iPower Inc (IPW) 2023 Q4 法說會逐字稿

Good afternoon, everyone, and thank you for participating in today's conference call to discuss iPower's financial results for its fiscal fourth-quarter and full year 2023, ended June 30, 2023. Joining us today are iPower's Chairman and CEO, Mr. Lawrence Tan; and the company's CFO, Mr. Kevin Vassily.

大家下午好，感謝大家參加今天的電話會議，討論 iPower 截至 2023 年 6 月 30 日的第四財季和 2023 年全年財務業績。今天加入我們的是 iPower 董事長兼首席執行官 Lawrence Tan 先生；以及公司財務長 Kevin Vassily 先生。

Mr. Vassily, please go ahead.

瓦西里先生，請繼續。

Thank you, operator, and good afternoon, everyone. By now, everyone should have access to our fiscal fourth-quarter and full year 2023 earnings press release, which was issued earlier today at approximately 4.05 PM Eastern Time. The release is available in the Investor Relations section of our website at meetipower.com.

謝謝接線員，大家下午好。到目前為止，每個人都應該可以閱讀我們今天早些時候於東部時間下午 4 點左右發布的第四財季和 2023 年全年收益新聞稿。新聞稿可在我們網站 meetipower.com 的投資者關係部分取得。

This call will also be available for webcast replay on our website. Following our prepared remarks, we'll open the call for your questions.

此次電話會議也可在我們的網站上進行網路直播重播。在我們準備好的發言之後，我們將開始電話詢問您的問題。

Before I introduce Lawrence, I'd like to remind listeners that certain comments made on this conference call and webcast are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements.

在介紹勞倫斯之前，我想提醒聽眾，根據1995 年《私人證券訴訟改革法案》，本次電話會議和網路廣播中的某些評論被視為前瞻性陳述。這些前瞻性陳述受到某些已知和未知的因素的影響。風險和不確定性以及可能導致實際結果與這些前瞻性陳述中反映的結果有重大差異的假設。

These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company's filings with the SEC. Do not place undue reliance on any forward-looking statements, which are being made only as of the date of this call, except for what is required by law. The company undertakes no obligation to revise or publicly release the results of any revision to any forward-looking statements.

這些前瞻性陳述也受到該公司向 SEC 提交的文件中不時描述的其他風險和不確定性的影響。請勿過度依賴任何前瞻性陳述，這些陳述僅截至本次電話會議之日作出，法律要求的除外。本公司不承擔修改或公開發布任何前瞻性陳述的任何修改結果的義務。

With that, I would now like to turn the call over to iPower's Chairman and CEO, Lawrence Tan. Lawrence?

現在，我想將電話轉給 iPower 董事長兼執行長 Lawrence Tan。勞倫斯？

Thank you, Kevin, and good afternoon, everyone. Fiscal 2023 marked our third consecutive year of double-digit revenue growth, reaching record sales of almost $90 million. This was driven by the consistent, strong demand for our in-house products and continued expansion of our non-hydroponics portfolio.

謝謝你，凱文，大家下午好。 2023 財年是我們連續第三年實現兩位數營收成長，銷售額達到近 9,000 萬美元的創紀錄水準。這是由於對我們內部產品的持續強勁需求以及我們的非水耕產品組合的持續擴張所推動的。

Throughout the year, we continued to prioritize our in-house brands, which made up more than 90% of the revenue, demonstrating our ability to research, develop, and market high-demand products. We are seeing particularly strong momentum in our home category, which includes shelving and fans, as well as our pet category, as some of our older SKUs gained a margin share.

全年我們持續優先發展自有品牌，該品牌佔營收的90%以上，展現了我們研發和行銷高需求產品的能力。我們看到家居類別（包括架子和風扇）以及寵物類別的勢頭特別強勁，因為我們的一些較舊的 SKU 獲得了利潤份額。

Additionally, we experienced incremental gains from new SKUs introduced throughout the year. We will continue to invest in the development of new innovative segments to create even greater value for our customers.

