iRobot Corp (IRBT) 2024 Q1 法說會逐字稿

Welcome to the iRobot First Quarter 2024 Earnings Conference Call.

歡迎參加 iRobot 2024 年第一季財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Karian Wong, iRobot Senior Vice President and Principal Accounting Officer.

我現在想將電話轉給 iRobot 高級副總裁兼首席會計官 Karian Wong。

Please go ahead.

請繼續。

Thank you, operator, and good morning, everybody.

謝謝接線員，大家早安。

Joining me on today's call are Glen Weinstein and Executive Vice President and CFO Julie Zeiler.

參加今天電話會議的有格倫韋恩斯坦 (Glen Weinstein) 和執行副總裁兼財務長朱莉澤勒 (Julie Zeiler)。

Before I set 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.

在確定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 margin, non-GAAP operating expense, non-GAAP operating loss, and non-GAAP net loss per share.

與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 definition 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 earnings press release we issued last evening, which is available on our website at www.irobot.com. Also, unless stated otherwise, our first quarter 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 2023.

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 指標的調節均在我們昨晚發布的收益新聞稿中提供，該新聞稿可在我們的網站www.irobot 上獲取。此外，除非另有說明，我們第一季的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公認會計原則（non-GAAP），所有歷史比較均與第第一季進行比較。

For today's call.

為了今天的電話。

Our agenda will be as follows.

我們的議程如下。

Glen will briefly cover the company's quarterly results, review important strategic milestones, and outline our expectations for 2024.

Glen 將簡要介紹公司的季度業績、回顧重要的策略里程碑，並概述我們對 2024 年的預期。

Julie will review our financial results in detail and offer additional insight into our Q2 and 2024 outlook.

Julie 將詳細審查我們的財務業績，並對我們第二季和 2024 年的前景提供更多見解。

Glen will conclude our commentary with some closing remarks about prospects over the longer term.

格倫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。

First, I'd like to note that as announced in a separate press release last night, the Board has appointed Gary Cohen as iRobot's new CEO. effective immediately.

首先，我想指出，正如昨晚在另一份新聞稿中宣布的那樣，董事會已任命 Gary Cohen 為 iRobot 新任執行長。立即生效。

Gary was previously the CEO of Qualitor Automotive and of Timex and held senior leadership positions at Gillette, Playtex, and Energizer.

Gary 曾擔任 Qualitor Automotive 和 Timex 的首席執行官，並在 Gillette、Playtex 和 Energizer 擔任高階領導職務。

In all, he has more than 25 years of executive leadership experience and a track record of successful turnarounds.

總之，他擁有超過 25 年的行政領導經驗和成功扭虧為盈的記錄。

During Gary's tenure at Qualitor, the company nearly doubled revenue and profits.

在加里 (Gary) 在 Qualitor 任職期間，該公司的收入和利潤幾乎翻了一番。

He will lead iRobot's transformational strategy, overseeing all aspects of the company's business, including innovation, product and commercial strategies, operational excellence, talent, and working across the organization to build a sustainable competitive advantage in consumer-centric brands.

他將領導 iRobot 的轉型策略，監督公司業務的各個方面，包括創新、產品和商業策略、卓越營運、人才，並在整個組織內努力建立以消費者為中心的品牌的可持續競爭優勢。

On behalf of the leadership team, I want to welcome Gary to iRobot.

我謹代表領導團隊歡迎 Gary 加入 iRobot。

I know he is looking forward to meeting with our investors as well as our employees and commercial partners as he comes up to speed.

我知道他期待與我們的投資者以及我們的員工和商業合作夥伴會面，因為他的進展很快。

Turning to our quarterly results, we took aggressive action in Q1 to implement our restructuring plan to significantly improve our near-term operations.

談到我們的季度業績，我們在第一季採取了積極行動來實施重組計劃，以顯著改善我們的近期營運。

On today's call, I'll share with you the progress we have made with key elements of the plan and discuss what you can expect from iRobot moving forward.

在今天的電話會議上，我將與您分享我們在該計劃的關鍵要素方面所取得的進展，並討論您對 iRobot 未來的期望。

With the successes we achieved in the first quarter and with the new CEO in place, we are all the more confident in our iRobot's ability to build on our legacy of innovation.

