BowFlex Inc (BFX) 2019 Q2 法說會逐字稿

Good day, and welcome to the Nautilus, Inc.

美好的一天，歡迎來到 Nautilus, Inc.

Second Quarter 2019 Earnings Results Conference Call.

2019 年第二季度收益結果電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I would like to turn the conference over to Mr. John Mills of ICR, Chief -- sorry, ICR.

現在，我想將會議轉交給 ICR 的 John Mills 先生，ICR 的負責人——對不起，ICR。

Please go ahead, sir.

請繼續，先生。

Thank you.

謝謝。

Good afternoon, everyone.

大家下午好。

Welcome to Nautilus' Second Quarter 2019 Conference Call.

歡迎來到 Nautilus 2019 年第二季度電話會議。

Participants on the call from Nautilus are Carl Johnson, Chairman of the Board; Jim Barr, Chief Executive Officer; Bill McMahon, Special Assistant to the CEO; and Dave Wachsmuth, Senior Director of Finance.

Nautilus 電話會議的參與者是董事會主席 Carl Johnson；吉姆巴爾，首席執行官；首席執行官特別助理 Bill McMahon；和財務高級總監 Dave Wachsmuth。

Our earnings release was issued earlier today and may be downloaded from our website at nautilusinc.com on the Investor Relations page.

我們的收益發佈於今天早些時候發布，可從我們網站 nautilusinc.com 的投資者關係頁面下載。

The earnings release includes a reconciliation of the non-GAAP financial measures mentioned in today's call to the most directly comparable GAAP measures.

收益發布包括對今天呼籲中提到的非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬。

Remarks on today's conference call will include forward-looking statements within the meaning of the securities laws.

今天電話會議的評論將包括證券法含義內的前瞻性陳述。

These include statements concerning financial projections, operating trends, anticipated growth and profitability, anticipated timing and market acceptance of new product introductions, planned investments and strategic and operational initiatives and the anticipated or targeted results of such initiatives, expected growth of our user base, consumer and retail demand for our products and the impact of new product introductions on our future financial results, planned capital expenditures and anticipated results of new product, business development initiatives and strategic partnerships.

這些包括關於財務預測、經營趨勢、預期增長和盈利能力、新產品推出的預期時間和市場接受度、計劃投資和戰略和運營舉措以及此類舉措的預期或目標結果、我們的用戶群的預期增長、消費者和我們產品的零售需求，以及新產品推出對我們未來財務業績、計劃資本支出和新產品、業務發展計劃和戰略合作夥伴關係的預期結果的影響。

Forward-looking statements are subject to a number of risks and uncertainties, and actual results may differ materially from these statements.

前瞻性陳述受許多風險和不確定因素的影響，實際結果可能與這些陳述存在重大差異。

Additional factors that could cause Nautilus' actual results to differ materially from these forward-looking statements include weaker-than-anticipated demand for new and existing products, our ability to timely acquire inventory that meets our quality control standard from sole-sourced foreign manufacturers at anticipated costs, experiencing delays and/or greater-than-anticipated cost in connection with launches of new products, entry into new markets, our strategic initiatives, including recurring revenue offerings, our ability to hire and retain key management personnel, changes in consumer fitness trends and our ability to anticipate and satisfy consumer preferences in a timely manner, changes in the media consumption habits of our target consumers or the effectiveness of our media advertising, a decline in consumer spending due to unfavorable economic conditions and softness in the retail marketplace.

可能導致 Nautilus 的實際結果與這些前瞻性陳述存在重大差異的其他因素包括對新產品和現有產品的需求弱於預期、我們及時從獨家採購的外國製造商處獲得符合我們質量控制標準的庫存的能力預期成本、與新產品發布、進入新市場、我們的戰略計劃（包括經常性收入產品）、我們僱用和留住關鍵管理人員的能力、消費者適應度的變化有關的延遲和/或高於預期的成本趨勢和我們及時預測和滿足消費者偏好的能力，目標消費者媒體消費習慣的變化或我們媒體廣告的有效性，由於不利的經濟條件和零售市場疲軟導致消費者支出下降。

For more information about these risks and uncertainties, please refer to today's earnings announcement and our most recent annual report on Form 10-K as supplemented by our quarterly report on Form 10-Q.

有關這些風險和不確定性的更多信息，請參閱今天的收益公告和我們最近的 10-K 表格年度報告，以及我們的 10-Q 表格季度報告。

Nautilus undertakes no obligation to update or otherwise publicly release any revision to forward-looking statements to reflect new information, events or circumstances after they were made or to reflect the occurrence of unanticipated events.

Nautilus 沒有義務更新或以其他方式公開發布對前瞻性陳述的任何修訂，以反映新的信息、事件或情況，或反映意外事件的發生。

All information and comments regarding our operating results pertain to our continuing operations unless otherwise noted.

除非另有說明，否則有關我們經營業績的所有信息和評論都與我們的持續經營有關。

And with that, it is my pleasure to turn the call over to Nautilus' CEO, Mr. Jim Barr.

因此，我很高興將電話轉給 Nautilus 的首席執行官 Jim Barr 先生。

Thank you, John.

謝謝你，約翰。

Good afternoon, everyone, and thank you for joining our call today.

大家下午好，感謝您今天加入我們的電話會議。

It's been an exciting few days for me.

這幾天對我來說是激動人心的。

I joined the company as CEO on Monday, but have been following the company closely for a while.

我於週一加入公司擔任首席執行官，但已經密切關注公司一段時間了。

Before I turn the call over to Carl to discuss the quarterly results, I'd like to take a few moments to tell you more about my background and why I'm eager to be joining a company with such iconic, storied brands and a strong operating platform.

在我把電話轉給卡爾討論季度業績之前，我想花點時間告訴你更多關於我的背景，以及為什麼我渴望加入一家擁有如此標誌性、傳奇品牌和強大實力的公司操作平台。

My background in digital and e-commerce has extended across several industries, with a focus on helping companies transform and grow large-scale digital and multichannel businesses.

我在數字和電子商務方面的背景已經擴展到多個行業，重點是幫助公司轉型和發展大規模數字和多渠道業務。

Most recently as Group President of Ritchie Bros., the 60-year-old global leader in heavy equipment auctions, I helped lead a transformation to expand the company's offerings from its core on-site auctions to a full array of on-site and online formats.

最近擔任 60 歲全球重型設備拍賣領導者 Ritchie Bros. 的集團總裁時，我幫助領導了一場轉型，將公司的產品從其核心現場拍賣擴展到全方位的現場和在線拍賣格式。

This vastly enhanced its value proposition and delivered an unprecedented choice of ways to transact when, where and how customers want.

