iRobot Corp (IRBT) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to iRobot's First Quarter 2022 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Mr. Andrew Kramer. Mr. Kramer, the floor is yours.

美好的一天，感謝您的支持。歡迎參加 iRobot 2022 年第一季度財務業績電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）我現在想將會議交給您今天的演講者，Andrew Kramer 先生。克萊默先生，地板是你的。

Thank you, Chelsea. Good morning, everybody. Joining me on today's call are iRobot's Chairman and CEO, Colin Angle; and Executive Vice President and CFO, Julie Zeiler.

謝謝你，切爾西。大家早上好。和我一起參加今天電話會議的還有 iRobot 的董事長兼首席執行官 Colin Angle；執行副總裁兼首席財務官 Julie Zeiler。

Before I start the agenda for today's -- set the agenda for today's call, I would like to note that statements made on today's call that are not based on historical information are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and involve many factors that could cause actual results to differ materially from those expressed or implied by such statements.

在我開始今天的議程之前 - 為今天的電話會議設置議程，我想指出，在今天的電話會議上做出的不基於歷史信息的陳述是根據私人證券的安全港條款做出的前瞻性陳述1995 年訴訟改革法案。這些前瞻性陳述受到風險和不確定性的影響，並涉及許多可能導致實際結果與此類陳述明示或暗示的結果大不相同的因素。

Additional information on these risks and uncertainties can be found in our public filings with the Securities and Exchange Commission. iRobot undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information or circumstances.

有關這些風險和不確定性的更多信息，請參閱我們向證券交易委員會提交的公開文件。 iRobot 不承擔因新信息或新情況而更新或修改這些前瞻性陳述的義務。

Related to our financial disclosures during this conference call, we will reference certain non-GAAP financial measures as defined by SEC Regulation G, including non-GAAP gross margin, non-GAAP operating expense, non-GAAP operating income and loss, non-GAAP operating profit margin, non-GAAP effective tax rate and non-GAAP net income and loss per share. We believe that our non-GAAP financial results help provide additional transparency into iRobot's underlying operating performance and potential.

與我們在本次電話會議期間的財務披露相關，我們將參考 SEC 條例 G 定義的某些非 GAAP 財務指標，包括非 GAAP 毛利率、非 GAAP 營業費用、非 GAAP 營業收入和虧損、非 GAAP營業利潤率、非公認會計原則有效稅率和非公認會計原則每股淨收入和虧損。我們相信，我們的非公認會計原則財務業績有助於為 iRobot 的基本運營業績和潛力提供額外的透明度。

Our definitions of these non-GAAP financial measures and reconciliations of each of these non-GAAP financial measures to the most directly comparable GAAP measure are provided at the end of these prepared remarks and in the financial tables at the end of the first quarter 2022 financial results press release we issued last evening, which is available on our website at www.irobot.com.

我們對這些非 GAAP 財務指標的定義以及這些非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬在這些準備好的評論末尾和 2022 年第一季度財務報表中提供我們昨晚發布的結果新聞稿，可在我們的網站 www.irobot.com 上查閱。

Also, unless stated otherwise, our first quarter 2022 financial metrics as well as the financial metrics provided in our outlook that will be discussed on today's conference call will be on a non-GAAP basis only, and all historical comparisons are with the first quarter of 2021. In addition to posting the press release and today's prepared remarks on our website, we've also posted a document that summarizes our 2022 financial outlook including all relevant modeling assumptions for the second quarter, the first and second halves 2022 and the full fiscal year.

此外，除非另有說明，否則我們將在今天的電話會議上討論的 2022 年第一季度財務指標以及展望中提供的財務指標將僅基於非公認會計原則，所有歷史比較均與第一季度2021. 除了在我們的網站上發布新聞稿和今天準備好的評論外，我們還發布了一份文件，總結了我們 2022 年的財務前景，包括第二季度、2022 年上半年和下半年以及整個財政年度的所有相關建模假設年。

For today's call, our agenda will be as follows: Colin will briefly cover the company's first quarter financial results, discuss market conditions and recent achievements and provide an update on our expectations for 2022. Julie will review our financial results in detail and offer additional insight into our 2022 guidance. Colin will conclude our commentary with some closing remarks about the important steps we're taking to elevate our responsiveness to customers and improve our profit profile. After that we'll open the call for questions.

對於今天的電話會議，我們的議程如下：Colin 將簡要介紹公司第一季度的財務業績，討論市場狀況和近期成就，並提供我們對 2022 年預期的最新信息。Julie 將詳細審查我們的財務業績並提供更多見解納入我們的 2022 年指導方針。 Colin 將以一些關於我們為提高對客戶的響應能力和改善我們的利潤狀況而採取的重要步驟的結束語來結束我們的評論。之後，我們將打開問題電話。

At this point I'll turn the call over to Colin Angle.

在這一點上，我將把電話轉給 Colin Angle。

Good morning, and thank you for joining us. Yesterday, we reported a first quarter 2022 operating loss of $18.5 million and a net loss per share of $0.66 on revenue of $292 million. Our Q1 profitability and EPS exceeded our February targets, primarily due to our recent tariff exclusion and prudent cost management.

早上好，感謝您加入我們。昨天，我們報告了 2022 年第一季度的運營虧損 1850 萬美元，每股淨虧損 0.66 美元，收入為 2.92 億美元。我們的第一季度盈利能力和每股收益超過了我們 2 月份的目標，這主要是由於我們最近的關稅排除和謹慎的成本管理。

Our top line performance benefited from solid 33% growth in the U.S. and 25% growth in Japan. This helped us largely offset a decline in EMEA as we lapped an exceptionally strong quarter in that region 1 year ago. We also made important strategic progress that we believe will contribute to our anticipated revenue and EPS growth in FY '22. However, our FY '22 growth prospects are complicated by ongoing disruptions to the consumer marketplace, particularly in EMEA, due primarily to a combination of heightened inflation and reduced customer confidence stemming from the Russia-Ukraine war. Although these emerging dynamics will limit our FY '22 top line growth ambitions, we have slightly increased the high end of our full year operating profit and EPS targets.

我們的營收表現受益於美國 33% 的穩健增長和日本 25% 的增長。這幫助我們在很大程度上抵消了歐洲、中東和非洲地區的下滑，因為一年前我們在該地區經歷了一個異常強勁的季度。我們還取得了重要的戰略進展，我們相信這將有助於我們在 22 財年的預期收入和每股收益增長。然而，我們 22 財年的增長前景因消費市場的持續中斷而變得複雜，尤其是在歐洲、中東和非洲，這主要是由於通貨膨脹加劇和俄羅斯-烏克蘭戰爭導致的客戶信心下降。儘管這些新興動態將限制我們 22 財年的收入增長目標，但我們略微提高了全年營業利潤和每股收益目標的高端。

Before I cover our updated outlook in more detail, I'd like to review a number of Q1 accomplishments that we believe demonstrate that our INNOVATE, GET, KEEP, GROW strategy is succeeding. The first element of our strategy is to drive innovation across our product lines, differentiating them through thoughtful intelligence delivered on high-performance, beautifully designed hardware.

在更詳細地介紹我們更新後的展望之前，我想回顧一下第一季度的一些成就，我們認為這些成就表明我們的創新、獲取、保持、增長戰略正在取得成功。我們戰略的第一個要素是推動我們產品線的創新，通過在高性能、設計精美的硬件上提供深思熟慮的智能來區分它們。

In March, we released version 4.0 of our operating software platform, which offers a range of pragmatic and convenient new experiences that smart mapping to our midrange Roomba i3 series and increases the rate to pick objects that our Roomba j7 robot can identify and avoid.

3 月，我們發布了操作軟件平台 4.0 版本，它提供了一系列實用便捷的新體驗，智能映射到我們的中端 Roomba i3 系列，並提高了我們的 Roomba j7 機器人可以識別和避開的物體的拾取率。

Based on sell-through trends thus far into the year as well as our commercial plans going forward, we believe that our software differentiation will enable us to successfully fortify our RVC share in key markets around the world. The get component of the strategy is all about winning new customers. During Q1, we increased the number of connected customers who have opted into our digital communications by 40% to 14.9 million over the same period a year ago. The key part of our strategy involves making sure that our customers love our products and remain part of our franchise over the long term. That continues to be the case. Customers are consistently using our floor care robots. First quarter 2022 utilization was just over 90%.

