Solo Brands Inc (SBDS) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Solo Brands, Inc., third-quarter fiscal 2024 financial results conference call. At this time, I would like to hand things over to our speakers for today.

女士們、先生們，大家好，歡迎參加 Solo Brands, Inc. 2024 財年第三季財務業績電話會議。現在，我想把演講時間交給今天的演講者。

Good morning, everyone, and thank you for joining the call to discuss Solo Brands' third quarter results, which we released this morning and can be found on the Investor Relations' section of our website at investors.solobrands.com. Today's call will be hosted by Chief Executive Officer, Chris Metz; and Chief Financial Officer, Laura Coffey.

大家早安，感謝大家參加電話會議討論 Solo Brands 的第三季度業績，我們於今天上午發布了該業績，您可以在我們網站 investors.solobrands.com 的投資者關係部分找到該業績。今天的電話會議將由執行長克里斯·梅茨主持；和財務長 Laura Coffey。

Before we get started, I wanted to remind everyone that management's remarks on this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on current management expectations. These may include, without limitation, predictions, expectations, targets or estimates, including regarding our anticipated financial performance, business plans, and objectives, future events, and developments. Actual future results could differ materially from those mentioned.

在我們開始之前，我想提醒大家，管理層在本次電話會議上的評論可能包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述，並且基於當前管理層的預期。這些可能包括但不限於預測、預期、目標或估計，包括關於我們預期的財務表現、業務計劃和目標、未來事件和發展。未來的實際結果可能與所述結果有重大差異。

These forward-looking statements also involve substantial risks and uncertainties, some of which may be outside of our control and that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties among others, are discussed in our filings with the SEC. We encourage you to review these filings for a discussion of these risks, including our soon-to-be filed quarterly report on Form 10-Q and will be available on the Investors portion of our website at investors.solobrands.com.

這些前瞻性陳述也涉及重大風險和不確定性，其中一些可能超出我們的控制範圍，並可能導致實際結果與此類陳述表達或暗示的結果有重大差異。我們向美國證券交易委員會提交的文件中討論了這些風險和不確定性。我們鼓勵您查看這些文件以討論這些風險，包括我們即將提交的 10-Q 表季度報告，該報告將在我們網站 investors.solobrands.com 的投資者部分提供。

You should not place undue reliance on these forward-looking statements. These statements are made only as of today, and we undertake no obligation to update or revise them for any new information except as required by law.

您不應過度依賴這些前瞻性陳述。這些聲明僅截至今日為止做出，除非法律要求，否則我們不承擔更新或修改任何新資訊的義務。

This call will also contain certain non-GAAP financial measures, including net income as adjusted, diluted earnings per share as adjusted, gross margin as adjusted, adjusted EBITDA and adjusted EBITDA margin, which we believe are useful supplemental measures that assist in evaluating our ability to generate earnings, provide consistency and comparability with our past performance, and facilitate period-to-period comparisons of our core operating results and the results of peer companies.

本次電話會議還將包含某些非公認會計準則財務指標，包括調整後淨收入、調整後每股攤薄收益、調整後毛利率、調整後 EBITDA 和調整後 EBITDA 利潤率，我們認為這些是有用的補充指標，有助於評估我們創造盈利的能力，提供與我們過去業績的一致性和可比性，並促進我們的核心經營業績與同行比較。

Reconciliation of these non-GAAP measures to the most comparable GAAP measures and definitions of these indicators are included in our earnings release, which will be available in the Investor portion of our website at investors.solobrands.com. Now, I'd like to turn the call over to Chris.

這些非 GAAP 指標與最具可比性的 GAAP 指標的調整以及這些指標的定義包含在我們的收益報告中，可在我們網站 investors.solobrands.com 的投資者部分查看。現在，我想把電話轉給克里斯。

Thank you, Mark, and thank you all for joining us today. I will begin by discussing our third quarter performance and then update you on our strategic vision for our brands. Next, I'll highlight how our strong balance sheet and cash flow provide the flexibility to invest in our business, building the foundation for long-term growth. Then I'll turn the call over to Laura to discuss our financial results in more detail and our outlook for the year.

謝謝你，馬克，也謝謝大家今天的到來。我將首先討論我們第三季的業績，然後向您介紹我們品牌的策略願景。接下來，我將強調我們強勁的資產負債表和現金流如何為我們的業務投資提供靈活性，為長期成長奠定基礎。然後，我會將電話轉給勞拉，更詳細地討論我們的財務表現和今年的展望。

Our third-quarter results were in line with our expectations despite a continued challenging macroeconomic backdrop for big ticket consumer durable items.

儘管高價耐用消費品面臨的宏觀經濟環境持續嚴峻，但我們第三季的業績符合預期。

We delivered total revenues of $94.1 million and adjusted EBITDA of $6.5 million. Sales in our direct-to-consumer channel declined 16%, as the lack of product newness and unseasonably warmer weather impacted traffic during the quarter. However, we continue to see strong momentum and excitement from our retail partners. Sales in our retail segment increased 10% excluding a onetime barter agreement of $7.2 million in 2023 that we did not anniversary. Despite the top line challenges, I am pleased that our brands remain strong, with leading market share positions and healthy gross margins.

我們實現的總收入為 9,410 萬美元，調整後 EBITDA 為 650 萬美元。由於本季產品缺乏新鮮感和天氣異常溫暖影響了客流量，我們直接面向消費者的通路銷售額下降了 16%。然而，我們繼續看到零售合作夥伴的強勁勢頭和興奮。除了 2023 年我們尚未週年紀念的 720 萬美元的一次性易貨協議外，我們零售部門的銷售額增長了 10%。儘管面臨營收挑戰，我很高興我們的品牌仍然強勁，擁有領先的市場份額和健康的毛利率。

Our customers continue to exhibit a strong affinity and loyalty for our brands. As we move into our largest volume quarter of the year, our fourth quarter, we are encouraged by early sales trends. While, we recognize the majority of the season in front of us, we feel good about how we are positioned and our reaffirming our full year guidance. When I arrived at Solo, my strategic imperative was to clean up the business and put us on a path to return to growth. We identified 5 key priorities that would return us to our winning ways.