這極大地增強了其價值主張，並提供了前所未有的交易方式選擇，可以在客戶需要的時間、地點和方式進行交易。

We built on top of the company's core 60-year-old on-site auction business, strengthening it through technology and then launched complementary digital channels.

我們建立在公司具有 60 年曆史的核心現場拍賣業務之上，通過技術加強它，然後推出互補的數字渠道。

My role there encompassed leading the company's global marketing, technology and online product teams.

我在那裡的職責包括領導公司的全球營銷、技術和在線產品團隊。

I'm proud that we leveraged the company's historical strength and culture, added new capabilities and built a fantastic team to lead it from transformation to execution stages.

我很自豪我們利用了公司的歷史實力和文化，增加了新的能力並建立了一支出色的團隊來帶領它從轉型到執行階段。

Prior to Ritchie Bros., I worked for 2 of the largest online retailers, OfficeMax and Sears.

在利氏兄弟之前，我曾在兩家最大的在線零售商 OfficeMax 和 Sears 工作。

As EVP and Chief Digital Officer at OfficeMax, the company's online business went from declining revenue to double-digit growth every quarter for 2 years before we merged it with Office Depot.

作為 OfficeMax 的執行副總裁兼首席數字官，在我們將其與 Office Depot 合併之前的 2 年裡，該公司的在線業務從收入下降轉為每季度兩位數增長。

As President of the Online Business Unit at Sears, I helped implement an omnichannel and online strategy that expanded the product assortment and produced double-digit online growth.

作為西爾斯在線業務部門的總裁，我幫助實施了全渠道和在線戰略，擴大了產品種類並實現了兩位數的在線增長。

The foundation of my digital experience came from 12 years as an executive in Microsoft's online businesses, as GM, MSN Business Development, and GM, Commerce Services, where I ran online shopping, classified advertising and the auction businesses as well as the platforms and technologies that later powered the e-commerce experience in Microsoft's Bing search engine.

我的數字經驗的基礎來自 12 年的微軟在線業務主管，作為 GM、MSN 業務開發和 GM、商務服務，我負責在線購物、分類廣告和拍賣業務以及平台和技術後來為微軟必應搜索引擎的電子商務體驗提供了動力。

There's a fascinating evolution going on in fitness, and I joined because I'm excited about what Nautilus, with our brand's product portfolio, market presence, know-how, people and strategic partners, can do for customers and consumers as we leverage our strengths and build out our digital capabilities.

健身領域正在發生令人著迷的演變，我之所以加入，是因為我對 Nautilus 以及我們品牌的產品組合、市場佔有率、專業知識、人員和戰略合作夥伴能夠利用我們的優勢為客戶和消費者做些什麼感到興奮並建立我們的數字能力。

The ability to connect with consumers is like never before and coupled with the right equipment, content and technology, provides a tremendous opportunity for us to deliver an enhanced, personalized, in-home experience and to better assist our consumers' pursuit of a healthy life.

與消費者建立聯繫的能力是前所未有的，再加上合適的設備、內容和技術，為我們提供了一個巨大的機會來提供增強的、個性化的家庭體驗，並更好地幫助我們的消費者追求健康的生活.

I'm delighted and privileged to be part of this team.

我很高興也很榮幸成為這個團隊的一員。

And now I'll turn the call over to Carl.

現在我會把電話轉給卡爾。

Thank you, Jim.

謝謝你，吉姆。

I speak on behalf of the entire management team and Board when I say we are very fortunate and excited to have you at the helm.

我代表整個管理團隊和董事會發言，我們非常幸運和興奮有你掌舵。

We believe your background, experience and skills will enhance our organization, our product and service offerings, our brands and the overall strength of Nautilus.

我們相信您的背景、經驗和技能將增強我們的組織、我們的產品和服務、我們的品牌以及 Nautilus 的整體實力。

I will now provide a general overview of our second quarter 2019 results, discuss our business segments as well as new product activity and then turn the call over to Dave Wachsmuth to review our financials in more detail.

我現在將概述我們 2019 年第二季度的業績，討論我們的業務部門以及新產品活動，然後將電話轉給 Dave Wachsmuth 以更詳細地審查我們的財務狀況。

I will close with a few final remarks before opening the call up to your questions.

在開始回答您的問題之前，我將以最後幾句話結束。

As we have noted for the past few quarters, the year-over-year decline in the Direct segment stems primarily from the slow ramp-up of the refreshed Max Trainer product.

正如我們在過去幾個季度所指出的那樣，直接細分市場的同比下降主要源於更新後的 Max Trainer 產品的緩慢增長。

The advertising that rolled out in the fourth quarter of 2018 for Max Trainer did not resonate with consumers nor did it properly communicate the differentiated capabilities of our digital platform.

2018 年第四季度為 Max Trainer 推出的廣告沒有引起消費者的共鳴，也沒有正確傳達我們數字平台的差異化功能。

Accordingly, over the first half of 2019, we have undertaken a comprehensive effort to address this trend, with the goal to put the Direct business back on a path to profitable growth.

因此，在 2019 年上半年，我們全面努力應對這一趨勢，目標是讓直營業務重回盈利增長之路。

The primary actions taken include extensive in-depth consumer insights research, leading to a major repositioning of the Bowflex brand and a new advertising and communications campaign created by the FIG advertising agency, with whom we have been working for several months and officially announced as agency partner in July of this year.

採取的主要行動包括廣泛深入的消費者洞察研究，導致對 Bowflex 品牌進行重大重新定位，以及由 FIG 廣告代理公司發起的新廣告和傳播活動，我們已與其合作數月並正式宣布成為代理機構今年7月的合夥人。

We anticipate that this campaign will begin airing in the third quarter of 2019 across television, social media and other digital platforms.

我們預計該活動將於 2019 年第三季度開始在電視、社交媒體和其他數字平台上播出。

The new campaign will also be incorporated in our Bowflex website, which will include enhanced navigation and motivation-to-buy features.

新活動也將納入我們的 Bowflex 網站，其中將包括增強的導航和購買動機功能。

In order to understand and confirm the impact of our new advertising on both the Direct and Retail businesses as early as possible as well as to guide our future spending in commercial rotations, we will be initiating affordable heavy-up media spend in select markets during the last half of August.

為了儘早了解和確認我們的新廣告對直銷和零售業務的影響，並指導我們未來的商業輪換支出，我們將在 2018 年期間在特定市場啟動負擔得起的大量媒體支出。八月下半月。

Learnings from these markets will allow us to further refine our media tactics for our traditionally strong Q4 seasonal efforts.

從這些市場中吸取的教訓將使我們能夠進一步完善我們的媒體策略，以應對我們傳統上強勁的第四季度季節性工作。

Additionally, we expect to launch many targeted new products across all our channels in the second half of 2019: Direct; Retail; commercial; specialty; and international.

