iRobot Corp (IRBT) 2024 Q2 法說會逐字稿

Welcome to the iRobot second quarter 2024 financial results conference call.

歡迎參加 iRobot 2024 年第二季財務業績電話會議。

(Operator Instructions) I would now like to turn the call over to David Calusdian of the Company's Investor Relations from firm Sharon Merrill Advisors.

（操作員指示）我現在想將電話轉給 Sharon Merrill Advisors 公司投資者關係部門的 David Calusdian。

Please go ahead.

請繼續。

Thank you, Jamie, and good morning, everyone.

謝謝你，傑米，大家早安。

Joining me on today's call are Gary Cohen, iRobot CEO, and Julie Zeiler, Executive Vice President and CFO.

參加今天電話會議的有 iRobot 執行長 Gary Cohen 和執行副總裁兼財務長 Julie Zeiler。

At the outset, I would like to remind everyone that today's discussion will include forward-looking statements regarding future events and our future financial performance.

首先，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表現的前瞻性陳述。

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在任何後續日期的觀點。

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 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 expenses, non-GAAP research and development, non-GAAP sales and marketing, 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 研發、非 GAAP 銷售和行銷、非公認會計原則營業虧損和非公認會計原則每股淨虧損。

We believe that our non-GAAP financial results help provide additional transparency into iRobot's underlying operating performance and potential our definitions of these non-GAAP financial measures and reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP measure are provided in the earnings presentation included in the Q2 2024 earnings conference call event details, which is available on our website at www.irobot.com.

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。查看。

Also, unless stated otherwise, our second quarter financial metrics that will be discussed on today's conference call, including the financial metrics provided in our outlook will be on a non-GAAP basis only and all historical comparisons are with the second quarter of 2023.

此外，除非另有說明，我們將在今天的電話會議上討論的第二季度財務指標（包括我們展望中提供的財務指標）將僅基於非GAAP 基礎，所有歷史比較均與2023 年第二季度進行。

For today's call, our agenda is as follows.

對於今天的電話會議，我們的議程如下。

Gary will briefly cover the quoted companies, quarterly results, review important strategic milestones and outline the company's expectations for the second half of the year.

加里將簡要介紹上市公司、季度業績、回顧重要的策略里程碑並概述公司對下半年的預期。

Julie will review iRobot's financial results and offer additional insights regarding the company's full year outlook.

Julie 將回顧 iRobot 的財務業績，並提供更多有關公司全年展望的見解。

Gary will then provide closing remarks before we open the call for questions.

然後，在我們開始提問之前，加里將發表結束語。

With that, I will turn the call over to Gary, and welcome him to what is his first earnings call as iRobot's new CEO.

接下來，我將把電話轉給 Gary，並歡迎他參加第一次擔任 iRobot 執行長的財報電話會議。

Thank you, David, and good morning, everyone.

謝謝大衛，大家早安。

Thank you for joining us today.

感謝您今天加入我們。

It is a pleasure to speak to you on my first earnings call as iRobot's CEO.

很高興在我擔任 iRobot 執行長的第一次財報電話會議上與您交談。

I'm very excited to be here as we start a new chapter and a robust history and build on the company's legacy of innovation.

我很高興來到這裡，我們將開啟新的篇章和悠久的歷史，並在公司的創新傳統的基礎上繼續發展。

In my three months thus far at a robot, I have had the opportunity to meet with our teams, major retailers, distributors and key constituents around the globe.

到目前為止，在機器人工作的三個月裡，我有機會與我們的團隊、主要零售商、經銷商和全球各地的主要成員會面。

I've learned about what makes this a great company and have gained a deeper understanding of our capabilities, challenges and opportunities.

我了解了是什麼造就了這家偉大的公司，並對我們的能力、挑戰和機會有了更深入的了解。

We're in the midst of a turnaround, and I am more confident than ever that we will be successful.

我們正處於轉變之中，我比以往任何時候都更有信心我們會成功。

For today's call, I will begin with an overview of my background and discuss why I decided to join iRobot.

在今天的電話會議中，我將首先概述我的背景，並討論我決定加入 iRobot 的原因。

I will then provide highlights of our second quarter performance and outline our opportunities to position iRobot for a bright future.

然後，我將介紹我們第二季的業績亮點，並概述我們為 iRobot 創造光明未來的機會。

I will then turn the call over to Julie to review our financial results in more detail and to provide our outlook.

然後我會將電話轉給朱莉，以更詳細地審查我們的財務表現並提供我們的前景。

Following our prepared remarks, we will open the call for Q&A.

在我們準備好的發言之後，我們將開始問答環節。

My passion is building brands, and I've had the opportunity to build iconic brands in many diverse categories of consumer goods.

我的熱情是打造品牌，我有機會在許多不同類別的消費品中打造標誌性品牌。

While I pride myself on marketing and innovation, I have significant experience in R&D and have run Asia sourcing and global operations.

