Traeger Inc (COOK) 2024 Q2 法說會逐字稿

Hello, everyone, and welcome to the Traeger Second Quarter Fiscal 2024 Conference Call.

大家好，歡迎參加 Traeger 2024 財年第二季電話會議。

My name is Carla, and I will be coordinating your call today.

我叫卡拉，今天我將協調您的電話。

(Operator Instructions)

（操作員說明）

I will now hand you over to Nick Bacchus, Vice President of Investor Relations, to begin.

現在我將請投資者關係副總裁尼克·巴克斯 (Nick Bacchus) 開始發言。

Nick, please go ahead.

尼克，請繼續。

Good afternoon, everyone.

大家下午好。

Thank you for joining Traeger's call to discuss its second quarter 2024 results, which were released this afternoon and can be found on our website at investors.traeger.com. I'm Nick Bacchus, Vice President of Investor Relations at Traeger.

感謝您參加 Traeger 的電話會議，討論其 2024 年第二季度業績，該業績於今天下午發布，可在我們的網站 Investors.traeger.com 上找到。我是尼克‧巴克斯 (Nick Bacchus)，Traeger 投資者關係副總裁。

With me on the call today are Jeremy Andrus, our Chief Executive Officer; and Dom Blosil, our Chief Financial Officer.

今天與我一起參加電話會議的是我們的執行長 Jeremy Andrus；以及我們的財務長 Dom Blosil。

Before we get started, I want to remind everyone that management's remarks on this call may contain certain forward-looking statements that are based on current expectations but are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied herein.

在我們開始之前，我想提醒大家，管理層在本次電話會議上的言論可能包含某些基於當前預期的前瞻性陳述，但受到重大風險和不確定性的影響，可能導致實際結果與明示或暗示的結果存在重大差異在此。

We encourage you to review our Annual Report on Form 10-K for the year ended December 31, 2023, and our quarterly report on Form 10-Q for the quarter ended June 30, 2024, once filed, and our other SEC filings for a discussion of these factors and uncertainties which are also available on the Investor Relations portion of our website.

我們鼓勵您在提交後查看我們截至 2023 年 12 月 31 日的年度 10-K 表格年度報告、截至 2024 年 6 月 30 日的季度 10-Q 表格季度報告，以及我們向 SEC 提交的其他文件有關這些因素和不確定性的討論也可以在我們網站的投資者關係部分找到。

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

您不應過度依賴這些前瞻性陳述。

We speak only as of today, and we undertake no obligation to update or revise them for any new information.

我們僅就今天而言，我們不承擔更新或修改任何新資訊的義務。

This call will also contain certain non-GAAP financial measures, including adjusted EBITDA, adjusted net income, adjusted net income per share and adjusted EBITDA margin, which we believe are useful supplemental measures.

此次電話會議還將包含某些非公認會計準則財務指標，包括調整後 EBITDA、調整後淨利潤、調整後每股淨利潤和調整後 EBITDA 利潤率，我們認為這些是有用的補充指標。

Most comparable GAAP financial measures and reconciliations of the non-GAAP measures contained herein to such GAAP measures are included in our earnings release, which is available on the Investor Relations portion of our website at investors.traeger.com. Please note that our definition of these measures may differ from similarly titled metrics presented by other companies.

大多數可比較的GAAP 財務指標以及本文中包含的非GAAP 指標與此類GAAP 指標的調節表均包含在我們的收益發布中，該發布可在我們網站的投資者關係部分獲取，網址為Investors. traeger.com。請注意，我們對這些指標的定義可能與其他公司提出的類似標題的指標不同。

I'll now turn the call over to our Chief Executive Officer, Jeremy Andrus.

現在我將把電話轉給我們的執行長傑里米·安德魯斯。

Thanks, Nick.

謝謝，尼克。

Thank you for participating in today's call to review our second quarter performance and discuss our business outlook.

感謝您參加今天的電話會議，回顧我們第二季的業績並討論我們的業務前景。

I am very pleased with our second quarter results.

我對我們第二季的業績非常滿意。

Our performance underscores the hard work our entire organization has put into driving increased efficiencies in our business over the last two years and further demonstrates our team's ability to execute in what remains a challenging consumer environment.

我們的業績突顯了我們整個組織在過去兩年中為提高業務效率而付出的辛勤工作，並進一步證明了我們團隊在充滿挑戰的消費者環境中執行任務的能力。

While our second quarter sales of $168 million represents a 2% decline versus last year, our grills business was up 2% year-over-year, a significant improvement from the 14% decline we saw in the first quarter.

雖然我們第二季的銷售額為 1.68 億美元，比去年下降 2%，但我們的烤架業務年增 2%，比第一季 14% 的下降有了顯著改善。

Moreover, we delivered a very strong second quarter gross margin of 42.9%, up 600 basis points compared to the prior year.

此外，我們第二季的毛利率非常強勁，達到 42.9%，比去年同期成長 600 個基點。

This resulted in adjusted EBITDA of $27 million, a 25% improvement from second quarter last year.

調整後 EBITDA 達到 2,700 萬美元，比去年第二季成長 25%。

Our better-than-expected results give us confidence in our outlook for the balance of fiscal 2024.

好於預期的業績讓我們對 2024 財年的前景充滿信心。

Today, we are updating our fiscal year 2024 revenue guidance to a range of $590 million to $605 million, and I'm pleased to say that we are increasing our adjusted EBITDA guidance to $74 million to $79 million, an increase of 15% at the midpoint of the range as compared to prior guidance.

今天，我們將 2024 財年的營收指引更新為 5.9 億至 6.05 億美元，我很高興地說，我們將調整後的 EBITDA 指引提高至 7,400 萬至 7,900 萬美元，年成長 15%。比範圍的中點。

Our improved adjusted EBITDA guidance is being driven by an increase in our gross margin outlook to 40.5% to 41.5%, up from the prior range of 39% to 40%.

我們改進的調整後 EBITDA 指引是由於我們的毛利率前景從先前的 39% 到 40% 提高到 40.5% 到 41.5%。

As an outdoor cooking company, the second quarter is our most important selling period at retail as consumers buy ahead of the summer grilling season.

作為一家戶外烹飪公司，第二季是我們零售業最重要的銷售時期，因為消費者會在夏季燒烤季節之前購買。

Coming into the quarter, we are anticipating that ongoing weakness in industry demand would continue to pressure our grills revenue.

進入本季度，我們預計行業需求的持續疲軟將繼續對我們的燒烤爐收入造成壓力。

As we noted on our first quarter earnings call, sell-through trends for grills remain negative in the early part of the year.

正如我們在第一季財報電話會議上指出的那樣，今年年初烤架的銷售趨勢仍然為負。

The second quarter is typically a promotional period for our industry.

第二季通常是我們行業的促銷期。

Given the soft demand backdrop, this year, we strategically leaned into promotions and offered incremental savings to the consumer.

鑑於需求疲軟的背景，今年我們策略性地進行了促銷活動，為消費者提供了增量優惠。

Consumers reacted favorably, and we saw a marked inflection point in sell-through trends as we kicked off the season with our Memorial Day promotion.

消費者反應良好，當我們以陣亡將士紀念日促銷活動拉開本季的序幕時，我們看到銷售趨勢出現了明顯的轉折點。

Demand for our grills meaningfully improved as we moved through the second quarter and exceeded our expectations.

隨著第二季的到來，對烤架的需求顯著改善並超出了我們的預期。

I'm very encouraged by the strong consumer demand for our grills in the second quarter.

第二季消費者對我們烤架的強勁需求令我深受鼓舞。

In an economic environment that remains challenging for many consumers who are feeling pressures from inflation and with continued headwinds for big-ticket home-related purchases, our consumer came out in full force in our peak season.

在經濟環境對許多消費者來說仍然充滿挑戰的情況下，他們感受到了通貨膨脹的壓力，而大件房屋相關購買持續面臨阻力，但我們的消費者在旺季全力以赴。

I believe there are a couple of key learnings here.

我相信這裡有一些重要的教訓。

First, notwithstanding the pressure we have faced in the last two years as consumers shifted to a post-pandemic and inflationary environment, there continues to be a large and growing appetite for Traeger products.

