iRobot Corp (IRBT) 2024 Q3 法說會逐字稿

Hello, everyone and welcome to this iRobot's third quarter, 2024 financial results conference call at this time, all participants have been placed in a listen-only mode and a question and answer session will follow the company's prepared remarks. Please note that today's call is being recorded and I would now like to turn the call over to David Calusdian from the company's investor relations firm, Sharon Merrill Advisors. Please go ahead, sir.

大家好，歡迎參加 iRobot 2024 年第三季財務業績電話會議，所有與會者均已進入僅聽模式，在公司準備好的發言之後將進行問答環節。請注意，今天的電話會議正在錄音，我現在想將電話轉給公司投資者關係公司 Sharon Merrill Advisors 的 David Calusdian。請繼續，先生。

Thank you, Jim and Good morning. Everyone joining me on today's call are Gary Cohen iRobot, CEO and Julie Zeiler, Executive Vice President and CFO at the outset. I would like to remind everyone that today's discussion will include forward-looking statements regarding future events and future financial performance. These statements reflect the company's views as of today only and should not be considered as representing its views as of any subsequent date.

謝謝你，吉姆，早安。參加今天電話會議的所有人都是 iRobot 執行長 Gary Cohen 和執行副總裁兼財務長朱莉·澤勒 (Julie Zeiler)。我想提醒大家，今天的討論將包括有關未來事件和未來財務表現的前瞻性陳述。這些聲明僅反映該公司截至今天的觀點，不應被視為代表其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. A discussion of these risk factors is fully detailed under the caption, risk factors in the company's filings with the sec related to the company's financial disclosures during this conference call the speakers will reference certain non-GAAP financial measures as defined by sec regulation.

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。對這些風險因素的討論在標題「公司向美國證券交易委員會提交的文件中與公司財務披露相關的風險因素」標題下進行了全面詳細的討論，在本次電話會議期間，發言人將引用美國證券交易委員會監管規定所定義的某些非公認會計準則財務指標。

G including non-GAAP gross margin, non-gaap operating expenses, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP operating income and loss and non-GAAP net income and loss per share management believes that these non-GAAP financial results provide additional transparency into iRobot's underlying operating performance and potential definitions of these non-GAAP financial measures and reconciliations of the of each of these non-GAAP financial measures to the most directly comparable GAAP measure are provided in the earnings presentation included in the Q3 2024 earnings conference call event details which is available on the company's website at www. iRobot.com also unless stated otherwise, the third quarter financial metrics that will be discussed on today's conference call including the financial metrics provided in the outlook will be on a non-GAAP basis only and all historical comparisons are with the third quarter of 2023.

G 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 GAAP 營運收入和虧損以及非 GAAP 淨利潤和每股虧損 管理層認為，這些非-GAAP 財務業績為iRobot 的基本營運績效和這些非GAAP 財務指標的潛在定義提供了額外的透明度，每項非GAAP 財務指標與最直接可比較的GAAP 指標的調節表均在收益報告中提供。活動詳情可於公司網站www.除非另有說明，否則iRobot.com 將在今天的電話會議上討論的第三季度財務指標（包括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 年第三季度進行。

On today's call, Garrett will briefly cover the company's quarterly results, review important strategic milestones and outline the company's expectations for the fourth quarter. Julie will review iRobottttttt's financial results and provide additional insights regarding the company's full year outlook. Gary will then provide closing remarks before we open the call for questions with that. I'll turn the call over to Gary.

在今天的電話會議上，加勒特將簡要介紹該公司的季度業績，回顧重要的策略里程碑，並概述公司對第四季的預期。 Julie 將審查 iRobottttttt 的財務業績，並提供有關公司全年展望的更多見解。然後，在我們開始提問之前，加里將發表結束語。我會把電話轉給加里。

Thank you David and good morning everyone. Thank you for joining us today.

謝謝大衛，大家早安。感謝您今天加入我們。

It has now been six months since I took the helmet I robot.

距離我戴上機器人頭盔已經六個月了。

During that time, I've had the opportunity to engage with consumers, employees, retailers, contract manufacturers, and of course shareholders.

在那段時間裡，我有機會與消費者、員工、零售商、合約製造商，當然還有股東接觸。

As we begin this new chapter in iRobot's history. One thing is abundantly clear, we have a powerful brand that will serve as the foundation for the turnaround of this company.

當我們開始 iRobot 歷史的新篇章。有一點是非常清楚的，我們擁有一個強大的品牌，它將成為這家公司扭虧為盈的基礎。

It should come as no surprise that in my conversations with stakeholders, it is the power of our iconic brand that comes up again and again.

毫不奇怪，在我與利害關係人的對話中，我們標誌性品牌的力量一次又一次地出現。

That brand power is at the heart of our turnaround strategy, iRobot elevate in executing iRobot elevate, we are focused on providing our iconic brand with an improved platform to return to profitable growth.

品牌力量是我們週轉策略的核心，iRobot elevate 在執行 iRobot elevate 時，我們專注於為我們的標誌性品牌提供一個改進的平台，以恢復獲利成長。

We are making operational and organizational changes and bringing new innovative products to market.

我們正在進行營運和組織變革，並將新的創新產品推向市場。

While this work is ongoing, we are already realizing benefits and our improved financial performance.

在這項工作正在進行的同時，我們已經實現了效益並改善了財務表現。

We recognize that turnarounds of this scale take time, but I am encouraged by our progress toward the goals that we set in February in Q3. We expanded our gross margin by 590 basis points year over year and continued to improve our use of operating cash.

