iRobot Corp (IRBT) 2023 Q4 法說會逐字稿

Welcome to the iRobot fourth-quarter and full-year 2023 earnings conference call.

歡迎參加 iRobot 第四季和 2023 年全年財報電話會議。

(Operator Instructions) I would now like to turn the call over to Karian Wong, Chief Accounting Officer.

（操作員指示）我現在想將電話轉給首席會計官 Karian Wong。

Please go ahead.

請繼續。

Thank you, Jamie, and good morning, everybody.

謝謝你，傑米，大家早安。

Joining on today's call are iRobot's Interim CEO, Glen Weinstein; and Executive Vice President and CFO, Julie Zeiler.

參加今天電話會議的還有 iRobot 臨時執行長 Glen Weinstein；執行副總裁兼財務長 Julie Zeiler。

Before I start the agenda for today's call, I would like to remind everyone that today's discussion will include forward-looking statements regarding future events and our future financial performance.

在開始今天電話會議的議程之前，我想提醒大家，今天的討論將包括有關未來事件和我們未來財務業績的前瞻性陳述。

These statements reflect our views as of today only and should not be considered as representing our views as of any subsequent date.

這些聲明僅反映我們今天的觀點，不應被視為代表我們隨後任何日期的觀點。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations reflected in the forward-looking statements.

這些陳述存在風險和不確定性，可能導致實際結果與前瞻性陳述中反映的預期有重大差異。

A discussion of these risk factors is fully detailed under the caption Risk Factors in our filings with the SEC.

我們向 SEC 提交的文件中的「風險因素」標題下詳細討論了這些風險因素。

Related to our financial disclosure during this conference call, we will reference certain non-GAAP financial measures as defined by SEC Regulation G, including non-GAAP gross margins, non-GAAP operating expense, non-GAAP operating loss, and non-GAAP net loss per share.

與我們在本次電話會議期間的財務揭露相關，我們將參考 SEC G 條例定義的某些非 GAAP 財務指標，包括非 GAAP 毛利率、非 GAAP 營運費用、非 GAAP 營運虧損和非 GAAP 淨利潤每股虧損。

We believe that our non-GAAP financial results help provide additional transparency into iRobot's underlying operating performance and potential.

我們相信，我們的非 GAAP 財務表現有助於提高 iRobot 基本營運績效和潛力的透明度。

Our definitions of these non-GAAP financial measures and reconciliations of each of these non-GAAP financial measures to the most directly comparable GAAP measures are provided in the financial tables at the end of the fourth quarter of 2023 and full-year 2023 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每項非 GAAP 財務指標與最直接可比較的 GAAP 指標的調整表均在 2023 年第四季末的財務表和 2023 年全年財務業績報告中提供我們昨晚發布了新聞稿，可在我們的網站www.irobot.com 上取得。

Also, unless stated otherwise, our full-quarter and full-year 2023 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 fourth quarter of 2022 and full year of 2022.

此外，除非另有說明，我們的 2023 年全季和全年財務指標，以及我們將在今天的電話會議上討論的展望中提供的財務指標將僅基於非 GAAP 基礎，並且所有歷史比較包括2022 年第四季和2022 年全年。

For today's call, our agenda will be as follows: Glen will briefly cover the company's quarterly and annual financial results, review important strategic milestones, and outline our expectations for 2024.

對於今天的電話會議，我們的議程如下：格倫將簡要介紹公司的季度和年度財務業績，回顧重要的策略里程碑，並概述我們對 2024 年的期望。

Julie will review our financial results in detail and offer additional insight into our 2024 guidance.

Julie 將詳細審查我們的財務業績，並對我們的 2024 年指導提供更多見解。

Then we'll conclude our commentary with some closing remarks about prospects over the longer term.

然後，我們將以一些關於長期前景的結束語來結束我們的評論。

After that, we'll open the call for questions.

之後，我們將開始提問。

At this point, I'll turn the call over to Glen.

此時，我會將電話轉給格倫。

Good morning, and thank you for joining us.

早安，感謝您加入我們。

I'll start our call today by reiterating my confidence in iRobot, our mission, and our ability to navigate our next chapter.

在今天的電話會議開始時，我將重申我對 iRobot、我們的使命以及我們開啟新篇章的能力的信心。

I have been part of this organization for more than two decades.

我加入這個組織已有二十多年了。

I know who we were, who we are, and who we can become.

我知道我們曾經是誰、現在是誰、我們能成為誰。

At our foundation is a product that customers love and an incredible team of builders and innovators who are passionate about the robots we create.

我們的基礎是客戶喜愛的產品以及對我們創造的機器人充滿熱情的令人難以置信的建造者和創新者團隊。

And because of this, our potential was great.

正因為如此，我們的潛力很大。

Our future is different than we had envisioned in August of 2022 or even at the start of this year, given the decision by iRobot and Amazon to terminate our transaction.

鑑於 iRobot 和亞馬遜決定終止我們的交易，我們的未來與我們在 2022 年 8 月甚至今年年初的設想不同。

The management team and Board are confident in our ability to build on our legacy of innovation as a standalone company and to navigate this period successfully.

管理團隊和董事會對我們作為獨立公司繼承創新傳統並成功度過這段時期的能力充滿信心。

As we shared on January 29, we are taking aggressive action to significantly improve our near-term operations.

正如我們在 1 月 29 日分享的那樣，我們正在採取積極行動來顯著改善我們的近期營運。

To that end, today, I'm going to outline the tenets of the restructuring plan we announced last month.

為此，今天我將概述我們上個月宣布的重組計劃的原則。

I'll also provide additional information on how that work is progressing and what you can expect from us going forward.

