Universal Electronics Inc (UEIC) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Universal Electronics second-quarter 2024 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加環球電子 2024 年第二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。

I would now like to hand the conference over to your first speaker today, Kirsten Chapman with LHA Investor Relations Division of Alliance Advisors. Please go ahead.

現在我想將會議交給今天的第一位發言人，LHA 聯盟顧問投資者關係部門的 Kirsten Chapman。請繼續。

Thank you, Andrea, and thank you all for joining us for the Universal Electronics 2024 second-quarter financial results conference call.

謝謝 Andrea，也謝謝大家參加環球電子 2024 年第二季財務業績電話會議。

By now, you should have received a copy of the press release. If you've not, please contact LHA at 415-433-3777 or visit the Investor Relations section of the website. This call is being broadcast live on the internet. A webcast replay of this call, including any additional updated material non-public information that might be disclosed during this call, will be available on the company's website at www.uei.com for one year.

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 415-433-3777 聯絡 LHA 或造訪網站的投資者關係部分。此次通話正在網路上直播。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披露的任何其他更新的重大非公開信息，將在公司網站 www.uei.com 上提供一年。

During this call, management may make forward-looking statements regarding future events and the future financial performance of the company and cautions you that these statements are just projections and actual results or events may differ materially from those projections. These statements include the company's ability to continue capturing design wins in the connected home and home entertainment markets, particularly in the climate control and home automation markets through the development and delivery of unique and innovative solutions and excellent customer service as anticipated by management; the continued growth of the business with the company's largest customers in the climate control space, which can be leveraged to attract industry leaders to our product and technology offerings; management's ability to continue to manage its business through cost-saving initiatives and optimization of the company's manufacturing facilities and cash flows to be achieved improved results expected by management; the continued successful expansion of the company's IP portfolio and the licensing of the company's technologies; the company's ability to capture potential upside opportunities in the traditional subscription broadcasting business due to its continued strong leadership -- strong leading market share; and the direct and indirect impact 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 governmental actions or political unrest, including water terrorist activities or other hostilities. 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 filed with the SEC, including its 2023 annual report on Form 10-K and the periodic reports filed or furnished since then.

在這次電話會議中，管理階層可能會對未來事件和公司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，實際結果或事件可能與這些預測有重大差異。這些陳述包括公司有能力透過開發和提供獨特和創新的解決方案以及管理層預期的卓越客戶服務，繼續在互聯家庭和家庭娛樂市場，特別是在氣候控制和家庭自動化市場中獲得設計勝利；與公司在氣候控制領域最大客戶的業務持續成長，可以利用這一點吸引產業領導者使用我們的產品和技術；管理層有能力透過節省成本的措施以及優化公司的製造設施和現金流量來繼續管理其業務，以實現管理層預期的改善結果；公司知識產權組合的持續成功擴展和公司技術的授權；由於其持續強大的領導地位——強大的領先市場份額，該公司有能力抓住傳統訂閱廣播業務的潛在上升機會；由於持續的經濟不確定性影響消費者對自然災害、公共衛生危機、政府行為或政治動盪（包括水恐怖活動或其他敵對行動）的信心，公司可能對其業務和財務表現產生直接和間接影響。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 2023 年年度報告報告表格10-K 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 budget 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's core operating and financial performance and business trends consistent with how management evaluates such performance and trends. In addition, management believes these measures facilitate comparisons in 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.

在管理階層的財務評論中，將引用調整後的非公認會計原則指標。管理層提供調整後的非GAAP 指標，因為它將其用於預算規劃目的以及做出營運和財務決策，並相信向投資者提供這些非GAAP 財務指標作為GAAP 財務指標的補充有助於投資者評估UEI 的核心營運和財務表現和業務趨勢與管理層評估此類績效和趨勢的方式一致。此外，管理層認為這些措施有助於比較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。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。

Also, the company will no longer exclude excess manufacturing overhead costs resulting from the continued transition of its global manufacturing footprint specifically in Mexico and Vietnam and the depreciation related to the markup from the cost to fair value of fixed assets and business combinations from its adjusted non-GAAP figures. This impacts adjusted non-GAAP gross profit, gross margin, operating income or loss, income or loss before provision or benefit from income taxes and income or loss in the quarterly results for 2023 and 2024. There is no impact to GAAP results. A supplemental table of these reconciliations is posted on the website in the Q2 2024 Quarterly Results section.

此外，該公司將不再排除因其全球製造足跡的持續轉型（特別是在墨西哥和越南）而產生的超額製造管理費用，以及與固定資產和業務合併的成本與公允價值加成相關的折舊。 - GAAP 數據。這會影響調整後的非公認會計準則毛利、毛利率、營業收入或虧損、撥備前收入或虧損或所得稅收益以及 2023 年和 2024 年季度業績中的收入或虧損。對 GAAP 結果沒有影響。這些調節的補充表發佈在網站上 2024 年第二季的業績部分。

On the call today are Chairman and CEO, Paul Arling, who will deliver an overview; and CFO, Bryan Hackworth, who will summarize the financials. Paul will then return to provide closing remarks.