我們認識到這種規模的轉變需要時間，但我對我們在 2 月第三季設定的目標方面取得的進展感到鼓舞。我們的毛利率年增了 590 個基點，並繼續改善營運現金的使用。

We remain focused on driving efficient inventory balances and executing on our restructuring plan to right size operating expenses for the first three quarters of the year. We have cut our operating losses in half as compared to the year before.

我們仍然專注於推動有效的庫存平衡，並執行重組計劃，以調整今年前三個季度的營運費用。與去年相比，我們的營業虧損減少了一半。

However, our overall results did not meet the expectations we set in August as persistent market segment and competitive headwinds impacted our sell through performance at a macro economic level. This continues to be a challenging market environment for consumers which may influence this upcoming holiday shopping season.

然而，我們的整體業績並未達到我們在 8 月設定的預期，因為持續的細分市場和競爭阻力影響了我們在宏觀經濟層面的銷售業績。對於消費者來說，這仍然是一個充滿挑戰的市場環境，可能會影響即將到來的假期購物季。

As a result, we are resetting our guidance for the full year which Julie will discuss shortly while we expect it will take time to see stabilization in our revenue trend. We are on track to exceed our operating expense targets while continuing to invest in areas that drive revenue and improve our foundation for profitable growth to expand our new product pipeline. In July. We announced the creation of iRobot Labs which will serve as our innovation center.

因此，我們正在重置全年指導，朱莉很快就會討論這一點，同時我們預計我們的收入趨勢需要一段時間才能穩定。我們預計將超越我們的營運費用目標，同時繼續投資於可增加收入的領域，並改善我們獲利成長的基礎，以擴大我們的新產品線。七月。我們宣布成立 iRobot 實驗室，它將作為我們的創新中心。

iRobot Labs represents our global initiative to harness the strength of our domestic products and software engineering talent.

iRobot 實驗室代表了我們利用國內產品和軟體工程人才優勢的全球倡議。

At the same time, we are leveraging the specific strengths of select partners around the world.

同時，我們正在利用世界各地精選合作夥伴的特定優勢。

The team is focused on reducing our time to market while advancing the technological leadership that iRobot is known for.

該團隊致力於縮短上市時間，同時提升 iRobot 聞名的技術領先地位。

We've reduced R&D and supply chain expenses by relocating certain non core engineering and supply chain functions, utilizing greater use of third parties and transitioning to a new product development paradigm with our partners and contract manufacturers.

我們透過重新定位某些非核心工程和供應鏈職能、更多地利用第三方以及與合作夥伴和合約製造商一起過渡到新產品開發模式，減少了研發和供應鏈費用。

As part of our ongoing restructuring plan yesterday, we announced an additional round of workforce reductions totaling approximately 105 employees.

作為昨天正在進行的重組計劃的一部分，我們宣布了另一輪裁員，總計約 105 名員工。

Since the start of 2,424. We have now reduced our global workforce by approximately 50%.

自2424開始。目前，我們已將全球員工人數減少了約 50%。

These moves while challenging have fundamentally changed the way we work with our partners to efficiently develop and build our robots.

這些舉措雖然具有挑戰性，但從根本上改變了我們與合作夥伴高效開發和製造機器人的合作方式。

Our new operating model is able to deliver a significant increase in new product introductions with less than half the internal resources and approximately third of the cost, this transformation is central to improve our performance and generate long term shareholder value to reignite growth. We continue to refresh our product line to deliver innovative technology that reduces the time families spend on cleaning with the benefit of lower product costs and reduced development timelines.

我們的新營運模式能夠以​​不到一半的內部資源和大約三分之一的成本大幅增加新產品的推出，這種轉型對於提高我們的業績並產生長期股東價值以重新激發成長至關重要。我們不斷更新我們的產品線，提供創新技術，減少家庭在清潔上花費的時間，從而降低產品成本並縮短開發時間。

We expect to drive revenue growth at enhanced margins and improved profitability. In 2025 last month, we launched the Roomba combo two essential and the RBA back two essential which give customers twice the cleaning power of their predecessor models and they bring self emptying capabilities for up to 60 days via an auto empty dock in July. We launched the Roomba combo 10 max with auto was stock which is our best cleaning, most intelligent and independent robot FLK human mop to date.

我們預計將透過提高利潤率和提高獲利能力來推動收入成長。 2025 年，上個月，我們推出了Roomba 組合2 Essential 和RBA Back 2 Essential，它們為客戶提供了其前代型號兩倍的清潔能力，並且它們在7 月份通過自動清空底座提供了長達60 天的自動清空功能。我們推出了具有自動庫存功能的 Roomba 組合 10 max，這是我們迄今為止最好的清潔、最聰明和獨立的機器人 FLK 人力拖把。

It is also our first entry into the exciting and fast growing market segment of multi functional docs.

這也是我們首次進入令人興奮且快速成長的多功能文件市場領域。

And this past April, we launched the Roomba combo essential, an affordable and easy to use two in one robot vacuum and mop that has a higher gross margin due to our new product manufacturing strategy.

今年 4 月，我們推出了 Roomba 組合 Essential，這是一款價格實惠且易於使用的掃地機器人和拖把二合一機器人，由於我們的新產品製造策略，它具有更高的毛利率。

The Roomba combo essential is available in more than 14,000 stores worldwide and recently received the PC MAG editor's choice designation.

Roomba 組合必備品在全球 14,000 多家商店有售，最近還獲得了 PC MAG 編輯的選擇稱號。

These products are significant additions to our portfolio and will be followed by a revitalized line up for 2025.

這些產品是我們產品組合的重要補充，並將在 2025 年更新產品線。

This includes the largest product refresh in the company's history with an unprecedented number of new product launches across our good, better and best price points and they will be supported by an all new user app.

