Datavault AI Inc (DVLT) 2023 Q1 法說會逐字稿

Good morning and welcome to the WiSA Technologies first-quarter 2023 results conference call. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎來到 WiSA Technologies 2023 年第一季度業績電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to David Barnard, Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係部的大衛·巴納德 (David Barnard)。請繼續。

Thank you, Andrea, and thank you all for joining us today. With us today on the call are Brett Moyer, CEO and President; and CFO, Jeff Oliva; and Mike Binn, SVP of Business Marketing from Comhear.

謝謝你，安德里亞，感謝大家今天加入我們。今天與我們通話的有首席執行官兼總裁 Brett Moyer；首席財務官 Jeff Oliva； Comhear 的商業營銷高級副總裁 Mike Binn。

Before turning the call over to Brett, I'd like to remind everyone that today's presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934 as amended.

在將電話轉給布雷特之前，我想提醒大家，今天的演示文稿包含經修訂的 1933 年證券法第 27A 條和經修訂的 1934 年證券交易法第 21E 條含義內的前瞻性陳述.

Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting WiSA's business, including current macroeconomic uncertainties associated with the COVID-19 pandemic, our inability to predict or measure supply chain disruptions resulting from the COVID-19 pandemic, and other drivers.

告誡讀者不要過分依賴這些前瞻性陳述。由於影響 WiSA 業務的風險和不確定性，包括當前與 COVID-19 大流行相關的宏觀經濟不確定性、我們無法預測或衡量 COVID 導致的供應鏈中斷，實際結果可能與這些前瞻性陳述所表明的結果存在重大差異-19大流行，和其他司機。

Our ability to predict the timing of design wins entering production and the potential future revenue associated with design wins, rate of growth, the ability of future revenue associated with design wins, and predict customer demand for existing and future products to secure adequate manufacturing capacity; consumer demand conditions affecting consumers' end markets; the ability to hire, retain, and motivate employees; the effects of competition, including price competition; technological regulatory and legal developments; developments in the economy and financial markets; risks and uncertainties impacting the proposed Comhear transaction, such as the inability to enter into definitive agreements with respect to the proposed transaction; the expected performance of the parties thereto; risks related to receipt of necessary regulatory and shareholder approvals; failure to realize the anticipated benefits from the transaction; the ability of the parties to satisfy various conditions closing the proposed transaction; and other risk detailed from time to time in the company's filings with the Securities and Exchange Commission, including those described in Risk Factors in our annual report on Form 10-K for the year ended December 31, 2022, as revised or updated for any changes described in any subsequently filed quarterly reports on Form 10-Q, and the preliminary and definitive proxy statement, or other documents that WiSA intends to file with the SEC in connection with the proposed Comhear transaction.

我們能夠預測設計獲勝進入生產的時間以及與設計獲勝相關的潛在未來收入、增長率、與設計獲勝相關的未來收入的能力，並預測客戶對現有和未來產品的需求以確保足夠的製造能力；影響消費者終端市場的消費者需求狀況；僱用、留住和激勵員工的能力；競爭的影響，包括價格競爭；技術監管和法律發展；經濟和金融市場的發展；影響擬議的 Comhear 交易的風險和不確定性，例如無法就擬議的交易達成最終協議；各方的預期表現；與獲得必要的監管和股東批准相關的風險；未能實現交易的預期收益；各方滿足完成擬議交易的各種條件的能力；以及公司向美國證券交易委員會提交的文件中不時詳述的其他風險，包括我們截至 2022 年 12 月 31 日止年度的 10-K 表格年度報告中的風險因素中描述的風險，並根據任何變化進行了修訂或更新在隨後提交的 10-Q 表格季度報告、初步和最終委託書或 WiSA 打算就擬議的 Comhear 交易向美國證券交易委員會提交的其他文件中有所描述。

The information in this presentation is as of the date hereof, and the company undertakes no obligations to update unless required to do so by law.

本演示文稿中的信息截至發布之日，除非法律要求，否則公司不承擔更新義務。

With that, I'll turn the call over to Brett. Go ahead, Brett.

有了這個，我會把電話轉給布雷特。來吧，布雷特。

Thank you, David, and good morning. I'd like to welcome both new investors, old investors, and particularly the Comhear investors today on the call. We will be focusing on our intent to and describe the strategy around acquiring Comhear. For the new investors, we're going to do a quick overview on WiSA, but I would recommend you either reach out to me to get more detail on WiSA's strategy or listen to one of our prior calls.

謝謝你，大衛，早上好。我想歡迎新投資者、老投資者，特別是今天的 Comhear 投資者。我們將專注於我們的意圖並描述收購 Comhear 的戰略。對於新投資者，我們將對 WiSA 做一個快速概述，但我建議您聯繫我以獲取有關 WiSA 戰略的更多詳細信息，或者聽聽我們之前的一個電話。

But WiSA is focused on smart devices and getting wireless audio from smart devices into the room, around the room, around its commercial space, to make sure that the consumer gets that immersive audio experience as if they're in the stadium listening, watching a live game, as if they're in a theater here in the movie itself, and all the audio above it, behind it, to the sides of it, right?

但 WiSA 專注於智能設備，並將無線音頻從智能設備傳輸到房間、房間周圍、商業空間周圍，以確保消費者獲得身臨其境的音頻體驗，就像他們在體育場內聆聽、觀看比賽一樣。現場比賽，就好像他們在電影本身的劇院裡一樣，所有的音頻在它上面、後面、兩側，對吧？

So in the core that we're going after that market, we have a strong portfolio of wireless IP. We have an interoperability standards around -- under the brand WiSA. We have a pretty broad customer base of Tier 1 consumer electronics customers.

因此，在我們追求該市場的核心中，我們擁有強大的無線 IP 產品組合。在 WiSA 品牌下，我們有一個互操作性標準。我們擁有相當廣泛的一級消費電子客戶群。

And WiSA has a small product line of speakers under Platin Audio that's mainly there to drive awareness of WiSA certification within the industry, build up WiSA stores with the retailers, and drive technology demo success with our new technologies as we launch it. But today, to that portfolio, we'll be adding Comhear's immerse IP and immersive audio techniques for adapting audio to where a listener is, where they're sitting, right?

