Solo Brands Inc (SBDS) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Solo Brands's fourth-quarter in fiscal year 2024 financial results conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Mark Anderson, Senior Director, Treasury, and Investor Relations. Please go ahead.

早安，歡迎參加 Solo Brands 2024 財年第四季財務業績電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給財務和投資者關係高級總監馬克安德森。請繼續。

Thank you, and good morning, everyone. We appreciate you joining us for the Solo Brand's conference call to review fourth-quarter and full year results for 2024. Joining me on the call today are the company's Interim President and Chief Executive Officer, John Larson; and Chief Financial Officer, Laura Coffey.

謝謝大家，大家早安。感謝您參加 Solo Brand 的電話會議，共同回顧 2024 年第四季和全年業績。今天與我一起參加電話會議的有公司臨時總裁兼執行長約翰·拉爾森和財務長勞拉·科菲。

This call is being webcast and can be accessed through the Investors portion of our website at investors@solobrands.com. Today's conference call will be recorded. Please be advised that any time sensitive information may no longer be accurate as of any replay or transcript reading date.

本次電話會議將進行網路直播，可透過我們網站投資者關係頁面（investors@solobrands.com）存取。本次電話會議將會錄音。請注意，任何有時效性的信息在重播或閱讀文字稿時可能不再準確。

I would also like to remind you that the statements in today's discussion that are not historical facts, including statements about expectations, future events, financial performance, turnaround efforts, strategic transformation goals, and future growth, are forward-looking statements and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

我還要提醒各位，今天討論中非歷史事實的陳述，包括關於預期、未來事件、財務業績、扭虧為盈的努力、戰略轉型目標和未來增長的陳述，均為前瞻性陳述，並根據 1995 年《私人證券訴訟改革法案》的安全港條款作出。

Forward-looking statements by their nature are uncertain and outside of the company's control. Actual results may differ materially from those expressed or implied. Please refer to today's earnings press release for our disclosures on forward-looking statements. These factors and other risks and uncertainties are described in detail in the company's filings with the Securities and Exchange Commission.

前瞻性陳述本質上具有不確定性，且超出本公司的控制範圍。實際結果可能與明示或暗示的結果有重大差異。有關前瞻性聲明的披露信息，請參閱今天的盈利新聞稿。這些因素以及其他風險和不確定性在公司向美國證券交易委員會提交的文件中均有詳細描述。

Solo Brands assumes no obligation to publicly update or revise any forward-looking statements. Management will refer to non-GAAP measures and reconciliations to the nearest GAAP measures can be found at the end of our earnings release. Finally, the earnings release has been furnished to the SEC on Form 8-K.

Solo Brands不承擔公開更新或修改任何前瞻性聲明的義務。管理階層將參考非GAAP指標，與最接近的GAAP指標的調節表可在我們的獲利報告末尾找到。最後，已透過 8-K 表格向美國證券交易委員會提交了盈利報告。

Now I'd like to turn the call over to John Larson.

現在我想把電話交給約翰·拉爾森。

Good morning, and thank you all for joining us to review Solo Brand's strategic plan and financial results. During today's call, we intend to level set everyone on recent news, review our 2024 financial results, and share our turnaround work for 2025.

早安，感謝各位參加本次Solo Brands策略計畫及財務績效審查會議。在今天的電話會議上，我們打算向大家介紹最近的新聞，回顧我們 2024 年的財務業績，並分享我們 2025 年的扭虧為盈計畫。

During the fourth quarter, the board and management team engaged in developing an aggressive turnaround plan for 2025. As part of our transformation plan, we hired external financial advisors to help us go through every line item of the business. They have been an integral part of helping to develop and quantify 30-plus value accretive initiatives.

第四季度，董事會和管理團隊著手製定一項雄心勃勃的 2025 年扭虧為盈計畫。作為轉型計劃的一部分，我們聘請了外部財務顧問來幫助我們審查業務的每項支出。他們一直是幫助制定和量化 30 多項增值措施的重要組成部分。

As most of you know, Chris Metz notified the Board in mid-February of his decision to resign. Given that the board and management team were closely involved in the 2025 turnaround plan, we felt it was critical not to lose momentum. I was immediately appointed as Interim CEO and in the office the following Monday morning.