這包括該公司歷史上最大規模的產品更新，在我們的好、更好和最好的價格點上推出了前所未有數量的新產品，並且它們將得到全新用戶應用程式的支持。

These new offerings are all margin accretive compared to the products they are replacing and all include advanced features and performance and all new mapping and navigation technologies.

與它們所取代的產品相比，這些新產品都可以增加利潤，並且都包括先進的功能和性能以及所有新的地圖和導航技術。

Gross margin expansion is an important element of our iRobot elevate strategy for unlocking value and fueling our growth drivers.

毛利率擴張是我們 iRobot 提升策略的重要組成部分，旨在釋放價值並推動我們的成長動力。

We have an enviable, robust IP portfolio and tremendous brand value. Together, they provide the solid foundation on which we are building our newest products.

我們擁有令人羨慕的強大知識產權組合和巨大的品牌價值。它們共同為我們建構最新產品奠定了堅實的基礎。

We are striving to reclaim our position as the global innovation leader in consumer robots for the home and beyond.

我們正努力奪回家庭及其他消費機器人全球創新領導者的地位。

As we adjust and revitalize our product lineup, we are not yet participating in a number of market segments in terms of product features and functions.

在我們調整和盤活產品陣容的過程中，我們在產品特性和功能上還沒有參與到一些細分市場。

Our Q3 results and Q4 outlook partly reflect that.

我們第三季的業績和第四季的前景部分反映了這一點。

But even in our current turnaround, iRobot continues to be the leader in several segments and we remain confident that as we aggressively introduce new robots with more features and enhanced capabilities, our share and sales volume will rebound and consumers remain loyal to the Roomba brand. In fact, in a recent promotion with one of our major retailers, iRobot had four of the top five skus in the robot vacuum cleaner category.

但即使在目前的情況下，iRobot 仍然是多個細分市場的領導者，我們仍然相信，隨著我們積極推出具有更多功能和增強功能的新機器人，我們的份額和銷量將會反彈，消費者仍然對Roomba 品牌忠誠。事實上，在我們一家主要零售商最近的促銷活動中，iRobot 佔據了機器人吸塵器類別前 5 名 SKU 中的 4 名。

We still have work in front of us to become a more agile growth business. But our culture of innovation remains strong and I believe that we can achieve our growth and value creation goals.

我們仍然有很多工作要做，才能成為更敏捷的成長型企業。但我們的創新文化依然強勁，我相信我們能夠實現成長和價值創造目標。

I see incredible opportunities for this company and we are optimistic about our prospects in 2025.

我看到這家公司擁有難以置信的機遇，我們對 2025 年的前景感到樂觀。

This optimism is based on our expectations regarding the growth in the robotic floor care category as a whole, as well as success from our own new product programs.

這種樂觀是基於我們對機器人地板護理類別整體成長的預期，以及我們自己的新產品計畫的成功。

In terms of category growth, we are encouraged by positive third party assessments of us market trends. We believe that we will start to see a return to growth in the US next year, Aia is already seeing such a return to growth. And in Japan, we expect growth will be driven by our new products and advertising push in a geographic region where we are still a market leader.

在品類成長方面，第三方對美國市場趨勢的正面評估令我們感到鼓舞。我們相信明年我們將開始看到美國恢復成長，友邦保險已經看到了這樣的恢復成長。在日本，我們預計成長將由我們在該地理區域的新產品和廣告推廣推動，我們仍然是市場領導者。

Our new product program should begin supporting revenue growth in the second half of 2025.

我們的新產品計劃應在 2025 年下半年開始支持收入成長。

We plan to leverage that top line growth with a lower cost structure to drive improved bottom line performance and are on track for continued gross margin expansion and improved cash flow from operations.

我們計劃利用營收成長和較低的成本結構來推動獲利績效的改善，並有望實現毛利率的持續擴張和營運現金流的改善。

Now, before we get into the financials, I'd like to discuss some upcoming changes to the executive leadership team which we announced today in a separate press release, Julie Zeiler, our co and Russ Campanello, our C hr O have decided to retire effectively next month, Russ is leaving after more than 14 years with iRobot. He has been a dedicated leader building the talent infrastructure that will be critical to helping us achieve our future growth.

現在，在我們討論財務狀況之前，我想討論一下我們今天在另一份新聞稿中宣布的執行領導團隊即將發生的一些變化，我們的同事 Julie Zeiler 和我們的 C hr O Russ Campanello 已決定退休Russ在iRobot 工作了14 年多，將於下個月離職。他一直是一位致力於建立人才基礎設施的領導者，這對於幫助我們實現未來的成長至關重要。

We thank him for his many contributions and wish him all the best.

我們感謝他所做的許多貢獻並祝他一切順利。

Russ will stay on in an advisory capacity until March 28th.

Russ 將以顧問身分繼續任職至 3 月 28 日。

Julie joined iRobott in 2017 and has served as CFO O since 2020.

Julie 於 2017 年加入 iRobott，並自 2020 年起擔任 CFO O。

She's been instrumental in our aggressive efforts to position the company for profitability during what has been a very dynamic and challenging time.

在我們充滿活力和充滿挑戰的時期，她為我們積極努力使公司盈利發揮了重要作用。

She will formally step down on December 2nd but will also stay on in an advisory role through March 28th.

她將於 12 月 2 日正式卸任，但仍將擔任顧問至 3 月 28 日。

As announced Jules Connelly is returning to iRobot as our Chief Human Resources Officer. She had a seven year tenure with iRobot most recently as Senior Director of Human Resources and brings deep experience designing and implementing effective hr processes with an emphasis on talent acquisition, employee engagement and retention.