WiSA 在 Platin Audio 下有一小部分揚聲器產品線，主要是為了提高行業內對 WiSA 認證的認識，與零售商建立 WiSA 商店，並在我們推出新技術時推動技術演示取得成功。但是今天，在該產品組合中，我們將添加 Comhear 的沉浸式 IP 和沈浸式音頻技術，使音頻適應聽眾所在的位置，他們坐的位置，對吧？

Financially, we think it has a strong impact once we've merged the two companies. We -- there will be some -- there's some variability around Q3 and how that impacts us. But starting in Q4 and into 2024, we think the combined impact of the technology investments in the last three years of both companies, the design work of the last three years of both companies drives a revenue forecast for '24 in the $10 million to $15 million range.

在財務上，我們認為一旦我們合併了兩家公司，它就會產生很大的影響。我們——會有一些——圍繞第三季度會有一些變化，這對我們有何影響。但從第四季度開始到 2024 年，我們認為兩家公司過去三年的技術投資、兩家公司過去三年的設計工作的綜合影響推動了 24 年 1000 萬至 15 美元的收入預測萬範圍。

So a little bit about WiSA for the new investors. Traditionally, we've had a custom chip on modules going into either small hubs, into televisions, into speakers, under the WiSA HT brand. It's been expensive. Each module is $10 to $12, but it was the highest performing wireless technology industry that even allowed Bang & Olufsen use it in their $40,000 speaker.

為新投資者介紹一下 WiSA。傳統上，我們在 WiSA HT 品牌下將定制芯片裝入小型集線器、電視、揚聲器中。一直很貴每個模塊的價格為 10 到 12 美元，但它是無線技術行業中性能最高的，甚至允許 Bang & Olufsen 在其 40,000 美元的揚聲器中使用它。

But where the investment has gone in the last three years is to take the know-how and IP in WiSA HT and make it portable at IP so that we can load it onto lower-cost non-custom chips, yet still deliver a higher performance of audio than any competitors can do.

但過去三年的投資是利用 WiSA HT 的專有技術和 IP 並使其在 IP 上可移植，這樣我們就可以將其加載到成本更低的非定制芯片上，同時仍能提供更高的性能音頻比任何競爭對手都可以做到。

And the first product we launched with our IP in that format was on an expressive chip under the brand of WiSA DS. And WiSA DS is roughly a quarter the cost of WiSA HT. It does a few less channels, but it is extremely powerful in its impact when you add rear speakers to a soundbar with upfiring drivers that send the sound above, right?

我們以這種格式推出的第一個產品是在 WiSA DS 品牌下的富有表現力的芯片上。 WiSA DS 的成本大約是 WiSA HT 的四分之一。它的通道少了幾個，但是當您將後置揚聲器添加到條形音箱中時，它的影響非常強大，並且帶有向上發送聲音的驅動器，對嗎？

So you'll see that rollout in the Platin Rio products this year we talked about the last call. There's design wins going on actively with DS and it'll impact revenue this year.

所以你會在今年我們談到最後一次電話會議時看到 Platin Rio 產品的推出。 DS 正在積極贏得設計，這將影響今年的收入。

The next phase was we took the IP and moved it to a Realtek chip. Now, the Realtek chip is a 5-gigahertz chip. It is more powerful that'll allow us to give comparable performance and, in some cases, exceed the performance of WiSA HT. And we expect to release that product to production in Q3.

下一階段是我們將 IP 轉移到 Realtek 芯片上。現在，Realtek 芯片是 5 GHz 芯片。它更強大，使我們能夠提供可比的性能，在某些情況下甚至超過 WiSA HT 的性能。我們希望在第三季度將該產品投入生產。

Finally, the IP. And we showed a small demo prototype at CES of our same WiSA E IP, running on an -- set-top box SoC, which means the IP not only has been demonstrated working on a 2.4-gigahertz IoT module and DS of 5 gigahertz with Realtek for WiSA E. But here, it was with a SoC demo for a set-top box where the set-top box was streaming a 2.1 audio signal out to speakers. Not the full-home theater suite, but the first step in developing and morphing the WiSA E into a complete product.

最後是IP。我們在 CES 上展示了我們相同的 WiSA E IP 的小型演示原型，它運行在機頂盒 SoC 上，這意味著該 IP 不僅已經在 2.4 GHz IoT 模塊和 5 GHz DS 上進行了演示用於 WiSA E 的 Realtek。但在這裡，它帶有機頂盒的 SoC 演示，其中機頂盒將 2.1 音頻信號流式傳輸到揚聲器。不是完整的家庭影院套件，而是開發 WiSA E 並將其轉變為完整產品的第一步。

We think the total TAM of smart devices that an embedded IP platform can penetrate is up to a billion units. And so we think (technical difficulty) strong market; we got the best technology position; and it's all starting to hit production and revenue this year.

我們認為嵌入式 IP 平台可以滲透的智能設備的總 TAM 高達 10 億台。所以我們認為（技術難度）市場強勁；我們獲得了最好的技術地位；今年這一切都開始影響生產和收入。

From a business update on the last call, there were a few highlights that we gave you, so I'm just going to update those. For those that were listening, WiSA E, we still believe is a very compelling technology to the industry. It is in beta with the initial customer.

從上次電話會議的業務更新中，我們為您提供了一些亮點，所以我將更新這些內容。對於那些正在傾聽的人，我們仍然相信 WiSA E 是一項對業界非常有吸引力的技術。它與初始客戶處於測試階段。

When it gets released to production, there's a good list Tier 1 branded companies that are waiting to test and get their hands on it. So that'll start happening in Q3 and when we release the first software to production on the Realtek chip.

當它投入生產時，有很多一級品牌公司正在等待測試並開始使用它。因此，這將在第三季度開始，屆時我們將第一個軟件發佈到 Realtek 芯片上進行生產。

The DS, as I mentioned, is in production. We will launch the soundbar around it under Platin Audio's brand names. They call it the Rio 5.1.4 soundbar. It'll be at a great price point for the consumer and a good price point for us from a margin perspective. So we look forward to demonstrating to the industry that WiSA DS delivers a product that the consumers want.

