Movella Holdings Inc (MVLA) 2023 Q2 法說會逐字稿

Hello, and thank you for standing by. Welcome to Movella's Second Quarter Fiscal Year 2023 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to Lana Adair. You may begin.

您好，感謝您的支持。歡迎參加 Movella 2023 財年第二季財報電話會議。 （操作員指示）現在，我想將會議交給拉娜·阿代爾。你可以開始了。

Good afternoon, and welcome to Movella's Second Quarter 2023 Earnings Conference Call. Today's discussion will contain forward-looking statements based on the environment is currently seen by the company's management, and as such, are subject to various risks and uncertainties. Actual results may differ materially.

下午好，歡迎參加 Movella 2023 年第二季財報電話會議。今天的討論將包含基於公司管理層目前所看到的環境的前瞻性陳述，因此會受到各種風險和不確定性的影響。實際結果可能存在重大差異。

It also contains references to non-GAAP financial measures that the company believes provides useful information to its investors. The earnings release, most recent annual report on Form 10-K and other filings with the SEC, each of which are posted on Movella's IR website, provide more information on the specific risk factors that could cause actual results to differ materially from management's expectations. They also provide additional information on non-GAAP financial measures, including reconciliations where appropriate to corresponding GAAP financial measures.

它還包含對非 GAAP 財務指標的引用，公司認為這些指標可以為投資者提供有用的信息。收益報告、最新的10-K 表年度報告以及向美國證券交易委員會提交的其他文件均發佈在Movella 的IR 網站上，提供了有關可能導致實際結果與管理層預期存在重大差異的具體風險因素的更多資訊。他們還提供了有關非 GAAP 財務指標的更多信息，包括與相應 GAAP 財務指標適當的對帳。

Guidance provided today incorporates the order trends that management has been to date and what they believe today to be appropriate assumptions. Results are inherently unpredictable and may be materially affected by many factors, including fluctuations in foreign exchange rates, changes in global economic and geopolitical conditions and customer demand and spending, including the impact of recessionary fears, world events, the rate of growth of our core markets, including the live streaming community and other various factors detailed in the earnings release and the company's filings with the SEC. It's not possible to accurately predict demand for goods and services, and therefore, the company's actual results could differ materially from guidance. And now, I'll turn the call over to Movella's CEO, Ben Lee.

今天提供的指導涵蓋了管理層迄今為止的訂單趨勢以及他們今天認為合適的假設。結果本質上是不可預測的，可能會受到許多因素的重大影響，包括外匯匯率波動、全球經濟和地緣政治條件的變化以及客戶需求和支出的變化，包括經濟衰退恐懼的影響、世界事件、我們核心業務的成長率市場，包括直播社群以及收益報告和公司向美國證券交易委員會提交的文件中詳細說明的其他各種因素。由於無法準確預測對商品和服務的需求，因此公司的實際業績可能與預期有重大差異。現在，我將電話轉給 Movella 的執行長 Ben Lee。

Thanks, Lana, and thank you all for joining us today. We are pleased to share our results for the second quarter of fiscal year 2023. I'll begin with a high-level overview of the quarter's results and the business.

謝謝，拉娜，也謝謝大家今天加入我們。我們很高興分享 2023 財年第二季的業績。

We're excited to have launched the OBSKUR broadcasting platform last week, expanding Movella's Xsens mocap technology from professional Hollywood studios to individual streamers and VTubers. OBSKUR enables live streamers to create engaging content, including motion enabled avatars. We achieved $8.4 million of revenue in Q2 of 2023, down 3% year-over-year while the writer strike impacted our top line in Q2, our results reflect the resiliency embedded in the business and our continued expansion of movement digitization use cases into our existing markets as well as new growth areas such as automotive workplace economics. We remain well positioned for a significant opportunity ahead, particularly in film and game production once all parties reach a resolution.

我們很高興上週推出了 OBSKUR 廣播平台，將 Movella 的 Xsens 動作捕捉技術從專業好萊塢工作室擴展到個人串流媒體和 VTuber。 OBSKUR 讓直播主能夠創建引人入勝的內容，包括支持動作的頭像。我們在2023 年第二季度實現了840 萬美元的收入，同比下降3%，而作家罷工影響了我們第二季度的營收，我們的業績反映了業務的彈性以及我們繼續將運動數位化用例擴展到我們的現有市場以及汽車工作場所經濟等新興成長領域。一旦各方達成解決方案，我們仍將處於有利地位，迎接未來的重大機遇，特別是在電影和遊戲製作領域。

We continue to be in a very strong cash position with $51 million on the balance sheet, which affords us the opportunity to make measured investments in new products and use cases while managing our expenses prudently. In our last earnings call, which was our first call as a public company, I provided a detailed overview of our technology and markets. Since some of you may be newer to the story, I'd like to share an abbreviated refresher. Movella is a global leader in digitizing movement of human body and automaton that may make human movement. We digitize movement with a highly differentiated full-stack solution that integrates sensors, visualization software and AI analytics.

我們的現金狀況仍然非常強勁，資產負債表上有 5,100 萬美元，這使我們有機會在審慎管理開支的同時對新產品和用例進行有節制的投資。在我們上次的財報電話會議上，也就是我們作為上市公司的第一次電話會議中，我詳細介紹了我們的技術和市場。因為有些人可能對這個故事比較陌生，所以我想分享一個簡短的複習內容。 Movella 是人體運動數位化和可實現人體運動的自動機領域的全球領導者。我們透過整合感測器、視覺化軟體和人工智慧分析的高度差異化的全端解決方案實現運動數位化。

Movella is best known for Xsens technology. Our Xsens products integrate sensors, advanced algorithms and user-friendly software that digitize non-verbal movements of the human body and automatons. Movella technology is based on our proprietary inertial sensors, which are small, lightweight devices that can be attached to the body or to objects to digitize movements in 3D space.