我們的客戶繼續對我們的品牌表現出強烈的喜愛和忠誠度。隨著我們進入今年銷售量最大的季度，即第四季度，早期的銷售趨勢令我們感到鼓舞。雖然我們認識到我們面前的大部分賽季還未結束，但我們對我們的定位以及重申全年指導感到滿意。當我到達Solo時，我的策略要務是整頓業務，讓我們走上恢復成長的道路。我們確定了五個關鍵優先事項，以使我們重回勝利之路。

Our first key priority for 2024 was to develop a comprehensive strategic plan. We embarked on new strategic plan, and are now focused on executing against that plan in order to remove obstacles and friction and lay the foundation to enable long-term sustainable growth. As such, we are focused and driven to transform the company that will be built on new product innovation, getting closer to our customers through integrated full-funnel marketing campaigns, optimizing our channel distribution and implementing operating discipline across the organization. A part of this was evaluating the performance of the portfolio, and determining which brands to invest in, where to allocate our capital, and fixing our baseline systems and processes. While it has been a heavy lift, I am pleased with the progress our teams have made in a relatively short period of time.

我們 2024 年的首要任務是製定全面的策略計畫。我們制定了新的策略計劃，目前專注於執行該計劃，以消除障礙和摩擦，為實現長期永續成長奠定基礎。因此，我們集中精力並致力於轉型，公司將建立在新產品創新的基礎上，透過全面的全通路行銷活動更加貼近客戶，優化我們的通路分銷，並在整個組織內實施營運紀律。其中一部分是評估投資組合的表現，確定投資哪些品牌、在哪裡分配我們的資本，以及修復我們的基準系統和流程。雖然這是一個艱鉅的任務，但我對我們的團隊在相對較短的時間內所取得的進步感到滿意。

Our second key priority was to recruit a talented team and build our capabilities. We now have an entirely new leadership team in place, and the next level down comes with, been there, done that experience. Additionally, we have jettisoned poor performing partners and agencies and have replaced them with industry-leading firms, which we expect will contribute significantly to our brand marketing and product innovation, leading us to a return in growth in 2025. I'm confident we now have the right team and partners in place to execute our strategic plan. Our third key priority is to develop an innovative new product pipeline.

我們的第二個主要任務是招募一支優秀團隊並增強我們的能力。現在，我們已經組建了一個全新的領導團隊，下一級的領導也都是經驗豐富的人員。此外，我們拋棄了表現不佳的合作夥伴和代理商，並用行業領先的公司取而代之，我們預計這些公司將為我們的品牌行銷和產品創新做出重大貢獻，使我們在 2025 年恢復成長。我相信我們現在擁有合適的團隊和合作夥伴來執行我們的策略計劃。我們的第三個重點任務是開發創新的新產品線。

We know that innovation is important to our customers, and we have a few small launches planned for the fourth quarter. We recently rolled out Surround Lite, a portable version of our successful Surround accessory that was introduced last year. In addition, we have also rolled out a new cookout kit that transforms your firepit into a grill or griddle and enables you to cookout on the go, whether it's tailgating at the football game or having a portable grill for picnics. We're proud of our partnership with the NFL to introduce Solo Stove and Chubbies NFL branded products. At Solo Stove, our firepits and the new Surround Lite offer the ability to customize with an NFL logo of your favorite team.

我們知道創新對我們的客戶很重要，我們計劃在第四季度推出一些小型產品。我們最近推出了 Surround Lite，這是我們去年推出的成功 Surround 配件的便攜式版本。此外，我們還推出了新的戶外野餐套件，可以將您的火坑變成烤架或扒爐，讓您可以隨時隨地進行戶外野餐，無論是在足球比賽的尾聲進行野餐還是使用便攜式烤架進行野餐。我們很榮幸能與 NFL 合作推出 Solo Stove 和 Chubbies NFL 品牌產品。在 Solo Stove，我們的火坑和新款 Surround Lite 可以客製化您最喜歡的球隊的 NFL 標誌。

At Chubbies, we rolled out the Chubbies unique spin to NFL team logo to apparel. We began with a 12 team rollout, and the initial customer response has been fantastic. In fact, we sold out our initial shipment of product within the first 48 hours of launching online. We will be rolling out NFL by Chubbies logo to apparel to all 32 teams over the coming quarters. Our retail partners have told us that they love our brands and want more innovation from Solo and we are taking a much more strategic, and in some cases, collaborative approach to the product development with our retail partners that we believe will be well received in the marketplace.

在 Chubbies，我們將 Chubbies 獨特的 NFL 球隊標誌融入服裝中。我們最初由 12 個團隊推出，初始客戶反應非常好。事實上，我們的首批產品在網路上發布後的 48 小時內就銷售一空。我們將在接下來的幾個季度內向所有 32 支球隊推出帶有 NFL by Chubbies 標誌的服裝。我們的零售合作夥伴告訴我們，他們喜歡我們的品牌，並希望 Solo 能有更多創新，我們正在與零售合作夥伴採取更具策略性、在某些情況下是協作的方式來進行產品開發，我們相信這將受到市場的歡迎。

As we look into 2025, we're actively filling our product development and pipeline with new and exciting products that will enhance and expand our core. We also plan to enter into 3 new near adjacent categories that will significantly expand our TAM. When I started earlier this year, we began a thorough consumer research study to inform us of this opportunity. We surveyed 1000s of our customers, and we believe they have given us permission to enter into these new categories with products that will be very innovative with unique features. Our fourth key priority is to develop a more comprehensive and balanced omni-channel strategy.

展望 2025 年，我們將積極地在我們的產品開發和產品線中引入新的和令人興奮的產品，以增強和擴展我們的核心。我們還計劃進入 3 個新的相鄰類別，這將顯著擴大我們的 TAM。當我今年早些時候開始工作時，我們開始了一項徹底的消費者研究，以了解這個機會。我們對數千名客戶進行了調查，我們相信他們已經允許我們進入這些新的類別，推出具有獨特功能的創新產品。我們的第四個重點任務是製定更全面、更均衡的全通路策略。

We continue to see strong momentum in our retail channel. Moving forward, we are in discussions with and plan to open up new doors with several key retailers. In fact, we have 130 store test with a significant national retailer for Solo Stove that will begin in Q4. We're also bringing a much more strategic go-to-market approach to our retail partners. We have brought in talent to build out our retail organization that can go after opportunities by retail segment such as marketplaces like Amazon, to club channel and big box specialty, which should help maximize our opportunities of retail.

