Steven Madden Ltd (SHOO) 2024 Q3 法說會逐字稿

(technical difficulty) Turn it over to Zine to review our third quarter financial results in more detail and provide our updated outlook for 2024.

（技術難度）將其移交給 Zine，以更詳細地審查我們第三季的財務業績，並提供我們對 2024 年的最新展望。

Thanks, Ed and good morning, everyone in the third quarter, our consolidated revenue was $624.7 million. A 13% increase compared to the third quarter of 2023.

謝謝 Ed，大家早安，第三季我們的綜合收入為 6.247 億美元。與 2023 年第三季相比成長 13%。

It was almost famous, consolidated revenue grew 5.5% compared to the same period in the prior year.

幾乎是出名了，綜合收入比上年同期成長了5.5%。

Our wholesale revenue was $495.7 million. Up 14.4% compared to the third quarter of 2023.

我們的批發收入為 4.957 億美元。與 2023 年第三季相比成長 14.4%。

Excluding HOFA wholesale revenue increased 4.8% compared to the same period in the prior year.

剔除 HOFA 批發收入較上年同期成長 4.8%。

Wholesale footwear revenue was $299.3 million. A 2.2% decrease from the comparable period in 2023. With growth in the private label business, more than offset by a decline in the branded business.

鞋類批發收入為 2.993 億美元。與 2023 年同期相比下降 2.2%。

Wholesale accessories in the power of revenue was $196.4 million. Up 54.2% to the third quarter in the prior year or 21.6% excluding almost famous, driven by strong growth in our Steve Madden handbag business. Despite difficult comparisons with the same period last year in our direct to consumer segment revenue was $125.5 million.

批發配件的收入為 1.964 億美元。受 Steve Madden 手袋業務強勁成長的推動，較上年第三季成長 54.2%，不包括幾乎著名的品牌則成長 21.6%。儘管與去年同期相比存在困難，但我們的直接面向消費者部門的收入為 1.255 億美元。

A 7.8% increase compared to the third quarter of 2023.

與 2023 年第三季相比成長 7.8%。

As I mentioned, performance was stronger in e-commerce than the brick and mortar channel.

正如我所提到的，電子商務的表現比實體通路更強。

We ended, we ended the quarter with 282 com. 282 company operated brick and mortar retail stores including 68 outlets, five e-commerce websites and 67 company operated concessions in international markets turn into our licensing segment. Our licensing royalty income was $3.5 million in the quarter compared to $2.9 million in the third quarter of 2023.

我們結束了，我們以 282 com 結束了這個季度。 282 家公司經營的實體零售店（包括 68 家直營店）、5 個電子商務網站和國際市場上 67 家公司經營的特許經營店均納入我們的授權部門。本季我們的授權使用費收入為 350 萬美元，而 2023 年第三季為 290 萬美元。

Consolidated gross margin was 41.6% in the quarter versus 42.1% in the comparable period of 2023. Due to the impact of almost payments, excluding almost famous consolidated gross margin increased 50 basis points year over year, the freight impact from the supply chain disruption was offset by lower promotional activity.

本季綜合毛利率為 41.6%，而 2023 年同期為 42.1%。活動所抵消。

Wholesale growth margin was 35.5% compared to 35.9% in the third quarter of 2023. Also due to the impact of almost famous, excluding almost famous wholesale growth margin increased 30 basis points year over year direct to consumer growth margin was 64%.

批發成長率為35.5%，而2023年第三季為35.9%。

Up 30 basis points from the comparable period in 2023 could buy a reduction in promotional activity operating expenses as a percentage of revenue or 27.9% compared to 27% in the third quarter of 2023. Driven by increased marketing investment, higher incentive compensation and a mix shift within DPC to e-commerce which has a higher variable expense operating income for the quarter was $85.4 million or 13.7% of revenue. Up from 83.4 million or 15.1% of revenue in the comparable period in the prior year.

與 2023 年同期相比上升 30 個基點，促銷活動營運費用佔收入的比例可能會降低，即 27.9%，而 2023 年第三季為 27%。高的變動費用，本季營業收入為8,540 萬美元，佔營收的13.7%。高於去年同期的 8,340 萬美元，佔營收的 15.1%。

The effective tax rate for the quarter was 23.8% compared to 22.8% in the third quarter of 2023.