根據今年迄今為止的銷售趨勢以及我們未來的商業計劃，我們相信我們的軟件差異化將使我們能夠成功地鞏固我們在全球主要市場的 RVC 份額。該策略的獲取部分是關於贏得新客戶。在第一季度，我們選擇加入我們數字通信的互聯客戶數量比去年同期增加了 40%，達到 1490 萬。我們戰略的關鍵部分包括確保我們的客戶喜歡我們的產品並長期保留我們的特許經營權。情況仍然如此。客戶一直在使用我們的地板護理機器人。 2022 年第一季度的利用率剛剛超過 90%。

Our customers are increasingly taking advantage of our new software capability since launching the Roomba j7 series last year. Over 95% of j7 owners are using the robot machine vision to detect and avoid an ever-expanding number of objects.

自去年推出 Roomba j7 系列以來，我們的客戶越來越多地利用我們的新軟件功能。超過 95% 的 j7 所有者正在使用機器人機器視覺來檢測和避免數量不斷增加的物體。

We're also pleased that Roomba i3 owners are increasingly using the new smart mapping capability that we recently added. We expect adoption by i3 users to continue to grow as the new i3 EVO model was rolled out in EMEA before the end of Q3. The growth element of our strategy is focused on increasing lifetime customer value by having more customers transact, often directly with us over the course of their ownership.

我們也很高興 Roomba i3 所有者越來越多地使用我們最近添加的新智能地圖功能。隨著新的 i3 EVO 模型在第三季度末之前在 EMEA 推出，我們預計 i3 用戶的採用率將繼續增長。我們戰略的增長要素專注於通過讓更多客戶進行交易來提高終生客戶價值，通常在他們擁有的過程中直接與我們進行交易。

Direct-to-consumer revenue increased 17% in Q1 and represented 14% of total revenue. We are seeing our connected customers increasingly use our website and app to buy our products and accessories. Existing connected customers generated approximately 46% of D2C revenue versus 35% in the same period a year ago. This is a promising trend that supports our plans for substantial D2C growth over the next several years.

第一季度直接面向消費者的收入增長了 17%，佔總收入的 14%。我們看到我們的關聯客戶越來越多地使用我們的網站和應用程序來購買我們的產品和配件。現有的連接客戶產生了大約 46% 的 D2C 收入，而去年同期為 35%。這是一個充滿希望的趨勢，支持我們在未來幾年內實現 D2C 大幅增長的計劃。

In addition, we made meaningful progress in Q1 with our digital transformation initiatives. We launched a new version of our U.K. website and conducted several small-scale tests of our CRM systems and related tools.

此外，我們在第一季度的數字化轉型計劃中取得了有意義的進展。我們推出了新版本的英國網站，並對我們的 CRM 系統和相關工具進行了幾次小規模測試。

In terms of product diversification, we are advancing our efforts to integrate the Aeris air purification business, which contributed $3 million to our Q1 revenue. In addition to these accomplishments, we took steps across our operations that will help us enhance our responsiveness to customers advance key commercial and R&D initiatives and increase our profitability. I'll cover this in more detail later on this call.

在產品多元化方面，我們正在努力整合 Aeris 空氣淨化業務，該業務為我們的第一季度收入貢獻了 300 萬美元。除了這些成就之外，我們還在我們的運營中採取了一些措施，這將有助於我們提高對客戶的響應能力，推進關鍵的商業和研發計劃並提高我們的盈利能力。稍後我將在本次電話會議中更詳細地介紹這一點。

Consistent with our commentary in February, our 2022 outlook remained anchored by our expectation for substantially better second half performance. Since our last call, however, market conditions have become more challenging, which has impacted our view into overall category growth and our second half growth rates, plus notably rising inflation threatens to curb consumer spending, while the Russia-Ukraine conflict has further eroded consumer confidence in Europe and elsewhere.

與我們在 2 月份的評論一致，我們對 2022 年的展望仍然基於我們對下半年業績大幅改善的預期。然而，自我們上次電話會議以來，市場狀況變得更具挑戰性，這影響了我們對整體類別增長和下半年增長率的看法，加上通脹明顯上升可能會抑制消費者支出，而俄羅斯-烏克蘭衝突進一步侵蝕了消費者對歐洲和其他地方的信心。

Given these dynamics, we now anticipate that modest category growth in EMEA during the second half of this year will essentially offset an expected first half decline. Our updated outlook now assumes low double-digit category expansion in North America, complemented by strengthening RBC demand in Japan. As a result, we now anticipate FY '22 revenue in the range of $1.64 billion to $1.74 billion, which equates to annual growth of 5% to 11%. Much of this revision is tied to EMEA, where we have lowered our full year top line targets considerably from prior plans that assumed at least low double-digit growth. Despite the moderation in anticipated U.S. category expansion, we still expect solid mid-teens revenue growth in this region for '22, complemented by even faster expansion in Japan.

鑑於這些動態，我們現在預計今年下半年歐洲、中東和非洲地區的適度增長將基本上抵消上半年預期的下降。我們更新後的展望現在假設北美的低兩位數類別擴張，再加上日本 RBC 需求的增強。因此，我們現在預計 22 財年的收入在 16.4 億美元至 17.4 億美元之間，相當於每年增長 5% 至 11%。此次修訂的大部分內容與歐洲、中東和非洲地區相關，我們已大幅降低了我們的全年收入目標，而之前的計劃假設至少有兩位數的低增長。儘管預期的美國類別擴張放緩，但我們仍預計 22 年該地區的青少年收入將穩健增長，同時日本的擴張速度更快。

We have revised our full year 2022 revenue targets. While we still anticipate a meaningful acceleration in our second half revenue, we now expect second half revenue growth of 18% to 26% over last year's relatively soft second half, which had been impacted by component constraints. Along with a better second half gross margin, we also plan to carefully manage spending, which will translate into low double-digit operating profit margins in the second half of the year that will enable us to convert a full year operating profit margin of 3% to 4% into 2022 EPS that ranges from $1.50 to $2.10.

我們已經修改了 2022 年全年的收入目標。雖然我們仍預計下半年收入將顯著加速，但我們現在預計下半年收入將比去年相對疲軟的下半年增長 18% 至 26%，後者受到組件限制的影響。除了更好的下半年毛利率，我們還計劃謹慎管理支出，這將轉化為下半年低兩位數的營業利潤率，這將使我們能夠將全年營業利潤率轉換為 3%到 2022 年每股收益從 1.50 美元到 2.10 美元不等 4%。

In summary, although today's playing field is less than optimal, we are moving forward with confidence that our strategy is working. Our competitive position is strengthening. Our connected customer base continues to grow. Our customers are happy, and we are putting new systems to work to increase how much these customers spend directly with us this year and in years to come.

總而言之，儘管今天的競爭環境並不理想，但我們對我們的戰略正在發揮作用充滿信心。我們的競爭地位正在加強。我們互聯的客戶群繼續增長。我們的客戶很高興，我們正在使用新系統來增加這些客戶今年和未來幾年直接在我們這里花費的金額。

As a result, we believe that our anticipated second half revenue trajectory and improved profitability will enable us to end the year with the momentum necessary to achieve our long-term financial targets.

因此，我們相信我們預期的下半年收入軌跡和提高的盈利能力將使我們能夠以實現長期財務目標所需的動力來結束今年。

That concludes my initial remarks. I'll turn the call now over to Julie.

我的初步發言到此結束。我現在把電話轉給朱莉。

Thank you, Colin. As Andy mentioned earlier, my review of our financial results and outlook will be done on a non-GAAP basis. So unless stated otherwise, each mention of gross margin, operating expense, operating income and loss, operating profit margin, effective tax rate and net income and loss per share will mean the corresponding non-GAAP metrics, while quarterly comparisons are against the first quarter of 2021, unless otherwise noted.

謝謝你，科林。正如安迪之前提到的，我對我們的財務業績和前景的審查將在非公認會計原則的基礎上進行。因此，除非另有說明，否則每次提及毛利率、營業費用、營業收入和虧損、營業利潤率、有效稅率以及每股淨收入和虧損將意味著相應的非公認會計原則指標，而季度比較是針對第一季度2021 年，除非另有說明。

iRobot's first quarter 2022 revenue of $292 million declined 4% and was slightly behind our February color due to unanticipated order delays and cancellations from certain EMEA retailers and distributors.

iRobot 2022 年第一季度的收入為 2.92 億美元，下降了 4%，略低於我們 2 月份的顏色，原因是某些 EMEA 零售商和分銷商的訂單延遲和取消。

From a product mix perspective, Roomba generated 89% of our Q1 revenue mix, with Braava and other products making up the remainder. We continue to see strength in our premium robots, which grew over 30% in the first quarter. Our gross margin of 34.5% exceeded the low 30% range target we outlined in February due primarily to the reinstatement of our tariff exclusion, which saved us approximately $6 million. Our Q1 gross margin declined nearly 6 percentage points from the same period last year.