我還將提供有關該工作進展情況以及您對我們未來的期望的更多資訊。

Julie will then cover financials for the quarter in greater detail as well as our outlook for 2024.

然後，朱莉將更詳細地介紹本季的財務狀況以及我們對 2024 年的展望。

Then we'll open the call for questions.

然後我們將開始提問。

Before I jump into the restructuring plan, I'll touch on our financials at a high level.

在開始討論重組計劃之前，我將簡要介紹我們的財務狀況。

Our performance continues to be impacted by sluggish consumer spending as well as aggressive competition in all regions.

我們的業績持續受到消費者支出疲軟以及所有地區激烈競爭的影響。

We generated fourth-quarter revenue of $308 million with a gross margin of 19%.

我們第四季的營收為 3.08 億美元，毛利率為 19%。

We managed our cost carefully to report an operating loss of $45 million and a net loss per share of $1.82.

我們仔細管理成本，報告營業虧損 4,500 萬美元，每股淨虧損 1.82 美元。

For the full year, revenue declined to $891 million with an operating loss of 22% and a net loss per share of $7.73. We have a plan to address our performance and these macro trends.

全年營收下降至 8.91 億美元，營運虧損 22%，每股淨虧損 7.73 美元。我們有一個計劃來解決我們的業績和這些宏觀趨勢。

The operational restructuring plan we announced last month is designed to stabilize the business in our current environment while also advancing our longer-term growth initiatives.

我們上個月宣布的營運重組計劃旨在穩定當前環境下的業務，同時推進我們的長期成長計劃。

The operational restructuring plan is centered around simplifying our cost structure, implementing a more sustainable business model, and focusing on our core value drivers.

營運重組計畫的重點是簡化我們的成本結構，實施更永續的業務模式，並專注於我們的核心價值驅動因素。

Those core value drivers are, first, leveraging our brand and innovative products to extend or reclaim our leadership in the mid and premium segments; and second, focus on geographies that offer the greatest scale and profitability.

這些核心價值驅動因素首先是利用我們的品牌和創新產品來擴大或恢復我們在中高端細分市場的領導地位；其次，關注規模最大、獲利能力最強的地區。

Our immediate priorities in executing this plan are to more closely align our cost structure with near-term revenue expectations, improve liquidity, and drive bottom line improvements.

我們執行該計劃的當務之急是使我們的成本結構與近期收入預期更加緊密地結合起來，提高流動性，並推動盈利改善。

Specifically, the plan is structured to first achieve gross margin improvements through a focus on design to value and removal of unnecessary costs and more attractive terms with our manufacturing partners; second, reduce R&D expenses by relocating certain non-core engineering functions, including increasing reliance on third parties to provide those functions and pausing work unrelated to our core floor care business; third, centralize our global marketing activities to be more efficient in demand generation and provide a meaningful reduction in non-working marketing and agency fees; and fourth, streamline our legal entity and real estate footprint to fit our current business needs and near-term revenue expectations.

具體來說，該計劃的結構是首先透過注重價值設計和消除不必要的成本以及與我們的製造合作夥伴更具吸引力的條款來實現毛利率的提高；其次，透過重新安置某些非核心工程功能來減少研發費用，包括增加對第三方提供這些功能的依賴，並暫停與我們核心地板護理業務無關的工作；第三，集中我們的全球行銷活動，以更有效地產生需求，並大幅減少非工作行銷和代理費用；第四，精簡我們的法人實體和房地產足跡，以滿足我們目前的業務需求和近期收入預期。

The cornerstone of our gross margin improvement plans, which we have been working on for nearly a year is a new relationship paradigm with our contract manufacturers, both existing and new.

我們近一年來一直致力於改善毛利率計劃，其基石是與現有和新的合約製造商建立新的關係模式。

We are relying on the expertise of our contract manufacturers to a greater extent than we have in the past, taking advantage of a matured supply chain and expertise in design for manufacturing and flexibility and components.

與過去相比，我們更加依賴合約製造商的專業知識，利用成熟的供應鏈以及製造設計、靈活性和組件方面的專業知識。

This shift, along with competitive bidding of our design packages, is a key component in unlocking an approximately 9.5 to 11.5 percentage point improvement in full-year 2024 gross margin.

這一轉變，加上我們設計套件的競爭性招標，是實現 2024 年全年毛利率提高約 9.5 至 11.5 個百分點的關鍵組成部分。

We expect to see the benefit of these improvements in the P&L, primarily in the second half of the year, as the higher-cost products are moved out of inventory, and we benefit from new products released during the year that have lower costs than the products that they will have replaced.

我們預計將在損益表中看到這些改善的好處，主要是在今年下半年，因為成本較高的產品已從庫存中移出，並且我們將受益於年內發布的成本低於現有產品的新產品。他們將取代的產品。

We have more work to do, but we anticipate a gross margin of between 32% and 34% in fiscal '24.

我們還有更多工作要做，但我們預計 24 財年的毛利率將在 32% 至 34% 之間。

Hand in hand with the shift to a greater reliance on contract manufacturers for certain work is the ability to decrease our R&D expenditures, particularly as it relates to lower-value commodity engineering work.

隨著某些工作更依賴合約製造商，我們能夠減少研發支出，特別是與低價值商品工程工作相關的研發支出。

We plan to continue to invest in the higher-value robotics, computer vision, machine learning, and complex mechanical design to improve the core functionality of our robots.