雖然我對行銷和創新感到自豪，但我在研發方面擁有豐富的經驗，並負責亞洲採購和全球營運。

I directed businesses successfully through the pandemic and recent global supply challenges.

我成功指導企業應對疫情和最近的全球供應挑戰。

And I have operated across all environments and stages of performance from turnaround and crisis management to stabilization and growth.

我曾在所有環境和績效階段進行操作，從扭虧為盈和危機管理到穩定和成長。

Over my career, I have architected and led the strategy, the organization and operating platform that ultimately drove sustainable and profitable growth.

在我的職業生涯中，我設計並領導了最終推動永續和獲利成長的策略、組織和營運平台。

I joined iRobot because it is an iconic brand that has a strong relationship with consumers and retail and distribution partners.

我加入 iRobot 是因為它是一個標誌性品牌，與消費者、零售和分銷合作夥伴有著密切的關係。

In fact, even in turnaround, iRobot continues to be the leader in several markets.

事實上，即使在扭虧為盈的情況下，iRobot 仍然是多個市場的領導者。

We have a culture of innovation that is evident in our passionate and talented employees, and I know that we can innovate our way to growth and value creation.

我們擁有熱情和才華橫溢的員工的創新文化，我知道我們可以透過創新方式實現成長和價值創造。

I see incredible opportunities for this company.

我看到這家公司擁有難以置信的機會。

For the past 25 years, I have worked in leadership roles with consumer companies, many of which were turnarounds.

過去 25 年來，我一直在消費品公司擔任領導職務，其中許多公司都實現了扭虧為盈。

I find it rewarding to enable positive change while energizing teams to work together to leverage skill sets, adapt best practices and implement strategic plans that provide the framework for consistent profitable growth.

我發現，實現積極的變革，同時激勵團隊共同努力，利用技能、調整最佳實踐並實施策略計劃，為持續的獲利成長提供框架，這是很有意義的。

When I worked on the Oral-B brand at Gillette, I inherited an empty pipeline and built an innovation engine that delivered dozens of new products in a five year period.

當我在吉列負責 Oral-B 品牌時，我繼承了一條空的管道，並建立了一個創新引擎，在五年內推出了數十種新產品。

While at Playtex, I repositioned Banana Boat and Hawaiian Tropic and they became the fastest growing products at the company.

在 Playtex 期間，我重新定位了 Banana Boat 和 Hawaiian Tropic，它們成為公司成長最快的產品。

And most recently at Qualitor, I built a talented US-based R&D team that designed and developed a new product IP that was then sourced and manufactured in Asia, a similar model to what we are perfecting at iRobot's.

最近，我在 Qualitor 建立了一支才華橫溢的美國研發團隊，負責設計和開發新產品 IP，然後在亞洲採購和製造，這與我們在 iRobot 完善的模式類似。

During the past three months, I have identified several inefficiencies within our business that I believe have hindered iRobot's ability to maximize the potential of our powerful technology, brand and consumer appeal.

在過去的三個月中，我發現了我們業務中的一些低效率問題，我認為這些問題阻礙了 iRobot 最大限度地發揮我們強大的技術、品牌和消費者吸引力的潛力。

We had a high-cost product line that is now in the process of being refreshed in order to enhance our competitiveness and improve our profitability.

我們擁有一條高成本的產品線，目前正在更新，以增強我們的競爭力並提高我們的獲利能力。

At the same time, we had an organizational structure with too many layers that was built for a much larger company and that slowed decision-making.

同時，我們的組織結構層次過多，是為一家規模大得多的公司而建立的，這導致決策速度變慢。

Additionally, the R&D model carry too much overhead in high cost countries for too many non-core ideas.

此外，在高成本國家，研發模式對於太多的非核心想法帶來了太多的開銷。

Our restructuring plan addresses all of these issues.

我們的重組計劃解決了所有這些問題。

Since I have joined, we have made several changes to our executive leadership team and reorganized the R&D to be better aligned with our vision of how to deliver new products.

自從我加入以來，我們對執行領導團隊進行了多次調整，並重組了研發部門，以更好地符合我們交付新產品的願景。

In fact, I am pleased to announce Jeff Engle has officially joined and iRobot as President and Chief Operating Officer reporting to me.

事實上，我很高興地宣布 Jeff Engle 已正式加入 iRobot，擔任總裁兼營運官，向我報告。

Jeff has been with iRobot for seven months as our Chief Restructuring Officer and adviser.

Jeff 在 iRobot 工作了七個月，擔任我們的重組長和顧問。

He will be responsible for R&D, Operations and supply chain and product management and will continue his duties as CRO since our work in this area has not completed.

他將負責研發、營運、供應鏈和產品管理，並將繼續擔任 CRO，因為我們在該領域的工作尚未完成。

Jeff willingness to join iRobot at this time.

Jeff 此時願意加入 iRobot。

And his faith in our turnaround speaks volumes to the company's growth prospects, and he has been instrumental in helping us deliver against our restructuring targets.

