Sleep Number Corp (SNBR) 2025 Q1 法說會逐字稿

Welcome to Sleep Number's Q1 2025 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded today, Wednesday, April 30, 2025.

歡迎參加 Sleep Number 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次通話將於今天（2025 年 4 月 30 日，星期三）進行錄音。

This conference call will be available on the company's website, ir.sleepnumber.com. Please refer to today's news release to access the replay.

本次電話會議將在公司網站 ir.sleepnumber.com 上提供。請參閱今天的新聞稿以獲取重播。

On today's call, we have Linda Findley, President and CEO; and Francis Lee, Executive Vice President and Chief Financial Officer of Sleep Number.

參加今天電話會議的嘉賓有 Sleep Number 總裁兼執行長 Linda Findley 和執行副總裁兼財務長 Francis Lee。

Before handing the call over to the company, we will review the Safe Harbor statement. The primary purpose of this call you discussed the results of the fiscal period ending on March 29, 2025. Commentary and responses to questions may include certain forward-looking statements.

在將電話轉交給公司之前，我們將審查安全港聲明。本次電話會議的主要目的是討論截至 2025 年 3 月 29 日的財務期間的表現。評論和對問題的回答可能包括某些前瞻性陳述。

These forward-looking statements are subject to a number of risks and uncertainties outlined in the company's earnings news release and discussed some detail in the annual report on Form 10-K and other periodic filings with the SEC. The company's actual future results may vary materially. In addition, any forward-looking statements represent the company's views only as of today and should not be relied upon as representing its views as of any subsequent date. The company specifically disclaims any obligation to update these statements.

這些前瞻性陳述受到公司收益新聞稿中概述的多種風險和不確定性的影響，並在 10-K 表年度報告和向美國證券交易委員會提交的其他定期文件中進行了詳細討論。該公司未來的實際業績可能會有重大差異。此外，任何前瞻性陳述僅代表本公司截至今日的觀點，不應被視為代表其在任何後續日期的觀點。該公司明確否認更新這些聲明的任何義務。

Please also refer to the company's news release and SEC filings for a reconciliation of certain non-GAAP financial measures and supplemental financial information included in the news release or that may be discussed on this call.

另請參閱本公司的新聞稿和美國證券交易委員會 (SEC) 文件，以了解新聞稿中包含的或本次電話會議中可能討論的某些非 GAAP 財務指標和補充財務資訊的對帳。

I will now turn the call over to Linda Findley, Sleep Number's CEO.

現在我將把電話轉給 Sleep Number 的執行長 Linda Findley。

Thank you, Jamie, and thank you, everyone, for joining today's call.

謝謝傑米，也謝謝大家參加今天的電話會議。

It's my privilege to be here and lead Sleep Number at this time. I've spent my career building consumer brands and navigating business transformations. I'm excited to join the team as I see a lot of opportunities for the future of the company.

我很榮幸能夠來到這裡並帶領 Sleep Number。我的職業生涯致力於打造消費品牌和引導業務轉型。我很高興加入這個團隊，因為我看到了公司未來有很多機會。

We understand that we have a lot of work ahead of us, and we are confident that we can stabilize this business and bring our competitive advantages that the forefront. We are laser focused on delivering strong returns for shareholders. This entails taking a different approach to the business process that we've already started.

我們明白我們面前還有許多工作要做，我們有信心能夠穩定這項業務，並將我們的競爭優勢發揮到極致。我們專注於為股東帶來豐厚的回報。這需要我們採取不同的方法來處理我們已經開始的業務流程。

The strength of the Sleep Number brand and the depth of its consumer connection is correct. No one else has a product like Sleep Number. Our innovation leads the category offering customizable comfort and adjustability that is responsive to a person's daily sleep patterns.

Sleep Number 品牌的實力及其與消費者的連結深度是正確的。沒有其他人擁有像 Sleep Number 這樣的產品。我們的創新引領了這一領域，提供可客製化的舒適度和可調節性，以適應人們的日常睡眠模式。

Since joining earlier this month, I spent time digging into the business listening to our team members and getting familiar with our customers. I've learned a lot and I'm turning those learnings into action. We've already executed several significant changes, which we will discuss today, and we're implementing several more in the coming weeks and months. We are making hard decisions now to create a stable business that can perform no matter the market conditions.

自從本月初加入以來，我花了很多時間深入了解業務，聽取團隊成員的意見並熟悉我們的客戶。我學到了很多東西，並且正在將這些知識轉化為行動。我們已經實施了幾項重大變革，我們將在今天進行討論，並且我們將在未來幾週和幾個月內實施更多變革。我們現在正在做出艱難的決定，以創造一個無論市場狀況如何都能正常運作的穩定業務。

On today's call, Francis will first walk you through the quarter results, and after that, I will share more details on those changes. Francis?

在今天的電話會議上，弗朗西斯將首先向您介紹季度業績，然後我將分享更多有關這些變化的細節。弗朗西斯？

Thank you, Linda. I look forward to working together with you and our teams.

謝謝你，琳達。我期待與您和我們的團隊合作。

The start of the year has had its challenges. We responded quickly and we'll continue to take actions to put us in the best possible position as a company and for our shareholders. There will be more to come later this year.

今年年初就面臨挑戰。我們迅速做出反應，並將繼續採取行動，使我們作為一家公司和我們的股東處於最佳地位。今年稍後還會有更多內容推出。

Starting our Q1 financial performance. Net sales for the first quarter were $393 million, a decrease of 16% compared to the prior year. Despite the headwinds, we have seen a positive consumer response to our Climate Series beds, which has helped to expand our ARU by approximately 4% versus last year. As Linda will articulate, we are focusing on the efficiency and effectiveness of our marketing to drive a sustainable return on investment in the near term.

開始我們的第一季財務業績。第一季淨銷售額為3.93億美元，較上年下降16%。儘管面臨阻力，我們仍然看到消費者對 Climate 系列床墊的積極反應，這有助於我們的 ARU 比去年增長約 4%。正如琳達所闡述的，我們專注於行銷的效率和效果，以在短期內實現可持續的投資回報。

An area of continued strength is our gross profit margin, which expanded to 61.2% in the first quarter, up 250 basis points versus last year. This improvement was driven by continued operational efficiencies in our supply chain and manufacturing operations as well as product mix. The strength of the Climate Series, our ClimateCool and Climate360 smart beds is contributing positively to gross profit margin.