我們計劃繼續投資於更高價值的機器人技術、電腦視覺、機器學習和複雜的機械設計，以提高我們機器人的核心功能。

We plan to take advantage of opportunities to source subcomponents and, in some cases, nearly complete robot designs from third parties.

我們計劃利用機會從第三方購買子組件，並在某些情況下購買接近完整的機器人設計。

In 2024, we expect to see a decrease in overall R&D expenses by approximately $25 million.

2024 年，我們預計整體研發費用將減少約 2,500 萬美元。

In sales and marketing, we had built an infrastructure to support revenue at the higher pandemic rates.

在銷售和行銷方面，我們建立了基礎設施，以在流行病發生率較高的情況下支持收入。

And now, we need to aggressively return to a more normalized level where we can operate the business profitably.

現在，我們需要積極恢復到更正常化的水平，以便我們能夠獲利地經營業務。

We will focus resources on a more limited geography and consolidate marketing efforts for greater efficiencies.

我們將把資源集中在更有限的地區，並整合行銷工作以提高效率。

In 2024, we expect to see a decrease in overall sales and marketing expenses of approximately $40 million, including a decrease in working marketing of approximately $20 million.

到 2024 年，我們預計整體銷售和行銷費用將減少約 4,000 萬美元，其中工作行銷費用將減少約 2,000 萬美元。

While this might put pressure on our revenue in the short term, we are returning to a more disciplined approach to demand generation.

雖然這可能會在短期內給我們的收入帶來壓力，但我們正在回歸更嚴格的需求產生方法。

In line with these initiatives, we will reduce our workforce by approximately 350 employees, which represents approximately 31% of iRobot's workforce.

根據這些舉措，我們將減少約 350 名員工，約佔 iRobot 員工總數的 31%。

These reductions are expected to result in restructuring charges totaling between $12 million and $13 million, primarily for severance and related costs over the first two quarters of 2024.

這些削減預計將導致總計 1,200 萬至 1,300 萬美元的重組費用，主要用於 2024 年前兩個季度的遣散費和相關費用。

We are in the final planning stages for these difficult actions and expect to begin implementing these changes beginning in early March.

我們正處於這些困難行動的最後規劃階段，預計從三月初開始實施這些變更。

As previously announced, we have engaged a Chief Restructuring Officer, Jeff Engel, to oversee these initiatives, and he is reporting directly to both the Board of Directors and me.

正如之前宣布的那樣，我們聘請了首席重組官傑夫·恩格爾（Jeff Engel）來監督這些舉措，他直接向董事會和我匯報。

Jeff is fully empowered to make not only these necessary changes, but to scour our cost structure and look for opportunities for savings and efficiency improvements.

傑夫完全有權利不僅進行這些必要的改變，而且還可以檢查我們的成本結構並尋找節省和提高效率的機會。

Liquidity and careful cash management are our top financial priorities.

流動性和謹慎的現金管理是我們的首要財務重點。

We anticipate a significant improvement in our 2024 cash flow from operations compared with full-year 2023 and anticipate generating modest positive cash flow from operations in both the third and fourth quarter of 2024.

與 2023 年全年相比，我們預計 2024 年的營運現金流量將顯著改善，並預計 2024 年第三季和第四季將產生適度的正現金流。

We have always had an amazing team of builders who are eager to identify problems and create solutions.

我們一直擁有一支出色的建設者團隊，他們渴望發現問題並創造解決方案。

We recognize the importance of our people.

我們認識到員工的重要性。

They are vital to the success and growth of the company, and we appreciate their ongoing hard work and dedication.

他們對公司的成功和發展至關重要，我們感謝他們持續的辛勤工作和奉獻精神。

While the financial actions we are taking are essential to the near-term operations of the business, they are not being taken at the expense of advancing important work on growth initiatives.

雖然我們正在採取的財務行動對於企業的近期營運至關重要，但這些行動不會以犧牲推進成長計畫的重要工作為代價。

As we shared last month, we have made the decision to focus our innovation and development efforts on iRobot's key revenue generators, pausing all work related to non-floor care innovation.

正如我們上個月分享的那樣，我們決定將創新和開發工作的重點放在 iRobot 的主要收入來源上，並暫停與非地板護理創新相關的所有工作。

Our focus is on executing the near-term plans and moving quickly and decisively to continue to delight customers.

我們的重點是執行近期計劃並迅速果斷地採取行動，以繼續取悅客戶。

We are laser focused on the initial impressions of our new customers.

我們非常注重新客戶的第一印象。

We know that the first experience of taking our products home, unboxing, and performing the initial setup routines and creating the first maps and schedules are an important foundation for longer-term usage and customer satisfaction.

我們知道，將產品帶回家、拆箱、執行初始設定例程以及創建第一個地圖和時間表的第一次體驗是長期使用和客戶滿意度的重要基礎。

Additionally, we continue to enhance our go-to-market playbook, which focuses the business on iRobot's most profitable customers, geographies, and channels, including our growing direct-to-consumer channel, while rebalancing our spending mix between price, promotion, and demand generation to optimize returns.

此外，我們繼續增強我們的市場策略，將業務重點放在iRobot 最賺錢的客戶、地區和通路上，包括我們不斷增長的直接面向消費者的管道，同時重新平衡我們在價格、促銷和行銷之間的支出組合。產生需求以優化回報。

We believe it is important to meet our customers at the locations where they want to discover and purchase our products.

我們相信，在客戶想要發現和購買我們產品的地點與他們見面非常重要。

We will retain an omnichannel presence in our large markets while further leveraging existing and new distributor partners in smaller geographies.

