Xcel Brands Inc (XELB) 2024 Q1 法說會逐字稿

Welcome to Xcel Brands; first quarter 2024 earnings conference call advised that reproduction of this call in whole or in part is not permitted without prior written authorization of Xcel Brands. And as a reminder, this conference call is being recorded.

歡迎來到 Xcel 品牌； 2024 年第一季財報電話會議建議，未經 Xcel Brands 事先書面授權，不得全部或部分複製本次電話會議。提醒一下，本次電話會議正在錄音。

I'd now like to turn the call over to Paul Kuntz from Red Chip.

我現在想把電話轉給紅籌公司的保羅昆茨 (Paul Kuntz)。

Paul, you may begin.

保羅，你可以開始了。

Good evening, everyone. And thank you for joining us. Welcome to the Xcel Brands first quarter of 2024 earnings call. We greatly appreciate your participation and interest with us on the call today are Chairman and Chief Executive Officer, Robert D'Loren, Chief Financial Officer, Jim Haran, and Executive Vice President of Business Development and Treasury, Seth Burroughs.

各位晚上好。感謝您加入我們。歡迎參加 Xcel Brands 2024 年第一季財報電話會議。我們非常感謝您對我們今天的電話會議的參與和興趣，包括董事長兼執行長 Robert D'Loren、財務長 Jim Haran 以及業務開發和財務執行副總裁 Seth Burroughs。

By now everyone should have access to the earnings release for the quarter ended March 31, 2024, which went out this evening. And in addition, the company has filed with the Securities and Exchange Commission, its quarterly report on Form 10-Q today. The release and the quarterly report will be available on the company's website at www.xcelbrands.com. This call is being webcast, and a replay will be available on the company's Investor Relations website.

到目前為止，每個人都應該可以查看今晚發布的截至 2024 年 3 月 31 日的季度收益報告。此外，該公司今天已向美國證券交易委員會提交了 10-Q 表格的季度報告。新聞稿和季度報告將在公司網站 www.xcelbrands.com 上發布。這次電話會議正在網路直播，重播將在公司的投資者關係網站上提供。

Before we begin, please keep in mind this call will contain forward-looking statements. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from certain expectations discussed here today. These risk factors are explained in detail in the company's most recent annual report filed with the SEC. Xcel, does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The dynamic nature of the current macroeconomic environment means that what is said on this call could change materially at any time.

在我們開始之前，請記住本次電話會議將包含前瞻性陳述。所有前瞻性陳述均受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果與今天討論的某些預期有重大差異。這些風險因素在該公司向美國證券交易委員會提交的最新年度報告中進行了詳細解釋。Xcel 不承擔任何公開更新或修改任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。當前宏觀經濟環境的動態性意味著本次電話會議的內容可能隨時發生重大變化。

Finally, please note that on today's call, management will refer to certain non-GAAP financial measures, including non-GAAP net income, non-GAAP diluted EPS and adjusted EBITDA. Our Management uses these non-GAAP metrics as measures of operating performance to assist in comparing performance from period to period on a consistent basis, and to identify business trends relating to the company's results of operations.

最後，請注意，在今天的電話會議上，管理層將參考某些非 GAAP 財務指標，包括非 GAAP 淨利潤、非 GAAP 稀釋每股收益和調整後 EBITDA。我們的管理階層使用這些非公認會計準則指標作為經營績效的衡量標準，以協助在一致的基礎上比較不同期間的業績，並確定與公司經營績效相關的業務趨勢。

Our Management believes these financial performance measurements are also useful because these measures adjust for certain costs and other events that management believes are not representative of our core business operating results. Domestic provide supplemental information to assist investors in evaluating the company's financial results.

我們的管理階層認為這些財務績效衡量標準也很有用，因為這些衡量標準針對管理階層認為不代表我們核心業務經營績效的某些成本和其他事件進行了調整。國內提供補充訊息，協助投資人評估公司財務表現。

These non-GAAP measures should not be considered in isolation or as alternatives to net income. Earnings per share or any other measures of financial performance calculated and presented in accordance with GAAP may refer to the attachment to the company's earnings release or to Part one Item two of the Form 10-Q for reconciliation of non-GAAP measures.

這些非公認會計準則指標不應被孤立地考慮或作為淨收入的替代方案。根據 GAAP 計算和列報的每股收益或任何其他財務業績衡量標準可參閱公司收益發布的附件或用於調節非 GAAP 衡量標準的 10-Q 表格第一部分第二項。

And now I'm pleased to introduce Robert D'Loren Chairman and Chief Executive Officer,

現在我很高興地介紹羅伯特·德洛倫 (Robert D'Loren) 董事長兼首席執行官，

Bob. Please go ahead.

