Turtle Beach Corp (TBCH) 2022 Q4 法說會逐字稿

Welcome to the Turtle Beach Fourth Quarter and Full Year 2022 Conference Call. My name is Victor, and I will be your operator for today's call. (Operator Instructions)

歡迎參加 Turtle Beach 2022 年第四季和全年電話會議。我叫維克多，我將擔任今天通話的接線生。 （操作員說明）

Delivering today's prepared remarks are Chairman and Chief Executive Officer, Juergen Stark; and Chief Financial Officer, John Hanson. Following their prepared remarks, the management team will open up the call for any questions. As a reminder, the conference is being recorded.

董事長兼執行長 Juergen Stark 發表了今天準備好的演講；和財務長約翰·漢森。在他們準備好發言後，管理團隊將開放電話詢問任何問題。提醒一下，會議正在錄製中。

I will now turn the call over to Alex Thompson from Investor Relations. Alex, you may begin.

我現在將把電話轉給投資者關係部門的亞歷克斯湯普森。亞歷克斯，你可以開始了。

Thank you, Victor. On today's call, we will be referring to the press release filed this afternoon that details the company's fourth quarter and full year 2022 results, which can be downloaded from the Investor Relations page at corp.turtlebeach.com, where you'll also find the latest earnings presentation that supplements the information discussed on today's call. Finally, a recording of the call will be available on the Investors Section of the company's website later today.

謝謝你，維克多。在今天的電話會議上，我們將參考今天下午提交的新聞稿，其中詳細介紹了該公司2022 年第四季度和全年業績，該業績可從corp.turtlebeach.com 的投資者關係頁面下載，您還可以在其中找到最新的收益報告補充了今天電話會議討論的資訊。最後，今天稍晚將在公司網站的投資者部分提供電話會議錄音。

Please be aware that some of the comments made during this call may include forward-looking statements within the meaning of the federal securities laws. Statements about the company's beliefs and expectations containing words such as may, will, could, believe, expect, anticipate and similar expressions constitute forward-looking statements. These statements involve risks and uncertainties regarding the company's operations and future results that could cause Turtle Beach Corporation's results to differ materially from management's current expectations.

請注意，本次電話會議期間發表的一些評論可能包括聯邦證券法含義內的前瞻性陳述。有關公司信念和期望的陳述，包含可能、將要、能夠、相信、期望、預期和類似表達等詞語，構成前瞻性陳述。這些陳述涉及有關公司營運和未來業績的風險和不確定性，可能導致 Turtle Beach Corporation 的業績與管理層目前的預期有重大差異。

While the company believes that its expectations are based upon reasonable assumptions, numerous factors may affect actual results and may cause results to differ materially. So the company encourages you to review the safe harbor statements and risk factors contained in today's press release and in its filings with the Securities and Exchange Commission, including, without limitation, its annual report on Form 10-K and other periodic reports, which identify specific risk factors that also may cause actual results or events to differ materially from those described in our forward-looking statements.

雖然公司認為其預期是基於合理的假設，但許多因素可能會影響實際結果，並可能導致結果出現重大差異。因此，本公司鼓勵您查看今天的新聞稿及其向美國證券交易委員會提交的文件中包含的安全港聲明和風險因素，包括但不限於其 10-K 表格年度報告和其他定期報告，其中確定也可能導致實際結果或事件與我們前瞻性陳述中所述的結果或事件有重大差異的特定風險因素。

The company does not to publicly update or revise any forward-looking statements after this conference call. The company also notes that on this call, we will be discussing non-GAAP financial information. The company is providing that information as a supplement to information prepared in accordance with accounting principles generally accepted in the United States or GAAP. You can find a reconciliation of these metrics to the company's reported GAAP results in the reconciliation tables provided in today's earnings release and presentation.

本次電話會議後，該公司不會公開更新或修改任何前瞻性聲明。該公司還指出，在這次電話會議上，我們將討論非公認會計準則財務資訊。該公司提供該資訊作為根據美國普遍接受的會計原則或公認會計準則準備的資訊的補充。您可以在今天的收益發布和演示中提供的調整表中找到這些指標與公司報告的 GAAP 結果的調整表。

And now I'll turn the call over to Juergen Stark, the company's Chairman and Chief Executive Officer. Juergen?

現在我將把電話轉給公司董事長兼執行長 Juergen Stark。於爾根？

Thanks, Alex. Good afternoon, everyone, and thank you for joining us. While 2022 was an extremely challenging year from a macroeconomic and gaming market standpoint, we are pleased with our execution and continued product expansion throughout the year, which we believe sets us up well for improved results in 2023 and beyond.

謝謝，亞歷克斯。大家下午好，感謝您加入我們。雖然從宏觀經濟和遊戲市場的角度來看，2022 年是極具挑戰性的一年，但我們對全年的執行力和持續的產品擴張感到滿意，我們相信這為我們在2023 年及以後取得更好的業績奠定了良好的基礎。

Our fourth quarter sales were $100.9 million, bringing our full year sales to $242.2 million and $249.3 million in constant currency. While we enter 2022 with more conservative market and revenue estimates than others, gaming accessories experienced a surprising drop in consumer purchasing, which then combined with a large retail inventory reduction impacting sales for us and many others.

我們第四季的銷售額為 1.009 億美元，全年銷售額為 2.422 億美元，以固定匯率計算為 2.493 億美元。儘管我們對2022 年的市場和收入預測比其他公司更保守，但遊戲配件的消費者購買量卻出現了驚人的下降，再加上零售庫存的大幅減少，影響了我們和許多其他公司的銷售。

Importantly, Q4 revenues were down less than 4% from a year ago in constant currency, and our sales and retail sell-through were well balanced. Each quarter during 2022 showed successive improvements in year-over-year net sales percent change, supporting our thesis that a market recovery has started. This, along with our 2023 product plans, provides the basis for our 10% revenue growth target for 2023.

重要的是，以固定匯率計算，第四季營收比去年同期下降了不到 4%，而且我們的銷售額和零售額非常平衡。 2022 年每季的淨銷售額年變動均出現連續改善，支持了我們的論點：市場復甦已經開始。這與我們的 2023 年產品計劃一起，為我們 2023 年 10% 的收入成長目標奠定了基礎。

We reported adjusted EBITDA of $6 million for the fourth quarter of 2022 and a loss of $18.7 million for the full year 2022 compared to $36.6 million of adjusted EBITDA a year ago. The unprecedented combination of lower operating leverage amidst weak market-wide demand, extremely aggressive competitive discounting and pandemic-driven excessive freight costs created an enormous headwinds on margins and earnings. Excessive freight costs alone impacted EBITDA by roughly $11 million. Fortunately, those costs have already significantly dropped in recent months.