我們的毛利率持續保持強勁，第一季擴大至 61.2%，較去年同期上升 250 個基點。這項改善得益於我們供應鏈、製造營運以及產品組合的持續營運效率。氣候系列、我們的 ClimateCool 和 Climate360 智慧床的優勢正在為毛利率做出積極貢獻。

Our margin expansion as a result of sustained structural improvements we've made over the past 18 months. We remain committed to aggressively managing operating expenses. First-quarter operating expenses, excluding restructuring and one-time costs, totaled $237 million, which was a $23 million, or 9% improvement over last year. The operating cost improvements are largely the result of lower variable marketing and selling expenses associated with lower net sales.

我們的利潤率之所以擴大，是因為過去 18 個月我們進行了持續的結構性改善。我們仍然致力於積極管理營運費用。第一季營運費用（不包括重組和一次性成本）總計 2.37 億美元，比去年同期增加 2,300 萬美元，增幅為 9%。營運成本的改善主要是由於淨銷售額下降導致的變動行銷和銷售費用降低。

Adjusted EBITDA for the quarter was $22 million, a decrease of $15 million from the prior year. Adjusted EBITDA margin was 5.6%, 230 basis points lower than prior year. While our gross profit margin rate improved, the decline in net sales and associated loss of fixed cost leverage, pressured adjusted EBITDA margins, and gross adjusted EBITDA, our leverage ratio on a trailing 12-month basis was 4.46 times EBITDAR at the end of the first quarter within the 4.75 times covenant maximum.

本季調整後的 EBITDA 為 2,200 萬美元，較上年減少 1,500 萬美元。調整後的 EBITDA 利潤率為 5.6%，較上年下降 230 個基點。雖然我們的毛利率有所提高，但淨銷售額的下降以及相關的固定成本槓桿損失，給調整後的 EBITDA 利潤率和調整後 EBITDA 總額帶來壓力，我們過去 12 個月的槓桿率在第一季度末為 EBITDAR 的 4.46 倍，處於 4.75 倍的契約最高限額之內。

Shifting to tariffs, we are closely monitoring the evolving landscape and proactively managing through this dynamic environment. We anticipate the net impact on the P&L to be limited in Q2 based on currently proposed policies and the 90-day pause that is in effect through July 8.

談到關稅，我們正在密切關注不斷變化的情況，並積極應對這一動態環境。根據目前提出的政策以及截至 7 月 8 日的 90 天暫停期，我們預計第二季對損益表的淨影響將有限。

Our sourcing strategies have evolved as part of our ongoing efforts to expand gross profit margin. And those changes have also given us greater flexibility on what we source from where. Our team has re-evaluated our sourcing footprint considering the most recently proposed tariffs. We estimate to the unmitigated impact to be approximately $30 million for 2025, of which approximately $17 million we believe can be offset through thoughtful partnership with our suppliers and leveraging the flexibility of our supply chain.

我們的採購策略已隨著我們不斷努力擴大毛利率而不斷演變。這些變化也讓我們在採購來源上有了更大的彈性。考慮到最近提出的關稅，我們的團隊重新評估了我們的採購足跡。我們估計，2025 年的未緩解影響約為 3000 萬美元，其中約 1700 萬美元我們認為可以透過與供應商建立深思熟慮的合作夥伴關係並利用我們供應鏈的靈活性來抵消。

We are evaluating the levers to mitigate the remainder based on what is best for the company and our customers. Our current financial assessment is based on what we know today, and we will continue to adapt to this highly dynamic situation.

我們正在評估各種手段，以根據對公司和客戶的最佳利益來減輕剩餘損失。我們目前的財務評估是基於我們今天所了解的情況，我們將繼續適應這種高度動態的情況。

Turning to liquidity, we are actively working within our debt covenants. As we communicated last quarter, we amended our bank agreement, which provides more flexibility with our covenants through 2025. We are managing what's in our control and taking ongoing cost actions, including those that Linda will discuss. We estimate this work will result in $80 million to $100 million of annualized cost reduction from the business as compared to our 2025 structure before related restructuring costs.

談到流動性，我們正在積極履行債務契約。正如我們上個季度所溝通的那樣，我們修改了銀行協議，為我們的 2025 年契約提供了更大的靈活性。我們正在管理我們能控制的事情並採取持續的成本行動，包括琳達將要討論的。我們估計，與相關重組成本之前的 2025 年結構相比，這項工作將使業務年度成本減少 8,000 萬至 1 億美元。

Also, we are currently working on ways to optimize our debt capital structure without diluting current shareholders. Our goal is to obtain the most flexibility to execute on our long-term opportunities. As we said on previous calls, we are focused on growing profitability and paying down debt.

此外，我們目前正在研究如何在不稀釋現有股東權益的情況下優化我們的債務資本結構。我們的目標是獲得最大的靈活性來實現我們的長期機會。正如我們在先前的電話會議上所說，我們專注於提高獲利能力和償還債務。

As we look to the rest of the year, we are not providing full guidance on this call in part due to the rapidly evolving macroeconomic environment, including consumer sentiment. As you will hear from Linda, we are fundamentally changing how we run our business and anticipate these changes will positively impact our financials model in 2025 and beyond.

展望今年剩餘時間，我們不會對此預測提供全面指導，部分原因是宏觀經濟環境（包括消費者情緒）正在快速變化。正如琳達所說，我們正在從根本上改變我們的業務運作方式，並預計這些變化將對我們 2025 年及以後的財務模式產生積極影響。

That said, I want to provide some directional guide posts around what you can expect from us and the actions we're taking. We expect continued top-line pressure in the near term given that the consumer environment is uncertain. However, from a cost perspective, we are prepared for demand not to improve significantly for the rest of the year if that should be the case.

話雖如此，我想提供一些方向性的指導，告訴您我們能為您做些什麼以及我們將採取哪些行動。鑑於消費環境的不確定性，我們預期短期內營收將持續面臨壓力。然而，從成本角度來看，如果情況確實如此，我們已經做好了今年剩餘時間內需求不會大幅改善的準備。

We expect to maintain the gross profit margin improvements we achieved last year through ongoing material cost reductions, partnership with our suppliers, and efficiencies in our home delivery and logistics operations. Based on what we know today, tariffs could pressure that gross profit margin by approximately 100 basis points.

我們希望透過持續降低材料成本、與供應商合作以及提高送貨上門和物流運營的效率來維持去年實現的毛利率成長。根據我們目前所知，關稅可能會使毛利率下降約 100 個基點。

We are taking a fresh look at our operations, including our organizational structure, our marketing spend efficiency, and our R&D priorities. As I stated, we anticipate reducing our annualized cost by $80 million to $100 million. Approximately 35% of these costs are fixed, including research and development and G&A. 50% are structural changes to our marketing model for greater efficiency, and 15% are volume-driven.