正如你們大多數人所知，克里斯梅茲在二月中旬通知董事會他決定辭職。鑑於董事會和管理團隊密切參與了 2025 年的扭虧為盈計劃，我們認為保持勢頭至關重要。我立即被任命為臨時首席執行官，並於下週一早上到辦公室上班。

Then stepping into the role, I along with the leadership team and board, have taken actions to accelerate and amplify the company's transformation plan. I plan to continue serving on the board and remain interim leader on site until the right person to lead solo brands is identified.

隨後，我走馬上任，與領導團隊和董事會一起，採取了行動，加速並加強了公司的轉型計畫。我計劃繼續擔任董事會成員，並繼續擔任現場臨時負責人，直到我找到合適的人選來領導各個獨立品牌。

Firmly believed that we lost no time or momentum with the management change. We are now aggressively working through 30+ value creative initiatives to return solo brands to profitable and sustainable growth. Notwithstanding challenging results, we believe Solo Brands has a solid foundation for success, including great enthusiast brands, a pipeline of new products, and highly loyal customers. I am encouraged by what I see here.

我們堅信，管理層的變動並沒有讓我們損失任何時間或發展動能。我們目前正在積極推進 30 多項有價值的創意計劃，以使獨立品牌重回盈利和可持續增長的軌道。儘管面臨挑戰，但我們相信 Solo Brands 擁有堅實的成功基礎，包括優秀的愛好者品牌、不斷湧現的新產品以及高度忠誠的客戶。我在這裡看到的景象令我深受鼓舞。

Our board and management team are fully aligned and taking thoughtful steps to improve the near-term and long-term business trajectory. We do not plan to take questions after our prepared remarks. This decision was not taken lightly, but I hope that Laura and I answer most, if not all, of your immediate questions during these prepared remarks.

我們的董事會和管理團隊目標一致，並正在採取深思熟慮的措施來改善公司近期和長期的業務發展軌跡。我們不打算在事先準備好的發言稿之後接受提問。做出這個決定並非輕率之舉，但我希望勞拉和我能夠在這些事先準備好的發言中回答你們的大部分（如果不是全部）問題。

After Laura walks through the financial results, I will come back to discuss in more detail the key strategic initiatives. Laura?

在勞拉講解財務業績後，我將回來更詳細地討論關鍵策略舉措。勞拉？

Thank you, John, and good morning, everyone. We finished 2024 with total net sales of $455 million down 8% from the prior year. We strengthened our adjusted gross profit margin to 61.7%, and we ended the year with an adjusted EBITDA of $32.6 million or 7.2% of net sales.

謝謝你，約翰，大家早安。2024 年全年淨銷售額為 4.55 億美元，較上年下降 8%。我們將調整後的毛利率提高到 61.7%，並以 3,260 萬美元的調整後 EBITDA（佔淨銷售額的 7.2%）結束了這一年。

We recognize the challenges ahead, and we are committed to transforming our business by stabilizing operations, optimizing efficiencies, and building scalable processes and platforms to drive sustainable growth. Turning to our fourth quarter results, net sales were $143.5 million, down 13.2% from a year ago. This was driven by declines in retail and direct-to-consumer channels within the Solo Stove segment, partially offset by increased net sales in the Chubbies segment.

我們認識到未來的挑戰，並致力於透過穩定營運、優化效率以及建立可擴展的流程和平台來推動永續成長，從而實現業務轉型。再來看我們第四季的業績，淨銷售額為 1.435 億美元，比去年同期下降了 13.2%。這主要是由於 Solo Stove 業務部門的零售和直接面向消費者的管道下滑所致，但 Chubbies 業務板塊的淨銷售額成長部分抵消了這一下滑。

We are carefully evaluating the effectiveness and return of our marketing spend. Although the Snoop ads created good brand awareness last year, we are working to better position spend to be more efficient and tied to the outcomes that align closer to our goals. Our gross profit for the quarter was $87.8 million compared to $96.4 million in the prior year.