憑藉我們在第一季取得的成功以及新任執行長的就任，我們對 iRobot 繼承創新傳統的能力更加充滿信心。

In the first quarter, we exceeded the goals we set out on our fourth quarter call and subsequent outlook release.

在第一季度，我們超越了第四季度電話會議和隨後的展望發布中設定的目標。

As we had expected, our Q1 performance was affected by overall consumer spending trends for domestic appliances and by aggressive competition across all regions.

正如我們預期的那樣，我們第一季的業績受到家用電器整體消費者支出趨勢以及所有地區激烈競爭的影響。

In total, we generated revenue of $150 million with a gross margin of 24.6%.

我們總共創造了 1.5 億美元的收入，毛利率為 24.6%。

And reflecting significant improvements to our core cost structure, we reported an operating loss of $40 million with a net loss per share of $1.53. Later on the call, Julie will provide our Q1 financials in greater detail, along with our outlook for both the second quarter and full year 2024.

我們的營業虧損為 4,000 萬美元，每股淨虧損為 1.53 美元，反映出我們核心成本結構的顯著改善。稍後在電話會議上，朱莉將更詳細地提供我們第一季的財務數據，以及我們對第二季和 2024 年全年的展望。

Operationally, Q1 represented an important first step with respect to our restructuring plan.

從營運角度來看，第一季代表了我們重組計劃的重要第一步。

The plan is designed to stabilize the business in the current market environment without sacrificing longer-term growth initiatives.

該計劃旨在在當前市場環境下穩定業務，同時不犧牲長期成長計劃。

We are committed to simplifying our cost structure, implementing a more sustainable business model, and concentrating on our core value drivers.

我們致力於簡化成本結構，實施更永續的商業模式，並專注於我們的核心價值驅動因素。

We are leveraging our brand and innovative products to extend or reclaim leadership positions in the mid and premium market segments, as well as leveraging our new product launches that balance price points and cost to participate more fully in the entry market segments.

我們正在利用我們的品牌和創新產品來擴大或奪回中高端細分市場的領導地位，並利用我們平衡價格點和成本的新產品發布來更充分地參與入門細分市場。

In addition, we are focused on geographies that offer the greatest scale and profitability.

此外，我們也專注於規模最大、獲利能力最強的地區。

In executing this plan, we are aligning our cost structure with near-term revenue expectations to enhance liquidity and drive bottom-line improvements.

在執行該計劃時，我們正在根據近期收入預期調整成本結構，以增強流動性並推動利潤改善。

In concert with our Chief Restructuring Officer Jeff Engel, we are streamlining our operations, developing new products more efficiently, and driving increased spending discipline and cash management.

我們與首席重組官傑夫恩格爾 (Jeff Engel) 合作，精簡運營，更有效率地開發新產品，並推動加強支出紀律和現金管理。

As previously discussed, the plan is structured to: one, achieve gross margin improvement through a focus on design to value and removal of unnecessary costs and more attractive terms with our manufacturing partner; two, reduce R&D expense by relocating certain non-core engineering functions, including the greater use of third parties to provide those functions, and pausing work unrelated to our core floorcare business; three, centralize our global marketing activities to be more efficient in our demand generation efforts and reduce non-working marketing and agency fees; and four, streamline our legal entity and real estate footprint to fit our current business needs and near-term revenue expectations.

如前所述，該計劃的結構是：第一，透過注重價值設計、消除不必要的成本以及與製造合作夥伴簽訂更具吸引力的條款來提高毛利率；第二，透過重新定位某些非核心工程功能來減少研發費用，包括更多地利用第三方來提供這些功能，並暫停與我們的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，以提高我們的需求產生工作的效率，並減少非工作行銷和代理商費用；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 plan is the new relationship paradigm with our contract manufacturer.

我們毛利率改善計劃的基石是與合約製造商建立新的關係模式。

We are relying on the expertise of these contract manufacturers to a greater extent than we have in the past, taking advantage of their mature supply chain, expertise in design for manufacturing, and flexibility in component selection.

我們比過去更大程度地依賴這些合約製造商的專業知識，利用他們成熟的供應鏈、製造設計的專業知識以及組件選擇的靈活性。

This shift, along with competitive bidding of design packages, is key to our goal of unlocking improvement in full year 2024 gross margin, which we expect to see the benefit in the P&L, primarily in the second half of the year, as higher-cost products are moved out of inventory.