我們的零售通路持續保持強勁勢頭。展望未來，我們正在與幾家主要零售商進行洽談併計劃與其開闢新的業務。事實上，我們已經與一家重要的全國零售商合作，對 Solo Stove 進行了 130 家門市測試，測試將於第四季開始。我們也為零售合作夥伴帶來了更具策略性的行銷策略。我們引進人才來建立我們的零售組織，該組織可以透過零售領域尋找機會，例如亞馬遜等市場、俱樂部通路和大型專賣店，這將有助於最大限度地提高我們的零售機會。

We are underpenetrated in this channel, and believe we have a long runway of growth ahead of us. I'm pleased that retailers are valuing our partnership, which is bringing newness and excitement to their product assortment. As I stated previously, our consumer research has informed us that about 50% of shoppers look to purchase their products in store. As such, we are under penetrated in retail today and this is a key reason for building out a more robust retail go-to-market capability. While we want to be selective with the retailers we partner with, we want a balanced omni-channel approach that allows for consumers to shop when, where and how they want.

我們在這個管道的滲透率還不夠高，並且相信我們還有很長的成長空間。我很高興零售商重視我們的合作關係，這為他們的產品組合帶來了新鮮感和新鮮感。正如我之前所說，我們的消費者研究表明，大約 50% 的購物者希望在商店購買產品。因此，我們目前在零售業的滲透率較低，這是建立更強大的零售市場進入能力的關鍵原因。雖然我們希望選擇性地選擇合作零售商，但我們希望採取平衡的全通路方法，讓消費者可以在任何時間、任何地點以自己想要的方式購物。

And our last key priority this year is to stabilize our DTC channel. Within DTC, we continue to experience challenges due to our lack of product newness, our overreliance on performance marketing spend, a suboptimal web experience, and some cannibalization due to our growth of retail. We're actively putting the pieces in place to stabilize and eventually return our DTC business back to growth, led by product innovation and a new website. Next year, we will completely relaunch our Solo website in conjunction with a world-class Salesforce platform that will have more capabilities for us to showcase our products in a different way to curate a better shopping experience and enable us to deliver more relevant content to our consumers. As we execute against our strategic plan to be a leader in the outdoor entertainment segment, we will continue to lead with innovation.

我們今年的最後一個重點任務是穩定我們的 DTC 管道。在 DTC 領域，我們繼續面臨挑戰，原因是我們缺乏產品新穎性、過度依賴績效行銷支出、網路體驗不理想以及由於零售成長而產生的一些蠶食。我們正在積極採取措施，以穩定 DTC 業務並最終使其恢復成長，其中，以產品創新和新網站為主導。明年，我們將結合世界一流的 Salesforce 平台徹底重新推出我們的 Solo 網站，該平台將具有更多功能，使我們能夠以不同的方式展示我們的產品，以提供更好的購物體驗，並使我們能夠向消費者提供更多相關內容。當我們執行成為戶外娛樂領域領導者的策略計畫時，我們將繼續以創新引領。

We have raised the standards of product quality that reflect the brand attributes of Solo Brands. Having said that, we made the decision this quarter to wind down our IcyBreeze reporting unit. While we believe in the market opportunity for outdoor portable cooling, the new products launched under IcyBreeze this year did not meet our standards. Therefore, we have decided to move quickly and decisively to take a non-cash charge to write-down the inventory and related goodwill and intangible assets this quarter. While we are disappointed with our performance and execution of IcyBreeze, we still own the patents and plan to relaunch cooling products under the Solo umbrella brand, starting in 2025.

我們提高了體現Solo Brands品牌屬性的產品品質標準。話雖如此，我們本季決定關閉 IcyBreeze 報告部門。雖然我們相信戶外便攜式冷卻市場的機遇，但今年 IcyBreeze 旗下推出的新產品並未達到我們的標準。因此，我們決定迅速果斷地採取非現金費用來減記本季的庫存和相關商譽和無形資產。雖然我們對 IcyBreeze 的性能和執行感到失望，但我們仍然擁有專利，並計劃從 2025 年開始重新推出 Solo 繖形品牌下的冷卻產品。

During the quarter, we also took additional aggressive and decisive measures to address factors that were hindering our growth, including a charge for terminating our contract with an underperforming legacy marketing arrangement. Laura will take you through the specifics of the write-downs and charges, but we made a lot of progress over the past 9 months, and as a result of these actions, are in a much better position as we move into next year. Next I would like to discuss our decision to consolidate ISLE Paddle Boards and Oru Kayaks into a new water sports division. While developing our strategic plan, we came to the conclusion that consolidating the divisions will realize synergies and results in a more profitable water sports platform than keeping them as 2 standalone businesses. While category growth has been soft over the last few years post COVID, we're beginning to see signs of growth.

在本季度，我們還採取了額外的積極和果斷措施來解決阻礙我們成長的因素，包括因終止與表現不佳的傳統行銷安排的合約而收取的費用。勞拉將向您介紹減記和費用的具體情況，但我們在過去 9 個月中取得了很大進展，並且由於這些行動，我們在進入明年時處於更有利的地位。接下來我想討論一下我們將 ISLE Paddle Boards 和 Oru Kayaks 合併為一個新的水上運動部門的決定。在製定策略計劃時，我們得出結論，合併各部門將實現協同效應，並帶來比將它們作為兩個獨立業務更有利可圖的水上運動平台。儘管在疫情爆發後的過去幾年裡，類別成長一直疲軟，但我們開始看到成長跡象。

Product innovation has been key, and we're gaining good traction with our new Tommy Bahama branded paddle boards in our Oru fishing kit kayaks that are selling out. We believe that under this reorganization, we have the right team in place to drive long-term growth and profitability in this division. Moving on to marketing. Our focus in Q4 is bringing more balance between top-of-funnel brand building and bottom-of-funnel conversion. Our Snoop campaign this year is a representation of a full-funnel marketing approach that has been great for increasing brand awareness, but also driving a call to action.