我們正在認真評估行銷投入的有效性和回報。雖然 Snoop 的廣告去年帶來了良好的品牌知名度，但我們正在努力更好地調整支出，使其更加高效，並與更符合我們目標的成果掛鉤。本季毛利為 8,780 萬美元，而上年同期為 9,640 萬美元。

Our reported gross profit margin grew to 61.1%, up 280 basis points compared to 58.3% in the year ago quarter. Selling general and administrative expenses for $81.8 million in the quarter, down from $84.3 million in the prior year.

我們公佈的毛利率成長至 61.1%，比去年同期的 58.3% 成長了 280 個基點。本季銷售一般及行政費用為 8,180 萬美元，低於上年同期的 8,430 萬美元。

The improvement in SG&A expenses were mainly due to the early termination of a legacy advertising agreement. The fourth quarter's net loss was $58.2 million and adjusted net income, excluding after-tax restructuring charges and other non-recurring or non-cash charges resulted in positive earnings of $2.3 million and adjusted EPS of $0.03 per share.

銷售、一般及行政費用的改善主要歸功於提前終止了一項舊廣告協議。第四季淨虧損為 5,820 萬美元，經調整後的淨收入（不包括稅後重組費用和其他非經常性或非現金費用）為正收益 230 萬美元，經調整後的每股收益為 0.03 美元。

Adjusted EBITDA for the quarter was $6.3 million with a margin of 4.4%. Turning to the full year results, 2024 net sales were $454.6 million, down 8.1% from the prior year. Our reported gross profit margin for the year was 57.3%, and excluding inventory charges related to restructuring and consolidation and other non-cash items, our adjusted gross profit margin was 61.7%, up 30 basis points from the prior year.

本季調整後 EBITDA 為 630 萬美元，利潤率為 4.4%。從全年業績來看，2024 年淨銷售額為 4.546 億美元，比上年下降 8.1%。我們報告的年度毛利率為 57.3%，若不計入與重組和合併相關的存貨費用以及其他非現金項目，我們的調整後毛利率為 61.7%，比上年增長 30 個基點。

The company reported a GAAP net loss of $180.2 million, an improvement versus a net loss of $195.3 million in 2023. Adjusted net income was $11.4 million or EPS of $0.12, and our adjusted EBITDA was $32.6 million or 7.2% of net sales for the full year in 2024.

該公司公佈的GAAP淨虧損為1.802億美元，較2023年的淨虧損1.953億美元有所改善。2024 年全年調整後淨收入為 1,140 萬美元，每股收益為 0.12 美元；調整後 EBITDA 為 3,260 萬美元，佔淨銷售額的 7.2%。

Please refer to our earnings release for reconciliation tables to the most comparable GAAP measures. In early 2025, we continued implementing corporate restructuring and cost optimization initiatives to re-baseline expenses and right size of the business based on expected sales this year.

請參閱我們的獲利報告，其中包含與最可比較的 GAAP 指標的調整表。2025年初，我們繼續實施公司重組和成本優化計劃，以根據今年的預期銷售額重新確定費用基準並調整業務規模。

We have examined the company's marketing effectiveness and have a multi-step plan to improve efficiencies and address spend, which John will discuss in a few moments. We have begun creating better performance management metrics and are evaluating talent at every level. I want to give you a few examples of actions that we have taken thus far after careful consideration.

我們已經考察了公司的行銷效果，並制定了一個多步驟計劃來提高效率和解決支出問題，約翰稍後會對此進行討論。我們已經開始製定更好的績效管理指標，並對各個層級的人才進行評估。我想舉幾個例子說明我們經過慎重考慮後迄今所採取的行動。

We consolidated two distribution centers and are looking to sublease those facilities. We believe this is necessary to maintain operating leverage across our fulfillment network. We are continuing to evaluate and make strategic decisions to lower costs and respond to business needs.