此外，我們預計將在 2019 年下半年在所有渠道推出許多有針對性的新產品：零售;商業的;專業;和國際。

In parallel, we will continue our digital transformation with updated digital experience platforms on key new products, working toward our goal of having all of our products be compatible with subscription-based digital experience offerings.

與此同時，我們將繼續我們的數字化轉型，在主要新產品上更新數字體驗平台，努力實現我們的目標，即讓我們所有的產品都與基於訂閱的數字體驗產品兼容。

In Retail, net sales decreased by 4.4% and 9.6% for the 3- and 6-month periods ended June 30, 2019, respectively, compared to the same periods in 2018.

在零售方面，截至 2019 年 6 月 30 日止的 3 個月和 6 個月期間，與 2018 年同期相比，淨銷售額分別下降了 4.4% 和 9.6%。

The decreases were primarily due to a decline in sales of the Max Trainer line, partially offset by increases in sales of other modalities.

減少的主要原因是 Max Trainer 系列的銷量下降，部分被其他訓練方式的銷量增長所抵消。

We believe that causative factors include lower order rates from certain customers anticipating new products to be launched and shipped in the second half as well as some customers reducing inventory stocking levels.

我們認為，原因包括部分客戶預期下半年將推出新產品並發貨，以及部分客戶降低庫存庫存水平，導致訂單率下降。

We expect second half of 2019 sales to include new product introductions and in-store merchandising in key customers in North America, international and the commercial and specialty channels.

我們預計 2019 年下半年的銷售額將包括北美、國際以及商業和專業渠道的主要客戶的新產品介紹和店內銷售。

Included in our second quarter results was a $72 million noncash impairment of goodwill and intangible assets that was related to the decline in our stock price and market capitalization.

我們第二季度的業績包括 7200 萬美元的商譽和無形資產的非現金減值，這與我們的股價和市值下降有關。

Dave will cover in more detail the circumstances of this impairment.

戴夫將更詳細地介紹這種損害的情況。

We do not expect these charges to impact the strategies we are pursuing to improve the business.

我們預計這些費用不會影響我們為改善業務而採取的戰略。

I also want to address our gross margins in the second quarter of 2019.

我還想談談我們 2019 年第二季度的毛利率。

Margins declined materially from the prior year period primarily due to a few factors.

利潤率較上年同期大幅下降，主要原因有幾個。

First, the weakness in revenue, especially in our slowest seasonal quarter, resulted in unfavorable absorption of our fixed distribution and fulfillment expenses.

首先，收入疲軟，尤其是在我們最緩慢的季節性季度，導致我們無法吸收固定分銷和履行費用。

Additionally, lower Max Trainer product sales in both segments negatively impacted margins as this higher-margin product became a smaller component of the mix.

此外，這兩個細分市場的 Max Trainer 產品銷量下降對利潤率產生了負面影響，因為這種利潤率較高的產品在產品組合中所佔比例較小。

Finally, to a lesser extent, margins were negatively impacted due to discounted sales of older products as part of our initiative to reduce our inventory levels.

最後，在較小程度上，由於我們降低庫存水平的舉措之一是舊產品的折扣銷售，利潤率受到了負面影響。

Also during the quarter, consistent with our previously announced 2019 cost savings, we implemented a workforce reduction in July 2019 and other shared support cost reductions.

同樣在本季度，與我們之前宣布的 2019 年成本節約一致，我們在 2019 年 7 月實施了裁員和其他共享支持成本削減。

The expected cost savings for the company from these initiatives, which are now fully in place, is $5 million to $6 million on an annual basis.

這些計劃現已完全實施，預計公司每年可節省 500 萬至 600 萬美元的成本。

As for our digital platform, we continue to invest in its development.

至於我們的數字平台，我們繼續投資於它的發展。

Encouragingly, we have seen an increase in adoption and subscription attachment rates since our launch late last year.

令人鼓舞的是，自去年年底推出以來，我們的採用率和訂閱率都有所上升。

Our digital offering, the Bowflex Max Intelligence Platform, has over a 4.6-star average rating on the iOS App Store, and over half of our app users are using the premium version.

我們的數字產品 Bowflex Max Intelligence Platform 在 iOS App Store 上的平均評分超過 4.6 星，我們一半以上的應用程序用戶都在使用高級版本。

Our internal research and data show that the digital platform is helping users achieve success.

我們的內部研究和數據表明，數字平台正在幫助用戶取得成功。

We have expanded the capabilities of our digital offering with RunSocial, Bowflex Radio, more advanced coaching and other highly requested features received directly from our users, a key source of feedback for enhancing the overall customer experience.

我們通過 RunSocial、Bowflex Radio、更高級的指導和其他直接從用戶那裡收到的高度要求的功能擴展了我們數字產品的功能，這是增強整體客戶體驗的重要反饋來源。

Direct communication feedback received from the platform will be an ongoing tool for us as we work to continuously improve our digital offering to achieve our goal of providing the most engaged individualized user experience in the home fitness industry.

從該平台收到的直接溝通反饋將成為我們的持續工具，因為我們致力於不斷改進我們的數字產品，以實現我們在家庭健身行業提供最具參與度的個性化用戶體驗的目標。

Working with our strategic partners, Samsung, Vi and Feed.fm, we anticipate introducing additional features throughout the back half of this year, to include tracking enhancements, custom workout upgrades, new video content and more.

通過與我們的戰略合作夥伴三星、Vi 和 Feed.fm 合作，我們預計將在今年下半年推出更多功能，包括跟踪增強功能、自定義鍛煉升級、新視頻內容等。

Obviously, with Jim now on board, we are very excited about our expected continued improvement of our digital offerings and online expansion and look forward to his contributions in this very important area.

顯然，隨著吉姆的加入，我們對我們預期的數字產品和在線擴展的持續改進感到非常興奮，並期待他在這個非常重要的領域做出貢獻。

Starting in late August, we also expect to begin our new product rollout with the MaxTotal.

從 8 月下旬開始，我們還希望通過 MaxTotal 開始推出我們的新產品。

This new product will feature a built-in digital screen to complement the upgraded digital platform, providing users with both a cardio and an upper-body workout with a personalized customized approach driven by built-in machine learning capabilities.

這款新產品將配備內置數字屏幕，以補充升級後的數字平台，通過內置機器學習功能驅動的個性化定制方法，為用戶提供有氧運動和上半身鍛煉。

We will be moving our enhanced digital platform to new modalities, starting with the Bowflex treadmills, in Q3 of 2019, which we anticipate will bring next-generation coaching and motivation to both walkers and runners.