Movella 以 Xsens 技術而聞名。我們的 Xsens 產品整合了感測器、先進的演算法和用戶友好型軟體，可將人體和自動機的非語言動作數位化。 Movella 技術基於我們專有的慣性感測器，這種設備體積小、重量輕，可以附著在身體或物體上，將 3D 空間中的運動數位化。

Movella sensors are incredibly accurate with a high sampling rate that captures even the most subtle movements. But what really sets Movella part is our software. Movella's software is designed to be user-friendly and intuitive, allowing developers and creators to capture and analyze movement data quickly and easily. And with our powerful analytics tools, Movella software makes it easy to turn raw movement data into actionable insights, helping users to optimize performance and improve results. Movella's full stack product portfolio is protected by over 160 granted patents, which provides a strong competitive moat. We continue to invest in the advancement of our products and expanding our technology leadership.

Movella 感測器非常精確，具有高取樣率，可以捕捉最細微的動作。但真正讓 Movella 與眾不同的是我們的軟體。 Movella 的軟體設計以使用者友好和直觀為宗旨，讓開發人員和創建者能夠快速輕鬆地捕獲和分析運動數據。透過我們強大的分析工具，Movella 軟體可以輕鬆地將原始運動數據轉化為可操作的見解，幫助用戶優化效能並改善結果。 Movella 的全端產品組合受到 160 多項授權專利的保護，這提供了強大的競爭優勢。我們持續投資於產品的進步並擴大我們的技術領先地位。

Our products serve 3 diversified core end markets: entertainment, health and sports and automation and mobility. We sell directly as well as through channel partners and serve the Americas, EMEA and APAC geographies. Now, I'll share with you our recent wins and progress in each of these end markets.

我們的產品服務於三個多樣化的核心終端市場：娛樂、健康和體育以及自動化和移動。我們透過直接銷售以及通路合作夥伴銷售，服務於美洲、歐洲、中東和非洲以及亞太地區。現在，我將與大家分享我們最近在各個終端市場的成功和進步。

In the health and sports market, biomechanics researchers and industrial athletes are leveraging our workspace economic solutions. In Q2 2023, we continued to expand our use cases in the automotive industry, assisting automotive manufacturers in the improvement of the safety and wellness of industrial athletes. Our Xsens motion capture tools provide information about the physical stresses of employees while they work on the production lines. If data indicates increased economic stresses, workplace adjustments are made to reduce physical stress, which also can result in improved mental health.

在健康和體育市場，生物力學研究人員和工業運動員正在利用我們的工作空間經濟解決方案。 2023年第二季度，我們持續擴大在汽車產業的用例，協助汽車製造商改善工業運動員的安全和健康。我們的 Xsens 動作捕捉工具提供有關員工在生產線上工作時的身體壓力的資訊。如果數據顯示經濟壓力增加，就會調整工作場所以減輕身體壓力，這也可以改善心理健康。

In the second quarter, we announced an exciting project with BMW, building on our previously announced partnership with Toyota. The BMW Group selected Movella's workplace economic solutions with Xsens MoCap system and software to provide faster objective workplace economic assessments across all international production facilities. The BMW Group utilizes Movella's motion capture technology to easily transform realistic, accurate economic evaluations of production workers with superior precision.

第二季度，我們宣布與寶馬合作開展一項令人興奮的項目，此舉將鞏固我們先前宣布的與豐田的合作關係。 BMW集團選擇了 Movella 的 Xsens MoCap 系統和軟體的工作場所經濟解決方案，為所有國際生產設施提供更快、更客觀的工作場所經濟評估。 BMW集團利用 Movella 的動作捕捉技術，輕鬆實現對生產工人的真實、準確的經濟評估，且精準度極高。

We've also continue to expand into additional use cases within the automotive industry this quarter. For example, in Q2, we secured a key project with a leading electric vehicle company to assist training of humanoid robots and workplace ergonomics. Our extend suits are used to capture and digitize human body movements of shop floor workers. The data is then used for robots to mimic and replicate precise human movement.

本季我們也繼續擴展到汽車產業的其他用例。例如，在第二季度，我們與一家領先的電動車公司簽訂了一個重點項目，以協助人形機器人的培訓和工作場所人體工學。我們的伸展服用於捕捉和數位化車間工人的人體動作。然後，機器人利用這些數據來模仿和複製精確的人類運動。

In the automation and mobility market, our sensor fusion modules are used today by top companies to sense movements of robots and automatons on land, sea and in the air. In Q2, we showcased a robotic mower designed In-House Know-how, which relies on our NTI 680G sensor module to keep it on track even when satellite positioning cyano is temporarily unavailable.

在自動化和移動市場，我們的感測器融合模組如今被頂級公司用於感知陸地、海上和空中機器人和自動機的運動。在第二季度，我們展示了一款採用內部技術設計的機器人割草機，它依靠我們的 NTI 680G 感測器模組，即使在衛星定位暫時不可用的情況下也能保持其正常運作。

Autonomous mowing can be safely performed with 24/7 reliability. Movella continues to expand into new agricultural robotics use cases such as this.

可全天候、可靠地自動進行割草。 Movella 繼續擴展到此類新的農業機器人用例。

Next, turning to the entertainment market. Movella remains the gold standard for Hollywood quality motion capture. In the film and video game industry, Movella Xsens motion capture technology has been used to create highly realistic and immersive experiences by digitizing movements of actors and animating them in real time. Emerging new use cases for entertainment beyond the professional studios continue to expand, particularly in the individual creator and live streaming market.

接下來談談娛樂市集。 Movella 仍然是好萊塢品質動作捕捉的黃金標準。在電影和電玩產業，Movella Xsens 動作捕捉技術透過將演員的動作數位化並即時製作成動畫，創造了高度逼真和身臨其境的體驗。專業工作室以外的新興娛樂用途不斷擴大，特別是在個人創作者和直播市場。

In Q1, we previewed -- the strong early response to our new OBSKUR platform. The live streaming community continue to be enthusiastic about this offering. Our prelaunch private event in July was attended by VTuber live streamers who collectively represented over 100 million monthly views. We are encouraged by the early social media engagement with our official launch. The OBSKUR launch announcement reached viral levels on Twitter now with 0.5 million views on the first day.

