Snap One Holdings Corp (SNPO) 2023 Q2 法說會逐字稿

Good afternoon. Welcome to Snap One Holdings Fiscal Second Quarter 2023 Earnings Conference Call. (Operator Instructions)

午安.歡迎參加 Snap One Holdings 2023 年第二季財報電話會議。 （操作員說明）

I would now like to turn the call over to Snap One's Senior Vice President of Finance, Eric Steele. Sir, please proceed.

我現在想將電話轉給 Snap One 的財務高級副總裁 Eric Steele。先生，請繼續。

Great. Thank you. Good afternoon, and welcome to Snap One's fiscal second quarter 2023 earnings conference call. As a reminder, this call is being recorded. Joining us today from Snap One are John Heyman, CEO; and Mike Carlet, CFO.

偉大的。謝謝。下午好，歡迎參加 Snap One 2023 年第二季財報電話會議。提醒一下，此通話正在錄音。今天加入我們的是 Snap One 執行長 John Heyman；和財務長邁克·卡萊特（Mike Carlet）。

Before we begin, we would like to remind everyone that our prepared remarks contain forward-looking statements, and management may make additional forward-looking statements in response to your questions, including, but not limited to statements of expectations, future events or future financial performance. These statements do not guarantee future performance, and therefore, undue reliance should not be placed upon them. Although we believe these expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call. Actual events or results could differ materially. These statements are based on current expectations of the company's management and involve inherent risks and uncertainties, including those identified in the Risk Factors section of our latest annual report on Form 10-K filed with the SEC, and our most recent quarterly report on Form 10-Q.

在開始之前，我們想提醒大家，我們準備的言論包含前瞻性陳述，管理階層可能會針對您的問題做出額外的前瞻性陳述，包括但不限於預期、未來事件或未來財務的陳述表現。這些陳述並不保證未來的表現，因此，不應過度依賴它們。儘管我們認為這些期望是合理的，但我們沒有義務修改任何聲明以反映本次電話會議後所發生的變更。實際事件或結果可能有重大差異。這些陳述是基於公司管理層目前的預期，涉及固有風險和不確定性，包括我們向SEC 提交的最新10-K 表格年度報告以及我們最近10 表格季度報告的風險因素部分中確定的風險和不確定性。

All non-GAAP financial measures referenced in today's call are reconciled in our earnings press release to the most directly comparable GAAP measure. This call also contains time-sensitive information that is accurate only as of the time and date of this broadcast, August 8, 2023. Finally, I would like to remind everyone that this conference call is being webcast and a recording will be made available for replay on our Investor Relations website at investors.snapone.com. In addition to the webcast, we have posted a supplemental earnings presentation accompanying these results, which can also be found on our Investor Relations website.

今天電話會議中引用的所有非公認會計原則財務指標均在我們的收益新聞稿中與最直接可比較的公認會計原則指標進行了調整。本次電話會議也包含時間敏感訊息，僅截至本次廣播的時間和日期（2023 年 8 月 8 日）準確。的投資者關係網站Investors.snapone.com 上重播。除了網路廣播之外，我們還發布了伴隨這些結果的補充收益演示，您也可以在我們的投資者關係網站上找到該演示。

I will now turn the call over to our CEO, John Heyman. John?

我現在將把電話轉給我們的執行長約翰·海曼 (John Heyman)。約翰？

Thank you, Eric, and welcome, everyone, and thanks for joining us this afternoon. To begin today's discussion, I'm going to give some company background, followed by a review of our recent performance, and then I'll turn the call over to Mike Carlet, our CFO. He will discuss our financial results for the quarter in more depth, as well as provide our outlook for the remainder of the year. After that, I'll share some closing remarks before opening the call for questions.

謝謝艾瑞克，歡迎大家，謝謝您今天下午加入我們。為了開始今天的討論，我將介紹一些公司背景，然後回顧我們最近的業績，然後我將把電話轉給我們的首席財務官邁克·卡萊特(Mike Carlet)。他將更深入地討論我們本季的財務業績，並提供我們對今年剩餘時間的展望。之後，我將在開始提問之前分享一些結束語。

Let's get started. As a reminder, at Snap One, we provide a smart living platform that empowers professional integrators to deliver joy, connectivity and security to discerning residential and commercial customers on a global scale. As a leading distributor of these integrators, we work with our growing network of approximately 20,000 do-it-for-me integrators to distribute our proprietary and third-party products through our e-commerce portal and local branches. We further support our integrated partners with our proprietary software platforms and workflow solutions to allow them to successfully serve their customers across the project life cycle.