鮑伯.請繼續。

Thank you, Paul. Good evening, everyone, and thank you for joining us today. I'd like to start today's call with a brief update on our performance for the first quarter and then our outlook for the remainder of the year. After that, our CFO, Jim Haran, will discuss our financial results in more detail.

謝謝你，保羅。大家晚上好，感謝您今天加入我們。我想在今天的電話會議開始時簡要介紹我們第一季的業績情況，然後介紹我們對今年剩餘時間的展望。之後，我們的財務長 Jim Haran 將更詳細地討論我們的財務表現。

As I have previously mentioned, with the discontinuance of all wholesale operations behind us, we have returned to a working capital light for licensing business. We have made significant headway toward improving our financial performance and operating results. Our total revenues for the first quarter declined year over year.

正如我之前提到的，隨著所有批發業務的終止，我們已經恢復了許可業務的營運資金充足狀態。我們在改善財務表現和經營績效方面取得了重大進展。我們第一季的總營收年減。

Given that this was our first quarter in several years with zero product sales from wholesale activities. Our licensing revenues were up across our brands, except for our logo, Lori Goldstein brand, which caused royalties to be flat and our bottom line on non-GAAP, on a non-GAAP basis showed significant improvement.

鑑於這是我們幾年來第一個季度批發活動產品銷售額為零。我們的各個品牌的授權收入均有所上升，但我們的標誌 Lori Goldstein 品牌除外，這導致特許權使用費持平，並且我們的非 GAAP 底線在非 GAAP 基礎上顯示出顯著改善。

Our adjusted EBITDA for the quarter improved by almost 50% from the prior-year quarter. As we continue to gain traction and accelerate in future quarters, we expect our licensing revenues to grow and our about bottom line results to continue to improve.

我們本季調整後的 EBITDA 比去年同期成長了近 50%。隨著我們在未來幾季繼續獲得牽引力並加速發展，我們預計我們的授權收入將成長，我們的底線業績將繼續改善。

We plan to launch our new brand Tower Hill by Christie Brinkley on HSN later this month. Followed by the launch of additional categories of products outside of HSN starting this fall to date, we have received strong interest from potential licensing partners for the brand across multiple categories, including footwear, handbags, beauty and skin care.

我們計劃在本月稍後在 HSN 上推出由 Christie Brinkley 設計的新品牌 Tower Hill。從今年秋天開始，迄今為止，我們在HSN 之外推出了更多類別的產品，我們對該品牌跨多個類別的潛在授權合作夥伴產生了濃厚的興趣，包括鞋類、手袋、美容和護膚品。

The C. Wonder by Christian, Siriano brand is performing well. We expect to see retail sales volume up to about $20 million to $25 million annually in 2024. That's up 100% from last year's retail sales with a goal of over $50 million in 2025, including HSN and other retailers.

Christian、Siriano 品牌的 C. Wonder 表現良好。我們預計 2024 年零售額將達到每年約 2,000 萬至 2,500 萬美元。這比去年的零售額成長了 100%，目標是到 2025 年零售額超過 5,000 萬美元，其中包括 HSN 和其他零售商。

We will launch additional new core categories in footwear and handbags in spring of 2025. We also expect to announce the launch of another celebrity designer brand on HSN. before the end of this year, we are working with JTV to offer greater product assortment, including our Judith Ripka, Couture jewelry products, both on air and on jtv.com.

我們將於 2025 年春季推出更多新的鞋類和手袋核心品類。我們也預計將在 HSN 上推出另一個名人設計師品牌。在今年年底前，我們將與 JTV 合作，在直播和 jtv.com 上提供更多產品種類，包括我們的 Judith Ripka、Couture 珠寶產品。

This has the potential to add over 15 million visitors to the Judith Ripka e-commerce business and allows for email marketing campaigns to an additional 2.1 million customers. We look forward to seeing strong sales momentum carry forward through 2024 and 2025. As previously discussed, G-III is on schedule to launch Holston this fall. We expect them to begin shipping shortly after the second quarter. We expect revenue from this license to begin to pick up later this year and grow strongly in 2025 and beyond.

這有可能為 Judith Ripka 電子商務業務增加超過 1500 萬訪客，並允許向另外 210 萬客戶開展電子郵件行銷活動。我們期待 2024 年和 2025 年保持強勁的銷售動能。正如之前所討論的，G-III 計劃於今年秋天推出 Holston。我們預計他們將在第二季後不久開始出貨。我們預計該許可證的收入將在今年稍後開始回升，並在 2025 年及以後強勁增長。

For me, soft launched its video and social commerce marketplace approximately three weeks ago. The Army team is doing a great job building awareness for the app and onboarding premier brands. They are pleased with the results to date. As I previously mentioned, this is a joint venture with a technology company in which Xcel owns a 30% interest in this video and social commerce marketplace.

