Stran & Company Inc (SWAG) 2025 Q3 法說會逐字稿

Good day everyone. Welcome to the Stran and Company third quarter 2025 earnings call.

大家好。歡迎參加 Stran and Company 2025 年第三季財報電話會議。

(Operator Instructions)

（操作說明）

It is now my pleasure to turn the floor over to your host, Alexandra Schultz. The floor is yours.

現在，我很高興把發言權交給你們的主持人亞歷珊卓舒茲。現在輪到你發言了。

Good morning and thank you for joining Stran and Company's 2025 third quarter financial results and business update conference call. With us today are Andy Shape, Chief Executive Officer, and David Browner, Chief Financial Officer. Yesterday, we issued a press release detailing our results, which is available on our website at ir.stran.com.

早安，感謝各位參加 Stran and Company 2025 年第三季財務業績及業務更新電話會議。今天和我們在一起的是執行長安迪謝普和財務長大衛布朗納。昨天，我們發布了一份新聞稿，詳細介紹了我們的業績，可在我們的網站 ir.stran.com 上查閱。

Before we begin, please note that today's remarks may include forward-looking statements that involve risks and uncertainties as described in our SEC filings. With that, I will turn the call over to Andy Shape. Please go ahead, Andy.

在開始之前，請注意，今天的發言可能包含前瞻性陳述，這些陳述涉及風險和不確定性，詳情請參閱我們向美國證券交易委員會提交的文件。接下來，我將把電話交給安迪謝普。請繼續，安迪。

Thank you, Ali, and good morning, everyone. Taking a step back for a minute, those who may be new to the Stran story, it began over 30 years ago when we went door to door helping local businesses promote their brands through creative, high-quality merchandise. What started as a small two-person operation has grown into a national platform serving many of America's most recognizable brands, all built on the same foundation, customer service, innovation, and trust.

謝謝你，阿里，大家早安。讓我們回顧一下，對於那些可能不太了解 Stran 故事的人來說，它始於 30 多年前，當時我們挨家挨戶地幫助當地企業透過創意、高品質的商品來推廣他們的品牌。公司最初只是一個兩人運營的小團隊，如今已發展成為一個服務於美國眾多知名品牌的全國性平台，而這一切都建立在同一個基礎之上：客戶服務、創新和信任。

We've grown from that small startup into a publicly traded leader in the promotional marketing industry. I'm proud that the same leadership team that built Strong continues to guide us today with that entrepreneurial spirit, and I'm excited for the future of Strong.

我們從一家小型新創公司發展成為促銷行銷產業的上市領導者。我感到自豪的是，創建 Strong 的同一支領導團隊今天仍然以這種創業精神指導我們，我對 Strong 的未來感到興奮。

Our client base includes over 30 Fortune 500 companies and some of the largest brands in the world. These companies chose Strong because we deliver creative, high impact marketing solutions that drive engagement, loyalty, and measurable results. We're not just a distributor, we're a strategic marketing partner helping these brands connect with people in powerful, authentic ways.

我們的客戶群包括超過 30 家財富 500 強企業和一些全球最大的品牌。這些公司選擇 Strong 是因為我們提供創意、影響深遠的行銷解決方案，進而提升用戶參與度、忠誠度和可衡量的成果。我們不僅是經銷商，我們也是策略行銷合作夥伴，幫助這些品牌以強而有力、真實的方式與人們建立聯繫。

Our corporate motto is driving brand awareness and affecting behavior through visual, creative, and technology solutions, and we continue to work tirelessly to deliver the best products and experiences to our customers.

我們的企業宗旨是透過視覺、創意和技術解決方案來提升品牌知名度並影響消費者行為，我們將繼續不懈努力，為客戶提供最好的產品和體驗。

Now moving on to our financial results. The third quarter was another strong and productive period for Stran. One that underscores the power of our platform, the resilience of our operating model, and the disciplined execution of our team. Sales increased 29% year over year to $26 million in Q3 compared to the prior year, and sales reached $87.3 million for the first nine months of 2025, a 56.7% increase from the same period last year.

接下來我們來看財務業績。第三季對斯特蘭來說又是強勁而富有成效的時期。這凸顯了我們平台的強大實力、我們營運模式的韌性以及我們團隊嚴謹的執行力。第三季銷售額年增 29% 至 2,600 萬美元，而 2025 年前九個月的銷售額達到 8,730 萬美元，比去年同期增長 56.7%。

Importantly, we achieve this growth while driving continued improvement and profitability. Year-to-date, our EBITDA improved by approximately $2.8 million compared to the same period last year, a clear indicator that our strategy to scale responsibly while managing expenses is delivering results.

