Aterian Inc (ATER) 2024 Q2 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

My name is Kath and I will be your conference operator today.

我叫凱絲，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Aterian, Inc. second quarter earnings report.

現在，我歡迎大家閱讀 Aterian, Inc. 第二季財報。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Ilya Grozovsky, Vice President, Investor Relations and Corporate Development.

我現在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)。

Thank you.

謝謝。

Please go ahead.

請繼續。

Thank you for joining us today to discuss Aterian's second quarter 2024 earnings results.

感謝您今天加入我們討論 Aterian 2024 年第二季的獲利結果。

On today's call are Arturo Rodriguez, our CEO and Josh Feldman, our CFO.

參加今天電話會議的是我們的執行長阿圖羅·羅德里格斯 (Arturo Rodriguez) 和財務長喬什·費爾德曼 (Josh Feldman)。

A copy of today's press release is available on the Investor Relations section of Aterian's website at aterian.io.

今天新聞稿的副本可在 Aterian 網站 aterian.io 的投資者關係部分取得。

Before we get started, I want to remind everyone that the remarks on this 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，本次電話會議的言論可能包含 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, preconditions, 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.

這些可能包括但不限於先決條件、期望、目標或估計，包括我們預期的財務表現、業務計劃和目標、未來事件和發展以及實際結果可能與上述內容有重大差異。

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陳述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 on Form 10-K filed on March 19, 2024, and our quarterly report on Form 10-Q when it is available on the Investors portion of our website at aterian.io.

我們鼓勵您查看這些文件以討論這些風險，包括我們於 2024 年 3 月 19 日提交的 10-K 表格年度報告，以及我們網站的投資者部分提供的 10-Q 表格季度報告在 aterian.io。

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準則財務指標，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。

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 Investors portion of our website at aterian.io. Please note that our definition of these measures may differ from similarly titled metrics presented by other companies.

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 aterian.io 的投資者部分取得。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的指標不同。

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 GAAP financial measures are not within the company's control and/or cannot be reasonably predicted.

如果不付出不合理的努力，我們就無法提供非GAAP 調整後EBITDA 利潤率與淨利潤率之間的對賬，淨利潤率是最直接可比的前瞻性GAAP 財務指標，因為影響GAAP 財務指標的項目不在公司的控制範圍內和/或無法合理預測。

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

這樣，我會將電話轉給 Arty。

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

謝謝伊利亞，也謝謝大家今天加入我們。

Just one year ago, I spoke to you as your CFO and co-CEO, and now I speak to you as the Aterian's CEO.

就在一年前，我以財務長和聯合執行長的身份與您交談，現在我以 Aterian 的執行長的身份與您交談。

I'm very honored and humbled to have the opportunity to continue to lead Aterian into its future.

能夠有機會繼續帶領 Aterian 走向未來，我感到非常榮幸和謙卑。

I want to thank our Board of Directors and the Aterian team for their trust and confidence as we embark on this chapter together.

我要感謝我們的董事會和 Aterian 團隊在我們共同開啟這一篇章時所給予的信任和信心。

Today, I'm going to discuss, one, our Q2 results and the actions that led us to our successful results; and two, an initial discussion for growth for Aterian beyond 2024.

今天，我將討論，第一，我們第二季的業績以及導致我們成功結果的行動；第二，對 Aterian 2024 年以後的成長進行初步討論。

Josh, our new CFO will then cover in depth our financial results for the second quarter and will provide our outlook for Q3.

我們的新任財務長喬許將深入介紹我們第二季的財務業績，並提供我們對第三季的展望。

For those of you joining us for the first time, I'll start with a quick introduction to Aterian.

對於那些第一次加入我們的人，我將首先快速介紹 Aterian。

Aterian owns and operates its own brands, marketing and selling consumer products across multiple categories primarily on e-commerce marketplaces.

Aterian 擁有並經營自己的品牌，主要在電子商務市場上行銷和銷售多個類別的消費品。

We sell our products primarily in the US, and today, we derive most of our revenues from Amazon.com.

我們的產品主要在美國銷售，如今，我們的大部分收入來自亞馬遜。

Since 2014, we have either organically launched or purchased brands, and today, our focus is on operating six amazing brands.

自 2014 年以來，我們要么有機推出或購買品牌，如今，我們的重點是經營六個令人驚嘆的品牌。

They are hOmeLabs, which currently focuses on dehumidification and refrigeration, a best-selling leader in dehumidifiers on Amazon.

他們就是hOmeLabs，目前專注於除濕和製冷，是亞馬遜除濕機中最暢銷的領導者。

Pursteam, another best-selling brand on Amazon, which leverages the natural power of steam to clean your home with its steam mops or reduce wrinkles in your clothes with steam irons.

Pursteam 是亞馬遜上的另一個暢銷品牌，它利用蒸氣的自然力量，用蒸氣拖把清潔你的家，或用蒸氣熨斗減少衣服上的皺紋。

Healing Solutions, our collection of the central oil brands continues to have momentum with some of the recent re-brandings and continues to provide consumers a great essential oil experience.