對我來說，Soft 大約三週前推出了視訊和社交商務市場。陸軍團隊在提高該應用程式的知名度和吸引頂級品牌方面做得非常出色。他們對迄今為止的結果感到滿意。正如我之前提到的，這是一家與一家科技公司合資的企業，Xcel 擁有該影片和社交商務市場 30% 的股權。

We believe this marketplace has the potential to transform the video and social commerce market in the US and its growth potential, potentially is virtually unlimited based on all of the progress with Project fundamentals, our strategic plan to get Xcel back to what made us successful over the years and the organic growth in our brands, we expect to return to profitability in 2024.

我們相信這個市場有潛力改變美國的視訊和社交商務市場，其成長潛力幾乎是無限的，基於專案基本面的所有進展，我們的策略計畫是讓 Xcel 回到讓我們成功的原因經過這些年的努力以及我們品牌的有機成長，我們預計將在2024 年恢復獲利。

I should note that our logo, Lori Goldstein business was softer than expected in Q1 of 2024 caused by continued scheduling conflicts with talent. We continue to work with QVC and our on-air talent to reach a resolution for this. This includes identifying additional on-air guests to support the business or a satisfactory position of the brand. Also, we are working on launching a robust pipeline of new brands on QVC and HSN and other potential business opportunities as we seek to ensure continued growth in our core live stream interactive TV business.

我應該指出，由於與人才的持續調度衝突，我們的標誌 Lori Goldstein 業務在 2024 年第一季比預期疲軟。我們將繼續與 QVC 和我們的播音人才合作，以達成解決方案。這包括確定更多的直播嘉賓來支持業務或提升品牌的滿意度。此外，我們正在努力在 QVC 和 HSN 上推出一系列強大的新品牌以及其他潛在的商機，以確保我們的核心直播互動電視業務的持續成長。

And now I'd like to turn the call over to Jim to discuss our, but otherwise, Jim?

現在我想把電話轉給吉姆來討論我們的問題，但除此之外，吉姆？

Thanks, Bob, and good evening, everyone. I will now briefly discuss our financial results for the quarter ended March 31, 2024. Total revenue for the first quarter of 2024 was $2.2 million, representing a decrease of approximately $3.9 million from the first quarter of 2023. This decline was almost entirely driven by the decrease in net product sales to zero, resulting from our exit from our wholesale operating businesses.

謝謝鮑勃，大家晚上好。我現在將簡要討論我們截至 2024 年 3 月 31 日的季度的財務表現。2024年第一季總營收為220萬美元，較2023年第一季減少約390萬美元。這一下降幾乎完全是由於我們退出批發經營業務而導致產品淨銷售額降至零。

As part of our Project fundamentals plan, 2023 and 2024 licensing revenue was approximately $2.2 million in both the current quarter and the prior year quarter. Licensing revenue was up across all brands, except for the Lori Goldstein brand, which caused royalties to be flat.

作為我們專案基本計畫的一部分，2023 年和 2024 年本季和上一年季度的授權收入約為 220 萬美元。所有品牌的授權收入均有所增長，但洛里·戈德斯坦品牌除外，該品牌導致特許權使用費持平。

Our direct operating costs and expenses were $4 million for the firm for the current quarter, down by $3 million or 43% from $7 million in the prior year quarter. This decrease was mainly attributable to the discontinuance of our wholesale and e-commerce activities in 2023, which included reductions in staffing levels as well as related reductions in other overhead costs. With the project fundamental initiatives substantially completed last year. Going forward, we expect our average direct operating cost to be less than $4 million per quarter.

本季公司的直接營運成本和費用為 400 萬美元，比去年同期的 700 萬美元減少了 300 萬美元，即 43%。這項減少主要是由於我們的批發和電子商務活動在 2023 年停止，其中包括人員配備水準的減少以及其他間接費用的相關減少。去年該專案的基本措施已基本完成。展望未來，我們預計每季平均直接營運成本將低於 400 萬美元。

Overall, we had a net loss, excluding noncontrolling interest for the current quarter of approximately $6.3 million or minus $0.31 per share compared with a net loss of $5.6 million or minus $0.29 per share in the prior year quarter.

總體而言，本季的淨虧損（不包括非控股權益）約為 630 萬美元，即每股負 0.31 美元，而去年同期的淨虧損為 560 萬美元，即每股負 0.29 美元。

The current quarter's net loss included non-cash operating costs of $2.3 million due to asset impairment charges relating to our successful exit and subleasing of our prior office space as part of Project fundamentals. On a non-GAAP basis, we had net loss for the quarter of $1.8 million or minus $0.09 per share, which ranks which represents a roughly 50% improvement from the non-GAAP net loss of $3.6 million or minus $0.18 per share in the first quarter of 2023.

