BowFlex Inc (BFX) 2020 Q1 法說會逐字稿

Good day, and welcome to the Nautilus, Inc. First Quarter 2020 Earnings Results Conference Call. Today's conference is being recorded. (Operator Instructions) At this time, I would like to turn the conference over to Mr. John Mills of ICR. Please go ahead, sir.

美好的一天，歡迎參加 Nautilus, Inc. 2020 年第一季度收益電話會議。今天的會議正在錄製中。 （操作員指令） 現在，我想將會議轉交給 ICR 的 John Mills 先生。請繼續，先生。

Thank you. Good afternoon, everyone. Welcome to Nautilus' First Quarter 2020 Conference Call. Participants on the call from Nautilus are Jim Barr, Chief Executive Officer; Aina Konold, Chief Financial Officer; and Bill McMahon, Special Assistant to the CEO.

謝謝。大家下午好。歡迎參加 Nautilus 2020 年第一季度電話會議。參加 Nautilus 電話會議的包括首席執行官吉姆·巴爾 (Jim Barr)；艾娜·科諾德，首席財務官；和首席執行官特別助理比爾·麥克馬洪(Bill McMahon)。

Our earnings release was issued today at 1:05 p.m. Pacific Time and may be downloaded from our website at nautilusinc.com, on the Investor Relations page. The earnings release includes a reconciliation of the non-GAAP financial measures mentioned in today's call to the most directly comparable GAAP measures.

我們的財報於今天下午 1:05 發布。太平洋時間，可從我們的網站 nautilusinc.com 的投資者關係頁面下載。收益發布包括今天電話會議中提到的非公認會計原則財務指標與最直接可比的公認會計原則指標的調節。

For today's call, we have a presentation accompanying the call that management will refer to during their prepared remarks. And on Slide 2 is our full safe harbor statement. I would like to remind everyone that during this conference call, Nautilus management will make certain forward-looking statements, and so we ask that everyone read our safe harbor statement in the presentation. You can access the presentation by going to nautilusinc.com, then click on the Investor tab, and then click on the Events and Webcasts, and the presentation will be on that page.

對於今天的電話會議，我們將在電話會議中附上一份演示文稿，管理層將在準備好的發言中參考該演示文稿。第 2 張幻燈片是我們完整的安全港聲明。我想提醒大家，在本次電話會議中，Nautilus 管理層將做出某些前瞻性陳述，因此我們要求大家閱讀演示文稿中的安全港聲明。您可以訪問 nautilusinc.com 來訪問演示文稿，然後單擊“投資者”選項卡，然後單擊“活動和網絡廣播”，演示文稿將出現在該頁面上。

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

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

Thank you, John. Good afternoon, everyone, and thank you for joining today's call. Our first quarter of 2020 started out as a good quarter and turned into a much stronger quarter thanks to the agility of our entire organization as we captured the higher demand for home fitness products, primarily due to COVID-19 stay-at-home orders.

謝謝你，約翰。大家下午好，感謝您參加今天的電話會議。 2020 年第一季度一開始是一個不錯的季度，後來由於我們整個組織的敏捷性，我們抓住了對家庭健身產品的更高需求（主要是由於COVID-19 居家訂單），因此變得更加強勁。

We achieved stronger-than-expected results, including revenue growth of 11%, realized our first positive comp since the third quarter of 2018, lowered operating expenses and dramatically exceeded our EBITDA estimates. I'm incredibly proud of how our team came together to support one another, their families, our communities and our customers, keeping our business vibrant and moving forward during unprecedented times and facing a series of challenges.

我們取得了強於預期的業績，包括收入增長 11%，實現了自 2018 年第三季度以來的首次積極業績，降低了運營費用，並大幅超出了我們的 EBITDA 預期。我對我們的團隊如何團結起來相互支持、支持他們的家人、我們的社區和我們的客戶感到無比自豪，在前所未有的時期和麵臨一系列挑戰的情況下保持我們的業務充滿活力並不斷前進。

During the COVID-19 pandemic, our first and foremost priority was and continues to be the safety of our employees, customers and partners. Before government orders were in place in the jurisdictions where Nautilus operates, we implemented our work from home policies for most employees worldwide, while continuing to provide leading customer care.

在 COVID-19 大流行期間，我們的首要任務過去是、現在仍然是我們員工、客戶和合作夥伴的安全。在 Nautilus 運營所在司法管轄區頒布政府命令之前，我們為全球大多數員工實施了在家工作政策，同時繼續提供領先的客戶服務。

Our distribution centers remained open for both receiving and shipping with strict guidelines on social distancing and worker health and safety protocols. A top priority for our entire organization is to serve customers during their time of need. And thanks to our company's agility, focus and persistent hard work, we've been able to meet most of our customers' needs.

我們的配送中心仍然開放接收和運輸，並遵循嚴格的社交距離準則以及工人健康和安全協議。我們整個組織的首要任務是在客戶需要時為他們提供服務。得益於我們公司的敏捷、專注和堅持不懈的努力，我們已經能夠滿足大多數客戶的需求。

As we enter the second quarter, we continue to benefit from the surging demand for at-home fitness and our company's ability to respond. Fortunately, our well-recognized brands, breadth and quality of our strong product portfolio and omnichannel capabilities have enabled us to serve both existing customers and those who are just now learning about our company and our offerings for the first time.

進入第二季度，我們繼續受益於家庭健身需求的激增以及我們公司的應對能力。幸運的是，我們廣受認可的品牌、強大產品組合的廣度和質量以及全渠道能力使我們能夠為現有客戶以及剛剛首次了解我們公司和我們產品的客戶提供服務。

In crisis, we saw a flight to our quality brands as consumers looked to address their fitness needs. It was a time where we were reminded of the payoff of our long-term investment in brand reputation and brand building.

在危機中，隨著消費者尋求滿足他們的健身需求，我們發現人們紛紛轉向我們的優質品牌。那時我們想起了我們在品牌聲譽和品牌建設方面的長期投資的回報。

Our product portfolio featuring both cardio and strength offerings, a variety of types of equipment and multiple price points gave customers outstanding choices. And the individual strengths of both of our primary sales channels, Direct and Retail, were evident during the first quarter. The Direct channel permits rapid response to changes in the market. We can read new trends and respond near real time. And the Retail channel allows us to offer greater fulfillment options so that consumers can buy when, where and how they prefer.

我們的產品組合包括有氧運動和力量訓練、各種類型的設備和多個價位，為客戶提供了出色的選擇。我們的兩個主要銷售渠道（直銷渠道和零售渠道）的各自優勢在第一季度都很明顯。直接渠道可以快速響應市場變化。我們可以近乎實時地了解新趨勢並做出響應。零售渠道使我們能夠提供更多的履行選項，以便消費者可以在他們喜歡的時間、地點和方式進行購買。

Looking forward for the remainder of 2020, we believe we are well positioned with the right team, products and brands to bring our company back to a leadership position in home fitness. As an example, we're excited to be introducing a strong lineup of new product offerings in the fall for both Retail and Direct channels and will provide more information on these in our second quarter call.

展望 2020 年剩餘時間，我們相信我們已做好準備，擁有合適的團隊、產品和品牌，使我們的公司重新回到家庭健身領域的領導地位。例如，我們很高興能夠在秋季為零售和直銷渠道推出強大的新產品陣容，並將在第二季度的電話會議中提供有關這些產品的更多信息。

Turning to our very strong first quarter results by channel. Our Direct net sales increased for the first time year-over-year since 2017. Increased sales were driven primarily by strength products, including Bowflex, SelectTech and Bowflex home gyms. Cardio product sales declined as strong demand for our connected fitness bikes, the Bowflex C6 and the Schwinn IC4, were not enough to fully offset continued declines in our Max Trainer.

轉向我們非常強勁的第一季度按渠道業績。自 2017 年以來，我們的直接淨銷售額首次同比增長。銷售額增長主要由力量產品推動，包括 Bowflex、SelectTech 和 Bowflex 家庭健身房。有氧產品銷量下降，因為對我們的聯網健身自行車、Bowflex C6 和 Schwinn IC4 的強勁需求不足以完全抵消我們 Max Trainer 的持續下降。

In addition to achieving its first positive comp since 2017, I wanted to share some other direct statistics to give you a flavor of the spike in demand in the last few weeks of the quarter.

除了實現 2017 年以來的首次積極業績外，我還想分享一些其他直接統計數據，讓您了解本季度最後幾週的需求激增。

On bowflex.com, our highest volume website, March visits, revenue and conversion rates all exceeded December 2019, typically our holiday season peak demand. The spike in visits on bowflex.com was driven primarily by organic traffic, which was up nearly 300% versus March 2019. In the full month of March, bowflex.com revenue grew 140% versus March 2019. And for the second half of March, bowflex.com revenue increased over 250%.

在我們流量最高的網站 Bowflex.com 上，3 月份的訪問量、收入和轉化率均超過了 2019 年 12 月（通常是我們的假日季需求高峰）。 Bowflex.com 訪問量激增主要是由自然流量推動的，與2019 年3 月相比增長了近300%。在3 月份整個月，bowflex.com 收入比2019 年3 月增長了140%。3 月下半月，bowflex.com 收入增長超過 250%。

Our schwinnfitness.com site saw similar dynamics. In the first -- in the full month of March, our revenue was up 9x compared to March 2019. And in fact, has already exceeded all of the revenue it produced for all of 2019.