本季的有效稅率為 23.8%，而 2023 年第三季的有效稅率為 22.8%。

Finally net income attributable to Steve Madden. Limited for the quarter was $64.8 million or 91¢ per diluted share compared to $65.1 million or 88¢ per diluted share in the third quarter of 2023.

最後是史蒂夫馬登的淨利。本季的有限責任為 6,480 萬美元，即稀釋後每股收益 91 美分，而 2023 年第三季為 6,510 萬美元，即稀釋後每股收益 88 美分。

Moving into the balance sheet, our financial foundation remains strong as of September 30th 2024 we had $150.5 million of cash cash equivalents and short term investments and no debt inventory at the end of the quarter was $268.7 million compared to $205.7 million in the prior year. The majority of the increase in inventory was the result of increased transit times. We built an average of approximately 10 days compared to last year to transport goods from their countries of origin to our warehouses.

進入資產負債表，截至2024 年9 月30 日，我們的財務基礎依然強勁，我們擁有1.505 億美元的現金等價物和短期投資，本季末無債務庫存為2.687 億美元，而上一年為2.057 億美元。庫存增加的主要原因是運輸時間增加。與去年相比，我們將貨物從原產國運送到我們的倉庫平均需要約 10 天。

Our CapEx in the third quarter, $2.4 million.

我們第三季的資本支出為 240 萬美元。

During the third quarter, the company spent $20.2 million on repurchases of its common stock including shares acquired through the net settlement of employee stock awards. Bringing our year-to-date total to $95.8 million.

第三季度，該公司花了 2,020 萬美元回購普通股，其中包括透過員工股票獎勵淨額結算購買的股票。使我們今年迄今的總額達到 9580 萬美元。

Company's board board of directors approved a quarterly cash dividend of 21¢ per share. The dividend will be payable on December 27th, 2024 to stockholders of record as of the close of business on December 13th, 2024 turn into our outlook. We are raising our annual guidance. We now expect revenue for 2024 to increase 13 to 14% compared to 2023 and we now expect diluted EPS to be in the range of 2,062¢ to 2,067¢.

公司董事會批准派發每股21美分的季度現金股利。我們的展望是，股利將於 2024 年 12 月 27 日支付給截至 2024 年 12 月 13 日收盤時記錄在案的股東。我們正在提高年度指導。我們現在預計 2024 年的收入將比 2023 年增長 13% 至 14%，我們現在預計稀釋後每股收益將在 2,062 美分至 2,067 美分之間。

Now, I would like to turn the call over to the operator for questions. Ripk.

現在，我想將電話轉給接線員詢問問題。瑞普克.

Thank you. At this time. We will conduct the question and answer session as a reminder to ask a question, you will need to press star one on your telephone and wait for your name to be announced to withdraw your question. Please press star 11 again. Please stand by while we compile the Q&A roster.

謝謝。此時。我們將進行問答環節作為提問提醒，您需要在電話上按星號一併等待宣布您的名字才能撤回您的問題。請再按星號 11。我們正在整理問答名單，請稍候。

Paul Lejuez, Citi.

保羅‧勒胡埃斯，花旗銀行。

Hey guys, this is Kelly on for Paul. Thanks for taking our questions. Just first one, if you could just update us on your, your China sourcing exposure. And, and what your, your, you know thought is around how you address that going forward in light of the potential tariffs. And then secondly, can you talk a bit more about what played out in, in the wholesale footwear channel? I believe you were expecting an improvement in the core, the amount of wholesale footwear business in three Q versus two Q. So I guess how did that trend versus, I believe it was down to single digits in two Q. So just any color, there would be great. Thanks.

大家好，這是保羅的凱利。感謝您回答我們的問題。這是第一個，請您向我們介紹您在中國的採購情況。而且，你、你、你知道，你的想法是如何根據潛在的關稅來解決未來的問題。其次，可以多談談批發鞋類通路的情況嗎？我相信您期望核心業務的改善，批發鞋類業務量在三個季度與兩個季度相比有所改善。顏色，那就太好了。謝謝。

Yes, great. Thanks Kelly. So, first of all, with respect to your first question around China and potential tariff exposure. Look, we have, we have been planning for a potential scenario in which we would have to move goods out of China more quickly. We we've worked hard over a multiyear period to, to develop our factory base and our sourcing capability in alternative countries like Cambodia, Vietnam, Mexico, Brazil, et cetera. And so as of yesterday morning, we are putting that plan into motion and you should expect to see the percentage of goods that we source from China to begin to come down more rapidly going forward.