本季的淨虧損包括 230 萬美元的非現金營運成本，這是由於作為專案基本面一部分的我們成功退出和轉租先前辦公空間而產生的資產減損費用。以非GAAP 計算，我們本季的淨虧損為180 萬美元（即每股負0.09 美元），與第一季的非GAAP 淨虧損360 萬美元（即每股負0.18 美元）相比，改善了約50%。

Now that we have right-sized our cost structure, our non-GAAP net income should continue to improve in future periods as licensing revenues are projected to grow.

現在我們已經調整了成本結構，隨著許可收入預計將增長，我們的非公認會計原則淨利潤在未來一段時間內應該會繼續改善。

Finally, adjusted EBITDA was negative $1.6 million for the current quarter, representing a year over year improvements of $1.6 million or approximately 50% from the negative $3.2 million EBITDA in the prior year quarter. With our new cost structure in place and projected revenue growth, management anticipates achieving positive EBITDA later this year.

最後，本季調整後的 EBITDA 為負 160 萬美元，較去年同期的負 320 萬美元 EBITDA 年增 160 萬美元，約 50%。隨著我們新的成本結構的到位和預計的收入成長，管理層預計今年稍後將實現正的 EBITDA。

Once again, I would like to take this opportunity to remind everyone that non-GAAP net income, non-GAAP diluted EPS and adjusted EBITDA are non-GAAP unaudited terms. Our earnings press release and Form 10-Q present a reconciliation of these items with the most directly comparable GAAP measures.

我想藉此機會再次提醒大家，非GAAP淨利、非GAAP稀釋每股盈餘和調整後EBITDA是非GAAP未經審計的術語。我們的收益新聞稿和 10-Q 表格將這些項目與最直接可比較的 GAAP 指標進行了調整。

Now turning to our balance sheet and liquidity. As of March 31, 2024, the company had total cash and cash equivalents of approximately $2.3 million, of which $0.7 million was restricted. Our net working capital, excluding the current portion of lease obligations and deferred revenue was approximately $2.1 million, which we believe is adequate and appropriate under our current licensing plus working capital light business model.

現在轉向我們的資產負債表和流動性。截至2024年3月31日，公司現金及現金等價物總額約230萬美元，其中70萬美元受到限制。我們的淨營運資本（不包括目前部分的租賃義務和遞延收入）約為 210 萬美元，我們認為這在我們目前的許可加營運資本輕業務模式下是充足且適當的。

Since executing our project fundamentals plan, our cash usage has decreased significantly and is projected to continue to improve with the launch of [Hosston] by G-III this fall the launch of Tower Hill by Christie Brinkley later this month and continued growth in our C. Wonder and juice broker licensing businesses.

自從執行我們的專案基本計劃以來，我們的現金使用量已顯著減少，預計隨著今年秋天G-III 推出的[Hosston]、本月晚些時候Christie Brinkley 推出的Tower Hill 以及我們的C 的持續成長，我們的現金使用量將繼續改善。

In March 2024, we did a small common stock offering for net proceeds of approximately $2 million. This recent capital raise, combined with our current working capital position, lower operating cost and balance sheet borrowing capacity provides us with adequate liquidity to meet our obligations as they become due while growing our business.

2024 年 3 月，我們進行了小額普通股發行，淨收益約 200 萬美元。最近的融資，加上我們目前的營運資金狀況、較低的營運成本和資產負債表借貸能力，為我們提供了充足的流動性，以在發展業務的同時履行到期義務。

And with that, I would like to turn the call back over to Bob.

就這樣，我想把電話轉回給鮑伯。

Bob?

鮑伯？

Thank you, Jim. Ladies and gentlemen, this concludes our prepared remarks.

謝謝你，吉姆。女士們、先生們，我們準備好的發言到此結束。

Operator?

操作員？

We will now begin the question and answer session. (Operator Instructions)

我們現在開始問答環節。（操作員說明）

Michael Kupinski, Noble Capital Market.

邁克爾·庫平斯基（Michael Kupinski），諾布爾資本市場。

Taking my questions and good afternoon, mfirst of all, can you talk a little bit about Lori Goldstein and how does on that brand account for your total licensing revenue maybe in the latest quarter and for the full year 2023? And then finally, can you talk a little bit about what you mean by options for a satisfactory disposition of the brand as a prospect there? What do you mean by that?

回答我的問題，下午好，首先，您能談談 Lori Goldstein 嗎？最後，您能談談您所說的為潛在客戶對該品牌進行令人滿意的配置的選擇是什麼意思嗎？你是什​​麼意思？

Okay.

好的。

So on the Lori Goldstein brand, Michael, generate about $5 million in top line royalties and because there's an earn out there with contingent obligation that's booked on the balance sheet of about $5 million. The way the deal works is there is a sweep.