在第一季度，我們預測了我們的新 OBSKUR 平台的早期強烈反響。直播社群繼續對此產品表現出極大的熱情。我們在 7 月舉行的預發布私人活動中，VTuber 主播參加了活動，他們的每月觀看次數總計超過 1 億次。我們對於我們正式發布後早期社交媒體的參與感到非常鼓舞。 OBSKUR 發佈公告在 Twitter 上迅速走紅，第一天的瀏覽量就達到 50 萬次。

OBSKUR provides creators with user-friendly tools to deliver interactive experiences, including real-time human movements for digital advertisers during live streaming sessions on well-known streaming sites such as Twitch. OBSKUR is the first broadcasting software built on Unreal Engine 5 and is the ultimate tool for streamers looking to grow a vibrant community and capitulate audiences. OBSKUR incorporates AI computer vision for face and body tracking to enhance better real-time nonviable engagement. Creators can choose to stream in various formats that include a classic webcam layout or a customizable 3D environment or as a 3D VTuber wearing our OBSKUR Mocap sensors powered by Xsens.

OBSKUR 為創作者提供使用者友善的工具來提供互動體驗，包括在 Twitch 等知名串流媒體網站的直播期間為數位廣告商提供即時人體動作。 OBSKUR 是第一款基於虛幻引擎 5 建構的廣播軟體，也是希望發展充滿活力的社群和吸引觀眾的串流媒體的終極工具。 OBSKUR 結合 AI 電腦視覺進行臉部和身體跟踪，以增強更好的即時非可行參與。創作者可以選擇以各種格式進行串流傳輸，包括經典的網路攝影機佈局或可自訂的 3D 環境，或作為佩戴由 Xsens 提供支援的 OBSKUR Mocap 感測器的 3D VTuber。

We are now shipping the OBSKUR Mocap Box. The Mocap box includes the OBSKUR upper body Mocap set with 9 sensors and new comfortable washable gloves that digitize the intricate movements of fingers and hands. OBSKUR Mocap Box has an up to 12-hour battery life to accommodate those long streaming sessions required by VTubers.

我們現在正在運送 OBSKUR Mocap Box。 Mocap 盒包括 OBSKUR 上身 Mocap 套裝，該套裝有 9 個感應器和新的舒適可水洗手套，可將手指和手的複雜動作數位化。 OBSKUR Mocap Box 的電池續航時間長達 12 小時，可滿足 VTuber 所需的長時間串流播放要求。

In other developments, in Q2, we hosted our growing developer community at the annual Movella DOT Developer Conference. Over 300 attendees and thought leader speakers in digital health participated in our marquee event. We continue to believe that there is further opportunity to expand and grow our third-party developer's community through the Movella's DOT SDK. Movella DOT sensors and our software development kit save developers, the engineering effort of making their own sensors, so they can focus their resources on creating amazing apps. So far, our third-party developer count has grown to over 800, many of which are starting to announce exciting products, primarily serving the health and sports market.

在其他發展方面，在第二季度，我們在年度 Movella DOT 開發者大會上接待了不斷成長的開發者社群。超過 300 名與會者和數位健康領域的思想領袖演講者參加了我們的大型活動。我們繼續相信，透過 Movella 的 DOT SDK，我們的第三方開發者社群還有進一步擴大和發展的機會。 Movella DOT 感測器和我們的軟體開發套件節省了開發人員製作自己的感測器的工程工作量，因此他們可以集中資源來創建出色的應用程式。到目前為止，我們的第三方開發人員數量已增至 800 多家，其中許多開發人員開始發布令人興奮的產品，主要服務於健康和體育市場。

In Movella, we continue to refine our AI algorithms that power our products for digitizing movement. We have invested in AI across our full stack to provide more precise life-like movements of digital characters, cavities and robots. Our sensors collect massive amounts of data that often comes with noise and bias. At the firmware level, our intelligent algorithms decipher and extract useful data when we see a noisy raw data and then our sensor fusion algorithms, aggregate and integrate the curated data from the gyroscope exerometer and menatometer to generate positioning and orientation information.

在 Movella，我們不斷改進我們的 AI 演算法，為我們的產品提供數位化運動的支援。我們已經在整個堆疊中投資了人工智慧，以提供更精確、逼真的數位角色、腔體和機器人動作。我們的感測器收集大量數據，這些數據通常帶有噪音和偏差。在韌體級別，當我們看到嘈雜的原始數據時，我們的智慧演算法會解密並提取有用的數據，然後我們的感測器融合演算法會匯總和整合來自陀螺儀測力計和測力計的精選數據，以產生定位和方向資訊。

At the software level, our AI assembles the positioning and orientation information from the sensors with a 3D human body biomechanical model to duplicate precise human body movement represented by an Avatar in our software in virtual space. Our AI algorithms continuously adapt to temporary variations in human body movement as well as changes in disturbances in noisy environments to maintain accurate spatial movements at the avatar.

在軟體層面，我們的人工智慧將來自感測器的定位和方向資訊與 3D 人體生物力學模型組合在一起，以在虛擬空間中複製軟體中化身所代表的精確人體運動。我們的人工智慧演算法不斷適應人體運動的暫時變化以及在嘈雜環境中乾擾的變化，以保持化身的準確空間運動。

Our HD reprocessing AI software evaluate data from 17 sensors on the body and learns and balances good versus poor sensor data to continuously maintain real estate human body movements. We see recent advancements in AI as an enormous growth acceleration opportunity. We believe that our business will be a strong beneficiary of AI, especially with generative AI. For example, StepLab, an intelligent gate tracking app developed by Movella partners, 0C7, analyzes walking motion scientifically using just 2 mobile to sensors with one on each foot. In addition to the visualization and graphical information, the StepLab app uses generative AI to process gate data collected by Movella DOT sensors for assessment and recommendation to enhance the patient's ability to improve their walking motion. Thank you.

