Turning Point Brands Inc (TPB) 2025 Q1 法說會逐字稿

Good morning and welcome to the Turning Point Brand Q1 2025 conference call. (Operator Instruction). I would now like to turn the conference over to Andrew Flynn, Turning Point CFO.

早安，歡迎參加 Turning Point Brand 2025 年第一季電話會議。（操作員指令）。現在我想將會議交給 Turning Point 財務長 Andrew Flynn。

Good morning everyone. A short while ago we issued a press release covering our Q1 results. This release is located in the IR section of our website at www.turningpointbrands.com.

大家早安。不久前，我們發布了一份新聞稿，介紹我們的第一季業績。本新聞稿位於我們網站 www.turningpointbrands.com 的 IR 部分。

During this call, we will discuss our consolidated and segment operating results and provide some perspective on the operating environment and progress against our strategic plan.

在本次電話會議中，我們將討論我們的合併和分部經營業績，並對經營環境和戰略計劃的進展提供一些看法。

As is customary, I direct your attention to the discussion of forward-looking and cautionary statements in today's press release and the risk factors in our filings with the Securities and Exchange Commission.

按照慣例，我請您關註今天的新聞稿中關於前瞻性和警示性聲明的討論以及我們向美國證券交易委員會提交的文件中的風險因素。

On the call today, we will reference certain non-gap financial measures. These measures and the reconciliations to GAAP are in today's earnings relief, along with reasons why management believes they provide useful information.

在今天的電話會議上，我們將參考某些非差距財務措施。這些措施和與 GAAP 的對帳都包含在今天的收益報告中，同時也附上了管理層認為它們提供有用資訊的原因。

I will now turn the call over to our CEO Graham Purdy.

現在我將電話轉給我們的執行長 Graham Purdy。

Thanks, Andrew. Good morning, everyone, and thank you for joining our call.

謝謝，安德魯。大家早安，感謝你們參加我們的電話會議。

Our consolidated first quarter results were better than expected and demonstrated continued progress against our plan.

我們第一季的綜合業績優於預期，並表明我們的計劃繼續取得進展。

Revenue increased 28% to 106.4 million to the quarter. Including 22.3 million in modern oral revenue.

本季營收成長 28% 至 1.064 億美元。其中現代口述收入2,230萬美元。

Adjusted EBITDA increased 12% to 27.7 million for the quarter. We reaffirm our previously announced 2025 adjusted IBEA guidance of $108million to $113 million.

本季調整後 EBITDA 成長 12%，達到 2,770 萬美元。我們重申先前宣布的 2025 年調整後 IBEA 指導價，即 1.08 億美元至 1.13 億美元。

We are increasing full year consolidated nicotine pouch sales guidance to a range of $80million to $95 million. From 60million to 80 million. This includes both free and out.

我們將全年綜合尼古丁袋銷售額預期上調至 8,000 萬美元至 9,500 萬美元。從6000萬到8000萬。這包括免費和外出。

We are particularly pleased with the growth of our white nicotine pouch brands. Their long lasting vibrant flavour options, comfortable mouthfeel, and flexible nicotine levels have resonated with consumers.

我們對白色尼古丁袋品牌的成長感到特別高興。它們持久鮮明的口味選擇、舒適的口感和靈活的尼古丁含量引起了消費者的共鳴。

During the quarter, white pouch sales increased by nearly 10 times year over year and 2 times sequentially following the launch of our out supply company JV with TCN in Q4 2024.

在本季度，自 2024 年第四季度我們與 TCN 成立外部供應合資公司以來，白色包裝袋的銷量較去年同期成長近 10 倍，較上季成長 2 倍。

We believe the white nicotine pouch space will ultimately feature 4 to 5 widely distributed brands that command most of the market. Analysts' expectations for the size of the category differ, but most believe it will exceed $5 billion in manufacturers' revenue by the end of the decade.