從產品組合的角度來看，Roomba 產生了我們第一季度收入組合的 89%，其餘部分由 Braava 和其他產品構成。我們繼續看到我們的高端機器人的實力，第一季度增長了 30% 以上。我們 34.5% 的毛利率超過了我們在 2 月份概述的 30% 的低範圍目標，這主要是由於我們恢復了關稅排除，這為我們節省了大約 600 萬美元。我們第一季度的毛利率比去年同期下降了近 6 個百分點。

The decrease was driven by several factors, which in order of magnitude, comprised unfavorable increases in raw materials, transportation and componentry, pricing reductions and higher promotional intensity and product mix. These combined to more than offset the benefits from our tariff exclusion and lower warranty expense.

下降是由幾個因素驅動的，按數量級計算，包括原材料、運輸和零部件的不利增長、降價以及更高的促銷強度和產品組合。這些加起來抵消了我們的關稅排除和較低的保修費用帶來的好處。

In terms of the tariff exclusion, we were granted a temporary exclusion from Section 301 List 3 Tariffs in late March by the USTR. This exclusion eliminates the 25% tariff on Roomba products imported from China beginning on October 12, 2021, and continuing until December 31, 2022.

在關稅排除方面，美國貿易代表辦公室於 3 月下旬批准我們暫時排除在 301 清單 3 關稅中。從 2021 年 10 月 12 日起，這一排除取消了對從中國進口的 Roomba 產品徵收的 25% 關稅，並持續到 2022 年 12 月 31 日。

We expect to receive refunds totaling approximately $30 million, which are comprised of $6 million for Q1 tariffs paid, $12 million in tariffs paid on Roomba products imported after October 12 and sold in the fourth quarter of last year and $12 million for on-hand inventory imported after October 12. Similar to the refunds we received for our 2020 tariff exclusion, we expect that U.S. Customs will issue multiple refund payments over the next 12 months, although the timing of any and all payments is at the discretion of U.S. Custom.

我們預計將收到總計約 3000 萬美元的退款，其中包括 600 萬美元的第一季度關稅、1200 萬美元的對 10 月 12 日之後進口並在去年第四季度銷售的 Roomba 產品支付的關稅以及 1200 萬美元的現有庫存10 月 12 日之後進口。與我們收到的 2020 年關稅豁免退款類似，我們預計美國海關將在未來 12 個月內發放多筆退款付款，但任何和所有付款的時間由美國海關決定。

First quarter 2022 operating expenses of $119 million increased by 10% due to primarily higher sales and marketing costs attributable to working marketing programs and increased personnel costs. We continue to carefully manage our spending in the first quarter. Operating costs for Q1 were 41% of revenue versus our prior target of the mid-40% range. Our Q1 operating loss was $19 million.

2022 年第一季度的運營費用為 1.19 億美元，增長了 10%，主要是由於有效的營銷計劃導致銷售和營銷成本增加以及人員成本增加。我們將繼續謹慎管理第一季度的支出。第一季度的運營成本佔收入的 41%，而我們之前的目標是 40% 左右。我們第一季度的運營虧損為 1900 萬美元。

Our first quarter effective tax rate was approximately 2%, and our net loss per share was $0.66. We ended the first quarter with $113 million in cash and short-term investments, a decline of $121 million from year-end. The decrease primarily reflects the quarterly net loss and unfavorable changes in working capital.

我們第一季度的有效稅率約為 2%，每股淨虧損為 0.66 美元。我們在第一季度結束時有 1.13 億美元的現金和短期投資，比年底減少了 1.21 億美元。減少主要反映季度淨虧損和營運資金的不利變化。

We have received a waiver from certain credit facility covenants that will increase our near-term fiscal flexibility. This is the first part of our plans to ultimately upsize and amend our $150 million unsecured revolving line of credit. First quarter DSOs of 33 days, an increase of 13 days from the same period 1 year ago due primarily to customer mix and to a lesser extent, the timing of orders within the quarter.

我們已獲得某些信貸便利契約的豁免，這將增加我們近期的財政靈活性。這是我們最終擴大和修改 1.5 億美元無擔保循環信貸額度計劃的第一部分。第一季度 DSO 為 33 天，比 1 年前同期增加 13 天，主要是由於客戶組合以及該季度內訂單的時間安排。

Our inventory balance at the end of the first quarter was $331 million or 158 days versus $233 million or 118 days at the end of Q1 last year. In-transit inventory continues to skew our inventory balance, representing an additional 13 days versus the same period last year. The increase also reflects healthy inventory that due to shipping delays in the fourth quarter of 2021 missed key promotional windows last year. We plan to sell this inventory into our customers over the next 3 quarters, which will help us improve our inventory levels by year-end.

我們在第一季度末的庫存餘額為 3.31 億美元或 158 天，而去年第一季度末為 2.33 億美元或 118 天。在途庫存繼續影響我們的庫存餘額，與去年同期相比增加了 13 天。這一增長還反映了健康的庫存，由於 2021 年第四季度的發貨延遲錯過了去年的關鍵促銷窗口。我們計劃在未來 3 個季度內將這些庫存出售給我們的客戶，這將有助於我們在年底前提高我們的庫存水平。

Consistent with our commentary last quarter, we still expect that inventory measured in dollars and days will stay elevated through Q3 before showing improvement to the low 70-day range at the end of 2022. With the quarterly review complete, I'd like to focus on our updated 2022 outlook.

與我們上個季度的評論一致，我們仍然預計以美元和天數衡量的庫存將在第三季度保持高位，然後在 2022 年底顯示改善至 70 天的低位範圍。隨著季度審查的完成，我想集中精力關於我們更新的 2022 年展望。

Given the potential for disruption in the European consumer marketplace, our revised FY '22 revenue targets now range from $1.64 billion to $1.74 billion. We currently anticipate that approximately 65% of our 2022 revenue will be generated in the second half, which implies Q2 revenue in the range of $290 million to $318 million.

鑑於歐洲消費市場可能受到干擾，我們修訂後的 22 財年收入目標現在從 16.4 億美元到 17.4 億美元不等。我們目前預計 2022 年約 65% 的收入將在下半年產生，這意味著第二季度的收入在 2.9 億美元至 3.18 億美元之間。

In contrast to an expected first half revenue decline between 9% and 13%, we anticipate 18% to 26% growth in the second half of 2022 over the same period last year. We believe our Q3 revenue growth rate will range from low double digits to the high teens over last year's Q3 and our Q4 growth rate well above that.

與預期的上半年收入下降 9% 至 13% 相比，我們預計 2022 年下半年將比去年同期增長 18% 至 26%。我們相信我們第三季度的收入增長率將在去年第三季度的低兩位數到十幾歲之間，我們的第四季度增長率遠高於此。

As we look ahead, it is important to remember that our second half 2022 outlook will compare against the prior year period that was impacted by limited availability of components. Our ability to support this year's second half revenue targets are underpinned by existing inventory levels and the steps we've taken to improve supply chain continuity and resiliency.

展望未來，重要的是要記住，我們 2022 年下半年的展望將與受組件供應有限影響的上一年期間進行比較。我們支持今年下半年收入目標的能力得到了現有庫存水平以及我們為提高供應鏈連續性和彈性而採取的步驟的支持。

In terms of product diversification, we remain on track to generate over $40 million in 2022, air purifier revenue with more than 70% of that coming in the second half of the year. As a reminder, we manage our business on a full year basis since the timing of larger orders may shift between quarters, especially in the second half of any year. That's why we encourage investors to focus on our annual targets.

在產品多元化方面，我們有望在 2022 年創造超過 4000 萬美元的空氣淨化器收入，其中 70% 以上來自下半年。提醒一下，我們以全年為基礎管理我們的業務，因為較大訂單的時間可能會在季度之間轉移，尤其是在任何一年的下半年。這就是為什麼我們鼓勵投資者關注我們的年度目標。

Our revenue expectations contemplate yen and euro exchange rates roughly in line with quarter end rates, plus or minus 5%. Our 2022 gross margin outlook is unchanged at 36% to 37% despite the change to our full year revenue targets. We anticipate that our second half gross margin will improve from first half levels into the 37% to 38% range, primarily as we begin to see the benefits of some of our productivity initiatives, lower shipping costs and fixed cost leverage on higher sales.