Healing Solutions，我們的中心油品牌系列，透過最近的一些品牌重塑繼續保持勢頭，並繼續為消費者提供出色的精油體驗。

Photo Paper Direct, our DIY or do-it-yourself iron-on transfer paper provides joy and fulfillment to all consumers who love making their own T-shirts arts and crafts.

Photo Paper Direct，我們的 DIY 或自己動手燙轉印紙，為所有喜歡製作自己的 T 卹藝術品和工藝品的消費者帶來快樂和滿足感。

Mueller Living which focuses on innovative quality products for your kitchen, has multiple top-selling products on Amazon.

Mueller Living 專注於為您的廚房提供創新優質產品，在亞馬遜上擁有多種最暢銷產品。

And finally, Squatty Potty, the original toilet stool and the leader in the category.

最後是 Squatty Potty，它是最早的馬桶​​凳，也是這個類別的領導者。

Squatty continues to help people daily around the world poop easier and better.

Squatty 持續幫助世界各地的人們每天更輕鬆、更好地排便。

With these six foundational brands, Aterian is well positioned to grow over time and consistently deliver high quality affordable products to consumers.

憑藉這六個基礎品牌，Aterian 能夠隨著時間的推移不斷發展，並始終如一地為消費者提供高品質、實惠的產品。

Now, to our Q2 performance.

現在，我們來看看第二季的表現。

We delivered on our Q2 2024 net revenue and adjusted EBITDA goals, beating our June 2024 guidance.

我們實現了 2024 年第二季的淨收入和調整後的 EBITDA 目標，超越了 2024 年 6 月的指導。

This performance was driven by a combination of our success in dehumidifiers during the period and the impact of cost cutting measures that we implemented previously in Q1 of 2024.

這項業績的推動因素是我們在此期間在除濕機方面取得的成功以及我們先前在 2024 年第一季度實施的成本削減措施的影響。

We delivered adjusted EBITDA profitability for the first time in 10 quarters since Q3 of 2021.

自 2021 年第三季以來，我們在 10 個季度中首次實現了調整後 EBITDA 獲利能力。

When compared to the same period last year, our adjusted EBITDA performance for Q2 is an improvement of over 100% on even lower revenue.

與去年同期相比，我們第二季調整後的 EBITDA 業績在收入更低的情況下提高了 100% 以上。

First and foremost, I want to congratulate our hardworking people worldwide for their continued dedication and belief in what we are doing to make Aterian a profitable consumer products company.

首先，我要祝賀我們全世界辛勤工作的員工，他們持續奉獻並相信我們正在努力使 Aterian 成為一家盈利的消費品公司。

This is another indicator that we continue to execute on our mission to focus, simplify, and stabilize Aterian.

這是我們繼續執行專注、簡化和穩定 Aterian 使命的另一個指標。

Specifically, to our net revenue performance, the weather always plays in seasonal product performance.

具體來說，就我們的淨收入表現而言，天氣總是影響季節性產品的表現。

However, our improved sales performance started in early May and even though we believe we benefited from June's hot and humid weather, we do believe that our primary driver of our success was driven by our focus and simplification mission and our outside-in approach.

然而，我們的銷售業績從五月初開始有所改善，儘管我們相信我們受益於六月的炎熱潮濕的天氣，但我們確實相信我們成功的主要驅動力是我們的專注和簡化使命以及我們由外而內的方法。

With the simplification across our business such as selling within a reduced seller account footprint, this is allowing us to simplify how we go to market and naturally narrows our daily focus.

隨著我們業務的簡化，例如在減少賣家帳戶足跡的情況下進行銷售，這使我們能夠簡化進入市場的方式，並自然地​​縮小我們的日常關注範圍。

With our shift to third-party best-in-class software, not only are we seeing improvements on direct marketplace performance, but we're also more nimble allowing us to keep up with ever-changing rules and tactics on Amazon.

隨著我們轉向第三方一流軟體，我們不僅看到了直接市場性能的改進，而且我們也變得更加靈活，使我們能夠跟上亞馬遜不斷變化的規則和策略。

For example, we are seeing better than expected results in driving outside traffic to Amazon via various marketing initiatives, which benefits our product listing rankings.

例如，我們看到透過各種行銷舉措將外部流量引入亞馬遜的效果好於預期，這有利於我們的產品清單排名。

Now, as you look at Q3 and Q4 2024, we are still confident that we are tracking towards our second half adjusted EBITDA profitability goals.

現在，當您看到 2024 年第三季和第四季時，我們仍然有信心實現下半年調整後的 EBITDA 獲利目標。

For Q3 and Q4 2024, we expect our gross margin to remain strong due to pricing and product mix.

對於 2024 年第三季和第四季度，我們預計由於定價和產品組合，我們的毛利率將保持強勁。

We do expect our overall contribution margin percentage to remain primarily in line with year-to-date results.

