Aterian Inc (ATER) 2023 Q4 法說會逐字稿

Good afternoon.

午安.

I would like to welcome you to the Materion Inc. Q4 earnings report.(Operator Instructions)

歡迎您閱讀 Materion Inc. 第四季財報。（操作說明）

And I would now like to turn the call over to Ilya Grozovsky, Vice President, Investor Relations and Corporate Development you may begin your conference.

現在我想將電話轉給投資者關係和企業發展副總裁伊利亞·格羅佐夫斯基 (Ilya Grozovsky)，您可以開始會議了。

Thank you.

謝謝。

Thank you for joining us today to discuss materials' Fourth Quarter 2023 earnings results.

感謝您今天加入我們討論 Materials 2023 年第四季的獲利結果。

On today's call are Joseph Risico and Arturo Rodriguez, our co-CEOs.

我們的聯合執行長約瑟夫·里西科 (Joseph Risico) 和阿圖羅·羅德里格斯 (Arturo Rodriguez) 出席了今天的電話會議。

A copy of today's press release is available on the Investor Relations section of Atlassian's website at materion dot IO.

今天新聞稿的副本可在 Atlassian 網站 materion dot IO 的投資者關係部分取得。

Before we get started, I want to remind everyone that the remarks on the call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on current management expectations.

在開始之前，我想提醒大家，電話會議中的言論可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，這些陳述基於當前管理層的預期。

These may include, without limitation, predictions, expectations, targets or estimates, including regarding our anticipated financial performance, business plans and objectives, future events and developments, and actual results could differ materially from those mentioned these forward-looking statements also involve substantial risks and uncertainties, some of which may be outside of our control, and that could cause actual results to differ materially from those expressed or implied by such statements.

這些可能包括但不限於預測、期望、目標或估計，包括有關我們預期財務表現、業務計劃和目標、未來事件和發展的預測、預期、目標或估計，而實際結果可能與上述內容有重大差異，這些前瞻性陳述也涉及重大風險和不確定性，其中一些可能超出我們的控制範圍，並可能導致實際結果與此類聲明中明示或暗示的結果有重大差異。

These risks and uncertainties, among others are discussed in our filings with the SEC.

我們向美國證券交易委員會提交的文件中討論了這些風險和不確定性等。

We encourage you to review these filings for a discussion of these risks, including our annual report Form 10 K filed on March 16, 2023, in our quarterly report on Form 10 Q filed on November 8, 2023, and our upcoming Annual Report on Form 10 K when it is available on the investor portion of our website at materion dot a. u.

我們鼓勵您查看這些文件以討論這些風險，包括我們於2023 年3 月16 日提交的年度報告Form 10 K、我們於2023 年11 月8 日提交的Form 10 Q 季度報告以及我們即將發布的Form 10 K 年度報告10 K，當它在我們網站的投資者部分（materion dot a）上可用時。 u。

You should not place undue reliance on these forward-looking statements.

您不應過度依賴這些前瞻性陳述。

These statements are made only as of today, and we undertake no obligation to update or revise them for any new information, except as required by law.

這些聲明僅在今天發布，我們不承擔針對任何新資訊更新或修改這些聲明的義務，除非法律要求。

This call will also contain certain non-GAAP financial measures, including adjusted EBITDA and adjusted EBITDA margin, which we believe are useful supplemental measures that assist in evaluating our ability to generate earnings, provide consistency and comparability with our past performance and facilitate period-to-period comparisons of our core operating results.

本次電話會議還將包含某些非公認會計原則財務指標，包括調整後的EBITDA 和調整後的EBITDA 利潤率，我們認為這些是有用的補充指標，有助於評估我們產生收益的能力，提供與過去業績的一致性和可比性，並促進期內業績的改善。- 我們核心經營績效的期間比較。

Reconciliation of these non-GAAP measures to the most comparable GAAP measures and definitions of these indicators are included in our earnings release which is available on the investor portion of our website at iteris dot i. l.

這些非 GAAP 指標與最具可比性的 GAAP 指標的對帳以及這些指標的定義均包含在我們的收益報告中，該報告可在我們網站的投資者部分獲取，網址為 iteris dot i。湖

Please note that our definition of these measures may differ from similarly titled metrics presented by other companies, we are unable to provide a reconciliation of non-GAAP adjusted EBITDA margin to net income margin, the most directly comparable GAAP financial measure on a forward-looking basis without unreasonable efforts because items that impact this GAAP financial measure are not within the company's control and or cannot be reasonably predicted.

請注意，我們對這些指標的定義可能與其他公司提出的類似標題指標有所不同，我們無法提供非GAAP 調整後EBITDA 利潤率與淨利潤率的對賬，這是前瞻性最直接可比的GAAP 財務指標由於影響此 GAAP 財務指標的項目不在公司的控制範圍內或無法合理預測，因此不會做出不合理的努力。

With that, I will turn the call over to Joe.

這樣，我就把電話轉給喬。

Thank you, William and thank you, everyone, for joining us today.

謝謝威廉，謝謝大家今天加入我們。

Today I'm going to touch on our 2023 year, including our fourth quarter financial results.

今天我將談談我們的 2023 年，包括我們第四季的財務表現。

And I will also discuss the actions we are taking to foster growth for tier even 2024 and beyond as we remain focused both on achieving adjusted EBITDA profitability in the second half of 2024 and on positioning Materion for substantial growth beyond 2024.

我還將討論我們為促進 2024 年及以後的成長而採取的行動，因為我們仍然專注於在 2024 年下半年實現調整後的 EBITDA 盈利能力，並致力於讓 Materion 在 2024 年之後實現大幅增長。

Ari will then cover in more depth our financial results for the fourth quarter and will provide our outlook for Q1 for those of you joining for the first time today, a quick primer on Materion.

然後，Ari 將更深入地介紹我們第四季度的財務業績，並將為今天首次加入的人提供我們對第一季度的展望，這是 Materion 的快速入門。

Materion owns and operates its own brand marketing and selling consumer products in the following categories.

Materion 擁有並經營自己的品牌，行銷和銷售以下類別的消費品。

Home and kitchen appliances and accessories through our home labs, Mueller and tour, seeing brand health and wellness, primarily through our squad party brands, Iona and transfer paper through our PBT or photo paper direct brand and essential oils to Enbrel of brands, including Healing Solutions.

家庭和廚房用具和配件透過我們的家庭實驗室、Mueller 和巡演，了解品牌的健康狀況和健康狀況，主要透過我們的小隊派對品牌、Iona 和轉印紙透過我們的PBT 或相紙直接品牌和精油到Enbrel 品牌，包括Healing解決方案。

We sell our products primarily in the US.

我們的產品主要在美國銷售。

We derive most of our revenues from the Amazon.com marketplace 2023 was a year of change for a period with already.

我們的大部分收入來自 Amazon.com 市場，2023 年已經是變化的一年。

And I taking the co-CEO role last July, Artie and I have a strong partnership and it's been a pleasure to be sharing the role with them.

去年七月，我擔任了聯合首席執行官，Artie 和我有著牢固的合作夥伴關係，很高興與他們分享這個角色。

We set out on a mission to focus, simplify and stabilize the period.

我們的使命是集中、簡化和穩定這段時期。

And together with our team, we have accomplished quite a bit to reposition the Company for success and growth, and we are excited about the value we believe we can deliver for shareholders.