今天的電話會議由董事長兼執行長 Paul Arling 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。

It's now my pleasure to introduce Paul Arling. Please go ahead, sir.

現在我很高興向大家介紹保羅·阿林。請繼續，先生。

Thank you for joining us today.

感謝您今天加入我們。

Our innovative wireless control solutions and patented technologies continue to capture design wins from major global household brands in both the connected home and the home entertainment markets. We lead wireless device control and our design wins are laying the foundation for a stronger future.

我們的創新無線控制解決方案和專利技術持續贏得全球主要家居品牌在互聯家庭和家庭娛樂市場的設計勝利。我們引領無線設備控制，我們的設計成果正在為更美好的未來奠定基礎。

We are fortifying our business by building new customer relationships and as we always have, expanding existing relationships. We are expanding our IP and technology portfolio and importantly, reducing our expenses, while still investing in the future product and technology solutions that will drive future growth in sales and earnings.

我們透過建立新的客戶關係以及一如既往地擴大現有關係來鞏固我們的業務。我們正在擴大我們的智慧財產權和技術組合，重要的是，減少我們的開支，同時仍投資於未來的產品和技術解決方案，這將推動未來銷售和收益的成長。

We continue to focus our cost management on optimizing our global manufacturing footprint, which has yielded higher margins. In the second quarter of 2024, gross margin increased 580 basis points over the prior year quarter. As a result of these efforts, we were more profitable in the first half of 2024 than we were in the same period in 2023. Looking forward in the second half of 2024, we expect to be more profitable than in the second half of 2023. In addition, we are positioned to deliver consistent sales and earnings growth into 2025, 2026 and beyond.

我們繼續將成本管理的重點放在優化我們的全球製造足跡上，從而產生了更高的利潤。2024 年第二季度，毛利率比去年同期成長 580 個基點。由於這些努力，我們 2024 年上半年的利潤高於 2023 年同期。展望2024年下半年，我們預計獲利將比2023年下半年更高。此外，我們的目標是在 2025 年、2026 年及以後實現持續的銷售和獲利成長。

Now, I'll review our markets and some recent customer activity. We continue to execute our successful land-and-expand strategy. Once we get our foot in the door, our design and development expertise, superior technologies and great customer service, continue to deliver new product design wins.

現在，我將回顧我們的市場和一些最近的客戶活動。我們繼續執行我們成功的土地擴張策略。一旦我們踏入大門，我們的設計和開發專業知識、卓越的技術和優質的客戶服務將繼續帶來新產品設計的勝利。

We have demonstrated this tactic in home entertainment, building our share to become the global leader in universal control technology. Emulating the same approach in climate control and other markets, we are targeting the largest providers in the industry and have already secured design wins with seven of the top nine that meet our margin threshold.

我們已經在家庭娛樂領域展示了這個策略，不斷擴大我們的市場份額，成為通用控制技術的全球領導者。在氣候控制和其他市場上效仿同樣的方法，我們的目標是業內最大的供應商，並且已經獲得了設計勝利，其中前九名中的七家達到了我們的利潤率門檻。

Now, we are scaling with these customers and are in discussions about projects with the remaining two. These relationships tend to be very sticky, and we look forward to extending our reach. Our history with Daikin, the world's largest climate control company exemplifies this strategy execution. Daikin was an account we acquired through an acquisition in 2010. At that time, Daikin represented less than $5 million of our global revenues, and our product solutions were comprised mostly of handheld and Walmart controllers, and we represented less than 10% of Daikin's total controller purchasing.

現在，我們正在與這些客戶進行擴展，並正在與其餘兩家客戶討論專案。這些關係往往非常有黏性，我們期待擴大我們的影響範圍。我們與世界上最大的氣候控制公司大金的合作歷史就是這項策略執行的例證。大金是我們在 2010 年透過收購取得的帳戶。當時，大金占我們全球收入的比例不到 500 萬美元，我們的產品解決方案主要由手持式和沃爾瑪控制器組成，佔大金控制器總採購量的不到 10%。

Today, UEI is Daikin's largest climate control solutions provider, and our portfolio of products has expanded to include advanced cloud connected and Zigbee-enabled thermostats that connect to sensors around the home that deliver a more optimized energy management solution for consumers. As a result of our design, development, delivery and service quality, we are proud to call Daikin the 10% customer for UEI. Our goal is to scale our existing business with other industry leaders, including Carrier, Trane, Fujitsu, Mitsubishi, Toshiba and LG, while adding new customers that are world leaders in this important growing market.