此外，我們也從全年推出的新 SKU 中獲得了增量收益。我們將繼續投資開發新的創新領域，為客戶創造更大的價值。

As we have mentioned on past conference calls, hydroponics has become a smaller portion of our business today, as we've placed a strong emphasis on diversifying our product mix outside the category. For fiscal 2023, non-hydroponics sales made up more than 75% of the revenue. Despite growing other categories within our portfolio, we will continue to offer high-quality hydroponics products and invest in the vertical economy as that market evolves.

正如我們在過去的電話會議中提到的那樣，水耕技術如今已成為我們業務的一小部分，因為我們非常重視在該類別之外實現產品組合的多樣化。 2023財年，非水耕銷售額佔營收的75%以上。儘管我們的產品組合中的其他類別不斷增長，但我們將繼續提供高品質的水耕產品，並隨著市場的發展投資於垂直經濟。

Since launching our business services program earlier in the year, we have begun to see promising tractions with both current and prospective partners. For those who are unfamiliar, our goal is to leverage our superior supply chain, warehousing, and merchandising expertise to drive sales growth for partners that have innovative product portfolios.

自從今年稍早推出我們的商業服務計劃以來，我們已經開始看到現有和潛在合作夥伴的良好吸引力。對於那些不熟悉的人來說，我們的目標是利用我們卓越的供應鏈、倉儲和銷售專業知識來推動擁有創新產品組合的合作夥伴的銷售成長。

Since inception, we have partnered with companies that operate in home goods and electronic categories. We are still in the early stages but are encouraged by the initial feedback and sales momentum. We look forward to share updates as this segment grows and are excited to offer our services, help more brands and partners grow their businesses.

自成立以來，我們一直與經營家居用品和電子產品的公司合作。我們仍處於早期階段，但對最初的回饋和銷售動能感到鼓舞。隨著這一細分市場的發展，我們期待分享最新動態，並很高興能夠提供我們的服務，幫助更多品牌和合作夥伴發展業務。

As I mentioned on our last conference call, we have been ramping sales and marketing to work through higher-priced inventory. During the fiscal fourth quarter, we sold most of the remaining higher-cost goods, which we expect will improve gross margins moving forward. We also don't have to carry as much inventory on hand, given the improved supply chain, which will reduce our operating expenses in fiscal 2024 as we save on warehousing expenses.

正如我在上次電話會議上提到的，我們一直在加大銷售和行銷力度，以應對價格較高的庫存。在第四財季，我們銷售了大部分剩餘的成本較高的商品，我們預計這將提高未來的毛利率。鑑於供應鏈的改善，我們也不必持有那麼多庫存，這將減少我們 2024 財年的營運費用，因為我們節省了倉儲費用。

Looking ahead into fiscal 2024, we no longer have the burden of short-term warehousing leases, high-cost inventory, or the need for excess promotional spend. We will continue to focus on diversifying our sales mix while adding new cutting-edge offerings to our in-house product portfolio.

展望 2024 財年，我們不再有短期倉儲租賃、高成本庫存或額外促銷支出的負擔。我們將繼續專注於銷售組合多元化，同時為我們的內部產品組合添加新的尖端產品。

All of this, coupled with an improved supply chain, normalized inventory levels, and continued strong demand for our in-house products, we are well-equipped to deliver on our growth and profitability initiatives in the year ahead. I will now turn the call over to our CFO, Kevin Vassily, to take you through our financial results in more details.

所有這些，再加上供應鏈的改善、庫存水準的正常化以及對我們內部產品的持續強勁需求，我們已經做好了充分準備，可以在未來一年實現我們的成長和獲利計劃。我現在將把電話轉給我們的財務長凱文·瓦西里 (Kevin Vassily)，讓您更詳細地了解我們的財務業績。

Kevin, please.

凱文，請。

Yeah. Thanks, Lawrence. Unless referenced otherwise, all variance commentary is versus the prior-year quarter. So let me get into the fiscal Q4 results.