我們的 schwinnfitness.com 網站也看到了類似的動態。在第一個 3 月份，我們的收入比 2019 年 3 月增長了 9 倍。事實上，已經超過了 2019 年全年的全部收入。

We wanted to give back to our customers during trying times by giving away 30 of our top of the line Max Totals in April. This gave us an opportunity to highlight this terrific product when our website traffic was so high. To date, we've collected over 150,000 entries.

我們希望在困難時期回饋客戶，在 4 月份贈送了 30 個頂級 Max Totals。當我們的網站流量如此之高時，這使我們有機會突出這款出色的產品。迄今為止，我們已收集了超過 150,000 個條目。

Call center sales were also strong, operating at or above typical holiday peak levels. The revenue per day for the last half of March was 80% higher than December 2019's holiday volume. We pulled back on television advertising as we generated sufficiently strong demand without it, focusing on digital and social channels, reducing our overall spend and increasing our ROI on ad spend.

呼叫中心的銷售也很強勁，運營水平達到或高於典型的假日高峰水平。 3 月下半月的日均收入比 2019 年 12 月的假期量高出 80%。我們減少了電視廣告，因為沒有電視廣告我們產生了足夠強勁的需求，專注於數字和社交渠道，減少了我們的總體支出並提高了廣告支出的投資回報率。

Also able to reduce the level of promotional pricing as we monitor competitors and our own strong demand. We worked our way through selling our most popular products and then generated demand on some that we've not sold as strongly recently.

當我們監控競爭對手和我們自己的強勁需求時，還能夠降低促銷價格水平。我們通過銷售最受歡迎的產品來努力，然後對一些我們最近銷售不那麼強勁的產品產生需求。

Our Retail segment was up 24%, with strong growth coming from both strength and cardio product sales. Strength sales were driven primarily by strong demand for Bowflex SelectTech 552 adjustable weights. Cardio sales were driven by the Schwinn IC4 connected fitness bikes and partially offset by declines in Octane Fitness equipment as gym closures have begun to affect sales of commercial-grade equipment.

我們的零售部門增長了 24%，強勁增長來自力量和有氧運動產品的銷售。強度銷售主要是由於對 Bowflex SelectTech 552 可調節配重的強勁需求推動的。有氧運動的銷售受到 Schwinn IC4 連接健身自行車的推動，但由於健身房關閉已開始影響商業級設備的銷售，Octane 健身設備的下降部分抵消了有氧運動的銷售。

Although numerous retailers have temporarily closed store locations due to COVID-19, Bowflex and Schwinn experienced strong year-over-year sales increases through retail partners, e-commerce and curbside pickup platforms. Our Bowflex SelectTech 552 was a consistent hot seller on Amazon, including 1 day when we sold 6,000 units or 17 cargo containers in a single day.

儘管許多零售商因 COVID-19 暫時關閉了門店，但 Bowflex 和 Schwinn 通過零售合作夥伴、電子商務和路邊提貨平台實現了同比強勁的銷售額增長。我們的 Bowflex SelectTech 552 在亞馬遜上一直是熱銷產品，其中一天我們單日售出 6,000 件或 17 個貨物集裝箱。

DICK's Sporting Goods and other retailers had a strong focus on fitness products, fueled by their dotcoms and contactless store pickup. We also used the increased demand for our products to establish stronger partnerships with retailers with whom we've not had a significant historical presence.

DICK's Sporting Goods 和其他零售商在互聯網和非接觸式商店提貨的推動下，重點關注健身產品。我們還利用對我們產品的需求增加來與我們沒有長期合作關係的零售商建立更牢固的合作夥伴關係。

Overall, we had winners on both the cardio and strength sides of the business. Bike demand has remained strong since the launch of the C6 and the IC4 and has continued throughout the quarter, bucking the lower seasonal trends we typically see after January. Once COVID stay-at-home orders were issued, the demand for our bikes further accelerated. Demand for strength products was unprecedented for this time of year as an alternative to going to the gym for these activities.

總體而言，我們在有氧運動和力量訓練方面都取得了勝利。自 C6 和 IC4 推出以來，自行車需求一直保持強勁，並持續整個季度，這與我們通常在 1 月後看到的季節性下降趨勢相反。一旦發出新冠疫情居家令，對我們自行車的需求進一步加速。每年這個時候，作為去健身房進行這些活動的替代方案，對力量產品的需求是前所未有的。

With our digital personalized connected fitness investments, such as JRNY, we're able to see how our members are using our equipment and how their habits change over time. For example, using the 30 days after stay-at-home orders were issued and comparing that to the preceding 30-day period, we have seen that people are working out significantly more often, longer and harder. Workouts per user are up 9%. Members are spending 14% more time on their machines. And we've seen a 16% -- we've seen 16% more calories burned per user.

通過我們的數字個性化互聯健身投資（例如 JRNY），我們能夠了解會員如何使用我們的設備以及他們的習慣如何隨著時間的推移而變化。例如，將居家令發布後的 30 天與之前的 30 天進行比較，我們發現人們鍛煉的頻率明顯更高、時間更長、強度更大。每個用戶的鍛煉量增加了 9%。會員在機器上花費的時間增加了 14%。我們看到每個用戶燃燒的卡路里增加了 16%。

On top of these per user metrics, we saw nearly a 50% spike in JRNY downloads just in the first 30 days of stay-at-home. These statistics are not only interesting to underscore the at-home fitness trend, but also energize us by showing that we are progressing in our noble mission of helping people live healthier lives through fitness.

除了這些每用戶指標之外，我們還發現，僅在居家隔離的前 30 天內，JRNY 下載量就猛增了近 50%。這些統計數據不僅有趣地強調了家庭健身的趨勢，而且還通過表明我們在幫助人們通過健身過上更健康的生活的崇高使命方面取得了進展，為我們注入了活力。

Previously, I mentioned some key benefits our omnichannel approach has for customers, but there are significant benefits to our business model that were particularly highlighted during the events of the quarter. Our Direct business offers very quick conversion to cash, permits very quick decision-making in many aspects, including pricing, promotion, product mix and media spend and allocation. Finally, we can more quickly establish a direct relationship to better personalize our fitness experiences, grow our customer base and enhance lifetime value.

之前，我提到過我們的全渠道方法為客戶帶來的一些關鍵好處，但我們的業務模式也有顯著的好處，這些好處在本季度的活動中特別突出。我們的直接業務提供非常快速的現金轉換，允許在許多方面非常快速地做出決策，包括定價、促銷、產品組合以及媒體支出和分配。最後，我們可以更快地建立直接關係，以更好地個性化我們的健身體驗，擴大我們的客戶群並提高終身價值。

Our Retail channel enables us to expand our reach and footprint, getting products to consumers the way they choose. In normal times, consumers can experience our product in store. This quarter, retailers enhanced their store pickup capabilities and pivoted to online sales. We believe this is going to accelerate digital transformation at many retail partners.

我們的零售渠道使我們能夠擴大我們的影響力和足跡，以消費者選擇的方式向他們提供產品。平時，消費者可以在店內體驗我們的產品。本季度，零售商增強了商店取貨能力並轉向在線銷售。我們相信這將加速許多零售合作夥伴的數字化轉型。

As a former retailer who drove digital transformations, I believe this will not only be good for them, but it could have a lasting benefit to our company as growth in the long run will be less restricted by floor space and typical in-store price points.

作為推動數字化轉型的前零售商，我相信這不僅對他們有好處，而且還可以為我們公司帶來持久的利益，因為從長遠來看，增長將減少受到佔地面積和典型店內價格點的限制。

As we mentioned in the fourth quarter earnings call, early in the first quarter of 2020, COVID-19 disrupted our manufacturing and supply chain in China, where many of our products are manufactured. Our manufacturing and most logistics in China are now nearly fully recovered and are near full capacity. The next challenge has been responding to the unforeseen and unprecedented demand we've seen since mid-March.

正如我們在第四季度財報電話會議中提到的，2020 年第一季度初，COVID-19 擾亂了我們在中國的製造和供應鏈，我們的許多產品都是在中國生產的。我們在中國的製造和大部分物流現已接近完全恢復，並接近滿負荷運轉。下一個挑戰是應對自 3 月中旬以來我們看到的不可預見和前所未有的需求。

We have continued to work very hard to improve our manufacturing and supply chain efficiencies. We expanded production for many of our leading products, which is reducing our backlog. However, we believe the continued strong demand we are seeing for certain products could prevent us from getting fully caught up on our full backlog until the beginning of the third quarter. We are also expediting as many products as possible but balancing the cost impact to maintain proper margins. Aina will address this more when talking about margins.

我們繼續努力提高製造和供應鏈效率。我們擴大了許多主導產品的生產，從而減少了積壓訂單。然而，我們認為，對某些產品的持續強勁需求可能會阻止我們在第三季度初之前完全趕上全部積壓訂單。我們還加快生產盡可能多的產品，但平衡成本影響以保持適當的利潤。艾娜將在談論利潤時更多地討論這一點。

Overall, I'm very pleased at how our company performed during the first quarter. We are seeing what we are capable of achieving in the short and long run. This year, while doing our best to deliver on short-term results, we remain focused on the longer-term transformation of our company. We will continue to address the areas that need improvement. We will continue to address the issues underlying the multichannel decline of our Direct business that we articulated in our last earnings call.

