a mixed standpoint was probably the biggest, I'll say mix related contributed to decrease gross margins and again they were very successful. They did the trick. They didn't disrupt inventory at retail or distributor level, so they really worked well with our strategy for 2024.

我們沒有採取促銷和折扣措施。但我們對75週年紀念款的定價相當激進，從產品組合的角度來看，這可能是最大的因素，我認為產品組合導致毛利率下降，而且這些策略再次取得了成功。它們確實奏效了。它們沒有擾亂零售或經銷商層面的庫存，因此與我們的2024年策略非常契合。

Okay, great. That's very helpful and I just want to personally wish you all the very best, Chris. I hope we chat again soon, but wish you all the best in your transition.

好的，太好了。這很有幫助，我只想親自祝你一切順利，克里斯。希望我們很快能再次見面，也祝你一切順利。

Thanks Rama. We appreciate it. We appreciate your support and your.

謝謝Rama。我們非常感激。我們感謝你的支持和你的…

Thank you. I would now like to turn the call back over to Chris Kaloy for any closing remarks.

謝謝。現在我想把電話轉回給Chris Kaloy，請他做最後發言。

In closing, I would like to start by thanking all of you for attending our call this morning and for our shareholders for their continued investment in our company. And I would like to thank our loyal customers and the 1800 hardworking members of the Ruger team who design, manufacture, and sell rugged, reliable firearms every day in our American factories.

最後，我首先要感謝各位今天上午參加我們的電話會議，也感謝各位股東對我們公司的持續投資。同時，我還要感謝我們忠實的客戶，以及1800名辛勤工作的魯格團隊成員，他們每天在我們位於美國的工廠設計、製造和銷售堅固可靠的槍支。

I hope you will be able to join us in our virtual 2025 annual meeting on Thursday, May 29. Further details will become available in April. And on a personal note, I want to thank everyone who has helped me since I joined this industry in 1989.

希望您能參加我們於5月29日（星期四）舉行的2025年線上年會。更多詳情將於4月公佈。就我個人而言，我要感謝自1989年我加入這個行業以來給予我幫助的每一個人。

For the past 36 years, I've been fortunate to work with some truly great people. It's been a fun ride and I'm going to miss it, but I look forward to continuing to serve on the Ruger board of directors and supporting Todd and the Ruger team as we head into 2025.

過去36年，我很榮幸能與一些真正優秀的人共事。這段旅程充滿樂趣，我會懷念它，但我期待繼續擔任魯格董事會成員，並在邁向2025年之際支持托德和魯格團隊。

Thank you.

謝謝。

Thank you. This concludes the conference.

謝謝大家。會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。