Aterian Inc (ATER) 2024 Q3 法說會逐字稿

Thank you for standing by.

感謝您的支持。

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

我叫貝拉，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Aterian Inc Q3 earnings report.

現在，我歡迎大家閱讀 Aterian Inc 第三季財報。

(Operator Instructions)

（操作員指令）

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

現在，我想將電話轉給企業發展部投資者關係副總裁 Ilya Grozovsky。

Please go ahead.

請繼續。

Thank you.

謝謝。

Thank you for joining us today.

感謝您今天加入我們。

Discuss Aterian's third-quarter 2024 earnings results in today's call are Arturo Rodriguez, our CEO; Josh Feldman, our CFO.

在今天的電話會議上討論 Aterian 2024 年第三季的收益結果的是我們的執行長 Arturo Rodriguez；我們的財務長 Josh Feldman。

Copy of today's press release is available on the investor relations section of Aterian website, aterian.io.

今天的新聞稿副本可在 Aterian 網站 aterian.io 的投資者關係部分查閱。

Before we get started, I want to remind everyone the remarks on this call may contain forward-looking statements within the meaning of the private securities litigation reform Act of 1995 are based on current management expectations.

在我們開始之前，我想提醒大家，本次電話會議中的言論可能包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述，這些陳述基於當前管理層的預期。

These may include limitation dictions 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.

這些可能包括限制性用語、期望、目標或估計，包括關於我們預期的財務表現、業務計劃和目標、未來事件和發展，實際結果可能與所述有重大差異。

These forward-looking statements also involve substantial risks and uncertainties, some of which may be outside of our control and could cause actual results to differ materially, those expressed or implied by such statements, these risks and uncertainties amongst others discussed in our filings with the SEC 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.

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大不相同，這些風險和不確定性以及我們向美國證券交易委員會提交的文件中討論的其他風險和不確定性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 日提交的表格 10-K 年度報告。

And our quarterly report on Form 10-Q when it is available on the investor portion of our website at aterian.io should not place reliance on these forward-looking statements.

當我們在網站aterian.io 的投資者部分發布季度報告表 10-Q 時，不應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.

這些聲明僅截至今日為止做出，除非法律要求，否則我們不承擔更新或修改任何新資訊的義務。

This call will also contain certain non-GAAP financial measures including adjusted EBITDA, adjusted EBITDA margin.

本次電話會議還將包含某些非 GAAP 財務指標，包括調整後的 EBITDA、調整後的 EBITDA 利潤率。

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, 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 aterian.io.

我們相信，這些有用的補充指標有助於評估我們創造盈利的能力，提供與我們過去業績的一致性和可比性，並促進我們核心經營業績的期間比較，這些非 GAAP 指標與最具可比性的 GAAP 指標的調節以及這些指標的定義包含在我們的收益報告中，您可以在我們網站 aterian.io 的投資者部分找到。

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

請注意，我們對這些指標的定義可能與其他公司提供的類似指標不同，我們無法提供非 GAAP 的對帳表，但利潤率與淨收入利潤率是最直接可比較的 GAAP 財務指標，無需付出合理努力即可前瞻性地衡量，因為影響該 GAAP 財務指標的項目不在公司的控制範圍內，也無法合理預測。

With that, the call over to Arty?

這樣，就可以呼叫 Arty 了嗎？

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

謝謝 Ilya，也謝謝大家今天的參與。

As today is Veterans Day, we would like to take a moment to honor and express our deepest gratitude to all the veterans and active service members who have dedicated themselves to protecting our freedom.

今天是退伍軍人節，我們想花點時間向所有致力於保護我們自由的退伍軍人和現役軍人表示敬意和最深切的感謝。

Now, over to the Aterian business, our mission to focus simplify and stabilize the tearing in 2024 continues to show results.

現在，談到 Aterian 業務，我們在 2024 年專注於簡化和穩定撕裂的使命繼續取得成果。

We are happy to report another successful quarter as the Aterian continues to progress on its journey to being a profitable consumer goods company.

我們很高興地報告又一個成功的季度，Aterian 在成為一家盈利的消費品公司的道路上繼續前進。

Today, I'm going to one provide a brief introduction to Aterian for new listeners.

今天，我將向新聽眾簡單介紹 Aterian。

Two, discuss Q3 and the actions that led us to our successful results.

二、討論問題 3 以及促使我們成功的行動。

Three, an overview of our Q4 expectations and four, a brief discussion on growth for Aterian beyond 2024 Josh, our CFO will then cover in depth our financial results for the third quarter and we'll provide our financial outlook for Q4 for those of you joining us for the first time Aterian owns and operates its own brands, marketing and selling consumer products across multiple categories, primarily on e-commerce marketplaces.

第三，概述我們對第四季度的預期；第四，簡要討論 Aterian 2024 年以後的成長。

We sell our products primarily in the US.

我們的產品主要在美國銷售。

And today we derive most of our revenues from amazon.com. Since 2014, we have either organically launched or purchased brands.

今天我們的大部分收入來自於amazon.com。自 2014 年以來，我們要不是有機推出品牌，就是購買品牌。

And today our focus is on operating six amazing brands.

今天我們的重點是經營六個令人驚嘆的品牌。

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

他們是，一； hOmeLabs，目前專注於除濕和製冷，是亞馬遜除濕機暢銷的領導者。

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

二是 Pursteam，這是亞馬遜上另一個暢銷品牌，它利用自然動力蒸汽，用蒸汽拖把清潔您的家，或用蒸汽熨斗減少衣服上的皺紋。

Healing Solutions, our collection of essential oil brands provides consumers a great essential oil experience.

Healing Solutions 是我們的精油品牌系列，為消費者提供卓越的精油體驗。

Photo Paper Direct, our DIY or do-it-yourself iron-on transfer and photo paper, provides joy and fulfillment to all consumers who love making their own t-shirts, art and crafts, and printing their own photos from home.

Photo Paper Direct 是我們的 DIY 或自製熨燙轉印和相紙，為所有熱愛製作自己的 T 卹、藝術品和工藝品以及在家打印自己的照片的消費者帶來快樂和滿足。

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

Mueller Living 專注於為您的廚房提供創新優質的產品，並在亞馬遜上擁有暢銷產品。

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

最後，Squatty Potty，原創的馬桶凳，也是該類別的領導者。

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

Squatty 每天繼續幫助世界各地的人們更輕鬆、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而不斷成長，並持續向消費者提供高品質、價格實惠的產品。

Now to our Q3 performance.

現在來看看我們第三季的表現。

We delivered on our Q3 2024 net revenue and adjusted EBITDA goals, landing with the middle of the range of our net revenue guidance and delivering on the higher end of our adjusted EBITDA guidance.

我們實現了 2024 年第三季的淨收入和調整後 EBITDA 目標，達到淨收入預期範圍的中間水平，並達到調整後 EBITDA 預期的高端水平。

This performance was driven by a combination of humidifiers from hOmeLabs and Pursteam steam products during the period and the impact of cost-cutting exercises implemented previously in Q1 of 2024.

這項業績的實現得益於期內 hOmeLabs 的加濕器與 Pursteam 蒸汽產品的組合，以及 2024 年第一季實施的成本削減措施的影響。

Once again, we delivered an adjusted EBITDA profitable quarter, which is our second in a row.

我們再次實現了調整後 EBITDA 盈利的季度，這是我們連續第二個季度實現盈利。

When compared to the same period last year, our adjusted EBITDA performance for Q3 is an improvement of over 100%, even on lower revenue.

與去年同期相比，儘管收入較低，但我們第三季的調整後 EBITDA 業績仍提高了 100% 以上。

This continues to further cement the path we put Aterian on just a little less than a year ago with the right strategy.

這進一步鞏固了我們在不到一年前製定的正確策略，讓 Aterian 走上的道路。

Our 2024 plan of focused, simplified, and stabilized Aterian continues to deliver positive results and moves Aterian closer to a consistent, adjusted EBITDA profitable company.

我們 2024 年的計劃是專注、簡化和穩定 Aterian，該計劃將繼續取得積極成果，並使 Aterian 更接近成為一家持續、調整後的 EBITDA 盈利的公司。

Now turning specifically to our net revenue performance, our dehumidifier sales in the third quarter landed slightly short of expectations as we were hampered by stockouts that were previously mentioned during our Q2 earnings call and of course weather, which always plays in seasonal product performance.