我們與我們的團隊一起，在重新定位公司以實現成功和成長方面取得了相當大的成就，我們對我們能夠為股東帶來的價值感到興奮。

Some of the things we have accomplished thus far include refocusing Materion as a consumer products company by eliminating non-core initiatives that don't serve our products business shifting away from internal only developed software to a more agile and efficient third party model, eliminating a significant number of noncore skews, further strengthening of our balance sheet through the amendment of our credit facility with our lender restructuring, our people and vendor costs to better align with our newly focused core business, reducing the number of seller accounts from 31 accounts to approximately eight, further streamlining our fulfillment operations and further optimization of the marketing performance aspects of our core SKUs.

到目前為止，我們已經完成的一些事情包括將 Materion 重新定位為消費品公司，消除不服務於我們產品業務的非核心計劃，從僅內部開發的軟體轉向更靈活、更有效率的第三方模型，消除大量的非核心偏差，透過貸款人重組、我們的人員和供應商成本修改我們的信貸安排，進一步加強我們的資產負債表，以更好地與我們新關注的核心業務保持一致，將賣家帳戶數量從31 個帳戶減少到大約八、進一步精簡我們的履行運營，進一步優化我們核心SKU的行銷績效。

We are pleased with the results of these actions thus far, and we look forward to growing materially from this baseline.

我們對迄今為止這些行動的結果感到滿意，並期待在此基礎上取得實質增長。

With respect to the fourth quarter.

就第四季而言。

We are pleased with the trend in our operating results and in particular, the progress that we have made thus far to stabilize our business, notwithstanding pricing pressure across a number of highly competitive categories and a challenging discretionary spending environment.

儘管許多競爭激烈的類別面臨定價壓力，且可自由支配支出環境充滿挑戰，但我們對經營業績的趨勢感到滿意，特別是迄今為止在穩定業務方面取得的進展。

Our fourth quarter results also reflect the completion of our previously announced sku liquidation program, which we believe has well positioned us for success in 2024 and beyond.

我們第四季的業績也反映了我們先前宣布的 sku 清算計畫的完成，我們相信該計畫為我們在 2024 年及以後的成功奠定了良好的基礎。

We also continued efforts to optimize the marketing and performance of core SKUs.

我們也持續努力優化核心SKU的行銷和績效。

And while this work is never nd, we made progress on that front across each of our categories, and we are seeing early results from these efforts in Q1 of this year.

雖然這項工作從來沒有完成，但我們在每個類別的這方面都取得了進展，並且我們在今年第一季看到了這些努力的早期成果。

In 2024, we will continue our strategy to focus and simplify.

2024年，我們將持續實施聚焦、簡化的策略。

And to a lesser extent, given the work we've done thus far stabilize how we operate in order to not only position Materion for adjusted EBITDA profitability.

在較小程度上，考慮到我們迄今為止所做的工作，穩定了我們的營運方式，以便不僅使 Materion 獲得調整後的 EBITDA 獲利能力。

We'll also drive top profitable topline and growth, we'll be focused on product development, omnichannel expansion and inorganic growth in new and existing categories with respect to new products in 2024 will largely be focused on our existing portfolio, refreshing a number of existing products and also launching new products that have variations in our existing portfolio that we believe will provide value to a meaningful segment of consumers.

我們也將推動最高利潤收入和成長，我們將專注於產品開發、全通路擴張以及新產品和現有品類的無機成長，2024 年的新產品將主要專注於我們現有的產品組合，刷新許多現有產品，並推出與我們現有產品組合不同的新產品，我們相信這些產品將為有意義的消費者群體提供價值。

For example, as previously announced, we extended ARCs are essential oils portfolio to address consumer needs for healthier chemical-free products, but we have seen promising early results.

例如，正如先前宣布的，我們擴展了 ARC 精油產品組合，以滿足消費者對更健康的無化學產品的需求，但我們已經看到了有希望的早期結果。

The strong we intend to continue to continue to expand this offering throughout the rest of our oils brands.

我們打算繼續在我們的其他油品牌中繼續擴大這個產品範圍。

In addition, we are working hard on our squad party brands with a view towards further expansion for its flagship toilet store product and also expanding the product categories under the brand.

此外，我們正在努力打造小隊派對品牌，以期進一步拓展其旗艦廁所店產品，並擴大品牌下的產品類別。

We will continue to focus on our omnichannel strategy, primarily through expansion to new marketplaces that we believe can drive profitable revenues for our existing product portfolio.

我們將繼續專注於我們的全通路策略，主要是透過擴展到新市場，我們相信這些市場可以為我們現有的產品組合帶來獲利收入。

For example, and as previously disclosed, we launched on TikTok with most of our skews results to date have not been material, and we intend to continue to invest in that platform to evolve alongside that platform.

例如，正如先前所揭露的，我們在 TikTok 上推出時，迄今為止我們的大部分偏差結果並不重大，我們打算繼續投資該平台，與該平台一起發展。

Also in the near term, we will be launching a number of our products for sale from Mercado Libre in Mexico based marketplace, one of the leading marketplaces in Latin America, we will also be expanding to Amazon Kendra in the near term.

同樣在短期內，我們將在墨西哥市場（拉丁美洲領先的市場之一）的 Mercado Libre 上推出多種產品銷售，我們也將在短期內擴展到 Amazon Kendra。

And further, we are actively exploring a number of other marketplaces as we endeavor to position our products everywhere consumers are shopping.

此外，我們正在積極探索許多其他市場，並努力將我們的產品定位到消費者購物的任何地方。

Regarding our inorganic strategy, M&A remains an area of focus.

就我們的無機策略而言，併購仍然是一個重點領域。

We recently completed a small investment in fourth in heart leading deep water brand in the United States.

我們最近完成了對美國第四大領先深水品牌的小額投資。

We believe investing into new high-growth brands have the opportunity to help drive significant value for a period as well as open up new categories.

我們相信，投資新的高成長品牌有機會在一段時間內幫助推動巨大價值並開闢新類別。

We intend to continue to explore investing in earlier-stage brands.

我們打算繼續探索對早期品牌的投資。

We believe Materion can be a valuable partner before I pass it along to already a few words on the Perion's NASDAQ compliance.

我們相信 Materion 可以成為一個有價值的合作夥伴，然後我對 Perion 的納斯達克合規性進行一些介紹。

With the $1 minimum bid rule, we expect to regain compliance prior to April to the April 22 deadline set out by the NASDAQ through a reverse split.

根據 1 美元的最低出價規則，我們預計在 4 月之前通過反向拆分，在納斯達克規定的 4 月 22 日截止日期之前重新獲得合規性。

And while today, we are not providing specifics on the reverse split ratio or timing, but I can say is that we are excited to regain compliance, given that we believe we have addressed the most significant underlying operating and other issues that have been affecting our stock's underperformance over these last years.

雖然今天我們沒有提供有關反向分流比或時間的具體信息，但我可以說，我們很高興能夠重新獲得合規性，因為我們相信我們已經解決了影響我們的最重要的基本運營問題和其他問題。過去幾年該股表現不佳。

So with that, I'll pass it along to Artie.

因此，我會將其傳遞給 Artie。

Thank you.

謝謝。

Thanks, Joe. It's great to partner with you too.

謝謝，喬。與您合作也很高興。

Good evening, everyone.

各位晚上好。

We continue to make progress on our path of focusing, simplifying and stabilizing materials.

我們在聚焦、簡化和穩定材料的道路上不斷取得進展。

We continue to see certain results from these missions, especially on our balance sheet as it continues to get stronger with inventory almost at normalized levels.