首先，儘管過去兩年我們面臨著消費者轉向疫情後和通膨環境的壓力，但人們對 Traeger 產品的需求仍然很大且不斷增長。

The strong demand in Q2 not only speaks to the strength of the Traeger brand, but ultimately points to the long-term opportunity for Traeger as brand awareness expands over time.

第二季的強勁需求不僅證明了 Traeger 品牌的實力，而且最終表明隨著品牌知名度的不斷提高，Traeger 面臨著長期機會。

Next, it is clear that the consumer is currently very price conscious, and we saw particular strength in our lower price point grills, a continuation of the trend we have seen for several quarters now.

接下來，很明顯，消費者目前非常注重價格，我們在較低價位的烤架上看到了特別的優勢，這是我們幾個季度以來看到的趨勢的延續。

Long term, we view this as a positive development, as consumers that come into the Traegerhood exhibit high levels of retention, purchase our consumables over their lifetime as users and oftentimes trade up to higher price point grills.

從長遠來看，我們認為這是一個積極的發展，因為進入Traegerhood 的消費者表現出很高的保留率，在他們的一生中作為用戶購買我們的消耗品，並且經常升級到更高價位的烤架。

Furthermore, it's important to note that Traeger remains positioned as a premium brand.

此外，值得注意的是，Traeger 仍然定位為高端品牌。

For example, our opening price point grill is still at a materially higher price point versus the industry average selling price.

例如，我們的烤架開盤價仍遠高於業界平均售價。

Sell-through strength in grills during the quarter was further supported by our ground game initiatives.

我們的地面遊戲計劃進一步支持了本季燒烤爐的銷售強勁。

One of our long-term strategic pillars is driving increased brand awareness, which remains our largest opportunity to expand household penetration over time.

我們的長期策略支柱之一是提高品牌知名度，這仍然是我們隨著時間的推移擴大家庭滲透率的最大機會。

Brand awareness and perception are clearly tied to the consumers' experience of our branded retail.

品牌知名度和認知度顯然與消費者對我們品牌零售的體驗息息相關。

And during the second quarter, we focused on driving excitement and engagement with consumers in collaboration with our retail partners.

在第二季度，我們致力於與零售合作夥伴合作，激發消費者的熱情並提高他們的參與度。

This included completing over 4,000 weekend selling events at retail partner locations, where retail sales specialists train store associates for product demonstrations featuring Traeger grills and food cooked on the Traeger.

其中包括在零售合作夥伴地點完成 4,000 多場週末銷售活動，其中零售銷售專家培訓商店員工進行以 Traeger 烤架和 Traeger 烹飪食品為特色的產品演示。

The ability for consumers to see our product in action and to taste the flavor of wood-fired food makes all the difference in driving conversion at retail.

消費者能夠看到我們的產品正在運作並品嚐木火食品的味道，這對於推動零售轉換至關重要。

We also partnered with key retailers in certain must-win markets to drive boots on the ground activation, more targeted marketing efforts and sales initiatives in store.

我們也與某些必勝市場的主要零售商合作，推動靴子的實地活化、更有針對性的行銷工作和店內銷售計劃。

These efforts not only provide important learnings for scalable ground game and marketing activation strategies going forward that drove meaningful sell-through upside in these markets relative to control markets in the second quarter.

這些努力不僅為可擴展的地面遊戲和行銷激活策略提供了重要的經驗教訓，從而推動了這些市場相對於第二季度的控制市場的有意義的銷售成長。

From a sell-in perspective, better-than-anticipated consumer demand drove growth in grill revenues in the second quarter and is fueling an improved outlook for our grills business for the year.

從銷售角度來看，好於預期的消費者需求推動了第二季燒烤爐收入的成長，並推動了我們今年燒烤爐業務前景的改善。

We now expect grill revenues to be approximately flat versus our prior outlook for a negative high-single to low-double-digit percentage decline.

我們現在預計燒烤收入將大致持平，而我們之前的預期為負高個位數到低兩位數百分比下降。

As channel inventories were very clean coming out of Q2 and with the inventory wind down of end-of-life SKUs tracking ahead of schedule, our outlook for replenishment sales in the second half has improved.

由於第二季通路庫存非常乾淨，而且報廢 SKU 的庫存提前減少，我們對下半年補貨銷售的前景有所改善。

We also expect to benefit from initial load-in of new product in the fourth quarter.

我們也預計將受益於第四季度新產品的初始加載。

Importantly, despite improved trends in the second quarter, we continue to plan the balance of the year prudently with respect to sell-through of grills, as we expect that consumer demand in seasonally slower periods could decelerate and acknowledge that the economic backdrop remains highly dynamic.

重要的是，儘管第二季度的趨勢有所改善，但我們繼續謹慎地計劃今年的燒烤爐銷量，因為我們預計季節性淡季的消費者需求可能會減速，並承認經濟背景仍然高度活躍。

The improved outlook in our grills business is being partially offset by reduced expectations for accessories revenues driven by MEATER.

我們的烤架業務前景的改善被 MEATER 帶來的配件收入預期的降低部分抵消。

In the second quarter, MEATER experienced lower-than-anticipated sales in its e-commerce channels, which make up a majority of its revenue base.

第二季度，MEATER 電商通路的銷售額低於預期，而電商通路佔其收入的大部分。

We believe that MEATER is being impacted by changes in our demand creation strategy implemented earlier this year, which proved ineffective in driving top line.

我們相信，MEATER 正受到我們今年稍早實施的需求創造策略變化的影響，事實證明，該策略對推動營收成長無效。

The good news is that we believe we have diagnosed the issues impacting the business and have implemented strategies to drive improvement going forward.

好消息是，我們相信我們已經診斷出影響業務的問題，並實施了推動未來改進的策略。

This includes adjusting our demand creation strategy as well as driving new product innovation in the second half of the year.

這包括調整我們的需求創造策略以及下半年推動新產品創新。

Also, we are doubling down on expanding MEATER's wholesale distribution, and we'll be relaunching our retail offering with improved packaging and in-store fixtures ahead of holiday.

此外，我們正在加倍努力擴大 MEATER 的批發分銷，並將在假期前透過改進包裝和店內設施重新推出我們的零售產品。

We remain confident in the long-term opportunity for MEATER and believe the changes we are making position the business for improvement.

我們對 MEATER 的長期機會仍然充滿信心，並相信我們正在做出的改變將為業務的改善做好準備。

It is important to note that the majority of MEATER's year is in front of us, with more than two-thirds of full year revenues occurring in the second half, and so there is ample time to pivot effectively.

值得注意的是，MEATER 今年的大部分時間都在我們面前，全年收入的三分之二以上發生在下半年，因此有充足的時間進行有效的調整。

Moving on to consumables.

繼續討論消耗品。

Second quarter consumables revenues were largely in line with our plan and were impacted by a timing shift into the first quarter.

第二季的消耗品收入基本上符合我們的計劃，並受到第一季時間轉移的影響。

Looking at first half consumable sales to normalize for this timing shift, revenues were up 2% versus prior year, which speaks to the recurring and stable nature of our consumables revenues.

考慮到上半年消耗品銷售在這一時間轉變中的正常化，收入比去年同期增長了 2%，這說明了我們消耗品收入的經常性和穩定性。

We continue to expand distribution of the consumables into the grocery channel, and we believe this is a natural extension of our current distribution footprint, which drives convenience for consumers to purchase our pellets, rubs and sauces.

我們繼續將消耗品的分銷擴大到雜貨管道，我們相信這是我們目前分銷足蹟的自然延伸，這為消費者購買我們的顆粒、磨料和醬料提供了便利。

In the second quarter, we had a distribution of pellets, rubs, and sauces to 200 associated food stores.

第二季度，我們向 200 家相關食品店分發了顆粒、磨料和醬汁。

We also added additional pellet SKUs at Lunds & Byerlys, Market of Choice and Hy-Vee.

我們還在 Lunds & Byerlys、Market of Choice 和 Hy-Vee 添加了額外的顆粒 SKU。

We continue to see meaningful opportunities to grow share, the increased distribution and share of shelf.

我們繼續看到成長份額、增加分銷和貨架份額的有意義的機會。

Turning to international.

轉向國際化。

Our international business remains a meaningful long-term opportunity for us.

我們的國際業務對我們來說仍然是一個有意義的長期機會。

In the second quarter, international results at Traeger were heavily dependent on region and channel of distribution.