我們合併了兩個配送中心，並正在尋找轉租對象。我們認為這是維持我們整個物流網路運作效率的必要措施。我們將持續評估並制定策略決策，以降低成本並滿足業務需求。

We successfully renegotiated freight contracts for the organization in mid-2024 and are currently exploring other opportunities to reduce our spend in this area. After the holiday period, we decided to take an action on a reduction in force primarily to streamline our Solo Stove segment marketing and operational functions.

2024 年年中，我們成功地為該組織重新談判了貨運合同，目前正在尋找其他機會來減少我們在該領域的支出。假期結束後，我們決定採取裁員措施，主要是為了精簡 Solo Stove 業務部門的行銷和營運職能。

We also rationalize certain operations, reduced overhead costs, and re-baseline cost to better align with the sales going forward. We have decided to pause, our financial guidance based on the challenging and uneven consumer environment anticipated this year, and uncertainty with tariffs.

我們也對某些營運環節進行了合理化調整，降低了管理費用，並重新設定了成本基準，以更好地與未來的銷售情況保持一致。鑑於今年預期的充滿挑戰且不穩定的消費環境以及關稅的不確定性，我們決定暫停發布財務指引。

However, we are targeting improving profitability compared to a year ago, especially as we expect our major initiatives to ramp up in the second half of the year. Regarding tariffs, we are actively addressing the impact on our business.

不過，我們的目標是提高獲利能力，比去年同期有所提升，尤其是在我們預計下半年主要措施將加速推進的情況下。關於關稅問題，我們正在積極應對其對我們業務的影響。

In some instances, we have proactively shifted production to alternative countries to avoid China-specific impacts while exploring mitigation tactics to even further reduce tariff headwinds. Although there continues to be uncertainty regarding the operation and duration of tariffs, we are currently estimating the impact to be significant to our operations before planned mitigation activities.

在某些情況下，我們主動將生產轉移到其他國家，以避免中國特有的影響，同時探索緩解策略，以進一步減少關稅的不利影響。儘管關稅的實施和持續時間仍存在不確定性，但我們目前估計，在採取計劃中的緩解措施之前，關稅對我們的營運將產生重大影響。

Turning to the company's balance sheet and cash flow position, we ended the quarter with $12 million in cash and cash equivalents. We continued to manage working capital closely, and we ended the quarter with inventories of $108.6 million, down from a year ago and up $1.8 million from September 30.

從公司資產負債表及現金流量狀況來看，本季末我們持有現金及現金等價物 1,200 萬美元。我們繼續嚴格管理營運資金，本季末庫存為 1.086 億美元，比去年同期有所下降，比 9 月 30 日增加了 180 萬美元。

The company's cash provided by operating activities was $10.5 million for the year, and the full year capital expenditures were $14.5 million. We are working to maintain a disciplined and conservative capital allocation strategy, which includes careful cash management, and we have no M&A plan for 2025.

該公司本年度經營活動產生的現金流量為 1,050 萬美元，全年資本支出為 1,450 萬美元。我們正在努力維持有紀律、保守的資本配置策略，其中包括謹慎的現金管理，而我們在2025年沒有併購計畫。

Investing in product innovation is essential, but we will be judicious with our cash. As of September 31, 2024, revolver borrowings were $69 million. The term loan outstanding was $83 million and our borrowing capacity on the revolver was $350 million.

投資產品創新至關重要，但我們會謹慎使用資金。截至 2024 年 9 月 31 日，循環貸款餘額為 6,900 萬美元。未償還的定期貸款為 8,300 萬美元，而我們的循環信貸額度為 3.5 億美元。

As of December 31, we were in compliance with all financial and operational covenants. Subsequent to the end of the year, we drew down $277.3 million on the revolver, which matures next year on May 12, 2026. More information will be available on our 10-K filed this morning, but due to uncertainty in the business and our expected level of indebtedness, without the application of successful mitigating strategies, we expect to experience difficulty remaining in compliance with the financial covenants in our credit agreement.