是的，太好了。謝謝凱利。首先，關於你關於中國和潛在關稅風險的第一個問題。看，我們已經，我們一直在計劃一種可能的情況，在這種情況下，我們必須更快地將貨物運出中國。我們經過多年的努力，在柬埔寨、越南、墨西哥、巴西等其他國家發展我們的工廠基地和採購能力。因此，從昨天早上開始，我們正在實施該計劃，您應該會看到我們從中國採購的商品的比例將開始更快地下降。

Just to give you some, you asked about the China exposure just to give you some some context to hope, hopefully help you frame the issue here. About two thirds of our overall business is done in with us imports. So us imports account for about two thirds of our overall business. And of that, we currently source a little bit more than 70% of those goods from China. So in other words, just under half of our current business would be potentially subject to tariffs on chinese imports. Our goal over the next year is to reduce that, that percentage of goods that we source from China by, by approximately 40% to 45% which means that if we're able to achieve that, and we think we have the plan to do it that a year from today, we would be looking at just over a quarter of our business that would be subject to potential tariffs on Chinese goods.

只是為了給你一些訊息，你問到中國的風險只是為了給你一些希望的背景，希望能幫助你在這裡闡述這個問題。我們整體業務的大約三分之二是透過美國進口完成的。因此，美國進口約占我們整體業務的三分之二。其中，我們目前 70% 以上的商品來自中國。換句話說，我們目前的業務中不到一半可能會受到中國進口關稅的影響。我們明年的目標是將我們從中國採購的商品比例減少約 40% 至 45%，這意味著如果我們能夠實現這一目標，並且我們認為我們有計劃這樣做假設從今天開始一年，我們將有四分之一以上的業務將受到中國商品潛在關稅的影響。

I think the second part of your question was about our, our wholesale footwear business and I think you're referring specifically to probably to the branded business. So again, that was down in, in Q3, we improved sequentially. So the decline was a little bit smaller than it was in Q2, but we did not get all the way to flat, which was our goal. And and look at the dynamics in that channel. The challenging dynamics have been a little stickier than, than we had hoped. You know, in Q3, I think we were particularly impacted by the fact that some of our key wholesale customers took in their boot deliveries about a month or so later than they did a year ago. Now, when we got those boots delivered, we've had quite a lot of success with, with our boots. I think we've outperformed the competition there. We've seen some strong sell through and we are getting reorders but those reorders are hitting Q3, excuse me, Q4 and not Q3.

我認為你問題的第二部分是關於我們的批發鞋類業務，我認為你特別指的可能是品牌業務。因此，在第三季度，我們的業績再次下降，我們連續有所改善。因此，下降幅度比第二季小一些，但我們並沒有完全持平，這是我們的目標。並查看該頻道的動態。充滿挑戰的動態比我們預期的要棘手一些。你知道，在第三季度，我認為我們特別受到以下事實的影響：我們的一些主要批發客戶收到的靴子比一年前晚了大約一個月左右。現在，當我們交付這些靴子時，我們的靴子已經取得了相當大的成功。我認為我們已經超越了那裡的競爭對手。我們看到一些強勁的銷售，我們正在收到重新訂購，但這些重新訂購是在第三季度，對不起，是第四季度而不是第三季度。

And, and look overall, we just continue to see a cautious approach from some of our key wholesale customers. But what? But we're going to keep banging away at it and, and the good news is that the products that we are getting delivered are seeing sell through that that are outpacing the competition.

而且，總體而言，我們繼續看到一些主要批發客戶採取謹慎態度。但什麼？但我們將繼續努力，好消息是我們交付的產品的銷售速度超過了競爭對手。

Got it. So, on that point, do you expect that wholesale footwear will improve in four Q versus three Q?

知道了。那麼，在這一點上，您預計鞋類批發會在四個季度比三個季度有所改善嗎？

Thank you.

謝謝。

Got it. All right. Thanks Ed the book.

知道了。好的。謝謝埃德的書。

Thanks guy.

謝謝傢伙。

Aubrey Tianello, BNP Paribas.

奧布里·蒂內洛，法國巴黎銀行。

Hey, good morning. Thanks for taking the questions.