總的來說，我對我們公司第一季度的表現非常滿意。我們正在看到我們在短期和長期內能夠實現的目標。今年，我們在盡最大努力實現短期業績的同時，仍然專注於公司的長期轉型。我們將繼續解決需要改進的領域。我們將繼續解決我們在上次財報電話會議中闡述的直接業務多渠道下滑的潛在問題。

We will not kid ourselves. The current surge in demand does not mean these issues have disappeared. Some are merely hidden, and we will relentlessly attack them. And most importantly, we will not allow the short-term sales surge to distract us from addressing the long-term future of our company.

我們不會欺騙自己。目前需求的激增並不意味著這些問題已經消失。有些只是隱藏的，我們將無情地攻擊它們。最重要的是，我們不會讓短期銷售激增分散我們對公司長期未來的注意力。

Our strategic planning process is moving ahead as expected. We are garnering insights through multiple sources of vigorous diagnostics, which will drive our focus and help us select the most attractive growth opportunities. As we have indicated previously, this will lead to an insights-driven, long-term vision and multiyear strategic plan that we anticipate sharing late in the third quarter. I expect that our transformative vision and plan, built on existing strengths and those that we'll develop over time, will be exciting to employees and to investors.

我們的戰略規劃流程正在按預期推進。我們正在通過多種來源的有力診斷獲得見解，這將推動我們的重點並幫助我們選擇最具吸引力的增長機會。正如我們之前所指出的，這將帶來一個以洞察為導向的長期願景和多年戰略計劃，我們預計將在第三季度末分享。我希望我們的變革願景和計劃建立在現有優勢以及我們將隨著時間的推移而發展的優勢之上，這將使員工和投資者感到興奮。

For those investors who are new to our company, welcome. We're glad to have you. It's important to understand the seasonal nature of our business and our industry. In a typical year, the second quarter is normally the weakest and the fourth quarter is seasonally the strongest. The first and third quarters will fluctuate as the next strongest quarter, depending on new product introductions. With that, I'd like to now turn over the call to our CFO, Aina Konold. Aina?

歡迎新加入我們公司的投資者。我們很高興有你。了解我們的業務和行業的季節性特徵非常重要。在典型的年份中，第二季度通常是最弱的，第四季度是季節性最強的。第一季度和第三季度將根據新產品的推出而波動，成為下一個最強勁的季度。現在，我想將電話轉給我們的首席財務官艾娜·科諾德 (Aina Konold)。艾娜？

Thank you, Jim. Good afternoon, everyone. I'll begin by speaking to total company P&L results for Q1 2020 with comparisons to Q1 2019. Net sales were $94 million, better than prior year by 11%. Quarterly sales gains in both the Direct and Retail segments were driven by the strength of our brands, strategic and operational changes implemented in the last several months and the near-term trend towards home fitness, primarily due to the COVID-19 pandemic.

謝謝你，吉姆。大家下午好。首先，我將介紹 2020 年第一季度的公司總損益結果，並與 2019 年第一季度進行比較。淨銷售額為 9400 萬美元，比上一年增長 11%。直接和零售領域的季度銷售增長是由我們的品牌實力、過去幾個月實施的戰略和運營變革以及家庭健身的近期趨勢（主要是由於 COVID-19 大流行）推動的。

Gross margin rate decreased to 38% versus 42% last year, resulting in gross profit that's essentially flat year-over-year. A shift in segment sales, unfavorable product mix and higher landed product costs were the primary drivers for the decline. The Retail segment sales were 49% of total sales this year versus 44% last year. And as noted by Jim earlier, Max Trainer sales continued to decline, and the loss of these higher-margin sales negatively affected our margins.

毛利率從去年的42%下降至38%，導致毛利潤同比基本持平。細分市場銷售的變化、不利的產品結構和較高的到岸產品成本是下降的主要驅動因素。今年零售部門的銷售額佔總銷售額的 49%，而去年為 44%。正如 Jim 早些時候指出的那樣，Max Trainer 的銷售額持續下降，而這些利潤率較高的銷售額的損失對我們的利潤率產生了負面影響。

With regards to higher landed product costs, as a reminder, products we import from China are now subject to a 7.5% tariff versus no tariff in Q1 last year. And we also expedited shipping for products that had been on back order due to supply chain disruptions caused by COVID-19. Certainly, we're not satisfied with the decline in our gross margin rate and are working cross-functionally to create a path to margin expansion in the future.

關於較高的到岸產品成本，提醒一下，我們從中國進口的產品現在需繳納 7.5% 的關稅，而去年第一季度則沒有關稅。我們還加快了因 COVID-19 造成的供應鏈中斷而延期交貨的產品的運輸。當然，我們對毛利率的下降並不滿意，並且正在跨職能部門努力尋找未來利潤擴張的途徑。

Operating expenses were better than prior year by 21%, declining to $36 million or 39% of net sales compared to $46 million or 55% of net sales last year. 2 areas drove the reduction in costs.

運營費用比上年好 21%，從去年的 4600 萬美元（占淨銷售額的 55%）下降至 3600 萬美元（占淨銷售額的 39%）。 2個領域推動了成本的降低。

Selling and marketing expenses were down 27% to $25 million or 26% of net sales compared to $34 million or 40% of net sales last year. The decrease in expense was primarily in advertising spend. We spent $13 million on media this year versus $20 million last year. As we've mentioned in our previous quarterly calls, we are focused on improving our media ROI and are pleased that in Q1 we were able to grow sales on lower spend.

銷售和營銷費用下降了 27%，至 2500 萬美元，占淨銷售額的 26%，而去年為 3400 萬美元，占淨銷售額的 40%。費用減少主要是廣告支出。今年我們在媒體上的支出為 1,300 萬美元，而去年為 2,000 萬美元。正如我們在之前的季度電話會議中提到的，我們專注於提高媒體投資回報率，並且很高興在第一季度我們能夠以較低的支出實現銷售額增長。

Research and development costs were down 12% to $3.8 million or 4% of net sales compared to $4.3 million or 5% of net sales last year, primarily driven by lower maintenance expenses related to our digital platforms. General and administrative expenses were basically flat at $8 million or 8% of net sales this year compared to 9% last year.

研發成本下降 12%，至 380 萬美元，占淨銷售額的 4%，而去年為 430 萬美元，占淨銷售額的 5%，這主要是由於與我們的數字平台相關的維護費用降低。今年的一般和管理費用基本持平，為 800 萬美元，占淨銷售額的 8%，而去年為 9%。

Operating loss was $0.6 million, better than prior year's loss of $10 million, a 94% improvement, driven primarily by expense reductions as gross profit was flat. While we are pleased to have meaningfully reduced our operating loss, we recognize that the path to sustainable, profitable growth requires more than expense discipline.

營業虧損為 60 萬美元，比上一年的虧損 1,000 萬美元好很多，改善了 94%，這主要是由於毛利潤持平而導致費用減少。雖然我們很高興顯著減少了運營損失，但我們認識到，實現可持續盈利增長的道路需要的不僅僅是費用紀律。

Income from continuing operations increased to $2 million or $0.08 per diluted share compared to last year's loss of $8.5 million or minus $0.29. The improvement was primarily driven by the OpEx reductions I mentioned earlier and a $3 million tax benefit related to the CARES Act that was recognized in the first quarter.

持續經營業務收入增至 200 萬美元，即每股攤薄收益 0.08 美元，而去年的虧損為 850 萬美元，即減 0.29 美元。這一改善主要是由我之前提到的運營支出減少以及第一季度確認的與 CARES 法案相關的 300 萬美元稅收優惠推動的。

Net income was $2 million or $0.07 per diluted share compared to a loss of $9 million or minus $0.29 per diluted share. EBITDA from continuing operations was $2 million compared to an EBITDA loss of $8 million last year.

淨利潤為 200 萬美元，即稀釋後每股收益 0.07 美元，而虧損為 900 萬美元，即稀釋後每股虧損 0.29 美元。持續經營業務的 EBITDA 為 200 萬美元，而去年的 EBITDA 虧損為 800 萬美元。

Turning now to Q1 2020 performance by segment. I'll be comparing this year's Q1 results with Q1 2019. Net sales in the Direct segment were $47.1 million, up 1% from $46.7 million. This was Direct's first quarter of year-over-year sales increase since Q4 2017. As mentioned earlier by Jim, higher sales were driven primarily by strength, which grew by 59%.

現在來看看 2020 年第一季度各細分市場的表現。我將把今年第一季度的業績與 2019 年第一季度的業績進行比較。直接業務部門的淨銷售額為 4710 萬美元，比 4670 萬美元增長 1%。這是 Direct 自 2017 年第四季度以來銷售額同比增長的第一個季度。正如 Jim 之前提到的，銷售額的增長主要是由實力推動的，銷售額增長了 59%。

Cardio declined by 9%. A strong demand for our connected fitness bikes were not enough to fully offset declines in Max Trainer. As of March 31, 2020, future sales related to our customer backlog in Direct is estimated to be approximately $8 million.

有氧運動下降了 9%。對我們的聯網健身自行車的強勁需求不足以完全抵消 Max Trainer 的下降。截至 2020 年 3 月 31 日，與 Direct 客戶積壓相關的未來銷售額估計約為 800 萬美元。

Gross margin rate declined to 52% versus 57% last year, driven by unfavorable product mix and higher landed product costs. Segment contribution was $2 million, up 140% compared to a loss of $5 million. The improvement was primarily driven by a $7 million reduction in media spend as gross profit was below last year.