我們將在大型市場中保留全通路業務，同時進一步利用較小地區現有和新的經銷商合作夥伴。

Our direct-to-consumer channel continues to be an area of focused investment, ensuring it is the easiest place to buy and own a Roomba.

我們的直接面向消費者的管道仍然是重點投資的領域，確保它成為購買和擁有 Roomba 的最簡單的地方。

We expect that this channel will grow approximately 5% in 2024 and represents approximately 20% of total revenue.

我們預計該通路到 2024 年將成長約 5%，約佔總收入的 20%。

We have an iconic brand that people love.

我們有一個人們喜愛的標誌性品牌。

Our marketing efforts will support key retailers in stores and online to deliver the premium experience that our customers expect and deserve.

我們的行銷工作將支援商店和網路上的主要零售商提供客戶期望和應得的優質體驗。

In the near term, we are taking the necessary actions to stabilize the business, improve liquidity, and focus on bringing innovative products to our customers.

短期內，我們正在採取必要的行動來穩定業務，提高流動性，並專注於為客戶帶來創新產品。

We are confident in our ability to build on our legacy of innovation as a standalone company and to navigate this period successfully.

我們對作為一家獨立公司繼承創新傳統並成功度過這段時期的能力充滿信心。

Now I'll hand it over to Julie to discuss financials.

現在我將把它交給朱莉討論財務問題。

Thank you, Glen.

謝謝你，格倫。

As Karian mentioned earlier, my review of our financial results and outlook will be done on a non-GAAP basis.

正如卡里安之前提到的，我對我們的財務表現和前景的審查將在非公認會計準則的基礎上進行。

So unless stated otherwise, each mention of gross margin, operating expense, non-operating expense, operating loss, other expense, and net loss per share will mean the corresponding non-GAAP metrics.

因此，除非另有說明，否則每次提到的毛利率、營業費用、非營業費用、營業虧損、其他費用和每股淨虧損都指相應的非公認會計準則指標。

All quarterly comparisons are against the fourth quarter of 2022 and all full-year comparisons are against 2022, unless otherwise noted.

除非另有說明，所有季度比較均針對 2022 年第四季度，所有全年比較均針對 2022 年。

iRobot's fourth-quarter 2023 revenue declined 14% to $308 million.

iRobot 2023 年第四季營收下降 14% 至 3.08 億美元。

Our performance was disappointing across all regions driven by demand gap and higher promotional and pricing support.

由於需求缺口以及更高的促銷和定價支持，我們在所有地區的表現都令人失望。

Many retailers in EMEA and North America continue to carefully manage their inventory as part of their ongoing efforts to rebalance inventory levels amid relatively sluggish consumer spending on a range of categories, including robotic floor care products.

歐洲、中東和非洲和北美的許多零售商繼續謹慎管理庫存，作為在消費者對包括機器人地板護理產品在內的一系列類別的支出相對低迷的情況下重新平衡庫存水平的持續努力的一部分。

The overall market conditions continued to be challenging, and we continue to see increased competition in EMEA, Japan, and the US throughout 2023.

整體市場狀況仍充滿挑戰，我們認為 2023 年歐洲、中東和非洲、日本和美國的競爭將持續加劇。

Geographically, in the fourth quarter, EMEA declined 5%, Japan declined 19%, and the US decreased 20%.

從地理來看，第四季歐洲、中東和非洲地區下降了 5%，日本下降了 19%，美國下降了 20%。

From a product mix perspective, two-in-one products represented 43% of our Q4 revenue mix with robotic vacuums and, to a lesser extent, robotic mops making up the remainder.

從產品組合的角度來看，二合一產品占我們第四季度收入組合的 43%，其中掃地機器人佔了其餘部分，而掃地機器人則佔了較小的比例。

Accessory revenue in the fourth quarter grew 18% over the prior year and represented approximately 7% of total revenue.

第四季配件營收較上年同期成長 18%，約佔總營收的 7%。

Our fourth quarter DTC sales declined 9% versus prior year with flat growth in North America, offset by declines in EMEA and Japan.

我們第四季的 DTC 銷售額與去年同期相比下降了 9%，其中北美地區成長持平，但被 EMEA 和日本的下降所抵消。

In the fourth quarter, our DTC revenue represented 21% of total revenue.

第四季度，我們的 DTC 收入佔總收入的 21%。

Our gross margin of 19% in Q4 declined 5 percentage points from the prior year.

第四季毛利率為 19%，較去年同期下降 5 個百分點。

The year-over-year decrease primarily reflected 6 percentage points associated with higher pricing and promotion, 2 percentage points associated with suboptimal absorption of fixed operational costs, and 2 percentage points associated with higher losses related to purchase commitments with our contract manufacturers and higher excess and obsolete inventory write-down.

年比下降主要反映了6 個百分點與更高的定價和促銷相關，2 個百分點與固定營運成本吸收不理想相關，2 個百分點與合約製造商的採購承諾相關的較高損失以及較高的超額相關和過時的庫存減記。

These factors were partially offset by a 4-percentage-point benefit of lower product cost of sales and transportation costs.

這些因素被產品銷售成本和運輸成本降低 4 個百分點的好處部分抵銷。

We reduced our fourth-quarter 2023 operating expenses by 30% to $104 million, representing 34% of revenue.

我們將 2023 年第四季營運費用減少了 30%，至 1.04 億美元，佔營收的 34%。

The decrease primarily reflected disciplined spending during the quarter across the board, with the biggest drivers being reduced working marketing spending as a result of lower revenue, people-related costs associated with previously announced restructuring efforts, and other discretionary spend.