正如宣布的那樣，Jules Connelly 將返回 iRobot 擔任我們的首席人力資源長。她在 iRobot 工作了七年，最近擔任人力資源高級總監，在設計和實施有效的人力資源流程方面擁有豐富的經驗，專注於人才獲取、員工敬業度和留任。

Taking over AC O will be someone most of you know, well carry an Wang, our senior Vice President and principal accounting officer Kion has more than 25 years of auditing and accounting experience and has been with iRobot for more than seven years.

接手 AC O 的人將是你們大多數人都認識的人，我們的高級副總裁兼首席會計官 Kion 擁有超過 25 年的審計和會計經驗，在 iRobot 工作了七年多。

She also has been leading our investor relations efforts for the past two years.

過去兩年她也一直領導我們的投資人關係工作。

I am pleased that this thoughtful and deliberate succession process resulted in having experienced executives in both positions with a solid understanding and historical perspective of our robot Jules and Ken are two executives that represent the next generation of leaders for iRobot. And I look forward to working closely with them before I turn the call over to Julie. I know that I speak for everyone on the leadership team. When I say thank you for all of your hard work and we wish you nothing but the best in your retirement.

我很高興這個深思熟慮的繼任過程讓經驗豐富的高管擔任這兩個職位，他們對我們的機器人有深入的了解和歷史視角。在將電話轉給朱莉之前，我期待與他們密切合作。我知道我代表領導團隊中的每個人。當我對您的辛勤工作表示感謝時，我們只祝您退休後一切順利。

Thank you, Gary. It's been such a privilege to work alongside our leadership team and the talented professionals on our finance team. As I prepare to step down, I look forward to supporting Ken during this transition. I am confident in her capability to guide our finance organization forward. Drawing on her deep understanding of our business and her thoughtful approach that will serve our team.

謝謝你，加里。能夠與我們的領導團隊和財務團隊中才華橫溢的專業人士一起工作是我的榮幸。當我準備辭職時，我期待在過渡期間支持肯。我對她帶領我們的財務組織前進的能力充滿信心。她對我們業務的深刻理解和她深思熟慮的方法將為我們的團隊服務。

Well, in the years ahead, turning to our Q3 results as David noted my review of our financial performance and outlook will be done on a non-GAAP basis unless otherwise noted each mention of gross margin, operating expense, operating income and loss, operating margin and net income and loss per share will mean the corresponding non GP metric.

好吧，在未來幾年，轉向我們的第三季度業績，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，每次提到毛利率、營業費用、營業收入及虧損、營業收入及虧損。

Our Q3 results reflect what continues to be a challenging consumer spend environment with intensified competition in our market segment. But as Gary mentioned, we are greatly encouraged that our results demonstrate the success of our restructuring efforts and our steady progress in driving significant margin improvement.

我們第三季的業績反映了消費者支出環境仍然充滿挑戰，我們的細分市場競爭加劇。但正如加里所提到的，我們的業績證明了我們重組工作的成功以及我們在推動利潤率顯著提高方面取得的穩步進展，這讓我們深受鼓舞。

Third quarter, 2024 revenue totaled $193.4 million compared with $186.2 million in Q3 of 2023. The year over year increase was due to the timing of certain large orders.

2024 年第三季的營收總計為 1.934 億美元，而 2023 年第三季的營收為 1.862 億美元。

Geographically in the third quarter revenue increased 23% in the US declined 20% in Japan and declined 11% in EMEA.

從地理來看，第三季美國的營收成長了 23%，日本下降了 20%，歐洲、中東和非洲地區下降了 11%。

Our Japan results reflect continued weakness in the JPY against the dollar, excluding the unfavorable foreign currency impact Japan revenue decreased 15% 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 15%。

In terms of product mix, two in one products represented 57% of total robot sales in Q3 accessory revenue in the quarter declined 8% over the prior year and represented approximately 8% of total revenue revenue from mid tier robots with an MS RP between 304 $199. And premium robots with an MS RP of $500 or more represented 79% of total robot sales compared with 80% in the year ago period.

從產品結構來看，二合一產品佔機器人總銷售量的 57%，第三季配件收入較前一年下降 8%，約佔中階機器人總收入的 8%，建議零售價在 304 之間199美元。 MS RP 為 500 美元或以上的高階機器人佔機器人總銷售量的 79%，而去年同期為 80%。

Our third quarter direct to consumer or D to C sales decreased slightly by 1% from the year ago period. With flat sales in North America and a 9% increase in AA offset by an 8% decline in Japan in the third quarter. Our D to C revenue represented 19% of total revenue as compared to 20% of total revenue a year ago.

我們第三季直接面向消費者或 D-C 的銷售額比去年同期略有下降 1%。第三季北美地區銷售額持平，AA 成長 9%，抵銷了日本地區 8% 的下降。我們的 D to C 收入佔總收入的 19%，而一年前佔總收入的 20%。

Q3, gross margin was 32.4% up from 26.5% in the third quarter of 2023 overall. We remain 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.

第三季度，整體毛利率為 32.4%，高於 2023 年第三季的 26.5%。我們仍按計劃實施毛利率改善計劃，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。

Looking at Q4, we expect a sequential decline in gross margin due to seasonal promotional activities but anticipate strong year over year improvement.

展望第四季度，我們預計由於季節性促銷活動，毛利率將環比下降，但預計將年比將出現強勁改善。

Operating expenses for Q3 2024 totaled $47.7 million compared with $90.1 million in the year ago period. Representing a 47% year over year reduction as a percentage of sales operating expenses decreased by 2,370 basis points from a year ago.

2024 年第三季的營運支出總計 4,770 萬美元，而去年同期為 9,010 萬美元。年減 47%，佔銷售營運費用的百分比較去年同期下降 2,370 個基點。

Operating expenses in the third quarter include a benefit of $13.5 million or 700 basis points specifically from a favorable IP litigation settlement. This is a one time benefit and underscores the overall strength of our IP portfolio.