我們的收入預期考慮到日元和歐元匯率大致與季度末匯率一致，上下浮動 5%。儘管我們的全年收入目標發生了變化，但我們 2022 年的毛利率前景保持不變，為 36% 至 37%。我們預計我們下半年的毛利率將從上半年的水平提高到 37% 至 38% 的範圍，主要是因為我們開始看到我們的一些生產力計劃、降低運輸成本和固定成本槓桿對更高銷售額的好處。

If our tariff exclusion had not been reinstated, we would have expected to pay more than $40 million in tariff costs this year. Our updated outlook reflects our plans to redirect approximately half of our tariff-related savings to increase our promotional intensity in support of both category growth and increased sell-through.

如果我們的關稅排除沒有恢復，我們預計今年將支付超過 4000 萬美元的關稅成本。我們更新的展望反映了我們計劃將大約一半的關稅相關節省用於增加我們的促銷力度，以支持類別增長和增加銷售量。

The remainder of the savings will help us absorb the anticipated impact of lower revenue as well as our plans to work down on-hand inventory that was burdened by incrementally higher supply chain costs.

剩餘的節省將幫助我們吸收較低收入的預期影響，以及我們減少因供應鏈成本增加而負擔的現有庫存的計劃。

As Colin outlined, we have taken and will continue to take a range of actions to optimize our cost of goods sold, which are expected to support a meaningful improvement in gross margin next year. We expect our Q2 gross margin to be lower than Q1 at between 31% and 33% as increased promotional intensity associated with seasonal events will more than offset favorable channel mix shifts and improved leverage on fixed costs.

正如 Colin 所述，我們已經並將繼續採取一系列行動來優化我們的銷售成本，預計這將支持明年毛利率的顯著提高。我們預計第二季度的毛利率將低於第一季度的 31% 至 33%，因為與季節性活動相關的促銷強度增加將抵消有利的渠道組合轉變和固定成本槓桿的改善。

We are targeting 2022 operating costs in the range of $538 million to $574 million or approximately 33% of revenue. We have adjusted our hiring plans and working marketing and accelerated other cost optimization programs to better align our cost structure with anticipated revenue. Given our top line guidance and spending plans, we currently expect an operating profit ranging from $45 million to $61 million with an operating margin between 3% and 4%.

我們的目標是 2022 年的運營成本在 5.38 億美元至 5.74 億美元之間，約佔收入的 33%。我們已經調整了我們的招聘計劃和工作營銷，並加快了其他成本優化計劃，以更好地使我們的成本結構與預期收入保持一致。鑑於我們的一線指導和支出計劃，我們目前預計營業利潤在 4500 萬美元至 6100 萬美元之間，營業利潤率在 3% 至 4% 之間。

In terms of our second quarter spending, we anticipate Q2 operating costs of $143 million to $144 million or 45% to 50% of total revenue. This implies an operating loss between $39 million and $53 million. The combination of substantially stronger revenue, gross margin improvement and prudent spending is expected to enable us to deliver second half operating income of $116 million to $119 million.

就我們第二季度的支出而言，我們預計第二季度的運營成本為 1.43 億美元至 1.44 億美元，佔總收入的 45% 至 50%。這意味著運營虧損在 3900 萬美元至 5300 萬美元之間。收入大幅增長、毛利率提高和謹慎支出相結合，預計將使我們能夠實現 1.16 億美元至 1.19 億美元的下半年營業收入。

In terms of other notable modeling assumptions for 2022, we anticipate other expense of around $2 million and an effective tax rate of approximately 2%. As a reminder, relatively small dollar changes in pretax income, along with the jurisdictional mix of those profits can cause meaningful changes in the effective tax rate.

就 2022 年其他值得注意的建模假設而言，我們預計其他費用約為 200 萬美元，有效稅率約為 2%。提醒一下，稅前收入的相對較小的美元變化以及這些利潤的管轄組合可能會導致有效稅率發生有意義的變化。

We anticipate a diluted share count of approximately 27 million shares. As a result, we now expect full year EPS to range from $1.50 to $2.10. For Q2, we anticipate a net loss per share between $1.41 and $1.90. In summary, we've moderated our top line growth expectations to reflect greater potential for macroeconomic trends and geopolitical events to temporarily disrupt RVC adoption, particularly in EMEA over the coming quarters.

我們預計稀釋後的股票數量約為 2700 萬股。因此，我們現在預計全年每股收益在 1.50 美元至 2.10 美元之間。對於第二季度，我們預計每股淨虧損在 1.41 美元至 1.90 美元之間。總而言之，我們已經調整了我們的收入增長預期，以反映宏觀經濟趨勢和地緣政治事件暫時破壞 RVC 採用的更大潛力，特別是在未來幾個季度在歐洲、中東和非洲地區。

We have taken actions to preserve our profitability, which has enabled us to slightly increase the high end of our 22 EPS range. Most notably, we still anticipate a meaningful inflection in our top line growth and profitability during the second half of this year.

我們已採取行動保持盈利能力，這使我們能夠略微提高 22 EPS 範圍的高端。最值得注意的是，我們仍然預計今年下半年我們的收入增長和盈利能力將出現有意義的變化。

I will now turn the call back to Colin for some additional thoughts on our near-term process.

現在，我將把電話轉回給 Colin，以徵求對我們近期流程的一些額外想法。

Thank you, Julie. As the RVC category creator and leader, we continue to be very enthusiastic about the global growth potential for both the category and iRobot. Household penetration is low. We design and deliver great products with a compelling and increasingly differentiated value proposition.

謝謝你，朱莉。作為 RVC 類別的創建者和領導者，我們繼續對該類別和 iRobot 的全球增長潛力充滿熱情。家庭滲透率低。我們設計和交付具有引人注目且日益差異化的價值主張的優質產品。

With a powerful brand, we enjoy great access to consumers worldwide through a vibrant retailer and distributor relationships. And we are rapidly expanding our commercial capabilities to drive D2C revenue growth that will contribute to higher gross margins, increased profitability, as we expect more connected customers will transact directly with us.

憑藉強大的品牌，我們可以通過充滿活力的零售商和分銷商關係與全球消費者建立聯繫。我們正在迅速擴展我們的商業能力，以推動 D2C 收入增長，這將有助於提高毛利率和盈利能力，因為我們預計更多的互聯客戶將直接與我們進行交易。

Across all areas of the company, we are mobilizing to navigate short-term turbulence and support the evolving needs of our retail partners and consumers around the world. To elevate our responsiveness, optimize inventory levels and increase efficiently -- efficiency, we are consolidating our warehouse and distribution networks around the world. We've also made meaningful progress in our efforts to increase supply chain continuity and resiliency.

在公司的所有領域，我們都在積極應對短期動盪，並支持全球零售合作夥伴和消費者不斷變化的需求。為了提高我們的響應能力、優化庫存水平並提高效率——我們正在整合我們在世界各地的倉庫和分銷網絡。我們還在努力提高供應鏈連續性和彈性方面取得了有意義的進展。

While we are thrilled that the USTR has reinstated our Section 301 Tariff Exclusion through the end of the year, our plans to scale production in Malaysia are unchanged. As a result, we expect to enter 2023 without meaningful exposure to these tariffs.

雖然我們很高興美國貿易代表辦公室在年底前恢復了我們的 301 關稅排除條款，但我們在馬來西亞擴大生產規模的計劃沒有改變。因此，我們預計進入 2023 年時不會對這些關稅產生有意義的影響。

Additionally, we believe that our ongoing efforts to improve efficiency, carefully manage headcount and control discretionary spending are critical for achieving this year's profitability targets and helping us further refine our cost structure over the longer term. And while we have adjusted overall spending plans for FY '22, we are not sacrificing investment in those R&D projects that we believe will make the biggest impact on our business.

此外，我們認為，我們在提高效率、謹慎管理員工人數和控制可自由支配支出方面的持續努力對於實現今年的盈利目標和幫助我們在長期內進一步優化成本結構至關重要。雖然我們已經調整了 22 財年的總體支出計劃，但我們不會犧牲對那些我們認為將對我們的業務產生最大影響的研發項目的投資。

We still plan to deliver additional major software upgrades and bring a new Roomba model to market this year. We are also taking important steps to support further product diversification. More specifically, we continue to realign our engineering resources and allocate more funding for internal development of new robotic products targeting adjacent categories.