我們確實預計我們的整體邊際貢獻率將與年初至今的業績基本保持一致。

And in combination with our continued expected realization of our fixed cost savings, we believe we are well positioned to achieve adjusted EBITDA profitability for the second half of 2024.

結合我們持續預期實現的固定成本節約，我們相信我們有能力在 2024 年下半年實現調整後 EBITDA 獲利能力。

However, delivering results is never easy.

然而，交付成果絕非易事。

It requires a lot of work and effort, which I'm very confident our team will continue to deliver on.

這需要大量的工作和努力，我非常有信心我們的團隊將繼續實現這一點。

We continue to see consumer spaces volatile and that consumers continue to be very wise with their spending, especially with the current inflationary environment.

我們繼續看到消費空間不穩定，消費者的支出仍然非常明智，尤其是在當前的通膨環境下。

We expect container cost to be high when compared to last year for the rest of 2024 and we are always watching Amazon and their requirements.

我們預計 2024 年剩餘時間的貨櫃成本將比去年更高，並且我們一直在關注亞馬遜及其要求。

The recent [Seller Fulfilled Prime] program changes continue to be burdensome considering the reliance on last mile providers and volatile summer weather impacting on-time delivery.

考慮到對最後一哩供應商的依賴以及不穩定的夏季天氣影響準時交貨，最近的[賣家自配送 Prime] 計劃變化仍然是一個負擔。

We have also sold out on a few of our dehumidifier SKUs at the beginning of July but expect to be fully in stock again by mid-August.

7 月初，我們的一些除濕機 SKU 也已售空，但預計到 8 月中旬將再次備貨充足。

Even with those challenges, we still feel confident that we are tracking on our goal of second half adjusted EBITDA profitability.

儘管面臨這些挑戰，我們仍有信心實現下半年調整後 EBITDA 獲利能力的目標。

Looking beyond 2024, as we anticipate delivering second half adjusted EBITDA profitability, part of the mission will move from stabilization to growth.

展望 2024 年後，由於我們預計下半年將實現調整後的 EBITDA 獲利能力，部分使命將從穩定轉向成長。

Growth will become one of our primary goals in 2025, which will allow us to drive over time a more robust adjusted EBITDA profitability.

成長將成為我們 2025 年的主要目標之一，這將使我們能夠隨著時間的推移推動更強勁的調整後 EBITDA 獲利能力。

As we previously said, we still believe growth will be coming from two key pillars.

正如我們之前所說，我們仍然相信成長將來自兩個關鍵支柱。

One is omnichannel expansion, including continued improvements of our existing listings to bring them in best-in-class levels.

一是全渠道擴張，包括持續改進我們現有的列表，使其達到一流水平。

We've already launched on Mercado Libre, Squatty Potty in Walmart retail store continues to do well, and we continue to plan on our expansion into other channels.

我們已經在 Mercado Libre 上推出，沃爾瑪零售店的 Squatty Potty 繼續表現良好，我們繼續計劃擴展到其他管道。

Target Plus is our next in our road map and we hope to have that channel live before Black Friday this year.

Target Plus 是我們路線圖中的下一個頻道，我們希望在今年黑色星期五之前上線頻道。

Organic product launches will also play.

有機產品的發布也將發揮作用。

We feel really bullish that we can, very opportunistically, continue to launch new variations to grow our business, but also launch new products in both existing and new categories.

我們非常樂觀地認為，我們可以非常機會主義地繼續推出新的產品來發展我們的業務，同時也推出現有類別和新類別的新產品。

We still believe M&A can have an impact on Aterian's growth.

我們仍然相信併購會對 Aterian 的成長產生影響。

As we've stated previously, we'll continue to look at M&A opportunistically.

正如我們之前所說，我們將繼續機會主義地看待併購。

However, we believe it will not be the primary driver of our growth strategy.

然而，我們相信這不會成為我們成長策略的主要驅動力。

Today, we believe organic will be the primary driver of Aterian's future growth.

如今，我們相信有機食品將成為 Aterian 未來成長的主要動力。

We expect to discuss more of our growth strategies when we deliver our Q4 results.

我們預計在公佈第四季度業績時將討論更多的成長策略。

In closing, before I hand it off to Josh, just about a year ago, we set on a mission to focus, stabilize and simplify Aterian in order to drive it to adjusted EBITDA profitability and to deliver long-term shareholder value.

最後，大約一年前，在我將其交給 Josh 之前，我們設定了一個使命，即專注、穩定和簡化 Aterian，以推動其實現調整後的 EBITDA 盈利能力並實現長期股東價值。

Back in late 2023, we announced key initiatives to drive towards profitability and we believe we have delivered on all of them.

早在 2023 年底，我們就宣布了推動獲利的關鍵舉措，我們相信我們已經實現了所有這些舉措。

First was to rationalize SKU portfolio, which allowed us to focus on our best and most profitable brands and SKUs.

首先是合理化 SKU 組合，這使我們能夠專注於最好、最賺錢的品牌和 SKU。

Simplification on our Amazon account structure allowing us to increase our focus and simplify how we go to market.