第三季的營運支出包括 1,350 萬美元或 700 個基點的收益，特別是來自有利的智慧財產權訴訟和解。這是一次性的好處，凸顯了我們智慧財產權組合的整體實力。

In addition to the benefit from the settlement, this operating expense decrease primarily reflects the progress in our aggressive and ongoing restructuring efforts. Along with disciplined spending in the quarter.

除了和解帶來的好處外，營運費用的減少主要反映了我們積極和持續的重組工作所取得的進展。隨著本季嚴格的支出。

The key drivers of the reduction were people related spending across all functions, reduced marketing spend and a continued focus on efficiencies across the company.

減少的主要驅動因素是所有職能部門與人員相關的支出、行銷支出的減少以及對整個公司效率的持續關注。

Our Q3 GAAP results include a $1.9 million charge related to our restructuring plan primarily for severance and related costs.

我們第三季的 GAAP 業績包括與重組計畫相關的 190 萬美元費用，主要用於遣散費和相關費用。

In the first nine months of the year, we reduced operating expenses by $95.2 million which includes the $13.5 million IP litigation settlement and made significant progress in achieving the full year expense reduction goals for R&D sales and marketing and head count that we set out in February cost reductions are part of our ongoing strategy to right size the business and position it for sustainable growth. We continue to remain focused on reducing our operating and cash flow losses and achieving our targets for positive operating income and cash flow from operation.

今年前9 個月，我們減少了9,520 萬美元的營運費用，其中包括1,350 萬美元的智慧財產權訴訟和解，並在實現我們2 月制定的全年研發、銷售、行銷和人員費用削減目標方面取得了重大進展降低成本是我們調整業務規模並使其實現永續成長的持續策略的一部分。我們繼續專注於減少營運和現金流損失，並實現正營運收入和營運現金流的目標。

In the first three quarters, we exceeded our targets and reduced R&D expenses by $33.1 million compared to a full year target reduction of approximately $25 million in the same period. We reduced overall sales and marketing expenses by $38.2 million including $19 million in working marketing compared with a full year reduction of $40 million which included a decrease in working marketing of approximately $20 million.

前三季度，我們超額完成了目標，研發費用減少了 3,310 萬美元，而同期全年目標減少了約 2,500 萬美元。我們將整體銷售和行銷費用減少了 3,820 萬美元，其中工作行銷費用減少了 1,900 萬美元，而全年則減少了 4,000 萬美元，其中工作行銷費用減少了約 2,000 萬美元。

As Gary noted including our most recent workforce reduction. We have reduced our head count by approximately 560 or approximately 50% versus year end 2023.

正如加里所指出的，包括我們最近的裁員。與 2023 年底相比，我們的員工人數減少了約 560 人，約 50%。

Turning to operating income for Q3, we reported operating income of $15.1 million compared with an operating loss of $40.6 million in the year ago. Period for the nine month period, we reported an operating loss of $$73.1 million compared with an operating loss of $153.4 million.

談到第三季的營業收入，我們公佈的營業收入為 1,510 萬美元，而去年同期的營業虧損為 4,060 萬美元。在這 9 個月期間，我們報告的營業虧損為 7,310 萬美元，而同期營業虧損為 1.534 億美元。

Please note that these 2024 figures include the $13.5 million benefit from the IP litigation settlement during the third quarter.

請注意，這些 2024 年數據包括第三季智慧財產權訴訟和解帶來的 1,350 萬美元收益。

Third quarter, non operating expense was$ 12.5 million reflecting interest expense and the impact of fair value accounting associated with our term loan. This was partially offset by interest income on cash balances.

第三季度，非營業費用為 1,250 萬美元，反映了利息費用以及與我們的定期貸款相關的公允價值會計的影響。這被現金餘額的利息收入部分抵銷。

Our Q3 tax expense was $1.5 million and net income per share was 3¢.

我們第三季的稅費為 150 萬美元，每股淨利為 3 美分。

This compares with a Q3 net loss per share a year ago of $2.82.

相比之下，去年第三季每股淨虧損為 2.82 美元。

The$ 13.5 million IP litigation settlement has had a positive onetime impact to earnings of 44¢ per share.

1,350 萬美元的智慧財產權訴訟和解協議對每股收益產生了積極的一次性影響，達到 44 美分。

We ended Q3 with$ 99.4 million in cash and cash equivalents. A decline of $9.1 million from the end of Q2 restricted cash totaled$ 41.1 million with $40 million set aside for future repayment of the term loan and subject to limited rights for inventory purchases.

第三季末，我們擁有 9,940 萬美元的現金和現金等價物。與第二季末相比，限制性現金減少了 910 萬美元，總計 4,110 萬美元，其中 4,000 萬美元留作未來償還定期貸款，並受到庫存採購權利的限制。

Our third quarter inventory levels reflect the seasonality of the business and preparations for the upcoming holiday season. At the close of the third quarter, the company elected to draw down $40 million of the restricted cash to purchase inventory that cash was received in October and will be reflected in our fourth quarter results. And under the terms of the loan agreement has a five month repayment period.

我們第三季的庫存水準反映了業務的季節性以及為即將到來的假期做好的準備。在第三季末，公司選擇提取 4,000 萬美元的限制性現金來購買 10 月收到的庫存，並將反映在我們第四季的業績中。並且根據貸款協議條款有五個月的還款期。

In Q3, our cash used in operations was $10.2 million compared with$ 21.7 million in Q2 of this year and $55.5 million a year ago.

第三季度，我們用於營運的現金為 1,020 萬美元，而今年第二季為 2,170 萬美元，一年前為 5,550 萬美元。

Third quarter, DSO was 48 days compared with 36 days in the year ago period due primarily to customer mix.