我們仍計劃在今年提供額外的主要軟件升級並將新的 Roomba 模型推向市場。我們還採取重要措施支持進一步的產品多樣化。更具體地說，我們繼續重新調整我們的工程資源，並為針對相鄰類別的新機器人產品的內部開發分配更多資金。

While it'd be premature to offer additional insight into these activities right now, we look forward to sharing more in the future when we are closer to commercial launch. As Julie detailed our updated guidance for 2022 assumes a substantial acceleration in our second half financial performance. We expect that this momentum will enable us to exit this year well-positioned to keep us on the path toward achieving the long-term financial targets we've outlined. And in the process, create substantial value for our shareholders, employees and customers.

雖然現在就這些活動提供更多見解還為時過早，但我們期待在未來更接近商業發佈時分享更多信息。正如朱莉詳細介紹的那樣，我們對 2022 年的更新指導假設我們下半年的財務業績將大幅加速。我們預計，這種勢頭將使我們能夠在今年退出時處於有利地位，使我們能夠繼續實現我們所概述的長期財務目標。在此過程中，為我們的股東、員工和客戶創造可觀的價值。

That concludes our remarks. Operator, we are ready to take questions now.

我們的發言到此結束。接線員，我們現在準備回答問題。

(Operator Instructions) And our first question will come from Mike Latimore with Northland Capital Markets.

（操作員說明）我們的第一個問題將來自 Northland Capital Markets 的 Mike Latimore。

So I guess in terms of the outlook for the second half of the year, are you assuming that the kind of U.S. and Japanese markets remain relatively healthy? Or are you trying to factor in a little bit of consumer sentiment deterioration there as well?

所以我想就下半年的前景而言，你是否假設美國和日本市場保持相對健康？或者您是否也試圖將那裡的消費者情緒惡化考慮在內？

We see Japan as remaining very healthy. We've taken down our North America targets from the beginning of the year modestly, but still anticipate good performance in North America. So slightly below traditional growth rates, but still contributing to that overall growth in the industry.

我們認為日本仍然非常健康。我們從年初開始適度降低了北美目標，但仍預計北美會有良好的表現。因此略低於傳統的增長率，但仍有助於該行業的整體增長。

Okay. Got it. And then you're devoting half of the tariff exclusion to promotions, does that reflects in a more competition? Or is that more about just trying to deal with this consumer hesitancy?

好的。知道了。然後你將一半的關稅排除用於促銷，這是否反映了更多的競爭？還是更多地只是試圖處理這種消費者的猶豫？

It's a little of both. The year has had some good events and some more challenging events than we definitely are looking at our basket of resources and working to ensure that we maintain our strong position in the markets. And so some of it is motivating customers to get out of their chair and come in and help continue to drive this category growth and others is definitely to make sure that our lineup remains as competitive as it can be.

兩者都有一點。這一年有一些很好的事件和一些更具挑戰性的事件，我們肯定會考慮我們的一攬子資源並努力確保我們在市場上保持強勢地位。因此，其中一些激勵客戶離開他們的椅子並進來幫助繼續推動這一類別的增長，而另一些則肯定是為了確保我們的陣容保持盡可能的競爭力。

And I think it's important to remember that as we look at the potential for our category, we still look at overall penetration rates and believe there is a strong and long runway ahead of us for additional adoption. And the investment there is to ensure that we are able to continue to foster category growth.

而且我認為重要的是要記住，當我們審視我們類別的潛力時，我們仍然會關注整體滲透率，並相信我們前面還有一條強大而漫長的跑道來進一步採用。那裡的投資是為了確保我們能夠繼續促進品類的增長。

Great. And just last on the comment about internal development of new robotic products. I know you can't really talk about that, but maybe what's the latest view on the lawn mower category?

偉大的。最後談談關於新機器人產品內部開發的評論。我知道你不能真正談論這個，但也許關於割草機類別的最新觀點是什麼？

I think that -- again, we are at the beginning of the robot industry. iRobot's ambitions certainly extend beyond robot vacuuming. We have talked about, yes, specifically about lawn. We continue to think lawn is a very attractive adjacent market. And so I don't think anything has changed on that front. iRobot continued development of new enabling technologies, certainly position us well to attack multiple adjacent products.

我認為——再一次，我們正處於機器人行業的起步階段。 iRobot 的野心當然超出了機器人吸塵器。我們已經討論過，是的，特別是關於草坪。我們繼續認為草坪是一個非常有吸引力的相鄰市場。所以我認為這方面沒有任何改變。 iRobot 不斷開發新的使能技術，無疑使我們能夠很好地攻擊多個相鄰產品。

Our next question will come from Jim Ricchiuti with Needham & Company.

我們的下一個問題將來自 Needham & Company 的 Jim Ricchiuti。

Just a couple of questions on the marketing spend, promotional activity. I assume a lot of that is set for Q2. I'm wondering how it changed as you exited Q1. And just a related question to that is, as we think about the promotional activity over the balance of the year, is it going to be mainly concentrated in North America in terms of the change versus what you were thinking earlier in the year?

只是關於營銷支出和促銷活動的幾個問題。我假設很多都是為第二季度設置的。我想知道當你退出第一季度時它是如何變化的。與此相關的一個問題是，當我們考慮今年餘下的促銷活動時，與您今年早些時候的想法相比，它是否將主要集中在北美？

As you know, we're very data-driven, and we try to look at the return on ad spend and optimize that globally. What you'll see is us moving dollars around geographically to ensure that we are spending money where it will work the best. And so that -- that definitely has evolved from the beginning of the year.

如您所知，我們非常注重數據驅動，我們嘗試著眼於廣告支出回報並在全球範圍內對其進行優化。你會看到我們在地理上轉移資金，以確保我們把錢花在最能發揮作用的地方。所以——這肯定是從年初開始的。

As well as looking at which models, which channels and ways of spending our dollars is in constant evolution on a -- frankly, on a day-to-day basis. So I think that the absolute dollars change with our expectation around revenue, but the way we spend those dollars is very fluid.

除了查看哪些模型、哪些渠道和花錢方式之外，坦率地說，每天都在不斷發展。所以我認為絕對美元會隨著我們對收入的預期而變化，但我們花費這些美元的方式非常靈活。

Just a question on Aeris. Obviously, a small part of the business, but I'm just wondering how the rebranding effort is going. How important is that to get to that full year contribution? And should we assume, as part of the activity that you're going to be doing in terms of driving consumer demand that we might see some joint marketing with Roomba and the Aeris product?

只是關於 Aeris 的一個問題。顯然，這只是業務的一小部分，但我只是想知道品牌重塑工作的進展情況。獲得全年捐款有多重要？我們是否應該假設，作為您將在推動消費者需求方面進行的活動的一部分，我們可能會看到與 Roomba 和 Aeris 產品的一些聯合營銷？

Well, certainly, the reason -- one of the reasons why the air purification performance for the year has a larger second half to first half ratio than the Roomba is because -- completing the integration, completing the efforts we're doing to fully integrate the Aeris product into the iRobot line is underway. So that -- the first part of your question is absolutely sound.

嗯，當然，原因——今年的空氣淨化性能下半年與上半年的比例比 Roomba 大的原因之一是因為——完成了整合，完成了我們為全面整合所做的努力Aeris 產品進入 iRobot 生產線的工作正在進行中。所以——你的問題的第一部分是絕對正確的。

And as far as joint marketing and so forth, that is a strategy, which is -- underlies our direct-to-consumer belief that as we bring customers into our franchise. As our software technology enables us to better understand our customers' needs, the unique challenges that their homes have and require and better develop a partnership with the -- with our customers and their habits and how to operate synergistically with how they live their lives, we create opportunities to sell more things to those customers beyond just the first Roomba that they bought and air purification is a powerful adjacency.

就聯合營銷等而言，這是一種策略，它是我們直接面向消費者的信念的基礎，即當我們將客戶帶入我們的特許經營權時。由於我們的軟件技術使我們能夠更好地了解客戶的需求、他們的家庭所面臨和需要的獨特挑戰，並更好地與我們的客戶及其習慣建立合作夥伴關係，以及如何與他們的生活方式協同運作，除了他們購買的第一個 Roomba 之外，我們還創造機會向這些客戶銷售更多產品，而空氣淨化是一個強大的鄰接。

So this idea that a Roomba can lead to a sale of an air purifier to an existing customer is core to our strategy. And we definitely look at lots of different ways that we can make that happen.

因此，Roomba 可以將空氣淨化器銷售給現有客戶的想法是我們戰略的核心。我們肯定會考慮很多不同的方法來實現這一點。

Our next question will come from Paul Chung with JPMorgan.