我們正在重新審視我們的運營，包括我們的組織結構、我們的行銷支出效率以及我們的研發重點。正如我所說，我們預計年度成本將減少 8,000 萬至 1 億美元。其中約 35% 的成本是固定的，包括研發和一般行政費用。 50% 是為了提高效率而對行銷模式進行的結構性變革，15% 是由數量驅動的。

More costs will come out over the next few months. We will see an immediate impact in Q2 and increasing benefits in the back half of the year as we continue to optimize our cost structure.

未來幾個月將會出現更多成本。隨著我們繼續優化成本結構，我們將在第二季度看到直接影響，並在下半年看到收益的成長。

While we have hard work ahead, we are taking necessary actions now to position the company for a return to growth and profit flow through in the future. You can expect us to be bold in our actions as we take a closer look at our strategy and operations. Our focus on growing profitability and paying down debt remains unwavering. We are committed to creating value for our shareholders in a brand accretive, profitable, and sustainable way over the long term.

雖然我們前面還有艱苦的工作要做，但我們現在正在採取必要的行動，以使公司未來恢復成長和獲利。當我們仔細審視我們的策略和營運時，您可以期待我們採取大膽的行動。我們始終堅定不移地致力於提高獲利能力和償還債務。我們致力於以品牌增值、獲利和永續的方式長期為股東創造價值。

I will now turn it back to Linda.

現在我將把它交還給琳達。

Thank you, Francis. The team has really stepped up to the challenge and they are excited to make structural changes necessary to get us on the right track.

謝謝你，法蘭西斯。團隊確實已經迎接了挑戰，他們很高興做出必要的結構性改變，以使我們走上正軌。

In the past, we got ahead of ourselves and the consumer. We focused on innovating so far into the future and we lost sight of our core value proposition, helping people get a great night of sleep per night. It's important for us to meet them where they are now and to better communicate the benefits and differentiation of where we are today.

過去，我們總是先考慮自己，也考慮消費者。我們專注於未來的創新，而忽略了我們的核心價值主張，即幫助人們每晚都能睡個好覺。對我們來說，重要的是滿足他們目前的狀況，並更好地傳達我們目前的優勢和差異。

I believe our challenges are fixable in time and the solutions are largely within our control. Sleep Number sits on a strong foundation, and we do not plan to change what makes us stand out. However, as we look to the future, we are taking a different approach to delivering a better experience for our customers and strong returns for our shareholders.

我相信我們面臨的挑戰能夠及時解決，解決方案很大程度上也在我們的掌控之中。Sleep Number 擁有堅實的基礎，我們不打算改變讓我們脫穎而出的特質。然而，展望未來，我們將採取不同的方式為客戶提供更好的體驗，並為股東帶來豐厚的回報。

To be successful, we need to be customer obsessed, leveraging our data to understand their needs, challenges, and what truly brings them to purchase and repeat purchase of Sleep Number bed. I have been working with the team to develop a plan forward, and now we're taking action with a heightened sense of urgency.

為了獲得成功，我們必須以客戶為中心，利用我們的數據來了解他們的需求、挑戰以及真正促使他們購買和重複購買 Sleep Number 床的原因。我一直在與團隊合作制定前進計劃，現在我們正以高度的緊迫感採取行動。

I see a path to improve our business and performance, both from a cost and the top-line perspective. Some of these initiatives will take time to implement and others are already in progress. Right now, as Francis noted, we have opportunities to further reduce expenses across our organization, building on the efforts in 2023 and 2024. We are rightsizing our spending and working to position the business to weather the current economic environment no matter how long it persists.

我從成本和收入兩個角度看到了改善業務和績效的途徑。其中一些措施需要時間來實施，而其他措施則已在進行中。正如弗朗西斯所指出的，現在我們有機會在 2023 年和 2024 年努力的基礎上進一步削減整個組織的開支。我們正在調整支出規模，努力使企業能夠經受當前經濟環境的考驗，無論這種環境持續多久。

Our first priority is to change the way we're organized for maximum efficiency and to bring it closer to our customer. We created a new executive and senior leadership structure designed to consolidate overlapping capabilities and eliminate overspecialized roles. We aligned our product innovation to what our customers value most now and where we can excel.

我們的首要任務是改變我們的組織方式，以實現最高效率並更加貼近我們的客戶。我們創建了新的執行和高階領導結構，旨在鞏固重疊的能力並消除過度專業化的角色。我們將產品創新與客戶目前最重視的以及我們能夠勝任的領域結合。

We centralized our technology teams to support a more seamless customer and team member experience. And lastly, we were bringing end-to-end to end deficiency to our supply chain from sourcing to creation to fulfillment to ensure quality and consistency at every step of the journey.

我們集中了我們的技術團隊，以支援更無縫的客戶和團隊成員體驗。最後，我們將端到端的缺陷引入我們的供應鏈，從採購到生產再到履行，以確保旅程每一步的品質和一致性。

In addition to this realignment of our leadership team, we've made broader changes across the senior levels of the company. This organizational redesign is part of our efforts to strengthen the company's performance. It will simplify decision making, increase accountability, and remove redundancies to better position us to succeed.

除了領導團隊的調整之外，我們還對公司高層進行了更廣泛的調整。此次組織重組是我們增強公司績效的努力的一部分。它將簡化決策過程、增強責任感、消除冗餘，從而更好地幫助我們成功。

With this change, we reduced our corporate management by 21%. With new leadership in place, we will further streamline the organization under each of these new functions over the coming weeks.

透過這項變革，我們將公司管理層減少了 21%。隨著新領導層的到位，我們將在未來幾週內進一步精簡每個新職能部門的組織結構。

While cost reductions are present across the Board, I want to focus on two key areas that impact both people and budget, marketing and R&D. Given consumer sentiment is likely to remain depressed for the foreseeable future, we are reshaping our marketing and advertising approach to prioritize efficiency and impact. Over the next few months, we have an opportunity to lower our marketing spend as a percentage of revenue.