我們繼續看到這些任務的某些結果，特別是在我們的資產負債表上，因為它繼續變得更強，庫存幾乎處於正常水平。

A great accomplishment considering the levels we were just a year ago.

考慮到我們一年前的水平，這是一項偉大的成就。

Although our Q4 results are better than anticipated, we still have a long way to go on our path towards adjusted EBITDA profitability with some of our recent moves, such as aligning our fixed cost to our go-forward size and scale of our focused company and our extension, increased flexibility of our credit facility has further strengthened our balance sheet.

儘管我們第四季度的業績好於預期，但透過我們最近的一些舉措，我們在實現調整後EBITDA 盈利能力的道路上還有很長的路要走，例如將我們的固定成本與我們的未來規模和重點公司的規模保持一致，我們信貸安排的延期和靈活性的提高進一步增強了我們的資產負債表。

We continue to grow more confident that we are on the right path to deliver 2024 second half adjusted EBITDA profitability.

我們越來越有信心，我們正走在實現 2024 年下半年調整後 EBITDA 獲利能力的正確道路上。

And we have the balance sheet strength to deliver these results.

我們擁有實現這些成果的資產負債表實力。

Now moving to the Q4 results.

現在轉向第四季的結果。

Overall, as expected, we saw our revenue decline primarily due to our strategy of discontinuing sales of non-core sales, coupled with challenging consumer discretionary spending and competitive pricing pressures across our portfolio, coupled with our previously action fixed cost savings, we believe we're starting to see our adjusted EBITDA losses narrowing.

總體而言，正如預期的那樣，我們的收入下降主要是由於我們停止非核心銷售的策略，加上充滿挑戰的消費者可自由支配支出和整個投資組合的競爭性定價壓力，再加上我們之前採取的固定成本節約行動，我們相信我們我們的調整後 EBITDA 損失開始收窄。

Now moving on to the details of the fourth quarter 2023 net revenue net revenue declined 40.3% to $32.8 million from $54.9 million in the year ago quarter $32.8 million.

現在讓我們來看看 2023 年第四季淨收入的細節：淨收入從去年同期的 3,280 萬美元下降 40.3% 至 3,280 萬美元。

Fourth quarter net revenue by phase as defined in our press release broke down as follows $25.2 million, $0.4 million in launch and $7.2 million in liquidating inventory normalization the year ago quarter net revenue of $54.9 million by phase broke down as follows $40.8 million, sustained $1.0 million in launch and $13.1 million liquidate an inventory normalization.

我們新聞稿中定義的第四季淨收入按階段細分如下：2,520萬美元，啟動階段40萬美元，庫存正常化階段720萬美元；上年同期按階段淨收入5,490萬美元，細分如下： 4080萬美元，持續1.0美元1,310 萬美元的啟動資金和 1,310 萬美元的庫存標準化清算費用。

Our sustained net revenue decrease of $15.6 million is primarily as a result of our SKU rationalization efforts, which have discontinued poorly performing SKUs, coupled with reduced consumer discretionary spending spending and competitive pricing pressures.

我們的淨收入持續下降 1560 萬美元，主要是由於我們的 SKU 合理化工作（停止了表現不佳的 SKU），再加上消費者可自由支配支出減少和競爭性定價壓力。

Our liquidation net revenue decreased by $5.9 million as the efforts of liquidating high-cost inventory has essentially reached its conclusion, eight variations were launched late in the fourth quarter, and we are continue to be thoughtful and the timing of our new product launches through 2024 overall gross margin for the fourth quarter increased to 51.0% from 37.1% in the year ago quarter, an increase from 49.4% in Q3 2023.

我們的清算淨收入減少了 590 萬美元，因為清算高成本庫存的努力已基本結束，第四季度末推出了 8 個版本，我們將繼續深思熟慮，確定 2024 年新產品推出的時間安排第四季度的整體毛利率從去年同期的37.1% 增至51.0%，高於2023 年第三季的49.4%。

The permit was driven by product mix and lower liquidation of higher cost inventory compared to the prior periods.

與前一時期相比，產品組合和高成本庫存的清算減少推動了這項許可。

Our overall Q4 2023 contribution margin as defined in our earnings release was negative 0.8%, which improved compared to a prior year's negative of 11.5% and decreased compared to a third quarter of 2023 bcm of 3% year over year increase in contribution margins driven by product mix and the level of liquidation revenue of higher cost inventory compared to the prior period, offset by competitive pricing pressures on our core business, Q4 2023.

我們的收益發布中定義的2023 年第四季整體邊際貢獻率為負0.8%，與上一年11.5% 的負值相比有所改善，但與2023 年第三季的3% 相比有所下降，這是由於邊際貢獻年增3%與上一時期相比，產品組合和成本較高的庫存清算收入水準被我們核心業務的競爭性定價壓力所抵消，2023 年第四季。

So our sustained products contribution margin declined slightly year over year to 6.9% versus 8.3% in Q4 of 2022.

因此，我們的持續產品貢獻率較去年同期略有下降，降至 6.9%，而 2022 年第四季為 8.3%。

The decrease in contribution margins driven by competitive pricing pressures and product mix and the completion of moving certain higher-cost inventory.

由於競爭性定價壓力和產品組合以及完成轉移某些成本較高的庫存，導致邊際貢獻率下降。

Looking deeper into our contribution margin for Q4 2023, our variable sales and distribution expenses as a percentage of net revenue increased to 52.8% as compared to 51.6% in the year ago quarter.

深入研究 2023 年第四季的邊際貢獻，我們的可變銷售和分銷費用佔淨收入的百分比從去年同期的 51.6% 增至 52.8%。

The increase in sales and distribution expenses is primarily due to product mix and an increase in fulfillment costs.

銷售和分銷費用的增加主要是由於產品組合和履行成本的增加。

Our operating losses of $8.2 million in the fourth quarter improved from a loss of $22.8 million compared to the year ago quarter, an improvement of approximately 63.8%, primarily driven by the improvement in CM and the reduction of fixed costs.

第四季我們的營運虧損為 820 萬美元，較上年同期的虧損 2,280 萬美元有所改善，增幅約為 63.8%，這主要是由於 CM 的改善和固定成本的減少所致。

Our fourth quarter 2023 operating loss includes $1.6 million of noncash stock compensation expense, a reserve for barter credits of $0.3 million and the noncash loss on impairment of intangibles of $0.3 million, while our fourth quarter 2022 operating loss includes $2.7 million of non-cash stock compensation expense or reserve a barter credits of $1.6 million and a noncash loss on impairment of goodwill of $0.5 million.

我們的2023 年第四季營運虧損包括160 萬美元的非現金股票補償費用、30 萬美元的以物易物信用準備金和30 萬美元的無形資產減損非現金損失，而我們的2022 年第四季營運虧損包括270 萬美元的非現金股票補償費用或準備金、以物易物信用為 160 萬美元，商譽減損非現金損失為 50 萬美元。

Our net loss for the quarter of $7.7 million improved from a loss of $20.3 million in the year ago quarter, an improvement of approximately 62%, primarily driven by the improvement in CM and the reduction of fixed costs.

我們本季的淨虧損為 770 萬美元，較上年同期的虧損 2,030 萬美元有所改善，增幅約為 62%，這主要是由於 CM 的改善和固定成本的減少所致。

Our fourth quarter 2023 net loss includes $1.6 million of non-cash stock compensation expenses, non-cash loss and impairment of intangibles, $0.3 million and a reserve part of credit from $0.3 million.