我們的下一個問題將來自摩根大通的 Paul Chung。

So just on the cancellations in Europe, are these orders being pushed out? And then how is your kind of visibility evolving in Europe and I guess, for other regions as well? What's your order visibility into kind of second half today? And what's kind of driving your confidence for the guide? Are there some key customers you have firm orders for? And then, again, what regions are you seeing relative strength besides kind of Japan and North America?

那麼僅僅在歐洲取消，這些訂單是否被推出？然後你在歐洲的知名度如何發展，我猜其他地區也是如此？您對今天下半年的訂單可見性如何？是什麼讓您對指南充滿信心？您是否有一些關鍵客戶有確定的訂單？然後，再一次，除了日本和北美之外，您認為哪些地區相對強勢？

I'll start, and Julie, you can add color if you like. I mean the orders that we talked about in the call in EMEA, some were pushed, some were canceled. As we indicated, the single largest driver for the change in the guide is the weakness that we're seeing in the EMEA marketplace broadly. And so that we're definitely seeing the impact of the war in Ukraine creating a very time correlated drop in consumer confidence, increase in inflation and decrease in sort of sell-through rates that lead to retailers becoming more conservative in taking inventory positions with our product and becoming less aggressive.

我會開始，朱莉，如果你願意，你可以添加顏色。我的意思是我們在歐洲、中東和非洲的電話會議中談到的訂單，一些被推送，一些被取消。正如我們所指出的，指南變化的最大驅動因素是我們在 EMEA 市場廣泛看到的弱點。因此，我們肯定會看到烏克蘭戰爭的影響造成了與時間相關的消費者信心下降、通貨膨脹率上升和銷售率下降，這導致零售商在使用我們的庫存頭寸時變得更加保守。產品和變得不那麼激進。

And so that these are signs that throughout our history when we see them, we're able to understand what they lead to from a full year perspective and have attempted to model and adjust expectations appropriately.

因此，這些跡象表明，在我們的整個歷史中，當我們看到它們時，我們能夠從全年的角度理解它們會導致什麼，並試圖對預期進行適當的建模和調整。

We do have the nature of our relationships with our retail partners as well as with our distributors includes conversations which extend beyond the immediate order and so that we're definitely engaged in dialogue with our partners around what they expect and what they are seeing.

我們確實與我們的零售合作夥伴以及與我們的分銷商的關係的性質包括超出直接訂單的對話，因此我們肯定會圍繞他們的期望和他們所看到的與我們的合作夥伴進行對話。

And we have the current crop of orders as well, which gives us confidence in the guidance we presented. So it's a rich collaboration, which has, frankly, decades of history at this point, leading us to trying to make the best indication of what we see happening through the balance of the year. But to be honest, there is still significant uncertainty as to how the rest of the year is going to unfold. But our confidence is buoyed not just based on those conversations. It's buoyed because we believe we have the best lineup that the company has ever had. We see very strong performance from a share perspective, showing that our products are holding up very well competitively.

我們也有當前的訂單，這讓我們對我們提出的指導充滿信心。因此，這是一次豐富的合作，坦率地說，在這一點上已經有幾十年的歷史了，這讓我們試圖最好地表明我們在今年餘下的時間裡看到的情況。但老實說，今年剩餘時間將如何展開仍存在很大的不確定性。但我們的信心不僅基於這些對話。它受到鼓舞，因為我們相信我們擁有公司有史以來最好的陣容。從份額的角度來看，我們看到了非常強勁的表現，表明我們的產品在競爭中保持了很好的競爭力。

We think that the back half of the year also laps a much weaker back half of last year. And so the percentage of growth that we are contemplating in the earlier call is relatively straightforward easier comps than certainly the first half when a year ago, we were enjoying tremendous momentum and strength. So I think that all in all, we have done our best to create a reasonable expectation, balancing the goods and the unknowns and the challenges to deliver an expectation that we are confident in.

我們認為，今年下半年也比去年同期疲軟得多。因此，我們在早些時候的電話會議中考慮的增長百分比比一年前的上半年相對簡單，因為我們正享受著巨大的勢頭和實力。所以我認為總而言之，我們已經盡最大努力創造一個合理的期望，平衡商品和未知數以及挑戰，以實現我們有信心的期望。

Yes. I'll just underscore a couple of things. As Colin said, we've taken into account a series of factors as we've reset and rebased our expectations for the full year. Try to balance all of those things. It's our best view. And it's in knowing that we will be investing again in supporting that ongoing category growth that gives us the picture that we were setting now for the full year.

是的。我只強調幾件事。正如科林所說，我們在重新設定全年預期時考慮了一系列因素。嘗試平衡所有這些事情。這是我們最好的風景。並且知道我們將再次投資以支持持續的類別增長，這為我們提供了我們現在為全年設定的畫面。

Great. And then just a follow-up on longer-term margins. If we think about tariffs going away, freight coming down, component cost easing, what's more normalized gross margins, maybe that starts to show in '23 and where it progresses from there? And can they recover back to the mid-40% range? Or has something kind of structurally changed, maybe you have higher costs from your move in manufacturing.

偉大的。然後只是對長期利潤率的跟進。如果我們考慮關稅的取消、運費的下降、零部件成本的緩和，還有什麼更正常化的毛利率，也許這會在 23 年開始顯現，並且從那裡開始發展？他們能恢復到 40% 的中間範圍嗎？或者在結構上發生了某種變化，也許你的製造成本會更高。

And then on the OpEx side, you've seen continued cuts since Analyst Day guide. Where are you making the cuts there? And you mentioned commitments to R&D, but are there any trade-offs on growth on maybe some lowered OpEx investments here?

然後在運營支出方面，您已經看到自分析師日指南以來持續削減。你在哪裡剪？您提到了對研發的承諾，但是對於可能降低的一些運營支出投資，在增長方面是否有任何權衡？

Yes, sure. Why don't I start, and then I'll let Colin jump in. But as we look forward with our expectations around second half expansion in gross margin over our first half. And then through '23 and '24, we believe we are making the progress that puts us on a path towards those LTFM targets that we established back in our Investor Day.

是的，當然。為什麼我不開始，然後我會讓科林加入。但是當我們期待著我們對下半年毛利率在上半年擴張的預期時。然後通過 '23 和 '24，我們相信我們正在取得進展，使我們走上我們在投資者日建立的那些 LTFM 目標的道路上。

You hit on some of them already that we expect over that multiyear period, we will see a normalizing and easing of some of the headwinds that we saw. We have an operations team that is just working in partnership with the rest of the organization to drive COGS productivity across the line.

你已經觸及了我們在那個多年期間所期望的其中一些，我們將看到我們看到的一些逆風正常化和緩解。我們有一個運營團隊，該團隊正在與組織的其他成員合作，以提高 COGS 的生產效率。

And then the third thing that I would point to are some of our CRM levers, which as we continue to expand our direct-to-consumer reach and focus on the keep and grow parts of our strategy should provide some expansion over time in our gross margin rate from a -- as we look forward to our LTFM.

然後我要指出的第三件事是我們的一些 CRM 槓桿，隨著我們繼續擴大直接面向消費者的範圍並專注於我們戰略的保持和增長部分，隨著時間的推移，我們的總收入應該會有所增長保證金率——因為我們期待我們的 LTFM。

Yes. A little then, other than to reaffirm our commitment to the LTFM growth rates, gross margin rates, operating income rate that we shared in November. We'll be exiting this year on a slightly lower base, but those rates that we committed to. We believe that all of the reasons that Julie just laid out give us confidence that, that long-term financial model still holds. And I think that, again, looking at that deeply is the best answer to where we think things are going to go.

是的。然後，除了重申我們對 11 月共享的 LTFM 增長率、毛利率、營業收入率的承諾之外。今年我們將以略低的基數退出，但我們承諾的利率是這些利率。我們相信，朱莉剛剛提出的所有原因都讓我們相信，這種長期財務模式仍然有效。而且我認為，再次深入了解這一點是我們認為事情將走向何方的最佳答案。

And then you asked another question around OpEx. It's true. We have made difficult choices associated with resetting our expectations for the year. Colin already mentioned, one of the things that I think we do very well is we're extremely data-driven in how and where we put our investments and the cadence of those investments.

