Snap One Holdings Corp (SNPO) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to Snap One Holdings Corporation's fiscal fourth quarter and full year 2023 earnings conference call. (Operator Instructions)

下午好，歡迎參加 Snap One Holdings Corporation 第四財季和 2023 年全年財報電話會議。（操作員說明）

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

我現在想將電話轉給 Snap One 的財務高級副總裁 Hayley Pierce。海莉，請繼續。

Thank you. Good afternoon, and welcome to Snap One's fiscal fourth quarter and full year 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.

謝謝。下午好，歡迎參加 Snap One 第四季和 2023 年全年財報電話會議。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 expectation, 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.

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。這些聲明不保證未來的表現，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。

Actual events or results could differ materially. These statements are based on current expectation 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.

實際事件或結果可能有重大差異。這些聲明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 call, March 7, 2024.

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。此通話還包含時間敏感訊息，僅截至本次通話的時間和日期（2024 年 3 月 7 日）準確。

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've posted a supplemental earnings presentation accompanying these results, which can also be found on our Investor Relations website.

最後，我想提醒大家，本次電話會議正在網路直播，錄音將在我們的投資者關係網站 Investors.snapone.com 上重播。此外，在網路廣播中，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, Hayley, and welcome, everyone, and I appreciate you joining us this afternoon.

謝謝海莉，歡迎大家，我很感謝你們今天下午加入我們。

To begin today's discussion. I'll give some company background, followed by a review of our performance for the quarter and the year, and then I'll turn the call over to Mike Carlet, our CFO. He will discuss our financial results in more depth and provide an outlook for 2024. After that, I'll share some closing remarks before we open the call for questions. Let's get started.

開始今天的討論。我將介紹一些公司背景，然後回顧我們本季和本年度的業績，然後我會將電話轉給我們的財務長 Mike Carlet。他將更深入地討論我們的財務表現並展望 2024 年。之後，在我們開始提問之前，我將分享一些結束語。讓我們開始吧。

As a reminder, at Snap One, we develop and distribute smart living platforms that empower professional integrators to deliver joy, connectivity, and security to discerning residential and commercial customers worldwide. We work with our network of approximately 20,000 professional 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 integrator partners with our proprietary software platforms, service offerings, and workflow solutions to allow them to successfully serve their customers throughout the project lifecycle.

提醒一下，在 Snap One，我們開發和分銷智慧生活平台，使專業整合商能夠為全球挑剔的住宅和商業客戶提供歡樂、連接性和安全性。我們與約 20,000 名專業的 DIY 整合商網路合作，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、服務產品和工作流程解決方案進一步支援我們的整合商合作夥伴，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 it is durable and that long-term 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 help to select, install, integrate, and support the technology solutions they require. Here, at Snap One. We aim to provide our integrator partners with the right tools to capitalize on this opportunity.

我們相信，智慧生活的機會巨大且持久，長期的推動力，包括技術採用、軟體支援、房屋建設和小型企業組建，將繼續推動產業和我們公司向前發展。許多最終用戶將尋求專業協助來選擇、安裝、整合和支援他們所需的技術解決方案。在這裡，在 Snap One。我們的目標是為我們的整合商合作夥伴提供正確的工具來利用這一機會。

While we have strong conviction in the United States housing market over the mid to long term, we are operating in a tough housing environment. Nonetheless, our strong fourth quarter and full year results highlight the resiliency of our business model and scrapping this of our integration partners. Our team delivered year-over-year profitability growth despite top line headwinds, including global macroeconomic uncertainty, channel inventory, destocking, and inflation.

儘管我們對美國房地產市場的中長期前景抱持著堅定的信心，但我們的房地產環境依然嚴峻。儘管如此，我們強勁的第四季和全年業績凸顯了我們業務模式的彈性，並放棄了我們的整合合作夥伴的這種模式。儘管面臨全球宏觀經濟不確定性、通路庫存、去庫存和通膨等不利因素，我們的團隊仍實現了獲利能力的年成長。

Our focus on extracting supply chain costs to increase contribution margin as well as our operating expense discipline enabled us to generate 2023 adjusted EBITDA of $117.2 million. Importantly, this reflects an expanded operating margin of 11% on 90 basis point year-over-year improvement. We are positioning ourselves for a turnaround in housing and are ready to build on our profitability momentum as we drive further operating leverage with expanded scale.

我們專注於提取供應鏈成本以提高邊際貢獻以及我們的營運費用紀律，使我們能夠在 2023 年實現 1.172 億美元的調整後 EBITDA。重要的是，這反映出營業利潤率擴大了 11%，比去年同期提高了 90 個基點。我們正在為住房市場的轉變做好準備，並準備透過擴大規模進一步推動營運槓桿來鞏固我們的獲利動能。

As we reflect on the operational highlights of 2023, there's no better recognition than the vote of confidence we receive from professional integrators. We were humbled by numerous industry awards, including number one, 45 top five brand rankings across 62 products subcategories in the 2023 CE Pro 100 Brand Analysis awards, representing approximately five times the number of recognition of the next closest competitor included within the analysis.

當我們回顧 2023 年的營運亮點時，沒有比專業整合商對我們投下的信任票更好的認可了。我們榮獲眾多行業獎項，包括 2023 年 CE Pro 100 品牌分析獎中 62 個產品子類別中排名第一的 45 個前五名品牌，其認可度大約是分析中排名第二的競爭對手的五倍。

Number two, 14 2023 CE Pro Quest for Quality Service awards across the 22 categories included in CEO CE Pro's survey of professional integrators. Number three, Best New Hardware, Residential Tech Today Innovation, and CEDIA Hall of Fame awards at the 2023 CEDIA Expo. And fourth, and finally 2 [SE] 2024 top New Technology awards. We don't take these awards lightly. We recognize that to sustain and enhance our competitive position. We must continue to listen to our integration partners, develop innovative products, invest in our software platforms, and enhance end customer satisfaction with the smart living experience.

第二名，14 2023 年 CE Pro Quest 優質服務獎涵蓋 CEO CE Pro 對專業整合商的調查中包含的 22 個類別。在 2023 年 CEDIA 博覽會上榮獲第三名：最佳新硬體獎、今日住宅技術創新獎和 CEDIA 名人堂獎。第四項，最後一項是 2 個 [SE] 2024 年頂級新技術獎。我們不會掉以輕心地對待這些獎項。我們認識到這一點可以維持和增強我們的競爭地位。我們必須繼續傾聽整合合作夥伴的意見，開發創新產品，投資我們的軟體平台，並提高最終客戶對智慧生活體驗的滿意度。

In January of this year, we officially announced the launch of Control4 Connect and a Control4 Assist. As a reminder, Control4 Assist is an optional service program for integrators to offer support to their customers. While Control4 Connect will be a mandatory software subscription on all domestic installs starting in late April. Since acquiring Control4 in August of 2019, a major focus for us has been on improving our software and support offerings for both our partners and the end customer. After years of extensive development market testing and integrator feedback, we have built a new software and support portfolio that we believe will transform this industry.

今年 1 月，我們正式宣布推出 Control4 Connect 和 Control4 Assist。提醒一下，Control4 Assist 是一個可選服務計劃，供整合商為其客戶提供支援。從 4 月下旬開始，Control4 Connect 將成為所有國內安裝的強制軟體訂閱。自 2019 年 8 月收購 Control4 以來，我們的主要重點一直是為我們的合作夥伴和最終客戶改進我們的軟體和支援產品。經過多年廣泛的開發市場測試和整合商回饋，我們建立了一個新的軟體和支援產品組合，我們相信它將改變這個行業。

Control4 Connect and Control4 Assist were designed to enhance the end customer experience, build recurring revenues, and incremental profitability for our partners and for Snap One and ultimately aligned the industry in a way that benefits and delights the end customer and improve the system they acquire overtime through valuable software updates and amazing service. These two services establish us and our integration partners as the clear leaders in an industry that must evolve to manage increasingly complex technology and more demanding customer expectations.

Control4 Connect 和Control4 Assist 旨在增強最終客戶體驗，為我們的合作夥伴和Snap One 創造經常性收入和增量盈利能力，並最終以一種使最終客戶受益和滿意的方式協調行業，並改進他們加班加點獲得的系統透過有價值的軟體更新和出色的服務。這兩項服務使我們和我們的整合合作夥伴成為行業中明確的領導者，該行業必須不斷發展以管理日益複雜的技術和更苛刻的客戶期望。

So far, the overall post-launch reception has been positive. We are seeing customers come online now, and we are excited for our partners and end customers to benefit from the value of these offerings in 2024 and beyond.

到目前為止，發布後的整體反應是正面的。我們現在看到客戶上線，我們很高興我們的合作夥伴和最終客戶能夠在 2024 年及以後從這些產品的價值中受益。

Over the course of 2023, we outlined two key strategic initiatives. First, driving higher platform and product adoption by our partners and in turn, delivering far better end consumer experiences. And second, expanding our operating margins through several key programs, which have already yielded positive results.

2023 年，我們概述了兩項關鍵策略措施。首先，推動我們的合作夥伴採用更高的平台和產品，進而提供更好的最終消費者體驗。其次，透過幾個關鍵項目擴大我們的營業利潤，這些項目已經取得了積極的成果。

From a platform adoption perspective, our continued innovation in our products, solutions, and service models enhances our relationships with our partners delivers a better end customer experience and drives market share gains for Snap One. With this in mind, we launched a large number of innovative new products throughout the year across many of our categories with new launches planned for 2024.

從平台採用的角度來看，我們在產品、解決方案和服務模式方面的持續創新增強了我們與合作夥伴的關係，提供了更好的最終客戶體驗，並推動了 Snap One 的市場份額成長。考慮到這一點，我們全年在許多類別中推出了大量創新新產品，並計劃於 2024 年推出新產品。

Complementing our product portfolio we continue to optimize our go-to-market strategy to drive ecosystem adoption, and we are pleased with all that we've accomplished this year as part of this initiative, including leveraging our best-in-class loyalty platform to drive product category and ecosystem adoption and strengthen our relationships with partners. We're also converging our Snap One and Control4 portals in the United States, further enhancing our omni-channel initiative and finally, bringing together a unified experience for our partners.