由於產品結構不利和到岸產品成本上升，毛利率從去年的 57% 下降至 52%。部門貢獻為 200 萬美元，比虧損 500 萬美元增長 140%。這一改善主要是由於毛利潤低於去年，媒體支出減少了 700 萬美元。

Turning now to the Retail segment. Net sales were $46 million, up 24% from $37 million last year. Strength product sales were up 55%, and cardio sales were up 18%, driven by the Schwinn IC4 connected fitness bike, partially offset by declines in Octane Fitness products as gym closures have begun to negatively affect sales of commercial-grade equipment.

現在轉向零售領域。淨銷售額為 4600 萬美元，比去年的 3700 萬美元增長 24%。在Schwinn IC4 連接健身自行車的推動下，力量產品銷售額增長了55%，有氧運動銷售額增長了18%，但由於健身房關閉已開始對商業級設備的銷售產生負面影響，Octane Fitness 產品的下降部分抵消了這一增長。

As of March 31, 2020, estimated future sales for the Retail segment totaled approximately $6 million. We disclosed Retail customers whose sales are greater than 10% of total company net sales. In Q1 2020, Amazon.com accounted for 13% of total company net sales.

截至 2020 年 3 月 31 日，零售部門的預計未來銷售額總計約為 600 萬美元。我們披露了銷售額占公司總淨銷售額10%以上的零售客戶。 2020 年第一季度，亞馬遜占公司總淨銷售額的 13%。

Gross margin rate for the Retail segment was 22.6%, down from 23.3% last year, driven primarily by unfavorable sales mix and higher landed product costs. Segment contribution was $2 million compared to a loss of $1 million last year. The improvement was primarily driven by higher net sales and reductions in operating expenses, partially offset by lower gross margin rates.

零售業務的毛利率為 22.6%，低於去年的 23.3%，主要是由於不利的銷售組合和較高的到岸產品成本。部門貢獻為 200 萬美元，而去年則虧損 100 萬美元。這一改善主要是由淨銷售額增加和運營費用減少推動的，但部分被毛利率下降所抵消。

Turning now to the consolidated balance sheet as of March 31, 2020. We ended Q1 2020 with cash at $26 million and debt at $28 million compared to cash of $11 million and debt of $14 million at year-end 2019. We had $18 million available for borrowing on our credit facility. Inventory was $35 million compared to $55 million as of year-end 2019.

現在來看截至2020 年3 月31 日的合併資產負債表。截至2020 年第一季度，我們的現金為2600 萬美元，債務為2800 萬美元，而2019 年底的現金為1100 萬美元，債務為1400萬美元。我們有1800 萬美元的可用資金通過我們的信貸設施借款。庫存為 3500 萬美元，而截至 2019 年底為 5500 萬美元。

Seasonally, inventory levels at the end of Q1 are typically lower than at year-end. But the unplanned surge in late March related to COVID-19 did further decrease inventory levels. As Jim mentioned, we are working hard to get back in stock for our best-selling products and are continuing to expedite shipments to reduce our backlog, but we don't expect to be fully back in stock until the beginning of Q3.

從季節性來看，第一季度末的庫存水平通常低於年底。但 3 月底與 COVID-19 相關的意外激增確實進一步降低了庫存水平。正如吉姆提到的，我們正在努力恢復最暢銷產品的庫存，並繼續加快發貨以減少積壓，但我們預計要到第三季度初才能完全恢復庫存。

Working capital totaled $61 million versus $40 million at year-end 2019, the result of reductions in trade payables and receivables. Trade payables were $34 million compared to $74 million at year-end 2019, driven primarily by typical seasonality. And lastly, capital expenditures totaled $2 million as of March 31, 2020. We are reiterating our full year capital guidance range of $8 million to $10 million for the full year 2020.

由於貿易應付賬款和應收賬款減少，營運資金總額為 6100 萬美元，而 2019 年底為 4000 萬美元。貿易應付賬款為 3,400 萬美元，而 2019 年底為 7,400 萬美元，這主要是受典型季節性因素的影響。最後，截至 2020 年 3 月 31 日，資本支出總額為 200 萬美元。我們重申 2020 年全年資本指導範圍為 800 萬美元至 1000 萬美元。

We are pleased with the sales momentum in the business and how we have responded to the surge in demand for at-home fitness. That said, we do have meaningful margin pressures as customers have moved away from the higher-margin Max Trainer products to lower margin modalities like the IC bikes and strength products. We are also managing through the lingering effects of COVID-19 on our supply chain, requiring us to expedite shipments as we seek to meet the surge in demand.

我們對業務的銷售勢頭以及我們如何應對家庭健身需求的激增感到滿意。也就是說，我們確實面臨著很大的利潤壓力，因為客戶已經從利潤較高的 Max Trainer 產品轉向利潤較低的產品，如 IC 自行車和力量產品。我們還在應對新冠肺炎 (COVID-19) 對供應鏈的持續影響，這要求我們加快發貨，以滿足需求激增的需求。

Lastly, the tariffs that were imposed in the latter half of 2019 create margin pressure that cannot always be mitigated by price increases. We know that the path to sustainable, profitable growth requires us to expand margins while continuing to manage expenses tightly. And we look forward to sharing our progress every quarter. Now I'd like to turn the call back over to Jim for his final comments. Jim?

最後，2019 年下半年徵收的關稅造成了利潤率壓力，而這種壓力並不總能通過價格上漲來緩解。我們知道，實現可持續盈利增長的道路要求我們擴大利潤率，同時繼續嚴格管理費用。我們期待每個季度分享我們的進展。現在我想將電話轉回吉姆以徵求他的最終意見。吉姆？

Thank you, Aina. While we turned in strong results and are off to a good start, the remainder of 2020 carries a lot of uncertainty because of COVID-19 and the global economy. As I've said many times in our calls since I've arrived, our long-term transformation may at times not show quarter-to-quarter linear progress.

謝謝你，艾娜。雖然我們取得了強勁的業績並有了良好的開端，但由於新冠肺炎 (COVID-19) 和全球經濟的影響，2020 年剩餘時間仍存在很多不確定性。正如我上任以來在電話中多次說過的那樣，我們的長期轉型有時可能不會顯示出季度與季度之間的線性進展。

We have now entered the seasonally softest quarter of the year. The duration of the current consumer tailwind is anyone's guess and driven in part by the level of comfort with gyms and the rate at which people return to them.

我們現在已經進入了一年中季節性最疲軟的季度。當前消費者順風的持續時間是任何人的猜測，部分取決於健身房的舒適度和人們返回健身房的速度。

Though not the majority of our business, we also have exposure to the commercial fitness space through our Octane brand. And perhaps most importantly, the duration of the impending recession and subsequent shape of the recovery, factors that are very difficult to predict, will clearly impact our company.

儘管不是我們的大部分業務，但我們也通過 Octane 品牌涉足商業健身領域。也許最重要的是，即將到來的衰退的持續時間和隨後的複蘇形態，這些很難預測的因素，將明顯影響我們的公司。

Despite the challenges we faced, I'm incredibly proud of our first quarter results and the people who are responsible for delivering them. This has been an unprecedented time for the world and for our business.

儘管我們面臨著挑戰，但我對我們第一季度的業績以及負責交付這些業績的人員感到非常自豪。對於世界和我們的企業來說，這是一個前所未有的時刻。

I want to sincerely thank our employees and partners who, while dealing with their own personal challenges, showed us their best work in crisis and supported our customers during a very trying period in their lives. Nautilus stands ready to continue to do our part to help people stay fit and healthy as possible through all of this and beyond.

我要真誠地感謝我們的員工和合作夥伴，他們在應對個人挑戰的同時，向我們展示了他們在危機中最好的工作，並在客戶生命中非常艱難的時期為他們提供了支持。 Nautilus 隨時準備繼續盡我們的一份力量，幫助人們在這一切及以後儘可能保持健康。

Finally, I also want to thank our analysts and investors for their patience and loyalty to Nautilus. I want to assure you we haven't lost track of the destination of returning to long-term growth and sustained profitability. We're all working very hard every day to enhance shareholder value for our company. And now I'd like to open the call up to your questions. Operator?

最後，我還要感謝我們的分析師和投資者對 Nautilus 的耐心和忠誠。我想向你們保證，我們並沒有迷失恢復長期增長和持續盈利的目標。我們每天都在非常努力地工作，以提高公司的股東價值。現在我想在電話會議上回答大家的問題。操作員？

(Operator Instructions) The first question is from Mike Swartz of SunTrust.

（操作員說明）第一個問題來自 SunTrust 的 Mike Swartz。

Jim, maybe for you. I think in your prepared remarks, you had mentioned some backlogs in both of the businesses. It's the first I can remember of the company talking about backlogs at quarter end for quite some time, and I think we'd have to go back to 2016 with one of the Max Trainer iterations where we actually saw a multi-month backlog occur.

吉姆，也許適合你。我認為在您準備好的發言中，您提到了兩家公司的一些積壓情況。這是我記得相當長一段時間以來，公司第一次在季度末談論積壓，我認為我們必須回到 2016 年的 Max Trainer 迭代中，當時我們實際上看到了數月積壓的情況。

So maybe just provide a little frame of reference around the numbers that you gave tonight, I think, around $15 million or so in backlog. How does that look historically in periods where you've seen stronger demand? And maybe just on a year-to-year basis, what that typically looks like?

因此，也許只是提供一些關於您今晚提供的數字的參考框架，我認為，大約有 1500 萬美元左右的積壓。從歷史上看，在需求強勁的時期，情況如何？也許只是在逐年的基礎上，通常會是什麼樣子？

I'll have to admit I'm -- that's a great question, and I appreciate it, Mike. I'll have to admit, I don't have -- I haven't looked at the long-term backlogs over time. And so I may have to have Bill refer to that. I do know that it's a good problem to have, the -- especially as we get to the end of March.

