Universal Electronics Inc (UEIC) 2023 Q4 法說會逐字稿

Good day and thank you for standing by and welcome to the Universal Electronics fourth-quarter 2023 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Kirsten Chapman, LHA Investor Relations, Division of Alliance Advisors. Please go ahead.

美好的一天，感謝您的耐心等待，歡迎參加環球電子 2023 年第四季財務業績電話會議。（操作員指示）請注意，今天的會議正在錄製中。我現在想將會議交給今天的發言人，LHA 投資者關係聯盟顧問部門的 Kirsten Chapman。請繼續。

Thank you, Amy. And thank you all for joining us for the Universal Electronics 2023, fourth-quarter and year end financial results conference call. By now, you should have received a copy of the press release. If you have not, please contact LHA at 4154333777 or visit the Investor Relations section of the website.

謝謝你，艾米。感謝大家參加 Universal Electronics 2023 年第四季和年終財務業績電話會議。到目前為止，您應該已經收到新聞稿的副本。如果您還沒有，請致電 4154333777 聯絡 LHA 或造訪網站的投資者關係部分。

This call is being broadcast live over the Internet and webcast replay of this call, including any additional updated material non-public information that might be discussed during this call will be available at the company's website at uei.com for at least one year.

本次電話會議正在透過網路進行現場直播，並且本次電話會議的網路廣播重播，包括本次電話會議期間可能討論的任何其他更新的重要非公開信息，將在公司網站uei.com 上提供至少一年。

During this call, management may make forward-looking statements regarding future events and future financial performance of the company and cautions you that these statements are just projections and actual results may differ materially from those projected.

在這次電話會議中，管理階層可能會對公司未來事件和未來財務表現做出前瞻性陳述，並提醒您這些陳述只是預測，實際結果可能與預測有重大差異。

These statements include the company's ability to timely, develop and deliver new technologies and technology updates and related products introduced this year's Consumer Electronics Show, including new products and technologies in climate control, smart home and security spaces. Continuing to achieve new product development and design near and longer term successes as anticipated by management in the connected home space and particularly in the climate control markets.

這些聲明包括該公司及時、開發和提供新技術和技術更新以及今年消費性電子展上推出的相關產品的能力，包括氣候控制、智慧家庭和安全空間領域的新產品和技術。正如管理層所預期的那樣，繼續在新產品開發和設計方面取得近期和長期的成功，特別是在氣候控制市場。

The continued successful collaboration with existing and new customers and developing and launching next-generation products, software solutions and technologies into existing and new markets, which result in increased sales and share growth in new markets for the company.

與現有和新客戶的持續成功合作，以及在現有和新市場中開發和推出下一代產品、軟體解決方案和技術，從而增加了公司在新市場中的銷售額和份額成長。

Management's ability to continue to manage its business inventories and cash flows to achieve its net sales margins and earnings through disciplined, financial discipline and cost saving initiatives, operational efficiency, liquidity requirements, factory optimization strategy, R&D spend, product line and business management and other investment spending expectations, including our ability to execute on our stock repurchase programs.

管理層有能力繼續管理其業務庫存和現金流，以透過紀律、財務紀律和成本節約舉措、營運效率、流動性要求、工廠優化策略、研發支出、產品線和業務管理等來實現淨銷售利潤和收益投資支出預期，包括我們執行股票回購計畫的能力。

The company's continued ability to enforce its patented technology against Roku's the decline of the traditional subscription broadcasting business dissipating as management anticipated. They continue fluctuation of the company's market capitalization and the direct and indirect impact of the company may experience with respect to its business and financial results stemming from the continued economic uncertainty affecting consumers' confidence in spending natural disasters, public health crises, government actions or political unrest, including war terrorist activities or other hostilities.

該公司繼續執行其專利技術以應對 Roku 的能力，傳統訂閱廣播業務的衰落正如管理層預期的那樣消散。由於持續的經濟不確定性影響了消費者對自然災害、公共衛生危機、政府行為或政治支出的信心，公司的市值將持續波動，公司的業務和財務表現可能會受到直接和間接的影響。動亂，包括戰爭恐怖活動或其他敵對行動。

The company undertakes no obligation to revise or update these statements to reflect events or circumstances that may arise after today's date and refers you to the press release mentioned at the onset of this call and the documents the company has filed with the SEC, including its 2022 annual report on Form 10-K and periodic reports filed or furnished since then.

本公司沒有義務修改或更新這些聲明以反映今天之後可能發生的事件或情況，並請您參閱本次電話會議開始時提到的新聞稿以及公司向 SEC 提交的文件，包括其 2022 年表格10-K上的年度報告以及此後提交或提供的定期報告。

In management's financial remarks. Adjusted non-GAAP metrics will be referenced, Management provides adjusted non-GAAP metrics because it uses them for budgeting planning purposes and for making operational and financial decisions and believes that providing these non-GAAP financial measures to investors as a supplement to GAAP financial measures, help investors evaluate UEI core operating and financial performance and business trends consistent with how management evaluates such performance and trends.

在管理層的財務評論中。將參考調整後的非GAAP 指標，管理層提供調整後的非GAAP 指標，因為管理層將其用於預算規劃目的以及製定營運和財務決策，並認為向投資者提供這些非GAAP 財務指標作為GAAP 財務指標的補充，幫助投資者評估 UEI 的核心營運和財務表現以及業務趨勢，使其與管理層評估此類業績和趨勢的方式保持一致。

In addition, management believes these measures facilitate comparisons with the core operating and financial results and business trends of competitors and other companies. A full description and reconciliation of these adjusted non-GAAP measures versus GAAP are included in the company's press release issued today.

此外，管理層認為這些措施有助於與競爭對手和其他公司的核心營運和財務表現以及業務趨勢進行比較。該公司今天發布的新聞稿中包含了這些調整後的非公認會計原則措施與公認會計原則措施的完整描述和調節。

On the call today are Chairman and Chief Executive Officer, Paul Arling, who will deliver an overview and Chief Financial Officer, Bryan Hackworth, who will summarize the financials. Paul will then return to provide closing remarks. Is now my pleasure to introduce Paul Arling. Please go ahead, Paul.

今天參加電話會議的有董事長兼執行長 Paul Arling，他將發表概述，財務長 Bryan Hackworth 將總結財務數據。保羅隨後將返回發表閉幕詞。現在我很高興向您介紹保羅·阿林。請繼續，保羅。

Thank you for joining us today. Our vision to connect the home in our mission to create smarter living are coming to fruition. We are building for a better future and made significant progress transforming UEI during 2023. We continued our product expansion into the growing climate control and home automation markets.

感謝您今天加入我們。我們連結家庭的願景以及創造更智慧生活的使命正在實現。我們正在建立更美好的未來，並在 2023 年期間在 UEI 轉型方面取得了重大進展。我們繼續將產品擴展到不斷增長的氣候控制和家庭自動化市場。

We executed footprint optimization, efficiency and corporate restructuring initiatives and recent public events such as the affirmation of our patents and our powerful CES 2024 showcase, combined with ongoing customer wins have fortified our foundation to drive growth based on our improved foundation, our continued streamlining and our outlook in customer and product shipment projections, we expect to be profitable for the full year of 2024.

我們執行了足跡優化、效率和企業重組舉措以及最近的公共活動，例如我們的專利的確認和我們強大的CES 2024 展示，再加上不斷贏得的客戶，鞏固了我們的基礎，基於我們改善的基礎、我們持續的精簡和根據我們對客戶和產品出貨量預測的展望，我們預計 2024 年將全年實現盈利。

Confident in our strategy and long term growth. We initially initiated a stock repurchase program in the fourth-quarter, which we plan to continue in 2024. Bryan, will review in greater detail our financial results. Our progress in our footprint optimization and efficiency initiatives and our 2024 outlook.