產品創新一直是關鍵，我們新款 Tommy Bahama 品牌槳板和 Oru 釣魚套件皮划艇銷售量很好。我們相信，在這次重組下，我們擁有合適的團隊來推動該部門的長期成長和獲利能力。繼續進行行銷。我們在第四季度的重點是實現漏斗頂部品牌建立和漏斗底部轉換之間的更多平衡。我們今年的 Snoop 活動體現了一種全通路行銷方法，它不僅能大大提高品牌知名度，還能激發人們的行動慾望。

You're seeing a continuation of this marketing balance with our partnership with the New York Islanders, which started in Q4, and we expect to realize additional benefits throughout next year. Although Q4 is a heavily promotional time of year for us, a focus of remaking our marketing strategy is to be less reliant on promotions and performance marketing, and rather than leaning into full-funnel brand building. As a reminder, we're just getting started on our new marketing strategies, but we're excited about all of the new initiatives that we have coming in 2025. This year has been a heavy lift to clean up the business, and this quarter, we had to take write-downs to shore up our foundation. I'm excited about our progress and look forward to entering 2025 with momentum and a stronger foundation.

您會看到，我們與紐約島人隊的合作從第四季度開始，一直延續著這種行銷平衡，我們預計明年將獲得更多收益。雖然第四季是我們一年中促銷最大的時期，但重塑行銷策略的重點是減少對促銷和績效行銷的依賴，而是傾向全通路品牌建立。提醒一下，我們剛開始新的行銷策略，但我們對 2025 年即將推出的所有新舉措感到興奮。今年清理業務的工作非常繁重，本季度，我們不得不進行減記以鞏固基礎。我對我們的進步感到興奮，並期待以強勁動力和更強大的基礎進入 2025 年。

The organization is working hard behind the scenes, implementing our strategy work around product, marketing, distribution and talent. We're developing a long-term strategic product roadmap, implementing new marketing strategies that will be more balanced, and we're working closely with our retail partners to open up new doors and gain share of shelf. We believe that our strategic initiatives around product and marketing will help stabilize and grow our DTC business. Our strong balance sheet and healthy gross margins, give us the ability to reinvest in the business to position us for growth in 2025 and beyond. This effort to transform the business and our culture could not be possible without the hard work of the people within this organization, and the contributions from the talent and capabilities that we're bringing on board.

該組織正在幕後努力工作，圍繞產品、行銷、分銷和人才實施我們的策略工作。我們正在製定長期策略性產品路線圖，實施更平衡的新行銷策略，並與零售合作夥伴密切合作，開拓新的市場並獲得貨架份額。我們相信，圍繞產品和行銷的策略性舉措將有助於穩定和發展我們的 DTC 業務。我們強勁的資產負債表和健康的毛利率使我們能夠對業務進行再投資，為 2025 年及以後的成長做好準備。如果沒有組織內員工的辛勤工作以及我們所引進的人才和能力的貢獻，這種轉變業務和文化的努力是不可能實現的。

I will now turn the call over to Laura. Laura?

現在我將電話轉給勞拉。勞拉？

Thank you, Chris, and good morning, everyone. Today, I'll walk you through our third quarter results and provide you an outlook for the remainder of fiscal 2024. During the quarter, we made significant progress on our strategic initiatives. As a part of this effort, we took several onetime charges primarily related to cleaning up our business this quarter. We're confident that the actions taken position the company for improved profitability in 2025 and beyond.

謝謝你，克里斯，大家早安。今天，我將向您介紹我們第三季的業績，並為您提供 2024 財年剩餘時間的展望。本季度，我們的策略舉措取得了重大進展。作為此努力的一部分，我們承擔了幾項一次性費用，主要與本季清理業務有關。我們相信，所採取的行動將有助於公司在 2025 年及以後提高獲利能力。

Turning to our quarterly results. Third quarter sales were $94.1 million, decreasing 14.7% compared to a year ago as sales growth was impacted by a lack of product newness and continued macroeconomic challenges that have put pressure on discretionary spending for big ticket consumer durable. In the direct channel, revenues declined 15.5% to $64.5 million in the third quarter, primarily due to lower site traffic that we have experienced throughout the year. Retail revenues were $29.7 million, decreasing 12.7%. Last year's retail sales of $34 million included a onetime barter agreement of $7.2 million that we did not anniversary this year.

談談我們的季度業績。第三季銷售額為 9,410 萬美元，較去年同期下降 14.7%，原因是銷售成長受到產品缺乏新穎性和持續的宏觀經濟挑戰的影響，這些挑戰給高價耐用消費品的可自由支配支出帶來了壓力。在直接管道，第三季營收下降 15.5% 至 6,450 萬美元，主要原因是我們全年網站流量較低。零售收入為 2,970 萬美元，下降 12.7%。去年 3,400 萬美元的零售額包括一項價值 720 萬美元的一次性以物易物協議，今年我們並未對該協議進行週年紀念。

Excluding this onetime barter agreement, sales in our retail segment increased to 10%. Turning to gross profit. Our gross profit was $39.3 million for the quarter compared to $68.3 million a year ago. Gross margin was 41.8% for the quarter compared to 61.9% a year ago. During the quarter, we took an $18.7 million write-down of inventory and related purchase orders charge related to the wind down of our IcyBreeze reporting unit as a part of our restructuring, contract termination and impairment activity.

除這項一次性以物易物協議外，我們零售部門的銷售額成長了 10%。轉向毛利。本季我們的毛利為 3,930 萬美元，去年同期為 6,830 萬美元。本季毛利率為 41.8%，去年同期為 61.9%。在本季度，作為重組、合約終止和減損活動的一部分，我們對 IcyBreeze 報告部門的關閉產生了 1870 萬美元的庫存和相關採購訂單費用減記。

Adjusted gross profit, which excludes these charges, decreased 14.8% to $58.3 million and adjusted gross margin was 61.9% compared to 62% a year ago. Selling, general and administrative expenses for the quarter increased to $61.1 million compared to $57 million a year ago. As a percentage of sales, SG&A expense increased to 64.9% of sales, compared to 51.7% a year ago. The increase in SG&A expense was primarily due to a change in fair value of contingent consideration related to certain of our 2023 acquisitions. This was offset by reduced distribution costs associated with the decline in revenue and a reduction in certain employee-related benefits, such as performance bonus expense.