為了補充我們的產品組合，我們繼續優化我們的市場策略，以推動生態系統的採用，我們對今年作為這項計劃的一部分所取得的成就感到滿意，包括利用我們一流的忠誠度平台推動產品類別和生態系統的採用，並加強我們與合作夥伴的關係。我們還融合了美國的 Snap One 和 Control4 門戶，進一步增強我們的全通路計劃，並最終為我們的合作夥伴帶來統一的體驗。

And finally, we're expanding our strategic omni-channel presence by opening four net new local branches in 2023, including two in the fourth quarter. This brings the total number of North American branches to 45 as of yearend. And continuing with this amendment -- momentum, we have another branch slated to open in the coming weeks. We intend to continue opening more locations in 2024 to serve our partners in their communities, though we plan to briefly pause additional openings during the first half of this year as we wrap up our efforts to migrate our branches to a single operating system.

最後，我們將在 2023 年淨開設四家新的本地分支機構，其中在第四季度開設兩家，從而擴大我們的全通路策略佈局。截至年底，北美分公司總數達到 45 個。繼續這項修正案——勢頭，我們計劃在未來幾週內開設另一個分行。我們計劃在 2024 年繼續開設更多網點，為社區中的合作夥伴提供服務，不過我們計劃在今年上半年暫時暫停開設更多網點，因為我們將完成將分支機構遷移到單一操作系統的工作。

While we continue to try to drive growth in our business, our second strategic initiative is achieving operating margin expansion. Through COVID and the recent supply chain challenges we prioritized keeping our partners in business. This created near term inefficiencies for Snap One. The supply chain has now largely normalized, and our team has successfully extracted those cost inefficiencies driving sustained contribution margin expansion this year.

在我們繼續努力推動業務成長的同時，我們的第二個策略舉措是實現營業利潤率擴張。透過新冠疫情和最近的供應鏈挑戰，我們優先考慮讓合作夥伴繼續開展業務。這導致 Snap One 近期效率低落。供應鏈現已基本正常化，我們的團隊已成功消除了成本效率低下的問題，推動了今年貢獻利潤率的持續成長。

We're also driving scale within our operating model. Integration activity related to previously completed acquisitions as well as investments within our technology infrastructure have continued to yield results. These investments will support our operating leverage and growth expectations going forward and are evident in this year's results.

我們也在營運模式中擴大規模。與先前完成的收購相關的整合活動以及我們技術基礎設施內的投資持續產生成果。這些投資將支持我們未來的營運槓桿和成長預期，並在今年的業績中得到體現。

Let me now comment briefly on our outlook and then I'll turn the call over to Mike. While we hold a high level of conviction around our growth algorithm. We also think it's prudent to maintain a pragmatic view of the current operating environment. Several of the factors that have applied modest pressure on our demand over the last few quarters all remain in the short term. However, as we projected last quarter, we now believe that the industry is arriving at its new normal level of inventory that we estimate.

現在讓我簡單評論一下我們的前景，然後我會將電話轉給麥克。雖然我們對我們的成長演算法抱持高度的信念。我們也認為，對當前的營運環境保持務實的看法是明智的。過去幾個季度對我們的需求造成適度壓力的幾個因素在短期內仍然存在。然而，正如我們上季度所預測的那樣，我們現在相信該行業正在達到我們估計的新的正常庫存水準。

Additionally, while spending has declined a bit, our integration partners continue to report relatively healthy backlogs and remain optimistic about the future. They are highly adaptable and have a proven ability to pivot to a variety of projects to remain successful in changing market conditions. These can include upgrading their install base with new products or pursuing commercial projects. We have a unique ability to support this flexibility with our diversified business model and product portfolio, which allows us to serve integration partners across a wide variety of price points and end markets.

此外，雖然支出略有下降，但我們的整合合作夥伴繼續報告相對健康的積壓，並對未來保持樂觀。他們具有很強的適應能力，並且擁有被證明能夠轉向各種項目以在不斷變化的市場條件下保持成功的能力。其中包括使用新產品升級其安裝基礎或開展商業項目。我們擁有獨特的能力，可以透過多元化的業務模式和產品組合來支援這種靈活性，這使我們能夠為各種價位和終端市場的整合合作夥伴提供服務。

While we're seeing some softness from more budget conscious and customers for entry-level projects. We believe that the high end residential housing remains resilient and our commercial pipeline is growing. We expect some demand headwinds to continue into 2024. But we're confident that we're winning share and will emerge as an even stronger company as the operating environment bounces back.

雖然我們看到更多預算意識和客戶對入門級專案的一些疲軟態度。我們相信，高端住宅仍然具有彈性，我們的商業管道正在成長。我們預計一些需求阻力將持續到 2024 年。但我們相信，隨著經營環境的反彈，我們正在贏得市場份額，並將成為一家更強大的公司。

As we look to the rest of 2024, we expect the operating environment to remain uncertain, but we plan to achieve growth, nonetheless. Accordingly, we have constructed a strategy to not only drive expansion in 2024, but to position Snap One to transform the industry and win market share in the years to come. To achieve this, we are executing on several strategies, including, we're expanding our share of wallet with existing integrators through the further adoption of our ecosystems and product categories, the introduction of innovative new products and the expansion of our local branch footprint. We're elevating the end consumer experience by offering cutting-edge support services such as Control4 Connect and Control4 Assist that will align the industry in a way that benefits the end consumer and ultimately increases the demand for our products.

展望 2024 年剩餘時間，我們預期營運環境仍不確定，但我們仍計劃實現成長。因此，我們制定了一項策略，不僅要在 2024 年推動擴張，還要讓 Snap One 在未來幾年實現產業轉型並贏得市場份額。為了實現這一目標，我們正在執行多項策略，包括透過進一步採用我們的生態系統和產品類別、推出創新的新產品以及擴大我們的本地分支機構足跡，擴大我們在現有整合商中的份額。我們透過提供 Control4 Connect 和 Control4 Assist 等尖端支援服務來提升最終消費者體驗，這些服務將以有利於最終消費者的方式調整產業，並最終增加對我們產品的需求。

We're growing beyond our core business, especially in commercial markets, as we work to drive outsized growth by introducing new products and solutions in the near term. We're driving operational efficiency and scale by expanding our profitability, continuing to optimize our inventory position, and investing in our infrastructure.

我們正在超越我們的核心業務，特別是在商業市場，因為我們致力於透過在短期內推出新產品和解決方案來推動超額成長。我們透過擴大獲利能力、持續優化庫存狀況以及投資基礎設施來提高營運效率和規模。

And finally, we're bolstering our own foundation by maintaining a strong employee engagement with the best team in the industry and making it easy for integrators to buy from us week after week through whatever channel they prefer.

最後，我們透過與業內最好的團隊保持強大的員工參與度來鞏固我們自己的基礎，並使整合商可以輕鬆地透過他們喜歡的任何管道每週從我們這裡購買。

With that I'll turn the call over to Mike Carlet, our CFO, to discuss the fourth quarter and full year results and 2024 outlook in greater detail. Mike?

接下來，我將把電話轉給我們的財務長 Mike Carlet，更詳細地討論第四季度和全年業績以及 2024 年前景。麥克風？

Thanks, John. I'll start with talking about our financial results for the fourth quarter and the full year ended December 29, 2023.

謝謝，約翰。我先談談我們截至 2023 年 12 月 29 日的第四季和全年的財務表現。

Net sales in the fiscal fourth quarter decreased 1.4% to $264.4 million, down from $268.2 million in the comparable year-ago period. For the full year ended December 29, 2023, net sales decreased 5.6% to $1.06 billion from $1.12 billion in the year ago period.

第四財季淨銷售額下降 1.4%，至 2.644 億美元，低於去年同期的 2.682 億美元。截至 2023 年 12 月 29 日的全年，淨銷售額從去年同期的 11.2 億美元下降 5.6% 至 10.6 億美元。

As John alluded to earlier, our data show that integrator has been working through their elevated inventory since their levels peak around mid-2022. And our data now indicates that our partners' inventory levels largely flattened in Q4. Even though our channel inventory remains slightly elevated from the pre-2022 levels, our data suggests we reached a new normal and while destocking did serve as a notable headwind to sales in 2023, do not expect to see major stocking or destocking activity going forward.

正如約翰之前提到的，我們的數據顯示，自從庫存水準在 2022 年中期左右達到高峰以來，整合商一直在努力解決庫存增加的問題。現在我們的數據表明，我們合作夥伴的庫存水準在第四季度基本上持平。儘管我們的通路庫存仍較2022 年之前的水平略有上升，但我們的數據表明我們已達到新常態，雖然去庫存確實對2023 年的銷售構成了顯著的阻力，但預計未來不會出現重大庫存或去庫存活動。

Our selling, general and administrative expenses in our fiscal fourth quarter increased 6.2% to $88.2 million or 33.4% of net sales from $83 million or 31% of net sales in the comparable year-ago period. The increase in SG&A expenses was primarily attributable to our long-term strategic growth investments, costs associated with local branch openings in the past year, and a change in fair value adjustment to contingent consideration. This was partially offset by a decrease in acquisition and integration related costs.

我們第四財季的銷售、一般和管理費用成長了 6.2%，達到 8,820 萬美元，佔淨銷售額的 33.4%，而去年同期為 8,300 萬美元，佔淨銷售額的 31%。SG＆A費用的增加主要歸因於我們的長期策略成長投資、過去一年開設當地分支機構的相關成本以及或有代價的公允價值調整的變化。這被收購和整合相關成本的減少部分抵消。

For the full year 2023, SG&A expenses increased 1.6% to $359.8 million or 33.9% of net sales, up from $354.3 million or 31.5% of net sales in the comparable year-ago period. The increase in SG&A expenses was attributable in part to a change in fair value adjustments to contingent value rights and the costs associated with opening local branches in the past year, again partially offset by a decrease in provisions for credit losses on notes receivable.