雖然全面削減成本已成為常態，但我想專注於影響人員和預算的兩個關鍵領域：行銷和研發。鑑於消費者情緒在可預見的未來可能仍將低迷，我們正在重塑我們的行銷和廣告方式，以優先考慮效率和影響力。在接下來的幾個月裡，我們有機會降低行銷支出佔收入的百分比。

The team is already developing new digital strategies and benefits-focused messaging designed for our target audiences. While these initiatives will take time to fully materialize, our goal is to establish a new marketing model that delivers more customer engagement from fewer dollars.

該團隊已經在為我們的目標受眾制定新的數位策略和以利益為中心的訊息傳遞方式。雖然這些舉措需要時間才能完全實現，但我們的目標是建立一種新的行銷模式，以更少的資金吸引更多的客戶參與。

To lead this effort, we appointed Amber Minson as our new Chief Marketing Officer. Amber will be responsible for driving sustainable demand generation, brand visibility, and media efficiency to fuel growth. I have witnessed first hand her ability to build and maintain high performing marketing organizations.

為了領導這項工作，我們任命 Amber Minson 為新任首席行銷長。Amber 將負責推動永續需求產生、品牌知名度和媒體效率以促進成長。我親眼目睹了她建立和維護高績效行銷組織的能力。

As a data-driven CMO, Amber's new perspective on our marketing function is an opportunity to further reassess our spend. We plan to reinvest in marketing when the time is right. But for now, our focus is on doing more with less.

作為數據驅動的 CMO，Amber 對我們的行銷職能的新視角為我們進一步重新評估支出提供了一個機會。我們計劃在適當的時候重新投資行銷。但目前，我們的重點是用更少的資源做更多的事情。

Regarding our R&D organization, we are redirecting its focus and lowering costs. However, with built on innovation, it will continue to be both. However, it's essential that we strike the right balance between enhancing innovation and ensuring the shareholder capital is being used efficiently.

關於我們的研發組織，我們正在重新調整其重點並降低成本。然而，隨著創新的建立，它將繼續兼具兩者。然而，我們必須在加強創新和確保股東資本得到有效利用之間取得適當的平衡。

We have an innovative product that delivers up to 28 to 44 minutes of restful sleep per night through full adjustability of firmness, position, and temperature settings, proven through real-world sleep data. No matter if you want to track your sleep data like me or just wake up refreshed because our beds effortlessly adjust to you night after night, without ever looking at your device, our years of innovation meet your needs.

我們擁有一款創新產品，透過完全調節硬度、位置和溫度設置，每晚可提供長達 28 至 44 分鐘的安寧睡眠，這已透過真實睡眠數據得到證實。無論您是想像我一樣追蹤您的睡眠數據，還是只想因為我們的床能夜復一夜地輕鬆地適應您的睡眠而醒來並感到精神煥發，而無需查看您的設備，我們多年的創新都能滿足您的需求。

With the only bed backed with 33 billion hours of sleep data and counting, we are ahead of the curve, and that allows us to focus our resources on the here and now of our customers' needs. Specifically, we will deprioritize adjacent opportunities where returns are uncertain or will take longer to realize. Instead, we will focus our resources on maintaining and improving our core technologies and introducing additional advancements while driving costs out of the process.

憑藉唯一擁有 330 億小時睡眠數據（且還在增加）的床，我們處於領先地位，這使我們能夠將資源集中在客戶的當前需求上。具體來說，我們將降低那些回報不確定或需要更長時間才能實現的鄰近機會的優先順序。相反，我們將集中資源來維護和改進我們的核心技術，並引入額外的進步，同時降低成本。

Together, these initial efforts are the first steps to creating a more efficient and focused company for shareholders, team members, and customers. We expect the collective actions to reduce expenses by about $80 million to $100 million before restructuring costs on an annualized basis as compared to our Q1 2025 cost structure.

總的來說，這些初步努力是為股東、團隊成員和客戶創建更有效率、更專注的公司的第一步。我們預計，與 2025 年第一季的成本結構相比，這些集體行動將在年度重組成本前減少​​約 8,000 萬至 1 億美元的支出。

Since I joined earlier this month, we have already reduced our Q2 operating expenses by approximately 10% compared to the Q1 2025 cost structure. We're also thinking long term and are evaluating more fundamental changes to position Sleep Number for future success. Now is a natural time to challenge assumptions and question all aspects of our business.

自從我本月初加入以來，我們已經將第二季的營運費用與 2025 年第一季的成本結構相比降低了約 10%。我們也正在進行長遠考慮，並正在評估更根本的變革，以確保 Sleep Number 未來的成功。現在是挑戰假設和質疑我們業務各個方面的自然時機。

Over the coming weeks, we intend to take a closer look at our strategy and operations. Everything is on the table. We are looking at our supply chain, distribution strategy, product selection, and geographic reach. As I mentioned, our goal is to create a flexible cost structure that will set us up for growth and expansion.

在接下來的幾週內，我們打算更仔細地審視我們的策略和營運。一切都擺在桌面上。我們正在審視我們的供應鏈、分銷策略、產品選擇和地理覆蓋範圍。正如我所提到的，我們的目標是創建一個靈活的成本結構，為我們的成長和擴張做好準備。

This is just the beginning. We are approaching this work with an open mind and a bias toward bold and rapid action. I look forward to sharing more details about our long-term plan over the coming quarters.

這只是個開始。我們以開放的心態和大膽、迅速的行動來對待這項工作。我期待在未來幾個季度分享有關我們長期計劃的更多細節。

I'm energized to lead this company to the necessary reset. We are already making positive changes and we have a lot of work ahead of us. It will take time and effort. By putting the customer at the center of everything we do and leading into the things that make us great, I believe that we can strengthen Sleep Number to its number 1 position as the leader in sleep wellness.

我充滿活力，能夠帶領這家公司進行必要的重組。我們已經在做出積極的改變，而且還有很多工作要做。這需要時間和精力。我相信，透過將客戶置於我們所做的一切的中心，並致力於讓我們變得偉大的事情，我們可以鞏固 Sleep Number 作為睡眠健康領域的領導者的地位。

I see a path to drive long-term sustainable growth and profitability. We had helped people get a better night's sleep for nearly four years by delivering superior products that address to night's problem.

我看到了一條推動長期可持續成長和獲利的道路。近四年來，我們透過提供解決夜間問題的優質產品，幫助人們獲得更好的睡眠。

Before we turn to questions, I want to take a moment to thank the entire team. Sleep Number's advantage is more than our product, from the team of talented designers who craft each bed, the experts in our stores and support who genuinely care about customer sleep needs. Our team members are ready for change, and I'm looking forward to their future partnership.