我們的高清再處理 AI 軟體會評估來自身體上 17 個感測器的數據，並學習和平衡好的感測器數據和差的感測器數據，以持續維持真實的人體運動。我們認為人工智慧的最新進展是一個巨大的成長加速機會。我們相信，我們的業務將成為人工智慧，尤其是生成式人工智慧的強大受益者。例如，由 Movella 合作夥伴 0C7 開發的智慧門禁追蹤應用程式 StepLab，僅使用 2 個行動裝置感測器（每隻腳一個）即可科學地分析步行運動。除了視覺化和圖形資訊外，StepLab 應用程式還使用生成式 AI 處理 Movella DOT 感測器收集的門控數據，以進行評估和推薦，從而增強患者改善步行運動的能力。謝謝。

And with that, I'll turn it over to Steve to provide more detail on our second quarter 2023 financial results.

接下來，我將把話題交給史蒂夫，讓他提供有關我們 2023 年第二季財務業績的更多詳細資訊。

Thanks, Ben, and thanks, everyone, for joining us today. Consistent with last quarter, I'll begin with a review of our second quarter 2023 results and then provide limited guidance. During my remarks, I will refer to various non-GAAP metrics. A reconciliation between GAAP and non-GAAP is available on our earnings press release and on our Investor Relations website.

謝謝本，也謝謝大家今天的參與。與上一季一致，我將首先回顧我們 2023 年第二季的業績，然後提供有限的指導。在我的發言中，我將參考各種非公認會計準則指標。您可以在我們的收益新聞稿和投資者關係網站上查看 GAAP 和非 GAAP 之間的對帳表。

I'll begin with our top line results. Net revenue for the quarter was $8.4 million, a 3% decrease compared to the same period last year and a decrease of 9% as compared to Q1 2023. While seasonality plays a role in our quarterly revenue profile, this past quarter was directly affected by the Hollywood labor dispute that began in early May and has not yet reached a conclusion. These strikes have had a wide-ranging impact on the entertainment industry. It has affected many production, filming and animation studios. While the labor dispute started in the United States, it is impacting the entertainment industry across many geographies, which Movella serves. We estimate the impact to our revenue in Q2 to be approximately $2 million.

我將從我們的頂線業績開始。本季淨收入為 840 萬美元，較去年同期下降 3%，較 2023 年第一季下降 9%。糾紛至今仍未有結果。這些罷工對娛樂業產生了廣泛的影響。它影響了許多製作、電影和動畫工作室。雖然勞資糾紛始於美國，但它正在影響 Movella 所服務的許多地區的娛樂業。我們估計這對我們第二季度的營收影響約為 200 萬美元。

GAAP gross margin was 53% as compared to GAAP gross margin of 50% in the second quarter of 2022 and 61% in the first quarter of 2023. The sequential decrease is attributable to the lower revenue over which fixed costs of production are amortized and product mix, which combined caused about 4% of the decrease and an increase in the excess and obsolete reserves on components on hand that caused an additional 3% decrease. Each of which was also a direct result of the Hollywood labor dispute and lower revenue.

GAAP 毛利率為 53%，而 2022 年第二季的 GAAP 毛利率為 50%，2023 年第一季的 GAAP 毛利率為 61%。兩種因素加在一起造成了約4% 的降幅，而庫存零件過剩和過時儲備的增加又造成了3% 的降幅。這一切也是好萊塢勞資糾紛和收入下​​降的直接結果。

Non-GAAP gross margin for the quarter was 53% compared to 63% and 64% in the second quarter of last year and the prior quarter, respectively. The change due to the same reasons mentioned with the GAAP numbers.

本季非公認會計準則毛利率為 53%，去年第二季和上季​​分別為 63% 和 64%。這項變更的原因與 GAAP 數字中提到的原因相同。

Turning to operating expenses. We remain keenly focused on investing in new products and technologies to drive top line growth, return on investment and shareholder value while managing our expenses prudently. GAAP operating expenses this quarter totaled $12.2 million, inclusive of $1.6 million of leaseback transaction and capital markets related costs on in the second quarter. $600,000 higher accruals related to increased costs of being a public company and a $500,000 non-cash increase in reserves as our outlook grows more conservative given the uncertain macroeconomic conditions. This compares to $11.1 million in Q2 '22.

談到營運費用。我們將繼續專注於投資新產品和新技術，以推動營收成長、投資回報和股東價值，同時審慎管理我們的開支。本季 GAAP 營業費用總計 1,220 萬美元，其中包括第二季 160 萬美元的回租交易和資本市場相關費用。由於宏觀經濟條件不確定，我們的前景變得更加保守，因此與作為上市公司的成本增加相關的應計費用增加了 60 萬美元，非現金儲備增加了 50 萬美元。相比之下，22 年第二季的營收為 1,110 萬美元。

Sales and marketing expenses in Q2 totaled $3.8 million, essentially even with the same quarter last year and up about $300,000 sequentially, largely due to higher employment costs and stock compensation. R&D expenses were $2.2 million versus $4.3 million in the same period last year and $2.9 million in the first quarter of 2023. In Q2 2023, we capitalized $1.5 million of software development as compared to just over 100,000 in the first quarter 2023 and 0 in Q2 2022.

第二季銷售和行銷費用總計 380 萬美元，與去年同期基本持平，比上一季增加約 30 萬美元，主要由於就業成本和股票薪資增加。研發費用為220 萬美元，而去年同期為430 萬美元，2023 年第一季為290 萬美元。多萬美元，第二季為 0 2022 年。

As Ben articulated earlier, our engineering focus is on developing new movement digitization technologies, including hardware, software and artificial intelligence and bringing the OBSKUR platform to market. G&A expenses totaled $6.2 million in Q2, inclusive of $1.6 million of expenses associated with the de-SPAC transaction, the majority of which are non-recurring and capital markets related expenses and $600,000 of new public company costs that were not incurred in the prior year. This compares to $3.1 million for the same period last year and $4 million in Q1 2023.