正如我提到的，DS 正在生產中。我們將以 Platin Audio 的品牌名稱推出圍繞它的條形音箱。他們稱之為 Rio 5.1.4 條形音箱。從利潤的角度來看，這對消費者來說是一個很好的價格點，對我們來說也是一個很好的價格點。因此，我們期待向業界證明 WiSA DS 提供了消費者想要的產品。

And finally, around WiSA Marketing, we talked last quarter we have scaled down the marketing from Q4 to Q1. We are still working it to be highly efficient. So the objective of the marketing program is to drive awareness of WiSA Certified, WiSA stores. We think there's a -- we'll be announcing another WiSA store coming up with a major Midwest retailer in the next month or so. So while we're trying to be cost effective, we are still marketing WiSA Certified and WiSA products to the industry and the consumer.

最後，圍繞 WiSA 營銷，我們在上個季度談到我們已將營銷從第四季度縮減到第一季度。我們仍在努力提高效率。因此，營銷計劃的目標是提高 WiSA 認證 WiSA 商店的知名度。我們認為有一個 - 我們將在下個月左右宣布另一家 WiSA 商店與一家主要的中西部零售商合作。因此，在我們努力提高成本效益的同時，我們仍在向行業和消費者推銷 WiSA 認證和 WiSA 產品。

From an overall industry, we think consumer electronics is in a slump, and it'll continue that way through Q2 and maybe early Q3. We think the impact of overbuilding inventory from the logistical issues in -- during the COVID is leading to price erosion and margin compression, and that'll last through the summer. You can see that in your ads; you could hear that in the Sonos calls. Demand is soft, so brands are lowering their price to try to move inventory to get ready for the Christmas season with new products.

從整個行業來看，我們認為消費電子產品處於低迷狀態，這種情況將持續到第二季度，甚至可能是第三季度初。我們認為，在 COVID 期間，物流問題導致庫存過度增加的影響導致價格下跌和利潤率壓縮，而且這種情況將持續到整個夏天。您可以在廣告中看到這一點；您可以在 Sonos 通話中聽到這一點。需求疲軟，因此各大品牌紛紛降低價格，試圖轉移庫存，為聖誕季推出新產品做好準備。

We did drop operating price expenses from Q4 to Q1, approximately $750,000. And with the new products going into production in the second half of the year, we still expect to have year-over-year growth. Those new products are both DS, WiSA HT designs, and the Platin Rio designs.

從第四季度到第一季度，我們確實將運營價格支出降低了約 750,000 美元。並且隨著下半年新產品的投產，我們仍然預計會有同比增長。這些新產品都是 DS、WiSA HT 設計和 Platin Rio 設計。

Now, with that, before Mike gets started, we're pretty excited about the announcement we put out yesterday. We think it's a great opportunity to take -- add to WiSA's audio IP portfolio for immersive audio. Dolby is pushing their Atmos object-based three-dimensional audio, taking up a wireless capability plus Comhear's ability to steer the audio to specific locations depending on using some AI and where consumers are, compliments our products and lets us build out the portfolio.

現在，在邁克開始之前，我們對昨天發布的公告感到非常興奮。我們認為這是一個很好的機會——添加到 WiSA 的音頻 IP 產品組合中以實現沉浸式音頻。杜比正在推動他們的 Atmos 基於對象的三維音頻，採用無線功能加上 Comhear 的能力，根據使用某些人工智能和消費者所在的位置，將音頻引導到特定位置，稱讚我們的產品並讓我們構建產品組合。

We think when you look at it financially, both companies have spent the last three years investing heavily in terms of taking their technology and putting it into an IP licensable format so that we can have not only licensing revenue and module revenue. We think there's an overlap in market segments like consumer electronics, so that makes sense from a synergy perspective.

我們認為，當你從財務上看時，兩家公司在過去三年中都投入了大量資金，利用他們的技術並將其轉化為 IP 可授權格式，這樣我們不僅可以獲得授權收入和模塊收入。我們認為消費電子等細分市場存在重疊，因此從協同效應的角度來看這是有道理的。

And when you look at some of the bigger international corporations, Comhear may be working with a commercial group. We may be working with a consumer group. It gives the sales a combined team the ability to have more products to talk to. And if one or the other company is on the approved vendor list, it now lets the other products come into -- onto that approved vendor list.

當您查看一些較大的國際公司時，Comhear 可能正在與商業集團合作。我們可能正在與一個消費者群體合作。它使銷售團隊能夠與更多產品進行交流。如果一家或另一家公司在批准的供應商名單上，它現在允許其他產品進入 - 進入該批准的供應商名單。

And finally, when we look at why now and the [community] Comhear brings, bringing Andy Arno, who's Chairman of Comhear onto the WiSA Board onto -- as Chairman, we think strengthens the Board's governance capabilities and adds some capital market expertise.

最後，當我們看看為什麼現在和 [社區] Comhear 帶來時，將 Comhear 的主席 Andy Arno 帶到 WiSA 董事會 - 作為主席，我們認為加強了董事會的治理能力並增加了一些資本市場專業知識。

So strategically, that's what we see as WiSA, but Mike's going to walk through what they see in the immersive audio. And I'm going to turn it over to Mike down to talk about Comhear and some of their plans. Mike?

所以從戰略上講，這就是我們所看到的 WiSA，但 Mike 將介紹他們在沉浸式音頻中看到的內容。我將把它交給 Mike 來談談 Comhear 和他們的一些計劃。麥克風？

Yeah, yeah. Hi, everyone. Thanks again for your time. Brett, I definitely would reiterate that there's definitely a lot of excitement about the areas of synergy between the two companies, as well as future areas of where the technology overlaps and can enhance different areas.