2023 年全年，SG&A 費用成長 1.6%，達到 3.598 億美元，佔淨銷售額的 33.9%，高於去年同期的 3.543 億美元，佔淨銷售額的 31.5%。SG&A費用的增加部分歸因於去年或有價值權利的公允價值調整以及與開設當地分支機構相關的成本的變化，但又被應收票據信用損失撥備的減少所部分抵消。

Our net loss of $5.8 million in the fourth quarter compared to a net loss of $4.1 million in the comparable year ago period. And for the full year, our net loss totalled $21.4 million compared to a net loss of $8.7 million in the comparable year-ago period.

我們第四季的淨虧損為 580 萬美元，而去年同期的淨虧損為 410 萬美元。全年淨虧損總計 2,140 萬美元，去年同期淨虧損為 870 萬美元。

Contribution margin, a non-GAAP measurement of operating performance increased 4.3% to $110.3 million or 41.7% of net sales in the fiscal fourth quarter, up from $105.8 million or 39.4% of net sales in the comparable year-ago period.

第四財季的貢獻利潤率（非公認會計準則衡量經營績效的指標）成長了4.3%，達到1.103 億美元，佔淨銷售額的41.7%，高於去年同期的1.058 億美元，佔淨銷售額的39.4%。

Contribution margin as a percentage of net sales increased largely due to continued momentum from our supply chain cost management initiatives, driven by our teams as well as a modest impact from cumulative price adjustments we took in the last 12 months. This was partially offset by a lower proprietary product mix, which was largely driven by new local branch openings and incremental brand assortment of third-party products.

邊際貢獻佔淨銷售額的百分比增加，這主要是由於我們團隊推動的供應鏈成本管理措施的持續勢頭，以及我們在過去 12 個月中進行的累積價格調整的適度影響。這被較低的專有產品組合所部分抵消，這主要是由新的本地分支機構開設和第三方產品品牌種類的增加所推動的。

For the full year 2023, contribution margin increased 1.4% to $447.3 million or 42.2% of net sales from 44 -- $441.2 million or 39.3% of net sales in the comparable year ago period. Contribution margin as a percentage of net sales increased largely due to the cumulative impact of price adjustments taken in the last 12 months as well as the execution of the supply chain cost management initiatives, which drove input cost efficiencies. Again, this was partially offset by lower proprietary product mix.

2023 年全年，邊際貢獻率從去年同期的 44 - 4.412 億美元（佔淨銷售額的 39.3%）增長 1.4% 至 4.473 億美元（佔淨銷售額的 42.2%）。邊際貢獻佔淨銷售額的百分比增加，主要是由於過去 12 個月價格調整的累積影響以及供應鏈成本管理措施的執行，從而提高了投入成本效率。同樣，這被較低的專有產品組合所部分抵消。

For the full year 2023, third party product sales represented 34.1% of net sales compared to 32.2% in the comparable year ago period. Adjusted EBITDA, a non-GAAP measurement of operating performance increased 10.7% to $29.8 million or 11.3% of net sales in the fourth quarter compared to 26.9 million or 10% of net sales in the comparable year-ago period. And adjusted EBITDA for the full year in 2023 increased 2.7% to $117.2 million or 11% of net sales compared to $114.1 million or 10.2% of net sales in the comparable year-ago period. These increases were primarily attributable to the strong contribution margin rate expansion, partially offset by the net sales decline and the increase in SG&A expenses.

2023 年全年，第三方產品銷售額佔淨銷售額的 34.1%，去年同期為 32.2%。調整後 EBITDA（非 GAAP 經營業績衡量標準）成長了 10.7%，達到 2,980 萬美元，佔第四季淨銷售額的 11.3%，而去年同期為 2,690 萬美元，佔淨銷售額的 10%。2023 年全年調整後 EBITDA 成長 2.7%，達到 1.172 億美元，佔淨銷售額的 11%，去年同期為 1.141 億美元，佔淨銷售額的 10.2%。這些成長主要歸因於貢獻邊際率的強勁擴張，但部分被淨銷售額下降和銷售、管理及行政費用增加所抵銷。

Adjusted net income, a non-GAAP measurement of operating performance increased to $11.2 million or 4.3% of net sales in the fourth quarter from $10.5 million or 3.9% of net sales in the comparable year-ago period. Adjusted net income a non-GAAP measurement of operating performance decreased to $40.3 million or 3.8% of net sales in the full year 2023 from $52.6 million or 4.7% of net sales in the year ago period.

第四季調整後淨利（非公認會計原則衡量經營績效的指標）從去年同期的 1,050 萬美元（佔淨銷售額的 3.9%）增至 1,120 萬美元（佔淨銷售額的 4.3%）。調整後淨利（非 GAAP 經營績效衡量標準）從去年同期的 5,260 萬美元（佔淨銷售額的 4.7%）降至 4,030 萬美元，佔 2023 年全年淨銷售額的 3.8%。

Free cash flow, a non-GAAP measurement of operating performance totalled $66.5 million in the full year ended December 29, 2023, compared to a negative $44.6 million in the comparable year ago period. This year-over-year significant increase in free cash flow was primarily attributable to the progress we made towards reducing our inventory levels.

截至 2023 年 12 月 29 日止的全年，自由現金流（非公認會計原則衡量經營績效的指標）總計 6,650 萬美元，而上年同期為負 4,460 萬美元。自由現金流較去年大幅成長主要歸功於我們在降低庫存水準方面取得的進展。

We ended the year with $268.8 million in inventory, which overachieved against our stated inventory goal of $275 million. This contributed to our ability to fully pay down our revolver and build $156 million in total liquidity at the end of 2023, including cash and cash equivalents of $61 million and undrawn revolver capacity of $95 million. As a reminder, a portion of this excess liquidity will be utilized in Q1 for annual payments related to the TRA, the employee incentive plan, and for the general seasonality of the business. But overall, we are pleased with the current liquidity position of the company and the operational flexibility that it provides.

年底，我們的庫存為 2.688 億美元，超出了我們既定的 2.75 億美元的庫存目標。這有助於我們在 2023 年底全額償還循環資金並建立 1.56 億美元的總流動性，其中包括 6,100 萬美元的現金和現金等價物以及 9,500 萬美元的未提取循環資金能力。需要提醒的是，部分過剩流動性將在第一季用於與 TRA、員工激勵計劃以及業務的一般季節性相關的年度付款。但總的來說，我們對公司目前的流動性狀況及其提供的營運彈性感到滿意。

As mentioned last quarter, in the context of our capital allocation policy, our Board extended the current share repurchase program by one year to December 31, 2024. As a reminder, the Board previously authorized up to [25 million] of share repurchases, of which the company has executed approximately $3.1 million to date. With this extension, and we will continue to evaluate share repurchases in line with our capital allocation strategy.

如上季所提到的，在我們的資本配置政策的背景下，我們的董事會將目前的股票回購計畫延長一年至 2024 年 12 月 31 日。需要提醒的是，董事會先前授權最多 [2,500 萬] 股回購，公司迄今已執行約 310 萬美元。透過此次延期，我們將繼續根據我們的資本配置策略評估股票回購。

In addition to the financial metrics that we've reported to date. We have a few key performance indicators that are intended to provide enhanced visibility into key operating metrics. These KPIs are related to the count of transacting domestic integrators in the spend per transacting domestic integrator. We will continue to present these metrics annually on a fiscal year basis. In fiscal year 2023, we transact with approximately 19,700 domestic integrators on average spent $45,900. On a year-over-year basis, the number of transaction domestic integrators increased by 0.5%, while spend per transacting integrator decreased 4.4% as integrators destock their inventory position.

除了我們迄今為止報告的財務指標之外。我們有一些關鍵績效指標，旨在增強對關鍵營運指標的可見度。這些 KPI 與每個國內交易整合商的支出中國內交易整合商的計數相關。我們將繼續每年在財政年度的基礎上提供這些指標。2023 財年，我們與約 19,700 家國內整合商進行交易，平均花費 45,900 美元。與去年同期相比，國內交易整合商數量增加了 0.5%，而每個交易整合商的支出則因整合商去庫存而下降了 4.4%。

Finally, before I turn the call back over to John, I'll take just a few minutes to provide our financial outlook for fiscal '24. As a reminder, Snap One provides annual guidance for net sales as well as adjusted EBITDA. As we believe these metrics to be key indicators of the overall performance of our business.

最後，在我將電話轉回給 John 之前，我將花幾分鐘時間介紹我們對 24 財年的財務展望。提醒一下，Snap One 提供年度淨銷售指引以及調整後的 EBITDA。因為我們相信這些指標是我們業務整體績效的關鍵指標。

Our '24 guidance considers our full 2023 performance and our conviction in the multifaceted growth strategy we have built, while also confronting the continued market uncertainty and we believe will persist for much of 2024. We expect net sales in the fiscal year ending December 27, 2024, to range between $1.06 billion and $1.13 billion, which would represent a range of flat year-over-year performance to an increase of 6.5% on an as-reported basis.

我們的'24 指引考慮了我們2023 年的全部業績以及我們對所建立的多方面增長戰略的信念，同時也面臨著持續的市場不確定性，我們相信這種不確定性將持續到2024 年的大部分時間。我們預計截至 2024 年 12 月 27 日的財年淨銷售額將在 10.6 億美元至 11.3 億美元之間，這將代表同比業績持平至按報告計算增長 6.5%。

We believe the primary factors contributing to this '24 to sales change to be A, excluding the impacts of channel inventory, we expect net sales to range from a decrease of 0.5% to an increase of 2%. This for us performance reflects a market driven change in sales volume, partially offset by growth from continued ramp of local branches over the past year as well as very modest pricing actions.