我不得不承認我——這是一個很好的問題，我很感激，邁克。我不得不承認，我沒有——我沒有考慮過隨著時間的推移，長期積壓的情況。所以我可能必須讓比爾提及這一點。我確實知道這是一個好問題，特別是當我們到了三月底的時候。

We just had this amazing surge the last few weeks of March. We were already in kind of delayed promise periods on our bikes because that has not slowed down since we launched all the way back in October. And of course, we lost a couple of -- we lost some weeks in production in China due to the COVID. So we were catching up, but we were still continuing to see just this huge demand there.

三月份的最後幾週，我們剛剛經歷了驚人的激增。我們的自行車已經處於延遲的承諾期，因為自從我們十月份推出以來，這種情況並沒有放緩。當然，我們也損失了一些——由於新冠疫情，我們在中國的生產損失了幾週。所以我們正在迎頭趕上，但我們仍然繼續看到那裡的巨大需求。

And then we got to the end of the last few weeks, and then the bikes just took off and then also the weights, especially the 552s and anything strength-related because our theory was people could go outside to get some cardio in most parts of the country. They weren't restricted from doing that. But to actually do resistance training became a lot more difficult. So we saw that. So maybe after those comments, Bill, do you want to comment on kind of the historical significance?

然後我們到了最後幾週，然後自行車剛剛起飛，然後還有重量，特別是 552 和任何與力量相關的東西，因為我們的理論是人們可以在大多數地方出去進行有氧運動。國家。他們沒有被限制這樣做。但真正進行阻力訓練變得困難得多。所以我們看到了這一點。那麼，也許在這些評論之後，比爾，您想對歷史意義發表評論嗎？

Yes. Thanks, Jim. I don't have the exact numbers in front of me. I would tell you, Mike, that it's normal to have a little bit of backlog that happens in crossover due to transportation, timing and other things that impact shipments, but this is many times higher than what normal backlog would be for us.

是的。謝謝，吉姆。我面前沒有確切的數字。邁克，我想告訴你，由於運輸、時間安排和其他影響發貨的因素，在交叉領域出現一點積壓是正常的，但這比我們正常的積壓要高很多倍。

Okay. And just in terms of the increased capacity you talked about, maybe just give us a little color on what that means. Are you -- as we look at some product on bowflex.com, it seems like you've taken some of that off the website. So -- and I -- when I look at that, is it you're trying to free up capacity for maybe slower turning lines? Or is that kind of just the normal end-of-life process of taking things off the website?

好的。就您談到的容量增加而言，也許只是讓我們了解一下這意味著什麼。當我們在 Bowflex.com 上查看某些產品時，您似乎已經從網站上刪除了其中一些產品。所以——我——當我看到這一點時，你是否正在試圖為可能較慢的轉彎線釋放產能？或者這只是從網站上刪除內容的正常生命週期結束過程？

Well, I'll start with the website, and then I'll ask Bill to talk about what we're doing with our supply chain. So on the website, we -- for bikes, for example, we continue to take orders. I think I just checked today and we're at kind of a 45-day promise period on that, but it doesn't seem to be slowing down the demand even though the people have to wait a while for these bikes.

好吧，我將從網站開始，然後我會請比爾談談我們在供應鏈方面所做的事情。因此，在網站上，例如，對於自行車，我們繼續接受訂單。我想我今天剛剛檢查過，我們對此有 45 天的承諾期，但這似乎並沒有減緩需求，儘管人們必須等待一段時間才能獲得這些自行車。

On things like the 552s, the Bowflex SelectTech 552s, they're a little bit longer promise periods. And at some point, we just don't want to disappoint people. So we've substituted taking orders on a product like that to a Notify Me When button, which is another example of agility. We didn't even have that feature on the website, but we just said we're going to get so many of these. And so we've captured that demand, but we haven't taken the order for those. And as we see those coming back into stock, we'll reach out to those people who expressed an interest.

對於 552、Bowflex SelectTech 552 等產品，承諾期要長一些。在某些時候，我們只是不想讓人們失望。因此，我們將接受此類產品訂單替換為“通知我時間”按鈕，這是敏捷性的另一個例子。我們的網站上什至沒有這個功能，但我們只是說我們會得到很多這樣的功能。因此，我們已經抓住了這一需求，但我們還沒有接受這些訂單。當我們看到這些產品重新有貨時，我們將聯繫那些表示有興趣的人。

The other thing that happened is we sort of worked our way down the most popular products and then began selling, our CMO said, everything but the floorboards. We were able to sell lots of equipment that we hadn't sold in several years and that we had end-of-life, officially ended life, but we hadn't actually sold out of all the inventory because we just didn't have a way to sell them this way.

我們的首席營銷官說，發生的另一件事是，我們逐漸找到了最受歡迎的產品，然後開始銷售除地板之外的所有產品。我們能夠出售很多我們已經好幾年沒有售出的設備，而且我們已經正式報廢了，但我們實際上並沒有賣完所有庫存，因為我們只是沒有一種以這種方式出售它們的方式。

And we took advantage of this period where people really wanted almost any kind of equipment at some point where we were able to take advantage of that particular trend. Bill, maybe you could tack on with what you're doing supply chain wise to give us greater capacity?

我們利用了這個時期，當時人們確實想要幾乎任何類型的設備，而我們能夠利用這一特定趨勢。比爾，也許你可以繼續進行供應鏈方面的工作，為我們提供更大的產能？

Yes. Thanks, Jim. Michael. Overseas, obviously, there was pretty significant disruption in Q1 in our supply chain. As Jim noted in his comments and Aina did as well, we feel like we're getting back to normal in -- with our factories, and they are at capacity.

是的。謝謝，吉姆。邁克爾.顯然，在海外，我們的供應鏈第一季度出現了相當嚴重的中斷。正如吉姆在他的評論中指出的那樣，艾娜也是如此，我們感覺我們的工廠正在恢復正常，而且它們已經滿負荷運轉。

But certain product lines, like the SelectTechs Jim mentioned, in bikes were actually increasing capacity and have been in the process of increasing capacity for a while on the bikes as we still don't know what total potential is for that product line.

但某些自行車產品線，如 SelectTechs Jim 提到的，實際上正在增加產能，並且已經在增加自行車產能一段時間了，因為我們仍然不知道該產品線的總潛力有多大。

We do feel like we'll be able to catch up here in the first half of the year as we were saying maybe early Q3 will be caught up. But there is a lot of not just getting back to normal going on, but also, okay, now that you have your teams back and you're getting back to normal, we need you to up your capacity pretty quickly to help us. So all those things are in progress as we speak.

我們確實覺得我們能夠在今年上半年趕上，正如我們所說的，也許第三季度初會趕上。但是，不僅要恢復正常，還有很多事情要做，好吧，現在您的團隊已經恢復並且正在恢復正常，我們需要您盡快提高能力來幫助我們。所以，就在我們說話的時候，所有這些事情都在進行中。

And I'll just add that our partners have been extremely great to work with. It's times like this that the relationship building you've done over multiple years with our manufacturing partners really pays off because when you ask them to go the extra mile, when we ask them to add a production line for bikes and things like that, their answer is yes because the partnership has been contributed to by both sides along the way and really seems to pay off in times like this. So Mike, did we fully address your questions?

我只想補充一點，我們的合作夥伴合作得非常愉快。在這樣的時刻，您多年來與我們的製造合作夥伴建立的關係確實得到了回報，因為當您要求他們加倍努力時，當我們要求他們增加自行車和類似產品的生產線時，他們的答案是肯定的，因為這種夥伴關係一直是雙方共同做出的貢獻，而且在這樣的時刻似乎確實得到了回報。邁克，我們是否充分解決了您的問題？

Yes, you did.

是的，你做到了。

The next question is from Steve Dyer of Craig-Hallum.

下一個問題來自 Craig-Hallum 的 Steve Dyer。

Jim, you talked a little bit about the second quarter. We're coming up on halfway through it here. And you talked a couple of different times about the seasonality in the second quarter. And I guess I'm trying to square that.

吉姆，你談到了第二季度的情況。我們已經走到一半了。您多次談到第二季度的季節性。我想我正在努力解決這個問題。

From where I sit, you'll have sort of more capacity, quarter-on-quarter. You'll have, hopefully, fewer, if any, supply chain disruptions. You've got a backlog that takes you out into the third quarter. So I guess, why would there be any seasonality really at all in the second quarter vis-à-vis what we just went through?

從我的角度來看，您將獲得季度環比的更多產能。希望供應鏈中斷的情況會更少（如果有的話）。你的積壓訂單需要到第三季度才能完成。所以我想，與我們剛剛經歷的情況相比，為什麼第二季度真的會有季節性呢？

Well, Steve, great question. And the context of when I mentioned it was sort of a list of things to remember when forecasting out the rest of the year. And definitely I did mention the second quarter, I think, primarily for people who haven't covered us as long as you, so they're aware of that seasonality as well.

嗯，史蒂夫，好問題。當我提到它時，背景是在預測今年剩餘時間時需要記住的一系列事情。我想，我確實提到了第二季度，主要是針對那些沒有像您一樣長期報導我們的人，所以他們也意識到了這種季節性。

But you're right. I mean we've continued to see strong demand for our products. I think maybe the difference between the last few weeks of the first quarter and the second quarter is we were not out of very much inventory for the first few weeks, and then we became a little bit more supply-constrained after that.