現在具體談談我們的淨收入表現，我們第三季的除濕機銷售額略低於預期，因為我們受到先前在第二季財報電話會議上提到的缺貨以及天氣的影響，而天氣總是會影響季節性產品的表現。

However, we are still very pleased with our overall performance during the summer season which is Q2 and Q3 on dehumidifiers.

然而，我們對夏季除濕機的第二季和第三季的整體表現仍然非常滿意。

During the third quarter, we released our new 8-point compressor-based dehumidifier, which competed very well against cheaper non-compressor-based models on Amazon.

在第三季度，我們推出了新的 8 點壓縮機除濕機，與亞馬遜上更便宜的非壓縮機型號形成了鮮明的對比。

This was part of our variation strategy to offer competitive price points within each of our product families to give consumers of all different budgets options to buy our products, while maintaining quality and performance.

這是我們差異化策略的一部分，旨在為每個產品系列提供有競爭力的價格，讓不同預算的消費者都有選擇購買我們的產品，同時保持品質和性能。

We also saw strong performance during Q3 of our Pursteam brand, in particular from steam mops and steam irons.

我們也看到 Pursteam 品牌在第三季表現強勁，尤其是蒸氣拖把和蒸氣熨斗。

We continue to see more successes as the revenue and marketing teams use an outside-in approach in their marketing and sales strategy.

隨著收入和行銷團隊在其行銷和銷售策略中採用由外而內的方法，我們不斷看到更多的成功。

We continue to see a great amount of marketing efficiencies, as we focus our efforts into our reduced seller account footprint and continue listing improvements, as we further focus on our core SKUs.

隨著我們進一步關注核心 SKU，我們將精力集中在減少賣家帳戶佔用空間和繼續改進清單上，我們繼續看到行銷效率的大幅提升。

Further, we are seeing better than expected results on driving outside traffic to Amazon via various marketing initiatives which benefits our product listing rankings and other conversion metrics.

此外，我們看到透過各種行銷舉措為亞馬遜帶來外部流量的效果好於預期，這有利於我們的產品清單排名和其他轉換指標。

We continue to be very pleased with our decision to shift to our third-party best-in-class software platform, as we continue to believe that our newfound nimbleness is paying off, especially when dealing with changing marketplace rules and unpredictable weather and last mile service outages.

我們對轉向第三方一流軟體平台的決定感到非常高興，因為我們繼續相信我們新獲得的靈活性正在獲得回報，特別是在應對不斷變化的市場規則、不可預測的天氣和最後一英里的服務中斷時。

Our team continues to master our new platform and continue to improve our supply chain performance each quarter.

我們的團隊不斷掌握我們的新平台，並每季持續提升我們的供應鏈績效。

Furthermore, I'm also very proud of the decision the supply chain team has made over the past year.

此外，我對供應鏈團隊在過去一年所做的決定也感到非常自豪。

We have been able to leverage a multi-supplier approach across many facets of our supply chain to reduce single sources of failure.

我們已經能夠在供應鏈的多個環節中利用多供應商方法來減少單一故障源。

For example, with shipping containers, our multi-supplier approach, including Amazon Global Logistics, is allowing us to secure timely containers, but also allows us to find better pricing than existing spot rates.

例如，對於貨櫃運輸，我們採用的多供應商方式（包括亞馬遜全球物流）不僅使我們能夠及時獲得貨櫃，而且還使我們能夠找到比現有現貨價格更好的價格。

We believe Q3 performance incurred approximately an additional impact of COGS of $0.2 million from higher shipping container costs.

我們認為，第三季的業績因貨櫃運輸成本上漲而產生了約 20 萬美元的額外銷售成本影響。

Now, as we look at Q4 2024, our largest net revenue periods are still focused in Q2 and Q3 quarters.

現在，展望 2024 年第四季度，我們最大的淨收入期仍集中在第二季和第三季。

However, our estimated Q4 net revenue allows us to be very close to adjusted EBITDA profitability or essentially breakeven.

然而，我們預計第四季度淨收入將非常接近調整後的 EBITDA 獲利能力或基本實現損益平衡。

For Q4 2024, we expect our gross margin percentage to remain primarily in-line with year-to-date results and in combination with the continued expected realization of our fixed cost savings, we believe we are very well-positioned to achieve our original goal of adjusted EBITDA profitability for the overall second half of 2024.

對於 2024 年第四季度，我們預計毛利率百分比將與年初至今的業績基本保持一致，再加上預計繼續實現固定成本節約，我們相信我們完全有能力實現我們最初的目標，即在 2024 年下半年實現調整後 EBITDA 盈利。

However, delivery results is never easy and it requires a lot of work and effort, which I am very confident our team will continue to deliver on.

然而，交付成果絕非易事，它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目標。

We continue to see the consumer space as a value-driven area and that consumers continue to be very wise with their spending, especially with the current inflationary environment.

我們仍然將消費領域視為價值驅動的領域，消費者在消費方面仍然非常明智，尤其是在當前通膨環境下。

As we enter the holiday period, we do expect buying to be robust, but we also expect consumers will be deal shopping and pricing will be important.

隨著假期的到來，我們確實預期購買力將會強勁，但我們也預期消費者將會進行優惠購物，因此定價將非常重要。

Although Q4 will be very competitive, we believe we are very well-positioned considering our product variations which offer consumers multiple price points.

儘管第四季的競爭將會非常激烈，但我們相信，考慮到我們的產品種類能夠為消費者提供多種價格點，我們處於非常有利的地位。

We expect higher price container costs to impact Q4 as compared to last year and we continue to see higher container pricing continue into the first half of 2025.

我們預計，與去年相比，貨櫃成本上漲將對第四季度產生影響，我們將繼續看到貨櫃價格上漲持續到 2025 年上半年。

The higher pricing is dragging a bid on a Q4 contribution margin projection by approximately $0.2 million.

更高的定價導致第四季度貢獻利潤預測的出價下降了約 20 萬美元。

Even with these challenges, we are confident that we are tracking to our goals overall second half adjusted EBITDA profitability.

即使面臨這些挑戰，我們仍有信心實現下半年整體調整後 EBITDA 獲利目標。

Looking at 2025, we believe Aterian will move from stabilization to growth.

展望2025年，我們相信Aterian將從穩定走向成長。

Growth will be 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實現更強勁的調整後 EBITDA 獲利能力。

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

正如我們之前所說，我們仍然相信成長將來自兩大關鍵支柱。

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

一是全渠道擴張，包括改進我們現有的列表，使其達到一流的水平。

And two, organic product launches, which will also be equally important.

第二，有機產品的推出也同樣重要。

In omnichannel expansion, we have some of the best-selling products and brands on Amazon.

在全通路擴張方面，我們擁有亞馬遜上一些最暢銷的產品和品牌。

We see no reason why our brands and products would not sell well on these other channels.

我們認為沒有理由我們的品牌和產品在這些其他管道上賣不出去。

With our third-party best-in-class software model, we now have the ability without significant investment or customization to expand into new channels.

憑藉我們一流的第三方軟體模型，我們現在無需大量投資或客製化即可擴展到新的管道。

So far we are pleased with the Mercado Libre results, though small, this is a longer-term play and partnering with Mercado Libre will open up other opportunities across LATAM over time.

到目前為止，我們對 Mercado Libre 的業績感到滿意，儘管規模較小，但這是一個長期舉措，與 Mercado Libre 的合作將隨著時間的推移在拉丁美洲開闢其他機會。

The particular Mercado Libre program we are in, where people in Mexico can directly purchase import US products like ours, is new for us and somewhat new for Mercado Libre, and we continue to learn and believe in it.

我們所參與的 Mercado Libre 計劃，讓墨西哥人民能夠直接購買像我們這樣的美國進口產品，這對我們來說是新鮮事，對 Mercado Libre 來說也算是新鮮事，我們會繼續學習並相信它。

Target Plus is a great channel, and we believe this is a channel where consumers will love our brands and products.

Target Plus 是一個很棒的管道，我們相信這個管道的消費者會喜歡我們的品牌和產品。

We continue to track well and expect to be live with a core set of products across hOmeLabs, Pursteam, and Mueller Living prior to Black Friday.