這種轉變以及設計包的競爭性招標是我們實現 2024 年全年毛利率改善目標的關鍵，我們預計將在損益表中看到收益，主要是在今年下半年，因為成本較高產品已從庫存中移出。

While we are working on a number of projects, we launched the Roomba Essential Robots to consumers early in the second quarter.

在我們進行多個專案的同時，我們在第二季初向消費者推出了 Roomba Essential 機器人。

These are the first products to benefit from our new product development paradigm with our contract manufacturers and represents the balance of price points and costs that we are looking to maintain going forward.

這些是首批受益於我們與合約製造商的新產品開發模式的產品，代表了我們希望未來保持的價格點和成本的平衡。

They replace our very successful 600 Series with an improved gross margin and enhanced customer experience.

它們取代了我們非常成功的 600 系列，提高了毛利率並增強了客戶體驗。

The changes we are making with our contract manufacturers allows us to reduce our R&D expenditures, particularly with respect to lower-value commodity engineering work.

我們與合約製造商所做的改變使我們能夠減少研發支出，特別是在低價值商品工程工作方面。

Within R&D, we expect to see a reduction of approximately $35 million year over year, with an exit rate at the end of 2024 representing R&D expenditures at below 10% of revenue.

在研發方面，我們預計將年減約 3,500 萬美元，到 2024 年底的退出率意味著研發支出將低於收入的 10%。

Importantly, while we are increasing reliance on third-party partners, we are continuing to invest in higher-value robotics, computer vision, machine learning, and complex mechanical design to improve the core functionality of our robots.

重要的是，雖然我們越來越依賴第三方合作夥伴，但我們仍在繼續投資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，以改善機器人的核心功能。

For sales and marketing, we are focusing our resources on limited geographies and consolidating marketing efforts for greater efficiencies.

在銷售和行銷方面，我們將資源集中在有限的地區，並整合行銷工作以提高效率。

While this might put pressure on our revenue in the short term, it represents a more disciplined overall approach to demand generation.

雖然這可能會在短期內給我們的收入帶來壓力，但它代表了一種更嚴格的整體需求產生方法。

Specifically, while in Q1, revenue was down 6% year over year, sales and marketing saw a 30% improvement in costs as we continue to focus media expenditures on digital channels and customer conversion.

具體來說，雖然第一季的營收年減 6%，但隨著我們繼續將媒體支出重點放在數位管道和客戶轉換上，銷售和行銷成本下降了 30%。

This focus in Q1, and in part based on fast-selling end-of-life SKUs, contributed to more than 25% of our revenue being from e-commerce, a rate that we do not anticipate sustaining over the next few quarters.

第一季的這一重點，部分基於快速銷售的報廢 SKU，為我們貢獻了超過 25% 的收入來自電子商務，但我們預計未來幾季不會維持這一比例。

Again, based on our focus on limited geographies, in April, our iRobot began selling at the Yamada, Japan's largest electronics retailer.

同樣，基於我們對有限地區的關注，我們的 iRobot 於 4 月開始在日本最大的電子產品零售商山田 (Yamada) 銷售。

This is a significant expansion of points of sale and represents an opportunity to be in front of even a larger customer base.

這是銷售點的顯著擴張，並且代表著面對更大客戶群的機會。

At the end of Q2, we plan to transition certain markets to existing distributors to improve how we service customers in those regions.

在第二季末，我們計劃將某些市場過渡給現有經銷商，以改善我們為這些地區的客戶提供服務的方式。

As a reminder, while we have some Mother's Day-related marketing spend in Q2, for the full year, we expect to see a decrease in overall sales and marketing expenses of nearly $40 million, including a decrease in working marketing of approximately $20 million.

提醒一下，雖然我們在第二季度有一些與母親節相關的營銷支出，但我們預計全年總體銷售和營銷支出將減少近 4000 萬美元，其中工作營銷支出將減少約 2000 萬美元。

Finally, we have taken steps to terminate various global lease commitments and increase subletting of excess space in our Massachusetts headquarters.

最後，我們已採取措施終止各種全球租賃承諾，並增加馬薩諸塞州總部多餘空間的轉租。

In addition, we have streamlined operations and headcount across G&A.