重要的是，我們在實現這一成長的同時，也不斷改進並提高獲利能力。今年迄今為止，我們的 EBITDA 與去年同期相比增長了約 280 萬美元，這清楚地表明，我們在控制支出的同時負責任地擴大規模的策略正在取得成效。

We have had many non-recurring expenses over the past 18 months and are happy that we are now able to concentrate on our business, both top-line and bottom line growth, especially as we are now in Q4, which is historically our strongest quarter of the year.

在過去 18 個月裡，我們有很多非經常性支出，現在我們很高興能夠專注於業務發展，包括營收和利潤的增長，尤其是在我們目前處於第四季度的情況下，而第四季度歷來是我們一年中業績最好的季度。

Both of our business segment segments contributed meaningful to our results. The Stran segmented to achieve nine month revenue of $60.3 million, up from $2.2 million last year, driven by deeper client relationships and new enterprise wins. The Stran Loyalty Solutions SLS segment, which includes Gander Group Business acquired in August 2024, delivered $26.9 million in revenue compared with $3.5 million last year.

我們的兩個業務部門都為業績做出了重要貢獻。Stran 部門實現了九個月 6,030 萬美元的收入，高於去年的 220 萬美元，這得益於更深入的客戶關係和新企業客戶的贏得。Stran Loyalty Solutions (SLS) 部門（包括 2024 年 8 月收購的 Gander Group Business）實現了 2,690 萬美元的收入，而去年為 350 萬美元。

The gander business has become an important contributor to our results, with momentum and tremendous opportunity ahead. The integration of gander has gone well as we continue to identify synergies and cross-selling opportunities while we deliver end to end loyalty and incentive programs that strengthen Straw's position across casino, gaming, and the hospitality markets.

鵝養殖業務已成為我們業績的重要貢獻者，並且發展勢頭強勁，未來充滿巨大機會。隨著我們不斷發現協同效應和交叉銷售機會，同時提供端到端的忠誠度和激勵計劃，加強 Straw 在賭場、博彩和酒店市場的地位，Gander 的整合進展順利。

At the same time, our core strong business continues to experience strong growth. This segment remains the cornerstone of our brand, representing decades of trusted relationships with leading organizations that rely on us for creative designs, efficient fulfillment, and continuous marketing support.

同時，我們的核心優勢業務持續保持強勁成長。這一領域仍然是我們品牌的基石，代表著數十年來與領先機構建立的值得信賴的關係，這些機構依靠我們提供創意設計、高效履行和持續的營銷支援。

We deepened client partnerships, expanded digital offering, ordering capabilities, and delivered measurable results for our customers.

我們深化了與客戶的合作關係，拓展了數位化產品和服務，提升了訂購能力，並為客戶帶來了可衡量的成果。

We are continuing to execute on initiatives to streamline operational efficiencies. Operating expenses grew only 30.3% year over year for the first nine months of 2025, while sales grew 56.7% during that same period in 2024. As a result, operating expenses as a percentage of sales declined to 31.3% during the first nine months of 2025 from 37.7% during that same period in 2024.

我們持續推動各項舉措，以提高營運效率。2025 年前九個月的營運費用年增僅 30.3%，而 2024 年同期銷售額年增 56.7%。因此，2025 年前九個月的營業費用佔銷售額的百分比從 2024 年同期的 37.7% 下降到 31.3%。

This contributed to the $2.8 million improvement in EBITA from $-3.2 million for the first nine months in 2024 to $-384000 for the first nine months of 2025. As we grow, we continue to benefit from efficiencies that come with scale, improving our purchasing leverage, streamlining logistics, and enhancing fulfillment capabilities. These advantages not only strengthen our margin, but also create competitive edge that smaller regional players can't easily replicate.

這使得 EBITA 從 2024 年前九個月的 -320 萬美元改善至 2025 年前九個月的 -384,000 美元，改善幅度達 280 萬美元。隨著我們的發展，我們不斷受益於規模帶來的效率提升，提高了採購議價能力，簡化了物流，增強了履行能力。這些優勢不僅增強了我們的利潤率，而且還創造了規模較小的區域性企業難以複製的競爭優勢。

During the third quarter, elevated tariffs led to meaningful increase in product costs for direct import orders, especially with our SOS segment. While we were able to pass on some of those costs to our customers, not all could be offset, which compressed our margins. Just as importantly, uncertainty surrounding tariffs created buyer hesitation, particularly in the loyalty and casino segments, impacting both top-line activity and profitability for the quarter.