正如 Ben 先前所闡述的，我們的工程重點是開發新的運動數位化技術，包括硬體、軟體和人工智慧，並將 OBSKUR 平台推向市場。第二季的一般及行政費用總計620 萬美元，其中包括與de-SPAC 交易相關的160 萬美元費用，其中大部分為非經常性費用和資本市場相關費用，以及上一年未發生的新上市公司成本60 萬美元。相較之下，去年同期為 310 萬美元，2023 年第一季為 400 萬美元。

Our GAAP loss from operations for the quarter was $7.7 million compared to a loss of $6.8 million in the same period last year and $9.4 million in the first quarter. These results after accounting for the effect of the Hollywood labor dispute and various reserves, accruals and leaseback transaction costs were in line with our expectations as we continue to invest in our business and drive for long-term growth.

本季我們的 GAAP 營業虧損為 770 萬美元，而去年同期的虧損為 680 萬美元，第一季的虧損為 940 萬美元。在考慮了好萊塢勞資糾紛和各種準備金、應計費用和回租交易成本的影響後，這些結果符合我們的預期，因為我們將繼續投資於我們的業務並推動長期成長。

GAAP net loss attributable to common shareholders for the quarter was negative $13.9 million or a loss of $0.27 per share. This compares to a GAAP net loss of $7.6 million or a loss of $1.48 per share in Q2 '22. The Q2 GAAP net loss includes a non-cash revaluation loss on the venture linked notes and non-cash gain on the Pathfinder Warrants of $7.3 million and $300,000, respectively. These re -- valuations are non-cash and are primarily a result of Movella's stock price, volatility and interest rates.

本季歸屬於普通股股東的 GAAP 淨虧損為負 1,390 萬美元，即每股虧損 0.27 美元。相比之下，22 年第二季的 GAAP 淨虧損為 760 萬美元，或每股虧損 1.48 美元。第二季 GAAP 淨虧損包括創投掛鉤票據的非現金重估損失和 Pathfinder 認股權證的非現金收益，分別為 730 萬美元和 30 萬美元。這些重新估值是非現金的，主要是由於 Movella 的股價、波動性和利率。

Adjusted EBITDA, which excludes certain items such as stock compensation, amortization, depreciation, interest income and expense and the effects of income taxes, revaluations of the VLN and Warrants and certain other infrequent costs was negative $5.2 million for the quarter compared to negative $4.5 million in the same period last year. The Q2 adjusted EBITDA amount includes approximately $600,000 of incremental public company costs that were not incurred in Q2 of 2022. Please refer to our press release for a full description of items excluded for the purpose of adjusted EBITDA.

調整後的EBITDA（不包括股票薪酬、攤銷、折舊、利息收入和支出以及所得稅的影響、VLN 和認股權證的重估以及某些其他不經常性成本）為負520 萬美元，而去年同期為負450 萬美元與去年同期相比。第二季調整後的 EBITDA 金額包括 2022 年第二季未發生的約 60 萬美元的增量上市公司成本。

Turning to the balance sheet. We ended the quarter with $51 million in cash and cash equivalents compared to $62.1 million at the end of Q1 2023. We remain in a strong cash position due to our February 2023 NASDAQ listing, which through a series of transactions raised $60.3 million in net proceeds, providing an ample cash runway to support our sales and marketing initiatives and R&D investments. The cash consumed in the last quarter was a combination of $7.7 million operating loss, excluding stock-based compensation of $500,000, additional reserves raised of $500,000. Depreciation and amortization of $300,000, combined with $3.5 million of cash used in working capital, versus primarily to settle transaction to capital markets related costs and $1.5 on capitalized software, primarily related to our just launched broadcasting software OBSKUR.

轉向資產負債表。本季末，我們的現金和現金等價物為5,100 萬美元，而2023 年第一季末為6,210 萬美元。的淨收益，因此我們仍保持強勁的現金狀況，提供充足的現金流來支持我們的銷售和行銷計劃以及研發投資。上個季度消耗的現金包括 770 萬美元的營運虧損（不包括 50 萬美元的股票薪酬）和 50 萬美元的額外準備金。折舊和攤銷為300,000 美元，加上營運資本中使用的350 萬美元現金，主要用於結算與資本市場相關的交易成本，以及150 萬美元的資本化軟體費用，主要與我們剛剛推出的廣播軟體OBSKUR 有關。

This quarter was an outlier from the perspective of cash consumption with onetime and de-SPAC transaction costs being paid. We expect cash consumption to be closer to non-GAAP operating profit in the future, plus or minus changes in working capital.

從現金消耗的角度來看，本季是一個異常現象，需要支付一次性和非 SPAC 交易成本。我們預期未來現金消耗將更接近非公認會計準則營業利潤，加上或減去營運資本的變動。

Now, I'll share a broader outlook and guidance, beginning with some color on our operating environment. Irrespective of the excitement we feel about our product traction, such as the recent OBSKUR launch, we are taking what we believe is a cautiously prudent stance with respect to the macro environment and more specifically, the uncertainty around any near-term resolution in the writer and actor strike and a broader return to work in the entertainment industry.

現在，我將分享更廣泛的觀點和指導，首先介紹我們的營運環境。儘管我們對我們的產品吸引力感到興奮，例如最近推出的 OBSKUR，但我們對宏觀環境持謹慎態度，更具體地說，我們對作家近期任何解決方案的不確定性持謹慎態度。更廣泛地重返娛樂業工作。

Fortunately, and as Ben and I have both articulated, we are in a strong cash position, which we expect will allow us to navigate this environment, maintain our focus on new product development and expansion of our global markets. For the third quarter of 2023, we expect revenue in the range of $8.6 million, plus or minus $500,000. Given the lower top line driven by the continued macro environment challenges in Europe and China and the writer strike, we will not achieve breakeven in Q3. We are taking action to increase demand generation and reduce OpEx. These measures are intended to allow us to break even as soon as practical and at a lower revenue level. As a result of the above, we expect full-year revenue in the range of $34 million to $38 million.