是啊是啊。大家好。感謝你的寶貴時間。布雷特，我肯定會重申，對於兩家公司之間的協同領域，以及技術重疊和可以增強不同領域的未來領域，肯定有很多令人興奮的地方。

So a little bit about Comhear. Comhear's mission is really to innovate the immersive and directional audio space, with our foundations from patents that are highly defensible from Qualcomm, the Qualcomm Institute in UCSD. We deliver really a world-class experience by leveraging a number of different technologies and deliver those suites with world-class brands, which is really exciting for us.

關於 Comhear 的一些信息。 Comhear 的使命實際上是創新沉浸式和定向音頻空間，我們的基礎來自高通公司（加州大學聖地亞哥分校的高通研究所）的專利。我們通過利用多種不同的技術提供真正世界級的體驗，並提供世界級品牌的套房，這對我們來說真的很令人興奮。

We continue to innovate, and a lot of those areas of innovation are in the wireless space. Wireless, meaning, using IoT sensors and emerging AI to really create unique audio listening experiences, whether that be finite directional audio like Brett mentioned, or immersive audio without the need for surround sound speakers through a linear speaker bar, et cetera, in multiple different application verticals is really exciting for us. And we're looking forward to the opportunity to collaborate further as this conversation and acquisition moves forward.

我們不斷創新，其中很多創新領域都在無線領域。無線，意味著使用物聯網傳感器和新興人工智能真正創造獨特的音頻聆聽體驗，無論是像 Brett 提到的有限定向音頻，還是不需要通過線性揚聲器條的環繞聲揚聲器的沉浸式音頻，等等，在多種不同的垂直應用程序對我們來說真的很令人興奮。隨著對話和收購的推進，我們期待著進一步合作的機會。

What does that mean? What are we doing with AI? What are we doing with IoT sensors, and how does that apply to how we want to expand into the marketplace? Comhear has a unique set of patents, like I mentioned, and what we're able to do is do dynamic audio filtering. What that means is we can take in AI-enabled and information from sensors, and in real time, beam audio into different areas and create different formats, meaning we can detect -- if we can detect a number of people in the room or objects or movement, we can reciprocate with an audio format that's very interesting.

這意味著什麼？我們用人工智能做什麼？我們用物聯網傳感器做了什麼，這如何適用於我們想要擴展到市場的方式？ Comhear 擁有一套獨特的專利，就像我提到的那樣，我們能夠做的就是進行動態音頻過濾。這意味著我們可以從傳感器獲取支持人工智能的信息，並實時將音頻傳輸到不同區域並創建不同格式，這意味著我們可以檢測——如果我們可以檢測到房間中的許多人或物體或運動，我們可以用一種非常有趣的音頻格式來回應。

So it's important for immersive audio, for 3D audio, whether it be in entertainment, in the home, smart conferencing, or/and casino-based and kiosks. I'll talk a little bit about the verticals that we're active in, or whether it's partitioned or private audio for different types of listening experiences.

因此，對於沉浸式音頻、3D 音頻而言，無論是在娛樂、家庭、智能會議還是/和基於賭場的信息亭中，它都很重要。我將稍微談談我們活躍的垂直領域，或者它是針對不同類型的聆聽體驗的分區音頻還是私有音頻。

Just a background into the basics of our beamforming. This is just an example of how we do some of it. We're really trying to use our software and our algorithms, and that in conjunction with DSP and system on -- an audio systems on a chips to create either private audio, immersive audio, or highly functional beam steered audio, meaning, we can say audio -- we want audio in one space and we don't want audio in another space, we can enhance beams, we can do surround sound fields. And that all comes from one linear speaker ray versus having several speakers all around you in a traditional format.

只是我們波束成形基礎知識的背景。這只是我們如何做其中一些的一個例子。我們真的在嘗試使用我們的軟件和算法，並將其與 DSP 和系統結合——芯片上的音頻系統來創建私人音頻、沉浸式音頻或功能強大的波束控制音頻，這意味著，我們可以說音頻——我們想要一個空間的音頻，我們不想要另一個空間的音頻，我們可以增強波束，我們可以做環繞聲場。而這一切都來自一個線性揚聲器射線，而不是傳統格式中在你周圍有多個揚聲器。

Like Brett said, there's a lot of synergies. We are active in the consumer electronic markets, meaning we have current engagements with top-tier brands in the smart TV space, soundbar, home entertainment. We're highly active in the emergent area of hearing health and hearing optimization.

正如布雷特所說，存在很多協同效應。我們活躍於消費電子市場，這意味著我們目前與智能電視領域、條形音箱、家庭娛樂領域的頂級品牌有合作。我們在聽力健康和聽力優化這一新興領域非常活躍。

Just a quick note. You probably heard some of the rulings that happened through government for hearing aids to go over the counter this year, which has been a large increase and interest into those types of applications within the home, as well as partitioned audio.

只是一個簡短的說明。您可能聽說過今年政府對助聽器的一些規定，這些規定大大增加了人們對家庭內這些類型的應用以及分區音頻的興趣。

Gaming is a space that we're highly active in. We've worked with major brands on bringing immersive audio and binaural experiences. Binaural, meaning, a headphone experience without having headphones. So that's highly popular with the gaming industry.

遊戲是我們高度活躍的領域。我們與主要品牌合作，帶來身臨其境的音頻和雙耳體驗。雙耳，意思是沒有耳機的耳機體驗。因此，這在遊戲行業中非常受歡迎。

We are also working in various other areas that are less commercial or consumer direct or direct to consumer. So smart kiosks, gaming casinos, advertising technology, marketing technology. Some of these use new AI-enabled solutions and IoT, and some of them are just looking for added enhancement to their current customer base. For a quick example, in casinos, and we'll jump into that in other part of the deck, just having an immersive experience to correlate with new and more interactive content.

我們還在其他各種商業或消費者直接或直接面向消費者的領域開展工作。所以智能售貨亭、賭場、廣告技術、營銷技術。其中一些使用新的支持 AI 的解決方案和物聯網，而其中一些只是在尋找對當前客戶群的更多增強。舉個簡單的例子，在賭場中，我們將跳入甲板的其他部分，只是有一種身臨其境的體驗與新的和更具互動性的內容相關聯。

Audio and AI delivery platforms, we talked a little bit about. And then smart audio retail solutions. So that is the growing market of marketing, as well as creating frictionless retail shopping experiences, or consumer engagement experiences, where that time spent with the consumer is highly valuable, and brands and technology companies are looking for ways to engage that consumer in a more immersive way.