扣除這些費用後的調整後毛利下降 14.8% 至 5,830 萬美元，調整後毛利率為 61.9%，而去年同期為 62%。本季銷售、一般及行政開支由去年同期的 5,700 萬美元增至 6,110 萬美元。以銷售額的百分比計算，銷售、一般及行政開支從一年前的 51.7% 上升至 64.9%。銷售、一般及行政費用的增加主要是由於與我們 2023 年某些收購相關的或有對價的公允價值變動所致。這被收入下降導致的分銷成本的減少以及績效獎金費用等某些員工相關福利的減少所抵消。

During the quarter, we recognized $83.6 million in onetime charges associated with restructuring, contract termination and impairment charges. Approximately $43 million is related to the impairment charges as a result of the wind down of the IcyBreeze's reporting unit and impaired marketing credit associated with an underperforming legacy marketing contract.

在本季度，我們確認了與重組、合約終止和減損費用相關的8,360萬美元的一次性費用。其中約 4,300 萬美元與 IcyBreeze 報告部門的關閉以及與表現不佳的遺留行銷合約相關的行銷信用受損所導致的減損費用有關。

We also recorded a $25 million goodwill impairment charge at our Stove reporting unit due to the sustained decline in the share price. There were approximately $15 million of contract termination charges, primarily related to charges to exit the legacy marketing contract, and nearly $1 million of restructuring charges. Of these charges, approximately $74 million are non-cash.

由於股價持續下跌，我們也在 Stove 報告部門記錄了 2,500 萬美元的商譽減損費用。合約終止費用約為 1500 萬美元，主要與退出遺留行銷合約的費用有關，以及近 100 萬美元的重組費用。其中約 7,400 萬美元為非現金費用。

Third quarter net loss was $111.5 million. Adjusted net income was $1.4 million, and adjusted EBITDA was $6.5 million. Adjusted EBITDA margin was 6.9%. Turning to the balance sheet. At the end of the period, we had $12.5 million in cash and cash equivalents.

第三季淨虧損為1.115億美元。調整後淨收入為 140 萬美元，調整後 EBITDA 為 650 萬美元。調整後的 EBITDA 利潤率為 6.9%。轉向資產負債表。期末，我們擁有 1,250 萬美元的現金和現金等價物。

As of September 30, we have $75 million in outstanding borrowing under the revolving credit facility and $87.5 million under the term loan agreement. The borrowing capacity on the revolving credit facility was $350 million as of September 30, leaving $274.4 million of availability, and we are in compliance with all of our debt covenants. We continue to be disciplined with our inventory, and are pleased with the composition of our current inventory levels. Inventory at the end of the quarter was $106.8 million, down 6.4% from a year ago. Moving to our outlook.

截至 9 月 30 日，我們在循環信貸安排下有 7,500 萬美元的未償還借款，在定期貸款協議下有 8,750 萬美元的未償還借款。截至 9 月 30 日，循環信貸額度的借款能力為 3.5 億美元，剩餘可用金額為 2.744 億美元，並且我們遵守了所有債務契約。我們繼續嚴格控制庫存，並對目前的庫存水準構成感到滿意。本季末庫存為1.068億美元，較去年同期下降6.4%。轉向我們的展望。

We are reaffirming our fiscal 2024 outlook. We continue to expect fiscal 2024 revenues to be in the range of $470 million to $490 million. We also expect adjusted EBITDA margin to be in the range of 9% to 10%, as we make the necessary investment to position the company for long-term growth.

我們重申我們的 2024 財年展望。我們繼續預期 2024 財年營收將在 4.7 億至 4.9 億美元之間。我們也預計調整後的 EBITDA 利潤率將在 9% 至 10% 之間，因為我們已經進行了必要的投資，為公司的長期成長做好準備。

In closing, we have embarked on a new strategic plan and are now focused on executing it to remove obstacles and establish a foundation for long-term sustainable success. As such, we are focused and driven to transform the company that will be built on innovation, getting closer to our customers through integrated full-funnel marketing campaign, optimizing our channel distribution network, and implementing operating discipline across the organization.

最後，我們已經開始製定新的策略計劃，目前專注於執行該計劃，以消除障礙並為長期可持續的成功奠定基礎。因此，我們集中精力並致力於轉型建立在創新基礎上的公司，透過全面的全通路行銷活動更加貼近我們的客戶，優化我們的通路分銷網絡，並在整個組織內實施營運紀律。

While it has been a heavy lift, we're pleased with the progress the teams have made in a relatively short period of time.

雖然這是一個艱鉅的任務，但我們對團隊在相對較短的時間內取得的進展感到滿意。

Now with that, I will turn the call over to the operator to begin Q&A.

現在，我將把電話轉給接線員開始問答環節。

(Operator Instructions) Anna Glaessgen, B. Riley.

（操作員指示）Anna Glaessgen，B. Riley。

Anna Glaessgen. I guess, I'd like to start thinking through the balance of DTC and wholesale through the end of the year and as we start framing up 2025 expectations. I fully appreciate your commentary, Chris, around wanting to fine-tune DTC, and I understand the -- or the website relaunch in 2025. But how should we be thinking about kind of the key milestones to get to DTC inflection and a rough time line to get there?

安娜·格拉斯根。我想，我開始思考到今年年底 DTC 和批發之間的平衡，並開始製定 2025 年的預期。克里斯，我完全同意你關於想要微調 DTC 的評論，我也理解——或者網站將在 2025 年重新啟動。但是，我們應該如何思考實現 DTC 轉折的關鍵里程碑以及實現該轉折的大致時間表呢？

So Anna, it's a really good question. It's something that, as you might imagine, started back when I first walked in the door as we laid out our strategic plan. And much of our strategic plan is focused on how do we simultaneously continue to lean into the growth that we're seeing at retail while we also stabilize our DTC channel. And so all of our research has been informed by deep, deep consumer market research where we literally talk to 5,000 to 10,000 different consumers across all of our brands, but over 5,000 on the Stove brand in particular. And so what they told us was that, 50% of the market is shopping at retail.