第三季度，關稅上調導致直接進口訂單的產品成本大幅上漲，尤其是我們的 SOS 業務部門。雖然我們能夠將部分成本轉嫁給客戶，但並非所有成本都能被抵消，這壓縮了我們的利潤率。同樣重要的是，關稅方面的不確定性導致買家猶豫不決，尤其是在會員忠誠度計劃和賭場領域，這影響了該季度的營收和盈利能力。

Despite these temporary headwinds earlier this year, demand remains strong, and our client base continues to show confidence in our capabilities.

儘管今年稍早遇到了一些暫時的不利因素，但需求仍然強勁，我們的客戶群也持續對我們的能力充滿信心。

We also continued our share repurchase program during the third quarter buying back approximately 267,000 shares of common stock at prices between $14.50 and $1.81 per share, totaling about $408,000. With no debt, 11. Million dollars in cash and investments, we remain well balanced to fund growth initiatives, pursue acquisitions, and continue opportunistic buybacks.

第三季度，我們繼續實施股票回購計劃，以每股 14.50 美元至 1.81 美元的價格回購了約 267,000 股普通股，總計約 408,000 美元。沒有債務，11。我們擁有數百萬美元的現金和投資，財務狀況良好，足以資助成長計劃、進行收購並繼續進行機會性回購。

Stran continues to actively evaluate acquisition opportunities as strategic M&A remains a key pillar of our growth plan.

Stran 將繼續積極評估收購機會，因為策略併購仍然是我們成長計畫的關鍵支柱。

We're executing a disciplined roll up strategy in a fragmented industry, identifying smaller distributors that complement our business and integrating them efficiently into our shared infrastructure.

我們正在一個分散的行業中執行有條不紊的整合策略，尋找與我們業務互補的小型分銷商，並將它們高效地整合到我們的共享基礎設施中。

This model provides low risk, high synergy growth, and gives us powerful margin expansion potential through economies of scale. Our focus is now also on transformative acquisitions, the kind that can meaningfully move the needle and accelerate our long-term growth trajectory.

此模式風險低、綜效高，並透過規模經濟賦予我們強大的利潤率擴張潛力。我們現在的重點也是變革性收購，這種收購能夠真正推動業務發展，加速我們的長期成長軌跡。

Finally, we are proud of our progress has been recognized externally this past quarter, Stran was named the promotional products PPAI as one of the greatest companies to work for in 2025.

最後，我們為過去一個季度所取得的進步感到自豪，這一進步得到了外部認可。 Stran 被促銷產品 PPAI 評為 2025 年最值得加入的公司之一。

It's an acknowledgment of our environment we built, one that empowers employees, fosters collaboration, and drives creativity across every aspect of our business. Our people are the foundation of our success, and this distinction is a direct reflection of their talent, dedication, and shared commitment to Stran's mission.

這是對我們營造的環境的認可，這種環境賦予員工權力，促進協作，並推動我們業務各個方面的創造力。我們的員工是我們成功的基石，這項殊榮直接體現了他們的才華、奉獻精神以及對斯特蘭使命的共同承諾。

After several years investing in our growth, technology, and infrastructure, we are now entering a new phase, one focused on driving consistent profitability and margin expansion.

經過數年對公司發展、技術和基礎設施的投資，我們現在正進入一個新階段，專注於實現持續盈利和利潤率擴張。

With our systems, talent, and scale in place, we're well positioned to translate our operational foundation into sustainable earnings growth.

憑藉我們現有的系統、人才和規模，我們完全有能力將營運基礎轉化為可持續的獲利成長。

Overall, I'm very encouraged in how we're executing against our strategy, balancing growth, profitability, and shareholder value creation. With that, I turn the call over to David Browner, our CFO, to review the financial results in greater detail. David, please go ahead.

總的來說，我對我們執行策略的方式感到非常鼓舞，我們在成長、獲利能力和股東價值創造之間取得了平衡。接下來，我將電話轉交給我們的財務長大衛布朗納，讓他更詳細地回顧一下財務表現。大衛，請繼續。

Thank you, Andy, and good morning, everyone. I'm pleased to provide a detailed overview of our financial performance for the 3 and 9 months ended September 30, 2025 for the financial results of the three months ended September 30, 2025. Sales increased 29% to approximately $26 million for the three months ended September 30, 2025 from approximately $20.1 million for the three months ended September 30, 2024.