在我們開始提問之前，我想花點時間感謝整個團隊。Sleep Number 的優勢不僅在於我們的產品，還在於我們精心設計每張床的才華橫溢的設計師團隊、我們商店的專家以及真正關心客戶睡眠需求的支援人員。我們的團隊成員已經做好了改變的準備，我期待他們未來的合作。

With that, let's open the call to questions. Operator?

現在，讓我們開始提問。操作員？

(Operator Instructions) Bobby Griffin, Raymond James.

（操作員指示）Bobby Griffin，Raymond James。

Good evening. This is Alessandra Jimenez on for Bobby Griffin. Thank you for taking our questions. First, welcome, Linda, and we look forward to getting to know you.

晚安.這是 Bobby Griffin 的亞歷山德拉希門尼斯 (Alessandra Jimenez)。感謝您回答我們的問題。首先，歡迎琳達，我們期待認識你。

First, I just want to -- you've only been in the role for about three weeks, but maybe just on a high level. What do you see are the low-hanging fruit for improvement that we should start to see in 2025? I understand everything's on the table, but some of these aspects I think longer to realize.

首先，我只是想——你擔任這個職位才三個星期左右，但可能只是處於較高的級別。您認為 2025 年我們應該開始看到哪些唾手可得的進步成果？我知道一切都已準備就緒，但我認為其中一些方面還需要更長的時間才能實現。

Sure. Thank you very much for the question, and I'm excited to be here. I would say it's really divided into three areas. One is in the marketing space. I feel like there's a huge amount of opportunity for new efficiency in marketing. That would actually help us reduce the costs and reduce marketing as a percentage of revenue while also increasing the productivity of marketing and the efficiency marketing.

當然。非常感謝您的提問，我很高興來到這裡。我想說它實際上分為三個區域。一是行銷領域。我覺得行銷效率方面還有很大的提升空間。這實際上可以幫助我們降低成本，降低行銷佔收入的比例，同時提高行銷的生產力和行銷效率。

But the thing that excites me most about this change is actually that I also think we can deliver more benefits-based messaging as part of this change that will help customers see the value within the Sleep Number bed. Again, whether or not they're looking for all the bells and whistles and the top of line or if they're out looking for something and more of the mid-price range, we want to make sure that we have something for every customer that's truly demonstrates the value. So that's really the marketing side.

但這項變更最讓我興奮的是，我認為我們還可以透過這項變更傳遞更多基於利益的訊息，幫助客戶看到 Sleep Number 床的價值。再說一次，無論他們是在尋找所有花哨的配置和頂級產品，還是在尋找中等價位的產品，我們都希望確保為每位客戶提供真正體現價值的產品。這其實就是行銷方面。

The second thing that I have observed is this organizational structure change. Being able to unleash the talent of the team and being able to make decisions faster through more streamlined organization not only saves cost but also improves our ability to function quickly and innovate quickly. Because people will have clearer authority and the ability to make decisions faster, that should speed the organization.

我觀察到的第二件事是組織結構的改變。透過更精簡的組織，能夠釋放團隊的才能，能夠更快地做出決策，不僅可以節省成本，而且可以提高我們快速運作和快速創新的能力。因為人們將擁有更明確的權力和更快做出決策的能力，這將加快組織的速度。

And then the third piece is the key point on R&D. Sleep Number has an incredible innovation history. The original product itself is one of the most innovative products out there. And so the ability to take advantage of all the innovation that's been built up over the years really apply that to customer needs and rethink.

第三部分是研發的重點。Sleep Number 擁有令人難以置信的創新歷史。原始產品本身就是最具創新性的產品之一。因此，利用多年來累積的所有創新的能力可以真正滿足客戶需求並重新思考。

As you were talking -- as you were sort of alluding to, we mentioned that everything is on the table. That innovation that's happened in the past lets us really refocus and say, okay, how do we apply it to today's customer in this environment and make sure we're bringing the right product to the right person at the right time? It's going to be an innovation story still going forward. But that innovation story can be on a much smaller cost space from where it was before and take advantage of all that history of everything that's been built up to really excite customers, which are differentiated products.

正如您所說 - 正如您所暗示的，我們提到一切都已擺在桌面上。過去的創新讓我們能夠重新集中精力並思考，好吧，我們如何在這種環境下將其應用於當今的客戶，並確保我們在正確的時間將正確的產品帶給正確的人？這將是一個持續發展的創新故事。但這個創新故事可以在比以前小得多的成本空間上進行，並利用所有已經建立的歷史來真正激發客戶的興趣，這些產品都是差異化的。

That's really helpful, and we look forward to learning more as you guys progress.

這真的很有幫助，我們期待隨著你們的進步學到更多。

And then I understand you're not providing guidance at this time, but I wanted to see if you could maybe provide any color on quarter-to-date demand so we can kind of level set our models for the near term.

然後我知道您目前沒有提供指導，但我想看看您是否可以提供一些有關本季度迄今為止的需求的信息，以便我們可以為短期內的需求設定模型。

Yeah, thanks for the question. As you know, the Q1 results were out, and it's been a challenging environment that we see not just in our industry but overall across many sectors.

是的，謝謝你的提問。如您所知，第一季的業績已經出爐，我們看到，不僅在我們的行業，而且在許多領域，總體而言，環境都充滿挑戰。

Since February, we've seen consumer confidence declined and that's impacted people's willingness to spend, again, not just in our industry but across the Board. So we're focused right now on rightsizing organization, controlling our costs, and really positioning ourselves to create a stable business that can perform no matter what the market conditions are. And we're not simply cutting costs; we're positioning our organization to be more efficient.

自二月以來，我們看到消費者信心下降，這影響了人們的消費意願，不僅是在我們這個行業，而是在整個產業。因此，我們現在專注於調整組織規模、控製成本，並真正定位自己，以創造一個無論市場條件如何都能正常運作的穩定業務。我們不只是削減成本；我們還在使我們的組織變得更有效率。

I'm just going to follow up on that a little bit with some additional color, which is obviously, Memorial Day is a very big thing for us and we've already activated around Memorial Day. Our big focus right now though is focusing on preparing for Labor Day and kind of getting the organization resets that.

我只是想稍微補充一下，顯然，陣亡將士紀念日對我們來說是一件大事，我們已經在陣亡將士紀念日前後開展了相關活動。不過，我們現在的重點是為勞動節做準備，並讓組織重新調整這一點。

Okay, that's helpful. Best of luck moving through the year.

好的，這很有幫助。祝您新年好運。

Thanks.