對我們的策略和長期成長充滿信心。我們最初在第四季度啟動了股票回購計劃，並計劃在 2024 年繼續實施。布萊恩將更詳細地審查我們的財務表現。我們在足跡優化和效率舉措方面取得的進展以及我們的 2024 年展望。

Now I'd like to discuss our patents, our products and our customers. At UEI we pride ourselves in providing the most innovative, highest level of quality products. Over the past 30 years, we have amassed over 500 issued patents with over 200 more pending, which creates significant differentiation in the features and capabilities we offer our customers compared to our competitors, as evidenced by our strong and sustained gross margin delivery over the many years, we provide customers with advanced wireless control through finished goods, embedded technology and licenses for software and services.

現在我想討論我們的專利、我們的產品和我們的客戶。在 UEI，我們為提供最具創新性、最高水準的優質產品而感到自豪。在過去的30 年裡，我們累積了500 多項已發布專利，還有200 多項正在申請專利，這使得我們為客戶提供的特性和功能與競爭對手相比具有顯著差異化，這一點從我們在眾多競爭對手中強勁且持續的毛利率交付就可以看出。多年來，我們透過成品、嵌入式技術以及軟體和服務許可為客戶提供先進的無線控制。

It is important to know and most of the leading home entertainment companies in the world have chosen to partner with us on these advanced solutions. When non customers use our technology, we act our first path to compensation as licensee. If an agreement is not achieved, we vigorously protect our intellectual property. As we have communicated before, we have been in litigation regarding patent issues with Roku for quite a few years.

重要的是要知道，世界上大多數領先的家庭娛樂公司都選擇與我們合作開發這些先進的解決方案。當非客戶使用我們的技術時，我們作為被授權人採取第一途徑獲得補償。如果沒有達成協議，我們將大力保護我們的智慧財產權。正如我們之前溝通過的，我們與 Roku 就專利問題進行的訴訟已經有好幾年了。

Last month, the US Court of Appeals for the Federal Circuit affirmed a prior ruling by the US International Trade Commission confirming Roku's infringement of one of our quick set patents. This decision will support strongly our return to the US District Court. To request the case be reviewed for monetary damages regarding the infringing activities of Roku and its TV partners. We are confident in our position and look forward to moving ahead with the case to its positive conclusion.

上個月，美國聯邦巡迴上訴法院維持了美國國際貿易委員會先前的裁決，確認 Roku 侵犯了我們的一項快速設定專利。這項決定將有力地支持我們重返美國地方法院。請求對 Roku 及其電視合作夥伴的侵權活動造成的金錢損失進行複審。我們對自己的立場充滿信心，並期待案件會取得正面結論。

Also in January, we had a productive week at CES which provides a once in a year industry opportunity to connect with customers expand our business partnerships and capture new opportunities. We demonstrated our latest products and technologies across all our business lines to a worldwide audience of customers, prospects and business partners. I'll review some of our CES product highlights.

同樣在一月份，我們在 CES 上度過了富有成效的一周，這提供了一年一度的行業機會，可以與客戶建立聯繫，擴大我們的業務合作夥伴關係並抓住新的機會。我們向全球客戶、潛在客戶和業務合作夥伴展示了我們所有業務線的最新產品和技術。我將回顧我們的一些 CES 產品亮點。

This year CES had the largest in-person presence since 2020 pre-COVID at the show, we hosted over 340 visitors to our booth representing over 200 different companies. A third of those meetings were with new potential customers that we do not currently do business with. A testament to the strength of our overall product and technology offerings, continuing our expansion into the climate control space. We expanded our UEI type portfolio of smart thermostats with the addition of four new products to our product road map as well as two new HVAC system accessories designed to simplify and extend climate control, installation and functionality.

今年的 CES 是自 2020 年新冠疫情爆發之前以來最大規模的現場參觀人數，我們的展位接待了來自 200 多家不同公司的 340 多名參觀者。其中三分之一的會議是與我們目前沒有業務往來的新潛在客戶舉行的。這證明了我們整體產品和技術的實力，繼續向氣候控制領域擴張。我們擴展了 UEI 型智慧恆溫器產品組合，在產品路線圖中添加了四種新產品，以及兩種旨在簡化和擴展氣候控制、安裝和功能的新 HVAC 系統配件。

Our lineup now includes a wireless bridge that allows for portability of the thermostat controllers anywhere in the home. A bridge with a built in ZigBee and matter capabilities for whole home control, indoor air quality sensor integration with built in control of in-room air purifiers compatibility with UEI supplied smart thermostat, a radiator valve accessory for European households and [UEIC] wire adapter for easy installation of low-voltage thermostats. In older homes.

我們的產品系列現在包括一個無線橋接器，讓恆溫器控制器在家中任何地方都可以攜帶。具有內置ZigBee 和物質功能的橋，用於整個家庭控制，室內空氣品質感測器集成，內置室內空氣淨化器控制，與UEI 提供的智能恆溫器兼容，適用於歐洲家庭的散熱器閥門配件和[UEIC]電線適配器方便安裝低壓恆溫器。在老房子裡。

Our customers are quite interested in these solutions as they improve the performance of existing system in new ways as well as create new systems that are more integral to the smart home. We also unveiled the full capabilities of our QuickSet widget and Nevo software running on a wireless UEI type platform. This product delivers a complete climate control and smart home control dashboard.

我們的客戶對這些解決方案非常感興趣，因為他們以新的方式提高現有系統的性能，並創建更適合智慧家庭的新系統。我們還展示了在無線 UEI 類型平台上運行的 QuickSet 小部件和 Nevo 軟體的全部功能。本產品提供完整的氣候控制和智慧家庭控制儀表板。

It also enables unique control experiences between different brands and device categories without the need for an additional hub. All from the same time thermostat control interface. We showcased our family of UEI Butler smart control hubs powered by UEI's quick set, complemented by UEI ZigBee sensors and accessories that deliver a tailored experience for increased interoperability with diverse brands and ecosystems for the smart home.

它還可以在不同品牌和設備類別之間實現獨特的控制體驗，而無需額外的集線器。全部來自同一時間恆溫器控制介面。我們展示了由 UEI 快速設定提供支援的 UEI Butler 智慧控制中心系列，並輔以 UEI ZigBee 感測器和配件，可提供客製化體驗，以增強與智慧家庭不同品牌和生態系統的互通性。

As reviewed on recent calls, we have been growing the number of customers as well as increasing our level of engagement with them, especially in home automation, climate control and security. During Q4, in our house channel, which is home automation, security and hospitality. We were awarded a new project for a smart door lock and added three new channel partners for our tied climate control products in the multi dwelling unit, energy and utilities and custom integration space.

根據最近的電話會議回顧，我們的客戶數量不斷增加，並提高了與他們的互動程度，特別是在家庭自動化、氣候控制和安全方面。第四季度，我們的家庭頻道，即家庭自動化、安全和酒店。我們獲得了一個智慧門鎖的新項目，並為我們在多住宅單元、能源和公用事業以及客製化整合領域的捆綁氣候控制產品增加了三個新的通路合作夥伴。

We were also awarded two new product design wins for an existing motorized shape customer and secured a new product win with a major DIY home security customer. We expect some of these products to begin shipping in late 2024, and into 2025 in the HVACOEM channel. We will and are actively working on three new products for dike in. Our largest HVACOEM customers, two are targeted at the European market and the other is bringing connectivity to their existing footprint of HVAC systems worldwide.