我們報告 2022 年第四季調整後 EBITDA 為 600 萬美元，2022 年全年虧損 1870 萬美元，而一年前調整後 EBITDA 為 3660 萬美元。市場需求疲軟、營運槓桿率下降、極具競爭力的折扣以及疫情導致的過高貨運成本，這些前所未有的組合對利潤率和收益造成了巨大的阻力。僅過高的貨運成本就對 EBITDA 造成約 1,100 萬美元的影響。幸運的是，這些成本近幾個月已經大幅下降。

We proactively took steps starting last year already to reduce our operating expenses with recurring expenses down 16% in Q4. We did this with a very careful eye to maintaining key programs that will bear fruit in 2023 and beyond. After generating over $190 million in EBITDA in the 5 years through 2021, we are intent on returning to positive EBITDA this year and getting back to our 10-plus percent EBITDA target as soon as possible.

從去年開始，我們就積極採取措施減少營運費用，第四季的經常性費用下降了 16%。我們在這樣做時非常謹慎，以維持將在 2023 年及以後取得成果的關鍵計劃。截至 2021 年的 5 年裡，我們實現了超過 1.9 億美元的 EBITDA，今年我們打算恢復正 EBITDA，並儘快恢復 10% 以上的 EBITDA 目標。

Despite the difficult environment, our strategy to continue our leadership in console headsets, while diversifying into additional categories and platforms is progressing well. As the number of gamers continue to grow and multi-platform gaming and gaming accessories become the norm, this strategy enables us to best leverage the positive long-term trends underlying the gaming market and deliver on our growth aspirations.

儘管環境困難，我們仍繼續保持在遊戲機耳機領域的領先地位，同時向其他類別和平台進行多元化發展的策略進展順利。隨著遊戲玩家數量的持續增長以及多平台遊戲和遊戲配件成為常態，這項策略使我們能夠最好地利用遊戲市場背後的積極長期趨勢，並實現我們的成長願望。

Here are some notable highlights for 2022 on our execution of that strategy. We continue to be the clear leader by far in console gaming headsets. Our U.S. market share continued to exceed the next 3 competitors combined in Q4. We also launched our phenomenal high-end wireless Stealth 700 MAX series with $199 MSRP and captured over 40% U.S. retail sales share of that premium price tier. In fact, despite the extremely promotional competitive environment, we increased our console headset ASPs by over 7% in 2022 per U.S. NPD. Without our increase, the competitive market ASPs were down over 4% for the year.

以下是 2022 年我們執行該策略的一些值得注意的亮點。迄今為止，我們仍然是遊戲機遊戲耳機領域的明顯領導者。第四季度，我們的美國市佔率持續超過緊接而來的 3 個競爭對手的總和。我們還推出了非凡的高階無線 Stealth 700 MAX 系列，建議零售價為 199 美元，並佔據了該高價位超過 40% 的美國零售銷售份額。事實上，儘管促銷競爭環境極其激烈，但根據美國 NPD 數據，到 2022 年，我們的遊戲機耳機 ASP 仍成長了 7% 以上。如果沒有我們的成長，競爭激烈的市場 ASP 全年下降了 4% 以上。

Importantly, our wireless console headsets are intentionally and increasingly multi-platform, usable on consoles as well as on PCs and mobile devices. Interestingly, this may be why the Turtle Beach brand is now #3 in brand loyalty in the U.S. among hardcore PC gamers in the headset category. We are executing a multiyear product strategy to maintain our strong lead in console headsets, which is working well and will continue this year and in 2024. In addition to our best-selling console headsets, we continue to expand our game pad controller lineup with the design for Xbox to react our controller, which offers gamers many of the same features as our critically acclaimed Recon Controller. Following bullish reviews of our Recon and REACT-R controllers, we announced the RECON Cloud Hybrid Controller, which is perfect for mobile gamers playing on compatible Android devices and Xbox.

重要的是，我們的無線控制台耳機有意且越來越多平台化，可在控制台以及 PC 和行動裝置上使用。有趣的是，這可能是為什麼 Turtle Beach 品牌現在在美國耳機類別的鐵桿 PC 遊戲玩家的品牌忠誠度中排名第三。我們正在執行一項多年產品策略，以保持我們在遊戲機耳機領域的強勁領先地位，該戰略進展順利，並將在今年和2024 年繼續下去。除了我們最暢銷的遊戲機耳機外，我們還繼續擴大我們的遊戲手把控制器陣容，包括專為 Xbox 設計，可對我們的控制器做出反應，為遊戲玩家提供許多與我們廣受好評的 Recon 控制器相同的功能。繼對我們的 Recon 和 REACT-R 控制器的好評之後，我們推出了 RECON 雲端混合控制器，它非常適合在相容的 Android 裝置和 Xbox 上玩遊戲的行動遊戲玩家。

We have additional products designed for iOS and other platforms coming soon. Our activities here reflect an expansion in controllers as well as expansion in the mobile and cloud gaming. Our gaming simulation accessories category continued to expand with the VelocityOne rudder, pedals, stand, and flight stick launched in 2022. Incredibly, our first product, VelocityOne Flight launched back in November 2021, became the #1 best-selling flight controller by dollar sales in the U.S. in its first full year per NPD. Our controller and simulation product categories continue to perform well, growing by well over 100% last year.

我們即將推出專為 iOS 和其他平台設計的其他產品。我們在這裡的活動反映了控制器的擴展以及移動和雲端遊戲的擴展。隨著2022 年推出的VelocityOne 方向舵、踏板、支架和飛行桿，我們的遊戲模擬配件類別繼續擴大。令人難以置信的是，我們的首款產品VelocityOne Flight 於2021 年11 月推出，成為按銷售額計算排名第一的最暢銷飛行控制器根據 NPD，這是其在美國的第一個完整年度。我們的控制器和模擬產品類別持續表現良好，去年成長超過 100%。

We continue to strengthen our ROCCAT PC lineup. In the fourth quarter, we announced our Syn Max Air wireless 3D headset, a premium, beautiful PC headset with our signature superior sound, comfort and innovations that make this the most advanced PC headset we've ever produced. We also announced the availability of the stunning of Vulcan II Max optical mechanical keyboard and Kone Air mouse for PC gamers which provide ultrafast keystroke responses, added durability and versatile characteristics that give gamers a winning edge. We recently took the #1 share position with our PC keyboards in Germany.