我們認為造成24年銷售變化的主要因素是A，排除通路庫存的影響，我們預期淨銷售額將下降0.5%至成長2%。對我們來說，這項業績反映了市場驅動的銷售變化，部分被過去一年當地分公司持續成長以及非常溫和的定價行動所抵銷。

And we expect a 4% to 5% tailwind from channel inventory as we lap the channel destocking that occurred over the previous year. We expect adjusted EBITDA in 2024 to range between $120 million and $128 million, representing an increase of 2.4% to 9.2% compared to the prior fiscal year on as reported basis. Our adjusted EBITDA guidance reflects our ongoing commitment to drive additional adjusted EBITDA margin expansion. We expect to achieve this both through continued contribution margin momentum stemming from our supply chain efficiencies as well as continued disciplined operating expense management.

隨著去年通路去庫存的結束，我們預計通路庫存將帶來 4% 至 5% 的推動力。我們預計 2024 年調整後 EBITDA 將在 1.2 億美元至 1.28 億美元之間，與上一財年報告的基礎相比增長 2.4% 至 9.2%。我們調整後的 EBITDA 指引反映了我們對推動額外調整後 EBITDA 利潤率擴張的持續承諾。我們希望透過供應鏈效率帶來的持續貢獻利潤率動力以及持續嚴格的營運費用管理來實現這一目標。

Finally, as we think about our 2024 seasonal trends, when we look at the external demand factors, prevailing data continues to indicate slow activity across the housing industry. It appears that this dynamic will likely continue at least through the first half of 2024, with some reports indicating a return to growth in the second half of the year. Based on this sentiment as well as some of our own internal information, we would expect to see sales trending more strongly in the back half of the year.

最後，當我們思考 2024 年季節性趨勢時，當我們考慮外部需求因素時，現行數據繼續顯示整個房地產行業的活動緩慢。這種動態似乎至少會持續到 2024 年上半年，一些報告顯示下半年將恢復成長。根據這種情緒以及我們自己的一些內部消息，我們預計今年下半年的銷售趨勢將更加強勁。

As previously mentioned, we believe our integrator customers have reached a new steady-state level of inventory do not expect changes in inventory carried by our customers to have a material impact on our 2024 results. But as our 2023 results include the headwinds of destocking activity, this serves as a source of year-over-year growth in 2024. More specifically, we believe the bulk of the sell-down occurred in the middle of '23 with the most majority of this benefit to be seen in second quarter and third quarter 2024.

如前所述，我們相信我們的整合商客戶的庫存已達到新的穩態水平，預計我們的客戶庫存變化不會對我們 2024 年的業績產生重大影響。但由於我們 2023 年的業績包括去庫存活動的不利因素，這將成為 2024 年同比增長的來源。更具體地說，我們認為大部分拋售發生在 23 年中期，其中大部分收益將在 2024 年第二季和第三季看到。

That completes my summary. I'll now turn the call back over to John for a few more comments. John?

我的總結到此結束。現在我將把電話轉回約翰以徵求更多意見。約翰？

Thanks, Mike. A few closing thoughts before we hit Q&A. First, we are really proud of our team's ability to grow adjusted EBITDA compared to last year and expand our operating margins despite the headwinds the industry faced. And we remain confident in our expectations for consistent long-term growth. This year, we made strong gains in our contribution margin as costs related to the supply chain alleviated. And additionally, we executed on our operating margin expansion plan, and we intend to make more progress in the coming year.

謝謝，麥克。在我們進行問答之前，有一些結束語。首先，儘管產業面臨逆風，但我們的團隊仍能夠比去年成長調整後的 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。今年，隨著供應鏈相關成本的減輕，我們的邊際貢獻大幅成長。此外，我們也執行了營業利潤率擴張計劃，並打算在未來一年取得更多進展。

Second, we remain committed to our overarching strategy. This includes growth via new proprietary product launches, market-leading service, expansion in our growth markets such as commercial, and additional local branch offerings -- openings, excuse me. As I mentioned previously, we're also very excited about our transformational software investments as seen through our Control4 Connect and Control4 Assist offerings. Even in an uncertain operating environment, we continue to strive to be the one partner that our integrators trust to support and grow their businesses.

其次，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、市場領先的服務、商業等成長市場的擴張以及額外的本地分支機構產品（對不起，是空缺）來實現成長。正如我之前提到的，我們對我們的轉型軟體投資也感到非常興奮，從我們的 Control4 Connect 和 Control4 Assist 產品中可以看出。即使在不確定的營運環境中，我們也會繼續努力成為整合商信任的合作夥伴，以支援和發展他們的業務。

And third and finally, as I've said before, we believe that all homes and 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 end customer, more capacity for the integrator and growth for Snap One in a way that increases operating margins over time. We remain highly confident in our operating model and believe that our resilient integration partners, our diversified business model, and consistently strong execution position us to prosper in a dynamic macro environment. At Snap One, we believe that our time is now and we are excited to implement our vision for 2024 and beyond.

第三，也是最後，正如我之前所說，我們相信所有家庭和企業在未來十年都將變得更加智能，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。我們對規模和平台進行了投資，這些投資將為最終客戶提供更好的解決方案，為整合商提供更大的容量，並以隨著時間的推移提高營運利潤的方式推動 Snap One 的成長。我們對我們的營運模式仍然充滿信心，並相信我們富有彈性的整合合作夥伴、多元化的業務模式以及一貫強大的執行力使我們能夠在動態的宏觀環境中蓬勃發展。在 Snap One，我們相信現在正是我們的時機，我們很高興能夠實現 2024 年及以後的願景。

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

那麼，諾瑪，請開始問答電話。

(Operator Instructions) Erik Woodring, Morgan Stanley.

（操作指示）Erik Woodring，摩根士丹利。

Hey guys. Thank you very much for taking my questions. I just have two, maybe just on the -- maybe the first one is just kind of high level we went through how you were and how many integrators and spend for integrator trended in 2023. Can you just give us a bit of detail on how you expect that to trend in 2024 and how you expect that to care compared to the broader industry, meaning how much share do you expect to gain or lose and why that might be? And then I have a follow-up, please. Thank you.

大家好。非常感謝您回答我的問題。我只有兩個，也許只是 - 也許第一個只是我們了解您的情況以及 2023 年有多少整合商和整合商支出趨勢的高水平。您能否向我們提供一些詳細信息，說明您預計2024 年的趨勢如何，以及與更廣泛的行業相比，您預計該趨勢如何，這意味著您預計會獲得或失去多少份額，以及為什麼會出現這種情況？然後我有一個後續行動，請。謝謝。

Sure, Erik. I'll jump on that. How're you doing? I think as we think about our guidance for this year and the components of it, we would expect our integrator count in 2024 to be relatively consistent with 2023, our focus is to go into 2024 is on the launch of Control4 Connect and Assist, as John talked about is on the platform adoption activities that we have.

當然，埃里克。我會跳下去。你怎麼樣？我認為，當我們考慮今年的指導及其組成部分時，我們預計 2024 年的整合商數量將與 2023 年相對一致，我們進入 2024 年的重點是推出 Control4 Connect 和 Assist，因為約翰談到的是我們的平台採用活動。

We obviously are continuing to add integrators all the time, but obviously some folks who are out of business every year, there's some turnaround that generally when people start buying from us, we retain them for the life of their business. But right now, we would expect the majority of our growth come more from share of wallet activities and platform adoption activities that we're driving.

顯然，我們一直在繼續增加整合商，但顯然每年都有一些人倒閉，通常當人們開始從我們這裡購買時，我們會在他們的業務生命週期中保留他們。但目前，我們預計我們的大部分成長更多來自我們推動的錢包活動和平台採用活動的份額。

So if we really think about our guidance for next year, there's really three components of it. There's what's the market going to do? What is the platform adoption chart, while we're going to do, and what's the channel inventory impacts.

因此，如果我們真正考慮明年的指導，它實際上由三個組成部分組成。市場要做什麼？我們將要做什麼，平台採用率圖表是什麼，以及通路庫存的影響是什麼。

Channel inventory is 4% to 5%. As we think about what happened last year, that's a pretty notable number to us. We're testing what the market's going to do, and right now, the market looks like, it's a bit challenging. And so we're predicting the market to be for the year anywhere from you know, flattish to down 5% is our best guess. But the further out you go, the more we're guessing at that as we think about the end of the year, and trying to predict the housing market and the remodel market.

渠道庫存為4%~5%。當我們思考去年發生的事情時，這對我們來說是一個非常值得注意的數字。我們正在測試市場將會做什麼，目前市場看起來有點具有挑戰性。因此，我們預測今年的市場走勢，我們最好的猜測是持平或下跌 5%。但越遠，當我們考慮到年底並試圖預測房屋市場和改造市場時，我們對此的猜測就越多。

And then we think we have confidence in our opportunity to grow share of wallet and market share, the data that we get from talking to industry buying groups from interacting with our customers from thinking about whole information and how we show up on that continues to indicate that we are growing share. And so we continue to expect to see that happen. However, we're not talking about significant share gain. That's a couple of points of growth, which drives the spread of performance that we're forecasting for next year.

然後，我們認為我們對增加錢包份額和市場份額的機會充滿信心，我們透過與行業採購團體交談、與客戶互動、思考整個資訊以及我們如何表現而獲得的數據繼續表明我們的份額正在不斷增長。因此，我們繼續期望看到這種情況發生。然而，我們並不是談論顯著的份額成長。這是幾個成長點，推動了我們預測明年的業績分佈。

Hey, Mike, let me just add to that before, Erik, as his follow-up question. Erik, we came out of a period of time where we were significantly constrained on certain products from an inventory standpoint, as you know. And I think that at the same time, we were delivering a lot of product innovation, especially during 2024 or 2023 as componentry eased up.

嘿，麥克，讓我補充一下，艾瑞克，作為他的後續問題。艾瑞克，如你所知，從庫存的角度來看，我們經歷了一段時期，某些產品受到嚴重限制。我認為，與此同時，我們正在提供大量產品創新，特別是在 2024 年或 2023 年，隨著零件的減少。

And one of the things we are very focused on now is we have 20,000 integration partners, but there is a segment of them who are fully adopted in our ecosystems and understand how that drives more profitability for them and a better experience for the end customer. And so to the number of integrators, we're looking to add this year, we're certainly continuing to add integrators. But I would say our focus has shifted to with the products we now have and the inventory availability easing up to driving share of wallet. And we're doing that in a number of ways, and we're starting to see some success. So that will be something we continue to talk about this year with you all.