我們的 2023 年第四季淨虧損包括 160 萬美元的非現金股票補償費用、非現金損失和無形資產減損、30 萬美元以及 30 萬美元的信貸儲備部分。

While our fourth quarter 2022 net loss includes $2.7 million of non-cash stock compensation expenses, a reserve for barter credits of $1.6 million, noncash loss on impairment of goodwill of $0.5 million and a gain on fair value of warrant liability of $2.8 million.

我們2022 年第四季的淨虧損包括270 萬美元的非現金股票補償費用、160 萬美元的以物易物信用準備金、50 萬美元的商譽減損非現金損失以及280 萬美元的認股權證負債公允價值收益。

Our adjusted EBITDA loss of $5.6 million as defined in our earnings release improved by 65.4% from a loss of $16.2 million in the fourth quarter of 2022, primarily driven by the improvement in CM and the reduction of fixed costs.

我們的收益發布中定義的調整後 EBITDA 虧損為 560 萬美元，比 2022 年第四季的虧損 1,620 萬美元減少了 65.4%，這主要是由於 CM 的改善和固定成本的減少。

Moving onto the balance sheet.

轉向資產負債表。

At December 31, 2023, we had cash of approximately $20 million compared with $28 million at the end of September 30, 2023.

截至2023年12月31日，我們的現金約為2,000萬美元，而截至2023年9月30日，我們的現金為2,800萬美元。

The decrease in cash as expected is primarily driven by our net loss in the period and our decision to build up inventory in advance of the 2024 season to avoid tariff impacts, specifically for a beverage for this higher inventory balance should remain through Q3 of 2024.

現金減少如預期主要是由於我們在此期間的淨虧損以及我們決定在 2024 年季節之前建立庫存以避免關稅影響，特別是對於飲料，這種較高的庫存餘額應保持到 2024 年第三季度。

At December 31st, our inventory level was at $20.4 million, down from $31.5 million at the end of the third quarter of 2023 and down from $43.7 million in the year-ago quarter.

截至 12 月 31 日，我們的庫存水準為 2,040 萬美元，低於 2023 年第三季末的 3,150 萬美元，也低於去年同期的 4,370 萬美元。

We are happy to report that we believe that our current inventory of $20 million is almost at the appropriate levels.

我們很高興地報告，我們相信目前 2000 萬美元的庫存幾乎處於適當水平。

And the high cost inventory normalization that we have been working on for many quarters is now behind us.

我們幾個季度以來一直致力於的高成本庫存正常化現在已經成為過去。

As we mentioned, our inventory includes an additional $3 million of beverage coolers purchased in advance to mitigate tariffs.

正如我們所提到的，我們的庫存包括額外提前購買的價值 300 萬美元的飲料冷卻器，以降低關稅。

Our credit facility balance at the end of the fourth quarter of 2023 was $11.1 million, down from $14.2 million at the end of the third quarter of 2023 and down almost 50% from $21.1 million in the comparable prior year period.

截至 2023 年第四季末，我們的信貸額度餘額為 1,110 萬美元，低於 2023 年第三季末的 1,420 萬美元，較上年同期的 2,110 萬美元下降近 50%。

We recently right-sized and extended our credit facility by two years to December 2026 maturity.

我們最近調整了信貸額度並將其延長兩年至 2026 年 12 月到期。

Now has access to $17 million in current commitments, which can be increased to $30 million, allowing sufficient flexibility for growth when needed.

現在可以獲得 1700 萬美元的當前承諾，可以增加到 3000 萬美元，從而在需要時為成長提供足夠的靈活性。

Also credit facility extension reduces the minimum liquidity financial covenant from a peak of $15 million, down to $6.8 million of cash on hand and or availability providing further flexibility at the Company focuses on adjusted EBITDA, profitability and eventual growth.

此外，信貸額度延期將最低流動性財務契約從1500 萬美元的峰值降低至680 萬美元的手頭現金和/或可用性，為公司提供了進一步的靈活性，重點關注調整後的EBITDA、盈利能力和最終增長。

We believe today, based on our current forecasts, our extended credit facility, coupled with our existing cash, has further strengthened our balance sheet as we continue on our path towards adjusted EBITDA profitability in the second half 2024.

今天，我們相信，根據我們目前的預測，隨著我們繼續在 2024 年下半年實現調整後 EBITDA 盈利能力，我們的擴展信貸額度加上我們現有的現金，進一步增強了我們的資產負債表。

As we look at Q1 2024, considering the continued challenges in the consumer environment, we believe that net revenue will be between $18 million and $21 million dollars is in the middle of the range.

展望 2024 年第一季度，考慮到消費者環境中的持續挑戰，我們認為淨收入將在 1,800 萬美元至 2,100 萬美元之間，處於該範圍的中間位置。

This would be approximately 45% decrease from last year's Q1, primarily driven from reduction in SKUs from our strategic SKU rationalization and certain competitive pressures and the 40% decrease in our sequential quarter of Q4 2023, primarily from our seasonality and our strategic skew rationalization.

這將比去年​​第一季下降約45%，主要是由於我們的策略SKU 合理化和某些競爭壓力導致的SKU 減少，以及2023 年第四季的40% 下降，主要是由於我們的季節性和策略傾斜合理化。

As a reminder, our first quarter is our lowest lowest quarter, and we expect that Q1 will drive slightly lower seasonal splits than previous years.

提醒一下，我們的第一季是最低的季度，我們預計第一季的季節性劃分將略低於往年。

As we have previously discussed our decrease in net revenues expected as we continue to focus our go-forward business on our best brands and products.

正如我們之前討論的那樣，隨著我們繼續將未來業務重點放在我們最好的品牌和產品上，我們預計淨收入將會減少。

Our primary focus today continues to be getting to adjusted EBITDA profitability in the second half of 2024.

我們今天的主要關注點仍然是 2024 年下半年調整後的 EBITDA 獲利能力。

For Q1 2024, we expect adjusted EBITDA loss to be in the range of $2.5 million to $3.5 million.

對於 2024 年第一季度，我們預計調整後 EBITDA 損失將在 250 萬美元至 350 萬美元之間。

The middle of this range represents an improvement of approximately 30% compared to Q1 2023 and a 48% improvement from sequential quarter of Q4 2023.

該範圍的中間值表示與 2023 年第一季相比提高了約 30%，與 2023 年第四季相比提高了 48%。

Again, we continue to be laser focused on our target of turning adjusted EBITDA profitability in the second half of 2024.

同樣，我們繼續專注於在 2024 年下半年實現調整後 EBITDA 盈利的目標。

And with our Q1 guide, you can see, we're starting to realize some of the result of all our hard work and initiative.

透過我們的第一季指南，您可以看到，我們開始認識到我們所有辛勤工作和主動行動的一些成果。

We also believe based on our forecasts, we have sufficient cash above our covenants to achieve our goal without raising additional equity.

我們也相信，根據我們的預測，我們有足夠的現金來實現我們的目標，而無需籌集額外的股本。

As previously stated, if we pursue additional financing, it will be predominantly for growth through M&A.

如前所述，如果我們尋求額外融資，將主要透過併購來實現成長。

We do expect a few housekeeping items in the coming weeks, we do expect to refile our S-3 Shelf allows the opportunistically raise capital as part of our M&A strategy over the coming year or two, if we decide to do so and if we decide to acquire any brands, we believe this is good corporate governance.