此外，我們也簡化了 G&A 的營運和人員編制。

As we mentioned last quarter, based on all of these actions, we anticipate a significant improvement in our 2024 cash outflow from operations compared with full year 2023.

正如我們上季度所提到的，基於所有這些行動，我們預計 2024 年營運現金流出與 2023 年全年相比將顯著改善。

We also anticipate generating modest positive cash flow from operations in both Q3 and Q4.

我們也預計第三季和第四季的營運將產生適度的正現金流。

While the operational and financial actions we are taking are essential to the near-term stability of the business, they are not being taken at the expense of our longer-term growth initiatives, which include innovation and development efforts on iRobot's key revenue generators.

雖然我們正在採取的營運和財務行動對於業務的短期穩定至關重要，但這些行動不會以犧牲我們的長期成長計畫為代價，其中包括 iRobot 主要收入來源的創新和開發工作。

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

我們的重點是執行近期計劃並快速果斷地行動以取悅客戶。

In short, we have an iconic brand that people are passionate about and we have great products.

簡而言之，我們擁有人們熱愛的標誌性品牌，並且我們擁有出色的產品。

About five weeks ago, Consumer Reports released its 2024 Guide to Robotic Vacuums. iRobot products held all five top positions and seven of the top eight rated robots.

大約五週前，《消費者報告》發布了《2024 年機器人吸塵器指南》。 iRobot 產品包辦了全部五個頂級位置以及排名前八的機器人中的七個。

With new models coming and our focused marketing driving sales at key retailers and online, we believe we are well positioned to stabilize the business.

隨著新車型的推出以及我們專注的營銷推動了主要零售商和網上的銷售，我們相信我們已經做好了穩定業務的準備。

The first quarter represented an important step in iRobot's journey, and we are proud of the way the team was able to deliver on the promises we outlined previously.

第一季代表了 iRobot 發展歷程中的重要一步，我們對團隊能夠兌現我們之前概述的承諾的方式感到自豪。

The team looks forward to updating you on our continued progress.

團隊期待向您通報我們的持續進展。

With that, I'll turn the call to Julie.

這樣，我就把電話轉給茱莉。

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, operating loss, operating margin, and net loss per share will mean the corresponding non-GAAP metric.

因此，除非另有說明，否則每次提到的毛利率、營業費用、營業虧損、營業利益率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 first quarter of 2023, unless otherwise noted.

除非另有說明，所有季度比較均以 2023 年第一季為基準。

As Glen mentioned, our Q1 results exceeded our expectations across all metrics. iRobot's first quarter 2024 revenue totaled $150 million, a decline of 6% versus prior year and slightly ahead of our expectations, driven by the timing of certain orders as well as solid DTC performance.

正如格倫所提到的，我們第一季的業績在所有指標上都超出了我們的預期。 iRobot 2024 年第一季的營收總額為 1.5 億美元，比去年同期下降 6%，略高於我們的預期，這得益於某些訂單的時間安排以及穩健的 DTC 業績。

Geographically in the first quarter, EMEA declined 3%, the US declined 4%, and Japan declined 16%.

從第一季的地理來看，歐洲、中東和非洲地區下降了 3%，美國下降了 4%，日本下降了 16%。

Our Japan results reflect a recent 34-year low in the yen against the dollar.

我們的日本業績反映出日圓兌美元匯率跌至近期 34 年來的低點。

Excluding the unfavorable foreign currency impact, Japan revenue decreased 6% over the prior-year period.

排除不利的外匯影響，日本收入較上年同期下降 6%。

From a product mix perspective, 2-in-1 products represented 45% of total robot sales in Q1 2024.

從產品結構的角度來看，2024年第一季二合一產品佔機器人總銷售量的45%。

Accessory revenue in the first quarter grew 8% over the prior year and represented approximately 12% of total revenue.

第一季配件營收較上年同期成長 8%，約佔總營收的 12%。

Revenue from mid-tier robots with an MSRP between $300 and $499 and premium robots with an MSRP of $500 or more represented 81% of total robot sales in the first quarter of 2024 as compared with 88% from the same period last year, reflecting the introduction of Roomba Combo Essential, providing the iRobot two-in-one cleaning experience at a lower price point.