安娜，這是一個非常好的問題。你可能想像得到，這件事是在我第一次走進門制定戰略計畫時就開始了。我們的大部分策略計畫都集中在如何繼續依賴零售業的成長勢頭，同時穩定我們的 DTC 通路。因此，我們所有的研究都以深入的消費者市場研究為基礎，我們實際上與所有品牌的 5,000 到 10,000 名不同的消費者進行了交談，特別是與 Stove 品牌的消費者交談了 5,000 多名。他們告訴我們，50% 的市場是在零售店購物。

So we know the importance of this channel, and we're building out capabilities against this channel as evidenced by the growth that you see, and we think it will only accelerate into 2025. We've just now signed a deal with a large national chain that we're going to -- is going to represent the brand really, really well. We've got 130 store tests that we'll be rolling out here in Q4. And we think we're going to expand further with strategic customers in this channel in 2025. Now DTC, we know what the anecdote is for DTC.

因此，我們知道這個管道的重要性，我們正在針對這個管道建立能力，正如您所看到的成長所證明的那樣，我們認為到 2025 年，這一成長只會加速。我們剛剛與一家大型全國連鎖店簽署了一項協議，我們將非常非常好地代表該品牌。我們已進行 130 項商店測試，將於第四季推出。我們認為，到 2025 年，我們將透過該管道進一步拓展策略客戶。現在，我們知道了 DTC 的軼事。

First and foremost, we have to develop a new product innovation pipeline that increases the interest and increases the excitement of our user base. As we mentioned a call ago, our Net Promoter Score is in the top 1 percentile of all outdoor brands with the Solo brand. So we know consumers are looking for more from us. When we move into near adjacencies like we did with the Pizza Oven, inside of three years we've gone from zero share to number in the marketplace. So we know as we increase our innovation and we're able to feed it through an effective pipeline with our website, we know it will be effective.

首先，我們必須開發新的產品創新管道，以增加用戶群的興趣和興奮度。正如我們之前提到的，我們的淨推薦值在所有擁有 Solo 品牌的戶外品牌中排名前 1%。因此我們知道消費者希望我們提供更多服務。當我們進入鄰近市場時（就像我們推出披薩烤箱），三年之內我們的市佔率就從零上升到第一名。因此，我們知道，隨著我們不斷增加創新，並且能夠透過我們網站的有效管道提供創新，我們知道它將會有效。

So a lot of efforts over the past 9, 10 months is setting up not just the product innovation pipeline, but also the new website that we'll be bringing on stream in the early part of 2025. This will give us UX, UI capabilities that will allow us to story tell in a really, really rich manner with new content and new products and be able to curate a consumer shopping experience that has -- that will remove much of the friction and time to transact online today. So we can see the traffic that we generate online, the sessions that we're generating online, and we can see the friction before our consumers transact. So we know where the problem areas lie, and we're fixing them as quickly as we can. So when you all think of the cadence of next year, you should see an acceleration of our retail business.

因此，我們在過去 9 到 10 個月中付出了很多努力，不僅為了建立產品創新管道，還為了建立一個將於 2025 年初上線的新網站。這將為我們提供使用者體驗 (UX) 和使用者介面 (UI) 功能，使我們能夠利用新內容和新產品以非常豐富的方式講述故事，並能夠策劃消費者購物體驗，從而消除當今線上交易的大部分摩擦和時間。因此，我們可以看到我們在線上產生的流量、我們在線上產生的會話，並且我們可以看到消費者交易前的摩擦。因此我們知道問題出在哪裡，並且會盡快修復它們。因此，當大家想到明年的節奏時，你們應該會看到我們的零售業務加速發展。

I think you should look to a stabilization of our DTC business in the first half, and we would hope this would return to more normalized DTC growth in the second half as we have a new platform online, as we have innovation online. And as frankly, we've got the impact from the capabilities and the talent that we've been recruiting in over the past 9 months. I didn't even mention that and probably should have started with that, that the talent that we're bringing in is incredible world-class talent. From my leadership team to the next level down, we've got been there, done that talent with folks that really understand how to build a highly coveted brand consumer durables products company. So we like the progress.

我認為您應該看到我們的 DTC 業務在上半年趨於穩定，並且我們希望隨著我們在線上擁有新的平台以及在線上進行創新，下半年 DTC 業務能夠恢復到更正常的成長。坦白說，過去 9 個月來，我們招募的能力和人才已經產生了影響。我什至沒有提到這一點，但也許應該從這一點開始說，我們引進的人才是令人難以置信的世界級人才。從我的領導團隊到下一級的領導，我們都曾經歷過，都曾與真正懂得如何打造一個備受追捧的耐用消費品品牌公司的人才一起努力。所以我們喜歡這個進展。

We know we're still in the early innings of our turnaround, but everything we're doing is pointing to a recovery here as we move into 2025.

我們知道我們仍處於扭轉局面的初期，但我們所做的一切都表明，在邁入 2025 年時，我們將迎來復甦。

I guess, I'd like to follow up on your last line of commentary there about the talent. I think when we spoke last quarter, you referenced oversight or the extent of -- or the size of the department that's overseeing wholesale needed to be expanded. Where are we in terms of your satisfaction with the team that's in charge or I should say, retail and overseeing retail partnerships?

我想，我想跟進你關於才華的最後一條評論。我想，當我們上個季度談話時，您提到了監督範圍或監督批發的部門規模需要擴大。您對負責零售和監督零售合作關係的團隊的滿意度如何？

Anna, another great question because it's such an important growth channel for us. So I've been calling on retail wholesale for the 35 years of my career. I was with Bernie Marcus and Arthur Blank back when Home Depot started, and we're rolling out stores back in the late '80s and early '90s. And so understanding the capabilities there is paramount. And when I walked in the door here, we had one person running the entire sales organization, one person.

安娜，這個問題問得真好，因為這對我們來說是一個非常重要的成長管道。因此，在我 35 年的職業生涯中，我一直從事零售批發業務。家得寶 (Home Depot) 創立之初，我就和 Bernie Marcus 以及 Arthur Blank 在一起，我們在 20 世紀 80 年代末 90 年代初就開始開設商店了。因此，了解那裡的能力至關重要。當我走進這裡的門時，我們只有一個人負責管理整個銷售組織，一個人。

And so what we've done is we brought in a head of sales who has worked for me previously, understands multichannel retail selling environment. And he's now gradually built up a national account manager team. So now we've got 3 national account managers calling on different areas of distribution, so we're building those partnerships, we're building the framework to be able to not only get into these stores, but importantly, be able to merchandise the stores properly. And then in parallel with that, this gentleman, John has hired analytics to help us analyze how much we should be selling, how much the sell-through is, how do we replenish at a point-of-sale rate to -- that matches. And so we're building the capability really, really quickly.