我們持續增強 ROCCAT PC 產品陣容。在第四季度，我們推出了Syn Max Air 無線3D 耳機，這是一款優質、美觀的PC 耳機，具有我們標誌性的卓越音質、舒適性和創新，使其成為我們生產過的最先進的PC耳機。我們也宣佈為 PC 遊戲玩家推出令人驚嘆的 Vulcan II Max 光學機械鍵盤和 Kone Air 滑鼠，它們提供超快的擊鍵響應、更高的耐用性和多功能特性，為遊戲玩家帶來勝利優勢。最近，我們的 PC 鍵盤在德國的市佔率排名第一。

Additionally, we expanded our mobile gaming lineup by launching the Scout Air in Syn Buds Air wireless earbuds, giving gamers access to game-winning advantages when they're on the go. In the fourth quarter, we debuted our hyper portable ADAM Controller, which is the latest addition to our expanding controller portfolio and is an easy way for mobile gamers to pick up and go without sacrificing quality controls.

此外，我們還推出了 Syn Buds Air 無線耳機中的 Scout Air，擴大了我們的行動遊戲產品線，讓玩家在旅途中獲得遊戲制勝優勢。在第四季度，我們推出了超便攜式 ADAM 控制器，這是我們不斷擴展的控制器產品組合的最新成員，是行動遊戲玩家在不犧牲品質控制的情況下上手使用的簡單方式。

In these highlights, I've covered our increasingly diverse product portfolio, spanning console, PC, and mobile gaming platforms. Importantly, roughly 25% of our revenues are now outside of our core console headset category, reflecting tremendous progress over the past years. Our long-term strategy to become a top provider of gaming accessories for all gamers on all platforms is tracking well. To achieve this goal, we leverage our clear leadership in console audio reputation for high-quality innovative products, strong brand and superior retail and operational execution. Succeeding with this strategy allows us to best leverage the strong underlying trends across gaming overall and meet our long-term target of 10-plus percent revenue growth. In fact, combining gaming headsets, mouse and keyboards for both console and PC, we come in at the #3 revenue share position in the U.S. for 2022 per NPD. This also positions us well to capitalize on the additional opportunities created during the inevitable market turnaround as reflected in our revenue guidance to outgrow the market this year.

在這些重點內容中，我介紹了我們日益多樣化的產品組合，涵蓋遊戲機、PC 和行動遊戲平台。重要的是，我們大約 25% 的收入現在不屬於我們的核心控制台耳機類別，這反映了過去幾年的巨大進步。我們的長期策略是成為所有平台上所有遊戲玩家的遊戲配件頂級供應商，目前進展順利。為了實現這一目標，我們利用我們在控制台音訊領域的領先地位，提供高品質的創新產品、強大的品牌以及卓越的零售和營運執行力。這項策略的成功使我們能夠最好地利用整個遊戲產業強勁的潛在趨勢，並實現我們 10% 以上收入成長的長期目標。事實上，根據 NPD 數據，將遊戲機和 PC 的遊戲耳機、滑鼠和鍵盤結合起來，到 2022 年，我們在美國的收入份額排名第三。這也使我們能夠很好地利用不可避免的市場轉變期間創造的額外機會，正如我們今年的收入指引所反映的那樣，其成長將超過市場。

Next, I'll turn it over to John to cover the financials in further detail, after which I'll provide additional comments about what we for the market and our business in the new year. John?

接下來，我將把它交給約翰，讓他更詳細地介紹財務狀況，然後我將就我們新的一年的市場和業務提供更多評論。約翰？

Thanks, Juergen, and good afternoon, everyone. As Juergen noted, our full year revenue was $240.2 million or $249.3 million in constant currency, a reflection of lower demand driven by reduced consumer discretionary spend and significant retailer channel inventory compression. This compares to the $366.4 million we reported last year, which was the highest revenue in the company's history. Q4 revenues at $105.5 million in constant currency came in only modestly lower than 2021, indicating a progressive recovery on year-over-year quarterly revenue changes as Juergen mentioned.

謝謝尤爾根，大家下午好。正如於爾根所指出的，我們的全年收入為 2.402 億美元，按固定匯率計算為 2.493 億美元，反映出消費者可自由支配支出減少和零售商通路庫存大幅壓縮導致需求下降。相比之下，我們去年報告的收入為 3.664 億美元，這是公司歷史上最高的收入。以固定匯率計算，第四季營收為 1.055 億美元，僅略低於 2021 年，這表明正如 Juergen 所提到的，季度收入同比變化正在逐步復甦。

In 2022, gross margin was 20.5% compared to 35% in 2021, and impacted by higher promotional credits due to an unprecedented combination of aggressive competitive pricing to reduce inventory levels, pandemic-driven high freight costs and volume-driven fixed costs deleveraging. Freight costs have declined significantly in recent months, and we expect to see the benefit in 2023. We also recorded a $9.8 million charge for potential excess components and finished goods relating to pandemic-driven supply chain impacts and the weak gaming market last year. Excluding these nonrecurring items, gross margin in 2022 was 24.5%.

2022 年，毛利率為20.5%，而2021 年為35%，並受到促銷積分增加的影響，這是由於前所未有的積極競爭性定價以降低庫存水平、大流行驅動的高運費和數量驅動的固定成本去槓桿化結合。近幾個月來，貨運成本大幅下降，我們預計將在2023 年看到收益。去年，我們還記錄了與流行病驅動的供應鏈影響和疲軟的遊戲市場相關的潛在過剩零件和成品的980萬美元費用。剔除這些非經常性項目，2022年毛利率為24.5%。

Operating expenses for the full year 2022 were $100.7 million compared to $108 million in the year ago period and included $10.9 million in nonrecurring items with $7.4 million of that resulting from last year's proxy contest and related expenses. Recurring operating expenses declined approximately 13%, a reflection of the proactive expense management initiatives we undertook in mid-2022 as well as the alignment of expenses to lower market demand.