是的。謝謝，勞倫斯。除非另有說明，否則所有差異評論均與去年同期相比。讓我來談談第四季的財務結果。

Total revenue increased 6%, $23.4 million, compared to $22.1 million. The increase was primarily driven by greater product sales to our largest channel partner, as well as strong demand for our non-hydroponic product portfolio.

總收入從 2,210 萬美元成長 6% 至 2,340 萬美元。這一成長主要是由於我們最大的通路合作夥伴的產品銷量增加以及對我們的非水耕產品組合的強勁需求所推動的。

Gross profit in the fiscal fourth quarter remained flat at $9.1 million compared to the year-ago quarter. As a percentage of revenue, gross margin was 38.7% compared to 41.2%. The decrease in gross margin was primarily driven by higher cost of goods sold related to inventory that previously incurred higher freight charges, as well as normal variations in product and channel mix. With the normalization of freight rates, we expect gross margin to improve in fiscal 2024.

第四財季毛利與去年同期持平，為 910 萬美元。毛利率佔收入的百分比為 38.7%，而去年同期為 41.2%。毛利率下降的主要原因是與庫存相關的銷售成本上升（之前產生了較高的運費）以及產品和通路組合的正常變化。隨著運費正常化，我們預計 2024 財年毛利率將有所改善。

Total operating expenses for fiscal Q4 were $12 million compared to $10.6 million for the same period in fiscal 2022. The increase was driven in part by non-core expense related to legal and arbitration proceedings, as well as higher selling, fulfillment, and marketing costs related to the sale of inventory built up in prior quarters.

第四財季的總營運費用為1,200 萬美元，而2022 財年同期為1,060 萬美元。這一增長的部分原因是與法律和仲裁程序相關的非核心費用，以及更高的銷售、履行和行銷成本與銷售前幾季建立的庫存有關。

Net loss attributable to iPower in the fiscal fourth quarter was $3 million or $0.10 per share compared to a net loss of $1.3 million or $0.05 per share. The decline was driven in part by the aforementioned higher operating expenses.

第四財季 iPower 的淨虧損為 300 萬美元，即每股 0.10 美元，而淨虧損為 130 萬美元，即每股 0.05 美元。下降的部分原因是上述營運費用增加。

Now quickly turning to our full year fiscal 2023 results. Total revenue for fiscal year 2023 increased 12% to $88.9 million compared to $79.4 million in fiscal 2022. The increase was primarily driven by greater product sales to our largest channel partner, as well as strong demand for our non-hydroponic and in-house product portfolios.

現在快速轉向我們的 2023 財年全年業績。與2022 財年的7,940 萬美元相比，2023 財年的總收入成長了12%，達到8,890 萬美元。這一增長主要是由於我們最大的通路合作夥伴的產品銷售量增加，以及對我們的非水耕和內部產品的強勁需求投資組合。

Gross profit for the year increased 5% to $34.8 million compared to $33.2 million, with gross margin percentage of 39.1%, compared to 41.8% in fiscal 2022. The decrease in gross margin percentage was driven primarily by the aforementioned higher cost of goods sold related to inventory that incurred those higher freight charges.

本年度毛利成長 5%，達到 3,480 萬美元，而 2022 財年為 3,320 萬美元，毛利率為 39.1%，而 2022 財年為 41.8%。毛利率下降主要是由於上述相關銷售成本較高所致。到產生較高運費的庫存。

Net loss attributable to iPower in fiscal 2023 was $12 million or $0.40 per share compared to net income of $1.5 million or $0.06 per share. The fiscal 2023 period included approximately $3 million related to goodwill impairment incurred earlier in the fiscal year, as well as some core non-operating expenses related to legal and arbitration proceedings.

2023 財年 iPower 的淨虧損為 1,200 萬美元，即每股 0.40 美元，而淨利為 150 萬美元，即每股 0.06 美元。 2023 財年期間包括與本財年早些時候發生的商譽減損相關的約 300 萬美元，以及與法律和仲裁程序相關的一些核心非營運費用。

Moving to the balance sheet, cash and cash equivalents were $3.7 million at June 30, 2023, compared to $1.8 million as of June 30, 2022. Total debt stood at $11.8 million compared to $16 million as of June 30, 2022. The decrease was driven by our strong debt paydown, which resulted in a 43% reduction in net debt to $8.1 million, compared to $14.2 million at June 30, 2022.