他對我們扭虧為盈的信心充分說明了公司的成長前景，他在幫助我們實現重組目標方面發揮了重要作用。

Our second quarter results demonstrate that our restructuring plan is on track and delivering the expected results.

我們第二季的業績顯示我們的重組計劃正在按計劃進行並實現了預期結果。

We have made tough but appropriate decisions to achieve our planned operating expense and headcount reduction targets.

我們做出了艱難但適當的決定，以實現計劃的營運費用和裁員目標。

We have also reduced inefficient marketing spend and improved our product margins via our new contract manufacturing strategy.

我們也透過新的合約製造策略減少了低效率的行銷支出並提高了產品利潤。

One driver of this was the launch of our margin-accretive essentials product line, which is gaining traction in many markets and is now the unit leader in Japan.

推動這一趨勢的因素之一是我們推出了可增加利潤的必需品產品線，該產品線在許多市場上受到關注，目前已成為日本的領先產品。

Furthermore, we have continued to reduce our finished goods inventory and narrowed our operating losses despite incurring one-time charges, we also lessened our use of operating cash.

此外，儘管產生了一次性費用，我們仍繼續減少產成品庫存並縮小營運虧損，並減少了經營現金的使用。

While we are making progress, we recognize that turnarounds take time and in the near term, we will continue to operate in a dynamic operating environment.

在我們取得進展的同時，我們意識到扭轉局面需要時間，在短期內，我們將繼續在充滿活力的營運環境中運作。

This is reflected in our revised 2024 outlook.

這反映在我們修訂後的 2024 年展望中。

Julie will discuss our Q3 and 2024 outlook shortly.

Julie 很快就會討論我們的第三季和 2024 年展望。

As we navigate near-term headwinds, we remain confident in our ability to build on iRobot's legacy of innovation to advance our long-term growth initiatives.

當我們克服近期的逆風時，我們仍然相信我們有能力以 iRobot 的創新傳統為基礎，推動我們的長期成長計畫。

To that end, we have launched iRobot Elevate, which is a new strategy centered on improving our financial performance, increasing consumer focus to elevate our brand, bringing innovative products to market in an entirely new and more profitable way continuing our operational and organization improvements and developing and retaining our best talent.

為此，我們推出了iRobot Elevate，這是一項新策略，旨在改善我們的財務表現、增強消費者對提升我們品牌的關注度、以全新且更有利可圖的方式將創新產品推向市場，從而繼續改進我們的營運和組織，培養和留住我們最優秀的人才。

We are evaluating everything we do at iRobot to enhance our performance for the benefit of all stakeholders.

我們正在評估我們在 iRobot 所做的一切，以提高我們的績效，造福所有利害關係人。

Our restructuring is focused on cost savings and improving our gross margin and cash flow.

我們的重組重點是節省成本並提高毛利率和現金流。

Elevate is about growth, a big part of Elevate.

Elevate 關乎成長，這是 Elevate 的重要組成部分。

We'll be developing and commercializing new products.

我們將開發新產品並將其商業化。

Last month, we announced our smartest and best cleaning robot yet, the Roomba Combo 10 Max.

上個月，我們發布了迄今為止最聰明、最好的清潔機器人 Roomba Combo 10 Max。

This 2-in-1 robot vacuum and mop takes independent cleaning to a new level with more intelligence and our first multi-function AutoWash Dock.

這款 2 合 1 機器人吸塵器和拖把透過更聰明的功能和我們的首款多功能 AutoWash Dock 將獨立清潔提升到一個新的水平。

It is engineered to powerfully vacuum up multiple four types, while the Dock automatically refills and recharges the robot washes and drives the mopping pad empties debris and self cleans.

它的設計目的是強力吸塵多種四種類型，而底座會自動重新填充和充電，機器人會清洗並驅動拖把墊清空碎片並進行自我清潔。

The Roomba Combo 10 Max will be followed by another new products in Q4 2024 and then an entire revamp of our 2025 lineup, including an unprecedented number of new product launches across our good, better and best price points.

繼Roomba Combo 10 Max 之後，我們將在2024 年第四季度推出另一款新產品，然後對2025 年產品陣容進行全面改造，包括在我們的優惠、更好和最佳價位上推出前所未有數量的新產品。

We are also announcing the creation of iRobot labs, which will serve as the company's Innovation Center.

我們也宣布創建 iRobot 實驗室，該實驗室將作為該公司的創新中心。

iRobot Labs is a global initiative and will harness the strength of our internal product and software engineering talent and selected partners around the world.

iRobot 實驗室是一項全球計劃，將利用我們內部產品和軟體工程人才以及全球精選合作夥伴的優勢。

The team will focus on reducing our time to market and securing the technological leadership that our company is known for.

該團隊將專注於縮短我們的上市時間並確保我們公司聞名的技術領先地位。

Overall, we are embarking on an exciting journey to reclaim our position as the global innovation leader and consumer robots for the home and beyond.