第三季度，DSO 為 48 天，而去年同期為 36 天，這主要是由於客戶組合所致。

Our quarter end inventory balance was $149.2 million or 104 days. A reduction of $95 million versus the prior year and reflects our continued focus on carefully managing inventory balances.

我們的季末庫存餘額為 1.492 億美元，即 104 天。與前一年相比減少了 9500 萬美元，反映出我們繼續專注於仔細管理庫存餘額。

As discussed on our Q1 call. We filed a shelf S3 registration settlement in February to enhance our liquidity and provide capital planning flexibility. The shelf offering includes an at the market or ATM offering program for the sale of the company's common stock.

正如我們在第一季電話會議中所討論的那樣。我們在 2 月提交了擱置 S3 註冊和解協議，以增強我們的流動性並提供資本規劃靈活性。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 third quarter. We sold $0.2 million shares for total net proceeds of $1.4 million. As of the end of Q3, we had $79.6 million remaining under the ATM program.

第三季期間。我們賣出了 20 萬美元的股票，淨收益總額為 140 萬美元。截至第三季末，我們的 ATM 計劃剩餘資金為 7,960 萬美元。

In all, we have continued to make progress in managing our key working capital levers while prioritizing careful management of our working capital efficiency.

總而言之，我們在管理關鍵營運資本槓桿方面持續取得進展，同時優先考慮謹慎管理營運資本效率。

As Gary mentioned, we recognize that this is a challenging macroeconomic environment for consumers and that it's not likely to change before the end of the holiday shopping season, which will be shorter given the timing of Thanksgiving this year. With that in mind, we are providing our fourth quarter outlook and revising our full year outlook for Q4. We expect revenue in the range of $175 million to $200 million and gross margin in the range of 24 to 27%. Up from 18.9% in Q4, 2023 operating loss is expected to be in the range of $31 million to $22 million. And net loss per share is expected to be in the range of $1.50 to $1.20 per share.

正如加里所提到的，我們認識到這對消費者來說是一個充滿挑戰的宏觀經濟環境，而且在假日購物季結束之前不太可能改變，考慮到今年感恩節的時間，假日購物季的時間會更短。考慮到這一點，我們提供了第四季度的展望，並修訂了第四季度的全年展望。我們預計營收在 1.75 億美元至 2 億美元之間，毛利率在 24% 至 27% 之間。預計 2023 年營運虧損將在 3,100 萬美元至 2,200 萬美元之間，較第四季的 18.9% 有所上升。預計每股淨虧損在 1.50 美元至 1.20 美元之間。

Our outlook reflects seasonal increases and promotional and marketing expenses particularly as we plan for the anticipated 2025 rollout of new products for full year 2024. We are lowering our guidance as a result of persistent headwinds in the consumer market and ongoing competitive challenges.

我們的前景反映了季節性成長以及促銷和行銷費用，特別是因為我們計劃預計在2025 年推出新產品，並在2024 年全年推出。降低我們的指導。

We now expect revenue to be in the range of$ 685 million to$ 710 million and gross margin in the range of 25 to 26%.

我們目前預計營收在 6.85 億美元至 7.1 億美元之間，毛利率在 25% 至 26% 之間。

We are targeting full year operating expenses in the range of $274 million to $276 million or approximately 39 to 40% of revenue. 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 the additional workforce reduction. This quarter, we anticipate full year operating margin of approximately negative 15 to negative 13%.

我們的目標是全年營運費用在 2.74 億美元至 2.76 億美元之間，約佔收入的 39% 至 40%。預計較全年有所下降。 2023 年主要反映了先前宣布的使我們的成本結構與近期收入預期更緊密一致的努力。隨著額外的勞動力減少。本季度，我們預計全年營業利潤率約為負 15% 至負 13%。

From a cash perspective, we continue to make incremental progress in improving our cash used in operations excluding the Amazon termination fee received in Q1 2024. We are expecting a significant improvement in cash flow in the second half of 2024 relative to the first half of the year.

從現金角度來看，我們在改善營運現金使用方面繼續取得漸進進展，不包括 2024 年第一季收到的亞馬遜終止費用。

In terms of other notable modeling assumptions. For 2024 we anticipate other expense of around$ 38 million including approximately $14 million in net interest expense and $24 million in estimated fair value adjustment associated with our term loan and full year tax expense of approximately $3 million driven by our foreign jurisdiction.

就其他值得注意的建模假設而言。 2024 年，我們預計其他費用約為3,800 萬美元，包括約1,400 萬美元的淨利息費用和與我們的定期貸款相關的估計公允價值調整2,400 萬美元，以及由我們的外國管轄區驅動的約300 萬美元的全年稅務費用。

We anticipate a share count of approximately $29.6 million shares exclusive of any additional issuances under our ATM.

我們預計股票數量約為 2,960 萬美元，不包括 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 $4.91 to $4.60.

因此，我們預計全年每股淨虧損在 4.91 美元至 4.60 美元之間。

Our business remains minimally capital intensive and we now expect full year capital spending to be less than $1 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將低於 100 萬美元。

As a reminder, we manage our business on a full year basis and continue to encourage investors to focus on our annual targets. Given that the timing of orders is challenging to forecast even under ideal conditions, large orders that shift from one quarter to the next can cause material fluctuations in our quarterly growth rates and cash flow performance.

提醒一下，我們以全年為基礎管理我們的業務，並繼續鼓勵投資者專注於我們的年度目標。鑑於即使在理想條件下，訂單時間也難以預測，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出現重大波動。

Additionally, our revenue expectations for the remainder of the year contemplate a EUR exchange rate of 1.10 and a JPY exchange rate of 150 to 155.