我們將在 2019 年第三季度將我們增強的數字平台轉移到新的模式，從 Bowflex 跑步機開始，我們預計這將為步行者和跑步者帶來下一代指導和動力。

We expect to launch the next generation of our award-winning IC spin bikes with the Schwinn IC4 to feature digital connectivity so that users can connect with their favorite apps, such as Zwift, Peloton and RideSocial.

我們希望推出配備 Schwinn IC4 的下一代屢獲殊榮的 IC 旋轉自行車，以提供數字連接功能，以便用戶可以連接他們最喜歡的應用程序，例如 Zwift、Peloton 和 RideSocial。

Additionally, we anticipate expanding our popular selectable strength solution, SelectTech, to the fast-growing kettlebell market with the Bowflex SelectTech Kettlebell STK-840.

此外，我們預計通過 Bowflex SelectTech 壺鈴 STK-840 將我們廣受歡迎的可選強度解決方案 SelectTech 擴展到快速增長的壺鈴市場。

As for our commercial channel, the Octane Commercial Max Trainer and the Octane XR6000S, an upgraded seated elliptical with a swivel chair, are already in the market and receiving overall great reviews, with additional product launches planned later this year.

至於我們的商業渠道，Octane Commercial Max Trainer 和 Octane XR6000S（帶轉椅的升級版坐姿橢圓機）已經上市並獲得了總體好評，併計劃在今年晚些時候推出更多產品。

Innovation is at the forefront of our company, and it is our goal to continue to introduce differentiated products into the market on a regular basis.

創新是我們公司的首要任務，我們的目標是繼續定期向市場推出差異化產品。

And now, Dave will provide an overview of the financials for the quarter.

現在，Dave 將概述本季度的財務狀況。

Dave?

戴夫？

Thank you, Carl.

謝謝你，卡爾。

I would like to review the details of our financial results for the second quarter of 2019.

我想回顧一下我們 2019 年第二季度財務業績的細節。

Net sales for the second quarter totaled $59 million, a decrease of 21.8% as compared to the same quarter of last year, reflecting a 40.2% decline in Direct segment sales and a 4.4% decrease in the Retail segment.

第二季度淨銷售額總計 5900 萬美元，與去年同期相比下降 21.8%，反映出直銷業務銷售額下降 40.2%，零售業務下降 4.4%。

For the first 6 months of 2019, net sales were $143.4 million, down 24.6% compared to the same period last year.

2019 年前 6 個月，淨銷售額為 1.434 億美元，同比下降 24.6%。

Second quarter gross margins in the Direct segment decreased to 43.3% compared to 59.6% in the same quarter of last year, and Retail margins decreased to 20.8% compared to 29.1% in the same quarter of last year.

直銷業務第二季度毛利率從去年同期的 59.6% 降至 43.3%，零售利潤率從去年同期的 29.1% 降至 20.8%。

Margins in both segments were negatively impacted by unfavorable product mix, coupled with unfavorable overhead absorption related to the decline in sales.

這兩個部門的利潤率都受到不利的產品組合以及與銷售額下降相關的不利管理費用吸收的負面影響。

On an overall basis, total company gross margins for the second quarter of 2019 were 29.7% versus 44.6% for the same quarter of last year, reflecting a lower gross margin rate in both segments and a shift in channel mix to an increased percentage of Retail segment revenues.

總體而言，2019 年第二季度公司總毛利率為 29.7%，而去年同期為 44.6%，這反映出兩個細分市場的毛利率均較低，以及渠道組合向零售業務比例增加的轉變分部收入。

For the first 6 months of 2019, gross margins were 37.2%, a decline of 11.4% from 48.6% in the first 6 months of the same period last year.

2019年前6個月，毛利率為37.2%，較去年同期的48.6%下降11.4個百分點。

Total operating expenses for the second quarter of 2019 increased to $102.9 million compared to $32.4 million in the same quarter of last year.

2019 年第二季度的總運營費用從去年同期的 3240 萬美元增至 1.029 億美元。

Operating expenses during the quarter included pretax, goodwill and intangible asset impairments of $72 million.

本季度的運營費用包括 7200 萬美元的稅前、商譽和無形資產減值。

These noncash charges were primarily driven by the decline in our stock price and overall market capitalization, which triggered a midyear review of the carrying value of our goodwill and intangible assets.

這些非現金費用主要是由於我們的股價和整體市值下降，引發了對商譽和無形資產賬面價值的年中審查。

As part of our review, we determined that the asset is needed to be impaired due to the material difference between our book value of equity and our stock price and market capitalization.

作為我們審查的一部分，我們確定由於我們的股權賬面價值與我們的股價和市值之間存在重大差異，該資產需要減值。

We do not expect these charges to impact the strategies we are pursuing to turn around the business.

我們預計這些費用不會影響我們為扭轉業務而採取的戰略。

In addition to these impairments, during the second quarter of 2019, we incurred charges of $2 million related to a litigation settlement and $0.3 million of severance related to workforce reductions that occurred early in the third quarter of 2019.

除了這些減值外，在 2019 年第二季度，我們還產生了與訴訟和解相關的 200 萬美元費用以及與 2019 年第三季度初發生的裁員相關的 30 萬美元遣散費。

Sales and marketing expense for the second quarter of 2019 was $17.6 million or 29.9% of net sales as compared to $22.1 million or 29.3% net sales in the same quarter of last year.

2019 年第二季度的銷售和營銷費用為 1760 萬美元，占淨銷售額的 29.9%，而去年同期為 2210 萬美元，占淨銷售額的 29.3%。

The decreased dollar spending reflected a reduction in media spend.

美元支出的減少反映了媒體支出的減少。

The increase in sales and marketing as a percentage of sales reflects a decrease in sales.

銷售和營銷佔銷售額百分比的增加反映了銷售額的下降。

For the first 6 months of 2019, sales and marketing expenses totaled $51.7 million or 36% of net sales compared to $58.8 million or 30.9% of net sales for the same period last year, with lower media spend and financing fees being partially offset by higher consultant expenses related to improving our media and creative strategy.

2019 年前 6 個月，銷售和營銷費用總計 5170 萬美元，占淨銷售額的 36%，而去年同期為 5880 萬美元，占淨銷售額的 30.9%，媒體支出和融資費用的減少被較高的部分抵消與改進我們的媒體和創意策略相關的顧問費用。

General and administrative expenses were $9.4 million or 16% of net sales for the second quarter of 2019 compared to $6.3 million or 8.4% of net sales in the same quarter of last year.

2019 年第二季度的一般和管理費用為 940 萬美元，占淨銷售額的 16%，而去年同期為 630 萬美元，占淨銷售額的 8.4%。

The increased dollar spending and G&A primarily reflects a $2 million litigation settlement and $0.4 million in increased legal expense and $0.3 million in accelerated patent amortization.