亞馬遜帳戶結構的簡化使我們能夠更加專注並簡化我們進入市場的方式。

The shift towards best-in-class third-party tools allowing us to be more nimble in upgrading many of our marketing strategies.

轉向一流的第三方工具使我們能夠更靈活地升級許多行銷策略。

An outside-in thinking approach, which challenged our previous ideology and allowed us to execute on new initiatives in line with today's marketplace tactics and fixed cost rationalization and always a tough decision to align our fixed cost to our expected revenue, but we delivered those.

由外向內的思維方法，挑戰了我們以前的意識形態，使我們能夠根據當今的市場策略和固定成本合理化執行新舉措，並且始終是一個艱難的決定，使我們的固定成本與我們的預期收入保持一致，但我們實現了這些。

And today, we announced through these initiatives our first adjusted EBITDA profitable quarter earlier than we had promised.

今天，我們透過這些舉措宣布了我們的第一個調整後 EBITDA 獲利季度，比我們承諾的要早。

We believe this is just another indicator of our continued focus on delivering our stated goals.

我們相信，這只是我們繼續致力於實現既定目標的另一個指標。

I want to again recognize and congratulate our team on their continued dedication, excitement, and hard work and our shareholders for their patience and continued support.

我想再次認可並祝賀我們的團隊持續的奉獻、興奮和辛勤工作，以及我們的股東的耐心和持續的支持。

But we are not done.

但我們還沒完成。

We have high expectations and exciting beliefs on what Aterian can do and become, ultimately driving profitable growth and maximizing shareholder value.

我們對 Aterian 的能力和成就抱有很高的期望和令人興奮的信念，最終推動利潤成長並實現股東價值最大化。

Thank you for your time and unwavering support.

感謝您的寶貴時間和堅定不移的支持。

Now, I'll pass it along to Josh.

現在，我將把它傳遞給喬希。

Thanks Arty.

謝謝阿蒂。

Good evening, everyone.

大家晚上好。

We continued to make progress on our path of focusing, simplifying and stabilizing Aterian.

我們在專注、簡化和穩定 Aterian 的道路上繼續取得進展。

We are starting to see results from these efforts as our key metrics are improving and we've reported adjusted EBITDA profitability for the second quarter.

我們開始看到這些努力的成果，因為我們的關鍵指標正在改善，我們已經報告了第二季調整後的 EBITDA 獲利能力。

Our Q2 results were well above our original revenue and profitability guidance and even exceeded our updated sales guidance range of $23 million to $26 million, and adjusted EBITDA loss of negative $1 million to breakeven.

我們第二季的業績遠高於我們最初的營收和獲利指導，甚至超出了我們更新的2,300 萬美元至2,600 萬美元的銷售指導範圍，調整後的EBITDA 虧損為負100 萬美元，以實現盈虧平衡。

Our gross margin improved year-over-year by over 18 basis points to 60.4% and our overall CM exceeded 17% primarily as a result of our SKU rationalization.

我們的毛利率年增超過 18 個基點，達到 60.4%，我們的整體 CM 超過 17%，這主要歸功於我們的 SKU 合理化。

Although the SKU rationalization impacted our top line revenue, it significantly improved our core business metrics.

儘管 SKU 合理化影響了我們的營收，但它顯著改善了我們的核心業務指標。

Our second quarter net loss improved by 89.6% year-over-year and after 10 consecutive quarters of adjusted EBITDA losses, we posted an adjusted EBITDA gain.

我們第二季的淨虧損年增了 89.6%，在連續 10 個季度調整後 EBITDA 虧損後，我們公佈了調整後 EBITDA 收益。

While we still have work to do, I would like to echo Arty's sentiment and acknowledge the whole Aterian team on this impressive effort in achieving this milestone.

雖然我們還有工作要做，但我想回應 Arty 的觀點，並感謝整個 Aterian 團隊為實現這一里程碑所做的令人印象深刻的努力。

Now moving on to the detailed results for the quarter.

現在轉向本季的詳細業績。

Net revenue for the second quarter of 2024 declined 20.6% to $28 million from $35.3 million in the year-ago quarter.

2024 年第二季淨收入從去年同期的 3,530 萬美元下降 20.6% 至 2,800 萬美元。

Including the impact of the SKU rationalization efforts into the comparable prior year, net revenue would have been essentially flat.

考慮到 SKU 合理化工作對上一年可比的影響，淨收入將基本持平。

Our sustained net revenue of $26.3 million decreased as expected by 15.2% or $4.7 million from $31 million primarily as a result of our SKU rationalization efforts.

我們的持續淨收入為 2,630 萬美元，與預期的 3,100 萬美元相比下降了 15.2%，即 470 萬美元，這主要是由於我們的 SKU 合理化工作所致。

Our launch revenue was $0.5 million during Q2 2024, compared to $42,000 in Q2 2023.

我們在 2024 年第二季的發布收入為 50 萬美元，而 2023 年第二季為 42,000 美元。

As planned, we had no new product category launches in the second quarter.