音頻和人工智能交付平台，我們談了一點。然後是智能音頻零售解決方案。因此，這就是不斷增長的營銷市場，以及創造無摩擦零售購物體驗或消費者參與體驗的市場，在這些市場中，花在消費者身上的時間非常寶貴，品牌和科技公司正在尋找方法讓消費者參與到更身臨其境的方式。

To break that down a little bit in this little diagram, some of these areas you can see a clear correlation between some of the markets that WiSA is working in. So working with digital media and directed audio, whether that means working with smart TV companies or integrated audio solutions in the home entertainment space, as an example.

在這個小圖表中稍微分解一下，其中一些領域您可以看到 WiSA 所從事的一些市場之間存在明顯的相關性。因此，與數字媒體和定向音頻合作，是否意味著與智能電視公司合作或家庭娛樂空間中的集成音頻解決方案，例如。

Multi-beam surround sound or multi-beam content delivery, so this also pertains to our partitioned audio capabilities, meaning, we can deliver audio content to one side of the room and not the other side of the room. Or we can do what we call a directed boost beam. And this is highly relevant in our audio, our hearing enhancement, and hearing optimization solutions. Meaning if someone's hard of hearing in the room, we can create a level, amount of decibel in the entire room and then boost it for one person with higher speech intelligibility and parametric EQ. So that's really interesting. We're getting a lot of traction with major audio brands in that space.

多波束環繞聲或多波束內容傳輸，因此這也與我們的分區音頻功能有關，這意味著我們可以將音頻內容傳輸到房間的一側，而不是房間的另一側。或者我們可以做我們所說的定向增強光束。這與我們的音頻、聽力增強和聽力優化解決方案高度相關。這意味著如果有人在房間裡有聽力障礙，我們可以在整個房間內創建一個級別、分貝量，然後為一個具有更高語音清晰度和參數 EQ 的人提升它。這真的很有趣。我們在該領域的主要音頻品牌中獲得了很大的吸引力。

Automated retail, I call it edge consumer engagement. So really just using sensor fusion and AI to deliver really unique and targeted audio experiences to match the legacy investments into visual types of formats that marketing companies, kiosks, and others alike have been using. Gaming, as I mentioned, and immersive 3D audio, continues to be an integral part of our technology solution and stack.

自動化零售，我稱之為邊緣消費者參與。因此，實際上只是使用傳感器融合和人工智能來提供真正獨特和有針對性的音頻體驗，以將傳統投資與營銷公司、信息亭和其他類似機構一直在使用的視覺類型的格式相匹配。正如我所提到的，遊戲和身臨其境的 3D 音頻仍然是我們技術解決方案和堆棧中不可或缺的一部分。

And then other growing segments of content, so 3D content, and then having the correlating real-time 3D audio that correlates with the imaging with the 3D displays. So that's really an interesting space for us.

然後是其他不斷增長的內容部分，如 3D 內容，然後是與 3D 顯示器的成像相關的實時 3D 音頻。所以這對我們來說真的是一個有趣的空間。

So just a couple slides on examples. So entertainment and gaming and hearing health, these are all very much direct to consumer correlated with major brands. So whether that's in someone's home, whether it's on their desktop, whether it's a smart conferencing solution where they want a different experience, or they're in a workplace and they don't want their audio bleeding over to their neighbor or their coworker, these are all very interesting solutions that we've been engaged with Tier 1 brands to deliver, hearing health, which I already mentioned.

所以只有幾張幻燈片示例。所以娛樂和遊戲以及聽力健康，這些都非常直接地面向與主要品牌相關的消費者。因此，無論是在某人的家中，無論是在他們的桌面上，無論是他們想要不同體驗的智能會議解決方案，還是他們在工作場所並且他們不希望他們的音頻流向他們的鄰居或同事，這些都是我們與一級品牌合作提供的非常有趣的解決方案，聽力健康，我已經提到過。

One of the fastest-growing segments for Comhear is our entrance and growth into immersive audio for the casino gaming space. The casino gaming space up until about three or four years ago was a bit antiquated, and now they've been growing into more dynamic content delivery. In addition to that, the consumer in that space and the player in that space has been changing. It's not the player of old. They demand different types of games, different mathematics into the content solutions, and how it interacts.

Comhear 增長最快的部分之一是我們進入和發展賭場遊戲領域的沉浸式音頻。直到大約三四年前，賭場遊戲領域還有些陳舊，而現在它們已經發展成為更具活力的內容交付領域。除此之外，該領域的消費者和該領域的玩家一直在變化。這不是老玩家。他們要求不同類型的遊戲、內容解決方案中的不同數學及其交互方式。

So there's been a lot of movement into licensing, lots of interesting solutions. Everything from celebrities to movie conglomerates to National Football League to F1 racing, and then deliver a real immersive experience. And what that does is it enhances consumer attachment to the content. It keeps them playing longer, and it's an overall better experience that's a little bit more engaged.

所以在許可方面有很多動作，有很多有趣的解決方案。從名人到電影集團，從國家橄欖球聯盟到 F1 賽車，應有盡有，然後提供真正身臨其境的體驗。這樣做的目的是增強消費者對內容的依戀。它讓他們玩得更久，而且整體體驗更好，參與度更高。

And then on our edge consumer engagement platform and specifically smart retail. We have solutions around helping brands communicate to their customer and enhance their equity when they talk to a consumer, whether it's through natural language processing, streaming the audio, creating a private conversation, allowing for immersive audio. For an example, maybe a sports drink brand has some type of promotional material it wants to run while this person is using this frictionless shopping platform. They can create a really unique and impactful immersive experience, both visually and through the audio that leaves that customer with a different feeling about that brand that's quite impactful.