此外，我們對今年剩餘時間的收入預期考慮歐元匯率為 1.10，日圓匯率為 150 至 155。

Looking further ahead while we are continuing to be cautious about the macroeconomic environment, we are expecting to return to year over year organic top line growth for full year 2025. As we introduce new and revitalized products, we believe the second half of 2025 will be stronger than the first half of the year. As our product line up ramps up, our Q1 results will reflect a transitional period for our product line.

展望未來，在我們繼續對宏觀經濟環境持謹慎態度的同時，我們預計 2025 年全年將恢復同比有機營收成長。上半年。隨著我們產品線的增加，我們第一季的業績將反映出我們產品線的過渡期。

It's important to note that as we continue to execute on our restructuring activities, we expect to be in a strong position to leverage a significantly improved margin structure along with anticipated revenue increases in 2025.

值得注意的是，隨著我們繼續執行重組活動，我們預計將處於有利地位，能夠利用顯著改善的利潤結構以及 2025 年的預期收入成長。

Additionally, please note that we will be participating in the Raymond James TMT and Consumer Conference on December 9th in New York, as well as the Needham Growth Conference in January conference. Details will be announced by press release and posted to our investor relations website and we hope to see you at one or both events with that. I will turn the call back over to Gary.

此外，請注意，我們將參加 12 月 9 日在紐約舉行的 Raymond James TMT 和消費者會議，以及 1 月份的 Needham Growth Conference。詳細資訊將透過新聞稿公佈，並發佈到我們的投資者關係網站上，我們希望在其中一場或兩場活動中見到您。我會把電話轉回加里。

Thank you Julie. Before opening the call up for questions, I want to thank our dedicated and talented employees who are working harder than ever to support our ambitious objectives during this period of turnaround and change management.

謝謝朱莉。在開始提問之前，我要感謝我們敬業且才華橫溢的員工，他們在這個轉型和變革管理時期比以往任何時候都更加努力地工作，以支持我們雄心勃勃的目標。

I'm proud to be leading this team.

我很自豪能夠領導這個團隊。

Their dedication and pride in the iRobot brand are evident in everything that they do.

他們所做的一切都體現了他們對 iRobot 品牌的奉獻精神和自豪感。

In closing, we are mindful of the market and operational challenges ahead and believe our actions will elevate iRobot's overall performance and ultimately generate long term growth and 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 iRobot 的整體業績，並最終產生長期成長和股東價值。

We will now open the call to questions, operator. Please go ahead.

接線員，我們現在開始提問。請繼續。

Thank you (Operator Instructions)

謝謝（操作說明）

we'll hear first from Michael Latimore at Northland Capital Markets. Please go ahead.

我們將首先聽到來自北國資本市場的邁克爾·拉蒂摩爾 (Michael Latimore) 的聲音。請繼續。

Alright, great, thanks. Yeah, good morning. Hey Mike, Julie. Nice working with you and best of luck in your whatever new new venture you pursue.

好的，太好了，謝謝。是的，早安。嘿，麥克，茱莉。很高興與您合作，並祝您在追求的任何新事業中好運。

Appreciate that. Thank you.

很欣賞這一點。謝謝。

Great. And then on the quarter, so the gross margin was was very strong, nice improvement there. I guess since you're in that kind of low 30 range and that's before some of these new products out. Is it fair to assume that gross margin should be in the 30s and 25s.

偉大的。然後在本季度，毛利率非常強勁，有很好的改善。我想是因為您處於 30 的低範圍內，而且是在某些新產品推出之前。假設毛利率應該在 30 到 25 之間是否公平？

So, Mike, you know, we're very pleased with the steady progress that we're making through 2024 on our gross margins and we expect that we will be launching new products that will continue to benefit from that stronger margin profile. That said while we offered some color on 2025 we aren't providing explicit guidance on 2025 until we're a little further along in our process and likely associated with the announcement of our Q4 results.

所以，麥克，你知道，我們對 2024 年毛利率方面取得的穩步進展感到非常高興，我們預計我們將推出新產品，這些產品將繼續受益於更強勁的利潤狀況。也就是說，雖然我們對 2025 年提供了一些顏色，但在我們的流程取得進一步進展並且可能與公佈第四季度業績相關之前，我們不會對 2025 年提供明確的指導。

Yeah. fair enough, fair enough.

是的。夠公平，夠公平。

And then you did give some color on growth expectations for 25. I just wanted to clarify. Did you say you expect growth to return in the second half of 25 or you expect the year to have growth overall or can you just clarify the growth expectations you outlined?

然後你確實對 25 的成長預期給了一些顏色。您是說預計經濟將在 25 年下半年恢復成長，還是預計今年整體成長，或者您能否澄清一下您概述的成長預期？

Sure. So what we said in terms of 2025 is that although we are cautious about the macroeconomic environment, we expect to return to year over year, top line growth for the full year of 2025. And we believe the second half of 2025 will be stronger than the first half as our product line up ramps up.

當然。因此，我們就 2025 年所說的是，儘管我們對宏觀經濟環境持謹慎態度，但我們預計 2025 年全年將恢復同比增長。增加。

Okay. Okay.

好的。好的。

Very good. And I guess the last one you, you talk about maybe market forecasts suggest thing you know, an improved market in 25. Can you just provide a little bit more detail on kind of what drives that improvement from a broader market standpoint?

非常好。我猜你提到的最後一個市場預測可能暗示了你所知道的事情，即 25 年市場的改善。

Yeah, I mean a couple of couple of data points, you know, primarily as you see in Amia with the launch of premium multi functional docs, they're seeing aggressive double digit category growth. And that's supported by many new products and we're not yet participating and we plan to be in, you know, full effort next year. So we're starting to see the emergence of those product lines in the US as well. And again, we plan to participate. And so we're seeing that trade up also give us category growth.