按照計劃，我們第二季沒有推出新產品類別。

However, we did launch variations of existing products in our Healing Solutions and Squatty Potty brands.

然而，我們確實在 Healing Solutions 和 Squatty Potty 品牌中推出了現有產品的變體。

We expect to continue with launching predominantly variations in the second half of the year.

我們預計將在下半年繼續推出主要版本。

As we strive to stay focused, we continue to be thoughtful on the timing of our product launches.

在我們努力保持專注的同時，我們將繼續深思熟慮產品發布的時間。

Overall, gross margin for the second quarter increased to 60.4% from 42.2% in the year-ago quarter but decreased from 65.1% in Q1 2024.

總體而言，第二季的毛利率從去年同期的 42.2% 增至 60.4%，但較 2024 年第一季的 65.1% 有所下降。

The year-over-year improvement was driven by the positive impact of our SKU rationalization efforts, product mix and less liquidation of high-cost inventory compared to the prior period.

與上一期相比，我們的 SKU 合理化工作、產品組合以及高成本庫存清算減少的正面影響推動了同比改善。

Our overall Q2 2024 contribution margin as defined in our earnings release was 17.4%, which improved compared to the prior year's negative 3.6%, an increase compared to Q1 2024 CM of 14.1%.

我們的收益發布中定義的 2024 年第二季度整體貢獻率為 17.4%，與上一年的負值 3.6% 相比有所改善，與 2024 年第一季 CM 的 14.1% 相比有所增加。

The year-over-year increase in contribution margin was driven by the positive impact of our SKU rationalization efforts and less liquidation of higher cost inventory, compared to the prior period.

與上一期相比，我們的 SKU 合理化工作以及高成本庫存清算減少的正面影響推動了邊際貢獻的同比增長。

Q2 2024 saw our sustained products contribution margin improve year-over-year to 19.8% versus 2.1% in Q2 2023.

2024 年第二季度，我們的持續產品貢獻率年增至 19.8%，而 2023 年第二季為 2.1%。

The increase in contribution margin was driven by our focus on more profitable SKUs as part of our SKU rationalization efforts.

作為 SKU 合理化工作的一部分，我們對利潤更高的 SKU 的關注推動了邊際收益的成長。

Looking deeper into our contribution margin for Q2 2024, our variable sales and distribution expenses as a percentage of net revenue decreased to 43% as compared to 45.8% in the year-ago quarter.

深入研究 2024 年第二季的邊際貢獻，我們的可變銷售和分銷費用佔淨收入的百分比下降至 43%，而去年同期為 45.8%。

This decrease in sales and distribution expenses as a percentage of revenue is primarily due to product mix with a higher proportion of dehumidifiers sales during the three months ended June 30, 2024 compared to the year-ago quarter.

銷售和分銷費用佔收入百分比的下降主要是由於截至 2024 年 6 月 30 日的三個月內除濕機銷售比例高於去年同期的產品組合。

These products incurred lower last mile cost as a percentage of revenue.

這些產品的最後一哩成本佔收入的比例較低。

Our operating loss of negative $3.2 million in the second quarter of 2024 improved from a loss of negative $36.4 million in the year-ago quarter, an improvement of approximately 91.2%, primarily driven by the improvement in CM, the reduction of fixed costs due to our cost cutting initiatives and no impact of intangible write-offs in the current period.

2024 年第二季度，我們的營運虧損為負 320 萬美元，較去年同期的負虧損 3,640 萬美元有所改善，增幅約為 91.2%，這主要是由於 CM 的改善以及由於我們的成本削減舉措和本期無形資產沖銷沒有影響。

Our second quarter 2024 operating loss includes $2.9 million of non-cash stock compensation expense, while our second quarter 2023 operating loss included $3.2 million of non-cash stock compensation, a non-cash loss on impairment of intangibles of $22.8 million and restructuring costs of $1.2 million.

我們2024 年第二季的營運虧損包括290 萬美元的非現金股票補償費用，而我們2023 年第二季的營運虧損包括320 萬美元的非現金股票補償、2,280 萬美元的無形資產減損非現金損失和2280 萬美元的重組成本。

Our net loss for the second quarter 2024 of $3.6 million improved from a loss of $34.8 million in the year-ago quarter, an improvement of approximately 89.6% primarily driven by the improvement in CM and the reduction of fixed costs and the impact of intangible write-offs in the prior year.

我們 2024 年第二季的淨虧損為 360 萬美元，較上年同期的虧損 3,480 萬美元有所改善，改善約 89.6%，這主要是由於 CM 的改善、固定成本的減少以及無形寫入的影響-上一年度的折扣。

Our adjusted EBITDA gain of $0.2 million, as defined in our earnings release, improved by 102% from an adjusted EBITDA loss of $8 million in the second quarter of 2023, primarily driven by the improvement in CM and the reduction of fixed costs.