然後是我們的邊緣消費者參與平台，特別是智能零售。我們的解決方案可以幫助品牌與客戶溝通，並在他們與消費者交談時提高他們的資產，無論是通過自然語言處理、流式傳輸音頻、創建私人對話，還是允許沉浸式音頻。例如，當這個人正在使用這個無摩擦的購物平台時，運動飲料品牌可能有某種類型的宣傳材料。他們可以通過視覺和音頻創造真正獨特且有影響力的沉浸式體驗，讓客戶對這個極具影響力的品牌產生不同的感覺。

So yeah, so overall, we're really excited. We see a lot of areas where Comhear adds a unique market penetration into brand, into areas that aren't necessarily direct to consumer. It's consumer related but has different market trends and cycles. So we think that adds something.

是的，總的來說，我們真的很興奮。我們看到 Comhear 在很多領域為品牌增加了獨特的市場滲透，進入不一定直接面向消費者的領域。它與消費者相關，但具有不同的市場趨勢和周期。所以我們認為這增加了一些東西。

Also, our suite of services is both software licensing, IP and reference and module related. So we have several different ways to deliver those revenues, and we think it's complimentary to what WiSA is doing. And the two together, I think, is a great story. But also, functionally, I think it's going to be a great move.

此外，我們的服務套件與軟件許可、IP 和參考以及模塊相關。所以我們有幾種不同的方式來提供這些收入，我們認為這是對 WiSA 正在做的事情的補充。我認為，兩者結合在一起是一個很棒的故事。而且，在功能上，我認為這將是一個偉大的舉措。

All right. Thanks, Mike. Excuse me. So before we open up for questions today, I think we're excited about this opportunity. I think it strengthens our relationship with key customers. It deepens our IP portfolio. And so we're looking forward to completing a set of final documents and sending this out for shareholder vote and closing the transaction in Q3.

好的。謝謝，邁克。打擾一下。因此，在我們今天開始提問之前，我想我們對這個機會感到很興奮。我認為這加強了我們與主要客戶的關係。它深化了我們的知識產權組合。因此，我們期待完成一組最終文件並將其發送給股東投票並在第三季度完成交易。

And with that, operator, we'll open up the call for Q&A.

有了這個，接線員，我們將打開問答電話。

(Operator Instructions) Jim McIlree, Dawson James.

（操作員說明）Jim McIlree，Dawson James。

Thank you. Good morning.

謝謝。早上好。

Good morning, Jim.

早上好，吉姆。

The $10 to -- hey, guys. The $10 million to $15 million in revenue that you're looking for next year, can you just break that down in a range of what you think it'll be from the legacy WiSA versus the acquired Comhear?

10 美元——嘿，伙計們。您希望明年獲得 1000 萬到 1500 萬美元的收入，您能否將其分解為您認為來自遺留 WiSA 與收購的 Comhear 的範圍？

So we didn't do that. I think the characteristics between the two, Jim, is there's a large pipeline of design work going in. Anyone can move by a quarter or two and it makes a difference. But if you want to split it out, roughly, it's $5 million to $10 million for each.

所以我們沒有那樣做。吉姆，我認為兩者之間的特點是有大量的設計工作正在進行。任何人都可以移動一兩個季度，這會有所不同。但如果你想把它分開，大概是每個 500 萬到 1000 萬美元。

Okay. That's helpful. Thank you. And in the Comhear deck, it shows that they sell modules, as well as IT licensing. Is there -- can you give us some indication about the split between those two revenue streams now and what you think it'll be in the future? And that's just for the Comhear side.

好的。這很有幫助。謝謝。在 Comhear 平台上，它表明他們銷售模塊以及 IT 許可。有沒有 - 你能給我們一些關於現在這兩個收入來源之間的分配以及你認為未來會怎樣的指示嗎？這只是針對 Comhear 方面。

Just for the Comhear side? Mike, do you want to answer that?

只是為了 Comhear 方面？邁克，你想回答這個問題嗎？

Yeah. So when we say modules, we mean integrated audio hardware that has our technology on it and the software. So moving forward, we see a higher ratio of software licensing and IP licensing over the hardware component. And moving directly to -- or I should say the majority of our revenue will be off of reference designs, our IP licensing, and our software stack with our suite of solutions.

是的。因此，當我們說模塊時，我們指的是集成了我們的技術和軟件的音頻硬件。因此，展望未來，我們看到硬件組件的軟件許可和 IP 許可比例更高。並直接轉移到——或者我應該說我們的大部分收入將來自參考設計、我們的 IP 許可以及我們的軟件堆棧和我們的解決方案套件。

So we do take a revenue share off of the hardware that's delivered to consumers through our global manufacturing partners. That will shrink as our software and licensing income increases, which is higher revenue for us and is a good compliment to WiSA.

因此，我們確實從通過我們的全球製造合作夥伴交付給消費者的硬件中獲取了收入分成。隨著我們的軟件和許可收入增加，這將減少，這對我們來說是更高的收入，也是對 WiSA 的一個很好的讚美。

Understood. That's great. Thank you. And I know you didn't put this in the release, but can you just give us a -- either a range or a broad-brush characterization of the Comhear cash burn in, either recently, or the expectation for 2023?

明白了。那太棒了。謝謝。而且我知道你沒有把它放在新聞稿中，但你能否給我們一個 - 最近或對 2023 年的預期的 Comhear 現金消耗的範圍或粗略的描述？

Well, our expectations when we get consolidated is that it would not impact our cash burn as a company. So there would be offsetting, cost reductions in the WiSA group to absorb the Comhear expenses. But they have a very lean operation right now. And that's -- one of the advantages of the merger for them, I think, is to fold into a company that's been built out.

好吧，當我們合併時，我們的期望是它不會影響我們作為一家公司的現金消耗。因此，WiSA 集團將進行抵消性的成本削減，以吸收 Comhear 的費用。但他們現在的運營非常精簡。那就是 - 我認為合併對他們的優勢之一就是合併到一家已經建成的公司中。

Understood, understood. Okay, great. Thank you. And I'm sorry, just a couple of more. Is there going to be a merger of the R&D teams, or are they going to operate separately?