2024 年第一季度，建議零售價在300 美元至499 美元之間的中端機器人以及建議零售價在500 美元或以上的高端機器人的收入佔機器人總銷售額的81%，而去年同期為88% ，反映出推出 Roomba Combo Essential，以更低的價格提供 iRobot 二合一清潔體驗。

Our first quarter DTC sales grew 3% versus the prior year, with 12% growth in North America and EMEA, partially offset by a 13% decline in Japan or a decline of 10% excluding the impact of foreign currency.

我們第一季的 DTC 銷售額與去年同期相比成長了 3%，其中北美和歐洲、中東和非洲地區成長了 12%，但部分被日本下降 13% 或排除外匯影響後下降 10% 所抵銷。

In the first quarter, our DTC revenue represented 26% of total revenue.

第一季度，我們的 DTC 收入佔總收入的 26%。

Our gross margin of 24.6% in Q1 improved from 23.7% in Q1 2023.

我們第一季的毛利率為 24.6%，較 2023 年第一季的 23.7% 有所改善。

Our gross margin benefited from cost actions and the new product development paradigm with our contract manufacturing partners, partially offset by the annualization of promotional pricing actions taken in the second half of 2023.

我們的毛利率受益於成本行動以及與合約製造合作夥伴的新產品開發模式，但部分被 2023 年下半年採取的年度促銷定價行動所抵銷。

We reduced first quarter 2024 operating expenses by 23% to $77 million.

我們將 2024 年第一季的營運費用減少了 23%，達到 7,700 萬美元。

The decrease primarily reflects the initial impact of our aggressive restructuring plans and is the result of disciplined spending during the quarter.

這一下降主要反映了我們積極的重組計劃的初步影響，也是本季嚴格支出的結果。

The key drivers of the decrease were people-related spending across all functions associated with the previously announced restructuring efforts, reduced marketing spend, a more disciplined overall approach to demand generation, and a continued focus on efficiencies across the organization.

減少的主要驅動因素是與先前宣布的重組工作相關的所有職能部門的人員相關支出、行銷支出的減少、需求產生的整體方法更加嚴格以及對整個組織效率的持續關注。

Our operating loss of $40 million compares to an operating loss of $62 million in the year-ago period.

我們的營運虧損為 4,000 萬美元，而去年同期的營運虧損為 6,200 萬美元。

First quarter non-operating expense was $3 million, reflecting interest expense associated with our term loan.

第一季的營業外支出為 300 萬美元，反映了與我們的定期貸款相關的利息支出。

This was partially offset by interest income on cash balances and a benefit from the change in the fair value of the term loan.

這被現金餘額的利息收入和定期貸款公允價值變動的收益部分抵銷。

Our Q1 tax expense was $0.5 million.

我們第一季的稅務支出為 50 萬美元。

Our first quarter net loss per share was $1.53.

我們第一季每股淨虧損為 1.53 美元。

In the first quarter, the company reduced its workforce by approximately 330 employees, representing 30% of the company's total workforce as of December 30, 2023.

第一季度，公司裁員約330人，佔截至2023年12月30日公司員工總數的30%。

Our Q1 GAAP results include a $14 million charge related to our restructuring program, primarily for severance and related costs of $11 million, as well as the costs associated with exiting certain non-robotic floorcare initiatives.

我們第一季的 GAAP 業績包括與重組計劃相關的 1,400 萬美元費用，主要用於 1,100 萬美元的遣散費和相關成本，以及與退出某些非機器人地板護理計劃相關的成本。

We expect an additional restructuring charge of approximately $9 million across the remainder of the year.

我們預計今年剩餘時間將額外增加約 900 萬美元的重組費用。

We ended the quarter with $118 million in cash and cash equivalents, a decline of $67 million from the end of Q4.

本季末，我們的現金和現金等價物為 1.18 億美元，比第四季末減少 6,700 萬美元。

Restricted cash totaled $42 million, with $40 million set aside for future repayment of the term loan and subject to limited rights for inventory purchases.

受限制的現金總額為 4,200 萬美元，其中 4,000 萬美元留作未來定期貸款的償還，並受到庫存採購權利的限制。

In Q1, cash flow from operations was $1.4 million, which included the one-time net proceeds of $75 million from the Amazon termination fee.