這一下降主要反映了本季全面嚴格的支出，其中最大的驅動因素是由於收入下降、與先前宣布的重組工作相關的人員相關成本以及其他可自由支配支出而導致的工作行銷支出減少。

Our Q4 operating loss was $45 million.

我們第四季的營運虧損為 4500 萬美元。

Fourth quarter non-operating expense was $5 million, reflecting interest expense associated with our term loan, which was partially offset by interest income on cash balances.

第四季的營業外支出為 500 萬美元，反映了與我們的定期貸款相關的利息支出，部分被現金餘額的利息收入所抵銷。

Our fourth quarter net loss per share was $1.82.

我們第四季每股淨虧損為 1.82 美元。

From a full-year perspective, 2023 revenue declined 25% to $891 million.

從全年來看，2023 年營收下降 25% 至 8.91 億美元。

Geographically, we generated 48% of our revenue in the US, where revenue declined by 30%.

從地理上看，我們 48% 的收入來自美國，而美國的收入下降了 30%。

International revenue declined by 19%, with EMEA decreasing by 11% and Japan declining by 21%. 2023 gross margin of 22.5% declined 7 percentage points from 2022.

國際收入下降 19%，其中 EMEA 下降 11%，日本下降 21%。 2023年毛利率為22.5%，較2022年下降7個百分點。

The full-year decline was impacted 5 percentage points associated with pricing and promotion and 4 percentage points related to fixed costs across a lower revenue base.

全年下降受到定價和促銷相關 5 個百分點的影響，以及與收入基礎較低的固定成本相關的 4 個百分點的影響。

This was partially offset by improvements in product cost, transportation rates, and channel mix.

產品成本、運輸費率和通路組合的改善部分抵消了這種影響。

Full-year operating expenses of $399 million declined by 23% due to the combination of lower working marketing based on lower revenue, a reduction in personnel expenses associated with headcount, and other discretionary spending.

全年營運費用為 3.99 億美元，下降了 23%，原因是收入下降導致的工作行銷費用減少、與員工人數相關的人員費用以及其他可自由支配支出的減少。

Our 2023 operating loss of $199 million was 22% of revenue.

我們 2023 年的營運虧損為 1.99 億美元，佔營收的 22%。

We recorded 2023 non-operating expense of $13 million and a net loss per share of $7.73. We ended 2023 with $185 million in cash and short-term investments, a decline of $5 million from the end of Q3.

2023 年，我們的營業外支出為 1,300 萬美元，每股淨虧損為 7.73 美元。截至 2023 年末，我們的現金和短期投資為 1.85 億美元，比第三季末減少了 500 萬美元。

The timing of certain working capital levers impacted the quarterly usage and generation of cash from operating activities during 2023.

某些營運資金槓桿的時機影響了 2023 年經營活動現金的季度使用和產生。

In Q4 '23, cash flow from operations was negative $1.2 million.

23 年第 4 季度，營運現金流為負 120 萬美元。

In Q4 2022, cash flow from operations of $122.6 million benefited from the decrease in inventory from our elevated inventory level at the end of Q3 2022.

2022 年第四季度，營運現金流為 1.226 億美元，受益於 2022 年第三季末庫存水準上升導致庫存減少。

We had another strong quarter of working capital efficiency.

我們的營運資本效率又一個強勁的季度。

Fourth quarter DSO was 24 days.

第四季 DSO 為 24 天。

Our year-end inventory balance was $152 million or 56 days for the fourth quarter.

我們第四季的年末庫存餘額為 1.52 億美元，即 56 天。

In 2022, the year-end inventory was $285 million or 96 days for the fourth quarter.

2022 年，年終庫存為 2.85 億美元，即第四季 96 天。

I am pleased with the progress we have made in managing our key working capital levers throughout 2023.

我對 2023 年我們在管理關鍵營運資本槓桿方面取得的進展感到高興。

Careful management of working capital efficiency will continue to be a focus in 2024.

謹慎管理營運資金效率將持續成為 2024 年的重點。

With that said, let's take a deeper look at our 2024 outlook.

話雖如此，讓我們更深入地了解 2024 年的前景。

We anticipate 2024 revenue will decline modestly in the range of 3% to 7% to $825 million to $865 million.

我們預計 2024 年營收將小幅下降 3% 至 7%，至 8.25 億至 8.65 億美元。

We anticipate that over 60% of our full-year revenue will come in the second half of the year with an expected first-half revenue decline of high teens to low 20% range.

我們預計全年收入的 60% 以上將來自下半年，預計上半年營收下降幅度為 10% 以上至 20% 以下。

Within the first half of the year, we expect Q2 to be the weaker of the two quarters in terms of growth versus prior year as we anticipate a shifting of orders into Q3.

今年上半年，我們預計第二季的成長將較去年同期為兩季中較弱的，因為我們預計訂單將轉移到第三季。

For the second half of the year, we anticipate revenue growth in the mid-single-digit percentage.

對於今年下半年，我們預計營收將實現中個位數百分比成長。

Overall, our 2024 revenue outlook assumes a modest decline in unit volume for robots and stable robot ASPs.

總體而言，我們 2024 年的收入展望假設機器人的單位數量和穩定的機器人平均售價略有下降。

As a reminder, and we say this every year, we manage our business on a full-year basis and encourage investors to focus on our annual targets since the timing of orders is challenging to forecast even under ideal conditions.

提醒一下，我們每年都會這麼說，我們以全年為基礎管理我們的業務，並鼓勵投資者關注我們的年度目標，因為即使在理想條件下，訂單時間也很難預測。

Large orders that shift from one quarter to the next can cause material fluctuations in our quarterly growth rate.