嘿，早安。感謝您提出問題。

I wanted to start out with the updated revenue guidance for 2024. I think previously you're expecting low to mid single digit organic growth in wholesale and then high singles and D to c curious how you're thinking about, you know, growth between the channels in this new guide for higher revenue.

我想從 2024 年更新的收入指導開始。本新指南中的管道可提高收入。

Yeah, thanks Aubrey. So we have updated our guidance or raised our revenue guidance in the wholesale channel. So we're now looking for that business to be up mid 10s overall or about 6% to 7% excluding almost famous and, and that increases really coming from the continued strength that we're seeing in our wholesale accessories and apparel business, but primarily driven by the continued strength in Steve Madden handbags for DTC. We continue to be at up high signals for the year. So right in line with where we were when we last spoke.

是的，謝謝奧布里。因此，我們更新了我們的指導或提高了批發管道的收入指導。因此，我們現在預計該業務將整體成長10 多歲，即排除幾乎著名的品牌和6% 至7% 左右，而這種成長實際上來自我們在批發配件和服裝業務中看到的持續強勁勢頭，但主要是由於 DTC 的 Steve Madden 手袋的持續強勢推動的。今年我們繼續保持高訊號。與我們上次談話時的位置一致。

Okay, got it great. And then I, yeah, just to follow up on that on the handbag business and, and the really impressive growth we saw this quarter, I think this is the fifth straight quarter now, since the handbag business is really inflected and, and you're laughing a lot harder compares starting this quarter. And I, I guess just any more color you can share on what's what's been driving that, that growth and, and just how we should think about growth in that business going forward.

好的，太棒了。然後我，是的，只是為了跟進手袋業務，以及我們本季度看到的真正令人印象深刻的增長，我認為這是連續第五個季度，因為手袋業務確實發生了變化，而且你'與本季開始相比，我笑得更厲害了。我想您可以分享更多關於推動這一成長的因素、以及我們應該如何考慮該業務未來成長的資訊。

Yeah, we're, we're just really pleased with, with how the team has executed again. This has been a multiyear growth journey. We've seen acceleration recently, but I think this is the, you know, we're, we're seeing the fruit of a, of a lot of labor over a number of years to to, you know, develop a really strong product engine there to build a position with our customer, with our consumer in that, in this category. And, and, and that's paying off the team is, you know, to your point, we're now anniversarying some very tough comparisons and Steve still seeing strong growth. The team has done a great job of updating some of our biggest items to, to extend their, their life and also introducing you know, new silhouettes that are really catching on and, and, and also making sure to, you know, consistently, you know, each season really beyond any, any kind of new trends and in trends in you know, materials and, and color weight, et cetera. So just good product execution and we'll keep, we'll keep focusing on it.

是的，我們對團隊再次執行的方式感到非常滿意。這是一個多年的成長歷程。我們最近看到了加速，但我認為這是，你知道，我們正在看到多年來大量勞動的成果，你知道，發展出一個真正強大的產品引擎是為了在我們的客戶和我們的消費者中建立一個地位，在這個類別。而且，而且，這為團隊帶來了回報，你知道，就你的觀點而言，我們現在正在慶祝一些非常艱難的比較，史蒂夫仍然看到強勁的成長。團隊做得很好，更新了我們一些最大的產品，延長了它們的使用壽命，並推出了真正流行的新款式，並確保始終如一，你知道，每一季確實超越了任何一種新趨勢，以及你知道的材料和顏色重量等方面的趨勢。因此，只要有良好的產品執行力，我們就會繼續關注它。

Great. Thank you. Best of.

偉大的。謝謝。最好的。

Luck.

運氣。

Thanks.

謝謝。

One moment for our next question.

請稍等一下我們的下一個問題。

Our next question comes from the line of Dana Telsey of Telsey Advisory Group. Your line is now open.

我們的下一個問題來自 Telsey Advisory Group 的 Dana Telsey。您的線路現已開通。

Hi, good morning, everyone. As you think about the wholesale business and what you're seeing, how does it differ by type, whether it's department stores off prices or mass merchants, what you're seeing in the private label business? And then when you think of the retail business, what are you seeing in outlets and full price stores and then just one follow up. Thank you.