我們相信，白色尼古丁袋領域最終將有 4 至 5 個廣泛分佈的品牌佔據大部分市場。分析師對該類別規模的預期各不相同，但大多數人認為，到2020年，其製造商收入將超過50億美元。

Our Q1 performance supports our long term target of double digit market share in that space. In order to best position the company to capitalize on this multi-billion dollar opportunity, we are making significant investments in the business in refining our route to market strategy to prioritize free and Alp while continuing to generate strong cash flow from our heritage brands.

我們第一季的業績支持了我們在該領域實現兩位數市佔率的長期目標。為了使公司能夠更好地利用這個價值數十億美元的商機，我們正在對業務進行大量投資，完善我們的市場策略路線，優先考慮免費和 Alp，同時繼續從我們的傳統品牌中產生強勁的現金流。

Key initiatives include reallocating sales and marketing resources. Increasing the headcount of our sales force. Improving our online presence. Ramping up investment in chain accounts, and exploring US manufacturing to improve white pouch profitability and mitigate supply chain risk.

主要舉措包括重新分配銷售和行銷資源。增加銷售隊伍的數量。提高我們的線上形象。增加對連鎖帳戶的投資，並探索美國製造業，以提高白袋獲利能力並降低供應鏈風險。

The rest of the Stoker segment portfolio also performed well in the quarter. Overall, Stoker's revenue increased 63% to $59.2 million, reflecting a 4% increase in loose leaf, a 10% increase in MST and $22.3 million in modern oil revenue. During the first quarter, zig-zag revenue was up 1%. Excluding Clipper, it was up 3%.

Stoker 其餘部門投資組合在本季也表現良好。總體而言，斯托克的收入增長了 63%，達到 5,920 萬美元，其中散葉煙收入增長了 4%，MST 收入增長了 10%，現代石油收入增長了 2,230 萬美元。第一季度，Zig-zag 的營收成長了 1%。不計 Clipper 股價則上漲了 3%。

For modelling purposes, people should recall that in Q2 we will face difficult year over year comps due to significant zigzag segment load in associated with our reentry into the cigar category and very strong 18.5% Stoker's segment growth in Q2 2024.

出於建模目的，人們應該記得，在第二季度，我們將面臨困難的同比業績，這是因為我們重新進入雪茄類別帶來了顯著的鋸齒狀細分市場負荷，而且 2024 年第二季度 Stoker 細分市場增長率非常強勁，達到 18.5%。

With that, I will hand the call over to Summer to walk through the progress of our key go to market initiatives.

接下來，我將把電話交給薩默，讓他介紹我們主要市場推廣計劃的進展。

Thank you, Graham. As you mentioned, we've made exciting progress in the modern oral category so far in 2025. We continue to receive favourable consumer feedback, strong trade receptivity, including from prominent chains, and increasing reorder and repeat purchase rates in wholesale and online. This strong performance gives us confidence to invest behind the brands.

謝謝你，格雷厄姆。正如您所說，到 2025 年為止，我們在現代口腔領域取得了令人興奮的進展。我們持續收到消費者的正面回饋、強勁的貿易接受度（包括知名連鎖店的回饋），以及批發和線上訂單和重複購買率的不斷提高。這種強勁的表現讓我們有信心投資這些品牌。

Key initiatives in this space include first, growing the size of our sales force to increase the frequency of store visits with a focus on expanding distribution, improving brand merchandizing, and minimizing out of stocks at retail.

該領域的主要舉措包括：首先，擴大銷售隊伍的規模，增加店內訪問頻率，重點是擴大分銷，改善品牌行銷，並最大限度地減少零售缺貨。

Second, strategic marketing campaigns to accelerate brand awareness and consumer loyalty. For example, we've begun billboard placements along Interstate 95, where we recently started a trial with 7-Eleven along with initiatives with other large nationally recognized chains.

第二，進行策略性行銷活動，提高品牌知名度和消費者忠誠度。例如，我們已經開始在 95 號州際公路沿線放置廣告牌，最近我們開始與 7-Eleven 進行試驗，同時也與其他大型全國知名連鎖店合作。

With regards to zigzag, we have had some exciting recent initiatives. Most notably, we participated in Rolling Loud and the takeover of Times Square in New York City over the weekend of 4, 20 to celebrate our heritage and promote the launch of our new comb.