從資產負債表來看，截至2023 年6 月30 日，現金及現金等價物為370 萬美元，而截至2022 年6 月30 日為180 萬美元。負債總額為1,180 萬美元，而截至2022 年6 月30 日為1,600 萬美元。減少額為得益於我們強勁的債務償還能力，淨債務從 2022 年 6 月 30 日的 1,420 萬美元減少了 43% 至 810 萬美元。

Cash flow from operations for fiscal year 2023 improved significantly to $9.2 million compared to cash used of $16.6 million in the prior fiscal year. The increase was primarily driven by our planned reduction of inventory and associated improvement in working capital.

2023 財年的營運現金流大幅改善至 920 萬美元，而上一財年使用的現金為 1,660 萬美元。這一增長主要是由於我們計劃減少庫存以及相關的營運資金改善。

As Lawrence mentioned earlier, we do not need to carry as much inventory going forward, given the normalized supply chain that we currently see. As of June 30, we've successfully brought down our inventory by 33% to approximately $20 million, as compared to the inventory as of June 30, 2022.

正如勞倫斯之前提到的，鑑於我們目前看到的標準化供應鏈，我們未來不需要攜帶那麼多庫存。截至 6 月 30 日，與截至 2022 年 6 月 30 日的庫存相比，我們已成功將庫存減少了 33%，至約 2,000 萬美元。

And we expect to reduce this further in the coming months. Between the warehousing savings, the lower cost of goods to improve gross margins, coupled with the demand that we're seeing for our in-house products, we feel we are well-positioned to execute on our growth and profitability objectives in fiscal 2024.

我們預計在未來幾個月內進一步減少這一數量。節省倉儲費用、降低商品成本以提高毛利率，再加上我們看到的對內部產品的需求，我們認為我們有能力在 2024 財年實現成長和獲利目標。

With that, this concludes our prepared remarks. And we'll now open it up for questions. Operator?

我們準備好的演講到此結束。現在我們將開放提問。操作員？

(Operator Instructions) Scott Fortune, ROTH MKM.

（操作員說明）Scott Fortune，ROTH MKM。

Hi, good afternoon, and thanks for the question. Just wanted to get a sense for the cadence moving forward here. In the past quarter, you mentioned looking to return to normalized growth, annual growth, in the high teens to 20% levels. Can you step us through different business segments and the growth drivers to achieve more of that normalized, higher top-line growth that you're looking for?

你好，下午好，謝謝你的提問。只是想了解這裡前進的節奏。在上個季度，您提到希望恢復正常成長，年增長率達到 20% 的水平。您能否帶領我們了解不同的業務部門和成長動力，以實現您所尋求的更多正常化、更高的營收成長？

And then with that, how much of it is coming from new service offerings? I know it's in the initial stages. But I just wanted to get a sense for how much a new service segment is part of that, driving growth into fiscal year '24 here.

那麼，其中有多少是來自新的服務產品呢？我知道現在還處於初級階段。但我只是想了解新的服務細分市場在多大程度上推動了 24 財年的成長。

Kevin, you want me to take this question?

凱文，你想讓我回答這個問題嗎？

Yeah, you can take it, and I can add to it after you're finished.

是的，你可以拿走，我可以在你完成後添加它。

Sure. The service is at an early stage, but we have been working on it for a while. And this definitely takes time to set up the partnership to get a product physically moved, set up a sales channel and growth. But we have seen some pretty good results initially.

當然。該服務還處於早期階段，但我們已經為此工作了一段時間。建立合作夥伴關係以實際行動產品、建立銷售管道和實現成長肯定需要時間。但我們最初看到了一些相當不錯的結果。

While it hasn't yielded as much in terms of percentage of our sales, we believe it will grow to a recognizable chunk later -- earlier this fiscal year. So we'll keep you updated on the progress, which I'm pretty delightful to see how it goes right now.