根據我們的收益發布中的定義，我們調整後的EBITDA 收益為20 萬美元，比2023 年第二季調整後的EBITDA 虧損800 萬美元改善了102%，這主要是由於CM 的改善和固定成本的減少。

Moving on to the balance sheet.

繼續看資產負債表。

At June 30, 2024, we had cash of approximately $20.3 million, compared with $17.5 million at March 31, 2024.

截至 2024 年 6 月 30 日，我們的現金約為 2,030 萬美元，而 2024 年 3 月 31 日為 1,750 萬美元。

The increase in cash is predominantly driven by positive impacts of working capital, partially offset by our net loss in the period and repayments on our credit facility.

現金的增加主要是由營運資金的正面影響所推動的，部分被我們當期的淨虧損和信貸額度的償還所抵銷。

At June 30, our inventory level was at $18.4 million, down from $18.5 million at the end of the first quarter of 2024, and down from $36.7 million in the year-ago quarter-end.

截至 6 月 30 日，我們的庫存水準為 1,840 萬美元，低於 2024 年第一季末的 1,850 萬美元，也低於去年同期的 3,670 萬美元。

Our credit facility balance at the end of the second quarter 2024 was $9.6 million, up from $9.4 million at the end of the first quarter of 2024 and down from $11.1 million in the prior year period.

截至 2024 年第二季末，我們的信貸額度餘額為 960 萬美元，高於 2024 年第一季末的 940 萬美元，低於去年同期的 1,110 萬美元。

As we look at Q3 2024, considering our strategic SKU rationalization and the continued challenging consumer environment, we believe that net revenue will be between $25 million and $27 million.

展望 2024 年第三季度，考慮到我們的策略性 SKU 合理化和持續充滿挑戰的消費者環境，我們認為淨收入將在 2,500 萬美元至 2,700 萬美元之間。

Using the middle of the range, this would be an approximately 35% decrease from last year's Q3 revenue of $39.7 million, primarily driven by our reduction in SKUs from our strategic SKU rationalization.

使用該範圍的中間值，這將比去年​​第三季的收入 3,970 萬美元減少約 35%，這主要是由於我們透過策略性 SKU 合理化減少了 SKU。

Including the impact of the SKU rationalization efforts into the comparable prior year, the revenue is expected to decrease only by 12%.

包括SKU合理化工作對上年度可比的影響，收入預計僅下降12%。

As we have previously discussed, our decrease in net revenue versus prior year is expected as we continue to focus our go-forward business on our best brands and products.

正如我們之前所討論的，由於我們繼續將未來業務重點放在我們最好的品牌和產品上，預計我們的淨收入將比去年有所下降。

Our primary focus today continues to be consistent adjusted EBITDA profitability.

我們今天的主要關注點仍然是調整後的 EBITDA 獲利能力。

For Q3 2024, we expect adjusted EBITDA loss to be in the range of breakeven to $0.6 million.

對於 2024 年第三季度，我們預計調整後 EBITDA 損失將在盈虧平衡至 60 萬美元之間。

The middle of this range represents a significant improvement compared to Q3 2023 loss of $4.4 million.

與 2023 年第三季 440 萬美元的損失相比，該範圍的中間值有顯著改善。

We also believe based on our current forecast that we have sufficient cash above our covenant to achieve our goal of consistent adjusted EBITDA profitability, without raising additional equity.

我們也相信，根據我們目前的預測，我們擁有超出承諾的足夠現金，可以實現我們持續調整 EBITDA 獲利能力的目標，而無需籌集額外股本。

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

如前所述，如果我們尋求額外融資，將主要用於增值併購。

In closing, we are confident that with our products, strong balance sheet, dedicated and hardworking teams and our principles of focus, simplification and stabilization, we are turning the corner.

最後，我們相信，憑藉我們的產品、強大的資產負債表、敬業和勤奮的團隊以及我們專注、簡化和穩定的原則，我們正在度過難關。

We look forward with optimism as we continue our journey towards consistent adjusted EBITDA profitability and ultimate aim to maximize long-term shareholder value.

我們樂觀地期待著繼續實現一致的調整後 EBITDA 獲利能力和實現長期股東價值最大化的最終目標。

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

這樣，我會將其轉回給接線員以打開提問電話。

Thank you.

謝謝。

(Operator Instructions) Brian Kinstlinger, AGP.

（操作員說明）Brian Kinstlinger，AGP。

Can you quantify how many new SKUs were introduced during the first half of the year?

您能統計一下今年上半年推出了多少個新 SKU 嗎？

And then what are your plans for the next 6 to 12 months?

那麼您未來 6 到 12 個月的計畫是什麼？

Hey, Brian, it's Josh.

嘿，布萊恩，我是喬許。

So, for the first half of the year, we really didn't introduce any new product categories.

所以說，上半年我們確實沒有推出什麼新的產品類別。

There's only variations of existing categories.

只有現有類別的變體。

So, it was probably about 20 in total including mostly our Healing Solutions business and our Squatty Potty brands.