嗨，大家早安。當您思考批發業務以及您所看到的情況時，它的類型有何不同，無論是百貨公司折扣還是大眾商家，您在自有品牌業務中看到了什麼？然後當你想到零售業務時，你在直銷店和全價商店中看到了什麼，然後只是一個後續行動。謝謝。

Sure. Look, I think in the wholesale channel, we continue to see that the value price retailers are, are are performing more more strongly. So, so, you know, our private label business is taking our branded business and again, our private label business is primarily done with mass merchants and even within the branded business, we're, we're clearly seeing strength in the in the off price channel as a, you know, relative to say the department store channel.

當然。看，我認為在批發通路中，我們繼續看到超值價格零售商的表現更加強勁。所以，所以，你知道，我們的自有品牌業務正在搶占我們的品牌業務，而且我們的自有品牌業務主要是與大眾商家一起完成的，甚至在品牌業務中，我們清楚地看到了你知道，折扣通路是相對於百貨公司通路而言的。

Although again, I want to point out our sell through performance in the department store channel, we feel good about and, and we think it's outpacing our, our closest competition in terms of our own DTC. You know, we've been talking for some time about outlets outperforming full price stores that has reversed itself over the last couple of months. And in fact, in recent months, we've seen full price stores actually outpacing outlets.

儘管我想再次指出我們在百貨公司通路的銷售業績，但我們感覺良好，並且我們認為就我們自己的 DTC 而言，它正在超越我們最接近的競爭對手。你知道，我們一段時間以來一直在談論奧特萊斯的表現優於全價商店，但在過去的幾個月裡，這種情況已經逆轉了。事實上，近幾個月來，我們發現全價商店的銷售量實際上超過了專賣店。

But, and then just on the wholesale footwear category, what are you seeing by styles? Any trends, whether it's sneakers, whether it's boots, any new styles or trends that you see driving demand into holiday season and beyond? Thank you.

但是，就批發鞋類類別而言，您對風格有何看法？您認為有哪些趨勢，無論是運動鞋、靴子，或是任何新款式或趨勢，可以推動假期季節及以後的需求？謝謝。

I'm really excited about what we're seeing with our tall shaft boots. Right now, I think that's a category where again, I think we really have the right items, whether it's engineer boots, stretch boots, anything in, in Swedes, particularly Brown suedes we're doing great with. And, and I think, you know, it's, it's a category where we believe that we are outperforming the competition. So that's one thing I'm really excited about. We also introduced some new sneakers this fall, a lot in that sort of soccer inspired space. And those are performing very well. And we're now updating those by taking them up on platforms and those are also seeing good demand from the consumer. So we feel good about that. And then on the casual, you know, in some of the other categories, casuals, et cetera, you know, we, we call that Mary Jane as being as being very good. We've also got some loafers that are performing. So the team has done a really good job with the product on the on the footwear side and feel good about how our position there.

我對我們在高筒靴上看到的東西感到非常興奮。現在，我認為這是一個類別，我認為我們確實擁有合適的產品，無論是工程師靴子、彈性靴子還是瑞典的任何東西，特別是我們做得很好的棕色麂皮鞋。而且，我認為，你知道，在這個類別中，我們相信我們的表現優於競爭對手。這是我真正興奮的一件事。今年秋天我們也推出了一些新款運動鞋，其中許多都是以足球為靈感的領域。這些表現都非常好。我們現在正在透過在平台上進行更新來更新這些內容，而這些內容也看到了消費者的良好需求。所以我們對此感覺良好。然後在休閒裝上，你知道，在其他一些類別中，休閒裝等等，你知道，我們稱瑪麗·簡非常好。我們還有一些正在表演的樂福鞋。因此，團隊在鞋類方面的產品做得非常好，並且對我們在那裡的地位感到滿意。

Thank you.

謝謝。

Thank you.

謝謝。

Laura Champine, Loop.

勞拉‧尚平，《循環》。

Thanks for taking my question and thanks for being so specific about the plans. You've got to move production out of China. Obviously, you know, you were there for a reason. What's the likely gross margin impact of that move or do you think you can just pass on any change in cost to your customers?

感謝您提出我的問題，也感謝您對計劃如此具體。你必須將生產遷出中國。顯然，你知道，你在那裡是有原因的。這項舉措可能對毛利率產生什麼影響，或者您認為您可以將任何成本變化轉嫁給您的客戶嗎？

I think it's really, it's really difficult to quantify the potential impact here, you know, and especially if we are contemplating, you know, a new policy where there are significant tariffs on China that's going to have all sorts of wide ranging implications, not only the supply chain, but the overall economy, supply and demand impacts, you know, in, in all these countries where we would be sourcing from. So I think it's a little too early to speculate about what the impact will be.