如今，UEI 是大金最大的氣候控制解決方案提供商，我們的產品組合已擴展到包括先進的雲端連接和支援Zigbee 的恆溫器，這些恆溫器連接到家庭周圍的感測器，為消費者提供更優化的能源管理解決方案。由於我們的設計、開發、交付和服務質量，我們很自豪地稱大金為 UEI 的 10% 客戶。我們的目標是擴大與其他行業領導者（包括開利、特靈、富士通、三菱、東芝和LG）的現有業務，同時增加新客戶，這些客戶是這個重要的不斷增長的市場中的世界領導者。

Looking at the connected home and climate control, in particular, we expect continued growth driven by rising demand, government incentives and a focus on energy efficiency and sustainability. While the industry is still working to clear accumulated inventory, we expect the temporal issue to be resolved by the end of 2024. Meanwhile, there is no doubt that the trend in climate control is to more energy-efficient greener products.

特別是在連網家庭和氣候控制方面，我們預計需求成長、政府激勵措施以及對能源效率和永續性的關注將推動持續成長。儘管該行業仍在努力清理累積庫存，但我們預計這一臨時問題將在 2024 年底前解決。同時，毫無疑問，氣候控制的趨勢是更節能的綠色產品。

Product development amongst the world leaders in this industry are intensely focused on driving this change. HVAC manufacturing providers are introducing more energy-efficient heat pumps that are becoming more common than the rest of the world. This market change can tend to introduce complexity, however. Many homes still need supplemental heating to handle more extreme cold.

該行業的世界領導者的產品開發高度重視推動這項變革。暖通空調製造商正在推出更節能的熱泵，這種熱泵比世界其他地區更普遍。然而，這種市場變化往往會帶來複雜性。許多家庭仍需要補充暖氣來應對更極端的寒冷。

And with other smart home products and technologies entering everyday life, there is a growing desire and need to simplify the setup and use of these sometimes disparate systems into a single, simple user interface. This is exactly the type of challenge that has been our hallmark for decades, and our solutions are gaining traction with world leaders in this market, because we have long demonstrated our excellence in this challenge of interoperability.

隨著其他智慧家庭產品和技術進入日常生活，人們越來越渴望和需要將這些有時不同的系統的設定和使用簡化為一個簡單的使用者介面。這正是我們幾十年來一直面臨的挑戰類型，我們的解決方案正在贏得該市場的世界領導者的青睞，因為我們長期以來在互通性這一挑戰中展示了我們的卓越表現。

In smart home automation, we are at the early stages of building a solid foothold in delivering smart control solutions for major household brands, leveraging a strong pipeline of new product introductions, including smart thermostats, connected remote controls, smart sensors and more. In addition, our hospitality channel, which includes multi-dwelling unit integrators is building momentum as we begin to penetrate the major smart home automation service providers in this channel. These customers offer smart apartment systems, integrating our turnkey climate control and sensing solutions, this channel represents strong long-term potential for retrofit upgrades and new building opportunities.

在智慧家庭自動化領域，我們正處於為主要家居品牌提供智慧控制解決方案奠定堅實基礎的早期階段，利用強大的新產品推出管道，包括智慧恆溫器、連網遙控器、智慧感測器等。此外，隨著我們開始滲透該渠道中的主要智慧家庭自動化服務提供商，我們的酒店渠道（包括多住宅單元整合商）正在形成勢頭。這些客戶提供智慧公寓系統，整合了我們的交鑰匙氣候控制和感測解決方案，該管道代表了改造升級和新建築機會的強大長期潛力。

In home entertainment, we continue to see a level of stabilization in orders across our customer base. While some of our customers continue to experience declines, others are showing some resilience, and we are seeing a level of activity that we have not seen in the past three years. Due to our strong market position and leading product and technology solutions, we are able to capture any potential upside.

在家庭娛樂領域，我們的客戶群訂單持續保持穩定。雖然我們的一些客戶繼續經歷下滑，但其他客戶卻表現出了一定的韌性，我們看到了過去三年來從未見過的活動水平。由於我們強大的市場地位以及領先的產品和技術解決方案，我們能夠抓住任何潛在的優勢。

Our engagements include supplying control devices for hybrid streaming and live services, providing sustainability technologies and solutions, supporting full service refurbishment programs, as well as engaging with broadband suppliers to bring new functionality to their gateways. Overall, the combination of existing long-term customer relationships in home entertainment and the momentum we are building with new customer relationships in connected home, continue to bear fruit and will drive long-term growth.

我們的業務包括為混合串流媒體和直播服務提供控制設備、提供永續性技術和解決方案、支援全方位服務翻新計劃，以及與寬頻供應商合作為其網關帶來新功能。總體而言，家庭娛樂領域現有的長期客戶關係與我們在互聯家庭領域建立的新客戶關係的勢頭相結合，將繼續取得成果，並將推動長期成長。

Now, to the financials, Bryan, please go ahead.

現在，關於財務狀況，布萊恩，請繼續。

Thank you, Paul. I'll review the results for the second quarter of 2024 compared to the second quarter of 2023. But first, I'd like to explain a change to our adjusted non-GAAP financials resulting from a recent SEC comment letter.