我們還為現有的機動形狀客戶贏得了兩項新產品設計獎，並為主要 DIY 家庭安全客戶贏得了新產品獎。我們預計其中一些產品將於 2024 年底開始出貨，並於 2025 年在 HVACOEM 通路中開始出貨。我們將並且正在積極致力於為堤防開發三種新產品。我們最大的 HVACOEM 客戶，其中兩個針對歐洲市場，另一個正在為其全球現有的 HVAC 系統提供連接。

In addition, we have product and technology design proposals active at five other major HVACOEM brands, leveraging the design features and architecture currently deployed in our tied climate control products. In home entertainment, we are seeing a slight uptick in new product engagements with major customers in North America, [EMEA] and India.

此外，我們也為其他五個主要 HVACOEM 品牌提供了活躍的產品和技術設計方案，利用了目前在我們的相關氣候控制產品中部署的設計功能和架構。在家庭娛樂領域，我們發現與北美、[歐洲、中東和非洲]和印度主要客戶的新產品互動略有增加。

While the volumes on these new product opportunities are not huge. The shorter development cycles relative to new smart thermostat developments offer potential near term revenue in the back half of 2024. Based on the growing backlog of active new product developments. We continue to be optimistic about our long-term revenue potential as these new products are introduced and begin to ramp.

雖然這些新產品機會的數量並不大。與新型智慧恆溫器開發相比，開發週期更短，可在 2024 年下半年帶來潛在的短期收入。基於活躍的新產品開發積壓不斷增加。隨著這些新產品的推出並開始增加，我們繼續對我們的長期收入潛力感到樂觀。

Now to the financials Bryan, please go ahead.

現在介紹財務狀況，布萊恩，請繼續。

Thank you, Paul. First, I'll review the results for the fourth-quarter of 2023. Compared to the fourth-quarter of 2022. Net sales were $97.6 million within guidance. This compares to $122.8 million for the fourth-quarter of 2022, reflecting cord-cutting in the video service channel in an environment where households are spending less on discretionary goods.

謝謝你，保羅。首先，我將回顧 2023 年第四季的業績。與 2022 年第四季相比。淨銷售額為 9,760 萬美元，在指導範圍內。相較之下，2022 年第四季的收入為 1.228 億美元，反映出家庭在非必需品上的支出減少的環境下視訊服務管道的掐線。

Gross profit for the fourth-quarter of 2023 was $29.5 million or 30.2% of sales compared to 30.7% in the fourth-quarter of 2022. Our gross margin rate exceeding 30 points is a result of a more optimized factory footprint of favorable product mix and a strong US Dollar.

2023 年第四季的毛利為 2,950 萬美元，佔銷售額的 30.2%，而 2022 年第四季為 30.7%。我們的毛利率超過 30 個百分點，得益於更優化的工廠佈局、有利的產品組合和強勢美元。

I'll take a moment provide an update on our factory optimization plan. As mentioned on the previous call, we closed our South Western China factory in September. After having gained confidence, our newly formed Vietnam facility was operating at the required level of efficiency. We're pleased with the progress our Vietnam factory has made to date as it has met or exceeded our expectations, and we expect additional operating efficiencies to be achieved as it continues to scale.

我將花一點時間提供有關我們工廠優化計劃的最新資訊。正如上次電話會議中提到的，我們在 9 月關閉了中國西南工廠。在獲得信心後，我們新成立的越南工廠正在以所需的效率水平運作。我們對越南工廠迄今所取得的進展感到高興，因為它達到或超越了我們的預期，我們預計隨著工廠的不斷擴大，營運效率將進一步提高。

We're now executing the third phase of our plan, streamlining our operations in Monterrey, Mexico. We're on target to commence operations in the second-quarter of 2024 in a smaller, more efficient facility that will supply product for certain North American customers.

我們現在正在執行計劃的第三階段，精簡我們在墨西哥蒙特雷的業務。我們的目標是在 2024 年第二季在一個更小、更有效率的工廠開始運營，為某些北美客戶提供產品。

As we evolve as a company, we will continue to analyze our global footprint and identify ways to operate more efficiently for the fourth-quarter of 2023 operating expenses were $27.6 million compared to $29.4 million in the fourth-quarter of 2022, reflecting the execution of our cost savings initiatives.

隨著我們作為一家公司的發展，我們將繼續分析我們的全球足跡並尋找更有效的營運方法，2023 年第四季的營運費用為2760 萬美元，而2022 年第四季為2940 萬美元，反映了我們的成本節約措施。

SG&A expenses were reduced to $21.1 million compared to $21.7 million in the prior year quarter. R&D expenses were $6.5 million compared to $7.7 million in the prior year's quarter. Operating income was $1.8 million compared to $8.3 million in the fourth-quarter of 2022.

SG&A 費用減少至 2,110 萬美元，去年同期為 2,170 萬美元。研發費用為 650 萬美元，去年同期為 770 萬美元。營業收入為 180 萬美元，而 2022 年第四季為 830 萬美元。

Our fourth-quarter of 2023, effective tax rate was 23% compared to 27.3% for the fourth-quarter of 2022. Earnings per diluted share were $0.07 for the fourth-quarter of 2023 compared to $0.44 in the fourth-quarter of 2022.

2023 年第四季的有效稅率為 23%，而 2022 年第四季的有效稅率為 27.3%。2023 年第四季攤薄每股收益為 0.07 美元，而 2022 年第四季為 0.44 美元。

Next I'll review our cash flow and balance sheet. At December 31, 2023, cash and cash equivalents were $42.8 million compared to $66.7 million at December 31, 2022. For full year 2023, cash flows provided by operating activities were $25.2 million. With interest rates at an elevated level. We repatriated foreign earnings, enabling us to reduce our outstanding debt from $88 million at December 31, 2022 to $55 million at December 31, 2023. We also repurchased 100,000 shares in the open market in the fourth-quarter for approximately $860,000 and plan to buy back additional shares in the first-quarter of 2024.

接下來我將回顧我們的現金流量和資產負債表。截至2023年12月31日，現金及現金等價物為4,280萬美元，而2022年12月31日為6,670萬美元。2023 年全年，經營活動提供的現金流量為 2,520 萬美元。利率處於較高水準。我們匯回了國外收入，使我們能夠將未償債務從2022年12月31日的8800萬美元減少到2023年12月31日的5500萬美元。我們也在第四季以約 86 萬美元的價格在公開市場回購了 10 萬股股票，並計劃在 2024 年第一季回購更多股票。

Now turning to our guidance. UEI continues to evolve as a company. While we remain committed to developing innovative solutions in the home entertainment space. In recent years, we've increased our focus in growth areas such as climate control and home automation. Paul, mentioned several project wins. These channels with launches scheduled throughout the latter half of 2024 and 2025.

現在轉向我們的指導。UEI 作為一家公司不斷發展。同時我們仍致力於開發家庭娛樂領域的創新解決方案。近年來，我們更加關注氣候控制和家庭自動化等成長領域。保羅提到了幾個項目的勝利。這些頻道計劃於 2024 年下半年和 2025 年推出。

We believe these project wins in the connected home channel, coupled with a more efficient factory footprint, will result in earnings growth and full-year profitability. For the first-quarter of 2024, we expect sales to range from $86 million to $96 million compared to $108.4 million. In the first-quarter of 2023, we expect loss per share to range from $0.27 to $0.17 compared to a loss of $0.28 per share in the first-quarter of 2023.