截至12月31日，我們遵守了所有財務和營運契約。年底之後，我們從循環信貸中提取了 2.773 億美元，該信貸將於明年 2026 年 5 月 12 日到期。更多資訊將在我們今天早上提交的 10-K 文件中公佈，但由於業務的不確定性以及我們預期的負債水平，如果不採取成功的緩解策略，我們預計難以繼續遵守信貸協議中的財務契約。

Today's 10-K also includes disclosures about the company's ability to continue as a going concern. We are evaluating strategies to refinance our existing debt, and our plans are focused on improving our results in liquidity as we are discussing today.

今天的 10-K 報告也揭露了公司持續經營的能力。我們正在評估現有債務再融資的策略，我們的計劃重點是改善流動性狀況，正如我們今天所討論的那樣。

With that, I would like to turn it back to John.

接下來，我想把話題交還給約翰。

Thank you, Laura. As I mentioned in the opening, I am laser focused on accelerating and amplifying the restructuring plan that was already underway and ensuring the company maintains the momentum of these critical initiatives. My focus is 100% on optimizing the bottom line and preserving cash. We have implemented surge teams to focus on the key areas of opportunity.

謝謝你，勞拉。正如我在開篇中提到的，我正全力以赴地加速和加強已經啟動的重組計劃，並確保公司保持這些關鍵舉措的勢頭。我百分之百專注於優化利潤和保留現金。我們已組成突擊隊，重點放在關鍵機會領域。

Our most critical initiatives for our strategic turnaround plan include Number one, resetting the organization's cost structure in line with our sales and profit profile. We are working closely with our financial advisors to walk through every line item on our income statement and balance sheet, and have developed an extensive list of initiatives to drive bottom line results starting this year.

我們策略轉型計畫中最關鍵的舉措包括第一點，即根據我們的銷售和利潤狀況調整組織的成本結構。我們正與財務顧問密切合作，逐項審查損益表和資產負債表，並製定了一系列旨在從今年開始推動獲利成長的措施。

Two, focusing on profitability by channel, by product for each division to drive the business to where we believe, we can provide stronger margins. Three, resetting our marketing approach, our single biggest line item of expenditure.

第二，著重在各部門按通路、按產品劃分的獲利能力，以推動業務發展到我們認為能夠提供更高利潤率的水平。第三，重新調整我們的行銷策略，這是我們最大的單筆支出項目。

As you may know, Liz Vanzura recently joined Solo Brand's Board and has now agreed to serve as the company's Interim CMO. This is a former colleague and highly awarded marketing rock star. She has a successful track record as CMO and Head of Brand strategy for companies like Cadillac and Hummer, and has worked at agencies for many years.

如您所知，Liz Vanzura 最近加入了 Solo Brands 的董事會，並已同意擔任該公司的臨時首席行銷長。這是我以前的同事，也是一位屢獲殊榮的行銷界明星。她曾擔任凱迪拉克和悍馬等公司的首席行銷長和品牌策略主管，擁有成功的業績記錄，並在廣告公司工作多年。

She also earned the Ad Age's Marketer of the Year award and was inducted into the AAF Advertising Hall of Achievement. We are excited to leverage your strategic ability to lead our marketing efforts, identify the appropriate partners and leading edge AI tools, with the potential to increase efficiency dramatically and reignite our brands.

她也獲得了《廣告時代》年度行銷人獎，並入選美國廣告聯合會廣告名人堂。我們很高興能夠利用您的策略能力來領導我們的行銷工作，找到合適的合作夥伴和領先的人工智慧工具，從而有可能大幅提高效率並重振我們的品牌。

Number four, executing a complete review of our product lineup, simplifying our current product offerings, and strategically repricing our portfolio of offerings. We believe there are significant pricing opportunities to provide clarity for our consumers and to achieve stronger margins.

第四，對我們的產品線進行全面審查，簡化我們目前的產品供應，並對我們的產品組合進行策略性重新定價。我們相信，在定價方面存在著巨大的機會，可以為消費者提供更清晰的定價訊息，並實現更高的利潤率。

We are fortunate to have a cohesive collection of premium brands with deep customer following, and we expect that being less promotional will help avoid channel conflicts between our directed consumer and retail outlets.