我們將繼續密切跟踪，並期望在黑色星期五之前在 hOmeLabs、Pursteam 和 Mueller Living 上推出一套核心產品。

Moving to organic product launches, we have a great DNA in organically launching products.

轉向有機產品發布，我們在有機發布產品方面擁有優秀的 DNA。

Though we've not been flexing those muscles like we did in 2019, we're continuing to focus on strengthening those muscles.

雖然我們沒有像 2019 年那樣展示這些力量，但我們仍將繼續專注於增強這些力量。

Though a variation, the 8-point dehumidifier is a new product which was researched and sourced in a very quick period of time, right about seven months.

儘管是一種變體，但 8 點除濕機是一種新產品，其研究和採購時間很短，大約花了七個月的時間。

Not all launches will happen this way, but we continue to build towards relaunching and launching new products in 2025.

並非所有產品發布都會以這種方式進行，但我們將繼續致力於在 2025 年重新發布和推出新產品。

One other product that we'll launch in Q4 2024 is our new Pursteam steam mop scrubber, our most advanced steam mop yet.

我們將於 2024 年第四季推出的另一款產品是新款 Pursteam 蒸汽拖把刷子，這是我們迄今為止最先進的蒸汽拖把。

This is a product that we have been working on for a better part of 2024, and expected to be on Amazon Marketplace in time for holiday shopping.

這是我們在 2024 年大部分時間裡一直致力於開發的產品，預計將在假期購物季之前登陸亞馬遜市場。

This is a new product, which will round out our steam mop pricing strategy, giving consumers a higher-end model, along with both budget and mid-range models which are currently on Amazon.

這是一款新產品，它將完善我們的蒸汽拖把定價策略，為消費者提供高端型號，以及目前在亞馬遜上銷售的經濟型和中檔型號。

We are working on our 2025 product roadmap and we expect to launch a handful of great new products in 2025.

我們正在製定 2025 年產品路線圖，並預計在 2025 年推出一些優秀的新產品。

We plan to provide a broader update when we communicate Q4, 2024 results in March.

我們計劃在 3 月公佈 2024 年第四季業績時提供更廣泛的更新。

Finally, we still believe M&A can have an impact on growth for Aterian.

最後，我們仍然相信併購會對 Aterian 的成長產生影響。

We continue to see many opportunities in the market.

我們繼續看到市場上的眾多機會。

However, we believe M&A needs to be strategic and accretive, and not just a pile on play, as the model has proven unsuccessful for many others.

然而，我們認為併購需要具有策略性和增值性，而不僅僅是堆砌遊戲，因為這種模式對許多其他公司來說已被證明是失敗的。

We believe if we do M&A, it will be for long-term strategic reasons, such as improving our brand position in a category or improving our product portfolio by expanding into closely related categories.

我們相信，如果我們進行併購，那將是出於長期策略原因，例如提高我們在某個類別中的品牌地位，或透過擴展到密切相關的類別來改善我們的產品組合。

Regardless, today we believe omnichannel expansion and organic will be the primary driver of Aterian's future growth.

無論如何，今天我們相信全通路擴張和有機成長將成為 Aterian 未來成長的主要動力。

And ultimately, as of today, we expect 2025 to be a year of revenue growth and also a year of further improvements on our operating leverage when compared to 2024.

最終，截至今天，我們預計 2025 年將是營收成長的一年，也是與 2024 年相比我們的經營槓桿進一步提升的一年。

We expect to discuss more of our growth strategies and expand more on our journey to being a profitable consumer goods company, when we deliver our Q4 results in March.

我們預計將在 3 月發布第四季業績時討論更多成長策略，並進一步闡述我們成為一家獲利消費品公司的歷程。

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

最後，大約一年前，我們設定了一項使命，即集中、簡化和穩定 Aterian，以推動它、調整 EBITDA 獲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，我們就宣布了實現盈利的關鍵舉措，我們相信我們已經實現了所有舉措。

A rationalized SKU portfolio.

合理化的SKU組合。

Simplification on our Amazon account structure making us more efficient.

簡化我們的亞馬遜帳戶結構，使我們更有效率。

Shifting towards the best-in-class third party tools allow us to be more nimble and upgrading many of our marketing strategies.

轉向一流的第三方工具使我們變得更加靈活並升級我們的許多行銷策略。

Outside in thinking, which challenged our previous ideology and allowed us to execute on new initiatives in-line with today's marketplace tactics.

外在的思維挑戰了我們先前的理念，使我們能夠根據當今的市場策略執行新的舉措。

And of course, the difficult decision of fixed cost rationalization.

當然，還有固定成本合理化這個艱難的決定。

And today, we announce our second consecutive quarter of adjusted EBITDA profitability.

今天，我們宣布連續第二季實現調整後 EBITDA 獲利。

Our 2024 plan of focused, simplified, and stabilized Aterian continues to deliver positive results.

我們 2024 年的計劃是集中、簡化和穩定 Aterian，並繼續取得正面成果。

And we believe that it's moving Aterian closer to being a growing and overall adjusted EBITDA profitable company.

我們相信，這將使 Aterian 更接近成為一家不斷成長且整體調整後 EBITDA 獲利的公司。

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.

我要再次表彰並祝賀我們團隊的持續奉獻、熱情和努力工作，以及我們股東的耐心和持續支持。

But we still have a lot of hard and exciting work to do.

但我們還有很多艱苦而令人興奮的工作要做。

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

我們對 Aterian 能做什麼以及能成為什麼抱有很高的期望和信心，最終推動獲利成長並最大化股東價值。

Thank you for your time this evening and unwavering support.

感謝您今晚抽出的時間和堅定不移的支持。

Now I will pass it to Josh for his prepared remarks.

現在我將把它交給喬什，請他發表準備好的演講。

Thanks, Arty.

謝謝，Arty。

Good evening, everyone.

大家晚上好。

We are pleased to report that our ongoing efforts to focus, simplify, and stabilize our business have produced positive results.

我們很高興地報告，我們為集中、簡化和穩定業務所做的持續努力已經取得了積極的成果。

These initiatives have led us to improve key metrics and we're proud to report adjusted EBITDA profitability for the second consecutive quarter.

這些舉措促使我們改善了關鍵指標，我們很自豪地連續第二個季度報告調整後的 EBITDA 獲利。

Now let's take a closer look at our overall third quarter performance.

現在讓我們仔細看看我們第三季的整體表現。

Net revenue for the third quarter of 2024 declined 34% to $26.2 million from $39.7 million in the year-ago quarter.

2024 年第三季淨收入從去年同期的 3,970 萬美元下降 34% 至 2,620 萬美元。

Adjusting for the impact of SKU rationalization, net revenue would have only declined approximately 15%.

調整SKU合理化的影響後，淨收入僅下降約15%。

This decline was primarily driven by dehumidifier stockouts and seasonal weather patterns, as well as softness in our kitchen appliance products.

這種下降主要是由於除濕機缺貨和季節性天氣模式以及廚房電器產品的疲軟。

Looking at the summer season as a whole, however, dehumidifier sales adjusted for the SKU rationalization still increased by approximately 10% compared to the same period last year.

但從整個夏季來看，經過SKU合理化調整後的除濕機銷售量仍比去年同期成長了約10%。

Our launch revenue was $0.6 million during Q3 2024 compared to $0.4 million in Q3 2023.

2024 年第三季的推出營收為 60 萬美元，而 2023 年第三季的推出營收為 40 萬美元。

As planned, we have one new product category and four product variations launched in the third quarter.

按照計劃，我們將在第三季推出一個新產品類別和四種產品變體。

We expect to continue launching predominantly variations in the fourth quarter.

我們預計將在第四季度繼續推出主要變體。

Overall, gross margin for the third quarter increased to 60.3% from 49.4% in the year ago quarter and was essentially flat with Q2 2024.

總體而言，第三季的毛利率從去年同期的 49.4% 上升至 60.3%，與 2024 年第二季基本持平。

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.

同比成長主要得益於我們的 SKU 合理化努力、產品組合以及與上一時期相比減少的高成本庫存清算帶來的正面影響。

Our overall Q3 2024 contribution margin, as defined in our earnings release was 17%, which improved compared to the prior year's 3%, so decreased slightly compared to 17.4% in Q2 2024.