我們相信，這些項目在互聯家庭通路中的成功，加上更有效率的工廠佈局，將帶來獲利成長和全年獲利能力。我們預計 2024 年第一季的銷售額將在 8,600 萬美元至 9,600 萬美元之間，而同期銷售額為 1.084 億美元。我們預計 2023 年第一季每股虧損將在 0.27 美元至 0.17 美元之間，而 2023 年第一季每股虧損為 0.28 美元。

I would now like to turn the call back to Paul.

我現在想把電話轉回給保羅。

Thanks, Bryan. As you know, our business has been greatly affected by cable and satellite operators purchasing far less volume than in prior periods. This yields two important questions. When does the subscription broadcasting market begin to stabilize? And when do the connected home channels produce sufficient revenue growth to offset any remaining weakness.

謝謝，布萊恩。如您所知，我們的業務受到有線和衛星營運商採購量遠低於前期的影響。這就產生了兩個重要的問題。訂閱廣播市場什麼時候開始穩定？連網家庭頻道何時能產生足夠的收入成長來抵消任何剩餘的弱點。

While we will not venture to forecast the precise occurrence of either of these developments, we are confident that the actions we have taken in all areas of the business, cost management and most importantly, product and customer development with yield sales and profitability improvements. We believe that the decline of our traditional subscription broadcasting business is gradually dissipating.

雖然我們不敢冒險預測這些發展的精確發生，但我們對我們在業務、成本管理以及最重要的產品和客戶開發的所有領域所採取的行動以及產量銷售和盈利能力的提高充滿信心。我們相信，我們傳統訂閱廣播業務的頹勢正在逐漸消散。

We expect in 2024 for the level of slowdown to be at its lowest level in four years, while some customers continue to be light new projects in hybrid and streaming services are providing an offset. As we have highlighted before, over the past two years, we have shifted our product and customer development focus towards connected or markets projects that we won last year and frankly, the year before, we are finalizing development and test this year, and we expect to begin enjoying revenue from these projects as this year progresses.

我們預計到 2024 年，放緩程度將達到四年來的最低水平，而一些客戶繼續輕量混合和串流媒體服務的新項目正在提供抵消。正如我們之前所強調的那樣，在過去的兩年中，我們已將產品和客戶開發重點轉向我們去年贏得的互聯或市場項目，坦率地說，前年，我們今年將完成開發和測試，我們預計隨著今年的進展，開始享受這些項目的收入。

We have secured tangible wins that see growth in the second half of 2024 and into '25, '26 and beyond. We are adding new customers and new product design wins every quarter. In addition, we are working with customers to secure long-term future business in these new product categories and our pipeline of new project opportunities just counting the connected home space exceeds $200 million in potential annualized revenue.

我們已經取得了切實的勝利，這些勝利將在 2024 年下半年以及 25 年、26 年及以後實現增長。我們每季都會增加新客戶和新產品設計。此外，我們正在與客戶合作，以確保這些新產品類別的長期未來業務，並且我們的新項目機會管道僅計算互聯家居空間的潛在年化收入就超過 2 億美元。

Just as our ability to layer new customer and new product design wins helped us achieve dominance in home entertainment control. We are replicating this approach to achieve long-term success in these new markets. Bottom line is that our innovative products and technology solutions are driving our ability to capture new customers and design wins, which is helping to create new revenue streams. Our long-term opportunities are plentiful confident in this growth strategy and our long-term success. We are investing in our future as always, stay tuned.

正如我們贏得新客戶和新產品設計的能力幫助我們在家庭娛樂控制領域取得了主導地位。我們正在複製這種方法，以在這些新市場中取得長期成功。最重要的是，我們的創新產品和技術解決方案正在推動我們吸引新客戶和設計勝利的能力，這有助於創造新的收入來源。我們對這項成長策略和長期成功充滿信心，擁有充足的長期機會。我們一如既往地投資我們的未來，敬請期待。

Operator, we can now open up the call for questions.

接線員，我們現在可以開始提問。

(Operator Instructions)

（操作員說明）

Steve Frankel, Rosenblatt Securities.

史蒂夫·弗蘭克爾，羅森布拉特證券公司。

Good afternoon, Paul and Bryan. Thank you. Vision, social. Really helpful. But maybe first, let's start with the guidance and the numbers. You did institute cost savings but is that fully reflected in Q4? Or should we expect OpEx to come down a little more as we go through 2024?

下午好，保羅和布萊恩。謝謝。願景, 社會.真的很有幫助。但也許首先，讓我們從指導和數字開始。您確實節省了成本，但這是否在第四季度得到了充分體現？或者我們應該預期 2024 年營運支出會進一步下降？

Most of it's incorporated, Steve. We did the OpEx component. If you look at the 2023 total OpEx versus 2022, it came down about $5 million. A lot of what we plan to execute. We actually executed in 2023. Now there is a little more that will carry over to 2024, but the team did a good job from an operating expense perspective and we executed pretty quickly in the last fiscal year.

大部分內容都已合併，史蒂夫。我們做了營運支出部分。如果你看看 2023 年的總營運支出與 2022 年相比，你會發現減少了約 500 萬美元。我們計劃執行很多事情。我們實際上是在 2023 年執行的。現在還有一些將延續到 2024 年，但從營運費用的角度來看，團隊做得很好，我們在上一財年執行得相當快。

Okay. And so that implies some gross margin pressure in Q1. Would you expect gross margins to bounce back as these new products shift in the back half of the year?

好的。因此，這意味著第一季的毛利率面臨一些壓力。隨著這些新產品在下半年的轉變，您預期毛利率會反彈嗎？

Yes. When you say gross margin pressure and I think the gross margin, the good story, I think we have the operations team has done a great job in executing that as well. So as we as I said the prepared remarks, we were spun out of Vietnam in June that went wells, we were able to shut down GTQ ahead of schedule. And now the last leg is to shut down or streamline Mexico, which we expect to occur in the second-quarter now.

是的。當你說毛利率壓力時，我認為毛利率是個好故事，我認為我們的營運團隊在執行這一點方面也做得很好。因此，正如我所說的準備好的言論一樣，我們在 6 月從越南分拆出來，進展順利，我們能夠提前關閉 GTQ。現在最後一步是關閉或精簡墨西哥，我們預計這將在第二季發生。

Gross margins for the fourth-quarter were 30.2%. And as you know, I pro-forma some of the anticipated savings from the factories related to the unabsorbed overhead, but have been pretty conservative. So one of the reasons the margins have crept up is because the team has done a great job executing and the announced that the actual savings been incurred or greater than the amount that I pro-forma. So I expect a little bit of the same product potentially in Mexico, where I'm again, I'm being a bit conservative.

第四季毛利率為30.2%。如您所知，我估計了工廠與未吸收管理費用相關的一些預期節省，但相當保守。因此，利潤率攀升的原因之一是因為團隊在執行方面做得很好，並且宣布實際節省的費用已經發生或大於我預估的金額。因此，我預計墨西哥可能會出現一些相同的產品，但我還是有點保守。

So I actually think there's potential. I'm not saying that there's a lot of variables that go into gross margin. So I'm not saying, raise the gross margin rate. But I actually think there's a little bit of maybe upside related to Mexico, but there's a lot of variables that go into the various to the gross margin rate, as you know, FX, et cetera. Right now, we have a strong US dollar. Hopefully that continues, but there are a lot of variables.