我們現在非常關注的一件事是，我們擁有20,000 個整合合作夥伴，但其中一部分已經完全融入我們的生態系統，並了解如何為他們帶來更多利潤並為最終客戶帶來更好的體驗。因此，就整合商的數量而言，我們希望今年增加，而且我們肯定會繼續增加整合商。但我想說，我們的重點已經轉移到我們現在擁有的產品上，庫存可用性逐漸提高，以提高錢包份額。我們正在透過多種方式做到這一點，我們開始看到一些成功。因此，這將是我們今年繼續與大家討論的議題。

Thank you and take your follow-up.

謝謝您並採取後續行動。

No, that's very fair. Thank you for all that detail. I guess the second question was just on -- some of the drivers of your contribution margin. Obviously, this year, some really nice improvements that you made on supply chain, cost management initiatives. Obviously, pricing actions had a pretty significant on contribution margins in 2023. Can you just help us understand some of those factors and how they relate to contribution margins in 2024? Just so we can kind of understand the shape of the curve between operating leverage and contribution margin expansion as you get to kind of operate it -- as you get to that EBITDA guidance that you provided for us. And that's it for me. Thank you so much.

不，這很公平。謝謝你提供的所有細節。我想第二個問題是關於邊際貢獻的一些驅動因素。顯然，今年你們在供應鏈、成本管理計畫方面做了一些非常好的改進。顯然，定價行為對 2023 年的邊際貢獻有相當大的影響。您能否幫助我們了解其中一些因素以及它們與 2024 年邊際貢獻的關係？這樣我們就可以在您開始操作時了解營運槓桿和貢獻邊際擴張之間的曲線形狀 - 當您獲得您為我們提供的 EBITDA 指導時。對我來說就是這樣。太感謝了。

Mike?

麥克風？

Thanks, Erik. Yeah, we don't guide to the contribution number specifically. If you think about last year, pricing was an overall 3% growth last year. Year over year, we actually have done very little pricing in '23. Most of the pricing impacts in '23 record carryover from late '22 pricing actions, and we expect minimal pricing action in '24. We announced about 1% blended price change that some SKUs that will have some SKUs going down. But overall, it was 1% which went into effect in January. And as of now, we don't -- we're not thinking about additional pricing action this year. We'll always be thinking about it based on market conditions that are out there. So pricing is a small component of it really.

謝謝，埃里克。是的，我們不會具體指導貢獻號。如果你想想去年，去年的價格整體成長了 3%。與去年同期相比，我們實際上在 23 年幾乎沒有進行定價。23 年的大部分定價影響創紀錄地延續了 22 年末的定價行動，我們預計 24 年的定價行動將很少。我們宣布了約 1% 的混合價格變化，部分 SKU 將會下降。但總體而言，一月份生效的稅率為 1%。截至目前，我們不考慮今年採取額外的定價行動。我們將始終根據現有的市場狀況來考慮它。所以定價其實只是其中的一小部分。

Having said all that, we do expect contribution margin to continue to grow. Our team has been doing lots of work from a sourcing standpoint with our suppliers, driving cost down, driving efficiency across the supply chain. And we do expect to see continued contribution margin expansion as we go forward.

話雖如此，我們確實預期邊際貢獻率將持續成長。我們的團隊從採購的角度與供應商一起做了大量工作，降低成本，並提高整個供應鏈的效率。我們確實預計隨著我們的發展，貢獻率將持續擴大。

Great. Thank you so much for the color, guys.

偉大的。非常感謝你們的顏色，夥計們。

Thanks, Erik.

謝謝，埃里克。

(Operator Instructions) Cory Carpenter, JPMorgan.

（操作員指示）Cory Carpenter，摩根大通。

Hey, good afternoon. I wanted to ask on the recent software product launches. I'm hoping you could expand a bit on the early reception you're seeing. And then maybe more specifically what you're building into the guide around adoption and monetization as we progress through the year? Thank you.

嘿，下午好。我想詢問最近發布的軟體產品。我希望您能對您所看到的早期接待情況進行一些擴展。然後，也許更具體地說，隨著我們今年的進展，您在採用和貨幣化指南中建立了哪些內容？謝謝。

Well, we kicked off the launch, Cory, with Summit, where we invited some of our top Control4 customers, when I say some hundreds and we spent two to three days with them. This, of course, was after a pilot period beta, if you will, with tens of them. And it's also on top of the experience we've had with hundreds of Parasol partners and over 100,000 4Sight subscribers.

好吧，科里，我們與 Summit 一起啟動了發布會，我們邀請了一些 Control4 的頂級客戶，我說的是數百個，我們與他們一起度過了兩到三天。當然，這是在經過數十個測試期測試之後的結果。這也是我們與數百家 Parasol 合作夥伴和超過 100,000 名 4Sight 訂閱者所獲得的經驗的基礎。

And I think you know, the announcement was quite notable in the industry and I think it met with great press coverage, maybe with the exception of one a columnist and inside our Summit the response was fantastic. I couldn't literally not have been more pleased and I'm an optimist. And when we did the survey afterwards, the sentiment on those who attended the reception was staggering.

我想你知道，這一消息在業內非常引人注目，我認為它得到了媒體的廣泛報道，也許除了一位專欄作家之外，在我們的峰會上，反響非常好。我真的非常高興，而且我是一個樂觀主義者。當我們事後進行調查時，參加招待會的人的情緒令人震驚。

And while we had a -- you know, the subscription offering for the software was mandatory the assist, the support offering where dealers may or may not pride themselves on the level of service, they provide the end customer. It was amazing to me like people really see that as a way to provide their end customer with more service and they can't do it themselves. They just don't have the manpower to staff seven days a week, 24 hours a day. And so we we're quite pleased with that sales sentiment. So we had the top couple of hundred Control4 partners, but there's over 3,000 Control4 partners who weren't at the event. The sentiment from our sales force post event has been exceptionally strong. There's always net pickers out there in terms of social media and so forth, but we continue to educate them and what's been really interesting is watching other dealers educate the net pickers, if you will.

雖然我們有一個——你知道，軟體的訂閱服務是強制性的，但經銷商可能會或可能不會為最終客戶提供的服務等級感到自豪，但支援服務是強制性的。讓我感到驚訝的是，人們真的認為這是為最終客戶提供更多服務的一種方式，而他們自己卻做不到。他們只是沒有足夠的人力來每週 7 天、每天 24 小時工作。因此，我們對這種銷售情緒非常滿意。我們擁有前幾百名 Control4 合作夥伴，但還有 3,000 多名 Control4 合作夥伴沒有參與活動。活動結束後，我們銷售人員的情緒異常強烈。在社交媒體等方面總是有網路拾取者，但我們繼續教育他們，真正有趣的是觀看其他經銷商教育網路拾取者，如果你願意的話。

So we have strong conviction. We're starting to see it in the numbers, by the way, like to even though it's not required today, it's not required till the end of April. We're giving the market some time to absorb this and teach their salespeople about it, et cetera. Literally the first week after the summer, we started seeing subscribers come online. The pace of the subscribers coming online is increasing. It won't really turn upwards in my mind until it becomes mandatory.

所以我們有堅定的信念。順便說一句，我們開始在數字中看到它，儘管今天不需要，但直到四月底才需要。我們給市場一些時間來吸收這一點並向他們的銷售人員傳授相關知識等等。從字面上看，夏季過後的第一周，我們開始看到訂閱者上線。訂閱者上網的速度正在加快。直到它變成強制性的，它才會真正在我的腦海中轉變。

What we have done in terms of our own guidance to the street, is we've been conservative. We are only launching this inside the US. It's not being launched outside the US right now. We are inside our models. We are assuming that with the launch we'll have around -- these are round numbers, you know, 15,000 to 20,000 subscribers for our Connect offering by the end of the year. So that will start to really ramp in May. We'll be able to talk to you more about that after the second quarter.

就我們自己對街頭的指導而言，我們所做的是保守的。我們僅在美國境內推出此產品。目前尚未在美國以外地區推出。我們在我們的模型中。我們假設，隨著推出，到今年年底，我們的 Connect 產品將擁有約 15,000 至 20,000 名訂戶，這些都是整數。因此，這將在五月開始真正增加。我們將在第二季之後與您詳細討論這個問題。

We're modelling the Assist and Assist premium. Those are the two levels of support to have a much lower attach rate for them, less than 10% of the subscribers. I think, well, I'm expecting to see some upside there. By early next year, so that's how this will ramp this year. So kind of our exit run rate, we're anticipating to be in the high teens to 20,000 subscribers. That translates, by the way, when you add it all up to recognized revenue because there's a difference between booked revenue versus recognized revenue because they don't start paying until the systems installed. And so this year, we expect to have a fairly small amount of recognized revenue, roughly $2 million, but that increases quite significantly next year into the tens of millions as the installed base grows and we make this available outside the United States.

我們正在對協助和協助溢價進行建模。在這兩個級別的支持下，他們的附加率要低得多，不到訂戶的 10%。我想，嗯，我期待看到一些好處。到明年初，這就是今年的成長方式。從我們的退出率來看，我們預計訂戶數量將在十幾到 20,000 之間。順便說一句，當您將其全部添加到已確認收入時，這會轉化為，因為預訂收入與已確認收入之間存在差異，因為它們在系統安裝後才開始付款。因此，今年，我們預計確認收入相當少，約為 200 萬美元，但隨著安裝基礎的增長，明年這一收入將大幅增加，達到數千萬美元，並且我們將在美國境外提供此服務。

So to sum it all up, I would say high teens to about 20,000 subscribers this year. Think about that growing 50,000-plus subscribers a year. The mandatory offering of $250 a year should be applied to those numbers. The integrator, share of percentage of that, roughly 40% of the Connect fee and 30% of the Assist fees since we do work, more work with we've mend the phones there. Those offerings cost 900 service offerings are either 900 or 3,000, depending on which service offering your elect. Those are all well tested price points in the market at this point now. And so that's how we build the model.