總體而言，我們正在踏上一段令人興奮的旅程，以奪回全球創新領導者和家庭及其他消費機器人的地位。

We're a consumer products company that is backed by technology and serves a purpose for consumers around the world.

我們是一家以科技為後盾的消費品公司，為世界各地的消費者服務。

We operate in a sizable global segment that has the potential for value expansion.

我們在全球範圍內開展業務，具有價值擴張的潛力。

This is demonstrated by the growth in multifunctional cleaning devices in our European market.

我們歐洲市場多功能清潔設備的成長證明了這一點。

As the category creator and innovator, we plan to lead and drive the global value expansion with new products.

作為品類創造者和創新者，我們計劃透過新產品引領和推動全球價值擴張。

Our products enable our consumers to have more free time to enjoy their lives.

我們的產品使我們的消費者有更多的空閒時間來享受他們的生活。

We are working tirelessly to delight our consumers with every aspect of their Roomba experience.

我們正在不懈努力，讓消費者在 Roomba 體驗的各個方面都感到滿意。

This includes opening the box starting the robot for the first time, the initial cleaning experience and using the app.

這包括第一次打開盒子啟動機器人、初始清潔體驗和使用應用程式。

Our plans include rebuilding our mobile app and delivering a new and improved user experience for our consumers.

我們的計劃包括重建我們的行動應用程序，並為我們的消費者提供全新的、改進的用戶體驗。

We have a lot of work in front of us to reduce unproductive costs and become a more agile business.

我們面臨著大量工作來降低非生產性成本並成為更敏捷的企業。

We will continue to make the difficult but necessary decisions to ensure that we will reduce our operating and cash flow losses, and we have line of sight to achieve positive operating income and cash flow from operations over time.

我們將繼續做出困難但必要的決定，以確保減少營運和現金流損失，並且我們有信心隨著時間的推移實現正營運收入和營運現金流。

Our near term goal is to stabilize the business, improve the balance sheet and launch new products that set us on a path to revenue growth.

我們的近期目標是穩定業務、改善資產負債表並推出新產品，使我們走上收入成長之路。

I am confident in our turnaround plan.

我對我們的扭虧為盈計畫充滿信心。

Pleased with our early returns and energized by our future potential, turnarounds are challenging, take time, energy and commitment.

我們對早期回報感到滿意，並對未來潛力充滿活力，但扭虧為盈充滿挑戰，需要時間、精力和承諾。

I've done it before, and I plan to do it again.

我以前做過，我打算再做一次。

I look forward to sharing updates with you on future calls.

我期待在以後的通話中與您分享最新情況。

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

這樣，我就把電話轉給茱莉。

Thank you, Gary, hello, everyone.

謝謝你，加里，大家好。

As David noted, my review of our financial results and outlook will be done on a non-GAAP basis unless otherwise noted each mention of gross margin operating expense operating loss, operating margin and net loss per share will mean the corresponding non-GAAP metric.

正如大衛指出的那樣，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，除非另有說明，每次提及毛利率、營業費用、營業虧損、營業利潤率和每股淨虧損都將意味著相應的非公認會計原則指標。

As Gary mentioned, our Q2 results reflected a more challenging consumer spending environment, heightened competition in our market segment and a greater than expected foreign currency impact.

正如加里所提到的，我們第二季的業績反映出更具挑戰性的消費者支出環境、我們細分市場的競爭加劇以及超出預期的外匯影響。

Second Quarter 2024 revenue came in at the low end of our guidance range and totaled $166.4 million compared with $236.6 million in Q2 of 2023.

2024 年第二季的營收處於我們指引範圍的低端，總計 1.664 億美元，而 2023 年第二季的營收為 2.366 億美元。

Geographically, in the second quarter, revenue declined 36% in the US, 35% in Japan and 22% in EMEA.

從地理上看，第二季美國的收入下降了 36%，日本的收入下降了 35%，歐洲、中東和非洲地區的收入下降了 22%。

Our Japan results reflect continued weakness in the yen against the dollar, excluding the unfavorable foreign currency impact Japan revenue decreased 28% over the prior year period.

我們的日本業績反映出日圓兌美元持續疲軟，排除不利的外匯影響，日本營收較上年同期下降 28%。

From a product mix perspective, 2-in-1 products represented 51% of total robot sales and Q2.

從產品結構的角度來看，二合一產品佔第二季機器人總銷售量的 51%。

Accessory revenue in the quarter grew 13% over the prior year and represented approximately 11% of total revenue.

該季度配件收入比上年增長 13%，約佔總收入的 11%。

Revenue from mid-tier robots with an MSRP between $300 and $499 and premium robots with an MSRP of $500 or more represented 76% of total robot sales compared with 84% in the year-ago period, reflecting the Q1 introduction of the Roomba Combo essential, which provides the iRobot 2-in-1 cleaning experience at a lower price point.