所以我實際上認為有潛力。我並不是說毛利率有很多變數。所以我並不是說要提高毛利率。但我實際上認為墨西哥可能有一些上行空間，但毛利率有很多變量，如你所知，外匯等。目前，我們的美元走強。希望這種情況能夠持續下去，但還有很多變數。

Okay. And then while I have before for a couple of more questions, had significant customers in Q4.

好的。雖然我之前還有幾個問題，但在第四季有重要的客戶。

Daiken 10.7%.

大建10.7%。

And then on Paul, kind of where do you think the mix of the business is today roughly between this new world, home control, security, hospitality and the traditional CE business?

那麼保羅，您認為當今這個新世界、家庭控制、安全、飯店和傳統消費性電子業務之間的業務組合大致處於什麼位置？

Yeah. Well, is still majority home entertainment with consumer electronics, everything having to do with home entertainment would still be the majority. But we do see that changing as time goes on. I don't know if it'll quite get there this year. But it's clear that the markets for a while the Asia-Pac market alone will not even including anything having to do with home automation, security, hospitality. That market alone is larger than the home entertainment market.

是的。嗯，消費性電子產品仍然是大多數家庭娛樂，與家庭娛樂有關的一切仍然佔大多數。但我們確實看到這種情況隨著時間的推移而改變。不知道今年能不能實現但很明顯，在一段時間內，僅亞太地區市場甚至不會包括與家庭自動化、安全、酒店相關的任何內容。光是這個市場就比家庭娛樂市場還要大。

So as time goes on with our success there many years ago, our share in home entertainment was 4% later in some parts of the year, it was near 100%. We see the same runway here there, a lot of products out there that you need to control your home. We think there are many ways to improve them to have them become more like permanent payment controls, which in the early days were dedicated, didn't do much, but turn your TV on and change the channel. We made them much more advanced two way self configuring.

因此，隨著時間的推移，隨著我們多年前在該領域的成功，我們在家庭娛樂中的份額在當年的某些時候下降到了 4%，接近 100%。我們在這裡看到同樣的跑道，那裡有很多你需要控制你的家的產品。我們認為有很多方法可以改進它們，讓它們變得更像永久支付控制，這在早期是專用的，沒有做太多事情，但打開電視並改變頻道。我們使它們更加先進的兩種方式自我配置。

So there's a lot of innovation to come in this area, and we think we're leading as we're showing customers at these tradeshows. Many of the things I mentioned in the prepared remarks, they're quite impressed that they are looking for solutions to become more integral to the smart home and to improve the systems that are already in the home.

因此，這個領域有很多創新，我們認為我們在這些貿易展上向客戶展示時處於領先地位。我在準備好的演講中提到的許多事情給他們留下了深刻的印象，他們正在尋找解決方案，以使其更加融入智慧家庭並改進家庭中已有的系統。

And we've taken a new approach on this and are bringing them new protocols, new designs, new capabilities to these products that they're quite interested in. So we're racking up the wins now just like we did in home entertainment those many years ago. And as we build those relationships, we see that being a much bigger business. Long winded way of saying this connected home area will one day be the majority of our business.

我們對此採取了新方法，並為他們帶來了他們非常感興趣的這些產品的新協議、新設計和新功能。因此，我們現在正在取得勝利，就像多年前在家庭娛樂領域所做的那樣。當我們建立這些關係時，我們發現這是一個更大的業務。囉嗦地說，這個互聯家居區域有一天將成為我們的主要業務。

Home Entertainment, still a good market. Subscription broadcasting, not so much that one has shrunk to a point where I don't think it returns to its prior glory. However, home entertainment is still an integral part of our business. People are watching less television. And so there's a lot of activity there, but I think the majority of revenue will come from these connected home customers.

家庭娛樂，仍然是一個很好的市場。訂閱廣播並沒有萎縮到我認為它無法恢復以前的輝煌的地步。然而，家庭娛樂仍然是我們業務不可或缺的一部分。人們看電視的時間越來越少。因此那裡有很多活動，但我認為大部分收入將來自這些連網家庭客戶。

Okay. And then on HVAC. You've talked awhile last couple of quarters about a major North American win. Is that still on track for shipment this year? And the other factoid you've talked about is you had a large number of the top 10 players in around the globe. Just maybe if you could update us on how many of those companies you have design wins you have to --

好的。然後是暖通空調。過去幾季你已經談論過北美的重大勝利。今年是否仍按計畫出貨？您談到的另一個事實是，您擁有大量全球排名前十的玩家。如果您能告訴我們您在設計中勝出的公司中有多少家，也許您必須這樣做--

There are there are good-sized projects that are coming. Many projects we do are smaller always happen even in home entertainment, but there are large ones out there that help more. There is one this year that's above average size that we expect to ship in the probably Q3 around that time frame. There are more projects as I alluded to, there's more than $200 million. It's closer to $230 million in the pipeline.

有一些大型專案即將推出。我們所做的許多較小的項目即使在家庭娛樂中也總是發生，但也有一些大型項目可以提供更多幫助。今年有一款尺寸高於平均水平，我們預計將在第三季左右的時間範圍內出貨。正如我所提到的，還有更多項目，金額超過 2 億美元。籌建中的資金接近 2.3 億美元。

We haven't won the projects yet, but there's not much potential in that $230 million. There's a few projects even bigger than the one I just mentioned. So a lot of potential out there in this arena, and we're winning projects here at a pretty good clip, racking them up just like again, we did years ago in home entertainment.

我們還沒有贏得這些項目，但這 2.3 億美元的潛力並不大。有一些項目比我剛才提到的還要大。所以這個領域有很多潛力，我們在這裡以相當好的速度贏得了項目，就像我們幾年前在家庭娛樂領域所做的那樣，再次獲得這些項目。

So our share will increase. We'll continue to improve the products because it's a tireless effort just like it was in home entertainment. And as they as we improve the functionality of these products, it makes it easier. It's never easy, but it makes it easier to sell these these customers on these projects.

所以我們的份額將會增加。我們將繼續改進產品，因為這需要不懈的努力，就像家庭娛樂領域一樣。當我們改進這些產品的功能時，事情就會變得更容易。這從來都不是一件容易的事，但它使得向這些客戶推銷這些項目變得更容易。

Okay, great. I'll jump back in the queue. Thank you, Paul.

好的，太好了。我會跳回到隊列中。謝謝你，保羅。

Greg Burns, Sidoti.

格雷格·伯恩斯，西多蒂。

Afternoon, Bryan, I just wanted to circle back on the first question around the first quarter guidance. Can you just bridge us to the high end of the revenue ranges right around where you were for the fourth-quarter, but you're still projecting at a minimum a loss of $0.17 and you're at $0.07 of earnings in the fourth-quarter. Can you just bridge us between the disconnect there? Like is the gross margin taking a big step back in the first-quarter or, you know, expenses that are coming online?

下午，布萊恩，我只想回顧一下第一季度指導的第一個問題。您能否將我們與第四季度收入範圍的高端聯繫起來，但您仍然預計第四季度的最低虧損為 0.17 美元，而您的收益為 0.07 美元。你能在我們之間架起一座橋樑嗎？例如第一季的毛利率大幅回落，或是線上支出？

Yeah. If you're comparing Q4 -- Q1 2024 versus Q4 2023, operating expenses will be a little higher sequentially because in Q1, you've got see, we have CES, you've got wage increases for merit increases and then you've got the fringe rate benefits that reset things of that nature. So Q1 '24 versus Q4 '23 of the we'll increases that might be part of the gap you're looking at.