謝謝你，安迪，大家早安。我很高興在此提供截至 2025 年 9 月 30 日止三個月和九個月的財務表現詳細概述。截至 2025 年 9 月 30 日的三個月，銷售額成長 29%，達到約 2,600 萬美元，而截至 2024 年 9 月 30 日的三個月，銷售額約為 2,010 萬美元。

Sales by our strong segment increased approximately $17.6 million for the three months ended September 30th, 2025 from approximately $16.7 million for the three months ended September 30th, 2024.

截至 2025 年 9 月 30 日止三個月，我們強勁的業務部門銷售額成長約 1,760 萬美元，而截至 2024 年 9 月 30 日止三個月的銷售額約為 1,670 萬美元。

Sales by our SLS segment, which consists of the former Gander Group business, increased approximately $8.3 million for the three months ended September 30th, 2025 from $3.5 million for the three months ended September 30th, 2024. For the strong segment, the increase in sales was primarily driven due to high spending, higher spending from existing clients, as well as business from new customers. The SLS segment, the increase in sales was due to the acquisition of the Gander Group assets in August of 2024.

截至 2025 年 9 月 30 日止三個月，我們 SLS 部門（包括原 Gander Group 業務）的銷售額較 2024 年 9 月 30 日止三個月的 350 萬美元增加了約 830 萬美元。對於強勁的客戶群而言，銷售額的成長主要得益於較高的消費水準、現有客戶的更高消費以及新客戶的業務成長。SLS 業務部門的銷售額成長是由於 2024 年 8 月收購了 Gander Group 的資產。

Gross profit increased 18.8% to approximately $7.1 million or 27.2% of sales for the three months ended September 30, 2025 from approximately $6 million or 29.5% of sales for the three months ended September 30, 2024. Gross profit margin decreased to 27.2% for the three months ended September 30, 2025 from 29.5% for the three months ended September 30, 2024. Primarily due to the acquisition of the Gander Group business in August of 2024, which operates at a lower gross margin than the strong segment.

截至 2025 年 9 月 30 日止三個月，毛利成長 18.8%，達到約 710 萬美元，佔銷售額的 27.2%，而截至 2024 年 9 月 30 日止三個月，毛利約為 600 萬美元，佔銷售額的 29.5%。截至 2025 年 9 月 30 日止三個月的毛利率從截至 2024 年 9 月 30 日止三個月的 29.5% 降至 27.2%。主要原因是 2024 年 8 月收購了 Gander Group 業務，該業務的毛利率低於業績強勁的業務部門。

Operating expenses increased 8.8% to approximately $8.9 million for the three months ended September 30, 2025 from approximately $8.1 million for the three months ended September 30, 2024. As a percentage of sales, operating expenses decreased to 34.1% for the three months ended September 30th, 2025 from 40.4% for the three months ended September 30th, 2024.

截至 2025 年 9 月 30 日止三個月的營業費用增加 8.8%，達到約 890 萬美元，而截至 2024 年 9 月 30 日止三個月的營業費用約為 810 萬美元。截至 2025 年 9 月 30 日止三個月，營業費用佔銷售額的百分比從截至 2024 年 9 月 30 日止三個月的 40.4% 下降至 34.1%。

Net loss for the three months ended September 30th, 2025 was approximately $1.2 million compared to a net loss of approximately $2 million for the three months ended September 30th, 2024.

截至 2025 年 9 月 30 日止三個月的淨虧損約為 120 萬美元，而截至 2024 年 9 月 30 日止三個月的淨虧損約為 200 萬美元。

The financial results for nine months ended September 30th, 2025.

截至2025年9月30日的九個月財務表現。

Sales increased 56.7% to approximately $87.3 million for the nine months ended September 30th, 2025 from approximately $55.7 million for the nine months ended September 30th, 2024.

截至 2025 年 9 月 30 日的九個月，銷售額成長 56.7%，達到約 8,730 萬美元，而截至 2024 年 9 月 30 日的九個月，銷售額約為 5,570 萬美元。

Sales by our strong segment increased to approximately $60.3 million for the nine months ended September 30th, 2025 from approximately $52.2 million for the nine months ended September 30, 2024.

截至 2025 年 9 月 30 日的九個月，我們強勁的業務板塊的銷售額增至約 6,030 萬美元，而截至 2024 年 9 月 30 日的九個月的銷售額約為 5,220 萬美元。

Sales by our SLS segment, which consists of the former Gander Group business, increased to approximately $26.9 million for the nine months ended September 30th, 2025 from $3.5 million for the nine months ended September 30th, 2024.