謝謝你，保羅。我將回顧 2024 年第二季與 2023 年第二季的結果。但首先，我想解釋一下最近 SEC 評論信對我們調整後的非 GAAP 財務數據的變化。

Our adjusted non-GAAP financial statements no longer exclude excess manufacturing overhead costs, resulting from our factory footprint transition and depreciation related to the markup from cost to fair value of fixed assets acquired in business combinations. These changes are reflected in the year-to-date 2024 financials, as well as the corresponding prior year periods. These adjustments have no effect on our GAAP financials. I'll provide a more detailed manufacturing update in a minute.

我們調整後的非公認會計準則財務報表不再排除超額製造費用，這是由於我們的工廠佔地面積轉型以及與業務合併中收購的固定資產從成本到公允價值的加價相關的折舊造成的。這些變化反映在 2024 年年初至今的財務數據以及相應的往年財務數據中。這些調整對我們的 GAAP 財務狀況沒有影響。我將在一分鐘內提供更詳細的製造更新。

But just as a quick reminder, the expansion of our factory footprint in recent years has been necessary given the changes sometimes sudden in governmental policies as well as the overall global environment. These changes have led to duplicative factories in the short run and consequently, temporal excess manufacturing overhead. For the second quarter ending June 30, 2024, costs associated with the aforementioned items amounted to $1.4 million, equivalent to 160 basis points of gross margin or $0.09 per share. For the second quarter of 2023, costs for these items were $2.7 million, equivalent to 250 basis points of gross margin or $0.18 per share. Please keep these figures in mind when reviewing our quarterly results.

但我想提醒一下，鑑於政府政策以及全球整體環境有時會突然發生變化，近年來我們工廠的擴張是必要的。這些變化在短期內導致了重複工廠的出現，從而導致製造費用暫時過剩。截至 2024 年 6 月 30 日的第二季度，與上述項目相關的成本為 140 萬美元，相當於毛利率 160 個基點或每股 0.09 美元。2023 年第二季度，這些項目的成本為 270 萬美元，相當於毛利率 250 個基點或每股 0.18 美元。在查看我們的季度業績時，請記住這些數字。

Net sales were $90.5 million within guidance, but near the low end of the range provided as certain customers pushed out orders from the second quarter to the beginning of the third quarter. In addition, core cutting in the video service channel and less consumer spending on discretionary durable goods continue to act as headwinds. Sales in the prior year quarter were $107.4 million.

淨銷售額為 9,050 萬美元，在指導範圍內，但接近該範圍的低端，因為某些客戶從第二季到第三季初推遲了訂單。此外，視訊服務管道的核心削減和消費者在非必需耐用品上的支出減少繼續構成阻力。去年同期銷售額為 1.074 億美元。

Gross profit for the second quarter of 2024 was $26 million or 28.7% of sales compared to 22.9% in the second quarter of 2023 and 28.3% in the first quarter of 2024. The continuous improvement in our gross margin rate, both year over year and sequentially, is attributable to our operations team's efforts on optimizing our global manufacturing footprint. This multifaceted transition has resulted in a much more efficient global footprint, coupled with a lower cost structure. This effort is nearing completion.

2024 年第二季的毛利為 2,600 萬美元，佔銷售額的 28.7%，而 2023 年第二季為 22.9%，2024 年第一季為 28.3%。我們的毛利率年比持續提高，歸功於我們的營運團隊優化全球製造足跡的努力。這種多方面的轉型帶來了更有效率的全球足跡，以及更低的成本結構。這項工作即將完成。

We closed 2023 strong, completing the first two phases ahead of schedule, commencing operations in our new Vietnam facility and closing our factory in Southwestern China. Our Vietnam factory continues to scale and meet or exceed our expectations. Recently, the Vietnam facility successfully completed an RBA VAP audit and received recognition for demonstrating a high level of compliance.

我們以強勁的勢頭結束了 2023 年，提前完成了前兩個階段，越南新工廠開始運營，並關閉了中國西南部的工廠。我們的越南工廠不斷擴大規模並達到或超越我們的期望。最近，越南工廠成功完成了 RBA VAP 審核，並因表現出高水準的合規性而獲得認可。

In the second quarter of this year, we moved into a smaller, more efficient facility in Monterrey, Mexico that supplies product for certain North American customers. We continue to analyze and balanced production for products destined for North America between Vietnam and Mexico in order to maximize efficiencies. The rebalancing of our production is scheduled to be completed in the first quarter of 2025. And at this point, our annualized gross margin rate should approximate 30 points.

今年第二季度，我們搬進了位於墨西哥蒙特雷的一家規模較小、效率更高的工廠，為某些北美客戶供應產品。我們繼續分析和平衡越南和墨西哥之間運往北美的產品的生產，以最大限度地提高效率。我們的生產重新平衡計劃於 2025 年第一季完成。而此時我們的年化毛利率應該在30點左右。

For the second quarter of 2024, operating expenses decreased to $27.1 million compared to $29.2 million in the second quarter of 2023, reflecting our cost savings initiatives. SG&A expenses decreased to $19.7 million compared to $21 million in the prior year quarter. R&D expenses decreased to $7.4 million compared to $8.2 million in the prior year quarter.