第一季度，營運現金流為 140 萬美元，其中包括亞馬遜終止費的一次性淨收益 7,500 萬美元。

As discussed during our Q4 call, excluding the net proceeds, we expect negative cash flow from operations in both Q1 and Q2, and we expect to generate modest positive cash flow from operations in both Q3 and Q4.

正如我們在第四季度電話會議中所討論的，不包括淨收益，我們預計第一季和第二季的營運現金流為負，並且我們預計第三季和第四季的營運將產生適度的正現金流。

First quarter DSO was 24 days, flat compared with Q4 of 2023 and up slightly from the same period a year ago due to the timing of certain orders within the quarter.

第一季 DSO 為 24 天，與 2023 年第四季持平，但由於本季度某些訂單的時間安排，較去年同期略有上升。

Our quarter-end inventory balance was $133 million or 108 days and reflected continued focus on carefully managing inventory balances with a reduction of $96 million or 63 days as compared with Q1 of 2023.

我們的季末庫存餘額為 1.33 億美元或 108 天，反映出我們繼續專注於謹慎管理庫存餘額，與 2023 年第一季相比減少了 9,600 萬美元或 63 天。

As discussed on our Q4 2023 call, to further enhance our liquidity and provide flexibility to our capital planning strategies, we filed a shelf S-3 registration statement on February 27, which included a $100 million at-the-market offering program for the sale of the company's common stock.

正如我們在2023 年第四季電話會議中所討論的，為了進一步增強我們的流動性並為我們的資本規劃策略提供靈活性，我們於2 月27 日提交了擱置的S-3 註冊聲明，其中包括1 億美元的市場發售計劃公司的普通股。

During the first quarter, we sold 0.6 million shares for total net proceeds of $5.6 million.

第一季度，我們出售了 60 萬股股票，淨收益總額為 560 萬美元。

Careful management of our working capital efficiency will remain a focus in 2024, and I continue to be pleased with the progress we have made in managing our key working capital levers.

謹慎管理我們的營運資本效率仍將是 2024 年的重點，我仍然對我們在管理關鍵營運資本槓桿方面取得的進展感到滿意。

We are updating our 2024 full year outlook that we outlined on our Q4 call, given the weakness of the yen as well as the timing of new product introductions and providing our outlook on Q2 2024.

鑑於日圓疲軟以及新產品推出的時間，我們正在更新我們在第四季度電話會議中概述的 2024 年全年展望，並提供我們對 2024 年第二季度的展望。

As discussed during our Q4 2023 call, we continue to expect a first half revenue decline of high 10s to low 20% range.

正如我們在 2023 年第四季電話會議中討論的那樣，我們繼續預計上半年營收下降幅度為 10% 至 20% 左右。

We also noted that within the first half of the year, we expect Q2 to be the weaker quarter of the two quarters in terms of growth versus prior year, and we anticipate a shifting of orders from Q2 last year into Q3 this year.

我們也注意到，今年上半年，我們預計第二季度將是兩個季度中較去年增長較弱的季度，我們預計訂單將從去年第二季度轉移到今年第三季度。

Based on our stronger-than-expected Q1 and continued weakness of the Japanese yen, we now anticipate revenue for Q2 in the range of $167 million to $172 million.

基於我們第一季強於預期以及日圓持續疲軟，我們現在預計第二季的營收將在 1.67 億至 1.72 億美元之間。

And gross margin is expected to be in the range of 24% to 25%.

毛利率預計在24%至25%之間。

Operating loss is expected to be in the range of $43 million to $40 million.

營運虧損預計在 4,300 萬美元至 4,000 萬美元之間。

And net loss per share is expected in the range of $1.81 and $1.74 per share.

預計每股淨虧損在 1.81 美元至 1.74 美元之間。

For the full year 2024, given the continued weakness of the Japanese yen and timing of new product introductions, we now expect revenue in the range of $815 million to $860 million.

鑑於日圓持續疲軟以及新產品推出的時機，我們現在預計 2024 年全年營收將在 8.15 億至 8.6 億美元之間。

We anticipate that more than 60% of our full year revenue will come in the second half of the year.

我們預計全年收入的60%以上將來自下半年。

Consistent with our comments during the Q4 call, we continue to anticipate the second half of the year revenue growth in the mid-single-digit percentage.