截至 2025 年 9 月 30 日的九個月，我們 SLS 部門（包括原 Gander Group 業務）的銷售額從截至 2024 年 9 月 30 日的九個月的 350 萬美元增至約 2,690 萬美元。

For the strong segment, the increase in sales was primarily due to higher spending from existing clients as well as business from new customers. For the SLS segment, the increase in sales was due to the acquisition of the Gander Group assets in August of 2024.

對於表現強勁的細分市場而言，銷售額的成長主要歸功於現有客戶的支出增加以及新客戶的業務成長。對於 SLS 業務部門而言，銷售額的成長是由於 2024 年 8 月收購了 Gander Group 的資產。

Gross profit increased 49.3% to approximately $25.4 million, or 29.1% of sales for the nine months ended September 30, 2025 from approximately $17 million, or 30.6% of sales for the nine months ended September 30, 2024. Gross profit margin decreased to 29.1% for the nine months ended September 30th, 2025 from 30.6 for the nine months ended September 30, 2024. Which was primarily due to the acquisition of the Gander Group business in August of 2024, which operates at a lower gross margin than the strong segment.

截至 2025 年 9 月 30 日的九個月，毛利成長 49.3%，達到約 2,540 萬美元，佔銷售額的 29.1%，而截至 2024 年 9 月 30 日的九個月，毛利約為 1,700 萬美元，佔銷售額的 30.6%。截至 2025 年 9 月 30 日的九個月，毛利率從截至 2024 年 9 月 30 日的九個月的 30.6% 下降至 29.1%。這主要是由於 2024 年 8 月收購了 Gander Group 業務，該業務的毛利率低於業績強勁的業務部門。

Operating expenses increased 30.3% to $27.3 million for the nine months ended September 30th, 2025 from approximately $21 million for the nine months ended September 30th, 2024.

截至 2025 年 9 月 30 日的九個月，營運費用成長 30.3%，達到 2,730 萬美元，而截至 2024 年 9 月 30 日的九個月的營運費用約為 2,100 萬美元。

As a percentage of sales, operating expenses decreased to 31.3% for the nine months ended September 30th, 2025 from 37.7% for the nine months ended September 30th, 2024.

截至 2025 年 9 月 30 日的九個月，營業費用佔銷售額的百分比從截至 2024 年 9 月 30 日的九個月的 37.7% 下降至 31.3%。

Net increase, or net loss for the nine months ended.

截至九個月末的淨增長或淨虧損。

September 30th, 2025 was approximately $1 million compared to a net loss of approximately $3.6 million for the 9 months ended.

截至 2025 年 9 月 30 日，淨利約為 100 萬美元，而截至 2025 年 9 月 30 日的 9 個月淨虧損約為 360 萬美元。

September 30th, 2024, as of September 30th, 2025, we had approximately $11.8 million in cash equivalents and investments.

截至 2024 年 9 月 30 日，截至 2025 年 9 月 30 日，我們擁有約 1,180 萬美元的現金等價物和投資。

I'll now turn the call back to Andy for closing remarks.

現在我將把電話轉回給安迪，請他作總結發言。

Thank you, David. As we close out the third quarter, I'd like to take a moment to reflect on where we stand. Over the past year, we've made steady progress across every part of the business, improving execution, strengthening operations, and positioning Stra for consistent, sustainable performance. Our focus has remained the same serving our clients well, managing growth responsibly, and ensuring that every initiative we take on creates measurable value. Looking Forward, believes Stran is entering its next phase of maturity, scaling our operations while delivering steady profitability.

謝謝你，大衛。第三季即將結束，我想花點時間回顧我們所處的位置。過去一年，我們在業務的各個方面都取得了穩步進展，提高了執行力，加強了運營，使 Stra 能夠持續穩定地取得優異業績。我們始終專注於為客戶提供優質服務，負責任地管理成長，並確保我們採取的每項措施都能創造可衡量的價值。展望未來，我們認為 Stran 正在進入下一個成熟階段，在擴大營運規模的同時實現穩定的獲利能力。

We see clear path to long-term margin improvement driven by continued operational leverage, technology investments, and discipline execution. We build a strong foundation.

我們看到，持續的營運槓桿作用、技術投資和嚴格的執行力將推動長期利潤率的顯著提高。我們奠定了堅實的基礎。

Designed not just for growth but for lasting value creation. Looking ahead, our priorities are clear.

其設計目的不僅在於促進成長，更在於創造持久價值。展望未來，我們的工作重點很明確。

1, deepen and expand client relationships. We're working to drive measurable results for our clients and build long-term partnerships rooted in transparency, service, and reliability.