我們的 2024 年第三季整體貢獻利潤率（如我們的收益報告中所定義）為 17%，較上年的 3% 有所提高，但與 2024 年第二季的 17.4% 相比略有下降。

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.

貢獻利潤率的同比增長得益於我們的 SKU 合理化努力以及與上一時期相比高成本庫存清算的減少所產生的積極影響。

Looking deeper into our contribution margin for Q3 2024, our variable sales and distribution expenses, as a percentage of net revenue decreased to 43.3% as compared to 46.3% in the year-ago quarter.

深入研究 2024 年第三季的貢獻利潤率，我們的變動銷售和分銷費用佔淨收入的百分比從去年同期的 46.3% 下降至 43.3%。

This decrease in sales and distribution expenses, as a percentage of revenue is primarily due to product mix and a reduction in last mile costs, as a percentage of revenue.

銷售和分銷費用佔收入的百分比下降主要是由於產品組合和最後一哩成本佔收入的百分比下降。

Our operating loss of $1.7 million in the third quarter of 2024 improved from a loss of $6.5 million in the year-ago quarter, an improvement of approximately 73.4%, primarily driven by the improvement in CM and the reduction of fixed costs due to our cost-cutting initiatives.

我們 2024 年第三季的營業虧損為 170 萬美元，較去年同期的 650 萬美元虧損有所改善，改善幅度約為 73.4%，這主要得益於 CM 的改善以及由於我們的成本削減舉措而導致的固定成本的減少。

Our third quarter 2024 operating loss includes $1.8 million of non-cash stock compensation expense, while our third quarter 2023 operating loss included $1.2 million of non-cash stock compensation expense and restructuring costs of $0.4 million.

我們 2024 年第三季的營運虧損包括 180 萬美元的非現金股票薪酬費用，而我們 2023 年第三季的營運虧損包括 120 萬美元的非現金股票薪酬費用和 40 萬美元的重組成本。

Our net loss for the third quarter of 2024 of $1.8 million improved from a loss of $6.3 million in the year-ago quarter, an improvement of approximately 71.7%, primarily driven by the improvement in CM and reduction in fixed costs.

我們 2024 年第三季的淨虧損為 180 萬美元，較去年同期的 630 萬美元虧損有所改善，改善幅度約為 71.7%，這主要得益於 CM 的改善和固定成本的減少。

Our adjusted EBITDA gain $0.5 million, as defined in our earnings release, improved by 111% from an adjusted EBITDA loss of $4.4 million in the third quarter of 2023, primarily driven by the improvement in CM and the reduction of fixed costs.

我們的調整後 EBITDA 收益為 50 萬美元（定義見收益報告），較 2023 年第三季的 440 萬美元調整後 EBITDA 虧損成長 111%，這主要得益於 CM 的改善和固定成本的降低。

Moving on to the balance sheet.

繼續討論資產負債表。

At September 30, 2024, we had cash of approximately $16.1 million compared with $20.3 million at June 30, 2024.

截至 2024 年 9 月 30 日，我們的現金約為 1,610 萬美元，而 2024 年 6 月 30 日為 2,030 萬美元。

The decrease in cash is predominantly driven by payments on our credit facility of $2.9 million as the balance on our credit facility went from $9.6 million as of the end of the second quarter of 2024 to $6.7 million at the end of the third quarter of 2024.

現金減少主要是因為我們的信貸額度支付了 290 萬美元，因為我們的信貸額度餘額從 2024 年第二季末的 960 萬美元增加到 2024 年第三季末的 670 萬美元。

The credit facility balance is also down from $14.2 million in the prior year period.

信貸餘額也較去年同期的 1,420 萬美元有所下降。

The remaining reduction in cash from Q2 2024 is negative impacts of working capital.

2024 年第二季剩餘的現金減少是營運資金的負面影響。

At September 30, our inventory level was $16.6 million, down from $18.4 million at the end of the second quarter of 2024, and down from $31.5 million in the year-ago quarter end.

截至 9 月 30 日，我們的庫存水準為 1,660 萬美元，低於 2024 年第二季末的 1,840 萬美元，也低於去年同期的 3,150 萬美元。

As we look at Q4 2024, considering our strategic SKU rationalization, we believe that net revenue will be between $22.5 million and $25.5 million.

展望 2024 年第四季度，考慮到我們的策略 SKU 合理化，我們認為淨收入將在 2,250 萬美元至 2,550 萬美元之間。

Using the middle of the range, this would be an approximately 27% decrease from last year's Q4 revenue of $32.8 million, primarily driven by a reduction in SKUs from our strategic SKU rationalization.

以中間值計算，這將比去年​​第四季的 3,280 萬美元收入下降約 27%，主要原因是我們的策略性 SKU 合理化導致 SKU 減少。

Adjusting for the SKU rationalization in the prior year, revenue is expected to decline by only 4% compared to last year.

經過上年的SKU合理化調整後，預計營收僅比去年下降4%。

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

正如我們之前所討論的，由於我們繼續專注於未來業務、我們的最佳品牌和產品，我們的淨收入預計與前幾年相比有所下降。

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

我們今天的重點仍然是持續調整後的 EBITDA 獲利能力。

For Q4 2024, we expect adjusted EBITDA to be approximately breakeven.

對於 2024 年第四季度，我們預計調整後的 EBITDA 將大致達到損益兩平。

Achieving breakeven in adjusted EBITDA will represent 100% improvement from the $5.6 million adjusted EBITDA loss in Q4 2023.

實現調整後 EBITDA 收支平衡將比 2023 年第四季 560 萬美元的調整後 EBITDA 虧損改善 100%。

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

我們也繼續相信，根據我們目前的預測，我們擁有超出契約的足夠現金，可以在不增加額外股本的情況下實現持續調整後 EBITDA 盈利的目標。

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

如前所述，如果我們尋求額外融資，它將主要用於增值性材料併購。

In closing, I am very proud of our team's efforts resulting in our second consecutive quarter of adjusted EBITDA profitability.

最後，我對我們團隊的努力感到非常自豪，這使得我們連續第二季實現調整後 EBITDA 獲利。

We are confident with our products, strong balance sheet, and our principles of focus, simplification, and stabilization, we have turned the corner as a company.

我們對我們的產品、強勁的資產負債表以及專注、簡化和穩定的原則充滿信心，我們公司已經走出了困境。

I look forward with optimism, as we continue our journey towards revenue growth, gain-adjusted EBITDA profitability, and ultimate aim to maximize long-term shareholder value.

我滿懷樂觀地期待著我們繼續努力實現收入成長、調整後息稅折舊攤提前利潤（EBITDA）獲利，並最終實現長期股東價值最大化。

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

說完這些，我將把電話轉回給接線生，開始提問。

(Operator Instructions)

（操作員指令）

Brian Kinstlinger, Alliance Global Partners.

聯盟全球合作夥伴 (Alliance Global Partners) 的 Brian Kinstlinger。

Great.

偉大的。

Thanks so much.

非常感謝。

It's great to see the business stabilizing.

很高興看到業務逐漸穩定。

So I think in your prepared comments, you said you expect to be active and live on target ahead of Black Friday, which is only two weeks away.

因此，我認為在您準備好的評論中，您說過您希望在僅剩兩週的「黑色星期五」之前積極主動地實現目標。

So how confident are you?

那你有多大信心？

What are the obstacles still to get live there?

在那裡實現生活還面臨哪些障礙？

And how many SKUs do you expect to be listed during the holiday period?

您預計假期期間會上架多少個 SKU？

Hey, Brian, it's Arty here.

嘿，布萊恩，我是阿蒂。

I'll grab that one, obstacles.

我會抓住那個，障礙。

I don't, I don't think there's much, I mean, really we're, you know, very, very clear.

我不認為有很多，我的意思是，我們真的非常非常清楚。

We're actually live testing some things as of today.

截至今天，我們實際上正在對一些東西進行即時測試。

So I do think there's very little obstacles for us in front of us.

所以我確實認為我們面臨的障礙很小。

There are some marketing campaigns and marketing tools that are a little bit different than the Amazon tools.

一些行銷活動和行銷工具與亞馬遜工具略有不同。

But I don't expect that to be real friction based.