與我們在第四季度電話會議中的評論一致，我們繼續預計下半年收入將實現中個位數百分比成長。

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, given that 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 cause material fluctuations in our quarterly growth rates and cash flow performance.

從一個季度轉移到下一個季度的大訂單會導致我們的季度成長率和現金流表現出現重大波動。

Additionally, our revenue expectations for the remainder of the year contemplate a euro exchange rate of EUR1.10 and Japanese yen exchange rate of JPY145 to JPY150 using estimates based on Reuters FX poll.

此外，我們對今年剩餘時間的收入預期是根據路透社外匯調查的估計，歐元匯率為 1.10 歐元，日圓匯率為 145 日圓至 150 日圓。

The expected Japanese yen forecast also will impact our 2024 gross margin outlook.

預期的日圓預測也將影響我們 2024 年的毛利率前景。

We continue to anticipate that our 2024 gross margin will improve significantly, but we are now expecting an average gross margin of 31% to 33%, with an anticipated Q4 2024 exit gross margin rate above 34%.

我們繼續預期 2024 年毛利率將大幅改善，但我們目前預期平均毛利率為 31% 至 33%，預計 2024 年第四季退出毛利率將超過 34%。

As Glen mentioned, we expect that the combination of our COGS 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，我們的銷貨成本生產力計劃與 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降低將推動利潤率的擴張。

We anticipate the Q2 '24 gross margin will show modest improvement from Q2 last year, and we expect sequential improvement every quarter from 2023, with stronger gross margin expansion in the second half of the year, as more significant cost-saving improvements move through the P&L, and we compare against annualized pricing adjustments.

我們預計24 年第二季度的毛利率將較去年第二季度略有改善，並且我們預計從2023 年起每個季度都會出現連續改善，下半年毛利率將出現更強勁的增長，因為成本節約方面的改進將透過損益表，我們與年化定價調整進行比較。

We are pleased with our progress on resizing our cost structure and are now targeting 2024 operating expenses in the range of $308 million to $326 million or approximately 38% of revenue.

我們對調整成本結構的進展感到滿意，目前的目標是 2024 年營運費用在 3.08 億美元至 3.26 億美元之間，約佔收入的 38%。

The anticipated decrease from 2023 primarily reflects previously announced efforts to align our cost structure more closely 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，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.

鑑於我們的頂線指導和支出計劃，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 for 2024, we now anticipate other expense of around $30 million, including approximately $15 million in net cash interest expense and $14 million in estimated fair value adjustment associated with our term loan.

就 2024 年其他值得注意的建模假設而言，我們現在預計其他費用約為 3000 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 1400 萬美元。

We also expect full year tax expense of approximately $3 million, driven by our foreign jurisdictions.

我們也預計，在我們的外國司法管轄區的推動下，全年稅收支出約為 300 萬美元。

We anticipate a diluted share count of approximately 28.8 million shares, exclusive of any additional issuances under our ATM.

我們預計稀釋後的股票數量約為 2880 萬股，不包括我們 ATM 下的任何額外發行。

As a result, we expect our full year net loss per share to range from $3.13 to $2.71.

因此，我們預計全年每股淨虧損將在 3.13 美元至 2.71 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 approximately 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%。

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.

我現在將把電話轉回格倫以徵求一些補充意見。

Thank you, Julie.

謝謝你，朱莉。

We are pleased with the progress on our operational restructuring plan thus far, and we expect that our efforts in 2024 will provide a solid foundation for delivering long-term value for our shareholders, our employees, and our customers.

我們對迄今為止營運重組計畫的進展感到高興，我們預計 2024 年的努力將為我們的股東、員工和客戶提供長期價值奠定堅實的基礎。

That concludes our remarks.

我們的發言到此結束。

Operator, we're ready to take questions.

接線員，我們準備好回答問題了。

(Operator Instructions) Asiya Merchant, Citigroup.

（操作員指示）Asiya Merchant，花旗集團。

If you could just elaborate on the competitive dynamics you're seeing here in the marketplace, and if you think -- as you ramp operations back up on -- how you think about your retailers, e-tailers, are you seeing stocking activity resume on both ends?