謝謝。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Hi, good evening. This is Dan Silverstein on for Michael. Thanks for taking our questions. And Linda, look forward to meeting you.

嗨，晚上好。我是丹‧西爾弗斯坦，取代麥可。感謝您回答我們的問題。琳達，期待與您見面。

Same. Thank you.

相同的。謝謝。

Just on the overhaul, the marketing engine, what do you view as the biggest opportunities to strengthen the brand and the messaging to consumers? And just as a part of that, Sleep Number's use this partnership model with organizations like the NFL and others in the past. Do you see any opportunity to add some new dimension there? Any color would be greatly appreciated.

就行銷引擎的改革而言，您認為加強品牌和向消費者傳遞訊息的最大機會是什麼？作為其中的一部分，Sleep Number 過去曾與 NFL 等組織使用過這種合作模式。您是否看到有任何機會在那裡增加一些新的維度？任何顏色都將受到極大的讚賞。

I definitely see an opportunity to add new dimension there. I think that there's a couple of things to note.

我確實看到了在那裡增加新維度的機會。我認為有幾件事需要注意。

So first of all, from a brand and overall product perspective, again, there really isn't a product out there like Sleep Number. And the sort of rabid customer base that you see engaging with the Sleep Number product is really pretty powerful. And if you follow our marketing, you'll notice that we've already made a strong move into more and more real-world customer stories that tell that story from the first-hand perspective.

首先，從品牌和整體產品的角度來看，目前確實沒有像 Sleep Number 這樣的產品。而且，您會發現，Sleep Number 產品擁有大量狂熱的客戶，這確實非常強大。如果您關注我們的行銷，您會發現我們已經大力推廣越來越多來自現實世界客戶的故事，並從第一手的角度講述這些故事。

So I think from a marketing and branding perspective, there's a few different opportunities. One, of course, is leveraging as much as we can on new technologies, new digital processes in order to make sure that our marketing is as effective as possible. And that includes thinking differently about maybe where we place spend and how we think about placing spend in order to drive true audience targeting and also true benefits messaging.

因此我認為從行銷和品牌的角度來看，存在一些不同的機會。當然，其中之一就是盡可能利用新技術、新數位流程，以確保我們的行銷盡可能有效。這包括以不同的方式思考我們將錢花在何處，以及如何考慮將錢花在何處，以便推動真正的受眾定位和真正的利益訊息傳遞。

Sleep Number had a long history of technical innovation. And so, you've seen a lot about our features and our functionality, but translating that into a benefits mindset is really what's next on our docket. So that's kind of number one on the marketing side.

Sleep Number 擁有悠久的技術創新歷史。因此，您已經了解了很多有關我們的特性和功能的信息，但將其轉化為利益思維才是我們下一步的工作。所以這是行銷方面的首要問題。

On the partnership side, I think the partnership side is extremely interesting. There's been some incredible partnerships over the years. I think there is opportunity to look at all of our partnerships and think about how we might want to continue to optimize them and use them to their maximum benefit.

在合作方面，我認為合作方面非常有趣。多年來我們已經建立了一些令人難以置信的合作關係。我認為我們有機會審視所有的合作夥伴關係，並思考如何繼續優化它們並最大限度地發揮它們的利益。

But the most positive aspects about those partnerships, we have some really unique partnerships that have actually contributed quite a bit to the bottom line of the company and to the innovation side. And what I mean by that is we are actually technically the largest sleep study in the world with 500,000 active sleepers constantly sort of as an ongoing nightly sleep study.

但這些合作關係最積極的方面是，我們擁有一些真正獨特的合作夥伴關係，它們實際上為公司的盈利和創新方面做出了相當大的貢獻。我的意思是，從技術上講，我們實際上是世界上最大的睡眠研究機構，擁有 50 萬名活躍睡眠者，是一項持續進行的夜間睡眠研究。

And that data is incredibly powerful because that allows us to improve our product on a regular basis. And we can also use that in our marketing messaging and our other benefits messaging to make people understand how positive that is. So while we will be looking at every partnership and also potential new partnerships, we also will be recognizing where we're getting benefit from some of those partnerships already and make sure that we're actually maximizing that.

這些數據非常有用，因為它使我們能夠定期改進我們的產品。我們還可以將其運用到我們的行銷訊息和其他福利訊息中，讓人們了解它是多麼的正面。因此，在我們審視每一種合作關係以及潛在的新合作關係的同時，我們也將認識到我們已經從其中一些合作關係中獲得了哪些利益，並確保我們能夠真正地最大限度地利用這些利益。

Very helpful. And maybe just one more before I pass it along.

非常有幫助。在我傳遞它之前，也許還剩一個。

Useful to nothing being off the table strategically. With several changes in the competitive landscape in the bedding industry in the past few years, is there an increased appetite to explore wholesale distribution at this point? And any other growth levers you think the new leadership with fresh eyes might take a look at.

從戰略上來說，沒有什麼用處。過去幾年，床上用品產業的競爭格局發生了一些變化，現在人們是否對探索批發分銷的興趣增加？您認為新領導階層可能會以全新的眼光審視其他任何成長槓桿嗎？

All I can say is our eyes are very, very fresh and everything is on the table.

我只能說我們的眼光非常非常新穎，一切都擺在桌面上。

Okay, thank you.

好的，謝謝。

Peter Keith, Piper Sandler.

彼得·基思、派珀·桑德勒。

Thanks. Good afternoon, Linda. Nice to meet you. Congratulations on the new role.

謝謝。下午好，琳達。很高興見到你。恭喜您獲得新職位。

Thank you so much.

太感謝了。

You had mentioned earlier in the call that you see the company got away from its core value proposition. And I was hoping you could flesh that out with a few more specifics on how you think about where the company got away from that.

您之前在電話中提到，您發現公司已經偏離了核心價值主張。我希望您能更詳細地闡述一下您認為公司是如何擺脫這種困境的。

Sure. I think the primary thing that I think about when I say that is when you sleep in a Sleep Number bed, you just simply wake up feeling great. It helps with aches and pains. It helps you get more quality sleep. It's a combination of the fact that you have the adjustability on both sides from a firmness perspective plus temperature control plus the ability to adjust the base. There's just a lot about the core of the Sleep Number innovation that really just makes you more comfortable.