但你是對的。我的意思是，我們繼續看到對我們產品的強勁需求。我認為第一季度最後幾周和第二季度的區別可能在於，前幾週我們的庫存並沒有太多，但在那之後我們的供應變得更加緊張。

Now we're still taking orders on almost everything. We're still finding a way to clear that in the time frame that we mentioned. But we don't know -- basically, for this quarter, I'd say we are more supply-constrained than demand-constrained, and it's really just turned into a sport of trying to fulfill as much demand as we possibly can, as creatively as we can and get products here as quickly as we can. But you're not wrong to say that the second quarter continues the momentum we saw in the first quarter, at least most of it.

現在我們幾乎所有東西仍然接受訂單。我們仍在尋找一種方法來在我們提到的時間範圍內解決這個問題。但我們不知道——基本上，就本季度而言，我想說我們的供應限制比需求限制更嚴重，而且這實際上只是變成了一項試圖滿足盡可能多的需求的運動，因為盡我們所能發揮創意並儘快將產品送到這裡。但你說第二季度延續了我們在第一季度看到的勢頭，至少大部分是這樣，這並沒有錯。

So is it fair to say -- I mean I know your inventory is down roughly $20 million quarter-on-quarter. Maybe that served to satisfy some of the demand in the first quarter and you don't necessarily have that luxury with some of your SKUs into the second here.

公平地說——我的意思是我知道你們的庫存環比下降了大約 2000 萬美元。也許這可以滿足第一季度的部分需求，但您不一定能將某些 SKU 放到第二季度。

Yes. I mean I think that's part of the story where we sold the most popular stuff and then got into some things that hadn't sold in a while and sold them down. And then -- and now we're replenishing as quickly as possible. There's plenty of product on the water right now. It will be here soon. But we had to replenish that. So we went through the fast movers. Then we went into some of the more -- the things we hadn't sold in a while and we sold a lot of those, which is actually a great way to clear out inventory. And now we're replenishing as quickly as we can.

是的。我的意思是，我認為這就是故事的一部分，我們賣掉了最受歡迎的東西，然後又買了一些已經有一段時間沒有賣掉的東西，然後把它們賣掉。然後——現在我們正在盡快補充。現在水上有很多產品。很快就會到了。但我們必須補充它。所以我們經歷了快速行動者。然後我們進入了一些更多的東西——我們有一段時間沒有賣掉的東西，我們賣掉了很多，這實際上是清理庫存的好方法。現在我們正在盡快補充。

Got it. And as it relates to that, I guess, I know you're -- sometimes you don't want to talk too much about specific products, but Max Trainer has obviously been quite weak year-over-year for quite some time. I think the last we checked, there's actually a bit of a backlog, maybe a little over a week now on that. Does that feel like it's reached a level of demand that -- where we might not see these big declines any further? I mean does that seem like it's found a level?

知道了。與此相關的是，我想，我知道你有時不想過多談論特定產品，但 Max Trainer 顯然在相當長的一段時間內逐年表現不佳。我想我們上次檢查時發現，實際上有一些積壓，現在可能已經一周多了。這是否感覺已經達到了我們可能不會再看到大幅下降的需求水平？我的意思是，這看起來像是找到了一個水平嗎？

Yes. I mean it's pure speculation to know whether it's sort of found the bottom there. I think that's what you're alluding to. But it is -- we are actually quite optimistic about how it's been selling lately. Part of it is when people come to our websites naturally, as we talked about, through organic traffic and they're looking for fitness products, one of the reasons we did that giveaway is to really shine a light on the Max Trainer because we actually think it's still a very, very good product.

是的。我的意思是，這純粹是猜測是否已經觸底。我想這就是你所暗示的。但事實是——我們實際上對它最近的銷售情況非常樂觀。部分原因是當人們自然地來到我們的網站時，正如我們所說，通過自然流量，他們正在尋找健身產品，我們做贈品的原因之一是真正讓人們了解 Max Trainer，因為我們實際上認為它仍然是一個非常非常好的產品。

I think, and I've said this on calls before, that it's an absolutely great workout. I use it myself. It just becomes better with technology. And I think some of our models fell behind on technology. And so for our current and future products, we're injecting more technology. And the coaching on a high-intensity workout machine like that is a super important thing. And so JRNY really plays an even greater role there.

我認為，而且我之前在電話中也說過，這絕對是一次很棒的鍛煉。我自己用的。隨著技術的發展，它會變得更好。我認為我們的一些模型在技術上落後了。因此，對於我們當前和未來的產品，我們正在註入更多技術。在這樣的高強度訓練機上進行指導是一件非常重要的事情。因此，JRNY 確實在那裡發揮著更大的作用。

So we're not giving up on Max yet. And I hope you're absolutely right that we're close to the bottom and we could actually see an uptick there. That will change a lot of things and a lot of -- it will help a lot of things at our company obviously. Aina talked a little bit about the margin replacements where we end up replacing these high-priced, high-margin products with lower price, slightly lower-margin products in a lot of the bikes and things like that, and it's not the trade-off you want to make forever.

所以我們還沒有放棄 Max。我希望你說的完全正確，我們已經接近底部，而且我們實際上可以看到那裡的上升。這將改變很多事情，而且顯然會對我們公司的很多事情有所幫助。艾娜談到了一些關於利潤替代的問題，我們最終在許多自行車和類似產品中用價格較低、利潤稍低的產品取代了這些高價、高利潤的產品，這不是權衡你想要永遠。

But we're very optimistic about that line. We invented it. We sold, I think, 600,000-some-odd units over its life, so there must have been something good about it. And I personally like it a lot, and I think it can be rejuvenated.

但我們對這條線非常樂觀。我們發明了它。我想，我們在其生命週期內售出了 600,000 多台，所以它一定有什麼好處。而且我個人非常喜歡它，我認為它可以煥發新的活力。

That's great. And then last one for me, and I'll pass it along. So Amazon, obviously, a meaningful customer to you. Did their sort of preference for essential items for different pieces of the quarter or the last several weeks, I mean, has that impacted anything for you, made it any more difficult for you at all? That's it for me.

那太棒了。最後一篇是給我的，我會把它傳遞給大家。所以亞馬遜顯然對你來說是一個有意義的客戶。我的意思是，他們對本季度不同部分或過去幾週的必需品的偏好是否對您產生了影響，使您變得更加困難？對我來說就是這樣。

Yes -- no, Steve, we did not notice anything, any change there. We continue to sell. And of course, the big staple, as we mentioned in my remarks, was the SelectTech 552. And I'm not sure where they are in the inventory now. I would suspect they're out of it, too. So -- but we have not seen any decline in their ability to deliver for customers. We've not heard anything about that, and the demand has remained strong.

是的——不，史蒂夫，我們沒有註意到任何事情，任何變化。我們繼續銷售。當然，正如我們在評論中提到的，主要產品是 SelectTech 552。我不確定它們現在在庫存中的位置。我懷疑他們也已經出局了。所以，但我們沒有看到他們為客戶提供服務的能力有任何下降。我們還沒有聽說過任何有關此事的消息，而且需求仍然強勁。

The next question is from Mark Smith of Lake Street Capital.

下一個問題來自 Lake Street Capital 的馬克·史密斯。

First off, kind of big picture. Can you talk a little bit about what you expect to happen in the mix of direct versus retail in that shift going forward? Strong backlog right now in direct, but will you attempt to fulfill more orders and maybe shift more people into e-commerce and direct rather than working with your retail partners?

首先，有一個大圖景。您能否談談您預計在這種轉變中，直營與零售的結合會發生什麼？目前直銷訂單積壓較多，但您是否會嘗試履行更多訂單，並可能將更多人轉移到電子商務和直銷領域，而不是與零售合作夥伴合作？

One of the things, Mark, that we are very proud of is being an omnichannel company. And I think there was a time that the company was direct first. But we've had such great growth with our retail partners. And just my personal history is that you just get the products out there as many ways as possible so that consumers can choose the way that they buy. And that's really our philosophy.

馬克，我們非常自豪的一件事就是成為一家全渠道公司。我認為曾經有一段時間，公司首先是直接的。但我們與零售合作夥伴取得瞭如此巨大的增長。我個人的經歷是，你只需以盡可能多的方式提供產品，以便消費者可以選擇他們的購買方式。這確實是我們的理念。

There are differences in channel economics, obviously. The economics are actually pretty close to one another when you have a normal media spend requirement if you look at the net economics. So right now, we've got a situation where we're not having to spend much media, and we're getting the orders anyway. And so direct is definitely a preferred channel.

顯然，渠道經濟學存在差異。如果你看一下淨經濟學，當你有正常的媒體支出要求時，經濟學實際上非常接近。所以現在，我們面臨的情況是，我們不必花費太多媒體，但無論如何我們都會收到訂單。所以直銷絕對是首選渠道。

But our retail partners are so important to us and to our growth, and we want to grow with them. So we're going to continue to, as I did when I was in omnichannel retail, you make good decisions for the overall company, you're not optimizing one particular channel or the other. But we definitely look at the economics. We definitely look at inventory allocation based on that. But also we think about the strategic initiatives we're building with retailers.