如果您能詳細說明您在市場上看到的競爭動態，如果您認為 - 當您恢復營運時 - 您如何看待零售商、電子零售商，您是否會看到庫存活動恢復兩端？

And I believe when you were going through the acquisition, there was a retailer that had pushed out orders.

我相信當你進行收購時，有一家零售商已經取消了訂單。

Has that retailer come back to you guys?

那家零售商回來找你們了嗎？

Or should we be expecting momentum here in the back half?

或者我們應該期待下半場的動力嗎？

Thank you.

謝謝。

Sure, Asiya.

當然，阿西婭。

Good morning.

早安.

So you asked a number of questions.

所以你問了很多問題。

I think first of all, and consistent with our discussion in Q4, we continue to see a very aggressive and competitive environment, and we see overall market on consumer durable goods to be relatively sluggish.

我認為首先，與我們在第四季度的討論一致，我們繼續看到一個非常積極和競爭的環境，我們看到耐用消費品的整體市場相對低迷。

That said, I think as we look at our performance for Q1, and as Glen noted, in part as a result of some fast-selling end-of-life SKUs, we see the market overall performing roughly as we expected, with some variation across regions.

也就是說，我認為，當我們審視第一季的表現時，正如格倫指出的，部分由於一些快速銷售的報廢 SKU，我們看到市場的整體表現大致符合我們的預期，但存在一些差異跨地區。

And we continue to work across all of our retail partners on re-engaging, and we're pleased with progress that we're making.

我們繼續與所有零售合作夥伴合作，重新吸引客戶，我們對所取得的進展感到滿意。

We have no further comments to make on that thus far.

到目前為止，我們還沒有對此發表進一步評論。

Glen, do you want to add anything?

格倫，你想補充什麼嗎？

No, I think that generally covers it.

不，我認為這通常涵蓋了它。

Look, the market dynamics in the various jurisdictions are slightly different, but this is a highly competitive market in EMEA, in the US, and also in Japan.

看，各個司法管轄區的市場動態略有不同，但在歐洲、中東和非洲、美國和日本，這是一個競爭激烈的市場。

We're seeing a lot of innovation from third parties, and it's really driving us to meet and beat what we're seeing enter the market, as in certain jurisdictions, they're increasing adoption and the price point at which these products sell.

我們看到來自第三方的大量創新，這確實促使我們滿足並擊敗我們所看到的進入市場的產品，因為在某些司法管轄區，他們正在提高這些產品的採用率和銷售價格點。

Okay.

好的。

And then just trying to follow up like on cash flow.

然後只是嘗試跟進現金流。

I understand how you guys are thinking about cash flow here in the back half as well.

我也理解你們在後半段如何考慮現金流。

Should we be anticipating any more need for cash infusion?

我們是否應該期待更多的現金注入需求？

Or do you think given the expectations for the back half of this year, this cash is sufficient to meet your working capital needs and OpEx needs?

或者您認為考慮到今年下半年的預期，這筆現金足以滿足您的營運資金需求和營運支出需求嗎？

Sure.

當然。

So as discussed in our filings, we went through quite a rigorous process in establishing our term loan.

因此，正如我們的文件中所討論的，我們在建立定期貸款時經歷了相當嚴格的流程。

And as I have said and we've discussed, liquidity and careful cash management will remain a significant focus for our team as we work through our turnaround efforts this year.

正如我所說和我們討論過的，在我們今年扭虧為盈的過程中，流動性和謹慎的現金管理仍將是我們團隊的一個重要關注點。

We will continue to look at opportunities to drive for that modest return to profitability and modest positive cash well in both Q3 and Q4.

我們將繼續尋找機會，在第三季和第四季實現適度的獲利恢復和適度的正現金。

(Operator Instructions) And with no further questions, this will conclude the Q&A portion of today's call.

（操作員說明）沒有其他問題，今天電話會議的問答部分就結束了。

I will now turn the call back over to Karian Wong for closing remarks.

現在，我將把電話轉回給 Karian Wong，讓其致閉幕詞。

Thank you, everyone, for joining us today.

謝謝大家今天加入我們。

We look forward to updating you on our progress on our Q2 conference call.

我們期待向您通報第二季電話會議的最新進展。

Have a great day.

祝你有美好的一天。

And this will conclude today's conference.

今天的會議到此結束。

Thank you for your participation, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。