我們確實預計在未來幾週內會出現一些內務管理項目，我們確實預計會重新歸檔我們的S-3 貨架，以便機會主義地籌集資金，作為我們未來一兩年併購戰略的一部分，如果我們決定這樣做並且如果我們決定的話收購任何品牌，我們相信這是良好的公司治理。

Finally, as we do annually, we expect to file our FA. shortly after the 10 K in closing, we believe our products, our strong balance sheet and with our cornerstone to focus, simplify and stabilize, we are turning the quarter and look forward with confidence as we continue on our path towards adjusted EBITDA profitability and ultimately to maximize shareholder value.

最後，正如我們每年所做的那樣，我們希望提交我們的 FA。在10 K 收盤後不久，我們相信我們的產品、我們強大的資產負債表以及我們專注、簡化和穩定的基石，我們正在扭轉這個季度，並滿懷信心地展望未來，因為我們將繼續朝著調整後的EBITDA 獲利能力邁進，並最終實現這一目標。實現股東價值最大化。

With that, I'll turn it back to the operator to open the call to questions.

這樣，我會將其轉回接線員以開始提問。

(Operator Instructions) Brian Kinstlinger, Alliance Global Partners.

（操作員說明）Brian Kinstlinger，Alliance Global Partners。

Great.

偉大的。

Thank you.

謝謝。

And I just wanted to start at a high level about the demand trends.

我只是想從高層次開始了解需求趨勢。

The year-over-year decline in the sustained revenue has been consistent for the last three or four quarters, but the pressure appears to be getting worse, at least based on the first quarter guidance.

過去三、四個季度，持續收入的年減一直持續，但壓力似乎越來越大，至少從第一季的指引來看是如此。

I'm sure there's an inflationary inflationary environment that's not making it any easier and consumers yourself supplier pricing, and you talked about seasonality, but help us understand what you're seeing in terms of this significant downs step down in revenue in the first quarter and sustained, please.

我確信通膨環境不會讓事情變得更容易，消費者自己決定供應商定價，你談到了季節性，但請幫助我們了解你所看到的第一季收入大幅下降的情況請堅持下去。

On R&D.

關於研發。

Maybe maybe touch on come on this a bit.

或許可以稍微談談這一點。

And now I'll comment on the backend on CRM done.

現在我將評論 CRM 後端的完成情況。

Okay.

好的。

And he, Brian, I hope you're doing well.

而他，布萊恩，我希望你一切都好。

So yes, I mean because we've been working very hard, right?

所以是的，我的意思是因為我們一直在努力工作，對嗎？

We said previously, we've cut well north of 1,700 skews for some of the decrease you're seeing is the fact that we're really trying to focus this business down to our most profitable and best most profitable products and brands.

我們之前說過，我們已經將偏差大幅削減到了 1,700 左右，因為您看到的一些下降是因為我們確實在努力將業務重點集中在我們最賺錢和最賺錢的產品和品牌上。

We do expect this revenue decrease, Tom, there is definitely still environmental pressures out there, right?

我們確實預計收入會減少，湯姆，環境壓力肯定仍然存在，對吧？

Consumers spend seems to still be volatile.

消費者支出似乎仍然不穩定。

But overall, we're very happy to sort of kind of where we're tracking to, again, being our goal being the most important is getting to adjusted EBITDA profitability.

但總的來說，我們很高興我們正在追蹤的地方，再次，我們最重要的目標是調整後的 EBITDA 獲利能力。

The fact that the Q1 guide, as you're in the middle is roughly $20 million or $19.5 million isn't it isn't surprising to us, especially considering the amount of skews we've cut out.

事實上，第一季的指導（正如你所看到的那樣）大約是 2000 萬美元或 1950 萬美元，這對我們來說並不奇怪，特別是考慮到我們已經剔除的偏差量。

I think the seasonality impacts and other other things that we're doing to stabilize the business may have a little bit of the effect in that number where you mentioned it may be lower.

我認為季節性影響和我們為穩定業務而採取的其他措施可能會對您提到的數字產生一些影響，可能會較低。

But I don't think overall, we think that's a trend that we'll continue to see incentive and overall shrink quarter to quarter that you've seen in the previous year, especially as we've rationalized our SKUs.

但我不認為總體而言，我們認為這是一種趨勢，我們將繼續看到去年看到的激勵和整體收縮，尤其是在我們對 SKU 進行合理化之後。

Yes, that's great.

是的，那太好了。

I would just add that, Tom, to some extent we've lost some share.

我想補充一點，湯姆，在某種程度上我們失去了一些份額。

And I believe we talked about this on the last enzyme until in some for some of the SKUs that go forward, which we're again, we're excited about.

我相信我們在最後一個酶上討論過這個問題，直到在一些後續的 SKU 中，我們再次對此感到興奮。

We've done some some work to regain share there.

我們已經做了一些工作來重新獲得那裡的份額。

We have we have sustained some loss of this.

我們已經遭受了一些損失。

I think a little some of it is that and then I would just say overall in our demand in general, I think is on it looks pretty resilient.

我認為其中有一點是這樣的，然後我只想說，總體而言，在我們的整體需求中，我認為它看起來相當有彈性。

And I think that the challenge for us is to on it can be read into into wind sales for our products.

我認為我們面臨的挑戰是如何將其解讀為我們產品的風能銷售。

So and again, you know, we still feel we're feeling pretty good about it about the work we're doing to make sure we can do it again.

一次又一次，你知道，我們仍然對我們正在做的工作感到非常滿意，以確保我們能夠再次做到這一點。

Two more and I'll do in voting.

還有兩個，我會投。

I'll move on and step-by-step in the back of the queue, why is there any revenue from the skew that you're getting rid of in the fourth quarter, whereas in the first quarter you'll have no revenue.

我將在隊列後面一步一步地繼續，為什麼您在第四季度擺脫的傾斜會帶來任何收入，而在第一季您將沒有收入。

So there is some benefit in that fourth quarter.

因此，第四季有一些好處。

And that's the first question.

這是第一個問題。

And the second question is with the cost cutting announced a few weeks ago.

第二個問題是幾週前宣布的成本削減。

What's the new quarterly revenue run rate that you believe gets you to it and adjusted EBITDA profit?

您認為新的季度營收運作率和調整後的 EBITDA 利潤是多少？

Ren, you want to you want to go for that?

任，你想去嗎？

Yes, Brian, if you could repeat that first part of that question.

是的，布萊恩，如果你能重複這個問題的第一部分。

I got second financial year, the ForEx.

我得到了第二個財政年度，外匯。

Yes, sorry, you were mentioning that in the first quarter there skew is that you're getting rid of has an impact.

是的，抱歉，您提到第一季出現的偏差是您要消除的影響。

I'm curious, was there for some from some of the skews you discontinued?

我很好奇，你停止的一些傾斜中是否有一些？

Was there revenue in the December quarter, whereas are lumpy in the current March quarter?

12 月份季度是否有收入，而當前 3 月份季度收入是否不穩定？

That's the first question.

這是第一個問題。

Yes, so for sure, as you can, and it's not necessarily it's not something we plan to disclose, but you could sort of see the liquidation numbers that you've seen and and in our table that we provide in the press release, when you look at the famous liquidation, like some of that number is it's not be their first part of the part of the drop down on top of the fire.

是的，所以可以肯定，你可以，這不一定不是我們計劃披露的內容，但你可以在我們在新聞稿中提供的表格中看到你所看到的計算數字，當你看看著名的清算，就像其中一些數字並不是他們在火上下降的部分的第一部分。

I mean, you're never going to go eat, there's yes.

我的意思是，你永遠不會去吃飯，是的。

So there's nothing interesting.

所以沒什麼有趣的事。

I mean, there's no revenue from these the SKUs you're getting very little.