關於之字形，我們最近有一些令人興奮的舉措。最值得注意的是，我們參加了 4 月 20 日週末在紐約時代廣場舉行的 Rolling Loud 活動，以慶祝我們的傳統並宣傳我們新梳子的推出。

Within the zigzag segment, we anticipate headwind from cigars going into Q2 as our expansion plans in this category included investments behind some lower margin cigar products which we are deemphasizing in light of potential tariff impacts and our reallocation of time and resources to our nicotine pouch initiatives.

在鋸齒形雪茄領域，我們預計雪茄將在第二季度遭遇阻力，因為我們在這一類別的擴張計劃包括對一些利潤率較低的雪茄產品的投資，考慮到潛在的關稅影響以及我們對尼古丁袋計劃的時間和資源的重新分配，我們將不再強調這些產品。

In closing, we continue building our brands for the long term, executing against our omnichannel plan, and winning new consumers. We will continue to make strategic investments to maximize the value of our world-class brands and further strengthen our extensive distribution capabilities. Let me now turn the call back over to Andrew to go through our financial results.

最後，我們將繼續長期打造我們的品牌，執行我們的全通路計劃，並贏得新的消費者。我們將繼續進行策略性投資，以最大限度地提高我們世界級品牌的價值，並進一步加強我們廣泛的分銷能力。現在，讓我將電話轉回給安德魯，讓他介紹我們的財務結果。

Thank you, Summer. Sales were up 28% to $106.4 million for the quarter.

謝謝你，Summer。本季銷售額成長 28%，達到 1.064 億美元。

For the quarter, gross margin was 56%, which was down 220 basis points year over year, essentially flat sequentially.

本季毛利率為56%，年減220個基點，與上一季基本持平。

The change in margin is mix driven. Reported SG and A was $36.4 million for the quarter and up $1.8 million sequentially.

利潤率的變化是由混合因素所驅動的。本季報告的 SG and A 為 3,640 萬美元，比上一季增加 180 萬美元。

The increase on a sequential basis is driven by the full quarter impact of Alp, as well as higher outbound freight charges. These costs were partially offset by lower severance costs. Adjusted EBITDA was up 12% year over year to $27.7 million for the quarter at a 26% margin.

環比增長是由於 Alp 整個季度的影響以及出站運費的上漲。這些成本被較低的遣散費部分抵銷。本季調整後的 EBITDA 年成長 12% 至 2,770 萬美元，利潤率為 26%。

Going into segment performance. Zig zag sales increased 1% year over year to $47.3 million for the quarter, despite pressure from the unwind of the Clipper relationship. Gross profit for the quarter decreased 7.2% versus the prior year but increased 2.9% from Q4, copying a multi-year high point from last year, margin decreased 490 basis points to 54.1% for the quarter and was essentially flat sequentially.

進入細分市場表現。儘管面臨與 Clipper 關係解除的壓力，Zig Zag 的銷售額本季仍年增 1%，達到 4,730 萬美元。本季毛利較上年同期下降 7.2%，但較第四季成長 2.9%，創下去年的多年來最高點，利潤率本季下降 490 個基點至 54.1%，與上一季基本持平。

Stoker's net sales increased 63% year over year to $59.2 million for the quarter. Net sales for the MST portfolio grew 10% year over year to $26.3 million in the quarter.

本季度，Stoker 的淨銷售額年增 63%，達到 5,920 萬美元。本季 MST 產品組合的淨銷售額年增 10%，達到 2,630 萬美元。

Share of in-store selling was up 50 basis points year to year to 11.2%. Stoker's chewing tobacco was the #1 chewing brand in the quarter, gaining 160 basis points of share to 32.7% according to MSAI.

店內銷售份額較去年同期成長50個基點，達到11.2%。根據 MSAI 的數據，Stoker 嚼煙是本季排名第一的嚼煙品牌，市佔率成長 160 個基點，達到 32.7%。

Category performance was driven by a larger decline in premium loose leaf, with TPB's volumes benefiting from consumer trade down as Stoker’s volumes grew from the previous year.