因此，在 Lori Goldstein 品牌上，Michael 獲得了約 500 萬美元的最高特許權使用費，因為資產負債表上記錄了約 500 萬美元的或有債務，因此產生了收入。這筆交易的運作方式是掃蕩。

It doesn't contribute a lot of cash flow to us. And we've been concerned about trends in the business and some of the complications of some logistics for Lori herself now having moved to Palm Springs and being able to get to West-Chester Pennsylvania to give us the time that we need to really drive the sales. We've been challenged by that where everyone is working through it.

它並沒有為我們貢獻很多現金流。我們一直擔心業務趨勢以及洛里本人的一些後勤複雜性，現在她已經搬到棕櫚泉並能夠到達賓夕法尼亞州西切斯特，以便為我們提供真正推動業務所需的時間。我們面臨著每個人都在努力解決的挑戰。

We are all doing whatever is necessary under the circumstances to keep the flow in the business as good as we can because no one wants and to create any issues for QVC with the business. And part of those negotiations are perhaps, we would sell the brand back to Lori under satisfactory terms and conditions, and we're exploring all of that now and good [Cieffe] on both sides.

在這種情況下，我們都在盡一切努力保持業務流程盡可能良好，因為沒有人願意為 QVC 的業務帶來任何問題。這些談判的一部分可能是，我們會在滿意的條款和條件下將品牌賣回給 Lori，我們現在正在探索所有這些，並且雙方都很好 [Cieffe]。

Thank you. And then on terms of the launch of a Houston, obviously a big event for the company and a key factor to your swing toward profitability. You indicated that the shipping of the product will be after the second quarter, was there a little slippage in that timing of that?

謝謝。然後就休士頓的推出而言，這顯然對公司來說是一件大事，也是您轉向獲利的關鍵因素。您表示產品將在第二季之後出貨，這個時間是否有一些延誤？

I don't think so.

我不這麼認為。

We anticipated. Initially, when we sign the license with G-III that they would be launching in spring, but they pushed it out to fall. Because they simultaneously launching Apparel, Footwear and Handbags and they just couldn't get it all together for the spring launch, they may have already began shipping some goods. we haven't received any shipping reports in them.

我們預料到了。最初，當我們與 G-III 簽署許可證時，他們將在春季推出，但他們將其推遲到秋季。因為他們同時推出服裝、鞋類和手袋，但無法在春季推出時將所有產品整合在一起，因此他們可能已經開始發貨一些商品。我們還沒有收到任何運輸報告。

Got, gosh, I think I'm can you talk a little bit about Christie Brinkley the brand there in terms of the number of skews that you'll be launching that in initially, that sort of thing.

得了，天哪，我想你能談談克里斯蒂·布林克利（Christie Brinkley）這個品牌嗎？

So the Christie launch is of full apparel collection. And if that launches next week, we have a big press event that will hit simultaneously with the launch of the show. Christy was fantastic in the in the photo shoot for it and it will be tops, bottoms, sweaters full collection in apparel. And we are working now across multiple categories for bags, shoes, accessories, skin care, beauty, and possibly fragrance.

所以克里斯蒂推出的是完整的服裝系列。如果下週推出，我們將在節目推出的同時舉辦一場大型記者會。克里斯蒂在為它拍攝的照片中表現得非常出色，這將是上衣、下裝、毛衣的完整服裝系列。我們現在正在跨多個類別開展工作，包括包包、鞋子、配件、護膚、美容，可能還有香水。

Your final question, I'm sorry for so many. Can you give us an update on the number of vendors for Army at this point? And any particular update on when you might move towards a full-scale launch.

你的最後一個問題，我對很多人感到抱歉。您能否向我們提供目前陸軍供應商數量的最新資訊？以及有關何時可能全面啟動的任何特定更新。

So as far as we know from or me and the pipeline of vendors now is between three to five per week coming on, we just onboarded and clients that will be the first of the WHP brand, and we're working with them to analyze which of their brands really works given their model as a licensing company. They don't operate most of the e-com site. And then we expect other major brands to come on as well over the next 30 days.

據我所知，現在供應商的管道是每週三到五個，我們剛剛加入，客戶將成為 WHP 品牌的第一個客戶，我們正在與他們合作分析哪些客戶考慮到他們作為授權公司的模式，他們的品牌確實有效。他們不經營大部分電子商務網站。我們預計其他主要品牌也將在未來 30 天內推出。

Perfect.

完美的。

And that's all I have for now.

這就是我現在所擁有的一切。

Thank you.

謝謝。

Thank you, Michael.

謝謝你，麥可。

Anthony Lebiedzinski with Sidoti.

安東尼·萊別津斯基和西多蒂。

Good afternoon, and thank you for taking the questions.