建議零售價在300 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76%，而去年同期為84%，這反映出Roomba Combo 必不可少的第一季推出，以較低的價格提供 iRobot 二合一清潔體驗。

Our second quarter direct to consumer or DTC sales declined 6% from the year ago period with 2% growth in North America and EMEA offset by a 21% decline in Japan or a decline of 14%, excluding the currency impact.

我們第二季直接面向消費者或 DTC 的銷售額較去年同期下降 6%，其中北美和歐洲、中東和非洲地區成長 2%，但日本下降 21% 或下降 14%（不包括匯率影響）。

In the second quarter, our D2C revenue represented 23% of total revenue.

第二季度，我們的D2C營收佔總營收的23%。

Our Q2 results include a non-recurring $18.4 million charge for the write-off of excess component inventory and the losses on non-cancellable purchase commitments.

我們第二季的業績包括 1,840 萬美元的非經常性費用，用於沖銷過剩組件庫存和不可取消的採購承諾的損失。

This manufacturing transition charge is entirely included in cost of product revenue and is due to the transition to the new product development paradigm with our contract manufacturers as well as changes to our 2025 product roadmap.

此製造過渡費用完全包含在產品收入成本中，是由於我們與合約製造商向新產品開發模式的過渡以及我們 2025 年產品路線圖的變化而產生的。

As a result of the manufacturing transition charge, which impacted gross margin by 11.1-percentage-points. Q2 gross margin was 16.7% compared with 24.6% in Q1 of 2024 and 23.2% in Q2 of 2023.

由於製造轉型費用，毛利率受到了 11.1 個百分點的影響。第二季毛利率為 16.7%，而 2024 年第一季為 24.6%，2023 年第二季為 23.2%。

I'll note that this charge obscures the significant progress we made and continue to make in reducing cost of product revenue.

我要指出的是，這項費用掩蓋了我們在降低產品收入成本方面取得並持續取得的重大進展。

Excluding the impact from the manufacturing transition charge, which is a onetime charge taken in Q2 of 2024.

不包括製造轉型費用的影響，該費用是 2024 年第二季一次性收取的費用。

We are on track with our gross margin improvement plan, which is driven by new products with a better cost profile as well as cost reductions on existing products.

我們的毛利率改善計劃正在按計劃進行，該計劃是由具有更好成本狀況的新產品以及現有產品成本降低所推動的。

Operating expenses for Q2 2024 totaled $75.9 million compared with $105.4 million in the year ago period, representing a year-over-year decline of 28%.

2024 年第二季的營運支出總計 7,590 萬美元，而去年同期為 1.054 億美元，年減 28%。

This decrease primarily reflects the impact of our aggressive restructuring plans and disciplined spending during the quarter.

這一下降主要反映了本季我們積極的重組計劃和嚴格支出的影響。

The key drivers of the reduction were people-related spending across all functions associated with the previously announced restructuring efforts, reduced marketing spends a more disciplined 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、減少的營銷支出、更嚴格的需求生成方法以及對整個組織效率的持續關注。

Q2 GAAP results include an $8.2 million charge related to our restructuring plan, primarily for severance and related costs.

第二季 GAAP 業績包括與我們的重組計劃相關的 820 萬美元費用，主要用於遣散費和相關費用。

Regarding expenses, I want to provide a quick update on where we are with respect to our full year reduction goals for R&D, sales and marketing and count that we set out on our Q4 call in February of this year.

關於費用，我想快速介紹一下我們在研發、銷售和行銷方面的全年削減目標的進展情況，以及我們在今年 2 月的第四季度電話會議上製定的目標。

In the first six months of the year, we have made significant progress in improving our cost structure, including reducing operating expenses by $52.8 million.

今年前六個月，我們在改善成本結構方面取得了重大進展，包括減少了 5,280 萬美元的營運費用。

We reduced R&D expenses by $18.7 million compared with a full year target of approximately $25 million.

與全年約 2,500 萬美元的目標相比，我們減少了 1,870 萬美元的研發費用。

At the same time, we reduced overall sales and marketing expenses by $27 million, including $14.6 million in working marketing compared with a full year target of $40 million, which included a decrease in working marketing of approximately $20 million.

同時，我們將整體銷售和行銷費用減少了 2,700 萬美元，其中工作行銷費用減少了 1,460 萬美元，而全年目標為 4,000 萬美元，其中工作行銷費用減少了約 2,000 萬美元。

Lastly, we've reduced our workforce by [387] or 35% versus year end 2023.

最後，與 2023 年底相比，我們的員工人數減少了 [387] 人，即 35%。

This compares with an original target of [350] or 31%.

相較之下，原始目標為 [350] 或 31%。

Turning to operating loss, for Q2, we narrowed our operating loss to $48.2 million compared with an operating loss of $50.5 million in the year ago period.