類別表現受到優質散葉煙銷售大幅下降的推動，TPB 的銷售量受益於消費者交易量下降，而 Stoker 的銷售量較上年有所增長。

Our modern oral nicotine pouch sales, free and Alp, were up almost 10 year over year. Modern oil revenue for the quarter was $22.3 million.

我們的現代口服尼古丁袋（免費和 Alp）銷量較去年同期成長近 10%。本季現代石油收入為 2,230 萬美元。

We ended the quarter with $99.6 million of cash. We call that we typically take delivery of tobacco leaf purchases in the first quarter, but do not pay until the second quarter. Free cash flow for the quarter was $12.4 million and CapEx was $2.2 million.

本季末我們的現金為 9,960 萬美元。我們通常在第一季接收購買的菸葉，但直到第二季才付款。本季自由現金流為 1,240 萬美元，資本支出為 220 萬美元。

Onto guidance and other items. As previously noted, we are reaffirming our full year 2025 adjusted EBITDA of $108 to $113 million.

進入指導和其他項目。如前所述，我們重申 2025 年全年調整後 EBITDA 為 1.08 億美元至 1.13 億美元。

We are increasing our anticipated total modern oral sales range to $80 to $95 million from the previous range of $60 to $80 million. This guidance reflects increased investment in our white pouch business, as well as $5million to $7 million dollar tariff impact on our purchases of imported products, assuming a 10% tariff rate, and FX headwinds in the zigzag segment from a stronger EUR.

我們將現代口腔產品總銷售額預期範圍從先前的 6,000 萬至 8,000 萬美元提高至 8,000 萬至 9,500 萬美元。該指引反映了我們對白色小袋業務的投資增加，以及假設關稅稅率為 10% 時，我們購買進口產品將受到 500 萬至 700 萬美元的關稅影響，以及歐元走強對鋸齒形細分市場的外匯逆風。

For modelling purposes, the effective income tax range is 23% to 26% on a go forward basis. Budget of CapEx for 2025 is $4million to $5 million exclusive of projects related to our modern oral business.

為了建模目的，實際所得稅範圍為 23% 至 26%。2025 年的資本支出預算為 400 萬至 500 萬美元，不包括與我們現代口腔業務相關的項目。

We expect to spend between $3million to $5 million for the full year to supplement our modern oral PMTAs.

我們預計全年將花費 300 萬至 500 萬美元來補充我們現代化的口腔 PMTA。

Now let me turn it back over to Graham.

現在讓我把話題交還給葛拉漢。

To conclude, we're pleased with our start to 2025, and now I'll turn it over to questions.

最後，我們對 2025 年的開始感到滿意，現在我將開始提問。

Eric Des Lauriers, Craig-Hallum

艾瑞克·德斯·勞里埃斯、克雷格·哈勒姆

Great, thanks for taking my questions and congrats on the very strong results here. I was wondering if you could comment on the distribution gains in modern oral in the quarter. Any kind of color on store accounts or online distribution gains would be helpful. And then just as a kind of related question there.

太好了，感謝您回答我的問題，並祝賀您取得了非常好的成績。我想知道您是否可以評論一下本季現代口語的分銷收益。商店帳戶或在線分銷收益的任何顏色都會有所幫助。然後就像是一種相關的問題。

Do you have an expectation for when you expect to roll out ALP to brick and mortar stores? Thank you.

您對何時將 ALP 推廣到實體店面有何預期？謝謝。

Hey Eric, this is Summer. I'll take the first part of the question and turn it over to Graham for the second part. Look, we continue to make great traction with retailers, including with high profile retailers. I know we mentioned 7-Eleven on the call, and we're in active conversations with other top nationally recognized chains. We have some rollouts and enhancements planned for later this year, nothing that we're quite comfortable sharing publicly yet, but some exciting stuff on the come here.