但我們的零售合作夥伴對我們和我們的成長非常重要，我們希望與他們一起成長。因此，我們將繼續，就像我在全渠道零售行業時所做的那樣，為整個公司做出正確的決策，而不是優化某個特定渠道。但我們肯定會關注經濟學。我們肯定會以此為基礎來考慮庫存分配。但我們也會考慮與零售商共同製定的戰略舉措。

We want to grow their business. We want to give them the product they want. And especially in this quarter, we were able to make some real headway with some retailers we hadn't had a relationship with before because they suddenly had a need for fitness products, and we were able to swoop in and help that.

我們希望發展他們的業務。我們想為他們提供他們想要的產品。特別是在本季度，我們能夠與一些我們以前沒有合作過的零售商取得一些真正的進展，因為他們突然需要健身產品，而我們能夠介入並提供幫助。

So we are balancing those things. That's really the only way I can answer that question. And we don't really have a plan going forward about the mix of those two. We're going to let the customer choose, and we're happy with both our channels.

所以我們正在平衡這些事情。這確實是我能回答這個問題的唯一方法。我們實際上還沒有關於這兩者混合的計劃。我們將讓客戶選擇，我們對我們的兩個渠道都很滿意。

Perfect. And then looking at the strength, especially in the Schwinn numbers, can you just confirm the already exceeded revenue from full year 2019? Is that through today? Or was that during the first quarter?

完美的。然後看看實力，尤其是 Schwinn 數據，你能確認 2019 年全年的收入已經超出了嗎？今天就到此為止了嗎？或者是在第一季度？

And then secondly on Schwinn. Just if you can talk about how much that was kind of led by new products? And perhaps what you're seeing with pricing and price sensitivity for consumers out there today?

其次是施溫。您能談談新產品在多大程度上帶動了這一趨勢嗎？也許您現在看到了消費者的定價和價格敏感性？

Sure. So I can't remember the exact date that we passed on it because I have kind of weekly meetings with our website folks and they give me great stats every week. I believe it was late March, early April that we passed for the whole year, but I may be off a week or 2 on that.

當然。所以我不記得我們傳遞它的確切日期，因為我每週都會與我們的網站人員舉行會議，他們每週都會給我提供很好的統計數據。我相信我們度過了一整年是在三月末、四月初，但我可能會休息一兩週。

But it was late third quarter -- late first quarter, early second quarter time frame, and then it just continued to accelerate since then and that's where we kind of quoted that 9x number for the March time frame. So it's gotten tremendous traffic conversion, and it really is a lot driven by bikes. I mean that's what -- that's where -- Schwinn does have other modalities, but it's really about bikes there.

但那是第三季度末——第一季度末、第二季度初的時間框架，然後從那時起它就繼續加速，這就是我們引用 3 月份時間框架的 9 倍數字的地方。因此，它獲得了巨大的交通轉化，而且確實有很多是由自行車驅動的。我的意思是，這就是施文確實有其他方式的地方，但它實際上是關於自行車的。

And there were several models, but the star that we've mentioned a few times was the IC4 that basically is a -- the value proposition of buying a bike, we believe, is comparable to others selling at $2,300, $2,400. We're selling a bike for $799. And then we have an open platform where you can use our stuff or you could use Peloton or Zwift or any number of other pieces of software to give you real choice.

有多種型號，但我們多次提到的明星是 IC4，我們相信，購買自行車的價值主張與其他售價 2,300 美元、2,400 美元的自行車相當。我們以 799 美元的價格出售一輛自行車。然後我們有一個開放平台，您可以在其中使用我們的產品，也可以使用 Peloton 或 Zwift 或任何其他軟件來為您提供真正的選擇。

And so that value proposition for that bike and also the Bowflex version of it, the C6, has just been tremendous since the time we launched it. So it's a great -- these are great products. They have a great value proposition. And we seem to have done a good job in our marketing messaging. So nothing is getting lost in that. There's a clear reason to buy those things, and that's driven a lot of growth.

因此，自我們推出這款自行車及其 Bowflex 版本 C6 以來，它的價值主張就非常巨大。所以這真是太棒了——這些都是很棒的產品。他們有一個偉大的價值主張。我們似乎在營銷信息方面做得很好。因此，這不會丟失任何東西。購買這些東西有一個明確的理由，這推動了很大的增長。

Okay. And maybe this is digging too deep on specific products. But as we look at the Bowflex C6 versus the Schwinn product, it sounds like strong backlog on both of those, strong orders throughout the quarter. Safe to say there's not much price sensitivity between that $799 and that $950-ish kind of price point?

好的。也許這對特定產品挖掘得太深了。但當我們比較 Bowflex C6 與 Schwinn 產品時，聽起來這兩款產品的積壓量都很大，整個季度的訂單量都很大。可以肯定地說，799 美元和 950 美元左右的價格點之間沒有太大的價格敏感性嗎？

Yes. I mean we started the C6 at $899, and we took a $50 price increase, I believe, around the last time we had our call. And of course, we saw no decrease in the take rate. In fact, it's increased. So at least for price sensitivity, you've got fairly comparable bikes at $799 and $849 with no major differences in kind of volume. And so we believe, at least over that range, we've got real winners.

是的。我的意思是，我們 C6 的起步價為 899 美元，我相信，大約在上次接到電話時，我們的價格上漲了 50 美元。當然，我們並沒有看到採用率下降。事實上，它增加了。因此，至少就價格敏感度而言，799 美元和 849 美元的自行車價格相當，而且體積上沒有重大差異。因此，我們相信，至少在這個範圍內，我們有真正的贏家。

The next question is from George Kelly of Roth Capital Partners.

下一個問題來自羅斯資本合夥公司的喬治·凱利。

So just a few for you. First of all, I believe I heard that media advertising was down pretty significantly in the quarter. I was just wondering, how do you think about that going forward? Do you need to step back more meaningfully anytime soon? Or does it just -- you're getting such a bombardment of orders, can you sort of pull back for the time being and keep it that way?

所以只為您提供一些。首先，我相信我聽說本季度媒體廣告大幅下降。我只是想知道，您對未來有何看法？您是否需要盡快更有意義地退後一步？或者只是——你收到瞭如此多的訂單，你能暫時撤回並保持這種狀態嗎？

Yes, George, great question. I mean as I mentioned, one of the great aspects of the Direct business and the Direct business model is the ability to respond fairly quickly. And so when you're seeing a classic thing where you're getting so much organic traffic without paying for it, you are getting a ton more traffic from investments in social media and other digital, like search, and you're getting great traffic that way, you don't really need to spend as much on the media.

是的，喬治，好問題。我的意思是，正如我所提到的，直接業務和直接業務模式的重要方面之一是能夠相當快速地做出響應。因此，當你看到一個經典的東西，你無需付費即可獲得如此多的自然流量時，你會從社交媒體和其他數字媒體（如搜索）的投資中獲得更多的流量，並且你會獲得巨大的流量這樣，您就不需要在媒體上花費太多。

I mean media usually provides volume and those things I mentioned further down the funnel provide conversion. But when the volume seems to be natural, you -- we pull back -- we've seen some of our competition pull back. And not everybody, but most people have pulled back from that same phenomenon. We're all seeing the same things.

我的意思是媒體通常提供流量，而我在漏斗中進一步提到的那些東西提供轉化。但當成交量看起來很自然時，我們就會退縮，我們已經看到我們的一些競爭對手退縮了。不是每個人，但大多數人都從同樣的現像中退縮了。我們都看到同樣的事情。

And so we've definitely pulled back on that, and that's a great thing to be able to do. It certainly isn't probably sustain -- well, I know it isn't sustainable for over the long run because you still have to stimulate volume at some point. And so we will be back in. But we're going to watch it day by day.

所以我們肯定已經取消了這一點，這是一件很棒的事情。它當然不可能持續——嗯，我知道從長遠來看它是不可持續的，因為你仍然需要在某個時候刺激交易量。所以我們會回來的。但我們會日復一日地觀察它。

The other thing that's a factor, of course, is when you have stocked out on some things, you don't want to pay for even more traffic to come in and tell them that you're stocked out on these things. So you watch your inventory and your competitor's inventory. I know, for example, we go to Peloton's site all the time, and we see they're more than 7 weeks out themselves. And so we're all seeing those same type of things, and we all pull back a bit on our media because we're still getting all the demand we can fulfill.

當然，另一個因素是，當你的某些東西缺貨時，你不想為更多的流量付費並告訴他們你的這些東西缺貨了。因此，您要注意自己的庫存和競爭對手的庫存。例如，我知道，我們一直訪問 Peloton 的網站，我們發現他們已經發布了 7 週多了。所以我們都看到了同樣類型的事情，我們都在媒體上有所收斂，因為我們仍然得到了我們可以滿足的所有需求。

Okay. Great. That's helpful. And then second question is just about JRNY. And I was wondering -- so you mentioned some new products coming out this fall. I was wondering how JRNY kind of fits into that.

好的。偉大的。這很有幫助。第二個問題是關於 JRNY 的。我想知道 - 所以你提到了今年秋天推出的一些新產品。我想知道 JRNY 是如何融入其中的。

And if I remember correctly, I thought it was going to be taken to more products across your portfolio, and there were going to be enhancements made. And so, Jim, you've been there now for maybe, I guess, less than a year, but what's your view on JRNY? Where are we with it? And is there anything you can talk about? Are there still new things coming sometime this year?

如果我沒記錯的話，我認為它將被應用到您的產品組合中的更多產品中，並且將會得到增強。所以，吉姆，我猜你在那里呆了不到一年，但你對 JRNY 有何看法？我們在哪裡？您有什麼可以談談的嗎？今年還會有新的事情發生嗎？

Sure. Yes, JRNY -- I think JRNY, the best way I think about it is an operating system for our machines. That's the main scenario. We'll also cover scenarios for helping you work out off the machine when you're at home. And over time, we'll find ways to log your outdoor workouts to JRNY.