說到營運虧損，第二季的營運虧損從去年同期的 5,050 萬美元縮小至 4,820 萬美元。

When you consider that the operating loss number includes an $18.4 million manufacturing transition charge.

當您考慮到營業虧損數字包括 1,840 萬美元的製造過渡費用。

You can see the progress we have made here.

您可以在這裡看到我們所取得的進展。

Second quarter non-operating expense was $8.6 million, reflecting interest expense and the impact of fair value accounting associated with our term loan.

第二季的營業外支出為 860 萬美元，反映了利息支出以及與我們的定期貸款相關的公允價值會計的影響。

This was partially offset by interest income on cash balances.

這被現金餘額的利息收入部分抵銷。

Our Q2 tax expense was $0.7 million and net loss per share of $1.96, which included $0.63 per share for the manufacturing transition charge.

我們第二季的稅費為 70 萬美元，每股淨虧損為 1.96 美元，其中包括每股 0.63 美元的製造過渡費用。

We ended Q2 with $108.5 million in cash and cash equivalents, a sequential decline of $9.8 million from the end of Q1.

第二季末，我們的現金和現金等價物為 1.085 億美元，比第一季末連續下降 980 萬美元。

Restricted cash totaled $41.9 million with $40.5 million set aside for future repayment of the term loan and subject to limited rights for inventory purchases in the third quarters of fiscal 2024 and 2025.

限制性現金總額為 4,190 萬美元，其中 4,050 萬美元留作未來定期貸款的償還，並受到 2024 財年和 2025 財年第三季庫存採購的有限權利的限制。

In Q2, our cash outflow from operations was $21.7 million compared with a cash inflow from operations of $1.4 million in Q1 of this year.

第二季度，我們的營運現金流出為 2,170 萬美元，而今年第一季的營運現金流入為 140 萬美元。

As disclosed in our Q1 2024 call, Q1 2024 cash flow from operations benefited from the onetime net proceeds of $75 million from the Amazon termination fee.

正如我們在 2024 年第一季電話會議中所揭露的，2024 年第一季的營運現金流受益於亞馬遜終止費的 7,500 萬美元一次性淨收益。

Excluding the Amazon termination fee received in Q1, we improved cash flow from operations by $52 million sequentially.

不包括第一季收到的亞馬遜終止費，我們的營運現金流環比增加了 5,200 萬美元。

Second quarter DSO was 37 days compared with 28 days in the year-ago period, due primarily to customer mix.

第二季 DSO 為 37 天，而去年同期為 28 天，主要是由於客戶組合所致。

Our quarter-end inventory balance was $101.4 million or 67 days and reflects our continued focus on carefully managing inventory balances and the impact of the manufacturing transition charge.

我們的季末庫存餘額為 1.014 億美元（即 67 天），反映出我們持續專注於仔細管理庫存餘額以及製造轉型費用的影響。

As discussed on our Q1 call, we filed a shelf S-3 registration statement in February to discuss to enhance our liquidity and provide capital planning flexibility.

正如我們在第一季電話會議中所討論的，我們在 2 月提交了一份擱置的 S-3 註冊聲明，以討論增強我們的流動性並提供資本規劃靈活性。

The shelf offering includes an at-the-market or ATM offering program for the sale of the company's common stock.

貨架發行包括用於出售公司普通股的市場或 ATM 發行計劃。

During the second quarter, we sold 1.1 million shares for total net proceeds of $12.3 million.

第二季度，我們出售了 110 萬股股票，淨收益總額為 1,230 萬美元。

As of the end of Q2, we had $81.1 million remaining under the ATM program.

截至第二季末，ATM 計劃剩餘 8,110 萬美元。

Careful cash management of our working capital and our working capital efficiency remains a priority, and we have continued to make progress in managing our key working capital levers.

對我們的營運資本進行謹慎的現金管理和營運資本效率仍然是我們的首要任務，我們在管理關鍵營運資本槓桿方面不斷取得進展。

Turning to our outlook, we are introducing our third quarter outlook and revising our full year.

談到我們的展望，我們將介紹第三季的展望並修訂全年的展望。

For Q3 we expect revenue in the range of $217 million to $223 million and gross margin in the range of 33% to 34%.

我們預計第三季的營收將在 2.17 億美元至 2.23 億美元之間，毛利率將在 33% 至 34% 之間。

Operating income is expected to be in the range of $7 million to $10 million and net loss per share is expected to be in the range of $0.11 to $0.01 per share.

營業收入預計在 700 萬美元至 1,000 萬美元之間，每股淨虧損預計在 0.11 美元至 0.01 美元之間。

Due to persistent foreign currency headwinds and consumer market softness, we are updating the full year revenue outlook that we provided on May 7.

由於持續的外匯逆風和消費市場疲軟，我們正在更新 5 月 7 日提供的全年收入前景。

Regarding full year gross margin, operating loss and net loss per share.

關於全年毛利率、營業虧損和每股淨虧損。

Our revised outlook primarily reflects the impact of the non-recurring $18.4 million manufacturing transition charge recorded in Q2.