嘿，艾瑞克，這是夏天。我將回答問題的第一部分，然後把第二部分交給格雷厄姆。你看，我們繼續與零售商，包括知名零售商，保持著密切的聯繫。我知道我們在電話中提到了 7-Eleven，我們正在與其他全國知名的頂級連鎖店進行積極對話。我們計劃在今年稍後推出一些產品並進行改進，目前我們還不太願意公開分享，但即將推出一些令人興奮的產品。

There, thank you for the kind words there to open the call. The out plan is, somewhat different than the free plan as we think about the early days of the out distribution principally online direct to consumer and sort of leveraging the marketing apparat they have, but I anticipate as we've been around the year that, you'll start seeing some of that.

好的，謝謝您在通話開始時所說的友善話語。外部計劃與免費計劃略有不同，因為我們考慮到外部分銷的早期階段主要是在線直接面向消費者並利用他們擁有的營銷手段，但我預計，隨著我們進入今年，您將開始看到其中的一些內容。

Okay, great. And then could you comment on what ability or capacity you have to produce nicotine pouches at your current domestic MST production facility and then just any kind of broader comments on onshoring production of nicotine patches would be helpful. Thank you.

好的，太好了。然後，您能否評論一下您目前在國內的 MST 生產設施中生產尼古丁袋的能力或產能，然後，任何關於在國內生產尼古丁貼片的更廣泛的評論都會有所幫助。謝謝。

Yes Eric, right now we believe that our supply is adequate. We're doing a really good job of producing, so really no issues from a supply chain standpoint in terms of onshoring we continue to explore that option and we've we're heading down that path.

是的，埃里克，目前我們相信我們的供應是充足的。我們在生產方面做得非常好，所以從供應鏈的角度來看，在岸生產方面確實沒有問題，我們會繼續探索這種選擇，我們正在沿著這條路前進。

Aaron Grey, Alliance Global.

亞倫·格雷，Alliance Global。

Hi, good morning. Thanks for the questions and congrats on the nice quarter here. Would like to pick off a bit with kind of the question that Eric asked. Just wanted to clarify here, was there a big maybe timing impact?

嗨，早安。感謝您的提問，並祝賀本季取得良好業績。想稍微回答一下 Eric 提出的問題。只是想在這裡澄清一下，時間上是否有很大的影響？

In the quarter, particularly for pouches from shipments of timing, maybe filling the pipe for a new retailer, and then just on pouches, there's a lot of early indicators showing that there's, good brand awareness for our relative to its pretty minimal market share. So any additional color on how you're looking to capitalize on that opportunity, if there's, existing awareness for Alp, how are you looking to maybe increase the marketing, get distribution out faster than maybe you might have anticipated, 6 months ago before it launched.

在本季度，特別是對於定時發貨的小袋來說，可能為新的零售商填補了渠道空白，然後僅在小袋方面，有很多早期指標表明，相對於其相當小的市場份額，我們的品牌知名度很好。那麼，您能否進一步說明如何利用這個機會，如果 Alp 已經具有知名度，您希望如何增加行銷，如何比您在 6 個月前預期的更快地進行分銷，在它推出之前。

Thank you.

謝謝。

Yes I think you've noticed, Alp, Aaron Alps sent out, a number of press releases and as you can imagine, we're 4 months in as of this court with the Alp launch, the Alp team is doing independent marketing relative to their product, and they've certainly got a route to market that that is a little bit unique compared to the free brand, so.

是的，我想你已經注意到了，Alp，Aaron Alps 發出了多份新聞稿，你可以想像，從本法庭到 Alp 推出已經有 4 個月了，Alp 團隊正在針對他們的產品進行獨立營銷，他們當然有一條與免費品牌相比有點獨特的市場路線，所以。

Look, I think that the sort of roll out nationwide, is really sort of an online focus apparatus and really tapping into the marketing, that the support that the brain gets relative to, it's connection to TCN so. It's just the models a touch different point in time and certainly at TPB we're focused squarely on, knocking down bricks mortar distribution for free and quite frankly we're very excited about, sort of the results thus far.