然後你問了另一個關於 OpEx 的問題。這是真的。我們做出了與重新設定對這一年的期望相關的艱難選擇。 Colin 已經提到，我認為我們做得很好的一件事是，我們在投資的方式和地點以及這些投資的節奏方面非常受數據驅動。

We remain very committed to innovation at the center of what we do and the work that we're doing in R&D on innovation is -- and the speed of innovation is front and center and how we think about our spending as it will continue to evolve as we go through the year. But they aren't easy choices.

我們仍然非常致力於創新，這是我們所做工作的核心，我們在創新研發方面所做的工作是——創新的速度是前沿和中心，以及我們如何看待我們的支出，因為它將繼續發展當我們度過這一年。但它們不是簡單的選擇。

Our next question will come from Asiya Merchant with Citi Global Markets.

我們的下一個問題將來自花旗全球市場的 Asiya Merchant。

I just -- on pricing relative to promotional intensity, I'm just trying to understand where you guys are thinking about that. And at the start of the year, you guys talked about ASP benefiting you on a net basis or growth basis because you guys were shifting to the premium robots, which clearly is happening.

我只是 - 關於相對於促銷強度的定價，我只是想了解你們在哪裡考慮這個問題。在今年年初，你們談到了 ASP 在淨額或增長基礎上使你們受益，因為你們正在轉向高端機器人，這顯然正在發生。

But then at the same time, you're driving higher promotional intensity. So just how you guys are thinking about units versus ASPs in your updated guidance as well as you kind of roll forward to your long-term targets towards fiscal '24, how you guys think about that mix shift and units versus ASPs benefiting you?

但與此同時，您正在推動更高的促銷強度。那麼，你們在更新的指導中是如何考慮單位與 ASP 的，以及你們如何推進到 24 財年的長期目標，你們如何看待使您受益的混合轉變和單位與 ASP？

And then I just have a follow-up on the inventory balance. I know you guys are talking about trending that down. But is there anything to keep in mind on how growth versus net effect of promotional effect impact -- sorry, impact the inventory balances that you guys reported?

然後我只是對庫存餘額進行了跟進。我知道你們在談論趨勢下降。但是，關於促銷效果影響的增長與淨效果如何影響 - 抱歉，影響你們報告的庫存餘額，有什麼需要記住的嗎？

Sure. So as we look forward for the year, we do -- as we think about units versus ASP for the full year, we now anticipate low single-digit growth in our units, mid-single-digit growth in ASP. And that ASP is a balance of a number of things, Asiya. Certainly, the mix of our products will continue to play a role there. As you said, we've been pushing up to the premium but also the channel with which we sell those products. So as our direct-to-consumer business grows, our -- we had benefit from pricing there as well.

當然。因此，當我們展望這一年時，我們確實如此——當我們考慮全年的單位與 ASP 時，我們現在預計我們的單位將出現低個位數增長，而 ASP 將出現中個位數增長。 ASP 是許多事情的平衡，Asiya。當然，我們的產品組合將繼續在那裡發揮作用。正如你所說，我們一直在推高溢價，同時也在推高我們銷售這些產品的渠道。因此，隨著我們直接面向消費者業務的增長，我們也從那裡的定價中受益。

As it relates to inventory, we do expect inventory will remain elevated, as I said in our prepared remarks. Both in dollars and in days through the first 2 quarters and then trend down by the end of the year into the 70s in terms of days of inventory. As we look at that inventory and as we've said previously, that is healthy inventory that we expect that we will move through the normal course of events.

正如我在準備好的評論中所說，由於它與庫存有關，我們確實預計庫存將保持高位。前兩個季度的美元和天數均以庫存天數計算，然後到年底呈下降趨勢，進入 70 年代。當我們查看該庫存時，正如我們之前所說，這是健康的庫存，我們預計我們將通過正常的事件進程。

Great. And just as you guys have -- I know you guys talked about the several levers that you have to raise margin. But just given the higher promotional intensity that you guys are talking about to drive category growth and maintain or take share, why should investors not think about these as kind of negatively affecting your gross margins or operating margin targets that you laid out at the Analyst Event?

偉大的。就像你們一樣——我知道你們談到了提高保證金的幾個槓桿。但是，鑑於你們正在談論推動類別增長並保持或分享份額的更高促銷強度，為什麼投資者不應將這些視為對您在分析師活動中製定的毛利率或營業利潤率目標產生負面影響?

I think that the LTFM contemplated a number of tailwinds as well as an evolving competitive dynamic in how we built it. And so that we see the fruits of our R&D investments, giving us growing competitive strength. I think that we are managing competitive -- sorry, promotional intensity and price as 2 levers to ensure we maximize the OI dollars in '22 that will shift a little bit toward meeting our gross margin rate targets as we move forward.

我認為 LTFM 在我們構建它的過程中考慮了許多順風以及不斷發展的競爭動態。讓我們看到研發投資的成果，讓我們的競爭實力不斷增強。我認為我們正在管理競爭——抱歉，促銷強度和價格作為兩個槓桿，以確保我們在 22 年最大化 OI 美元，隨著我們的前進，這將稍微朝著實現我們的毛利率目標轉變。

So it's -- we do have a number of different levers and we use these levers slightly differently depending on the challenges and the market situation we find ourselves in. So again, it's a nuanced answer. But right now, as we look at what our priorities are for the year, we want to ensure that we maintain share.

所以它 - 我們確實有許多不同的槓桿，我們使用這些槓桿略有不同，具體取決於我們發現自己面臨的挑戰和市場情況。所以再次，這是一個微妙的答案。但是現在，當我們審視今年的優先事項時，我們希望確保我們保持份額。

We want to ensure that we deliver on our profitability commitments and we are in line with the gross margin rates that we committed to for the year. And so we feel that's a good set point for where we are today, acknowledging that we intend to demonstrate gross margin rate acceleration in the back half, setting ourselves up for the LTFM that we put on the street.

我們希望確保我們兌現我們的盈利承諾，並且符合我們今年承諾的毛利率。因此，我們認為這是我們今天所處的一個很好的設定點，承認我們打算在後半部分展示毛利率加速，為我們在街頭推出的 LTFM 做好準備。

(Operator Instructions) And our next question will come from John Babcock with Bank of America.

（操作員說明）我們的下一個問題將來自美國銀行的 John Babcock。

I guess, actually, just first I want to understand a little bit is I think like a couple of years ago, you started increasing investments on the software side, while continuing to invest in hardware just maybe not to the same extent. So I want to understand, at least since then, have you found this has helped to enhance your competitive position in the marketplace? Have you found this has helped to excite consumers because I think like consumers generally -- obviously, they like the new features, but at the same time, they also like things that were new and innovative. So I want to get your sense overall in terms of like how those investments in software are translating into growth in that competitive mop?

我想，實際上，首先我想了解一點，我認為就像幾年前一樣，您開始增加在軟件方面的投資，而繼續在硬件方面的投資可能不會達到同樣的程度。所以我想了解，至少從那時起，您是否發現這有助於提高您在市場上的競爭地位？您是否發現這有助於激發消費者的興趣，因為我認為他們普遍喜歡消費者——顯然，他們喜歡新功能，但同時，他們也喜歡新的和創新的東西。因此，我想從整體上了解這些對軟件的投資如何轉化為競爭激烈的拖把的增長？

It's a great question, and I'm happy to address it. As we looked at the customer requirements and customer satisfaction, what they were looking for that the current crop of robots failed to deliver on several years ago, very clearly, the ability of the consumer to control where, when and how the robot operated was a huge priority as well as the robot's ability to complete missions in an environment which wasn't necessarily pre-cleaned ahead of the Roombas setting off on its cleaning mission. And so that pointed to a very challenging technical issue, but also played into iRobot strength in artificial intelligence and machine learning.

這是一個很好的問題，我很樂意解決這個問題。當我們查看客戶要求和客戶滿意度時，他們所尋找的是當前的機器人在幾年前未能實現，非常清楚的是，消費者控制機器人在何處、何時以及如何操作的能力是重要的優先事項以及機器人在不需要在 Roombas 開始執行其清潔任務之前預先清潔的環境中完成任務的能力。這指出了一個非常具有挑戰性的技術問題，但也發揮了 iRobot 在人工智能和機器學習方面的實力。

We're beginning to be able to harvest the benefits of that recognition and subsequent investments in AI technology in our j7 Plus robots, where the difference from a hardware perspective between the i7 and the j7 is relatively modest. The difference in the intelligence between those 2 models is tremendous, and we are seeing the j7 robot leap to being the #1 seller in many of our markets, including North America.