我們修訂後的前景主要反映了第二季度記錄的 1,840 萬美元非經常性製造轉型費用的影響。

For full year 2024, we expect revenue to be in the range of $765 million to $800 million and gross margin in the range of 28% to 29%.

2024 年全年，我們預計營收將在 7.65 億美元至 8 億美元之間，毛利率將在 28% 至 29% 之間。

In order to meet our original full year goals for operating loss and net loss per share that we provided on our first quarter call on May 7, we are now targeting full year operating expenses in the range of $291 million to $295 million or approximately 37% to 38% of revenue.

為了實現我們在5 月7 日第一季電話會議上提供的最初全年營運虧損和每股淨虧損目標，我們現在的全年營運支出目標在2.91 億美元至2.95 億美元之間，約37 %佔收入的38%。

The anticipated decrease from full year 2023 primarily reflects previously announced efforts to align our cost structure more closely with near-term revenue expectations, along with further actions to optimize the organizational structure, reduce inefficiencies and minimize discretionary spending.

與2023 年全年相比的預期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，以及採取進一步行動來優化組織結構、減少效率低下和盡量減少可自由支配支出。

We anticipate full year operating margin of approximately negative 8% to negative 10% with an operating profit in the second half of 2024.

我們預計全年營業利潤率約為負 8% 至負 10%，並在 2024 年下半年實現營業利潤。

We continue to make progress in improving our cash flow from operations and expect to generate modest positive cash flow from operations during the second half of the year.

我們在改善營運現金流方面繼續取得進展，預計下半年將產生適度的正現金流。

In terms of other notable modeling assumptions for 2024, we anticipate other expense of around $30 million, including approximately $14 million in net cash interest expense and $15 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3000 萬美元，包括約1400 萬美元的淨現金利息費用和與我們的定期貸款相關的1500 萬美元的估計公允價值調整以及約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 share count of approximately 29.5 million shares, exclusive of any additional issuances under our ATM.

我們預計股票數量約為 2,950 萬股，不包括我們 ATM 下的任何額外發行。

As a result, we expect a full year net loss per share in the range of $3.77 to $3.31.

因此，我們預計全年每股淨虧損在 3.77 美元至 3.31 美元之間。

Our business remains minimally capital intensive, and we now expect full year capital spending to be approximately $2 million.

我們的業務仍然保持最低限度的資本密集度，我們現在預計全年資本支出約為 200 萬美元。

As a reminder, we manage our business on a full year basis and encourage our investors to focus on our annual targets.

提醒一下，我們以全年為基礎管理我們的業務，並鼓勵我們的投資者專注於我們的年度目標。

Given that the timing of orders is challenging to forecast, even under ideal conditions.

鑑於即使在理想條件下，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 rates and cash flow performance.

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和現金流表現發生重大波動。

Additionally, our revenue expectations for the remainder of the year contemplate a euro exchange rate of 1.1 and a Japanese yen exchange rate of 153 to 156 based on a Reuters FX pool.

此外，根據路透社外匯池，我們對今年剩餘時間的收入預期考慮歐元匯率為 1.1，日圓匯率為 153 至 156。

Before I turn the call back over to Gary, I want to mention that we will be participating in Needham's 13 Annual Virtual industrial tech robotics and clean tech One-on-One Conference on Monday, August 19.

在我把電話轉回加里之前，我想提一下，我們將參加 8 月 19 日星期一舉行的 Needham 第 13 屆年度虛擬工業技術機器人和清潔技術一對一會議。

We hope you can join us.

我們希望您能加入我們。

Gary?

加里？

Thank you, Julie.

謝謝你，朱莉。

We are delivering our commitments to increase product margins, reduce operating expenses and improve cash flow from operations.

我們正在兌現提高產品利潤、降低營運費用和改善營運現金流的承諾。

Our restructuring plan is on track.

我們的重組計劃正在按計劃進行。

The execution of our Elevate strategy gives us confidence that we can return to growth.

我們的提升策略的執行讓我們有信心恢復成長。

Elevate is focused on financial improvement, consumer and brand building new product innovation, operational improvements and talent management.

Elevate 專注於財務改善、消費者和品牌建立、新產品創新、營運改善和人才管理。

Before opening the call up for questions, I want to acknowledge and thank our dedicated and talented employees.

在開始提問之前，我要感謝我們敬業且才華洋溢的員工。

We're working harder than ever to support our ambitious objectives.

我們比以往任何時候都更加努力地支持我們雄心勃勃的目標。

Our employees are passionate about what they do and our mission, and they have a strong affinity for the brand and our company and our unique and innovative culture I am so proud of our people and know that together we can accomplish great things.

我們的員工對他們的工作和我們的使命充滿熱情，他們對品牌、我們的公司以及我們獨特和創新的文化有很強的親和力，我為我們的員工感到自豪，並知道我們可以共同完成偉大的事情。

In closing, we are mindful of the market and operational challenges ahead and believe our actions will elevate a robust overall performance and ultimately generate long-term growth in shareholder value.