增加的美元支出和 G&A 主要反映了 200 萬美元的訴訟和解和 40 萬美元的法律費用增加以及 30 萬美元的加速專利攤銷。

General and administrative expenses for the first 6 months of 2019 as a percentage of net sales totaled 11.9% as compared to 7% for the same period last year.

2019 年前 6 個月的一般和行政費用占淨銷售額的百分比為 11.9%，而去年同期為 7%。

Research and development costs in the second quarter of 2019 were $3.8 million or 6.5% of net sales compared to $4 million or 5.3% net sales in the same quarter of last year.

2019 年第二季度的研發成本為 380 萬美元，占淨銷售額的 6.5%，而去年同期為 400 萬美元，占淨銷售額的 5.3%。

The dollar decrease primarily reflects a reduction in third-party app development spending.

美元減少主要反映了第三方應用程序開發支出的減少。

Research and development expenses for the first 6 months of 2019 as a percentage of net sales totaled 5.7% as compared to 4.5% for the same period last year.

2019 年前 6 個月的研發費用占淨銷售額的百分比為 5.7%，而去年同期為 4.5%。

Operating loss for the second quarter of 2019 was $85.4 million as compared to operating income of $1.2 million in the same quarter of last year.

2019 年第二季度的營業虧損為 8540 萬美元，而去年同期的營業收入為 120 萬美元。

The decrease reflects the previously mentioned goodwill and intangible impairment, along with the decline in sales and gross margin rates.

減少反映了前面提到的商譽和無形減值，以及銷售額和毛利率的下降。

Excluding the goodwill and intangible impairment, adjusted operating loss in the second quarter of 2019 was $13.4 million compared to operating income of $1.2 million in the same period of last year.

不計商譽和無形資產減值，2019 年第二季度調整後的經營虧損為 1340 萬美元，而去年同期的經營收入為 120 萬美元。

For the first 6 months of 2019, operating loss, including impairments, was $95.6 million compared to income of $11.9 million for the same period of last year.

2019 年前 6 個月，包括減值在內的經營虧損為 9560 萬美元，而去年同期的收入為 1190 萬美元。

Loss from continuing operations for the second quarter of 2019 was $78.7 million or minus $2.65 per diluted share as compared to income of $1 million or $0.03 per diluted share for the same quarter last year.

2019 年第二季度持續經營虧損為 7870 萬美元或稀釋後每股虧損 2.65 美元，而去年同期為收入 100 萬美元或稀釋後每股虧損 0.03 美元。

Adjusted to exclude the goodwill intangible impairments, loss from continuing operations for the second quarter of 2019 was $9.8 million or $0.33 per diluted share.

經調整以排除商譽無形減值，2019 年第二季度持續經營虧損為 980 萬美元或攤薄後每股虧損 0.33 美元。

For the first 6 months of 2019, loss from continuing operations was $87.2 million or minus $2.94 per diluted share compared to income of $9.1 million or $0.30 per diluted share for the same period last year.

2019 年前 6 個月，持續經營虧損為 8720 萬美元或稀釋後每股虧損 2.94 美元，而去年同期的收入為 910 萬美元或稀釋後每股虧損 0.30 美元。

EBITDA loss from continuing operations in the second quarter of 2019 was $82.5 million versus income of $3.3 million for the same quarter of last year.

2019 年第二季度持續經營業務的 EBITDA 虧損為 8250 萬美元，而去年同期為 330 萬美元。

Adjusted EBITDA loss, excluding the goodwill and intangible impairment, was $10.5 million for the second quarter of 2019 compared to income of $3.3 million for the same quarter of last year.

2019 年第二季度經調整的 EBITDA 虧損（不包括商譽和無形資產減值）為 1050 萬美元，而去年同期為收入 330 萬美元。

The effective tax rate for the second quarter of 2019 was 7.9% compared to 20% in the same quarter of last year.

2019 年第二季度的有效稅率為 7.9%，而去年同期為 20%。

The lower tax rate in the second quarter of 2019 was driven by the goodwill impairment, of which only a portion had an associated tax benefit.

2019 年第二季度較低的稅率是由商譽減值推動的，其中只有一部分具有相關的稅收優惠。

Total net loss, including discontinued operations for the second quarter of 2019, was $78.9 million or minus $2.56 per diluted share, which includes a $0.10 million loss net of taxes from discontinued operations.

包括 2019 年第二季度終止經營業務在內的總淨虧損為 7890 萬美元或稀釋後每股減去 2.56 美元，其中包括來自終止經營業務的 10 萬美元淨虧損。

This compares to the second quarter of last year, for which we reported a total net income, including discontinued operations, of $0.9 million or $0.03 per diluted share, which included a net loss from discontinued operations of $0.1 million.

與去年第二季度相比，我們報告的總淨收入（包括已終止經營業務）為 90 萬美元或每股攤薄收益 0.03 美元，其中包括來自已終止經營業務的淨虧損 10 萬美元。

Year-to-date net loss for 2019 totaled $87.4 million or minus $2.95 per share versus income of $9 million or $0.29 per diluted share for the same period last year.

2019 年年初至今的淨虧損總計 8740 萬美元或每股減去 2.95 美元，而去年同期的收入為 900 萬美元或攤薄後每股收益 0.29 美元。

Turning now to our segment results.

現在轉向我們的細分結果。

Net sales in the Direct business totaled $20.8 million for the second quarter of 2019, a 40.2% decrease compared to the same quarter last year.

2019 年第二季度直接業務的淨銷售額總計 2080 萬美元，與去年同期相比下降 40.2%。

Direct segment sales were primarily impacted by a decline in Max Trainer sales.

直接分部銷售額主要受到 Max Trainer 銷售額下降的影響。

Year-to-date sales of $67.5 million were down 36.3% year-over-year.

年初至今的銷售額為 6750 萬美元，同比下降 36.3%。

Gross margin for the Direct business declined to 43.3% for the second quarter of 2019 compared to 59.6% in the same quarter of last year due to unfavorable overhead absorption related to the lower sales, coupled with unfavorable product mix due to the lower Max Trainer sales.

直接業務的毛利率從去年同期的 59.6% 下降至 2019 年第二季度的 43.3%，原因是與銷售額下降相關的不利間接費用吸收，以及 Max Trainer 銷售額下降導致的不利產品組合.

Operating loss for the second quarter of 2019 in our Direct business was $6.3 million compared to income of $0.7 million in the same quarter of last year.

2019 年第二季度，我們直接業務的營業虧損為 630 萬美元，而去年同期的收入為 70 萬美元。

Operating income was negatively impacted by the lower net sales and gross margins in the second quarter of 2019, partially offset by reduced marketing expenses.