總而言之，我想說今年的訂戶數量約為 20,000 名。想想每年新增 5 萬多名訂戶。每年 250 美元的強制性捐款應適用於這些數字。整合商，其中的百分比，大約 40% 的連接費用和 30% 的協助費用，因為我們工作以來，我們在那裡修理了電話。這些產品的價格為 900，服務產品的價格為 900 或 3,000，具體取決於您選擇的服務產品。目前，這些都是經過市場檢驗的價格點。這就是我們建構模型的方式。

And so if you'll let me for a second, none of those numbers sound big when I start with $2 million this year. By the way, we do about $13 million right now with 4Sight and Parasol. So that would be $15 million total. But if you let yourself think out five years and you think about the history of our installed base and you apply very like less than 10% penetration of our service offerings Assist and you multiply every single one of our installs by $250 for Connect and you end up with somewhere around 270,000 subscribers in five years, and that drives roughly $95 million of revenue when you play our mix. That's all highly profitable recurring revenue.

因此，請允許我稍等一下，當我今年以 200 萬美元開始時，這些數字聽起來都不算什麼。順便說一句，我們現在透過 4Sight 和 Parasol 賺了大約 1300 萬美元。因此，總計為 1500 萬美元。但是，如果您讓自己考慮五年，並考慮我們的安裝基礎的歷史，並且您申請了我們的服務產品滲透率不到10% 的Assist，並且您將我們的每一個安裝乘以250 美元用於Connect，那麼您就結束了五年內大約有 270,000 名訂閱者，當您播放我們的作品時，這會帶來大約 9500 萬美元的收入。這都是高利潤的經常性收入。

And that does not include us creating an offering for the 500,000 or so installed base of existing Control4 customers that we would want to put on top of that 270,000. This is why we've invested, you know, well over $10 million over the past couple of years, building this. This is why we've been spending time with the 4Sight subscription product, the Parasol service product we think it can transform the P&L of our company, but we also think it can transform the P&L of every integrator out there who is trying to develop recurring revenues. I'll stop there.

這還不包括我們為 50 萬名左右的現有 Control4 客戶群創建的產品，而我們希望在這 27 萬名客戶的基礎上增加這項產品。這就是為什麼我們在過去幾年裡投資了超過 1000 萬美元來建造這個項目。這就是為什麼我們一直在 4Sight 訂閱產品、Parasol 服務產品上花費時間，我們認為它可以改變我們公司的損益，但我們也認為它可以改變每個試圖開發重複性產品的整合商的損益。收入。我就到此為止。

Great. Thank you. That was super comprehensive. Appreciate it.

偉大的。謝謝。那是超級全面的。欣賞它。

(Operator Instructions) Stephen Volkmann, Jefferies.

（操作員說明）Stephen Volkmann，Jefferies。

Great. Thanks, guys. John, that was very comprehensive and you mentioned strong margins on these recurring revenues. Is it reasonable to think of those as just kind of normal SaaS type margins, like 80% or something? Or would there be some other costs in there, we should just keep in mind?

偉大的。多謝你們。約翰，這非常全面，您提到了這些經常性收入的強勁利潤。將這些視為正常 SaaS 類型的利潤（例如 80% 之類的）是否合理？或者我們應該記住其中是否還有其他一些成本？

On, I think there's two different offerings. There's the Connect offering. And the way I would think about that model is -- of a $1 of revenue. We share a 40% with the integrator. So 60% goes to the bottom line. There's some costs against that, call it, 5% other variable costs. And so think of that as kind of a mid-50s margin product project -- product, excuse me. And then with the OP Assist offerings, I think of them similarly. But we have a smaller share for the integrator. They only get 30%, we get 70%, but we're still at mid-50s gross margins because we have to do some work there in terms of cost of sales, specifically labor. And so that's how you should think about it.

我認為有兩種不同的產品。有 Connect 產品。我對這個模型的看法是——收入為 1 美元。我們與整合商分享 40%。所以 60% 進入底線。有一些成本與之相對，稱之為 5% 其他變動成本。因此，請將此視為 50 年代中期的利潤產品項目 - 產品，請原諒。對於 OP Assist 產品，我也有類似的看法。但我們為整合商提供的份額較小。他們只獲得 30%，我們獲得 70%，但我們的毛利率仍處於 50 年代中期，因為我們必須在銷售成本（特別是勞動成本）方面做一些工作。所以這就是你應該如何思考的。

Super, thanks. And then maybe a little more granularly like your waterfall relative to contribution margin in the quarter, the 2.7% from various cost goodness, I guess. How should we think about that going forward? Is that sort of a catch-up and we're kind of done? Is there more you can do in that particular bucket of costs that we can expect going forward?

超級好，謝謝。然後，也許更細化一點，就像你的瀑布相對於本季貢獻利潤率的影響，我猜，來自各種成本優勢的 2.7%。未來我們該如何思考這個問題？這是一種追趕，我們就結束了嗎？在我們預期未來的特定成本方面，您還能做更多的事情嗎？

Yeah. Hey, Steve. If we're not done buying a stretch. I don't think we expect it to grow that much going forward. I think as you think about '23 versus '22, a lot of the waste that everybody was doing the system and sort of solved corrected, whether that's ocean transportation, some other things are out there. So part of that 2.7%, I think it's just something that everybody's experience as things have normalized, not to take credit for all the supply chain teams everywhere that have worked really hard to make that happen.

是的。嘿，史蒂夫。如果我們還沒買完延伸。我認為我們預計它未來不會成長那麼多。我認為，當你考慮到「23」與「22」時，每個人都在做系統並解決了很多浪費，並得到了糾正，無論是海洋運輸，還是其他一些事情。因此，對於這 2.7% 的一部分，我認為這只是每個人在事情正常化後所經歷的事情，而不是把功勞歸功於各地為實現這一目標而付出了巨大努力的所有供應鏈團隊。

As we go forward, we continue to have focus on driving additional incremental opportunities across the supply chain. And so we would say that we would expect, you know, 50 basis points type of improvement from additional cost activity as we go forward next year. That's a relatively conservative internal number that we have. I'll tell you our internal goals are higher than that. But I think as you think about our guidance, that's what we think is still out there from the efforts that we're putting forth that we can generate with hopefully upside from there. But, that's real activity from our team, that's not market activity or [correction]. It's really things that our teams are doing to drive effectiveness and efficiency in the supply chain.

隨著我們的前進，我們將繼續專注於在整個供應鏈中推動更多的增量機會。因此，我們會說，隨著明年的進展，我們預計額外成本活動將帶來 50 個基點的改善。這是我們擁有的一個相對保守的內部數字。我會告訴你我們的內在目標比這更高。但我認為，當你考慮我們的指導時，我們認為我們所付出的努力仍然存在，我們可以從那裡產生希望的上行空間。但是，這是我們團隊的真實活動，不是市場活動或[更正]。我們的團隊正在做的事情確實是為了提高供應鏈的有效性和效率。

Hey, just real quick. This is John, Steve. Our supply chain teams and our engineering teams now that all these componentry issues are out of the way are getting back to what they were doing before COVID and supply chain, which was figuring out how to take costs out of the products for the industry. Some of that will retain in terms of margin. Some of that will pass on to the industry in terms of price. But the amount of re-platforming that the company has done, engineering working with supply chain, and our purchasing operations. I think we'll continue to see benefit out of that. And I just want to call those efforts out of those teams.

嘿，真快。這是約翰，史蒂夫。現在，所有這些組件問題都已解決，我們的供應鏈團隊和工程團隊正在回到新冠疫情和供應鏈之前所做的事情，即找出如何降低行業產品成本的方法。其中一些將保留在利潤方面。其中一些會以價格的形式傳遞給行業。但公司已經完成的平台重組、與供應鏈的工程合作以及我們的採購業務。我認為我們將繼續看到從中受益。我只想呼籲這些團隊所做的努力。

Super. Okay, thanks. And then just a final quick one on 1P, 3P mix. Any visibility into that going forward?

極好的。好的謝謝。然後是最後一個 1P、3P 混合的快速播放。對未來有什麼了解嗎？

I think we expect two things to happen while on a like-for-like basis, we would expect the continue to see that repeat mix continue to be a slightly higher percentage of sales. It's going to grow 50 to 100 basis points more for the next couple of years. That's mostly driven by our local store openings. The mix of [local], as we add TVs and local stores will continue to drive that mix down. Right now I think for the year, we ended at about 66%. I know I put it earlier, I just don't have it right in front of me. But it's about 66%, proprietary product, which was, I think compared to close to 68% the year before. And I'd expect that to continue to slip down a little bit, offsetting that, as this RMR revenue grows, not this year. As John said, the impact of Control4 Connect and Assist is pretty minor this year. But going forward, as we think about ‘25 and beyond, that should offset that.

我認為我們預計會發生兩件事，而在同類基礎上，我們預計會繼續看到重複組合繼續佔銷售額的百分比略高。未來幾年它還將成長 50 到 100 個基點。這主要是由我們在當地開設的商店所推動的。隨著我們增加電視和本地商店，[本地]的組合將繼續降低這種組合。目前我認為今年的收盤率約為 66%。我知道我已經把它放在前面了，只是我沒有把它放在我面前。但大約 66% 是專有產品，我認為與前一年接近 68% 相比。我預計隨著 RMR 收入的增長（而不是今年），這一數字將繼續略有下降，從而抵消這一影響。正如 John 所說，Control4 Connect 和 Assist 今年的影響相當小。但展望未來，當我們考慮 25 歐元及以後時，這應該會抵消這一影響。

So after this year, our models say that the 1P, 3P mix should hold relatively flat with the incremental RMR offsetting whatever happens to multiple store openings and the introduction of 3P products on a sort of steady state basis. We might always do things in the future that would change that, but at least as we think about the current model, that's what we would expect in the future.