雖然它在我們銷售額中所佔的百分比還沒有那麼高，但我們相信它會在稍後（本財年早些時候）增長到一個可識別的部分。因此，我們將隨時向您通報最新進展情況，我很高興看到目前的進展。

And in terms of categories, all of our categories, other than hydroponics, have been growing pretty healthily, including home, pets, and some of the new categories we introduced through our partnership with electronic manufacturers and brands. Yeah, I mean, I think both the product category expansion, more market share and sales growth on existing SKUs, as well as the new partnership will all contribute to the revenue growth in the coming fiscal year.

就品類而言，除了水耕之外，我們的所有品類都成長得相當健康，包括家居、寵物，以及我們透過與電子製造商和品牌合作推出的一些新品類。是的，我的意思是，我認為產品類別的擴展、現有 SKU 的市場份額和銷售成長以及新的合作夥伴關係都將有助於下一財年的收入成長。

Yeah. And Scott, let me -- I'll add a couple other things there. So there are a couple sources of acceleration that we're hoping to tap into this fiscal year, the biggest of which is kind of the resumption of the normalized inventory levels with our biggest channel partner, which I'm sure you know who that is.

是的。斯科特，讓我——我會添加一些其他內容。因此，我們希望在本財年利用幾個加速來源，其中最大的一個是與我們最大的通路合作夥伴恢復正常化的庫存水平，我相信你知道那是誰。

The predominant sales model we have with them is a wholesale sales model. And the slowdown in our kind of year-over-year sales was largely a function of that channel partner across the board -- not just with us, but across the board -- normalizing their inventory.

我們與他們的主要銷售模式是批發銷售模式。我們的同比銷售放緩在很大程度上是整個通路合作夥伴的角色——不僅是與我們合作，而是全面——使他們的庫存正常化。

And we think they're pretty close, if not done with that, which means we can start seeing kind of sales to them that match end demand. And there has been a mismatch of that probably for the last several quarters. So that's one, and I think we're pretty close to that.

我們認為他們已經非常接近了，即使還沒有完成，這意味著我們可以開始看到與最終需求相符的銷售。在過去的幾個季度中，這種情況可能一直存在不匹配的情況。這就是其中之一，我認為我們已經非常接近了。

The second piece would be some of the new channels that we're working on. We're now engaged very early on with Lowe's. We have a number of other offline relationships as well that are starting to get some momentum. And so any of those will be completely incremental sales for us that we, obviously, didn't have in prior years.

第二部分是我們正在開發的一些新管道。我們現在很早就與 Lowe's 合作。我們還有許多其他線下關係，這些關係也開始得到一些發展勢頭。因此，這些對我們來說都將是完全增量的銷售，顯然，我們在前幾年沒有這樣做。

So we're pretty optimistic that those will start to get some traction. And between the two of those, setting aside whether or not we can generate incremental sales yet from the services business, we're reasonably comfortable that that can get us back to some of our historical growth trends.

因此，我們非常樂觀地認為這些將開始受到一些關注。在這兩者之間，撇開我們是否可以從服務業務中產生增量銷售不談，我們相當滿意這可以讓我們回到一些歷史成長趨勢。

I think, Lawrence, you had one other thing you wanted to mention as well.

我想，勞倫斯，你還想提一件事。

Yeah, yeah. I mean, as you mentioned about extra channels, we have actually been successfully launching our business on TikTok Shops, where we sell directly to TikTok viewers. We are one of the very early participated sellers on TikTok platform that got approved.

是啊是啊。我的意思是，正如您所提到的額外管道，我們實際上已經成功在 TikTok 商店上開展業務，我們直接向 TikTok 觀眾銷售產品。我們是TikTok平台上最早獲得批准的參與賣家之一。

And so far, we have been running properly, and I think that's on track. And we haven't mentioned anything about it because the sales volume, even though it's been growing fast, it's insignificant as of June. But we have been seeing pretty steady growth on that.