第二季度，Traeger 的國際業績在很大程度上取決於地區和分銷管道。

For example, in Canada, we saw a significant acceleration in sell-through trends in our big box channels as consumers responded favorably to our summer promotions.

例如，在加拿大，由於消費者對我們的夏季促銷活動反應良好，我們的大型通路銷售趨勢顯著加速。

The specialty channel in Canada, by contrast, saw challenging results in the quarter, with pressure on grills north of $1,500.

相比之下，加拿大的特色管道在本季的業績頗具挑戰性，燒烤店的壓力超過 1,500 美元。

In Europe, sell-through was softer versus last year, and our distributors continue to work through excess inventories.

在歐洲，銷售量較去年疲軟，我們的經銷商持續處理過剩庫存。

The consumer environment in many of our international markets continues to be challenging.

我們許多國際市場的消費環境仍充滿挑戰。

However, we remain focused on the long-term opportunity to drive awareness and penetration of the Traeger brand by replicating many of the strategies that have been successful in the US.

然而，我們仍然關注長期機會，透過複製許多在美國成功的策略來提高 Traeger 品牌的知名度和滲透率。

This includes implementing ground game strategies like in-store product demos and increasing brand presence with elevated merchandising and by activating the brand owned social media.

這包括實施地面遊戲策略，例如店內產品演示，以及透過提升商品推銷和激活品牌擁有的社交媒體來提高品牌影響力。

In closing, I'm incredibly proud of our organization's ability to execute and to deliver strong results against a challenging backdrop.

最後，我對我們組織在充滿挑戰的背景下執行和交付強勁成果的能力感到無比自豪。

Our second quarter results demonstrate our commitment to delivering continued improvements to our business.

我們第二季的業績證明了我們對持續改善業務的承諾。

My confidence in the long-term opportunity for Traeger remains very high, and our business is well positioned for long-term success.

我對 Traeger 的長期機會仍然充滿信心，我們的業務已做好長期成功的準備。

And with that, I'll turn it over to Dom to provide more detail on our second quarter performance and our updated outlook for fiscal 2024.

接下來，我將把它交給 Dom，提供有關我們第二季度業績和 2024 財年最新前景的更多詳細資訊。

Dom?

多姆？

Thanks, Jeremy, and good afternoon, everyone.

謝謝傑里米，大家下午好。

Today, I will review our second quarter performance and discuss our updated outlook for fiscal year 2024.

今天，我將回顧我們第二季的業績，並討論我們對 2024 財年的最新展望。

Second quarter revenues declined 2% to $168 million.

第二季營收下降 2% 至 1.68 億美元。

Grill revenues increased 2% to $95 million.

Grill 營收成長 2%，達到 9,500 萬美元。

Grill revenue benefited from better-than-expected sell-through during the quarter as consumers responded favorably to our promotional strategy.

由於消費者對我們的促銷策略反應良好，本季的銷售量優於預期，使燒烤收入受益。

Consumables revenues were $34 million, down 3% to second quarter last year.

消耗品收入為 3,400 萬美元，比去年第二季下降 3%。

Pellet revenues were negatively impacted in the quarter due to a timing shift which benefited the first quarter, partially offset by growth in food consumables in the quarter.

由於第一季受益的時間變化，顆粒收入在本季度受到負面影響，部分被本季食品消耗品的成長所抵消。

When looking at the first half overall to adjust for the pacing shipped in pellets, consumable sales were up 2% versus the first half of 2023.

從上半年整體情況來看，根據顆粒運輸節奏進行調整後，消耗品銷售額比 2023 年上半年成長了 2%。

Accessories revenues decreased 9% to $40 million, largely driven by lower sales at MEATER.

配件收入下降 9%，至 4000 萬美元，主要是由於 MEATER 銷售額下降。

Geographically, North America revenues were down 5%, while Rest of World revenues were up 32%.

從地理上看，北美地區的收入下降了 5%，而世界其他地區的收入則增加了 32%。

Gross profit for the first quarter increased $72 million from $63 million in the second quarter of 2023.

第一季的毛利比 2023 年第二季的 6,300 萬美元增加了 7,200 萬美元。

Gross profit margin was 42.9%, up 600 basis points versus the second quarter of 2023.

毛利率為42.9%，較2023年第二季成長600個基點。

I am pleased with our strong gross margin performance in the second quarter, which is being driven by both lower supply chain costs in addition to our margin enhancement initiatives.

我對我們第二季強勁的毛利率表現感到滿意，這是由於供應鏈成本下降以及我們的利潤率提高舉措所推動的。

The increase in gross margin was driven by: one, lower freight and logistics costs, which drove 320 basis points of favorability; two, optimization of operations which drove 170 basis points of margin; three, FX favorability, which positively impacted margin by 70 basis points; and four, other favorable items worth 90 basis points.

毛利率上升的推動因素有：一是貨運和物流成本下降，帶動好感度提升320個基點；二是營運優化，帶動利潤率提升170個基點；三是外匯利好，對利潤率產生了70個基點的正面影響；四是其他價值90個基點的優惠​​項目。

This was partially offset by increased dilution of 50 basis points related to promotional activity.

這被與促銷活動相關的稀釋度增加 50 個基點部分抵消。

Sales and marketing expenses were $28.2 million compared to $27.9 million in the second quarter of 2023.

銷售和行銷費用為 2,820 萬美元，而 2023 年第二季為 2,790 萬美元。

During the quarter, increased investment in brand awareness and employee-related costs were partially offset by reduced professional fees.

本季度，品牌知名度和員工相關成本增加的投資被專業費用的減少部分抵消。

General and administrative expenses were $30 million compared to $52 million in the second quarter of 2023.

一般及管理費用為 3,000 萬美元，而 2023 年第二季為 5,200 萬美元。

The decrease in G&A expense was driven by lower stock-based compensation expense, partially offset by higher costs related to legal matters.

一般及行政費用的減少是由於股票薪酬費用減少所致，但部分被與法律事務相關的成本增加所抵銷。

Net loss for the second quarter was $3 million as compared to a net loss of $30 million in the second quarter of 2023.

第二季淨虧損為 300 萬美元，而 2023 年第二季淨虧損為 3,000 萬美元。

Net loss per diluted share was $0.02 compared to a loss of $0.25 in the second quarter of 2023.

攤薄後每股淨虧損為 0.02 美元，而 2023 年第二季為虧損 0.25 美元。

Adjusted net income for the quarter was $7 million or $0.06 per diluted share as compared to adjusted net loss of $4 million or $0.04 per diluted share in the same period in 2023.

本季調整後淨利為 700 萬美元，即稀釋後每股 0.06 美元，而 2023 年同期調整後淨虧損為 400 萬美元，即稀釋後每股 0.04 美元。

Adjusted EBITDA was $27 million in the second quarter as compared to $21 million in the same period of 2023.

第二季調整後 EBITDA 為 2,700 萬美元，而 2023 年同期為 2,100 萬美元。

Let me now discuss the balance sheet.

現在讓我討論一下資產負債表。

At the end of the second quarter, cash and cash equivalents totaled $18 million compared to $30 million at the end of the previous fiscal year.

第二季末，現金和現金等價物總額為 1,800 萬美元，而上一財年末為 3,000 萬美元。

We ended the quarter with $427 million of short- and long-term debt, resulting in total net debt of $409 million.

截至本季末，我們的短期和長期債務為 4.27 億美元，淨債務總額為 4.09 億美元。

From a liquidity perspective, we ended the second quarter with total liquidity of $175 million.

從流動性角度來看，第二季末我們的流動性總額為 1.75 億美元。

Inventory at the end of the second quarter was $91 million compared to $96 million at the end of the fourth quarter of 2023 and $98 million at the end of the second quarter of 2023.

第二季末的庫存為 9,100 萬美元，而 2023 年第四季末的庫存為 9,600 萬美元，2023 年第二季末的庫存為 9,800 萬美元。

We believe inventories on our balance sheet are appropriately positioned for our current demand outlook.

我們相信，我們資產負債表上的庫存適合我們當前的需求前景。

Additionally, channel inventories were healthy exiting the second quarter, given better-than-anticipated sell-through of grills.

此外，由於烤架的銷售量優於預期，第二季的通路庫存狀況良好。

Taking a step back, I am very pleased with the progress the organization has made in improving balance sheet health over the last two years.