讓我們開始吧。提醒一下，在 Snap One，我們提供了一個智慧生活平台，使專業整合商能夠為全球範圍內挑剔的住宅和商業客戶提供歡樂、連接性和安全性。作為這些整合商的領先經銷商，我們與約 20,000 家 DIY 整合商組成的不斷壯大的網路合作，透過我們的電子商務入口網站和當地分公司分銷我們的專有和第三方產品。我們透過專有軟體平台和工作流程解決方案進一步支援我們的綜合合作夥伴，使他們能夠在整個專案生命週期中成功地為客戶提供服務。

We believe the smart living opportunity is large and durable. Secular tailwinds, including technology adoption, software enablement, housing construction and small business formation will continue to propel the industry and our company forward. Many end users will seek professional health to select, install, integrate and support the technology solutions they require. At Snap One, we aim to provide our integrator partners with the right products, software, services and workflow tools to capitalize on the smart living opportunity.

我們相信智慧生活的機會是巨大且持久的。長期的有利因素，包括技術採用、軟體支援、房屋建設和小型企業組建，將繼續推動行業和我們公司向前發展。許多最終用戶將尋求專業健康來選擇、安裝、整合和支援他們所需的技術解決方案。在 Snap One，我們的目標是為整合商合作夥伴提供合適的產品、軟體、服務和工作流程工具，以充分利用智慧生活機會。

I'll turn now to our recent performance. Our team delivered solid Q2 results, including $274.4 million in net sales and $31.7 million in adjusted EBITDA, while ongoing channel inventory destocking impacted top line results, as anticipated, we are executing on our product development, go-to-market and margin enhancement strategies. We drove a sequential quarterly improvement in contribution margin rate from 42.1% of net sales in Q1 to 42.7% of net sales in Q2 as we continue to extract costs from our supply chain.

現在我要談談我們最近的表現。我們的團隊交付了穩健的第二季業績，包括2.744 億美元的淨銷售額和3,170 萬美元的調整後EBITDA，而持續的通路庫存去庫存影響了營收結果，正如預期的那樣，我們正在執行產品開發、上市和利潤提升策略。隨著我們繼續從供應鏈中提取成本，我們推動貢獻邊際率逐季提高，從第一季佔淨銷售額的 42.1% 提高到第二季淨銷售額的 42.7%。

Additionally, our focus on disciplined cost and investment management is expanding operating margins for the business. We continue to see stability in the demand environment amid the broader macroeconomic uncertainty. First, our partners continue to indicate that they are sustaining healthy backlogs in their own businesses. Our diversified business model and product portfolio allow us to serve integrator partners across a variety of residential and commercial end markets, which supports our partners' ability to pivot projects and adapt to the current environment.

此外，我們對嚴格成本和投資管理的關注正在擴大業務的營運利潤。在更廣泛的宏觀經濟不確定性下，我們繼續看到需求環境保持穩定。首先，我們的合作夥伴繼續表示，他們在自己的業務中保持健康的積壓。我們多元化的業務模式和產品組合使我們能夠為各種住宅和商業終端市場的整合商合作夥伴提供服務，這支持了我們的合作夥伴調整專案和適應當前環境的能力。

Also, while we're hearing some cautiousness from more budget-oriented end customers for entry-level projects, we believe that the high-end residential and growing commercial markets remain resilient. Second, the macroeconomic backdrop, which has proved volatile in recent quarters, showed some sequential improvement across several indicators, including homebuilder confidence, luxury home market health and overall U.S. consumer confidence. All signs point to a housing market that notwithstanding shorter-term headwinds around interest rates and inventory availability will be quite robust while we look over the next decade.

此外，雖然我們聽到更多以預算為導向的最終客戶對入門級專案持謹慎態度，但我們相信高端住宅和不斷增長的商業市場仍然具有彈性。其次，近幾季的宏觀經濟背景顯示出波動性，多項指標顯示連續改善，包括房屋建築商信心、豪華住宅市場健康狀況和美國整體消費者信心。所有跡像都表明，儘管利率和庫存供應存在短期阻力，但展望未來十年，房地產市場仍將相當強勁。

As we reflect on our second quarter performance and look ahead to the remainder of the year, we are focused on 2 key strategic initiatives for '23. One, driving higher product adoption by our partners and in turn, delivering far better end customer experiences. And 2, expanding our operating margins through several key programs, which have already yielded very positive results.

當我們回顧第二季的業績並展望今年剩餘時間時，我們將重點放在 23 年的兩項關鍵策略舉措。第一，推動我們的合作夥伴提高產品採用率，進而提供更好的最終客戶體驗。 2.透過幾個關鍵計畫擴大我們的營業利潤，這些計畫已經產生了非常正面的成果。

I'll take a few minutes to address each of these in the context of our second quarter results and the rest of the year outlook. First, partner adoption. Following a period of significant supply chain uncertainty, we believe we are well positioned to drive significant adoption of our products with a multipronged approach that includes both introducing new products and software and refining our go-to-market strategy. Coming off of strong first quarter of product launches, we continue delivering new product innovation and enhanced software platform capabilities in the second quarter, including the introductions of exciting new solutions across audio, control, surveillance and networking.