因此，今年之後，我們的模型表明，1P、3P 組合應該保持相對平穩，增量 RMR 抵消了在某種穩態基礎上開設多家商店和引入 3P 產品所發生的情況。我們可能總是在未來做一些會改變這種情況的事情，但至少當我們考慮當前的模型時，這就是我們對未來的期望。

Got it. Thanks so much. I'll pass it on.

知道了。非常感謝。我會把它傳遞下去。

Thanks, Steve.

謝謝，史蒂夫。

(Operator Instructions) Robert Jamieson, UBS.

（操作員說明）Robert Jamieson，UBS。

Thank you and congrats on the numbers today. Nice margin performance. One thing, how should we think about the physical store locations. I know you're pausing new openings, but you talked about transferring all the stores through a single operating system. Just curious what you think was there margin benefits that we should expect there?

謝謝你並祝賀今天的數字。利潤率表現良好。一件事，我們該如何考慮實體店選址。我知道您正在暫停新店開業，但您談到了透過單一作業系統轉移所有商店。只是好奇您認為我們應該期待那裡的利潤率收益如何？

There are some small operating margin benefits. If you think about what we've had to do over the last four years is we've been really operating almost six different platforms in the company, the old SnapAV platform, this old Control4 platform, and a platform for each one of the four legacy local businesses that we bought back in 2018 and 2019.

有一些小的營業利潤率收益。如果你想想過去四年我們必須做的事情，我們實際上在公司運營了幾乎六個不同的平台，舊的 SnapAV 平台，這個舊的 Control4 平台，以及四個平台中的每一個的平台我們在2018 年和2019 年回購了當地的傳統企業。

And, I can tell everybody we're two years into our five-year plan that existed pre-COVID and the whole COVID disruption, supply chain disruption causes us to go very consciously a lot slower on those things as we focused on, the supply chain and maintaining inventory for our suppliers and all the other things that, lots of folks in the world have had to do.

而且，我可以告訴大家，我們的五年計劃已經實施了兩年，該計劃在新冠疫情之前就已存在，而整個新冠疫情的破壞、供應鏈的破壞導致我們在專注於供應的那些事情上有意識地放慢了速度。為我們的供應商提供供應鏈和維護庫存，以及世界上許多人必須做的所有其他事情。

As we bring all those systems together, we've combined Control4 and Snap in the US into a single portal instance. We're in the process with about half of our local stores, as of this week, operating on our new platform. There's more conversions coming. We expect to have that done sometime around the middle of the year with all the stores.

當我們將所有這些系統整合在一起時，我們將美國的 Control4 和 Snap 合併到一個入口網站實例中。截至本週，我們正在與大約一半的當地商店在我們的新平台上運作。還有更多的轉換即將到來。我們預計將在今年年中的某個時候對所有商店完成這項工作。

That obviously provides effectiveness and efficiency where you don't have four different platforms that you're operating on. It's not a huge amount, maybe $1 million or $2 million on the bottom line by that effectiveness. But we do think going forward in the future, some of the soft benefits of having one system that's maintained, be able to be more consistent with our marketing messages, is all out there.

當您沒有四個不同的平台進行操作時，這顯然可以提供有效性和效率。這並不是一個巨大的數字，按照這種效果，底線可能是 100 萬或 200 萬美元。但我們確實認為，在未來，擁有一個維護的系統，能夠與我們的行銷訊息更加一致，所帶來的一些軟好處都是存在的。

And even in the future, we have more work to do. We have different international systems we have to continue to consolidate. There's some other things, that we have continue to think about from a platform standpoint. But this really gets a lot of the effectiveness of Snap and Control4 coming together in the local stores coming together.

即使在未來，我們還有更多的工作要做。我們有不同的國際體系，必須繼續鞏固。我們也從平台的角度繼續考慮其他一些事情。但這確實得到了 Snap 和 Control4 在當地商店中的結合帶來的許多效果。

That's great. Thank you very helpful.

那太棒了。謝謝你非常有幫助。

And then just a quick one on seasonality. I know you said embedded in the guidance that you expect second half to be stronger. Should we think about that more like if I'm looking back at history like 45% in the first half, 55% in second half. Is that kind of like fair to think about?

然後簡單介紹一下季節性。我知道您在指導中說過，您預計下半年會更加強勁。我們是否應該像回顧歷史一樣思考這個問題，例如上半場 45%，下半場 55%。這樣想公平嗎？

Yes, I think directionally, I don't have the quarters in front of me, but I think the issue really is this market activity. I think what we're saying is right now, the market continues to be a bit weak and we're continuing to capture share. And there's no expectation that the next two, three months, the market is going to see a dramatic turnaround. But I think there is optimism on the back half of the year. So there always is some seasonality in the business, which I think is usually again 46%, 47%, 45%, 46% of EBITDA as we go. There's impacts of local store openings as you go through the year and the timing of them that impacted as well. But I think this year is going to be even a little bit more dramatic just given the overall market activity that we're anticipating.

是的，我認為，從方向上講，我面前沒有季度，但我認為問題確實在於市場活動。我認為我們現在所說的是，市場仍然有點疲軟，我們正在繼續佔領份額。而且預計未來兩三個月市場不會出現戲劇性的轉變。但我認為今年下半年是樂觀的。因此，業務中總是存在一些季節性，我認為通常又是 EBITDA 的 46%、47%、45%、46%。一年中當地商店的開業會產生影響，開業時間也會產生影響。但我認為，考慮到我們預期的整體市場活動，今年的情況將會更加戲劇化。

Okay. That's great. Thank you very much. Appreciate it. I'll pass it back.

好的。那太棒了。非常感謝。欣賞它。我會把它傳回來。

(Operator Instructions) Adam Tindle, Raymond James.

（操作員說明）Adam Tindle、Raymond James。

Okay, thanks. Good afternoon. John, I wanted to return to the software platform release and that you went through a comprehensive overview. That was very helpful. So I wonder if you could just maybe touch on the discussions on the strategy. When we think about Snap One, it's a sizable upfront installation and adding a recurring fee on top, on one hand, it's probably a minor part of the materials based on the pricing that you're suggesting here. On the other hand, a lot of the customers are kind of expecting that pay that onetime large capital type purchase did not have an ongoing stream.

好的謝謝。午安.約翰，我想回到軟體平台版本，您已經進行了全面的概述。這非常有幫助。所以我想知道您是否可以談談有關該戰略的討論。當我們考慮 Snap One 時，它是一項相當大的前期安裝，並在頂部添加經常性費用，一方面，根據您在此處建議的定價，它可能只是材料的一小部分。另一方面，許多客戶都希望支付一次性大筆資金類型的購買費用，但沒有持續的資金流。

So I guess the question there would be when you analyse that, was there other models that you looked at to do this, whether it's maybe like a Tesla or somebody like that? And how did you come up with the pricing strategy? And the second piece would be you laid out a very strong case for this to become very material over time. I wonder how you think about perhaps even expanding that ARPU over time with additional features and maybe just take us through the roadmap on how that could become more material from an ARPU and feature standpoint. Thanks.

所以我想當你分析這一點時會出現一個問題，你是否考慮過其他模型來做到這一點，是否可能像特斯拉或類似的人？你們是如何制定定價策略的？第二部分是你提出了一個非常有力的案例，隨著時間的推移，它會變得非常重要。我想知道您如何看待隨著時間的推移甚至透過附加功能來擴展 ARPU，也許只是帶我們了解如何從 ARPU 和功能的角度變得更重要的路線圖。謝謝。

Hey, Adam, I want to just congratulate you. I think you squeezed a number of questions into their besides one, so well done. All very good questions by the way. We -- so yeah, our end customer typically pays a significant price for the acquisition cost of a system. We looked at this in detail and the prices do range by the way and for what we call very light systems, single room, the low number of devices, while there's a subscription for a Control4 Connect that subscription is actually free. Now that's a small number of our actual installs. But for the price-sensitive customer, there is a free solution. And what we would hope is that they step up into our more robust solutions over time.

嘿，亞當，我只想祝賀你。我認為您除了一個問題之外還提出了很多問題，做得很好。順便說一下，所有的問題都很好。我們－是的，我們的最終客戶通常會為系統的購買成本支付高昂的價格。我們詳細研究了這一點，順便說一下，價格確實有所不同，對於我們所說的非常輕型的系統、單間、設備數量較少的系統，雖然有一個Control4 Connect 的訂閱，但訂閱實際上是免費的。現在這只是我們實際安裝的一小部分。但對於價格敏感的客戶來說，有一個免費的解決方案。我們希望隨著時間的推移，他們能夠採用我們更強大的解決方案。

The other element of testing pricing was for the subscription. We have a product called 4Sight that over 100,000 customers use. We have historically charged the dealer around $130 a year for that product. The dealers then mark that product up and sell it to the end customer.

測試定價的另一個要素是訂閱。我們有一款名為 4Sight 的產品，有超過 10 萬名客戶使用。我們過去每年向經銷商收取該產品約 130 美元的費用。然後經銷商對該產品進行標記並將其出售給最終客戶。

So when we looked at what the price realization was at the end market level. We were able to get a good sense of willingness to pay and that number that $250 number felt, right. We looked at having pricing grid that was more or less than $250. We just decided to keep it simple part of the messaging then is with the homeowner where you're asking about willingness to pay is that if your providers not offering you this, that this is a system that runs on software and that the software helps the system improve over time.

因此，當我們查看終端市場水準的價格實現時。我們能夠很好地感受到支付意願，以及 250 美元的數字所感受到的數字，對吧。我們考慮了高於或低於 250 美元的定價表。我們只是決定保持訊息傳遞的簡單部分，然後是與房主詢問支付意願的部分，如果您的提供者不向您提供此服務，那麼這是一個在軟體上運行的系統，並且該軟體可以幫助系統隨著時間的推移而改進。

And this is the first time ever that a manufacturer is standing behind the software and committing to improve it. And the market will see notable improvements to the software this year, by the way. That we felt like why would you ever want to buy a system from someone who isn't charging you this fairly moderate fee to keep your system updated current in terms of all the number of integrations you have to do continuing to improve the security of your system, et cetera.