退一步說，我對過去兩年該組織在改善資產負債表健康方面的進展感到非常高興。

Since Q2 2022, balance sheet inventories are down more than 40%, and liquidity is up nearly 30%.

自 2022 年第二季以來，資產負債表庫存量下降超過 40%，流動性增加近 30%。

Furthermore, the growth in adjusted EBITDA we have realized over the last four quarters has resulted in a reduction in our leverage ratio as defined by net debt to TTM adjusted EBITDA of more than five turns compared to a year ago.

此外，我們在過去四個季度實現的調整後 EBITDA 的成長導致我們的槓桿率（以淨債務與 TTM 調整後 EBITDA 的定義）與一年前相比降低了五倍多。

Our organizational focus on driving continued improvements to our business positions us well to continue to drive deleverage over time.

我們的組織重點是推動業務的持續改進，這使我們能夠隨著時間的推移繼續推動去槓桿化。

Now turning to our updated outlook for fiscal year 2024.

現在轉向我們對 2024 財年的最新展望。

For revenues, we are updating our range to $590 million to $605 million.

對於收入，我們將收入範圍更新為 5.9 億至 6.05 億美元。

The narrowing of our revenue outlook reflects our first half performance as well as our updated view on the second half.

我們收入前景的縮小反映了我們上半年的業績以及我們對下半年的最新看法。

For grill revenues, we are now forecasting approximately flat revenues compared to 2023, which is up substantially from our prior guidance for a high-single-digit to low-double-digit decline.

對於燒烤爐收入，我們目前預測收入與 2023 年相比大致持平，這比我們之前預測的高個位數到低兩位數下降幅度大幅上升。

Our improved outlook for grill revenues is being driven by our better-than-expected performance in Q2 as well as an improved outlook for the second half, as strong Q2 sell-through was driving improved replenishment.

我們對燒烤收入前景的改善是由於我們第二季度的業績好於預期以及下半年前景的改善，因為第二季度強勁的銷售量推動了補貨的改善。

The improvement in our outlook for our grills business is being partially offset by a reduction in our accessories revenues, driven by MEATER.

我們烤架業務前景的改善部分被 MEATER 推動的配件收入減少所抵消。

As Jeremy discussed, MEATER's performance missed our expectation in the second quarter, and our more conservative outlook is driving our view for negative accessories revenues growth in the second half of the year.

正如 Jeremy 所討論的，MEATER 第二季度的業績未達到我們的預期，而我們更加保守的前景推動了我們對下半年配件收入負增長的看法。

In terms of gross margin, we are increasing our full year 2024 guidance to 40.5% to 41.5%, which implies growth of 360 to 460 basis points.

就毛利率而言，我們將 2024 年全年指引提高至 40.5% 至 41.5%，這意味著成長 360 至 460 個基點。

I've been very pleased with our gross margin performance over the last two quarters, and our year-to-date gross margins have been ahead of our expectations.

我對過去兩季我們的毛利率表現非常滿意，今年迄今的毛利率已經超出了我們的預期。

Our outlook continues to assume that our margin will benefit from lower realized supply chain costs as well as internal margin improvement initiatives.

我們的前景仍然假設我們的利潤率將受益於較低的已實現供應鏈成本以及內部利潤率改善措施。

We are seeing a greater-than-anticipated benefit from certain factors, including expected transportation costs and a higher mix of sales from our direct import program, which have contributed to upside in the first half of the year.

我們看到某些因素帶來的好處超出預期，包括預期的運輸成本和我們的直接進口計劃帶來的更高的銷售組合，這些因素為今年上半年的成長做出了貢獻。

Furthermore, the improved outlook for our grills business is driving lower-than-expected deleverage.

此外，我們的燒烤爐業務前景改善正在推動去槓桿化低於預期。

We expect to see greater gross margin growth in the fourth quarter as compared to the third quarter.

我們預計第四季的毛利率將比第三季有更大的成長。

For adjusted EBITDA, we are increasing our guidance to a range of $74 million to $79 million, up from our prior outlook of $62 million to $71 million.

對於調整後的 EBITDA，我們將指引範圍從先前的 6,200 萬美元至 7,100 萬美元上調至 7,400 萬美元至 7,900 萬美元。

This represents a 15% increase versus our prior year outlook at the midpoint of the range and implies 21% to 29% growth in adjusted EBITDA compared to full year 2023.

這比我們上一年的預期增長了 15%，處於該範圍的中點，也意味著調整後的 EBITDA 與 2023 年全年相比增長了 21% 至 29%。

Overall, I am very pleased with our team's strong execution in the second quarter and with our ability to substantially increase our adjusted EBITDA outlook for 2024.

總體而言，我對我們團隊在第二季度的強勁執行力以及我們大幅提高 2024 年調整後 EBITDA 前景的能力感到非常滿意。

We have continued to make significant progress on driving efficiencies in our business, which I strongly believe position Traeger for long-term success.

我們在提高業務效率方面不斷取得重大進展，我堅信這有助於 Traeger 取得長期成功。

I will now turn the call over to the operator for questions.

我現在將把電話轉給接線員詢問問題。

Operator?

操作員？

(Operator Instructions) Anna Glaessgen, B. Riley.

（操作員說明）Anna Glaessgen，B. Riley。

I guess, first, thanks for the detail around -- you saw a meaningful inflection around the promotions.

我想，首先，感謝您提供的細節——您看到了促銷活動的有意義的變化。

Just want to clarify, did you actually see positive sell-through?

只是想澄清一下，您真的看到了積極的銷售嗎？

Or did you just see a sequential improvement versus what you had expected?

或者您只是看到了與預期相比的連續改善？

Yes, we did see positive sell-through and again, it's a trend of consumer price sensitivity that we've seen in our business that we've noted in the past.

是的，我們確實看到了積極的銷售，而且，這是我們過去在我們的業務中看到的消費者價格敏感性的趨勢。

In terms of mix, we're certainly seeing that as headline commentary from other consumer brands.

就組合而言，我們當然將其視為其他消費品牌的頭條評論。

So we chose to lean into promotions, and it was well received.

所以我們選擇了促銷，也受到了好評。

And I would say the positive signal that we take away from this is certainly that there's meaningful demand for the Traeger brand.

我想說，我們從中得到的正面訊號肯定是對 Traeger 品牌的巨大需求。

When great brands go on sale, consumers react, and that's what we saw.

當偉大的品牌上市時，消費者會做出反應，這就是我們所看到的。

Anna, do you have another question?

安娜，你還有其他問題嗎？

Sorry, I was muted.

抱歉，我被靜音了。

Talking to myself.

自言自語。

I wanted to touch on MEATER, expanding a little bit more on the demand creation issues.

我想談談 MEATER，進一步擴展需求創造問題。

Was it that you were marketing in the wrong place, just not getting the ROI or maybe expanding on what was going on earlier in the year and now what you're changing as we approach the back half?

是不是你的行銷定位不對，只是沒有獲得投資回報率，或者可能是在今年早些時候發生的事情上進行了擴展，而現在隨著我們接近下半年，你正在改變什麼？

Yes.

是的。

So first of all, MEATER is largely an online business.

首先，MEATER 主要是一家線上企業。

We are certainly in the process of leveraging our channel synergies, Traeger being heavily a traditional retail business.

我們當然正在利用我們的通路協同效應，Traeger 是一家重要的傳統零售企業。

But we came into the year with the hypothesis that we could more efficiently drive sell-through, focusing more on sort of lower funnel conversion and less on upper funnel prospect marketing.

但我們進入這一年的假設是，我們可以更有效地推動銷售，並且更專注於漏斗下部的轉化，而不是漏斗上部的潛在客戶行銷。

I think that strategy just didn't play out as expected.

我認為這項策略並沒有達到預期效果。

We certainly have plenty of history with the brand in investing more, prospecting in advance of key selling seasons.

當然，我們對該品牌在關鍵銷售季節之前進行更多投資、進行勘探方面有著豐富的歷史。

And we'll probably be back into that strategy that's been effective for us in the past.

我們可能會回到過去對我們有效的策略。

Simeon Siegel, BMO Capital Markets.

西蒙‧西格爾 (Simeon Siegel)，BMO 資本市場。

It's Dan here on for Simeon.

丹是西蒙的代表。

So just two from us.

所以我們只有兩個人。

First, I just wanted to see if there's anything you could share in terms of new grill customers purchasing versus replenishment grill purchases?