我將花幾分鐘時間在我們的第二季業績和今年剩餘時間的展望中討論這些問題。首先，合作夥伴採用。在經歷了一段供應鏈顯著不確定性的時期後，我們相信我們已經做好了充分準備，可以透過多管齊下的方法推動我們產品的廣泛採用，包括推出新產品和軟體以及完善我們的上市策略。繼第一季強勁的產品發布之後，我們在第二季度繼續提供新產品創新和增強的軟體平台功能，包括推出跨音訊、控制、監控和網路的令人興奮的新解決方案。

A few important highlights include. One, the core light controller, which offers our partners a simple and profitable solution for single-room applications. completing what we believe to be the industry's most robust lineup of controllers and makes an entry-level Control4 ecosystem more accessible. 2, the Triad passive soundbars product line, which underscores our continued investments in premium audio solutions for our partners. And 3, continued product innovation designed for the commercial market, including multi-gig Araknis routers and award-winning Strong Carbon Series mounts.

一些重要的亮點包括。一是核心燈光控制器，它為我們的合作夥伴提供了單室應用的簡單且有利可圖的解決方案。完善了我們認為業界最強大的控制器陣容，並使入門級 Control4 生態系統更易於存取。 2，Triad 被動條形音箱產品線，它強調了我們對合作夥伴優質音訊解決方案的持續投資。 3、為商業市場設計的持續產品創新，包括多千兆 Araknis 路由器和屢獲殊榮的 Strong Carbon 系列支架。

Finally, I'd be remiss not to mention our July launch of the flagship Halo Touch. Our latest touchscreen remote that also enables voice interaction with our systems. Together, these exciting launches strengthen our product portfolio and help us set a strong foundation for a robust pipeline of continuous innovation for Snap One. Our partners recognized this innovation by ranking us a top 5 brand 45x across 62 product subcategories in the 2023 CE Pro 100 Brand Analysis awards, which represents 5x the number of recognitions of the next closest competitor. As our product offerings become more software-centric, we continue to invest in both our overseas and Control4 software platforms. These platforms provide for value-added services, which we plan to build upon in the near future.

最後，如果我不提一下我們 7 月推出的旗艦產品 Halo Touch，那就太失職了。我們最新的觸控螢幕遙控器還可以與我們的系統進行語音互動。這些令人興奮的發布共同增強了我們的產品組合，並幫助我們為 Snap One 強大的持續創新管道奠定了堅實的基礎。我們的合作夥伴在2023 年CE Pro 100 品牌分析獎中將我們的62 個產品子類別中的45 倍排名前5 品牌，這是對這一創新的認可，這代表著排名第二的競爭對手的5 倍。隨著我們的產品變得更加以軟體為中心，我們繼續投資於海外和 Control4 軟體平台。這些平台提供增值服務，我們計劃在不久的將來以此為基礎。

Also, we continue to make progress on our go-to-market strategy, as we pursue growth opportunities in new markets. First, we completed the conversion of our legacy Snap AV and Control4 domestic e-commerce portals to a single platform in order to enable our partners to engage with us more efficiently, allow us to drive marketing programs with higher efficacy and streamline our internal operations. Second, we continue to leverage our best-in-class loyalty program to drive product category and ecosystem adoption and to further strengthen product adoption by our partners.

此外，隨著我們在新市場中尋求成長機會，我們將繼續在進入市場策略方面取得進展。首先，我們完成了將傳統的Snap AV 和Control4 國內電子商務入口網站轉換為單一平台，以便我們的合作夥伴能夠更有效地與我們互動，使我們能夠更有效率地推動行銷計劃並簡化我們的內部運營。其次，我們繼續利用一流的忠誠度計劃來推動產品類別和生態系統的採用，並進一步加強合作夥伴的產品採用。

And finally, we've continued investing in our strategic omnichannel presence, including the opening of our new Raleigh location in July and several anticipated additional branch openings in the second half of the year. Our second strategic initiative is driving operating margin expansion. During COVID and the supply chain crisis, we made a number of decisions that focused on keeping our partners in business. Fees range from inefficiencies from securing and expediting product and components rate to numerous research and development pivots based on abrupt changes in ship availability.