營業收入受到 2019 年第二季度較低的淨銷售額和毛利率的負面影響，部分被營銷費用的減少所抵消。

Year-to-date, 2019 operating loss for the Direct segment totaled $10.9 million compared to income of $12 million in the same period last year.

年初至今，2019 年直接部門的運營虧損總計 1090 萬美元，而去年同期的收入為 1200 萬美元。

Net sales in our Retail segment for the second quarter of 2019 was $37.5 million, a decrease of 4.4% compared to $39.2 million in the second quarter of last year.

2019 年第二季度我們零售部門的淨銷售額為 3750 萬美元，與去年第二季度的 3920 萬美元相比下降了 4.4%。

The decrease was primarily due to lower order rates, reflecting, we believe, the transition to new products being introduced and shipped on the third and fourth quarters of this year.

減少的主要原因是較低的訂單率，我們認為這反映了向今年第三和第四季度推出和發貨的新產品的過渡。

Gross margins for the Retail business decreased by 830 basis points to 20.8% in the second quarter of 2019 as compared to 29.1% for the prior year period, mostly from unfavorable product mix and unfavorable overhead absorption related to the lower sales.

零售業務的毛利率在 2019 年第二季度下降 830 個基點至 20.8%，而去年同期為 29.1%，這主要是由於不利的產品組合和與銷售額下降相關的不利管理費用吸收。

Year-to-date, 2019 gross margins for Retail totaled 22%, down 820 basis points versus the same period last year, which was primarily driven by the same factors.

年初至今，2019 年零售業毛利率總計為 22%，與去年同期相比下降 820 個基點，這主要是由相同因素驅動的。

In the second quarter of 2019, operating loss for the Retail business totaled $0.2 million as compared to income of $3.6 million in the same period last year.

2019 年第二季度，零售業務的營業虧損總額為 20 萬美元，而去年同期的收入為 360 萬美元。

The decrease is attributable to lower sales and gross margin rates.

減少是由於較低的銷售額和毛利率。

Year-to-date, 2019 operating loss for the retail business totaled $1 million versus income of $7.5 million in the same period last year.

年初至今，2019 年零售業務的營業虧損總計 100 萬美元，而去年同期的收入為 750 萬美元。

Now turning to the consolidated balance sheet.

現在轉向合併資產負債表。

Cash and cash equivalents totaled $7.9 million as of June 30, 2019, with $20.6 million of debt.

截至 2019 年 6 月 30 日，現金和現金等價物總計 790 萬美元，債務為 2060 萬美元。

This compares to $63.5 million in cash and investments and debt of $32 million at December 31, 2018.

相比之下，截至 2018 年 12 月 31 日，現金和投資為 6350 萬美元，債務為 3200 萬美元。

Inventories were $52 million as of June 30, 2019 compared to $68.5 million at December 31, 2018 and $42.3 million at June 30, 2018.

截至 2019 年 6 月 30 日，庫存為 5200 萬美元，而 2018 年 12 月 31 日為 6850 萬美元，2018 年 6 月 30 日為 4230 萬美元。

The decrease in inventory reflects progress against our initiatives to reduce inventory from the higher levels we had at the end of 2018.

庫存減少反映了我們在 2018 年底的較高水平上減少庫存的舉措取得了進展。

Trade payables were $31.5 million as of June 30, 2019 compared to $87.3 million at the end of 2018, reflecting seasonality of purchases as well as a reduction in new inventory shipments during the first half.

截至 2019 年 6 月 30 日，貿易應付賬款為 3150 萬美元，而 2018 年底為 8730 萬美元，反映了採購的季節性以及上半年新庫存出貨量的減少。

Capital expenditures totaled $3.9 million for the 6 months ended June 30, 2019, was spending primarily on new software systems, production tooling and equipment.

截至 2019 年 6 月 30 日的六個月，資本支出總計 390 萬美元，主要用於新軟件系統、生產工具和設備。

We anticipate full year capital expenditures to be in the range of $8 million to $10 million.

我們預計全年資本支出將在 800 萬至 1000 萬美元之間。

At this time, I'd like to turn the call back over to Carl for his final comments.

此時，我想將電話轉回給 Carl，聽取他的最後評論。

Carl?

卡爾？

Thank you, Dave.

謝謝你，戴夫。

To sum up, we are continuing to work through this fiscal year's challenges, with the goal of returning to a path of profitable growth.

總而言之，我們將繼續努力應對本財年的挑戰，目標是回到盈利增長的道路上。

We have what we believe to be a comprehensive plan to achieve this goal: a major new advertising campaign for Bowflex; a strong lineup of new product introductions planned; a continually enhanced digital experience platform; and now, new leadership in place that gives us confidence in the long-term potential of this company.

我們有一個我們認為可以實現這一目標的綜合計劃：為 Bowflex 開展一項重要的新廣告活動；計劃推出一系列強大的新產品；不斷增強的數字體驗平台；現在，新領導層的到位讓我們對這家公司的長期潛力充滿信心。

Our brands, including Bowflex, Nautilus, Octane Fitness and Schwinn, are among the most recognized fitness brands in the world, and we believe that our equipment is known for its tremendous results.

我們的品牌，包括 Bowflex、Nautilus、Octane Fitness 和 Schwinn，都是世界上最知名的健身品牌之一，我們相信我們的設備以其巨大的效果而聞名。

In closing, I want to thank the Board for the opportunity to serve as Nautilus' Interim CEO during these last 5 months.

最後，我要感謝董事會讓我有機會在過去 5 個月內擔任 Nautilus 的臨時首席執行官。

I thank the Nautilus employees for their support and excellent work during these challenging times.

我感謝 Nautilus 員工在這些充滿挑戰的時期給予的支持和出色的工作。

And again, welcome, Jim, to the Nautilus family.

再次歡迎 Jim 加入 Nautilus 大家庭。

And now, I'd like to open the call up to your questions.

現在，我想打開你的問題的電話。

Operator?

操作員？

(Operator Instructions) We'll take our first question from Michael Kawamoto from D.A. Davidson.

（操作員說明）我們將從 D.A. 的 Michael Kawamoto 那裡回答我們的第一個問題。戴維森。

And welcome, Jim.

歡迎，吉姆。

Just first off, you mentioned you're repositioning the Bowflex brand.

首先，您提到您正在重新定位 Bowflex 品牌。

What does that look like?

那看起來像什麼？

Or can you give any insight into how you're thinking about those efforts and where to position the brand?

或者您能否深入了解您是如何考慮這些努力以及將品牌定位在哪裡的？

This is Carl, Michael.

這是卡爾，邁克爾。

We are not going to do that for competitive reasons, but I will say that it will be unlike anything you've ever seen from Bowflex before.

出於競爭原因，我們不會這樣做，但我會說，這將不同於您之前從 Bowflex 看到的任何東西。

And we've tested the copy campaign very thoroughly, and we're looking forward to sharing it with you and the rest of the world.