明白了，明白了。好的，太好了。謝謝。對不起，還有幾個。研發團隊是要合併，還是要分開運營？

Well, it depends what timeframe you are, right? If you go out three years, there's one team that's working on all opportunities based on the value of the opportunities, right? If you're looking at day one, both teams are highly focused on getting their initial customers launched, and I don't think we would change that in year one. But --

好吧，這取決於您的時間範圍，對嗎？如果你出去三年，就會有一個團隊根據機會的價值來處理所有機會，對嗎？如果你關注第一天，兩個團隊都高度專注於啟動他們的初始客戶，我認為我們不會在第一年改變這一點。但 -

Yeah. I guess I'm thinking day 180 or the midpoint of that. Okay. Never mind, Brett. I think I see what you're saying, so that's fine. I get it. Thank you. I'll withdraw that.

是的。我想我正在考慮第 180 天或那一天的中點。好的。沒關係，布雷特。我想我明白你在說什麼，所以沒關係。我得到它。謝謝。我會撤回那個。

And my last one is can you just talk about the inventory reserve in the quarter that you reported? What was that about? And are there -- I'm assuming that you think that's all you need to reserve, but is there additional risk for the inventory that WiSA is holding right now?

我的最後一個問題是你能談談你報告的那個季度的庫存儲備嗎？那是關於什麼的？還有——我假設你認為這就是你需要儲備的全部，但是 WiSA 現在持有的庫存是否有額外的風險？

So -- well, so the answer to that is we do not believe so -- or we would've had a different reserve, right? The reserve largely is addressing an imbalance between different components, which is a legacy of the whole COVID supply chain debacles. So I believe we've adequately reserved for products that are misbalanced. We have a number of products that are still going into production on HT that have three- to four-year life. So I think we're set -- okay.

所以 - 好吧，答案是我們不相信 - 或者我們會有不同的儲備，對吧？儲備主要是為了解決不同組成部分之間的不平衡，這是整個 COVID 供應鏈崩潰的遺留問題。所以我相信我們已經為失衡的產品做好了充分的準備。我們有許多產品仍在 HT 上投入生產，它們的使用壽命為三到四年。所以我認為我們已經準備好了——好的。

Got it. Okay. And just one more if I might. So the operating expenses this quarter down about $800,000 from Q4. Is the current operating expense run rate stable for the rest of the year? Flat? Down? Up? Can you characterize directionally what you think OpEx is going to do just on the WiSA side for the rest of the year?

知道了。好的。如果可以的話，再多一個。因此本季度的運營費用比第四季度減少了約 800,000 美元。在今年剩餘時間裡，當前的運營費用運行率是否穩定？平坦的？向下？向上？您能否定向描述您認為今年餘下時間 OpEx 將在 WiSA 方面做什麼？

Yeah. So it will be up in Q4 as we launch the 5.1.4 soundbar with WiSA DS. We think there's -- we're continuing to look at pushing expenses down in Q2 and Q3, so I don't see it going back up. Q4 with Christmas season, we'll have some additional marketing expense in it.

是的。因此，當我們推出帶有 WiSA DS 的 5.1.4 條形音箱時，它將在第四季度推出。我們認為 - 我們將繼續考慮降低第二季度和第三季度的開支，所以我認為它不會回升。第 4 季度聖誕節期間，我們會有一些額外的營銷費用。

And that additional is relative to Q1, or relative to the potential declines in Qs 2 and 3?

而這個額外是相對於 Q1，還是相對於 Qs 2 和 3 的潛在下降？

Both.

兩個都。

Okay. Okay, fantastic. Thank you so much and congratulations on the transaction. It looks very interesting.

好的。好的，太棒了。非常感謝並祝賀交易。看起來很有趣。

Thanks, Jim.

謝謝，吉姆。

Jack Vander Aarde, Maxim Group.

Jack Vander Aarde，馬克西姆集團。

Okay, great. Good morning, guys. I appreciate the update, and good to see the strong 2024 growth outlook. So Brett, it's clearly been a tough environment for the entire consumer electronics industry, as I mentioned last quarter, but it sounds like you're still expecting 2023 growth. Can you just talk about the industry headwinds in general and what you're seeing in your -- maybe your online marketing data?

好的，太好了。早上好傢伙。我很欣賞更新，很高興看到 2024 年強勁的增長前景。所以布雷特，正如我上個季度提到的那樣，對於整個消費電子行業來說，這顯然是一個艱難的環境，但聽起來你仍然期待 2023 年的增長。你能談談一般的行業逆風以及你在你的——也許是你的在線營銷數據中看到的嗎？

And then I'll have a follow up just from the pandemic highs in 2020 and consumers refreshing their -- I guess, upgrading their home theaters. Is there an upcoming refresh cycle to think about from those consumers? Thanks, Brett.

然後，我將從 2020 年的大流行高點開始跟進，消費者更新他們的——我想是升級他們的家庭影院。這些消費者是否需要考慮即將到來的更新周期？謝謝，布雷特。

All right, Jack. That's a lot of big questions. All right. So from a demand perspective, we think we get a fairly solid pulse from the Platin Audio line, right? It's not our main business, but we see stuff turn. And from what we've seen this quarter so far, we -- at least if you make price moves, tough price moves, in some cases, consumers respond, which is good, but I still personally believe consumers are pretty tight on the wallets.

好吧，傑克。這是很多大問題。好的。所以從需求的角度來看，我們認為我們從 Platin Audio 系列中獲得了相當穩定的動力，對吧？這不是我們的主要業務，但我們看到了事情的轉機。從我們本季度到目前為止所看到的情況來看，我們 - 至少如果你進行價格變動，價格變動很大，在某些情況下，消費者會做出反應，這很好，但我個人仍然認為消費者的錢包非常緊張.

There's a fair amount of inflation sucking up discretionary income. But we've seen response. We've seen demand change with price actions. So we'll continue to take those price actions in Q2 and Q3 to align the speaker business with the new products that are rolling out. Right?