我認為，真的，很難量化這裡的潛在影響，你知道，特別是如果我們正在考慮一項新政策，對中國徵收高額關稅，這將產生各種廣泛的影響，而不是不僅僅是供應鏈，還有我們要採購的所有這些國家的整體經濟、供需影響。所以我認為現在猜測影響會是什麼還為時過早。

Understood. Thank you.

明白了。謝謝。

Janine Stichter, BTIG.

珍妮‧史蒂克特 (Janine Stichter)，BTIG。

Hey, good morning. I just was hoping you could elaborate a bit on what you saw with the marketing campaign in September. Any learnings there. And then I think you've been making some investments in your stores. Where are we on that? And just any initial reads from, from those tests? Thank you.

嘿，早安。我只是希望您能詳細說明一下您在 9 月的行銷活動中看到的情況。那裡有任何學習。然後我認為您一直在對商店進行一些投資。我們在這方面的進展如何？以及這些測試中的任何初步讀數？謝謝。

Sure. Yeah, we were really excited with the, with the marketing campaign and, and the results that we saw there. I think it was, I think it was our best campaign in, in some time and really resonated with the consumer. And, and again, you know, drove drove results. We talked about the lift that we saw in in folks, you know, searching for us, searching for our brand. We saw a big lift across the United States and we, we focused a lot of our offline activations in the New York area and we saw a much more significant lift in New York. So we saw that, that those marketing activities really worked, but also of course, drove revenue that's, that's critically important. And we've got some really, we got some really great data from, from some of our wholesale, excuse me, some of our media partners, youtube, for example, on, on the, on the list that we saw in awareness consideration, et cetera from, from folks that saw the ads. So we, we, we, it really, it really worked. We were, we felt very good about it. And the nice thing about doing this top of funnel marketing is we saw that it also made our performance marketing dollars work harder and we got one and we saw better returns there. So overall a successful campaign and, and, and we'll look to do more of that going forward in terms of the investments in stores. Was that the second part of the question? Right? Yeah, we're those are, those are ongoing. We, I know we've talked about Times Square on this call before that, that one's going to open right before Black Friday. So we're, we're under construction there right now and we're super excited to, to get that flagship store open and we'll you know, we'll continue to, to refresh the fleet going forward.

當然。是的，我們對行銷活動以及我們在那裡看到的結果感到非常興奮。我認為這是我們一段時間內最好的活動，並且真正引起了消費者的共鳴。而且，你知道，再一次推動了結果。我們談到了人們在尋找我們、尋找我們品牌時所看到的提升。我們看到了美國各地的巨大提升，我們將許多線下活動集中在紐約地區，並且我們在紐約看到了更顯著的提升。所以我們看到，這些行銷活動確實有效，當然也增加了收入，這是至關重要的。我們從我們的一些批發商那裡得到了一些非常好的數據，對不起，我們的一些媒體合作夥伴，YouTube，例如，在我們在意識考慮中看到的列表上等等，來自看過廣告的人。所以我們，我們，我們，它真的，它真的有效。我們對此感覺非常好。進行漏斗頂部行銷的好處是，我們看到它也使我們的績效行銷資金更加努力，我們得到了一個，並且在那裡看到了更好的回報。因此，總體而言，這是一次成功的活動，我們將尋求在商店投資方面做出更多的努力。這是問題的第二部分嗎？正確的？是的，我們就是這些，那些正在進行中。我知道我們之前在這次電話會議上討論過時代廣場，那個時代廣場將在黑色星期五之前開業。所以我們現在正在那裡建設，我們非常興奮能夠開設旗艦店，我們會繼續更新未來的車隊。

Awesome. Thank you.

驚人的。謝謝。

At this time. I'm showing no further questions. I would now like to turn the call back over to Ed Rosenfeld for closing remarks.

此時。我沒有再提出任何問題。我現在想將電話轉回給艾德‧羅森菲爾德（Ed Rosenfeld），讓其致閉幕詞。

Great. Well, thanks everybody for joining us today. Enjoy the rest of your day, have a great holiday season and we will speak to you soon.

偉大的。好的，謝謝大家今天加入我們。祝您有個愉快的一天，度過一個愉快的假期，我們很快就會與您聯繫。

Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

感謝您參加今天的會議。程式到此結束。您現在可以斷開連線。