是的。如果您將2024 年第4 季和2023 年第1 季與2023 年第4 季進行比較，營運費用會依次更高一些，因為在第1 季度，您會看到，我們有CES，您的薪資因績效增加而增加，然後您獲得了重置此類性質的額外利率福利。因此，24 年第一季與 23 年第四季相比，我們將增加這可能是您所看到的差距的一部分。

Okay. End of that first quarter is kind of a good run rate to build the rest of the year off of that?

好的。第一季末的運行速度是否良好，可以以此為基礎建構今年剩餘時間？

Not necessarily. I think Q1's can be a little high because for the reasons I just mentioned.

不必要。我認為第一季可能有點高，因為我剛才提到的原因。

Okay. And then in terms of Roku, is that a demand, the monetary settlement to you potentially for it back damages for products that are in the market? Are they still currently infringing? Like how should we consider the potential magnitude of the settlement for you?

好的。那麼就 Roku 而言，這是否是一項要求，是否可能向您提供貨幣和解，以彌補市場上產品的損失？目前他們還侵權嗎？例如我們應該如何考慮您的和解的潛在規模？

Yeah. Yes. That while the answer is they've long been infringing these patents, they would, of course, probably state differently, although the ITC would disagree with that. They were found to have infringed. So yeah, and there is obviously a fair amount, a good deal of prior infringement, right? Because they've been infringing these patents for years, which is what we will argue in the case.

是的。是的。雖然答案是他們長期以來一直在侵犯這些專利，但他們當然可能會有不同的說法，儘管國際貿易委員會不同意這一點。他們被發現侵權。是的，顯然存在相當數量、大量的先前侵權行為，對嗎？因為他們多年來一直侵犯這些專利，這就是我們將在本案中爭論的內容。

And we feel that our arguments right now to unstated case are really quite strong. And we, you know this day will come where a case can be state forever. We think that there are good arguments to say this case should be on state now, and we can have our day in court to argue there are infringement of these patents.

我們認為我們現在對未說明的情況的論點確實非常有力。而我們，你知道這一天將會到來，案件可以永遠被陳述。我們認為，有充分的論點表明此案現在應該進入狀態，我們可以在法庭上辯稱這些專利受到侵犯。

And give an estimate of how many devices are in the market that infringe on your patents. Is it they're streaming devices is their TVs like (multiple speakers) have a sense of what the numbers?

並估計市場上有多少設備侵犯了您的專利。他們的串流媒體設備是他們的電視（多個揚聲器）知道數字是什麼嗎？

It's both and I don't have that number because again, I don't know that they disclose unit volumes. But as you'd imagine, it's quite a few we presume millions tens of millions over that time frame.

兩者都是，我沒有這個數字，因為我不知道他們是否披露了單位體積。但正如你所想像的那樣，在這段時間內，我們假設有數百萬、數千萬。

Okay.

好的。

And have they would have the I don't have the exact number on that, though, and I couldn't disclose it anyway, our volumes are, but people can do their own math on how many they've sold over the last, you know many years, it's a lot of units, but let's just put it that way. And then again, it's all of their product categories. They're controlled, Kerasticks their boxes, their televisions.

他們是否會擁有，不過，我沒有確切的數字，而且無論如何我也無法透露，我們的銷量是，但人們可以自己計算出他們在過去銷售了多少，你知道很多年，有很多單位，但我們就這樣說吧。再說一次，這是他們所有的產品類別。他們受到控制，Kerasticks 控制著他們的盒子和電視。

Okay. Our current our new products are still currently infringing or they worked around your patents?

好的。我們目前的新產品仍然侵權或它們繞過了您的專利？

Well, that's a good question. There are many patents in this lawsuit. So I can't go through each patent. Some of the patents would apply not to the televisions, but only to the set-top boxes, et cetera. So it's a little bit more complex than just saying that all of them violate all. But again, if you violated the IP at any point you're liable for damages.

嗯，這是個好問題。這起訴訟涉及多項專利。所以我無法逐一瀏覽每項專利。有些專利不適用於電視，而僅適用於機上盒等。所以這比僅僅說所有這些都違反了要複雜一些。但同樣，如果您在任何時候侵犯了智慧財產權，您就需要承擔損害賠償責任。

Okay. And then the the $200 million-plus pipeline. I think last quarter you had also said a number I think it was $80 million around what you've actually won was actually in the process has that number changed at all. I mean, as I kind of better.

好的。然後是價值 2 億多美元的管道。我想上個季度你也說過一個數字，我認為你實際贏得的金額大約是 8000 萬美元，但這個數字實際上在這個過程中發生了變化。我的意思是，因為我比較好。

Yeah, there have been some more wins filed on that. It's still those projects are still in development. As we said there they're being developed. They'll go through development and test with customers and then be introduced at some future date.

是的，還有更多關於此的勝利。這些項目仍在開發中。正如我們所說，它們正在開發中。它們將與客戶一起進行開發和測試，然後在未來的某個日期推出。

Okay. So the --

好的。所以--

Projects again, we won, as I said, in the stated remarks, they were one actually not last year, but the year before, and they've been in development since and are targeting they're targeting introduction of those products this year.

再次，我們贏得了項目，正如我在所說的言論中所說，它們實際上不是去年的項目，而是前年的項目，從那時起它們就一直在開發中，並且目標是今年推出這些產品。

Okay. And then I guess the list of new products and customer wins you announced for the fourth-quarter. Those are all net new for the fourth-quarter. Not just updates on that. That previous say, on $80 million?

好的。然後我猜你宣布了第四季的新產品和贏得客戶的清單。這些都是第四季的新增內容。不只是這方面的更新。之前說的是 8000 萬美元？

That's right, (multiple speakers) new. That's right. Got projects in our system go through. When I mentioned 200, we have different categories. There's there's qualification projects, there's quotes and those that's progressing towards what we call won W-O-N won.

沒錯，（多個發言者）新的。這是正確的。我們系統中的項目已經通過。當我提到 200 時，我們有不同的類別。有資格認證項目，有報價，還有那些正在朝著我們所說的“贏得 W-O-N 贏得”的方向發展的項目。

So qualification is the first stage where you begin to do some work on the product to define it with the customer's interest. Quote means you've moved to quote the customer has said I'm interested in this product and I want you to quote on and I want you to make final decisions with along with us on specs and cold, right? give us a price for the product. Sometimes it's competitive, sometimes it's not because again, when you're doing an innovative product that's unique to you.

因此，資格認證是您開始對產品進行一些工作以根據客戶的興趣來定義它的第一個階段。報價意味著您已經開始報價，客戶說我對此產品感興趣，我希望您報價，並且我希望您與我們一起就規格和冷量做出最終決定，對嗎？給我們產品的價格。有時它是有競爭力的，有時則不是，因為當你在做一個對你來說獨一無二的創新產品時。

Sometimes what they're doing is making a decision between that new product with new features and the one they're currently selling. So don't think of quotes as at some sort of active bidding process with other vendors. Sometimes it's simply they're interested in the innovation that you've brought them and they want you to quote it. Right? And then there's one won.

有時，他們所做的就是在具有新功能的新產品和他們目前銷售的產品之間做出決定。因此，不要將報價視為與其他供應商的某種主動投標過程。有時，只是他們對您帶來的創新感興趣，希望您引用。正確的？然後就有一個贏了。

W-O-N, won the project. So the $80 million we talked about before was won, the $200 million-plus the number is actually higher than that. Are in the qualification and quote stage, meaning we have not won them yet, but and when they get to quote stage, our rate of wind is much higher than 50%.