看，我認為在全國範圍內推廣這種做法實際上是一種線上焦點裝置，可以真正利用行銷，大腦可以獲得與 TCN 相關的支援。只是模型在時間點上有所不同，當然在 TPB 我們專注於免費拆除實體店分銷，坦白說，我們對迄今為止的成果感到非常興奮。

So you know our head down is heads down and focused on, sort of obtaining that double digit market share that we talked about the long haul.

所以你知道，我們全心全意地專注於獲得我們長期談論的兩位數的市場份額。

Okay, appreciate that. Second question from me just on the soaker segment gross margin, it now remained elevated for the past two quarters despite the higher sales of pouches, which was expected to have a lower margin profile. So curious if you could give some color on if pouch margins continue to be higher than expected, back in the math kind of implied that, not too far off from some of the legacy stoker's margins unless there's a notable uptick there. So if any. Additional code you can provide on the marketing profile that would be helpful. Thanks.

好的，非常感謝。我的第二個問題是關於浸泡器部分的毛利率，儘管預計毛利率會較低，但浸泡器部分的毛利率在過去兩個季度仍然保持較高水準。所以我很好奇，您是否可以透露一下，如果袋裝利潤率繼續高於預期，從數學上來說，除非出現明顯的上升，否則與一些傳統司爐的利潤率相差不會太遠。所以如果有的話。您可以在行銷資料中提供有用的附加程式碼。謝謝。

Yes, sure thing, Aaron. So, I think you're thinking about it right, in terms of the margin profile of that segment and from white pouch We're in well within the range of what we previously discussed in terms of the margin profile for that for that particular product set.

是的，當然可以，Aaron。因此，我認為您考慮得對，就該細分市場的利潤率概況和白色小袋而言，我們完全處於我們之前討論過的該特定產品集的利潤率概況範圍內。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾，奧本海默。

Hey, great. Thank you very much. Very good quarter.

嘿，太棒了。非常感謝。非常好的季度。

Trying to understand now, and I know you kind of commented a little bit on the growth rates of free versus out, but, can you give us a little bit more color on, what did that. This quarter and then as far as the guidance raised is that pretty much even and you know maybe a broader discussion if it is even, why is it even given, the go to market strategies are very different here, and maybe any other color there thanks.

現在試著去理解，我知道您對免費與付費的成長率做了一些評論，但是，您能否給我們更詳細地說明一下，這是怎麼回事？本季度，就提出的指導而言，這幾乎是均勻的，你知道，也許更廣泛的討論，如果它是均勻的，為什麼它甚至給出，這裡的市場進入策略是非常不同的，也許還有其他顏色，謝謝。

Hi Ian thanks for the question. The, look, I think that we're in such early innings for the Alp launch, there's a lot of moving parts relative to both the Alp brand and how the route to market is somewhat different than the route to market for free. So you have things like, different online apparatuses that that we sell through with the out brand, the different chains that may be coming on board for the free brand. So there's really just a lot of sort of. Kind of, differences between those two products. We haven't specifically split out, the difference between free and out and that's really the constraints that we have with our agreement with TCM in terms of what we can disclose relative to AP.

你好，Ian，謝謝你的提問。瞧，我認為我們正處於 Alp 發布的早期階段，與 Alp 品牌相關的活動部件很多，而且其市場路線與免費市場路線也有所不同。因此，您會看到，我們透過外部品牌銷售不同的線上設備，而不同的連鎖店可能會加入免費品牌。所以確實有很多這樣的情況。這兩種產品之間有點區別。我們還沒有具體區分免費和免費之間的區別，而這實際上是我們與 TCM 達成的協議在我們可以揭露與 AP 相關的內容方面的限制。

In terms of the long term prospects look from our standpoint we're, in the early innings we're somewhat agnostic to what's on the can as we, march towards that double digit market share and really capitalize on what we think is a massive opportunity for the company.