2022 年全年營運費用為 1.007 億美元，而去年同期為 1.08 億美元，其中包括 1,090 萬美元的非經常性項目，其中 740 萬美元來自去年的代理權爭奪和相關費用。經常性營運費用下降了約 13%，這反映出我們在 2022 年中期採取的積極主動的費用管理舉措，以及根據較低的市場需求調整費用。

Our full year adjusted EBITDA loss was $18.7 million compared to a gain of $36.6 million in the year ago period. The year-over-year variance is primarily driven by the items I've covered above. Including more than an estimated $22 million impact of higher promotional activities and higher freight costs. Non-GAAP net loss for the full year 2022 was $25 million or $1.52 per diluted share compared to non-GAAP net income of $20.2 million or $1.11 per diluted share in the year ago period. We expect our effective tax rate for the full year to be approximately 25%.

我們全年調整後 EBITDA 虧損為 1,870 萬美元，而去年同期獲利為 3,660 萬美元。同比差異主要是由我上面介紹的項目所驅動的。其中包括更多促銷活動和更高貨運成本帶來的預計超過 2,200 萬美元的影響。 2022 年全年非 GAAP 淨虧損為 2,500 萬美元，即稀釋後每股 1.52 美元，去年同期非 GAAP 淨利潤為 2,020 萬美元，即稀釋後每股 1.11 美元。我們預計全年的有效稅率約為 25%。

Turning to the balance sheet. At December 31, 2022, we had $11.4 million of cash and $19.1 million of borrowings outstanding on our revolving credit line. As of February 2023, the company has fully repaid the borrowings outstanding on its revolving credit line and is, therefore, debt free. Inventories at December 31, 2022 were $71.3 million compared to $101.9 million at December 31, 2021. And as I said on the last call, we expected our inventory to decline as it has improving cash flow.

轉向資產負債表。截至 2022 年 12 月 31 日，我們的循環信貸額度上有 1,140 萬美元的現金和 1,910 萬美元的未償還借款。截至 2023 年 2 月，該公司已全額償還其循環信貸額度上的未償還借款，因此沒有債務。 2022 年12 月31 日的庫存為7,130 萬美元，而2021 年12 月31 日的庫存為1.019 億美元。正如我在上次電話會議上所說，我們預計我們的庫存會下降，因為現金流有所改善。

Finally, this afternoon, we also announced that our Board of Directors has approved an extension of our share repurchase program for an additional 2 years through April 9, 2025, under the program, the company is authorized to acquire up to a total of $25 million of shares of its common stock, including those shares already acquired under the program before this extension at its discretion from time to time in the open market or in block purchase transactions.

最後，今天下午，我們還宣布，董事會已批准將我們的股票回購計劃再延長兩年至 2025 年 4 月 9 日，根據該計劃，公司有權收購總額高達 2500 萬美元的股票其普通股的股份，包括在本次延期之前已根據該計劃在公開市場或大宗購買交易中自行決定購買的股份。

And now I'll turn the call back over to Juergen for some additional comments. Juergen?

現在我將把電話轉回尤爾根以徵求一些補充意見。於爾根？

Thanks, John. We are excited about our growth prospects and strategic positioning as we look forward to 2023 and 2024, given what we believe will be a progressive recovery of the gaming markets and our compelling product and market strategy. This, combined with continued superior execution should enable us to take full advantage of the strong underlying long-term trends in gaming.

謝謝，約翰。鑑於我們相信遊戲市場將逐步復甦以及我們引人注目的產品和市場策略，我們對 2023 年和 2024 年的成長前景和策略定位感到興奮。再加上持續卓越的執行力，我們將能夠充分利用遊戲領域的強大潛在長期趨勢。

Despite 2022 being down market-wide year-over-year, the foundation of the gaming market is growing. According to Newzoo, the number of global gamers increased by 300 million since 2020, grew over 4% in 2022 and is expected to grow by an additional 335 million through 2025. Gamers are also spending more on gaming hardware with annual spend per gamer up over 20% since 2020. Even in last year's slump, consumer spending on video game hardware, content and accessories, all continued to trend well above pre-pandemic levels throughout the year.

儘管 2022 年整個市場同比下滑，但遊戲市場的基礎正在成長。據Newzoo 稱，自2020 年以來，全球遊戲玩家數量增加了3 億，2022 年增長超過4%，預計到2025 年將再增長3.35 億。遊戲玩家在遊戲硬體上的支出也越來越多，每位元玩家的年支出將超過自 2020 年以來增長了 20%。即使在去年的低迷時期，消費者在電玩硬體、內容和配件上的支出全年仍繼續遠高於大流行前的水平。

We are encouraged by the higher quality slate of AAA games with several setting franchise record and the strong outlook for games this year. New generation Xbox and PlayStation supply is expected to significantly improve with DFC forecasting a 60% increase in PS5 sales for 2023 versus 2022. While difficult to predict, we believe that consumer spending on gaming accessories will slowly improve this year. We believe that consumer caution due to the broader economy has caused delayed upgrades in gaming accessories, which have historically been very reliable. This could result in pent-up demand over the next 12 to 18 months. The pullback in retailer inventory levels, which reduced sales significantly more than consumer sell-through last year may also modestly recover over time and add sales in excess of sell-through.

我們對更高品質的 AAA 遊戲（其中有幾款創下了特許經營記錄）以及今年遊戲的強勁前景感到鼓舞。新一代 Xbox 和 PlayStation 的供應預計將顯著改善，DFC 預測 2023 年 PS5 銷量將比 2022 年增長 60%。雖然很難預測，但我們相信今年消費者在遊戲配件上的支出將緩慢改善。我們認為，由於更廣泛的經濟形勢，消費者的謹慎態度導致了遊戲配件的升級延遲，而這些配件在歷史上非常可靠。這可能會導致未來 12 至 18 個月的需求被壓抑。零售商庫存水準的下降導致去年銷售額的下降幅度大大超過了消費者的銷售額，隨著時間的推移，零售商庫存水準的下降也可能會適度恢復，並增加銷售額超過銷售額。

That said, our 2023 revenue forecast of roughly 10% growth is driven primarily by expected outperformance of the gaming market in specific categories based on our exciting product plans for this year. Those product plans, including additional launches in 2024 as well as the continued execution of our overall business strategy, projects us returning to 10-plus percent revenue growth going forward. We expect Q1 2023 gross margins of just under 25%, but full year gross margins to be in the 28% to 30% range. Those margins are significantly improved but still includes some headwinds from aggressive competitive discounting and residual higher-than-normal freight costs, particularly early in the year and then sequentially improving. Reflecting the roughly $10 million impact from those headwinds, we expect EBITDA to improve by over $23 million to approximately $5 million this year. Our long-term financial outlook has us progressively returning to our profitability targets of 10-plus percent adjusted EBITDA as we grow revenues over time.