到目前為止，我們一直在正常運行，我認為一切都步入正軌。我們沒有提及任何相關內容，因為銷售量雖然成長很快，但截至 6 月還是微不足道的。但我們已經看到了相當穩定的成長。

And once it reaches to a point where it becomes something that we think is worth mentioning, we'll definitely let you know. But I think that will be -- that should be soon, yeah.

一旦它達到我們認為值得一提的地步，我們一定會讓您知道。但我認為那將會——應該很快，是的。

I appreciate that color. That's helpful. Can we dig into -- next question -- dig into a little bit -- I know you have robust product development pipeline, and you're driving new product designs and new channels, like you said.

我很欣賞那種顏色。這很有幫助。我們能否深入探討下一個問題——深入一點——我知道你們擁有強大的產品開發管道，並且你們正在推動新產品設計和新管道，就像你們所說的那樣。

But just kind of step us through again the initial service partnerships in place, obviously, the ramping of that over the year. And do you have to put in new staffing or cost to really ramp that? Just kind of step us through kind of how we should look at the service offering, the initial ramps, and initial categories. And at what size would that require to ramp up more costs from your side to support?

但只是讓我們再次了解最初的服務合作夥伴關係，顯然，這一年的合作規模不斷擴大。您是否需要投入新的人員或成本才能真正提高這一點？只是讓我們來了解我們應該如何看待服務產品、初始階段和初始類別。達到什麼規模需要您增加更多成本來支持？

Yeah. In terms of like -- I would actually more describe this as partnership instead of servicing. Now in terms of personnel, we do not participate, at least at the early stage, we do not participate in product development. That's solely on our partner.

是的。就類似而言，我實際上更願意將其描述為合作夥伴關係而不是服務。現在在人員方面，我們不參與，至少在早期，我們不參與產品開發。這完全取決於我們的合作夥伴。

We provide human resources on merchandising, warehousing, and logistics mostly so that while it doesn't add a new type of labor cost on us, it does require the same amount of work as if we brought on our own new in-house product, like additional SKUs. Yeah, that's -- no structure changes, but more SKUs, more new SKUs means more work.

我們主要提供銷售、倉儲和物流方面的人力資源，這樣雖然不會增加我們新的勞動成本，但它確實需要與我們引進新的內部產品相同的工作量，例如額外的 SKU。是的，那就是——沒有結構變化，但更多的 SKU、更多的新 SKU 意味著更多的工作。

Got it. And just to kind of follow up on that, the opportunities out there, I know you've targeted electronics and home goods. But you're seeing a lot of potential partners here that could use the kind of the consulting or the merchandising, the warehousing, and even your e-comm expertise moving forward.

知道了。為了跟進那裡的機會，我知道您的目標是電子產品和家居用品。但您會在這裡看到很多潛在的合作夥伴，他們可以利用諮詢或推銷、倉儲，甚至您的電子商務專業知識來推動發展。

What's the key there? Just kind of how open is this to you, and what's the key for these guys coming on with you with the service offering?

那裡的鑰匙是什麼？這對你來說有多開放，這些人與你一起提供服務的關鍵是什麼？

Yeah. Most of the guys that we currently partner with have shared -- similar characteristics where they are both manufacturers, and they are also online retailers. Most of these manufacturers have been trying to do online with their in-house teams and yield not so satisfied results.

是的。我們目前合作的大多數人都具有相似的特徵，他們都是製造商，也是線上零售商。這些製造商中的大多數一直在嘗試與其內部團隊進行線上合作，但結果並不那麼令人滿意。

And in turn, they came to us because we have better merchandising skills. We have better knowledges and deeper channel integrations. And we do this -- they consider us as expertise in this side. So we work together. That's why they came to us.

反過來，他們來找我們是因為我們有更好的行銷技巧。我們擁有更豐富的知識和更深入的通路整合。我們這樣做——他們認為我們是這方面的專家。所以我們一起工作。這就是他們來找我們的原因。

They tried. While they have pretty good products, a lot of times, they can't sell better than competitors who are not as competitive than theirs. So they realized that they need help. They need to partner with somebody like us.