我們已經非常徹底地測試了複製活動，我們期待與您和世界其他地方分享。

Sounds good.

聽起來不錯。

I'm excited to see.

我很高興看到。

And then just secondly, in the Retail channel, what has the sell-through been like in the mass channel for you guys?

其次，在零售渠道中，大眾渠道的銷售情況如何？

Can you just talk about inventory levels in that channel?

你能談談那個渠道的庫存水平嗎？

Are they still a little over-inventoried?

他們是否仍然有點庫存過多？

Or are you pretty comfortable with them?

或者你對他們很滿意？

Yes, Michael, this is Bill.

是的，邁克爾，這是比爾。

We feel good about point-of-sale performance in Retail, in areas other than Max Trainer.

我們對 Max Trainer 以外其他領域的零售銷售點表現感到滿意。

We saw growth in many product categories for Retail.

我們看到許多零售產品類別都有增長。

So we feel good about that.

所以我們對此感覺很好。

As you're well aware, we are working through some inventory positions with some of our Retail partners.

如您所知，我們正在與我們的一些零售合作夥伴合作解決一些庫存問題。

I feel like we're making good progress there to set us up well for the fall.

我覺得我們在那裡取得了良好的進展，為秋季做好了準備。

So I'd say we expect to see good performance out of Retail.

所以我想說我們希望看到零售業的良好表現。

Got it.

知道了。

M5, it looks like there's a little discounting in the last couple of months.

M5，最近幾個月好像有點打折。

Is that a reflection of what you just talked about?

這是否反映了您剛才所說的內容？

Yes, that's where we're hoping to work through that challenge there and make preparation for the fall sets.

是的，這就是我們希望在那里克服挑戰並為秋季賽做準備的地方。

(Operator Instructions) We'll take our next question from George Kelly from Imperial Capital.

（操作員說明）我們將從 Imperial Capital 的 George Kelly 那裡回答下一個問題。

So maybe just to follow up on the previous questions about the Retail business, I may have missed this in your prepared remarks, but could you talk about your expectations just about revenue growth and gross margins in the back half of the year?

所以也許只是為了跟進之前關於零售業務的問題，我可能在你準備好的發言中錯過了這一點，但你能談談你對下半年收入增長和毛利率的預期嗎？

Yes.

是的。

Hi, George.

嗨，喬治。

At this point, we're not providing any forward-looking guidance in regard to that.

在這一點上，我們沒有就此提供任何前瞻性指導。

Okay.

好的。

Is there any way you could more generally talk about -- I mean it's such a -- especially on the gross margin line, it's really -- it's been volatile this year.

有沒有什麼方法可以更籠統地談論——我的意思是它是這樣的——尤其是在毛利率線上，它真的——今年一直在波動。

Would you expect -- I don't know if there's anything you can provide, if it should sort of normalize in the third -- it sounds like there was some discounting in the quarter.

您是否期望 - 我不知道您是否可以提供任何東西，如果它應該在第三個正常化 - 聽起來本季度有一些折扣。

Just any additional information would be helpful, if you could.

如果可以的話，任何其他信息都會有所幫助。

Well, I would say that our overall goal here is obviously to improve the margins.

好吧，我想說我們的總體目標顯然是提高利潤率。

And we are, certainly, in terms of new product introductions, wanting to skew to the higher-margin opportunities.

當然，在新產品推出方面，我們希望轉向利潤率更高的機會。

And we do have a range of new products coming out, as I mentioned in the formal remarks, across all 4 channels.

正如我在正式發言中提到的那樣，我們確實在所有 4 個渠道推出了一系列新產品。

So one would -- and these sales are obviously expected to occur during the next quarter.

所以有人會 - 這些銷售顯然預計將在下一季度發生。

So we, as Bill said, we remain hopeful that they will take hold and improve the situation.

因此，正如比爾所說，我們仍然希望他們能夠站穩腳跟並改善局勢。

Okay.

好的。

Okay.

好的。

And then actually, I'll jump over to the Direct side.

然後實際上，我將跳到 Direct 端。

So new Max Trainer, it sounds like coming out later this month, I think you said.

新的 Max Trainer，聽起來像是本月晚些時候發布，我想你說過。

What are the -- I understand that the screen is now built into the machine.

什麼——我知道屏幕現在內置在機器中。

Are there any other major enhancements as part of that machine?

作為該機器的一部分，還有其他重大改進嗎？

Yes, George.

是的，喬治。

So MaxTotal, actually, you hit it on the head, it has a built-in touchscreen.

所以 MaxTotal，實際上，你擊中了它的頭，它有一個內置的觸摸屏。

So everything is integrated with our digital platform with the product.

因此，一切都與我們的產品數字平台集成在一起。

But we've also -- we're also introducing some other enhancements to the Max line that involve better measurement around upper body to really emphasize the full body aspects of it and give the user feedback to help them across the board on full body.

但我們也 - 我們還引入了 Max 系列的其他一些增強功能，包括更好地測量上半身，以真正強調它的全身方面，並為用戶提供反饋，以幫助他們全面了解全身。

But the biggest piece is that we've had a competitive disadvantage in that not having that level of screen and entertainment built into our product.

但最重要的是，我們在競爭中處於劣勢，因為我們的產品沒有內置那種級別的屏幕和娛樂功能。

We believe this addresses that.

我們相信這解決了這個問題。

And I think it's a major step forward in our product lines.

我認為這是我們產品線向前邁出的重要一步。

And it's also -- as we mentioned, we're also bringing the digital platform to treadmill.

而且它也是 - 正如我們提到的，我們還將數字平台帶到跑步機上。

So you're going to see a further enhancement of our investments in digital begin to be much more visible in our product rollouts.

因此，您將看到我們對數字投資的進一步加強，開始在我們的產品推出中更加明顯。

Yes.

是的。

I'll just add 2 things to what Bill said.

我將向 Bill 所說的內容添加兩點。

This MaxTotal machine actually has an enhanced upper-body workout capability.

這台 MaxTotal 機器實際上具有增強的上半身鍛煉能力。

So we can legitimately talk about it as a total body workout as we've never had before.

因此，我們可以合理地將其視為前所未有的全身鍛煉。

So that's quite exciting.

所以這很令人興奮。

And then in terms of the digital capability, we have built-in machine learning capability, so that as a new customer steps on the machine, he or she can put in goals and the machine then assesses their current capabilities in a 10- to 14-minute time period, so then gets a customized workout that they can begin their fitness journey with and then over time, adjust it as they go along.