也就是說，我們對 2023 年營收成長約 10% 的預測主要是由​​於基於我們今年令人興奮的產品計劃，遊戲市場在特定類別中的預期表現出色。這些產品計劃，包括 2024 年的額外推出以及我們整體業務策略的持續執行，預計我們未來的收入成長將恢復 10% 以上。我們預計 2023 年第一季毛利率略低於 25%，但全年毛利率將在 28% 至 30% 範圍內。這些利潤率顯著提高，但仍包括來自激進的競爭性折扣和剩餘高於正常水平的貨運成本的一些阻力，特別是在今年年初，然後連續改善。考慮到這些不利因素帶來的約 1000 萬美元的影響，我們預計今年 EBITDA 將改善超過 2300 萬美元，達到約 500 萬美元。隨著營收隨著時間的推移而成長，我們的長期財務前景使我們逐步回歸調整後 EBITDA 10% 以上的獲利目標。

We anticipate quarterly revenue phasing in 2023 to be roughly 17% in Q1, similar percentage in Q2 and about 65% of revenue in the second half. We continue to believe gaming is a great market to be a leader in, and we are focused on capitalizing on the strong opportunity in 2023 as the market recovers from the 2022 downturn.

我們預計 2023 年第一季的季度營收約為 17%，第二季的比例相似，下半年約為 65%。我們仍然相信遊戲是一個值得成為領導者的偉大市場，隨著市場從 2022 年的低迷中復甦，我們將專注於利用 2023 年的強大機會。

The key pillars of our long-term strategy are as follows: first, continue to lead in the $1.4 billion console gaming headsets market where we have maintained leadership by far for 13 consecutive years. Our long-standing reputation for high-quality, innovative products for all levels of gamers and superior retail and operational execution provide a strong foundation for continued leadership and growth in new categories.

我們長期策略的關鍵支柱如下：首先，繼續在價值 14 億美元的遊戲耳機市場中保持領先地位，迄今為止我們已連續 13 年保持領先地位。我們長期以來為各個級別的遊戲玩家提供高品質、創新的產品以及卓越的零售和營運執行力，這為我們在新類別中的持續領先和成長奠定了堅實的基礎。

Second, continue to expand our PC gaming portfolio of headsets, keyboards and mouse and grow our share in that large $3.2 billion PC accessories market. While the PC accessories market was very challenged for all participants this past year, we have exciting products and plans as part of our multiyear plan to become a major player in this large category.

其次，繼續擴大我們的耳機、鍵盤和滑鼠等 PC 遊戲產品組合，並擴大我們在價值 32 億美元的 PC 配件市場中的份額。儘管去年 PC 配件市場對所有參與者來說都面臨著巨大的挑戰，但我們擁有令人興奮的產品和計劃，作為我們成為這一大類別的主要參與者的多年計劃的一部分。

Third, drive continued expansion and growth in the game pad controller, simulation and mic categories that we entered in 2021, with well over 100% growth in these categories this past year and our first flight simulation product reaching #1 in U.S. sales, we are full speed ahead on this part of our growth strategy. And fourth, continue to identify and selectively evaluate other growth opportunities, including new product categories and expanding in target geographies as we have with Korea and Japan. This strategy has and will continue to enable us to take full advantage of the compelling long-term trends in the global gaming market and fulfill our objective to drive profitable growth through organic investments and selective M&A over time.

第三，推動我們在2021 年進入的遊戲手把控制器、模擬和麥克風類別的持續擴張和成長，去年這些類別的成長遠遠超過100%，我們的首款飛行模擬產品在美國銷量中達到第一名，我們全速推進我們成長策略的這一部分。第四，繼續識別並選擇性地評估其他成長機會，包括新產品類別和目標地區的擴張，就像我們在韓國和日本所做的那樣。這項策略已經並將繼續使我們能夠充分利用全球遊戲市場引人注目的長期趨勢，並實現我們透過有機投資和選擇性併購推動獲利成長的目標。

Our goal is to create long-term shareholder value by executing on our strategy and delivering on our long-term targets of 10-plus percent annual revenue growth at 10-plus percent EBITDA margins.

我們的目標是透過執行我們的策略並實現年收入成長 10% 以上和 EBITDA 利潤率 10% 以上的長期目標來創造長期股東價值。

Finally, I want to thank our great team at Turtle Beach for their continued hard work and dedication.

最後，我要感謝海龜灘的偉大團隊持續的辛勤工作和奉獻精神。

With that, let's turn to our Q&A.

接下來，讓我們進入問答環節。

(Operator Instructions)

（操作員說明）

Our first question will come from the line of Mark Argento from Lake Street Capital Markets.

我們的第一個問題來自 Lake Street Capital Markets 的 Mark Argento。

Just a couple of quick questions. First off, just wanted to get your view on how the retail channel from an inventory perspective looks like? And then what are you seeing from retail, are they starting to use some restocking? Or are they still taking a pretty conservative?

只是幾個簡單的問題。首先，只是想從庫存角度了解您對零售通路的看法？那麼你從零售業看到了什麼，他們是否開始進行一些補貨？還是他們仍然採取相當保守的態度？

Mark, nice to have you on. Great question. Retail inventories, which were higher than normal as were the inventories of providers during 2022 are in reasonably good shape coming into 2023. I can't speak for others in the category, but we've actually had some restocking right at the front of the quarter and are actually in a couple of products low on supply in our own inventory as well as retail inventory. And that is just a reflection of having Q4 well balanced, as I covered in the script in terms of sell-in and sell-through. So we feel good about where our inventory is. And that's part of the reason why Q1 at 17% of the year is a little higher than normal actually.

馬克，很高興有你在。很好的問題。零售庫存高於正常水平，供應商的庫存在 2022 年期間也處於相當良好的狀態，進入 2023 年。我不能代表該類別中的其他人，但我們實際上已經在前面進行了一些補貨。實際上，我們自己的庫存和零售庫存中有幾種產品供應不足。這只是第四季度實現良好平衡的反映，正如我在腳本中談到的銷售和銷售情況。因此，我們對庫存狀況感到滿意。這就是為什麼第一季 17% 的比例實際上略高於正常水平的部分原因。

That's really super helpful. And then can you talk a little bit about the view into 2023 in terms of the growth seems like you feel pretty comfortably able to grow the business at least 10%. Are you -- is the key driver really the installed base of consoles? Or what -- can you just remind us again kind of the key drivers of your expectations and to be able to grow the business in 2023?