他們嘗試了。雖然他們有相當好的產品，但很多時候，他們的銷售並不能比那些競爭力不如他們的競爭對手更好。所以他們意識到他們需要幫助。他們需要與我們這樣的人合作。

That's perfect. I appreciate, Lawrence, for that color. I will -- thanks for all the answers to the questions.

那很完美。勞倫斯，我很欣賞這種顏色。我會——感謝您對所有問題的回答。

Right. Cool. Thanks, Scott.

正確的。涼爽的。謝謝，斯科特。

(Operator Instructions) Thierry Wuilloud, Water Tower Research LLC.

（操作員說明）Thierry Wuilloud，水塔研究有限責任公司。

Hey, good afternoon, Lawrence. Good afternoon, Kevin. Thanks for taking the call. Scott has covered a lot of ground. But you mentioned with the business services, you mentioned home goods and electronics, does that mean you have a second client or a second relationship there already? You've announced one so far.

嘿，下午好，勞倫斯。下午好，凱文。感謝您接聽電話。斯科特已經涵蓋了很多內容。但是您提到商業服務，您提到家居用品和電子產品，這是否意味著您已經在那裡有了第二個客戶或第二個關係？到目前為止你已經宣布了一項。

Yes, we are already selling computer monitors with our partners online as of today, as we're speaking.

是的，正如我們所說，從今天開始，我們已經在網路上與我們的合作夥伴一起銷售電腦顯示器。

Okay. (multiple speakers)

好的。 （多個發言者）

We haven't announced the name as of yet. So when we get to a position where we're comfortable and they're comfortable, we'll do that. But as of this point, we haven't announced who they are yet.

目前我們還沒有公佈這個名字。因此，當我們達到一個讓我們感到舒適並且他們也感到舒適的位置時，我們就會這樣做。但截至目前，我們還沒有宣布他們是誰。

Okay. Well, it's great to see a second partnership there. Any comments on the pipeline in terms of where do you expect to end at the end of the first quarter in terms of how many partners you might be working with?

好的。嗯，很高興在那裡看到第二次合作。關於您預計第一季末將在哪裡結束以及您可能與多少合作夥伴合作，您對管道有何評論？

The number of our partnership will not be many. Even going forward, it will not be many. But we are partnering with companies who are at billion dollars revenue scale.

我們的合作夥伴數量不會很多。即使往後看，也不會很多。但我們正在與收入規模達數十億美元的公司合作。

So while the number of partners are limited, the sales are probably not going to be limited. So the key here is how much revenue we'll get and what we'll be -- through that partnership, are we going to be the top three or the best sellers in that category? I think that's more of my goals, yeah.

因此，雖然合作夥伴的數量有限，但銷售額可能不會受到限制。因此，這裡的關鍵是我們將獲得多少收入以及我們將成為什麼——透過這種合作關係，我們是否會成為該類別中的前三名或最暢銷的產品？我認為這更多是我的目標，是的。

Great. That's helpful. Maybe one more question. You mentioned in the prepared remark and I think on the press release that you are well-positioned to execute on your profitability objectives in fiscal 2024.

偉大的。這很有幫助。也許還有一個問題。您在準備好的評論中提到，我認為在新聞稿中，您有能力實現 2024 財年的獲利目標。

Any commentaries as to what those profitability objectives are? I'm not sure how much detail you want to give us, but maybe some rough numbers at the gross margin level and maybe whether you think you'll be positive at the net income level.

關於這些獲利目標有什麼評論嗎？我不確定您想向我們提供多少細節，但也許是毛利率水平的一些粗略數字，也許您認為您在淨利潤水平上是否會持積極態度。

Yeah. I'll take that one. So we don't give guidance, forward guidance, partly given the nature of the business, partly given the fact that we're still a pretty small company. What we've said in different forums is that now that we are back to a more normalized environment, we believe that we can -- or we should be able to achieve the profitability profile that we had prior to the big inventory build that we had.