最後，我們專注於未來的市場和營運挑戰，並相信我們的行動將提升強勁的整體業績，並最終帶來股東價值的長期成長。

We will now open the call to questions.

我們現在開始提問。

Operator, please go ahead.

接線員，請繼續。

Mike Latimore, Northland Capital Markets.

麥克‧拉蒂摩爾 (Mike Latimore)，北國資本市場。

Okay, great.

好的，太好了。

Yeah.

是的。

Thank You.

謝謝。

Part of the strategy, I think this year was to kind of reinvigorate your channel retail customer base?

我認為今年策略的一部分是重振您的通路零售客戶群？

And then maybe, I would think add another few retail retailers or channel partners.

然後，也許我會考慮再增加一些零售零售商或通路合作夥伴。

Can you just kind of provide an update on what are your thinking in that regard?

您能否提供您在這方面的最新想法？

Yeah, sure.

是的，當然。

Hi Mike.

嗨，麥克。

We have a lot of points of distribution, and we're actively engaged with customers, some of whom left are in the Amazon transition.

我們有很多分銷點，並且積極與客戶互動，其中一些客戶正在亞馬遜轉型中。

And we have active conversations and we're working with them on their planogram timing and resets.

我們正在進行積極的對話，我們正在與他們合作確定貨架圖的時間和重置。

So we're very optimistic about the product line launches that we talked about.

因此，我們對我們談到的產品線的推出非常樂觀。

And that will give us healthy discussions and of the distribution that we're expecting.

這將為我們帶來健康的討論以及我們所期望的分配。

Great.

偉大的。

And it sounds like you indicated that in 2025, you'll have fairly significant product, a portfolio update.

聽起來您表示，到 2025 年，您將擁有相當重要的產品，即產品組合更新。

Can you give us just some color around the thinking there?

您能給我們一些關於那裡的想法的顏色嗎？

Some I know you can't sort of preview you can't just sort of prerelease anything but what would be some, how the enhancements you might see in a new product.

我知道有些東西你不能預覽，你不能只是預發布任何東西，但你可能會在新產品中看到一些增強功能。

We're very excited about the 2025 road map.

我們對 2025 年路線圖感到非常興奮。

We know that there are several price-point areas that we have gaps in performance.

我們知道在幾個價位領域我們的表現存在差距。

And our aim is to fill those gaps with consumer appealing products in all of those segments.

我們的目標是在所有這些細分市場中用對消費者有吸引力的產品來填補這些空白。

So we'll be focusing on channels, and we'll be focusing on price points as we roll up the rollout, the product line.

因此，我們將重點關注通路，並在推出產品線時專注於價格點。

And then just last question on it may be too early, but what do you think the gross margin of a iRobot can be longer term?

最後一個問題可能還為時過早，但您認為 iRobot 的長期毛利率是多少？

Yeah, Mike, this is Julie.

是的，麥克，這是茱莉。

And I fear from you.

我害怕你。

As we've talked over the last number of quarters about the work that we are doing to expand our gross margin our move to a new home to rely more on the mature supply chains of our contract manufacturing partners and our new innovation paradigm with them has been something we've been working on for the last number of periods.

正如我們在過去幾個季度中討論的那樣，我們正在為擴大毛利率而開展工作，我們搬到新家，更多地依賴合約製造合作夥伴的成熟供應鏈以及我們與他們合作的新創新範式這是我們過去幾個時期一直在努力的事情。

And we are seeing encouraging results in the new products that we're bringing to market at a better cost profile as well as continuing to take cost out of our existing products.

我們看到新產品取得了令人鼓舞的成果，我們以更好的成本投入市場，並持續降低現有產品的成本。

So we as we look and you can see in the expectations that we've given for our full year, we expect to expand our gross margins and that will continue to be a focus of ours as we go forward.

因此，正如我們所看到的，您可以在我們對全年的預期中看到，我們希望擴大毛利率，這將繼續成為我們前進的重點。

Thanks very much.

非常感謝。

Thank you.

謝謝。

And it appears we have no further questions at this time.

目前看來我們沒有其他問題了。

I would like to hand the floor back over to Gary Cohen for any additional or closing remarks.

我想將發言權交還給加里·科恩，讓其發表補充或結束語。

Thank you again for joining us today.

再次感謝您今天加入我們。

I'm looking forward to meeting many of you at the Needham conference on the 19 and in the coming weeks.

我期待著在 19 日和未來幾週的李約瑟會議上見到你們中的許多人。

Have a great day, everyone.

祝大家有美好的一天。

Thank you.

謝謝。

This concludes our financial results conference call.

我們的財務業績電話會議到此結束。

You may disconnect at this time and have a wonderful day.

此時您可能會斷開連接並度過美好的一天。