我們很幸運擁有一系列擁有眾多忠實客戶的優質品牌，我們預期減少促銷活動將有助於避免我們的定向消費者和零售通路之間出現衝突。

Number five, accelerating and amplifying new product launches to drive further momentum in the latter half of the year and identifying new product opportunities. Our team of entrepreneurs already has an innovative mindset, and we know that Solo Stove and Chubbies are exceptionally positioned with strong brand recognition and loyal customers to these brands.

第五，加速擴大新產品發布，以推動下半年的進一步發展勢頭，並尋找新的產品機會。我們的創業團隊已經具備創新思維，我們知道 Solo Stove 和 Chubbies 擁有極佳的市場地位，品牌知名度高，並且擁有忠實的客戶群。

Recall, that we consolidated ISLE paddle boards and Oru Kayak into a new water sports division to create a more profitable, scalable platform. We are actively working on a product roadmap for outdoor lifestyle spaces designed to positively impact people's lives as they enjoy leisure time outdoors. Finally, we are creating a metric focused culture and reporting system to track performance in real time.

請記住，我們將 ISLE 槳板和 Oru 皮划艇合併為一個新的水上運動部門，以創建一個更盈利、可擴展的平台。我們正在積極制定戶外生活空間的產品路線圖，旨在為人們享受戶外休閒時光提供正面的影響。最後，我們正在創建一個以指標為中心的文化和報告系統，以即時追蹤績效。

We believe that tying key performance indicators to our actions and providing simple dashboard reporting will allow our culture to align, engage, and succeed. Also developing repeatable processes that enhance operational efficiency and consistency is critical.

我們相信，將關鍵績效指標與我們的行動連結起來，並提供簡單的儀錶板報告，將使我們的企業文化更加協調一致、積極參與並取得成功。此外，開發可重複的流程以提高營運效率和一致性也至關重要。

We plan to track our wins, collect feedback, and analyze failures and successes. Our strategic transformation plan initiatives are tracked and reviewed weekly, and we expect that our quarterly financial results will be the measure of our accomplishments. Regarding tariffs, as we are seeing in similar industries, we now have the impact of tariff uncertainties.

我們計劃追蹤我們的成功案例，收集回饋意見，並分析失敗和成功案例。我們每週都會追蹤和審查我們的策略轉型計劃舉措，我們期望季度財務表現能夠衡量我們的成就。關於關稅，正如我們在類似行業中所看到的，我們現在面臨關稅不確定性的影響。

As Laura mentioned, we are proactively managing this dynamic situation with a broad range of mitigation plans. To summarize, the company is resetting the organization's cost structure, identifying the key performance drivers in our portfolio, revamping our marketing approach, overhauling our pricing and promotion strategies, accelerating and amplifying our new product launches, and creating a metric-based culture to track performance in real time.

正如勞拉所提到的，我們正在積極主動地應對這種動態局面，並制定了一系列緩解計畫。總而言之，公司正在重塑組織的成本結構，確定產品組合中的關鍵績效驅動因素，改進行銷方法，徹底改革定價和促銷策略，加速和擴大新產品發布，並創建基於指標的文化來即時追蹤績效。

Bottom line, we have great brands and products with best in class reviews. We have the foundation. We are resetting our business approach to deliver and improve results. And as we execute our value accretive initiatives this year, we expect the performance upside will be more visible in the back half of the year.

總之，我們擁有許多優秀的品牌和產品，並獲得了業界最佳的評價。我們已經打下了基礎。我們正在調整業務模式，以取得並提升業績。隨著我們今年實施各項增值計劃，我們預計下半年業績成長將更加明顯。

Thank you for your continued interest in the company. We look forward to providing updates when we report first quarter results in May. Have a great day.

感謝您一直以來對公司的關注。我們期待在五月公佈第一季業績時提供最新消息。祝你有美好的一天。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。