是的。我會接受那個。因此，我們不會提供指導、前瞻性指導，部分是考慮到業務的性質，部分是考慮到我們仍然是一家相當小的公司。我們在不同論壇上所說的是，既然我們回到了更加正常化的環境，我們相信我們可以——或者我們應該能夠實現我們在大規模庫存建設之前所擁有的盈利能力。 。

So we were clearly EBITDA positive. We were clearly net income positive. We had gross margins in the 42% to 45% range. And that was -- the fluctuation there was largely a function of the large product category and some of the multiple channels that we sell through.

所以我們的 EBITDA 顯然是正面的。我們的淨利潤顯然為正。我們的毛利率在 42% 到 45% 之間。那就是——波動很大程度上是由於大型產品類別和我們銷售的一些多種管道造成的。

And that multivariate mix can create some changes quarter to quarter. But that would be an achievable profile to get to at some point during the fiscal 2024 year. That does not include contribution from the services business, and we think that that is likely a reasonably accretive business for us going forward.

這種多元組合可能會每季產生一些變化。但這將是 2024 財年某個時候可以實現的目標。這不包括服務業務的貢獻，我們認為這對我們未來來說可能是一項相當可增值的業務。

So we don't want to give a timetable, but we're pretty comfortable that we're back. We're looking into a next period of time for us where, given the normalized supply chain, our prior levels of gross margin and EBITDA and net income margin should be achievable.

所以我們不想給出時間表，但我們很高興我們回來了。我們正在研究下一個時期，在供應鏈正常化的情況下，我們先前的毛利率、EBITDA 和淨利潤率水準應該是可以實現的。

So hopefully, that's helpful.

希望這會有所幫助。

Yeah, that's very helpful. Thank you very much.

是的，這非常有幫助。非常感謝。

Maybe one last question. In terms of the business services, can you give us a sense as to -- that will show up as a -- how are you compensated for that service that you provide? How you're going to be -- is it going to be at a revenue level, and you'll buy and sell the product? Or are you just going to get a net margin? How should we think of that?

也許還有最後一個問題。在商業服務方面，您能否讓我們了解一下—這將表現為—您提供的服務如何獲得報酬？你將如何－是否會達到收入水平，並且你會購買和銷售產品？還是你只是想獲得淨利？我們該如何看待這一點？

At this moment, different -- since these partners are pretty sizable ones, I won't expect every single one to follow the same exact template. But so far, the ones that we set up is running in a term where we cut purchase order to the partners. So it will be like a buy-sell relationship at the very basic. So it's not a commission model, not for a bit.

此時此刻，情況有所不同——因為這些合作夥伴規模相當大，我不會期望每個合作夥伴都遵循相同的模板。但到目前為止，我們設立的項目正在運行，我們削減了對合作夥伴的採購訂單。因此，從根本上來說，這就像是一種買賣關係。所以這不是佣金模式，一點也不。

And there won't really be inventory risk or anything of that nature for you?

對您來說真的不會有庫存風險或任何類似的風險嗎？

What we set up so far is that we help providing services on logistics and warehousing, while the inventory ownership doesn't transfer unless we have a sales from our subsequential channels. So there will -- the risk of inventory really -- and they fall on the partners and not us.

目前我們的設定是，我們幫助提供物流和倉儲服務，而庫存所有權不會轉移，除非我們有後續管道的銷售。因此，確實存在庫存風險，而且這些風險落在合作夥伴身上，而不是我們身上。

Okay. Great. Hey, thanks for the -- thanks to -- take my questions and looking forward to a good 2024.

好的。偉大的。嘿，謝謝您回答我的問題，並祝您 2024 年一切順利。

Thank, Thierry.

謝謝，蒂埃里。

Thank you.

謝謝。

Thanks.

謝謝。

Thank you. I would now like to turn the conference back to Kevin Vassily for closing remarks. Sir?

謝謝。現在我想請凱文·瓦西里（Kevin Vassily）致閉幕詞。先生？

Yeah. Thank you, operator. Thanks, everyone, for joining for our fiscal Q4 and year-end earnings call. We look forward to speaking with you again next quarter. Have a good day.

是的。謝謝你，接線生。感謝大家參加我們的第四財季和年終收益電話會議。我們期待下個季度再次與您交談。祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。