首先，我只是想看看在新燒烤爐客戶購買與補充燒烤爐購買方面您是否有什麼可以分享的？

So anything there, maybe how it was in the quarter, just how it's trended recently?

那麼有什麼事情嗎，也許這個季度的情況如何，最近的趨勢如何？

And then curious on usage patterns, pre-COVID cohort versus more of the newly acquired customers?

然後對使用模式、新冠疫情之前的人群與更多新獲得的客戶感到好奇嗎？

Yes, sure.

是的，當然。

Yes.

是的。

I'd say fairly consistent, you'd expect given our low household penetration in the US, the lion's share of consumers converting to the brand are new consumers.

我想說的是，考慮到我們在美國的家庭滲透率較低，您可以預期，大部分轉向該品牌的消費者都是新消費者。

We understand that there is a growing component to our installed base that sort of represents the loyalty loop back to the brand, and it's something that we're focused on, especially long term.

我們知道，我們的安裝基礎中有一個不斷增長的組成部分，這在某種程度上代表了品牌的忠誠度循環，這是我們關注的事情，尤其是長期的。

But given the life cycle that we're in, a lot of the new grill sales are new consumers that we're acquiring which we certainly view as positive as we reinforce the loyalty loop on the other end of the funnel.

但考慮到我們所處的生命週期，許多新的燒烤銷售都是我們正在獲得的新消費者，我們當然認為這是正面的，因為我們加強了漏斗另一端的忠誠度循環。

With respect to your second question around consumer engagement, I'd say that it's consistent in a couple of different measures.

關於你關於消費者參與度的第二個問題，我想說它在幾個不同的衡量標準上是一致的。

One being in the connected data that we evaluate month-to-month, quarter-to-quarter.

其中之一是我們每月、每季評估的互聯數據。

The trends that we're seeing in connected cooks are actually growing.

我們看到的聯網廚師的趨勢實際上正在增​​長。

They grew in Q2, which we see as positive.

他們在第二季度有所增長，我們認為這是積極的。

And then I think the second element to that is as we evaluate attach rates for consumables, they're trending consistently with pre-pandemic levels.

然後我認為第二個因素是，當我們評估消耗品的附加率時，它們的趨勢與疫情前的水平一致。

We've talked on previous calls that during the pandemic, there was a fairly dramatic spike in attach rates.

我們在之前的電話會議中談到過，在疫情期間，附加率出現了相當驚人的飆升。

Obviously, we've come back down to Earth post-COVID.

顯然，我們已經回到了新冠疫情之後的地球。

And when you sort of normalize for the private label customer that introduced a private label pellet, the attach rates are consistent with pre-pandemic.

當你對引入自有品牌顆粒的自有品牌客戶進行標準化時，附加率與疫情前一致。

So we, again, view that as positive, and it's been a consistent theme from quarter-to-quarter.

因此，我們再次認為這是積極的，並且這是每個季度的一致主題。

Megan Alexander, Morgan Stanley.

梅根亞歷山大，摩根士丹利。

Wanted to just start with -- I was wondering -- sorry if I missed it, if you could just tell us what units and ASPs were in the quarter on a year-over-year basis?

我想首先——我想知道——抱歉，如果我錯過了，您能否告訴我們本季同比有哪些單位和平均售價？

And then just a follow-up to that, grill is now flat.

接下來，烤架現在變平了。

That really seems to be driven, I guess, by volumes.

我想，這似乎確實是由銷售驅動的。

Is that fair?

這樣公平嗎？

And so would that suggest that you're actually expecting volumes to now be up in 2024?

那麼這是否表明您實際上預計 2024 年銷量將會上升？

So to answer your first question, yes, so grill sales grew slightly 2%.

回答你的第一個問題，是的，因此燒烤爐銷量略有增長 2%。

The grill volumes did increase kind of high-double digits.

燒烤量確實增加了兩位數。

The offset was ASP, which declined kind of mid-double digits.

抵銷的是平均售價，下降了中兩位數。

And we understood that dynamic going into the quarter.

我們了解本季的動態。

It's how we sort of designed our promotional strategy.

這就是我們設計促銷策略的方式。

We want to ensure that we're focusing and strategically planning our promotion around where consumer appetite is, there's pressure on high ticket durables.

我們希望確保我們的促銷活動重點圍繞消費者的需求進行策略性規劃，高價耐用品面臨壓力。

We've seen a trend toward lower and opening price point grills for our brands of $1,000, and we leaned into that.

我們已經看到我們品牌的烤架價格越來越低且開價 1,000 美元的趨勢，我們也傾向於這一趨勢。

And that proved to be an effective strategy, which drove a fairly nice lift to volumes, albeit offset by the decline in ASPs given that mix shift.

事實證明，這是一個有效的策略，它推動了銷量的相當不錯的提升，儘管由於混合轉變而被平均售價的下降所抵消。

Okay.

好的。

That's helpful.

這很有幫助。

And then I guess you kind of touched on it there and you did in the prepared remarks as well.

然後我猜你在準備好的發言中也提到了這一點。

But just bigger picture, I guess, how are you thinking about maintaining that premium position and -- while leaning into clearly what's selling at lower price points and driving promotions to increase that awareness, I imagine it's a pretty fine balance.

但我想，從更大的角度來看，你如何考慮保持這種高端地位——同時明確以較低價格銷售的產品並推動促銷活動以提高這種意識，我認為這是一個非常好的平衡。

So I would just be curious if you could expand a bit on how you're thinking about that.

所以我很好奇你是否可以擴展一下你的想法。

Yes, it definitely is a fine balance.

是的，這絕對是一個很好的平衡。

We have a fairly traditional promotional calendar and we were largely in line with that.

我們有一個相當傳統​​的促銷日曆，我們基本上與此一致。

We had a longer promotion as opposed to two shorter promotions in the second quarter.

我們在第二季進行了較長的促銷活動，而不是兩次較短的促銷活動。

We talk a lot about how we continue to maintain a premium position and also be sort of thoughtful to the environment that we're selling in.

我們談論了很多關於如何繼續保持優質地位以及如何考慮我們銷售的環境。

And we feel like we have the ability to thread that needle in the near term, in part given the consumer environment and the competitive environment for grills.

我們覺得我們有能力在短期內實現這一目標，部分原因是考慮到消費者環境和燒烤爐的競爭環境。

But I'd also say it's important to note that where we were more aggressive in promotion, we are also approaching end of life of product, which tends to be an even more appropriate time to be promotional.

但我還想說，值得注意的是，在我們更積極地促銷的地方，我們也接近產品的生命週期，這往往是更合適的促銷時機。

We get an opportunity to reset both as the environment improves, but also as we launch new product, new innovation and sort of ensure that we're always coming back to those important price points that we view as not premium but accessible to a broader consumer.

隨著環境的改善，以及我們推出新產品、新創新，並確保我們始終回到那些我們認為不高但更廣泛的消費者可以接受的重要價格點，我們有機會重新調整。

Our promotional strategy really hasn't deviated from our historical strategy, a little bit more aggressive on opening price point, but not meaningfully different.

我們的促銷策略確實沒有偏離我們的歷史策略，只是在開盤價上更加激進一些，但沒有明顯的差異。

Let me add just one other -- sorry, Megan.

讓我再補充一點——對不起，梅根。

Just one other comment, which I think is relevant.

只是另一條評論，我認為這是相關的。

Just for context setting, our opening price point product even on promotion is meaningfully higher than the average selling price of a grill in the industry.

僅就背景而言，我們的開盤價產品即使在促銷時也明顯高於業界烤架的平均售價。

So I think the context of where our brands still sit even on promotion is important to consider.

因此，我認為我們的品牌即使在促銷中仍然處於什麼位置，這一點值得考慮。

Phillip Blee, William Blair.

菲利普·布萊爾，威廉·布萊爾。

Can you maybe speak a bit more about the trends you've seen in the third quarter to date?

您能否多談談您在第三季迄今看到的趨勢？

And then how we should think about the subsequent growth during the fourth quarter and holiday driven by some of the newness you spoke about earlier versus maybe some expected volatility around the election and some multiyear choppy comparisons?

然後，我們應該如何考慮第四季度和假期期間由您之前提到的一些新鮮事物推動的後續增長，以及圍繞選舉的一些預期波動和一些多年的波動比較？

Yes.