從一個季度轉移到下一個季度的大訂單可能會導致我們的季度成長率出現重大波動。

Additionally, our revenue expectations contemplate yen and euro exchange rates roughly in line with current rates, plus or minus 5%.

此外，我們的收入預期考慮日圓和歐元匯率大致與當前匯率一致，上下浮動 5%。

We anticipate that our 2024 gross margin will improve significantly to between 32% and 34%.

我們預計 2024 年毛利率將大幅提高至 32% 至 34% 之間。

As Glen mentioned, we expect that the combination of our cost of goods sold, productivity initiatives, and a reduction in one-time costs related to actions taken in 2023 to reduce our elevated inventory level from fiscal 2022 will fuel this margin expansion.

正如格倫所提到的，我們預計，我們的銷售成本、生產力計劃以及與 2023 年為降低 2022 財年以來庫存水準升高而採取的行動相關的一次性成本的降低，將推動利潤率的擴張。

We anticipate that the Q1 '24 gross margin will show slight improvement from Q1 last year, but we expect sequential improvement every quarter from 2023 with stronger gross margin expansion in the second half as more significant cost savings improvements move through the P&L, and we compare against annualized pricing adjustments.

我們預計24 年第一季的毛利率將較去年第一季略有改善，但我們預計從2023 年起每季都會持續改善，下半年毛利率將出現更強勁的成長，因為損益表中會出現更顯著的成本節約改善，並且我們比較反對年化定價調整。

We are targeting 2024 operating costs in the range of $322 million to $340 million or approximately 39% of revenue.

我們的目標是 2024 年營運成本在 3.22 億美元至 3.4 億美元之間，約佔營收的 39%。

The anticipated decrease from 2023 primarily reflects previously announced efforts to more closely align our cost structure with near-term revenue expectations and drive toward profitability.

預計自 2023 年以來的下降主要反映了先前宣布的努力，以使我們的成本結構與近期收入預期更加緊密地結合，並推動盈利。

Given our top line guidance and spending plans, we currently expect to make considerable progress as we execute our restructuring efforts in the first half of the year.

鑑於我們的營收指導和支出計劃，我們目前預計在上半年執行重組工作時將取得重大進展。

We anticipate a full-year operating margin of approximately negative 5% to negative 7%, with an operating loss in the first half and an operating profit in the second half of 2024.

我們預計全年營業利潤率約為負5%至負7%，2024年上半年出現營業虧損，下半年將營業利潤。

In terms of other notable modeling assumptions in 2024, we anticipate other expense of around $45 million, including approximately $15 million in net cash interest expense and $29 million in estimated fair value adjustments associated with our term loan and full year tax expense of approximately $3 million, driven by our foreign jurisdictions.

就2024 年其他值得注意的建模假設而言，我們預計其他費用約為4500 萬美元，包括約1500 萬美元的淨現金利息費用和與我們的定期貸款相關的估計公允價值調整2900 萬美元，以及約300 萬美元的全年稅務費用，由我們的外國司法管轄區驅動。

We anticipate a diluted share count of approximately 28.3 million shares.

我們預計稀釋後的股數約為 2830 萬股。

As a result, we expect our full-year net loss per share to range from $3.73 to $3.30.

因此，我們預計全年每股淨虧損將在 3.73 美元至 3.30 美元之間。

In terms of other 2024 financial guideposts, our business remains minimally capital intensive.

就 2024 年其他財務指標而言，我們的業務仍保持最低限度的資本密集度。

Overall, we expect 2024 capital spending to be approximately $5 million or roughly 1% of anticipated 2024 revenue.

整體而言，我們預計 2024 年資本支出約為 500 萬美元，約佔 2024 年預期收入的 1%。

As Glen mentioned, liquidity and careful cash management is our top financial priority.

正如格倫所提到的，流動性和謹慎的現金管理是我們的首要財務優先事項。

With the operational restructuring plan we announced last month, we anticipate a significant improvement in our cash flow from operations compared with the reported cash outflow from operations of $114.8 million for full year 2023.

根據我們上個月宣布的營運重組計劃，與報告的 2023 年全年營運現金流出 1.148 億美元相比，我們預計營運現金流將顯著改善。

Excluding the net proceeds from the $94 million break-up fee from Amazon, we expect cash flow from operations in Q1 and Q2, and we expect to generate positive cash flow from operations in both Q3 and Q4.

不包括亞馬遜 9,400 萬美元分手費的淨收益，我們預計第一季和第二季的營運產生現金流，並且預計第三季和第四季的營運將產生正現金流。

To provide further flexibility to our capital planning strategies, we intend to file a shelf S-3 registration statement, which would include a $100 million at-the-market offering program for the sale of the company's common stock along with our 10-K this week.

為了讓我們的資本規劃策略更加靈活，我們打算提交一份擱置的 S-3 註冊聲明，其中包括一項 1 億美元的市場發行計劃，用於出售公司的普通股以及我們的 10-K 股票。星期。

The timing of any sales and the number of shares of common stock sold, if any, under the ATM program will depend on a variety of factors to be determined by the company, with the net proceeds from the ATM program expected to be used for working capital purposes.

ATM 計劃下任何出售的時間和出售的普通股數量（如有）將取決於公司確定的多種因素，ATM 計劃的淨收益預計將用於營運資本目的。

In summary, we are managing through a very challenging period and making important strategic progress that we believe will help us further expand our business, reduce operating expenses, and drive bottom-line improvement.

總而言之，我們正在度過一個非常具有挑戰性的時期，並取得了重要的策略進展，我們相信這將有助於我們進一步擴大業務、降低營運費用並推動獲利改善。

That concludes my commentary.