因此，總共大約有 20 個，其中主要包括我們的治療解決方案業務和我們的 Squatty Potty 品牌。

Great.

偉大的。

Thank you.

謝謝。

And then how should we think about seasonality for the second half of the year?

那我們該如何看待下半年的季節性呢？

So, as already said in the prepared remarks, we expect gross margin and contribution margin to be consistent going forward.

因此，正如在準備好的評論中已經說過的那樣，我們預計未來毛利率和貢獻率將保持一致。

From a sales perspective, I think historically Q3 has been a higher sales quarter than Q4, and we think that will be reflective for the second half of this year.

從銷售角度來看，我認為從歷史上看，第三季的銷售季度高於第四季度，我們認為這將反映在今年下半年。

Alex Fuhrman, Craig-Hallum Capital Group.

亞歷克斯·福爾曼，克雷格-哈勒姆資本集團。

Hey, guys.

嘿，夥計們。

Thanks very much for taking my question, and congratulations on achieving EBITDA profitability sooner than expected.

非常感謝您提出我的問題，並祝賀您比預期更早實現 EBITDA 盈利。

Arty, you mentioned that at some point, it sounds like over the next couple of quarters, you'd like to be pivoting from stabilizing the business to trying to get back to growth.

Arty，您提到在某個時候，聽起來在接下來的幾個季度中，您希望從穩定業務轉向努力恢復成長。

I'm curious of the six brands that are really now the cornerstone of your portfolio, which of those brands would you say really have the most potential for growth over the next couple of years?

我很好奇現在真正成為您投資組合基石的六個品牌，您認為其中哪些品牌在未來幾年真正具有最大的成長潛力？

And to what extent will M&A be a part of your growth strategy?

併購將在多大程度上成為您的成長策略的一部分？

Hey, Alex, thank you.

嘿，亞歷克斯，謝謝你。

Good question.

好問題。

Not to sound like a father with his kids, I think all the brands can really perform well.

不要聽起來像一個帶著孩子的父親，我認為所有品牌都可以表現得很好。

I think, the road maps we're considering, really have a lot of potential, especially if we think about how we're rounding our variation strategy on some of our existing listings.

我認為，我們正在考慮的路線圖確實有很大的潛力，特別是如果我們考慮如何在一些現有的清單上完善我們的變化策略。

At the same time, I think we feel very bullish that there's a lot of opportunities across multiple categories, new categories, let's say, across multiple brands and even as that also includes some thoughts about potentially even revitalizing some previously rationalized SKUs.

同時，我認為我們非常樂觀地認為，跨多個類別、新類別（比如說跨多個品牌）存在大量機會，甚至還包括一些關於可能振興一些先前合理化的 SKU 的想法。

And so, I think they all can.

所以，我認為他們都可以。

Now they're all [different range] in fairness, right?

現在他們的公平性都[不同範圍]，對吧？

Like launching new paper products is probably a lot more around variation, where I would say, there's a lot more opportunities in new categories when you think about both Pursteam, hOmeLabs and even Mueller Living, and even Squatty Potty to some extent.

就像推出新的紙製品可能更多地圍繞著變化一樣，我想說的是，當你想到 Pursteam、hOmeLabs 甚至 Mueller Living，甚至在某種程度上 Squatty Potty 時，新類別中有更多機會。

So, I do think that it's really all the brands can definitely all grow.

所以，我確實認為所有品牌絕對可以成長。

We're very confident with the GMs we have in place and the brand management teams that we have placed under them and I think there's going to be a lot of opportunities across all brands.

我們對現有的總經理以及我們在他們領導下的品牌管理團隊非常有信心，我認為所有品牌都會有很多機會。

I think, we got a strong enough base of people to really be looking at each of them and growing them each though we'll be very cautious on how we launch products and very patient.

我認為，我們擁有足夠強大的人員基礎，可以真正關注每個人並培養他們，儘管我們對推出產品的方式非常謹慎並且非常耐心。

I want to make sure that people understand the six brands we chose to stay with after rationalization do really have the potential to grow.

我想確保人們了解我們在合理化後選擇保留的六個品牌確實具有成長潛力。

As to M&A, which was your second part of the question, I think in my prepared remarks, I covered that.

至於併購，這是問題的第二部分，我想在我準備好的發言中，我已經談到了這一點。

Listen, we think M&A can play.

聽著，我們認為併購可以發揮作用。

We're going to be very opportunistic about it.

我們對此會非常投機。

But at the same time, I really want to emphasize that, I don't think it's our primary driver for growth.

但同時，我真的想強調，我不認為這是我們成長的主要動力。

I think there's a lot more opportunities especially in organic growth, which requires less investment.

我認為有更多的機會，特別是在有機成長方面，這需要更少的投資。

It takes a little bit more time, but it requires less investment and I think we're very bullish about that.

這需要更多的時間，但需要的投資更少，我認為我們對此非常樂觀。

At the same time, us looking at M&A, I think again, I'll mention opportunistic, but I'll just say we're being very thoughtful strategic and patient.