我們開始能夠在我們的 j7 Plus 機器人中收穫這種認可和隨後對人工智能技術的投資的好處，從硬件角度來看，i7 和 j7 之間的差異相對較小。這兩種型號之間的智能差異是巨大的，我們看到 j7 機器人躍升為我們許多市場（包括北美）的第一銷售商。

We are seeing that robot receiving exceptionally strong Amazon ratings. We're seeing the unique features and unique software features that we introduced on those robots -- on that class of robot being very highly utilized. And so that's really we're seeing a validation of this strategy, a validation of the insights that we perceived.

我們看到該機器人獲得了極高的亞馬遜評級。我們看到我們在這些機器人上引入的獨特功能和獨特的軟件功能——在這類機器人上被高度利用。因此，我們確實看到了對這一策略的驗證，對我們所感知的洞察力的驗證。

And the fact that we are well on our way, investing in the intelligence of our robots gives us confidence that we have a sustainable competitive advantage in the marketplace based on those R&D investments, we're able to continuously upgrade the software and our robots.

事實上，我們在機器人智能方面的投資進展順利，這讓我們相信，基於這些研發投資，我們在市場上擁有可持續的競爭優勢，我們能夠不斷升級軟件和機器人。

As an example, the i-purchaser of an i3 robot received major new functionality last year with the directed room cleaning coming out to benefit that user. And so we feel like we have a platform to accelerate the delivery of innovation to our customers and accelerate our ability to differentiate. Happy to do a follow-on question if you have one.

例如，i3 機器人的 i-purchaser 去年獲得了主要的新功能，定向房間清潔的出現使該用戶受益。因此，我們覺得我們擁有一個平台，可以加速向我們的客戶交付創新並加速我們的差異化能力。如果你有一個問題，很高興做一個後續問題。

No. I mean that's great. I'll follow up certainly in due time on that. But I mean, I guess like the next question on supply chain. I was wondering if you might be able to talk about how that compares with last quarter, what sort of disruptions you're seeing there, and particularly with some of the news around shutdowns in China. I don't know if there's any update you might be able to provide on that, but that's really what I wanted to focus on now.

不，我的意思是那太好了。我一定會在適當的時候跟進。但我的意思是，我想像下一個關於供應鏈的問題。我想知道您是否可以談談與上一季度相比情況如何，您在那裡看到了什麼樣的中斷，特別是有關中國停工的一些消息。我不知道您是否可以提供任何更新，但這確實是我現在想要關注的。

Okay. Sure. I guess starting a year ago, iRobot and most every consumer tech company has faced the challenge of supply chain issues, shipping issues, chip shortages and so forth. And we jumped on that aggressively to start securing longer-term partnerships with our key suppliers, longer-term partnerships with our shippers and develop the ability to second source many of our components to give us a better ability to take advantage of what supply there is out there.

好的。當然。我想從一年前開始，iRobot 和大多數消費科技公司都面臨著供應鏈問題、運輸問題、芯片短缺等挑戰。我們積極地開始與我們的主要供應商建立長期合作夥伴關係，與我們的托運人建立長期合作夥伴關係，並發展二次採購我們許多組件的能力，以使我們能夠更好地利用現有供應在那裡。

And so here we are a year later having substantially shifted our emphasis from a pure efficiency perspective to a perspective on supply chain that balances supply chain resiliency with efficiency.

因此，一年後，我們將重點從純粹的效率角度大幅轉移到了平衡供應鏈彈性和效率的供應鏈角度。

And so that right now, we do have the inventory that we need. We believe that we have sight line and the commitments required to produce the inventory reflected in the guidance that we gave today. We definitely still see growing raw material costs. We see some easing of shipping costs. But certainly, it is not headed back to where it was 18 months ago in a foreseeable time frame. There continue to be sporadic shutdowns in factories and component shortages.

所以現在，我們確實有我們需要的庫存。我們相信我們有視線和生產庫存所需的承諾，這反映在我們今天提供的指導中。我們肯定仍然看到原材料成本不斷上漲。我們看到運輸成本有所緩解。但可以肯定的是，在可預見的時間內，它不會回到 18 個月前的水平。工廠繼續零星停工，零部件短缺。

But that's kind of day-to-day living for us at this point given that it's a year in and our supply chain organization has been up to the task given the year that we've been through and the partnerships we have reinforced to manage through those challenges.

但在這一點上，這對我們來說是一種日常生活，因為已經過去了一年，我們的供應鏈組織已經完成了任務，因為我們已經度過了這一年，並且我們加強了合作夥伴關係來管理那些挑戰。

So not out of the woods, but the headwinds the supply chain were for us last year are definitely substantially eased in 2022. We will have the products that we need. Shipping costs are more manageable. And with all of the work that we've done in dual sourcing, we believe we have access to the components that we need to build the products.

所以不是走出困境，但去年供應鏈對我們的不利影響在 2022 年肯定會大大緩解。我們將擁有我們需要的產品。運輸成本更易於管理。通過我們在雙重採購方面所做的所有工作，我們相信我們可以獲得構建產品所需的組件。

Right. That's great. And the next question, I just want to follow up on one of the questions earlier on inventories. If you can talk about your plan to ultimately reduce those inventory levels? And then also how you can do that without having any meaningful impact on pricing? It seems like inventories built up are, I guess, heavier than they have been at least that I can recall. So I just wanted to get your color on that.

正確的。那太棒了。下一個問題，我只想跟進之前關於庫存的一個問題。如果你能談談你最終降低這些庫存水平的計劃？然後如何在不對定價產生任何有意義影響的情況下做到這一點？我猜，似乎積累起來的庫存比至少我記得的要重。所以我只是想讓你的顏色。

I think that Julie made the important point, all of the inventory we have is healthy inventory that we have factored into the plans to sell this year. So that it gives us more confidence from an inventory availability perspective that we're well-positioned to meet our revenue targets for the year.

我認為朱莉提出了重要的一點，我們擁有的所有庫存都是健康的庫存，我們已將其納入今年的銷售計劃。因此，從庫存可用性的角度來看，這讓我們更有信心，我們有能力實現今年的收入目標。

I think that it -- as we have aligned production with demand. We've been able to make some adjustments to change the ramp from up to down through the balance of the year, and we're taking a sensible approach to working that revenue down over time, which limits the pressure to go take actions that might negatively impact profitability.

我認為它 - 因為我們已經使生產與需求保持一致。我們已經能夠進行一些調整，以在今年餘下時間從上升到下降，並且我們正在採取明智的方法來隨著時間的推移降低收入，這限制了採取行動的壓力對盈利能力產生負面影響。

As I commented on a few minutes ago, we are looking at a go-to-market strategy for 2022 that prioritize profitability dollars over gross margin rate and so that we are willing to do some activities, which would protect share, drive units rather than maximizing gross margin rate. And we think that it is prudent to do that, and we can execute on that plan while still showing the growth in gross margin rate that we committed to at the beginning of the year, setting ourselves up for the LTFM next year.

正如我幾分鐘前評論的那樣，我們正在研究 2022 年的上市戰略，該戰略將盈利能力置於毛利率之上，因此我們願意開展一些活動，以保護份額、推動單位而不是毛利率最大化。我們認為這樣做是謹慎的，我們可以執行該計劃，同時仍顯示我們在年初承諾的毛利率增長，為明年的 LTFM 做好準備。

So again, a lot of moving parts, but I would say that no unnatural acts required relative to driving down inventory. But with a willingness to go focus on driving profitability dollars that you probably won't see next year.

再說一次，有很多活動部件，但我想說，相對於降低庫存，不需要任何不自然的行為。但是，如果您願意專注於推動您明年可能看不到的盈利能力。

All right. And there are no further questions in the queue at this time. So I would like to turn the floor back over to Mr. Kramer for any additional or closing remarks.

好的。目前隊列中沒有其他問題。因此，我想將發言權轉回給 Kramer 先生，以獲取任何補充或結束語。

Thank you. That concludes today's call. We definitely appreciate everybody's support. We know it's a very busy day for folks, so we appreciate you listening. We look forward to talking with shareholders and prospective shareholders and analysts over the coming weeks and months. Thank you once again.

謝謝你。今天的電話會議到此結束。我們絕對感謝大家的支持。我們知道這對人們來說是非常忙碌的一天，因此我們感謝您的聆聽。我們期待在未來幾周和幾個月內與股東、潛在股東和分析師進行交流。再一次感謝你。

Thank you, ladies and gentlemen. This concludes today's teleconference, and we appreciate your participation. You may disconnect at any time.

謝謝你們，女士們，先生們。今天的電話會議到此結束，我們感謝您的參與。您可以隨時斷開連接。