因此，我們聘請了一位之前為我工作過的銷售主管，他了解多通路零售銷售環境。如今他已經逐步組建全國客戶經理團隊。所以現在我們有 3 位全國客戶經理負責不同的分銷領域，所以我們正在建立這些合作夥伴關係，我們正在建立框架，以便不僅能夠進入這些商店，而且重要的是，能夠正確地推銷這些商店。同時，這位先生，約翰，聘請了分析師來幫助我們分析我們應該銷售多少，銷售量是多少，我們如何以銷售點率進行補貨——以匹配。所以，我們正在非常非常快速地建立這項能力。

And you see it in our numbers. I mean, we're not only selling into retail and growing, but importantly, we're selling through. And a lot of the work internally here from new products and merchandising and everything else will only enhance the shopping experience that, frankly, as I walk through retail with our key partners, we can be doing better. We can be showcasing and curating our product and storytelling at -- in the showroom floors of our retailers in a better way. So I'm excited with where we're at and the progress we've made.

您可以從我們的數字中看到這一點。我的意思是，我們不僅在零售領域不斷銷售產品，而且在不斷發展，更重要的是，我們還在銷售產品。這裡內部的許多工作，包括新產品和商品推銷以及其他一切，都只會增強購物體驗，坦白說，當我與我們的主要合作夥伴一起走過零售店時，我們可以做得更好。我們可以更好地在零售商的展廳裡展示和策劃我們的產品和故事。因此，我對我們目前的狀況和所取得的進展感到非常興奮。

But more importantly, I'm encouraged by where we're headed with this team.

但更重要的是，我對我們和這支團隊的未來感到鼓舞。

(Operator Instructions) Ryan Sigdahl, Craig Hallum.

（操作員指示）Ryan Sigdahl、Craig Hallum。

This is Matthew Raab on for Ryan. Just want to kind of circle back to the trends into Q4. It seems to be encouraging. It kind of sounds like wholesale is driving that strength with 140-some doors opening up. Just kind of talk more about what the trends you are seeing maybe on promo intensity.

馬修·拉布 (Matthew Raab) 代替瑞安 (Ryan) 發言。只是想回顧一下第四季的趨勢。這似乎是令人鼓舞的。這聽起來像是批發業務在推動這種實力，已有 140 多家門市開業。請進一步談談您所看到的促銷強度趨勢。

Are you continuing to see bundle strength into the next quarter?

您是否會繼續看到下個季度的捆綁優勢？

Yes. So Matthew, first of all, I'll jump back to kind of the close of Q3. So the trends we saw towards the end of Q3 were, frankly, a little bit discouraging for us, right. Where September, typically the start of our -- the height of our season after Labor Day, it was a warm fall. And so it affected the interest in the category and it affected the sell-through as we closed down Q3.

是的。所以馬修，首先，我將回到第三季的結束。所以坦白說，我們在第三季末看到的趨勢對我們來說有點令人沮喪，對吧。九月通常是我們季節的開始——勞動節後是季節的高峰期，這是一個溫暖的秋天。因此，它影響了人們對該類別的興趣，並在我們結束第三季時影響了銷售量。

Now as we moved into Q4, we start seeing more seasonal weather. We start getting into really the heights of our period. So we're seeing increased traffic. We're seeing increased interest in the category, and this is both online and at retail. So there's no question that the most important time of the year for us is the next 60 days.

現在，隨著我們進入第四季度，我們開始看到更多的季節性天氣。我們開始真正步入我們這個時代的巔峰。因此我們看到流量增加了。我們看到人們對該類別的興趣日益濃厚，無論是在線上還是在零售領域。因此毫無疑問，對我們來說一年中最重要的時刻是接下來的 60 天。

And so we are focused on this season, and we certainly like the start to Q4 that we've seen so far, but we recognize it's still early days.

因此，我們專注於這個賽季，我們當然喜歡目前看到的第四季度的開局，但我們認識到現在還為時過早。

And then I guess sort of with that on the Snoop ad that came out, it was in August, it was certainly blunt, pun intended. Any metrics you're willing to share on maybe the sales uplift, viewership, impressions, conversion, just anything there?

然後我想 Snoop 的廣告大概就是這樣的，那是在八月發布的，它顯然是直言不諱的，是雙關語。您願意分享一些指標嗎？

Yes. So we're -- again, we're encouraged by what we're seeing from Snoop. I mean, we saw the viral interest that it created last year. But as I've alluded to in previous calls, we didn't really have a full-funnel attack against the Snoop media and impressions that were being built. This year, we've got a much more thoughtful approach built by our marketing team and we just really started leaning into it.

是的。因此，我們 — — 再一次對 Snoop 的表現感到鼓舞。我的意思是，我們看到了它在去年引發的病毒式關注。但正如我在之前的電話會議中提到的那樣，我們實際上並沒有對 Snoop 媒體和正在建立的印象發起全方位的攻擊。今年，我們的行銷團隊建立了一個更周到的方法，我們才真正開始傾向於它。

So you'll see Snoop -- if you haven't seen him already, you'll see him in a variety of different places, all very thoughtfully done against the personas and user groups that we know are strong followers of our brand. And so the early days of what we're seeing so far is we're seeing an increase in traffic. We're seeing our AOVs increase. And we're also seeing stronger ROAs as we start to convert people with the spend that we're spending. So we're encouraged.

所以你會看到 Snoop — — 如果你還沒有見過他，你會在各種不同的地方看到他，所有這些都是經過深思熟慮後針對我們所知道的是我們品牌的忠實追隨者的角色和用戶群而設計的。因此，到目前為止，我們看到的早期情況是流量增加。我們看到我們的 AOV 正在增加。而且，當我們開始利用支出來轉換客戶時，我們也看到了更強勁的 ROA。因此我們感到鼓舞。

And again, I'll hold off by saying we really like our setup for the next 60 days, but it's a big 60 days for us. And so we got all hands on deck ready to deliver the Q4 and the guidance that we've given.