2024 年第二季的營運費用從 2023 年第二季的 2,920 萬美元減少至 2,710 萬美元，反映出我們的成本節約措施。SG&A 費用從去年同期的 2,100 萬美元減少至 1,970 萬美元。研發費用從去年同期的 820 萬美元減少至 740 萬美元。

Operating loss was $1.1 million compared to $4.5 million in the second quarter of 2023. Net loss for the second quarter of 2024 was $1.2 million or $0.09 per share compared to $3.1 million or $0.24 in the second quarter of 2023.

營運虧損為 110 萬美元，而 2023 年第二季為 450 萬美元。2024 年第二季的淨虧損為 120 萬美元，即每股 0.09 美元，而 2023 年第二季的淨虧損為 310 萬美元，即每股 0.24 美元。

Next, I'll review our cash flow and balance sheet. At June 30, 2024, cash and cash equivalents were $23.1 million compared to $42.8 million at December 31, 2023. For the six months ended June 30, 2024, net cash provided by operating activities was $2.7 million, which includes the mandatory $5 million security deposit relating to a contract dispute with a former labor agency in China.

接下來，我將回顧我們的現金流量和資產負債表。截至 2024 年 6 月 30 日，現金及現金等價物為 2,310 萬美元，而 2023 年 12 月 31 日為 4,280 萬美元。截至2024年6月30日的六個月，經營活動提供的淨現金為270萬美元，其中包括與中國一家前勞工機構的合約糾紛有關的強制性500萬美元保證金。

Year to date, we repurchased 122,000 shares in the open market for $1.1 million and reduced our outstanding line of credit by $14 million from $55 million at December 31, 2023 to $41 million at June 30, 2024.

今年迄今為止，我們在公開市場上以110 萬美元回購了122,000 股股票，並將未償信貸額度減少了1400 萬美元，從2023 年12 月31 日的5500 萬美元減少到2024 年6 月30日的4100 萬美元。

Now, turning to our guidance, for the third quarter of 2024, we expect sales to range from $98 million to $108 million compared to $107.1 million in the third quarter of 2023. We expect EPS to range from $0.01 to $0.11 compared to $0.06 per diluted share in the third quarter of 2023. We also expect the second half 2024 to be stronger than the second half of 2023.

現在，轉向我們的指導，我們預計 2024 年第三季的銷售額將在 9,800 萬美元至 1.08 億美元之間，而 2023 年第三季的銷售額為 1.071 億美元。我們預計 2023 年第三季每股攤薄每股收益將在 0.01 美元至 0.11 美元之間，而稀釋後每股收益為 0.06 美元。我們也預計 2024 年下半年將強於 2023 年下半年。

I'd now like to turn the call back to Paul.

我現在想把電話轉回給保羅。

Thanks, Bryan.

謝謝，布萊恩。

We are quite positive about the future. Even while cutting SG&A costs, we have continued to invest in product development and our intellectual property. Now, we have more than 730 issued and pending US patents as well as many foreign counterparts. Our differentiated features and technology continue to secure new projects and the customers we are winning in the connected home or beginning to enter the next stage of their journey, expansion. We have run this path before and is progressing favorably once again.

我們對未來非常樂觀。即使在削減銷售、行政管理成本的同時，我們仍繼續投資於產品開發和智慧財產權。現在，我們擁有 730 多項已頒發和正在申請的美國專利以及許多外國同行專利。我們的差異化功能和技術繼續確保我們在互聯家庭中贏得的新專案和客戶，或開始進入其旅程的下一階段：擴張。我們以前曾經走過這條路，現在又再次順利進​​展。

First, our differentiating features attract new customers and our innovation wins us new projects. Next, we prove to the customer we can deliver high-quality solutions that delight the end user. And of course, we deliver high-quality products and solutions on time. Then our customers award UEI more and more projects. This pattern is reminiscent of our growth in home entertainment, where we are now the undisputed leader in wireless control.

首先，我們的差異化功能吸引了新客戶，我們的創新為我們贏得了新專案。接下來，我們向客戶證明我們可以提供令最終用戶滿意的高品質解決方案。當然，我們按時交付高品質的產品和解決方案。然後我們的客戶授予 UEI 越來越多的專案。這種模式讓人想起我們在家庭娛樂領域的發展，我們現在是無線控制領域無可爭議的領導者。

It's true that HVAC security and other channels in the connected home have longer product cycles than home entertainment. This may elongate our land-and-expand timetable. Yet we also believe it will make our wins stickier. While this transition has taken longer than we or anyone else would have liked, we are making great progress towards building strong, long-term customer relationships with the leading companies in the industry. We are doing it similarly to how we have done it before.