是的。

I mean, we can't speak to the Q3 trend, certainly.

我的意思是，我們當然不能談論第三季的趨勢。

And I don't know that we are going to be spending airtime on Q4 either, it's sort of baked into our guidance.

我也不知道我們是否會在第四季度花費時間，這已經融入了我們的指導中。

And so you can sort of back into what that may look like based on how we performed year-to-date.

因此，您可以根據我們今年迄今為止的表現來回顧一下情況。

But there are three components that I think are worth noting in terms of what informed an update to our guidance -- a raise to our guidance this year.

但我認為，就我們指導更新的內容而言，有三個組成部分值得注意——今年指導的提高。

And the first being the fact that sell-through did outperform expectations in Q2, which lends itself to an improvement in sell-in.

首先是第二季的銷售量確實超出了預期，這有助於銷售量的改善。

The second element to that is the fact that it should stimulate greater replenishment in Q3 as we rebuild inventory levels off of what was more robust sell-through in Q2.

第二個因素是，隨著我們在第二季更強勁的銷售基礎上重建庫存水平，它應該會刺激第三季更大的補貨。

And then the third piece that we referenced is just a catalyst that we have now baked into our plan in Q4, which is a load-in of some product ahead of our 2025 launch of new product.

然後，我們提到的第三部分只是我們現在已納入第四季度計劃的催化劑，這是我們在 2025 年推出新產品之前加載的一些產品。

This is sort of normal course where sometimes we load in some revenue for a new product launch in the following year in late Q4, and that's sort of a new development that we've included in the plan as you think about some of the catalysts in the back half of the year building on what was a solid first half of year.

這是一個正常的過程，有時我們會為明年第四季末推出的新產品增加一些收入，這是我們在計劃中包含的一項新開發，當你考慮到一些催化劑時今年下半年的業績建立在上半年穩健的基礎上。

Okay.

好的。

Great.

偉大的。

That's really helpful.

這真的很有幫助。

And then just a little bit switching gears here, but you've done a lot to minimize some of the overhead and improve the efficiency of operations over the past couple of years.

然後這裡只是進行了一些調整，但在過去幾年中，您已經做了很多工作來最大限度地減少一些開銷並提高營運效率。

But as we think about maybe a more meaningful recovery in grills now on the horizon, are there areas in the business that maybe you've under invested in that will need to ramp up?

但是，當我們考慮燒烤產業即將出現更有意義的復甦時，您是否在業務中的某些領域可能投資不足，需要加強？

Or is there a pretty clean fixed cost structure going forward that we can bank on some sales fall through against?

或者是否存在一個相當乾淨的固定成本結構，我們可以指望一些銷售失敗？

Yes, I'd say the cost structure is pretty clean.

是的，我想說成本結構非常乾淨。

We spent the last 12, 18 months really focused on sort of rightsizing our cost structure, focusing on driving gross margin improvements, benefiting from macro trends.

在過去的 12、18 個月裡，我們真正專注於調整我們的成本結構，專注於推動毛利率的提高，並從宏觀趨勢中受益。

And I would say that how we've shaped the P&L over the course of this period of time puts us in a really good spot to now focus on a better cadence in terms of driving top line growth and consistent leverage through the P&L into profitability.

我想說的是，我們在這段時間裡塑造損益表的方式使我們處於一個非常好的位置，現在我們可以專注於更好的節奏，推動營收成長，並透過損益表實現盈利的持續槓桿作用。

And I think we've talked on past calls about how we've focused on rightsizing our cost structure without forsaking certain investments in the long-term, demand creation, some prospecting, although there's been some shifts across the funnel, as well as our product development engine, right?

我認為我們在過去的電話會議中談到了我們如何專注於調整我們的成本結構，同時又不放棄某些長期投資、需求創造和一些勘探，儘管整個渠道發生了一些變化，以及我們的產品開發引擎，對嗎？

So we feel pretty good in how we've positioned that, how our OpEx is oriented.

因此，我們對我們的定位以及我們的營運支出的定位感到非常滿意。

And I think that from this point forward, there should be better consistency across the P&L as we drive leverage through that cost structure and ensure that we continue to maintain the right resource allocation against our long-term plan.

我認為，從現在開始，隨著我們透過成本結構提高槓桿率，並確保我們繼續根據我們的長期計劃保持正確的資源分配，整個損益表應該具有更好的一致性。

Brian McNamara, Canaccord Genuity.

麥克納馬拉 (Brian McNamara)，Canaccord Genuity。

I wanted to clarify your new outlook for grills, particularly as it relates getting through the sunsetting of products maybe a bit faster than you initially thought and the initial loading of the new product in Q4.

我想澄清一下您對烤架的新看法，特別是因為它涉及產品的淘汰可能比您最初想像的要快一些，以及第四季度新產品的初始加載。

Is this just a function of promotions kind of driving the delta here?

這是否只是推動三角洲成長的促銷活動？

And are you pulling some of those planned 2025 innovations forward?

您是否正在推動 2025 年計畫中的一些創新？

So definitely, sell-through in Q2 greatly influenced a shift in our forecast for grills in the year.

因此，可以肯定的是，第二季的銷售量極大地影響了我們對今年烤架的預測的轉變。

I would -- as I mentioned in my previous comment, Q3 is also benefiting from some of that replenishment, with an offset to the fact that we are seeing some pressure in accessories, mainly driven by MEATER.

正如我在先前的評論中提到的，第三季也受益於部分補貨，抵消了我們在配件方面看到的一些壓力（主要由 MEATER 推動）這一事實。

And then in terms of your question regarding the load-in of new product in Q4, it's not necessarily pulling from 2025, it's more just a function of how timing works out in relation to when we're able to ship products from China, when we're ready to do so.

然後，就您關於第四季度新產品裝載的問題而言，它不一定是從 2025 年開始，它更多地只是一個與我們何時能夠從中國運送產品有關的時間安排的函數，何時我們已準備好這樣做。

And also to ensure that, to the extent that it's possible, we're loading certain channels as early as possible, such that when we're ready to launch new product in the following year, there are SKUs on the floor that align with that marketing strategy and that launch strategy.

並且還要確保，在可能的情況下，我們儘早加載某些管道，以便當我們準備在明年推出新產品時，地板上有與該產品一致的 SKU行銷策略和發布策略。

Got it.

知道了。

Understood there.

那裡明白了。

And then on your revised gross margin guidance, I think it implies roughly a 400 basis point step down in H2 versus H1.

然後，根據修訂後的毛利率指引，我認為這意味著下半年與上半年相比大約下降了 400 個基點。

What's driving that apart from some seasonal elements?

除了一些季節性因素之外，是什麼推動了這個趨勢？

I think you guys did 43% gross margin in 2020, and we've had a bunch of noise in the market since.

我認為你們在 2020 年的毛利率達到了 43%，從那時起我們在市場上出現了很多噪音。

So like how should investors be thinking about a sustainable gross margin rate in the business moving forward?

那麼投資人該如何考慮未來業務的可持續毛利率呢？

Very good question.

非常好的問題。

So on the back half of the year, yes, I think it's consistent with what we spoke to on the last call, which is Q3 gross margin is the trough for the year, just given the lower sales volume in the quarter.

因此，在今年下半年，是的，我認為這與我們在上次電話會議中談到的一致，即第三季度的毛利率是今年的低谷，只是考慮到該季度的銷量較低。

We see some deleverage within COGS and that pressures gross margin.

我們看到銷貨成本出現了一定程度的去槓桿化，這給毛利率帶來了壓力。

Q4 was also sequentially lower than the first half of the year, mainly connected to the fact that we are more promotional in Q4.

第四季也比上半年下降，主要與我們第四季的促銷力道更大有關。

I would say to your latter question, we are seeing sustainability in gross margin.

對於你的後一個問題，我想說的是，我們看到了毛利率的可持續性。

Structurally, there have been shifts that we're benefiting from, and we view those structural shifts as sort of permanent, barring a surprise, which I think is a real positive for the brand.

從結構上來說，我們正在從中受益，我們認為這些結構性轉變是永久性的，除非出現意外，我認為這對品牌來說是真正的積極因素。

That's the macro side that has really moved in our favor, especially when you compare to some of the pandemic pressure that we felt.

這才是真正對我們有利的宏觀方面，特別是當你與我們感受到的一些大流行壓力相比時。

We're also benefiting from structural changes that we've driven and controlled through operational efficiencies.