W-O-N，贏得了該項目。所以我們之前講的8000萬美元是拿下來的，2億美元——加上這個數字其實比這個還要高。目前處於資格和報價階段，這意味著我們還沒有贏得他們，但是當他們進入報價階段時，我們的中風率遠高於50%。

Okay, great. Thank you.

好的，太好了。謝謝。

Jeff Sindere, B. Riley.

傑夫辛德爾，B.萊利。

Yes. Hi, everyone. I guess just if we could circle back to Roku for a minute. I'm just curious, what do you think the probability is that Roku might sign a license with you? It's not to wait, I guess. And then also, are there any other companies that are infringing in a similar way?

是的。大家好。我想我們是否可以回到 Roku 一會兒。我只是好奇，你認為 Roku 與你簽署許可證的可能性有多大？我想這不是等待。那麼還有其他公司是否也存在類似侵權行為呢？

Yes. Well, first of all, as far as Roku is concerned, I couldn't speak to that. That would be a decision they would have to make, of course, along with us sitting down to agree upon that. I will only say this that from the very start of this activity many years ago now.

是的。嗯，首先，就 Roku 而言，我無法談論這一點。當然，這將是他們必須做出的決定，我們也必須坐下來商定這一點。我只想從多年前這項活動一開始就這麼說。

All we want all we've asked for, all we will ask for is they are using properties of ours and we wish them to pay a fair market based license for those properties. We've made that clear this whole time to them and to anyone else who asked that is what we want. That's what we wanted from the start is what we wanted two years ago, three years ago is what we want now. And we're going to continue until that happens now that they were willing to talk on a reasonable basis to do that, then we would be more than willing to sit down and do that.

我們想要的就是我們所要求的，我們所要求的就是他們正在使用我們的財產，我們希望他們為這些財產支付基於公平市場的許可證。我們一直向他們和其他任何詢問這就是我們想要的東西的人明確表示這一點。這就是我們從一開始就想要的，也是我們兩年前想要的，三年前也是我們現在想要的。我們將繼續下去，直到這種情況發生，既然他們願意在合理的基礎上進行談判，那麼我們就非常願意坐下來這樣做。

We're not in this to litigate. We're in this because again, we've created new novel ideas in this marketplace, features and products that no one else had ever created before. We've patented them under patent law. And we expect to be paid for them in.

我們不是來打官司的。我們之所以參與其中，是因為我們在這個市場上創造了其他人從未創造過的新穎創意、功能和產品。我們已根據專利法為它們申請了專利。我們希望他們能得到報酬。

As I said in the prepared remarks, most of the leading companies in home entertainment are utilizing these features in their products. They've respected this. They bought. They buy the license from us, bought chips from us, bought products from us that exhibit these features. So our view is that we simply want to be paid for what they've created if they're willing to sit down and do that, we've been willing to do that all long.

正如我在準備好的演講中所說，家庭娛樂領域的大多數領先公司都在其產品中利用這些功能。他們尊重這一點。他們買了。他們從我們這裡購買許可證，從我們這裡購買晶片，從我們這裡購買具有這些功能的產品。所以我們的觀點是，如果他們願意坐下來這樣做，我們只是想為他們創造的東西獲得報酬，我們一直願意這樣做。

All right --

好的--

(multiple speakers) but there are very many only because again, most major companies are customers of ours who are buying products or licensing from us in some way.

（多個發言者）但之所以有很多只是因為，大多數大公司都是我們的客戶，他們以某種方式從我們這裡購買產品或許可。

Okay. That's fair enough. So let's hope broker comes to their stance and decided to sign a license. Can you speak to what you think the growth rate of the HVAC and hash business would be kind of look at those together this year, what that growth rate might be looking at all the new projects you're taking on and we'll start to ramp later in the year and so forth?

好的。這很公平。因此，我們希望經紀人能夠表明自己的立場並決定簽署許可證。您能否談談您認為今年暖通空調和哈希業務的增長率是多少，您正在承擔的所有新項目的增長率可能是多少，我們將開始今年晚些時候的斜坡等等？

Yeah. Well, I can't give you the exact growth rate because, again, it will depend on a lot of things at what month certain things ship in this year. I don't want to provide that sort of precise guidance. But what I will tell you is, again, it's similar to home entertainment those many years ago, the growth rate, and it was probably lower actually than it is in home automation and HVAC is a growing market, probably 8% to 10%, somewhere in that range.

是的。好吧，我無法給你確切的成長率，因為這又取決於很多因素，某些東西今年出貨的月份。我不想提供那種精確的指導。但我要再次告訴你的是，它與多年前的家庭娛樂類似，增長率實際上可能低於家庭自動化，而暖通空調是一個不斷增長的市場，可能是 8% 到 10%，在這個範圍內的某個地方。

In-home entertainment. Back in the day, it was probably [5%], but our growth was greater. We typically grew at least 5% to 10% because we were shifting share. So if the market growth in a particular year was 3% we might have grown 8% because again, we were winning business. Our products were better and we were able to convert some new customers to our solutions because of the and that's how we built a great home entertainment control business over time. We see a similar approach here.

家庭娛樂。在當時，這個數字可能是 [5%]，但我們的成長更大。我們通常會成長至少 5% 到 10%，因為我們正在轉移份額。因此，如果某一年的市場成長率為 3%，我們可能會成長 8%，因為我們再次贏得了業務。我們的產品更好，我們能夠將一些新客戶轉化為我們的解決方案，因為這就是我們隨著時間的推移建立了出色的家庭娛樂控制業務的方式。我們在這裡看到了類似的方法。

The growth rate is 8%. Our expectation would be to grow greater than that because we will be replacing products that are currently in the market, probably vended by someone else with our new advanced better products. That will be our approach was enrollment attainment will be here. Same approach and we've got a lot of active engagements.

成長率為8%。我們的期望是成長得比這個更大，因為我們將用我們新的、先進的、更好的產品來取代目前市場上可能由其他人銷售的產品。這將是我們的方法，入學率將在這裡。同樣的方法，我們有很多積極的參與。

Steve asked this earlier. I apologize. I've forgotten. We've sold. We already have projects sold into five of the top eight. Eight HVAC companies in the world. Obviously, Daikin is known because it's now our largest customer. They are one of the top eight, but five of the top eight. We're now buying from us and we are close to closing the six. When we do that, we will have six of the top eight HR companies in the world, either currently buying from us or working on projects to buy from us.

史蒂夫早些時候問過這個問題。我道歉。我忘了。我們已經賣了。我們已經有項目售入前八名中的五個。全球有八家暖通空調公司。顯然，大金之所以出名是因為它現在是我們最大的客戶。他們是前八名之一，但也是前八名中的五名。我們現在正在向我們購買，並且我們即將完成六個。當我們這樣做時，世界前八名人力資源公司中的六家將擁有我們，要么目前從我們這裡購買，要么正在進行從我們這裡購買的項目。

And again, back to home entertainment, this is how it starts. You win a project or two, if the company then has 30 projects. Your goal over the next number of years is to win all of them. You will not win all of them all at once. You do those projects you do them well, you build a great product for them and then you win more projects. So that's our goal and it is what we are achieving already.

再次回到家庭娛樂，這就是它的開始。如果公司有 30 個項目，您就贏得一兩個項目。您未來幾年的目標是贏得所有比賽。您不會一次贏得所有這些。你做那些項目，你做得很好，你為他們建立了一個偉大的產品，然後你贏得了更多的項目。這就是我們的目標，也是我們已經實現的目標。

Okay. So just to clarify that it sounds like you will have six of the eight. Is there any reason you couldn't get the other two and have only ?