是的，我的意思是幾個數據點，你知道，主要是正如你在 Amia 中看到的那樣，隨著高級多功能文件的推出，他們看到了兩位數的類別增長。這得到了許多新產品的支持，我們還沒有參與，但我們計劃明年全力以赴。因此，我們也開始看到這些產品線在美國出現。再說一遍，我們計劃參加。因此，我們看到升級也為我們帶來了品類成長。

And then secondly, you know, me is seeing growth, they didn't really have a huge pull forward and let's in the pandemic time period. And if you actually look at the US in our particular segment, we had twice the index of like 21 volume versus 20 versus even the home floor category.

其次，你知道，我看到了成長，他們並沒有真正帶來巨大的推動力，讓我們在大流行時期。如果你實際上看看美國的特定細分市場，我們的成交量指數是 21 的兩倍，甚至是主場類別的 20。

So it's taken us a while to get that category and units back. And now we're seeing, you know, sequential declines in negative trends, which is giving us optimism that both the new products as well as that trend will give us growth next year and that's based on our own projections, but also third parties that we subscribe to.

因此，我們花了一段時間才恢復該類別和單位。現在我們看到，負面趨勢連續下降，這讓我們樂觀地認為，新產品和趨勢都將在明年為我們帶來成長，這是基於我們自己的預測，也是基於第三方的預測我們訂閱。

Okay. All great. Thanks a lot. The best of luck.

好的。一切都很棒。多謝。祝你好運。

Thank you very much, Mike.

非常感謝你，麥克。

We'll hear next from the line of James Ricchiuti at Needham and Company.

接下來我們將聽到來自 Needham and Company 的 James Ricchiuti 的聲音。

Hey, Jim. Hi, good morning. This is Chris Granda on,for Jim. Thank you for taking the questions. You know, recognize you're not guiding to 2025 but just, curious if you could elaborate on, you know, the extent to which you expect the essentials line to sort of, to grow as a share of mix and, and how you're thinking about the impact on on gross margins as essentials becomes a larger part of part of the portfolio.

嘿，吉姆。嗨，早安。我是克里斯·格蘭達，為吉姆發言。感謝您提出問題。你知道，認識到你並不是在指導 2025 年，只是好奇你是否可以詳細說明，你知道，你期望基本產品線在多大程度上作為混合的一部分增長，以及你如何'我們正在考慮對毛利率的影響，因為必需品已成為投資組合的較大部分。

Sure, as we've seen, you know, part of the gross margin improvement is due to our remix of, of some of these products and our entire line up next year will be margin accretive to the products that they're going to replace. The essentials line is just one of those components and we expect to actually have newer products even enhancements of that variation that's in the marketplaces now, as I mentioned with improved features and functions. So that will just be one of many products that starts to get into the mix next year as we see gross margin improvement.

當然，正如我們所看到的，你知道，毛利率提高的部分原因是我們對其中一些產品的重新組合，明年我們的整個產品線將增加他們將要取代的產品的利潤率。必需品系列只是這些組件之一，我們預計實際上會有更新的產品，甚至是對現在市場上的這種變化的增強，正如我所提到的改進的特性和功能。因此，隨著我們看到毛利率的改善，這將只是明年開始加入的眾多產品之一。

Great. How, how would you characterize where conversations that you're having with customers that that might have stepped back or curtailed purchases during during the Amazon process? Are, are you making headway there? And just curious if you could update us on, on any, on anything there.

偉大的。您如何描述您與客戶在亞馬遜流程中可能會退縮或減少購買的對話？是嗎，你正在那裡取得進展嗎？我只是好奇您是否可以向我們介紹任何相關的最新情況。

Yeah, sure. Discussions are ongoing and we actually have very positive relationships with all of those partners. Our main goal is to get back into retail everywhere. Actually we do have some form of distribution and relationship with every retailer who left us.

是的，當然。討論正在進行中，我們實際上與所有這些合作夥伴建立了非常積極的關係。我們的主要目標是重返各地零售業。事實上，我們確實與每個離開我們的零售商都有某種形式的分銷和關係。

We have upcoming line reviews that will determine the full breadth of our ability to secure permanent and expanded distribution.

我們即將進行線路審查，這將決定我們確保永久和擴大分銷的能力的全面範圍。

And we're really, you know, at, at the we're trying to tie into those retailer, set dates and many of them, you know, set for the holiday season. So more to come in next year as we have these discussions. But so far, everything about our new product line has been very positive and as I said, we have positive relations with all the retailers who left us great.

我們真的，你知道，在我們試圖與那些零售商聯繫起來，設定日期，其中許多，你知道，是為假期季節設定的。當我們進行這些討論時，明年將會有更多內容。但到目前為止，我們新產品線的一切都非常積極，正如我所說，我們與所有給我們留下深刻印象的零售商都建立了積極的關係。

Thank you. Very much.

謝謝。非常。

Thanks Chris. Thank you Chris.

謝謝克里斯。謝謝克里斯。

And we have no further questions from our audience. I'd like to turn it back to Mr Gary Cohen for any additional or closing remarks.

我們沒有觀眾提出進一步的問題。我想請加里·科恩先生發表補充或結束語。

Thank you again for joining us today. This concludes the conference call Carrie and I look forward to seeing many of you at upcoming investor conferences that we will be attending in the future. So thank you and have a great day.

再次感謝您今天加入我們。電話會議到此結束，嘉莉和我期待在我們即將參加的投資者會議上見到你們。謝謝您，祝您有美好的一天。

Ladies and gentlemen, this does conclude today's teleconference and we thank you all for your participation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束，我們感謝大家的參與。現在您可以斷開線路。