下午好，感謝您提出問題。

So first, just wanted to follow up on the Lori Goldstein. So Bob, I know you talked about the continued scheduling conflicts. It sounds like it was meaningful for the quarter as the other brands were up So any way you could quantify take a stab at it, China's share, like how much you think this was, how much this impacted your top line?

首先，我想跟進 Lori Goldstein。鮑勃，我知道你談到了持續的日程安排衝突。聽起來這對本季來說很有意義，因為其他品牌都在上漲，所以你可以用任何方式量化中國的份額，例如你認為這是多少，這對你的營收有多大影響？

So we won't know for this year. But until we, until and unless we reach a settlement agreement with Lori and we are close, I think it's in good shape. Everyone's been acting in good faith, obviously, we'll have the first half of the year. Just because of timing to get anything done with Lori and buy. I think based on where we are in the discussions, it will be good for us and the shareholders and good for Lori. That's where we are.

所以今年我們不會知道。但直到我們與洛里達成和解協議並且我們接近和解協議之前，我認為一切都處於良好狀態。每個人都在真誠地行事，顯然，我們將度過今年上半年。只因為有時間與洛瑞完成任何事情併購買。我認為根據我們的討論進展，這對我們和股東都有好處，對洛里也有好處。這就是我們現在的情況。

Okay. All right. So it sounds like from a cash flow perspective, it's not overly meaningful. So it doesn't really take away from your goals.

好的。好的。所以從現金流的角度來看，這聽起來並沒有太大意義。所以它並不會真正影響你的目標。

No it's not. And with all the things that we have coming on now with the business doubling and C. Wonder and Paulson and getting launched. Christy, getting launched other things we have in the pipeline because this wasn't a big cash flow contributor. We're happy with where we are in the negotiations with Lori.

不，這不對。隨著業務翻倍以及 C. Wonder 和 Paulson 的推出，我們現在所經歷的一切。克里斯蒂，我們正在推出其他項目，因為這不是一個大的現金流貢獻者。我們對與洛里的談判進展感到滿意。

Okay. And then on terms profitability for this year, I think you said that you expect to be positive EBITDA later this year. So do you mean for one of the quarters later this year, or do you think you'll be positive EBITDA for the full year?

好的。然後就今年的盈利能力而言，我認為您說過預計今年晚些時候將實現正 EBITDA。那麼您是指今年稍後的一個季度，還是您認為全年的 EBITDA 將為正值？

Just wanted to get a little bit more clarification in terms of that.

只是想在這方面得到更多的澄清。

I see it, it will depend quarter by quarter and quite frankly, how fast, we see the ramp-up in the G-III license and what we expect for the full year will be positive and coming into Q3 and Q4, that's when we're going to see that pickup because that's really when G-III starts to ramp.

我認為，這將取決於每個季度，坦白說，我們看到G-III 許可證的成長速度有多快，我們對全年的預期將是積極的，並進入第三季度和第四季度，那時我們會看到那個皮卡，因為那確實是 G-III 開始加速的時候。

So G-III , will it start already or in July or are we talking about later in the quarter? Like what's the timing?

那麼 G-III 是已經開始還是 7 月開始，還是我們在本季晚些時候討論？例如時間是什麼時候？

So we just have a better understanding as to how the business will flow as the quarter as easy as the year progresses?

因此，我們只是更了解業務將如何在本季和今年的進展中順利進行？

They should be shipping now. So we're going to wait for them to send to was there shipping report, but to get in propofol shipping is starting now.

他們現在應該要出貨了。因此，我們將等待他們發送到那裡的運輸報告，但異丙酚運輸現在已經開始。

So it sounds like as the year progresses and progresses, each quarter should be better from both a top line and bottom line perspective, is that fair to say?

因此，聽起來隨著時間的推移，每個季度從頂線和底線的角度來看都應該更好，這樣說公平嗎？

That's how we say it. There's an adjustment for Lori top line may change, but we believe bottom line and cash flow will be better.

我們就是這麼說的。洛里的營收可能會發生調整，但我們相信營收和現金流會更好。

Okay.

好的。

That's very encouraging. And then in terms of or me, you talked about onboarding of three to five per week. Do you think that perhaps could maybe accelerate as the year progresses as well? Or do you think that's a space that you'll be happy with if you could continue without?

這非常令人鼓舞。然後就我而言，您談到每週三到五個人的入職。您認為隨著時間的推移，這種情況可能也會加速嗎？或者你認為如果你可以繼續沒有這個空間，你會感到滿意嗎？

No, I think it will accelerate armies and hiring staff is the people, and we're helping them with the bigger brands, making contacts for them, but they're staffing up and beginning to really operate.

不，我認為這將加速軍隊建設，招募員工就是人，我們正在幫助他們建立更大的品牌，為他們建立聯繫，但他們正在配備人員並開始真正運作。

Got you. Okay. I guess my last question here. So you did a small capital raise during the quarter. Do you think given the state of business that you should be all set or do you project any other capital raises?