確實，互聯家庭中的暖通空調安全和其他通路的產品週期比家庭娛樂更長。這可能會延長我們的土地擴張時間表。但我們也相信這將使我們的勝利更具黏性。雖然這一轉變所花費的時間比我們或任何其他人希望的要長，但我們在與行業領先公司建立牢固、長期的客戶關係方面正在取得巨大進展。我們的做法與先前的做法類似。

We are building momentum with new customer relationships in the connected home that will drive long-term growth, strengthened by our continued focus on creating products, and feature enhancements that bring value and innovation to the markets we serve. These exciting new product technology and associated customer developments, combined with our cost reduction efforts, make us confident that we are positioned to deliver consistent long-term sales and earnings growth into next year and beyond. As always, stay tuned.

我們正在透過互聯家庭中的新客戶關係建立動力，這將推動長期成長，並透過我們持續專注於創造產品和功能增強，為我們服務的市場帶來價值和創新。這些令人興奮的新產品技術和相關客戶開發，再加上我們降低成本的努力，使我們有信心在明年及以後實現持續的長期銷售和獲利成長。一如既往，請繼續關注。

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) Steve Frankel, Rosenblatt Securities.

（操作員指示）Steve Frankel，羅森布拉特證券。

Good afternoon. Thank you. Paul, I want to dig in on the comments you made about inventory issues. I think that was in HVAC and tie that to your comments in the last couple of quarters about a back-half ramp in some of these new design wins for Smart Thermostat. So kind of where are we and what's the outlook for that next couple of quarters with those products?

午安.謝謝。保羅，我想深入了解您對庫存問題的評論。我認為這是在暖通空調領域，並將其與您在過去幾季中關於智慧恆溫器的一些新設計勝利的後半坡道的評論聯繫起來。那麼我們現在的情況如何？

A couple of elements to that question. One, on existing designs that we have out, we have seen -- and I think any inventory that they have, may have been, for them, forecasting a better second half than they're seeing. We have seen in certain parts of the world some of the incentives for these new energy-efficient technologies drawn back a little bit.

這個問題有幾個要素。第一，就我們已經推出的現有設計而言，我們已經看到了——我認為他們擁有的任何庫存都可能對他們來說預測下半年會比他們看到的更好。我們已經看到，在世界某些地區，對這些新型節能技術的激勵措施有所減弱。

We and our customers who have experienced this do not think it's long term. These incentives are typically put in place -- not to get into more detail than we should here, but the heat pumps and other energy-efficient technologies are typically more expensive to the consumer. So governments across the world have incentivized them. We've even done some of that here in the US because they want to incentivize the movement towards these products. They do not -- they can cool your home and heat your home without using any fossil fuels at all or natural gas.

我們和經歷過這種情況的客戶認為這不是長期的。這些激勵措施通常已經到位，但熱泵和其他節能技術對消費者來說通常更昂貴。因此世界各國政府都對他們進行了激勵。我們甚至在美國也做了一些這樣的事情，因為他們想激勵人們轉向這些產品。但它們不會——它們可以為您的房屋冷卻和供暖，而無需使用任何化石燃料或天然氣。

So essentially, they're incentivized. Those incentivized were drawn back, so some of our customers feel that that will be impacting demand as we go through the rest of the year. But they don't think it's long term because, again, the movement towards these technologies has been happening for some years and will probably continue into the next decade or two.

所以本質上，他們受到了激勵。那些受到激勵的人被撤回了，因此我們的一些客戶認為這將影響今年剩餘時間的需求。但他們認為這不是長期的，因為這些技術的發展已經發生了好幾年，並且可能會持續到未來一兩年。

All of the companies, as I said in the prepared remarks, are spending a great deal of time and effort and money on R&D in making these heat pumps even more efficient, even more affordable, and maybe even get them to the point where they could replace, even in the northern climates, the combination of AC and furnace, which is really what they're attempting to do long term. So those incentives are also being put in place.

正如我在準備好的發言中所說，所有公司都在研發上花費了大量的時間、精力和金錢，以使這些熱泵更加高效、更加經濟實惠，甚至可能讓它們達到可以使用的地步。北方氣候下，也可以取代空調和爐子的組合，這確實是他們長期嘗試做的事情。因此，這些激勵措施也正在落實到位。

There's another one in Europe that's coming -- I think it's at the end of 2025 or into 2026. I think it's called the Super Climate Fund. It's about EUR90 billion to help this transition to these more energy-efficient technologies. So it's things like this that they, our customers, see as a real prompting for demand. They may see temporal shortfalls or drawdowns of inventory or buildup of inventory. That can affect us for a quarter or two.

歐洲即將迎來另一場比賽——我認為是在 2025 年底或 2026 年。我認為它被稱為超級氣候基金。大約需要 900 億歐元來幫助向這些更節能的技術過渡。因此，我們的客戶將這樣的事情視為真正的需求刺激。他們可能會看到庫存暫時短缺或減少或庫存增加。這可能會影響我們一兩個季度。

But I think the movement in this market is like movements we've seen in others, where the movement of technology forward happens. Sometimes it's bumpy, but it will happen over a 1- to 10-year period, with bumps along the way, but it's a movement that is underway.