最後，我們繼續投資於我們的策略性全通路業務，包括 7 月在羅利開設新店，以及預計在下半年開設幾家新分店。我們的第二個策略舉措是推動營業利益率的擴張。在新冠疫情和供應鏈危機期間，我們做出了許多決定，重點是讓我們的合作夥伴繼續開展業務。費用範圍從確保和加快產品和零件速度的低效率到基於船舶可用性突然變化的眾多研發中心。

As the supply chain has normalized, we are returning to our operational cadence of driving lower unit costs and freeing up our product teams to do what they do best, build new products. We're also driving scale within our operating model, integration activity related to previously completed acquisitions, as well as investments we have been making within our technology infrastructure are starting to yield results. These investments will support our operating growth -- operating margin growth expectations throughout the remainder of 2023.

隨著供應鏈的正常化，我們正在恢復降低單位成本的營運節奏，並讓我們的產品團隊騰出時間做他們最擅長的事情，打造新產品。我們也正在推動營運模式的規模化，與先前完成的收購相關的整合活動，以及我們在技術基礎設施中進行的投資都開始產生成果。這些投資將支持我們的營運成長—2023 年剩餘時間內營運利潤率的成長預期。

Let me now comment briefly on our outlook before turning the call over to Mike. With the first half of the year now complete, our full year 2023 outlook remains positive, as we seek to move past the channel inventory destocking headwind, drive operating margin expansion and enhance our liquidity position. Also, our continued contribution margin rate expansion and disciplined cost structure management provide us with confidence in our profitability expectations.

現在讓我在將電話轉給麥克之前簡要評論一下我們的前景。隨著上半年的結束，我們對 2023 年全年的展望仍然樂觀，因為我們力求克服渠道去庫存的逆風，推動營業利潤率擴張並增強我們的流動性狀況。此外，我們持續的貢獻邊際率擴張和嚴格的成本結構管理使我們對獲利預期充滿信心。

Therefore, we are reaffirming our outlook for both net sales and adjusted EBITDA for 2023, which Mike will discuss in further detail. We believe that growth in smart living adoption, the central role of the integrator in providing holistic solutions, our competitive differentiation and our coming service innovations will enable us to prosper in a dynamic macro environment and will propel us -- propel -- excuse me, people our long-term success.

因此，我們重申對 2023 年淨銷售額和調整後 EBITDA 的展望，麥克將對此進行更詳細的討論。我們相信，智慧生活採用的成長、整合商在提供整體解決方案方面的核心作用、我們的競爭優勢以及我們即將推出的服務創新將使我們能夠在動態的宏觀環境中繁榮發展，並將推動我們— —推動－對不起，員工是我們長期成功的基礎。

With that, I'll turn it over to Mike, our CFO, to discuss our second quarter financial results and '23 outlook in greater detail. Mike?

接下來，我將把它交給我們的財務長麥克，更詳細地討論我們第二季的財務表現和 23 年的前景。麥克風？

Thanks, John. Let's turn now to our financial results for the fiscal second quarter ended June 30, 2023. Net sales in the fiscal second quarter decreased 7.6% to $274.4 million, down from $296.9 million in the comparable year ago period. The anticipated decrease in net sales during the quarter reflects the channel inventory destocking headwind that John mentioned earlier. We estimate that approximately $35 million of channel inventory sell-in occurred in Q2 of 2022 and approximately $10 million destocked in Q2 of 2023, representing a year-over-year top line headwind of approximately $45 million.

謝謝，約翰。現在讓我們來看看截至 2023 年 6 月 30 日的第二財季的財務表現。本季淨銷售額的預期下降反映了約翰之前提到的渠道庫存去庫存的逆風。我們估計 2022 年第二季發生了約 3,500 萬美元的通路庫存銷售，2023 年第二季庫存減少了約 1,000 萬美元，這意味著同比營收逆風約為 4,500 萬美元。

After adjusting for our estimates of the channel inventory destocking impact, we believe we delivered year-over-year net sales growth of approximately 8% in the second quarter. Continuing with the channel inventory topic, our data indicates that integrators have been working through their excess inventory since door levels peaked around mid-2022. And we expect the sell-down to continue at a moderate rate through the second half of this year. As we survey our integrator partners, there is some indication that they may be adapting to a new normal level of higher inventory on hand. We continue to believe that the industry will arrive at this new normal by the end of this year, and we will stabilize going forward.

在調整我們對通路庫存去庫存影響的估計後，我們認為第二季淨銷售額年增約 8%。繼續討論通路庫存問題，我們的數據表明，自 2022 年中期左右庫存水準達到高峰以來，整合商一直在努力解決庫存過剩問題。我們預計今年下半年拋售將繼續以溫和的速度進行。當我們調查我們的整合商合作夥伴時，有一些跡象表明他們可能正在適應現有庫存較高的新常態水平。我們仍然相信，產業將在今年年底達到新常態，我們將穩定向前發展。

Contribution margin, a non-GAAP measurement of operating performance increased 0.6% to $117.2 million or 42.7% of net sales in the fiscal second quarter, that's up from $116.5 million or 39.2% of net sales in the comparable year ago period. Contribution margin as a percentage of net sales increased due to the cumulative impact of our price adjustments enacted in response to supply chain and input cost inflation, which has continued to ease. Our selling, general and administrative expenses in our fiscal second quarter decreased 1.7% to $93.8 million or 34.2% of net sales from $95.4 million or 32.1% of net sales in comparable year ago period.