再次重申，我還是想說，我們真的很喜歡接下來 60 天的設置，但這對我們來說是重要的 60 天。因此，我們已做好一切準備來實現第四季度的目標和我們提供的指導。

And everyone, at this time, there are no further questions. I'll hand the conference back to our speakers for any additional or closing remarks.

各位，現在，沒有其他問題了。我將把會議交還給我們的發言人，以便他們發表任何補充言論或結束語。

Actually, we did just get a question. It's from Anna Glaessgen, B. Riley.

事實上，我們確實剛剛收到了一個問題。來自 Anna Glaessgen 和 B. Riley。

I wanted to touch on the comments about kind of refining the promotional strategy. As I opened the website today on Solo Stove, all the firepits were at full price, which is a bit of a shift from the legacy approach. Can you talk about maybe the consumer reception to this more full price selling approach as well as potential impacts to gross margin as we contemplate lower promotionality in the go-forward period?

我想談談關於改進促銷策略的評論。今天，當我打開 Solo Stove 網站時，所有的火坑都以原價出售，這與傳統做法略有不同。您能否談談消費者對這種全價銷售方式的接受度，以及在我們考慮未來降低促銷力度的情況下對毛利率的潛在影響？

Well, Anna, it's a good question, and thanks for noticing that. One of the issues that we've uncovered since the day I walked in the door is that we've just been too reliant on performance marketing. And it's no secret that performance marketing has only increased the cost per transaction. And with a brand like ours, we want to be less promotional long-term. We want to be less on sale every day.

嗯，安娜，這是個好問題，謝謝你注意到這一點。自從我進門第一天起，我們發現的一個問題是，我們過度依賴績效行銷。效果行銷只會增加每筆交易的成本，這已經不是什麼秘密了。對於我們這樣的品牌，我們希望長期減少促銷。我們希望每天銷售的商品都變少。

And so that is a big concerted effort of ours. But it doesn't happen overnight. It's quarters and potentially years in the making. So what you're going to see from us over the next 60 days is we're going to be much more promotional. And we're going to make them special promotions curated towards the personas that we know are attracted to our brand.

這是我們共同做出的巨大努力。但這並非一朝一夕就能實現的。這項工作可能需要幾個季度甚至幾年的時間才能完成。因此，在接下來的 60 天裡，您將會看到我們將進行更多的促銷。我們將針對那些我們所知的被我們的品牌吸引的人物，策劃特別的促銷活動。

So don't take what you're seeing right now as an indication of anything other than one. We do want to be less promotional during periods of time where interest isn't as heightened as it will be during other times of the year. So as we start to move through November here, you'll see us get more promotional. So as we get to Black Friday and Cyber Monday in that really, really important time of year, you're going to see us be very promotional. We anticipate, given the pinch that we've seen in the consumer pulling back on high ticket items that are discretionary like ours, we know we're going to have to be more promotional.

因此，不要將你現在看到的情況視為任何其他情況的徵兆。我們確實希望在人們興趣不像一年中其他時間那麼高的時間段減少促銷。因此，隨著十一月的到來，您會看到我們推出更多的促銷活動。因此，當我們迎來一年中非常非常重要的「黑色星期五」和「網路星期一」時，你會看到我們大力促銷。我們預計，考慮到我們看到消費者減少購買像我們這樣的非必需高價商品的壓力，我們知道我們必須加強促銷。

So that's built into our gross margin guidance that we've given for the full year. And so we like the setup that we've got to be as promotional as we need to do -- as we need to be to drive sales.

這已包含在我們給出的全年毛利率指引中。因此，我們喜歡這種設置，我們必須盡可能地進行促銷——因為我們需要這樣做來推動銷售。

And just one more for me. Could you touch on how Chubbies performed in the quarter and an update on how big that is to the business today?

對我來說還剩一個。您能否談談 Chubbies 本季的表現以及這對當前業務的影響有多大？

Yes. So we're very pleased with the performance of Chubbies. Chubbies is a mature team. It's -- in many respects, it has some of the muscles built that we're building in Stove in a smaller way, right, because Stove is still a much bigger platform. But Chubbies continues to grow.

是的。所以我們對 Chubbies 的表現非常滿意。Chubbies 是一支成熟的隊伍。從很多方面來看，它都具備我們在 Stove 中建立的一些功能，只不過規模較小，對吧，因為 Stove 仍然是一個更大的平台。但 Chubbies 仍在繼續成長。

It continues to expand its product assortment. It continues to generate interest with leagues like the NFL, which has just been fantastic. I mean, so owning the weekender is a critical piece for the Chubbies team. And so they're selling well online. They're selling well through retail.

它不斷擴大其產品種類。它繼續引起 NFL 等聯盟的興趣，這真是太棒了。我的意思是，擁有週末度假套餐對於 Chubbies 團隊來說至關重要。因此它們在網上賣得很好。它們的零售銷售很好。

And so we see a lot of growth ahead for this Chubbies brand and couldn't be more excited about building that dual platform approach where we've got an apparel platform and we got a hard goods platform with our Stove business and our fishing platform. And so we have discovered some synergies between the platforms as it relates to distribution and fulfillment and some of our corporate G&A. And so getting closer to that business, I couldn't honestly be more excited about the prospects of that business for us.

因此，我們看到 Chubbies 品牌未來將有很大的成長空間，我們對建立雙平台策略感到無比興奮，我們擁有一個服裝平台，還有一個耐用品平台，包括爐灶業務和釣魚平台。因此，我們發現平台之間存在一些與分銷和履行以及部分公司一般行政管理相關的協同作用。當我越來越接近這項業務時，我真的對這項業務的前景感到無比興奮。

And everyone, there are no further questions.

各位，沒有其他問題了。

All righty. Well, listen, I'll close down by saying thank you for everybody's attention and continued support. And we've got a big next couple of months ahead of us, and we're poised to deliver. So thank you.

好的。好吧，聽著，最後我要感謝大家的關注和持續的支持。未來幾個月我們將面臨重要的任務，我們已做好準備。所以謝謝你。

Ladies and gentlemen, that does conclude today's conference. We would like to thank you all for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。我們感謝大家的參與。您現在可以斷開連線。