但我認為這個市場的動向就像我們在其他市場看到的動向一樣，科技的進步也在發生。有時會很坎坷，但它會在 1 到 10 年的時間內發生，一路上會遇到坎坷，但這是一個正在進行的運動。

All right. Well, let me go at it a different way. Of your seven HVAC partners, with how many of those are you in market today with product?

好的。好吧，讓我換個方式來談談。在您的七個 HVAC 合作夥伴中，您目前在市場上有多少個合作夥伴的產品？

I don't think we're with all of them yet. With the majority of them, we are. Of course, with Daikin, it's a long-term relationship, so we've been in the market with them for quite a long time. Many of the other customers in the regions of the world, like the US and Europe, we are brand new. So those projects are still on track. Some of them got delayed by months.

我認為我們還沒有和他們所有人在一起。我們和他們中的大多數人一樣。當然，與大金是長期合作關係，因此我們與他們在市場上合作了很長時間。對於世界各地的許多其他客戶，例如美國和歐洲，我們都是全新的。因此，這些項目仍在按計劃進行。其中一些被推遲了幾個月。

The testing regimens for these products are both more stringent and take longer. So we have seen some month-long or a few-month delays in those testing regimens for those companies, but it doesn't affect our long-term view. Two months on a product is -- we don't like it, but it doesn't affect our long-term view of either that product or our relationship with that customer. Most of them, we do have some projects on a few of them that haven't launched yet. So they're still at the early stage of this customer development, where typically, as I was saying, customers start with one, maybe two SKUs or projects, then you go through lessons learned with them, just like we did in home entertainment.

這些產品的測試方案更加嚴格且需要更長的時間。因此，我們看到這些公司的測試方案延遲了一個月或幾個月，但這並不影響我們的長期觀點。產品使用兩個月是——我們不喜歡它，但這不會影響我們對該產品的長期看法或我們與該客戶的關係。其中大多數，我們確實有一些項目尚未啟動。因此，他們仍處於客戶開發的早期階段，正如我所說，客戶通常從一個、也許兩個SKU 或專案開始，然後你會與他們一起吸取經驗教訓，就像我們在家庭娛樂領域所做的那樣。

And then what happens is you -- if you do well, which we have been so far, with each of these customers, they typically will award you more of their portfolio of business. It happened in consumer electronics with televisions that happened in subscription broadcasting. In that regard, it's not that dissimilar here.

然後發生的事情是你——如果你做得好，我們到目前為止，與這些客戶中的每一個都做得很好，他們通常會獎勵你更多的業務組合。這種情況發生在消費性電子產品和電視領域，就像發生在訂閱廣播領域一樣。在這方面，這裡並沒有什麼不同。

Okay. And in the script, Bryan talked about some orders that were pushed from Q2 to Q3. Were those in HVAC space or was that in another part of your business?

好的。並且在劇本中，布萊恩談到了一些從第二季推到第三季的訂單。這些是在暖通空調領域還是在您業務的其他部分？

It was a little bit of both to see if that transfer from Q2 to Q3.

兩者都有一點，看看是否從第二季轉移到第三季。

Okay. And then to understand this new gross margin accounting treatment, you're basically now the only thing that comes out of gross margin or things like stock-based comp and did your EPS guidance for the quarter contemplate this change? Or was it done under the prior method?

好的。然後，為了了解這種新的毛利率會計處理方法，你現在基本上是唯一來自毛利率或基於股票的補償之類的東西，你的本季度每股收益指導是否考慮到了這一變化？還是照以前的方法做的？

Q2 guidance was done under the old method. And if not, for -- we were -- we ended up with a new method at a $0.09 loss. Now the to quantify the effect of the excess manufacturing overhead, it was equivalent to $0.09. So I'll let you do the math.

Q2指導是按照舊方法進行的。如果沒有，因為——我們——我們最終採用了一種新方法，損失了 0.09 美元。現在要量化超額製造費用的影響，它相當於 0.09 美元。所以我會讓你算一下。

And then for Q3, obviously, we took into consideration of the new -- the guidance includes the new methodology. So this quarter, Steve, the guidance did not include this effect. But going forward, as it is our new method, the guidance is provided on the new method.

然後，對於第三季度，顯然，我們考慮了新的指導方針——包括新的方法。因此，史蒂夫，本季的指導並未包括這種影響。但展望未來，由於這是我們的新方法，因此將為新方法提供指導。

And is that $0.09 kind of the number we should think about adjusting our models? Or do we think about will take where the gross margin is now and just say, okay, you made a comment that it's going to hit 30 and sometime in early 2025 -- draw a line between those two points?

0.09 美元是我們應該考慮調整模型的數字嗎？或者我們是否考慮毛利率現在的水平，然後說，好吧，你評論說毛利率將在 2025 年初的某個時候達到 30——在這兩點之間畫一條線？

Yes, more of the latter. I think we're at 2.7% in the second quarter. I expect Q3 to be slightly better than that, and then I expect Q1 to be better than that. So what we're seeing is, especially since we're not including the excess manufacturing overhead, every -- in the pro forma on a go-forward basis, any improvement we see as the factor you're seeing drop them to the bottom line.