我的評論到此結束。

I'll now turn the call back over to Glen for some additional comments on the coming year.

現在我將把電話轉回給格倫，徵求對來年的一些補充意見。

Thank you, Julie.

謝謝你，朱莉。

As we've outlined, we have a plan in place to simplify our cost structure, implement a more sustainable business model, and focus on our core value drivers of leveraging our brand and innovative products to regain and extend our leadership across segments and geographies.

正如我們所概述的，我們制定了一項計劃，以簡化我們的成本結構，實施更永續的業務模式，並專注於我們的核心價值驅動因素，利用我們的品牌和創新產品來重新獲得併擴大我們在各個細分市場和地區的領導地位。

Coupled with the restructuring actions we announced, we believe our second-half 2024 performance will serve as a springboard for driving our future.

加上我們宣布的重組行動，我們相信 2024 年下半年的業績將成為推動我們未來發展的跳板。

We are committed to significant gross margin improvements.

我們致力於顯著提高毛利率。

We expect our gross margin will further benefit from our transformation to a more complete joint development manufacturer model, ongoing DTC expansion, and a relentless effort to achieve greater scale and efficiency across our operations.

我們預計，我們的毛利率將進一步受益於我們向更完整的聯合開發製造商模式的轉型、持續的 DTC 擴張以及為實現更大的業務規模和效率而做出的不懈努力。

These dynamics underpin our expectation for material improvement in our bottom-line performance and put us on a path toward profitability.

這些動態支撐了我們對獲利業績實質改善的預期，並使我們走上獲利之路。

Finally, as we noted in late January, the Board has initiated a search for a permanent CEO, supported by a leading executive search firm.

最後，正如我們在一月底指出的那樣，董事會已在一家領先的獵人頭公司的支持下開始尋找永久執行長。

The Board is already reviewing candidates.

董事會已經在審查候選人。

In the meantime, we are committed to stabilizing the business and returning to profitability.

同時，我們致力於穩定業務並恢復盈利。

We expect that our success in 2024 will create a foundation that will deliver value for our shareholders, our employees, and our customers.

我們預計 2024 年的成功將為我們的股東、員工和客戶創造價值奠定基礎。

That concludes our remarks.

我們的發言到此結束。

Operator, we're ready to take your questions.

接線員，我們已準備好回答您的問題。

(Operator Instructions) Jim Ricchiuti, Needham & Company.

（操作員說明）Jim Ricchiuti，Needham & Company。

Hi, good morning.

早安.

I just wanted to go through the bridge to the gross margin improvement that you're anticipating.

我只是想透過橋樑實現您所期望的毛利率改善。

Sorry for the background noise.

抱歉有背景噪音。

I'm looking out to the full year.

我正在展望全年。

How much of that is coming from the initiatives you've had with the existing?

其中有多少來自您對現有措施的舉措？

It sounds like some new contract manufacturers.

聽起來像是一些新的合約製造商。

And maybe what is baked into those assumptions also with respect to price and market share?

也許在價格和市場佔有率方面這些假設也包含了什麼？

Sure, Jim.

當然，吉姆。

Why don't I take that.

我為什麼不接受這個。

So as Glen laid out in quite a bit of detail, we have programs well underway to drive solid improvements as we go through 2024 and our gross margin.

因此，正如 Glen 詳細闡述的那樣，我們的計劃正在順利進行中，以推動 2024 年和毛利率的穩步改進。

As noted, we expect to show slight improvement in Q1 over the same period of prior year but sequential improvement every quarter as we go through 2024.

如前所述，我們預計第一季將比去年同期略有改善，但到 2024 年每季都會較上季改善。

Those initiatives are generally driven in a few buckets.

這些舉措通常分為幾個部分來推動。

The first one is product mix, which is the largest individual piece.

第一個是產品組合，這是最大的單一部分。

As we launch new products that come with a lower cost base and bring those into the market, we expect that we will see improvements in gross margin.

隨著我們推出成本基礎較低的新產品並將其推向市場，我們預計毛利率將有所改善。

We commented in our prepared remarks around fixed costs.

我們在準備好的評論中圍繞固定成本發表了評論。

There are some expenses that we had in 2023 that we don't expect to continue to have in '24 as well as some of our restructuring efforts around the organization in total.

我們在 2023 年發生了一些費用，但我們預計在 2024 年不會繼續發生這些費用，以及我們圍繞組織進行的一些重組工作。

And then finally, there are things like ongoing cost improvements on existing products as well as taking advantage as compared to prior year of improved transportation rates that finally will drive the last big piece of those cost improvements.

最後，還有一些事情，例如現有產品的持續成本改進，以及利用與前一年相比運輸費率的提高，最終將推動成本改進的最後一個重大部分。

That's helpful, Julie.

這很有幫助，朱莉。

And maybe my follow-up question, as we think about the recovery that you're anticipating in revenues in the back half of the year, I wonder if you could comment about the conversations you're having or maybe having with some traditional brick-and-mortar retailers just in the aftermath of the merger agreement being terminated?

也許我的後續問題是，當我們考慮您預計下半年收入的復甦時，我想知道您是否可以評論一下您正在或可能與一些傳統磚塊進行的對話-合併協議終止後，實體零售商會怎樣？

Sure.

當然。

Why don't I start, and then I'll let Glen jump in as well.

為什麼我不開始，然後我會讓格倫也加入進來。

If you think about the timing and the growth expectations in our quarters, as I mentioned in my remarks, we'd like to point people to our full-year target.