當然。我認為當我說這話時，我首先想到的是，當你睡在 Sleep Number 床上時，你醒來時會感覺很棒。它有助於緩解疼痛。它可以幫助您獲得更高品質的睡眠。它結合了以下事實：從堅固性角度對兩側進行調整，加上溫度控制，以及調整底座的能力。Sleep Number 創新的核心在於讓您真正感到更舒適。

And I think in the process of thinking through the future of the business, there are times where maybe we have added a lot more bells and whistles around the product and thinking very far into the future. And I'm talking like 10, 15 years into the future of what is next, which I think is an incredible place to be and we've done a lot of great work there.

我認為，在思考業務未來的過程中，有時我們可能會在產品周圍添加更多花哨的東西，並對未來進行長遠的思考。我談論的是未來 10 到 15 年的情況，我認為那是一個令人難以置信的地方，我們在那裡做了很多出色的工作。

But what I mean by that is I think that we have maybe gotten a little bit further away from really explaining the value of the core Sleep Number proposition to the customer and making sure they just understand they're going to sleep better, like that is just the troops. And so that's a bit of what I mean.

但我的意思是，我認為我們可能離真正向客戶解釋核心 Sleep Number 主張的價值以及確保他們明白他們會睡得更好還有一段距離，就像部隊一樣。這就是我的意思。

Obviously, again, innovation is still a key part of that. That is how we got to that point of having that ability to just create a better night's sleep. But really what I mean by that statement is we have an opportunity to go back to our customer needs, what they're asking for the most, what they're looking for in our products, and make sure that we are both offering that at the right price point, offering it in the right place and time where they want to buy it, and also making sure that we're being really clear with them about what those benefits are so that they can see them regardless of where they are on that spectrum of what they're looking for. So that's really what I mean by that statement.

顯然，創新仍然是其中的關鍵部分。這就是我們如何能夠創造更好的睡眠品質。但我這樣說的真正意思是，我們有機會重新審視客戶的需求，了解他們最需要什麼，他們希望在我們的產品中得到什麼，並確保我們以合適的價格提供這些產品，在他們想要購買的正確時間和地點提供產品，同時確保我們清楚地告訴他們這些好處是什麼，以便他們無論處於他們所尋求的哪個階段，都能看到這些好處。這就是我那句話的真意思。

Okay, that's extremely helpful. And just to follow up on that. As you talked about, the team is very focused right now on Labor Day.

好的，這非常有幫助。只是為了跟進這一點。正如您所說的，團隊現在非常關注勞動節。

Should we expect that there are maybe some product changes or some of this customer feedback that you're taking in? Can you move that quickly by Labor Day? Is that what you mean by the team being focused on that? I'll let you go further out.

我們是否應該預期到可能會有一些產品變化或您會收到一些客戶回饋？勞動節前你能這麼快行動嗎？這就是你所說的團隊專注於此的意思嗎？我會讓你走得更遠。

Again, I think that everything's on the table and we're not ready to talk about that yet. But again, everything is on the table. That's all I'll keep saying.

我再說一遍，我認為所有事情都已經擺在桌面上了，我們還沒有準備好談論這件事。但再次強調，一切都擺在桌面上。我會繼續說下去。

Fair enough. Okay (multiple speakers)

很公平。好的（多位發言者）

Yeah. Clearly, were already moving very quickly, so we plan to continue to do so.

是的。顯然，我們已經進展得非常快，所以我們計劃繼續這樣做。

Okay. I want to make sure I get a question to Francis so he doesn't feel lonely. The tariff quantification is helpful. You mentioned, so it's $13 million of impact right now. I'm guessing that'll all be second half, if you can confirm that.

好的。我想確保我能向法蘭西斯提問，這樣他就不會感到孤獨。關稅量化是有幫助的。您提到過，現在的影響是 1300 萬美元。我猜那會是下半場，如果你能證實的話。

And then what tariffs level are you baking in for that $13 million impact? Is that China at a full 145%? Or just frame up what's embedded in the $13 million.

那麼，對於這 1,300 萬美元的影響，您預計關稅水準是多少？中國的成長率是 145% 嗎？或者只是把 1,300 萬美元中包含的內容框起來。

Yeah, so I'll answer your first question around will it be second half. And the answer is yes. As I stated in my prepared remarks, the impact on Q2 will be limited primarily due to the pause on the tariffs going in effect through July 8.

是的，所以我將回答你的第一個問題，是否是下半部。答案是肯定的。正如我在準備好的演講中所說，對第二季的影響將是有限的，主要是因為關稅暫停生效至 7 月 8 日。

As we look at the balance of the year, we've looked at the totality of where all our materials come from at the various rates. And that's all calculated in that $30 million unmitigated. And then we have $17 million, which we believe we can be offset through some of the actions we're taking. And this $13 million left, which we are going to tackle and address all our levers inclusive of potentially strategic pricing as we go forward.

當我們回顧全年的餘額時，我們查看了所有材料以不同比率的來源總量。這一切都是在 3000 萬美元中不折不扣計算出來的。然後我們有 1700 萬美元，我們相信我們可以透過採取的一些行動來抵消這筆損失。剩下的 1300 萬美元，我們將在未來解決並採取所有措施，包括潛在的策略定價。

You asked about China at 145%. Yes, that is the assumption within the China portion of our business. So we've tackled a bunch of it. We know there's some left and we're going to continue to go after it.

您詢問的是中國，比例為 145%。是的，這是我們業務在中國部分的假設。所以我們解決了很多問題。我們知道還有一些剩餘，我們將繼續追尋它們。

Very good. Thanks so much, guys. Good luck.

非常好。非常感謝大家。祝你好運。

Thank you.

謝謝。

Brad Thomas, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Brad Thomas。

Hi, good afternoon. And Linda, let me add my congratulations and welcome to Sleep Number.

嗨，下午好。琳達，請容許我向你表示祝賀，並歡迎你加入 Sleep Number。

Thank you.

謝謝。

I want to follow up on the advertising initially. It seems like certainly in this current environment, there's probably some real opportunities for efficiency there. One thing that we have seen over the years with Sleep Number is it has been a pretty well-oiled machine from an advertising perspective, and when it's been changed or dialed back, sometimes that's had a negative impact on sales in the short term.

我想先跟進一下廣告。看起來，在當前環境下，確實存在一些提高效率的真正機會。多年來，我們發現 Sleep Number 從廣告角度來看就像一台運作良好的機器，一旦改變或調整，有時會在短期內對銷售產生負面影響。

I was wondering if you could just help us think about how you test and learn on this, what impact, if any, you're thinking there might be if you're reducing total dollars being spent in terms of the sales impact from this.