我們也受惠於透過營運效率推動和控制的結構性變革。

And that's still a focus for the brand to continue to drive improvements across our supply chain, within our product development process that should hopefully drive incrementality in gross margin.

這仍然是該品牌繼續推動整個供應鏈和產品開發流程改進的重點，這有望推動毛利率的增量。

The only comment I would make is year-to-year, we are still subject to and sensitive to macro shifts, right?

我唯一想說的是，逐年來看，我們仍然受到宏觀變化的影響並對宏觀變化敏感，對嗎？

So where FX may move, where inbound rates may move, we are sensitive to that from year-to-year.

因此，外匯可能會變動，入境匯率可能會變動，我們每年對此都很敏感。

But the underlying theme is the structural changes that we've seen from pandemic to now, we believe will persist, and we view that as both structural and sustainable on top of the fact that we continue to focus on gross margin improvements as a key pillar of our long-term strategy.

但根本主題是我們從大流行到現在看到的結構性變化，我們相信這種變化將會持續下去，而且我們認為，除了我們繼續將毛利率改善作為關鍵支柱之外，我們認為這種變化既是結構性的，也是可持續的我們的長期策略。

(Operator Instructions) Justin Kleber, Baird.

（操作員說明）Justin Kleber，Baird。

Just a follow-up to the gross margin question.

只是毛利率問題的後續。

You talked about the macro moving in your favor, but obviously being subject to shifts.

您談到宏觀經濟朝著對您有利的方向發展，但顯然會改變。

I guess based on what you know today, would you expect freight and logistics costs to remain a gross margin tailwind as we move into '25?

我想，根據您今天所了解的情況，您是否認為當我們進入 25 世紀時，貨運和物流成本仍將成為毛利率的推動因素？

It's a little early to speak to '25.

現在談論 25 年還為時過早。

I mean I think the one point I would make is -- and we baked this into our plan.

我的意思是，我認為我要提出的一點是——我們將這一點納入了我們的計劃。

I think we talked about this on our last call, is we did see some -- we have seen some increase in the spot market for inbound transportation, but we've captured that.

我想我們在上次電話會議上談到了這一點，我們確實看到了一些——我們看到入境運輸現貨市場有所增長，但我們已經抓住了這一點。

So hard to say where that moves in 2025.

很難說 2025 年會發生什麼變化。

We actually think that more capacity will come online, so TBD.

我們實際上認為將會有更多的容量上線，所以待定。

But otherwise, I don't know that we're in a position to start speculating on '25, but feel good with the momentum that we've driven this year and then certainly have a different viewpoint on what long-term gross margin looks like relative to where we've been in the last couple of years.

但除此之外，我不知道我們是否能夠開始猜測 25 年，但對我們今年推動的勢頭感覺良好，然後肯定對長期毛利率有不同的看法就像我們過去幾年的情況一樣。

That makes sense.

這是有道理的。

Two questions kind of related to innovation.

有兩個問題與創新有關。

I guess first one would be on your '25 innovation pipeline, just given the consumers still cautious and they're gravitating towards lower price points.

我想第一個將出現在你們的 25 年創新管道中，只是考慮到消費者仍然謹慎並且他們傾向於較低的價格點。

I'm curious if those macro trends have influenced your innovation in any way as we think about next year?

我很好奇這些宏觀趨勢是否對我們明年的創新產生了任何影響？

Yes.

是的。

So a couple of thoughts.

所以有幾個想法。

One is, as we have articulated in past calls, we have been investing deeply in product development, innovation being a component of that.

一是，正如我們在過去的電話會議中所闡明的那樣，我們一直在產品開發方面進行深入投資，創新是其中的一部分。

Over the last couple of years, notably as the consumer environment became difficult, we believe in steady investment in product.

在過去幾年中，特別是隨著消費環境變得困難，我們相信對產品的穩定投資。

And I think the result of that is that products are concepted and launched in very different cycles.

我認為這樣做的結果是產品的概念和推出週期非常不同。

And we don't build in the world of durables, just given what it takes to engineer and the time it takes to go to market.

我們並不是在耐用品領域進行建設，只是考慮到工程設計和上市所需的時間。

It would be difficult to react to market cycles.

對市場週期做出反應將很困難。

And so no, we don't change our product road map relative to the cycle.

因此，我們不會改變與週期相關的產品路線圖。

We believe that, number one, given the price points we're launching, that we have the ability to sell those price points, they're very appropriate for the brand, what's coming to market.

我們相信，第一，考慮到我們推出的價位，我們有能力銷售這些價位，它們非常適合我們的品牌和即將推出的產品。

The second is that it's been a contracting industry for multiple years.

第二是它多年來一直是承包行業。

And at some point, we get beyond that, the consumer strengthens, and that will happen over the course of many years of this product platform that we're launching.

在某些時候，我們會超越這一點，消費者會增強，這將在我們推出的這個產品平台的多年過程中發生。

So we feel good about the price points, the position for the consumer, the value.

因此，我們對價格點、消費者定位和價值感覺良好。

We're getting better every year at product development, but we take a fairly consistent, steady point of view on the development time line to the extent that the environment is soft, that may influence how we forecast inventory at different price points.

我們在產品開發方面每年都在進步，但在環境疲軟的情況下，我們對開發時間線持相當一致、穩定的觀點，這可能會影響我們在不同價位上預測庫存的方式。

It may influence, it would influence mix.

它可能會影響，它會影響混合。

And it could influence promotion strategy, but it doesn't change how we think about the process and timing for bringing new product to market.

它可能會影響促銷策略，但不會改變我們對將新產品推向市場的流程和時機的看法。

Peter Keith, Piper Sandler.

彼得·基思，派珀·桑德勒。

Nice results, guys.

不錯的結果，夥計們。

It's pleasing to see the raise of the EBITDA guide.

很高興看到 EBITDA 指南的提高。

Maybe just pick on the updated guidance.

也許只是選擇更新的指南。

I mean, the grill outlook for flat for the year is impressive.

我的意思是，今年公寓的燒烤前景令人印象深刻。

I guess it implies 10% growth, revenue growth in the back half.

我猜這意味著10%的成長，下半年的收入成長。

And I'm wondering what kind of visibility you have to that?

我想知道你對此有何看法？

Are you thinking sell-through continues to remain positive?

您認為銷售量持續保持樂觀嗎？

Or is it really just visibility around the replenishment in this early Q4 load-in?

或者這真的只是第四季度早期加載中補貨的可見性嗎？

The latter.

後者。

Yes.

是的。

Visibility around replenishment and then the load-in in Q4.

補貨和第四季度加載的可見性。

Right.

正確的。

So if sell-through were to remain positive in the back half, then there potentially could be some upside to that grill revenue outlook?

因此，如果下半年的銷售量保持正值，那麼燒烤爐的收入前景可能會有一些上行空間嗎？

Yes.

是的。

Yes, but we're sort of maintaining caution there.

是的，但我們對此保持謹慎。

We are not extrapolating the sell-through performance in Q2 out through the remainder of the year.

我們不會推斷第二季的銷售表現到今年剩餘時間。

I think right now, the going assumption is sell-through will sort of revert back to how we were thinking about it as we built the plan early in the year, and we wouldn't necessarily expect positive comps in the back half of the year.

我認為現在的假設是銷售量將回到我們在年初制定計劃時的思考方式，並且我們不一定會期望在今年下半年出現積極的業績。

So really, it's more driven by those two catalysts, the replenishment and the product load-in.

所以實際上，它更多是由補充和產品加載這兩種催化劑驅動的。

Okay.

好的。

And the ability to drive the positive sell-through with promotions.

以及透過促銷推動積極銷售的能力。

I guess you're striking when the iron is hot, and that would be in Q2, around key holidays.

我想你會趁熱打鐵的時候罷工，那會是在第二季度，關鍵假期前後。

Is it fair to think about -- Q2 has got some key holidays and there's a little bit of a lull in Q3, and then maybe you could strike again when the iron's hot in Q4 around the Christmas holidays?

考慮一下是否公平——第二季度有一些重要的假期，第三季度有一點平靜，然後也許你可以在聖誕節假期前後第四季度熱起來時再次出擊？

Yes, Peter, we generally have a promotion around the holidays built around Cyber Five.