明白你了。好的。我想我的最後一個問題在這裡。因此，您在本季進行了小額融資。您認為考慮到目前的業務狀況，您是否應該做好準備，或者您是否計劃進行任何其他融資？

I think we're good for now, given where we are and unless there is some kind of transaction that we have need for cash, I don't foresee us doing another equity deal unless there's a there's a need for the capital to effect the transaction.

我認為我們目前狀況良好，除非有某種交易需要現金，否則我預計我們不會進行另一筆股權交易，除非需要資本來實現交易。

Got a very good or I want to thank you gentlemen, though, and best of luck.

不過，我還是要感謝你們，先生們，祝你們好運。

Okay. Thank you, Anthony.

好的。謝謝你，安東尼。

Howard Brous, Wellington Shields.

霍華德·布羅斯，威靈頓·希爾茲。

So a couple of questions that I have been asked, but not in the depth. I'd like them or me how many companies have you signed up? And can you give us some sense of names that have signed up?

我被問了幾個問題，但不是很深入。我想問他們或我，你們已經簽了多少家公司？能為我們介紹一下已經報名的名字嗎？

So on our one we don't have daily reports morning. Remember where we are in 30% of that company. We've invested in that armies with private company and they share some information, but not all information with us.

因此，我們早上沒有每日報告。記住我們在該公司的 30% 中處於什麼位置。我們與私人公司一起投資了這支軍隊，他們與我們分享一些信息，但不是所有信息。

What I can see and coming through as they're adding three to five brands per week now to their pipeline. And of course, as brands come on, then they e-mail those customer databases and recruit users for the app and at some point Army more do its own capital raise and then report accordingly. So that we all have a little more visibility into into the Army business but there are some things that they're just not reporting on.

當他們現在每周向其頻道中添加三到五個品牌時，我所看到和經歷的事情。當然，隨著品牌的出現，他們會透過電子郵件發送這些客戶資料庫並為該應用程式招募用戶，在某些時候，陸軍更多會自己籌集資金，然後進行相應的報告。這樣我們就能對陸軍業務有更多的了解，但有些事情他們只是沒有報告。

You know, how many brands have signed up already?

你知道有多少品牌已經簽約了嗎？

Nine are on, and there's about another nine in the pipeline and the biggest one that was just put on [event] and Clint.

九個已經開始，還有大約另外九個正在籌備中，最大的一個剛剛在[活動]和克林特上播出。

So looking at G-III and the minimum base basically guaranteed to you, I'm looking at, if you will, next year's numbers. Is it fair to say that, the EBITDA number certainly engine directional is increasing significantly? And could you comment on what people are looking for in terms of EBITDA for next year.

因此，看看 G-III 和基本上向您保證的最低基數，如果您願意的話，我正在考慮明年的數字。可以公平地說，EBITDA 數字肯定會顯著增加嗎？您能否評論一下人們對明年 EBITDA 的期望？

And the estimate out there is a, call it $11 million.

估計是 1100 萬美元。

The catalyst for top line and EBITDA are Paulson, C. Wonder and Christie now going into next year and C. wonder's doing incredibly well to $12.9 million in '23. It's planned at approximately [25] for this year, and we believe it could hit [50] next year based on the trend that it's on and the release now handbags and footwear and some other licensed categories.

收入和 EBITDA 的催化劑是保爾森、C. Wonder 和 Christie，現在即將進入明年，而 C. Wonder 在 23 年的業績非常好，達到 1,290 萬美元。今年計劃約為 [25]，根據目前的趨勢以及現在發布的手袋、鞋類和其他一些授權類別，我們相信明年可能會達到 [50]。

And Christy, we really just has tremendous potential. There is another transaction that we will be and executing on with HSN this year, it'll come in in the latter part of Q3, possibly the beginning of Q4 for holiday season.

克里斯蒂，我們確實擁有巨大的潛力。今年我們將與 HSN 進行另一項交易，它將在第三季末進行，可能在第四季開始的假期期間進行。

And those those will be the catalyst for revenue. And of course, Judith Ripka continues to do well with JTV. And they have decided to move all the full price product and two jtv.com, which exposes that product to another 50 million unique visitors per year on JTV and gives us access to millions of customers for the juice or the e-commerce business that they're running.

這些將成為收入的催化劑。當然，Judith Ripka 繼續在 JTV 中表現出色。他們決定將所有全價產品和兩個jtv.com 移至JTV.com，每年在JTV 上向另外5000 萬獨立訪客展示該產品，並使我們能夠接觸到數百萬客戶，了解他們的果汁或電子商務業務。

So we're excited about what JTV is dealing with to three, and those will be the catalyst for growth. We do have other and brands that we anticipate that we will be launching going into next year that could be immediate drivers of revenue, and we look forward to announcing those as we get closer to finalize.