幸運的是，正如本和我都說過的，我們的現金狀況良好，我們預計這將使我們能夠應對這種環境，繼續專注於新產品開發和全球市場的擴張。對於 2023 年第三季度，我們預計營收在 860 萬美元左右（上下浮動 50 萬美元）。鑑於歐洲和中國持續的宏觀環境挑戰以及作家罷工導致的營收下降，我們將無法在第三季實現收支平衡。我們正在採取行動來增加需求產生並減少營運支出。這些措施旨在使我們在較低的收入水平下盡快實現收支平衡。綜合上述因素，我們預計全年營收將在 3,400 萬美元至 3,800 萬美元之間。

Thank you all again for joining us today. We'll now open the line for questions from the analyst community.

再次感謝大家今天的參與。我們現在將開放熱線接受分析師群體的提問。

(Operator Instructions) Our first question comes from the line of Tore Svanberg with Stifel.

（操作員指示）我們的第一個問題來自 Stifel 的 Tore Svanberg。

Congratulations on getting OBSKUR launched. First question is on the numbers, however, for the year. So I understand the Q3 guidance and some of the dynamics there. But based on my math, it does seem like you are expecting decent sequential growth in the December quarter. So do you have visibility towards that at this point? Yes. Any comment that you can give us on your conviction of growth in Q4?

恭喜 OBSKUR 正式上線。不過，第一個問題是關於今年的數字。因此我了解第三季的指引和其中的一些動態。但根據我的計算，你確實預計 12 月季度將出現不錯的連續成長。那麼現在您是否已經意識到了這一點？是的。您能就您對第四季成長的信心發表什麼評論嗎？

Yes. Tore, this is Ben. So our guidance for both Q3 and the entire year, we are assuming that the writers' strike and the active striking Hollywood will impact the entire full-year. Now having said that, roughly 80% of our business is not related to the strike, including 50% of our entertainment business. And we are continuing to see quarter-over-quarter growth in those portions of the business not affected by the strike.

是的。托爾，這是本。因此，我們對第三季和全年的指導是，我們假設編劇罷工和好萊塢的積極罷工將影響整個全年。話雖如此，我們的大約 80% 的業務與罷工無關，其中包括 50% 的娛樂業務。我們繼續看到未受罷工影響的業務部分逐季成長。

Got it. And you mentioned $2 million impact from the strike this quarter. Any way to quantify that for Q3? And any sense at this point when you could potentially recoup some of the money? I'm just trying to think how we should think about whether that's kind of just a push out? Is it a delay? Or will you perhaps not be able to recoup some of that revenue?

知道了。您提到本季罷工造成了 200 萬美元的影響。有什麼方法可以量化第三季的情況嗎？目前有什麼跡象表明您可以收回部分資金嗎？我只是想知道我們該如何看待這是否只是一種推動？是不是有點延遲啊？或者您可能無法收回部分收入？

Yes. That's exactly the way we think about it, which is a push out and a delay of projects in our pipeline. So literally, in terms of the $2 million in the second quarter, it's really the spear of the impact that was a little bit of a surprise for us in terms of the strike that impacted the last 2-months. So if you look at it that way, essentially the projects that are associated with the professional studios, they are on hold. So, when there is resolution and work resumes, we expect those projects to be some. Now having said that, there's a final capacity in actors and writers to continue production, right? So, it's not going to be a sort of a hockey stick rebound, but we certainly see it as a return to normal growth over time.

是的。我們正是這樣想的，這會推遲和延遲我們正在進行的專案。因此，從字面上看，就第二季的 200 萬美元而言，這確實是影響最大的一點，對於過去兩個月的罷工而言，這讓我們有點驚訝。所以如果你這樣看的話，基本上與專業工作室相關的項目都被擱置了。因此，當解決方案出來並且工作恢復時，我們預計這些項目會有一些。現在說了這麼多，演員和編劇最終還是有能力繼續製作的，對嗎？因此，這不會是一種曲棍球棒式的反彈，但我們肯定會將其視為隨著時間的推移而恢復正常增長的過程。

That's great. Last question. When should we start thinking about OBSKUR contributing to financials? I know that business model, of course, is quite different than some of your other businesses. But any visibility on when you should start to see the financial impact that OBSKUR would be great.

那太棒了。最後一個問題。我們什麼時候應該開始考慮 OBSKUR 對金融的貢獻？當然，我知道這種商業模式與你們其他一些業務的模式有很大不同。但是，您是否可以預見何時開始看到 OBSKUR 帶來的巨大財務影響。

Yes. So we just launched it last week. The initial response has been better than what we had hoped for in terms of coverage and awareness and the excitement from the community that we're going after, which are the streamers and the VTtubers. We said in prior calls that we expect no material contribution to this year as the market develops. And however, we do see a meaningful contribution in line with our expectation for next year.

是的。因此我們上週剛推出了它。就覆蓋範圍和知名度以及我們所追求的社區（即串流媒體和 VTtubers）的興奮程度而言，初步反應比我們所希望的要好。我們在先前的電話會議中說過，隨著市場的發展，我們預計今年不會有任何實質的貢獻。然而，我們確實看到了符合我們對明年預期的有意義的貢獻。

Our next question comes from the line of Quinn Bolton with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Quinn Bolton。

Just wanted to follow-up on Tore's question there. It sounds like the impact of the writers' strike just prevents you from engaging in these professional studios or kind of house production at those professional. Steve, so, you kind of have just everything grinds to a halt when the writers' strike is over, they come back, but it's not like revenue that you missed in Q2, Q3, Q4 would all sort of be caught up in Q1 and you'd see kind of 6 or so million all being caught up. It just seems like everything in the pipeline just pushes out. So you hopefully would get back to kind of a $2 million to $3 million a quarter from the professional studio side of the business, but it wouldn't necessarily rise above that level for a quarter or 2 as you catch up, right? It's just best to think of it as just a sort of permanent push out in those projects and you get back to a steady state, but you don't get to catch-up revenue.