我想知道您是否可以幫助我們思考如何對此進行測試和學習，如果您減少總支出，從銷售影響來看，您認為會產生什麼影響（如果有的話）。

So the way that we're looking at the marketing spend right now is to really focus on true efficiency. So I totally agree on past levers when it comes to marketing, but I think this is actually sort of a rethink of the approach and how we would actually think about media spend and creating a little bit of less reliance on the actual dollar amount of media spend and more on focusing on core audiences and the right channels.

因此，我們現在看待行銷支出的方式是真正專注於真正的效率。因此，我完全同意過去關於行銷的槓桿，但我認為這實際上是對方法的重新思考，以及我們如何真正考慮媒體支出，減少對實際媒體支出金額的依賴，並更多地關注核心受眾和正確的管道。

So I would say that while -- there are going to be some bumps in the road. Obviously, there's transition time media is bought fairly far out in advance. We're not looking at it from a term of just cutting. We're actually looking at it from a term of reset and thinking about how we also leverage our digital property, meaning the e-commerce site to help drive additional efficiency. So we can deviate from some of the trends of the past where a cost cut would actually automatically result in a lower customer number.

所以我想說，雖然──但路上仍會遇到一些坎坷。顯然，過渡時間媒體的購買時間相當早。我們不只是從削減的角度來看這個問題。我們實際上是從重置的角度來看待這個問題，並思考如何利用我們的數位資產，即電子商務網站來幫助提高效率。因此，我們可以擺脫過去的一些趨勢，即削減成本實際上會自動導致客戶數量的減少。

And I think when you look at our numbers overall and you look at the industry numbers, you can see clearly that there's opportunity to increase efficiency and be able to bolster the marketing program and marketing return on ad spend effectively compared to the rest of the industry. So I think there's still headroom there in order to do that.

我認為，當您查看我們的整體數據並查看行業數據時，您可以清楚地看到，與行業其他公司相比，我們有機會提高效率，並能夠有效地加強行銷計劃和行銷廣告支出回報。所以我認為我們仍有實現這一目標的空間。

That's really helpful. I mean, if I could follow up on that, just thinking about pricing and promotions over the years, obviously, Sleep Number's done a very good job driving up ticket with innovation. How do you think about the level of promotion that might be necessary in the short term and in the long term?

這真的很有幫助。我的意思是，如果我可以跟進這一點，想想多年來的定價和促銷活動，顯然，Sleep Number 在透過創新提高票價方面做得非常出色。您如何看待短期和長期內可能需要的促銷程度？

And how you navigate tariffs? Do you need to raise prices because of tariffs? Or do you want to get more promotional because that's what this industry may require of you right now? How are you thinking about some of that?

您如何處理關稅？是否需要因為關稅而提高價格？或者您希望獲得更多的促銷機會，因為這可能是這個行業現在對您的要求？您對於其中的一些內容有何看法？

Yeah, I think we have a pretty well-oiled promotional machine, and so we understand how to pull those levers at the right time and in the right way. So that, I think, overall is in pretty good shape, and we can think about pulling those levers as need be.

是的，我認為我們有一個運作良好的促銷機器，因此我們知道如何在正確的時間以正確的方式拉動這些槓桿。所以，我認為，整體來說情況相當不錯，我們可以考慮在必要時採取這些措施。

I think the most important thing when we look at tariffs, as Francis was talking about, we've looked at a lot of different ways to manage the tariff impact across the business. And that includes looking at other costs. That includes looking at our overall sort of process of how we produce, where we produce, using the flexibility that's already been built in our supply chain to try to manage that.

我認為，當我們考慮關稅時，最重要的是，正如弗朗西斯所說，我們已經研究了很多不同的方法來管理關稅對整個業務的影響。其中包括考慮其他成本。這包括審視我們的生產方式、生產地點等整體流程，並利用我們供應鏈中已經建立的靈活性來嘗試管理這些流程。

At the same time, we also have a very good understanding of pricing of our product and really think carefully about where we want to leave core pricing the same for some of our core products. And then if we need to take pricing, take it within the right products that are at the right level of margin, and frankly, customer price point in order to make sure that we're balancing the portfolio where every customer can get what they need at the right price.

同時，我們對產品的定價也有很好的了解，並認真考慮過哪些核心產品的核心定價保持不變。然後，如果我們需要定價，那麼就選擇具有適當利潤水平的正確產品，坦率地說，以客戶價格點為基準，以確保我們平衡產品組合，使每個客戶都能以合適的價格獲得他們需要的東西。

Really helpful. If I could squeeze in one more on stores. I don't think I heard any commentary on stores. How are you thinking about openings versus closures and reviewing the portfolio base at this time?

真的很有幫助。如果我可以在商店裡再擠一個。我認為我沒有聽到任何關於商店的評論。您目前如何考慮開業與關閉以及如何審查投資組合基礎？

Yeah. Right now, incoming into this call, we've maintained our current strategy of store openings and closures, which we've described to you in the past as a very organic and kind of living process where we look at the total DMA and profitability.

是的。現在，在這次電話會議中，我們維持了當前的開店和關閉門市策略，我們過去曾向您描述過，這是一個非常有機和活躍的過程，我們會關注整體 DMA 和盈利能力。

I think going forward, as Linda mentioned, everything's on the table. And so as a part of the holistic review of our strategy and operations, we will look at our store fleet and base and what makes most sense with respect to how we go to market along the lines of our distribution channels.

我認為，正如琳達所提到的那樣，展望未來，一切都已準備就緒。因此，作為我們策略和營運整體審查的一部分，我們將審視我們的門市數量和基礎，以及如何按照我們的分銷管道進入市場最合理的方式。

Very helpful. Thank you, Francis. Thanks, Linda.

非常有幫助。謝謝你，法蘭西斯。謝謝，琳達。

Thank you.

謝謝。

As we have no further questions, ladies and gentlemen, this will conclude today's question-and-answer session. I'd like to turn the conference call back over to Linda for any closing remarks.

女士們、先生們，我們沒有其他問題了，今天的問答環節就到此結束。我想將電話會議交還給琳達，請她做最後發言。

Thank you so much. We appreciate everybody joining the call today, and I look forward to meeting a lot of you as we execute our plans in the coming quarters.

太感謝了。我們感謝今天參加電話會議的各位，我期待在未來幾季執行計劃時與大家見面。

In the meantime, if you have any additional questions, please don't hesitate to reach out to us directly. Thank you.

同時，如果您有任何其他問題，請隨時直接與我們聯繫。謝謝。

This concludes today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。