我的意思是，您獲得的這些 SKU 幾乎沒有任何收入。

There's very, very, very yes, forecast.

有非常非常非常的預測。

As to the second part, what do we think the run rate revenue is going to be?

至於第二部分，我們認為運行率收入會是多少？

I think, listen, I don't think we're ready to talk about that in kind of full full disclosure.

我想，聽著，我認為我們還沒有準備好以完全公開的方式談論這個問題。

I think we've guided the Q1 number and to be roughly again, I'm speaking to middle range, $20 million.

我認為我們已經指導了第一季的數字，粗略地說，我說的是中等範圍，2000 萬美元。

I think in some aspects, the way we look at our path to positive adjusted EBITDA is really about first the focus which are reducing the skews the number to cutting our fixed costs.

我認為在某些方面，我們看待積極調整後的 EBITDA 之路的方式實際上首先是減少數位偏差以削減我們的固定成本。

I think I think when you look at where our key brands and products will shake out towards the second half of the year.

我想當你看看我們的主要品牌和產品將在今年下半年出現哪些變化時。

We do think that those products will be back to like a 15% plus type CPM, which would be healthy.

我們確實認為這些產品將恢復到 15% 以上的 CPM，這將是健康的。

I think when you look at the $4 million of savings that we announced in February on top of the savings were announced earlier in 2023.

我認為，當你看看我們在 2 月宣布的 400 萬美元的節省金額以及 2023 年初宣布的節省金額時。

I think those combinations is what's going to get us to that kind of and you know that profitability on top of some other initiatives that Joe mentioned as we continue to simplify and stabilize, I think know because our primary focus is just either we're still working through like kind of that back end of the year.

我認為這些組合將使我們達到這種目標，你知道，隨著我們繼續簡化和穩定，除了喬提到的其他一些舉措之外，盈利能力，我想知道，因為我們的主要重點是要么我們仍然與今年底的情況類似。

So I think in theory, I don't think we're ready to actually give that number out today.

所以我認為從理論上講，我們今天還沒有準備好實際給出這個數字。

It will be more in line of sight when we get into into later into the year in Q2.

當我們進入今年第二季度晚些時候時，它將會更加引人注目。

But we do feel that that we have line of sight of getting to that goal, especially with those initiatives that we've kind of achieved so far.

但我們確實覺得我們有實現這一目標的願景，特別是透過我們迄今為止已經取得的那些舉措。

Okay thank you.

好的謝謝。

(Operator Instructions) Matt Koranda, Roth MKM.

（操作員說明）Matt Koranda，Roth MKM。

As Mike said, even on for Matt, maybe just starting with the new products recently talked about adding beverage cooler products and expanding essential oils, some given the consumer purchasing environment is still relatively new deals sensitive.

正如麥克所說，即使是馬特，也許只是從最近談論的新產品開始，增加飲料冷卻器產品和擴大精油，一些考慮到消費者購買環境仍然相對較新的交易敏感。

How are we thinking about balancing these new product introductions with maintaining market share and adhering to a price-sensitive consumer in 2024, I guess, just given we're working towards a higher margin profile in the coming quarters.

我想，考慮到我們正在努力在未來幾季實現更高的利潤率，我們如何考慮在 2024 年平衡這些新產品的推出與保持市場份額和堅持對價格敏感的消費者之間的平衡。

Yes.

是的。

It's to your question.

這是針對你的問題。

I'll grab this one already.

我已經抓住這個了。

Maybe you can chime in on offer shorts, challenge on rate on all the things you ticked off or challenge rates on.

也許你可以插話一下報價空缺，對你勾選的所有事情的價格提出質疑，或者對價格提出質疑。

But when we think about the portfolio and we did, we think somewhat in terms of good, better best.

但當我們考慮我們的投資組合時，我們會從好的、更好的角度思考。

I think I think some of our products with the way historically we've gone to market on a number of those products are sort of geared towards on sort of the better, better best kind of version of the product until some of the things that we're doing are aimed at the annuity that getting sort of the good product, right, that more and more value for the price to the consumer through through variation on that, to the extent you're on Amazon, right, that those those variations usually right, not always, but usually show up on the same listing.

我想我認為我們的一些產品，按照歷史上我們進入市場的方式，其中一些產品是面向更好、更好的產品版本，直到我們推出一些產品。我們正在做的事情是為了獲得年金，獲得某種好的產品，對吧，透過這些變化，透過變化為消費者提供越來越多的價格價值，對吧，那些變化通常是正確的，但並非總是如此，但通常會出現在同一個列表中。

And so now if you think about that listing now, it's addressing a broader, a broader market of consumers.

因此，如果您現在考慮該列表，您會發現它正在面向更廣泛的消費者市場。

And so hopefully, if you did your job well, getting more conversion on that listing, we're getting market share and getting ranking, right, which means you can be more prominent on kind of the more prominent placement until now, where we're not going to go crazy on with with new product launches, right?

因此，希望如果您做得很好，在該列表上獲得更多轉化，我們將獲得市場份額並獲得排名，對吧，這意味著您可以在迄今為止更突出的位置上更加突出，我們在那裡我們不會因為新產品的發布而瘋狂，對嗎？

But there are a number of areas where we think it's appropriate for us to to come to market.

但我們認為在許多領域適合我們進入市場。

And so I'm going to stop there and to close out, does that address your question?

那麼我就講到這裡並結束了，這能解決你的問題嗎？

Yeah that's clear.

是的，很清楚。

On a lesser, I guess last one for me on the profitability target in the second half.

就較小的方面而言，我想我的最後一個目標是下半年的獲利目標。

There's a lot of moving parts of the business right now.

目前，該業務有很多變動的部分。

Looks like we're doing the right things to prioritize profitability which is great.

看起來我們正在做正確的事情來優先考慮盈利能力，這很好。

I guess what could potentially push this profitability data out are are you factoring in a lower promo environment or any certain pickup in product categories?

我想是什麼可能會推高這個獲利數據，你是否考慮到較低的促銷環境或產品類別的任何特定回升？

Maybe just provide more color on if the profitability guide constant, any change in the macro environment?

也許只是提供更多的資訊來說明如果獲利能力指引不變，宏觀環境會發生什麼變化？

I know we talked about new market expansion earlier in the call.

我知道我們在電話會議早些時候討論了新市場的擴張。

Is that factored in?

是否考慮到了這一點？

Just I'll speak to why we're confident and where the virus.

我只想談談為什麼我們有信心以及病毒在哪裡。

On you want to do you want to take that one?

就你想要的，你想接受那個嗎？

Yes, I think come it's a good question.

是的，我認為這是一個很好的問題。

And I was and we feel very confident right now, right of what we just we just said it for kind of scorecard on our on our earnings, our prepared remarks.

我曾經並且我們現在感到非常有信心，我們剛才所說的對我們的收益和我們準備好的言論的記分卡是正確的。

We do feel that we're very well situated to continue to make progress and focus in stabilizing some client business.

我們確實認為我們完全有能力繼續取得進展並專注於穩定一些客戶業務。

And that should unlock that goal of the second half adjusted EBITDA profitability.

這應該會實現下半年調整後 EBITDA 獲利能力的目標。

I think specifically on our C side of the house.

我特別想在我們家的 C 面。

And Joe said that, and we're doing a lot of great things.

喬說過，我們正在做很多偉大的事情。

We're there's still pressures out there, but we're trying to mitigate that through a lot of the actions and initiatives that you highlighted in his prepared remarks.