有相當數量的通貨膨脹吸收了可自由支配的收入。但我們已經看到了回應。我們已經看到需求隨著價格行為而變化。因此，我們將在第二季度和第三季度繼續採取這些價格行動，以使揚聲器業務與即將推出的新產品保持一致。正確的？

The point of the marketing in Q3 and Q4 around the speakers is really to talk about WiSA and Atmos and immersive audio. So we will move the smaller ones out and we will focus on Atmos, 5.1.2 Monaco, which has the bigger speakers and the upfiring speakers in the front. And then at a lower price point, we'll focus on the 5.1.4 soundbar.

第三季度和第四季度圍繞揚聲器的營銷重點實際上是談論 WiSA 和 Atmos 以及身臨其境的音頻。因此，我們將把較小的揚聲器移出，我們將專注於 Atmos，5.1.2 Monaco，它有更大的揚聲器和前面的向上發聲揚聲器。然後以較低的價格，我們將專注於 5.1.4 條形音箱。

They both have advantages. The soundbar is cheaper, but it's got rear upfiring speakers, whereas the Atmos system is a killer sound field for -- with bigger speakers, right? So that's what we see on the consumer side.

他們都有優勢。條形音箱更便宜，但它有後置向上發聲的揚聲器，而 Atmos 系統是一個殺手聲場 - 更大的揚聲器，對吧？這就是我們在消費者方面看到的。

What was the next question you had?

你的下一個問題是什麼？

Yeah. From the pandemic highs where everyone was in their -- the COVID cage, upgrading their home theaters back in 2020, 2021, are we -- is there a potential for a refresh cycle from those consumers further upgrading their home theaters?

是的。從每個人都在 COVID 籠子裡的大流行高點開始，我們在 2020 年、2021 年升級了他們的家庭影院，我們是否有可能從這些消費者那裡進一步升級他們的家庭影院來進行更新周期？

Well, I don't -- yeah, I don't think there's a refresh cycle on TVs coming. But I do think there's an opportunity for the audio space. I wouldn't say refresh, but to extend that home entertainment piece. So if you look at building -- yeah, whether a soundbar, soundbar with rears, a full 5.1 or 5.1.2, whatever speaker system around that TV, you still have 75% of the TV sold without external audio.

好吧，我不——是的，我認為電視不會出現更新周期。但我確實認為音頻領域有機會。我不會說更新，而是擴展家庭娛樂。因此，如果你看一下建築——是的，無論是條形音箱、帶後置的條形音箱、完整的 5.1 或 5.1.2，無論電視周圍的揚聲器系統是什麼，你仍然有 75% 的電視在沒有外部音頻的情況下售出。

And if you think about your experience in the movie theater or your experience when you go to a professional sports event, that immersive audio really is impactful, right? So we think as the consumers either see their wallets expanding with wage increases or price discounts, so expands the reach of their disposable income, that this fall should see a rebound in audio demand.

如果你想想你在電影院的經歷或你參加職業體育賽事的經歷，那種身臨其境的音頻真的很有影響力，對吧？因此，我們認為，隨著消費者看到他們的錢包隨著工資上漲或價格折扣而增加，從而擴大了他們可支配收入的範圍，今年秋季音頻需求應該會出現反彈。

Okay, great. And then just a follow-up. I'm not sure what you can comment, I haven't looked too deep into the 10-Q yet. But with the pending acquisition on Comhear, can you connect this to your ongoing exploration of strategic alternatives that's been laid out in your prior filings? Is this all tied together to just satisfy what you were -- your exploration? Just any update there would be helpful.

好的，太好了。然後只是跟進。我不確定你能評論什麼，我還沒有深入研究 10-Q。但是對於 Comhear 的未決收購，您能否將其與您在之前的文件中列出的戰略替代方案的持續探索聯繫起來？這一切都捆綁在一起只是為了滿足你的 - 你的探索嗎？那裡的任何更新都會有所幫助。

Yeah. So we are still active in conversations around strategic partnering with bigger companies. We think the Comhear opportunity is a great opportunity if we say standalone, and potentially depending on which strategic partner we're talking about, could strengthen our opportunity to be of value to a bigger partner.

是的。因此，我們仍然積極與大公司就戰略合作夥伴關係進行對話。我們認為 Comhear 的機會是一個很好的機會，如果我們說獨立，並且可能取決於我們正在談論的戰略合作夥伴，可以加強我們對更大的合作夥伴有價值的機會。

Okay. Great. Well, I appreciate the comments there. Again, congrats on the strong growth outlook and the exciting announcement of Comhear. Looking forward to tracking it. Thanks, Brett.

好的。偉大的。好吧，我很欣賞那裡的評論。再次祝賀 Comhear 強勁的增長前景和激動人心的公告。期待跟踪它。謝謝，布雷特。

Thanks, Jack.

謝謝，傑克。

This concludes our question-and-answer session. I would like to turn the conference back over to Brett Moyer for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給 Brett Moyer 作任何閉幕詞。

Yeah. So I'd like to thank the people that are taking the time this early morning for today to listen to the call. I'm certainly available for calls, but look, the WiSA team is excited on two fronts, both with the traction and the performance we're getting out of WiSA DS and WiSA E, and the possibility -- the attempt to merge that with the efforts coming from Comhear.

是的。因此，我要感謝今天清晨抽出時間來聽取電話會議的人們。我當然可以接聽電話，但是看，WiSA 團隊在兩個方面都很興奮，一方面是我們從 WiSA DS 和 WiSA E 中獲得的牽引力和性能，另一方面是嘗試將其與來自 Comhear 的努力。

We think the two teams can execute well. They can be a more valuable partner to some of our customers and vice versa with our customers. And we look forward to our next call with you in August. And that's it. Operator?

我們認為兩支球隊的表現都很好。他們可以成為我們的一些客戶更有價值的合作夥伴，反之亦然。我們期待著 8 月與您的下一次通話。就是這樣。操作員？

The conference has now concluded. Thank you for attending today's presentation and you may now disconnect.

會議現已結束。感謝您參加今天的演講，您現在可以斷開連接。