1、深化和拓展客戶關係。我們致力於為客戶帶來可衡量的成果，並建立以透明、服務和可靠性為基礎的長期合作夥伴關係。

2, increase operational efficiency. We'll continue to simplify processes, invest in automation, and apply data to improve margins and execution speed.

2、提高營運效率。我們將繼續簡化流程，投資自動化，並運用數據來提高利潤率和執行速度。

And 3. Maintain financial discipline. We aim to keep a balanced approach, investing where it strengthens our business while preserving a solid balance sheet and allocating capital where appropriate. We thank you for joining us today and for your continued support of Stran.

3.保持財務自律。我們的目標是保持平衡，在能夠增強業務的領域進行投資，同時保持穩健的資產負債表，並在適當的地方配置資本。感謝您今天蒞臨現場，也感謝您一直以來對斯特蘭的支持。

With that, I will open the call to questions, operator.

接下來，我將開始接受提問，接線生。

(Operator Instructions)

（操作說明）

Greg Womack.

格雷格·沃馬克。

First question, how are tariffs count from an accounting perspective, does that, pass on to adding more revenue?

首先，從會計角度來看，關稅是如何計算的？它是否會轉化為更多的收入？

Yeah, hi Greg, thank you for your question. Yeah, tariffs in terms of the tariffs, increases, so when the tariffs happened it was unprecedented, as we all know, and it did affect us for some of our orders that were, in production that were essentially, at our factories that are on the water in production, and, what when we were charged those tariffs we had the opportunity to try to go to some of our customers and ask them if they could pay more. Some of them were agreeable to it, some were not, and, as a result, if we were able to pass on the tariffs, it increased revenue slightly, but more importantly our cost increase, at a greater pace and we were able to charge more. So, an analysis that we've done, showing direct impact is a seven figure amount, just over a million dollars for direct cost that we weren't able to pass on to our customers.

嗨，格雷格，謝謝你的提問。是的，關稅方面，尤其是關稅上漲，是前所未有的，我們都知道，這確實影響了我們的一些訂單，當時這些訂單正在生產中，基本上是在我們位於水邊的工廠生產的。當我們被收取這些關稅時，我們有機會去和一些客戶談談，問他們是否願意多付。他們中有些人同意，有些人不同意，結果，如果我們能夠將關稅轉嫁出去，收入會略有增加，但更重要的是，我們的成本增長速度更快，因此我們能夠收取更高的費用。因此，我們進行的一項分析表明，直接影響金額高達七位數，超過一百萬美元的直接成本，我們無法將這些成本轉嫁給我們的客戶。

It also doesn't include some of the buyer hesitation that I mentioned in the call, in April and May that now we're seeing in Q3, that buyers weren't uncertain, typically when there's tariffs involved we have time to go increase prices because they're, it's over time, but when we're in the middle of production of merchandise and with time-based events that we need to give them out, we didn't really have a choice so. It was a very short window and hopefully that answers your question.

這也沒有包括我在電話會議中提到的買家在四月和五月的猶豫，而現在我們在第三季度看到了這種情況。買家並沒有那麼不確定，通常情況下，當涉及到關稅時，我們有時間提高價格，因為關稅的影響是逐漸顯現的，但是當我們在生產商品的過程中，並且有需要交付的限時活動時，我們實際上別無選擇。時間窗口很短，希望這能解答你的疑問。

Yeah, so I've got, one other question too, I guess, do you guys feel like you're still going to be, positive net income for Q4, or how are you feeling about year-round cash flow positivity? Are you feeling confident about that?

是的，我還有一個問題，你們覺得第四季還能維持淨利為正嗎？或者說，你們對全年現金流為正有什麼看法？你對此有信心嗎？

Yeah, I mean, historically Q4 has always been our strongest quarter for the strong segment, strong promotional segment, just because of, end of year holidays, so we're also, very excited about Q4, as it's always been heavy sales. So yeah, I mean, we're obviously we don't give guidance, but we're, we feel good about where we stand again like I'd said in the earning script. We're, concentrating on continuing, continued growth while keeping an eye on managing expenses. So yeah, that's our plan. Our plan is to have sustained profitability moving forward which includes Q4.

是的，我的意思是，從歷史上看，第四季度一直是我們強勁的銷售季度，尤其是促銷活動旺季，因為有年末假期，所以我們對第四季度也感到非常興奮，因為這個季度的銷售額一直都很高。所以，是的，我的意思是，我們顯然不會給出業績指引，但是，就像我在盈利報告中所說的那樣，我們對目前的狀況感到滿意。我們正專注於持續成長，同時密切關注成本控制。是的，這就是我們的計劃。我們的計劃是在未來幾年內保持持續盈利，包括第四季度。

(Operator Instructions)

（操作說明）

Vlad Kat with Freedom Call LLC.