我們仍然面臨壓力，但我們正在努力透過您在他準備好的演講中強調的許多行動和舉措來減輕壓力。

The nice thing about the SKU rationalization is that we're really putting all our energy and focus around our core SKUs and brands.

SKU 合理化的好處是，我們真正將所有精力和注意力集中在我們的核心 SKU 和品牌上。

So there's a lot more attention that we give today to every single one of the remaining brands and products.

因此，今天我們對剩下的每一個品牌和產品都給予了更多的關注。

And perhaps in the past, the company was doing when it was when it was dealing with 4,000 SKUs across 14 brands.

也許在過去，該公司在處理 14 個品牌的 4,000 個 SKU 時就這樣做了。

So I do think that allows us to be a little bit more protective and reaction to any type of macro-environment that may happen again in the world.

因此，我確實認為這使我們能夠對世界上可能再次發生的任何類型的宏觀環境採取更多的保護和反應。

World is very well these days.

這些天世界很好。

There's a lot of things years ago, probably don't and we talked about, but certainly I do feel that the way we're currently set up, it does mitigate some of that risk and gives us some some some protections on that said, I think as Joe said, we're very focused on omnichannel expansion, which is important to us because I think the one thing that we feel we are very concentrated as we are still very country known Amazon were almost 85% of our revenue.

幾年前有很多事情，可能沒有，我們也討論過，但我確實覺得我們目前的設置方式確實減輕了一些風險，並為我們提供了一些保護，我認為，正如喬所說，我們非常專注於全通路擴張，這對我們來說很重要，因為我認為我們感覺我們非常集中的一件事是亞馬遜，因為我們仍然非常知名，亞馬遜幾乎占我們收入的85%。

North of that is there.

北面就是那裡。

I think some of the initiatives that the team is doing will hopefully, hopefully help diversify us that over certainly through the second half of the year into next year and in order to mitigate any type of impact you may see from there.

我認為團隊正在採取的一些舉措有望幫助我們從下半年到明年多元化，並減輕您可能看到的任何類型的影響。

And that's clear.

這很清楚。

I appreciate that just want to nail down on, is there any new market expansion that we called out in the call?

我很欣賞，只是想確定一下，我們在電話會議中是否提出了任何新的市場擴張？

Or is that factored into the guide?

或者指南中是否考慮了這一點？

No.

不。

Okay.

好的。

So that would just be icing on top if you're successful in those efforts from?

那麼，如果您在這些努力中取得成功，那將是錦上添花？

Yes.

是的。

I mean, I think already, and I think that the term marketplace expansion zone is important, and we're accumulating, I think, has to be people being fair, maybe you are a little bit behind where we should be on the beginning.

我的意思是，我認為已經，而且我認為市場擴展區這個詞很重要，我認為我們正在積累，必須是公平的，也許你有點落後於我們一開始應該達到的水平。

Just have to keep in mind that the one you don't exactly light up a marketplace and it automatically materializes into results, right?

只需要記住，你並沒有完全點燃市場，它就會自動轉化為結果，對嗎？

On particularly when you're thinking about a market or a new phenomenon like TikTok, for example, I know we see lots of reports of products that do extremely well seemingly overnight on.

特別是當你考慮一個市場或像 TikTok 這樣的新現象時，我知道我們看到很多關於產品似乎在一夜之間表現得非常好的報告。

I think the rest of the world, it's a little more complicated.

我認為世界其他地方的情況要複雜一些。

So it should be noted.

所以應該注意。

It's important we're going to be in the marketplace.

我們要進入市場，這一點很重要。

I mentioned they're going to be other ones and then we think of these as longer-term pillars of growth for the company.

我提到它們將是其他的，然後我們將它們視為公司成長的長期支柱。

Got it very clear that and I'll hop back in the queue.

說得很清楚了，我會跳回隊列。

Thanks, guys.

多謝你們。

Thank you.

謝謝。

(Operator Instructions) Marvin Fong, BTIG.

（操作員說明）Marvin Fong，BTIG。

Your line is open, but thanks for taking my questions and my congratulations on all the progress.

您的熱線已開通，但感謝您提出我的問題，並對所有進展表示祝賀。

I guess I'll ask maybe one of the more obvious questions, but I think a lot of a lot of both of all bankruptcy or draft E.O., which is which was probably or has been ordered for a while, but you know, you guys did announce a small acquisition.

我想我可能會問一個更明顯的問題，但我認為很多都是破產或行政命令草案，這可能已經或已經被命令了一段時間，但你們知道，你們確實宣布了一項小規模收購。

So any change in that, you know, the assets that might be for sale on St. Paul.

因此，任何變化，你知道，聖保羅可能出售的資產。

So you know, should we view the way that you sort of use both cash and stock for fourth and hard at sort of a good template for how you might structure any deals for the foreseeable future?

所以你知道，我們是否應該將你使用現金和股票的方式視為第四，並努力為你在可預見的未來如何構建任何交易提供一個良好的模板？

Yes, I'll take this and can you can jump in and so on.

是的，我會接受這個，你可以加入嗎等等。

Yes, yes, we are we and we saw that ratio bankruptcy.

是的，是的，我們就是我們，我們看到了這個比率破產了。

And yes, it's been in the works to our knowledge, we and the way we think about the aggregator space is largely largely, right?

是的，據我們所知，我們對聚合器空間的思考方式很大程度上是在進行中，對嗎？

They're all under tons and tons of duress.

他們都承受著無數的脅迫。

And then it's really not the aggregators at this point.

此時此刻，它確實不是聚合器。

It's largely the lenders that they have.

這主要是他們擁有的貸款人。

There are a couple of lenders.

有幾個貸款人。

They have very significant portfolios of aggregators, which they've loaned money to And so would you say what you're largely seeing in the spaces, the lenders on pushing together their portfolio companies sort of that's sort of the next wave on versus I think throughout the year, which went.

他們擁有非常重要的聚合商投資組合，他們向這些投資組合提供了貸款，所以你會說你在這個領域看到的情況是，貸款人將他們的投資組合公司整合在一起，這有點像我認為的下一波浪潮這一整年，就這樣過去了。

We're looking to trying to organize reorganize today, Tom and I think most most or most of the lenders that are we are trying to consolidate the portfolios.

今天我們希望嘗試進行重組，湯姆和我認為我們的大多數貸款人都在嘗試整合投資組合。

That's the next move.

這是下一步行動。

Obviously, all the portfolio companies have significant amounts of debt, but the hope is that by consolidating them together, they will find a way out of this on.

顯然，所有投資組合公司都背負著大量債務，但希望透過將它們合併在一起，他們能夠找到擺脫困境的方法。

And so what that means for us is in a churn, you know, slash medium term, not likely to be opportunities to buy assets from from those from those does adheres not that where we're looking for that right are important hard obviously has nothing to do with aggregators, right?

因此，這對我們來說意味著，從中期來看，不太可能有機會從那些人那裡購買資產，這並不意味著我們正在尋找的權利很重要，但顯然沒有什麼與聚合器有關，對吧？

We're kind of looking way beyond that at this point, Marvin, from having said that if there was an opportunity, we would look at it.

馬文，我們現在的目光遠不止於此，因為我們曾說過，如果有機會，我們會考慮它。

But it's not it's not something we're really we really think about at this point.

但這並不是我們目前真正在考慮的事情。

Okay.

好的。

That's fair.

這還算公平。

And I guess you mentioned you're bringing in the cooler inventory early to avoid tariffs.