但我不認為這是基於真正的摩擦。

As the number SKU there's still a little bit of a moving target there.

至於 SKU 數量，那裡仍然有一個移動的目標。

But my gut tells me at least, you know, six SKUs hopefully will be the goal.

但我的直覺告訴我，至少 6 個 SKU 是目標。

But certainly I don't see any real friction for us at this point, right?

但現在我確實沒有看到我們之間有任何真正的摩擦，對嗎？

Things happen.

事情發生了。

But at this point, I don't see anything really from preventing us from hitting that.

但到目前為止，我看不出有什麼能真正阻止我們實現這一目標。

Great.

偉大的。

And then how do you see the time line over the next 12 to 18 months of additional SKUs on say target and Walmart?

那麼，您如何看待未來 12 到 18 個月內塔吉特和沃爾瑪等品牌新增 SKU 的時間表？

And what's the, the limiting factor that gives you caution to not list a lot more product?

那麼，是什麼限制因素讓您謹慎地不列出更多產品？

If not the majority of your top sellers, is there a cost to it?

如果不是大多數暢銷商品，是否需要付出成本？

Is, you know, what's the cautionary reason to only have a handful excuse?

你知道，只有少數藉口的警告理由是什麼嗎？

I, I'll grab that Josh.

我，我會抓住那個喬希。

So it's a good question, Brian.

所以這是一個好問題，布萊恩。

Listen, I believe that focus is a very important thing in everything we do.

聽著，我相信專注對我們所做的一切來說都是非常重要的。

And though over time I do see us, you know, expanding our portfolio and our, you know, product listings on each of these channels.

隨著時間的推移，我確實看到我們擴大了我們的產品組合以及每個管道上的產品清單。

I do want to start smaller rather than larger just to make sure the team learns how to market on target plus and I'm just going to use Target plus as an example.

我確實想從小處著手，而不是從大處著手，只是為了確保團隊學會如何按照 Target Plus 進行行銷，而我將以 Target Plus 為例。

Because it is a bit different, the consumers are a bit different, you know, there's a lot more consumers on target plus that are focused on the target plus credit card and that benefit as opposed to it to prime.

因為它有點不同，消費者有點不同，你知道，有更多的消費者專注於目標加上信用卡和這種利益，而不是主要利益。

And so I do think we have a little bit of learning to do so we want to start cautiously.

因此我確實認為我們還有很多事情要學習，所以我們要謹慎地開始。

But yes, certainly as we gain momentum and was the game experience on selling on these other channels, we will go with a broader portfolio.

但是的，隨著我們獲得發展勢頭並積累透過其他管道銷售遊戲的經驗，我們肯定會推出更廣泛的產品組合。

But at the same time, we know that a marquee SKU concept, you know, taking our best puring products, our best home labs products, you know, maybe a handful of our best oils is probably the right approach to gain traction and success.

但同時，我們知道，一個大牌 SKU 概念，你知道，採用我們最好的淨化產品，我們最好的家庭實驗室產品，你知道，也許我們的一些最好的油可能是獲得關注和成功的正確方法。

I don't think we necessarily need to put every single one of our SKUs.

我認為我們不一定需要把每一個 SKU 都放上去。

But certainly if the marquee SKUs are succeeding, we can definitely expand to that number of SKUs easily over time.

但可以肯定的是，如果主打 SKU 取得成功，我們肯定可以隨著時間的推移輕鬆擴展到該 SKU 數量。

Great.

偉大的。

And then you mentioned most of your launches were variations like the first half of the year.

然後您提到，大多數發布都像上半年一樣有變化。

I think there was one that wasn't why are you not getting a little bit more aggressive on new products?

我認為有一個問題不是為什麼你們沒有更積極地推出新產品？

And you mentioned next year, a handful of new products, which doesn't sound like a lot.

您提到明年會推出一些新產品，但這聽起來並不多。

So are you waiting for the stronger consumer because your balance sheet balance sheet seems to be positioned for investment?

那麼，您是否在等待更強勁的消費者，因為您的資產負債表似乎已定位於投資？

Thank you for the comment on the balance sheet, Brian.

謝謝您對資產負債表的評論，Brian。

I think Josh and team have done a great job strengthening the balance a long way.

我認為喬希和他的團隊在加強平衡方面做得很好。

Yeah, it has.

是的，確實如此。

I think the team deserves the credit there.

我認為這支球隊值得稱讚。

Listen, I'm going to say this in a way where not to go back too far in history.

聽著，我講這件事時不會回顧太久遠的歷史。

But I think again, less focused, good quality products in the right category that's properly researched is a lot stronger from a long term building success or building long term building a foundation for success as opposed to like, hey, you know, let's launch as many widgets as possible, stick as many on the walls and see what sticks.

但我再次認為，在正確的類別中，經過適當研究的、不那麼集中的、高品質的產品，對於長期的成功或建立長期的成功基礎更有力，而不是像「嘿，你知道，讓我們推出盡可能多的小部件，把盡可能多的小部件貼在牆上，看看哪些能黏住」。

I don't think that's the right approach.

我認為這不是正確的方法。

I think we are being very cautious because we are being very, very thoughtful in where we're going to launch what categories we're after.

我認為我們非常謹慎，因為我們對在哪裡推出我們追求的類別非常認真。

And I'd rather start slower and smaller to make sure we're not making a tremendous amount of missteps over ordering, you know, missing the mark in some aspects.

我寧願從慢一點、小一點的地方開始，以確保我們不會在訂購方面犯下大量的錯誤，你知道，在某些方面沒有達到目標。

So I do believe that approach is a lot more sound for Tyrion, somewhat conservative.

所以我確實相信這種方法對提利昂來說比較合理，雖然有些保守。

I would debate that because I think in some aspects, you know, some of the history that you're familiar with would probably be, I think a lot of people, they were a little, we're a little bit too ambitious at the time.

我會對此進行辯論，因為我認為在某些方面，你知道，一些你所熟悉的歷史可能，我認為很多人，他們有點，我們當時有點過於雄心勃勃了。

So, I think in some aspects, we are looking at a little bit of a slower start here, but that's not to say, as we gain more momentum and gain more profitability with the incremental revenue that we add, we wouldn't get more aggressive.

因此，我認為從某些方面來看，我們的起步會稍微慢一些，但這並不是說，隨著我們獲得更多動力並透過增加的增量收入獲得更多獲利，我們不會變得更積極。

I just think we want to be very thoughtful because we ratify a really good aimed bullet as opposed to, you know, throwing a bunch of spaghetti on the wall and see what sticks.

我只是認為我們要深思熟慮，因為我們批准一顆真正瞄準的子彈，而不是把一堆意大利麵條扔到牆上，看看會粘住什麼。

Great.

偉大的。

I got a few more, but I'll jump back in the queue and let some others ask some questions.

我還有另外幾個問題，但我會回到隊列中，讓其他人問一些問題。

All right, thanks Brian.

好的，謝謝 Brian。

Alex Fuhrman, Craig Hallam Capital Group.

亞歷克斯‧福爾曼 (Alex Fuhrman)，克雷格‧哈勒姆資本集團 (Craig Hallam Capital Group)。

Hey guys, thanks for taking my question and congratulations on another quarter of EBITDA positive here.

嘿夥計們，感謝你們回答我的問題，祝賀我們又一個季度的 EBITDA 正成長。

Now that you have the product portfolio down to a half dozen core brands, Can you talk about your outlook for next year?

現在您的產品組合已縮小到六個核心品牌，您能談談明年的展望嗎？

Which of these brands do you think really have the most potential to drive growth for you as you start pivoting to growth next year?

當您明年開始轉向成長時，您認為哪一個品牌最有潛力推動您的成長？

Hey Alex, how you doing?

嘿，亞歷克斯，你好嗎？

Josh, I'll grab that one.

喬希，我會抓住那個。

Listen, I'm very happy with all our brands.

聽著，我對我們所有的品牌都非常滿意。

I think, you know, the rationalization and the work we did over the last year, we went from like 14 or 15 brands down six.

我想，你知道，透過合理化以及我們去年所做的工作，我們的品牌數量從 14 或 15 個減少了 6 個。

So I think we stuck with these six very purposely because we thought all of them had great potential to grow in particular, you know, hOme lab continues to perform well.