第二財季的貢獻利潤率（非公認會計準則衡量經營績效的指標）成長了0.6%，達到1.172 億美元，佔淨銷售額的42.7%，高於去年同期的1.165 億美元，佔淨銷售額的39.2%。由於我們為因應供應鏈和投入成本通膨而實施的價格調整的累積影響（持續緩解），貢獻率佔淨銷售額的百分比增加。我們第二財季的銷售、一般和管理費用下降了 1.7%，至 9,380 萬美元，佔淨銷售額的 34.2%，而去年同期為 9,540 萬美元，佔淨銷售額的 32.1%。

Decrease in SG&A expense was primarily attributable to lower variable expenses as a result of the lower sales base in Q2 2023. In addition, we incurred lower equity-based compensation in 2023. Our net loss totaled $0.1 million in the second quarter compared to a net loss of $1.3 million in the comparable year ago period. Adjusted EBITDA, a non-GAAP measurement of operating performance totaled $31.7 million or 11.5% of net sales in the 2023 second quarter compared to $31.7 million or 10.7% of net sales in the comparable year ago period. These changes were primarily attributable to contribution margin growth and reduced SG&A expenses, offset by lower net sales, including the headwinds generated by inventory in the channel destocking.

SG&A 費用的減少主要歸因於2023 年第二季銷售基礎下降導致變動費用減少。總計10 萬美元去年同期虧損 130 萬美元。 2023 年第二季調整後 EBITDA（非 GAAP 經營業績衡量標準）總計 3,170 萬美元，佔淨銷售額的 11.5%，而去年同期為 3,170 萬美元，佔淨銷售額的 10.7%。這些變化主要歸因於貢獻利潤成長和銷售、一般管理費用減少，但被淨銷售額下降所抵消，包括通路去庫存中的庫存產生的不利因素。

Adjusted net income, a non-GAAP measurement of operating performance decreased 13.1% to $14.3 million or 5.2% of net sales from $16.5 million or 5.6% of net sales in the comparable year ago period. Free cash flow, a non-GAAP measurement of operating performance totaled $9.7 million in the 6 months ended June 30, 2023, compared to negative $26 million in the comparable year ago period. The increase in free cash flow was primarily attributable to the working capital benefit associated with the reduction in inventory levels. We believe that we remain on track to reduce inventory to the previously communicated $275 million target by the end of the year. At the end of the fiscal second quarter, we had approximately $100.9 million in total liquidity, including cash and cash equivalents of $33.8 million and undrawn revolver capacity of $67.1 million.

調整後淨利（非 GAAP 經營績效衡量標準）從去年同期的 1,650 萬美元（佔淨銷售額的 5.6%）下降 13.1% 至 1,430 萬美元（佔淨銷售額的 5.2%）。截至 2023 年 6 月 30 日的 6 個月中，自由現金流（非公認會計準則衡量經營績效的指標）總計為 970 萬美元，而去年同期為負 2,600 萬美元。自由現金流的增加主要歸因於庫存水準降低所帶來的營運資本效益。我們相信，我們仍有望在今年年底前將庫存減少到先前傳達的 2.75 億美元目標。截至第二財季末，我們的流動資金總額約為 1.009 億美元，其中包括 3,380 萬美元的現金和現金等價物以及 6,710 萬美元的未提取循環資金。

Now before I turn the call back over to John, I'll take just a few minutes to provide our financial outlook for the rest of the fiscal year 2023. As a reminder, Snap One provides annual guidance for net sales as well as for adjusted EBITDA, as we believe these metrics to be key indicators for the overall performance of our business. Our fiscal 2023 guidance considers our first half 2023 performance, as well as our ongoing expectation that market uncertainty will persist throughout the remainder of the year. With these factors in mind, we are reaffirming our previously communicated full year outlook. We continue to expect net sales in the fiscal year ending December 29, 2023, to range between $1.06 billion and $1.09 billion, which will represent a decrease of 5.7% to 3% compared to the prior fiscal year on an as-reported basis.