這是有史以​​來第一次有製造商支持該軟體並致力於改進它。順便說一句，今年市場將看到該軟體的顯著改進。我們認為，為什麼​​您會想從不向您收取相當適中費用的人那裡購買系統，以使您的系統在您必須進行的所有集成數量方面保持最新狀態，以繼續提高您的安全性系統等。

So that was how we addressed kind of the one-time or Tesla model or the model we ended up on with, which was Control4 Connect, which is kind of the annual $250. We did have to build a lot of plumbing into that system because our market is not a company -- is not used to doing recurring revenues. So we did build out the recurring revenue platform for the industry, and that includes billing the customer directly and sharing it with the integrator. So that's one.

這就是我們如何解決一次性模型或 Tesla 模型或我們最終得到的模型的問題，即 Control4 Connect，年費為 250 美元。我們確實必須在該系統中建立很多管道，因為我們的市場不是一家公司——不習慣做經常性收入。因此，我們確實為業界建立了經常性收入平台，其中包括直接向客戶計費並與整合商共享。這就是其中之一。

Two, I think I addressed the pricing point, mostly through 4Sight, but with Assist and with Assist premium, we also had benchmarks. We know what our dealers charge. It's all over the place, by the way. Some people think $3,000 a year for a premium service is super expensive. Others think it's incredibly inexpensive. We've had experience with Parasol, which is roughly anywhere from $500 to $720 a year. And we can't and Control4 Assist and Assist premium do more than Parasol. And so after being in market with a while again, with a number of our members of our Partner Advisory Board, we felt like the right pricing for the service part of the model was either $900 or $3,000.

第二，我認為我主要透過 4Sight 解決了定價問題，但透過 Assist 和 Assist premium，我們也有基準。我們知道經銷商的收費。順便說一句，到處都是。有些人認為每年 3,000 美元的高級服務太貴了。其他人則認為它非常便宜。我們有使用 Parasol 的經驗，每年費用大約在 500 到 720 美元之間。而 Control4 Assist 和 Assist premium 無法比 Parasol 做得更多。因此，在再次進入市場一段時間後，我們與合作夥伴諮詢委員會的一些成員一起認為，該模型的服務部分的正確定價是 900 美元或 3,000 美元。

And then in terms of the materiality over time, I mean, the numbers start to get very big -- you know that I spoke about it and you can see what I mentioned around $100 million if you run those at 55% margins. $55 million on top of our existing operating income today is number one, quite significant. If we are successful transforming half of our installed base, yes, just half of our install base, again, multiply 250,000 more sites times $250 a year and then add on some services businesses. So becomes quite significant there.

然後，隨著時間的推移，就重要性而言，我的意思是，數字開始變得非常大——你知道我談過這個，如果你以55% 的利潤率經營的話，你可以看到我提到的大約1 億美元。目前，我們現有的營業收入加上 5,500 萬美元，排名第一，相當可觀。如果我們成功地改造了一半的安裝基礎，是的，只是我們一半的安裝基礎，再次將 250,000 個站點乘以每年 250 美元，然後添加一些服務業務。所以在那裡變得非常重要。

And then the other component is the ARPU, which yes, we're thinking about it. Where we feel like we're building the rails for the industry to deliver services to their end customer. We came out with a new product this past year, it's won a number of awards is getting great reception as our Luma x20 surveillance lineup and it comes with a software product, Luma Insights. The markets not used up that those types of software services.

然後另一個組成部分是 ARPU，是的，我們正在考慮它。我們覺得我們正在為行業建立軌道，為最終客戶提供服務。去年我們推出了一款新產品，它贏得了多項獎項，作為我們的 Luma x20 監控系列受到廣泛好評，並且它配備了軟體產品 Luma Insights。市場還沒有用完這些類型的軟體服務。

We've included a three-year subscription for now in Luma Insights, and that will be -- that's free upfront. But over time, we'll continue to expand the video analytics that we have in the system. We think cybersecurity is a big opportunity for the company. The industry's got a lot of talk about it. And so, you know, I think my old company, we started off with one software as a Cyrus product, we ended up with 20. And today we've got, I think, a view and we'll continue to evolve that to help provide the right service to the customer and develop healthier models for our integration partners.

我們目前在 Luma Insights 中提供了為期三年的訂閱，而且是免費的。但隨著時間的推移，我們將繼續擴展系統中的視訊分析功能。我們認為網路安全對公司來說是一個巨大的機會。業界對此有很多討論。所以，你知道，我想我的老公司，我們一開始只推出一款作為 Cyrus 產品的軟體，最後我們推出了 20 種軟體。我認為，今天我們已經有了一個觀點，我們將繼續發展這個觀點，以幫助為客戶提供正確的服務，並為我們的整合合作夥伴開發更健康的模式。

Great. That's super helpful. And I mean, it's only right that I follow up with the two parter for Mike, but I'll give it a little bit more brief. Mike, I sorry if I missed, but just wondering if you could maybe touch on expectations for cash flow in 2024, the TRA piece of that and what capital structure should look like at the end of the year?

偉大的。這非常有幫助。我的意思是，我對麥克的兩位搭檔進行跟進是正確的，但我會更簡短地介紹一下。麥克，如果我錯過了，我很抱歉，但我只是想知道您是否可以談談 2024 年現金流的預期、其中的 TRA 部分以及年底的資本結構應該是什麼樣子？

Yep. So on the TRA piece the payment that is being made in Q1, actually was already made was $22 million. For 2025, the expectation right now would be about $13 million. That's often subject to changes, all kinds of things that are out there that could change that, but that's at least where we sit here today.

是的。因此，在 TRA 專案中，第一季實際支付的款項為 2,200 萬美元。對於 2025 年，目前的預期約為 1300 萬美元。這通常會發生變化，各種各樣的事情都可能改變這一點，但至少我們今天坐在這裡。

As far as specific cash flow, we don't guide to cash flows, but I would say that we still believe there's some opportunity on inventory on a run rate basis. Obviously, as we think about our guidance, if we do see growth, we would expect inventory to grow a little bit. We think our inventory, plus or minus, is at the right level right now. So, we should see no significant inventory growth, no significant decreases.

就具體現金流量而言，我們不會對現金流量進行指導，但我想說，我們仍然相信在運行率的基礎上庫存存在一些機會。顯然，當我們考慮我們的指導時，如果我們確實看到成長，我們預計庫存會略有成長。我們認為我們的庫存，無論是正值還是負值，目前都處於正確的水平。因此，我們應該不會看到庫存顯著成長，也不會出現顯著下降。

If we see some growth in revenue, we probably see a little bit of growth in inventory as we open a few more stores in the back half of the year, that would take a little bit of inventory. Having said, we think it's the right level, don't tell my supply chain that team that. We keep telling them they've got opportunity to keep reducing it. So, maybe we'll get a little bit more benefit there.

如果我們看到收入有所增長，我們可能會看到庫存有一點增長，因為我們在下半年開設了更多商店，這將需要一點庫存。話雖如此，我們認為這是正確的水平，不要告訴我的供應鏈團隊。我們不斷告訴他們，他們有機會繼續減少它。所以，也許我們會在那裡得到更多的好處。

So but overall, we would expect EBITDA outside our normal CapEx. I think our CapEx for the last couple of years has been a little bit inflated due to the relocation of our Lehigh headquarters. I think we spent I think the CapEx number is about $7 million each year, $7 million in ‘22 and $7 million in ‘23. About a third of that, I mean, almost a half was actually TI paid. And so, it wasn't actually cash flow through some classification. We think about real CapEx, it's been around $21 million, $22 million the last couple of years, really the run rate should be about $15 million. Working capital pretty much neutral, a little bit of growth in-line with our revenue growth. And then everything else should be free cash flow, which should be pretty robust and allow us to make good operating decisions as we go forward.

因此，總體而言，我們預計 EBITDA 會超出我們的正常資本支出。我認為由於我們裡哈伊總部的搬遷，我們過去幾年的資本支出有點膨脹。我認為我們每年的資本支出約為 700 萬美元，2022 年支出 700 萬美元，23 年支出 700 萬美元。我的意思是，其中大約三分之一實際上是 TI 支付的。因此，它實際上並不是透過某種分類得到的現金流。我們考慮實際的資本支出，過去幾年約為 2100 萬美元、2200 萬美元，實際上運行率應該約為 1500 萬美元。營運資本幾乎是中性的，有一點與我們的收入成長一致的成長。然後其他一切都應該是自由現金流，它應該非常強勁，讓我們在前進的過程中做出良好的營運決策。

Very helpful. Thank you.

很有幫助。謝謝。

Thanks, Adam.

謝謝，亞當。

(Operator Instructions) This concludes our Q&A session. I'd now like to turn the call back over to Mr. Heyman for his closing remarks.

（操作員說明）我們的問答環節到此結束。現在我想將電話轉回給海曼先生作結束語。

Norma, thank you very much. Again, thanks to all our shareholders out there. I want to say thanks to all of our integration partners who are working so hard week-in, week-out, most of all, I want to single out the Snap One team. You guys have been amazing and the efforts to deliver every day for our end customers, integration partners, and our shareholders will pay dividends in the future. Appreciate it, everyone.

諾瑪，非常感謝你。再次感謝我們所有的股東。我想對我們所有的整合合作夥伴表示感謝，他們每週都在努力工作，最重要的是，我想特別提到 Snap One 團隊。你們太棒了，每天為我們的最終客戶、整合合作夥伴和股東所做的努力將在未來得到回報。大家欣賞一下。

Thank you for joining us today for Snap One's fiscal fourth quarter and full year 2023 earnings conference call. You may now disconnect. Everyone, have a wonderful day.

感謝您今天參加我們的 Snap One 第四季和 2023 年全年財報電話會議。您現在可以斷開連線。祝大家有美好的一天。