Vlad Kat 與 Freedom Call LLC 合作。

Thank you guys and, congrats on a great quarter. Looking forward to Q4 results, in a few months. How should we think about, potential contraction in the economy? How does the business typically perform during contractions?

謝謝大家，恭喜你們度過了一個非常棒的季度。期待幾個月後公佈的第四季業績。我們該如何看待經濟可能出現的萎縮？企業在經濟萎縮期間通常表現如何？

Yeah, great question. So, first, yeah, we're satisfied as a business with the growth that we've seen, we do want to increase our profitability. We know that. So, we want investors to know that although, we accomplished a lot in the third quarter, we need to be more profitable. We know that, and we're making efforts to do that, and we plan every intention on doing that moving forward, so. I appreciate the positivity and we like that, but we have some work to do and we know it, and we will, in terms of.

嗯，問得好。首先，是的，作為一家企業，我們對目前的成長感到滿意，但我們也希望提高獲利能力。我們知道這一點。所以，我們希望投資者明白，儘管我們在第三季取得了巨大成就，但我們需要提高獲利能力。我們知道這一點，我們正在努力做到這一點，我們計劃在未來繼續朝著這個方向努力。我很欣賞這種積極的態度，我們也喜歡這樣，但我們還有一些工作要做，我們知道這一點，而且我們會努力去做。

Your question, surrounding the macroeconomic trends. So one thing with our business is there's not a lot of capital expenditure. The majority of our costs are human capital and overhead, and, if the economy if our business shrinks or if the economy shrinks, first and foremost we can pivot fairly easily to that. And secondarily, a lot of the business that we have, isn't necessarily.

您提出的問題，是關於宏觀經濟趨勢的。所以，我們公司的一個特色就是資本支出不多。我們的大部分成本是人力資本和管理費用，而且，如果我們的業務萎縮或經濟萎縮，我們首先可以輕鬆地轉向應對這種情況。其次，我們擁有的許多業務，其實不一定如此。

Discretion it may seem like it is, but it isn't. A lot of the programs that we have or costs they have have this integrated into their marketing initiatives, whether it's for new employees, whether it's for new customer acquisition, whether it's creating loyalty, as well as we're spread around multiple verticals, whether it's the casino and gaming. If the economy goes down, that goes well, beverage and alcohol spend goes up as well. So we try to potentially be diversified in our client base so that, we can address any macroeconomic trends and then, and then finally.

表面上看是謹慎，但實際上並非如此。我們許多專案或他們的成本都已將此融入他們的行銷計劃中，無論是針對新員工、新客戶獲取、建立忠誠度，而且我們的業務遍及多個垂直領域，例如賭場和遊戲。如果經濟下滑，那當然是好事，飲料和酒類消費也會跟著上升。因此，我們努力使客戶群體多元化，以便應對任何宏觀經濟趨勢，然後，最後。

We think that the strength of our balance sheet provides us also with a competitive edge over our competition if the economy does falter, it gives us opportunity to look at additional potential for acquisitions as well as compete against people who may not be able to have the the resources and capabilities that we do so, we're, although obviously we're conscious and aware of the, potential recession in the economy. It doesn't scare us because we've been in business for 30 years and we've seen it go up and down and we know how to react to it pretty well.

我們認為，即使經濟出現衰退，我們強大的資產負債表也能為我們帶來競爭優勢，使我們有機會尋求更多潛在的收購機會，並與那些可能不具備我們所擁有的資源和能力的人競爭。因此，儘管我們顯然意識到經濟衰退的可能性，但我們依然保持著這種優勢。這嚇不倒我們，因為我們已經經營了 30 年，見證過產業的起起落落，我們知道如何應對。

Clear, thank you for that insight. One follow-up question if I may.

明白了，謝謝你的見解。如果可以的話，我想問一個後續問題。

Yeah sure.

當然可以。

What is the methodology that you use to find acquisition targets?