因此，我認為我們非常有目的地堅持這六個，因為我們認為它們都具有巨大的成長潛力，特別是 hOme lab 繼續表現良好。

It had a great season as we mentioned in our prepared remarks and there's a tremendous amount of opportunities still in the environmental space.

正如我們在準備好的發言中提到的那樣，這是一個偉大的賽季，環境領域仍然存在大量的機會。

You know, between demonization, perhaps air conditioning, perhaps pure air air purification.

你知道，在妖魔化之間，也許是空調，也許是純淨空氣，也許是空氣淨化。

I still think there's a ton of opportunities for hOme labs to continue growing into more pure steam.

我仍然認為家庭實驗室有大量機會繼續發展成為更純淨的蒸汽。

You know, as we, as I mentioned, we're rounding out our, you know, steam mop, scrubber, our most advanced steam mop yet.

你知道，正如我所提到的，我們正在完善我們的蒸汽拖把、洗刷器，這是我們迄今為止最先進的蒸汽拖把。

And I think there's still more opportunities on the steam irons that you'll see in the coming months.

我認為，未來幾個月內，蒸氣熨斗將有更多發展機會。

So I think that's just two examples.

我認為這只是兩個例子。

I can go here and we could spend all the whole time the next hour talking about all the products and ideas here.

我可以來這裡，我們可以花接下來的一個小時來討論這裡的所有產品和想法。

But I do think every single one of our brands has the potential to grow.

但我確實認為我們的每個品牌都有成長潛力。

And I don't want to weigh into which is better or worse.

我不想權衡哪一個更好或更壞。

I think they all have their unique opportunities and their unique impact to the consumer.

我認為它們都有其獨特的機會以及對消費者獨特的影響。

And so I'm very happy with where they are and they got a lot of work to do and we got a lot of, a lot of things to show the world, but certainly I wouldn't rank them in the sense of which has the best opportunity right now.

所以我對他們目前的狀況感到非常滿意，他們還有很多工作要做，我們有很多很多東西要向世界展示，但我當然不會根據哪個目前擁有最好的機會來對他們進行排名。

I think they all have equally, have an opportunity to grow.

我認為他們都有平等的成長機會。

Okay, that's really good to hear.

好的，聽到這個消息我真的很高興。

Thanks, Arty.

謝謝，Arty。

And then you mentioned likely launching new products as a way that you really get to more meaningful growth next year.

然後您提到可能會推出新產品，以便明年實現更有意義的成長。

Are there any particular categories that you're focused on as you think about new product development or any of your existing brands that you see as you know, brands that you might want to launch new product under that umbrella.

當您考慮新產品開發或您所知道的任何現有品牌時，您是否關注某些特定類別，您可能希望在該品牌旗下推出新產品。

I think the answer is yes, I think there's still a tremendous amount of opportunities to launch products on our existing brands, as you say, across Amazon and other channels, especially as we grow the omni.

我認為答案是肯定的。

I think there's a great opportunities for certain brands to be stronger in certain channels versus Amazon.

我認為某些品牌在某些管道上有很大機會比亞馬遜更強大。

We're really, working on this road map, Alex and you know, I hate to say like we'll probably be, we'll give a lot more details about what products and, and what category is going after in 2025.

我們確實在製定這份路線圖，亞歷克斯，你知道，我不想說我們可能會，我們會提供更多關於 2025 年將推出哪些產品和哪些類別的細節。

But I we need a little bit more time because again, I really want to make sure that what we put out there is stuff that we feel confident in being delivered in 2025.

但我們需要更多一點時間，因為我真的想確保我們所推出的東西是我們有信心在 2025 年交付的。

But I do see that there'll be some new categories and potentially some old categories that we used to play in that perhaps we can revise.

但我確實看到會出現一些新的類別，也可能會有一些我們過去常用的舊類別，我們或許可以對其進行修改。

And so I think it's going to be a combination of us going into new categories that people have not seen us be in before, but also relaunches.

所以我認為我們會進入人們以前從未見過的新類別，但也會重新推出。

So I do think they're both going to, you know, both of those kind of sub topics I think will be evident in the 2025 road map when we do discuss it more in Q4.

所以我確實認為它們都會，你知道，我認為當我們在第四季度進一步討論時，這兩個子主題都會在 2025 年路線圖中顯現出來。

Okay.

好的。

That's, that's really helpful.

這，這真的很有幫助。

Thanks, Arty.

謝謝，Arty。

Marvin Fong, BTIG.

BTIG 的 Marvin Fong。

All great.

一切都很棒。

Good evening.

晚安.

Thanks for taking my questions, everyone and let me also add my congrats on all the heavy lifting and execution to get you guys at this point.

感謝大家回答我的問題，同時我也對你們為達到這一目標所付出的艱苦努力和執行表示祝賀。

Yes, just maybe I know several questions on 2025.

是的，也許我知道幾個關於 2025 年的問題。

Maybe you could just kind of think more near term about, about the guidance for the fourth quarter.

或許您可以多考慮近期的第四季指引。

You know, we're already, you know, almost halfway through November and, you know, I know still a lot of holiday shopping to be done here, but we do have a shorter holiday period and some Black Friday sales already happening or have been happening for a while.

你知道，我們已經快到十一月的一半了，你知道，我知道這裡還有很多節日購物要做，但我們的假期確實較短，而且一些黑色星期五促銷活動已經開始或已經持續了一段時間。

So I just would love your take on sort of what you've seen so far.

所以我很想聽聽您對目前所見內容的看法。

In terms of how the consumer has kind of been developing and you know, just what else we should be looking for the rest of the season in terms of sort of like, you know, how much of the of the shopping season, you know, you guys still need to realize here.

就消費者的發展而言，我們還應該關注本季剩餘時間的哪些方面，例如，購物季還剩多少，你們還需要意識到這一點。

Hey, Marvin.

嘿，馬文。

Thanks for the kind words.

謝謝你的好意。

Yeah, it is a little compact.

是的，它有點緊湊。

I mean, Thanksgiving is at the end of November.

我的意思是，感恩節是在十一月底。

So, right, the 28, or right?

那麼，對吧，28，還是對的？

And so usually you sometimes you get Thanksgiving gives you like an extra week before the holiday.

因此通常，感恩節會在假期前給你一個額外一周的時間。

So it is a little compact.

所以它有點緊湊。

I mean, listen, Amazon did an earlier prime day, so that was pretty successful.

我的意思是，聽著，亞馬遜早些時候就舉辦了 Prime Day，所以這是相當成功的。

We'll talk about that when we announce Q4, but certainly we saw so far, you know, sales activity being robust in October.

我們將在宣布第四季度時討論這個問題，但到目前為止，我們確實看到，十月份的銷售活動十分強勁。

Which is, you know, kind of a little bit different than the past, I think to your point, there's been a lot more sales, I think price sensitivity always been helpful for consumers.

你知道，這與過去有點不同，我想正如你所說，現在的銷量已經多了很多，我認為價格敏感性對消費者來說總是有幫助的。

If they see good deals going on, they'll start purchasing early.

如果他們看到有好交易，他們就會提前購買。

But usually this is not uncommon, right?

但通常這並不罕見，對吧？

The, the slow down before, you know, Turkey, Turkey-5 or Turkey-10.

你知道，在土耳其、土耳其-5 或土耳其-10 之前，速度會減慢。

And, you know, however people quantify it.

而且，你知道，不管人們如何量化它。

We're still very confident that, you know, the guidance that Josh put out there is what we're tracking towards.

我們仍然非常有信心，你知道，喬希提出的指導正是我們正在追蹤的方向。

We don't see any bumps in the road at this point.

目前我們沒有看到任何障礙。

So we feel pretty happy though but we are excited for Black Friday and Cyber Monday.

所以我們感到非常高興，但我們對「黑色星期五」和「網路星期一」感到很興奮。

You know, we got a lot of great deals and great opportunities for consumers to experience our product at a good price without necessarily, you know, tremendously impacting or sacrificing margins.

你知道，我們為消費者提供了許多優惠和絕佳的機會，讓他們以優惠的價格體驗我們的產品，而不一定會對利潤產生巨大影響或犧牲。

Right?

正確的？

So I'm kind of excited to see how the team performs, you know, this year as a much more focused organization on our core.