因此，我們對 JTV 正在處理的三件事感到興奮，這些將成為成長的催化劑。我們確實有其他品牌，我們預計將在明年推出，這可能會成為收入的直接驅動因素，我們期待在接近最終確定時宣布這些內容。

So is it fair to say the estimate for EBITDA for next year is how concerned?

那麼，明年的 EBITDA 預估有多令人擔憂，這樣說是否公平呢？

Let me ask it that way?

讓我這樣問一下？

Where we're standing behind the estimates that are out there, ours yet based on what we see in the pipeline and the business.

我們所支持的估計是基於我們在管道和業務中看到的情況。

So effectively, you're selling a 1.5 times EBITDA for next year, a fair comment of that.

因此，實際上，您明年的 EBITDA 銷售額將達到 1.5 倍，這是公平的評價。

It seems reasonable when you when do you think about where that EBITDA can be?

當您什麼時候考慮 EBITDA 會達到什麼水平時，這似乎是合理的？

Yes, that's all I have.

是的，這就是我所擁有的一切。

Thank you. Good luck, Bob.

謝謝。祝你好運，鮑伯。

Thank you.

謝謝。

Michael Kupinski, Nobkle Capital Markets.

邁克爾·庫平斯基 (Michael Kupinski)，Nobkle 資本市場。

So I think some sorry, just one quick follow up, Bob, in terms of the new brand, you hope to launch, you said that I believe it might be featured on HSN. Will this be and have it can you give us any additional color on that, whether or not it's an apparel brand or will it also be streaming on. Could you just kind of give us a little additional color there, Q4 and maybe even some thoughts about how much revenue might generate this year?

所以我想有些抱歉，鮑勃，就您希望推出的新品牌而言，我想快速跟進一下，您說我相信它可能會在 HSN 上出現。這是嗎？您能給我們一些關於第四季度的額外資訊嗎？

So it is an apparel brand and it is with the celebrity designer. We don't think it'll contribute much this year, Michael, just because of when it's launching, but it will be a contributor coming into '25. Just based on timing where we are now, it does look like holiday is one that we'll get out, but we're excited that it's a great opportunity great design and great product, and we're not making that promise. A licensee is doing it. Then our goal is to do more of these at HSN where each of these brands could be 30 million to 50 million in volume on HSN and that's the goal. So.

所以它是一個服裝品牌，而且是與名人設計師合作的。邁克爾，我們認為它今年不會做出太大貢獻，只是因為它的發佈時間，但它將在 25 年做出貢獻。僅根據我們現在所處的時間，看起來我們確實會休假，但我們很高興這是一個偉大的機會，偉大的設計和偉大的產品，但我們並沒有做出這樣的承諾。被許可人正在這樣做。然後我們的目標是在 HSN 上做更多這樣的事情，每個品牌在 HSN 上的銷售量可以達到 3000 萬到 5000 萬，這就是我們的目標。所以。

Perfect. Well, good luck with that. Thank you.

完美的。好吧，祝你好運。謝謝。

That's all I have.

這就是我的全部。

Thank you.

謝謝。

There are no further questions at this time. I will now turn the call back over to Mr. D'Loren and for closing remarks.

目前沒有其他問題。現在我將把電話轉回給德洛倫先生並作總結發言。

(Multiple Speakers) What I just want to let everyone know that we had some technical difficulties getting our earnings release out. I was just informed that they fixed them and they really should be going out momentarily. We did file our 10-Q earlier this afternoon. So apologies to have an average lease not issued prior to the call. So I do not have Edmundo. We've had technical issues with the fund with the relation additional expect.

（多位發言者）我只是想讓大家知道，我們在發布收益時遇到了一些技術困難。我剛剛被告知他們修好了，他們真的應該暫時出去。今天下午早些時候我們確實提交了 10-Q。因此，我們很抱歉在電話會議之前沒有發出平均租約。所以我沒有艾德蒙多。我們對該基金有技術問題，並與其他預期有關係。

So sorry about that.

對此感到非常抱歉。

Okay. So thank you, Jim.

好的。謝謝你，吉姆。

Ladies and gentlemen, thank you for your time this evening. We greatly appreciate your continued interest and support in Xcel Brands. As always, state should eat well and be healthy.

女士們、先生們，感謝您今晚抽出時間。我們非常感謝您對 Xcel Brands 的持續關注與支持。一如既往，國家應該吃得好，保持健康。

Ladies and gentlemen, that does conclude our conference call for today. You may all disconnect, and thank you for participating.

女士們先生們，我們今天的電話會議到此結束。大家可以斷開連接，感謝您的參與。