是的，更多的是後者。我認為第二季的成長率為 2.7%。我預計第三季會比這稍好一些，然後我預計第一季會比這更好。所以我們看到的是，特別是因為我們沒有包括多餘的製造費用，在預計的基礎上，我們看到的任何改進都會使它們降到最低點線。

So right now, we're pretty far through the transition. We spun up Vietnam, we shut down GTQ, we streamlined Mexico. We're doing some rebalancing now. So we're probably 80%, 90% through the transition of the manufacturing footprint optimization. So we're probably a couple of quarters away from getting to the full call it, 30 points that we expect to be at.

所以現在，我們已經完成了很長的過渡。我們簡化了越南業務，關閉了 GTQ，簡化了墨西哥流程。我們現在正在做一些重新平衡。因此，我們可能已經完成了 80%、90% 的生產足跡優化轉型。因此，我們可能還需要幾個季度才能達到我們預期的 30 點。

Okay, very helpful. Thank you.

好的，非常有幫助。謝謝。

Greg Burns, Sidoti.

格雷格·伯恩斯，西多蒂。

Just to follow-up on the orders that were pushed out from the second quarter. Could you quantify the amount -- that was delayed?

只是為了跟進第二季推出的訂單。您能量化一下延遲的金額嗎？

That's few.

那是很少的。

Okay. And Paul, I think in the past a couple of quarters ago, maybe you quantified the pipeline of HVAC and home automation opportunity. And I think the number was like $80 million of annualized new project wins with maybe a total pipeline value of $200 million. When you look at your third-quarter guidance, are you starting to deliver against that $80 million? And has there been any changes as the -- either the one contract number increased or the total pipeline value increased Paul?

好的。保羅，我想在過去幾個季度前，也許您量化了暖通空調和家庭自動化機會的管道。我認為這個數字相當於每年贏得 8000 萬美元的新項目，管道總價值可能為 2 億美元。當您查看第三季指引時，您是否開始兌現 8000 萬美元的目標？隨著一份合約數量的增加或管道總價值的增加，保羅有什麼改變嗎？

Yeah. No, they're similar to before the pipeline we track and there are hundreds of millions of projects. I think I did, of course, explain that those are the projects we aren't working to develop to ship. We have multiple categories of leads.

是的。不，它們與我們追蹤的管道之前類似，並且有數億個項目。當然，我想我確實解釋過這些是我們不致力於開發並交付的項目。我們有多種類別的潛在客戶。

We have qualification, quotes and then [One]. One is where we do the most work because the customer at that point is committed to buying the product on a certain time schedule. So that's where the -- we do engineering work before that on leads, qualifications and quotes, of course, because we have to define the product and work with the customer to define it. But the most work happens after you've won the project.

我們有資質，有報價，然後[一]。一是我們工作最多的地方，因為此時客戶承諾在特定的時間安排購買產品。當然，這就是我們在線索、資格和報價之前進行工程工作的地方，因為我們必須定義產品並與客戶合作來定義它。但大部分工作發生在你贏得專案之後。

And then there are usually date set for it and et cetera. So the pipeline still is very strong. There are hundreds of millions of dollars in it. We will, of course, strive to win all of it, but probably will not win all of it. And so that's what we're trying to get across. There's a lot of business in this market that's out there. The size is even bigger than that. Those are only the projects we've identified so far.

然後通常會設定日期等等。所以管道仍然非常強大。這裡面有數億美元。當然，我們會努力贏得所有勝利，但可能不會贏得所有勝利。這就是我們想要傳達的內容。這個市場上有很多生意。尺寸甚至更大。這些只是我們迄今為止所確定的項目。

This market is almost $2 billion and growing. So there's a lot of business out there for us to go gain and we are doing that. We expect next year and the years after, as we said in the prepared comments, to be layering on business, new projects, hopefully, every quarter, new projects that are driving revenue.

這個市場價值近 20 億美元，並且還在持續成長中。因此，我們有很多業務可以獲利，而我們正在這樣做。正如我們在準備好的評論中所說，我們預計明年和以後的幾年將在業務、新項目上進行分層，希望每個季度都有新項目來推動收入。

Okay. Thank you.

好的。謝謝。

Thank you. I'm showing no further questions at this time. I'd now like to turn it back to Paul Arling, for closing remarks.

謝謝。我目前沒有提出任何進一步的問題。現在我想請保羅·阿林（Pau​​ Arling）做結束語。

Okay. Thank you for joining us today. We will be at the Sidoti Virtual Conference in September and look forward to seeing you there or meeting with you there. Thank you for your continued support of Universal Electronics. Have a great day.

好的。感謝您今天加入我們。我們將於 9 月參加 Sidoti 虛擬會議，期待在那裡見到您或與您會面。感謝您一直以來對環球電子的支持。祝你有美好的一天。

Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

感謝您參加今天的會議。程式到此結束。您現在可以斷開連線。