因此，我很高興看到今年團隊的表現，我們將會成為一個更專注於核心的組織。

So I am looking forward to it, but so far everything is working, you know, and working to our expectations.

所以我很期待，但到目前為止一切都進展順利，符合我們的預期。

Got it great and then you called out container shipping rates, couple of for this quarter and I think or the just reported quarter and in this upcoming quarter, you know, considering, I think, you know, rates have kind of come down post election.

非常好，然後您提到了集裝箱運輸費率，本季度的幾個費率，我認為或剛剛報告的季度以及即將到來的這個季度的費率，考慮到，我認為，選舉後費率有所下降。

You know, I think there's a view that, you know, trade will kind of decelerate, you know, under the new administration.

你知道，我認為有一種觀點認為，在新政府的領導下，貿易將會放緩。

So, should we, should we just sort of think about the container rate pressure is kind of isolated to to those quarters, it just kind of a lagging impact.

那麼，我們是否應該認為貨櫃運費壓力只是對這些地區產生的一種孤立影響，它只是一種滯後影響。

So consider considering sort of the comparisons against last year and maybe in the back half of 2025 it actually could become a tailwind or at least wouldn't be a headwind.

因此，考慮與去年進行比較，也許在 2025 年下半年它實際上可能成為順風，或者至少不會成為逆風。

Yeah.

是的。

No, it's a good question, Marvin.

不，這是個好問題，馬文。

Yeah, I think in our prepared marks, we think consumer, we think, sorry, we think container costs will continue to be again when we say higher.

是的，我認為在我們準備好的標記中，我們認為消費者，我們認為，抱歉，我們認為貨櫃成本將繼續上漲。

Keep in mind for 2023, right?

記得 2023 年吧？

And for the first half of 2024 container costs were actually, you know, kind of back to normal.

到 2024 年上半年，貨櫃成本實際上已經恢復正常。

And so this kind of rise in container costs that happened, I would say kind of in the, I would say probably in the April, May time frame of 2024 was probably mostly due to, you know, some geopolitical issues and some other weather issues in China.

因此，我認為 2024 年 4 月至 5 月期間貨櫃成本的上漲可能主要是由於中國的一些地緣政治問題和其他天氣問題。

And then I think a lot of uncertainty with some of the dock strikes that were that happened, you know, obviously in the Southern US.

然後我認為一些發生的碼頭罷工事件存在很大的不確定性，你知道，顯然發生在美國南部。

So I right now we think that containers are probably, even though they come down a little bit, they'll probably still stay off that, you know, the stay at, you know, they'll still be higher than those periods when you do the comparison.

所以我現在認為，儘管貨櫃運輸量有所下降，但它們可能仍會保持在這個水平，你知道，它們仍會高於你進行比較時的那些時期。

And we hope they come eventually down.

我們希望它們最終能夠降下來。

Yeah, that'd be great because you're right.

是的，那太好了，因為你是對的。

And then we would benefit in the second half of 2025 they came down as you think of the comparison.

然後，我們將在 2025 年下半年受益，正如您所想到的比較那樣，它們會下降。

But, certainly, you know, sometimes it's hard to predict there's been a lot of changes and a lot of changes that are expected to happen, especially with the new administration.

但是，當然，你知道，有時很難預測會發生很多變化，而且很多變化預計會發生，特別是在新政府上台之後。

So we'll see how that impacts it.

因此我們將看看這會產生什麼影響。

I think the main thing is that our multi supplier approach has benefited us and we'll continue to leverage that and be as nimble as possible when it comes to containers.

我認為最重要的是我們的多供應商方法使我們受益，我們將繼續利用這一點，並在貨櫃方面盡可能保持靈活。

But we expect them still to be off that kind of, you know, call it 1,500 to 2000 container.

但我們預計他們的產量仍將是1,500到2,000個貨櫃。

You know, normalized price that it's still going to run much higher than that.

你知道，正常化價格仍將比這高得多。

I think through the beginning of 2025.

我認為要到 2025 年初。

Got it.

知道了。

And then last question, I think you mentioned maybe some cost savings are still in the pipeline.

最後一個問題，我想您提到過，也許一些成本節約仍在進行中。

Could you, could you give us an idea of you know, what's a good sort of fixed cost structure?

您能否向我們介紹什麼樣的固定成本結構比較好？

You know, once you guys are fully realized your cost efficiencies, I you know, would love to get some more color on that.

你知道，一旦你們充分認識到成本效率，我知道，我很想對此有更多的了解。

Thanks.

謝謝。

Hey Marvin, it's Josh.

嘿，馬文，我是喬希。

So we did our restructuring in the first quarter of this year.

因此，我們在今年第一季進行了重組。

So obviously we'll get next year in 2025 the full annual impact of the of that restructuring.

因此顯然我們將在明年，也就是 2025 年獲得重組的全年影響。

We've also you know, as we previously announced, we switched auditors and we have a lower cost auditor now.

正如我們之前宣布的那樣，我們已經更換了審計師，現在我們的審計師成本更低。

And also, you know, our insurance renewals have come up in the summertime and we got a reduction in in premiums on our renewal.

而且您知道，我們的保險續保時間是在夏季，續保時我們的保費也降低。

So if you put that all together, we do expect our our own rate of fixed cost to decrease next year.

所以，如果把所有這些放在一起，我們確實預計明年我們的固定成本率將會下降。

Okay.

好的。

Awesome.

驚人的。

Thanks, Josh.

謝謝，喬希。

That sounds great.

聽起來不錯。

Appreciate it.

非常感謝。

Brian Kinstlinger, Alliance Global Partners.

聯盟全球合作夥伴 (Alliance Global Partners) 的 Brian Kinstlinger。

Great, Josh.

太好了，喬希。

I'm going to have to follow up to that question on overhead.

我將必須跟進有關間接費用的問題。

If you look at the third quarter, your GNA was significantly down to the June quarter and even much lower than the March quarter.

如果你看第三季度，你的 GNA 明顯下降至 6 月季度，甚至比 3 月季度低得多。

Is this the full effect of cost cutting or is there anything else contemplated in there that may be non-recurring?

這是削減成本的全部效果嗎，還是其中還有其他可能非經常性的考慮因素？

We did have some insurance refunds that came in the third quarter.

我們在第三季確實收到了一些保險退款。

You know, I think our G&A is not exactly equal quarter to quarter in the first quarter.

您知道，我認為我們第一季的 G&A 季度間並不完全相同。

You know, we have higher audit and accounting fees.

你知道，我們的審計和會計費用較高。

So I would say our run rate is probably a little bit higher than our actual Q3 results.

因此我想說我們的運行率可能比實際的第三季業績略高一些。

Great.

偉大的。

That's helpful.

這很有幫助。

And then my other question, You've got $16 million of cash.

我的另一個問題是，您有 1600 萬美元現金。

You're basically break even to generating modest cash flow.

你基本上可以實現收支平衡並產生適度的現金流。

Looking at the queue.

看著隊列。

How is management, the board thinking about using their excess capital to improve your returns, you mentioned M&A is it a really high priority?

管理階層和董事會是如何考慮利用剩餘資本來提高回報的，您提到的併購是否真的是優先事項？

And if you are thinking M&A is it technology, is it brands and products you're looking to buy?

如果您正在考慮併購，您想購買的是技術、品牌和產品嗎？

Is it relationships with some of these platforms?

它與其中一些平台有關係嗎？

Just maybe help us understand what your priorities are?

或許能幫助我們了解您的優先事項是什麼？

I'm glad, I mean you could add to that Josh.

我很高興，我的意思是你可以補充一點，喬希。

I think as it comes to M&A Brian M&A for us, it is something that would help our product portfolio, right?

我認為，就併購而言，布萊恩併購對我們來說，會對我們的產品組合有所幫助，對嗎？

Either our brand portfolio, strengthen our brand portfolio.

無論是我們的品牌組合，或是加強我們的品牌組合。

But again, it's going to be very strategic.

但再次強調，這將是非常具有戰略意義的。

We, don't believe, you know, running 14 or 20 or 30 brands or 100 brands like some of these aggregators try to do is a good model.

我們不相信經營 14 個、20 個、30 個或 100 個品牌（就像一些品牌聚合器嘗試做的那樣）是一個好的模式。

You don't create enough leverage or efficiency on your marketing or your operating costs.