只是想跟進托爾的問題。聽起來編劇罷工的影響只是阻止你參與這些專業工作室或專業工作室的製作。史蒂夫，所以，當編劇罷工結束後，一切都會陷入停滯，他們會回來，但這並不意味著你在第二季、第三季、第四季損失的收入會在第一季全部彌補，你會看到大約有 600 萬人被捲入其中。看起來就像管道中的一切都順利完成了。所以您希望從專業工作室業務方面恢復到每季 200 萬到 300 萬美元的收入，但隨著您趕上進度，一兩個季度的收入不一定會超過這個水平，對嗎？最好把它看作是這些項目的一種永久性的推動，你會回到穩定狀態，但無法獲得追趕收入。

Yes. That is the right way to look at it for the professional studios, which is 50%, roughly 50% of our business for entertainment. And as I said earlier, you're absolutely right. There is a finite capacity in Hollywood production, right? So they're not going to all of a sudden double up in production that allow us to sort of recoup what was missed. So it's absolutely a delay for both us and the world of Hollywood.

是的。對於專業工作室來說，這是正確的看法，它們占我們娛樂業務的 50% 左右。正如我之前所說，你完全正確。好萊塢的製作能力是有限的，對吧？所以他們不會突然加倍生產，讓我們彌補損失。所以這對我們和好萊塢來說絕對是一個延遲。

Having said that, what we are seeing is in the other half of the entertainment business that's non Hollywood strike impacted mainly the smaller indie artists. We are seeing increased activity in terms of engagement in the indie production. So we are stepping up our efforts in demand creation and revenue generation on the part of the entertainment business that is not impacted by the strike. So it is -- I hope that the efforts there and the increased activity of these indies will help the growth to be better than just a pushed out as the professional market recovers.

話雖如此，我們看到的是，在娛樂業的另一半，非好萊塢的罷工主要影響的是規模較小的獨立藝術家。我們看到參與獨立製作的活動日益增加。因此，我們正在加大力度，為未受罷工影響的娛樂業務創造需求和收入。所以我希望這些獨立公司的努力和日益活躍將有助於實現更好的成長，而不是在專業市場復甦時受到擠壓。

Got it. Those efforts would help mitigate the impact of the writers' strike. Do you think that, that business -- that increased indie business, do you think that, that would be sustainable? Or do you think it's -- it would be sort of a temporary shift and that too would normalize once the strike ends.

知道了。這些努力將有助於減輕作家罷工的影響。您認為，這種業務－這種獨立業務的成長，您認為這種業務可持續嗎？或者您認為這只是暫時的轉變，一旦罷工結束，這種轉變也會正常化。

It's unknown. We believe to a certain degree, it opens up a new well of content creation. We are in sort of new territory here in -- at least in the company's history, I think the last strike was 2007, the company was 2009. We've never experienced that type of a strike in our core business. But as we know that whenever there is a shift in market dynamics, it always creates opportunity for new entrepreneurs in entertainment. So I think to a certain degree, it will be sustained whether we're going to see a sort of a spike and then go to more normal growth or whether it's going to be replaced by the professional studios. It remains to be seen. But looking at the number of indie projects getting started to try to sort of void content, new content next year, we find that to be encouraging.

這是未知的。我們相信，在某種程度上，它開闢了內容創作的新管道。我們正處於一個新領域——至少在公司的歷史上是如此，我記得上一次罷工是在 2007 年，公司上次罷工是在 2009 年。但我們知道，每當市場動態改變時，它總是會為娛樂業的新創企業家創造機會。因此我認為，從某種程度上來說，它都將持續下去，無論我們是否會看到某種高峰，然後進入更正常的成長，或者它是否會被專業工作室取代。這還有待觀察。但看看明年開始嘗試刪除內容、新增內容的獨立項目數量，我們發現這是令人鼓舞的。

Understood. And then moving to OBSKUR. Can you talk just a little bit about the monetization for OBSKUR both between the app as well as the Mocap Box? And then I think in the press release, you mentioned that you're bringing up to the Epic Games store. Is that the primary store for live streamers or are there opportunities to bring OBSKUR to other app stores to increase sort of the distribution of that platform?

明白了。然後轉向 OBSKUR。您能否簡單談談 OBSKUR 在應用程式和 Mocap Box 之間的獲利情況？然後我認為在新聞稿中你提到你正在向 Epic Games 商店提起這件事。這是直播主的主要商店嗎？

Yes. So the reason we distribute on the Epic store is because the OBSKUR platform, the app is the first app that's built on FX and Unreal Engine 5. So naturally, the answer to your question is yes, that will be the place influencers will go do the download. The -- in terms of what they do with the app is then the DIVA the app because of ad is a Twitch extension for broadcasting. So then they will take it to the Twitch platform, which is our first launch platform for them to stay streaming. And then overall, the way we develop the software is actually platform-agnostic in terms of the broadcasting channel you would -- if you would. So yes, so it will be -- we will go into other platforms.

是的。因此，我們在Epic 商店分發的原因是因為OBSKUR 平台，該應用程式是第一個基於FX 和虛幻引擎5 構建的應用程式。 所以自然而然地，你的問題的答案是肯定的，那將是影響者去做的地方下載。就他們對該應用程式的操作而言，DIVA 應用程式因為廣告而成為 Twitch 廣播的擴展。然後他們會將其帶到 Twitch 平台，這是我們為他們提供持續串流媒體的第一個發布平台。總的來說，我們開發軟體的方式實際上與平台無關，無論您選擇哪種廣播頻道——如果您願意的話。是的，我們會進入其他平台。

And then the monetization between the app software and the Mocap box?