現在，在我將電話轉回給 John 之前，我將花幾分鐘時間提供我們對 2023 財年剩餘時間的財務展望。我們相信這些指標是我們業務整體績效的關鍵指標。我們的 2023 財年指引考慮了我們 2023 年上半年的業績，以及我們對市場不確定性將在今年剩餘時間內持續存在的持續預期。考慮到這些因素，我們重申先前傳達的全年展望。我們仍預期截至 2023 年 12 月 29 日的財年淨銷售額將在 10.6 億至 10.9 億美元之間，與上一財年相比，按報告計算將下降 5.7% 至 3%。

We also continue to expect adjusted EBITDA to range between $110 million and $118 million, representing a decrease of 3.6% to an increase of 3.4% compared to the prior fiscal year on an as-reported basis. Our adjusted EBITDA guidance reflects our ongoing focus to drive incremental adjusted EBITDA margin expansion in 2023. We have already made significant strides in this area, and we expect to continue to drive year-over-year improvement in the coming quarters through contribution margin rate improvement as supply chain and input costs normalize, as well as through disciplined operating expense management.

我們也繼續預期調整後 EBITDA 將在 1.1 億美元至 1.18 億美元之間，與上一財年相比，按報告計算，下降 3.6% 至成長 3.4%。我們調整後的EBITDA 指引反映了我們持續致力於推動2023 年調整後EBITDA 利潤率增量擴張。推動同比改善隨著供應鏈和投入成本的正常化，以及透過嚴格的營運費用管理。

That completes my summary. I'll now turn the call back over to you, John.

我的總結到此結束。我現在將把電話轉回給你，約翰。

Thank you, Mike. A few closing thoughts before we hit Q&A. First, we are proud of our team's ability to deliver steady EBITDA compared to the same period last year and expand our operating margins, despite the headwinds that we've referred to. And we remain confident in our expectations for consistent long-term growth. Through 2 quarters, we've made strong gains in our contribution margin as costs related to the supply chain continue to alleviate, and we believe our operating margin expansion plan is on track.

謝謝你，麥克。在我們進行問答之前，有一些結束語。首先，儘管存在我們提到的不利因素，但我們的團隊仍能夠實現與去年同期相比穩定的 EBITDA 並擴大我們的營業利潤率，對此我們感到非常自豪。我們對持續長期成長的預期仍然充滿信心。在過去的兩個季度中，隨著供應鏈相關成本的持續緩解，我們的貢獻利潤率取得了強勁增長，我們相信我們的營業利潤率擴張計劃正在按計劃進行。

2, we remain committed to our overarching strategy. This includes growth via new proprietary product launches and market-leading service, growth in new markets such as commercial and security, additional local branch openings and transformational software investments, all with our partners' top of mind. Even in an uncertain operating environment, we continue to strive to be the one partner that our innovators trust to support and grow their businesses.

2、我們仍然致力於我們的整體戰略。這包括透過新的專有產品發布和市場領先的服務實現成長、商業和安全等新市場的成長、開設更多本地分公司和轉型軟體投資，所有這些都是我們合作夥伴的首要考慮因素。即使在不確定的營運環境中，我們仍繼續努力成為創新者信賴的合作夥伴，以支持和發展他們的業務。

Third, and as I said before, we believe that all homes and all businesses will become smarter over the next decade, driving demand for the types of experiences we offer today and those we can only imagine in the future. We've invested in scale and platforms that will drive better solutions for the consumer, more capacity for the integrator and growth for Snap One in a way that increases operating margins over time.

第三，正如我之前所說，我們相信未來十年所有家庭和所有企業都將變得更加智能，從而推動對我們今天提供的體驗類型和我們未來只能想像的體驗類型的需求。我們在規模和平台上進行了投資，這些投資將為消費者提供更好的解決方案，為整合商提供更大的容量，並為 Snap One 帶來成長，從而隨著時間的推移提高營運利潤。

And with that, Grace, please open the call for Q&A.

格蕾絲，請開始問答電話。

(Operator Instructions) Our first question comes from the line of Erik Woodring with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的埃里克·伍德林（Erik Woodring）。

Nice quarter. Can you, John, maybe just elaborate a bit more on your customer conversations? Just how they've trended in the last 90 days? And the reason I ask is, we've heard from some other, let's call it, integrated -- excuse me, distributors or smart home vendors that residential AV demand was maybe a bit weaker in the quarter. Clearly, your comments wouldn't suggest so. So just how have customer conversations trended? How are integrators feeling about their business? Maybe just a little double clicking on that original comment would be helpful. And then I have a follow-up for you.