你們採用什麼方法來尋找收購目標？

Sure, so, the industry, as some of you may know, is about 25,000 to 30,000, distributors within our industry. Stra is ranked number 12, so we're already a leader, and we're well known within the industry as being one of the only few public companies, out there, the only one that's core, the only publicly traded company on a major exchange in the US. But that's the core business that we do and that's all that we concentrate on so we're well known within the industry so we get a lot of first we get a lot of inbound inquiries, I would say dozens a month if not more, secondarily I attend quite a bit of industry, events as somewhat of an expert in adding value to your business, how to do that as well as how to establish, exit plans, and as a result I'm introduced to quite a bit of people who want advice and then say, would you be interested in acquiring our company. There's a lot of people now that that within our industry that don't necessarily have a succession plan for their business, and that's where we come in and help them plan for that with strong as their exit and their succession that makes financial sense both for us and for them, to make a win-win going forward. So you know we really look at that, but we're being a little bit more, scrutinizing of our, acquisitions moving forward than we have in the past potentially because. We just wanted to make a little bit bigger of a difference and also, we want to, put those resources to work as soon as possible.

當然，正如你們有些人可能知道的那樣，我們這個行業大約有 25,000 到 30,000 家經銷商。Stra 排名第 12 位，所以我們已經是行業領導者了，而且我們在業內也廣為人知，是為數不多的幾家上市公司之一，也是唯一一家核心上市公司，是美國主要交易所唯一一家上市公司。但這是我們的核心業務，也是我們全部的專注點，所以我們在業界很有名，因此我們收到很多諮詢。首先，我們收到很多主動諮詢，我估計每個月至少有幾十個，甚至更多。其次，我經常參加行業活動，因為我算是為企業增值的專家，知道如何做到這一點，以及如何制定退出計劃。因此，我認識了很多想諮詢的人，他們會問我，你們有沒有興趣收購我們公司。現在我們行業內有很多企業並沒有製定繼任計劃，而我們的介入就是幫助他們制定強有力的退出和繼任計劃，這在財務上對我們和他們都有好處，從而實現雙贏。所以你知道，我們確實會關注這一點，但與過去相比，我們今後在收購方面會更加仔細地審查，這可能是因為。我們只是想做出更大的貢獻，而且，我們也想盡快將這些資源投入使用。

Clear, thank you. I appreciate your focus on creating shareholder value.

明白了，謝謝。我讚賞您注重創造股東價值。

Happy holidays.

節日快樂。

Thank you. Likewise.

謝謝。同樣地。

Thank you. There are no additional questions in queue at this time. I would now like to turn the floor back over to Andy Shape for closing remarks.

謝謝。目前沒有其他問題在排隊。現在我想把發言權交還給安迪謝普，讓他做總結發言。

Great, thank you everyone for joining and your continued support of Stran. As mentioned, I think we're entering a new phase of Stran where we've built scale. If I continue to say to everyone that I speak to investors and anyone else interested in the business that if you go back and you read our initial S1 when we filed, to go public, we've delivered on what we said, which is to continue to create scale through growth, invest in our infrastructure, and really create a leader in the industry, and we've done that since we've gone from about $35 million in revenue to almost $120 million in trailing 12 months revenue. So we're excited about what we've done. We recognize that now that we've hit that scale, we can start turning some dials to really drive that profitability and create even greater shareholder value. And in all honesty, as the second largest shareholder, the value means just as much if not more to me than anybody else in the world, so I have very specific motivations to see the company really progress and do very well, and I'm determined to do it. So thank you everyone who believes in Stran and who's committed to us, and we look forward to finishing up the year strong and reporting our results in the beginning of next year.

太好了，感謝大家的參與和對斯特蘭的持續支持。正如前面提到的，我認為我們正在進入 Stran 的一個新階段，我們已經建立了規模。如果我繼續對所有人——包括投資者和對公司業務感興趣的人——說，如果你回顧一下我們最初提交上市申請時的 S1 文件，就會發現我們已經兌現了我們的承諾，那就是透過成長不斷擴大規模，投資於我們的基礎設施，真正成為產業領導者。我們已經做到了這一點，過去 12 個月的收入從大約 3500 萬美元增長到近 1.2 億美元。所以我們對我們所做的工作感到很興奮。我們意識到，既然我們已經達到了這個規模，我們就可以開始調整一些措施，真正提高獲利能力，創造更大的股東價值。坦白說，作為第二大股東，公司的價值對我來說意義重大，甚至比世界上任何人都重要，所以我非常希望看到公司真正發展壯大，取得巨大成功，而且我決心要做到這一點。所以，感謝所有相信 Stran 並支持我們的人，我們期待以強勁的勢頭結束今年，並在明年年初公佈我們的業績。

Thank you, everyone, and happy holidays.

謝謝大家，祝大家節日快樂。

Thank you. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day.

謝謝。今天的電話會議到此結束。現在您可以斷開電話線了，祝您有美好的一天。

Thank you for your participation.

感謝您的參與。