好的。所以我想澄清一下，聽起來你將擁有八個中的六個。有什麼原因讓你無法獲得另外兩個而只擁有？

Correct. We can. That will kind of go it again, as you probably have heard me say, many years ago in home entertainment base to say this when our market share was 4%, we are pursuing our God-given right to 100% market share.

正確的。我們可以。這又會重複一遍，正如你可能聽過我說的那樣，很多年前在家庭娛樂基地，當我們的市場份額為 4% 時，我們正在追求上帝賦予的 100% 市場份額的權利。

Right. Okay. And then just --

正確的。好的。然後就只是--

And we only had StarGuide, so people thought I was crazy, but in some areas of the world through product innovation, not anything else where we built a better solution. We were manic about building it. We went out and did build it often with unique features that were covered under patent, but we also had the unique capability both through data and know-how and IP to build a better product than anybody in the world. We are beginning to do the same thing here.

我們只有 StarGuide，所以人們認為我瘋了，但在世界的某些領域，我們透過產品創新，而不是其他任何地方建立了更好的解決方案。我們對建造它感到狂熱。我們確實經常使用受專利保護的獨特功能來建構它，但我們也擁有透過數據、專有技術和智慧財產權來建立比世界上任何人都更好的產品的獨特能力。我們也開始在這裡做同樣的事情。

Our climate control is a great market. The products there are good in many cases, in many cases, they're not so good. The current vendors are, -- again, just okay, and we think we can go to these companies and help them build design and build better products with more features, more integration with other systems in the home and make it more integral to the smart home.

我們的氣候控制是一個巨大的市場。那裡的產品很多時候都很好，很多時候又不太好。目前的供應商，再次，還不錯，我們認為我們可以去這些公司幫助他們進行設計和製造更好的產品，具有更多功能，與家庭中的其他系統更多地集成，並使其更融入智能家居家。

That's what we're doing is what we're showing at places like CES. and AHR trade shows and getting in front of customers and they -- again, five of the top eight are currently engaged with us on projects or currently buying from us, and we're hopefully closing in on the sixth and to your point Jeff, there's no reason why the other two, we wouldn't see the same thing.

這就是我們正在做的，也是我們在 CES 等地方展示的。和 AHR 貿易展，並在客戶面前展示，他們 - 再次，前八名中的五名目前正在與我們合作項目或目前從我們這裡購買，我們希望接近第六名，傑夫，沒有理由為什麼其他兩個我們不會看到同樣的事情。

Right. Well. Okay. And then also I just wanted to clarify on guidance for the year. I believe you said you expect to be profitable for the full year. And I'm just wondering your thoughts on when you think revenues, I mean, are you thinking revenues are going to be up year-over-year in one of those particular quarters that by Q2, Q3 or Q4, maybe into the second half combined? Just any thoughts on when revenues might inflect upward year-over-year? And then the same for EPS, maybe they're different quarters, but just any thoughts around that?

正確的。出色地。好的。然後我也想澄清一下今年的指導。我相信你說過你預計全年獲利。我只是想知道您對收入的看法，我的意思是，您是否認為在第二季度、第三季度或第四季度，也許到下半年的某個特定季度中，收入會同比增長合併？關於收入何時可能較去年同期上升有什麼想法嗎？每股盈餘也是如此，也許它們是不同的季度，但對此有什麼想法嗎？

Yeah. Well, obviously, if we're profitable for the year, we've exceeded earnings because are but we did not earn money in 2024. So we will have a quarter better. In fact, I believe our guidance in Q1 is actually slightly better than what our actual performance was in Q1 of '23. But we do see improvement as this year progresses.

是的。嗯，顯然，如果我們今年實現盈利，我們就已經超出了盈利，因為我們在 2024 年沒有賺錢。所以我們會有一個季度的好成績。事實上，我相信我們第一季的指導其實略好於我們 23 年第一季的實際表現。但隨著今年的進展，我們確實看到了進步。

As far as I don't want to provide specific revenue guidance, but everyone here is focused on not only winning projects for this year and also next because some projects when a customer wants to give you a nice sized project and they say, well, we're not shipping this until April of next year. We're obviously not going to say no to them. We're building a better future.

就我而言，我不想提供具體的收入指導，但這裡的每個人不僅關註今年和明年贏得的項目，因為有些項目當客戶想要給你一個規模不錯的項目時，他們會說，好吧，我們要到明年四月才會出貨。我們顯然不會拒絕他們。我們正在建立更美好的未來。

We'd like to create also a way better '25 and '26. But we are working hard to make sure that the projects we have piled up already plus some new projects we can put in place will get us to revenue growth in the near future. I can't tell you exactly which quarter, but we our goal would obviously be to make that happen this year. Right and then go into next year with a nice growth year.

我們還想創造一個更好的 25 和 26 年。但我們正在努力確保我們已經累積的項目以及我們可以實施的一些新項目將使我們在不久的將來實現收入成長。我無法告訴你具體是哪個季度，但我們的目標顯然是在今年實現這一目標。好吧，然後進入明年，這是一個好的增長年。

And that's what I(multiple speakers). These projects all in, get them developed, tested, shipping and it just builds one layer of revenue. Again, same thing. We didn't know non-attainment, we had big projects like with Comcast, but the business was really built off of one project at the time. Right? Then you pile them on top of each other and never lose them, which we did. We would not only win the project, but we'd win all the derivative projects after that. Because we again did a great job for these customers.

這就是我（多個發言者）的意思。這些項目全部投入，進行開發、測試、運輸，這只是建立了一層收入。再說一遍，同樣的事情。我們不知道失敗，我們有像康卡斯特這樣的大項目，但當時的業務實際上是建立在一個項目的基礎上的。正確的？然後你把它們堆放在一起，永遠不會失去它們，我們就是這麼做的。我們不僅會贏得這個項目，還會贏得之後所有的衍生項目。因為我們再次為這些客戶做了出色的工作。

We need to do the same thing here. To build the layers of revenue. It'll pile up as time goes on. We perform that build good quality project products delivered on time, come to them with new innovations. You'll win the next one, and this is the way great businesses are built, and it's what we're doing. We're already doing it. We just need to keep executing across this year and of course, into next, and we're confident and what's going to happen.

我們需要在這裡做同樣的事情。建立收入層。隨著時間的推移它會堆積起來。我們致力於打造按時交付的優質專案產品，並為他們帶來新的創新。您將贏得下一場勝利，這就是偉大企業的建立方式，也是我們正在做的事情。我們已經在這麼做了。我們只需要在今年繼續執行，當然，到明年，我們對將會發生的事情充滿信心。

Okay, great. Thanks for taking my questions, I can take the rest offline.

好的，太好了。感謝您提出我的問題，剩下的問題我可以離線處理。

Showing no further questions at this time. I would now like to turn the conference back to Paul, for closing remarks.

目前沒有顯示更多問題。現在我想請保羅來發表閉幕詞。

All right. Thank you for joining us today and for your continued support of UEI. We plan to present at Sidoti virtual Cap Conference in March. We look forward to seeing you there if you can be there have a great day.

好的。感謝您今天加入我們並感謝您對 UEI 的持續支持。我們計劃在三月的 Sidoti 虛擬 Cap 會議上進行展示。如果您能在那裡度過愉快的一天，我們期待在那裡見到您。

And this concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。