您沒有在行銷或營運成本上創造足夠的槓桿或效率。

So if we do M&A it's because we're adding a brand or product that we think is a long term strategic value to us over time.

因此，如果我們進行併購，那是因為我們增加了一個品牌或產品，我們認為它對我們來說具有長期戰略價值。

I think the other side, if you look at our cash balance, listen, next year we're going to, we're saying we're, our mission is to grow.

我認為另一方面，如果你看看我們的現金餘額，聽著，明年我們將要說我們的使命是發展。

And so I think as you think about that, we're need some of that cash for working capital as we build up inventory and especially as we think of marketing some of our new products.

所以我認為，當你考慮到這一點時，我們需要一些現金作為營運資金，因為我們要建立庫存，特別是當我們考慮行銷一些新產品時。

So I think if you look at how we're going to deploy that cash it's really in those areas.

因此，我認為，如果你看看我們將如何部署這些現金，你會發現我們確實在那些領域。

Right.

正確的。

You don't need tournament for omni channel expansion to your earlier comments.

您不需要對您先前的評論進行全通路擴展競賽。

Right.

正確的。

There's less, less friction now that we're kind of in a third party model.

由於我們目前處於第三方模式，因此摩擦越來越少。

But certainly as you're, as you're growing, you have to buy that inventory that we get the impact and the benefit of the ABL, I do think that's where the cash is going to be deployed over the coming months.

但可以肯定的是，隨著你的成長，你必須購買那些庫存，這樣我們才能獲得 ABL 的影響和好處，我確實認為這就是未來幾個月現金的部署方向。

The, we don't think it drags that much because of the ABL is where we want to sort of leverage it to grow is really through that product launches.

我們認為，它不會造成太大的拖累，因為我們希望利用 ABL 來實現成長，而這實際上是透過產品發布來實現的。

And if we find something M&A.

如果我們發現一些併購。

And, and then what are evaluations looking like these days?

那麼，最近的評估情況如何？

Is it maybe a EBITDA kind of multiple that you hope to achieve?

您希望實現的可能是 EBITDA 倍數嗎？

I still, you know, they're a little all over the place.

我仍然知道，它們有點雜亂無章。

I still think there's a lot of sellers that have unrealistic expectations.

我仍然認為有很多賣家抱有不切實際的期望。

But I, we've seen some interesting stuff still in the 3 range to 4 range.

但是，我們仍然在 3 到 4 範圍內看到了一些有趣的東西。

We've seen some a little bit lower than three at times.

有時，我們會看到一些略低於三的值。

But I still think, you know, I think if someone showed up with the right thing at somewhere between a three or four multiple, I think that's a good deal.

但我仍然認為，你知道，我認為如果有人能以三到四倍的價格買到正確的東西，我認為這是一筆很好的交易。

Great.

偉大的。

Thanks so much for answering all my questions.

非常感謝您回答我的所有問題。

Yeah.

是的。

Of course.

當然。

(Operator Instructions) I will now turn the call back over to Mr. Grozovsky, Vice President, Investor Relations, Corporate Development for closing remarks.

（操作員指示）現在，我將把電話轉回給公司發展部投資者關係副總裁格羅佐夫斯基先生，請他作最後發言。

Thank you as part of our Shareholder Perks program.

感謝您參與我們的股東福利計劃。

As a reminder, investors can sign up for at aterian.io forward slash perks.

提醒一下，投資者可以在aterian.io 上註冊斜線福利。

Participants have the ability to ask management questions on our earnings calls.

參與者可以在我們的收益電話會議上提出管理問題。

Wanted to thank all of the shareholder perks participants for their loyalty, their participation in the program, their questions, a few of the most popular questions that they have submitted.

想要感謝所有股東福利參與者的忠誠、他們對計劃的參與以及他們的問題，以及他們提交的一些最受歡迎的問題。

Option number one shareholder perks, discount emails been discontinued.

選擇一號股東福利、折扣電子郵件已停止。

I'll, grab that one, Josh.

我會抓住那個，喬希。

And Ilya, I think you broke up there for a second.

伊利亞，我想你們當時就分手了。

So it's just want to make sure you're asking the right question.

所以只是想確保你問的是正確的問題。

Was it discontinued with the question?

這個問題是否已經停止了？

Sorry.

對不起。

The question is have shareholder perks discount emails been discontinued?

問題是股東福利折扣電子郵件是否已經停止了？

Okay.

好的。

Yeah, got it.

嗯，明白了。

Absolutely not.

絕對不是。

No way.

決不。

We love giving our shareholders an opportunity to share on our products at a discount.

我們樂意為股東提供以折扣價分享我們產品的機會。

We're really proud of our product.

我們對我們的產品感到非常自豪。

We have great brands and products and it's awesome that we give the perks members an opportunity to buy those at a discount.

我們擁有優秀的品牌和產品，並為福利會員提供以折扣價購買這些產品的機會，這真是太棒了。

I think what we did was we changed the perk programs from a weekly email to a monthly.

我認為我們所做的是將福利計劃從每週電子郵件更改為每月電子郵件。

And I think by giving the perk members a monthly email, it's it's a little bit better gives them a lot more flexibility by the product.

我認為，透過每月向福利會員發送一封電子郵件，可以更好地為他們提供產品的靈活性。

I think the previous one is you had to buy within a week.

我認為前一個是你必須在一周內購買。

Now, you're getting a monthly email with multiple discounts and you have the whole month to participate or purchase it, which I think just gives them the members a lot more flexibility.

現在，您每月都會收到一封包含多種折扣的電子郵件，並且您可以在整個月的時間內參與或購買，我認為這為會員提供了更大的靈活性。

But, you know, certainly not.

但你知道，這當然不是。

We love the Perks program and we're very happy to see people participate in it.

我們喜歡 Perks 計劃並且很高興看到人們參與其中。

Thank you.

謝謝。

Next question is, are you interested in re-entering product categories and product lines that you have discontinued as part of your SKU rationalization?

下一個問題是，您是否有興趣重新進入您已在 SKU 合理化過程中停止的產品類別和產品線？

So I think we touched on it a little bit with one of the questions.

所以我認為我們在其中一個問題上稍微討論了這一點。

I think it was might have been Alex, but yes, certainly we are working very hard right now to finalize our 2025 road map.

我想可能是亞歷克斯，但是是的，我們現在確實正在努力敲定我們的 2025 年路線圖。

And as part of that, we are considering a few discontinued SKUs.

作為其中的一部分，我們正在考慮停產一些 SKU。

If there's an opportunity to re enter a program, I mean, sorry, a category that we were previously in, especially if it fits the brand's vision, we're very open to it and considering it.

如果有機會重新進入一個項目，對不起，意思是我們之前所在的類別，特別是如果它符合品牌的願景，我們會非常開放並考慮它。

You know, it's great about some of these discontinued SKUs, you know, if it's in the right quality and, you know, same features, there's an opportunity to reuse the ratings and reviews of that listing previously.

您知道，一些停產的 SKU 很棒，如果品質良好且功能相同，就有機會重複使用先前該清單的評級和評論。

So if they're still there, so they're still there, we can take advantage of if we think we need it.

所以如果它們仍然在那裡，如果我們認為我們需要的話，我們就可以利用它們。

So certainly it's a great opportunity for us to minimize the risk of launches if we find the right opportunity.

因此，如果我們找到合適的機會，這對我們來說無疑是一個最大限度降低發射風險的好機會。

This concludes the Q&A portion of the call terms of the upcoming calendar.

這結束了即將到來的日曆通話條款的問答部分。

Aterian management will be participating in the 15th Annual Craig Hallum Alpha Select Conference in New York City on November 19, 2024.

Aterian 管理階層將於 2024 年 11 月 19 日參加紐約舉行的第 15 屆 Craig Hallum Alpha Select 年度會議。

We look forward to speaking with you on future calls.

我們期待在未來的通話中與您交談。

This ends our call and you may now disconnect.

我們的通話到此結束，您可以掛斷電話了。

Ladies and gentlemen, that includes today's call.

女士們、先生們，其中包括今天的電話會議。

Thank you all for joining you.

感謝大家的加入。

May now disconnect.

現在可以編輯。