然後在數字能力方面，我們有內置的機器學習能力，所以當一個新客戶踏上機器時，他或她可以輸入目標，然後機器會在 10 到 14 分鐘內評估他們當前的能力分鐘的時間段，然後獲得定制的鍛煉，他們可以開始他們的健身之旅，然後隨著時間的推移，隨著時間的推移進行調整。

And that's really very, very exciting, along with the other capabilities we have.

這真的非常非常令人興奮，連同我們擁有的其他能力。

So we have, if you will, enhanced automated coaching, virtual coaching.

所以，如果你願意，我們有增強的自動化教練，虛擬教練。

We have music capability.

我們有音樂能力。

We have the explore-the-world video, anywhere you want to run in the world.

我們有探索世界的視頻，你想在世界上任何地方跑步。

And it's really a very exciting experience, all told.

總而言之，這真的是一次非常激動人心的經歷。

Very cool.

很酷。

Very cool.

很酷。

And then last question for me, just about your own inventory position.

然後是我的最後一個問題，關於你自己的庫存狀況。

How -- do you still have more work to do in sort of clearing that out?

如何 - 你還有更多工作要做以清除它嗎？

Is -- do you feel comfortable with where your inventory stands right now?

是——你對你現在的庫存狀況感到滿意嗎？

This is Bill, George.

這是比爾，喬治。

We -- I'm proud of the progress we've made on this.

我們——我為我們在這方面取得的進展感到自豪。

It's been a challenge in an off-season environment to make the progress we've made.

在淡季環境中取得我們取得的進步一直是一個挑戰。

On the other hand, I would say we will make the purchases we need for the fall season.

另一方面，我會說我們將採購秋季所需的物資。

And so the seasonality means that Q3, we will actually be increasing our inventory.

因此，季節性意味著第三季度，我們實際上會增加庫存。

But in the long run, I think we'd like to go slightly lighter from where we're at now.

但從長遠來看，我認為我們希望比現在的情況稍微輕一些。

But then a lot of that's driven by the performance.

但隨後很多都是由性能驅動的。

So if we drive the expected turnaround, we're certainly in position to make the purchase as needed.

因此，如果我們推動預期的轉變，我們當然可以根據需要進行採購。

If not, we'll continue to do the work we're doing to bring it down to a more reasonable level, I'd say.

如果沒有，我們將繼續做我們正在做的工作，以將其降低到更合理的水平，我會說。

We'll take our next question from Steve Dyer from Craig-Hallum Capital Group.

我們將從 Craig-Hallum Capital Group 的 Steve Dyer 那裡回答下一個問題。

Ryan Sigdahl on for Steve.

Ryan Sigdahl 代替 Steve。

First off, welcome, Jim, and thanks for the added background on yourself to begin.

首先，歡迎 Jim，並感謝您開始介紹自己的背景知識。

First question as it relates to the MaxTotal, it sounds like it's more of a hybrid-strength cardio piece of equipment, which tends to sound more like the HVT, which had troubles resonating with consumers.

第一個問題，因為它與 MaxTotal 相關，聽起來它更像是一種混合強度的有氧運動設備，聽起來更像是 HVT，但很難引起消費者的共鳴。

So what gives you confidence that expanding the strength capabilities is the right direction?

那麼是什麼讓你有信心擴展力量能力是正確的方向呢？

Yes.

是的。

I think that's an awesome question, but to alleviate that fear, certainly, when you see our positioning and our new advertising campaigns, you will see that, that is not the positioning we're going out with in terms of the way we talk about our products.

我認為這是一個很棒的問題，但為了減輕這種恐懼，當然，當您看到我們的定位和我們新的廣告活動時，您會發現，就我們談論的方式而言，這不是我們要採用的定位我們的產品。

We're really going to emphasize the unique personalized, individualized workout elements that our AI brings to the table.

我們真的要強調我們的 AI 帶來的獨特的個性化鍛煉元素。

And we know that will resonate or believe it that it will.

我們知道這會引起共鳴，或者相信它會引起共鳴。

It is not going to be positioned to HVT, like which is you get to do strength and cardio.

它不會定位到 HVT，就像你可以做力量和有氧運動一樣。

It's a nice element as a value-adder, but as a headline, we've learned that, that isn't necessarily as compelling as, say, is talking about what is Bowflex and what's the experience of using the product in a digital environment.

這是一個很好的增值元素，但作為標題，我們了解到，這不一定像談論什麼是 Bowflex 以及在數字環境中使用該產品的體驗那樣引人注目.

Yes, it's a full body workout.

是的，這是全身鍛煉。

And the consumer will recognize it as in the family of the Max Trainer line.

消費者會認出它是 Max Trainer 系列產品中的一員。

So we would have no worries that people will misconstrue it and misunderstand it.

所以我們不擔心人們會曲解它，誤解它。

As Bill said, it will be positioned very appropriately.

正如比爾所說，它的定位會非常合適。

Got it.

知道了。

Then as it relates to gross margin, just broadly speaking, on the gross margin degradation, how much was from mix versus unfavorable overhead absorption?

然後，由於它與毛利率有關，從廣義上講，在毛利率下降方面，混合與不利的間接費用吸收有多少？

Yes.

是的。

I think in general, I think it depends on the channel.

我認為總的來說，我認為這取決於渠道。

I mean I think, in total, you'd say mix was a bigger factor than on -- than the overhead.

我的意思是，我認為，總的來說，你會說混合是一個比開銷更大的因素。

And then to a lesser extent, as Carl mentioned, the...

然後在較小程度上，正如卡爾提到的，...

Anything else, Ryan?

還有什麼事嗎，賴安？

Sorry, you cut out at the end there, so I might have missed it.

對不起，你在最後剪掉了，所以我可能錯過了。

But I can follow up off-line.

但是我可以離線跟進。

Just one more for me, what was cash flow from operations in the quarter?

對我來說還有一個問題，本季度的運營現金流量是多少？

12 -- it was a minus $12.8 million.

12——這是負 1280 萬美元。

And then as a one follow-up to that, how much capacity is available on the revolver right now?

然後作為後續行動，左輪手槍現在有多少可用容量？

$14.1 million as of the quarter end.

截至本季度末為 1,410 萬美元。

There are no further questions at this time.

目前沒有其他問題。

Mr. Carl Johnson, I'd like to turn the conference back to you for any additional or closing remarks.

Carl Johnson 先生，我想將會議轉回給您，請您發表任何補充或結束語。

Well, very good.

嗯，非常好。

Thank you all for joining our call today and for your continued interest in Nautilus.

感謝大家今天加入我們的電話會議，感謝您對 Nautilus 的持續關注。

We look forward to providing you with another update in the business in a few months on our third quarter earnings call.

我們期待在幾個月後的第三季度財報電話會議上為您提供另一項業務更新。

Have a great rest of the day.

好好休息一天。

This concludes today's call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。