如果您考慮我們季度的時間表和成長預期，正如我在演講中提到的那樣，我們希望向人們指出我們的全年目標。

What we see sometimes, and we expect to see that again this year is there can be movement in the timing of certain large orders associated with significant promotional events.

我們有時會看到，我們預計今年會再次看到與重大促銷活動相關的某些大訂單的時間安排可能會發生變化。

And as those move between, as an example, Q2 and Q3, it can drive gross fluctuations.

例如，當這些因素在第二季和第三季之間移動時，它可能會導致整體波動。

I think the other piece, as we look at our revenue outlook for the year is we expect to continue to optimize certain channels, particularly internationally.

我認為另一件事是，當我們審視今年的收入前景時，我們預計將繼續優化某些管道，特別是國際管道。

And that underpins as well our outlook in the second half.

這也支撐了我們下半年的前景。

And Jim, I'll add -- I know that we have -- after we announced the transaction with Amazon in the summer of 2022, we had some retailers exit business with us, both domestically and internationally because they viewed Amazon as a particular competitor.

吉姆，我要補充一點——我知道我們已經——在我們於2022 年夏天宣布與亞馬遜的交易後，一些零售商退出了與我們的業務，無論是國內還是國際，因為他們將亞馬遜視為一個特定的競爭對手。

With the announcement of the termination, we have begun conversations with those retailers to reenter their stores, and we hope that that is something that we'll be able to announce as the year goes on.

隨著終止的宣布，我們已經開始與這些零售商進行對話，以重新進入他們的商店，我們希望隨著時間的推移我們能夠宣布這一點。

All right.

好的。

Thanks very much.

非常感謝。

Asiya Merchant, Citi.

阿西亞商人，花旗銀行。

Great.

偉大的。

Thank you for taking my question.

感謝您回答我的問題。

Julie, if you could just again walk us through why the first half is weak, I guess the second-half trends that you're seeing in margins and obviously other cost initiatives?

朱莉，如果您能再次向我們解釋為什麼上半年表現疲軟，我猜您在利潤率和顯然其他成本舉措方面看到了下半年的趨勢？

But can you walk us through why you think the first half should be so much weaker than the last year?

但您能告訴我們為什麼您認為上半年的表現應該比去年差很多嗎？

And my understanding was as well as I'm going back to my notes that there were orders that had shifted into prime again into the back half of the year.

我的理解是，正如我要回到我的筆記一樣，有些訂單在今年下半年再次轉入黃金期。

So maybe you can just walk us through what you're seeing in the first half that leads to so much pressure still in the first half?

那麼也許您可以向我們介紹一下您在上半場看到的情況，導致上半場壓力仍然如此之大？

And then my other question was just on the OpEx initiatives that you've identified.

我的另一個問題是關於您已經確定的營運支出計劃。

Should we assume that this is still like obviously going through some analysis here?

我們是否應該假設這仍然像是在這裡進行一些分析？

Should we expect more to come?

我們應該期待更多的到來嗎？

Or is this sort of how you think the full year was going to play out with the majority of the expenses being taken out, let's say, in the first quarter and definitely by the first half?

或者說，您認為全年的大部分費用都會被扣除，比方說，在第一季度，肯定是在上半年？

Thank you.

謝謝。

Sure.

當然。

Thank you, Asiya.

謝謝你，阿西婭。

So as I think about the seasonality of our revenue in 2024, and you pointed to a couple of things, every year, we see there can be shifts of certain large orders, and we expect some of that will happen first half versus second half of this year, which plays into our expectations around growth rates.

因此，當我考慮 2024 年收入的季節性時，您指出了一些事情，每年，我們都會看到某些大訂單可能會發生變化，我們預計其中一些變化將發生在上半年和下半年今年，這影響了我們對成長率的預期。

I think the second piece of it, as I mentioned, is Glen touched on some conversations with certain customers.

正如我所提到的，我認為第二部分是格倫與某些客戶的一些對話。

I think also, we've talked in our prepared remarks about optimizing our channels.

我還認為，我們在準備好的發言中已經討論瞭如何優化我們的管道。

And as we work through that, we expect to see an improvement in performance, particularly internationally, in the back half of the year.

當我們努力解決這個問題時，我們預計今年下半年的業績將會改善，尤其是在國際上。

On the OpEx, so first of all, what we have explained is our year-over-year improvements, and we think our exit rate would be better than just looking at the year-over-year amount.

在營運支出方面，首先，我們解釋的是我們的同比改進，我們認為我們的退出率會比僅僅看同比金額更好。

There's always more efficiencies to look for.

總是需要尋求更高的效率。

Specifically, on your question, I think the majority of the restructuring will be done in Q1, some in Q2, but the vast majority happening in the first half of the year.

具體來說，關於你的問題，我認為大部分重組將在第一季完成，有些在第二季完成，但絕大多數發生在上半年。

Okay.

好的。

Thank you.

謝謝。

And that is all the time we have left for questions today.

這就是我們今天提問的全部時間了。

I would now like to turn the floor over to Karian Wong for closing remarks.

我現在請黃凱瑞 (Karian Wong) 致閉幕詞。

Thank you so much.

太感謝了。

This concludes our conference call today, and we appreciate your support and looking forward to talking with you over the coming weeks and months.

我們今天的電話會議到此結束，我們感謝您的支持，並期待在未來幾週和幾個月內與您交談。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes today's iRobot fourth-quarter and full-year 2023 earnings conference call.

今天的 iRobot 第四季和 2023 年全年收益電話會議到此結束。

Please disconnect your lines at this time, and have a wonderful day.

請此時斷開線路，祝您有美好的一天。