我猜你提到你會儘早引入冷卻器庫存以避免關稅。

I guess sort of a broader topic.

我想這是一個更廣泛的話題。

I mean, there's some, you know, is if the election goes a certain way, we may see much higher tariffs from product from China Securities kind of law, remind us of your strategy, I think you've read in the past you talked about efforts to kind of diversify your, you know, your supplier base into other countries.

我的意思是，有一些，你知道，如果選舉按某種方式進行，我們可能會看到來自中國證券法之類的產品的關稅要高得多，提醒我們你的策略，我想你過去讀過你談到的關於將您的供應商基礎多元化到其他國家的努力。

And is that is that still the case or have you moved some production outside of China or where do we stand there?

情況仍然如此嗎？或者你們已將一些生產轉移到中國境外？或者我們的立場如何？

And how do you have a just a general strategy or if in fact there's a write-down

你如何制定一個總體策略或實際上是否存在減記

You are already on or discuss the excellent progress that Joe Thanks for I guess your political beliefs aside, I think we see some serious large numbers that gets announced by our former President Trump, and it's part of the campaign rhetoric and essentially SKU rationalization as we see that kind of completion completion right now, about 85% of our inventories produced in China with about 15% bottled are assembled in North America, which is important improvement over the last year, especially if there's Congratulations kind of, I think in 2022 or even earlier kind of closer to like 95% or something.

您已經在談論或討論喬感謝您的出色進展，我想除了您的政治信仰之外，我認為我們看到我們的前總統特朗普宣布了一些嚴重的大量數字，這是競選言論的一部分，本質上是SKU 合理化的一部分，因為我們現在看到這種完工情況，我們大約85% 在中國生產的庫存，大約15% 瓶裝在北美組裝，這是去年的重要進步，特別是如果有恭喜的話，我認為在2022 年或甚至更早的時候，接近 95% 之類的。

So we have improved on that.

所以我們對此進行了改進。

That said, a lot of our main categories.

也就是說，我們有很多主要類別。

It's difficult to move away from China right now, electronic many electronics.

現在很難離開中國，很多電子產品。

We continue to look and see opportunities for that.

我們將繼續尋找並發現這方面的機會。

But it is difficult and outside of buying inventory like we do with beverage coolers and that which we have flexibility to do some of that, if there were tariffs to be implemented.

但這很困難，除了像我們購買飲料冷卻器那樣購買庫存之外，如果要實施關稅，我們可以靈活地做到這一點。

It's not just to adherence really across the board, so it would hit us and our competitors equally on the other side, too, like we have seen the election is still it seems like very far, whereas though it's always in everyone's from page paper these days, I do think we have some time to continue to think through that.

這不僅僅是要真正全面遵守，所以它也會在另一邊同樣地打擊我們和我們的競爭對手，就像我們看到的那樣，選舉似乎仍然很遙遠，儘管它總是在每個人的紙上這些天，我確實認為我們有一些時間繼續思考這個問題。

And I do think the other side of that is it's kind of against what the Feds and the public's desire is right now or ever everyone trying to reduce inflation to openings should come down.

我確實認為，另一方面，這有點違背聯準會和公眾現在的願望，或者任何試圖將通膨降低到開口率的人都應該下降的願望。

So I do think if as tariffs were enacted, I do think that they're probably not that these widespread or is largest currently promise during what you're seeing in the current campaigns because I think it's the antithesis of what they're trying to for inflation from an administration perspective, I'd say.

因此，我確實認為，如果關稅得到實施，我確實認為它們可能不是那麼廣泛或目前最大的承諾，因為我認為這與他們試圖實現的目標背道而馳。我想說的是，從政府的角度來看，通貨膨脹。

Okay, that's all fair.

好吧，這很公平。

I think for myself, I can keep going.

我想對我自己來說，我可以繼續走下去。

Yes, there are no further questions at this time.

是的，目前沒有其他問題。

I will now turn the call back over to Ilya Grozovsky for closing remarks.

現在我將把電話轉回伊利亞·格羅佐夫斯基 (Ilya Grozovsky) 作結束語。

As part of our shareholder purchase program, which as a reminder, investors can sign up for editorial Data I/O forward slash perks participants have the ability to ask management questions on our earnings call, but I wanted to thank all the shareholder perks participants for their loyalty and their participation in the program and their questions.

作為我們股東購買計劃的一部分，提醒投資者，投資者可以報名參加社論數據 I/O 正斜杠福利參與者可以在我們的財報電話會議上提出管理層問題，但我想感謝所有股東福利參與者他們的忠誠度、他們對計劃的參與以及他們的問題。

I've picked a few of the most popular questions that they have submitted the first question, does have any plans to buyback company shares?

我挑了幾個他們提交的最熱門的問題，第一個問題，有沒有回購公司股票的計劃？

Joe

喬

?

？

Yes, I'll grab that just.

是的，我會抓住它。

And so I'm again, just on behalf of myself again, what Julie said, we're grateful for the folks that are in perks on the retail folks that follow us and support us.

因此，我再次代表我自己，朱莉所說的，我們感謝那些關注我們並支持我們的零售人員的福利。

So I'm in no, in the near term, foreseeable future, the answer is no one cash that we have on hand.

所以我不認為，在不久的將來，在可預見的未來，答案是我們手邊沒有現金。

We want to, we think on is going to be best deployed by investing into adhering to pursue the strategies we've we've talked about on the call today.

我們希望，我們認為，最好的部署是透過投資堅持推行我們今天在電話會議上討論的策略。

And next question is from can the company provide an update on its efforts on TikTok specifically?

下一個問題是該公司能否具體介紹其在 TikTok 上的最新進展？

Yes.

是的。

So on, as I discussed earlier on, we've got, I believe most of our products there, if not all of our products on the platform front and what we know where the results to date are, again, not material to our results.

等等，正如我之前討論的，我相信我們的大部分產品（如果不是平台上的所有產品）以及我們所知道的迄今為止的結果，再次對我們的結果並不重要。

Having said that, we are spending time on investing leaning in leaning in to that platform to do our best to sort of dial in on a formula a recipe that translates into results again, just a reminder, right, TikTok is a discovery platform by people are buying things seeing content and then making a decision to buy versus versus Amazon, where you know, people are coming to the platform with the product in mind and you're searching for it specifically.

話雖如此，我們正在花時間進行投資，傾注於該平台，盡最大努力找到一個公式，一個可以再次轉化為結果的配方，只是提醒一下，對吧，TikTok 是一個人們發現的平台購買東西時看到內容，然後做出購買決定，而不是亞馬遜，你知道，人們帶著產品來到這個平台，而你正在專門搜尋它。

So there's an adjustment there.

所以這裡有一個調整。

There's a learning curve.

有一個學習曲線。

We're working hard on it.

我們正在努力。

We'll continue to talk about TikTok.

我們將繼續討論 TikTok。

And so again, appreciate the question and that's where we are today.

再次感謝這個問題，這就是我們今天的處境。

Great.

偉大的。

Thank you.

謝謝。

This concludes the Q&A portion of the call.

電話問答部分到此結束。

In terms of the upcoming calendar.

就即將到來的日曆而言。

Turion management will be participating in the 36th Annual ROTH Conference on March 17th to 19th in Laguna Niguel, California.

Turion管理階層將參加3月17日至19日在加州尼古湖舉行的第36屆羅斯年度會議。

We look forward to speaking with you on future calls, and this ends our call.

我們期待在以後的通話中與您交談，我們的通話到此結束。

You may now disconnect.

您現在可以斷開連線。