不錯的季度。約翰，您能詳細說明一下您與客戶的對話嗎？過去 90 天內它們的趨勢如何？我問的原因是，我們從其他一些經銷商或智慧家居供應商那裡聽說，本季住宅 AV 需求可能有點疲軟。顯然，您的評論並不表明如此。那麼客戶對話的趨勢如何呢？整合商對其業務有何看法？也許只需雙擊原始評論就會有所幫助。然後我有一個後續行動給你。

Yes. Erik, obviously, we speak with our customers quite a bit. Rather than share kind of anecdotal conversations with you, I think what we've learned is to best rely on data and where we get the best data is through our surveys and through other surveys and through visibility into what's happening into proposal work out there. And what I'll first say is, I think there is a slight decline in backlogs. So that is something that's evident. Yes, it's still very healthy. I would characterize the decline in backlogs as low single-digits, in terms of percentages.

是的。艾瑞克，顯然，我們經常與客戶交談。我認為我們學到的不是與您分享軼事對話，而是最好地依賴數據，而我們獲得最佳數據的方式是透過我們的調查和其他調查以及透過了解提案工作中發生的情況。我首先要說的是，我認為積壓訂單略有下降。這是顯而易見的。是的，它仍然非常健康。我認為積壓訂單的下降百分比為低個位數。

And so, then you have to kind of double click when you're talking about residential as to kind of the segments. So clearly, we've seen some weakness in what I'll call the general production builder segment. That's where our security products play more. On the other side of the coin, what we're seeing in kind of our core residential AV market, where as we said and as the backlogs would indicate, their capacity was a limiting factor during our growth. It's also something that I think has protected us from kind of what might be happening in certain end markets. And so, that would be the second factor.

因此，當您談論住宅的細分類型時，您必須雙擊。很明顯，我們已經看到了我所說的一般生產製造商領域的一些弱點。這就是我們的安全產品發揮更大作用的地方。另一方面，我們在核心住宅視聽市場中看到的情況，正如我們所說的和積壓的訂單所表明的那樣，它們的容量是我們成長過程中的限制因素。我認為這也保護了我們免受某些終端市場可能發生的情況的影響。所以，這將是第二個因素。

And then the third factor I'll cite is our products. Like we have really amazing products, and they're only getting better this year. And I think as the CE Pro 100 survey would say, as we see another data, we're winning share out there. And so, our products are only available from us, they're not available from any other distributor. And I think that's kept our business strong.

我要引用的第三個因素是我們的產品。就像我們擁有非常出色的產品，而且它們今年只會變得更好。我認為，正如 CE Pro 100 調查所說，正如我們看到的另一項數據一樣，我們正在贏得市場份額。因此，我們的產品只能從我們這裡購買，而不能從任何其他經銷商處購買。我認為這使我們的業務保持強勁。

Erik, it's Mike. Let me just put one thing on top of that. As you talk about other folks, I don't want to speak for them, but I'm not sure how they will be considering the channel inventory as they talk about demand being down. And so, I think everybody has to think about the impact of channel inventory on their own demand factors. And we're talking about excluding the inventory impacts our demand, we feel it's up a little bit, but [also] channel inventory is a negative against that.

埃里克，是麥克。讓我再補充一件事。當你談論其他人時，我不想代表他們說話，但我不確定他們在談論需求下降時將如何考慮通路庫存。所以我覺得大家都要思考通路庫存對自身需求因素的影響。我們正在談論排除庫存影響我們的需求，我們覺得它增加了一點，但渠道庫存對此不利。

Okay. No, that's very clear. Very helpful color from both of you guys. My second question maybe for you, Mike is, clearly non-GAAP contribution margin saw a nice tailwind from pricing. I think it was a 4 point tailwind year-over-year in the quarter. Can you maybe just remind us exactly when you raise prices historically by how much? And then what pricing actions you're taking in the market today, if any? And that's it for me.

好的。不，這很清楚。你們倆的顏色都很有幫助。麥克，我的第二個問題可能是針對你的，顯然非公認會計原則貢獻率從定價中看到了很好的推動力。我認為本季同比增長了 4 個百分點。您能否準確提醒我們歷史上您何時提價多少？那麼您今天在市場上採取了什麼定價行動（如果有的話）？對我來說就是這樣。

Erik, yes over the last couple of years, I would say we've had a number of pricing actions. If you go all the way back to August of '21, we raised price about 6%, we raised price another 6% in February '22, about 9% in June and been very minimal activity since then. So all that is now sort of behind us. In fact, with our last price increase being last June, when we get to Q3 on a year-over-year comparative basis, pricing will not be a factor as we think about the sales comparative.

艾瑞克，是的，在過去的幾年裡，我想說我們已經採取了許多定價行動。如果你一直追溯到 21 年 8 月，我們將價格提高了約 6%，我們在 22 年 2 月又將價格提高了 6%，在 6 月提高了約 9%，此後的活動非常少。所以現在這一切都已成為過去。事實上，我們上次漲價是在去年六月，當我們進入第三季的年比比較時，定價將不會成為我們考慮銷售比較的因素。

Our next question comes from the line of Jake Norrison with Raymond James.