那麼應用軟體和 Mocap 盒子之間的貨幣化呢？

Yes. So the -- what we're trying to do is we're trying to make the entire solution as accessible as possible. So we priced the Mocap Box at $1,995, which is a price point where we feel that it's affordable for the segment of streamers, that we are targeting that middle banner streamers that are already making some amount of -- some amount of annual income from their streaming likelihood. And then once they start streaming, we add 2 new revenue streams that are on top of our existing revenue. One is the DIVA share from Twitch, which is 20% of the interactions that the streamers have with defense.

是的。所以，我們正在嘗試做的是讓整個解決方案盡可能的易於理解。因此，我們將 Mocap Box 的價格定為 1,995 美元，我們認為這個價格對於主播來說是可以負擔的，我們的目標是那些已經從中賺取一定年收入的中端主播。一旦他們開始串流媒體播放，我們就會在現有收入的基礎上增加 2 個新的收入來源。一個是來自Twitch的DIVA份額，也就是主播與防守方互動的20%。

And then on top of that, we embedded in our app is the marketplace for assets for digital assets, which streamers will use to complement the virtual streaming environment. And those assets initially will be -- I think we have over 500 assets that are a combination of a few free assets and certain assets have a price on it that they will buy from us directly. So those are the 2 additional revenue streams. Overall, the combined OBSKUR platform once it scales, we expect it to be in line with our gross margin models for the entire company.

除此之外，我們在應用程式中嵌入了數位資產的市場，串流媒體可以使用它來補充虛擬串流媒體環境。這些資產最初將是——我想我們擁有超過 500 種資產，它們是一些免費資產和某些有價格的資產的組合，他們會直接從我們這裡購買。所以這是兩個額外的收入來源。總體而言，合併後的 OBSKUR 平台一旦擴大規模，我們預計它將與整個公司的毛利率模型保持一致。

Our next question comes from the line of Aditya with Northland Capital.

我們的下一個問題來自 Northland Capital 的 Aditya。

This is Aditya on behalf of Mike Latimore. Could you give some color on what was the revenue mix by industry vertical?

這是代表邁克·拉蒂莫爾 (Mike Latimore) 的阿迪亞 (Aditya)。能否介紹一下依垂直產業劃分的收入組成？

Sure. I can give you that. This is Steve. This quarter, we did about $2.8 million in entertainment, $2.7 million in each -- well, actually $2.7 million in automation and mobility and about $2.8 million in health and sports. We would have expected our entertainment side if the strike hadn't happened to be much larger.

當然。我可以給你這個。這是史蒂夫。本季度，我們在娛樂領域的營收約為 280 萬美元，在自動化和行動領域營收為 270 萬美元，在健康和體育領域的營收約為 280 萬美元。如果罷工規模沒有太大變化的話，我們本來可以期待娛樂方面的活動。

All right. And the strike does that affect only the product revenue or you're seeing some revenue being affected even in this service because of this, right?

好的。罷工是否只影響產品收入，甚至這項服務的部分收入也因此受到影響，對嗎？

It's more on the product revenue. All right.

這更多的是關於產品收入。好的。

All right. And how are the bookings in the automation and mobility category?

好的。自動化和行動性類別的預訂情況如何？

They remain as expected. We're seeing some growth in automation and mobility in the 4% to 5% quarter-over-quarter range, and we expect that to continue.

它們依然如預期。我們看到自動化和行動性環比增長了 4% 到 5%，我們預計這種趨勢將持續下去。

We have a follow-up from the line of Tore Svanberg with Stifel.

我們對 Tore Svanberg 和 Stifel 進行了跟進。

Yes. I just had 2 quick follow-ups. First of all, on gross margin, how should we think about the mix for the second half of the year? So it sounds like the mix is going to remain an issue for Q3 and Q4. But any other color you could add there, especially in light of you obviously also had some onetime items, right? So any comments on gross margin for the second half?

是的。我剛剛進行了兩次快速的跟進。首先，就毛利率而言，我們該如何考慮下半年的產品組合？因此聽起來組合仍將是第三季和第四季的一個問題。但是您可以添加任何其他顏色，特別是考慮到您顯然也有一些一次性物品，對嗎？那麼對於下半年的毛利率您有何評價呢？

Yes, you bet. This is Steve. I expect it to be up in the 60s.

是的，確實如此。這是史蒂夫。我預計它會升至 60 年代左右。

Perfect. And then, you also talked about managing OpEx in the second half of the year in light of the lower revenues. Should we think of OpEx as kind of flattish from the current run rate or up or down?

完美的。然後，您還談到了鑑於收入下降如何在下半年管理營運支出。我們是否應該認為營運支出與目前運轉率持平、上升或下降？

No, I would expect it down. I take out the onetime items that I articulated, and I would expect it to be down from that. We're going to -- we're taking a look at all of OpEx and making decisions on what to do. As Ben said, we're improving our rev gen to actually grow revenue, not just in entertainment with the Indies but across our whole portfolio and addressing OpEx. Our goal is to be able to break even at a lower revenue level.

不，我希望它下降。我把我所表達的一次性物品拿出來，並希望它會從那裡下降。我們將審查所有的營運支出，並決定採取什麼措施。正如本所說，我們正在提高我們的收入水平以真正增加收入，不僅僅是在獨立娛樂方面，而且在我們整個投資組合中，並解決營運支出問題。我們的目標是在較低的收入水平下實現收支平衡。

Ladies and gentlemen, that concludes our Q&A portion. Thank you for your participation on today's call. That concludes the call as well. You may now disconnect. Everyone, have a wonderful day.

女士們、先生們，我們的問答環節到此結束。感謝您參加今天的電話會議。通話到此結束。您現在可以斷開連線。祝大家有美好的一天。