當然。是的，JRNY——我認為 JRNY，我認為它的最好方式是我們機器的操作系統。這就是主要場景。我們還將介紹幫助您在家時不用機器進行鍛煉的方案。隨著時間的推移，我們會找到將您的戶外鍛煉記錄到 JRNY 的方法。

So those are kind of the three scenarios. But the one scenario that's most important right now is that it's an operating system to all of our products. And so when we launch products in the fall, you will see virtually everything runs JRNY.

這就是三種情況。但現在最重要的一個場景是它是我們所有產品的操作系統。因此，當我們在秋季推出產品時，您會看到幾乎所有產品都運行 JRNY。

And JRNY is -- I've said on these calls in the past that I had some negative surprises when I came here, but one of the very positive surprises for me was how far along JRNY was. A lot of the transformations I've done, I've had to get the company to believe in digital and then invest in it. And a couple of years later, we have products. Well, this has already been there, it's in really good shape.

JRNY 是——我過去在這些電話中說過，當我來到這裡時，我有一些負面的驚喜，但對我來說非常積極的驚喜之一是 JRNY 走了多遠。我所做的很多轉型都必須讓公司相信數字化，然後對其進行投資。幾年後，我們有了產品。嗯，這已經在那裡了，而且狀態非常好。

That said, it's a piece of software, right? So it can never be done. You're never done with it. You keep doing tons of research and seeing what the next things you should add to it are, and we'll continue to do that. But I think we've talked about it on a couple of these calls. It's got probably the leading AI-driven one-to-one personal coaching that you could have in an algorithmic way, and no one else does that like we do.

也就是說，它是一個軟件，對吧？所以它永遠不可能完成。你永遠不會完成它。您不斷進行大量研究，看看下一步應該添加什麼，我們將繼續這樣做。但我想我們已經在幾次電話會議中討論過這個問題。它可能擁有領先的人工智能驅動的一對一個人輔導，您可以通過算法方式獲得這種輔導，而且沒有人能像我們一樣做到這一點。

And then we have a number of features in JRNY that I would call -- are things that keep you at it longer, like being able to watch Netflix and other streaming services, like being able to use Explore the World and bike or run anywhere in the world in a 4D immersive experience, music that goes along with your workout, all sorts of things that will keep us -- keep you at it longer, keep you interested in working out and keeping you staying at it.

然後，我們在JRNY 中提供了許多我稱之為的功能，這些功能可以讓您堅持更長時間，例如能夠觀看Netflix 和其他流媒體服務，例如能夠使用“探索世界”和騎自行車或在任何地方跑步。 4D 沉浸式體驗世界、伴隨您鍛煉的音樂，以及各種能讓我們保持活力的事物——讓您保持更長時間、讓您對鍛煉感興趣並讓您堅持下去。

So that's what we're all about with JRNY is helping you get fit, stay fit, stay with it by giving you a whole bunch of different choices in how to work out, but led with our industry-leading AI-driven personal coaching and personal workouts.

因此，JRNY 的宗旨就是通過為您提供一系列不同的鍛煉方式選擇，幫助您獲得健康、保持健康、堅持下去，但以我們行業領先的人工智能驅動的個人教練為主導，個人鍛煉。

So we're proud of it, but we're going to have to rev it. Everybody -- the competition is not going to stand still. And right now, the framework for the industry is great equipment plus great software plus great content equals a great experience. And that's where we are. We'll continue to rev that experience and make it better.

所以我們對此感到自豪，但我們必須對其進行改進。每個人——競爭不會停滯不前。目前，行業的框架是偉大的設備加上偉大的軟件加上偉大的內容等於偉大的體驗。這就是我們現在的情況。我們將繼續改進這種體驗並使其變得更好。

There is time for one more question, which is from Aaron Martin of A Partners -- AIGH Investment Partners.

現在還有一個問題，來自 A Partners——AIGH Investment Partners 的 Aaron Martin。

It's Aaron from AIGH. Is there any more quantifiable data you can give us on JRNY? You talked about the 50% increase in downloads. Are you ready to give us anything else there in terms of -- is it a 7-figure line item yet from a revenue perspective? What can you tell us there on JRNY?

我是 AIGH 的 Aaron。您能提供更多有關 JRNY 的量化數據嗎？您談到下載量增加了 50%。您是否準備好向我們提供其他信息——從收入角度來看，它是否是一個 7 位數的訂單項目？您能在 JRNY 上告訴我們什麼嗎？

Yes, Aaron. We're still sticking with what we've been doing there. It's still early, not so much in the software development because that's just -- I like where the software is, where we need to rev it. I know where it's strong. I really like it overall. It's just not on enough pieces of equipment. And if you think about it, like installed base, till the installed base grows significantly, you're not going to have the full growth you really want to have with JRNY.

是的，亞倫。我們仍然堅持我們在那裡所做的事情。現在還處於早期階段，軟件開發還沒有那麼多，因為那隻是——我喜歡軟件所在的位置，我們需要修改它的位置。我知道它強在哪裡。總的來說我真的很喜歡它。只是裝備不夠。如果你想一想，就像裝機基礎一樣，在裝機基礎顯著增長之前，JRNY 不會實現你真正想要的全面增長。

Now that said, I've said before, one of our big priorities is injecting connected fitness throughout our product portfolio and having it run JRNY. And that's what you'll see with our product -- what we roll out this fall. That's what you saw with many of our connected products we did last fall.

話雖如此，我之前說過，我們的首要任務之一是在我們的產品組合中註入互聯健身功能，並讓它運行 JRNY。這就是您將在我們的產品中看到的——我們今年秋天推出的產品。這就是您在去年秋天推出的許多互聯產品中看到的情況。

But I think the number was, in 2018, we had maybe 3% of our products were "connectable" in connected fitness scenarios. We took that number significantly higher with our launches in 2019, and we'll take that number still higher, do a vast majority of all of our products available this year. So that we'll continue to really grow that installed base. And as that installed base becomes more meaningful, then the subscription business does as well, and we'll begin to report on numbers at that point.

但我認為這個數字是，2018 年，我們大約有 3% 的產品在互聯健身場景中是“可連接的”。我們在 2019 年推出的產品中，這個數字明顯更高，而且我們將在今年推出的所有產品中進一步提高這個數字。這樣我們將繼續真正擴大安裝基礎。隨著安裝基礎變得更有意義，訂閱業務也會變得更有意義，我們將在那時開始報告數字。

Okay. And then one more, if I may. You mentioned an opportunity with a new retail partner that you haven't had before. Anything more you can expound upon that?

好的。如果可以的話，再來一張。您提到了與新零售合作夥伴合作的機會，這是您以前從未有過的。您還能對此進行更多說明嗎？

Yes. I mean we're not going to name the names on the call, but these are retailers that you know -- you would know if I mentioned them. They're people we've been trying to pitch for a long time. One of the limitations of -- we love retail, but one of the limitations, there aren't enough sporting goods retailers, there aren't enough retailers that sell fitness products. We would like more of them, and we would like the existing ones that haven't carried fitness products to carry more fitness products.

是的。我的意思是，我們不會在電話會議上點名，但這些都是你認識的零售商——如果我提到他們，你就會知道。他們是我們長期以來一直在努力推銷的人。限制之一——我們熱愛零售業，但限制之一是沒有足夠的體育用品零售商，沒有足夠的銷售健身產品的零售商。我們希望有更多的這樣的公司，我們希望現有的還沒有銷售健身產品的公司能夠銷售更多的健身產品。

And so I think what really happened in this last quarter is -- these retailers are smart people. They listen to what their customers say. And when -- will come to their websites and say, "Look, I really wish you had more fitness products," they turn around and come to us and say, "How about you get us some more fitness products?" And what that allows us to do is get our foot in the door, get on the floor in some of these places when they open (inaudible) dotcom in the meantime.

所以我認為上個季度真正發生的事情是——這些零售商都是聰明人。他們傾聽客戶的意見。當他們訪問他們的網站並說：“看，我真的希望你們有更多的健身產品”時，他們就會轉過身來對我們說：“你們給我們多買一些健身產品怎麼樣？”這讓我們能夠做的是，當他們同時打開（聽不清）網絡公司時，我們就可以踏入其中，進入其中一些地方。

But sometimes these relationships take (inaudible) to get to that point. And one of the things that has happened is we've accelerated. These retailers figured out that fitness was going to be a great category for them next year are figuring it out this year.

但有時這些關係需要（聽不清）才能達到這一點。已經發生的事情之一是我們已經加速了。這些零售商認為明年健身將成為他們的一個重要類別，今年他們也意識到了這一點。

This concludes the question-and-answer session. I would like to turn the floor back over to Jim Barr for closing comments.

問答環節到此結束。我想請吉姆·巴爾 (Jim Barr) 發表結束評論。

Thank you for joining our call today and your continued support -- and for your continued support of Nautilus. We look forward to providing you with another update on the business in a few months on our second quarter earnings call. Please stay safe and healthy. Have a great rest of your day, onwards and upwards. Thanks.

感謝您今天加入我們的電話會議並繼續支持，並感謝您對 Nautilus 的持續支持。我們期待在幾個月後的第二季度財報電話會議上為您提供有關該業務的最新信息。請保持安全和健康。好好休息一天，繼續向上。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。