同時，我們在考慮併購，我再次想，我會提到機會主義，但我只想說我們非常周到的策略和耐心。

And I think in this current environment, it's a very strong trait to be.

我認為在當前的環境下，這是一個非常強烈的特徵。

Okay.

好的。

Thanks Arty.

謝謝阿蒂。

That's really helpful and congratulations again on the strong quarter.

這確實很有幫助，再次恭喜這個季度的強勁表現。

Thank you.

謝謝。

And there are no questions.

沒有問題。

I will now turn the conference back over to Ilya Grozovsky, Vice President, Investor Relations and Corporate Development for closing remarks.

我現在將會議轉回投資者關係和企業發展副總裁伊利亞·格羅佐夫斯基 (Ilya Grozovsky) 致閉幕詞。

Thanks.

謝謝。

As part of our Shareholder Perks program, which as a reminder, investors can sign up for at atarian.io/perks. Participants have the ability to ask management questions on our earnings calls.

作為我們股東福利計劃的一部分，謹此提醒，投資者可以在 atarian.io/perks 上註冊。參與者可以在我們的財報電話會議上提出管理問題。

I wanted to thank all of the Shareholder Perks participants for their loyalty and their participation in the program and for their questions.

我要感謝所有股東福利參與者的忠誠和對該計劃的參與以及他們提出的問題。

I've picked a few of the most popular questions that have been submitted.

我挑選了一些已提交的最受歡迎的問題。

Our first question is, does Aterian have the capability to re-enter product lines that were exited or rationalized if the dynamic in the category change?

我們的第一個問題是，如果品類動態發生變化，Aterian 是否有能力重新進入已退出或合理化的產品線？

Thanks, Ilya and I always love these questions.

謝謝，伊利亞和我一直很喜歡這些問題。

Yes, we're very excited about the growth plans for Aterian.

是的，我們對 Aterian 的成長計劃感到非常興奮。

We hope to provide more color.

我們希望提供更多的顏色。

As we said in the prepared remarks, we're going to provide more color towards the end of the year.

正如我們在準備好的發言中所說，我們將在年底提供更多的色彩。

But yes, ultimately, as far as those plans, we are looking at rationalized SKUs, where we think there's opportunities to relaunch especially when they can be meaningful.

但是，是的，最終，就這些計劃而言，我們正在考慮合理化的 SKU，我們認為有機會重新啟動，特別是當它們有意義時。

So, we're definitely looking at it.

所以，我們肯定會關注它。

Great.

偉大的。

Next question.

下一個問題。

What role does AI play in the Aterian of today and in the Aterian of the future?

人工智慧在今天和未來的 Aterian 中扮演什麼角色？

Another great question.

另一個很好的問題。

Look, I believe our teams are doing a great job exploring all the new wonderful tools out there and also, we find more tools every month that we keep looking.

看，我相信我們的團隊在探索所有新的精彩工具方面做得非常出色，而且我們每個月都會發現更多我們不斷尋找的工具。

We are using various tools today.

今天我們正在使用各種工具。

I think -- Josh and I laugh a lot, we use ChatGPT a lot.

我想——喬許和我經常笑，我們經常使用 ChatGPT。

Almost every day.

幾乎每天。

We're in there asking it questions and learning from it.

我們在那裡提出問題並從中學習。

And so, I think we're currently using a lot of that to support and be efficient in our day-to-day lives.

因此，我認為我們目前正在使用許多這些來支持我們的日常生活並提高其效率。

Our view today is that AI tools are going to be providing scalability for our future growth and not replacing our people.

我們今天的觀點是，人工智慧工具將為我們未來的成長提供可擴展性，而不是取代我們的員工。

We believe, we are at the base headcount to operate.

我們相信，我們的營運基礎人員充足。

And as part of that, where we spend a lot of time today with the team is looking at a lot of these tools that are out there that's very focused on content generation side, which should be a supplemental to our creative team and some of the product initiatives that we're working on.

作為其中的一部分，我們今天花了很多時間與團隊一起研究許多這些工具，這些工具非常專注於內容生成方面，這應該是對我們的創意團隊和一些內容的補充。

I think as we look in the future, if I think about next year and maybe beyond, there are a lot of AI tools that are coming out there that really could help us with product research, customer service and customer insights, which I think will be really helpful as we kind of reignite the organic launch strategies.

我認為，當我們展望未來時，如果我考慮明年甚至更遠的時間，就會出現很多人工智慧工具，它們確實可以幫助我們進行產品研究、客戶服務和客戶洞察，我認為這將當我們重新啟動當有機發布策略時，這確實很有幫助。

Great.

偉大的。

Thanks, Arty and Josh.

謝謝，阿蒂和喬許。

This concludes the Q&A portion of the call.

電話問答部分到此結束。

We look forward to speaking with you all on future calls.

我們期待在未來的通話中與大家交談。

This ends our call and you may now disconnect.

我們的通話就此結束，您現在可以斷開連線了。

Thank you.

謝謝。