這真的超級有幫助。然後您能談談對 2023 年成長的看法嗎？您似乎很輕鬆地將業務成長至少 10%。您——關鍵驅動程式真的是控制台的安裝基礎嗎？或者，您能否再次提醒我們您的期望以及能夠在 2023 年實現業務成長的關鍵驅動因素？

Yes. We expect the 10% growth target and our growth to be driven really by us outperforming the market in select categories. And for competitive reasons, I'm not going to cover which categories, but it's based on our product plans for this year. What that means basically, our underlying assumption for the gaming markets, which obviously all dropped a ton last year is flat to up slightly this year. That's the underlying assumption for gaming. And that's really driven by 2 things, which are counteracting each other.

是的。我們預計 10% 的成長目標和我們的成長實際上是由我們在特定類別中超越市場的表現所推動的。出於競爭原因，我不會介紹哪些類別，而是基於我們今年的產品計劃。這基本上意味著，我們對遊戲市場的基本假設（顯然去年大幅下降）今年將持平或略有上升。這是遊戲的基本假設。這實際上是由兩件事驅動的，這兩件事是相互抵消的。

The first is a recovery in the underlying dynamics for the gaming market better games, more console supply, but largely offset, particularly earlier in the year with what we view a still reluctant consumer sentiment. And that we expect to recover during the year. But the 2 of those, in our view, our forecast, while it's difficult to predict, obviously, is a market in gaming that's flat to up slightly, leading our 10% really to be driven by our specific growth plans and new product launches during the year.

首先是遊戲市場潛在動力的復甦，遊戲更好，遊戲機供應更多，但很大程度上抵消了這一影響，特別是在今年早些時候，我們認為消費者情緒仍然不情願。我們預計今年會復甦。但在我們看來，我們的預測雖然很難預測，但其中的兩個顯然是一個持平到略有上升的遊戲市場，導致我們的 10% 確實是由我們的具體增長計劃和新產品發布推動的那一年。

Okay. And then just one final one for John. In terms of the balance sheet, it looks like inventory was down. What do you anticipate working capital needs? Are you net generator from working capital this year? How are you thinking about the balance sheet?

好的。然後是約翰的最後一件事。從資產負債表來看，庫存似乎有所下降。您預計營運資金需求為何？今年的營運資金是否淨產生？您如何看待資產負債表？

Yes. So good question, Mark. So we do expect to be a net generator of working capital in 2023. Obviously, as we continue to manage the inventory and return the business to positive EBITDA that's going to be a key driver for us, which is why we also announced today that we're extending the share repurchase, we expect to generate cash flows here over the next 2 years, certainly.

是的。問得好，馬克。因此，我們確實預計到 2023 年將成為營運資金的淨產生者。顯然，隨著我們繼續管理庫存並使業務恢復正 EBITDA，這將成為我們的關鍵驅動力，這就是為什麼我們今天也宣佈如果我們延長股票回購期限，我們預計在未來兩年內產生現金流。

Our next question comes from the line of Drew Crum from Stifel.

我們的下一個問題來自 Stifel 的 Drew Crum。

So Juergen, I just want to better understand the adjusted EBITDA guidance. If I look at 2017, you reported about half the sales that you're forecasting for this year reported an adjusted EBITDA figure that was more than 2x versus what you're projecting for this year. So I guess I just want to better understand the puts and takes on how you're thinking about adjusted EBITDA for this year relative to some prior years?

Juergen，我只是想更了解調整後的 EBITDA 指導。如果我看看 2017 年，您報告的今年銷售額預測的一半左右報告了調整後的 EBITDA 數字，比您今年預測的數字高出 2 倍以上。所以我想我只是想更好地了解您如何看待今年相對於前幾年的調整後 EBITDA？

Yes. Good question, Drew. So adjusted EBITDA is essentially transitioning and recovery this year. And it reflects -- the roughly $5 million reflects around $10 million of impact in -- from freight costs, which still residually are high, particularly in the first few quarters. That gets progressively better pretty quickly as we go through the year. And it's also quite reliable in terms of an improvement. Last year, we had an impact of around $11 million from freight and this year, the impact is estimated to be around $3 million. So that's kind of number one.

是的。好問題，德魯。所以調整後的EBITDA今年本質上是轉型和復甦。大約 500 萬美元反映了貨運成本約 1000 萬美元的影響，貨運成本仍然很高，特別是在前幾個季度。隨著這一年的過去，這種情況很快就會變得越來越好。而且在改進方面也是相當可靠的。去年，我們的貨運影響約為 1,100 萬美元，今年的影響預計約為 300 萬美元。所以這是第一。

Number two, aggressive competitive promotional discounting, which created roughly another $11 million impact last year is expected to continue at least through the first half and has about a $7 million impact in our forecast and EBITDA guidance. We expect -- when we -- while we are in good shape on inventory with pockets that are heavy and pockets that are light, we have to participate when competitors are driving heavy discounting and defend our turf. And so that's kind of factored into our EBITDA plans this year. And the last thing is, remember that I think you were -- were you comping to 2019?

第二，積極的競爭性促銷折扣，去年又產生了大約 1100 萬美元的影響，預計至少會持續到上半年，並對我們的預測和 EBITDA 指導產生約 700 萬美元的影響。我們預計，當我們的庫存狀況良好時，我們的口袋很大，口袋很輕，但當競爭對手大幅折扣時，我們必須參與其中並捍衛我們的地盤。因此，這已納入我們今年的 EBITDA 計劃中。最後一件事是，請記住，我認為您——您是否對 2019 年進行了比較？

I mentioned 2017, you guys reported $149 million in sales that year?

我提到了 2017 年，你們那一年的銷售額為 1.49 億美元？

Right. So remember that the business now is -- the revenue generated as a business now spans multiple categories and geographies. And those -- each of those categories come with R&D costs with marketing cost to launch products with cost to support growth in geographies. We are -- just as an example, we're in Korea and Japan, and that's going really well with good growth over the past few years and this year. But each of those comes with a chunk of OpEx to support that business. And so you really can't compare to a business years ago that was essentially single threaded in console gaming headsets that were mostly North America and Europe based.