就長期前景而言，從我們的角度來看，在早期階段，我們對未來發展有些不確定，因為我們正朝著兩位數的市場份額邁進，並真正利用我們認為對公司來說是一個巨大的機會。

Okay, thank you, and then I'm just trying to bridge the guidance. I know you included the $5million to $7 million dollar tariff, but how much is, the increase in investment in light pouches, to support more growth, thanks.

好的，謝謝，然後我只是想提供指導。我知道您包括了 500 萬到 700 萬美元的關稅，但是，對輕型包裝袋的投資增加多少才能支持更多的增長，謝謝。

Yes thanks, it's Andrews. So, yes, we disclosed the tariff and there's also some FX headwinds that we're keeping an eye on. So in terms of the increased investment, we included that in our previous guidance and as that segment grows in white pouch, we will make incremental investment to support the growth.

是的，謝謝，我是安德魯斯。所以，是的，我們揭露了關稅，我們也正在關註一些外匯不利因素。因此，就增加投資而言，我們將其納入了先前的指導中，並且隨著白袋細分市場的成長，我們將進行增量投資以支持成長。

Nick Anderson, ROTH Capital.

尼克·安德森，羅仕資本。

Yes, good morning and congrats on the quarter. First one for me just on modern oral and the advertising opportunity there with harm reduction being kind of an initiative, wondering if you're seeing maybe more relaxed advertising regulations for nicotine pouches versus other products and just how you're potentially looking to market your offering in this environment. Thank you.

是的，早安，恭喜本季取得佳績。首先，我想問一下現代口腔產品及其廣告機會，其中的減害是一種舉措，我想知道您是否看到尼古丁袋裝產品相對於其他產品的廣告規定更為寬鬆，以及您打算如何在這種環境下推銷您的產品。謝謝。

Hi, thanks for the question. I would say while we observe there is a bit more flexibility than the historical tobacco industry as it pertains to advertising. There are still certainly restrictions, and we want to be really mindful of marketing in a. In a responsible and thoughtful way, but we certainly have flexibility in terms of how we think about marketing and advertising across digital platforms and out of home as you saw with our advertisements along I-95 to connect with the 7-Eleven launch.

你好，謝謝你的提問。我想說，正如我們所觀察到的，在廣告方面，菸草業比歷史上的菸草業要靈活一些。當然仍然存在限制，我們希望真正注意行銷。以負責任和深思熟慮的方式，但我們在如何思考跨數位平台和戶外的營銷和廣告方面當然具有靈活性，正如您在 I-95 沿線看到的我們為配合 7-Eleven 的推出而投放的廣告一樣。

Got it. I appreciate that caller. Second from me on the PMTA applications, just with the FDA headcount reductions we're seeing, does that change any expectations around timing of getting these applications through? Just your sense of how the timeline may or may not shift off the back of kind of what's happening with the FDA.

知道了。我很感謝那位來電者。第二，關於 PMTA 申請，隨著 FDA 員工人數的減少，這是否會改變對這些申請通過時間的預期？您只是感覺到時間表可能會或可能不會隨著 FDA 發生的事情而改變。

Thank you.

謝謝。

Yes, I think with the with the FDA and the PMTA process, I think, in terms of timing it is really difficult to say given all the change in government, we continue to sort of monitor and sets and we hear from. Our regulatory folks over at the FDA from time to time, but look, there's really no change in terms of any clarity around timing at this point.

是的，我認為，就 FDA 和 PMTA 流程而言，考慮到政府的所有變化，就時間而言很難說，我們會繼續進行監控和製定，並聽取意見。我們的 FDA 監管人員會不時地進行溝通，但是看看，目前在時間安排的明確性方面確實沒有任何變化。

I will now turn the call back over to Graham Purdy, Turning Point CEO for closing remarks. Please go ahead.

現在我將把電話轉回給 Turning Point 執行長 Graham Purdy 做最後一次演講。請繼續。

Yes, thanks, operator. I really appreciate everybody joining the call today, and we look forward to speaking with you in a few months.

是的，謝謝，接線生。我非常感謝今天參加電話會議的各位，我們期待幾個月後與您交談。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。