是的，彼得，我們通常會在假期期間圍繞「網路五」進行促銷活動。

And so that is planned, that has been planned.

所以這是計劃好的，這已經計劃好了。

And I would say that consistent with sort of the type of promotion that we ran in the second quarter, we believe that continues to be appropriate for the environment that we're in.

我想說，與我們在第二季進行的促銷類型一致，我們相信這仍然適合我們所處的環境。

And that is also baked into the guidance that we provided.

這也被納入我們提供的指導中。

Okay.

好的。

Great.

偉大的。

And then just a big picture question.

然後只是一個大問題。

As we think about the impact of lower interest rates on your business, I guess, how do you guys think about it?

當我們考慮較低的利率對您的業務的影響時，我想您們對此有何看法？

Is it -- are there direct benefits regarding financing?

融資有直接好處嗎？

Or do you think about it just more indirect as consumer gets healthier and maybe housing improves?

或者您認為隨著消費者變得更健康並且住房狀況可能會改善，這會變得更加間接？

Just framing up a lower interest rate environment and its impact on Traeger would be helpful.

僅僅建構一個較低的利率環境及其對 Traeger 的影響就會有所幫助。

Yes.

是的。

So I'll share a couple of thoughts on that.

因此，我將就此分享一些想法。

The first is, yes, there are absolutely direct sort of correlations between interest rates and grill demand.

首先，是的，利率和燒烤需求之間絕對存在直接的相關性。

One is certainly consumer financing.

其中之一當然是消費者融資。

Americans finance just about everything in some way from low price points all the way up to houses.

美國人以某種方式為幾乎所有事物提供融資，從低價一直到住房。

And $1,000 purchase often is financed either on our website through a financing partner, at retail through financing programs that they offer.

1,000 美元的購買通常可以在我們的網站上透過融資合作夥伴進行融資，也可以透過他們提供的零售融資計劃進行融資。

And there's no question that headline news would suggest American consumers have spent their cash.

毫無疑問，頭條新聞表明美國消費者已經花光了他們的現金。

They've spent -- they are meaningfully in debt, and financing costs do matter.

他們已經負債累累，融資成本確實很重要。

There is also a correlation between housing transactions and new grill purchases.

房屋交易和新燒烤架購買之間也存在相關性。

And while that doesn't drive most of our business, it certainly influences 15% to 20% of the business.

雖然這並不能推動我們的大部分業務，但它肯定會影響 15% 到 20% 的業務。

And given where interest rates have been, housing transactions are very low.

鑑於利率水平，房屋交易量非常低。

But I think the -- and so certainly some direct impact from a broader consumer health perspective, I think that's where we see lower interest rates.

但我認為，從更廣泛的消費者健康角度來看，肯定會產生一些直接影響，我認為這就是我們看到利率下降的地方。

We begin a new cycle where interest rates come down, the consumer gets healthy.

我們開始了一個新的週期，利率下降，消費者健康。

Their debt is more manageable, and they -- and consumers begin to buy again.

他們的債務更容易管理，他們和消費者開始再次購買。

And I would say notably in durables, which tend to have some cyclicality around interest rates and health of the consumer, oftentimes when interest rates are high and consumer is relatively weak, purchases are pushed out unless they're absolutely necessary.

我要特別指出的是，耐用品往往在利率和消費者健康方面存在一定的周期性，通常當利率較高且消費者相對疲軟時，除非絕對必要，否則購買會被推遲。

And so we expect to benefit from that.

因此，我們希望從中受益。

And I think the combination of a healthier consumer, but also as investments that we've been making in product and increased investments in brand and top of funnel that we plan, we believe that we'll take share.

我認為，結合更健康的消費者，以及我們一直在產品上進行的投資以及我們計劃增加的品牌和漏斗頂部的投資，我們相信我們會獲得份額。

And I think the combination of the two will be meaningful for our business.

我認為兩者的結合將對我們的業務有意義。

The last thing I would say is just in sort of zooming out and thinking about where the industry is from a unit volume perspective relative to where it's been historically, unit volumes are still meaningfully below pre-pandemic levels, somewhere in the 20-plus percent range.

我要說的最後一件事是，從單位銷量的角度考慮該行業相對於歷史的現狀，單位銷量仍然明顯低於大流行前的水平，大約在 20% 以上範圍。

And that's simply a function of pull-forward demand which is probably now intersecting with a weakened consumer.

這只是拉動需求的函數，而拉動需求現在可能與疲軟的消費者相交。

But if you look at the decade of industry data prior to the pandemic, this is a really resilient industry that just chugs along and grows at low-single digits.

但如果你看看大流行之前十年的行業數據，你會發現這是一個非常有彈性的行業，只是緩慢地前進並以較低的個位數成長。

And we expect that the industry will rebound, and it will.

我們預計該行業將會反彈，而且確實會反彈。

And it will ultimately be larger than it was in 2019 simply because of the adoption of outdoor cooking that happened during the pandemic.

由於疫情期間戶外烹飪的採用，最終規模將比 2019 年更大。

So I think there are multiple industry and macro drivers that will work in our favor.

因此，我認為有多個行業和宏觀驅動因素對我們有利。

They have been headwinds, but those headwinds will ultimately turn to tailwinds.

它們一直是逆風，但這些逆風最終將變成順風。

And it will be good for the business when they intersect with the investments that we've been making to bring new product to market.

當它們與我們為將新產品推向市場而進行的投資相結合時，這將對業務有利。

Okay.

好的。

I appreciate the thoughtful answer.

我很欣賞深思熟慮的答案。

Brian McNamara, Canaccord Genuity.

麥克納馬拉 (Brian McNamara)，Canaccord Genuity。

Just a quick one on the replacement cycle of Traeger grills versus, I guess, the industry.

我想簡單介紹一下 Traeger 烤架與業界的更換週期。

Is it still five years for the Traeger and maybe seven to eight for the industry?

Traeger 是否還需要五年，而業界可能需要七到八年？

And presumably with -- will be five years from the early days of the pandemic in Q1 of next year?

大概距離明年第一季大流行初期還有五年？

So should we expect any kind of replacement tailwinds there if this plays out next year?

那麼，如果明年出現這種情況，我們是否應該期待任何形式的替代順風？

Yes, you're right in that we've continued to validate that about -- there's about a five-year replacement cycle for Traeger and for our consumer, and it's seven to eight years for the broader industry.

是的，你說得對，我們一直在驗證這一點——Traeger 和我們的消費者大約有五年的更換週期，而更廣泛的行業則有七到八年的更換週期。

And yes, we are looking at that as part of our strategy heading into the next couple of years is how do we capitalize on what could be a wave of consumers who purchased four or five years ago that are looking to upgrade.

是的，我們正在考慮如何利用四到五年前購買並希望升級的消費者浪潮，作為我們未來幾年策略的一部分。

And that lines up nicely with our innovation cycle.

這與我們的創新週期非常吻合。

So that presents a nice opportunity to convert people on a new product that may have a legacy product and certainly speaks to the benefit of having a more condensed innovation cycle within what is largely a slow-moving category.

因此，這提供了一個很好的機會，讓人們轉向可能擁有傳統產品的新產品，當然也說明了在很大程度上是一個緩慢移動的類別中擁有更濃縮的創新週期的好處。

And something that we do value.

以及我們確實重視的東西。

That loyalty loop is certainly something that we care about, and we want to ensure that we're designing strategies around how we unlock that growing base of consumers that are ready to upgrade and something that we're most definitely focused on and have looked at it the same way as you in that those pandemic purchases are coming up on a period of time where they may be looking to upgrade.

這種忠誠度循環當然是我們關心的事情，我們希望確保我們正在設計策略，圍繞如何釋放不斷增長的準備升級的消費者群體，以及我們最絕對關注和關注的東西與您一樣，這些流行病購買是在他們可能尋求升級的一段時間內出現的。

And as our install base grows, as consumers age out, as that installed base grows, that represents a larger and larger opportunity over time.

隨著我們的安裝基礎的增長，隨著消費者的老化，隨著安裝基礎的增長，隨著時間的推移，這代表著越來越大的機會。

(Operator Instructions) So that does conclude the question-and-answer session and the conference call as well.

（操作員說明）問答環節和電話會議到此結束。

Thank you for joining.

感謝您的加入。

You may now disconnect from the call.

您現在可以斷開通話。