正確的。因此請記住，現在的業務是——業務產生的收入現在跨越多個類別和地區。這些—每個類別都包含研發成本、推出產品的行銷成本以及支援地區成長的成本。舉個例子，我們在韓國和日本，過去幾年和今年的成長非常順利。但每一項都需要大量營運支出來支持該業務。因此，你真的無法與幾年前的一家在控制台遊戲耳機中基本上是單線程的企業進行比較，這些耳機主要位於北美和歐洲。

Got it. Okay. That makes sense. And then maybe a follow-up. I think Juergen in your preamble, you talked about ASPs being up 7%. I missed that, that was specific to consoles or across the entire portfolio. But nonetheless, how are you thinking about pricing for '23? Can you take pricing in this environment? Is that part of the revenue growth that you're assuming or maybe not?

知道了。好的。這就說得通了。然後也許是後續行動。我認為 Juergen 在您的序言中談到了 ASP 上漲了 7%。我錯過了這一點，這是特定於遊戲機或整個產品組合的。但儘管如此，您如何考慮 '23 的定價？在這種環境下你能定價嗎？這是您所假設的收入成長的一部分嗎？也許不是？

Yes. So a couple of things. The 7% growth in average selling price was across the mix of our console headsets portfolio in the United States, which is a pretty impressive given that the market without us dropped 4%. And that 7% is -- was significantly helped by us taking over 40% market share in $199 price tier, right? So really it up from roughly 0, by the way, in that tier. So we've moved up here in terms of pricing and that's helped pull our ASPs up, and that trend has continued going to this year.

是的。有幾件事。我們在美國的遊戲機耳機產品組合的平均售價成長了 7%，考慮到沒有我們的市場下降了 4%，這是相當令人印象深刻的。我們在 199 美元的價格層中佔據了 40% 的市場份額，對這 7% 的市場份額有很大幫助，對嗎？順便說一句，在這一層中，實際上它是從大約 0 開始上升的。因此，我們在定價方面有所提高，這有助於拉升我們的平均售價，而且這種趨勢一直持續到今年。

Part of that is inflation-driven price increases as well. But in terms of our plans, we don't have plans to somehow aggressively move pricing. Our hope is that in contrast to that, that the discounting level that's been pervasive among competitors in the industry in all of our categories will go back to normal. And that will, in and of itself drive better gross margins as we go through the year and better average pricing.

其中一部分是通貨膨脹驅動的價格上漲。但就我們的計劃而言，我們沒有計劃以某種方式大幅調整定價。我們希望與此相反的是，我們所有類別的行業競爭對手普遍存在的折扣水平將恢復正常。這本身將在我們度過這一年的過程中帶來更好的毛利率和更好的平均定價。

Our next question comes from the line of Jack Vander Aarde from Maxim Group.

我們的下一個問題來自 Maxim Group 的 Jack Vander Aarde。

Okay. Great. I appreciate the update, guys. Juergen, non-console product sales has clearly ramped pretty nicely, and it hit 25% of your 2022 revenue. Can you just remind me -- remind us again of your targets for these non-console product sales mix over time? Do you see that ramping in 2023, just any kind of directional comments there? And then how that kind of splits throughout the balance of 2023 as well?

好的。偉大的。我很感謝你們的更新。 Juergen，非主機產品的銷售顯然成長得相當不錯，達到了 2022 年營收的 25%。您能否提醒我 - 再次提醒我們您對這些非主機產品銷售組合的長期目標？您是否看到 2023 年的成長趨勢，是否有任何方向性評論？那麼這種分裂在 2023 年剩下的時間裡又會如何呢？

Sure. So yes, it -- that 25% reflects significant progress over the past years given that number used to be close to 0 a few years ago. We see this year the PC accessories business continuing to be very challenged. That category was highly -- more so challenged even than console headsets in terms of market drop and competitive discounting. So we expect this year to be roughly flat in PC up a bit in the new -- other new product categories, controller simulation. Microphones, we have held off on our investments and plans in microphones because that category already early in 2022 was really not tracking well. So that was the wrong time for a small new player to start marketing and developing a brand and promoting products that we expect to return more aggressively in the microphone category in 2024, but not in 2023. And so I would expect the 25% to be roughly similar in 2023 given all those dynamics.

當然。所以，是的，25% 反映了過去幾年的重大進展，因為幾年前這個數字接近 0。我們看到今年 PC 配件業務仍面臨很大的挑戰。在市場下降和競爭性折扣方面，該類別面臨的挑戰甚至比遊戲機耳機還要嚴峻。因此，我們預計今年 PC 市場的銷售情況將大致持平，但在其他新產品類別、控制器模擬方面將略有上升。麥克風，我們推遲了對麥克風的投資和計劃，因為該類別在 2022 年初就已經表現不佳。因此，對於一個小型新玩家來說，開始行銷、開發品牌和推廣產品是錯誤的時機，我們預計這些產品將在2024 年（而不是2023 年）在麥克風類別中更積極地回歸。因此，我預計25% 是考慮到所有這些動態，2023 年的情況大致相似。

Got you. And that's helpful color. And then kind of just back to gross margin on a unit economic basis. I think in the past, you've kind of had this idea. I think the picture is like basically every product is roughly similar gross margins on a unit basis, but you've done some price increases on certain products recently that some freight impact and other impacts on inventory. Is that still the case today, kind of roughly the same across your whole product portfolio? Or is it -- are you seeing a shift?

明白你了。這是有用的顏色。然後又回到單位經濟基礎上的毛利率。我想在過去，你也有過這樣的想法。我認為基本上每種產品的單位毛利率大致相似，但最近您對某些產品進行了一些提價，這對運費和庫存產生了一些影響。今天的情況仍然如此嗎？整個產品組合中的情況大致相同嗎？或者是──你看到轉變了嗎？

It still is roughly the same, Jack. And we've got products in all categories that -- some have better gross margins than our target of mid-30s, some have lower gross margins. It really depends on the type of product, the cost structure of that product -- and most importantly, the specific price tier we're trying to hit with the product. So that's kind of an overall view.

仍然大致相同，傑克。我們擁有所有類別的產品——有些產品的毛利率高於我們 30 歲左右的目標，有些產品的毛利率較低。這實際上取決於產品的類型、該產品的成本結構——最重要的是，我們試圖使用該產品達到的具體價格等級。這就是總體的看法。

PC tends to track a bit lower than the mid-30s target. The other new categories like simulation in particular, tend to track a little above and console tends to track right around the mid-30 target. And despite the challenges for gross margins driven by freight costs, which are coming down and an excessive level of competitive discounting we're maintaining our long-term gross margin target to be in the mid-30s.

PC 的發展趨勢往往略低於 30 歲左右的目標。其他新類別（尤其是模擬）的目標往往略高一些，而控制台則傾向於在 30 左右的目標附近追蹤。儘管運費成本下降以及競爭性折扣過高給毛利率帶來了挑戰，但我們仍將長期毛利率目標維持在 30 多歲左右。

Our next question comes from the line of Martin Yang from Oppenheimer.