我們的下一個問題來自傑克·諾里森和雷蒙·詹姆斯的對話。

Just double clicking on the integrators. I'm wondering if you could provide us any color on the mix of integrated ads and how that's been trending? And then more broadly, how has integrated churn metrics been looking as backlog has picked up? When do those typically get more volatile? More color there would be helpful.

只需雙擊積分器即可。我想知道您能否向我們提供有關整合廣告組合的任何顏色以及其趨勢如何？更廣泛地說，隨著積壓的增加，綜合流失指標表現如何？這些通常在什麼時候變得更加不穩定？更多顏色會有幫助。

Jake, it's Mike. We don't disclose integrated accounts on a quarterly basis. Annually, we'll talk about those numbers once a year, but we don't talk about it on a quarterly basis. I can tell you that underneath it, our integrated accounts is very consistent with historical norms. There is not a lot of fluctuation in it right now. I think our industry is not adding tons and tons of integrators. We're winning more integrators of the business, and we're seeing the normal very low levels of churn. One of the great things about our business is, our integrators tend to be pretty profitable. They tend to stay in business for a long time. And so, very little churn, and we're seeing the same consistent sort of integrated accounts that we have historically.

傑克，是麥克。我們不會按季度揭露綜合帳戶。每年，我們都會討論一次這些數字，但我們不會每季討論一次。我可以告訴你，在這背後，我們的綜合帳戶是非常符合歷史規範的。目前並沒有太大的波動。我認為我們的行業並沒有增加大量的整合商。我們正在贏得更多的業務整合商，我們看到正常的客戶流失率非常低。我們業務的一大優點是，我們的整合商往往利潤豐厚。他們往往會長期經營下去。因此，流失率非常低，而且我們看到了與歷史上相同的一致的綜合帳戶。

Okay. Perfect. And then just quickly, looking at the rest of 2023, if you could just provide more color on how you're looking at the mix of proprietary versus third-party playing out, especially with the sort of supply chain tailwinds as you talked about.

好的。完美的。然後快速回顧一下 2023 年剩下的時間，如果您能提供更多關於您如何看待專有與第三方的組合的信息，特別是在您談到的供應鏈順風的情況下。

Yes. Let me one second to (inaudible). I think as we sit here today, when we talk about the mix of products, our 1P mix over the last couple of quarters has been between 67% to 68%. Generally, that stays pretty consistent. We don't expect to see much movement. Remember, in Q4, we always see the percentage of 3 key products pick up a little bit. A lot of other consumer products are doing end-of-year discounting and holiday promotions. So we do see it move a little bit.

是的。讓我等一下（聽不清楚）。我認為，當我們今天坐在這裡談論產品組合時，過去幾季我們的 1P 組合一直在 67% 到 68% 之間。一般來說，這保持相當一致。我們預計不會有太大的變化。請記住，在第四季度，我們總是看到 3 個關鍵產品的百分比略有上升。許多其他消費品正在進行年終折扣和節日促銷。所以我們確實看到它有一點移動。

We continue to look to see on a same-store basis, a slight increase in our 1P mix. However, as we add more local stores, that always dragged it down a little bit. And so, we expect over the next couple of years as we continue to grow our store base to see a small decrease in the 1P mix. But we don't expect it to move dramatically from where it is right now.

我們繼續期待在同店基礎上看到我們的 1P 組合略有增加。然而，隨著我們增加更多的本地商店，這總是會有點拖累。因此，我們預計在接下來的幾年中，隨著我們繼續擴大我們的商店基礎，1P 組合將小幅減少。但我們預計它不會從現在的情況發生巨大變化。

(Operator Instructions)

（操作員說明）

Grace, if there's no more questions, I think we are fine to end the call.

格蕾絲，如果沒有其他問題了，我想我們就可以結束通話了。

Well, let me just quickly thank everyone, Ashley, for joining us today. I want to especially thank our team members for their ongoing contributions as well as our network of incredible integration partners who continue to do great work, creating amazing experiences for individuals and businesses everywhere. And I'd like to also thank our investors for your continued support. We'll talk to you next quarter. Grace?

好吧，讓我快速感謝大家，阿什利，今天加入我們。我要特別感謝我們的團隊成員的持續貢獻，以及我們令人難以置信的整合合作夥伴網絡，他們繼續做出出色的工作，為世界各地的個人和企業創造令人驚嘆的體驗。我還要感謝我們的投資人一直以來的支持。我們將在下個季度與您交談。優雅？

Thank you for joining us today for Snap One's fiscal second quarter 2023 earnings conference call. You may now disconnect.

感謝您今天加入我們 Snap One 的 2023 財年第二季財報電話會議。您現在可以斷開連線。