我們的下一個問題來自奧本海默的馬丁楊（Martin Yang）。

Juergen, the first question to you is, I'm assuming other competitors are also thinking about expansion in their product portfolio. Can you maybe elaborate on how do you intend to differentiate Turtle Beach products and across the different categories or across the main categories are you competing?

Juergen，向您提出的第一個問題是，我假設其他競爭對手也在考慮擴大其產品組合。您能否詳細說明您打算如何區分 Turtle Beach 產品以及您在不同類別或主要競爭類別中的產品？

Sure, Martin. The -- our reputation and our leadership in console headsets for more than 13 years now is really driven by the products, products which have introduced innovations, at a pace and importance to consumers that are unparalleled in the category. And that innovation, the sustained long-term innovation is part of what's behind the roughly 375 patents that the company has. So that, first and foremost, is why we have won in the past and why we believe we continue to win in these new categories. And frankly, the flight simulation product, a new category for us. We hired in the right expertise with deep knowledge of that category from an engineering and a product standpoint, launched the first product and took the #1 share position in the U.S. in this first full year. And that product, that was driven by a product that had high-quality and unique innovations relative to anything else that had been in the market or was in the market at the time.

當然，馬丁。我們在控制台耳機領域的聲譽和領導地位已經超過 13 年了，這實際上是由產品推動的，這些產品引入了創新，其速度和對消費者的重要性在該類別中是無與倫比的。這種創新、持續的長期創新是該公司擁有的約 375 項專利背後的一部分。因此，這首先是我們過去獲勝的原因，也是我們相信我們將繼續在這些新類別中獲勝的原因。坦白說，飛行模擬產品對我們來說是一個新類別。我們從工程和產品的角度聘請了對該類別有深入了解的合適專業人士，推出了第一個產品，並在第一年全年佔據了美國市場份額第一的位置。該產品是由相對於市場上或當時市場上的任何其他產品而言具有高品質和獨特創新的產品所驅動的。

Got it. My next question is about ROCCAT. We're almost 4 years into the acquisition. How do you think about the 2 brands? And is there any intention for you to maybe consolidate to or everything under the Turtle Beach?

知道了。我的下一個問題是關於 ROCCAT 的。我們的收購已經快四年了。您如何看待這兩個品牌？您是否打算將一切整合到海龜海灘？

That's a great question, Martin. The multi-platform gaming is certainly becoming more and more pervasive. We have intentionally made more and more of our console headsets multi-platform to ride that wave essentially. So -- and we suspect actually that a lot of our console headsets might be being a PC gamers. And I commented on that in the prepared remarks with us having the #3 brand loyalty position among PC -- hardcore PC gamers in the United States.

這是一個很好的問題，馬丁。多平台遊戲無疑變得越來越普遍。我們特意將越來越多的遊戲機耳機打造為多平台，以從根本上駕馭這股浪潮。因此，我們實際上懷疑我們的許多遊戲機耳機可能是電腦遊戲玩家。我在準備好的評論中評論了這一點，我們在美國 PC 硬核 PC 遊戲玩家中擁有排名第三的品牌忠誠度。

So all that said, right now, our plans are to continue with the ROCCAT brand while making consumers more and more clear that ROCCAT is part of Turtle Beach, part of that brand and that reputation and that retail strength and everything that comes along with that and then we'll see how that progresses over time.

話雖如此，現在我們的計劃是繼續使用 ROCCAT 品牌，同時讓消費者越來越清楚 ROCCAT 是 Turtle Beach 的一部分，是該品牌、聲譽、零售實力以及隨之而來的一切的一部分。然後我們將看看隨著時間的推移，情況會如何進展。

Got it. My final question is on competition. Based on your observation in the past 12 months, have you seen any new competitors coming on to the gaming accessory space from perhaps non-gaming background? And how would you characterize the overall threat to your market share?

知道了。我的最後一個問題是關於競爭。根據您過去 12 個月的觀察，您是否看到有任何新的競爭對手從非遊戲背景進入遊戲配件領域？您如何描述對您的市場佔有率的整體威脅？

No meaningful new competitors outside of the category come to mind, Martin. What we've seen in the last year is the same competitors. Everyone is competing across multiple categories, which is a key driver for us to have expanded our TAM from $1.4 billion to over $8 billion in the last few years. is to play in all of these categories, deliver great products to all gamers across all categories over time because that's also what the competition is doing, and it opens up a lot of white space for us that can help us drive growth.

馬丁，我的腦海中沒有想到該類別之外有意義的新競爭對手。我們去年看到的都是同樣的競爭對手。每個人都在多個類別中競爭，這是我們在過去幾年中將 TAM 從 14 億美元擴大到超過 80 億美元的關鍵驅動力。就是要參與所有這些類別，隨著時間的推移，為所有類別的所有遊戲玩家提供出色的產品，因為這也是競爭對手正在做的事情，它為我們開闢了很多空白空間，可以幫助我們推動成長。

What we've seen competitively really that's been a change last year is just really aggressive competitive pricing and promotional activity. And it might be driven by the fact that we had a much more conservative forecast than others in the category. And that may have led others to have a much bigger inventory issue than we had in a market downturn last year. And so we hope that sides and goes back to normal as the competitors sell through their inventory.

去年我們所看到的競爭確實發生了變化，那就是非常具有競爭力的定價和促銷活動。這可能是因為我們的預測比該類別中的其他人保守得多。這可能導致其他人面臨比我們去年市場低迷時期更大的庫存問題。因此，我們希望隨著競爭對手透過庫存銷售，雙方都能恢復正常。

(Operator Instructions)

（操作員說明）

And I'm not showing any further questions at this time. Now I'll turn the call back over to Juergen Stark for closing remarks. Juergen?

目前我不會提出任何進一步的問題。現在我將把電話轉回尤爾根·斯塔克，讓其結束語。於爾根？

Thank you very much. We look forward to speaking with our investors and analysts again in May. Thanks for your participation and interest in our company.

非常感謝。我們期待在五月再次與我們的投資者和分析師交談。感謝您的參與和對我們公司的興趣。

Thank you, ladies, and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect. Everyone, have a great day.

謝謝你們，女士們、先生們。今天的會議到此結束。感謝您的參與。您現在可以斷開連線。大家，祝你有美好的一天。